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S.B. - Page 21 of 59 <br />REDWOOD CITY <br />40% <br />35% <br />30% <br />25% <br />20% <br />15% <br />not <br />For the Quarter Ended December 31, 2019 <br />Market Update <br />Recession Fears Subsided and Yield Curve Un -Inverted in Fourth Quarter <br />Recession Probability <br />Dec'18 Marl Jun '19 Sep'19 Dec'19 <br />50 <br />40 <br />30 <br />20 <br />CL <br />10 <br />•0 0 <br />CL <br />0 <br />'gin -10 <br />c� <br />m <br />-20 <br />-30 <br />-40 <br />-50 <br />Dec '18 <br />U.S. Treasury Yield Spread <br />10 -year minus 3 -month <br />Source: Data as of December 31, 2019. Wall Street Journal Economic Forecasting Survey (left); Bloomberg (right). <br />Mar'19 Jun '19 Sep'19 Dec'19 <br />PFM Asset Management LLC 30 <br />