J.P. Morgan Named Depositary Bank for Farglory Land Development Co., Ltd.'s Landmark GDR Listing

Hong Kong , March 31, 2011 – J.P. Morgan has been appointed depositary bank for Farglory Land Development Co., Ltd.’s (“Farglory”) landmark Global Depositary Receipt (“GDR”) listing on the London Stock Exchange’s Professional Securities Market.

The listing, which marked the first ever GDR by a Taiwanese property company, saw Farglory raise USD 210.3 million after issuing 43,000,000 GDRs at an issue price of USD 4.89 per unit. Farglory, Taiwan’s largest property developer, expects to use the capital raised to expand its operations into China.

Steven Hsu, Vice President of Finance, Farglory, said: “We’re extremely excited to have broken new ground as the first Taiwanese property developer to launch a GDR program. Our listing on the London Stock Exchange’s Professional Securities Market is an important part of our long-term growth plans, and the capital raised will be instrumental as we build out our China strategy. Our many thanks go to J.P. Morgan’s depositary receipts team, which supported this key initiative every step of the way with a comprehensive range of DR services.”

Kenneth Tse, Asia Pacific head of J.P. Morgan’s depositary receipts group, said: “We’re delighted to have partnered with Farglory for this landmark transaction, and we congratulate the company’s management committee in becoming the first Taiwanese property developer to complete a GDR listing. This partnership further demonstrates our regional capabilities when it comes to supporting Asian corporates in their quest to raise capital on the global stage.”

J.P. Morgan is committed to working closely with its clients to design and implement customized depositary receipt programs to achieve their strategic goals and facilitate DR liquidity.

J.P. Morgan, which launched the world’s first DR program in 1927 for Selfridges and the first DR program in Asia in 1961 for Sony, continues to serve as depositary receipt bank for leading companies throughout the region. J.P. Morgan provides a full range of American Depositary Receipt and GDR services to issuers seeking to have their equity traded on exchanges beyond their home markets. For more information on depositary receipts and international equities, please visit J.P. Morgan’s award-winning website, www.adr.com.
 
About Farglory Land Development Co., Ltd.
Farglory Land Development Co., Ltd. (“Farglory”), formerly Metropolitan Construction Co., Ltd. prior to 2006, was founded in 1978. It is a member of the Farglory Group, a diversified conglomerate whose business interests include property development and construction, commercial development, real estate brokerage and agency, finance and insurance, air cargo logistics and recreation and leisure. Farglory is a publicly traded company on the Taiwan Stock Exchange (stock code: 5522). 

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world. It has $16.1 trillion in assets under custody and $7.3 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.  

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 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 and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.