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ELEMENTS are exchange-traded notes designed to track the return of a specific underlying market measure. ELEMENTS provide convenient access to markets and strategies that may not be readily available to individual investors. After their initial offering, ELEMENTS can be bought and sold through a broker or financial advisor on a U.S. securities exchange.
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Market Data As of market close  07/03/2008
Closing Price: $10.21
Net Change: $0.37
% Change: 3.76%
52-week High/Low: $10.21/$8.87
Volume: 17,566
20 Day Volume Average: N.A.
Units Outstanding: 400,000
Market Capitalization*: $4,084,000
*Market Capitalization = Closing Price x Units Outstanding

Market Data
Source: Bloomberg. The "closing price" is the closing market trading price.

Indicative Values
Closing Indicative Value*: 07/03/2008 $9.84
Daily Repurchase Value*: 07/03/2008 $9.84
*Source: Bloomberg. The "Daily repurchase value" and "closing indicative value" are historical, do not guarantee future performance, and are shown for illustrative purposes only. The repurchase value will apply to any repurchase by the issuer.
Returns As of market close 07/03/2008
Timeframe1 mo3 mo6 moYTD1 yr3 yr5 yrSince Note Inception
Dow Jones-AIG Commodity Index® - Total ReturnSM11.50%17.90%25.76%29.84%44.03%20.13%18.99%8.48%
S&P Commodity Trends Indicator - Total Return-2.11%4.15%9.29%11.76%21.23%14.42%N.A.-1.52%
CTI ELEMENTS ETNs (Indicative Value)N.A.N.A.N.A.N.A.N.A.N.A.N.A.-1.60%
CTI ELEMENTS ETNs (Market Price)N.A.N.A.N.A.N.A.N.A.N.A.N.A.2.10%
3yr and 5yr represent annualized returns. The performance quoted represents historical performance and is not an indication that the return on the ELEMENTS or the underlying index is more or less likely to increase or decrease at any time during the term of the ELEMENTS. There can be no assurance that the future performance of the ELEMENTS or the index will result in holders of the ELEMENTS receiving a positive return on their investment.
Profile
Issuer: HSBC USA Inc. (AA-/Aa3)
Primary Exchange: NYSE Arca
Ticker: LSC
Intraday Indicative Value Ticker: LSCIV
Bloomberg Index Ticker: SPTICTR
CUSIP: 4042EP 602
Inception Date: June 10, 2008
Maturity Date: June 16, 2023
Initial Index Level: 2089.69
Denomination: $10.00
Short Sales* : Yes on an up or down tick
Yearly Fee : 0.75%
*With short sales, an investor risks paying more for a security than the amount one received from its sale.
Components

Please find below the June 2008 long/short positioning of the Index sectors as well as the long/short positioning of the prior month. Generally, each sector is set long or short on a monthly basis. Energy is set either long or flat (zero weight), and is never short. For softs, each component is set long or short on an individual basis, rather than a sector basis. Please see the prospectus for additional information on the long/short positioning of the Index sectors.

SectorPrevious PositionCurrent PositionWeight*
EnergyLongLong37.50%
GrainsShortShort23.00%
Industrial MetalsLongShort10.00%
Precious MetalsShortShort10.50%
LivestockShortLong10.00%
Softs (by Commodity)   
CocoaLongLong2.00%
CoffeeShortShort3.00%
CottonShortShort2.00%
SugarShortShort2.00%

* This represents the sector (or in the case of softs, component) weighting as of the June 2008 rebalancing. Weights will fluctuate between monthly rebalancing

As of  Jan-2008

SectorSector WeightComponentComponent Weight
Energy37.50%Heating Oil6.00%
  Light Crude17.00%
  Natural Gas8.50%
  RBOB Gasoline6.00%
Industrial Metals10.00%Copper10.00%
Precious Metals10.50%Gold7.00%
  Silver3.50%
Livestock10.00%Lean Hogs4.00%
  Live Cattle6.00%
Grains23.00%Corn8.00%
  Soybeans10.00%
  Wheat5.00%
Softs9.00%Cocoa2.00%
  Coffee3.00%
  Cotton2.00%
  Sugar2.00%

Source: Standard & Poor's

Returns
Index Returns indicates percentage change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual ELEMENTS performance. Index Returns do not reflect any fees which would reduce an investor's actual return. Indices are not managed and one cannot invest directly in an index.

ELEMENTS Returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market Returns do not account for brokerage commissions which will reduce actual returns.

ELEMENTS Indicative Values Returns indicate the change in last reported indicative values at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period.

Daily Repurchase Value
Daily Repurchase Value will equal the principal amount of ELEMENTS times the Index Factor on the relevant valuation date times the Fee Factor on the relevant valuation date.

Fee Factor
The fee factor is equal to 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 valuation date divided by 365. The annual investor fee is equal to 0.75%.

Index Factor
The index factor on any given day, other than the final valuation date, will be equal to the closing level of the index on the day divided by the initial index level. The index factor on the final valuation date will equal the average of the closing levels of the index for the five trading days prior to and including the final valuation date divided by the initial index level. The initial index level is the closing level of the index on the inception date.

Market Data As of market close  07/03/2008
Closing Price: $10.37
Net Change: -$0.01
% Change: -0.10%
52-week High/Low: $11.17/$8.02
Volume: 600
20 Day Volume Average: 311
Units Outstanding: 150,000
Market Capitalization*: $1,555,500
*Market Capitalization = Closing Price x Units Outstanding

Market Data
Source: Bloomberg. The "closing price" is the closing market trading price.

Indicative Values
Closing Indicative Value*: 07/03/2008 $10.36
Daily Repurchase Value*: 07/03/2008 $10.36
*Source: Bloomberg. The "Daily repurchase value" and "closing indicative value" are historical, do not guarantee future performance, and are shown for illustrative purposes only. The repurchase value will apply to any repurchase by the issuer.
Returns As of market close 07/03/2008
Timeframe1 mo3 mo6 moYTD1 yr3 yr5 yrSince Note Inception
S&P 500 Total Return Index-8.15%-7.29%-11.81%-13.07%-15.49%3.84%7.04%-7.17%
MLCX Gold Total Return Index5.61%2.60%6.59%10.60%40.38%28.26%20.67%3.67%
MLCX Gold ELEMENTS ETNs (Indicative Value)5.61%3.60%N.A.N.A.N.A.N.A.N.A.3.60%
MLCX Gold ELEMENTS ETNs (Market Price)N.A.N.A.N.A.N.A.N.A.N.A.N.A.3.70%
3yr and 5yr represent annualized returns. The performance quoted represents historical performance and is not an indication that the return on the ELEMENTS or the underlying index is more or less likely to increase or decrease at any time during the term of the ELEMENTS. There can be no assurance that the future performance of the ELEMENTS or the index will result in holders of the ELEMENTS receiving a positive return on their investment.
Profile
Issuer: Credit Suisse (AA-/Aa1)
Primary Exchange: AMEX
Ticker: GOE
Intraday Indicative Value Ticker: GOEIV
Bloomberg Index Ticker: MLCXGCTR
CUSIP: 22542D 209
Inception Date: April 02, 2008
Maturity Date: April 10, 2023
Initial Index Level: 262.35
Denomination: $10.00
Short Sales* : Yes on an up or down tick
Yearly Fee : 0.375%
*With short sales, an investor risks paying more for a security than the amount one received from its sale.

Returns
Index Returns indicates percentage change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual ELEMENTS performance. Index Returns do not reflect any fees which would reduce an investor's actual return. Indices are not managed and one cannot invest directly in an index.

ELEMENTS Returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market Returns do not account for brokerage commissions which will reduce actual returns.

ELEMENTS Indicative Values Returns indicate the change in last reported indicative values at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period.

Daily Repurchase Value
Daily Repurchase Value will equal the principal amount of ELEMENTS times the Index Factor on the relevant valuation date times the Fee Factor on the relevant valuation date.

Fee Factor
The fee factor is equal to 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 valuation date divided by 365. The annual investor fee is equal to 0.375%.

Index Factor
The index factor on any given day, other than the final valuation date, will be equal to the closing level of the index on the day divided by the initial index level. The index factor on the final valuation date will equal the average of the closing levels of the index for the five trading days prior to and including the final valuation date divided by the initial index level. The initial index level is the closing level of the index on the inception date.

Market Data As of market close  07/03/2008
Closing Price: $11.07
Net Change: -$0.02
% Change: -0.18%
52-week High/Low: $17.00/$10.53
Volume: 4,870
20 Day Volume Average: 4,776
Units Outstanding: 400,000
Market Capitalization*: $4,428,000
*Market Capitalization = Closing Price x Units Outstanding

Market Data
Source: Bloomberg. The "closing price" is the closing market trading price.

Indicative Values
Closing Indicative Value*: 07/03/2008 $10.86
Daily Repurchase Value*: 07/03/2008 $10.86
*Source: Bloomberg. The "Daily repurchase value" and "closing indicative value" are historical, do not guarantee future performance, and are shown for illustrative purposes only. The repurchase value will apply to any repurchase by the issuer.
Returns As of market close 07/03/2008
Timeframe1 mo3 mo6 moYTD1 yr3 yr5 yrSince Note Inception
S&P 500 Total Return Index-8.15%-7.29%-11.81%-13.07%-15.49%3.84%7.04%-7.33%
MLCX Livestock Total Return Index0.25%6.41%-1.89%-3.49%-8.16%2.14%9.08%8.81%
MLCX Livestock ELEMENTS ETNs (Indicative Value)0.18%6.16%N.A.N.A.N.A.N.A.N.A.8.60%
MLCX Livestock ELEMENTS ETNs (Market Price)0.09%N.A.N.A.N.A.N.A.N.A.N.A.10.70%
3yr and 5yr represent annualized returns. The performance quoted represents historical performance and is not an indication that the return on the ELEMENTS or the underlying index is more or less likely to increase or decrease at any time during the term of the ELEMENTS. There can be no assurance that the future performance of the ELEMENTS or the index will result in holders of the ELEMENTS receiving a positive return on their investment.
Profile
Issuer: Credit Suisse (AA-/Aa1)
Primary Exchange: AMEX
Ticker: LSO
Intraday Indicative Value Ticker: LSOIV
Bloomberg Index Ticker: MLCXLSTR
CUSIP: 22542D 605
Inception Date: April 01, 2008
Maturity Date: April 10, 2023
Initial Index Level: 319.07
Denomination: $10.00
Short Sales* : Yes on an up or down tick
Yearly Fee : 0.75%
*With short sales, an investor risks paying more for a security than the amount one received from its sale.

Returns
Index Returns indicates percentage change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual ELEMENTS performance. Index Returns do not reflect any fees which would reduce an investor's actual return. Indices are not managed and one cannot invest directly in an index.

ELEMENTS Returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market Returns do not account for brokerage commissions which will reduce actual returns.

ELEMENTS Indicative Values Returns indicate the change in last reported indicative values at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period.

Daily Repurchase Value
Daily Repurchase Value will equal the principal amount of ELEMENTS times the Index Factor on the relevant valuation date times the Fee Factor on the relevant valuation date.

Fee Factor
The fee factor is equal to 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 valuation date divided by 365. The annual investor fee is equal to 0.75%.

Index Factor
The index factor on any given day, other than the final valuation date, will be equal to the closing level of the index on the day divided by the initial index level. The index factor on the final valuation date will equal the average of the closing levels of the index for the five trading days prior to and including the final valuation date divided by the initial index level. The initial index level is the closing level of the index on the inception date.

Market Data As of market close  07/03/2008
Closing Price: $10.55
Net Change: -$0.15
% Change: -1.38%
52-week High/Low: $12.04/$9.59
Volume: 1,646
20 Day Volume Average: 4,230
Units Outstanding: 400,000
Market Capitalization*: $4,220,000
*Market Capitalization = Closing Price x Units Outstanding

Market Data
Source: Bloomberg. The "closing price" is the closing market trading price.

Indicative Values
Closing Indicative Value*: 07/03/2008 $10.50
Daily Repurchase Value*: 07/03/2008 $10.50
*Source: Bloomberg. The "Daily repurchase value" and "closing indicative value" are historical, do not guarantee future performance, and are shown for illustrative purposes only. The repurchase value will apply to any repurchase by the issuer.
Returns As of market close 07/03/2008
Timeframe1 mo3 mo6 moYTD1 yr3 yr5 yrSince Note Inception
S&P 500 Total Return Index-8.15%-7.29%-11.81%-13.07%-15.49%3.84%7.04%-7.33%
MLCX Precious Metals Plus Total Return Index4.48%2.36%16.84%20.20%46.07%32.59%24.14%5.21%
Precious Metals ELEMENTS ETNs (Indicative Value)N.A.N.A.N.A.N.A.N.A.N.A.N.A.5.00%
Precious Metals ELEMENTS ETNs (Market Price)5.00%2.85%N.A.N.A.N.A.N.A.N.A.5.50%
3yr and 5yr represent annualized returns. The performance quoted represents historical performance and is not an indication that the return on the ELEMENTS or the underlying index is more or less likely to increase or decrease at any time during the term of the ELEMENTS. There can be no assurance that the future performance of the ELEMENTS or the index will result in holders of the ELEMENTS receiving a positive return on their investment.
Profile
Issuer: Credit Suisse (AA-/Aa1)
Primary Exchange: NYSE Arca
Ticker: PMY
Intraday Indicative Value Ticker: PMYIV
Bloomberg Index Ticker: MLCXPMPT
CUSIP: 22542D 506
Inception Date: April 01, 2008
Maturity Date: April 10, 2023
Initial Index Level: 478.06
Denomination: $10.00
Short Sales* : Yes on an up or down tick
Yearly Fee : 0.75%
*With short sales, an investor risks paying more for a security than the amount one received from its sale.

Returns
Index Returns indicates percentage change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual ELEMENTS performance. Index Returns do not reflect any fees which would reduce an investor's actual return. Indices are not managed and one cannot invest directly in an index.

ELEMENTS Returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market Returns do not account for brokerage commissions which will reduce actual returns.

ELEMENTS Indicative Values Returns indicate the change in last reported indicative values at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period.

Daily Repurchase Value
Daily Repurchase Value will equal the principal amount of ELEMENTS times the Index Factor on the relevant valuation date times the Fee Factor on the relevant valuation date.

Fee Factor
The fee factor is equal to 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 valuation date divided by 365. The annual investor fee is equal to 0.75%.

Index Factor
The index factor on any given day, other than the final valuation date, will be equal to the closing level of the index on the day divided by the initial index level. The index factor on the final valuation date will equal the average of the closing levels of the index for the five trading days prior to and including the final valuation date divided by the initial index level. The initial index level is the closing level of the index on the inception date.

Market Data As of market close  07/03/2008
Closing Price: $9.75
Net Change: -$0.09
% Change: -0.92%
52-week High/Low: $11.34/$9.67
Volume: 620
20 Day Volume Average: 2,251
Units Outstanding: 400,000
Market Capitalization*: $3,900,000
*Market Capitalization = Closing Price x Units Outstanding

Market Data
Source: Bloomberg. The "closing price" is the closing market trading price.

Indicative Values
Closing Indicative Value*: 07/03/2008 $9.71
Daily Repurchase Value*: 07/03/2008 $9.71
*Source: Bloomberg. The "Daily repurchase value" and "closing indicative value" are historical, do not guarantee future performance, and are shown for illustrative purposes only. The repurchase value will apply to any repurchase by the issuer.
Returns As of market close 07/03/2008
Timeframe1 mo3 mo6 moYTD1 yr3 yr5 yrSince Note Inception
S&P 500 Total Return Index-8.15%-7.29%-11.81%-13.07%-15.49%3.84%7.04%-7.33%
Credit Suisse Global Warming Index, Exchange Series-11.40%-3.63%-7.27%-7.64%-0.97%20.94%26.72%-2.73%
Global Warming ELEMENTS ETNs (Indicative Value)-11.41%-3.77%N.A.N.A.N.A.N.A.N.A.-2.90%
Global Warming ELEMENTS ETNs (Market Price)-10.96%-4.22%N.A.N.A.N.A.N.A.N.A.-2.50%
3yr and 5yr represent annualized returns. The performance quoted represents historical performance and is not an indication that the return on the ELEMENTS or the underlying index is more or less likely to increase or decrease at any time during the term of the ELEMENTS. There can be no assurance that the future performance of the ELEMENTS or the index will result in holders of the ELEMENTS receiving a positive return on their investment.
Profile
Issuer: Credit Suisse (AA-/Aa1)
Primary Exchange: NYSE Arca
Ticker: GWO
Intraday Indicative Value Ticker: GWOIV
Bloomberg Index Ticker: CSGWMXTR
CUSIP: 22542D 407
Inception Date: April 01, 2008
Maturity Date: April 10, 2023
Initial Index Level: 416.40
Denomination: $10.00
Short Sales* : Yes on an up or down tick
Yearly Fee : 0.75%
*With short sales, an investor risks paying more for a security than the amount one received from its sale.
Components


CompanyTickerCountryExchange
AGCO CORPORATIONAG USUNITED STATESNYSE
ALEXANDER & BALDWIN, INC.ALEX USUNITED STATESNASDAQ Natl Market
ANDRITZ AGANDR AVAUSTRIAVienna
APACHE CORPORATIONAPA USUNITED STATESNYSE
ARCHER DANIELS MIDLAND COMPANYADM USUNITED STATESNYSE
ASSOCIATED BRITISH FOODS PLCABF LNUNITED KINGDOMLondon
ASTRA INTERNATIONAL TBKASII IJINDONESIAJakarta
BASF AGBAS GRGERMANYXETRA
BG GROUP PLCBG/ LNUNITED KINGDOMLondon
BUNGE LIMITEDBG USUNITED STATESNYSE
CENTERPOINT ENERGY, INC.CNP USUNITED STATESNYSE
CHINA AGRI-INDUSTRIES HOLDINGS LIMITED606 HKHONG KONGHong Kong
CHINA BLUECHEMICAL LTD.3983 HKCHINAHong Kong
CLARCOR INC.CLC USUNITED STATESNYSE
COMMERCIAL METALS COMPANYCMC USUNITED STATESNYSE
DANISCO A/SDCO DCDENMARKCopenhagen
DEERE & COMPANYDE USUNITED STATESNYSE
THE DOW CHEMICAL COMPANYDOW USUNITED STATESNYSE
DOWA HOLDINGS CO., LTD.5714 JPJAPANTokyo
EMERSON ELECTRIC CO.EMR USUNITED STATESNYSE
ENERGEN CORPORATIONEGN USUNITED STATESNYSE
ENI SPAENI IMITALYItaly Continuous
ENTERGY CORPORATIONETR USUNITED STATESNYSE
FIAT SPAF IMITALYItaly Continuous
FMC CORPORATIONFMC USUNITED STATESNYSE
HARBIN POWER EQUIPMENT COMPANY LTD.1133 HKCHINAHong Kong
HITACHI CHEMICAL COMPANY, LTD.4217 JPJAPANTokyo
JOHNSON CONTROLS, INC.JCI USUNITED STATESNYSE
KINDER MORGAN ENERGY PARTNERS,L.P.KMP USUNITED STATESNYSE
KINGSPAN GROUP PLCKRX IEIRELANDDublin
KOREA GAS CORPORATION036460 KSSOUTH KOREAKorea Stock Exchange
MAN AGMAN GRGERMANYXETRA
METHANEX CORPORATIONMX CNCANADAToronto
THE MORGAN CRUCIBLE COMPANY PLCMGCR LNUNITED KINGDOMLondon
NISSAN CHEMICAL INDUSTRIES, LTD.4021 JPJAPANTokyo
RPS GROUP PLCRPS LNUNITED KINGDOMLondon
COMPAGNIE DE SAINT-GOBAINSGO FPFRANCEEuronext France
SCHNITZER STEEL INDUSTRIES, INC.SCHN USUNITED STATESNASDAQ Natl Market
SEACOR HOLDINGS INC.CKH USUNITED STATESNYSE
SIG PLCSHI LNUNITED KINGDOMLondon
SIMS GROUP LIMITEDSGM AUAUSTRALIAASX National
SPX CORPORATIONSPW USUNITED STATESNYSE
SUEDZUCKER AGSZU GRGERMANYXETRA
SYNGENTA AGSYNN VXSWITZERLANDSwiss Virt-X
USS CO., LTD.4732 JPJAPANTokyo
VALEO SAFR FPFRANCEEuronext France
WASTE CONNECTIONS, INC.WCN USUNITED STATESNYSE
WASTE MANAGEMENT, INC.WMI UNUNITED STATESNYSE
THE WEIR GROUP PLCWEIR LNUNITED KINGDOMLondon
XCEL ENERGY INC.XEL USUNITED STATESNYSE


Above is a list of the 50 exchange-listed companies comprising the Index as of the November 14, 2007 semi-annual rebalancing effective date

Source: Bloomberg

Returns
Index Returns indicates percentage change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual ELEMENTS performance. Index Returns do not reflect any fees which would reduce an investor's actual return. Indices are not managed and one cannot invest directly in an index.

ELEMENTS Returns indicate the change in last reported prices at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns an investor would receive if an investor traded at other times. Market Returns do not account for brokerage commissions which will reduce actual returns.

ELEMENTS Indicative Values Returns indicate the change in last reported indicative values at or shortly after 4:00 pm Eastern time expressed as a percentage from the beginning of the relevant period to the end of the relevant period.

Daily Repurchase Value
Daily Repurchase Value will equal the principal amount of ELEMENTS times the Index Factor on the relevant valuation date times the Fee Factor on the relevant valuation date.

Fee Factor