California General Obligation Bond New Offerings List

The public offering of $2,000,000,000 (two BILLION Dollars) CALIFORNIA STATE VARIOUS PURPOSE GENERAL OBLIGATION BONDS has been priced and the retail order period has begun. To be eligible for an allocation of bonds, you must place an order at your broker by 8PM EST tonight!

All GOs listed below are call protected California General Obligation Bond New Offerings with Moody's and S&P ratings of BAA1 and A-, respectively.

Expected Order Period: TUES., 3/9 TIL 8:00 P.M., E.S.T; 3/10

Settlement Date: 03/18/2010

Expected Coupon	Maturity Date	Rating		Expected Yield	Call Protected	Est Taxable Equivalent Yield*
		Moody's	S&P
2.000	03/01/2012	BAA1	A-	1.200	Yes	1.846
5.000	03/01/2012	BAA1	A-	1.200	Yes	1.846
3.000	03/01/2014	BAA1	A-	2.080	Yes	3.200
5.000	03/01/2014	BAA1	A-	2.080	Yes	3.200
3.000	03/01/2015	BAA1	A-	2.600	Yes	4.000
5.000	03/01/2015	BAA1	A-	2.600	Yes	4.000
3.500	03/01/2016	BAA1	A-	3.180	Yes	4.892
5.000	03/01/2016	BAA1	A-	3.180	Yes	4.892
3.500	03/01/2017	BAA1	A-	3.600	Yes	5.538
5.000	03/01/2017	BAA1	A-	3.600	Yes	5.538
3.875	03/01/2018	BAA1	A-	3.960	Yes	6.092
5.000	03/01/2018	BAA1	A-	3.960	Yes	6.092
4.125	03/01/2019	BAA1	A-	4.240	Yes	6.523
5.000	03/01/2019	BAA1	A-	4.240	Yes	6.523

*Assumes investor is subject to the maximum federal tax rate of 35%. Yield is based on offering price. Yield is subject to change based on market conditions.