Press Release

J.P. Morgan and First Capital Sign Securities Joint Venture Agreement

Beijing / Hong Kong, June 9, 2010--J.P. Morgan Asia Pacific and First Capital Securities Co. Ltd. today signed an agreement, subject to regulatory approval, establishing a securities joint venture to operate in the Chinese domestic market. 

The joint venture will have the capability to underwrite equities and bonds in the Chinese domestic market. First Capital, the Shenzhen-based securities company, will have a 67 per cent stake in the new entity with the remaining 33 per cent owned by J.P. Morgan. 

J.P. Morgan and First Capital signed a Memorandum of Understanding in March this year.