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Napa Group's extensive experience in the auction rate securities marketplace has allowed us to create a system tailored exclusively to the specific needs of this industry. See below for more details.

• Comprehensive security master tracks all aspects of an auction rate security including Moody's/S&P/Fitch ratings, auction rules, interest payment rules, and broker commission rules. The system even allows you to upload a prospectus or an unlimited number of other documents associated with each security. And if you track properties of a security that are specific to your firm, the system is flexible enough to let you associate an unlimited number of custom properties with each deal without any programming changes.
• Each security has a set of configurable formulas for various calculations like min/max/all-hold rates.
• Each security maintains its own schedule of auctions, interest payments, broker commissions, and auction agent fees based the rules specified for that security. Instead of just knowing when the next auction or payment will occur, the system can perpetually maintain this calendar indefinitely into the future. This is especially important when dealing with holidays.
• Speaking of holidays, the system tracks security-specific parameters related to holiday handling and properly adjusts the schedules as necessary. It does the same for leap years as well

• The system can import index rates like LIBOR or 30 Day CP. eGavel then automatically calculates minimum, maximum and all-hold rates as well as auction agent fees.
• Users can also enter off-auction broker-to-broker bidding rights transfers directly into the system.

• Multiple methods to enter bids into the system. Most dealers will electronically deliver their bids via FTP using Napa Group's industry-standard file format. This method eliminates re-typing bids and prevents data entry mistakes.
• Dealers that lack a sophisticated system to electronically enter and deliver bids can be provided with Napa Group's free Bid File Generator. This easy-to-use Microsoft Windows application allows a dealer to simply type in their bids for a given auction deadline and then emails a file to the auction agent.
• eGavel users always have the ability to manually enter bids into the system or modify/delete bids that have already been entered into the system.
• eGavel comes pre-configured to validate all bids entered. For example, it ensures that bid rates fall within the min/max range, that dealers aren't attempting to sell or hold more than they own, that duplicate orders aren't being entered into the system, and that the dealer is eligible to bid on this security.

• Hands-free auction engine quickly and automatically processes all auctions, computing winning rates and resulting bid allocations. It even handles all-hold and failed auctions.
• Automated interest and broker commission calculations eliminates all manual processing.

• Electronic connectivity with all major dealers provides one-click delivery of min/max rates, auction results, settlement instructions, and other data files.
• Comprehensive report suite includes many informative dealer-specific and issuer-specific reports in a wide variety of formats including Microsoft Excel and Microsoft Word.
• All system data is available to the users including auction history, interest payment history, security master, dealer positions, and much more.

• Stress-tested to seamlessly process more than 1000 auctions at a single deadline.
• Multiple levels of application security allow different user roles within your firm.