The benefits of conducting competitive sales of bonds and notes over this Internet auction web site are summarized below. Interested parties can contact Speer Financial to learn more about SpeerAuction.com.

Feature	Benefits
Auction Format	Bids are submitted in either an Open or Closed format. An Open format allows each bidder to see its standing (i.e., "leader", "cover", "3rd", etc.) during an auction, while the Closed format does not.
Multiple Bids	Bids are submitted using auction system whereby bids can be improved. This fosters increased demand for an issuer's bonds.
Bid Error Elimination	All bid information is entered into a web-based table with strict error control. This eliminates bid errors.
Process Transparency	The issuer and issuer-invited guests can observe the auction in real time, viewing all elements of the auction process.
Instant Bid Calculation	Upon the end of an auction period, the results of the auction are posted instantly to all bidders. The winning bidder is verified within seconds.
Electronic Documents	The Preliminary Official Statement (POS) and Notice of Sale (NOS) are distributed electronically, at no cost to the issuer.
Cost Reduction	The posting of documents online coupled with electronic advertising can save issuers thousands of dollars in issuance costs.
Security	No funds are transmitted over the Internet.
Confidentiality	Bidders must be preauthorized by the Issuer. Bidders have unique password/ID combinations. Bidders are anonymous during the auction.
Flexibility	Allows a competitive sale to be held with 24 hours notice. Auction, Electronic documents, and Auction Announcement to bidders can be set up on the web site and distributed electronically within minutes.
Modernization	Allows issuer to illustrate a commitment to technology by using the latest technology to reduce financing costs.