TAILIEUCHUNG - $323,275,000 Massachusetts Bay Transportation Authority Senior Sales Tax Bonds 2004 Series C

In 1996, the Mexican government established the Mexico’s Fund for Natural Disasters (FONDEN) in order to reduce the exposure to the impact of natural catastrophes and to recover quickly as soon as they occur. However, FONDEN is funded by fiscal resources which are limited and have been insufficient to meet the government’s obligations. Faced with the shortage of the FONDEN’s resources and the high probability of earthquake occurrence, in May 2006 the Mexican gov- ernment sponsored a parametric CAT bond against earthquake risk. The decision was taken because the instrument design protects and magnifies, with a degree of transparency, the resources of the trust. The CAT bond payment. | NEW ISSUE - BOOK-ENTRY ONLY Ratings Standard Poor s AAA Moody s Aa2 See Ratings herein In the opinion of Bond Counsel under existing law assuming continued compliance with certain provisions of the Internal Revenue Code of1986 as amended interest on the Bonds will not be included in the gross income of holders of the Bonds for federal income tax purposes. Interest on the Bonds will not constitute a preference item for the purposes of computation of the alternative minimum tax imposed on certain individuals and corporations although interest on the Bonds will be taken into account in computing the alternative minimum tax applicable to certain corporations. In the opinion of Bond Counsel interest on the Bonds and any profit made on the sale thereof are exempt from Massachusetts personal income taxes and the Bonds are exempt from Massachusetts personal property taxes. See TAX EXEMPTION herein. 323 275 000 Massachusetts Bay Transportation Authority Senior Sales Tax Bonds 2004 Series C Dated Date of Delivery Due July 1 as shown on the inside cover The Bonds will be issued by means of a book-entry only system evidencing ownership and transfer of the Bonds on the records of The Depository Trust Company DTC and its participants. Details of payment of the Bonds are more fully described in this Official Statement. The Bonds will bear interest from the date of initial delivery thereof and interest will be payable on July 1 2005 and semiannually thereafter on each January 1 and July 1 calculated on the basis of a 360-day year of twelve 30-day months. The Bonds are not subject to optional redemption prior to maturity. The Bonds will constitute special obligations of the Massachusetts Bay Transportation Authority the Authority payable solely from and secured by a pledge of Pledged Revenues and funds and accounts established under the Sales Tax Bond Trust Agreement dated as of July 1 2000 between the Authority and . Bank National Association Boston Massachusetts as successor .

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