Investor Update
November 13, 2008

    Tennessee State School Bond Authority

    The Tennessee State School Bond Authority will price and sell its $169,770,000* Higher Educational Facilities Second Program Bonds, 2008 Series B on Monday, November 17, 2008 to retail investors and Tuesday, November 18, 2008 to institutional investors.

    The Authority will be hosting an investor presentation to discuss the offering of its Series 2008 B Fixed Rate Bonds. Please access the presentation at www.netroadshow.com (dial-in information below). The www.netroadshow.com password is "tssba". A replay will be available until pricing at www.netroadshow.com under the same password. Please use the following dial-in information:

    Friday 11/14 – 1:00 p.m. EST; 12:00 CST
    Dial In Numbers:
    Domestic: 866-357-3441
    International: 205-714-3031
    Pin Number#: 5009

    Presentation and Replay Available
    www.netroadshow.com
    Password: tssba

    Offering:
    TENNESSEE STATE SCHOOL BOND AUTHORITY
    HIGHER EDUCATIONAL FACILITIES
    SECOND PROGRAM BONDS
    $169,770,000*
    2008 SERIES B (tax-exempt)

    * Preliminary; subject to change

    Link to POS:
    https://delivery.i-dealprospectus.com

    Should you have any problems accessing this presentation or the Preliminary Official Statement, please call Chapman Grumbles at J.P. Morgan; phone number: 212-270-5446.

    The following firms are members of the team for this sale:

    Senior Bookrunning Manager: J.P. Morgan
    Co-Senior Manager: Banc of America Securities LLC
    Co-Managers: M.R. Beal & Company
      Morgan Keegan & Company, Inc.
      Prager, Sealy & Co, LLC
    Selling Group Members: Duncan-Williams, Inc.
      Edward Jones
      FTN Financial Capital Markets
      Fidelity Investments
      Fifth Third Securities, Inc.
      J.J.B. Hilliard, W.L. Lyons, Inc.
      Stephens Inc.
      Wiley Bros.—Aintree Capital, LLC

    Replying to This Address

    To receive a personal copy of future Investor Updates, please reply to this email address or to Bond.finance.legaldocs@state.tn.us. Likewise, if you would like to have your name deleted from future Investor Updates, please reply to this address.


    Replying to This Address

    To receive a personal copy of future Investor Updates, please reply to this email address or to State.Local.Finance@tn.gov. Likewise, if you would like to have your name deleted from future emails, please reply to this address.


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Last revised: 3/1/11