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April 22, 2002, New York - JPMorgan Treasury Services, a unit of J.P. Morgan Chase & Co. (NYSE: JPM) and a leader in global payment, trade finance and treasury services management, today introduced a new electronic bill of lading, data and image service. Providing an option to traditional paper bills of lading, JPMorgan is offering this service to exporters as part of its industry-first direct electronic interface with shipping carriers. Working in conjunction with APL Limited, a carrier for BASF South East Asia Pte Ltd. (a key subsidiary of one of the world's leading chemical companies), JPMorgan Treasury Services has developed this Internet-based application in part to speed up document presentation and reduce costly delays at ports of shipment.

"This electronic link with APL, which permits the exchange of bill of lading information for BASF, will provide a wide range of benefits, such as facilitating quicker negotiations," said Paul Simpson, senior vice president and Global Head of Trade Services, JPMorgan Treasury Services. "This important new service is representative of our commitment to leadership in global trade finance and is another example of our spirit of innovation."

JPMorgan Treasury Services is the first to offer carriers an electronic bill of lading solution, as part of the TradeDocSM electronic document preparation offering. TradeDoc is an Internet-based application that automates the preparation, transmission and negotiation of trade documents. TradeDoc enables a direct electronic interface with carriers or exporters, allowing for the integration of various trade data to generate complete sets of trade documents.

"By partnering with JPMorgan, we are enabling BASF to print electronic bills of lading directly at the bank," stated Phillip Chin, vice president, E-Commerce Product Strategy, APL. "This total solution will help them eliminate courier or overnight delivery charges and, more importantly, save on interest expenses for working capital by gaining faster payment."

JPMorgan Treasury Services' electronic document preparation outsourcing solution offers additional significant advantages to exporters, such as:

- Elimination of errors and the reduction of expenses related to manual document preparation;
- Faster fund collection process;
- Direct interaction between trading partners saves time and speeds up delivery of documents;
- Improved workflow cuts turnaround time of payment collection, resulting in reduced interest expense;
- The elimination of document preparation efforts allows exporters to focus on serving their customers better.

"The advent of a direct electronic interface between our carrier and JPMorgan means we will be able to further speed up the document presentation process, which is particularly helpful when making short-distance shipments," explained Gabriele A. Spies, senior regional manager, Finance and Treasury Center, BASF South East Asia Pte Ltd. "Being able to outsource our entire export documentation preparation was one of the reasons we selected JPMorgan Treasury Services."

This end-to-end solution for automation and integration allows other members of the value chain to participate in global trade e-commerce solutions. Efforts are currently underway by JPMorgan Treasury Services to create similar alliances with other trade-related parties, such as chambers of commerce and inspectorates.