Banc of America closes placement deal for RIL

Mumbai, India "� Banc of America Securities has successfully closed the first ever U.S. Private Debt Placement by an Indian issuer for Reliance Industries Limited (RIL) under Regulation D of the U.S. Securities Act. The U.S. Private Placement was co-led by Banc of America Securities. Bank of America acted as the Administrative Agent for the issue.

Reliance Industries Limited is the first and only private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks amongst the world's Top 200 companies in terms of profits.

It is a successful deal for a debut issuer from the emerging markets. The senior unsecured notes have been placed for a period of 10 and 12 years with U.S. insurance companies, marking the first meaningful transaction in the Regulation D market since the early 1990s from Asia. The long-dated notes serve to lengthen RIL's overall debt maturity schedule and to further diversify its sources of funding. The company plans to use the proceeds of the financing for capital expenditure.

Commenting on the deal, Stephen Monahan, MD and Global Head of Debt Private Placements said, "This is a superb achievement by RIL and the Banc of America Securities team in the region. We see this deal as the beginning of a series of exciting fund raising alternatives for growing businesses in India."

Vishwavir Ahuja, Bank of America's India Country Executive Officer said, "This is the first issuance by an Indian company in the U.S. Private Placement markets and we are particularly pleased with the excellent response the deal received from this group of investors. In addition to Reliance's strong credit ratings, it was Bank of America's leadership position and understanding of the U.S. Private Placement markets that resulted in the closure of this successful transaction".

About Bank of America

Bank of America (NYSE: BAC) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial products and services. The company's Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 billion; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research.

Bank of America serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Many of the bank's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited.

In Asia, the bank has had a presence for more than 50 years and operates in 20 cities in the region with about 2,000 employees. For additional information, visit www.bankofamerica.com.