Your ID number and Password allow you to enter any Trial Auction listed on the Selections Page -- where you can simulate bidding in a real auction. Also, after you have clicked the Request Admission button for a real auction on the Selections Page, you will be notified by the Auction Administrator shortly thereafter of whether admission has been granted. If you are a bank or NASD registered broker-dealer with a DTC account, admission should be granted without delay. If you request admission to an auction, you are not required to participate. At present there is no charge for registration with ColumbiaCapitalAuction or participation in an auction.

The following instructions will assist you in navigating the ColumbiaCapitalAuction website page-by-page. If you would like to enter the auction immediately, return to the ColumbiaCapitalAuction Home Page and click Auction. Click the BACK button on your web browser to return to the previous page.

Home Page:

Provides general information.

Provides registration form to be completed on-line before accessing any Trial Auction or requesting admission to any real auction.

Takes you to Pre-Selections Page.

Pre-Selections Page:

Provides list of upcoming auctions with general information for each auction.

Selections Page:

Provides all-or-none and/or maturity-by-maturity auctions for the auction selected from the Pre-Selections Page and descriptive information about the Trial Auctions and upcoming real auctions. Select either Trial Auction or any upcoming real auction, then click one of the following buttons:

Takes you to Login Page.
Displays Notice of Sale for auction selected.
Displays Amendments to Notice of Sale, if any, for auction selected.
Displays Preliminary Official Statement (POS) for auction selected.
For upcoming real auctions only, takes you to Admission Page where you can request admission to the all-or-none auction, maturity-by-maturity auction, or both, as applicable, for the relevant bond issue you select.

Login Page:

Registrants enter their ID number and password and, if participating in a real auction to which they have been granted admission, click the Enter Auction button to go to either Verification Page or Observation Page -- depending upon their status (e.g., bidders to Verification Page and issuers to Observation Page). If experimenting with any Trial Auction, registrant can choose to be either a bidder or an observer and then enter the auction.

Verification Page:

Asks series of questions which confirm bidder's eligibility to enter auction.

Auction Page:

For maturity-by-maturity auctions, provides preliminary principal maturity schedule, boxes for bidder to enter coupon and either price or yield and, at issuer's option, displays the best yield for each maturity and/or bidder's status (i.e., leader or not leader).

For all-or-none auctions, provides preliminary principal maturity schedule, drop boxes for the bidder to choose either serial, sinker or term bonds for each maturity, boxes for coupon, and, at the issuer's option, reoffering price or yield (or neither) and, at the issuer's option, displays bidder's true interest cost (TIC), best TIC and/or bidder's status (i.e., leader or not leader). Bidders do not have to input Coupon and Price or Yield for years selected as sinking fund redemptions ("Sinkers").

Once bidder fills in boxes for Coupon and, if applicable, either Price or Yield for one or more maturities, bidder can click either Calculate/Update or Submit Bid.

Updates time, bidder status, if applicable, and computes, as applicable, prices, yields and TIC (for all-or-none auction) without submitting bids.
Updates time, bidder status, if applicable, and computes, as applicable, prices, yields, and TIC (for all-or-none auction), while submitting bids.

IMPORTANT: Bidders must click the "Calculate/Update" button frequently during auction to update "Time of Last Update". Also, clicking "Calculate/Update" does not result in bid submission.

Confirmation Page:

Automatically generated by ColumbiaCapitalAuction when bidder submits a bid. Gives bidder opportunity to review bid submitted before it is officially recorded. If for any reason bidder decides not to submit the bid shown on the Confirmation Page, they can click the BACK button to return to the previous Auction Page without the bid being recorded.

Observation Page:

Allows issuer and financial adviser to observe an auction in progress. Initial page shows best bids and bidders. Buttons and links at bottom of page enable issuer and financial adviser to observe bids submitted by every bidder, cover bids, summary of bids, bidders who have requested admission to the auction, outside observers (only as permitted by the issuer), and bidder details (after the auction is over).

Allows issuer or financial adviser to update all times and bid information.

In addition, there are links at the bottom of each page which allow you to navigate your way through the Website more efficiently.

Your opinion of this website is important to us. We would welcome any comments you have about ColumbiaCapitalAuction by e-mail at Auction Administrator (also see link at the bottom of each page) or call (412) 391-5555.

Please click BACK button to return to previous page.
Go to: ColumbiaCapitalAuction Home Page
For information about this bond sale, call Columbia Capital at (913) 248-8500.
Please direct questions and comments regarding bidding procedures to the Auction Administrator or call (412) 391-5555.

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