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TAAPSLink v2 Released

July 20, 2004 — In cooperation with the Federal Reserve Bank of New York, we've launched another enhancement to our auction bidding software application, TAAPSLink® v2. Large institutional investors (other than primary dealers) can use TAAPSLink® v2 when submitting bids in securities auctions directly to Treasury over the Internet.

TAAPSLink® v2 was originally designed for the submission of competitive bids in auctions by our regular large auction participants using a virtual private network. The latest version of the application provides an additional group of large direct auction bidders with Internet-based access to Treasury auctions. Using Java technology, this version is more reliable, stable and easier to use than its predecessor TAAPSLink® v1. TAAPSLink® v1 and v2 are two separate front-end applications that are now used by more than 600 firms to submit both competitive and non-competitive bids in Treasury auctions.

Harris Nesbitt Corp., a large direct auction bidder involved in the testing of the application, was the first firm to submit its auction bids over the Internet. An official at Harris Nesbitt said that TAAPSLink® v2 “... is more straightforward in layout, faster and more secure than the original version. We are delighted to have been invited to be the first company to use the new application, and are confident that it will be highly successful.”

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