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S.B. - Page 24 of 59 <br />REDWOOD CITY <br />For the Quarter Ended December 31, 2019 <br />Market Update <br />The Consumer Remains the Main Driver of Economic Growth <br />Components of U.S. GDP <br />■ Personal Consumption Fixed Investment Private Inventories ■ Net Exports ■ Gov't Expenditures <br />6% <br />5% _ <br />4% <br />3% <br />2% <br />1% <br />0% <br />-2% <br />-3% <br />2.9% <br />3.1% <br />2.1% <br />2.0% - <br />3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q <br />2016 2017 2018 2019 <br />Source: Bureau of Economic Analysis. <br />PFM Asset Management LLC M <br />