General:

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.

The following instructions will assist you in navigating the BidMass website page-by-page. If you would like to enter the auction immediately, return to the BidMass Home Page and click Bidding. 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:

Select either Trial Auction or any upcoming real auction, then click one of the following buttons:

					Takes you to Login Page.
					Displays Terms for auction selected.
					Displays Amendments to Terms, if any, for auction selected.
					For upcoming real auctions only, takes you to Admission Page where you can request admission to the relevant transaction 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 Verification Page.

Verification Page:

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

Auction Page:

For maturity-by-maturity bond 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 bond 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").

For other transactions, i.e., swaps and investment agreements, Bidders enter a rate for the respective auction in which they are participating.

For bond auctions, 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.

For other transactions 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 BidMass 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.

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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 BidMass by e-mail at Auction Administrator (also see link at the bottom of each page) or call (412) 391-5555.

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Please click BACK button to return to previous page.
Go to: BidMass Home Page

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For information about this bond sale, call Jeff Stearns at the Office of State Treasurer at (617) 367-3900 ext. 564.
Please direct questions and comments regarding bidding procedures to the Auction Administrator or call (412) 391-5555.