FLEXI uses a multi layered liquidity model designed to process withdrawal requests efficiently under normal and stressed conditions.

1. Primary liquidity- investor demand

FLEXI is designed so that investor demand typically exceeds available supply, meaning there may already be investors waiting to invest.

When you place a sell (withdrawal) request:

• your investment will be immediately purchased by another investor, if there are investors on waiting list.

2. Secondary liquidity- internal collateral buffer

If there is no immediate investor demand, TWINO will buy the FLEXI ABS from investors within the limits of the collateral provided by the Loan Originator. This collateral acts as a temporary liquidity support, allowing withdrawals to be processed without delay.

If new investors wish to invest in FLEXI:

• Primarily TWINO sells the ABS held by it, thus making collateral available again, or

• If TWINO does not hold any ABS – the FELXI ABS are bought from the primary market (from the Issuer).

3. Early repayments (ISIN closures)

In situations where withdrawal demand exceeds both:

• investor demand, and

• available collateral

early repayment of underlying ABS (ISIN closure) may be initiated.

This means that the Loan Originator repays the remaining amount of the specific ISIN, and the received funds are used to fulfil pending withdrawal requests.

As this process depends on external cash flows, withdrawal execution may take longer in such situations.

For a more detailed explanation, please review our Client Order Execution Policy.