Municipal Bond New Issues

RE: $250,195,000*
NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTH
REVENUE BONDS
HACKENSACK UNIVERSITY MEDICAL CENTER ISSUE
SERIES 2008

WE HAVE A RELEASE.

ORDERS UNTIL 11AM EASTERN.

PRELIMINARY PRICING IS AS FOLLOWS:

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MOODY’S: A3 S&P: NAF FITCH: A-

EXCEPT:
01/01/2027 MOODY’S: Aaa FITCH: AAA ASSURED
GUARANTY
01/01/2031 MOODY’S: Aaa FITCH: AAA ASSURED
GUARANTY
01/01/2036 MOODY’S: Aaa FITCH: AAA ASSURED
GUARANTY
01/01/2041 MOODY’S: Aaa FITCH: AAA ASSURED
GUARANTY

DATED: 04/10/2008 FIRST COUPON: 07/01/2008

DUE: 01/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE
(pts)

01/01/2009 2,180M SEALED BID -
-
01/01/2010 3,080M 4.00 % 3.45
0.325
01/01/2011 3,205M 4.00 % 3.62
0.325
01/01/2012 4,620M 4.25 % 3.82
0.325
01/01/2013 4,820M 4.00 % 3.95
0.325
01/01/2014 5,005M 5.00 % 4.09
0.325
01/01/2015 5,255M 4.25 % 4.27
0.325
01/01/2016 5,485M 5.00 % 4.45
0.325
01/01/2017 5,755M 4.50 % 4.63
0.325
01/01/2018 6,015M 5.00 % 4.79
0.325

01/01/2021 19,935M 5.125 % 5.15
0.325

01/01/2027 ASSURD 50,070M 5.125 % 5.20
0.325

01/01/2031 ASSURD 42,855M 5.25 % 5.37
0.325

01/01/2036 ASSURD 67,495M 5.25 % 5.44
0.325

01/01/2041 ASSURD 24,420M 5.50 % 5.50
0.325

CALL FEATURES: Optional call in 01/01/2018 @ 100.00

* - APPROXIMATE SUBJECT TO CHANGE

–
–
PRIORITY OF ORDERS AS FOLLOWS:
1. New Jersey Retail (2010-2013, 2027, and 2041 Only)
2. Net Designated
3. Member

PRIORITY POLICY:

At least 3 firms must be designated.

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

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.

The compliance addendum MSRB Rule G-11 will apply.

Delivery is expected on April 10, 2008.

This issue is book entry through DTC.

Merrill Lynch & Co.
Bear, Stearns & Co. Inc.
Banc of America Securities LLC
NW Capital Markets Inc
UBS Securities LLC

By: Merrill Lynch & Co. New York, NY
Wednesday, March 26, 2008 9:09AM

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The information herein has been obtained from sources which we believe to be reliable, but we do not guarantee its accuracy or completeness. Discretion with respect to suitability should be prudently exercised. Representation as to availability and price are current only as of the time of this message and may vary at the time that an indication of interest is expressed.