J.P. Morgan Finances Capital Expansion Efforts of India’s Largest Private Sector Conglomerate Reliance Industries LTD

Mumbai - J.P. Morgan announced today that it has signed a USD400 million financing facility with Reliance Industries Ltd (’RIL’) to support the company’s various investment projects in India. J.P. Morgan is the Arranger, Lender and Facility Agent for this transaction.

The structured finance solution created by J.P. Morgan with the Export-Import Bank of the United States (’U.S. Ex-Im Bank’) - the official U.S. export credit agency - involves an 11-year facility providing RIL with financing of up to USD400 million to support RIL’s equipment purchases from a total of 17 U.S. suppliers. In a year marked by tumultuous market conditions, a tight liquidity environment and an increased focus on risk mitigation; this financing facility marks a significant achievement.

RIL is India’s largest private sector enterprise, with businesses in the energy and petrochemicals value chain. The Group’s activities range from the exploration and production of oil and gas, to petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles and retail.

Over the past four months, RIL has been able to raise more than USD2.5 billion, including this new facility, to support its capital expenditure programme.

J.P. Morgan’s approach of developing a close partnership with its clients and agencies once again resulted in rapid turnaround time and sound judgment throughout the financing arrangement process.

Simon Jones, head of J.P. Morgan’s Treasury Services in Asia Pacific, said: “We are pleased to have the opportunity to support Reliance’s investments through this financing facility. We expect to see a rapid growth in the demand for U.S. export programmes in the near future, especially for clients seeking long-term financing solutions.” J.P. Morgan has a dedicated multi-disciplinary team supporting this type of financing facility. “This structure allows the firm to manage the U.S. Ex-Im Bank credit guarantee process efficiently, while addressing the objectives, preferences and constraints of all parties to a transaction,” added Jones.

J.P. Morgan’s Treasury Services division has a leading position in India and continues to invest and expand in this key market. U.S. exports into India exceeded USD17.5 billion* in 2007, and are expected to grow even further, making India a key trade finance market for J.P. Morgan and for U.S. Ex-Im Bank.

J.P. Morgan provides complex and innovative financing solutions by leveraging its global franchise. J.P. Morgan also leverages the services and products of its Worldwide Securities Services division, as well as its Investment Bank and Asset Management services to provide its customers with one-stop solutions.

About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 39 countries, J.P. Morgan Treasury Services is the world’s largest provider of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and WaMu brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.