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6.13. - Page 16 of 46 <br />REDWOOD CITY <br />For the Quarter Ended March 31, 2020 <br />Market Update <br />Domestic Data Was Strong Prior to Coronavirus Outbreak <br />U.S. GDP Growth <br />0% 80 <br />1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018 2019 <br />2017 2018 2019 <br />New Home Sales <br />(OOOs, annual pace) <br />1,250 300k <br />1,000 <br />highest level <br />750 <br />in 12 years 200k <br />500 <br />100k <br />250 <br />0 Ok <br />2005 2007 2009 2011 2013 2015 2017 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 <br />Average Monthly Job Growth <br />the 20105 were the <br />best decade for job 251 <br />growth on record ___ <br />2020 <br />Source: Bloomberg, latest data available as of 212912020. <br />PFM Asset Management LLC 74 <br />Conference Board Consumer Confidence <br />all four quarters' 150 <br />readings topped 140 <br />analyst estimates <br />130 <br />120 <br />110 <br />had been near <br />100 <br />all-time highs <br />90 <br />0% 80 <br />1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018 2019 <br />2017 2018 2019 <br />New Home Sales <br />(OOOs, annual pace) <br />1,250 300k <br />1,000 <br />highest level <br />750 <br />in 12 years 200k <br />500 <br />100k <br />250 <br />0 Ok <br />2005 2007 2009 2011 2013 2015 2017 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 <br />Average Monthly Job Growth <br />the 20105 were the <br />best decade for job 251 <br />growth on record ___ <br />2020 <br />Source: Bloomberg, latest data available as of 212912020. <br />PFM Asset Management LLC 74 <br />