Municipal Bond New Issues

Tuesday, October 21, 2008 9:30AM
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MSS Wire #44963
== PRELIMINARY PRICING
==
MSS Master Message #2833544

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TO: Merrill Lynch & Co.
(Co-manager)
Your Internal Deal Code is OHINFRAOCT08

RE: $375,000,000*
STATE OF OHIO
MAJOR NEW STATE INFRASTRUCTURE PROJECT REVENUE BONDS
SERIES 2008-1

LADIES AND GENTLEMEN:

WE HAVE A RELEASE. ORDERS UNTIL 10:45AM EST.

PLEASE CALL SEALED BID IN BY 10:15AM EST TI 212-761-1554.

PLEASE PROVIDE COUPON, YIELD AND TAKEDOWN.


MOODY’S: Aa2 S&P: AA FITCH: AA-

[More:]

DATED:10/30/2008 FIRST COUPON:06/15/2009

DUE: 06/15

ADD’L
TAKEDOWN
MATURITY AMOUNT* COUPON PRICE ( Pts )
06/15/2009 31,250M SEALED BID
06/15/2010 27,305M 5.00% 3.25 1/4
(Approx. $ Price 102.744)
06/15/2010 NMO 3,945M 3.25% 100.00 1/4
06/15/2011 27,210M 5.00% 3.625 3/8
(Approx. $ Price 103.409)

06/15/2011 4,040M 3.625% 100.00 3/8
06/15/2012 22,560M 5.00% 4.00 3/8
(Approx. $ Price 103.338)
06/15/2012 NMO 8,690M 4.00% 100.00 3/8
06/15/2013 23,005M 5.00% 4.30 3/8
(Approx. $ Price 102.902)
06/15/2013 8,245M 4.25% 4.30 3/8
(Approx. $ Price 99.788)

06/15/2014 25,095M 5.00% 4.55 3/8
(Approx. $ Price 102.206)
06/15/2014 6,155M 4.50% 4.55 3/8
(Approx. $ Price 99.749)
06/15/2015 30,340M 5.00% 4.80 1/2
(Approx. $ Price 101.118)
06/15/2015 NMO 910M 4.75% 4.80 1/2
(Approx. $ Price 99.713)

06/15/2016 NMO 31,250M 5.00% 100.00 1/2
06/15/2017 NMO 17,505M 5.125% 5.15 1/2
(Approx. $ Price 99.821)
06/15/2017 13,745M 6.00% 5.15 1/2
(Approx. $ Price 105.852)
06/15/2018 NMO 15,625M 5.25% 5.30 1/2
(Approx. $ Price 99.620)
06/15/2018 NMO 15,625M 5.75% 5.30 1/2
(Approx. $ Price 103.351)

06/15/2019 31,250M 5.75% 5.45 1/2
(Approx. $ Price PTC 06/15/2018 102.216 )

06/15/2020 NMO 31,250M 5.50% 5.60 1/2
(Approx. $ Price 99.146)

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CALL FEATURES: Optional call in 06/15/2018 @ 100.00

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* - APPROXIMATE SUBJECT TO CHANGE

Retail: a ‘retail’ order is defined as an order placed for the account
of an individual, bank trust or investment advisor, with a maximum of
$1,000M per account. All retail orders will be filled. If maturities are
oversubscribed bonds will be allotted on a pro rata basis. Zip codes are
required at order entry.

THE STATE TREASURER’S OFFICE MAY HAVE ITS STAFF OR ITS AGENT AUDIT
ORDERS DURING OR AFTER

THE ORDER PERIOD TO VERIFY THAT SUCH ORDERS REPRESENT RETAIL ORDERS AS
DEFINED HEREIN.

Order period until today 10:45 AM, Eastern, Tuesday, 10/21/08.

The managers reserve the right to terminate or extend the order period
prior to or later than the above-mentioned time and date and to confirm
bonds at their discretion.

PRIORITY OF ORDERS AS FOLLOWS:
1. Net Designated
2. Ohio Retail
3. National Retail

4. Member

PRIORITY POLICY:

At least 7 firm(s) must be designated.

No firm may receive more than 45% of any designation.

Each designee must receive a minimum of 5.00% for each priority order.

Both Morgan Stanley and Fifth Third must be designated.

Selling group members may not enter priority orders, and may not be
designated.

The Senior Manager will pay out all designations.

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

orders are entered.

There will not be any clearance fee taken from designated sales in
accordance with MSRB Rule G-17.

There are to be no soft-dollar designations.

The compliance addendum MSRB Rule G-11 will apply.


The Award is expected on Wednesday, October 22, 2008.

Delivery is expected on Thursday, October 30, 2008.

This Issue is book entry. This issue is clearing through DTC.


Morgan Stanley & Co. Incorporated

Fifth Third Securities, Inc.
Butler, Wick & Co., Inc.
Citigroup Global Markets Inc.
Goldman, Sachs & Co.
Huntington Investment Company
J.P. Morgan Securities Inc.
KeyBanc Capital Markets
Merrill Lynch & Co.
NatCity Investments Inc.
Siebert Brandford Shank & Co.

By: Morgan Stanley & Co. Incorporated New York, NY