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FEDERATED'S R E P O FEDERATED'S REPO PROGRAM P R O G R A Ms"' Because Time is Money. Institutional investors have numerous choices when it comes to managing their short- term cash dccounts. Repurchase agreements (Repos), because of their high level of safety, liquidity and yield, are especially suitable for such daily cash investing. L~hat makes them a perfect fit is their overnight" potential for yield enhancement with minimal risk. Still, their high investment minimums and operational complexities have discouraged many investors from participating in this opportune cash market. b e c a u s e Now, through Federated's Repo Program, there's a convenient cash time ; 5 management vehicle that can benefit institutional investors of all sizes. money. INTRODUCING AFFORDABLE CASH MANAGEMENT FROM FEDERATED As one of che largest and most respected investment managers in the country, Federated can secure the Repos you want ... and offer them co you at a competitive rate. Through your relacionship wich Federaced, you'll easily access a collateralized investment from a world renowned Repo dealer, obcain competitive overnight rates from the Repo markets, and avoid the time-consuming tasks associated with going direct. What's more, you'll have the abiliry to provide your customers with qualiry money markec mutual funds to serve their short-term cash management needs and have access to a complete spectrum of equity and bond fund options to accommodate your customers' longer-cerm expectations. FEDERATED'S REPO PROGRAM FEATURES A HEIGHTENED DEGREE OF SAFETY Inherent in any Repo is a double-proteccion structure that ensures a high degree of safery: your investment enjoys excellent security through one of the world's largesc and most creditworthy banks, as well as by collateral. The securities in Federated's Repo Program are collateralized ac 102% of their value. Determining those values> pricing the securities, and collateralizing your investment on a daily basis is the custodian, Bank of New York (BONl~. BONY is a major money center bank with excensive experience in Repo transactions. If the value of your collateral should fall below 102% on any given day, BONY will notify the Repo dealer co deposit more securicies into the accounc. To further enhance safery, Pederated's Repo Program uses a tri-parry structure in which the securities that collateralize your investmenc are deposited and held in a segregated account - noc pooled - at BONY. This segregation of collateral provides extra security in the unlikely event of a dealer default. Federated Investors Tower Pittsburgh, PA 15222-3779