Municipal Bond New Issues

Wednesday, October 15, 2008 12:44PM
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MSS Wire #44895 == REPRICE/RESTRUCTURE WIRE
==
MSS Master Message #2832759
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TO: Merrill Lynch & Co.
(Co-Manager)
Your Internal Deal Code is PATPKOCT08

RE: $231,335,000*
PENNSYLVANIA TURNPIKE COMMISSION
TURNPIKE SUBORDINATE REVENUE BONDS, SERIES C
OF 2008

WE HAVE RECEIVED THE VERBAL AWARD.

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MOODY’S: Aaa / A2 S&P: AAA / A- FITCH:
NEGATIVE

ASSURED GUARANTY CORPORATION INSURED

[More:]

EXCEPT:
06/01/2010-06/01/2011 MOODY’S: A2 S&P: A-

DATED: 10/28/2008 FIRST COUPON: 06/01/2009

DUE: 06/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE
(pts)

06/01/2010 UNIS 3,105M 4.00 % 3.70
1/4
(Approx. $ Price 100.456)
06/01/2011 UNIS 3,230M 4.00 % 4.00
3/8
06/01/2012 3,415M 4.125 % 4.20
3/8
(Approx. $ Price 99.749)
06/01/2013 3,555M 4.25 % 4.40
3/8
(Approx. $ Price 99.379)
06/01/2014 3,710M 4.50 % 4.63
3/8
(Approx. $ Price 99.362)
06/01/2015 5,700M 4.75 % 4.87
3/8
(Approx. $ Price 99.325)
06/01/2016 5,955M 5.00 % 5.10
1/2
(Approx. $ Price 99.372)
06/01/2017 6,240M 5.25 % 5.34
1/2
(Approx. $ Price 99.381)
06/01/2018 6,550M 5.375 % 5.53
1/2
(Approx. $ Price 98.852)

06/01/2023 28,875M 6.00 % 6.05
1/2
(Approx. $ Price 99.513)

06/01/2028 38,645M 6.00 % 6.25
1/2
(Approx. $ Price 97.19 )

06/01/2038 122,355M 6.25 % 6.50
1/2
(Approx. $ Price 96.725)

CALL FEATURES: Optional call in 06/01/2018 @ 100.00

BY LOT SINKING FUND SCHEDULE

2023 TERM BOND

06/01/2019 5,125
06/01/2020 5,430
06/01/2021 5,755
06/01/2022 6,100
06/01/2023 6,465

2028 TERM BOND

06/01/2024 6,855
06/01/2025 7,265
06/01/2026 7,705
06/01/2027 8,165
06/01/2028 8,655

2038 TERM BOND

06/01/2029 9,175
06/01/2030 9,750
06/01/2031 10,355
06/01/2032 11,005
06/01/2033 11,690
06/01/2034 12,425
06/01/2035 13,200
06/01/2036 14,025
06/01/2037 14,900
06/01/2038 15,830

* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. Pennsylvania Retail
2. Group Net
3. Member

PRIORITY POLICY:

The Senior Manager requests the identification of all priority orders at
the time the orders are entered.

Moody’s Investors Service, Inc. (’Moody’s) and Standard and Poor’s
Rating Services, a division of The McGraw-Hill Companies, Inc (’S&P’)
are expected to assign ratings on all Series C of 2008 Bonds maturing on
or after June 1, 2012 based on the issuance of a Financial Guaranty
insurance Policy (the ‘Insurance Policy’) from ASSURED GUARANTY CORP
(the ‘Insurer’). Moody’s currently rates the Insurer as ‘Aaa, Review
for Possible Downgrade.’ S&P currently rates the Insurer as ‘AAA,
Stable Outlook.’ Moody’s and S&P have assigned underlying ratings on
all of the Series C of 2008 Bonds, without respect to the issuance of
the Insurance Policy of ‘A2′ and ‘A-,’ respectively.

The compliance addendum MSRB Rule G-11 will apply.

The award is expected on Thursday, October 16, 2008.

Delivery is expected on October 28, 2008.

This issue is book entry. DTC is pending.

Citigroup Global Markets Inc.
Goldman, Sachs & Co.
Merrill Lynch & Co.
Janney Montgomery Scott LLC
PNC Capital Markets
Boenning & Scattergood, Inc.
Banc of America Securities LLC

By: Citigroup Global Markets Inc. New York, NY
Wednesday, October 15, 2008 12:44PM