  Exact renormalization group techniques are applied to mass deformed N=4
supersymmetric Yang-Mills theory, viewed as a regularised N=2 model. The
solution of the flow equation, in the local potential approximation, reproduces
the one-loop (perturbatively exact) expression for the effective action of N=2
supersymmetric Yang-Mills theory, when the regularising mass, M, reaches the
value of the dynamical cutoff. One speculates about the way in which further
non-perturbative contributions (instanton effects) may be accounted for.
