JPMorgan Expands in Hong Kong With Agreement to Take Up to 11 Floors at One Island East

JPMorgan, the leading global financial services firm, has today (7th January 2008) committed to lease up to 11 floors at the 70-storey One Island East building, the landmark commercial development in Swire Properties' Island East portfolio scheduled for single-phase completion in March 2008. Occupying an area of up to 237,000 sq ft, JPMorgan's tenancy is the largest transaction concluded at One Island East.

Mr Gaby Abdelnour, the Chairman and Chief Executive Officer of JPMorgan Asia Pacific, said the expansion to One Island East would provide the office space required for the firm's ambitious growth targets.

"JPMorgan's expansion to One Island East reflects the acceleration in growth which all our businesses are achieving. The new space is a perfect solution for our requirements. It is an excellent building for our staff and it is in the right location. I'm also pleased with the terms of the agreement, and to have Swire as our landlord.

Our Asia Pacific headquarters in Hong Kong will remain in Chater House and retain a maximum of 2,000 staff, reflecting our commitment to Central. However, we will progressively locate up to 1,900 staff from August 2008 in the new offices at One Island East as we grow our Hong Kong businesses." Mr Abdelnour said.

After the agreement with JPMorgan, One Island East will be 62 per cent pre-leased with major tenants including multinational financial services and insurance groups, corporations from the architecture, shipping, marketing and real estate sectors.

Mr Stephan Spurr, the Director and General Manager of Swire Properties said, "One Island East is a compelling world class facility which has attracted enormous interest from the tenant community. This is testament to the development's strategic location, best in class specifications and the mature, proven infrastructure supporting it. We welcome JPMorgan to this landmark development, and look forward to satisfying the firm's growth and business needs in the years ahead."

About One Island East
One Island East consists of 59 levels of prestige office accommodation, contained within an environmentally efficient glass and stainless steel clad structure. This iconic development is designed to make a dramatic addition to the Island East skyline, as well as to complement the urban fabric of the surrounding area in which the 12 other portfolio buildings stand. Flanking it is an extensive landscaped plaza containing water features, with immediate access to the Tai Koo and Quarry Bay MTR Stations, plus further public transport services and parking for 1,420 private cars. Nearby will be added a 350-room business hotel to be completed in 2009 and also managed by Swire.

About JPMorgan
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 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 serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. In Asia Pacific, JPMorgan has 25 offices in 14 countries, with its headquarters in Hong Kong. JPMorgan ranks first in Institutional Investor's first survey of best investment banks 2007. Information about the firm is available at www.jpmorganchase.com.

About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail and residential properties which offer exceptional and inviting environments in prime locations, with a strategy to 'hub' its investment properties at major mass transportation intersections, providing the highest level of accessibility and connectivity to its tenants and patrons. The completed portfolio in Hong Kong totals over 13 million sq ft of gross floor area, with Island East, Pacific Place and Festival Walk as its core holdings, reflecting its strength in building communities. Besides Hong Kong, the Company has presences in mainland China, the USA as well as the United Kingdom.

The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.

Visit Swire Properties website at www.swireproperties.com.