REQUEST FOR PROPOSAL FOR
FINANCIAL ADVISOR TO THE
TENNESSEE STATE FUNDING BOARD
FOR TOLLWAY PROJECTS

The Board is delegated the responsibility for issuing all State general obligation bonds and notes as authorized by the General Assembly and administers and accounts for the payment of principal and interest on such bonds and notes. As of June 30, 2007 general obligation debt outstanding was $1,099,480,000 (unaudited) in bonds and $144,625,000 (unaudited) in commercial paper. The Division of Bond Finance serves as the registrar for this debt. The paying agent for debt issued in certificate form is:

U.S. Bank Corporate Trust Services,
150 4th Avenue N.
2nd Floor
Nashville, TN. 37219

As of August 14, 2007, the ratings on the State of Tennessee General Obligation Debt are:

Long-Term Debt

FITCH: AA+
Moody's Investors Service: Aa1
Standard & Poor's: AA+

Commercial Paper

Moody's Investors Service: P-1
Standard & Poor's: A-1+