Municipal Bond New Issues

RE: $55,415,000*
MASSACHUSETTS DEVELOPMENT FINANCE AGENCY REVENUE
BONDS MASSACHUSETTS COLLEGE OF PHARMACY AND
ALLIED HEALTH SCIENCES ISSUE, 2007 SERIES E

**** 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 S&P: AAA
(CONFIRMED) (CONFIRMED)
UNDERLYING: A3 UNDERLYING: A-

ASSURED GUARANTY CORPORATION INSURED

DATED: 10/03/2007 FIRST COUPON: 01/01/2008 DUE: 07/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)

07/01/2008 1,005M 4.00 % 3.52 0.2
07/01/2009 1,065M 4.00 % 3.53 1/4
07/01/2010 1,110M 4.25 % 3.58 0.3
07/01/2011 1,155M 4.25 % 3.61 3/8
07/01/2012 1,205M 4.25 % 3.65 3/8
07/01/2013 1,255M 5.00 % 3.70 1/2
07/01/2014 1,305M 5.00 % 3.75 1/2
07/01/2015 1,365M 5.00 % 3.82 1/2
07/01/2016 1,425M 5.00 % 3.90 1/2
07/01/2017 1,500M 5.00 % 3.98 1/2
07/01/2018 1,570M 5.00 % 4.10 1/2
(Approx. $ PTC 07/01/2017 107.163)
07/01/2019 1,650M 5.00 % 4.20 1/2
(Approx. $ PTC 07/01/2017 106.337)
07/01/2020 1,735M 5.00 % 4.26 1/2
(Approx. $ PTC 07/01/2017 105.844)
07/01/2021 1,820M 5.00 % 4.31 1/2
(Approx. $ PTC 07/01/2017 105.436)
07/01/2022 1,910M 5.00 % 4.36 1/2
(Approx. $ PTC 07/01/2017 105.03 )
07/01/2023 2,005M 5.00 % 4.39 1/2
(Approx. $ PTC 07/01/2017 104.787)
07/01/2024 2,105M 5.00 % 4.43 1/2
(Approx. $ PTC 07/01/2017 104.464)
07/01/2025 2,210M 5.00 % 4.47 1/2
(Approx. $ PTC 07/01/2017 104.142)

07/01/2027 4,765M 4.50 % 97.75 1/2
(Approx. Yield 4.675)

07/01/2031 11,035M 5.00 % 4.65 1/2
(Approx. $ PTC 07/01/2017 102.71 )

07/01/2037 12,220M 5.00 % 4.71 1/2
(Approx. $ PTC 07/01/2017 102.238)

CALL FEATURES: Optional call in 07/01/2017 @ 100.00

SINKING FUND SCHEDULE

2027 TERM BOND

07/01/2026 2,325
07/01/2027 2,440

2031 TERM BOND

07/01/2028 2,560
07/01/2029 2,685
07/01/2030 2,825
07/01/2031 2,965

2037 TERM BOND

07/01/2032 3,115
07/01/2033 3,270
07/01/2034 1,355
07/01/2035 1,420
07/01/2036 1,495
07/01/2037 1,565

* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. Member

PRIORITY POLICY:

The bonds will be blue skyed in the following states: CT,FL,ME,MA,NH,NJ,NY,VT

Order period until 11:30 A.M., E.D.T., today, Thursday, 09/20/07.

The manager reserves 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 Thursday, September 20, 2007.

Delivery is expected on October 3, 2007.

This issue is book entry through DTC.

A reasonable number of preliminary official statements are available from Bowne
& Company.

UBS Securities LLC

By: UBS Securities LLC New York, NY