The "Dutch Auction" process gives every potential investor an equal opportunity to participate in Initial Public Offering (IPO). Here are some highlights of how it works.

• Prior to an IPO, the underwriter and participating dealers solicit indications of interest from prospective investors for the shares to be offered.
• The underwriter will display a "guideline" price range.
• Potential investors determine the price they want to pay for the stock.
• Potential investors submit their bids to a Lombard representative. A deposit covering the total bid is required. Potential investors are paid interst on this deposit.
• Anytime prior to the closing of the auction, potential investors can change or withdraw their bids through their brokers.
• At the closing of the auction, all valid bids from potential investors at all participating brokerage firms are electronically sorted from highest to lowest.
• The number of shares bid for at each different price is noted.
• Shares are allocated to all investors beginning with the highest bids.
• When the number of shares registered in the offering is completely allocated, the lowest winning bid becomes the "clearing offering price"--this is the price which all investors pay (even those who have bid higher).
• Shares are awarded to dealers based upon successful investor bids, until all available shares are issued to investors.
• Clients incur no fees for acquiring shares via the Open IPO process. The company issuing the stock pays all commissions.

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