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ELEMENTS are exchange-traded notes designed to track the return of a specific underlying market measure. After their initial offering, ELEMENTS can be bought and sold through a broker or financial advisor on a U.S. securities exchange.

ELEMENTS Details
Investment Vehicle
ELEMENTS are senior unsecured obligations of an issuer, and are designed to provide investors with exposure to the total returns of various market measures, including stocks, bonds, commodities, currencies or some combination thereof.

Investor Fee
The amount investors receive on the maturity date or upon early repurchase by the issuer will be based on the direction of and percentage change in the level of the underlying market measure, any accrued and unpaid distributions, if applicable, and the effect of the per annum investor fee. Secondary market prices will also reflect the investor fee. The investor fee will depend on the nature of the underlying market measure and/or strategy. For more information, please refer to the prospectus for a particular ELEMENTS.

Payment at Maturity
If investors hold ELEMENTS to maturity, they will receive a cash payment at maturity that reflects the performance of the underlying market measure, any accrued and unpaid distributions, if applicable, and the effect of the investor fee.

No Principal Protection
ELEMENTS are not principal protected. At maturity or upon repurchase, investors will receive a cash payment linked to the performance of the underlying market measure. If the value of the underlying market measure decreases, or for Equity- and Commodity-linked ELEMENTS, does not increase by an amount greater than the investor fee applicable to the Equity- and Commodity-linked ELEMENTS, investors will receive less, and may receive substantially less, than their original investment in ELEMENTS upon maturity or repurchase by the issuer.

Distributions
Equity- and Commodity-linked ELEMENTS do not make periodic distributions. Any income on the return is reflected in the daily indicative value.

Certain Currency-linked ELEMENTS pay distributions subject to an investor fee as specified in the applicable prospectus.

Liquidating Prior to Maturity
Investors can liquidate ELEMENTS prior to maturity in two ways:

  • Sell ELEMENTS on the relevant securities exchange through a broker or financial advisor. Sales commissions will apply. The issuer is not required to maintain a listing during the term of the ELEMENT. If the ELEMENTS are no longer listed, or if there is no market maker, there may be no secondary market for the ELEMENTS.
  • Offer ELEMENTS for repurchase by the issuer, on a daily or weekly basis (as specified in the relevant ELEMENTS prospectus), during some or all of the term of each series of ELEMENTS, subject to the procedures described in the relevant prospectus. The issuer will require investors to have a minimum number of units for repurchase and a repurchase fee may apply. Investors should consult their brokers or financial advisor for more information. Because of the minimum number of units necessary for repurchase, you may not be able to liquidate your ELEMENTS when you want to.

Benefits
Access to New Markets and Strategies
Certain asset classes and strategies are not easily accessible to individual investors. ELEMENTS provide opportunities to gain exposure to these asset classes and strategies in a cost-efficient way.

Portfolio Diversification
ELEMENTS are designed to provide investors with exposure to the returns of various underlying market measures, including indices comprised of stocks, bonds, commodities, currencies or some combination thereof. ELEMENTS can help investors utilize core and tactical strategies across asset classes, sectors and investment styles in order to construct a diversified portfolio to meet their investment objectives.

Certain asset classes, such as commodities and currencies, tend to have low correlations with traditional investments, such as stocks and bonds. Low correlation means the performance of one asset class has little relation with the performance of the other asset class. Thus, by adding ELEMENTS to a portfolio of stocks and bonds, investors have an opportunity to diversify their portfolio and thereby potentially reduce the risk profile of their portfolio.

Price Transparency
ELEMENTS are designed to provide a return that is linked to the performance of an underlying index or strategy less an annual investor fee.

The daily closing prices, daily closing indicative values and daily or weekly repurchase values1 of all ELEMENTS will be available on the product section under ELEMENTS Products, so that investors can easily track the performance of their ELEMENTS.

1An indicative value for a particular ELEMENTS is equal to the repurchase value when ELEMENTS are eligible to be repurchased. The indicative value will be provided for reference purposes only. The official daily or weekly repurchase value (as specified in each relevant ELEMENTS prospectus) will be used for any repurchase by the issuer. For more information, please refer to the particular ELEMENTS prospectus.

Tax Treatment

Equity- and Commodity-linked ELEMENTS are intended to offer a tax-efficient way to invest. Mutual funds and exchange-traded funds (ETFs) are often required to make yearly taxable income and capital gains distributions to shareholders. In contrast, under the intended tax treatment of Equity- and Commodity-linked ELEMENTS, investors should only realize capital gains or losses upon the sale, maturity, or repurchase by the issuer of their Equity- and Commodity-linked ELEMENTS. There is no direct authority governing the tax treatment of Equity- and Commodity-linked ELEMENTS, and there can be no assurance that the IRS or a court will agree with the intended tax treatment.

Certain Currency-linked ELEMENTS will be treated as "foreign currency" debt instrument for U.S. federal income tax purposes. Holders of these Currency-linked ELEMENTS generally should include any coupons payments and distributions in their income as ordinary interest at the time such coupon payments and distributions are accrued or received by such holders (in accordance with their regular method of tax accounting). Gain or loss recognized in connection with the maturity or repurchase by the issuer of these Currency-linked ELEMENTS will generally be treated as ordinary income or loss to the extent attributable to fluctuations in exchange rates.

Investors should note that the intended tax treatments discussed above may not apply to all ELEMENTS, and that the intended tax treatment of particular ELEMENTS will depend on their specific nature and terms. The tax summary provided in the disclosure document for particular ELEMENTS will supersede, and should be read to replace, the above discussion in respect of those ELEMENTS. In evaluating any potential investment in ELEMENTS, investors should refer to, and carefully consider, the tax summary in the relevant disclosure document for particular ELEMENTS, and should consult their tax advisors regarding the tax consequences to them of an investment in those ELEMENTS in light of their particular circumstances as a taxpayer and the specific characteristics and terms of those ELEMENTS. We do not offer tax or legal advice. Please consult with your tax or legal advisor before investing.

For more information about the tax treatment of ELEMENTS, please see "Tax Information" section.

Flexibility and Liquidity
Like equities, ELEMENTS offer the liquidity provided by exchange listing. ELEMENTS also provide a liquidity-enhancing institutional-size repurchase feature during some or all of their term. Individual investors can choose to sell ELEMENTS in the secondary market at market prices during trading hours or hold ELEMENTS until maturity or repurchase by the issuer. Investors may offer their ELEMENTS for repurchase by the issuer on a daily or weekly basis (as specified in each ELEMENTS prospectus). The issuer will require investors to offer a minimum number of units for repurchase and a repurchase fee and other restrictions may apply. Please consult a broker or financial advisor for more information. Upon repurchase by the issuer, for Equity- and Commodity-linked ELEMENTS, investors will receive a cash payment based on the performance of the underlying market measure, less any fees that may apply. For Currency-linked ELEMENTS, the annual investor fee is deducted from any accrued and unpaid distribution upon repurchase.

Risks
Summarized below are potential risks associated with an investment in ELEMENTS. For a more comprehensive list of risk factors, please refer to the prospectus for each series of ELEMENTS.

No Principal Protection
ELEMENTS are not principal protected. At maturity or upon repurchase, investors will receive a cash payment linked to the performance of the underlying market measure. If the value of the underlying market measure decreases, or for Equity- and Commodity-linked ELEMENTS, does not increase by an amount greater than the investor fee applicable to the Equity- and Commodity-linked ELEMENTS, investors will receive less , and could receive substantially less, than their original investment in ELEMENTS upon maturity or repurchase by the issuer.

Underlying Market Measure Risk
The return on each Equity- and Commodity-linked ELEMENTS is linked to the performance of its underlying market measure, which, in turn, is linked to the prices of the components underlying such market measure. These prices may change unpredictably, affecting the value of the underlying index and, consequently, the value of your Equity- and Commodity-linked ELEMENTS in unforeseeable ways.

Concentrated Investment Risk
The components underlying the market measure of some ELEMENTS may be concentrated in a specific sector. The investment may therefore carry risks similar to a concentrated investment in a limited number of industries or sectors.

Distributions
As each series of ELEMENTS has differing characteristics, you should review the prospectus applicable to that series to determine whether distributions apply to the ELEMENTS and, if so, at what rate.

Issuer Risk
ELEMENTS are senior unsecured obligations of the issuer. The repayment of the principal and the payment of any distributions, if any, at maturity or upon repurchase by the issuer are dependent on that issuer's ability to pay.

Call Risk
ELEMENTS may contain a call feature that allows the issuer to repurchase your ELEMENTS at its option upon the occurrence of certain market events. As a result, the timing of your principal repayment may be earlier than anticipated and, if this call feature is exercised, you may not be able to reinvest the proceeds you receive upon the repurchase by the issuer in a security comparable to that series of ELEMENTS.

A Trading Market for the ELEMENTS May Not Develop
Although ELEMENTS are listed on a U.S. securities exchange, a trading market for ELEMENTS may not develop. Affiliates of certain issuers and the broker-dealers distributing ELEMENTS may engage in limited purchase and resale transactions. However, they are not required to do so and, if they engage in such transactions, they may stop at any time. The issuer is not required to maintain any listing of ELEMENTS on an exchange.

Additional Risks Specific to Currency-linked ELEMENTS

Distribution Based on the Index and the Exchange Rate
Certain Currency-linked ELEMENTS provide for periodic distributions that vary with the relevant exchange rate and reflect adjustments to the relevant market measure including the deduction of the investor fee. As a result, the distributions you receive may be less than the interest you would receive on a conventional debt security that you could purchase today with the same maturity as the ELEMENTS and may not compensate you for the risks associated with holding these ELEMENTS.

Currency Risk
The return on the Currency-linked ELEMENTS is linked to the performance of the underlying currencies. Currency prices may change unpredictably, affecting the exchange rates and, consequently, the value of the Currency-linked ELEMENTS in unforeseeable ways.

ELEMENTS Treatment for U.S. Federal Income Tax Purposes

Equity- and Commodity-linked ELEMENTS
There is no direct authority governing the tax treatment of securities such as the Equity- and Commodity-linked ELEMENTS, and there can be no assurance that the IRS or a court will agree with the intended tax treatment. It is intended that the ELEMENTS be treated for U.S. tax purposes as prepaid contracts with respect to the relevant stock, stock index, commodities index or similar underlying benchmark. If this U.S. tax treatment is respected, Equity- and Commodity-linked ELEMENTS should not be treated as debt for U.S. federal income tax purposes, and investors should not recognize taxable income due to interest inclusions or original issue discount (OID) during their holding period of these ELEMENTS. Therefore, under this treatment, investors should only recognize a capital gain or loss upon the sale, maturity or repurchase by the issuer of their Equity- and Commodity-linked ELEMENTS.

On December 7, 2007, the IRS and the Treasury Department issued Notice 2008-2, in which they stated that they are considering issuing new regulations or other guidance on whether holders of instruments such as the Equity- or Commodity-linked ELEMENTS should be required to recognize income during the term of their investment. The IRS and Treasury Department also requested taxpayer comments on a number of related topics, including whether the holder of these instruments should be required to accrue income during their term (e.g., under a mark-to-market, accrual or other methodology); the character of income or loss with respect to these instruments; the relevance of factors such as the exchange-traded status of the instruments and the nature of the underlying property to which the instruments are linked; whether foreign holders should be subject to withholding tax on any deemed income accrual; and whether these instruments are or should be subject to the "constructive ownership" regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income that is subject to an interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Equity- and Commodity-linked ELEMENTS, possibly with retroactive effect. In addition, on December 19, 2007, legislation was introduced in the United States Congress that, if enacted into law, would require current accrual of interest income on financial instruments similar to the Equity- and Commodity-linked ELEMENTS acquired after the date of legislation's enactment. It is not possible to predict whether, when or in what form any such legislation might be enacted.

Accordingly no assurance can be given that future tax legislation, regulations or other guidance will not change the tax treatment of ELEMENTS. Even if the tax treatment of ELEMENTS is changed only on a prospective basis, that could affect the issuer's ability to issue additional ELEMENTS under an existing pricing supplement, which could affect liquidity for ELEMENTS issued prior to such change. Potential investors should consult their tax advisors regarding the U.S. federal income tax consequences of an investment in the ELEMENTS, including possible alternative treatments and the issues presented by the notice and the recently proposed legislation.

Investors should note that the intended tax treatment discussed above may not apply to all Equity- and Commodity-linked ELEMENTS, and that the intended tax treatment of particular ELEMENTS will depend on their specific nature and terms. The tax summary provided in the disclosure document for particular ELEMENTS will supersede, and should be read to replace, the above discussion in respect of those ELEMENTS. In evaluating any potential investment in ELEMENTS, investors should refer to, and carefully consider, the tax summary in the relevant disclosure document for particular ELEMENTS, and should consult their tax advisors regarding the tax consequences to them of an investment in those ELEMENTS in light of their particular circumstances as a taxpayer and the specific characteristics and terms of those ELEMENTS.

Currency-linked ELEMENTS
Certain Currency-linked ELEMENTS will be treated as "foreign currency" debt instruments for U.S. federal income tax purposes. Holders of these Currency-linked ELEMENTS generally should include the coupon payments in their income as ordinary interest at the time such coupon payments are accrued or received by such holders (in accordance with their regular method of tax accounting). Gain or loss recognized in connection with the sale, maturity or repurchase by the issuer of these Currency-linked ELEMENTS will generally be treated as ordinary income or loss to the extent attributable to fluctuations in exchange rates.

Investors should note that the tax treatment discussed above may not apply to all Currency-linked ELEMENTS, and that the tax treatment of particular Currency-linked ELEMENTS will depend on their specific nature and terms. The tax summary provided in the disclosure document for a particular Currency-linked ELEMENTS will supersede, and should be read to replace, the above discussion in respect of those Currency-linked ELEMENTS. In evaluating any potential investment in Currency-linked ELEMENTS, investors should refer to, and carefully consider, the tax summary in the relevant disclosure document for the particular Currency-linked ELEMENTS, and should consult their own tax advisors regarding the tax consequences to them of an investment in those Currency-linked ELEMENTS in light of their particular circumstances as a taxpayer and the specific characteristics and terms of those ELEMENTS.

We do not offer tax or legal advice. An investor should consult with tax and legal advisors before investing.


How to buy and sell ELEMENTS

  • Purchasing ELEMENTS
    ELEMENTS can be bought through a broker or financial advisor on a U.S. securities exchange during market hours.


  • Selling ELEMENTS
    ELEMENTS can be sold in the secondary market on a U.S. securities exchange during market hours. ELEMENTS can be offered for repurchase by the issuer during some or all of their term, subject to minimum size and certain other requirements as specified in each ELEMENTS prospectus.Please consult your broker or financial advisor for more information.

Information on ELEMENTS

  • Market (Trading) Prices: Information on market (trading) prices will be available through customary news and financial information media sources. Bid and ask prices on ELEMENTS will be available on Bloomberg by typing a designated ELEMENTS ticker symbol which will be specific to each ELEMENTS, then <Equity>, then <Go>.
  • Indicative Value: An indicative value for each ELEMENTS is a value similar to the net asset value (NAV) of a mutual fund, and will be available on Bloomberg by typing a designed ELEMENTS indicative value ticker symbol which will be specific to each ELEMENTS, then <Index> then <Go>. Moreover, the closing daily indicative value for each outstanding ELEMENTS will be published on the relevant product section under ELEMENTS Products. The value will be provided for reference purposes only. For more information please see the Indicative Value section of each ELEMENTS prospectus.

General

What are ELEMENTS?
ELEMENTS are senior unsecured bligations of an issuer and are designed to provide investors with exposure to the returns of various market measures across asset classes. ELEMENTS are not equities or index mutual funds, but they do share several characteristics with these investments. For example, like equities, they trade on an exchange and can be shorted. Like an index mutual fund they are linked to the return of an underlying market measure.

What are the advantages of ELEMENTS?
ELEMENTS provide investors with convenient access to the returns of market measures, less investor fees, with easy transferability and an exchange listing. The ELEMENTS structure allows investors to achieve cost-effective investment in previously expensive or difficult-to-reach market sectors or strategies, and in certain instances, such as Equity- and Commodity-linked ELEMENTS, is intended to provide a tax-efficient form of investment.

How are the returns of ELEMENTS calculated?
ELEMENTS are designed to provide investors with a return that is linked to the total return of an underlying market measure less the investor fee.

Will ELEMENTS have a daily net asset value (NAV)?
ELEMENTS will NOT have a daily NAV because ELEMENTS not mutual funds. However, ELEMENTS will have a daily indicative value which is equal to the repurchase value where the ELEMENTS are eligible to be repurchased. The daily indicative value may be lower or higher than the market (trading) price of a particular ELEMENTS and is provided for information purposes only. Intraday daily indicative value for each ELEMENTS will be available on Bloomberg and the closing daily indicative value for each outstanding ELEMENTS will be published on the relevant product section under ELEMENTS Products page.

What is the difference between market (trading) price and closing indicative value for ELEMENTS?
The market (trading) price for ELEMENTS is the bid or ask price based on supply and demand of each ELEMENTS on the relevant U.S. securities exchange. On the other hand, the term "indicative value" is used to refer to the value at a given time determined based on the following equation for Equity- and Commodity-linked ELEMENTS (for Currency-linked-ELEMENTS, refer to the specific currency product pages):
Closing Indicative Value = $10 X (Closing Index Level / Initial Index Level) X Current Fee Factor
where:

Closing Index Level = The most recent published closing level of the index available;
Initial Index Level = The closing level of index on the inception date; and
Current Fee Factor = One minus the product of (i) the annual investor fee and (ii) the number of days elapsed from the inception date to and including the applicable date divided by 365.

If an issuer's credit rating is downgraded, what happens to the closing indicative value?
The closing indicative value calculation of the ELEMENTS will not change in response to an issuer's credit rating being downgraded. However, the market (trading) price of the ELEMENTS may be adversely impacted.

Is there a minimum trade size for ELEMENTS?
There is currently no minimum trade size for ELEMENTS via a broker or a financial advisor on the relevant U.S. securities exchange. However, the issuer will require investors to have a minimum number of units to offer ELEMENTS for repurchase on a daily or weekly repurchase (as specified in each ELEMENTS prospectus).

How can ELEMENTS be offered for repurchase by the issuer prior to the maturity date?
The procedures to offer ELEMENTS for repurchase by the issuer are specified in each ELEMENTS prospectus.

Do ELEMENTS make distributions?
Equity- and Commodity-linked ELEMENTS do not make distributions.

Currency-linked ELEMENTS may make periodic distributions, less an investor fee. The procedures used to determine the amount of distribution, if any, will be specified in the relevant ELEMENTS prospectus.

Do ELEMENTS offer principal protection?
ELEMENTS do not offer principal protection. At maturity or upon repurchase, investors will receive a cash payment linked to the performance of the underlying market measure. If the value of the underlying market measure decreases, or for Equity- and Commodity-linked ELEMENTS, does not increase by an amount greater than the investor fee applicable to the Equity- and Commodity-linked ELEMENTS, investors will receive less, and could receive substantially less, than their original investment in ELEMENTS upon maturity or repurchase by the issuer.

Are ELEMENTS registered with the Securities and Exchange Commission?
Yes, ELEMENTS are registered under the Securities Act of 1933. ELEMENTS are not required to be registered with the SEC under the Investment Company Act of 1940.

Do ELEMENTS have voting rights?
ELEMENTS have voting rights only for changes to their terms.

For commodity-based ELEMENTS, are ELEMENTS regulated by the CFTC (Commodity Futures Trading Commission)?
No, but futures contracts underlying the relevant market index may be regulated by the CFTC.

Is a Series 3 license required to sell ELEMENTS linked to commodity indexes?
A broker or financial advisor does not need to have a Series 3 license to sell ELEMENTS.

How does one find ELEMENTS market (trading) prices?
Information on ELEMENTS market (trading) prices will be available through customary news and financial information media sources.

Information regarding ELEMENTS market (trading) prices can also be found on Bloomberg by typing the relevant ELEMENTS trading symbol, then <Equity>, then <Go>. Investors should contact their brokers or financial advisors to obtain bid and ask prices.


Trading

Where are ELEMENTS listed?
ELEMENTS will be listed on a U.S. securities exchange.

How can an investor buy or sell ELEMENTS?
ELEMENTS are listed on a U.S. securities exchange and can be bought and sold under a designated ticker symbol during trading hours through a broker or financial advisor. Investors should consult their brokers or financial advisors for more information.

When can an investor buy or sell ELEMENTS?
ELEMENTS can be bought or sold through a broker or financial advisor anytime during which the relevant U.S. securities exchange is open for business.

Can ELEMENTS be shorted?
Yes, on an uptick or a downtick and subject to the ability to locate shares to borrow. With short sales, an investor risks paying more for a security than the amount one received from its sale.


ELEMENTS Products

What ELEMENTS are currently available?
Click here to see the current offerings.


ELEMENTS Partners

Who are ELEMENTS Partners?
ELEMENTS are exchange-traded notes brought to the market through partnerships among
Index Providers, Issuers, Distributors and Securities Exchanges.

Index Providers develop unique and robust total return market measures to be used in connection with ELEMENTS. Investors will get access to these indices via ELEMENTS, which are senior unsecured obligations of Issuers. Distributors bring ELEMENTS to brokerage firms, so individual investors can easily access ELEMENTS via a broker or financial advisor. All ELEMENTS will be listed on a U.S. securities exchange.

How can an investor find out more information about these partners?
Click here to learn more about the ELEMENTS Partners.


Tax

Equity- and Commodity-linked ELEMENTS

What makes Equity- and Commodity-linked ELEMENTS a tax-efficient investment option?
ELEMENTS are intended to provide a tax-efficient means to invest. Index mutual funds and exchange-traded funds (ETFs) are often required to make yearly taxable income and capital gains distributions to shareholders. In contrast, under the intended tax treatment of Equity- and Commodity-linked ELEMENTS, investors should only realize capital gains or losses upon the sale, maturity, or repurchase by the issuer of their Equity- and Commodity-linked ELEMENTS. There is no direct authority governing the tax treatment of Equity- and Commodity-linked ELEMENTS, and there can be no assurance that the IRS or a court will agree with the intended tax treatment. No assurance can be given that future tax legislation, regulations or other guidance may not change the tax treatment of ELEMENTS. Even if the tax treatment of ELEMENTS is changed only on a prospective basis, that could affect our ability to issue additional ELEMENTS under an existing pricing supplement, which could affect liquidity for ELEMENTS issued prior to such change.

Investors should note that the generally intended tax treatment discussed above may not apply to all Equity- and Commodity-linked ELEMENTS, and that the intended tax treatment of particular ELEMENTS will depend on their specific nature and terms. The tax summary provided in the disclosure document for particular ELEMENTS will supersede, and should be read to replace, the above discussion in respect of those ELEMENTS. In evaluating any potential investment in ELEMENTS, investors should refer to, and carefully consider, the tax summary in the relevant disclosure document for particular ELEMENTS, and should consult their own tax advisors regarding the tax consequences to them of an investment in those ELEMENTS in light of their particular circumstances as a taxpayer and the specific characteristics and terms of those ELEMENTS.

How is the tax treatment of Equity- and Commodity-linked ELEMENTS different from that of a traditional bond?
It is generally intended that ELEMENTS based on stock or commodities indices be treated as prepaid contracts for tax purposes. In contrast, corporate bonds are normally treated as debt for tax purposes, which means that interest payments on typical corporate bonds are treated as income and principal payments are treated as return of capital. Special rules applicable to certain corporate bonds with contingent payments require an investor to recognize income prior to realization and to treat any gain on the sale of such a bond as ordinary income. In contrast, under the intended tax treatment of Equity- and Commodity-linked ELEMENTS, investors should only realize capital gains or losses upon the sale, maturity or repurchase by the issuer of their Equity- and Commodity-linked ELEMENTS.

Equity- and Commodity-linked ELEMENTS are sometimes issued in the form of unsecured debt securities of a corporate issuer—might they sometimes be treated as debt for tax purposes?
The tax treatment of a security as debt or equity does not necessarily follow the form of the security. Where a security in the form of debt lacks certain essential characteristics of debt such as guaranteed repayment of principal investment, and has the economic characteristics of another type of investment the applicable U.S. tax rules generally characterize the security based on its economic terms rather than the labels applied to the security for non-tax purposes.

What is a prepaid contract?
A prepaid contract is a financial instrument, such as a forward contract. The owner of a prepaid contract pays an initial amount in order to receive a future contingent payment based on the value of an index or other underlying benchmark at a specified time.

Currency-linked ELEMENTS

What is the tax treatment of Currency-linked ELEMENTS?
Certain Currency-linked ELEMENTS will be treated as "foreign currency" debt instruments for U.S. federal income tax purposes. Holders of these Currency-linked ELEMENTS generally should include the coupon payments in their income as ordinary interest at the time such coupon payments are accrued or received by such holders (in accordance with their regular method of tax accounting). Gain or loss recognized in connection with the sale, maturity or repurchase by the issuer of these Currency-linked ELEMENTS will generally be treated as ordinary income or loss to the extent attributable to fluctuations in exchange rates.

Investors should note that the tax treatment discussed above may not apply to all Currency-linked ELEMENTS, and that the tax treatment of particular Currency-linked ELEMENTS will depend on their specific nature and terms. The tax summary provided in the disclosure document for a particular Currency-linked ELEMENTS will supersede, and should be read to replace, the above discussion in respect of those Currency-linked ELEMENTS. In evaluating any potential investment in Currency-linked ELEMENTS, investors should refer to, and carefully consider, the tax summary in the relevant disclosure document for the particular Currency-linked ELEMENTS, and should consult their own tax advisors regarding the tax consequences to them of an investment in those Currency-linked ELEMENTS in light of their particular circumstances as a taxpayer and the specific characteristics and terms of those ELEMENTS.

August 22, 2011 Deutsche Bank to Repurchase Three ELEMENTS® ETNs PDF Version PDF Version
March 10, 2009 Credit Suisse Announces Delisting of Three ELEMENTS® ETNs PDF Version PDF Version
February 24, 2009 Credit Suisse Announces Information Regarding its MLCX Gold ELEMENTSSM PDF Version PDF Version
February 24, 2009 Credit Suisse Announces Additional Issuance of MLCX Livestock ELEMENTSSM PDF Version PDF Version
October 28, 2008 ELEMENTS Announces Delisting of Five Currency ELEMENTS ETNs PDF Version PDF Version
August 7, 2008 DEUTSCHE BANK TO ISSUE ELEMENTSSM EXCHANGE-TRADED NOTES LINKED TO BENJAMIN GRAHAMSM INTELLIGENT VALUE INDICES PDF Version PDF Version
August 7, 2008 Nuveen Investments Announces Three New ELEMENTSSM ETNs Linked to Benjamin GrahamSM Intelligent Value Indices Begin Trading Today PDF Version PDF Version
April 2, 2008 Global Warming ELEMENTSSM ETNs Linked to Credit Suisse Global Warming Index Begin Trading Today PDF Version PDF Version
August 02, 2007 ELEMENTS EXCHANGE-TRADED NOTES BEGIN TRADING TODAY - New Platform Expands Range of Market Strategies Available to Investors PDF Version PDF Version
October 18, 2007 DEUTSCHE BANK TO ISSUE ELEMENTSSM EXCHANGE-TRADED NOTES LINKED TO THE MORNINGSTAR® WIDE MOAT FOCUSSM TOTAL RETURN INDEX PDF Version PDF Version
October 18, 2007 ELEMENTSSM Exchange-Traded Notes Based on Morningstar® Wide Moat FocusSM Total Return Index Launch Today PDF Version PDF Version
February 8, 2013 Credit Suisse AG Announces the Repurchase of its Four ELEMENTS Notes PDF Version PDF Version
10/18/07 ELEMENTS Linked to the Morningstar® Wide Moat Focus Total Return Index (WMW) Begin Trading on NYSE ARCA - A Live Webcast of the Opening Bell PDF Version Windows Media Player 300k
4/03/08 On April 3, 2008, the ELEMENTS team rang the New York Stock Exchange Opening Bell to celebrate the listing of Global Warming ELEMENTS and Precious Metals ELEMENTS. PDF Version Windows Media Player 300k
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