Municipal Bond New Issues

RE: $1,168,230,000
NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY
TRANSPORTATION SYSTEM BONDS
2007 SERIES A

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**** THIS ISSUE WILL BE IN BOOK ENTRY FORM THROUGH THE FACILITIES OF DTC ****

THIS IS A PRELIMINARY PRICING.
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MOODY’S: Aaa / A1 S&P: AAA / AA- FITCH: AAA / A+
CONFIRMED CONFIRMED CONFIRMED

INSURED

DATED: 09/27/2007 FIRST COUPON: 06/15/2008

DUE: 12/15

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)

12/15/2008 FSA 15,045M 4.50 % SEALED BID AON BY 11:00AM -
12/15/2009** FSA 15,600M 3.625 % 3.65 1/4
(Approx. $ Price 99.943)
12/15/2010** FSA 16,185M 3.625 % 3.73 3/8
(Approx. $ Price 99.68 )
12/15/2011** FSA 16,795M 3.75 % 3.80 0.45
(Approx. $ Price 99.802)
12/15/2012** FSA 17,450M 3.75 % 3.85 0.45
(Approx. $ Price 99.527)

12/15/2017** FSA 98,450M 4.00 % 4.18 0.45
(Approx. $ Price 98.51 )

12/15/2022** FSA 10,085M 4.50 % 4.58 0.45
(Approx. $ Price 99.123)

12/15/2022** FSA 110,950M 4.25 % 4.58 0.45
(Approx. $ Price 96.406)

12/15/2023 AMBAC 39,825M 5.00 % 4.27 0.45
(Approx. $ PTC 12/15/2017 105.986)
12/15/2024 AMBAC 41,865M 5.00 % 4.31 0.45
(Approx. $ PTC 12/15/2017 105.647)
12/15/2025 AMBAC 44,015M 5.00 % 4.34 0.45
(Approx. $ PTC 12/15/2017 105.393)
12/15/2026 AMBAC 46,270M 5.00 % 4.36 0.45
(Approx. $ PTC 12/15/2017 105.224)
12/15/2027 AMBAC 48,645M 5.00 % 4.38 0.45
(Approx. $ PTC 12/15/2017 105.056)

12/15/2032 AMBAC 283,285M 5.00 % 4.48 0.45
(Approx. $ PTC 12/15/2017 104.218)

12/15/2034 AMBAC 134,695M 5.00 % 4.50 0.45
(Approx. $ PTC 12/15/2017 104.052)

12/15/2037 AMBAC 229,070M 4.75 % 4.70 0.45
(Approx. $ PTC 12/15/2017 100.395)

CALL FEATURES: Optional call in 12/15/2017 @ 100.00

EXCEPT:

** 12/15/2009-12/15/2022: Optional call in 12/15/2008 @ 100.00**

SINKING FUND SCHEDULE

2017 TERM BOND

12/15/2013 18,145
12/15/2014 18,890
12/15/2015 19,660
12/15/2016 20,460
12/15/2017 21,295

2022 TERM BOND

12/15/2018 22,195
12/15/2019 23,160
12/15/2020 24,165
12/15/2021 25,210
12/15/2022 16,220

2032 TERM BOND

12/15/2028 51,135
12/15/2029 53,760
12/15/2030 56,515
12/15/2031 59,415
12/15/2032 62,460

2034 TERM BOND

12/15/2033 65,665
12/15/2034 69,030

2037 TERM BOND

12/15/2035 72,570
12/15/2036 76,295
12/15/2037 80,205

* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. Net Designated/New Jersey Retail
2. Member

PRIORITY POLICY:

At least 5 firms must be designated.

No firm may receive more than 50% of any designation.

At least two of the three senior managers must be designated.

At least three of the co-managers must be designated.

The Senior Manager will pay out all designations.

The Senior Manager requests the identification of all priority orders at the
time the orders are entered.

There will not be any clearance fee taken from designated sales in accordance
with MSRB Rule G-17.

There are to be no soft-dollar designations.

The bonds will be blue skyed in all states.

Order period until 11:45 A.M., E.D.T., today, Wednesday, 09/19/07.
Please enter orders on 212-713-2880, or if available use Electronic Order Entry.

The managers reserve the right to terminate or extend the order period prior to
or later than the above mentioned time and date and to confirm bonds at their
discretion.

The compliance addendum MSRB Rule G-11 will apply.

The award is expected on Wednesday, September 19, 2007.

Delivery is expected on September 27, 2007.

This issue is book entry through DTC.

A reasonable number of preliminary official statements are available from Bowne
& Company by calling 215-557-1870 or by faxing 215-988-5610.

UBS Securities LLC
Bear, Stearns & Co. Inc.
Goldman, Sachs & Co.

Lehman Brothers
M.R. Beal & Company
Morgan Keegan & Co., Inc.
Piper Jaffray
PNC Capital Markets
Prager, Sealy & Co., LLC
Raymond James & Associates
RBC Capital Markets

By: UBS Securities LLC New York, NY