Satch ChadaSatch Chada, Structured & Alternatives Solutions, Merrill Lynch, Structured & Alternatives Solutions, Merrill Lynch

Michael Forstl, Michael Forstl, Structured Products Consulting Group, Nuveen InvestmentsStructured Products Consulting Group, Nuveen Investments

April 16, 2008April 16, 2008

For Capital Link Conference Only - Not for Distribution

Building Investment Portfolios with Building Investment Portfolios with

ELEMENTSELEMENTSSMSM Exchange-Traded Notes (ETNs) Exchange-Traded Notes (ETNs)

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DistributorsIssuers Investment Content Providers

CLIENT BENEFITS• Access to a wide range of issuers and content providers

• Diversified investment themes

• Low annual platform fees

• Exchange traded liquidity supplemented by redemption rights

Jim Rogers

ELEMENTS - Open Architecture Platform

For Capital Link Conference Only - Not for Distribution

33

ACCESS TO NEW MARKETS AND STRATEGIESACCESS TO NEW MARKETS AND STRATEGIES

PORTFOLIO DIVERSIFICATIONPORTFOLIO DIVERSIFICATION

EXCHANGE LISTING EXCHANGE LISTING

COST EFFICIENCY COST EFFICIENCY

PRICE TRANSPARENCYPRICE TRANSPARENCY

Exchange-Traded Notes Benefits

For Capital Link Conference Only - Not for Distribution

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No principal protectionNo principal protection

Underlying market measure riskUnderlying market measure risk

Concentrated investment riskConcentrated investment risk

No periodic distributions for equity- and commodity-linked ELEMENTS No periodic distributions for equity- and commodity-linked ELEMENTS

Issuer risk Issuer risk

Call risk Call risk

Repurchases by the Issuer are subject to restrictionsRepurchases by the Issuer are subject to restrictions

A trading market may not developA trading market may not develop

Considerations / Risks

For Capital Link Conference Only - Not for Distribution

55

COMMODITYCOMMODITY TICKERTICKER EXCHANGEEXCHANGE ISSUERISSUER ANNUAL ANNUAL FEEFEE MATURITYMATURITY

Rogers - Total Return ELEMENTSRogers - Total Return ELEMENTS RJIRJI AMEXAMEX SEKSEK 0.75%0.75% 10/24/202210/24/2022

Rogers - Agriculture ELEMENTSRogers - Agriculture ELEMENTS RJARJA AMEXAMEX SEKSEK 0.75%0.75% 10/24/202210/24/2022

Rogers - Energy ELEMENTSRogers - Energy ELEMENTS RJNRJN AMEXAMEX SEKSEK 0.75%0.75% 10/24/202210/24/2022

Rogers - Metals ELEMENTSRogers - Metals ELEMENTS RJZRJZ AMEXAMEX SEKSEK 0.75%0.75% 10/24/202210/24/2022

MLCX Biofuels ELEMENTSMLCX Biofuels ELEMENTS FUEFUE AMEXAMEX SEKSEK 0.75%0.75% 2/13/20232/13/2023

MLCX Grains ELEMENTSMLCX Grains ELEMENTS GRUGRU AMEXAMEX SEKSEK 0.75%0.75% 2/14/20232/14/2023

MLCX Gold ELEMENTSMLCX Gold ELEMENTS GOEGOE AMEXAMEX Credit SuisseCredit Suisse 0.375%0.375% 4/10/20234/10/2023

MLCX Livestock ELEMENTSMLCX Livestock ELEMENTS LSOLSO AMEXAMEX Credit SuisseCredit Suisse 0.75%0.75% 4/10/20234/10/2023

MLCX Precious Metals ELEMENTSMLCX Precious Metals ELEMENTS PMYPMY NYSE ArcaNYSE Arca Credit SuisseCredit Suisse 0.75%0.75% 4/10/20234/10/2023

COMMODITY ELEMENTS

For Capital Link Conference Only - Not for Distribution

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CURRENCYCURRENCY TICKERTICKER EXCHANGEEXCHANGE ISSUERISSUER ANNUAL FEEANNUAL FEE MATURITYMATURITY

Euro ELEMENTSEuro ELEMENTS EREERE NYSE ArcaNYSE Arca Deutsche BankDeutsche Bank 0.40%0.40% 2/23/20232/23/2023

Swiss Franc ELEMENTSSwiss Franc ELEMENTS SZESZE NYSE ArcaNYSE Arca Deutsche BankDeutsche Bank 0.40%0.40% 2/23/20232/23/2023

British Pound ELEMENTSBritish Pound ELEMENTS EGBEGB NYSE ArcaNYSE Arca Deutsche BankDeutsche Bank 0.40%0.40% 2/23/20232/23/2023

Australian Dollar ELEMENTSAustralian Dollar ELEMENTS ADEADE NYSE ArcaNYSE Arca Deutsche BankDeutsche Bank 0.40%0.40% 2/23/20232/23/2023

Canadian Dollar ELEMENTSCanadian Dollar ELEMENTS CUDCUD NYSE ArcaNYSE Arca Deutsche BankDeutsche Bank 0.40%0.40% 2/23/20232/23/2023

CURRENCY ELEMENTS

For Capital Link Conference Only - Not for Distribution

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EQUITYEQUITY TICKERTICKER EXCHANGEEXCHANGE ISSUERISSUER ANNUAL ANNUAL FEEFEE MATURITYMATURITY

Global Warming ELEMENTSGlobal Warming ELEMENTS GWOGWO NYSE ArcaNYSE Arca Credit SuisseCredit Suisse 0.75%0.75% 4/10/20234/10/2023

SPECTRUM U.S. ELEMENTSSPECTRUM U.S. ELEMENTS EEHEEH NYSE ArcaNYSE Arca SEKSEK 0.75%0.75% 8/8/20228/8/2022

Morningstar Wide Moat ELEMENTSMorningstar Wide Moat ELEMENTS WMWWMW NYSE ArcaNYSE Arca Deutsche BankDeutsche Bank 0.75%0.75% 10/24/202210/24/2022

Dogs of the Dow ELEMENTSDogs of the Dow ELEMENTS DODDOD NYSE ArcaNYSE Arca Deutsche BankDeutsche Bank 0.75%0.75% 11/14/202211/14/2022

EQUITY ELEMENTS

For Capital Link Conference Only - Not for Distribution

ELEMENTS and ELEMENTS (design) are service marks of MLPF&S, Inc.© 2007 MLPF&S, Inc. Member, Securities Investor Protection Corporation (SIPC).

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Visit us at www.ELEMENTSetn.com

Call us at 1-877-ETN ADVICE (386-2384)

99

This presentation is not an offer to sell ELEMENTS or the solicitation of an offer to buy ELEMENTS, nor shall there be any sale of ELEMENTS in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer or sale of ELEMENTS will only be made by means of a related prospectus. Further, this presentation does not take into account specific investment objectives, financial situation or risk tolerance of any particular investor. Investors should review the relevant prospectus to determine if an investment in a structured product is appropriate for them.

The information contained herein has been compiled by from sources believed to be reliable. However, we make no representation or warranty and take no responsibility for the accuracy thereof. To the extent that this document contains forecasts, please be advised that forecasts are based upon a number of estimates and assumptions that are subject to significant business, economic, regulatory and competitive uncertainties. Forecasts are inherently subjective, and actual results and subsequent forecasts may vary significantly from these forecasts. Any information in this presentation related to past performances is not necessarily indicative of future results. We shall have no obligation to continue to provide or update any information provided to you, even if it becomes aware that circumstances have changed and/or that the information mentioned herein is no longer current or accurate.

You should not construe any of the material contained in the this document as business, financial, investment, hedging, trading, legal, regulatory, tax or accounting advice and you should not make this document the primary basis for any trading decisions. We do not hold a fiduciary relationship with you. Nothing in these materials should be construed to constitute an offer to do business with you on the terms set forth herein or on any other terms. The examples and prices provided in this document are for illustrative purposes only and do not reflect the actual prices at which we will enter into any transaction. This presentation and the contents thereof may not be reproduced, distributed or published by you to a third party by any means.

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