NEW ISSUE – BOOK ENTRY ONLY RATINGS: See “RATINGS” herein The delivery of the 2008 Bonds is subject to the opinions of Katten Muchin Rosenman LLP, Burke Burns & Pinelli, Ltd. and Gonzalez, Saggio and Harlan, L.L.C., Co-Bond Counsel, as to the validity of the 2008 Bonds. See “LEGAL MATTERS” herein. Interest on the 2008 Bonds is not excludable from gross income for federal income tax purposes. Interest on the 2008 Bonds is not exempt from present Illinois income taxes. $1,936,855,000 CHICAGO TRANSIT AUTHORITY $1,297,175,000 $639,680,000 Sales and Transfer Tax Receipts Revenue Sales and Transfer Tax Receipts Revenue Bonds, Taxable Series 2008A Bonds, Taxable Series 2008B (Pension Funding) (Retiree Health Care Funding) Dated: Date of Issuance Due: December 1, as shown on the inside cover The Sales and Transfer Tax Receipts Revenue Bonds, Taxable Series 2008A (Pension Funding) (the “2008A Bonds”) of the Chicago Transit Authority (the “Authority”), are being issued pursuant to the Trust Indenture dated as of July 1, 2008 (the “Master Indenture”) between the Authority and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by a First Supplemental Indenture dated as of July 1, 2008 between the Authority and the Trustee (the “First Supplemental Indenture”). The Sales and Transfer Tax Receipts Revenue Bonds, Taxable Series 2008B (Retiree Health Care Funding) (the “2008B Bonds” and, together with the 2008A Bonds, the “2008 Bonds”) of the Authority, are being issued pursuant to the Master Indenture, as supplemented by a Second Supplemental Indenture dated as of July 1, 2008 between the Authority and the Trustee (the “Second Supplemental Indenture” and, together with the First Supplemental Indenture, the “2008 Supplemental Indentures”). The Master Indenture as supplemented by the 2008 Supplemental Indentures is sometimes referred to herein as the “Bond Indenture.” The 2008 Bonds are deliverable in fully registered form and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of 2008 Bonds will be made in principal amounts of $5,000 and integral multiples thereof and will be in book entry form only. Purchasers of 2008 Bonds will not receive bonds representing their benefi cial ownership in the 2008 Bonds but will receive a credit balance on the books of their respective DTC Participants or DTC Indirect Participants. The 2008 Bonds will not be transferable or exchangeable except for transfer to another nominee of DTC or as otherwise described herein. Clearance is expected to be available through DTC and also through Clearstream and Euroclear, which will hold omnibus positions on behalf of their participants in the books of their respective depositories. For more information about the global book-entry system, see APPENDIX D. Interest on the 2008 Bonds, which is payable on June 1 and December 1 of each year, commencing December 1, 2008, and principal on the 2008 Bonds, is payable to Cede & Co. Such interest and principal payments are to be disbursed to the benefi cial owners of the 2008 Bonds through their respective DTC Participants or DTC Indirect Participants. The 2008 Bonds are subject to redemption prior to maturity as described herein. See “DESCRIPTION OF THE 2008 BONDS—Redemption.” The 2008 Bonds are limited obligations of the Authority payable from and secured by a pledge of and lien on (i) the Sales Tax Receipts Fund established under the Master Indenture, subject however to certain parity pledges permitted by the Bond Indenture, (ii) the Transfer Tax Receipts Fund established under the Master Indenture, (iii) all moneys, securities and earnings thereon in all Funds, Sub-Funds, Accounts and Sub-Accounts established under the Bond Indenture, subject however to the right of the Authority to make periodic withdrawals free from the lien of the Bond Indenture, as permitted by the Bond Indenture, and (iv) any and all other moneys and securities furnished from time to time to the Trustee by the Authority or on behalf of the Authority or by any other persons to be held by the Trustee under the terms of the Bond Indenture. The pledge of security for the 2008 Bonds is more fully described under the heading “SECURITY FOR THE 2008 BONDS.” No lien upon any physical properties of the Authority is, or shall ever be, created by the Bond Indenture. The 2008 Bonds do not constitute an indebtedness of the Regional Transportation Authority, the State of Illinois or of any other political subdivision of or any municipality within the State of Illinois, other than the Authority. The Authority has no taxing power. The maturities, amounts, interest rates and prices of the 2008 Bonds are set forth on the inside cover. The 2008 Bonds are offered when, as and if issued and received by the Underwriters, subject to the approval of validity thereof by Katten Muchin Rosenman LLP, Burke Burns & Pinelli, Ltd. and Gonzalez, Saggio and Harlan, L.L.C., all of Chicago, Illinois, Co-Bond Counsel. Certain legal matters will be passed upon for the Underwriters by Perkins Coie LLP, Chapman and Cutler LLP, Charity & Associates, P.C. and Golden & Associates, P.C., all of Chicago, Illinois, Co-Underwriters’ Counsel and for the Authority by its General Counsel. The 2008 Bonds are expected to be delivered through the facilities of DTC in New York, New York on or about August 6, 2008. MORGAN STANLEY LOOP CAPITAL MARKETS, LLC Joint Bookrunner GOLDMAN, SACHS & CO. Joint Bookrunner Cabrera Capital Markets, LLC Depfa First Albany Securities LLC Siebert Brandford Shank & Co., LLC Citi Estrada Hinojosa & Company, Inc. Grigsby & Associates, Inc. JPMorgan Ramirez & Co., Inc. Rice Financial Products Company William Blair & Company The date of this Offi cial Statement is July 30, 2008. MATURITIES, AMOUNTS, INTEREST RATES, PRICES AND CUSIP AND ISIN NUMBERS $1,936,855,000 CHICAGO TRANSIT AUTHORITY $1,297,175,000 SALES AND TRANSFER TAX RECEIPTS REVENUE BONDS, TAXABLE SERIES 2008A (PENSION FUNDING) ∗ $ 23,935,000 5.118% Term Bonds due December 1, 2013 Price: 100% CUSIP : 167725AA8 ISIN*: US167725AA82 *: $ 181,160,000 6.300% Term Bonds due December 1, 2021 Price: 100% CUSIP 167725AB6 ISIN*: US167725AB65 *: $1,092,080,000 6.899% Term Bonds due December 1, 2040 Price: 100% CUSIP 167725AC4 ISIN*: US167725AC49 $639,680,000 SALES AND TRANSFER TAX RECEIPTS REVENUE BONDS, TAXABLE SERIES 2008B (RETIREE HEALTH CARE FUNDING) $ 11,805,000 5.118% Term Bonds due December 1, 2013 Price: 100% CUSIP*: 167725AD2 ISIN*: US167725AD22 : $ 89,335,000 6.300% Term Bonds due December 1, 2021 Price: 100% CUSIP* 167725AE0 ISIN*: US167725AE05 : $ 538,540,000 6.899% Term Bonds due December 1, 2040 Price: 100% CUSIP* 167725AF7 ISIN*: US167725AF79 ∗ Copyright 2008, American Bankers Association. CUSIP and ISIN data herein are provided by Standard & Poor’s, CUSIP Service Bureau, a Division of The McGraw-Hill Companies, Inc. The CUSIP and ISIN numbers listed are being provided solely for the convenience of the bondholders only at the time of issuance of the 2008 Bonds and the Authority does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP or ISIN number for a specific maturity is subject to being changed after the issuance of the 2008 Bonds as a result of various subsequent actions, including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the 2008 Bonds. 12345678 Milwaukee 423 422 421 Edens Plaza 423Sheridan Lehigh Lake Business Center Dr 422 Forest Skokie Wilmette Central APRIL 2008 294 W 421 422 Preserve Wilmette UNION PACIFIC Feehanville Glenview NORTH LINE TMETRA Laramie Greenwood Baha’i Temple Forest 3rd Glenview 4th Glenview (Amtrak Service) Preserve 210 Hibbard 213 AGEKUA Linden D 94 421 Rand e 272 Wilmette CTA and Pace Bus Routes 221 s P Dewes 422 Glenview National-Louis l Glenview a Dearlove Cook Co. O Ryan University in Field 00 e Oakton Courts CTA bus routes (1-206) 221 s Lyman Central N201 owl service R Community Skokie 422 Central N & AHSONEK Central i Wolf v 201 operates overnight from Northwest Hwy CENTRAL METRA NORTH ANTIOCH LINE TO e College AM Lavergne Gross 206 Green Bay CTA Hyde Park bus routes A r Central Central/Ridge via Howard Station 000 A Point Dee 10000N Tri-StateTollway Old Orchard 205 (170–174 and 192) PM Des 270 208 201 Grant to Granville Red Line Station 54A Westfield Sheridan Harrison Harms 205 N201 Plaines Shoppingtown Noyes 000 Pace bus routes (208 and up) Golf Old Orchard Grey 234 Golf Evanston Simpson hland 201 State Golf Golf Harlem Waukegan Golf Golf 97 205 As Br 208 208 208 Maple Foster oadw 240 9600N M 54A 213 000 Part-time service only DISTRICT NOR to/from Emerson Northwestern LINE ETR X98 Cumberland Golf Mill Mall Irving Park ury 93 University ay 234 A MILWA Blue Line METRA Dee TO Skokie Golf 626 Church Church Asb N00 Night Owl service only NORTHWEST LINE 208 FO Station 208 208 River Rd Church Gross TO UNION PACIF Point HAR X LAKE 9200N 93 Davis Davis MCHENRY UKEE Davis 208 270 210 TH Miner Ballard No stops VA Morton 215 206 000 RD & 241 423 Skokie along bus route Bronx Lake IC AM Chicago Grove Edens Expwy Thacker Des PlainesMiner Dempster Dempster Oak 230 250 250 250 250 206 Dempster Limited stops Northwest Hwy Milwaukee 8800N PM 205 Ellinwo 209 Skokie along