How It Works: Before An Auction

Preparing to Bid

Investors must register to participate in an auction. Visit the Open Account page for information on how to register. When your account is approved, we will send you a User ID and password.

Your computer should be equipped with a standard web browser such as Netscape Navigator™ 6.0 or higher or Microsoft Internet Explorer™ 4.0 or higher, with javascript and cookies enabled. The monitor resolution should be set to a minimum of 800x600 for optimum readability (1024x768 is strongly preferred).

Investors with a User ID and password may log into an auction by clicking View Prospectus & Enter Auction from the OpenBook Homepage.

Auction Notification and Timing

Registered participants will be notified of an auction electronically. In addition to the duration of an auction, other terms will be announced prior to the start of an auction, such as:

• Deal size
• Benchmark Treasury bond
• Maximum for the benchmark Treasury bond rate
• Minimum and maximum acceptable bid spread over the benchmark Treasury bond rate
• Maximum bid size per investor
• Protected spread range
• Maturity

Additional details, including a full initial term sheet and prospectus will be available on the auction offering page.