1. 11 November, 2010 J. P. M O R G A N – S U P P L Y C H A I N F I N A N C E GFP in Association with VISA Qualifieds S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Martin Scott Executive Director

2. English_Commercial Bank 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 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. It may not be copied, published or used, in whole or in part, for any purpose other than as expressly authorised by J.P. Morgan. The statements in this presentation are confidential and proprietary to J.P. Morgan and are not intended to be legally binding. Neither J.P. Morgan nor any of its directors, officers, employees or agents shall incur any responsibility or liability to the Company or any other party with respect to the contents of this presentation or any matters referred to in, or discussed as a result of, this document. J.P. Morgan makes no representations as to the legal, regulatory, tax or accounting implications of the matters referred to in this presentation. IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone not affiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. J.P. Morgan is a marketing name for the treasury services businesses of JPMorgan Chase Bank, N.A. and its subsidiaries worldwide. In the United Kingdom, JPMorgan Chase Bank, N.A., London branch and J.P. Morgan Europe Limited are authorised and regulated by the Financial Services Authority JPMorgan Chase is licensed under US patent numbers 5, 910,988, and 6, 032 and 137 ©2006 JPMorgan Chase & Co. All rights reserved. J. P. M O R G A N – S U P P L Y C H A I N F I N A N C E

3. Agenda Page 1 J.P. Morgan Trade Finance Credentials1 Working Capital Optimisation4 Supplier Segmentation7 Next Steps13 J. P. M O R G A N – S U P P L Y C H A I N F I N A N C E

4. J.P. Morgan Trade Services Credentials Providing Global and End to End Supply Chain Services from the purchase order to Structured lending solutions Global Coverage and Processing Centres Providing Supplier Financing services since 1994 Over 50 major client programs Over 50,000 suppliers on board Releasing over $2bn of working capital liquidity in a revolving basis Market leadership in the Trade space 2 J. P. M O R G A N T R A D E F I N A N C E C R E D E N T I A L S

5. J.P. Morgan locations worldwide 230 locations in 57 countries worldwide Canada United States of America North America Belgium Czech Republic Denmark Estonia Finland France Germany Hungary Ireland Italy Latvia Netherlands Nigeria Norway Poland Russia Saudi Arabia Slovakia Europe, Middle East and Africa (EMEA) Argentina Brazil Chile Colombia Mexico Peru Venezuela Latin America New Zealand Philippines Singapore South Korea Taiwan Thailand Vietnam Asia Australia China Hong Kong India Indonesia Japan Malaysia Austria Cyprus Greece Iceland Liechtenstein Luxembourg Malta Portugal Slovenia Additional SEPA Reach SUPPLIER SPEND SEGMENTATION / POSITIONING South Africa Spain Sweden Switzerland Turkey United Kingdom UAE 3 J. P. M O R G A N T R A D E F I N A N C E C R E D E N T I A L S

6. Agenda Page 4 Working Capital Optimisation4 J.P. Morgan Trade Finance Credentials1 Supplier Segmentation7 Next Steps13 J. P. M O R G A N – S U P P L Y C H A I N F I N A N C E

7. REL, CFO magazine WC analysis Medians and quartiles are based on the listed companies; DSOs, DPOs & DIOs were based on financial information made available through the One Source Business Browser DSO = (Account Receivables / Total Revenue)*365 DPO = (Account Payables / Cost of Goods Sold)*365 DSO – DPO analysis: Global Food & Staples Retailing Industry EU Median US Median EU Companies US Companies Best in Class Laggards 5 W O R K I N G C A P I T A L O P T I M I S A T I O N

8. Company A: Supplier Company A: Supplier Company B: Supplier and Buyer Company B: Supplier and Buyer Company C: Buyer Company C: Buyer Opportunities in the Supply Chain Receivables Purchase: Company A has the opportunity to discount receivables due from sales to Company B on an undisclosed basis Supplier Finance: Company B may choose to support its suppliers via putting in place a Supplier Finance program whereby Company A has the opportunity to discount receivables due from sales to Company B Supplier Finance: Company C may choose to support its suppliers via putting in place a Supplier Finance program whereby Company B has the opportunity to discount receivables due from sales to Company C Receivables Purchase: Company B has the opportunity to discount receivables due from sales to Company C on an undisclosed basis Goods and services Key point to remember is that there are opportunities across the Supply Chain depending on where you sit Payments 6 W O R K I N G C A P I T A L O P T I M I S A T I O N

9. Agenda Page 7 Supplier Segmentation7 J.P. Morgan Trade Finance Credentials1 Working Capital Optimisation4 Next Steps13 J. P. M O R G A N – S U P P L Y C H A I N F I N A N C E

10. Payables Solution Roadmap – Optimise Working Capital Best-in-class organisations segment their spend to gain visibility by type of supplier Initial segmentation should include the supplier’s strategic importance and their annual spend Non-Strategic Supplier & Spend Segmentation Strategy Transaction Value££££ Supplier Base Strategic Strategic but low spend Non-strategic and low spendNon-strategic but high spend Strategic and high spend Strategic but low spend Non-strategic and low spendNon-strategic but high spend Strategic and high spend 8 S U P P L I E R S E G M E N T A T I O N

11. The optimal working capital strategy encompasses solutions that vary by supplier Non-Strategic (Indirect) Transaction Value££££ Supplier Base Strategic P-Card Single Use Accounts Strategic Supplier Low Purchase Strategic Supplier High Purchase Non-Strategic Supplier Low Purchase Non Strategic Supplier High Purchase Dynamic Discounting Supplier Finance 9 S U P P L I E R S E G M E N T A T I O N

12. Important to recognise “win-win” scenarios £6.58 30 days 8% 4% 60 days Suppliers’ working capital financing cost Terms extension combined with lower financing costs can leave suppliers indifferent or better off while freeing up cash for buyers. Financing at suppliers’ cost of funds Extending terms at buyer’s cost of funds Cost of financing £000 Current cost for 30 days New terms at buyer’s cost of capital Win-Win £2.00 £3.00 £4.00 £5.00 £6.00 £7.00 £8.00 303540455055606570 New Payment Terms (days) 10 S U P P L I E R S E G M E N T A T I O N

13. Supplier Finance – Operational Process The following process flow describes the operation of program with your suppliers 1.Buyer uploads approved invoices to the multibank APAR system 4. If supplier accepts discount proposal, J.P. Morgan credits supplier immediately, net of discount 2.Supplier logs in APAR and chooses which invoices JPM can purchase 3. J.P. Morgan receives notification of invoices offered for purchase 11 S U P P L I E R S E G M E N T A T I O N

14. Establishing a Supplier Finance programme – Critical Success Factors Choice of an experienced Bank provider Dedicated resources on both sides to programme manage the implementation and on-going supplier enrolment Focused marketing strategy aimed at on-boarding Suppliers Simple documentation Capabilities to efficiently incorporate other Bank providers for an expanded programme 12 S U P P L I E R S E G M E N T A T I O N

15. Agenda Page 13 Next Steps13 J.P. Morgan Trade Finance Credentials1 Working Capital Optimisation4 Supplier Segmentation7 J. P. M O R G A N – S U P P L Y C H A I N F I N A N C E

16. J.P. Morgan team contact details Trade Sales Public Sector Sales Nick Hall Executive Director Telephone: +44 20 7777 2516 Anthony Holmes Vice President Telephone: +44 (0) 20 7777 5185 14 N E X T S T E P S