“A fund that participates in this initiative is sending a strong signal about their fund’s holdings and risk profile, which provides me with an enhanced level of confidence in my investment decision.” –Tim Muindi, Assistant Treasurer at VeriSign, Inc.

Money Fund Transparency™ is an easy-to-use, web-based platform that provides investors with a clear and timely understanding of money funds by providing instant access to a variety of analytics, metrics, and other informa-tion on the assets within the fund. Money Fund Transparency reporting is ac-cessible 24/7 via several distribution channels including the websites of the participating funds, the industry’s top money fund portals, and the Clearwater Analytics website.

Money Fund Transparency™

FULFILLING THE MARKET’S DEMAND FOR GREATER VISIBILITY INTO MONEY FUNDS

“Outstanding tool. We had an internal discussion...and it was a unanimous decision that the

majority, if not all, of our [money fund] holdings will go to funds that

participate.” – Assistant Treasurer, Fortune 500 company

Key Features

asset Type Interest Rate Sensitivity

Performance Comparison

qualitative analysis Credit Maturity

country concentration Sectors

repo collateral Maturity Schedule

ABCP sponsor, credit, and liquidity detail commercial paper allocation

download capabilities Yield contribution

historical yield and return information

holdings with numerous security characteristics

Counterparty risk credit quality

What is Money Fund Transparency™?

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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com

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Recently, the following institutional investors participated in a survey about Money Fund Transparency:

Oracle Electronic Arts Intuit VeriSign QUALCOMM Yahoo! 3M Western Union

Satisfy the SEC’s regulatory disclosure requirement of posting portfolio holdings information to a public 1. websiteSatisfy the SEC regulatory requirement 30b1-6 Money Fund Portfolio filing (form N-MFP) including data 2. transmission of the report in the standard, required formatSatisfy the standard required format and frequency for ongoing fund monitoring activities as determined by 3. Standard & Poors, Moody’s Investor Services, and Fitch Ratings as applicable Generate other internal asset manager reports, such as board reports (additional fees may apply)4. Streamline in-house reporting and filing with a more cost-effective, outsourced solution5. Provide clients and prospects with enhanced reporting and powerful analytics6. Differentiate from the competition by providing transparency and timely updates into the underlying 7. investmentsGain immediate and ongoing market awareness and respect through demonstrated market leadership8. Contribute to Assets Under Management (AUM) growth9.

In comparison to the reporting you are currently receiving on money funds, how useful will the reporting provided via Money Fund Transparency be to you? Assuming you were choosing between two similar funds—one that partici-pates in Money Fund Transparency and one that doesn’t—how likely would you be to invest in the fund that participates in Money Fund Transparency?

1 2 3 4 5 6 7 8 9 10

1 2 3 4 5 6 7 8 9 10

most useful

most likely

9.23

8.38

Why partner with Clearwater Analytics?

Clearwater Analytics is a recognized leader in web-based, investment portfolio reporting. Powered by advanced technology, Clearwater Analytics provides reporting solutions for over 2,000 institutions and over $400 billion in investments today. Corporate operating funds, insurers, investment managers, family offices, endowments, foundations, and central banks are satisfied users of Clearwater Analytics (see sample client list at www.clearwateranalytics.com). In addition to

What they said...

Fund Companies Participating in Money Fund Transparency will be positioned to:

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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com

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Meaningful transparency = confidence

Timely

Apples to apples reporting

Automated

Clarity

Lack of transparency and confidence

Not timely

Apples to oranges reporting

Manual

Confusion

WITHOUT Money Fund Transparency WITH Money Fund Transparency

Participation in Money Fund Transparency provides several opportunities to create meaningful investor awareness. Clearwater Analytics will partner in promoting participation. Some of the tools and support participants will receive include the following:

Relationship management – Clearwater Analytics’ relationship management team will personally communicate to clients about par-ticipation in Money Fund Transparency.

Referral sharing – In addition to ongoing referrals, participants will be given a list of institutions and contacts that have expressed

Additional value built in: marketing, sales and support

Why has Clearwater Analytics developed Money Fund Transparency?

direct distribution, Clearwater Analytics reporting solutions are distributed to investors worldwide through custody banks, asset managers, and money fund portals.

As the market leader in creating, enhancing, and distributing state-of-the-art investment reporting solutions, Clearwater Analytics is optimally positioned to provide the market with a best-in-class reporting solution for money funds.

Investors have been requesting enhanced transparency into money funds. In response to investor feedback, Clearwater Analytics collaborated with investors, partners, and industry professionals to deliver Money Fund Transparency.

Money Fund Transparency™

CLEARWATER WEBSITE

FUND WEBSITE

FUND PORTALS

Accessible via the Clearwater Analytics website, fund website, and a variety of money fund portals.

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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com

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Going live is as easy as… 1. Agree to Terms Load Data Launch 2. 3.

Best-in-class reporting

Separation from competition

Early adopter advantage

Tools to create investor awareness and interest

Vehicle to “tell participant story” in a powerful and easy-to-digest format

Referrals of interested investors

What participants receive:

Improved client satisfaction

PR opportunities and media coverage

Enhanced distribution

Partnership with industry-leading reporting expert

Ongoing enhancements to Clearwater’s money fund reporting solutions

Strategic offering designed to increase assets under management

interest in speaking with participants of Money Fund Transparency.

Targeted Email – Clearwater Analytics will send notification of participation in Money Fund Transparency to its clients, prospects, and partners.

Press Release – Clearwater Analytics will publish a joint press release via a variety of media outlets formally announcing participation in Money

Fund Transparency.

Website announcement – Clearwater Analytics will prominently announce participation in Money Fund Transparency on its website, which is

the same website where Clearwater Analytics clients log in to their investment accounts.

Joint visits – Clearwater Analytics will support joint sales calls with clients, prospects, and other parties.

Media/Press opportunities– The following media sources, Financial Week, The New York Times, Treasury & Risk, iTreasurer, Money Fund Intel-

ligence, Money Market Insight, Ignites, and PBS’ Nightly Business Report have covered Money Fund Transparency. Clearwater continues to

pursue press opportunities and expect future coverage.

Ongoing awareness – Participant’s branding will be included in general Money Fund Transparency marketing material, announcements, and com-

munications.

Certain money fund reporting solutions may be treated as legitimate fund expenses. Fund managers should consult with their legal counsel and fund boards.

Pricing is simple and based on a flat fee at the fund-complex level that includes any and all 2a-7 registered funds. Pricing factors include number of funds, total AUM and data feeds.

Pricing:

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Phone 208.433.1200 Fax 208.343.2244 | www.clearwateranalytics.com

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