Modern Asset Management Selects JPMorgan For SMA & Unified Managed Account Administration And Electronic Execution

New York, December 6, 2006 - Modern Asset Management has selected JPMorgan Worldwide Securities Services to provide Separately Managed Account (SMA) administration, Unified Managed Account administration and advanced execution services for its high net worth investment clients.

JPMorgan Managed Account Solutions will provide Modern Asset Management with middle and back office support and functionality for their separately managed account program and their unified managed accounts program. The services include shadow accounting, reconciliation, new account setup, performance calculation and account maintenance. JPMorgan will be providing services to Modern as an asset manager and as a sponsor.

In addition, J.P. Morgan Securities, Inc, the broker-dealer arm of JPMorgan, will provide Modern with a comprehensive suite of electronic execution products for managing the trading needs of Modern’s accounts administered by JPMorgan Worldwide Securities Services.

Modern Asset Management provides customized investment portfolios to a select clientele comprised of individuals and families with liquidity in excess of $10 million, including entrepreneurs, private company owners, private equity professionals, corporate CEOs and individuals in the media, entertainment and professional sports industries.

“We chose JPMorgan Managed Account Solutions because they have a highly experienced team, efficient processes and advanced technology for handling large and complex separately managed account administration,” said Leslie E. Bains, CEO of Modern Asset Management.

“JPMorgan is excited about working with Modern Asset Management,” said Chris Lynch, head of Western Hemisphere sales for JPMorgan Worldwide Securities Services. “Modern Asset Management is associated with Modern Bank, the first independent private bank formed in New York in 25 years, and its executive team is one of most experienced in the industry.”

JPMorgan is a leading provider of managed accounts outsourcing solutions to investment managers. The firm offers an extensive suite of services specifically designed to allow investment managers to outsource their operational and administrative SMA infrastructure. The full-service platform also provides account workflow, reconciliation and performance reporting, along with institutional caliber trade support and trade execution in a compliance fortress environment.

JPMorgan’s fully integrated managed account service combines its services into a single coordinated and auditable system that also includes: automated Straight Through Processing trade links, a fully secure platform, and portfolio rebalancing and tax optimization.

For more information about JPMorgan’s Managed Account Solutions go to www.jpmorgan.com/visit/SMA

About JPMorgan Worldwide Securities Services

JPMorgan Worldwide Securities Services, a division of JPMorgan Chase Bank, N.A., is a global industry leader with $12.9 trillion in assets under custody. JPMorgan provides innovative custody, fund accounting and administration and securities services to the world’s largest institutional investors, alternative asset managers and debt and equity issuers. JPMorgan Worldwide Securities Services leverages its scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.3 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 and wealth 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. Information about the firm is available at www.jpmorganchase.com.

About Modern Asset Management LLC

Modern Asset Management LLC, a Delaware limited liability company organized in January 2006, is registered as an investment adviser with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Modern Asset Management is a wholly-owned subsidiary of Modern Financial, Inc. and an indirect subsidiary of Modern Bank Partners LLC, and is under common control with Modern Bank N.A. Modern Bank is a nationally chartered banking institution focusing on private client banking.

Contact Information

Judith B. Miller

JPMorgan Chase & Co.

Contact via E-mail