Pittsburgh, PA (November 14, 2007) Grant Street Group, the Pittsburgh-based company that pioneered internet auctions of bonds, will be celebrating the 10-year anniversary of the first internet bond auction this week.

Pittsburgh, PA (November 14, 2007) Grant Street Group, the Pittsburgh-based company that pioneered internet auctions of bonds, will be celebrating the 10-year anniversary of the first internet bond auction this week. At 11:30 a.m. sharp on Tuesday, November 18, 1997, the City of Pittsburgh, using Grant Street Group's MuniAuction web site and patented auction methodology, began accepting bids from investment banks for its $70 million bond offering. By the time the auction ended at noon, an unprecedented 20 underwriters, including local, regional and national firms, had submitted hundreds of bids, saving the City over $1 million in fees and expenses. Traditional, non-electronic auction methods would have yielded only one bid from each of 3 to 5 "usual suspects". Despite formidable opposition from Wall Street to the innovation, the same technique is now used to auction over $79 billion of municipal bonds every year, which is 89% of all competitive bond sales.

For its courage, the City of Pittsburgh received the prestigious "Innovations in American Government Award" from Harvard University and the Ford Foundation. "The whole process was fascinating", said Paul Hennigan, former Finance Director for the City of Pittsburgh under Mayor Tom Murphy, who authorized the internet sale. "Prior to our sale, the internet was being used to auction Beanie Baby teddy bears and Pez candy dispensers on eBay. We took it to a whole new level in one transaction."

Since that first auction in November 1997, Grant Street Group has grown to become the largest auction house in the world (by dollar volume), hosting more than 81,000 auctions totaling over $9 trillion. Prominent clients include Freddie Mac, BNYMellon, the Commonwealth of Pennsylvania as well as more than 1,000 other state and local government and non-profit entities.

In 2006, there were three very significant events in the Company's history. First, Grant Street's Founders, Myles Harrington and Dan Veres, repurchased The Carlyle Group's minority stake in the Company. Second, the Company won a huge verdict in its patent infringement suit against Thomson Corporation (NYSE: TOC) - currently valued at more than $100 million (pending Thomson's appeal). And third, the Company launched an entirely new business, tax collection and billing systems, which already serves 8 Florida counties with an aggregate population exceeding 1.5 million. "I never would have imagined the Company diversifying in this direction", said Myles Harrington, President of Grant Street Group, "but there is suddenly a screaming need for experienced suppliers of software as a service to government entities, particularly web-based applications that run on open source architecture, like Linux and MySQL. We have been doing that successfully for over 10 years now with our auction platforms."

For the past 10 years, Grant Street Group's revenues have been growing at an average rate of about 30% per year. The Company has nearly 50 full-time employees and expects to continue hiring locally at a rapid clip. "Pittsburgh has proven to be an excellent marketplace for us to build a fast-growing, high-tech business", said Dan Veres, Co-Founder and Chief Operating Officer of Grant Street Group. "It's hard to imagine a better place to build a Company like this."

Pittsburgh Tribune-Review article.

Pittsburgh, PA (August 7, 2007) In a first-of-its-kind transaction, the Commonwealth of Massachusetts conducted two internet auctions back-to-back today: a $1.2 Billion GIC auction and a $164 Million, 15-year floating-to-fixed interest rate swap.

Pittsburgh, PA (August 7, 2007) In a first-of-its-kind transaction, the Commonwealth of Massachusetts conducted two internet auctions back-to-back today: a $1.2 Billion GIC auction and a $164 Million, 15-year floating-to-fixed interest rate swap. Both transactions are related to the Commonwealth's sale of GO Bonds. Grant Street Group served as Bidding Agent for the GIC and Auction Agent in the swap transaction, soliciting bidder participation and supplying the internet auction web site, www.BidMass.com, and patented methodology used by the State Treasurer. Swap Financial Group served as the Commonwealth's Swap Advisor.

Seven firms submitted bids in the $164 Million swap auction. Merrill Lynch submitted the best bid at a rate of 3.9420% and was awarded two-thirds of the total notional swap amount and Bear Stearns, with the second best bid (3.9450%), was awarded one-third at the same rate as the best bid (3.9420%). Other swap bidders, in rank order, included Lehman Brothers, UBS, JPMorgan, Royal Bank of Canada and Goldman Sachs. The swap auction format was sealed-bid, which prevents bidders from seeing their status relative to other bidders during the bidding period.

Eleven firms submitted bids for $1.2 Billion of uncollateralized investment agreements in an open auction that enabled bidders to see their status (i.e., "Leader" or "Not Leader") relative to other bidders during the bidding period. After intense bidding that triggered extensions of the bidding period 3 times, contracts were awarded to Wells Fargo, Pallas Capital, Calyon and Citigroup each in amounts of $300 million.

Today's transactions mark the 17th and 18th time the Massachusetts State Treasurer, Timothy P. Cahill, has used his private label BidMass auction web site. In addition to hosting GIC and swap auctions on the site, the Treasurer conducts bond and note auctions and CD solicitations using the site.

Grant Street's John McCarthy commented after the sale: "Today's Massachusetts auctions were not only the largest of the 443 (totaling $18 Billion) we have done in the past 10 years, they were also among the most competitive. For example, it is unusual to have as many as 11 bidders actively participating in a single GIC solicitation, which is what we had today."

Pittsburgh, PA (July 31, 2007) United States District Judge Gary Lancaster, late yesterday, entered a permanent injunction, doubled a jury's damage award and added $7.6 million in prejudgment interest, bringing the total judgment amount in favor of Grant Street Group to $84.6 million.

Pittsburgh, PA (July 31, 2007) United States District Judge Gary Lancaster, late yesterday, entered a permanent injunction, doubled a jury's damage award and added $7.6 million in prejudgment interest, bringing the total judgment amount in favor of Grant Street Group to $84.6 million. The case is based on a claim of patent infringement brought more than 6 years ago against Thomson Financial and iDeal, LLC by Grant Street Group and its founders, Myles Harrington and Dan Veres, who invented a new system for auctioning municipal bonds using the Internet for which a patent was granted in 2000.

The case was tried in October 2006 before a federal court jury in Pittsburgh and resulted in a finding of willful infringement and damages of $38.4 million. In addition, the jury found that Grant Street Group's patent was valid and enforceable. After trial, the Court was presented with a number of post-trial motions that were addressed by the district court in its order issued yesterday. Motions for a new trial and for judgment as a matter of law in favor of Thomson and i-Deal were denied. The Court granted a permanent injunction prohibiting the future use and sale of the infringing Parity electronic bid submission system offered by Thomson / i-Deal or its successor Ipreo and doubled the damages because of defendants' willful infringement.

A copy of the Court's decision and orders can be accessed at http://www.niroscavone.com/document.php?Id=124. The case is Civil Action No. 01-1003, MuniAuction Inc. v. Thomson Corp. and iDeal LLC in the United States District Court for the Western District of Pennsylvania, Judge Gary L. Lancaster. Any inquiries can be addressed to Myles Harrington at (412) 391-5555, ext. 301 or Myles@GrantStreet.com.

Pittsburgh Business Times article

Pittsburgh, PA (June 27, 2007) The City of Los Angeles, California, utilized Grant Street Group's patented Internet auction platform to take competitive bids for $916 Million in Tax and Revenue Anticipation Notes.

Pittsburgh, PA (June 27, 2007) The City of Los Angeles, California, utilized Grant Street Group's patented Internet auction platform to take competitive bids for $916 Million in Tax and Revenue Anticipation Notes. Twelve financial institutions participated in the open auction in which 62 bids were submitted. In fact, bidder competition was so keen that the auction extended for over six minutes from its scheduled end time until a winner emerged. City officials, as well as their Counsel and Financial Advisor, Gardner, Underwood & Bacon LLC, were able to watch -- in real time -- the open auction bidding that resulted in the City receiving a weighted average True Interest Cost of 3.62845 %.

During the 30-minute open auction, bidders were shown their bid status (i.e., "In the Money" or "Out of the Money") and were able to subsequently improve their bids based upon real-time feedback. The City also utilized the Two-Minute Rule (TMR), which triggered 15 times, extending the auction for an additional two minutes each time the lead changed during the final two minutes of the auction.

As a convenience to bidders, the City permitted partial bidding - allowing bids in $100,000 increments with a minimum bid of $1 Million which allowed more underwriters, including local and regional underwriters, to compete for the City's notes and, hence, achieve more competitive rates.

Since 1997, Grant Street Group has conducted over 360 Note auctions for nearly $40 Billion to-date on its auction websites.

Pittsburgh, PA (May 22, 2007) The Commonwealth of Pennsylvania conducted a $373 million competitive G.O. bond sale on Grant Street Group's MuniAuction website.

Pittsburgh, PA (May 22, 2007) The Commonwealth of Pennsylvania conducted a $373 million competitive G.O. bond sale on Grant Street Group's MuniAuction website. Six Wall Street firms participated in the sale. During the course of the Open Auction, a total of 12 bids were submitted and the auction was extended for over 4 minutes from its scheduled end time. Commonwealth officials, as well as their Counsel and Financial Advisor, were able to watch in real time the Open Auction bidding that resulted in the Commonwealth saving $374,000.

Pittsburgh, PA (May 10, 2007) Grant Street Group hosted the first ever electronic auction of Convertible CABs on its MuniAuction platform for the City of Perth Amboy, NJ.

Pittsburgh, PA (May 10, 2007) Grant Street Group hosted the first ever electronic auction of Convertible CABs on its MuniAuction platform for the City of Perth Amboy, NJ. The $41.7 million of Bonds will initially be issued as Capital Appreciation Bonds, but will convert to Current Interest Bonds in 2012. The TIC calculation factored not only the purchase price and coupons, but also the accreted value at conversion for each maturity. Citigroup was the winning bidder with a TIC of 4.7683%. McManimon & Scotland, LLC served as Bond Counsel and NW Financial Group, LLC served as Financial Advisor.

Pittsburgh, PA (May 8, 2007) Zions Bancorporation announced today that it has successfully completed its auction of Employee Stock Option Appreciation Rights Securities (ESOARS).

Pittsburgh, PA (May 8, 2007) Zions Bancorporation announced today that it has successfully completed its auction of Employee Stock Option Appreciation Rights Securities (ESOARS). Forty-three bidders participated in the auction for 99,418 ESOARS units. The market-clearing price was $12.06 per unit. ESOARS units were allocated to 21 bidders. A complete summary of the bidding, as well as further information about ESOARS can be found at www.esoars.com. Zions Direct, a nonbanking broker-dealer subsidiary of Zions Bancorporation, acted as auction agent. The software for the auction was developed by Grant Street Group.

Zions Bancorporation's board of directors granted 994,180 employee stock options on May 4, 2007 with a strike price of $83.25. ESOARS entitle holders to receive specified payments from Zions Bancorporation upon the exercise of those employee stock options.

The ESOARS were offered to provide a market basis to determine the fair value of stock options granted to employees under Statement of Financial Accounting Standards (SFAS) No. 123R, which requires companies to expense these options. The valuation practice of most companies is to use modifications of standard option pricing models. However, these models were not designed to estimate the value of employee stock options and may not accurately reflect their actual value.

"This successful ESOARS auction supports the effectiveness of this method for valuing employee stock options," said W. David Hemingway, senior investment officer and executive vice president of Zions Bancorporation. "We anticipate using this auction result in our own stock option expensing and also to help other option-granting companies use the method."

Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select high growth markets. Zions Bancorporation operates its banking businesses under local management teams and community identities through over 500 offices and approximately 600 ATMs in 10 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions Bancorporation is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.

Pittsburgh, PA (February 27, 2007) Zions Direct, member NASD, a non-banking subsidiary of Zions First National Bank, announced today that it has launched a new online auction platform for FDIC-insured Certificates of Deposit (CDs).

Pittsburgh, PA (February 27, 2007) Zions Direct, member NASD, a non-banking subsidiary of Zions First National Bank, announced today that it has launched a new online auction platform for FDIC-insured Certificates of Deposit (CDs). Similar to popular Internet auction methods, the CD auctions available at www.auctions.zionsdirect.com may enable individual investors to receive higher yields on their CDs. The software for the auction was developed by Grant Street Group.

Auctions at www.auctions.zionsdirect.com empower investors to set the yield on the CD for which they are bidding. There are no fees, and the only requirement to participate in an auction is to register to bid, a process that is easily completed in a few minutes. Zions Direct CD auctions allow private investors to obtain yields previously available only to large institutional investors. CDs of varying maturities are available in amounts as small as $1,000.

"Bidding on CDs through an auction process is the latest and, we believe, most innovative method for pricing these investment products," said W. David Hemingway, executive vice president." The phenomenal success of Internet auctions leads us to believe that the market is ready to accept a similar model for financial products."

Similar to the auctions held by the U.S. Treasury, CD auctions use a modified version of the Dutch auction method. The bidding process is open, enabling investors to check the status of their bids throughout the auction. Current auctions, as well as the results of previous auctions, can be accessed at www.auctions.zionsdirect.com.

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Zions First National Bank is a subsidiary of Zions Bancorporation , one of the nation's premier financial services companies, consisting of a collection of great banks in select high-growth markets. Zions operates its banking businesses under local management teams and community identities through over 500 offices and 600 ATMs in 10 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. The company is a national leader in Small Business Administration lending and public finance advisory services. In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices. Investor information and links to subsidiary banks can be accessed at www.zionsbancorporation.com.