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Institutional Cash Distributors ("ICD") was formed in May 2003 by three veteran institutional sales professionals. The three founders (2 of which came from Deutsche Bank, the other from JP Morgan Chase) have each specialized in the sale of short term institutional investments to the corporate treasury marketplace for the last 20 years. ICD was originally established as a division of San Francisco based broker-dealer Merriman Curhan Ford & Co, however in 2010 they began operations as an independent broker-dealer, Institutional Cash Distributors, LLC.

In the seven years since ICD began servicing clients, they have grown internationally, operating a London based desk since 2005. ICD services over $60 billion in investments and represents more than 400 institutional client accounts (as of December 31, 2009).

ICD is an internet based institutional money fund portal that offers its clients the ability to invest in over 200 different institutional money funds, from 35 fund families, in multiple currencies. Clients investing through ICD pay no more for their investments than if they invest in funds directly. ICD generates revenue by sharing in the fees of the funds that they distribute. ICD was created on the premise that its clients could receive the best performance available to institutions, and could not get a more competitive yield by investing directly with one of the funds that they distribute. ICD aspires to maximize selection and create operational efficiencies.

In an industry of commoditized products and services, ICD separates itself as an independent provider. ICD offers its clients the ability to invest on a fully disclosed basis with the funds of their choice. Other advantages that have helped make ICD one of the fastest growing portals are:

• True one-stop source for institutional money fund investments
• One application
• Multiple transactions
• One wire
• One consolidated statement

• Dedicated trade desk
• Customized reporting
• Trade method flexibility
• Global capabilities
• FX capacity and straight through processing at the treasury workstation level
• Trading desks in multiple time zones