Press Release

JPMFC acted as the sole lead underwriter on RMB 800 million enterprise bond offering for Hunan Zhaoshan Economic Construction Investment Co., Ltd.

RMB 800 million 6-year Enterprise Bond offering for Hunan Zhaoshan Economic Construction Investment Co., Ltd. was successfully completed on 14th Dec. 2012 and will be listed in both the inter-bank market and Shanghai Stock Exchange later. The offering yield is 7.00% (AA-/AA rated, 25% repayment of principal at the end of 3th, 4th, 5th and 6th year respectively). J.P. Morgan First Capital (“JPMFC”) acted as the sole lead underwriter in this transaction.

JPMFC seized the good market window for enterprise bonds and managed to complete the transaction at an offering yield lower than that of recent comparable bonds. This transaction enhanced the relationship between JPMFC and its bond market investors.