Municipal Bond New Issues

RE: $300,000,000*
NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY
SCHOOL FACILITIES CONSTRUCTION BONDS,
2007 SERIES U
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WE HAVE A RELEASE.

ORDER PERIOD UNTIL 12:15 P.M., E.D.T., TODAY, TUESDAY, SEPTMBER 25, 2007.
PLEASE USE EOE IF AVAILABLE OR BY CALLING ON (212)272-4910.

MOODY’S: Aaa S&P: AAA FITCH: AAA
A1 UNDERLYING AA- UNDERLYING A+ UNDERLYING

DATED: DATE OF DELIVERY FIRST COUPON: 03/01/2008

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)

09/01/2009 FSA 3,005M 4.00 % 3.48 0.45
09/01/2010 FSA 3,035M 4.00 % 3.53 0.45
09/01/2011 FSA 3,085M 5.00 % 3.57 0.45
09/01/2012 FSA 3,140M 5.00 % 3.61 0.45
09/01/2013 FSA 3,200M 5.00 % 3.65 0.45
09/01/2014 FSA 3,245M 4.00 % 3.71 0.45
09/01/2015 FSA 3,265M 4.00 % 3.79 0.45
09/01/2016 FSA 3,295M 5.00 % 3.87 0.45
09/01/2017 FSA 3,350M 5.00 % 3.96 0.45
09/01/2018 FSA 3,390M 5.00 % 4.06 0.45
(Approx. $ PTC 09/01/2017 107.602)
09/01/2019 FSA 3,430M 5.00 % 4.14 0.45
(Approx. $ PTC 09/01/2017 106.928)
09/01/2020 FSA 3,465M 5.00 % 4.20 0.45
(Approx. $ PTC 09/01/2017 106.426)
09/01/2021 FSA 3,500M 5.00 % 4.25 0.45
(Approx. $ PTC 09/01/2017 106.009)
09/01/2022 FSA 3,545M 5.00 % 4.29 0.45
(Approx. $ PTC 09/01/2017 105.678)
09/01/2023 FSA 3,585M 5.00 % 4.33 0.45
(Approx. $ PTC 09/01/2017 105.347)
09/01/2024 FSA 3,625M 5.00 % 4.37 0.45
(Approx. $ PTC 09/01/2017 105.018)
09/01/2025 FSA 3,660M 5.00 % 4.41 0.45
(Approx. $ PTC 09/01/2017 104.69 )
09/01/2026 FSA 3,680M 5.00 % 4.43 0.45
(Approx. $ PTC 09/01/2017 104.527)
09/01/2027 FSA 3,700M 5.00 % 4.45 0.45
(Approx. $ PTC 09/01/2017 104.364)

09/01/2032 FSA 18,090M 5.00 % 4.56 0.45
(Approx. $ PTC 09/01/2017 103.472)

09/01/2037 AMBAC 117,710M 5.00 % 4.59 0.45
(Approx. $ PTC 09/01/2017 103.23 )

09/01/2037 UNINS 100,000M 5.00 % 4.69 0.45
(Approx. $ PTC 09/01/2017 102.43 )

CALL FEATURES: Optional call in 09/01/2017 @ 100.00

* - APPROXIMATE SUBJECT TO CHANGE

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

PRIORITY POLICY:

All 4 firms must be designated.

No firm may receive more than 55% of any designation.

Minimum designation is 10%.

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 are to be no soft-dollar designations.

The compliance addendum MSRB Rule G-11 will apply.

Delivery is expected on October 4, 2007.
This issue is book entry through DTC.

Bear, Stearns & Co. Inc.
Ramirez & Co., Inc.
Siebert Brandford Shank & Co.
Wachovia Bank, National Association