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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 7th, 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 0.19% 0.44% 0.88% 1.65% 2.70%

1-year 1.5-year 2-year forward forward forward n/a n/a n/a 0.70% 0.91% n/a 1.23% 1.48% 1.77% 2.03% 2.26% 2.49% 3.00% 3.17% 3.33%

*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% 1.500% 3.250% 5.500%

2.00% 0.250% 0.350% 0.900% 2.000% 3.550%

3.00% 0.200% 0.300% 0.600% 1.250% 2.300%

4.00% 0.170% 0.250% 0.400% 0.800% 1.550%

*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%

0.03% 0.05% 0.10% 0.40% 0.84% 1.67% 2.26% 2.69% 3.56%

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 7:30AM 1:00PM 1:30PM 2:45PM 4:00PM 10:00AM 1:00PM 2:00PM 3:30PM 7:00PM 8:30AM 8:30AM 1:00PM 8:30AM 8:30AM 9:55AM

Report NFIB Small Business Optimism (exp. 92.3, prev. 91.4) 3-year Treasury Auction ($30B) Fed's Kocherlakota speaks Fed's Plosser speaks on Bank Regulation Fed Board Open Meeting on Rulemakings on Leverage Ratios Wholesale Inventories (exp. +0.5%, prev. +0.6%) 10-year Treasury Auction ($21B) Fed releases Minutes from March FOMC Meeting Fed's Evans speaks at Conference Fed's Tarullo speaks at Conference Initial Jobless Claims (exp. 330k, prev. 326k) Continuing Claims (exp. 2840k, prev. 2836k) 30-year Treasury Auction ($13B) PPI (exp. +0.1%, prev. -0.1%) PPI Core (exp. +0.2%, prev. -0.2%) University of Michigan Confidence (exp. 81.3, prev. 80.0)

Wednesday

Thursday

Friday

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