Presentation to the City of Los Angeles Investment Advisory Committee. December 31, 2014

Presentation to the City of Los Angeles Investment Advisory Committee December 31, 2014

Economic Update-Overall Economy 8 U.S. GDP (Quarter over Quarter Annualized)* Percent 6 4 2 0-2 -4 0.2 3.1 2.7 1.4-2.7 2.0-1.9-0.5 1.3 3.9 1.7 3.9 2.7 2.5-1.5 2.9 0.8 4.6 2.3 1.6 2.5 0.1 2.7 1.8 4.5 3.5-2.1 4.6 5.0 2.5 2.8 2.8 2.8-6 -8-10 -8.2-5.4-12 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 * Real Rate (Inflation Adjusted) Data Source: Bloomberg Estimate: Bloomberg's Survey of Economists As of: 12/31/14 December 31, 2014 2

Economic Update-Employment Thousands 400 300 200 100 0-100 Monthly Non-Farm Payrolls Percent 13 12 11 10 9 8 7 6 Unemployment Rates California LA Area U.S.A -200 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 5 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 *Los Angeles area unemployment is not seasonally adjusted. 12 Month Average Monthly Job Change: 246,000 Data Source: Bloomberg December 31, 2014 3

Economic Update-Consumer Activity 7 U.S. Retail Sales* YOY % Change $470 Total Monthly U.S. Retail Sales 6 $450 5 $430 Percent 4 3 Billions $410 $390 2 $370 1 $350 0 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 $330 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 *Inflation Adjusted Data Source: Bloomberg December 31, 2014 4

Economic Update-Inflation Percent 4.5 4 3.5 3 2.5 2 1.5 1 0.5 CPI and CPIX* YOY % Change CPI CPIX Sector YOY % Price Changes Food 3.2 Education 3.2 Shelter 2.9 Services 2.4 Wages 1.7 CPI 0.8 Apparel -2.4 Communication -2.4 0 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 *CPIX: Consumer Price Index, excluding food and energy Energy -11.9-14 -12-10 -8-6 -4-2 0 2 4 6 Percent Data Source: Bloomberg December 31, 2014 5

Economic Update-Dollar and Commodities Index Value 94 92 90 88 86 84 82 80 78 76 74 72 Dollar Index Gold-Per Ounce $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 Gold Oil Gold and Oil $160 $140 $120 $100 70 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 $80 $60 $40 $20 Oil-Per Barrel $0 $0 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Data Source: Bloomberg December 31, 2014 6

Economic Update-Sector Returns YTD As of: 12/31/14 40 30 27.3 30.4 20 12.8 13.2 13.5 Percent 10 0-0.1 0.0 0.4 0.7 3.6 3.6 4.1 5.9 6.0 9.1-10 -6.8-6.1-5.9-5.0-4.4-20 -18.6-30 Data Source: Bloomberg December 31, 2014 7

Economic Update-S&P 500 Returns As of: 12/31/14 35 YTD S&P 500 Major Sector Returns 30 25 25.1 28.7 Percent 20 15 10 5 5.4 7.2 9.5 10.4 15.1 15.7 17.8 0-5 -10-8.7-15 Data Source: Bloomberg December 31, 2014 8

Economic Update-Yield Curve FYTD 4.0 3.5 3.0 2.5 6/30/14 12/31/14 U.S. Treasury Yield Curve Maturity 6/30/14 12/31/14 Change 3M 0.02 0.04 0.02 6M 0.06 0.12 0.06 1Y 0.10 0.22 0.12 Percent 2.0 1.5 1.0 2Y 0.46 0.67 0.21 3Y 0.87 1.07 0.20 5Y 1.63 1.65 0.02 0.5 0.0 3M6M 1Y 2Y 3Y 5Y 10Y 30Y 10Y 2.53 2.17-0.36 30Y 3.36 2.75-0.61 Data Source: Bloomberg December 31, 2014 9

Economic Update-Interest Rates U.S. Treasury Yields: 3M and 1Y U.S. Treasury Yields: 2Y and 5Y 0.30 0.25 1Y 3M 2.00 1.75 5Y 2Y 0.20 1.50 Percent 0.15 0.10 Percent 1.25 1.00 0.75 0.05 0.50 0.00 0.25-0.05 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 0.00 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Data Source: Bloomberg December 31, 2014 10

Economic Update-Agency and Corporate Spreads Basis Point Spread 200 180 160 140 120 100 80 60 40 20 0 Spread*: 1-5 Yr Agency vs Treasury 7 Basis Point Spread 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 Spread*: 1-5 Yr Corporate vs Treasury 67 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 *BofA/Merrill Index (option adjusted spread vs. Treasury) Agency (GVP0) *BofA/Merrill Index (option adjusted spread vs. Treasury) Corporate A-AAA (CV10) Data Source: Bloomberg December 31, 2014 11

Summary Portfolio Characteristics Market Value Par Value Los Angeles Core Core Benchmark * Los Angeles Reserve Reserve Benchmark # $1,990,897,216 -- $6,226,438,882 -- $1,989,414,445 -- $6,161,079,000 -- Total General Portfolio $8,217,336,098 $8,150,493,445 Variance $1,482,771 -- $65,359,882 -- $66,842,653 Mkt Value % of Total 24% -- 76% -- 100% Average Maturity (Yrs)** 0.22 0.24 2.75 2.80 2.14 Effective Duration** Weighted Purchase Yield## 0.20 0.23 2.66 2.68 0.41% -- 1.25% -- 2.07 1.05% *Core Benchmark: 3 Month T-Bill (G0O1 BofA/Merrill Index) #Reserve Benchmark: 1-5 Year Govt/Corp A-AAA (BU10 BofA Merrill Index) **Average Maturity and Duration after rebalancing for the indexes--portfolios based upon trade date holdings, Core Average Maturity includes checking ## Weighted Purchase Yield for Core does not include checking December 31, 2014 12

Total General Portfolio: Maturity Distribution 30% 25% 20% 15% 12/31/14 11/30/14 10% 5% 0% 0-.25.25 to.5.5 to 1 1 to 2 2 to 3 3 to 4 4 to 5+ Years 0-.25.25 to.5.5 to 1 1 to 2 2 to 3 3 to 4 4 to 5+ 12/31/14 17.7% 4.8% 2.1% 24.0% 22.9% 15.4% 13.0% 11/30/14 12.9% 0.3% 5.0% 26.4% 25.3% 17.3% 12.8% Variance 4.8% 4.5% -2.9% -2.3% -2.4% -2.0% 0.3% December 31, 2014 13

Total General Portfolio: Sector Allocations Sector 12/31/2014 11/30/2014 Variance Bank Deposits 4.8% 1.3% 3.5% December 31, 2014 Bank 4.8% CDARS 0.1% CDARS Commercial Paper 0.1% 12.5% 0.1% 0.0% 12.7% -0.2% CP 12.5% Corporate Notes 18.3% 19.8% -1.5% MMFs Negotiable CDs 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Tsy 51.1% CORP 18.3% Federal Agencies 13.1% 10.5% 2.6% Treasuries Total 51.1% 100.0% 55.5% -4.4% 100.0% Agy 13.1% Figures may not total due to rounding December 31, 2014 14

Sector Allocations - Core Portfolio Core Portfolio Sector 12/31/2014 11/30/2014 Variance December 31, 2014 Bank Deposits 20.0% 7.3% 12.7% CDARS 0.4% 0.5% -0.1% Commercial Paper 51.8% 69.7% -17.9% Corporate Notes 9.6% 16.2% -6.6% MMFs 0.0% 0.0% 0.0% Negotiable CDs 0.0% 0.0% 0.0% Agy 18.3% Corp 9.6% Bank Dep 20.0% CDARS 0.4% Federal Agencies 18.3% Treasuries 0.0% Total 100.0% 6.3% 12.0% 0.0% 0.0% 100.0% CP 51.8% Figures may not total due to rounding December 31, 2014 15

Sector Allocations: Purchase Yield vs. Weighted Average Maturity Core Portfolio 2.5% Bubble size = Sector's % of Portfolio 2.0% Corp Sector WAM (Yrs.) Purchase Yield % of Portfolio* Corporate 0.53 2.01% 12.0% Commercial Paper 0.18 0.17% 65.2% Agency 0.17 0.24% 22.8% Treasury 0.00 0.00% 0.0% Total 0.22 0.41% 100.0% Purchase Yield 1.5% 1.0% 0.5% 0.0% Agy CP *Based on Market Value -0.5% -0.2 0.0 0.2 0.4 0.6 0.8 WAM Years Figures may not total due to rounding Does not include Checking and BNYM Sweep, CDARS included with CP December 31, 2014 16

Sector Allocations - Reserve Portfolio Reserve Portfolio Sector 12/31/2014 11/30/2014 Variance December 31, 2014 Bank Deposits 0.0% 0.0% 0.0% CDARS 0.0% 0.0% 0.0% Commercial Paper 0.0% 0.0% 0.0% Corporate Notes 21.1% 20.7% 0.5% Corp 21.1% MMFs 0.0% 0.0% 0.0% Negotiable CDs 0.0% 0.0% 0.0% Federal Agencies 11.5% 11.4% 0.0% Treasuries 67.4% 67.9% -0.5% Total 100.0% 100.0% Tsy 67.4% Agy 11.5% Figures may not total due to rounding December 31, 2014 17

Sector Allocations: Purchase Yield vs. Weighted Average Maturity Reserve Portfolio 2.00% 1.75% Bubble size = Sector's % of Portfolio Corp Sector WAM (Yrs.) Purchase Yield % of Portfolio* 1.50% Treasury 2.73 1.08% Agency 2.55 1.28% Corporate 2.95 1.80% 67.4% 11.5% Total 2.75 1.25% 100.0% Purchase Yield 1.25% Agy 21.1% Tsy 1.00% *Based on Market Value 0.75% 0.50% 0.0 1.0 2.0 3.0 WAM Years Figures may not total due to rounding December 31, 2014 18

Core and Reserve Market Values Month End Market Values $3.0 Core* $7.0 Reserve $2.5 $6.5 $6.0 Billions $2.0 $1.5 $1.0 $0.5 $0.0 Jul-06 Dec-06 May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Billions $5.5 $5.0 $4.5 $4.0 $3.5 $3.0 $2.5 $2.0 Jul-06 Dec-06 May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 *Core's market value includes checking accounts December 31, 2014 19

Total General Portfolio: Market Value Total General Portfolio Market Value $8.5 $8.0 $7.5 $7.0 Billions $6.5 $6.0 $5.5 $5.0 $4.5 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 December 31, 2014 20

Total General Portfolio: % of Portfolio: Core vs Reserve % of Total General Portfolio: Core vs Reserve 100% 90% 80% 70% 60% 50% 40% Reserve Core 30% 20% 10% 0% Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 December 31, 2014 21

Portfolio Compliance with Code, Policy, and Guidelines Maturity Limitations* Sector Government Securities Commercial Paper Negotiable Certificates of Deposit CRA Certificates of Deposit Repurchase Agreements Reverse Repo/Securities Lending Corporate Notes Mortgage Backed Securities/CMOs Asset Backed Securities Banker's Acceptances Limit 5 Years 270 Days 180 Days 1 Year 32 Days 92 Days 5 Years 5 Years 5 Years 180 Days Compliance Complies Complies Complies-none in portfolio Complies-none in portfolio Complies-none in portfolio Complies Complies Complies-none in portfolio Complies-none in portfolio Complies-none in portfolio *The City's Investment Policy and Investment guidelines allow for purchases of securities with longer maturities than those listed above for funds with longer investment/cash flow horizons. December 31, 2014 22

Portfolio Compliance with Code, Policy, and Guidelines Percentage Allocation Limitations Sector Government Securities Commercial Paper Negotiable Certificates of Deposit CRA Certificates of Deposit Repurchase Agreements Reverse Repo/Securities Lending Corporate Notes Mortgage Backed Securities/CMOs Asset Backed Securities Banker's Acceptances State/Local Agency Securities Mutual Funds/Money Market Funds LAIF State Pool Limit 100% 40% 180 Days 1 Year 15% 5% Reverse Repo/20% Revs. Repo +Sec Lending 30% 20% Combined with ABS 20% Combined with MBS 30% 10% 20% $50 Million Per Account Compliance Complies Complies Complies Complies-none in portfolio Complies Complies Complies Complies-none in portfolio Complies-none in portfolio Complies-none in portfolio Complies Complies Complies-none in portfolio December 31, 2014 23

Portfolio Compliance with Code, Policy, and Guidelines Issuer and Transaction Limitations -- Approved Issuers Item Limit Compliance Government Issuer 100% Complies Non-Governmental Issuer 5% Complies Single Transaction $200 Million w/o Treasurer's Written Approval Complies Dealers From Approved List Complies Commercial Paper From Approved List Complies Corporate Notes From Approved List Complies December 31, 2014 24

Portfolio Compliance with Code, Policy, and Guidelines Portfolio Maturity Limitations and Duration Ranges Core Portfolio Item Limit Compliance Maturity Limitation One Year Complies Reserve Portfolio Item Limit Compliance Effective Duration 1-5 Govt/Corp Index +/-.10 Complies: 2.66 vs 2.68 December 31, 2014 25

Portfolio Statistics-Yield and Duration Purchase Yield: Core vs Benchmark* Purchase Yield: Reserve vs Benchmark* 6% 5% Core Benchmark 6% 5% Reserve Benchmark Percent 4% 3% Percent 4% 3% 2% 2% 1% 1% 0% Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 0% Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 *Benchmark: 3 Month T-Bill (3 Month Moving Average) *Benchmark: 1-5 Year Govt/Corp A-AAA (24 Month Moving Average), changed 8/1/13 Duration 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 Core Duration Core Benchmark Duration 2.8 2.7 2.6 2.5 2.4 2.3 Reserve Duration Reserve Benchmark 0.05 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 2.2 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 Duration at month-end, after index rebalancing for the next month. Core duration does not include checking accounts. December 31, 2014 26

Portfolio Statistics-Historical Purchase Yields 6.0% 5.5% 5.0% Reserve Total Portfolio Core 4.5% 4.0% 3.5% Percent 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 December 31, 2014 27

Purchase Yield Per 3-Month Maturity Intervals Core Portfolio Months Purchase Yield % of Portfolio* 0 to 3 0.23% 66.90% 3 to 6 0.49% 24.77% 2.0% 1.5% 1.60% Bubble Size = Maturity's % of Portfolio 1.53% 6 to 9 1.60% 3.15% 9 to 12 1.53% 5.17% Purchase Yield 1.0% 0.5% 0.49% 0.23% 0.0% *Based on Par Value -0.5% 0 to 3 Months 3-6 Months 6-9 Months 9-12 Months December 31, 2014 28

Purchase Yield Per 6-Month Maturity Intervals Reserve Portfolio 2.5% Bubble Size = Maturity's % of Portfolio Years.5 to 1.0 Purchase Yield 2.07% % of Portfolio* 0.57% 1.0 to 1.5 1.5 to 2.0 2.0 to 2.5 2.5 to 3.0 1.48% 0.87% 0.90% 0.89% 14.69% 14.67% 18.72% 12.74% 3.0 to 3.5 1.25% 10.79% Purchase Yield 2.0% 1.5% 1.0% 2.07% 1.48% 0.87% 0.90% 0.89% 1.62% 1.25% 1.85% 1.72% 3.5 to 4.0 1.62% 9.79% 0.5% 4.0 to 4.5 1.72% 9.71% 4.5 to 5.0+ 1.85% 8.33% *Based on Par Value 0.0%.5 to 1 Yrs 1 to 1.5 Yrs 1.5 to 2 Yrs 2 to 2.5 Yrs 2.5 to 3 Yrs 3 to 3.5 Yrs 3.5 to 4 Yrs 4 to 4.5 4.5 to 5+ Yrs Yrs December 31, 2014 29

Purchase Yield Per 6-Month Maturity Intervals Total General Portfolio 2.5% Years Purchase Yield % of Portfolio* Bubble Size = Maturity's % of Portfolio 0 to 0.5 0.30% 18.76% 2.0% 0.5 to 1.0 1.66% 2.16% 1.0 to 1.5 1.48% 11.68% 1.5% 1.66% 1.48% 1.62% 1.72% 1.85% 1.5 to 2.0 0.87% 11.67% 2.0 to 2.5 0.90% 14.89% 2.5 to 3.0 0.89% 10.13% Purchase Yield 1.0% 0.87% 0.90% 0.89% 1.25% 3.0 to 3.5 1.25% 8.58% 3.5 to 4.0 1.62% 7.78% 4.0 to 4.5 1.72% 7.72% 0.5% 0.0% 0.30% 4.5 to 5+ 1.85% 6.62% *Based on Par Value -0.5% -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Years December 31, 2014 30

Portfolio Statistics-Historical Duration 3.0 2.5 2.0 Duration 1.5 Reserve Total Portfolio Core 1.0 0.5 0.0 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 December 31, 2014 31

Total General Portfolio Statistics-Sector Allocation History 70% 60% 50% 40% 30% 20% 10% Tsy Agy Corp CP Bank/Sweep CDARS MBS 0% Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Sector Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Tsy 52.3% 56.4% 55.8% 55.4% 54.2% 53.5% 53.4% 55.6% 55.7% 56.2% 55.5% 51.1% Agy 12.2% 11.5% 11.6% 14.5% 16.9% 16.4% 17.4% 12.9% 13.3% 10.9% 10.5% 13.1% Corp 20.9% 18.2% 18.8% 19.2% 18.1% 18.4% 18.7% 20.0% 19.0% 19.5% 19.8% 18.3% CP 13.9% 12.6% 11.9% 10.0% 10.1% 10.8% 10.1% 10.7% 8.3% 10.0% 12.7% 12.5% CDARS 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% Bank 0.7% 1.2% 1.8% 0.8% 0.7% 0.9% 0.3% 0.7% 3.6% 3.3% 1.3% 4.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Figures may not total due to rounding December 31, 2014 32

Portfolio Statistics-Monthly Total Return 0.05% Core vs Benchmark 0.00% Reserve vs Benchmark Percent Variance 0.04% 0.03% 0.02% 0.01% Percent Variance -0.05% -0.10% -0.15% -0.20% -0.25% -0.30% 0.00% Core Benchmark -0.35% Reserve Benchmark Monthly Performance Core Benchmark Variance Reserve Benchmark Variance 0.00% 0.00% 0.00% Monthly Performance -0.30% -0.32% 0.02% *Core Benchmark: 3 Month T-Bill (G0O1 BofA/Merrill Index) *Reserve Benchmark: 1-5 Year Govt/U.S. Corp A-AAA (BU10 BofA/Merrill Index) Attribution of Sub-Sector Returns Attribution of Sub-Sector Returns Sector Core Benchmark Variance Sector Reserve Benchmark Variance Treasury 0.00% 0.00% 0.00% Treasury -0.32% -0.33% 0.01% Agency -0.03% 0.00% -0.03% Agency -0.23% -0.23% 0.00% Corporate 0.00% 0.00% 0.00% Corporate -0.27% -0.30% 0.03% Benchmark Sector Returns are calculated by FTN Financial Main Street using the subsector returns of the BU10 index. December 31, 2014 33

Portfolio Statistics-Historical Total Return 1.4% 1.2% Performance Variance: Core vs 3 Mon T-bill Percent Variance 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FYTD 15 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FYTD 15 Avg Core Portfolio 4.32% 2.22% 0.22% 0.22% 0.21% 0.23% 0.16% 0.06% 0.96% Benchmark* 3.36% 0.95% 0.16% 0.19% 0.04% 0.13% 0.07% 0.00% 0.61% Variance 0.96% 1.27% 0.06% 0.06% 0.03% 0.17% 0.09% 0.06% 0.34% *Core Benchmark: 3 Month T-Bill (G0O1) Figures may not total due to rounding December 31, 2014 34

Portfolio Statistics-Historical Total Return 1.2% 1.0% Performance Variance: Reserve vs 1-5Yr Govt/Corp Percent Variance 0.8% 0.6% 0.4% 0.2% 0.0% -0.2% -0.4% FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FYTD 15 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FYTD 15 Avg Core Portfolio 7.93% 5.87% 5.31% 2.56% 2.38% 0.15% 1.55% 0.73% 3.31% Benchmark* 7.37% 4.89% 5.04% 2.67% 2.36% 0.39% 1.53% 0.75% 3.13% Variance 0.56% 0.98% 0.27% -0.11% 0.02% -0.24% 0.02% -0.02% 0.19% *Reserve Benchmark: 1-5 Year Govt/Corp A-AAA (BU10), changed 8/1/13 Figures may not total due to rounding December 31, 2014 35

Portfolio Statistics-Monthly & FYTD Total Return Core vs 3 Month T-Bill Index Monthly Performance Comparison FYTD Performance Variance 0.05% Core 0.08% 0.04% Benchmark 0.07% 0.06% 0.03% 0.05% 0.04% 0.02% 0.03% 0.01% 0.02% 0.01% 0.00% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0.00% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Performance Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Core 0.01% 0.01% 0.01% 0.01% 0.02% 0.00% Benchmark 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Variance 0.01% 0.01% 0.01% 0.01% 0.02% 0.00% Fiscal YTD Performance Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Core 0.01% 0.02% 0.03% 0.04% 0.06% 0.06% Benchmark 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Variance 0.01% 0.02% 0.03% 0.04% 0.06% 0.06% December 31, 2014 36

Portfolio Statistics-Monthly & FYTD Total Return Reserve vs 1-5 Year Government/Corporate Index Monthly Performance Comparison FYTD Performance Variance 0.60% 0.50% Reserve Benchmark 0.10% 0.40% 0.30% 0.05% 0.20% 0.10% 0.00% 0.00% -0.10% -0.20% -0.05% -0.30% -0.40% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.10% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Performance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve -0.22% 0.35% -0.18% 0.46% 0.32% -0.30% Benchmark -0.22% 0.35% -0.19% 0.48% 0.33% -0.32% Variance 0.00% 0.00% 0.01% -0.02% -0.01% 0.02% Fiscal YTD Performance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve -0.22% 0.13% -0.05% 0.41% 0.73% 0.43% Benchmark -0.22% 0.13% -0.06% 0.42% 0.75% 0.43% Variance 0.00% 0.00% 0.01% -0.01% -0.02% 0.00% *The benchmark index for the Reserve Portfolio was changed August 1, 2013 December 31, 2014 37

Portfolio Attribution: Reserve Treasury vs. Benchmark Treasury Treasury Sector Total Returns Monthly Performance Comparison FYTD Performance Variance 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% -0.10% -0.20% -0.30% Reserve Tsy Benchmark Tsy 0.12% 0.10% 0.08% 0.06% 0.04% 0.02% 0.00% -0.02% -0.04% -0.40% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.06% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Variance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve -0.23% 0.34% -0.16% 0.49% 0.30% -0.32% Benchmark -0.23% 0.35% -0.18% 0.50% 0.32% -0.33% Mon. Var. 0.00% -0.01% 0.02% -0.01% -0.02% 0.01% Fiscal YTD Variance* Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FYTD Var. 0.00% -0.01% 0.02% -0.01% -0.02% 0.01% *The benchmark index for the Reserve Portfolio was changed August 1, 2013 December 31, 2014 38

Portfolio Attribution: Reserve Agency vs. Benchmark Agency Agency Sector Total Returns Monthly Performance Comparison FYTD Performance Variance 0.50% Reserve Agy 0.10% 0.40% Benchmark Agy 0.08% 0.30% 0.20% 0.10% 0.06% 0.04% 0.02% 0.00% 0.00% -0.10% -0.20% -0.02% -0.04% -0.06% -0.08% -0.30% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.10% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Variance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve -0.23% 0.30% -0.09% 0.44% 0.30% -0.23% Benchmark -0.15% 0.24% -0.10% 0.36% 0.30% -0.23% Mon. Var. -0.08% 0.06% 0.01% 0.08% 0.00% 0.00% Fiscal YTD Variance* Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FYTD Var. -0.08% 0.06% 0.01% 0.08% 0.00% 0.00% *The benchmark index for the Reserve Portfolio was changed August 1, 2013 December 31, 2014 39

Portfolio Attribution: Reserve Corporate vs. Benchmark Corporate Corporate Sector Total Returns Monthly Performance Comparison FYTD Performance Variance 0.50% 0.40% 0.30% 0.20% Reserve Corp Benchmark Corp 0.08% 0.06% 0.04% 0.10% 0.02% 0.00% -0.10% -0.20% -0.30% 0.00% -0.02% -0.04% -0.40% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -0.06% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Monthly Variance* Portfolio Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Reserve -0.20% 0.39% -0.30% 0.39% 0.38% -0.27% Benchmark -0.20% 0.41% -0.32% 0.43% 0.39% -0.30% Mon. Var. 0.00% -0.02% 0.02% -0.04% -0.01% 0.03% Fiscal YTD Variance* Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FYTD Var. 0.00% -0.02% 0.02% -0.04% -0.01% 0.03% *The benchmark index for the Reserve Portfolio was changed August 1, 2013 December 31, 2014 40

Index Performance: BofA/Merrill 1-5 Yr Govt/Corp (A-AAA) Monthly Price Return vs Interest Return Monthly Total Return 60 40 Price Return Interest Return 60 50 40 Basis Points 20 0-20 Basis Points 30 20 10 0-10 -40-20 -30-60 -40 Component Total Return Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Interest 17.0 15.8 16.9 16.6 16.9 16.6 16.9 17.0 16.8 17.2 16.8 17.3 Price 29.0 1.1-47.3 10.1 24.8-24.9-38.5 17.9-35.9 30.9 15.7-49.3 Total 46.0 16.9-30.4 26.7 41.7-8.3-21.6 34.9-19.1 48.1 32.5-32.0 *The benchmark index for the Reserve Portfolio was changed August 1, 2013 December 31, 2014 41

Index Performance: BofA/Merrill 1-5 Yr Sector Total Returns 80 60 Index Sector Total Returns Tsy Agy Corp Govt/Corp Index Basis Points 40 20 0-20 -40 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Sector Total Returns (Basis Points) Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 AVG Index 46 17-30 27 42-8 -22 35-19 48 33-32 11 Treasury 43 14-32 24 40-10 -23 35-18 50 32-33 10 Agency 43 16-22 28 33-6 -15 24-10 36 30-23 11 Corporate 66 34-27 39 56 0-20 41-32 43 39-30 17 *The benchmark index for the Reserve Portfolio was changed August 1, 2013 December 31, 2014 42

Reserve vs Index: Sector Allocations % of Portfolio/Index Percent 80% 78% 76% 74% 72% 70% 68% 66% 64% Treasury Allocations: Reserve vs Index Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Index Reserve Nov-14 Dec-14 Percent 22% 21% 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% Corporate Allocations: Reserve vs Index Index Reserve Percent 15% 14% 13% 12% 11% 10% 9% 8% 7% Agency Allocations: Reserve vs Index Index Reserve Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Oct-14 Nov-14 Dec-14 December 31, 2014 43

Effective Duration Allocations: Reserve vs. Benchmark 18% 16% 14% 16.0% 14.7% 16.0% 17.1% 15.0% 16.9% 13.9% 14.6% Index Reserve 12% 10.6% 10.3% 11.2% 11.1% 10.6% 10.5% 10% 8% 6% 5.3% 4% 4.0% 2% 0% 0.0% 0.0% 1.4% 0.8% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values December 31, 2014 44

Effective Duration Allocations: Reserve Tsy vs. Benchmark Tsy 14% 12.9% 13.3% 13.3% 12% 10% 8% 10.5% 11.7% 9.3% 10.0% 10.6% 8.2% 7.8% 8.8% Index Treasury Reserve Treasury 8.9% 4.7% 6.7% 6.2% 6% 4% 3.0% 2% 0% 0.0% 0.0% 1.1% 0.0% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values December 31, 2014 45

Effective Duration Allocations: Reserve Agy vs. Benchmark Agy 5% 4% Index Agency Reserve Agency 1.5% 1.3% 1.4% 1.5% 1.1% 1.1% 2.2% 3.5% 3% 2% 1.9% 1% 0% 0.0% 0.0% 0.1% 0.5% 0.8% 0.6% 0.1% 0.4% 0.4% 0.3% 0.2% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values December 31, 2014 46

Effective Duration Allocations: Reserve Corp vs. Benchmark Corp 6% 5% Index Corporate Reserve Corporate 2.9% 2.8% 4.1% 4% 3% 3.2% 2.4% 2.6% 3.1% 2% 1.6% 1.3% 1.6% 1.7% 1.7% 1.9% 1.2% 1% 0% 0.0% 0.0% 0.2% 0.3% 0.3% 0.8% 0-.50.50-1.00 1.00-1.50 1.50-2.00 2.00-2.50 2.50-3.00 3.00-3.50 3.50-4.00 4.00-4.50 4.50-5.00+ Duration Buckets* *Calculated using market values December 31, 2014 47

Total General Portfolio: Credit Quality S&P Moody's S&P Moody's Issuer Market Value % of Port LT Rating LT Rating Issuer Market Value % of Port LT Rating LT Rating U.S. Treasury $4,197,192,170 51.08% AA+ Aaa Wells Fargo Bank NA $15,059,700 0.18% A+ A1 FHLB $450,342,349 5.48% AA+ Aaa Branch Banking and Trust $14,998,350 0.18% A A1 Wells Fargo Bank* $397,395,446 4.84% Intel $14,978,100 0.18% A+ A1 Bank Tokyo-Mitsubishi $396,513,001 4.83% AA- Aa3 Merck & Co $14,955,600 0.18% AA A2 Toyota $365,184,589 4.44% AA- Aa3 Texas Instrument $14,940,200 0.18% A+ A1 FNMA $358,027,950 4.36% AA+ Aaa Sherwin-Williams $14,896,500 0.18% A- A3 General Electric $233,459,465 2.84% AA+ A1 Ebay $12,875,320 0.16% A A2 Exxon Mobil $164,995,268 2.01% AAA Aaa Public Service Electric $11,967,720 0.15% A Aa3 FHLMC $152,216,250 1.85% AA+ Aaa United Health Group $11,010,290 0.13% A+ A3 JP Morgan $119,863,900 1.46% A A3 Pepsico $10,216,600 0.12% A- A1 Wells Fargo $94,979,700 1.16% A+ A2 Intercontinental Exg. $10,114,300 0.12% A A2 Honda $65,893,000 0.80% A+ A1 Wal-Mart $10,094,900 0.12% AA Aa2 BNP Paribas $62,369,829 0.76% A+ A1 Daimler Finance $10,091,600 0.12% A- A3 AT&T $50,141,700 0.61% A- A3 PACCAR $10,083,900 0.12% A+ A1 John Deere $46,371,620 0.56% A A2 Charles Schwab $10,075,200 0.12% A A2 TVA $45,635,000 0.56% AA+ Aaa Colgate-Palmolive $10,070,400 0.12% AA- Aa3 Berkshire Hathaway $45,509,250 0.55% AA Aa2 Cisco Systems $10,025,650 0.12% AA- A1 Caterpillar $40,330,100 0.49% A A2 Walt Disney $10,003,400 0.12% A A2 Johnson & Johnson $40,288,950 0.49% AAA Aaa Baxter International $9,973,000 0.12% A- A3 Microsoft Corp $35,162,350 0.43% AAA Aaa US Bank $9,967,600 0.12% AA- Aa3 3M Company $34,698,050 0.42% AA- Aa2 Wisconsin Electric Power $9,955,800 0.12% A- A1 American Express Credit $32,037,180 0.39% A- A2 Univ of California $9,917,375 0.12% AA Aa2 Goldman Sachs $30,363,600 0.37% A- Baa1 Apple $9,851,600 0.12% AA+ Aa1 Oracle $30,053,700 0.37% A+ A1 Philip Morris $8,847,930 0.11% A A2 Coca Cola $26,953,420 0.33% AA Aa3 Altera Corp $8,060,868 0.10% A- Baa1 Manufactures & Traders $25,979,220 0.32% A A2 Becton Dickinson $8,059,040 0.10% BBB+ A3 General Dynamics $25,234,450 0.31% A A2 Target $7,086,100 0.09% A A2 IBM $25,088,880 0.31% AA- Aa3 Monsanto $6,972,420 0.08% BBB+ A3 Farmer Mac $25,030,000 0.30% NR NR State Street $5,900,520 0.07% A+ A1 Pfizer $24,914,300 0.30% AA A1 Google $5,107,500 0.06% AA Aa2 PNC Bank $22,063,700 0.27% A A2 Eli Lilly $5,026,850 0.06% AA- A2 BB&T $21,915,650 0.27% A- A2 Procter & Gamble $5,010,050 0.06% AA- Aa3 Medtronic $20,282,800 0.25% AA- A2 Proamerica Bank $5,000,000 0.06% Praxair $20,276,419 0.25% A A2 Southern Calif Edison $4,964,800 0.06% A Aa3 State Of California $20,203,800 0.25% A+ Aa3 Air Products & Chemicals $3,048,930 0.04% A A2 US Bancorp $20,192,100 0.25% A+ A1 United Tech $3,039,210 0.04% A A2 Stryker $19,708,800 0.24% A+ A3 Mastercard $2,983,500 0.04% A A2 FFCB $17,178,500 0.21% AA+ Aaa National Oilwell Varco $2,961,480 0.04% A A2 Chevron $17,007,240 0.21% AA Aa1 California United Bank $1,000,000 0.01% Costco $15,896,000 0.19% A+ A1 Manufacturers Bank $1,000,000 0.01% Home Depot $15,119,850 0.18% A A2 Total $8,217,336,098 100.00% Bank Of New York Mellon $15,074,250 0.18% A+ A1 *Checking Account December 31, 2014 48

Total General Portfolio Transactions 90 80 70 60 50 40 30 20 10 0 Total Monthly Transactions Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Buys* Sells** *Buys: Core-Includes transfers from Reserve **Sales: Core-Includes calls, Reserve-Includes calls and transfers to Core Core Transactions Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Buys 63 52 58 43 54 52 72 42 53 41 43 39 Sales 0 0 0 0 0 0 0 0 0 0 0 0 Total 63 52 58 43 54 52 72 42 53 41 43 39 Reserve Transactions Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Buys 9 5 6 4 8 7 7 10 9 7 5 6 Sales 4 8 12 5 6 5 5 4 9 4 9 4 Total 13 13 18 9 14 12 12 14 18 11 14 10 Total Transactions Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Buys 72 57 64 47 62 59 79 52 62 48 48 45 Sales 4 8 12 5 6 5 5 4 9 4 9 4 Total 76 65 76 52 68 64 84 56 71 52 57 49 December 31, 2014 49

Portfolio Transactions-Reserve Portfolio Trade Date Issuer Type Maturity Date Par Amount Action* 12/1/14 U.S. Treasury Note 11/30/19 90,000,000 Buy 12/1/14 U.S. Treasury Note 12/31/16 60,000,000 Sell 12/3/14 UnitedHealth Group Note 12/15/19 4,000,000 Buy 12/3/14 UnitedHealth Group Note 12/15/17 7,000,000 Buy 12/8/14 Honda Note 12/11/17 15,000,000 Buy 12/18/14 Farmer Mac Note 12/29/17 25,000,000 Buy 12/18/14 FHLMC Note 9/29/17 25,000,000 Sell 12/30/14 U.S. Treasury Note 3/31/16 50,000,000 Sell 12/30/14 U.S. Treasury Note 12/31/15 90,000,000 Sell 12/31/14 U.S. Treasury Note 6/30/19 75,000,000 Buy *"Transfer" is from Reserve to Core December 31, 2014 50

Portfolio Transactions-Core Portfolio Trade Date Issuer Type Maturity Date Par Amount Action* 12/1/14 Exxon Mobil CP 12/31/14 125,000,000 Buy 12/1/14 MUFG Union Bank CP 12/3/14 60,000,000 Buy 12/2/14 Rabobank CP 12/3/14 6,850,000 Buy 12/3/14 Bank of Tokyo-MIT CP 1/7/15 74,617,000 Buy 12/4/14 MUFG Union Bank CP 12/8/14 20,000,000 Buy 12/4/14 BNP Paribas CP 12/5/14 26,000,000 Buy 12/5/14 General Electric CP 12/23/14 29,500,000 Buy 12/5/14 Bank of Tokyo-MIT CP 12/24/14 30,000,000 Buy 12/9/14 BNP Paribas CP 12/12/14 40,000,000 Buy 12/9/14 BNP Paribas CP 12/11/14 28,500,000 Buy 12/10/14 BNP Paribas CP 12/15/14 33,500,000 Buy 12/11/14 MUFG Union Bank CP 12/15/14 33,800,000 Buy 12/12/14 Bank of Tokyo-MIT CP 12/23/14 29,000,000 Buy 12/12/14 BNP Paribas CP 12/16/14 20,000,000 Buy 12/15/14 BNP Paribas CP 12/19/14 29,500,000 Buy 12/16/14 Rabobank CP 12/19/14 24,470,000 Buy 12/17/14 BNP Paribas CP 12/19/14 15,000,000 Buy 12/17/14 BNP Paribas CP 12/22/14 65,000,000 Buy 12/18/14 Prudential CP 12/22/14 17,000,000 Buy 12/19/14 BNP Paribas CP 12/23/14 21,000,000 Buy 12/19/14 FHLB Discount 1/21/15 100,000,000 Buy 12/19/14 General Electric CP 12/30/14 25,000,000 Buy 12/19/14 General Electric CP 12/29/14 25,000,000 Buy 12/19/14 Exxon Mobil CP 1/7/15 30,000,000 Buy 12/19/14 Bank of Tokyo-MIT CP 1/5/15 65,000,000 Buy 12/19/14 Exxon Mobil CP 12/29/14 30,000,000 Buy 12/19/14 FHLB Discount 3/18/15 83,283,000 Buy 12/19/14 Toyota CP 3/4/15 100,000,000 Buy 12/19/14 Exxon Mobil CP 2/4/15 100,000,000 Buy 12/19/14 General Electric CP 12/30/14 50,000,000 Buy 12/22/14 Toyota CP 4/1/15 42,657,000 Buy 12/22/14 FHLB Discount 1/2/15 53,378,000 Buy *"Transfer" is from Reserve to Core December 31, 2014 51

Portfolio Transactions-Core Portfolio (continued) Trade Date Issuer Type Maturity Date Par Amount Action* 12/23/14 FHLB Discount 2/18/15 49,793,000 Buy 12/24/14 Toyota CP 4/29/15 100,000,000 Buy 12/29/14 Bank of Tokyo-MIT CP 1/8/15 37,502,000 Buy 12/29/14 Bank of Tokyo-MIT CP 1/22/15 50,000,000 Buy 12/30/14 BNP Paribas CP 3/3/15 31,380,000 Buy 12/30/14 FHLB Discount 2/3/15 35,000,000 Buy 12/30/14 Bank of Tokyo-MIT CP 1/30/15 30,000,000 Buy *"Transfer" is from Reserve to Core December 31, 2014 52