Municipal Bond New Issues

RE: $46,350,000*
NORTHSHORE SCHOOL DISTRICT NO.417
KING AND SNOHOMISH COUNTIES, WASHINGTON
UNLIMITED TAX GENERAL OBLIGATION AND
REFUNDING BONDS, SERIES 2007

**** 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(MBIA) S&P: AAA(MBIA)
Aa2(WASH ST GUARANTEE) AA(WASH ST GUARANTEE)
UNDERLYING: Aa2 UNDERLYING: AA-

DATED: 10/09/2007 FIRST COUPON: 06/01/2008

DUE: 12/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE (pts)

12/01/2008 2,520M 4.25 % SEALED BID BY 10:45AM -
12/01/2009 9,735M 5.00 % 3.54 1/4
12/01/2010 10,120M 5.00 % 3.59 3/8
12/01/2011 1,710M 4.00 % 3.61 3/8
12/01/2011 5,000M 5.00 % 3.61 3/8
12/01/2012 1,300M 4.00 % 3.64 3/8
12/01/2012 1,295M 5.00 % 3.64 3/8
12/01/2013 1,165M 4.00 % 3.67 3/8
12/01/2014 1,660M 4.25 % 3.73 3/8
12/01/2015 1,985M 5.00 % 3.80 3/8
12/01/2016 4,075M 5.00 % 3.88 3/8
12/01/2018 1,395M 4.25 % 4.15 1/2
(Approx. $ PTC 12/01/2017 100.816)
12/01/2019 1,375M 4.375 % 4.24 1/2
(Approx. $ PTC 12/01/2017 101.098)
12/01/2020 1,165M 4.375 % 4.33 1/2
(Approx. $ PTC 12/01/2017 100.361)
12/01/2021 1,850M 4.25 % 4.40 1/2

CALL FEATURES: Optional call in 12/01/2017 @ 100.00

* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. Member

PRIORITY POLICY:

The bonds will be blue skyed in all states.

Order period until 11:00 A.M., E.D.T., today, Tuesday, 09/25/07.
Please enter orders on 212-713-2880, or if available use Electronic Order Entry.

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.

Delivery is expected on October 9, 2007.

This issue is book entry through DTC.

UBS Securities LLC