First Data 2009 Annual Report Download - page 224

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. On May 23, 2008, FDC
and JPMorgan Chase entered into an agreement to end the joint ownership of the Company. Accordingly, the
Company will not continue in its current form. The accompanying financial statements do not include any
adjustments that might result from this transaction.
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 (except for Note 1, as to which the date is May 23, 2008)
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