(BUSINESS WIRE) New York - JPMorgan (NYSE:JPM) announced a sponsored American Depositary Receipt (ADR) program for Hypo Real Estate Holding AG (OTC: HREHY). The issuer, a leading international provider of commercial real estate financing, is a spin-off from Bayerische Hypo-und Vereinsbank AG (OTC: HVMGY), the German financial services group.

The company's commercial real estate financing activities comprise mainly the acquisition, structuring and provision of cash flow-based financing for professional real estate customers. The key real estate markets for the company's business strategy are France, Germany, the United Kingdom and the United States.

One Hypo Real Estate ADR (CUSIP 44915W101) equals one ordinary bearer share traded in Frankfurt. For additional information on the company, see www.hyporealestate.com.

Note: In the spin-off of Hypo Real Estate Holding AG, the ordinary bearer shareholders of Bayerische Hypo-und Vereinsbank AG receive one (1) ordinary bearer share of Hypo Real Estate for every four (4) Bayerische Hypo-und Vereinsbank AG ordinary bearer shares held. ADR holders of Bayerische Hypo-und Vereinsbank AG receive one (1) new Hypo Real Estate ADR for every four (4) Bayerische Hypo-und Vereinsbank AG ADRs held, with cash paid in lieu of fractional share entitlements. The ADR record date for the spin-off was October 2, 2003, and the payment date for new Hypo Real Estate ADRs is October 9, 2003.

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