TARGETED CASH BALANCES NAVswap	ACCESS TO LIQUIDITY Redemption Service	REDUCE CAPITAL GAINS REALIZATION Redemption In-Kind
NAVswap is a flexible equitization tool which enables mutual fund managers to earn a return matching their NAV return on the uninvested cash in their portfolio. This allows managers to more efficiently manage shareholder flow – both inflows and outflows, without the detrimental effects of “cash drag.”	Redemption Service is a cost–effective liquidity solution for mutual funds experiencing shareholder flow volatility. It provides access to liquidity to meet redemptions, eliminating the costs and effort of flow-induced trading while keeping investment strategies intact, improving mutual fund performance, and after tax returns.*	Similar to Redemption Service, Redemption In–Kind (RIK) provides the same initial liquidity benefits to mutual funds. The incremental benefit of RIK is that it allows mutual funds to improve their after tax performance by harnessing some of the same efficiencies that are used by ETFs.

ReFlow has provided U.S. mutual funds and hedge funds with greater than $1 billion million in notional exposure through NAVswap and more than $4.25 billion in just-in-time liquidity through Redemption Service, and $2.5 billion in Redemption In-Kind.

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