704-887-9880 office jp.conklin@pensfordfinancial.com www.pensfordfinancial.

com RATES Treasury Rates 3 month 6 month 1 year 2 year 3 year 5 year 7 year 10 year 30 year Swaps - Monthly Money* Maturity 1 year 2 year 3 year 5 year 10 year Monday, April 14th, 2014
1-month LIBOR Forward Curve

04/14

07/14

04/15

07/15

01/16

10/16

04/17

07/17

10/17

04/18

07/18

10/14

01/15

10/15

04/16

07/16

01/17

01/18

10/18

spot 0.18% 0.42% 0.84% 1.61% 2.66%

1-year 1.5-year 2-year forward forward forward n/a n/a n/a 0.66% 0.87% n/a 1.17% 1.42% 1.70% 1.98% 2.20% 2.44% 2.96% 3.12% 3.28%

*monthly money assumes monthly payments, 1-month LIBOR floating index, ACT/360 daycount conventions, interest-only, and modified following business day adjustments

Caps - Percentage of Notional* 1 year 2 year 3 year 4 year 5 year

1.00% 0.350% 0.450% 1.300% 2.950% 5.200%

2.00% 0.250% 0.350% 0.750% 1.800% 3.300%

3.00% 0.200% 0.300% 0.450% 1.100% 2.100%

4.00% 0.170% 0.250% 0.350% 0.750% 1.400%

*cap premiums represented as a percentage of the original notional amount; assumes monthly payments, 1-month LIBOR, interest only, and ACT/360

6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

Cap Cost
1. 00%

01/19
2. 00% 3. 00% 4. 00%

0.04% 0.05% 0.10% 0.37% 0.83% 1.61% 2.18% 2.64% 3.49%

4.0%

3.0%
2.0%

1.0%
0.0%

1 year 2 year 3 year 4 year 5 year

MAJOR ECONOMIC RELEASES Time Tuesday 8:30AM 8:30AM 8:30AM 8:45AM 10:00AM 4:00PM 8:00AM 8:30AM 8:30AM 12:15PM 1:25PM 2:00PM 8:30AM 8:30AM 10:00AM

Report Empire Manufacturing (exp. 8.00, prev. 5.61) CPI (exp. +0.1%, prev. +0.1) CPI Core (exp. +0.1%, prev. +0.1%) Fed's Yellen speaks at Financial Markets Conference NAHB Housing Market Index (exp. 50, prev. 47) Fed's Rosengren speaks Fed's Stein speaks on Quantitative Easing Housing Starts (exp. +7.5%, prev. -0.2%) Building Permits (exp. +0.6%, prev. +7.7%) Fed's Yellen speaks to Economic Club Fed's Fisher speaks on the Economy Fed releases Beige Book Initial Jobless Claims (exp. 315k, prev. 300k) Continuing Claims (2786k, prev. 2776k) Philadelphia Fed (exp. 10.0, prev. 9.0) Markets closed for Good Friday

Wednesday

Thursday

Friday

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