1336265--3/21/2006--PSE&G_Transition_Funding_II

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The Law Which Underpins The Bonds Might Be Invalidated By Judicial Action. The Energy Competition Act Might Be Overturned By the Federal Government Without Full Compensation. The State, Through Future Legislative Action Might Attempt to Invalidate the Bonds or Their Underlying Assets. The BPU Might Attempt to Take Action Which Reduces the Value of the Bonds. Inaccurate Consumption Forecasting or Unanticipated Delinquencies or Charge-Offs Might Reduce Scheduled Payments on the Bonds. Billing and Collection Practices Might Reduce the Collections Available for Payments on the Bonds. If the Servicer Defaults or Becomes Bankrupt, It Might Be Difficult to Find a Successor Servicer and Payments on the Bonds Might Be Suspended. Commingling Might Obstruct Access to a Portion of the Our Funds In Case of Bankruptcy of PSE G. Bankruptcy of PSE G Might Impair the Operation of the Energy Competition Act. Absence of Secondary Market for Bonds Might Limit Your Ability to Resell Bonds. We or Another Entity May Issue Additional Series of Bonds Whose Holders Have Conflicting Interests. The Ratings Do Not Assess the Expected Rate of Payment of Principal on the Bonds. PSE G s Obligation to Indemnify Us for a Breach of a Representation or Warranty Might Not Be Sufficient to Protect Your Investment PSE G s Ratings Might Affect the Market Value of the Bonds.

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1336265--3/21/2006--PSE&G_Transition_Funding_II_LLC