Satch Chada, Structured & Alternatives Solutions, Merrill Lynch Michael Forstl, Structured Products Consulting Group, Nuveen Investments April 16, 2008 For Capital Link Conference Only - Not for Distribution Building Investment Portfolios with ELEMENTS SM Exchange-Traded Notes (ETNs)

2 Distributors Issuers 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

3 ACCESS TO NEW MARKETS AND STRATEGIES ACCESS TO NEW MARKETS AND STRATEGIES PORTFOLIO DIVERSIFICATION PORTFOLIO DIVERSIFICATION EXCHANGE LISTING EXCHANGE LISTING COST EFFICIENCY COST EFFICIENCY PRICE TRANSPARENCY PRICE TRANSPARENCY Exchange-Traded Notes Benefits For Capital Link Conference Only - Not for Distribution

4 No principal protection No principal protection Underlying market measure risk Underlying market measure risk Concentrated investment risk Concentrated 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 restrictions Repurchases by the Issuer are subject to restrictions A trading market may not develop A trading market may not develop Considerations / Risks For Capital Link Conference Only - Not for Distribution

5 COMMODITYTICKEREXCHANGEISSUER ANNUAL FEE MATURITY Rogers - Total Return ELEMENTS RJIAMEXSEK0.75%10/24/2022 Rogers - Agriculture ELEMENTS RJAAMEXSEK0.75%10/24/2022 Rogers - Energy ELEMENTS RJNAMEXSEK0.75%10/24/2022 Rogers - Metals ELEMENTS RJZAMEXSEK0.75%10/24/2022 MLCX Biofuels ELEMENTS FUEAMEXSEK0.75%2/13/2023 MLCX Grains ELEMENTS GRUAMEXSEK0.75%2/14/2023 MLCX Gold ELEMENTS GOEAMEX Credit Suisse 0.375%4/10/2023 MLCX Livestock ELEMENTS LSOAMEX Credit Suisse 0.75%4/10/2023 MLCX Precious Metals ELEMENTS PMY NYSE Arca Credit Suisse 0.75%4/10/2023 COMMODITY ELEMENTS For Capital Link Conference Only - Not for Distribution

6 CURRENCYTICKEREXCHANGEISSUER ANNUAL FEE MATURITY Euro ELEMENTS ERE NYSE Arca Deutsche Bank 0.40%2/23/2023 Swiss Franc ELEMENTS SZE NYSE Arca Deutsche Bank 0.40%2/23/2023 British Pound ELEMENTS EGB NYSE Arca Deutsche Bank 0.40%2/23/2023 Australian Dollar ELEMENTS ADE NYSE Arca Deutsche Bank 0.40%2/23/2023 Canadian Dollar ELEMENTS CUD NYSE Arca Deutsche Bank 0.40%2/23/2023 CURRENCY ELEMENTS For Capital Link Conference Only - Not for Distribution

7 EQUITYTICKEREXCHANGEISSUER ANNUAL FEE MATURITY Global Warming ELEMENTS GWO NYSE Arca Credit Suisse 0.75%4/10/2023 SPECTRUM U.S. ELEMENTS EEH NYSE Arca SEK0.75%8/8/2022 Morningstar Wide Moat ELEMENTS WMW NYSE Arca Deutsche Bank 0.75%10/24/2022 Dogs of the Dow ELEMENTS DOD NYSE Arca Deutsche Bank 0.75%11/14/2022 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). For More Information:  Visit us at  Call us at ETN ADVICE ( )

9 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 Copyright Merrill Lynch Pierce Fenner & Smith Incorporated, Member SIPC DISCLAIMER