CITRINE GLOBAL FINANCE LIMITED · Citrine Global Finance Limited is the Issuer of the Notes Fill your portfolio with the rich potential of agricultural commodities Arranged by: Merrill

PRICING STATEMENT DATED 11 April 2008(Registered with the Monetary Authority of Singapore on 11 April 2008)

CITRINE GLOBAL FINANCE LIMITED(incorporated in the Cayman Islands with limited liability)

U.S.$8,000,000,000 Retail Secured Note Programme

AGRICULTURE BOOSTER NOTES

SGD Index-Linked Notes due 2012 (“SGD Notes”)

USD Index-Linked Notes due 2012 (“USD Notes”)This document constitutes the Pricing Statement relating to the issue of the SGD Notes and the USD Notes (collectively, the “Notes”) described herein. Defined terms used herein which have not been defined in this Pricing Statement shall have the same meaning as those defined in the Replacement Base Prospectus dated 26 February 2008 (the “Replacement Base Prospectus”) in respect of the Programme. This offer (“Offer”) is made on the basis of information contained in this Pricing Statement as well as in the Replacement Base Prospectus in respect of the Programme. THIS PRICING STATEMENT MUST BE READ TOGETHER WITH THE REPLACEMENT BASE PROSPECTUS. If there is any inconsistency between the information in the Replacement Base Prospectus and this Pricing Statement, the information in this Pricing Statement shall prevail.

Before making any investment decision, please read the section “RISK FACTORS” of this Pricing Statement and “RISK FACTORS” in the Replacement Base Prospectus. If you are in doubt about any of the contents of this Pricing Statement, you should obtain independent professional advice. The Issuer, the Arranger and the Singapore Dealer cannot give you investment advice: you must decide for yourself, taking professional advice if appropriate, whether the Notes meet your investment needs. There will be no guarantee from any entity to you that you will recover any amount payable under the Notes and you could lose all or a substantial part of your investment in the Notes.

A copy of this Pricing Statement has been lodged with and registered by the Monetary Authority of Singapore (the “Authority”) together with the Replacement Base Prospectus which was lodged with the Authority on 26 February 2008. The Authority assumes no responsibility for the contents of this Pricing Statement. Registration of this Pricing Statement together with the lodgment of the Replacement Base Prospectus with the Authority does not imply that the Securities and Futures Act or any other legal or regulatory requirements, have been complied with. The Authority has not, in any way, considered the merits of the structured notes being offered as an investment.

Arranger

MERRILL LYNCH (ASIA PACIFIC) LIMITEDSingapore Dealer and Sponsor

MERRILL LYNCH (SINGAPORE) PTE. LTD.

Distributors

Citibank Singapore Limited OCBC Securities Private Limited

Standard Chartered Bank

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18% Coupon Cushion

Whilst the Notes are principal protected at maturity your investment return over the life of theNotes may be zero.

Citrine NotesAgriculture Booster Notes

# Investors should note that the 6 Indices are not intended to closely track the performance of agricultural prices or agricultural related sectors in general. You should be aware that the 6 Indices represent anarrow selection of the agricultural prices and agricultural related companies and are in no way representative of all such agricultural prices and agricultural related companies.

1 The amount of Coupon paid is linked to the number of Index Calculation Days when the Closing Level of each Index is at or above 80% or 90% of its Closing Level on the Initial Date (the "Initial Level").For each Index Calculation Day where the respective Closing Levels of all 6 Indices are equal to or above 80% of the Initial Level but the Closing Level of one or more of the Indices are below 90% of theInitial Level, Coupon will accrue at the rate of 4% p.a. (SGD Notes) or 6% p.a. (USD Notes). For each Index Calculation Day where the respective Closing Levels of all 6 Indices are equal to or above 90% ofthe Initial Level, Coupon will accrue at the rate of 8% p.a. (SGD Notes) or 12% p.a. (USD Notes). No Coupon will accrue on any Index Calculation Day where the Closing Level of any Indices is below 80% ofits Initial Level.

2 Assuming no mandatory redemption pursuant to the occurrence of an Event of Default or any other early redemption event. In the event that there is a mandatory redemption (other than pursuant to anEarly Termination Event) you may receive less, and possibly substantially less, than the principal amount of the Notes.

All terms used but have not been defined herein shall have the meanings ascribed to them in the Pricing Statement dated 11 April 2008 and the Replacement Base Prospectus dated 26 February 2008 (together,the “Prospectus”). You should refer to the Prospectus for the meanings of these defined terms.

Disclaimer and Important Notice:The Notes and this leaflet are issued by Citrine Global Finance Limited. The text of this leaflet is an extract from our Pricing Statement registered on 11 April 2008 with the Monetary Authority of Singapore. Investmentinvolves risks. You must read the Prospectus before deciding whether to invest; the Prospectus contains important information about the Issuer, Merrill Lynch & Co., Inc. as issuer of the Securities and about the Noteswhich the Issuer has not attempted to summarize here. Investors should ensure that they understand the nature of the Notes and the risks involved and should carefully study the matters set out in the Prospectus fordetails of the various factors that may affect the results and performance of the Notes (in particular, the section headed "Risk Factors" in the Prospectus). Ask any of the distributors during normal office hours and atthe addresses stated in the Pricing Statement dated 11 April 2008 for a copy of the Prospectus and whether any addendum to the Prospectus has been issued by the Issuer. Anyone wishing to acquire the Notes will needto make an application in the manner set out in the Prospectus.This is not a Prospectus, nor is it an offer of the Notes or an invitation to acquire the Notes. The offer of the Notes is made, and applications will only be taken, solely on the basis of our Prospectus. The Notes do not representdeposits with Citrine Global Finance Limited or Merrill Lynch & Co., Inc or any of its affiliates or any other entity. The Notes will solely be obligations of Citrine Global Finance Limited and will not be guaranteed or insured by,or be the responsibility of, any other entity. The Arranger is Merrill Lynch (Asia Pacific) Limited and the Singapore Dealer is Merrill Lynch (Singapore) Pte. Ltd.The Notes will be secured on certain Securities issued by Merrill Lynch & Co., Inc. To the extent that Merrill Lynch & Co., Inc. is unable to make or procure due payment of amounts due under the Securities, the Issuer will beunable to make the corresponding payments due under the Notes and the recourse of investors is limited to the realization of the Securities.This leaflet is not issued by or on behalf of the distributors, Merrill Lynch & Co., Inc or any of their directors or their affiliates. Citrine Global Finance Limited takes sole responsibility for the issue and contents of this leaflet."Agriculture Booster Notes" are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Standard & Poor’s does not make any representationor warranty, express or implied, to the owners of Agriculture Booster Notes or any member of the public regarding the advisability of investing in securities generally or in Agriculture Booster Notes particularlyor the ability of the S&P GSCITM Indices to track general stock market performance. S&P's only relationship to Citrine Global Finance Limited is the licensing of certain trademarks and trade names of S&Pand of S&P GSCITM Indices, which indices are determined, composed and calculated by S&P without regard to Citrine Global Finance Limited or Agriculture Booster Notes. S&P has no obligation to take theneeds of Citrine Global Finance Limited or the owners of Agriculture Booster Notes into consideration in determining, composing or calculating the S&P GSCITM Indices. S&P is not responsible for and havenot participated in the determination of the timing of, prices at, or quantities of Agriculture Booster Notes to be issued or in the determination or calculation of the equation by which Agriculture BoosterNotes are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of Agriculture Booster Notes.S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS,OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CITRINE GLOBAL FINANCE LIMITED, OWNERS OF AGRICULTUREBOOSTER NOTES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLYDISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN. WITHOUTLIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIEDOF THE POSSIBILITY OF SUCH DAMAGES.The S&P GSCI Marks are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Citrine Global Finance Limited.The GSCI Indices is not owned, endorsed, or approved by or associated with Goldman Sachs & Co. or its affiliated companies.

Citrine - Your Investment Partner■ Linked to 6 Agricultural-related Indices#

■ Receive Bimonthly Potential Variable Coupon1 of up to 8% p.a. (SGD Notes) and 12% p.a. (USD Notes)■ Lower and Upper Coupon Barriers of 80% and 90% respectively of the respective Closing Levels of all 6 Indices

on the Initial Date to Buffer against Performance of the 6 Indices1

■ Potential Early Termination as early as at the end of approximately 2 months from Issue Date, and every 2months thereafter

■ 100% principal protected at maturity (approximately 4 years and 6 months) or upon Early Termination2

Limited offer until 16 May 2008Citrine Global Finance Limited is the Issuer of the Notes

Fill your portfolio with the rich potentialof agricultural commodities

Arranged by: Merrill Lynch (Asia Pacific) Limited

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Opportunity to Accrue Attractive Coupons on Every Index Calculation DayHow do the Notes work?The following examples are purely hypothetical. They are included only to illustrate how the Notes work, and you must not rely onthem as any indication of what the Coupon amount of the Notes and the performance of the Indices might actually be.

Coupon1 of up to 8% p.a. (SGD Notes) and 12% p.a. (USD Notes)Starting at the end of 2 months from the Issue Date, a potential variable Coupon of up to 8% p.a. (SGD Notes) and up to12% p.a. (USD Notes) are payable in arrear every 2 months, on each of the Coupon Payment Dates. The amount of Couponpaid is linked to the number of Index Calculation Days when the respective Closing Levels of all 6 Indices are at or greaterthan their relevant coupon barriers (Lower and Upper Coupon Barriers correspond to different Coupon payouts) duringthe relevant Observation Period (each Observation Period is 2 months)1.

For each Index Calculation Day for which the respective Closing Levels of all 6 Indices

■ are equal to or greater than their respective Lower Coupon Barriers AND Closing Level of ANY of the6 Indices are below their respective Upper Coupon Barriers, the Coupon will accrue at the rate of4.00% p.a. (SGD Notes) or 6.00% p.a. (USD Notes).

■ are equal to or greater than their respective Upper Coupon Barriers, the Coupon will accrue at therate of 8.00% p.a. (SGD Notes) or 12.00% p.a. (USD Notes).

The Lower and Upper Coupon Barriers of each Index are set at 80% and 90% of its Closing Level on the Initial Date ("InitialLevel"). For example, if Index A's Initial Level is 200, the Lower and Upper Coupon Barriers will be 160.00 and 180.00respectively.

Assuming there are 40 Index Calculation Days in an Observation Period (each Observation Period is 2 months), the bluearea highlights days when the respective Closing Levels of all 6 Indices are at/above their respective Upper Coupon Barriers,and the green area highlights days when the respective Closing Levels of all 6 Indices are at/above their respective LowerCoupon Barriers and the Closing Level of one or more of the 6 Indices are lower than their respective Upper CouponBarriers.

Index Levels

100%

Issue Date Observation Date 1 Observation Date 2

Notes early terminated

CallBarrier

For the scenario illustrated above, the Coupon due on the relevant Coupon Payment Date is:

USD Notes

Receive Your Principal Back in as Early as 2 MonthsEarly TerminationStarting at the end of 2 months from the Issue Date, investors can receive 100% of the principal amount plus Couponpayable upon Early Termination, on the relevant Coupon Payment Date if the respective Closing Levels of all 6 Indicesare at/above 100% of their respective Initial Levels ("Call Barrier") on the relevant Observation Date.

In the scenario below, the Notes will be early terminated on the 2nd Observation Date i.e. 4 months after Issue Date.

SGD Notes

Index Levels

100%

90%

80%Upper Coupon Barrier

Lower Coupon Barrier22 Index

Calculation Days13 Index

Calculation Days5 Index

Calculation Days

Bimonthly Observation Period

Coupon (p.a.) = 13 x 4.00% p.a. + 27 x 8.00% p.a. = 6.70%p.a. (1.12% per bimonthly period)40 40

Coupon (p.a.) = 13 x 6.00% p.a. + 27 x 12.00% p.a. = 10.05%p.a. (1.68% per bimonthly period)40 40

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# Investors should note that the 6 Indices are not intended to closely track the performance of agricultural prices or agricultural related sectors in general. You shouldbe aware that the 6 Indices represent a narrow selection of the agricultural prices and agricultural related companies and are in no way representative of all suchagricultural prices and agricultural related companies.

1 The amount of Coupon paid is linked to the number of Index Calculation Days when the Closing Level of each Index is at or above 80% or 90% of its Closing Level onthe Initial Date (the "Initial Level"). For each Index Calculation Day where the respective Closing Levels of all 6 Indices are equal to or above 80% of the Initial Levelbut the Closing Level of one or more of the Indices are below 90% of the Initial Level, Coupon will accrue at the rate of 4% p.a. (SGD Notes) or 6% p.a. (USD Notes).For each Index Calculation Day where the respective Closing Levels of all 6 Indices are equal to or above 90% of the Initial Level, Coupon will accrue at the rate of 8%p.a. (SGD Notes) or 12% p.a. (USD Notes). No Coupon will accrue on any Index Calculation Day where the Closing Level of any Indices is below 80% of its Initial Level.

2 Assuming no mandatory redemption pursuant to the occurrence of an Event of Default or any other early redemption event. In the event that there is a mandatoryredemption (other than pursuant to an Early Termination Event) you may receive less, and possibly substantially less, than the principal amount of the Notes.

All terms used but have not been defined herein shall have the meanings ascribed to them in the Pricing Statement dated 11 April 2008 and the Replacement BaseProspectus dated 26 February 2008 (together, the “Prospectus”). You should refer to the Prospectus for the meanings of these defined terms.

Linked to the 6 Agricultural-related IndicesWhich are the 6 Indices?

Name

S&P GSCITM (Official Close)Excess Return Indices –Wheat, Corn, Soybean, Sugar, Cotton

Background Description

Merrill Lynch Asia Agriculture Index

The S&P GSCITM Excess Return Indices reflects a passive portfolio of long positions infutures on each of the 5 agricultural commodities. The indices measures the return frominvesting in nearby S&P GSCITM futures and rolling them forward each month (on 5th-9th

business days of each month) always keeping investment in nearby S&P GSCITM futures.

The Merrill Lynch Asia Agriculture Index provides exposure to Asian stocks likely to benefitfrom rising soft commodity prices in the long term.The Index is denominated in US Dollars and tracks the price performance (the index doesnot include the value of any dividends) of minimum of 10 and maximum 40 stocks from anAsian agriculture stock universe identified by Merrill Lynch Research. The index will becalculated on each Index Calculation Date and published on Bloomberg under the tickerMLEIAAGR <Index>.The Index is initially equally weighted, but liquidity adjustments are applied to facilitatethe trading execution of a US $150mn notional basketStock Selection CriteriaThe Index and its constituents will be reviewed by ML Index Sponsor twice a year (Juneand December). On each review date, ML Index Sponsor will determine an eligible universeof stocks for the Index according to the following Criteria■ A meaningful exposure to the Asia Agriculture theme, which may include but is

not limited to companies with at least 30% of earnings before income tax or operatingprofits in the Asia Agriculture sector and/or 50% of their valuation attributable tothe sector

■ A minimum liquidity of US$ 2mn/trading day averaged over a 3 month period anda 20 day period

■ A minimum market capitalisation of US$ 500mn■ Country of listing: Hong Kong, China, Korea, Singapore, Indonesia, Pakistan, Australia,

Philippines, Malaysia, Taiwan, Thailand■ Stocks are not required to have a "Buy", "Hold" or "Sell" rating by Merrill Lynch Research■ Stocks are not subject to any Capital Control Event

Notes detailsIssue Name Agriculture Booster Notes

SGD Index-Linked Notes due 2012 USD Index-Linked Notes due 2012

Issuer Citrine Global Finance Limited

Issue Date Expected to be 30 May 2008

Initial Date Expected to be 21 May 2008

Maturity Date No more than 10 New York City, London and Singapore Business Days after the FinalObservation Date. Expected to be 14 December 2012 (subject to Early Termination)

Issue Price 100% of denomination for both the SGD Notes and the USD Notes

Denomination SGD Notes: SGD1,000 USD Notes: USD1,000

Minimum Purchase Amount SGD Notes: SGD10,000 (10 Notes) USD Notes: USD5,000 (5 Notes)

Observation Dates and 30 of every January, March, May, July, September and November, with the last one expectedRecord Dates to fall on 30 November 2012

Coupon Payment Dates No more than 10 New York City, London and Singapore Business Days after the relevantObservation Date

Upper Coupon Barrier For each Index, 90% of its Initial Level

Lower Coupon Barrier For each Index, 80% of its Initial Level

Call Barrier For each Index, 100% of its Initial Level

Redemption at Maturity 100% of the principal amount in cash

Security for the Notes Securities issued by Merrill Lynch & Co., Inc.

Listing None

Market Making Arrangements Weekly (Please see Pricing Statement for further details)

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Merrill Invest represents a range ofproducts offered by Merrill Lynch toinvestors seeking exposure to structuredand alternative investments.

Merrill Invest products are classifiedinto four categories -

Capital ProtectionYield EnhancementParticipationLeverage

These categories are designed toassist investors to align their choice offinancial products with their investmentstrategy and level of risk tolerance.

Hotline: 2536 3889

Disclaimer and Important Notice:

The Notes and this leaflet are issued by Citrine Global Finance Limited. The text of this leaflet is an extract from our Pricing Statement registered on 11 April 2008 with the MonetaryAuthority of Singapore. Investment involves risks. You must read the Prospectus before deciding whether to invest; the Prospectus contains important information about the Issuer,Merrill Lynch & Co., Inc. as issuer of the Securities and about the Notes which the Issuer has not attempted to summarize here. Investors should ensure that they understand thenature of the Notes and the risks involved and should carefully study the matters set out in the Prospectus for details of the various factors that may affect the results and performanceof the Notes (in particular, the section headed "Risk Factors" in the Prospectus). Ask any of the distributors during normal office hours and at the addresses stated in the PricingStatement dated 11 April 2008 for a copy of the Prospectus and whether any addendum to the Prospectus has been issued by the Issuer. Anyone wishing to acquire the Notes willneed to make an application in the manner set out in the Prospectus.

This is not a Prospectus, nor is it an offer of the Notes or an invitation to acquire the Notes. The offer of the Notes is made, and applications will only be taken, solely on the basis of ourProspectus. The Notes do not represent deposits with Citrine Global Finance Limited or Merrill Lynch & Co., Inc or any of its affiliates or any other entity. The Notes will solely be obligationsof Citrine Global Finance Limited and will not be guaranteed or insured by, or be the responsibility of, any other entity. The Arranger is Merrill Lynch (Asia Pacific) Limited and the SingaporeDealer is Merrill Lynch (Singapore) Pte. Ltd.

The Notes will be secured on certain Securities issued by Merrill Lynch & Co., Inc. To the extent that Merrill Lynch & Co., Inc. is unable to make or procure due payment of amounts dueunder the Securities, the Issuer will be unable to make the corresponding payments due under the Notes and the recourse of investors is limited to the realization of the Securities.

This leaflet is not issued by or on behalf of the distributors, Merrill Lynch & Co., Inc or any of their directors or their affiliates. Citrine Global Finance Limited takes sole responsibility forthe issue and contents of this leaflet.

"Agriculture Booster Notes" are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Standard & Poor’s does not makeany representation or warranty, express or implied, to the owners of Agriculture Booster Notes or any member of the public regarding the advisability of investing in securities generallyor in Agriculture Booster Notes particularly or the ability of the S&P GSCITM Indices to track general stock market performance. S&P's only relationship to Citrine Global Finance Limitedis the licensing of certain trademarks and trade names of S&P and of S&P GSCITM Indices, which indices are determined, composed and calculated by S&P without regard to Citrine GlobalFinance Limited or Agriculture Booster Notes. S&P has no obligation to take the needs of Citrine Global Finance Limited or the owners of Agriculture Booster Notes into consideration indetermining, composing or calculating the S&P GSCITM Indices. S&P is not responsible for and have not participated in the determination of the timing of, prices at, or quantities ofAgriculture Booster Notes to be issued or in the determination or calculation of the equation by which Agriculture Booster Notes are to be converted into cash. S&P has no obligation orliability in connection with the administration, marketing or trading of Agriculture Booster Notes.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITYFOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CITRINE GLOBAL FINANCELIMITED, OWNERS OF AGRICULTURE BOOSTER NOTES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN. S&P MAKESNO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TOTHE S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE,INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The S&P GSCI Marks are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Citrine Global Finance Limited.

The GSCI Indices is not owned, endorsed, or approved by or associated with Goldman Sachs & Co. or its affiliated companies.

Arranged by: Merrill Lynch (Asia Pacific) Limited

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Each of the Issuer, its directors, the Arranger and the Singapore Dealer, in its capacity as the Sponsor, collectively and individually accept full responsibility for the accuracy of the information contained in this Pricing Statement. They confirm, having made all reasonable enquiries, that to the best of their knowledge and belief, the facts stated and the opinions expressed in this Pricing Statement are fair and accurate in all material respects as at the date of this Pricing Statement and that there are no material facts the omission of which would make any statement in this Pricing Statement misleading.

The ML Index Sponsor (as defined hereinafter) accepts full responsibility for the accuracy of the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement. It confirms, having made all reasonable enquiries, that to the best of its knowledge and belief, the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement is fair and accurate in all material respects as at the date of this Pricing Statement and that there are no material facts the omission of which would make the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement misleading.

Merrill Lynch & Co., Inc. accepts full responsibility for the accuracy of the information relating to it and to its group companies contained in this Pricing Statement. It confirms, having made all reasonable enquiries, that to the best of its knowledge and belief, this Pricing Statement contains no untrue statement relating to it or to its group companies (including a statement which is misleading in the form and context in which it is included and including a material omission).

The Hongkong and Shanghai Banking Corporation Limited has not separately verified the information contained herein other than information in respect of itself in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian as to the accuracy or completeness of the information contained herein, or any further information supplied in relation to or in connection with the Programme or any of the Notes or their distribution, other than information in respect of itself. The statements made in this paragraph are without prejudice to the respective responsibilities of the Issuer, its directors and the Singapore Dealer, in its capacity as the Sponsor.

There has been no significant change in the financial or trading position of the Issuer and no material adverse change in the financial position or prospects of the Issuer, in each case, since the date of its incorporation on 18 November 2005 to the date of this Pricing Statement.

The Singapore Dealer and its affliates make no representation or warranty relating to any information contained herein that is derived from independent sources.

No action has been or will be taken in any jurisdiction that would permit a public offering of the Notes, save where explicitly stated in the Replacement Base Prospectus. The Notes must be sold in accordance with all applicable selling restrictions in the jurisdictions in which they are sold.

Prospective investors should be aware that for the purposes of the terms and conditions of the Notes, where the Note is a Global Note or Global Certificate held by CDP or through Euroclear or Clearstream, Luxembourg, the term “Noteholders” shall mean the persons shown in the records of CDP, Euroclear or Clearstream, Luxembourg as a holder of a principal amount of the Notes other than with respect to the payment of principal, interest and any other amounts in respect of the Notes, for which purpose the bearer of the Global Note or, as the case may be, the person shown in the Register at the date of business on the Record Date shall be treated as the holder of such Notes. Individual retail investors in the Notes are not “Noteholders” in this context. The terms “you”, “investors” or “prospective investors” have been used herein to describe the individual retail investors subscribing for the Notes through a Distributor.

Any action an investor may wish to take against the Issuer in accordance with the terms and conditions of the Notes will require the cooperation of the Trustee and the Distributors (being a Noteholder). Investors have no right of direct action against the Issuer and if such investors maintain investment accounts with their Distributors, such investors will need to rely upon their Distributor or broker to contact the Trustee to take action against the Issuer on their behalf in accordance with the terms of the Trust Deed. The terms of business of one Distributor or broker with another may be very different and prospective investors are advised to read carefully the terms of business of any party they intend to engage in maintaining an investment account for their Notes, and ensure they understand the circumstances in which they may rely upon such party to act on their behalf.

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Reference to any website in this Pricing Statement is intended to assist prospective investors to access further information relating to the subject as indicated. Prospective investors should conduct such web searches as they deem appropriate and ensure that they are viewing the most up-to-date information. Information appearing on such websites does not form part of this Pricing Statement. None of the Issuer, its directors, the Arranger, the Singapore Dealer and the Trustee accepts any responsibility whatsoever that such information, if available, is accurate and/or up-to-date, and no responsibility is accepted in relation to any such information by any person responsible for this Pricing Statement.

The offer of notes issued under the Programme by the Issuer is made solely on the basis of the information contained in the Replacement Base Prospectus and this Pricing Statement and prospective investors should exercise an appropriate degree of caution when assessing the value of other information which may appear on such websites.

None of the Issuer, its directors, the Arranger, the Singapore Dealer, the Distributors, the Agents, the Trustee, the Custodian, the Calculation Agent, the Index Sponsors and their respective affiliates (together, the “Transaction Participants”) has made any representation whatsoever with respect to the Indices, any of the Index Securities (as defined hereinafter) or any of the Index Contracts (as defined hereinafter) on which any Noteholder is relying or is entitled to rely on, save that the ML Index Sponsor accepts full responsibility for the accuracy of the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief, the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement is fair and accurate in all material respects as at the date of this Pricing Statement and that there are no material facts the omission of which would make the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement misleading. The Transaction Participants (other than the ML Index Sponsor in the case of the Merrill Lynch Asia Agriculture Index) are not responsible for any public disclosure of information by any Index Sponsor. The Transaction Participants are not responsible for any public disclosure of information by any of the issuers of the IndexSecurities. None of the Issuer, its directors, the Arranger, the Singapore Dealer and the ML Index Sponsor expects, to the best of their respective knowledge and belief, that there will be, other than as disclosed in this Pricing Statement, any legal or regulatory provisions which would materially affect the performance of the Merrill Lynch Asia Agriculture Index. None of the Issuer, the Arranger and the Singapore Dealer has conducted or will be conducting independent investigations on the S&P GSCITM Indices (as defined hereinafter), the Index Securities or the Index Contracts in respect of (i) any legal or regulatory provisions which may materially affect the performance of the S&P GSCITM Indices, the Index Securities or the Index Contracts and (ii) the material terms or agreements involving the S&P GSCITM Indices, the Index Securities or the Index Contracts. None of the Issuer, its directors, the Arranger, the Singapore Dealer and the ML Index Sponsor makes any representations as to the Indices, the Index Securities or the Index Contracts, save that the ML Index Sponsor accepts full responsibility for the accuracy of the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement andconfirms, having made all reasonable enquiries, that to the best of its knowledge and belief, the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement is fair and accurate in all material respects as at the date of this Pricing Statement and that there are no material facts the omission of which would make the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement misleading. Investors should make their own investigations and analysis of the Indices, the Index Securities or the Index Contracts.

Any Transaction Participant may deal in each Index, Index Security or Index Contract and may, where permitted, accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investmentbanking or other business with (i) each of the Index Sponsors or any of their respective affiliates, or any person or entity having obligations relating to the Indices or (ii) the issuer of an Index Security or any affiliate of such issuer, or any other person or entity having obligations relating to the Index Securities or (iii) the counterparty to an Index Contract or any affiliate to such counterparty, or any other person or entity having obligations relating to the Index Contracts, and may act with respect to such business in the same manner as each of them would if the Notes did not exist, regardless of whether any such action might have an adverse effect on an Index, an Index Security or an Index Contract or the position of any Noteholder or otherwise.

Any Transaction Participant may, whether by virtue of the types of relationships described herein or otherwise, at any time, be in possession of information in relation to an Index, an Index Security or an Index Contract that is or may be material in the context of the issue of the Notes and that may or may not be publicly available or known to the Noteholder, and the Notes do not create any obligation on the part of any Transaction Participant, to the extent permissible by law, to disclose to any Noteholder any such relationship or information (whether or not confidential).

None of the Index Sponsors, the issuers of any Index Security or the counterparties to any Index Contract is involved in the issuance of the Notes in any way (save for, in the case of the S&P Index Sponsor, the licensing of the use of the

iii

“S&P GSCITM Corn Index - Excess Return”, “S&P GSCITM Cotton Index - Excess Return”, “S&P GSCITM Soybeans Index - Excess Return”, “S&P GSCITM Sugar Index - Excess Return” and “S&P GSCITM Wheat Index - Excess Return”) and none of the Index Sponsors, the issuers of any Index Security or the counterparties to any Index Contract has anyobligation to consider the interests of the Noteholders in taking any corporate actions that might affect the value of the Notes. Each of the Index Sponsors, the issuers of any Index Security or the counterparties to any Index Contract may, and is entitled to, take actions that will adversely affect the value of the Notes. The purchase price paid for the Notes is paid to the Issuer and not to any of the Index Sponsors, the issuers of any Index Security or the counterparties to any Index Contract, and the Notes do not represent a direct investment in any of the Indices, the issuers of any Index Security or any Index Contract. As an owner of Notes, a Noteholder will not have special voting rights or rights to receive distributions or any other rights that holders of the Index Securities may have.

There is no guarantee, protection or assurance for purchasers of the Notes in respect of the level of any Index, the share price performance of any Index Security or the price performance of any Index Contract. None of the Transaction Participants makes any representation as to the future performance of the Notes either in absolute terms or relative to other investments. The Notes will solely be obligations of the Issuer and will not be guaranteed or insured by, or be the responsibility of, any other entity. The Notes will not be obligations of, and will not be guaranteed or insured by, any of the Transaction Participants. The Notes do not represent deposits with or other liabilities of the Trustee, the Arranger, the Singapore Dealer, any Company, any of the Index Sponsors, any issuer of the Index Securities, any of the counterparty to the Index Contracts, or any of their respective affiliates or related corporations. The Issuer is not in the business of deposit-taking and does not hold itself out as accepting deposits on a day to day basis nor will it accept deposits on a day to day basis. Merrill Lynch does not in any way stand behind the capital value or performance of the Notes, or of the assets held by the Issuer. The obligations of Merrill Lynch to the Issuer and/or the Noteholders are limited to that expressed in its written agreement with the Issuer.

The Notes are not sponsored, endorsed, sold or promoted by Standard & Poor's. Standard & Poor’s does not make any representation or warranty, express or implied, to the holders of Notes or any member of the public regarding the advisability of investing in securities generally or in the Notes particularly or the ability of the S&P GSCITM Indices to track general stock market performance. Standard & Poor’s only relationship to the Issuer is the licensing of certain trademarks and trade names of Standard & Poor’s and of the S&P GSCITM Indices, which indices are determined, composed and calculated by Standard & Poor’s without regard to the Issuer or the Notes. Standard & Poor’s has no obligation to take the needs of the Issuer or the holders of the Notes into consideration in determining, composing or calculating the S&P GSCITM Indices. Standard & Poor’s is not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Notes to be issued or in the determination or calculation of the equation by which the Notes are to be converted into cash. Standard & Poor’s has no obligation or liability in connection with the administration, marketing or trading of the Notes.

STANDARD & POOR’S DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN AND STANDARD & POOR’S SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. STANDARD & POOR’S MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, HOLDERS OF THE NOTES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN. STANDARD & POOR’S MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P GSCITM INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL STANDARD & POOR’S HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The S&P GSCI Marks are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Issuer.

* The S&P GSCITM Indices is not owned, endorsed, or approved by or associated with Goldman Sachs & Co. or its affiliated companies.

THE ML INDEX SPONSOR DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTY OR REPRESENTATION WHATSOEVER EITHER AS TO THE RESULTS TO BE OBTAINED FROM THE USE OF THE MERRILL LYNCH ASIA AGRICULTURE INDEX AND/OR THE LEVEL AT WHICH THE MERRILL LYNCH ASIA AGRICULTURE INDEX WILL STAND OR THE INDEX SECURITIES. THE MERRILL LYNCH ASIA AGRICULTURE INDEX IS COMPILED AND CALCULATED BY THE ML INDEX SPONSOR. HOWEVER, THE INDEX SPONSOR SHALL NOT BE LIABLE (IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE MERRILL LYNCH ASIA

iv

AGRICULTURE INDEX NOR SHALL IT BE UNDER ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.

BLOOMBERG L.P. AND ITS AFFILIATES CANNOT AND DO NOT WARRANT AS TO THE ACCURACY, COMPLETENESS, CURRENTNESS, NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS OF THE INFORMATION FOR ANY PURPOSE, INCLUDING BUT NOT LIMITED TO, THE INCLUSION OR EXCLUSION OF ANY INDEX SECURITIES IN THE MERRILL LYNCH ASIA AGRICULTURE INDEX AND THE COMPOSITION THEREOF AND THE CALCULATION OF THE MERRILL LYNCH ASIA AGRICULTURE INDEX. NEITHER BLOOMBERG L.P. NOR ANY OF ITS AFFILIATES SHALL BE LIABLE TO ANY INVESTOR OR ANYONE ELSE FOR ANY LOSS OR INJURY CAUSED IN WHOLE OR PART BY ITS NEGLIGENCE OR CONTINGENCIES BEYOND ITS CONTROL IN PROCURING, COMPILING, INTERPRETING, REPORTING OR DELIVERING SUCH INFORMATION. IN NO EVENT WILL BLOOMBERG L.P. OR ITS AFFILIATES BE LIABLE TO ANY INVESTOR OR ANYONE ELSE FOR ANY DECISION MADE OR ACTION TAKEN BY ANY INVESTOR IN RELIANCE ON SUCH INFORMATION OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. BY ACCESSING THE INFORMATION, ANY INVESTOR ACKNOWLEDGES AND AGREES TO THE FOREGOING.

None of Fitch, Moody’s and/or Standard & Poor’s has, where applicable and relevant, consented to the specification of their credit ratings where it may appear in this Pricing Statement. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by any Rating Agency. A suspension, reduction or withdrawal of any of the ratings may adversely affect the market price of the Notes. None ofthe Issuer, the Arranger and the Singapore Dealer makes any representation as to the accuracy or reliability of the credit ratings save that the Issuer, the Arranger and the Singapore Dealer have taken reasonable care to correctly extract and/or reproduce such information in its proper form and context. More information on credit ratings can be found at the websites of Fitch at www.fitchratings.com, Moody’s at www.moodys.com and Standard & Poor’s at www.standardandpoors.com.

Copies of the Replacement Base Prospectus and supplementary Base Prospectuses, if any, and this Pricing Statement are available for collection at the times and places specified in this Pricing Statement under the section headed “How can I Buy Some Notes”.

www.fitchratings.com,

www.moodys.comandStandard

www.standardandpoors.com.

v

IMPORTANT

If you are in any doubt about any of the contents of this Pricing Statement you should obtain independent professional advice.

The Notes are issued under the Issuer’s U.S.$8,000,000,000 Retail Secured Note Programme. You should read the Replacement Base Prospectus as well as this Pricing Statement in order to

understand the Offer before deciding whether to buy the Notes. Call the Distributors’ hotlines listed inside for a copy of the Replacement Base Prospectus.

The Issuer, its directors, the Arranger and the Singapore Dealer cannot give you investment advice: you must decide for yourself, taking professional advice if appropriate, whether the Notes meet your investment needs. There will be no guarantee from any entity to you that you will recover any

amount payable under the Notes and you could lose all or a substantial part of your investment in the Notes.

CONTENTS

THE INDEX-LINKED NOTES AT A GLANCE ............................................................................................ 1

RISK FACTORS ........................................................................................................................................ 8

THE INDICES ......................................................................................................................................... 15

HOW CAN I BUY SOME NOTES ............................................................................................................ 29

MORE INFORMATION ABOUT THE NOTES .......................................................................................... 33

INFORMATION ON THE SECURITY ARRANGEMENTS FOR THE NOTES ........................................... 36

APPENDIX 1 - FORM OF PRICING SUPPLEMENT ................................................................................ 39

APPENDIX 2 - HYPOTHETICAL EXAMPLES OF HOW THE NOTES WORK .......................................... 55

APPENDIX 3 - MORE INFORMATION ABOUT THE INDICES ................................................................ 65

APPENDIX 4 - TERMS, CONDITIONS AND PROCEDURES FORAPPLICATION AND ACCEPTANCE OF THE NOTES ................................................... 69

1

THE INDEX-LINKED NOTES AT A GLANCE

Agriculture Booster NotesSGD Notes (in SGD)USD Notes (in USD)

Limited offer until 16 May 2008 (may change without prior notice)

• Coupons (if any) of up to 8.00 per cent. per annum for the SGD Notes and up to 12.00 per cent. per annum for the USD Notes to be payable bimonthly in arrear

• Early Termination feature gives you an opportunity to receive back the principal on a bimonthly basis (together with the Coupon payable on the relevant Coupon Payment Date), starting two months after the Issue Date

• Minimum investment amount of S$10,000 (10 Notes of S$1,000 each) for the SGD Notes and U.S.$5,000 (5 Notes of U.S.$1,000 each) for the USD Notes

• Coupons linked to the Closing Levels of the following six Indices:

− Merrill Lynch Asia Agriculture Index − S&P GSCITM Corn Index - Excess

Return− S&P GSCITM Cotton Index - Excess

Return− S&P GSCITM Soybeans Index - Excess

Return− S&P GSCITM Sugar Index - Excess

Return− S&P GSCITM Wheat Index - Excess

Return

• Tenor: approximately 4 years 6 months

Although the Notes are principal protected at maturity or upon Early Termination, redemption of the Note at 100 per cent. of the principal amount of each Note is not guaranteed.

The Coupons payable on the Notes (if any) are linked to the Closing Levels of six Indices for both the SGD Notes and the USD Notes. Please refer to Appendix 3 for more information on the six Indices.

The SGD Notes pay a Coupon (if any) on each of the Coupon Payment Dates. Such Coupons will be calculated as follows:

(a) on any Index Calculation Day in the relevant Observation Period when the Closing Levels of all six Indices are equal to or greater than the Lower Coupon Barrier but one or more Indiceshave Closing Levels below the Upper Coupon Barrier (with each Index being valued independently), Coupons will accrue on the SGD Notes on that Index Calculation Day at a rate of 4.00 per cent. per annum; and

(b) on any Index Calculation Day in the relevant Observation Period when the Closing Levels of all six Indices are equal to or greater than the Upper Coupon Barrier (with each Index being valued independently), Coupons will accrue on the SGD Notes on that Index Calculation Day at a rate of 8.00 per cent. per annum.

The USD Notes pay a Coupon (if any) on each of the Coupon Payment Dates. Such Coupons will be calculated as follows:

(a) on any Index Calculation Day in the relevant Observation Period when the Closing Levels of all six Indices are equal to or greater than the Lower Coupon Barrier but one or more Indiceshave Closing Levels below the Upper Coupon Barrier (with each Index being valued independently), Coupons will accrue on the USD Notes on that Index Calculation Day at a rate of 6.00 per cent. per annum; and

(b) on any Index Calculation Day in the relevant Observation Period when the Closing Levels of all six Indices are equal to or greater than the Upper Coupon Barrier (with each Index being

2

valued independently), Coupons will accrue on the USD Notes on that Index Calculation Day at a rate of 12.00 per cent. per annum.

For both the SGD Notes and the USD Notes, no Coupon will accrue on Index Calculation Days where the Closing Levels of one or more Indices are below the Lower Coupon Barrier. Please see “Coupons” for further details.

There is an Early Termination feature in both the SGD Notes and the USD Notes starting two months after the Issue Date, which means that, upon the occurrence of an Early Termination Event, the Issuer will redeem the Notes at 100.00 per cent of their principal amounts together with the Coupon on the relevant Coupon Payment Date (the “Early Termination Payment Amount”) if the Closing Levels of all six Indices on the relevant Observation Date is equal to or greater than the Call Barrier (see “Early Redemption” and “Call Barrier” for further details). Upon Early Termination of the Notes, the Issuer will cease to pay any further Coupons on the Notes.

The Notes are principal protected upon (i) Early Termination or (ii) if held until the Maturity Date, i.e. (assuming that there has been no Early Termination) on the Maturity Date, the Issuer will redeem such Notes at 100.00 per cent. of their principal amount in cash (see “Redemption at Maturity” for further details). However, you should note that redemption of the Notes at 100.00 per cent. of the principal amount of each Note is not guaranteed. Should you sell your Note before the Maturity Date or should the Issuer redeem the Notes early due to taxation and other reasons, you may receive less, and probably substantially less, than the principal amount of your Note.

Issue Name Agriculture Booster Notes

SGD Notes linked to the Closing Levels of the following Indices:

• Merrill Lynch Asia Agriculture Index • S&P GSCITM Corn Index - Excess Return• S&P GSCITM Cotton Index - Excess Return• S&P GSCITM Soybeans Index - Excess Return• S&P GSCITM Sugar Index - Excess Return• S&P GSCITM Wheat Index - Excess Return

USD Notes linked to the Closing Levels of the following Indices:

• Merrill Lynch Asia Agriculture Index • S&P GSCITM Corn Index - Excess Return• S&P GSCITM Cotton Index - Excess Return• S&P GSCITM Soybeans Index - Excess Return• S&P GSCITM Sugar Index - Excess Return• S&P GSCITM Wheat Index - Excess Return

Issuer Citrine Global Finance Limited

Offer opens 9:00 a.m. on 17 April 2008

Offer closes Expected to be 4:30 p.m. on 16 May 2008 (subject to change if the Issuer extends or shortens the offer period)

Issue Date Expected to be 30 May 2008

Issue Price 100.00 per cent. of the Denomination for both the SGD Notes and the USD Notes

3

Issue Size

(i) SGD Notes Up to S$80,000,000

(ii) USD Notes Up to U.S.$50,000,000

Depending on the market demand for the Notes, the Issuer may either increase or reduce the issue size of the Notes. The Issuer may also not issue any Note notwithstanding that subscriptions have been received for the Notes. The Distributors shall be responsible for the refund of the application moneys (if any). Please check with the Distributors as to how it intends to refund your moneys.

In the event of over-subscription for the SGD Notes or, as the case may be, for the USD Notes, the Issuer reserves the right to retain over-subscriptions of up to 25.00 per cent. of the issue size offered for the SGD Notes (that is, S$20,000,000) or, as the case may be, the USD Notes (that is, U.S.$12,500,000). If any over-subscription is accepted, the Securities to be purchased by the Issuer will be increased by the same amount of the over-subscription accepted.

You should note that, as at 26 March 2008, the Issuer has already issued six Series of Notes under the Programme in Singapore (of which four Series are still outstanding) and seven Series of Notes under the Programme in Hong Kong (of which three Series of Notes are still outstanding) and currently has outstanding approximately U.S.$235,750,000 in total of Notes of all Series under the Programme. The assets which secure each Series of the Notes (including the amount of any over-subscriptions) are kept strictly segregated and are available to meet only those claims as are specified in the Supplemental Trust Deed which constitutes the Series of Notes which they secure.

IndicesIndices Index Sponsors

Bloomberg Ticker


Merrill Lynch International

MLEIAAGR Index

S&P GSCITM

Corn Index -Excess Return

Standard & Poor’s

SPGCCNP Index

S&P GSCITM

Cotton Index -Excess Return

Standard & Poor’s

SPGCCTP Index

S&P GSCITM

Soybeans Index -Excess Return

Standard & Poor’s

SPGCSOP Index

S&P GSCITM

Sugar Index -Excess Return

Standard & Poor’s

SPGCSBP Index

4

Indices Index SponsorsBloomberg

Ticker

S&P GSCITM

Wheat Index -Excess Return

Standard & Poor’s

SPGCWHP Index

Initial Level For each Index, the Closing Level on the Initial Date published by the relevant Index Sponsor

Initial Date Expected to be 21 May 2008

Denomination

(i) SGD Notes S$1,000

(ii) USD Notes U.S.$1,000

Minimum Purchase Amount

(i) SGD Notes S$10,000. The SGD Notes are sold in individual units (or denominations) of S$1,000. You must purchase a minimum of 10 Notes

(ii) USD Notes U.S.$5,000. The USD Notes are sold in individual units (or denominations) of U.S.$1,000. You must purchase a minimum of 5 Notes

Supplementary retirement scheme (“SRS”) eligibility

The Notes are not SRS eligible

Coupons

(a) SGD Notes Variable Coupons payable bimonthly in arrear on each of the Coupon Payment Dates calculated as follows:

N1 + N2

where:

Number of Index Calculation Days during the Observation Period on which the Closing Levels of all six Indices ≥ Lower Coupon Barrier but at least one Index has a Closing Level < Upper Coupon

BarrierN1 = ⅔% xNumber of Index Calculation Days

in the Observation Period

Number of Index Calculation Days during the Observation Period on which the Closing Levels of

all six Indices ≥ Upper Coupon Barrier N2 = 1⅓% x Number of Index Calculation Days


The Coupon will be calculated to the nearest 0.01 per cent., with 0.005 per cent. being rounded upwards

Expressed to be a percentage of the principal amount of one SGD Note which will be paid as the Coupon on that SGD Note bimonthly, starting from the first Coupon Payment Date

Upon Early Termination of the SGD Notes, the Issuer will

5

redeem the SGD Notes early and cease to pay the remaining Coupons

(b) USD Notes Variable Coupons payable bimonthly in arrear on each of the Coupon Payment Dates calculated as follows:

N1 + N2

where:

Number of Index Calculation Days during the Observation Period on which the Closing Levels of all six Indices ≥ Lower Coupon Barrier but at least one Index has a Closing Level < Upper Coupon

BarrierN1 = 1.00% xNumber of Index Calculation Days


Number of Index Calculation Days during the Observation Period on which the Closing Levels of

all six Indices ≥ Upper Coupon BarrierN2 = 2.00% x Number of Index Calculation Days


The Coupon will be calculated to the nearest 0.01 per cent., with 0.005 per cent. being rounded upwards

Expressed to be a percentage of the principal amount of one USD Note which will be paid as the Coupon on that USD Note bimonthly, starting from the first Coupon Payment Date

Upon Early Termination of the USD Notes, the Issuer will redeem the USD Notes early and cease to pay the remaining Coupons

Coupon Payment Dates Each Coupon Payment Date will be no later than the 10th

Singapore, London and New York City Business Day after each Observation Date and the final Coupon Payment Date will fall on the same date as the Maturity Date

Scheduled Observation Dates Expected to be 30 January, 30 March, 30 May, 30 July, 30 September and 30 November in each year, with the first Scheduled Observation Date falling on 30 July 2008 and the last Scheduled Observation Date expected to fall on 30 November 2012 for both the SGD Notes and the USD Notes

Observation Period The period commencing on and including the Index Calculation Day immediately following the Issue Date or, as the case may be, an Observation Date (other than the Final Observation Date), and ending on and including the immediate following Observation Date

Lower Coupon Barrier For each Index, 80.00 per cent. of its Initial Level

Upper Coupon Barrier For each Index, 90.00 per cent. of its Initial Level

Early Termination The SGD Notes and the USD Notes will be redeemed at 100.00 per cent. of the principal amount (in cash) plus the Coupon payable on the relevant Coupon Payment Date if the

6

Closing Levels of all Indices on the Observation Date immediately preceding the Coupon Payment Date is equal to or greater than the Call Barrier (the “Early Termination Event”)

Call Barrier For each Index, 100.00 per cent. of its Initial Level

Maturity Date Expected to be 14 December 2012

Tenor Approximately 4 years 6 months

Redemption due to taxation and other reasons

In the event of:

(a) an Event of Default under the Notes;

(b) the Securities are repaid early for any reason, for example because there is an event of default under the Securities or for tax reasons; or

(c) the Cayman Islands imposes taxes on the Issuer or on payments under the Notes which the Issuer cannot avoid,

the Notes will be redeemed early by paying the amount recovered from the sale of the Securities after deducting the costs thereof

Coupons on the Notes will cease to be payable upon such redemption. Please see Conditions 7(c) and 7(d) of the Master Conditions set out in the Replacement Base Prospectus for further details

Redemption due to an Index Adjustment Event

If the Calculation Agent determines in its sole and absolute discretion that there is no Successor Index or that it is not reasonably practicable to calculate or continue calculating the levels of the relevant Index following an Index Adjustment Event, the Issuer may elect to redeem the Notes early by giving notice to the Noteholders in accordance with Condition 16 and provide reasonable details of such situation, the fair market value of the Notes as determined by the Calculation Agent in its sole and absolute discretion and the date on which the Notes will be redeemed, and the Issuer shall redeem the Notes at the fair market value and on the date specified in such notice

Redemption at Maturity If no Early Termination of the Notes occurs or if the Notes are not redeemed early for other reasons, the Issuer will redeem the Notes on the Maturity Date at 100.00 per cent. of the principal amount in cash together with any Coupon payable, if any

Security for the Notes Securities issued by Merrill Lynch & Co., Inc.

Listing and liquidity The Notes will not be listed. If you want to sell the Notes before the Maturity Date, you can contact the Distributors at any time after three months following the Issue Date to obtain

7

a bid price. Please see “Can I sell my Notes before the Maturity Date” in the section “More Information about the Notes” for further details. Notwithstanding this, there may be a limited trading market for the Notes or no market at all: you should be prepared to hold the Notes to the Maturity Date

Rating The Notes will not be rated by any Rating Agency

Place of booking (i.e. jurisdiction where the office of the Issuer is located)

The Cayman Islands

The above is a summary of the main terms of the Notes. You should read all of this Pricing Statement and the Replacement Base Prospectus, before deciding whether or not to buy any of the Notes. To help your understanding, hypothetical examples of how the Notes work is set out in Appendix 2.

Some of the terms used in this summary will have precise definitions. For example, the Initial Date and the Observation Dates will be determined on the basis of Index Calculation Days (that is, days which are Exchange Business Days and Index Business Days). Exchange Business Days are days on which all the Exchanges and Related Exchanges are open for trading and Index Business Daysare days (other than Saturdays and Sundays) on which commercial banks and foreign exchange houses are open for business in (in the case of the Merrill Lynch Asia Agriculture Index) Hong Kong and (in the case of the S&P GSCITM Indices) New York City. As at the date of this Pricing Statement, there are no Related Exchanges and accordingly, Exchange Business Days means days on which all the Exchanges are open for trading. However, you should note that during the term of the Notes, the Calculation Agent may (in its sole and absolute discretion) determine that there are Related Exchanges which are applicable. This will then have an effect on the days which are determined to be Index Calculation Days. None of the Issuer, its directors, the Arranger, the Singapore Dealer and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian is responsible for notifying you of whether there are any applicable Related Exchanges. Please see the form of the pricing supplement of the Notes (the “Pricing Supplement”) set out in Appendix 1 for more information.

The legal terms and conditions of the Notes are constituted by the Master Conditions found in the Replacement Base Prospectus, as those terms are supplemented by the terms in the Pricing Supplement. The terms and conditions of the Notes could also be adjusted due to various Index Adjustment Events which could affect, inter alia, the Closing Levels of the Indices. Please see the Pricing Supplement for more details.

Scheduled dates for payment of Coupons, Early Termination and redemption of the Notes on the Maturity Date must be Singapore, London and New York City Business Days and will be postponed to the next Singapore, London and New York City Business Day if necessary. No extra interest or amount will be paid for the delay in payment. The Issuer may also reschedule the Issue Date, Coupon Payment Dates, Scheduled Observation Dates or Maturity Date for the Notes if the offer period for the Notes changes or if the scheduled date is not a Singapore, London and New York City Business Day or, as the case may be, Index Calculation Day.

8

RISK FACTORS

There are investment risks involved in buying the Notes. Before applying for any of the Notes, you should consider whether the Notes are suitable for you in light of your own financial circumstances and investment objectives. If you are in any doubt, get independent professional advice. In addition to the risks set out in the Replacement Base Prospectus, you should consider the following additional risks.

Although the Notes are principal protected if held until the Maturity Date or upon Early Termination, redemption of the Notes at 100.00 per cent. of the principal amount of the Notes is not guaranteed. You could still lose part, and possibly all, of your investment.

If the Issuer has to redeem the Notes early due to taxation and other reasons, it will have to sell the Securities in order to make such redemption. You will only get back, as the Early Redemption Amount (as defined in Condition 7(b) of the Master Conditions), your share of the proceeds of sale of the Securities after deducting the costs of realising the Security for the Notes. It is likely that your Early Redemption Amount will be less and could be significantly less than the principal amount of your Notes.

The Issuer will have to redeem the Notes early if:

− there is an Event of Default under the Notes;

− the Securities are repaid early for any reason, for example because there is an event of default under the Securities or for tax reasons; or

− the Cayman Islands imposes taxes on the Issuer or on payments under the Notes which the Issuer is unable to avoid.

Please see Conditions 7(c), 7(d) and 10 of the Master Conditions for more details.

Coupons will cease to be payable on the Notes after the Notes are redeemed.

In all these cases, the amount the Issuer will be able to pay back on the Notes will likely be less, and could be significantly less, than the principal amount of the Notes. It is possible that you could lose all of your investment.

Principal protection of the Notes depends on the creditworthiness of the issuer of the Securities.

The Notes are principal protected only if held until the Maturity Date or if held until the occurrence of an Early Termination Event. The Issuer will only be able to pay back 100.00 per cent. of the principal amount of the Notes if it receives the corresponding payment on the Securities. The Securities are issued by Merrill Lynch & Co., Inc. That means that you are relying on the creditworthiness of Merrill Lynch & Co., Inc. for the principal protection. Please see the section headed “Information on the Security Arrangements for the Notes” for more details. You can obtain more information about Merrill Lynch & Co., Inc. from www.ml.com. Information from the website do not form part of this Pricing Statement. Please see the risk warnings regarding references to websites on page ii.

There may be no Coupon payable on your Note.

As Coupons will only accrue on the Notes when the Closing Levels of all six of the Indices on any Index Calculation Day in the relevant Observation Period are equal to or greater than the Lower Coupon Barrier, there is no assurance the Closing Levels of the Indices will entitle you to receive any Coupon on your Note. In the event that during the Observation Period in relation to any Coupon Payment Date, the number of Index Calculation Days where the Closing Levels of all Indices are equal to or greater than the Lower Coupon Barrier is zero, the Coupon payable on the Notes for the

www.ml.com.

9

relevant Coupon Payment Date will be zero. In the event that the Closing Level of any Index is below the Lower Coupon Barrier throughout the term of the Notes (which, for the avoidance of doubt, need not be the same Index throughout), you will not receive any Coupon on your Note.

On the other hand, your potential upside is limited because the amount of Coupon payable will never exceed 8 per cent. per annum for the SGD Notes and 12 per cent. per annum for the USD Notes.

Changes in the Closing Levels of the Indices may not lead to corresponding changes in the market value of the Notes

The Notes are a structured investment product: buying the Notes is not the same as taking a position in respect of the Indices or the Index Contracts or buying the Index Securities. Increases in the Closing Levels of the Indices or the prices of the Index Securities or the Index Contracts may not lead to an increase in the market value of the Notes of the same magnitude or even any increase at all. In addition, the market value of the Notes may be affected by other factors not directly related to the Closing Levels of the Indices or the prices of the Index Securities or the Index Contracts, such as market interest rate movements.

Ownership of the Notes does not entitle an investor to any rights with respect to the Index Securities or the Index Contracts

Investors will not own or have any beneficial or other legal interest in, and will not be entitled to, any rights with respect to the Index Securities or the Index Contracts.

Each of the S&P GSCITM Indices is a rolling index

Each of the S&P GSCITM Indices is composed of futures contracts on a physical commodity. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, commodity futures contracts have a set expiration date and normally specify a certain date for delivery of the underlying physical commodity. In the case of the S&P GSCITM Indices, as the exchange-traded futures contract that comprises the S&P GSCITM Indices approaches the month before expiration, it is replaced by a contract that has a later expiration. This process is referred to as “rolling”. If the market for this contract is (putting aside other considerations) in “backwardation”, where the prices are lower in the distant delivery months than in the nearer delivery months, the sale of the nearer delivery month contract would take place at a price that is higher than the price of the distant delivery month contract, thereby creating a positive “roll yield”. Conversely, this market may trade in “contango.” Contango markets are those in which the prices of contracts are higher in the distant delivery months than in the nearer delivery months, thereby creating a negative “roll yield”. There is no indication that this market will consistently be in “backwardation” or that there will be a positive roll yield in future performance. The “roll yields” could affect the level of the S&P GSCITM Indices and the value of the Notes.

The Notes include the risk of a concentrated position in soft commodities

The Index Contracts are linked to corn, cotton, soybean, sugar and wheat, which are all soft commodities. The Index Securities comprised in the Merrill Lynch Asia Agriculture Index are selected from a potential list of equities which the research department of Merrill Lynch & Co., Inc. (“Merrill Lynch Research”) have selected to be likely to benefit from a rise in soft commodity prices in the long term. An investment in the Notes may therefore carry risks similar to a concentrated securities investment in soft commodities. Accordingly, a decline in value in soft commodities may adversely affect the performance of the Indices.

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The Notes are linked to, inter alia, the S&P GSCITM Indices, each of which is a S&P GSCITM

Excess Return Index and not a S&P GSCITM Total Return Index

The Notes are linked to, inter alia, the S&P GSCITM Indices, each of which is a S&P GSCITM Excess Return Index and not a S&P GSCITM Total Return Index, a S&P GSCITM Spot Index or a S&P GSCITM

Futures Index. A S&P GSCITM Excess Return Index reflects returns that are based on the price levels of the futures contracts as well as the discount or premium obtained by “rolling” hypothetical positions in such futures contracts forward as they approach delivery. In contrast, a S&P GSCITM Total Return Index incorporates the returns of a S&P GSCITM Excess Return Index and also reflects interest that could be earned on cash collateral invested in three-month U.S. Treasury bills, a S&P GSCITM Spot Index is based on price levels of the futures contracts included in the S&P GSCITM Indices and a S&P GSCITM Futures Price Index is intended to serve as a benchmark for the fair value of the futures contracts on the S&P GSCITM Indices traded on the Chicago Mercantile Exchange. As the Notes are linked to the S&P GSCITM Indices, each of which is a S&P GSCI Excess Return Index and not a S&P GSCI Total Return Index, a S&P GSCITM Spot Index or a S&P GSCITM Futures Index, the return from an investment in the Notes will not reflect movements in these other S&P GSCITM Indices.

Trading in the Index Contracts can be volatile

Trading in the Index Contracts is speculative and can be extremely volatile. Market prices of the Index Contracts may fluctuate rapidly based on numerous factors that may affect the respective levels of the S&P GSCITM Indices and the value of the Notes in varying ways and different factors may cause the value of the Index Contracts, and the volatility of their prices, to move in inconsistent directions at inconsistent rates.

Suspension or disruptions of market trading in the commodity and related futures markets, orin the S&P GSCITM Indices, may affect the value of the Notes

The commodity markets are subject to disruptions due to various factors. In addition, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. There can be no assurance that any such disruption or any other force majeure will not have an adverse affect on the level of, or trading in, the S&P GSCITM Indices or the manner in which each of the S&P GSCITM Indices is calculated and therefore, the value of the Notes.

The S&P Index Sponsor may adjust the S&P GSCITM Indices in a way that affects their respective levels and the S&P Index Sponsor has no obligation to consider investors’ interests

The S&P Index Sponsor is responsible for calculating and maintaining the S&P GSCITM Indices. The S&P Index Sponsor can add, delete or substitute the Index Contracts or make other methodological changes that could change the levels of the S&P GSCITM Indices. In addition, the S&P Index Sponsor may alter, discontinue or suspend calculation or dissemination of any of the S&P GSCITM Indices. The S&P Index Sponsor is under no obligation to consider an investor’s interests in calculating or revising any of the S&P GSCITM Indices. Although the Calculation Agent may make any corresponding adjustments that the Calculation Agent, acting in good faith and in a commercially reasonable manner, determines to be appropriate to the terms of the Notes to account for such change or modification, such adjustments may have an unforeseen adverse impact on the financial return of the Notes. In the event that the Calculation Agent determines that no such adjustments are possible, the Notes shall be redeemed early at the fair market value of the Notes as determined by the Calculation Agent in its sole and absolute discretion. Such fair market value of the Notes may be less, and could be significantly less, than the principal amount of the Notes. It is possible that you could lose all of your investment.

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Volatility of the Index Securities

The prices of the Index Securities are affected by various factors including but not limited to changes in governmental and economic policies, law, legislation, taxation or inflation in the relevant country in which the Index Securities are listed or in the relevant country from which the issuers of the Index Securities derive their revenue. You should also note that securities markets can experience substantial fluctuations in the prices and volumes of shares traded. A high degree of volatility means that there could be substantial fluctuations in the prices of the Index Securities, which may affect the level of the Merrill Lynch Asia Agriculture Index.

Suspension or disruptions of market trading in the equity securities and related futures markets, or in the Merrill Lynch Asia Agriculture Index, may affect the value of the Notes

The equity securities markets are subject to disruptions due to various factors. In addition, securitiesexchanges have regulations that limit the amount of fluctuation in prices in equity securities that may occur during a single business day. Limit prices have the effect of precluding trading in an equity security. There can be no assurance that any such disruption or any other force majeure will not have an adverse affect on the level of, or trading in, the Merrill Lynch Asia Agriculture Index or the manner in which the Merrill Lynch Asia Agriculture Index is calculated and therefore, the value of the Notes.

The ML Index Sponsor may adjust the Merrill Lynch Asia Agriculture Index in a way that affects its level and the ML Index Sponsor has no obligation to consider investors’ interests

The ML Index Sponsor is responsible for calculating and maintaining the Merrill Lynch Asia Agriculture Index. The ML Index Sponsor can add, delete or substitute the Index Securities or make other methodological changes that could change the levels of the Merrill Lynch Asia Agriculture Index. In addition, the ML Index Sponsor may alter, discontinue or suspend calculation or dissemination of the Merrill Lynch Asia Agriculture Index. The ML Index Sponsor is under no obligation to consider an investor’s interests in calculating or revising Merrill Lynch Asia Agriculture Index. Although the Calculation Agent may make any corresponding adjustments that the Calculation Agent, acting in good faith and in a commercially reasonable manner, determines to be appropriate to the terms of the Notes to account for such change or modification, such adjustments may have an unforeseen adverse impact on the financial return of the Notes. In the event that the Calculation Agent determines that no such adjustments are possible, the Notes shall be redeemed early at the fair market value of the Notes as determined by the Calculation Agent in its sole and absolute discretion. Such fair market value of the Notes may be less, and could be significantly less, than the principal amount of the Notes. It is possible that you could lose all of your investment.

The composition of the Indices may change

The Index Sponsors may from time to time amend the criteria for the inclusion of an Index Security or, as the case may be, an Index Contract or the formula for or the method of calculating the Indices and which may therefore affect the Closing Levels. Where such material change or material modification occur, the Calculation Agent may make any corresponding adjustments that the Calculation Agent, acting in good faith and in a commercially reasonable manner, determines to be appropriate to the terms of the Notes to account for such change or modification.

You have no rights against the Index Sponsors

Each of the Index Sponsors will not be liable to you for any error in the respective Indices and is under no obligation to advise you of such error. If, in respect of an Index, the Index Sponsor corrects the Closing Level of that Index, the Calculation Agent may, where the corrected Closing Level is published not later than the second Singapore, London and New York City Business Day immediately

12

after the relevant Observation Date or, as the case may be, the relevant Index Calculation Date, use that corrected Closing Level to determine the performance of that Index.

Discretion exercised by the Calculation Agent may have an unforeseen adverse impact on the financial return of the Notes

The Calculation Agent has the sole and absolute discretion to (i) determine whether an IndexAdjustment Event or a Market Disruption Event (save for Early Closure) has occurred and (ii) make any adjustments to the terms and conditions of the Notes. You should refer to the Pricing Supplement annexed hereto as Appendix 1 for further details about these possible adjustments. Although the Calculation Agent has a duty under the terms and conditions of the Notes to act in good faith and in a commercially reasonable manner when making determinations under the Notes, you should be aware that any determination made by the Calculation Agent is made in its sole and absolute discretion and may therefore have an unforeseen adverse impact on the financial return of the Notes. Any such discretion exercised by, or any calculation made by, the Calculation Agent (in the absence of manifest error) shall be binding on you.

The six Indices may not be an accurate proxy for agricultural prices or the agricultural related sector in general

The six Indices to which the Notes are linked to are not intended to serve as a proxy for the agricultural prices or the agricultural related sector in general and are not intended to closely track the performance of agricultural prices or the agricultural related sector in general. You should be aware that these six Indices represent only a narrow selection of agricultural commodities or agricultural related companies available. You should also be aware that the issuers of the Index Securities mayhave diversified operations and may derive a substantial part of their earnings from regions other than Asia. Accordingly, it is likely that the performance of these six Indices may not accurately track the performance of agricultural prices or the agricultural related sector in general.

Possible conflicts of interest.

Merrill Lynch may, from time to time, also engage in investment banking and other activities with the Issuer, any of the issuers of the Index Securities, either of the Index Sponsors, or any of their respective affiliates, or may trade (for their own account or for the accounts of others) in the Index Securities or the Index Contracts or take a position in respect of the Indices. In relation to any such activities, in particular those of the Arranger, the Singapore Dealer and the Calculation Agent, Merrill Lynch has not considered, and is not required to consider, your interests as a holder of the Notes. Accordingly, it is possible that conflicts may arise between the interests of Merrill Lynch in relation to such activities, and your interests as a holder of the Notes.

There is no secondary market for the Notes. If you want to sell your Notes, the Market Agent may buy your Notes through your Distributor.

The price of the Notes will fluctuate depending on factors such as market interest rate movements, foreign exchange rates, the levels of the Indices, volatility of the Indices, time premium and the market for similar securities.

If you try to sell your Notes before the Maturity Date, you will have to contact any of the Distributors starting 3 months after the Issue Date to ask for a bid price (if any) at which you can sell your Notes to the Market Agent through the Distributors. The bid prices (if any) will be provided by Merrill Lynch International and you may receive an offer which is less than the amount you invested. However, you should note that Merrill Lynch International may not provide a bid price and in such event, you may not be able to sell your Notes.

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The Notes are not listed and cannot be traded on the Singapore Exchange Securities Trading Limited or on any other securities exchange.

The only assets which back the Notes are the Securities.

The Issuer does not own any significant assets other than the Securities. The claims of Noteholders against the Issuer are limited in all circumstances to the value of the Securities. Noteholders are relying on the creditworthiness of the issuer of the Securities.

Under the Trust Deed, the claims of the Trustee for its expenses will be paid first out of the proceeds of the Securities before the claims of Noteholders are met.

The assets which back each Series of Notes are kept strictly segregated and are available to meet only those claims as are specified in the Supplemental Trust Deed which constitutes the Series of Notes which they back.

You will have no further claim against the Issuer for any loss of your investment after the Issuer has paid out all the proceeds of the Securities for the Notes. You have no right to have the Issuer wound up or put into administration.

No audited financial statements.

The Issuer is required by Singapore law to lodge a profit and loss account and balance sheet for the first six months of, and for, every financial year with the Authority and the Trustee. However, you should note that the Trustee has, as permitted under Singapore law, agreed to dispense with the requirement for the profit and loss account and balance sheet of the Issuer to be audited. Accordingly, the Issuer will not appoint any auditor and accordingly, such profit and loss account and balance sheet will not be audited by any independent third party.

The number of Indices to which the Notes are index-linked has an impact on the investment risk.

The Notes are index-linked to six Indices. All else being equal, a higher number of Indices means that the possibility of the Closing Levels of any of the Indices being below the Lower Coupon Barrier or, as the case may be, the Upper Coupon Barrier on any Index Calculation Day in any relevant Observation Period is higher when compared to a lower number of Indices. As the number of Index CalculationDays on which the Closing Levels of all Indices are equal to or greater than the Lower Coupon Barrier (with each Index being valued independently) is a factor in determining whether any Coupon is payable and the amount of Coupon payable, and the number of Index Calculation Days on which the Closing Levels of all Indices are equal to or greater than the Upper Coupon Barrier (with each Indexbeing valued independently) is a factor in determining the amount of Coupon payable, the investment risk would accordingly be higher where the number of Indices is higher.

Foreign exchange risk.

Any investor investing in Notes denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may result in a loss of principal when converted by the investor to his local currency.

In addition, exchange controls imposed by the relevant authorities may also adversely affect the applicable exchange rate and result in the receipt of reduced principal and/or otherwise make it impossible or impracticable for the Issuer to meet its repayment obligation in the original currency of the Notes.

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Purchases and sales by Merrill Lynch & Co., Inc. and its affiliates may affect the Noteholder’s return

Merrill Lynch & Co., Inc. and its affiliates may from time to time buy or sell obligations or have positions in shares, contracts or indices economically related to a series of Notes for their own account for business reasons or in connection with hedging of the obligations under the particular series of Notes. These transactions could affect the price of such obligations or shares, contracts or indices in a manner that may be adverse to the holder’s investment in the Notes. The Issuer and Merrill Lynch & Co., Inc. and its affiliates have not considered, and are not required to consider, the interests of investors as holders of the Notes in connection with entering into any of the above mentioned transactions.

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THE INDICES

The amount of Coupons payable on the Notes are linked to the Closing Levels of the six Indices throughout the term of the Notes. One of the Indices is an equity-based index, i.e. Merrill Lynch Asia Agriculture Index. Five of the Indices are commodity-based indices, namely:

(i) S&P GSCITM Corn Index - Excess Return;

(ii) S&P GSCITM Cotton Index - Excess Return;

(iii) S&P GSCITM Soybeans Index - Excess Return;

(iv) S&P GSCITM Sugar Index - Excess Return; and

(v) S&P GSCITM Wheat Index - Excess Return,

each of which are a sub-index of the S&P GSCITM Commodity Index.


The following information is a description of the Merrill Lynch Asia Agriculture Index, the methodology for calculating the Merrill Lynch Asia Agriculture Index and certain historical information. The information contained in this description relating to the Merrill Lynch Asia Agriculture Index has been derived from information provided by the ML Index Sponsor. The ML Index Sponsor accepts full responsibility for the accuracy of the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement. It confirms, having made all reasonable enquiries, that to the best of its knowledge and belief, the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement is fair and accurate in all material respects as at the date of this Pricing Statement and that there are no material facts the omission of which would make the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement misleading.

While each of the Issuer, the Arranger and the Singapore Dealer has taken reasonable care to correctly extract and reproduce such information, none of the Issuer, its directors and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian is responsible for the accuracy of this information.

None of the Issuer, its directors, the Arranger, the Singapore Dealer and the ML Index Sponsorexpects, to the best of their respective knowledge and belief, that there will be, other than as disclosed in this Pricing Statement, any legal or regulatory provisions which would materially affect the performance of the Merrill Lynch Asia Agriculture Index. None of the Issuer, the Arranger and the Singapore Dealer has conducted or will be conducting independent investigations on the Merrill Lynch Asia Agriculture Index or the Index Securities in respect of (i) any legal or regulatory provisions which may materially affect the performance of the Index Securities and (ii) the material terms or agreements involving the Index Securities. None of the Issuer, its directors, the Arranger, the Singapore Dealer and the ML Index Sponsor makes any representations as to the Merrill Lynch Asia Agriculture Index or the Index Securities, save that the ML Index Sponsor accepts full responsibility for the accuracy of the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief, the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement is fair and accurate in all material respects as at the date of this

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Pricing Statement and that there are no material facts the omission of which would make the information (other than any information relating to the Index Securities) relating to the Merrill Lynch Asia Agriculture Index contained in this Pricing Statement misleading. Investors should make their own investigations and analysis of the Merrill Lynch Asia Agriculture Index or the Index Securities.

In the description of the Merrill Lynch Asia Agriculture Index:

“Allocated Amount” means an amount equal to the Daily Index Closing Value on the relevant Inclusion Date or IPO Inclusion Date multiplied by the Target Percentage Weight for each New Index Security on such Inclusion Date or IPO Inclusion Date, as the case may be;

“Capital Control Event” means, in respect of each Index Security and the local currency in which such Index Security is denominated or traded on the relevant Exchange or of the jurisdiction in which the issuer of the Index Security is incorporated and (if different) in which it has its principal place of business and/or where the relevant Exchange is situated:

(i) an event affecting the convertibility between such local currency and USD and/or transferability within or from the jurisdiction of such local currency;

(ii) the imposition by any such jurisdiction (or any political or regulatory authority thereof), in respect of such local currency, of any capital controls or any similar event, or the publication of any notice of an intention to do so;

(iii) change in laws or regulations affecting foreign investment in any such jurisdiction affecting foreign ownership of and/or dealing in local shares; or

(iv) any other event in any such jurisdiction which would make it impossible or impracticable for any holder of such Index Security to transfer legal and beneficial title of that Index Security without official consent and/or to obtain payment for such Index Security in immediately available and freely transferable funds;

“Daily Index Closing Value” means in respect of each Index Calculation Day, the value of the Merrill Lynch Asia Agriculture Index as calculated and reported by the ML Index Sponsor in respect of such Index Calculation Day, which shall be equal to the aggregate figure resulting from the sum of all products of (a) the Weight for each Index Security and (b) the closing price of each Index Security, adjusted by the most recently reported exchange rate for the relevant currency in which the price of the Index Security is quoted compared to USD, as reported by Bloomberg or any substitute information provider selected by the ML Index Sponsor in its sole and absolute discretion. If such exchange rate is not so reported on an Exchange Business Day, the ML Index Sponsor shall, in its sole and absolute discretion, determine the exchange rate having regard to then prevailing market conditions, the last published exchange rate and such other conditions that the ML Index Sponsor determines relevant in determining such exchange rate. The ML Index Sponsor shall not be obliged to monitor or review such actual rates of exchange or to make any such determination in any circumstances; and

“Weight” means, in relation to each Index Security, the number of such Index Security and portions thereof contained in the Merrill Lynch Asia Agriculture Index, rounded to the nearest one hundred millionth.

General Description

The Merrill Lynch Asia Agriculture Index was launched on 31 January 2008 and is intended to reflect the price return performance of a changing selection of stocks, reflecting the current constituents of the Merrill Lynch Asia Agriculture Index selected by Merrill Lynch Research. The Merrill Lynch Asia Agriculture Index is intended to provide exposure to Asian stocks likely to benefit from a rise in soft

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commodity prices in the long term. The companies can be listed in Hong Kong, China, Korea, Singapore, Indonesia, Pakistan, Australia, Philippines, Malaysia, Taiwan and Thailand, and (i) are not required to have a “Buy”, “Hold” or “Sell” rating by Merrill Lynch Research and (ii) if rated by Merrill Lynch Research, can have any rating, including a “Sell” rating.

The Merrill Lynch Asia Agriculture Index does not reflect a reinvestment of dividend payments made in respect of the Index Securities, unless the ML Index Sponsor decides otherwise in its sole and absolute discretion. If this occurs with respect to an Index Security, then the respective Weight of the Index Securities will be adjusted, as determined by the ML Index Sponsor in its sole discretion, to reflect the net payment of the dividend.

There is no guarantee that Merrill Lynch Research will continue to select stocks for potential inclusion in the Merrill Lynch Asia Agriculture Index; further Merrill Lynch Research gives no representation or assurance, and is under no obligation or commitment, to provide any research relating to the Merrill Lynch Asia Agriculture Index at any point in the future. In the event of a discontinuation of the publication of the selection of stocks, the constituents of the Merrill Lynch Asia Agriculture Index may either remain static, i.e., no rebalancing takes place, or a successor publication may be chosen by the ML Index Sponsor in its sole and absolute discretion.

Methodology

1. Selection of Index Securities

1.1 Selection Pool

The ML Index Sponsor shall determine the Index Securities at any time and from time to time. The Index Securities shall be selected from a pool of securities that have been determined by the ML Index Sponsor in its sole and absolute discretion, to have the following characteristics (the “SelectionCriteria”):

(a) meaningful exposure to the Asia Agriculture theme, as determined by Merrill Lynch Research in its sole and absolute discretion. For the purposes of the Merrill Lynch Asia Agriculture Index, “meaningful exposure” includes, but is not limited to, stocks issued by companies that have at least 30% of earnings before income tax or operating profits in the Asia Agriculture sector and/or 50% of their valuation attributable to the sector;

(b) minimum liquidity of USD2,000,000 per trading day (on the relevant exchange) averaged over a three month period and a twenty day period;

(c) minimum market capitalisation of USD500,000,000, calculated by multiplying the number of outstanding shares by the latest closing price on the day prior to the announcement of the inclusion of such stock into the Merrill Lynch Asia Agriculture Index;

(d) full listing on its respective stock exchange, as determined by the ML Index Sponsor in its sole and absolute discretion;

(e) not subject to a Capital Control Event; and

(f) listed in Hong Kong, China, Korea, Singapore, Indonesia, Pakistan, Australia, Philippines, Malaysia, Taiwan and Thailand.

The pool of securities that satisfy the Selection Criteria (as determined by the ML Index Sponsor in its sole and absolute discretion) (the “Selection Pool Securities”) shall form the pool of securities from which the ML Index Sponsor will select to include as one of the Index Securities.

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1.2 Inclusion of Index Securities

(a) On the 10th Exchange Business Day of June and December in each calendar year (the “Index Review Date”), the ML Index Sponsor may elect at its sole and absolute discretion to include Selection Pool Securities in the Merrill Lynch Asia Agriculture Index (the “New Index Securities”), such inclusion to take effect on and from the fifth Index Calculation Day following the relevant Index Review Date (the “Inclusion Date”).

(b) In addition, the ML Index Sponsor may but is not obliged to elect to include stocks resulting from an initial public offering (“IPO Stocks”) on days other than Index Review Dates, provided that such IPO Stocks satisfy the Selection Criteria. Inclusion of such IPO Stocks in the Merrill Lynch Asia Agriculture Index shall take effect on and from the 15th Exchange Business Day for that IPO Stock (the “IPO Inclusion Date”), provided that such Exchange Business Day is also an Index Calculation Day. If the IPO Inclusion Date is not an Index Calculation Day, the inclusion of the IPO Stock shall take effect on and from the first Index Calculation Day following the IPO Inclusion Date.

In the event that the inclusion of such an IPO Stock would result in more than 40 Index Securities, the ML Index Sponsor will select in its sole and absolute discretion, an Index Security and remove that Index Security in favour of the IPO Stock. Such Index Security will be selected on the basis of:

(i) liquidity per trading day (on the relevant Exchange) averaged over a six monthperiod; and

(ii) the overall sector allocation within the Merrill Lynch Asia Agriculture Index, such allocation to be at the sole and absolute discretion of the ML Index Sponsor.

Upon the inclusion of any New Index Securities or any IPO Stock in the Merrill Lynch Asia Agriculture Index, the Merrill Lynch Asia Agriculture Index may be rebalanced. Please see the section “Calculation and Rebalancing” below.

1.3 Exclusion of Index Securities

On any Index Review Date, the ML Index Sponsor, may select Index Securities to be excluded from the Merrill Lynch Asia Agriculture Index (the “Excluded Index Securities”) as of the corresponding Inclusion Date, if any such Index Securities no longer satisfies the Selection Criteria.

Upon the exclusion of any Excluded Index Security from the Merrill Lynch Asia Agriculture Index, the Merrill Lynch Asia Agriculture Index may be rebalanced. Please see the section “Calculation and Rebalancing” below.

1.4 Number of Index Securities

The Merrill Lynch Asia Agriculture Index shall at no point contain less than 10 Index Securities nor more than 40 Index Securities, save as otherwise may be required as described in section 3 “Index Adjustments and Calculation” below.

In the event that there are more than 40 Selection Pool Securities that could be included in the Merrill Lynch Asia Agriculture Index, the ML Index Sponsor shall select the 40 most liquid Selection Pool Securities.

In the event that there is insufficient Selection Pool Securities to enable the Merrill Lynch Asia Agriculture Index to contain at least 10 Index Securities, the ML Index Sponsor may but is not obliged to modify the Selection Criteria by reducing the market capitalisation requirement. If this does not

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enable the inclusion of at least 10 Index Securities, then the ML Index Sponsor may also, but is not obliged to, reduce the liquidity requirements.

2. Calculation and Rebalancing

2.1 Index Calculation

The ML Index Sponsor will calculate and report on Bloomberg page MLEIAAGR <Index> (or any successor pages at its sole and absolute discretion) the Daily Index Closing Value of the Merrill Lynch Asia Agriculture Index on each Index Calculation Day.

2.2 Rebalancing the Index

On any Inclusion Date or IPO Inclusion Date on which New Index Securities or IPO Stocks are added and/or Excluded Index Securities are removed, the ML Index Sponsor, in its sole and absolute discretion, may but shall not be obliged to adjust the composition of the Merrill Lynch Asia Agriculture Index to (a) include the New Index Securities and/or IPO Stocks and/or exclude the Excluded Index Securities; and (b) adjust the Weight of some or all of the Index Securities.

On any Inclusion Date or IPO Inclusion Date, to the extent that the ML Index Sponsor elects to make an adjustment to the composition of the Merrill Lynch Asia Agriculture Index, the Index Securities will first be equally percentage weighted and then the percentage weight of each Index Security will be adjusted using the following liquidity adjustment:

(a) If the trading of a notional USD150,000,000 basket of the Index Securities (the “Notional Index Basket”) would result in an Index Security’s average turnover over a three monthperiod (the “Three Month Average Turnover”) and twenty day period (the “20 Day Average Turnover”) being exceeded, then the percentage weight of such Index Security will be adjusted by reducing it such that it would not take more than its Three Month Average Turnover or its 20 Day Average Turnover (whichever is the lower) to trade in the Notional Index Basket.

(b) The excess percentage weight resulting from such reduction will be evenly distributed to the other Index Securities, provided that those Index Securities would not, as a result, require more than their respective Three Month Average Turnovers or its 20 Day Average Turnovers (whichever is the lower) to trade in the Notional Index Basket.

(c) This process will be repeated for each Index Security until no Index Securities would require more than their respective Three Month Average Turnovers or its 20 Day Average Turnovers (whichever is the lower) to trade in the Notional Index Basket.

(d) The resulting percentage weight allocation in respect of an Index Security will be its target percentage weight (the “Target Percentage Weight”).

The Weight for each Index Security shall be calculated as the Allocated Amount divided by the closing price of such Index Security on the relevant Inclusion Date or IPO Inclusion Date.

On any Inclusion Date or IPO Inclusion Date, the ML Index Sponsor may also, in its sole and absolute discretion, adjust the Weight of some or all of the Index Securities such that each Index Securityachieves its Target Percentage Weight, without changing the composition of the Merrill Lynch Asia Agriculture Index.

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3. Index Adjustments and Calculation

3.1 Market Disruption Events

If on any Index Calculation Day, there is a Market Disruption Event, the ML Index Sponsor shall calculate the Daily Index Closing Value of the Merrill Lynch Asia Agriculture Index for that Index Calculation Day, using the value of the Index Security or Index Securities affected by such Market Disruption Event which the ML Index Sponsor shall in its sole and absolute discretion calculate, having regard to the then prevailing market conditions, the last reported trading price of such Index Security or Index Securities and such other conditions that the ML Index Sponsor, in its sole and absolute discretion, determines relevant on the valuation of the Index Security or the Index Securities.

3.2 Other Adjustments

Other than adjustments to be made pursuant to Market Disruption Events, other events may also affect the theoretical value of the Merrill Lynch Asia Agriculture Index or of one or more Index Securities (including any corporate action affecting one or more Index Securities). Accordingly, the ML Index Sponsor may, at is sole and absolute discretion, and where it considers it appropriate to reflect such changes, make additional adjustments to the weights, as applicable, the number and kind of Index Securities comprising the Merrill Lynch Asia Agriculture Index and/or the Closing Price of an Index Security to reflect changes occurring in relation to such Index Security or the Merrill Lynch Asia Agriculture Index.

Current Composition

The last review of the Merrill Lynch Asia Agriculture Index was done on 25 January 2008 and the first rebalancing is expected to be carried out in June 2008. The following table lists the current composition of the Merrill Lynch Asia Agriculture Index. There are 23 Index Securities selected based on the Selection Criteria. Agricultural products is currently the largest sub-industry in the Merrill Lynch Asia Agriculture Index (constituting 47.6% of the Merrill Lynch Asia Agriculture Index) followed by fertilizer and agriculture chemicals (constituting 45.1% of the Merrill Lynch Asia Agriculture Index). 23.3% of the Index Securities by weight are Hong Kong listed, 17.1% listed in Australia, and the rest in Indonesia, Singapore, Malaysia, Pakistan, Korea and Taiwan.

Code Name

Liquidity(USD

million)

Market Capitalisation(USD million)

Country of Listing

Final Weights

ENGRO PA Engro Chemical Pak Ltd 23.1 1,209.6 Pakistan 7.7%025860 KS Namhae Chemical Corp 29.8 1,362.0 South

Korea7.6%

IPL AU Incitec Pivot 41.6 6,725.5 Australia 7.4%1722 TT Taiwan Fertilizer Co Ltd 40.6 4,093.9 Taiwan 7.2%NUF AU Nufarm Ltd 13.8 2,904.0 Australia 6.8%297 HK Sinofert Holdings Ltd 15.8 6,285.3 Hong

Kong6.1%

606 HK China Agri-Industries Hldgs 4.8 2,311.1 Hong Kong

6.0%

3983 HK China Bluechemical Ltd - H 7.2 972.9 Hong Kong

5.3%

IOI MK Ioi Corporation Bhd 31.8 13,171.9 Malaysia 5.3%GGR SP Golden Agri-Resources Ltd 24.9 6,252.6 Singapore 5.2%IFAR SP Indofood Agri Resources Ltd 12.0 2,129.6 Singapore 5.1%

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Code Name

Liquidity(USD

million)

Market Capitalisation(USD million)

Country of Listing

Final Weights

682 HK Chaoda Modern Agriculture 8.0 2,786.2 Hong Kong

4.9%

KLK MK Kuala Lumpur Kepong Bhd 7.9 5,289.8 Malaysia 3.9%FCL AU Futuris Corporation Limited 6.4 1,368.0 Australia 3.4%UNSP IJ Bakrie Sumatera Plantatio PT 13.7 559.5 Indonesia 3.2%SGRO IJ Sampoerna Agro Tbk PT 2.8 656.9 Indonesia 2.7%FFBL PA Fauji Fertilizer Bin Qasim 5.7 670.5 Pakistan 2.3%AALI IJ Astra Agro Lestari Tbk PT 6.9 4,019.2 Indonesia 2.1%FFC PA Fauji Fertilizer Company Ltd 4.1 1,136.3 Pakistan 2.0%LSIP IJ Pp London Sumatra Indones

PT5.9 1,215.3 Indonesia 1.6%

AWB AU Awb Ltd 3.2 865.5 Australia 1.6%ASP MK Asiatic Development Berhad 3.3 1,873.5 Malaysia 1.4%904 HK China Green (Holdings) Ltd 2.2 973.1 Hong

Kong1.4%

Source: Merrill Lynch Equity Derivatives StrategyWeights as of 8 April 2008

The following charts show the country and sub-industry distributions of the Merrill Lynch Asia Agriculture Index as of 8 April 2008.

Hong Kong23.6%

Australia19.1%

Indonesia9.6%

Singapore10.2%

Malaysia10.6%

Pakistan12.0%

South Korea7.6%

Taiwan7.2%

Merrill Lynch Asia Agriculture Index Country Distribution

Source: Merrill Lynch Equity Derivatives Strategy (as of 8 April 2008)

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Agricultural Products41.0%

Fertilizers & Agricultural Chemicals

52.3%

Food Distributors1.6%Diversified Commercial

& Professional Services5.1%

Merrill Lynch Asia Agriculture Index Sub-Industry Distribution

Source: Merrill Lynch Equity Derivatives Strategy (as of 8 April 2008)

The ML Index Sponsor will employ the methodology described herein and its determinations in the application of such methodology shall be final, except in the case of manifest error. While the ML Index Sponsor currently employs the described methodology to calculate the Merrill Lynch Asia Agriculture Index, no assurance can be given that market, regulatory, juridical or fiscal circumstances will not arise that would, in the view of the ML Index Sponsor, necessitate a modification or change ofsuch methodology.

In addition, the ML Index Sponsor may modify the Merrill Lynch Asia Agriculture Index without the consent of any person for the purposes of curing any ambiguity or correcting or supplementing any provision or replacing any information provider or information source or any previous replacement information provider or source. The ML Index Sponsor has no responsibility or obligation to inform any person (including holders of the Notes) about such modification, change or replacement. The ML Index Sponsor will use reasonable efforts to assure that such modifications, changes and replacements will result in a methodology that is consistent with the methodology described above.

S&P GSCITM Indices

The following information is a description of the S&P GSCITM Commodity Index (of which the S&P GSCITM Indices are sub-indices) and the S&P GSCITM Indices, including, without limitation, their respective make-up, the method of calculation and changes in the components. The following information has been derived from publicly available information prepared by the S&P Index Sponsor. While each of the Issuer, the Arranger and the Singapore Dealer has taken reasonable care to correctly extract and reproduce such information, none of the Issuer, its directors, the Arranger, the Singapore Dealer and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian is responsible for the accuracy of this information.

None of the Issuer, the Arranger and the Singapore Dealer has conducted or will be conducting independent investigations on the S&P GSCITM Indices or the Index Contracts in respect of (i) any

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legal or regulatory provisions which may materially affect the performance of the S&P GSCITM Indices or the Index Contracts and (ii) the material terms or agreements involving the S&P GSCITM Indices or the Index Contracts. None of the Issuer, its directors or Merrill Lynch, including without limitation the Arranger and the Singapore Dealer makes any representations as to the S&P GSCITM Indices or the Index Contracts. Investors should make their own investigations and analysis of the S&P GSCITM

Indices or the Index Contracts.

General Description

Each of the S&P GSCITM Indices is a sub-index of the S&P GSCITM Commodity Index, which isdetermined and published by the S&P Index Sponsor. The S&P GSCITM Commodity Index is designed as a benchmark for investment in the commodity markets and as a measure of commodity market performance over time. The S&P GSCITM Commodity Index is also designed as a “tradable” index that is readily accessible to market participants. To achieve these objectives, the S&P GSCITM Commodity Index is calculated primarily on a world production-weighted basis and comprises physical commodities that are actively traded in liquid futures markets.

The Goldman Sachs Group first began publishing the S&P GSCITM Commodity Index, of which each of the S&P GSCITM Indices is a sub-index, in 1991. In addition, although the S&P GSCITM Commodity Index was not published prior to that time, Goldman Sachs calculated the historical value of the S&P GSCITM Commodity Index and related indices beginning on January 2, 1970, based on actual prices from that date forward and the selection criteria, methodology and procedures in effect during the applicable periods of calculation (or, in the case of all calculation periods prior to 1991, based on the selection criteria, methodology and procedures adopted in 1991). The S&P GSCITM Commodity Indexwas normalised to a value of 100 on 2 January 1970, in order to permit comparisons of the value of the S&P GSCITM Commodity Index to be made over time. The S&P Index Sponsor acquired the S&P GSCITM Commodity Index (along with the sub-indices, including but not limited to the S&P GSCITM

Indices) in February 2007.

Methodology

The S&P GSCITM Commodity Index methodology is divided into five substantive sections: (1) the selection criteria for inclusion of contracts in the S&P GSCITM Commodity Index; (2) the methodology for determining the weight of each such contract; (3) the methodology for determining the contract expirations of each contract included in the S&P GSCITM Commodity Index; (4) the methodology for determining the normalising constant used in calculating the value of the S&P GSCITM Commodity Index; and (5) the methodology for calculating the value of the S&P GSCITM Commodity Index. Together, these elements determine the value of the S&P GSCITM Commodity Index on any given day,which is equal to the total dollar weight of the S&P GSCITM Commodity Index divided by a normalising constant that assures the continuity of the S&P GSCITM Commodity Index over time. The S&P GSCITM

Indices, being sub-indices of the S&P GSCITM Commodity Index, employs the same methodology.

1. Index Committee

The Index Committee (the “Committee”) oversees the daily management and operations of the S&P GSCITM Commodity Index, and is responsible for all analytical methods and calculation in the sub-indices, including the S&P GSCITM Indices. The Committee is comprised of three full-time professional members of the S&P Index Sponsor’s staff and two members of the Goldman Sachs Group. At each meeting, the Committee reviews any issues that may affect index constituents, statistics comparing the composition of the indices to the market, commodities that are being considered as candidates for addition to an index, and any significant market events. In addition, the Committee may revise index policy covering rules for selecting commodities, or other matters. The S&P Index Sponsor has established an Index Advisory Panel (the “Panel”) to assist it in connection with the operation of the

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S&P GSCITM Commodity Index. The Panel meets on an annual basis and at other times at the request of the Committee. The principal purpose of the Panel is to advise the Committee with respect to, among other things, the calculation of the S&P GSCITM Commodity Index, the effectiveness of the S&P GSCITM Commodity Index as a measure of commodity futures market performance and the need for changes in the composition or methodology of the S&P GSCITM Commodity Index. The Panel acts solely in an advisory and consultative capacity and does not make any decisions with respect to the composition, calculation and operation of the S&P GSCITM Commodity Index.

2. Contract Eligibility Requirements

To be eligible for inclusion in the S&P GSCITM Commodity Index, a commodity futures contract (a “Contract”) must:

(i) be based on a physical commodity and may not be based on a financial commodity;

(ii) have a specified expiration or term or provide in some other manner for delivery or settlement at a specified time, or within a specified time period, in the future;

(ii) at any given point in time, be available for trading at least five months prior to its expiration or such other date or time period specified for delivery or settlement;

(iv) be denominated in USD;

(v) be traded on or through a trading facility that has its principal place of business in a country that is a member of the Organization for Economic Cooperation and Development that:

(a) makes price quotations generally available to its members in a manner that provides reasonably reliable indications of the level of the particular market at any given point in time;

(b) makes reliable trading information available to the S&P Index Sponsor so that the S&P Index Sponsor can make monthly determinations;

(c) accepts bids and offers from multiple participants or price providers; and

(d) is accessible to a sufficiently broad range of participants;

(vi) include a reference or benchmark price that has been available on a continuous basis for at least two years prior to the proposed date of inclusion, provided that in appropriate circumstances, the S&P Index Sponsor, in consultation with the Committee, may determine that a shorter time period is sufficient or that historical reference prices for such Contract may be derived from reference prices for a similar or related Contract;

(vii) include a reference price for such Contract which must be published between 10:00 a.m. and 4:00 p.m. in New York City, on each business day on which the relevant trading facility (the “Facility”) is open and trades in the Contract;

(viii) have available volume data for at least three months immediately preceding the date on which the determination is made;

(ix) be traded over a sufficient time period on each day so as to sufficiently support the tradability of the S&P GSCITM Commodity Index taken as a whole; and

(x) satisfy volume trading requirements and certain percentage dollar weight requirements.

As of 2008, twenty-four Contracts meet the eligibility requirements for inclusions in the S&P GSCITM

Commodity Index.

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3. Contract Daily Return

The contract daily return on any given day is equal to the sum, for each of the commodities included in the S&P GSCITM Commodity Index, of the applicable daily contract reference price on the relevant contract multiplied by the appropriate contract production weights (“CPW”) and the appropriate “roll weight,” divided by the total dollar weight of the S&P GSCITM Commodity Index on the preceding day, minus one.

The total dollar weight of the S&P GSCITM Commodity Index is the sum of the dollar weight of each of the underlying commodities. The dollar weight of each such commodity on any given day is equal to (i) the daily contract reference price, (ii) multiplied by the appropriate CPWs and (iii) during a roll period,the appropriate “roll weights”.

The daily contract reference price used in calculating the dollar weight of each commodity on any given day is the most recent daily contract reference price made available by the relevant Facility, except that the daily contract reference price for the most recent prior day will be used if the exchange is closed or otherwise fails to publish a daily contract reference price on that day. In addition, if the Facility fails to make a daily contract reference price available or publishes a daily contract reference price that, in the reasonable judgment of the S&P Index Sponsor, reflects manifest error, the relevant calculation will be delayed until the price is made available or corrected; provided that, if the price is not made available or corrected by 4:00 p.m. New York City time, the S&P Index Sponsor may, if it deems such action to be appropriate under the circumstances, determine the appropriate daily contract reference price for the applicable futures contract in its reasonable judgment for purposes of the relevant S&P GSCITM Commodity Index calculation.

The “roll weight” of each commodity reflects the fact that the positions in contracts must be liquidated or rolled forward into more distant contract expirations as they approach expiration. Since the S&P GSCITM Commodity Index is designed to replicate the performance of actual investments in the underlying contracts, the rolling process incorporated in the S&P GSCITM Commodity Index also takes place over a period of days at the beginning of each month (the “roll period”). On each day of the roll period, the “roll weights” of the first nearby contract expirations on a particular commodity and the more distant contract expiration into which it is rolled are adjusted, so that the hypothetical position in the contract on the commodity that is included in the S&P GSCITM Commodity Index is gradually shifted from the first nearby contract expiration to the more distant contract expiration.

If any of the following conditions exists on any day during a roll period, the portion of the roll that would have taken place on that day is deferred until the next day on which such conditions do not exist: (i) no daily contract reference price is available for a given contract expiration; (ii) any such price represents the maximum or minimum price for such contract month, based on exchange price limits; (iii) the daily contract reference price published by the relevant Facility reflects manifest error, or such price is not published by 4:00 p.m., New York City time (in such event, the S&P Index Sponsor may determine a daily contract reference price and complete the relevant portion of the roll based on such price, but must revise the portion of the roll if the Facility publishes a price before the opening of trading on the next day); or (iv) trading in the relevant contract terminates prior to its scheduled closing time.

If any of these conditions exist throughout the roll period, the roll will be effected in its entirety on the next day on which such conditions no longer exist.

4. Contract Expirations

Because the S&P GSCITM Commodity Index is composed of actively traded contracts with scheduled expirations, it can only be calculated by reference to the prices of contracts for specified expiration, delivery or settlement periods, (the “contract expirations”). The contract expirations included in the

26

S&P GSCITM Commodity Index for each commodity during a given year are designated by the S&P Index Sponsor, in consultation with the Panel, provided that each such contract must be an active contract. An “active contract” for this purpose is a liquid, actively traded contract expiration, as defined or identified by the relevant Facility or, if no such definition or identification is provided by the relevant Facility, as defined by standard custom and practice in the industry.

If a Facility deletes one or more contract expirations, the S&P GSCITM Commodity Index will be calculated during the remainder of the year in which such deletion occurs on the basis of the remaining contract expirations designated by the S&P Index Sponsor. If a Facility ceases trading in all contract expirations relating to a particular contract, the S&P Index Sponsor may designate a replacement contract on the commodity. The replacement contract must satisfy the eligibility criteria for inclusion in the S&P GSCITM Commodity Index. To the extent practicable, the replacement will be effected during the next monthly review of the composition of the S&P GSCITM Commodity Index.

The S&P GSCITM—Excess Return

The S&P GSCITM—Excess Return (the “S&P GSCITM—ER”) is a world production-weighted index that is designed to reflect the relative significance of each of the underlying commodities in the world economy. The S&P GSCITM—ER represents the return of a portfolio of commodity futures contractsincluded in the S&P GSCITM Commodity Index, the composition of which, on any given day, reflects the CPW and “roll weights” of the contracts included in the S&P GSCITM Commodity Index.

The value of the S&P GSCITM—ER on any given day is equal to the product of (i) the value of the S&P GSCITM—ER on the immediately preceding day multiplied by (ii) one plus the contract daily return on the day on which the calculation is made. The value of the S&P GSCITM—ER is indexed to anormalised value of 100 on 2 January 1970.

Standard & Poor’s calculates and publishes the value of the S&P GSCITM—ER and the S&P GSCITM

Indices, continuously on each business day, with such values updated every several minutes. Standard & Poor’s publishes an official daily settlement price for the S&P GSCITM Indices on each business day between 4:00 p.m. and 6:00 p.m. in New York City.

S&P GSCITM Corn Index - Excess Return

As presently constituted, the only contract in the S&P GSCITM Commodity Index used to calculate the S&P GSCITM Corn Index - Excess Return is the corn futures contract traded on the Chicago Board of Trade.

The corn futures contract included in the S&P GSCITM Corn Index - Excess Return changes because the contract included in the S&P GSCITM Corn Index - Excess Return at any given time is currently required to be the corn futures contract traded on the Chicago Board of Trade with the closest expiration date (the “front-month contract”).

The cycle for generic rolls at expiration occurs in March, May, July, September and December of each year.

The S&P GSCITM Corn Index - Excess Return incorporates a methodology for rolling into the contract with the next closest expiration date (the “next-month contract”). The S&P GSCITM Corn Index -Excess Return gradually reduces the weighting of the front-month contract and increases the weighting of the next-month contract over a five business day period commencing on the fifth business day of the month, so that on the first day of the roll-over the front-month contract represents 80% and the next-month contract represents 20% of the S&P GSCITM Corn Index - Excess Return, and on the fifth day of the roll-over period (i.e. the ninth business day of the month) the next-month contract represents 100% of the S&P GSCITM Corn Index - Excess Return.

27

S&P GSCITM Cotton Index - Excess Return

As presently constituted, the only contract in the S&P GSCITM Commodity Index used to calculate the S&P GSCITM Cotton Index - Excess Return is the cotton futures contract traded on the ICE (IntercontinentalExchange®) Futures U.S.

The cotton futures contract included in the S&P GSCITM Cotton Index - Excess Return changes because the contract included in the S&P GSCITM Cotton Index - Excess Return at any given time is currently required to be the cotton futures contract traded on the ICE Futures U.S. with the closest expiration date (the “front-month contract”).

The cycle for generic rolls at expiration occurs in March, May, July, October and December of each year.

The S&P GSCITM Cotton Index - Excess Return incorporates a methodology for rolling into the contract with the next closest expiration date (the “next-month contract”). The S&P GSCITM Cotton Index - Excess Return gradually reduces the weighting of the front-month contract and increases the weighting of the next-month contract over a five business day period commencing on the fifth business day of the month, so that on the first day of the roll-over the front-month contract represents 80% and the next-month contract represents 20% of the S&P GSCITM Cotton Index - Excess Return, and on the fifth day of the roll-over period (i.e. the ninth business day of the month) the next-month contract represents 100% of the S&P GSCITM Cotton Index - Excess Return.

S&P GSCITM Soybeans Index - Excess Return

As presently constituted, the only contract in the S&P GSCITM Commodity Index used to calculate the S&P GSCITM Soybeans Index - Excess Return is the soybeans futures contract traded on the Chicago Board of Trade.

The soybeans futures contract included in the S&P GSCITM Soybeans Index - Excess Return changes because the contract included in the S&P GSCITM Soybeans Index - Excess Return at any given time is currently required to be the soybeans futures contract traded on the Chicago Board of Trade with the closest expiration date (the “front-month contract”).

The cycle for generic rolls at expiration occurs in January, March, May, July, August, September and November of each year.

The S&P GSCITM Soybeans Index - Excess Return incorporates a methodology for rolling into the contract with the next closest expiration date (the “next-month contract”). The S&P GSCITM

Soybeans Index - Excess Return gradually reduces the weighting of the front-month contract and increases the weighting of the next-month contract over a five business day period commencing on the fifth business day of the month, so that on the first day of the roll-over the front-month contract represents 80% and the next-month contract represents 20% of the S&P GSCITM Soybeans Index -Excess Return, and on the fifth day of the roll-over period (i.e. the ninth business day of the month) the next-month contract represents 100% of the S&P GSCITM Soybeans Index - Excess Return.

S&P GSCITM Sugar Index - Excess Return

As presently constituted, the only contract in the S&P GSCITM Commodity Index used to calculate the S&P GSCITM Sugar Index - Excess Return is the sugar futures contract traded on the ICE (IntercontinentalExchange®) Futures U.S.

The sugar futures contract included in the S&P GSCITM Sugar Index - Excess Return changes because the contract included in the S&P GSCITM Sugar Index - Excess Return at any given time is currently required to be the sugar futures contract traded on the ICE Futures U.S. with the closest expiration date (the “front-month contract”).

28

The cycle for generic rolls at expiration occurs in January, March, May, July and October of each year.

The S&P GSCITM Sugar Index - Excess Return incorporates a methodology for rolling into the contract with the next closest expiration date (the “next-month contract”). The S&P GSCITM Sugar Index -Excess Return gradually reduces the weighting of the front-month contract and increases the weighting of the next-month contract over a five business day period commencing on the fifth business day of the month, so that on the first day of the roll-over the front-month contract represents 80% and the next-month contract represents 20% of the S&P GSCITM Sugar Index - Excess Return, and on the fifth day of the roll-over period (i.e. the ninth business day of the month) the next-month contract represents 100% of the S&P GSCITM Sugar Index - Excess Return.

S&P GSCITM Wheat Index - Excess Return

As presently constituted, the two contracts in the S&P GSCITM Commodity Index used to calculate the S&P GSCITM Wheat Index - Excess Return is the wheat futures contract traded on the Chicago Board of Trade and Kansas City Board of Trade.

The wheat futures contract included in the S&P GSCITM Wheat Index - Excess Return changes because the contract included in the S&P GSCITM Wheat Index - Excess Return at any given time is currently required to be the wheat futures contract traded on the Chicago Board of Trade and Kansas City Board of Trade with the closest expiration date (the “front-month contract”).

The cycle for generic rolls at expiration occurs in March, May, July, September and December of each year.

The S&P GSCITM Wheat Index - Excess Return incorporates a methodology for rolling into the contract with the next closest expiration date (the “next-month contract”). The S&P GSCITM Wheat Index - Excess Return gradually reduces the weighting of the front-month contract and increases the weighting of the next-month contract over a five business day period commencing on the fifth business day of the month, so that on the first day of the roll-over the front-month contract represents 80% and the next-month contract represents 20% of the S&P GSCITM Wheat Index - Excess Return, and on the fifth day of the roll-over period (i.e. the ninth business day of the month) the next-month contract represents 100% of the S&P GSCITM Wheat Index - Excess Return.

Please refer to Appendix 3 - “More Information about the Indices” for more information on the Indices.

29

HOW CAN I BUY SOME NOTES?

You can buy the Notes from the Distributors listed here. Call the Distributors’ hotlines below to find out more about how to buy from the Distributors or to get a list of branches where you can place your order for the Notes. You can also find out how to get a copy of the Replacement Base Prospectus by calling any of the hotlines during normal business hours.

Distributors Hotline Number

Citibank Singapore Limited 6333 9000OCBC Securities Private Limited 6538 4775Standard Chartered Bank 1800 747 7000

The Issuer may appoint additional distributors in relation to the Notes on or after the date of this Pricing Statement. You may request for the names and addresses of such distributors (if any) by going to the offices of the Singapore Dealer at 1 Temasek Avenue #28-01 Millenia Tower Singapore 039192 during normal business hours and not on Saturdays, Sundays or public holidays. References in this Pricing Statement to the “Distributor” or “Distributors” shall be deemed to refer to and/or include any such additional distributors appointed on or after the date of this Pricing Statement.

How long is the Offer open? When will the Notes be issued?

Below is the offering and issue timetable. The Offer is for a limited period only. The Issuer may close the Offer early, or allow more time, without prior notice. The Issuer also reserves the right to cancel the Offer or to change the Issue Date of the Notes. The Issuer will fix the Issue Size in its discretion according to market demand.

Offer opens: 9:00 a.m. on 17 April 2008

Offer closes: Expected to be 4:30 p.m. on 16 May 2008 (subject to change if the Issuer extends or shortens the offer period)

Initial Date: Expected to be 21 May 2008

Issue Date: Expected to be 30 May 2008 (subject to change if the Issuer extends or shortens the offer period). In the event of any change to the Issue Date, the Issuer will inform the Distributors who will in turn inform you

The Issuer intends to issue two tranches of Notes: a tranche of SGD Notes and a tranche of USD Notes. Each tranche will be treated by the Issuer separately. For example, the Issuer might extend or shorten the offer period for one tranche but not the other tranche, or the Issuer may cancel one tranche but not the other tranche. The Issuer reserves the right to close the Offer early without prior notice where market conditions become adverse. The Issuer also reserves the right to cancel the Offer so long as the Notes have not been issued.

Do I need an application form?

Yes. An application form for the Notes will be issued by the Issuer (the “Notes Application Form”).

The Distributor with which you place your order will ask you to fill in the Notes Application Form and to make a series of confirmations and acknowledgements, including that:

• you have read and understood the Replacement Base Prospectus together with the relevant Pricing Statement and any supplement thereto for the Notes you want to buy;

30

• you accept that neither the Issuer, its directors, the Trustee, the Arranger nor the Singapore Dealer accepts any responsibility for the provision of services, including custody services, by your Distributor;

• you commit to pay the purchase price for the Notes up to the amount of Notes you apply for;

• you understand and agree that the Issuer is not required to, and will not, appoint an auditor and therefore, any profit and loss account and balance sheet lodged by the Issuer with the Authority and the Trustee will not be audited by any independent third party; and

• you are not located within the United States and are not a U.S. Person within the meaning of Regulation S under the Securities Act (which includes any person resident in the United States and any partnership or corporation organised or incorporated under the laws of the United States).

Your Distributor may require additional confirmations too.

Your relationship with your Distributor is governed by the customer agreement you sign with the Distributor and is not controlled by the Issuer, its directors, the Arranger, the Singapore Dealer, the Trustee or by anything in the Replacement Base Prospectus or this Pricing Statement.

Ask your Distributor to clarify if you are concerned about this.

The Notes are not available to U.S. Persons.

Can I apply for the Notes using the moneys in my SRS account?

The Notes are not SRS eligible. Accordingly, you cannot apply for the Notes using the moneys in your SRS account.

How do I hold my Notes? What must I rely on my Distributor to do for me?

The Notes will be issued in registered form. The Issuer does not intend to issue Definitive Notes for the Notes.

The Notes are cleared through CDP and will be held by CDP directly. Your interest in the Notes will be credited by book-entry to either your direct Securities Account with CDP or to your securities sub-account with your Depository Agent. The Distributors may be Depository Agents and where you choose not to hold the Notes in your direct Securities Account, you may choose to open a securities or investment account with them. Your Distributor may further choose to hold the Notes through either CDP or Euroclear. Please speak to your Distributors for more details on how this may impact you.

Discuss this with your Distributor and shop around if you wish: Distributors charge varying fees to open and maintain these accounts and have different arrangements for processing orders. Ensure you are familiar with the standard terms and conditions which your Distributor will apply to your account. Ask your Distributor if you are not familiar with these arrangements.

The Notes will be cleared through CDP. It is expected that CDP will send to each successful applicant at his own risk, within ten Singapore Business Days after the close of the application list, a statement showing that his Securities Account has been credited with the principal amount of Notes allocated to him. You should note that where you are holding Notes through your Depository Agent, CDP will send such statements to your Depository Agent and not to you. In such a case, you will have to rely on your Depository Agent to inform you accordingly.

The Issuer will make payments of Coupons and principal on the Notes through CDP. If the Notes are held in your direct Securities Account, you will have to rely on CDP to ensure that payments on your Notes are credited to the bank account that is linked to your direct Securities Account; if the Notes are

31

held by a Depository Agent in your securities sub-account, you will have to rely on your Depository Agent to ensure that payments on your Notes are credited to your account with your Depository Agent.

None of the Issuer, its directors, the Arranger, the Singapore Dealer, Merrill Lynch and The Hongkong and Shanghai Banking Corporation Limited, in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian, accepts any responsibility for the services provided to you by your Distributor.

What are the arrangements with the Distributor? Is the Offer underwritten?

The Distributor listed in this Pricing Statement has been appointed to take orders for the Notes. It will be paid a commission based on the amount of Notes it sells.

There are no soft commission or rebate arrangements between the Issuer, the Arranger or the Singapore Dealer and the Distributor.

The Offer is not underwritten.

Are Notes available only from the Distributor?

If you wish to purchase the Notes, you must contact the Distributor as the Notes are only offered through the Distributor. However, the Issuer may make arrangements for the Notes to be sold through other channels, whether in Singapore or abroad. Offers of Notes made through other channels could be made at a lower Issue Price, or on other terms, than are available to other prospective investors who buy Notes from the Distributor specified herein. For example, the Issuer may sell the Notes to private banks on terms different from those offered in a Pricing Statement. The private banks may then sell the Notes to their customers on any terms they choose.

When and how should I make payment for the Notes?

Your Distributor will discuss with you how payment should be made on the Notes. The Issuer will only collect moneys from the Distributors after the Offer closes when the results of the allocation have already been decided. At the time of application, you may be required to (i) sign a direct debit authorisation to your Distributor for the subscribed amount of the Notes; (ii) maintain an account balance with your Distributor until the Issue Date; or (iii) deposit funds, which will be held on your behalf by the Distributor, into a designated account. Upon successful allocation, your funds will be debited by your Distributor in an amount equal to the principal amount of the Notes allocated to you.Please talk to your Distributor about the specific arrangements for payment.

How will I know that I am successful in my application? Will I be refunded the excess moneys of my application?

On successful allocation, you will be informed by your Distributor as to the amount of the Notes you have been allocated. Contact your Distributor for details on how they will inform you. None of the Issuer, its directors, the Arranger, the Singapore Dealer and the Trustee will be, or will be responsible for, publishing the results of the allocation in any newspapers.

If you made payment by way of a direct debit authorisation to your Distributor or a deposit of funds held on your behalf by your Distributor, and such application is accepted in part only, the balance of your application moneys will generally be refunded by ordinary post at your own risk (without interest or any share of revenue or other benefit) within 14 Singapore Business Days after the close of the Offer, provided that the direct debit authorisation accompanying such application has been honoured and such moneys have been received in the designated account or that the funds have been received by the Distributor in the designated account. Otherwise, your Distributor will only collect moneys from you upon successful allocation of the Notes to you.

32

You should note that the Distributor is responsible for the refund of the application moneys for unsuccessful or partially successful applications. The refund procedures and mechanism are ultimately dependent on your agreement with the Distributor. Please check with your Distributor as to how it intends to refund your moneys in the event of an unsuccessful or partially successful application.

33

MORE INFORMATION ABOUT THE NOTES

Who is the Issuer?

The Issuer was registered and incorporated on 18 November 2005 as an exempted company in the Cayman Islands with limited liability under the Companies Law (2004 Revision) of the Cayman Islands, registration number DB-158181. Its sole purpose and business is to issue notes under the Programme. The Issuer is not regulated or authorised by the Authority.

What does Index-linked mean?

The Coupons payable and total return on the Notes, as well as the time and manner of redemption of the Notes, are linked to the Closing Levels of six Indices with respect to certain Observation Periods over the next 4 years 6 months for both the SGD Notes and the USD Notes. The Issuer will redeem the Notes early on any of the Coupon Payment Dates if an Early Termination Event occurs.

In the event that no Early Termination Event occurs throughout the term of the Notes, the Issuer will redeem the Notes at 100.00 per cent. of the principal amount in cash on the Maturity Date.

Are the Notes principal protected?

Yes, the Notes are principal protected, that is, the Issuer aims to redeem your Note at 100.00 per cent. of the principal amount of your Note if you hold your Note to the Maturity Date or upon Early Termination. However, you should note that redemption of your Note at 100.00 per cent. of the principal amount of your Note is not guaranteed.

Should you sell your Note before the Maturity Date or, as the case may be, before Early Termination by the Issuer, or should the Issuer redeem the Notes early due to taxation and other reasons, you may receive less, and probably substantially less, than the principal amount of your Note.

Who should buy the Notes? Are they suitable for everyone?

The Notes are designed for investors who:

• are neutral or bullish on the six Indices over the term of the Notes; and

• understand that the Issuer will redeem the Notes early on any of the Coupon Payment Dates at 100.00 per cent. of the principal amount together with the Coupon payable on that Coupon Payment Date upon the occurrence of an Early Termination Event.

What will the proceeds of the Notes be used for?

All the proceeds of the Notes will be used to purchase the Securities that secure the Notes.

Can I sell my Notes before the Maturity Date?

You can contact the Distributors starting 3 months after the Issue Date to ask for a bid price at which you can sell your Notes. The Distributors will then obtain a quote from the Market Agent, who will quote prices provided by Merrill Lynch International on the last Index Calculation Day of every week on a best efforts basis. In the event that you decide to sell your Notes at the bid price quoted (if any), the Market Agent will buy your Notes through the Distributor you have contacted. The Market Agent will be buying your Notes for and on behalf of Merrill Lynch International. Pursuant to the Merrill Lynch Exchange Option to be dated the Issue Date, any Note purchased by the Market Agent for and on behalf of Merrill Lynch International may be surrendered to the Issuer for cancellation. Please refer to the Replacement Base Prospectus for more details on the Merrill Lynch Exchange Option.

In order to facilitate payments of Coupons on and/or redemption of the Notes, the Market Agent will not be providing quotes of bid prices for the period starting on each Observation Date and ending on

34

each relevant Coupon Payment Date or, as the case may be, the Maturity Date (the “Black-out Period”) and consequently, you will not be able to sell your Notes during the Black-out Periods.

You should note that payments of the Coupon, the Early Termination Payment Amount or the Final Redemption Amount will only be paid to you if you are still holding your Note on the Record Date. Record Date means (i) in relation to the Coupon, the Observation Date immediately prior to the relevant Coupon Payment Date, (ii) in relation to the Early Termination Payment Amount, the Observation Date immediately prior to the Early Termination Payment Date or (iii) in relation to the Final Redemption Amount, the Final Observation Date.

Notwithstanding the above, you should note that these market making arrangements are limited and do not assure an active trading market for the Notes. There can be no assurance that the Market Agent will make a market in the Notes, or if it does so, that it will continue to do so. Accordingly, there can be no assurance that you will have access to a firm bid price for the Notes in a principal amount which you may wish to sell.

The price of the Notes will fluctuate depending on factors such as market interest rate movements, the market for similar securities and the share price performance and volatility of the five Shares.

If you try to sell your Notes before the Maturity Date, you may receive an offer which is less than the amount you invested; or you may not be able to sell your Notes at all.

The Notes are not listed and cannot be traded on the Singapore Exchange Securities Trading Limited or on any other securities exchange.

Do I have to pay stamp duty on the Notes?

No, there is no stamp duty on issue or transfer of the Notes.

Who will make determinations in connection with the Notes, for instance, the Coupon payable and adjustments (if any) to the Initial Price?

Merrill Lynch International has been appointed as the Calculation Agent to make all determinations in connection with the Notes. The Calculation Agent has sole and absolute discretion in making its determinations under the legal documentation and any decision it makes is final and binding on you and on the Issuer. The Calculation Agent is the agent of the Issuer: it owes no duties to you as investors in the Notes.

How will I know what the Coupon will be?

Distributors will be notified by the Issuer as soon as the Calculation Agent has made a determination.

Where can I find more information about the Issuer and the Notes?

The Notes are issued under the Programme described in the Replacement Base Prospectus. Please read the Replacement Base Prospectus together with this Pricing Statement carefully before you decide whether to buy the Notes. The Replacement Base Prospectus contains important information, including information about:

• Citrine Global Finance Limited as the Issuer.

• The security arrangements for the Notes.

• Risk factors of buying the Notes.

• Singapore and Cayman Islands taxation issues in relation to the Notes.

35

• The arrangements for holding and transferring the Notes in CDP, Euroclear and Clearstream, Luxembourg and how payments and notices are to be made while the Notes are held by CDP or in Euroclear and Clearstream, Luxembourg.

• The Master Conditions, including what happens if the Issuer defaults and the role of the Trustee.

• The general procedure for buying the Notes through a Distributor, how your Distributor will hold your Notes and receive notices and payments from the Issuer on your behalf, and how you must rely on your Distributor to forward such notices and payments to you.

You can ask for a printed copy of the Replacement Base Prospectus at the Distributors listed herein, or you can pick up a copy during normal business hours from the offices of the Singapore Dealer at 1 Temasek Avenue #28-01 Millenia Tower Singapore 039192.

None of the Issuer, its directors, the Trustee, the Arranger and the Singapore Dealer has authorised anyone to give you any information about the Notes other than the information set out in this Pricing Statement and the Replacement Base Prospectus. You should not rely on any other information other than those set out herein and in the Replacement Base Prospectus.

When were the Notes authorised?

The Offer and the issue of the Notes were authorised by the directors of the Issuer on 27 March 2008.

Where can I see the legal documentation for the Notes?

For as long as offers are made under the Programme and while any Note issued under the Programme is still outstanding, you can read copies of the contracts which set up the Programme, including:

• the legally binding terms and conditions of the Notes offered by this Pricing Statement;

• the documents listed as display documents in the Replacement Base Prospectus; and

• this Pricing Statement,

by going to the offices of the Singapore Dealer at 1 Temasek Avenue #28-01 Millenia Tower Singapore 039192.

These offices are open only during normal business hours and not on Saturdays, Sundays or public holidays. A reasonable fee will be charged if you want to take photocopies of any of the documents.

You can find out more about how the legal documentation works by reading the Replacement Base Prospectus.

36

INFORMATION ON THE SECURITY ARRANGEMENTS FOR THE NOTES

The Notes are secured, limited recourse obligations of the Issuer. Below is a summary of the security arrangements for the Notes and should be read in conjunction with, and is qualified in its entirety by the detailed information set out in the Replacement Base Prospectus, the terms of the Trust Deed, the Master Conditions and the Pricing Supplement.

Structure of the Notes

The structure of the Notes are illustrated as follows:

The Securities

The Issuer will use the issue proceeds of the SGD Notes to purchase SGD-denominated notes to be issued by Merrill Lynch & Co., Inc. under its U.S.$110,000,000,000 Euro Medium Term Note Programme (the “SGD Securities”) and the issue proceeds of the USD Notes to purchase USD-denominated notes to be issued by Merrill Lynch & Co., Inc. under its U.S.$110,000,000,000 Euro Medium Term Note Programme (the “USD Securities”, and together with the SGD Securities, the “Securities”). As the Securities are unsecured, they represent long-term unsecured debt obligations of Merrill Lynch & Co., Inc. In addition, the Securities are not specifically rated. The long-term unsecured debt of Merrill Lynch & Co., Inc. was rated A1 by Moody’s, A+ by Standard & Poor’s and A+ by Fitch as at 14 March 2008 and the U.S.$110,000,000,000 Euro Medium Term Note Programme was rated A1 by Moody’s and A+/A-1 by Standard & Poor’s as at 1 April 2008. Rating agencies express outlooks from time to time on these credit ratings. Ratings from Fitch, Moody's and Standard & Poor's reflect one-notch downgrades from those agencies on 24 October 2007. Rating outlooks from those agencies remain Negative, where they were placed on 5 October 2007. The Securities, though unrated, are expected to have substantially the same ratings as the rating for Merrill Lynch & Co., Inc. and for the U.S.$110,000,000,000 Euro Medium Term Note Programme if they are rated. However, you should note that credit ratings for Merrill Lynch & Co., Inc. and for the U.S.$110,000,000,000 Euro Medium Term Note Programme do not equate to a credit rating of the Securities.

The Securities will, when issued by Merrill Lynch & Co., Inc. under its U.S.$110,000,000,000 Euro Medium Term Note Programme, be expected to have the same terms and conditions as the Notes, save that the coupon payment dates and the maturity date of the Securities will be five Singapore, London and New York City Business Days earlier than those of the Notes in order to ensure that payments under the Securities are made to the Issuer in time for the Issuer to make the applicable

Issue proceeds (in SGD and USD) to buy the Securities

Issue proceeds (in SGD and USD)

Principal and Coupon payments (in SGD and USD) under the Notes

Principal and coupon payments (in SGD and USD) under the Securities

Noteholders

Citrine Global Finance Limited

(the Issuer)

Merrill Lynch & Co., Inc.(Issuer of the Securities)

37

payments under the Notes. Accordingly, the Securities will pay interest in arrear on a bimonthly basis, such interest to accrue from the issue date of the Securities. The interest rate applicable on the SGD Securities will be calculated in accordance with the same formula as that for the SGD Notes and the interest rate applicable on the USD Securities will be calculated in accordance with the same formula as that for the USD Notes. In addition, the Securities will have an early termination feature on terms which are identical to that of the Notes.

None of the Issuer, its directors, the Arranger and the Singapore Dealer expects, to the best of their respective knowledge, that there will be any legal or regulatory provisions which would materially affect the performance of the Securities.

Please refer to the Replacement Base Prospectus for more information on the type of Securities that the Issuer may use and on Merrill Lynch & Co., Inc. The legal documentation for the Securities of the Notes will be available for inspection at the office of the Singapore Dealer.

For a diagrammatic representation of the cashflow using the SGD Notes as an example:

SGD issue proceeds

Payment of Coupons under the SGD Notes

Payment of principal under the SGD Notes

SGD issue proceeds used forpurchase of SGD Securities

SGD issue proceedsSGD Notes

Noteholders


(the Issuer)

Merrill Lynch & Co., Inc.(Issuer of the SGD

Securities)

Coupon payments (in SGD) under the SGD Notes

Noteholders


(the Issuer)

Merrill Lynch & Co., Inc.

(Issuer of SGD Securities)

Coupon payments (in SGD) from the SGD Securities used to make the Coupon payments (in SGD) under the SGD Notes

Principal payment (in SGD) under the SGD Notes

Noteholders


(the Issuer)

Merrill Lynch & Co., Inc.

(Issuer of SGD Securities)

Principal payment (in SGD) from the SGD Securities used to make the Principal payment (in SGD) under the SGD Notes

38

Security Arrangements

The Issuer will grant security over the Securities to the Trustee, who will hold such security via the Custodian, for and on behalf of, inter alia, the Trustee and the Noteholders. There will be a further charge on the Securities to be held by the Custodian in favour of the Trustee.

In the event that the Issuer defaults on its obligations under the Securities or the Securities are required to be sold or the Security constituted by the Trust Deed becomes enforceable, the net proceeds could be insufficient to pay all the amounts due to Noteholders under the Notes. However, the Noteholders may not take steps to petition or wind-up the Issuer nor will they have a claim in respect of any sum arising from the Securities of other Series of Notes due to the limited recourse nature of the Notes which means that the assets which back up each Series of Notes are kept separate from the assets which back up other Series. In such an event, the Trustee and the Custodian shall rank prior to the Noteholders in the application of moneys received in connection with the realisation of Security.

If any Security becomes enforceable, the Trust Deed provides that only the Trustee may, at its discretion and without further notice, institute any proceedings against the Issuer as it may think fit to enforce the rights of the Noteholders but it need not take any such proceedings unless (a) it shall have been so directed by a Creditor B Direction (in accordance with the Supplemental Trust Deed) and (b) it shall have been indemnified to its satisfaction.

39

APPENDIX 1

FORM OF PRICING SUPPLEMENT

This is the form of the pricing supplement for the Notes.

Pricing Supplement

CITRINE GLOBAL FINANCE LIMITED

U.S.$8,000,000,000

Retail Secured Note Programme

AGRICULTURE BOOSTER NOTES

SGD Index-Linked Notes due 2012 (“SGD Notes”)

USD Index-Linked Notes due 2012 (“USD Notes”)

Issue Price: 100 per cent.

Arranger

MERRILL LYNCH (ASIA PACIFIC) LIMITEDSingapore Dealer

MERRILL LYNCH (SINGAPORE) PTE. LTD.

40

This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Master Conditions set forth in the replacement base prospectus dated 26 February 2008 (the “Replacement Base Prospectus”). This Pricing Supplement contains the final terms of the Notes and must be read in conjunction with the Replacement Base Prospectus.

The terms of the Notes and additional provisions relating to their issue are as follows:

1 Issuer: Citrine Global Finance Limited

2 Series Name: Agriculture Booster Notes

3 Specified Currency or Currencies:

(i) SGD Notes:

(ii) USD Notes:

Singapore dollar (“S$” or “SGD”)

United States dollar (“U.S.$” or “USD”)

4 Aggregate Nominal Amount:

(i) SGD Notes:

(ii) USD Notes:

S$80,000,000, subject to any increase or reduction due to market demand

U.S.$50,000,000, subject to any increase or reduction due to market demand

5 Issue Price: 100 per cent. of the Aggregate Nominal Amount for each of the SGD Notes and the USD Notes

6 Specified Denominations:

(i) SGD Notes:

(ii) USD Notes:

S$1,000

U.S.$1,000

7 (i) Issue Date:

(ii) Interest Commencement Date:

Expected to be 30 May 2008 for the SGD Notes and the USD Notes

The Issue Date for the SGD Notes and the USD Notes

8 Maturity Date: Expected to be 14 December 2012 for the SGD Notes and the USD Notes, subject to early redemption as set out in Condition 7 and paragraph 38 provided that if that day is not a Singapore, London and New York City Business Day, then the next following Singapore, London and New York City Business Day shall be the Maturity Date.

9 Interest Basis:

(i) SGD Notes:

(ii) USD Notes:

Coupons linked to the Closing Levels of the six Indices payable bimonthly in arrear on each of the Coupon Payment Dates (as determined in accordance with Part 1 of Annex 1 hereto)

Coupons linked to the Closing Levels of the six Indices payable bimonthly in arrear on each of the Coupon Payment Dates (as determined in accordance with Part 1 of Annex 1 hereto)

41

10 Redemption/Payment Basis:

(i) SGD Notes:

(ii) USD Notes:

100 per cent. of the principal amount in cash

100 per cent. of the principal amount in cash

11 Change of Interest or Redemption/ Payment Basis:

Not Applicable for both the SGD Notes and the USD Notes

12 Put/Call Options: Not Applicable for both the SGD Notes and the USD Notes

13 Status of the Notes: The Notes are secured and limited recourse obligations of the Issuer

14 Listing: None for both the SGD Notes and the USD Notes

15 Method of distribution: Non-syndicated for both the SGD Notes and the USD Notes

16 Rating: No rating of both the SGD Notes and the USD Notes

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

17 Fixed Rate Note Provisions Applicable. The Coupon (if any) is payable in arrear on each Coupon Payment Date in respect of the Observation Period ending on or about 10 Singapore, London and New York City Business Days prior to such Coupon Payment Date.

(i) Rate of Interest:

(a) SGD Notes:

(b) USD Notes:

As determined in accordance with Part 1 of Annex 1 hereto

As determined in accordance with Part 1 of Annex 1 hereto

(ii) Interest Payment Date(s):

(a) SGD Notes:

(b) USD Notes:

The Coupon Payment Dates are expected to be 10 Singapore, London and New York City Business Days after the Observation Date

The Coupon Payment Dates are expected to be 10 Singapore, London and New York City Business Days after the Observation Date

(iii) Fixed Coupon Amount: Not Applicable for both the SGD Notes and the USD Notes.

(iv) Broken Amount: Not Applicable for both the SGD Notes and the USD Notes

(v) Day Count Fraction (Condition 6(k)):


(vi) Determination Date(s) (Condition 6(k)):


42

(vii) Other terms relating to the method of calculating interest for Fixed Rate Notes:


18 Floating Rate Provisions Not Applicable for both the SGD Notes and the USD Notes

19 Zero Coupon Note Provisions Not Applicable for both the SGD Notes and the USD Notes

20 Index Linked Interest Note Provisions


21 Dual Currency Note Provisions Not Applicable for both the SGD Notes and the USD Notes

PROVISIONS RELATING TO THE SECURITY

22 Mortgaged Property

(i) Securities: For the SGD Notes, [Number] notes issued by Merrill Lynch & Co., Inc. (the “SGD Securities”) and for the USD Notes, [Number] notes issued by Merrill Lynch & Co., Inc. (the “USD Securities”, and together with the SGD Securities, the “Securities”). The International Securities Identification Number for the SGD Securities is XS [To be determined] and the Common Code for the SGD Securities is [To be determined]. The International Securities Identification Number for the USD Securities is XS [To be determined] and the Common Code for the USD Securities is [To be determined]. The Securities will be issued by Merrill Lynch & Co., Inc. under its U.S.$110,000,000,000Euro Medium Term Note Programme.

(ii) Security (order of priorities): For both the SGD Notes and the USD Notes, the Trustee shall apply all moneys received by it under the Trust Deed in connection with the realisation or enforcement of the Security constituted by the Trust Deed in the following order of priorities:

(a) Trustee/CDP

(b) Singapore Issuing and Paying Agent Claim/ Singapore Registrar/ Singapore Transfer Agent/ Custodian Claim (Pari PassuRanking)

(c) Noteholder Claim

(iii) Contract (if applicable): Not Applicable for both the SGD Notes and the USDNotes

(iv) Beneficiary(ies): Not Applicable for both the SGD Notes and the USD Notes

(v) Securities Agreement: Not Applicable for both the SGD Notes and the USD Notes

(vi) Counterparties: Not Applicable for both the SGD Notes and the USD

43

Notes

(vii) Swap (if applicable): Not Applicable for both the SGD Notes and the USD Notes

Swap Counterparty: Not Applicable for both the SGD Notes and the USD Notes

Swap Guarantor (if applicable): Not Applicable for both the SGD Notes and the USD Notes

(viii) Details of Credit Support Document (if applicable):


(ix) Credit Support Provider: Not Applicable for both the SGD Notes and the USD Notes

23 Realisation of Security: Creditor B Direction

PROVISIONS RELATING TO REDEMPTION

24 Call Option Not Applicable for both the SGD Notes and the USD Notes

25 Put Option Not Applicable for both the SGD Notes and the USD Notes

26 Exchangeable Notes: Not Applicable for both the SGD Notes and the USD Notes

27 Exchange Event: Not Applicable for both the SGD Notes and the USD Notes

28 Repayable Assets: Not Applicable for both the SGD Notes and the USD Notes

29 Final Redemption Amount of each Note:

(i) SGD Notes:

(ii) USD Notes:

Aggregate of 100 per cent. of the principal amount

Aggregate of 100 per cent. of the principal amount

30 Early Redemption Amount

(i) Early Redemption Amount(s) of each Note payable on mandatory redemption (Condition 7(c)), redemption for taxation and other reasons (Condition 7(d)) or an event of default (Condition 10) and/or the method of calculating the same (if required or if different from that set out in the Conditions):

The Early Redemption Amount in respect of each Note shall be such Note’s pro-rata portion of the net proceeds from the sale of the Securities (after deduction of all costs and expenses)

(ii) Unmatured Coupons to become void upon early redemption (Bearer Notes only) (Condition 8(f)):


44

GENERAL PROVISIONS APPLICABLE TO THE NOTES

31 Form of Notes: Registered Notes

(i) Temporary or permanent global Note:

Not Applicable

(ii) Applicable TEFRA exemption: Not Applicable

32 Financial Centre(s) (Condition 8(h)) or other special provisions relating to payment dates:

Singapore, London and New York City

33 Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):

No

34 Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences (if any) of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment:

Not Applicable

35 Details relating to Instalment Notes: Not Applicable

36 Redenomination, renominalisation and reconventioning provisions:

Not Applicable

37 Consolidation provisions: Not Applicable

38 Other terms or special conditions: The provisions set out in Annex 1 hereto shall apply in respect of the Notes

DISTRIBUTION

39 (i) if syndicated, name of Managers: Not Applicable

(ii) Stabilising Manager (if any): Not Applicable

(iii) Dealer’s Commission: None

40 If non-syndicated, name of Dealer: Merrill Lynch (Singapore) Pte. Ltd.

41 Additional selling restrictions: Not Applicable

OPERATIONAL INFORMATION

42 ISIN Code: [•]

43 Common Code: [•]

44 Any clearing system(s) other than Euroclear, Clearstream International and CDP and the relevant identification number(s):

None

45

45 Delivery: Delivery free of payment

46 The Agents appointed in respect of the Notes are:

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (as Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar), The Hongkong and Shanghai Banking Corporation Limited (as Custodian), Merrill Lynch International (as Calculation Agent) and Merrill Lynch (Singapore) Pte. Ltd. (as Market Agent)

GENERAL

47 Additional steps that may only be taken following approval by an Extraordinary Resolution in accordance with Condition 13(a):

Not Applicable

48 The aggregate principal amount of Notes issued has been translated into U.S. dollars at the rate of [To be determined], producing a sum of (for Notes not denominated in U.S. dollars):

U.S.$[•]

Signed on behalf of the Issuer:

By: __________________________Duly authorised

46

ANNEX 1

The Master Conditions shall be supplemented and modified by the following special conditions (the “Special Conditions”). In the event of any inconsistency between the Master Conditions and such Special Conditions, such Special Conditions shall prevail and the Master Conditions shall be deemed to be amended accordingly. Capitalised terms used in this Annex 1, which are not defined elsewhere, shall have the meanings given in Annex 2.

Part 1. Coupons

(i) In respect of each SGD Note, Coupons payable (if any) on each Coupon Payment Date shall be calculated in accordance with the following formula:

Denomination of SGD Note x (N1 + N2)

where:

N1 =

and

N2 =

The Coupon will be calculated to the nearest 0.01 per cent., with 0.005 per cent. being rounded upwards.

(ii) In respect of each USD Note, Coupons payable (if any) on each Coupon Payment Date shall be calculated in accordance with the following formula:

Denomination of USD Note x (N1 + N2)

where:

N1 =

and

N2 =

The Coupon will be calculated to the nearest 0.01 per cent., with 0.005 per cent. being rounded upwards.

Part 2. Early Termination Event

The Notes will be redeemed early if, on any Observation Date (except the Final Observation Date), the Calculation Agent determines at its sole and absolute discretion that the Closing Levels of all sixIndices are equal to or greater than the Call Barrier (with each Index being valued independently) (the “Early Termination Event”). Upon the occurrence of the Early Termination Event, each Note will be redeemed early on the Early Termination Date and payment of the relevant Early Termination Payment Amount will be made on the Early Termination Date.

Number of Index Calculation Days during the Observation Period on which the Closing Levels of all six Indices ≥ Lower Coupon Barrier but at least one Index has a Closing Level <

Upper Coupon Barrier ⅔% xNumber of Index Calculation Days


Number of Index Calculation Days during the Observation Period on which the Closing Levels of all six Indices ≥ Upper

Coupon Barrier1⅓% x Number of Index Calculation Daysin the Observation Period

Number of Index Calculation Days during the Observation Period on which the Closing Levels of all six Indices ≥ Lower Coupon Barrier but at least one Index has a Closing Level <

Upper Coupon Barrier1.00% xNumber of Index Calculation Days


Number of Index Calculation Days during the Observation Period on which the Closing Levels of all six Indices ≥ Upper

Coupon Barrier2.00% x Number of Index Calculation Daysin the Observation Period

47

The Early Termination Payment Amount payable in respect of each Note shall be an amount equal to the principal amount of the Note together with the Coupon payable on the relevant Coupon Payment Date falling on the Early Termination Date which, for the avoidance of doubt, shall be calculated by reference to the relevant Observation Period ending on the date on which the Early Termination Event occurred.

Upon the occurrence of the Early Termination Event, the Issuer will, as soon as practicable, inform the Noteholders of such event by notice in accordance with Condition 16.

For the avoidance of doubt, no further payments shall be made in respect of the Notes following payment of the Early Termination Payment Amount.

Part 3. Indices

1. The Indices are as follows, subject to adjustments as described in sub-paragraph 2 below:

No. Index Bloomberg Ticker Index Sponsor Initial Level

1. Merrill Lynch AsiaAgriculture Index

MLEIAAGR Index Merrill Lynch International

[•]

2. S&P GSCITM Corn Index - Excess Return

SPGCCNP Index Standard & Poor’s [•]

3. S&P GSCITM Cotton Index - Excess Return

SPGCCTP Index Standard & Poor’s [•]

4. S&P GSCITM Soybeans Index - Excess Return

SPGCSOP Index Standard & Poor’s [•]

5. S&P GSCITM Sugar Index - Excess Return

SPGCSBP Index Standard & Poor’s [•]

6. S&P GSCITM Wheat Index - Excess Return

SPGCWHP Index Standard & Poor’s [•]

Note:

(1) The information above is derived from publicly available sources published by Bloomberg. None of the Issuer, its directors, the Arranger, the Singapore Dealer and the Trustee has obtained the specific consent of Bloomberg for the inclusion of such information in this Pricing Statement. Accordingly, Bloomberg would not be liable for the information included in this Pricing Statement. None of the Issuer, its directors, the Arranger, the Singapore Dealer and the Trustee has verified the accuracy of the information and accordingly, none of the Issuer, its directors, the Arranger, the Singapore Dealer and the Trustee makes any representations as to the accuracy or reliability of the information, save that the Issuer, its directors, the Arranger and the Singapore Dealer have taken reasonable care to correctly extract and/or reproduce such information in its proper form and context.

2. Modification to the Indices

2.1 Index Adjustment Event

If on or prior to any Observation Date or any Index Calculation Day, as the case may be, there occurs an Index Disruption, or the Calculation Agent determines that an Index Cancellation or an Index Modification has occurred in relation to any of the Indices, then the Calculation Agent shall, in its sole and absolute discretion, determine whether such Index Adjustment Event has a material effect on the value of the Notes and, if so, shall calculate the relevant Closing Level in respect of an Observation Date or an Index Calculation Day, as the case may be, using, in lieu of a published level for that Index, the level for that Index as at that Observation Date or that Index Calculation Day, as the case may be, as determined by the

48

Calculation Agent in its sole and absolute discretion in accordance with the formula for and method of calculating that Index last in effect prior to the change, failure or cancellation, but using only those securities or, as the case may be, the futures contracts that comprised that Index immediately prior to that Index Adjustment Event.

2.2 Successor Index

If, any of the Indices is (i) not calculated and announced by the relevant Index Sponsor but is calculated and announced by a successor sponsor acceptable to the Calculation Agent, or (ii) replaced by a successor index using, in the determination of the Calculation Agent in its sole and absolute discretion, the same or a substantially similar formula for and method of calculation as used in the calculation of the relevant Index, then in each case that index (the “Successor Index”) will be deemed to be the relevant Index. In such event, the Issuer will, as soon as practicable, inform the Noteholders of the replacement of the relevant Index and provide reasonable details of the Successor Index by notice in accordance with Condition 16.

If the Calculation Agent determines in its sole and absolute discretion that there is no Successor Index or that it is not reasonably practicable to calculate or continue calculating the levels of the relevant Index following an Index Adjustment Event, the Issuer may elect to redeem the Notes early by giving notice to the Noteholders in accordance with Condition 16 and provide reasonable details of such situation, the fair market value of the Notes as determined by the Calculation Agent in its sole and absolute discretion and the date on which the Notes will be redeemed, and the Issuer shall redeem the Notes at the fair market value and on the date specified in such notice.

2.3 Index Correction

In the event that any Closing Level published by the relevant Index Sponsor on an Observation Date or an Index Calculation Day, as the case may be, used or to be used by the Calculation Agent to determine the application of the Early Termination Event or the calculation of the Coupon, as the case may be, is subsequently corrected and the correction is published by that Index Sponsor not later than the second Singapore, London and New York City Business Day immediately after the relevant Observation Date or the relevant Index Calculation Day, as the case may be, then the corrected level of that Index will be utilised for the purposes of determining its Closing Level on such Observation Date or such Index Calculation Day. The corrected level of that Index will not be utilised for the purposes of determining its Closing Level on the relevant Observation Date or the relevant Index Calculation Day, as the case may be, where the correction in its Closing Level occurs later than the second Singapore, London and New York City Business Day immediately after such Observation Date or such Index Calculation Day. You will have no recourse against any of the Issuer, its directors, the Arranger, the Singapore Dealer, the Trustee, the Agents or either of the Index Sponsors for such non-utilisation of the corrected Index Level.

None of the Issuer, its directors, the Arranger, the Singapore Dealer, the Trustee, the Agents or the Index Sponsors shall have responsibility in respect of any error or omission or subsequent corrections in the calculation or announcement of any Closing Level with respect to the Indices whether caused by negligence or otherwise.

49

ANNEX 2DEFINITIONS

“Call Barrier” means, in respect of an Index, 100.00 per cent. of the Initial Level.

“Closing Level” means, in respect of an Index, the closing level of the Index, as derived from the official quotation published by (in the case of the Merrill Lynch Asia Agriculture Index) Bloomberg or (in the case of the S&P GSCITM Indices) the S&P Index Sponsor on the Initial Date, on each Index Calculation Dayor the relevant Observation Date (as the case may be), or if no such level is published by (in the case of the Merrill Lynch Asia Agriculture Index) Bloomberg or (in the case of the S&P GSCITM Indices) the S&P Index Sponsor for whatever reason, the value of the Index in the good faith estimation of the Calculation Agent as of the Initial Date, on each Index Calculation Day or the relevant Observation Date (as the case may be), subject to modification by the Calculation Agent upon the occurrence of an Index Adjustment Event or other event as specified in Part 3 of Annex 1 hereto.

“Disrupted Day” means any Scheduled Trading Day on which any Exchange or any Related Exchange fails to open for trading during its regular trading session or on which a Market Disruption Event has occurred.

“Early Closure” means the closure on any Exchange Business Day of any relevant Exchange(s) relating to Index Securities that comprise 20 per cent. or more of the level of the Merrill Lynch Asia Agriculture Index or any relevant Related Exchange(s) prior to its Scheduled Closing Time unless such earlier closing time is announced by such Exchange(s) or Related Exchange(s) at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Exchange(s) or Related Exchange(s) on such Exchange Business Day and (ii) the submission deadline for orders to be entered into the Exchange or Related Exchange system for execution at the Valuation Time on such Exchange Business Day.

“Early Termination Date” means the relevant Coupon Payment Date immediately following the occurrence of an Early Termination Event.

“Exchange” means, in respect of each Index Security or each Index Contract, each exchange or quotation system or any substitute exchange or quotation system to which trading in the Index Securities or the Index Contracts, as the case may be, has temporarily relocated (provided that the Calculation Agent has determined that there is comparable liquidity relative to the Index Securities or the Index Contracts on such temporary substitute exchange or quotation system as

50

the original Exchange).

“Exchange Business Day” means, any Scheduled Trading Day on which each Exchange and each Related Exchange are open for trading during their respective regular trading sessions, notwithstanding that any such Exchange or Related Exchange closing prior to its Scheduled Closing Time.

“Exchange Disruption” means, any event (other than an Early Closure) that disrupts or impairs (as determined by the Calculation Agent in its sole and absolute discretion to be material) the ability of market participants in general (i) to effect transactions in, or obtain market values for, on any relevant Exchange(s),Index Securities that comprise 20 per cent. or more of the level of the Merrill Lynch Asia Agriculture Index) or (ii) to effect transactions in, or obtain market values for, futures or options contracts relating to the Merrill Lynch Asia Agriculture Index on any relevant Related Exchange.

“Final Observation Date” means, in respect of an Index, the last Observation Date.

“Index Adjustment Event” means, any Index Cancellation, Index Disruption or Index Modification.

“Index Business Day” means, a day (other than Saturday or Sunday) on which commercial banks and foreign exchange houses are open for business in (in the case of the Merrill Lynch Asia Agriculture Index) Hong Kong and (in the case of the S&P GSCITM Indices) New York City.

“Index Cancellation” means, in respect of an Index, either (i) the relevant Index Sponsor permanently cancels the Index and no Successor Index exists or (ii) the Index is no longer calculated and announced by the relevant Index Sponsor, but the successor sponsor for calculation and announcement of the Index is not acceptable to the Calculation Agent.

“Index Calculation Day” means, a day which is an Index Business Day and an Exchange Business Day, unless such day is a Disrupted Day due to the occurrence of an event giving rise to a Disrupted Day prior to the Valuation Time on such day. If such day is a Disrupted Day due to the occurrence of such an event, then the Index Calculation Day for each Index not affected by the occurrence of a Disrupted Day shall be the original date, and the Index Calculation Day for each Index affected by the occurrence of a Disrupted Day shall be the first succeeding Index Business Day and Scheduled Trading Day that is not a Disrupted Day relating to that Index, unless each of the eight Index Business Days and Scheduled Trading Days immediately following such date is a Disrupted Day relating to that Index. In that case, (i) that eighth Index Business Day and Scheduled Trading Day shall be deemed to be the Index Calculation Day for the relevant Index,

51

notwithstanding the fact that such day is a Disrupted Day, and (ii) the Calculation Agent shall determine the level of that Index as of the Valuation Time on that eighth Index Business Day and Scheduled Trading Day in accordance with the formula for and method of calculating that Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of theValuation Time on that eighth Index Business Day and Scheduled Trading Day of each Index Security or Index Contract, as the case may be, (or, if an event giving rise to a Disrupted Day has occurred in respect of the relevant Index Security or Index Contract on that eighth Index Business Day and Scheduled Trading Day, its good faith estimate of the value for the relevant Index Security or Index Contract, as the case may be, as of the Valuation Time on that eighth Index Business Day and Scheduled Trading Day).

“Index Contracts” means, the component commodity futures contracts of the S&P GSCITM Indices and “Index Contract” shall mean each of them.

“Index Disruption” means, in respect of an Index, the relevant Index Sponsor fails to calculate or announce the Index on an Observation Date or any Index Calculation Day, other than due to the occurrence on such Observation Date or such Index Calculation Day, as the case may be, of a Market Disruption Event.

“Index Modification” means, in respect of an Index, the announcement by the relevant Index Sponsor that it will make a material change in the formula for or the method of calculating the Index (other than a modification prescribed in that formula or method to maintain the Index in the event of changes in constituent stock, capitalisation, constituent contracts and other routine events).

“Index Securities” means, the component securities of the Merrill Lynch Asia Agriculture Index and “Index Security” shall mean each of them.

“Index Sponsor” means, the ML Index Sponsor or the S&P Index Sponsor and “Index Sponsors” shall mean both of them.

“Initial Date” means 21 May 2008, provided that if that date falls on a day which is not an Index Calculation Day, then the Initial Date shall fall on the first following Index Calculation Day.

“Initial Level” means, in respect of an Index, the Closing Level of the Index as derived from the official quotation published by (in the case of the Merrill Lynch Asia Agriculture Index) Bloomberg or (in the case of the S&P GSCITM Indices) the S&P Index Sponsor in respect of the Initial Date as specified in Part 3 of Annex 1 hereto.

52

“Lower Coupon Barrier” means, in respect of an Index, 80.00 per cent. of the Initial Level.

“Market Disruption Event” means:

(i) in respect of the Merrill Lynch Asia Agriculture Index, the occurrence or existence of:

(a) a Trading Disruption at any time during the one hour period that ends at the Valuation Time of the Exchange or Related Exchange,

(b) an Exchange Disruption at any time during the one hour period that ends at the Valuation Time of the Exchange or Related Exchange, or

(c) an Early Closure.

For the purposes of determining whether a Market Disruption Event in respect of the Merrill Lynch Asia Agriculture Index exists at any time, if a Market Disruption Event occurs in respect of an Index Security at any time, then the relevant percentage contribution of that security to the level of the Merrill Lynch Asia Agriculture Index shall be based on a comparison of (x) the portion of the level of the Merrill Lynch Asia Agriculture Index attributable to that security and (y) the overall level of the Merrill Lynch Asia Agriculture Index, in each case immediately before the occurrence of such Market Disruption Event.

(ii) in respect of a S&P GSCITM Index, the occurrence or existence of:

(a) a material limitation, suspension or disruption of trading in one or more Index Contracts which results in a failure by the relevant Exchange to report an exchange published settlement price for such Index Contract on the day on which such event occurs or any succeeding day on which it continues;

(b) the exchange published settlement price for any Index Contract is a “limit price”, which means that the exchange published settlement price for such Index Contract for a day has increased or decreased from the previous day’s exchange published settlement price by the maximum amount permitted under the rules of the relevant

53

Exchange;

(c) failure by the relevant Exchange or other price source to announce or publish the exchange published settlement price for any Index Contract; or

(d) a suspension of trading in one or more Index Contracts, for which trading does not resume at least 10 minutes prior to the Scheduled Closing Time.

“Maturity Date” means, the date falling 10 Singapore, London and New York City Business Days after the Final Observation Date, expected to be 14 December 2012.

“ML Index Sponsor” means Merrill Lynch International, in its capacity as the index sponsor of the Merrill Lynch Asia Agriculture Index.

“Observation Date” means, each Scheduled Observation Date, provided that if any such day is a Disrupted Day, then the Observation Date shall be postponed to the first succeeding Scheduled Trading Day that is not a Disrupted Day. If the first succeeding Scheduled Trading Day that is not a Disrupted Day has not occurred on the eighth Scheduled Trading Day immediately following the original date that, but for the occurrence of an event causing a Disrupted Day, would have been the Scheduled Observation Date, then that eighth Scheduled Trading Day shall be deemed to be the Observation Date (irrespective of whether that eighth Scheduled Trading Day is a Disrupted Day) and the Calculation Agent shall in good faith estimate the closing price of such affected Index on that eighth Scheduled Trading Day.

“Observation Period” means, the period commencing on and including the Index Calculation Day immediately following the Issue Date or, as the case may be, an Observation Date (other than the Final Observation Date), and ending on and including the immediately following Observation Date.

“Related Exchange” means, in respect of the Merrill Lynch Asia Agriculture Index, each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent in its sole and absolute discretion) on the overall market for futures and options contracts relating to such Index.

“Scheduled Closing Time” means, in respect of an Exchange or Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside of the regular trading session hours.

54

“Scheduled Observation Date” means, in respect of an Index, any original date that, but for the occurrence of any event causing a Disrupted Day, would have been an Observation Date. The Scheduled Observation Dates in respect of the Indices are 30 January, 30 March, 30 May, 30 July, 30 September and 30 November of each year with the first Scheduled Observation Date falling on 30 July 2008 and the last Scheduled Observation Date expected to fall on 30 November 2012 provided that if that date falls on a day which is not an Index Calculation Day, then the Observation Date shall fall on the first following Index Calculation Day.

“Scheduled Trading Day” means, any day on which each Exchange and each Related Exchange are scheduled to be open for trading for their respective regular trading sessions.

“SGD’ or “S$” means, Singapore dollars.

S&P GSCITM Indices means, S&P GSCITM Corn Index - Excess Return, S&P GSCITM Cotton Index - Excess Return, S&P GSCITM

Soybeans Index - Excess Return, S&P GSCITM Sugar Index - Excess Return and S&P GSCITM Wheat Index - Excess Return.

“S&P Index Sponsor” means, Standard & Poor’s, in its capacity as the index sponsor of the S&P GSCITM Indices.

“Trading Disruption” means any suspension of or limitation imposed on trading (which is determined by the Calculation Agent in its sole and absolute discretion to be material) by the relevant Exchange or Related Exchange or otherwise (whether by reason of movements in price exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise) (i) on any relevant Exchange(s) relating to Index Securities that comprise 20 per cent. or more of the level of the Merrill Lynch Asia Agriculture Index or (ii) in futures or options contracts relating to the Merrill Lynch Asia Agriculture Index on any relevant Related Exchange.

“Upper Coupon Barrier” means, in respect of a Share, 90.00 per cent. of the Initial Level.

“USD” or “U.S.$” means, United States dollars.

“Valuation Time” means, the Scheduled Closing Time of the relevant Exchange or Related Exchange. If the relevant Exchange closes prior to its Scheduled Closing Time and the specified Valuation Time is after the actual closing time for its regular trading session, then the Valuation Time shall be such actual closing time.

55

APPENDIX 2HYPOTHETICAL EXAMPLES OF HOW THE NOTES WORK

The following examples are purely hypothetical. They are included only to illustrate how the Notes work, and you must not rely on it as any indication of what the Closing Levels for the Indices and the performance of the Notes might actually be.

Assumptions for all scenarios:

Assume that an initial investment of S$100,000 was made in the SGD Notes and the Initial Levels of the Indices are as follows:

Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM

Soybean Index - Excess Return

S&P GSCITM


S&P GSCITM


Initial Level 160.00 20.00 46.00 340.00 20.00 65.00

Upper Coupon Barrier(90% of Initial Level)

144.00 18.00 41.40 306.00 18.00 58.50

Lower Coupon Barrier(80% of Initial Level)

128.00 16.00 36.80 272.00 16.00 52.00

Call Barrier (100% of Initial Level) 160.00 20.00 46.00 340.00 20.00 65.00

Scenario 1: Early Termination of the Notes after the first Observation Period i.e. two months after the Issue Date

Closing Levels on the Observation DatesEnd of Observation Period/ Observation Date

Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


First Observation Date 185.00 22.00 50.00 350.00 28.00 66.00

Variable Coupon calculation Early Termination

End of Observation Period/ Observation Date

No. of Index CalculationDays when

Closing Levels of all six

Indices ≥ Lower Coupon Barrier

but Closing Level of at least

one Index < Upper Coupon

Barrier


Closing Levels of all six Indices ≥

Upper Coupon Barrier

Total no. of Index

CalculationDays in the Observation

PeriodCoupon(% p.a.)

Note cashflow

(S$)

No. of Indices with Closing Levels ≥ the Call Barrier

on the Observation

DateEarly

Termination

First Observation Date

0 41 41 8.00 1,330.00 6 Yes

Total Coupon 1,330.00

56

In this scenario, the Closing Levels of all six Indices are at or greater than their respective Upper Coupon Barriers on every Index Calculation Day in the first Observation Period. Accordingly, the Coupon will accrue at the rate of 8.00% per annum on every Index Calculation Day in the first Observation Period. In addition, at the end of two months after the Issue Date of the SGD Notes, the SGD Notes are early terminated since the Closing Share Prices of all six Indices are greater than their respective Call Barriers on the first Observation Date. The investor will therefore receive 100% of the principal amount and the Coupon payable on the first Coupon Payment Date. The total Coupon (%) received by the investor over the two months is (S$1,330 ÷ S$100,000) x 100% = 1.33% over 2 months or simple annualised return of 8.00% per annum.

Scenario 2: Early Termination of the Notes after the sixth Observation Period i.e. one year after the Issue Date


Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM



155.80 18.50 45.00 339.00 19.00 66.00

Second Observation Date

152.90 22.35 44.85 348.00 19.50 63.00

Third Observation Date

157.80 18.00 45.30 349.00 19.80 68.00

Fourth Observation Date

161.00 23.50 45.50 349.75 28.00 69.00

Fifth Observation Date

159.00 19.00 42.80 349.00 28.50 70.00

Sixth Observation Date

160.50 23.00 48.00 349.75 27.50 72.00








Barrier




Total no. of Index



Note cashflow

(S$)


on the Observation

DateEarly

Termination


7 22 41 4.98 830.00 1 No


5 32 42 6.57 1,095.00 2 No


20 21 38 6.53 1,088.33 2 No


9 6 39 2.15 358.33 5 No

57








Barrier




Total no. of Index



Note cashflow

(S$)


on the Observation

DateEarly

Termination


11 15 40 4.10 683.33 3 No


2 30 41 6.05 1,008.33 6 Yes


In this scenario, at the end of one year after the Issue Date of the SGD Notes, the SGD Notes are early terminated since the Closing Levels of all six Indices are greater than their respective Call Barriers on the sixth Observation Date. The investor will therefore receive 100% of the principal amount and the Coupon payable on the sixth Coupon Payment Date. The total Coupon (%) received by the investor over one year is (S$5,063.33 ÷ S$100,000) x 100% = 5.06%.

Scenario 3: No Early Termination of the Notes and no Coupon on the Notes is paid


Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM



155.80 18.50 45.00 339.00 19.00 66.00


152.90 22.35 44.85 348.00 19.50 63.00


157.80 18.00 45.30 349.00 19.80 68.00


161.00 23.50 45.50 349.75 28.00 69.00


138.00 19.00 42.80 349.00 28.50 70.00


126.00 18.00 48.00 349.75 27.50 67.00

Seventh Observation Date

127.00 19.00 44.00 342.00 25.20 68.00

Eighth Observation Date

125.50 15.00 47.50 348.00 22.90 69.00

Ninth Observation Date

129.00 14.90 45.50 349.00 21.50 72.00

Tenth Observation Date

132.00 15.80 48.50 350.00 29.50 73.00

58


Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


Eleventh Observation Date

125.00 14.90 47.90 342.00 30.20 75.20

Twelfth Observation Date

126.00 15.90 48.50 340.00 31.50 74.30

Thirteenth Observation Date

122.00 16.00 45.50 339.00 34.80 72.90

Fourteenth Observation Date

121.00 16.80 46.50 335.00 35.50 66.00

Fifteenth Observation Date

120.00 22.50 45.50 330.00 36.50 68.00

Sixteenth Observation Date

123.00 21.50 44.90 338.00 35.50 65.00

Seventeenth Observation Date

124.50 20.50 46.80 340.00 32.20 64.00

Eighteenth Observation Date

125.50 20.00 47.90 350.00 32.50 63.50

Ninteenth Observation Date

128.80 16.50 48.90 365.00 33.90 63.20

Twentieth Observation Date

132.00 15.80 49.90 366.00 33.50 62.00

Twenty-first Observation Date

134.00 15.50 48.90 355.00 35.50 62.20

Twenty-second Observation Date

138.00 15.20 48.50 366.00 28.50 63.50

Twenty-third Observation Date

133.00 15.20 47.60 367.00 22.50 61.50

Twenty-fourth Observation Date

139.00 14.20 44.50 370.00 23.50 60.50

Twenty-fifth Observation Date

142.00 13.20 45.50 355.00 27.50 62.50

Twenty-sixth Observation Date

135.00 13.50 46.60 365.00 25.90 67.50

Twenty-seventh Observation Date

128.00 14.80 48.90 372.00 26.90 62.80

59








Barrier




Total no. of Index



Note cashflow

(S$)


on the Observation

DateEarly

Termination


0 0 41 0.00 0.00 1 No


0 0 42 0.00 0.00 2 No


0 0 38 0.00 0.00 2 No


0 0 39 0.00 0.00 5 No


0 0 40 0.00 0.00 3 No


0 0 41 0.00 0.00 4 No


0 0 39 0.00 0.00 3 No


0 0 40 0.00 0.00 4 No


0 0 42 0.00 0.00 3 No


0 0 40 0.00 0.00 4 No


0 0 39 0.00 0.00 4 No


0 0 38 0.00 0.00 4 No


0 0 42 0.00 0.00 2 No


0 0 40 0.00 0.00 3 No

Fifteenth ObservationDate

0 0 43 0.00 0.00 3 No


0 0 45 0.00 0.00 3 No


0 0 40 0.00 0.00 4 No


0 0 42 0.00 0.00 4 No

60








Barrier




Total no. of Index



Note cashflow

(S$)


on the Observation

DateEarly

Termination


0 0 44 0.00 0.00 3 No


0 0 42 0.00 0.00 3 No


0 0 40 0.00 0.00 3 No


0 0 41 0.00 0.00 3 No


0 0 39 0.00 0.00 3 No


0 0 40 0.00 0.00 2 No


0 0 42 0.00 0.00 2 No


0 0 43 0.00 0.00 4 No


0 0 43 0.00 0.00 3 No

Total Coupon 0.00

In this scenario, throughout the term of the SGD Notes, there is no Index Calculation Day when the Closing Levels of all Indices are at or greater than their respective Lower Coupon Barriers or, as the case may be, their respective Upper Coupon Barrier, or their respective Call Barriers. Accordingly, no Coupon is paid on the SGD Notes and no Early Termination of the SGD Notes take place. The investor will therefore receive 100% of the principal amount on the Maturity Date of the SGD Notes.

Scenario 4: No Early Termination of the Notes and some Coupons on the Notes are paid


Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM



155.80 18.50 45.00 339.00 19.00 66.00


152.90 22.35 44.85 348.00 19.50 63.00

61


Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM



157.80 18.00 45.30 349.00 19.80 68.00


161.00 23.50 45.50 349.75 28.00 69.00


138.00 19.00 42.80 349.00 28.50 70.00


126.00 18.00 48.00 349.75 27.50 67.00


127.00 19.00 44.00 342.00 25.20 68.00


125.50 15.00 47.50 348.00 22.90 69.00


129.00 14.90 45.50 349.00 21.50 72.00


132.00 15.80 48.50 350.00 29.50 73.00


125.00 14.90 47.90 342.00 30.20 75.20


126.00 15.90 48.50 340.00 31.50 74.30


122.00 16.00 45.50 339.00 34.80 72.90


121.00 16.80 46.50 335.00 35.50 66.00


120.00 22.50 45.50 330.00 36.50 68.00


123.00 21.50 44.90 338.00 35.50 65.00


124.50 20.50 46.80 340.00 32.20 64.00


125.50 20.00 47.90 350.00 32.50 63.50


128.80 16.50 48.90 365.00 33.90 63.20


132.00 15.80 49.90 366.00 33.50 62.00


134.00 15.50 48.90 355.00 35.50 62.20


138.00 15.20 48.50 366.00 28.50 63.50


133.00 15.20 47.60 367.00 22.50 61.50

62


Merrill Lynch Asia

Agriculture Index

S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM


S&P GSCITM



139.00 14.20 44.50 370.00 23.50 60.50


142.00 13.20 45.50 355.00 27.50 62.50


135.00 13.50 46.60 365.00 25.90 67.50


128.00 14.80 48.90 372.00 26.90 62.80








Barrier




Total no. of Index



Note cashflow

(S$)


on the Observation

DateEarly

Termination


5 21 41 4.95 763.33 1 No


5 22 42 4.67 776.67 2 No


12 18 38 5.05 841.67 3 No


10 17 39 4.51 751.67 4 No


2 32 40 6.60 1,098.33 1 No


11 21 41 5.17 861.67 2 No


15 14 39 4.41 735.00 2 No


8 25 40 5.80 965.00 4 No


5 20 42 4.29 713.33 1 No


12 14 40 4.00 666.67 2 No


20 0 39 2.05 343.33 4 No

63








Barrier




Total no. of Index



Note cashflow

(S$)


on the Observation

DateEarly

Termination


3 35 38 7.68 1,278.33 1 No


9 22 42 5.05 840.00 2 No


15 20 40 5.50 916.67 2 No


22 8 43 3.53 590.00 3 No


0 11 45 1.96 325.00 1 No


22 8 40 3.80 635.00 2 No


9 15 42 3.71 618.33 2 No


22 5 44 2.91 486.67 3 No


15 22 42 5.62 936.67 3 No


5 29 40 6.30 1,048.33 3 No


11 30 41 6.93 1,153.33 3 No


5 28 39 6.26 1,040.00 3 No


2 22 40 4.60 765.00 2 No


20 18 42 5.33 888.33 2 No


22 15 43 4.84 806.67 4 No


4 12 43 2.60 383.33 3 No


64

In this scenario, throughout the term of the SGD Note, there is no Observation Date when the Closing Levels of all Indices are at or greater than their respective Call Barriers. Hence, no Early Termination of the SGD Notes takes place. However, in respect of some Observation Periods, the Closing Levelsof all six Indices are equal to or greater than their respective Lower Coupon Barriers or, as the case may be, their respective Upper Coupon Barriers on some of the Index Calculation Days within such Observation Periods and accordingly, the investor will receive some Coupons on the SGD Notes. The investor will also receive 100% of the principal amount at the end of 4 years 6 months. The total Coupon (%) received by the investor of S$13,720.00 over 4 years 6 months is (S$13,720.00 ÷S$100,000) x 100% = 13.72% over 4 years 6 months or simple annualised return of 3.05% per annum.

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APPENDIX 3MORE INFORMATION ABOUT THE INDICES

You can find information about the S&P GSCITM Indices on the following website:http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_gsci/2,3,4,0,0,0,0,0,0,1,1,0,0,0,0,0.html and information about the Merrill Lynch Asia Agriculture Index on the following website: http://www.merrillinvest.ml.com/Index.aspx?p=ff06b508-fb54-4464-8cdc-79c169e2a81b.

None of the Issuer, the Arranger, the Singapore Dealer and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian will keep you informed of any material development in relation to the Indices, any of the Index Securities or any of the Index Contracts.

All references to websites in this Pricing Statement are intended to assist you to access further information relating to the subject matter indicated. You should conduct your own web searches to ensure that you are viewing the most up-to-date information. The information on the websites is not part of this Pricing Statement. None of the Issuer, its directors, the Arranger, the Singapore Dealer and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian accepts any responsibility whatsoever that information on the websites, if available, is accurate or up-to-date and no responsibility is accepted in relation to any such information by any person responsible for the Pricing Statement. The offer of the Notes is made solely on the basis of the information in the Replacement Base Prospectus read together with, and as updated by, this Pricing Statement. You should exercise an appropriate degree of caution when assessing the value of other information which may appear on such websites.

The index performance charts of the Indices and their Closing Levels on 7 April 2008 are produced below. This information is extracted from publicly available information and while the Issuer, the Arranger and the Singapore Dealer have taken reasonable care to correctly extract and reproduce such information, none of the Issuer, its directors, the Arranger, the Singapore Dealer and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian is responsible for the accuracy of this information. You should note that past performance of an Index is not indicative of its future performance.

The Index Sponsor of the Merrill Lynch Asia Agriculture Index is Merrill Lynch International, which is an affiliate of the Arranger and the Singapore Dealer. There is no relationship between Merrill Lynch and any of the S&P GSCITM Indices.

The information below is derived from publicly available sources published by Bloomberg as of 7 April2008. None of the Issuer, its directors, the Arranger, the Singapore Dealer and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian has obtained the specific consent of Bloomberg for the inclusion of such information in this Pricing Statement. Accordingly, Bloomberg would not be liable for the information included in this Pricing Statement. None of the Issuer, its directors, the Arranger, the Singapore Dealer and The Hongkong and Shanghai Banking Corporation Limited in its capacities as Trustee, Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Transfer Agent, Singapore Registrar and Custodian has verified the accuracy of the information and accordingly, none of the Issuer, its directors, the Arranger and the Singapore Dealer makes any representations as to the accuracy or reliability of the information, save that the Issuer, its directors, the Arranger and the Singapore Dealer have taken reasonable care to correctly extract and/or reproduce such information in its proper form and context.

www.merrillinvest.ml.com/Index.aspx?p=ff06b508-fb54-4464-8cdc-79c169e2a81b.

http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_gsci/2,3,4,0,0,0,0,0,0,1,1,0

http://www.merrillinvest.ml.com/Index.aspx?p=ff06b508-fb54-4464-8cdc-79c169e2a81b.

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The following chart shows the index performance of the Merrill Lynch Asia Agriculture Index from 3 January 2007 to 8 April 2008. You should note that the Merrill Lynch Asia Agriculture Index was launched only on 31 January 2008. Accordingly, the index performance of the Merrill Lynch Asia Agriculture Index before 31 January 2008 as shown below is calculated based on the actual closing prices of the Index Securities (as of 25 January 2008) from 3 January 2007 to 30 January 2008.

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The Closing Level of the Merrill Lynch Asia Agriculture Index on 8 April 2008 is 170.62. The historical volatility is 28.38 per cent. over the past 250 days (ending on 7 April 2008).

S&P GSCITM Corn Index - Excess Return

The following chart shows the index performance of the shares of the S&P GSCITM Corn Index -Excess Return from 2 January 2003 to 7 April 2008.

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The Closing Level of the S&P GSCITM Corn Index - Excess Return on 7 April 2008 is 21.1165. The historical volatility is 30.83 per cent. over the past 250 days (ending on 7 April 2008).

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S&P GSCITM Cotton Index - Excess Return

The following chart shows the index performance of the S&P GSCITM Cotton Index - Excess Returnfrom 2 January 2003 to 7 April 2008.

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The Closing Level of the S&P GSCITM Cotton Index - Excess Return on 7 April 2008 is 45.4978. The historical volatility is 26.85 per cent. over the past 250 days (ending on 7 April 2008).

S&P GSCITM Soybeans Index - Excess Return

The following chart shows the index performance of the S&P GSCITM Soybeans Index - Excess Return from 2 January 2003 to 7 April 2008.

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The Closing Level of the S&P GSCITM Soybeans Index - Excess Return on 7 April 2008 is 326.023. The historical volatility is 26.75 per cent. over the past 250 days (ending on 7 April 2008).

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S&P GSCITM Sugar Index - Excess Return

The following chart shows the index performance of the S&P GSCITM Sugar Index - Excess Returnfrom 2 January 2003 to 7 April 2008.

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The Closing Level of the S&P GSCITM Sugar Index - Excess Return on 7 April 2008 is 19.9644. The historical volatility is 30.86 per cent. over the past 250 days (ending on 7 April 2008).

S&P GSCITM Wheat Index - Excess Return

The following chart shows the index performance of the S&P GSCITM Wheat Index - Excess Returnfrom 2 January 2003 to 7 April 2008.

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The Closing Level of the S&P GSCITM Wheat Index - Excess Return on 7 April 2008 is 50.8016. The historical volatility is 41.47 per cent. over the past 250 days (ending on 7 April 2008).

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Appendix 4Terms, Conditions and Procedures for Application And Acceptance of the Notes

These are general terms and conditions for application of the Notes subject to the offer. Please check with your distributors for specific terms, conditions and procedures for such application as certain of these terms, conditions and procedures are subject to separate agreement with the distributors.

The Issuer invites applications for the subscription of the Notes at the issue price of S$1,000 for each SGD Note and U.S.$1,000 for each USD Note, subject to the following terms and conditions:

1. YOUR APPLICATION MUST BE MADE IN DENOMINATIONS OF S$1,000 FOR EACH SGD NOTE OR U.S.$1,000 FOR EACH USD NOTE OR INTEGRAL MULTIPLES THEREOF, SUBJECT TO A MINIMUM APPLICATION OF S$10,000 FOR THE SGD NOTES OR U.S.$5,000 FOR THE USD NOTES. YOUR APPLICATION FOR ANY OTHER NUMBER OF NOTES WILL BE REJECTED.

2. Your application for the Notes under the offer may be made by way of the printed “NOTES APPLICATION FORM”.

You may not use your CPF Investible Savings to apply for the Notes.

3. You (being a person other than an approved nominee company (as defined in paragraph 6 below)) are allowed to submit application(s) in your own name for a single application for Notes under the offer.

Applications in respect of the Notes under the Offer may be made by way of the Notes Application Form.

A person, other than an approved nominee company, who is submitting an application for the Notes under the offer in his own name should not submit any other applications for the Notes under the offer for any other person. Such separate applications may be rejected.

4. The Issuer will not accept applications from any person under the age of 21 years, undischarged bankrupts, sole-proprietorships, partnerships, non-corporate bodies and applicants whose addresses furnished in their printed Notes Application Forms bear post office box numbers. No person acting or purporting to act on behalf of a deceased person is allowed to apply under the securities account with CDP in the deceased's name at the time of application.

5. The Issuer will not recognise the existence of a trust. Any application by a trustee or trustees must be made in his/their own name(s) and without qualification or, where the application is made by way of a printed Notes Application Form by a nominee, in the name(s) of an approved nominee company or approved nominee companies after complying with paragraph 7 below.

6. THE ISSUER WILL ONLY ACCEPT NOMINEE APPLICATIONS FROM APPROVED NOMINEE COMPANIES. Approved nominee companies are defined as banks, merchant banks, finance companies, insurance companies, licensed securities dealers in Singapore and nominee companies controlled by them. Applications made by nominees other than approved nominee companies will be rejected.

7. IF YOU ARE NOT AN APPROVED NOMINEE COMPANY, YOU MUST MAINTAIN A DIRECT SECURITIES ACCOUNT WITH CDP OR A SECURITIES SUB-ACCOUNT WITH A DEPOSITORY AGENT AT THE TIME OF YOUR APPLICATION. If you have an existing securities account but fail to provide your Securities Account number or provide an incorrect securities account number in section B of the Notes Application Form, your application is liable to be rejected. Subject to paragraph 8 below, your application shall be rejected if your particulars such as name, NRIC/passport number or company registration number, nationality, permanent residence status and CDP securities account number, provided in your Notes Application

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Form differ from those particulars in your securities account as maintained by CDP. If you are applying through more than one direct securities account with CDP, your application is liable to be rejected.

8. If your address as stated in the Notes Application Form is different from the address registered with CDP, you must inform CDP of your updated address promptly, failing which the notification letter on successful allocation, sent by your Distributor on behalf of the Issuer, will be sent to your address last registered with CDP.

9. You may apply for the Notes using only cash. Each application must be accompanied by a direct debit authorisation to your Distributor in respect of the number of Notes applied for in favour of your Distributor or your Distributor will require you to maintain a balance until the Issue Date or you will be required to deposit funds, which will be held on your behalf by the Distributor, into a designated account, in each case equal to the principal amount of Notes for which you have applied, which upon successful allocation, will be debited by your Distributor in an amount equal to the Notes allocated to you or you will have to comply with such other method of payment stipulated by the Distributor. Applications not accompanied by these forms of payment will not be accepted. No acknowledgement of receipt will be issued for such applications and payments.

10. The refund procedures and mechanism are ultimately dependent on your agreement with your Distributor. Generally, where your application is accepted in part only and where excess moneys have been received, the balance of the application moneys, will be refunded (without interest or any share of revenue or other benefit arising therefrom) to you by ordinary post at your own risk within 14 business days after the close of the offer, provided that the moneys have been received by the Distributor in the designated account.

11. The Replacement Base Prospectus and the Pricing Statement and their accompanying documents (including the Notes Application Forms) have not been registered in any jurisdiction other than in Singapore. The distribution of the Replacement Base Prospectus and the Pricing Statement and their accompanying documents (including the Notes Application Forms) and the offering or sale of the Notes may be prohibited or restricted (either absolutely or unless various securities requirements, whether legal or administrative, are complied with) in certain jurisdictions under the relevant securities laws of those jurisdictions.

The Notes have not been and will not be registered under the US Securities Act 1933, as amended (the “Securities Act”) and include Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be offered or sold within the United States or to, or for the account or benefit of, US persons (as defined in Regulation S under the Securities Act (“Regulation S”)). The Notes are being offered outside the United States to non-US persons (including institutional and other investors in Singapore) in reliance on Regulation S.

The Issuer reserves the right to reject any application for Notes where it believes or has reason to believe that such application may violate the securities laws of the United States or any other jurisdiction or any applicable legal or regulatory requirements.

No person in any jurisdiction outside Singapore receiving the Replacement Base Prospectus and the Pricing Statement or their accompanying documents (including the Notes Application Forms) may treat the same as an offer or invitation to subscribe for any Notes.

12. The Issuer reserves the right to reject any application which does not conform strictly to the instructions set out in the Replacement Base Prospectus and the Pricing Statement and the Notes Application Form, or with the terms and conditions of the Pricing Statement or, in the case of an application by way of a Notes Application Form, which is illegible, incomplete, incorrectly completed or which is accompanied by an improperly drawn authorisation.

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13. The Issuer reserves the right to treat as valid any applications not completed or submitted or effected in all respects in accordance with the instructions set out in the Replacement Base Prospectus and Pricing Statement (including Notes Application Forms), and also to present for payment or other processes all remittances at any time after receipt and to have full access to all information relating to, or deriving from, such remittances or the processing thereof.

Without prejudice to the Issuer’s rights, the Distributors, as its agents, have been authorised to accept, for and on behalf of the Issuer, such other forms of application as the Distributors may, in consultation with the Issuer, the Arranger and the Singapore Dealer, deem appropriate.

14. The Issuer reserves the right to reject or to accept, in whole or in part, or to scale down or to ballot any application, without assigning any reason therefor, and it will not entertain any enquiryand/or correspondence on its decision. In deciding the basis of allocation, the Issuer will give due consideration to the desirability of allocating the Notes to a reasonable number of applicants with a view to establishing an adequate market for the Notes.

15. No definitive Notes will be issued to successful applicants. The securities account of such successful applicants (whether held directly or through depository agents) shall be credited with the principal amount of the Notes subscribed. It is expected that CDP will send to each successful applicant at his own risk, within ten business days after the close of the application list, a statement showing that his securities account has been credited with the principal amount of Notes allocated to him. This will be the only acknowledgement of application moneys received and is not an acknowledgement by the Issuer. You irrevocably authorise CDP, if required, to complete and sign on your behalf as transferee any documents required for the issue or transfer of the Notes allocated to you.

16. You irrevocably authorise CDP and your Distributor to disclose the outcome of your application, including the number of Notes allocated to you pursuant to your application, to the Issuer, the Arranger, the Singapore Dealer and any other parties so authorised by CDP, the Issuer, the Arranger and the Singapore Dealer.

17. Any reference to “you” or the “Applicant” in this section shall include an individual, a corporation, an approved nominee company and trustee applying for Notes under the offer by way of a Notes Application Form.

18. By completing and delivering a Notes Application Form in accordance with the provisions herein, you:

(a) irrevocably offer, agree and undertake to subscribe for the amount of Notes specified in your application (or such smaller number for which the application is accepted) at the issue price of S$1,000 for each SGD Note and U.S.$1,000 for each USD Note and agree that you will accept such Notes as may be allocated to you, in each case on the terms of, and subject to the conditions set out in, the Replacement Base Prospectus, the Pricing Statement and the Issuer’s Memorandum and Articles of Association;

(b) agree that you have read through and understand the terms and conditions set out in this Appendix 4;

(c) agree that the aggregate amount for the Notes applied for is due and payable to the Issuer upon application;

(d) agree that you will make payment upon successful allocation of the Notes;

(e) warrant the truth and accuracy of the information contained, and representations and declarations made, in your application, and acknowledge and agree that such information,

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representations and declarations will be relied on by the Issuer in determining whether to accept your application and/or whether to allocate any Notes to you;

(f) agree and warrant that you have completed and successfully discharged the know-your-client requirement imposed by your Distributor;

(g) agree and warrant that your application will comply with and be fully consistent with all laws and regulations, credit policies, guidelines and restrictions applicable to you;

(h) agree and warrant that you have not relied on the Arranger, the Singapore Dealer, the Trustee and the Market Agent or any of their affiliates in assessing the merits, risk and suitability of your application;

(i) agree and warrant that you have conducted your own suitability checks and procedures for your application; and

(j) agree and warrant that if the laws of any jurisdictions outside Singapore are applicable to your application, you have complied with all such laws and none of the Issuer, the Arranger, the Singapore Dealer and the Market Agent will infringe any such laws as a result of the acceptance of your application.

19. The Issuer will not hold any application in reserve.

20. The Issuer will not allocate any Notes on the basis of the Pricing Statement later than six months after the date of registration of the Pricing Statement.

21. Additional terms and conditions for applications by way of Notes Application Forms are set out in the section entitled “Additional Terms and Conditions for Application using Printed Application Forms” below.

ADDITIONAL TERMS AND CONDITIONS FOR APPLICATION USING PRINTED APPLICATION FORMS

Applications by way of Notes Application Forms shall be made on and subject to the terms and conditions of the Replacement Base Prospectus and the Pricing Statement, including but not limited to the terms and conditions appearing below as well as those set out under the earlier section of this Appendix 4, as well as the Issuer’s Memorandum and Articles of Association.

1. Your application for Notes under the offer must be made using the Notes Application Form accompanying and forming part of the Pricing Statement.

Without prejudice to the Issuer’s rights, the Distributors, as its agents, have been authorised to accept, for and on behalf of the Issuer, such other forms of application, as the Distributors may (in consultation with the Issuer, the Arranger and the Singapore Dealer) deem appropriate.

The Issuer draws your attention to the detailed instructions contained in the respective Notes Application Forms and the Pricing Statement for the completion of the Notes Application Forms, which must be carefully followed. The Issuer reserves the right to reject applications which do not conform strictly to the instructions set out in the Notes Application Forms and the Pricing Statement or to the terms and conditions of the Pricing Statement or which are illegible, incomplete, incorrectly completed or (where applicable) which are accompanied by improperly drawn authorisations.

2. You must complete your Notes Application Forms in English. Please type or write clearly in ink using BLOCK LETTERS.

3. You must complete all spaces in your Notes Application Forms except those under the heading

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“FOR OFFICIAL USE ONLY” and you must write the words “NOT APPLICABLE” or “N.A.” in any space that is not applicable.

4. Individuals, corporations, approved nominee companies and trustees must give their names in full. If you are an individual, you must make your application using your full name as it appears in your identity card (if you have such an identification document) or in your passport and, in the case of corporations, in your full names as registered with a competent authority. If you are not an individual, you must complete the Notes Application Form under the hand of an official who must state the name and capacity in which he signs the Notes Application Form. If you are a corporation completing the Notes Application Form, you are required to affix your Common Seal (if any) in accordance with your Memorandum and Articles of Association or equivalent constitutive documents. The Issuer reserves the right to require you to produce documentary proof of identification for verification purposes.

5. You (whether an individual or corporate Applicant, whether incorporated or unincorporated and wherever incorporated or constituted) will be required to declare whether you are a citizen or permanent resident of Singapore or a corporation in which citizens or permanent residents of Singapore or any body corporate constituted under any statute of Singapore having an interest in the aggregate of more than 50% of the issued share capital of or interests in such corporations. If you are an approved nominee company, you are required to declare whether the beneficial owner of the Notes is a citizen or permanent resident of Singapore or a corporation, whether incorporated or unincorporated and wherever incorporated or constituted, in which citizens or permanent residents of Singapore or any body corporate incorporated or constituted under any statute of Singapore have an interest in the aggregate of more than 50% of the issued share capital of or interests in such corporation.

6. Capitalised terms used in the Notes Application Forms and defined in the Replacement Base Prospectus and the Pricing Statement shall bear the meanings ascribed to them in the ReplacementBase Prospectus and the Pricing Statement.

7. By completing and delivering the Notes Application Form, you agree that:

(a) in consideration of the Issuer having distributed the Notes Application Form to you and by completing and delivering the Notes Application Form before the close of the offer period or such other time or date as the Issuer may, in consultation with the Arranger and the Singapore Dealer, decide:

(i) your application is irrevocable;

(ii) your remittance will be honoured on first presentation and that any moneys returnable may be held pending clearance of your payment without interest or any share of revenue or other benefit arising therefrom; and

(iii) you represent and agree that you are not a U.S. person (within the meaning of Regulation S);

(b) all applications, acceptances or contracts resulting therefrom under the offer shall be governed by and construed in accordance with the laws of Singapore and that you irrevocably submit to the exclusive jurisdiction of the Singapore courts;

(c) in respect of the Notes for which your application has been received and not rejected, acceptance of your application shall be constituted by written notification by your Distributor on behalf of the Issuer and not otherwise, notwithstanding any remittance being presented for payment by or on behalf of the Issuer;

(d) you will not be entitled to exercise any remedy of rescission for misrepresentation at any time after acceptance of your application;

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(e) reliance is placed solely on information contained in the Replacement Base Prospectus and the Pricing Statement and that none of the Issuer, the Arranger, the Singapore Dealer, the Trustee and the Market Agent or any other person involved in the offer shall have any liability for any information not so contained;

(f) you consent to the disclosure of your name, NRIC/passport number or company registration number, address, nationality, permanent resident status, CDP securities account number (if applicable) and application amount to the Issuer, CDP, the Arranger, the Singapore Dealer and the Market Agent; and

(g) you irrevocably agree and undertake to subscribe for the number of Notes applied for as stated in the Notes Application Form or any smaller number of such Notes that may be allocated to you in respect of your application. In the event that the Issuer decides to allocate any smaller number of Notes or not to allocate any Notes to you, you agree to accept such decision as final.

Steps for applications for Notes under the offer by way of printed Notes Application Forms

1. Your application for Notes under the offer by way of printed Notes Application Forms MUST be made using the Notes Application Forms.

2. You must:

(a) duly complete and sign the Notes Application Form, in accordance with the terms and conditions of the Pricing Statement, and submit the Notes Application Form to your Distributor; and

(b) either fill up a direct debit authorisation in favour of your Distributor in respect of the Notes subscribed for or ensure that you maintain a balance, at least until the Issue Date, equal to the Notes subscribed for in your account with your Distributor or deposit funds, which will be held on your behalf by the Distributor, into a designated account, which upon successful allocation, will be debited by your Distributor in an amount equal to the principal amount of Notes allocated to you or you will have to comply with such other method of payment stipulated by the Distributor.

3. Applications that are illegible, incomplete or incorrectly completed or accompanied by improperly drawn authorisation are liable to be rejected.

4. No acknowledgement of receipt will be issued for any application or remittance received.

Issuer

Citrine Global Finance LimitedPO Box 1984

Boundary HallCricket SquareGeorge Town

Grand Cayman KY1-1104Cayman Islands

Arranger

Merrill Lynch (Asia Pacific) Limited17th Floor, ICBC Tower3 Garden Road, Central

Hong Kong

Singapore Dealer

Merrill Lynch (Singapore) Pte. Ltd.1 Temasek Avenue

#28-01 Millenia TowerSingapore 039192

Calculation Agent

Merrill Lynch InternationalMerrill Lynch Financial Centre

2 King Edward StreetLondon EC1A 1HQ

England

Trustee and Custodian

The Hongkong and Shanghai Banking Corporation LimitedLevel 30

1 Queen’s Road CentralCentral

Hong Kong

Singapore Issuing and Paying Agent, Singapore Paying Agent, Singapore Registrar and Singapore

Transfer Agent

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

21 Collyer Quay#14-01

HSBC BuildingSingapore 049320

Legal advisers

to the Singapore Dealer and the Issuerin respect of Singapore law

Allen & Gledhill LLPOne Marina Boulevard, #28-00

Singapore 018989

to the Issuer in respect of Cayman Islands law

Maples & Calder1504 One International Finance Centre

1 Harbour View StreetHong Kong

Distributors

Citibank Singapore Limited3 Temasek Avenue

#12-00 Centenial TowerSingapore 039190

OCBC Securities Private Limited18 Church Street

#01-00 OCBC Centre South Singapore 049479

Standard Chartered Bank6 Battery Road, #09-08

Singapore 049909

Documents

CITRINE GLOBAL FINANCE LIMITED · Citrine Global Finance Limited is the Issuer of the Notes Fill your portfolio with the rich potential of agricultural commodities Arranged by: Merrill