What Matters Today

Treasury Services

What Matters Today: How Structured Trade Finance Supports the Global Economy

Astar SalehGlobal Head of Structured Trade FinanceJ.P. Morgan

June 16, 2009

1© 2009 JPMorgan Chase & Co. All Rights Reserved. JPMorgan Chase Bank, N.A. Member FDIC Design by TSS Global Marketing

Agenda

I Structured Trade OverviewI Structured Trade Overview

II Market UpdateII Market Update

III Structured Trade SolutionsIII Structured Trade Solutions

IV ECA SolutionsIV ECA Solutions


J.P. Morgan Structured Trade Finance

STF OverviewSTF Overview

J.P. Morgan is a global leader in providing short, medium and long term financing solutions for individual or pooled trade transactions, by leveraging on its market leading capital raising and risk mitigation capabilities.

Structured trade solutions go beyond classical trade finance off-the-shelf products to bring a customized value to larger, more strategic transactions and broader segments of the value chain.

J.P. Morgan develops innovative solutions using both the credit and capital markets that enables customers to obtain cost effective financing, increase sales and mitigate risk in order to improve bottom line returns.

Selected SolutionsSelected Solutions

Syndicated Medium and Long Term Trade Related Loans

Bilateral and Multilateral Agency Backed Finance

Private Sector Insurance

Secured Receivables Finance

Project Related Finance Structures

Limited Recourse Export-Backed Finance

Supplier Driven Medium and Long Term Finance Structures

Silent Trade Payment Guarantee


Supply Chain Financing

Supply Chain Financing

Pre-Export Financing

Pre-Export Financing

Receivables FinancingReceivables Financing

Transaction Risk CoverageTransaction Risk Coverage

CLIENTS

Export Finance

Export Finance

Import Finance

Import Finance

The J.P. Morgan Global Structured Trade Finance Group can tailorfinancing structures to offer a complete solution for clients

Private Credit Insurance & PRI

The J.P. Morgan Global Structured Trade Finance Group

Private Credit Insurance & PRI

Capital Markets StructuresCapital Markets Structures

Ex-Im Bank, OPIC, and other ECA

Structures

Ex-Im Bank, OPIC, and other ECA

Structures

Bank Distribution & SyndicationsBank Distribution & Syndications

Derivative InstrumentsDerivative Instruments

Global risk mitigation I strategic advice I unmatched execution I transparency and thought leadership

Global Structured Trade Finance Group is uniquely positioned to provide integrated financing and working capital solutionsGlobal Structured Trade Finance Group is uniquely positioned to provide integrated financing and working capital solutions

CLIENT


Agenda






Market Update

OverviewOverview

Recent Trade Environment

Current credit environment has resulted in liquidity and balance sheet constraints across the industry

Market consolidation and reshaping in the current environment has limited the number of lending institutions willing to lend at attractive rates

Risk mitigation options such as distribution, insurance, and CDS are reflecting the market volatility and uncertainty limiting the hedging availability

Due to market uncertainty and instability, corporate clients have shown an increase in demand for risk mitigation instruments such as guarantees and confirmations as well as for cost efficient transactions

Example

Issue – Capital goods buyers are struggling to raise capital in the debt market due to liquidity constraints and increase in cost of funds, which consequently impacts their ability to either source new goods or perform under their payment obligations.

Solution – Buyers and Suppliers are working together with Export Credit Agencies and Lending Institutions to enhance the credit risk by shifting it to sovereign risk, in order to access cost efficient capital and longer repayment terms.

Consequently, this has resulted in an increased demand for U.S. Ex-Im and Export Credit Agency financing in the market


ECA Financing – Pricing Trends

OverviewOverview

Given the recent turmoil in the credit markets, historically high ECA premiums have become attractive once again when compared to market pricing curves, for example Brasil:

Price Movements

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09

Period

bps

over

Lib

or

CDSECA Premium


Agenda






Case Study: Importer – Trade (Import) Financing Structure

OverviewOverviewImporter is looking to extend its current payment terms and obtain short term financing for its oil imports from various international suppliers

Due to its large import volume put together financing which will allow Importer to pay their suppliers by drawing under the facility and obtain longer financing terms then available from the suppliers

This transaction was syndicated among three additional banks in previous two facilities closed in 2008, for a total of $145MM

Importer - Chile

Various Suppliers

1b. Oil Shipment

2b. Direct Payment for oil at day 15 after shipment, total $145MM

1a. Signs Loan Agreement 180 days after disbursement day

15 days after shipment

obligation to pay

J.P. Morgan & Investors

2a. Borrowing notice to syndicate agent (Copies of various shipping doc’s presented as evidence of Imports

3. At maturity Importer pays principal + interest due for 180 days


Case Study: Structured Trade Syndicated Loan

OverviewOverviewServices Company is bidding for gas drilling services with a National Oil Company, which is a buyer of the services provided. The Contract will cover drilling works on 400 wells during a 3 ½ year contract term, and the Buyer is looking to extend its Payment Obligations for services rendered by the Services Company.

Services Company (“The Seller”) primary objective is to sell Accounts Receivables (“ARs”) created from its drilling contract with National Oil Co. (“The Buyer”) The Buyer will review and approve invoices, and upon the Buyer’s approval J.P. Morgan will purchase such accepted receivables and therefore fund the first draw down. J.P. Morgan’s Facility is a commitment to buy AR’s and will start after the contract execution, and created a Trade Syndication together with top tier international financial institutions to accommodate for the funding requirements.

The Buyer will acknowledge and approve the Seller’s assignment of created receivables in favor of J.P. Morgan and the syndication. Full security interest to be granted in Receivables, Escrow Account, and Reserve Account.

The Seller will submit invoices that sum over U.S.$1BN. Due to the amortization schedule, maximum Syndicated Facility Amount is U.S.$600MM with a the total door-to-door program life of 7 ½ years.

Due to the strength of the structure and highly profitable program, J.P. Morgan received oversubscription of investors to the syndicated facility in less then 2 months

4. Payment of Principal

5. Payment of LIBOR +

Applicable Margin

6. Payment of Principal + LIBOR + Applicable Margin

J.P. Morgan

Trustee &

Sole book runner

Participating

Banks*

Services CompanyNational Oil Co(Buyer of Services)

1. Drilling Services against AR Creation

2. Assignment of ARs against

Funding

3. Sold ARs against Funding

* Participating banks signs facility

agreement directly with the Seller

2008 Deal of the Year


Seller & Buyer sign Commercial Agreement (in the case of Buyer we will need the copy of the Purchase Order)

Seller asks JPMC for Payment Guarantee coverage

Seller and JPMC sign Payment Guarantee Agreement

JPMC Payment Obligation towards Sellers does not cover the commercial dispute

Silent Payment Guarantee

SPG is an instrument issued by JPMC in favor of pre-approved Sellers to guarantee against Buyer’s failure to pay (exclusive of commercial disputes) after shipment is effected.

Transaction FlowTransaction Flow

DescriptionDescription

Key Client BenefitsKey Client Benefits

The payment guarantee will enable the seller to compete with other suppliers by securing their Financial obligations on their shipments on open account terms, which is in line with the market, as it will mitigate the underlying Financial and Political risk.

Seller BuyerSales Contract

Payment Obligation

Payment Guarantee


Agenda






U.S. Ex-Im Guaranteed Loan Program Structure

OverviewOverview

Flexibility as to interest rate basis (fixed Vs. floating)

Involvement of financial institution introduces ancillary benefits in dealing with Ex-Im Bank as well as in deal structuring, negotiation of terms and conditions, implementation, and execution

100% Guarantee of principal and interest on eligible loan

J.P. Morgan relationship with Local Bank allows for more efficient KYC process

Ex-Im Bank

Loan

Guarantee

Local Guarantors

Seller’s Owners

(If required by Ex-Im Bank)

J.P. Morgan

Buyers

Seller

Export Related A/R


Case Study: Co-Financing for Turkish Power Project

OverviewOverview$99.7MM transaction. Ex-Im Bank, as lead ECA, negotiated re-insurance/counter guarantee agreements with Coface, EDC, and Hungarian Ex-Im Bank (which covered the Czech portion)

Two tranches repayable over 10 and 12 years; 30% local cost financing

Customized non-standard repayment profile. Unequal installments (bell shaped curve), reflecting cash flow generation, resulted in shorter average life and lower exposure fee

Single loan agreement, 2 disbursement L/C’s

Most diverse co-financing done by Ex-Im Bank to date, and first with company unrelated to U.S. exporter.

Reinsurance

Reinsurance

Goods Delivered

GE Packaged Power

J.P. Morgan

AKSA

U.S. Ex-Im Bank

Coface

EDC

Hungarian Eximbank

Czech Company

Hungarian Sub

Canadian CompanyFrench Sub

AKSA Parent

Goods Delivered

Parent Guarantee for

LoanGuarantee

Loan

Payment

Payment

2008 Deal of the Year


Case Study: EDC Guaranteed Loan to Privatbank, Ukraine

OverviewOverviewJ.P. Morgan, acting as arranger and lender, structured a long term EDC guaranteed loan and a down payment financing for Privatbank, who then on lent to Teleystems of Ukraine (TSU), on matching terms, for an equipment purchase of approximately $132MM from Nortel. J.P. Morgan provided initial 2 year down payment financing of the $18.5MM, as well as 8 year door-to-door financing of $113.8MM (7 years of repayment, 14 semi-annuals) for the remaining life of the deal.

By far the single largest transaction ever concluded under EDC’s bank guarantee program. On lending structure obviated the need for time consuming project finance and enabled commercial contractual timetables to be met.

2007 Deal of the Year Awards: Trade Finance, GTR, and Trade and Forfaiting Review

Borrower Privatbank

Supplier Nortel1b) LoanEDC

1c) EDC Bank Guarantee

Telesystems of Ukraine2b) $113.8MM, 85%

1a) Down Pymt of 15%, $18.5MM

2a) $18.5MM

3) Down Pymt $18.5MM

4) Equipment

J.P. Morgan


Case Study: Pemex Mexico

Ex -Im Bank

Guarantee

19 U.S. Exporters$635 M Loan

Export Sales of Wafer Fabrication Equipment

65 Separate Loan Disbursements

Ex -Im Bank

Guarantee

350 U.S. Exporters$$ Loan

Processing for numerous purchase orders

In June 2008, we were approached by Pemex to arrange a large Ex-Im Bank facility involving the processing of documentation related to a very large number of suppliers

In August of 2008, we were mandated by Pemex; closing and funding occurred in September

J.P. Morgan acted as the Arranger, Lender, and Documentation Processing Bank

Tenor was 8 ½ years with a 6 month commitment period

Our Government Agency Unit worked closely with Pemex’s and U.S. Ex-Im Bank teams, and successfully reviewed and processed large volumes of export documents.

Export Sales of Oil & Gas

15

OverviewOverview


J.P. MorganStructured Trade Finance

Recent AwardsRecent Awards

» 2008: Best Bank in Structured Trade2008: Best Bank in Structured Trade

Deals of the Year

2008: Schlumberger /

PEMEX2007: Privatbank / Ukraine Telesystem

Best Structured Trade Solution

2006

Best Structured Trade Bank 2005

Best Trade Services Provider2004, 2005, 2006 ,

2008

Most Innovative & Responsive Trade

Services Bank2006

Best Trade Services Provider

2005

Deals of the Year2007: Privatbank / Ukraine Telesystem

2006: Aban2005: Chartered Semiconductor

Best Structured & Trade Finance

Bank2006

Best Trade Services Bank

2005

Best Trade Solutions Bank 2008:

Reliance Industries

Best Trade Solutions Bank

2007: Banco de ORO

Best ECA Trade Solution

2006: Chartered Semiconductor

Deals of the Year2006: Aban

2007: Privatbank / Ukraine Telesystem


2006: Aban (India)


Chartered Semi-Conductor

2008 Deals of the Year:

Aksa Enerji, Axiom Telecom,

Weldy/Lamont/Ghana


Selected Agency Backed Transactions led by J.P. Morgan

J.P. Morgan TransactionsJ.P. Morgan Transactions

T om skne ft

U zb e k istan

C ro at iaU k ra in e

C om p an y D e sc r ip t io n C om p an y D e sc r ip t ion

.

A rran ge r an d an d Le n d in g B ank fo r a U S $ 15 9M M U S E x -Im B an k gu a ran te e d lo an fo r th e p u rch a se o f 4 B oe ing a irc ra ft s fo r A v ia t io n C ap ita l G ro up . T e no r 1 3 ye a rs d o o r to d o o r

A rran ge r an d Le n d in g B ank fo r a U S $ 150M M U S E x -Im g u a ran tee d Fac ility , A ugu st 2 008

A d v iso r, A rrange r, F a c ility A g en t, B oo k ru nn e r, Se cu r ity T ru stee fo r a tw o t ran ch e , 9 ye a r $ 65 3M M Ex - Im B ank g u a ran tee d fa c ility fo r th e C h a rte re d p u rch a se o f U S sou rce d se m ico n d u cto r m an u fac tu r in g e q u ipm en t fo r P h a se 1 . 3 D e a l o f the Y e a r aw a rd s in 2 006

A rran ge r, F ac ility A ge n t, Bo ok runn e r fo r a tw o t ran ch e$61 0 M M E x -Im B ank gu a ran tee d fa c ility fo r P h a se II (2 007 ) fo r the p u rch a se o f sem i-con du c to r m an u fac tu r in g e q u ip m e n t

So le A rran ge r an d U n d e rw r ite r fo r a 1 1 ye a r U S $ 4 0 0M M U S E x - Im B ank f in an c in g fo r th e la rg e st p r iva te se cto r e n te rp r ise in In d ia

A rran ge r an d len d ing b an k fo r a la n d m ark U S$13 2M M f in an c in g , 8 5% (8 ye a r te rm ), g u aran te e d b y th e Ex p o rt D ev e lo p m e n t C an ad a an d 15% (2 ye a r te rm ) co m m e rc ia l lo an fa c ility fo r a te le com m un ica tio n p ro je ct . T h re e D e a l o f the Ye a r A w a rd s in 2 007

A rran ge r, A g en t, Se cu r ity A ss ig ned , L /C B ank fo r U S $ 90M M in E x -Im B ank gu a ran tee d f in an c ing u n d e r U S R u ssia O il a n d G a s F ram e w o rk A g reem en t

T w o t ran sac tion s fo r B ra z ilia n a irp lan e m an u fac tu re r, u s in g E x -Im B ank an d A IG , to ta lin g U S $330M M

A d v iso r fo r $ 5 50M M in E C A an d com m e rc ia l f in a n c in g fo r o il f ie ld d e ve lo p m e n t an d re f ine ry m o d e rn iz at io n . A rrange r, A ge n t , Se cu r ity A ssign ee , L /C b an k fo r $ 230M M 10 ye a r Ex - Im B an k gu a ran te e d f in an c in g u n de r th e U S-R u ss ia O il a n d G a s F ram e w o rk A g reem en t (O G FA ).

A rran ge r, L en de r, an d L/C B ank fo r a 2 t ran ch e U S Ex - Im B an k gu a ran te e d co -fin a n c in g fa c ility , in vo lv in g C o face , E D C , an d H u nga rian E x - Im B ank . T he 12 ye a r fa c ility f in an ce d G E p ow e r e q u ip m en t, a n d to ta le d ove r U S $99M M , 2 008

A rran ge d U S $2 46M M o f c om m e rc ia l a n d E x - Im B ank g u a ran tee d f in an c in g . S in g le la rge st Ex - Im B an k t ran sac t io n in U zb ek istan . F irst p u b lic se cto r b o rro w ing to o b ta in so ve re ign g u a ran tee

A rran ge r / Le n de r fo r 1 00% U S E x -Im B ank gu a ran tee d C o -f in an c in g Fac ility in the am o un t o f U S $ 1 04 M M th a t w ill su p p o rt th e sa le o f g a s tu rb in e ge ne ra to r p ackage s an d h e at re co ve ry sy stem s from G E Po w e r in to T u rke y

A d v iso r, A rra ng e r, L /C B ank fo r 1 4 ye a r U S $ 22 8M M U S E x - Im B an k gu a ran te e d fa c ility an d 4 yea r U S $ 75M M com m e rc ia l lo an fo r con st ru ct in g a m oto rw ay b y B e ch te l an d U S $8 5M M Ex - Im B an k f in an c in g fo r the in sta lla t io n o f rad a r e q u ip m en tA d v iso r & A rrange r fo r la n dm ark 1 4 y r, $ 2 50M M fin an c in g u s in g O P IC no n -ho no rin g o f a so ve re ign gu a ran te e in su ran ce (d eve lo p e d an d re f in e d b y JP M & O P IC

A rran ge d U S E x - Im B an k fa c ility to f in an ce a 1 95W ga sf ire dp o w e r p ro je ct (1 4 y r ten o r, D M $12 4M M

A rran ge d m e d ium te rm Ex - Im B ank gu a ran tee d f in a cn ing to e n ab le R u ss ian m in in g com p an y to m a ke d isc re e t e q u ipm e n t p u rch a se s to m u lt ip le U S Ex p o rte rs

La rg e L at in A m e rican o il & g a s com p an y – M an d a te d A rran ge r, Len d e r an d D o cum enta tio n P ro ce ss in g B ank fo r an 11 ye a r U S $30 0M M U .S . E x - Im B an k gu a ran te e d fa c ility in vo lv in g m u lt ip le e x p o rte rs

A rran ge r/Len d e r/L/C ba nk fo r $ 37 .9M M U .S E x - Im B ank g u a ran tee d co -f in a n c ing fa c ility in vo lv in g E K F o f D e nm ark . T h e 12 ye a r fa c ility f in an ce d m u lt i so u rce d e q u ip m e n t sa le s to a T u rk ish po w e r p ro je ct , a s w e ll a s se le cte d lo ca l c o sts

A rran ge r, A gen t, Se cu ity A ss ig nee , L /C B an k fo r $ 109M M m u lt i- E C A an d co m m e rc ia l f in an c in g fo r co m p re sso r sta tion s. F irst t ran sac t io n to c lo se un d e r O G FA . P ro v ide d in teg rate d “ s in g le ban k ” so lu t ion to m an ag em en t o f co lla te ra l f lo w s. E u ro m on e y D e a l o f the Y e a r

M an da te d a rran ge r an d len d e r fo r la n d m ark fin an c in g fo r p u rch a se o f ra ilw ay m a in ten an ce e q u ip m e n t o f w h ich U S $12 0M M is E x -Im B ank gu a ran te e d fo r 1 3 y rs. F irst t ran sac t ion u n d e r U S – Ch in a lon g te rm fram ew o rk ag reem en t

A d v ise d an d a rran ge d ove r U S $1 .9B N o f Ex - Im gu a ran tee d f in an c in g fo r th e p u rch a se o f Bo e in g a irc ra ft s

T om skne ftT om skne ft

U zb e k istanU zb e k istan

C ro at iaU k ra in e

C om p an y D e sc r ip t io n C om p an y D e sc r ip t ion

.

A rran ge r an d an d Le n d in g B ank fo r a U S $ 15 9M M U S E x -Im B an k gu a ran te e d lo an fo r th e p u rch a se o f 4 B oe ing a irc ra ft s fo r A v ia t io n C ap ita l G ro up . T e no r 1 3 ye a rs d o o r to d o o r

A rran ge r an d Le n d in g B ank fo r a U S $ 150M M U S E x -Im g u a ran tee d Fac ility , A ugu st 2 008

A d v iso r, A rrange r, F a c ility A g en t, B oo k ru nn e r, Se cu r ity T ru stee fo r a tw o t ran ch e , 9 ye a r $ 65 3M M Ex - Im B ank g u a ran tee d fa c ility fo r th e C h a rte re d p u rch a se o f U S sou rce d se m ico n d u cto r m an u fac tu r in g e q u ipm en t fo r P h a se 1 . 3 D e a l o f the Y e a r aw a rd s in 2 006

A rran ge r, F ac ility A ge n t, Bo ok runn e r fo r a tw o t ran ch e$61 0 M M E x -Im B ank gu a ran tee d fa c ility fo r P h a se II (2 007 ) fo r the p u rch a se o f sem i-con du c to r m an u fac tu r in g e q u ip m e n t

So le A rran ge r an d U n d e rw r ite r fo r a 1 1 ye a r U S $ 4 0 0M M U S E x - Im B ank f in an c in g fo r th e la rg e st p r iva te se cto r e n te rp r ise in In d ia

A rran ge r an d len d ing b an k fo r a la n d m ark U S$13 2M M f in an c in g , 8 5% (8 ye a r te rm ), g u aran te e d b y th e Ex p o rt D ev e lo p m e n t C an ad a an d 15% (2 ye a r te rm ) co m m e rc ia l lo an fa c ility fo r a te le com m un ica tio n p ro je ct . T h re e D e a l o f the Ye a r A w a rd s in 2 007

A rran ge r, A g en t, Se cu r ity A ss ig ned , L /C B ank fo r U S $ 90M M in E x -Im B ank gu a ran tee d f in an c ing u n d e r U S R u ssia O il a n d G a s F ram e w o rk A g reem en t

T w o t ran sac tion s fo r B ra z ilia n a irp lan e m an u fac tu re r, u s in g E x -Im B ank an d A IG , to ta lin g U S $330M M

A d v iso r fo r $ 5 50M M in E C A an d com m e rc ia l f in a n c in g fo r o il f ie ld d e ve lo p m e n t an d re f ine ry m o d e rn iz at io n . A rrange r, A ge n t , Se cu r ity A ssign ee , L /C b an k fo r $ 230M M 10 ye a r Ex - Im B an k gu a ran te e d f in an c in g u n de r th e U S-R u ss ia O il a n d G a s F ram e w o rk A g reem en t (O G FA ).

A rran ge r, L en de r, an d L/C B ank fo r a 2 t ran ch e U S Ex - Im B an k gu a ran te e d co -fin a n c in g fa c ility , in vo lv in g C o face , E D C , an d H u nga rian E x - Im B ank . T he 12 ye a r fa c ility f in an ce d G E p ow e r e q u ip m en t, a n d to ta le d ove r U S $99M M , 2 008

A rran ge d U S $2 46M M o f c om m e rc ia l a n d E x - Im B ank g u a ran tee d f in an c in g . S in g le la rge st Ex - Im B an k t ran sac t io n in U zb ek istan . F irst p u b lic se cto r b o rro w ing to o b ta in so ve re ign g u a ran tee

A rran ge r / Le n de r fo r 1 00% U S E x -Im B ank gu a ran tee d C o -f in an c in g Fac ility in the am o un t o f U S $ 1 04 M M th a t w ill su p p o rt th e sa le o f g a s tu rb in e ge ne ra to r p ackage s an d h e at re co ve ry sy stem s from G E Po w e r in to T u rke y

A d v iso r, A rra ng e r, L /C B ank fo r 1 4 ye a r U S $ 22 8M M U S E x - Im B an k gu a ran te e d fa c ility an d 4 yea r U S $ 75M M com m e rc ia l lo an fo r con st ru ct in g a m oto rw ay b y B e ch te l an d U S $8 5M M Ex - Im B an k f in an c in g fo r the in sta lla t io n o f rad a r e q u ip m en tA d v iso r & A rrange r fo r la n dm ark 1 4 y r, $ 2 50M M fin an c in g u s in g O P IC no n -ho no rin g o f a so ve re ign gu a ran te e in su ran ce (d eve lo p e d an d re f in e d b y JP M & O P IC

A rran ge d U S E x - Im B an k fa c ility to f in an ce a 1 95W ga sf ire dp o w e r p ro je ct (1 4 y r ten o r, D M $12 4M M

A rran ge d m e d ium te rm Ex - Im B ank gu a ran tee d f in a cn ing to e n ab le R u ss ian m in in g com p an y to m a ke d isc re e t e q u ipm e n t p u rch a se s to m u lt ip le U S Ex p o rte rs

La rg e L at in A m e rican o il & g a s com p an y – M an d a te d A rran ge r, Len d e r an d D o cum enta tio n P ro ce ss in g B ank fo r an 11 ye a r U S $30 0M M U .S . E x - Im B an k gu a ran te e d fa c ility in vo lv in g m u lt ip le e x p o rte rs

A rran ge r/Len d e r/L/C ba nk fo r $ 37 .9M M U .S E x - Im B ank g u a ran tee d co -f in a n c ing fa c ility in vo lv in g E K F o f D e nm ark . T h e 12 ye a r fa c ility f in an ce d m u lt i so u rce d e q u ip m e n t sa le s to a T u rk ish po w e r p ro je ct , a s w e ll a s se le cte d lo ca l c o sts

A rran ge r, A gen t, Se cu ity A ss ig nee , L /C B an k fo r $ 109M M m u lt i- E C A an d co m m e rc ia l f in an c in g fo r co m p re sso r sta tion s. F irst t ran sac t io n to c lo se un d e r O G FA . P ro v ide d in teg rate d “ s in g le ban k ” so lu t ion to m an ag em en t o f co lla te ra l f lo w s. E u ro m on e y D e a l o f the Y e a r

M an da te d a rran ge r an d len d e r fo r la n d m ark fin an c in g fo r p u rch a se o f ra ilw ay m a in ten an ce e q u ip m e n t o f w h ich U S $12 0M M is E x -Im B ank gu a ran te e d fo r 1 3 y rs. F irst t ran sac t ion u n d e r U S – Ch in a lon g te rm fram ew o rk ag reem en t

A d v ise d an d a rran ge d ove r U S $1 .9B N o f Ex - Im gu a ran tee d f in an c in g fo r th e p u rch a se o f Bo e in g a irc ra ft s


Contacts

Astar SalehGlobal Head Structured Trade FinanceEmail: [email protected]: 212-552-3451

Adeline KowExecutive Director, STF Asia Email: [email protected]: (65) 68827066

Marguerite GillVice President, U.S. Ex-Im Bank Program ManagerEmail: [email protected]: 212-552-4190

Jovan PetrovicVice President, STF Latin AmericaEmail: [email protected]: 212-552-3011

Eric PonzioVice President, STF WHEMEmail: [email protected]: 212-552-7722

Patrick GangAnalyst, Structured Trade FinanceEmail: [email protected]: 212-552-3986

Lori HelmersExecutive Director, Commercial Bank Structured TradeEmail: [email protected]: 512-479-5454

Luis NoriegaVice President, Commercial Bank Structured TradeEmail: [email protected]: 214-965-3631

Randy MascorroVice President, Commercial Bank Structured TradeEmail: [email protected]: 214.965.3632

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Treasury Services

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This presentation was prepared exclusively for the benefit and internal use of the J.P. Morgan client to whom it is directly addressed and delivered (including such client’s subsidiaries, the “Company”) in order to assist the Company in evaluating, on a preliminary basis, certain products or services that may be provided by J.P. Morgan. This presentation contains information which is confidential and proprietary to J.P. Morgan, which may only be used in order to evaluate the products and services described herein and may not be disclosed to any other person. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was otherwise reviewed by us. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by J.P. Morgan. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of J.P. Morgan. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to in this presentation. Notwithstanding anything in this presentation to the contrary, the statements in this presentation are not intended to be legally binding. Any products, services, terms or other matters described in this presentation (other than in respect of confidentiality) are subject to the terms of separate legally binding documentation and/or are subject to change without notice.

Neither J.P. Morgan nor any of its directors, officers, employees or agents shall incur any responsibility or liability whatsoever to the Company or any other party in respect of the contents of this presentation or any matters referred to in, or discussed as a result of, this document.

J.P. Morgan is a marketing name for the treasury services businesses of JPMorgan Chase Bank, N.A. and its subsidiaries worldwide.

J.P. Morgan is licensed under U.S. Pat Nos. 5,910,988 and 6,032,137.

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