Municipal Bond New Issues

Wednesday, October 29, 2008 9:30AM
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MSS Wire #45102 == REPRICE/RESTRUCTURE WIRE
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MSS Master Message #2835583
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TO: Merrill Lynch & Co.
(Co-Manager)
Your Internal Deal Code is LIPAREVOCT08

RE: $275,685,000*
LONG ISLAND POWER AUTHORITY
ELECTRIC SYSTEM GENERAL REVENUE BONDS
SERIES 2008B

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PLEASE NOTE REPRICING OF COUPONS AND YIELDS. NOTE THE INSURANCE HAS
BEEN ELIMINATED.

ALL ORDERS WILL BE CONSIDERED GOOD AT THE NEW LEVELS UNLESS WE HEAR TO
THE CONTRARY BY 11:30AM EDT TODAY.
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MOODY’S: A3 S&P: A- FITCH: A-

DATED: 11/06/2008 FIRST COUPON: 04/01/2009

DUE: 04/01

TAKEDOWN
MATURITY AMOUNT* COUPON PRICE
(pts)

04/01/2019 31,715M 5.25 % 5.40
5/8
04/01/2020 33,305M 5.375 % 5.55
5/8
04/01/2021 34,865M 5.50 % 5.65
3/4
04/01/2022 21,525M 5.50 % 5.70
3/4
04/01/2023 19,610M 5.625 % 5.75
3/4
04/01/2024 40,210M 5.625 % 5.80
3/4
04/01/2025 42,380M 5.75 % 5.85
5/8

04/01/2033 52,075M 5.75 % 6.10
5/8
(Approx. $ Price 95.579)

CALL FEATURES: Optional call in 04/01/2019 @ 100.00

SINKING FUND SCHEDULE

2033 TERM BOND

04/01/2030 12,410
04/01/2031 12,845
04/01/2032 13,290
04/01/2033 13,530

* - APPROXIMATE SUBJECT TO CHANGE

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PRIORITY OF ORDERS AS FOLLOWS:
1. Net Designated
2. New York Retail
3. Member

PRIORITY POLICY:

At least 4 firms must be designated.

No firm may receive more than 50% of any designation.

Each designee must receive a minimum of 5% for each priority order.

At least one of the following firms must be designated:
Loop Capital Markets
Ramirez & Co., Inc.
Siebert Brandford Shank & Co.

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 29, 2008.

Delivery is expected on November 6, 2008.

This issue is book entry through DTC.

A reasonable number of preliminary official statements are available
from Image Master Printing & Publishing Inc.

Goldman, Sachs & Co.
Citigroup Global Markets Inc.
Morgan Stanley & Co. Incorporated

Banc of America Securities LLC
DEPFA First Albany Securities LLC
First Southwest Company
J.P. Morgan Securities Inc.
Loop Capital Markets
Merrill Lynch & Co.
Ramirez & Co., Inc.
RBC Capital Markets
Roosevelt & Cross, Inc.
Siebert Brandford Shank & Co.
Wachovia Bank, National Association

By: Goldman, Sachs & Co. New York, NY
Wednesday, October 29, 2008 9:30AM