First Data 2007 Annual Report Download - page 185

Report of Independent Registered Public Accounting Firm
Board of Managers
Chase Paymentech Solutions, LLC
We have audited the accompanying combined balance sheets of Chase Paymentech (the Company) as of December 31, 2007 and 2006, and the related
combined statements of income and comprehensive income, changes in owners' equity and cash flows for the years then ended. These combined financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. The
Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in the combined financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of Chase Paymentech as
of December 31, 2007 and 2006, and the results of their operations and their cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
As described in Note 1 to the combined financial statements, First Data Corporation (FDC) was acquired by Kohlberg, Kravis, Roberts & Co. in 2007,
which resulted in a change in control of FDC. This change in control gives JPMorgan Chase & Co. (JPMorgan Chase) the option to terminate the Company,
giving FDC and JPMorgan Chase the right to receive their respective shares of the Company's net assets. This option has not yet been exercised by JPMorgan
Chase. Accordingly, there is substantial doubt about the continued existence of the Company in its current form. The accompanying financial statements do
not include any adjustments that might result from the outcome of this uncertainty.
The accompanying combined statements of income and comprehensive income, changes in owners' equity and cash flows of Chase Paymentech for the
year ended December 31, 2005 were not audited by us and, accordingly, we do not express an opinion on them.
/s/ GRANT THORNTON LLP
Dallas, Texas
March 10, 2008
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