iPath® CBOE S&P 500 BuyWrite Index(SM) ETN

The iPath^® CBOE S&P 500 BuyWrite Index

ETN offers investors cost-effective exposure to the CBOE S&P 500 BuyWrite Index

, commonly known as the BXM Index

(the "Index"). The Index is designed to measure the total rate of return of a hypothetical "buy-write", or "covered call", strategy on the S&P 500^® Index. This strategy consists of a hypothetical portfolio consisting of a "long" position indexed to the S&P 500^® Index (i.e. purchasing the common stocks included in the S&P 500^® Index) and the sale of a succession of one-month, at– or slightly out-of-the-money S&P 500^® Index call options that are listed on the Chicago Board Options Exchange ("CBOE").

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Market Data (as of 07/03/2008)
Closing Price $47.78		Volume 1,600
Net Change $0.15		20-Day Volume Average 7,188
% Change 0.31%		Shares Outstanding 450,100
High $47.78		Market Capitalization* $21,415,758
Low $47.47		Daily Indicative Value† $47.58

* Market Capitalization = Daily Indicative Value x Shares Outstanding † Source: Barclays Bank PLC. The "Daily Indicative value" is historical, does not guarantee future performance, and is shown for illustrative purposes only. The issuer or an affiliate will provide the official Redemption Value to the redeeming holder in advance of any redemption. See additional information below.

Profile
Primary Exchange American Stock Exchange		Yearly Fee 0.75%¹
Ticker BWV		Bloomberg Index Ticker BXM
Intraday Indicative Value Ticker BWV.IV		CUSIP 06739F135
Bloomberg ETN Keystroke BWV<EQUITY><GO>		Inception Date 05/22/2007
		Maturity Date 05/28/2037
*With short sales, you risk paying more for a security than you receive from its sale.

Returns (As of 05/31/2008)
	1 mo.	3 mo.	6 mo.	YTD	1Yr.	3 Yr.	5 Yr.	10 Yr.	Since Note Incept.
CBOE S&P 500 BuyWrite Index^SM	1.25%	5.41%	1.95%	0.10%	2.72%	7.49%	8.65%	6.58%	3.14%
iPath Indicative Value Return	1.21%	5.26%	1.61%	-0.19%	1.99%	N/A	N/A	N/A	2.40%

Market Price Returns (As of 05/31/2008)
	1 mo.	3 mo.	6 mo.	YTD	1Yr.	3 Yr.	5 Yr.	10 Yr.	Since Note Incept.
iPath Market Price Return	1.24%	5.19%	1.64%	0.00%	1.86%	N/A	N/A	N/A	2.43%

S&P, CBOE, BGI.05/08.Period ending 05/08. The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investment, when sold or redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. See additional market price information.

Index Returns

Index Returns measure returns over the relevant period using the change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index Returns do not reflect any management fees, transaction costs, or expenses which would reduce your actual return. Indexes are unmanaged and one cannot invest directly in an index.

Market Returns

Market Returns measure returns over the relevant period using the change in the midpoint of the bid/ask spread at 4:00 pm Eastern time (or the last midpoint of the bid/ask spread prior to 4:00 pm Eastern time) expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns you would receive if you traded at other times. Market Returns do not account for brokerage commissions, which will reduce actual returns.

Indicative Value Returns

The Indicative Value Returns measure the returns over the relevant period using the change in the Indicative Value expressed as a percentage from the beginning of the relevant period to the end of the relevant period and reflect the current investor fee.

Redemption Value

Subject to the notification requirements described in the prospectus, Securities may be redeemed on any redemption date during the term of the Securities. If Securities are redeemed, they will receive a daily redemption value, which is equal to the principal amount per unit times the index factor on the applicable Valuation Date less the investor fee on the applicable Valuation Date. At least 50,000 units² of a particular iPath ETN must be redeemed at one time in order to exercise the right to redeem Securities on any Redemption Date.

A Redemption Date is the third business day following each valuation date. Valuation Date means each business day during the term of the Securities inclusive or, if such date is not a trading day, the next succeeding trading day, not to exceed five business days.

Indicative Value

An intraday "indicative value" meant to approximate the intrinsic economic value of each iPath ETN is calculated and published by Bloomberg or a successor under the respective ticker symbols listed above. Additionally, the daily indicative value of each iPath ETN is calculated and posted each trading day to the Indicative Values table above. In connection with iPath ETNs, the term "indicative value" refers to the value at a given time determined based on the following equation:

Indicative Value = Principal Amount per Unit X (Current Index Level / Initial Index Level) - Current Investor Fee

Where:

Principal Amount per Unit = $50

Current Index Level = The most recent published level of the index underlying your iPath ETN as reported by the relevant index sponsor.

Initial Index Level = The closing level of the relevant index on the inception date.

Current Investor Fee = The most recent daily calculation of the investor fee with respect to an iPath ETN, determined as described above (which, during any trading day, will be the investor fee determined on the preceding calendar day).

The indicative value calculation is provided for reference purposes only. It is not intended as a price or quotation, or as an offer or solicitation for the purchase, sale, redemption or termination of the iPath ETNs, nor do they reflect hedging or transaction costs, credit considerations, market liquidity, or bid-offer spreads. Published index levels from the sponsors of the indices underlying each iPath ETN may occasionally be subject to delay or postponement. Any such delays or postponements will affect the Current Index Level and therefore the indicative value of each iPath ETN. Index levels provided by the sponsors of the indexes underlying the iPath ETNs do not necessarily reflect the depth and liquidity of the underlying commodities markets. For this reason and others, the actual trading price of the iPath ETN may be different from their indicative value.

¹ The investor fee is equal to the Yearly Fee times the principal amount of your Securities times the index factor, calculated on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to the Yearly Fee times the principal amount of your Securities times the index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by 365. The index factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date.

² The issuer may from time to time in its sole discretion reduce, in part or in whole, the minimum redemption amount of 50,000 units, applicable to all holders, at the time the reduction becomes effective.