MODERN ASSET MANAGEMENT SELECTS JPMORGAN FOR SMA & UNIFIED MANAGED ACCOUNT ADMINISTRATION AND ELECTRONIC EXECUTION

New York - 6 December 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.

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