Rural Electric Cooperative Grantor Trust Kepco Series 1997 10-K 2006 FY Annual report

Exhibit 99
J. P. MORGAN CHASE & CO. And MORGAN GUARANTY TRUST COMPANY OF NEW YORK
As of December 31, 2000, Morgan Guaranty Trust Company of New York ("Morgan Guaranty") was a wholly owned bank subsidiary of J.P. Morgan Chase & Co., a Delaware corporation whose principal office is located in New York, New York. Morgan Guaranty was a commercial bank offering a wide range of banking services to its customers both domestically and internationally. Its business was subject to examination and regulation by Federal and New York State banking authorities.
On November 10, 2001, J. P. Morgan & Co. merged with The Chase Manhattan Bank. Upon consummation of the merger, The Chase Manhattan Bank changed its name to JP Morgan Chase & Co.
The following table sets forth certain summarized financial information of J.P. Morgan Chase & Co. and for Morgan Guaranty as of the dates and for the periods indicated. The information presented for the years ended December 31, 2006, 2005, 2004, 2003, and 2002 in accordance with generally accepted accounting principles.
As of or for the year ended December 31,							Heritage JP Morgan Chase Only
(Dollars in millions)		2006		2005		2004 (e)			2003		2002
Balance Sheet Data
Total Loans	$	483,127	$	419,148	$	402,114		$	214,766	$	216,364
Total Assets	$	1,351,520	$	1,198,942	$	1,157,248		$	770,912	$	758,800
Total Deposits	$	638,788	$	554,991	$	521,456		$	326,492	$	304,753
Total Liabilities	$	1,235,730	$	1,091,731	$	1,051,595		$	724,758	$	716,494
Allowance for Credit Losses	$	7,803	$	7,490	$	7,812		$	4,847	$	5,713
Stockholder's Equity	$	115,790	$	107,211	$	105,653		$	46,154	$	42,306

(in millions)								Heritage JPMorgan Chase only
As of or for the year ended December 31,	2006		2005		2004		(e)		2003		2002
Selected income statement data
Noninterest revenue	$	40,195	$	34,193	$	25,845			$	19,996	$	17,064
Net interest income		21,242		19,555		16,527				12,807		12,012
Total net revenue		61,437		53,748		42,372				32,803		29,076
Provision for credit losses		3,270		3,483		2,544				1,540		4,331
Total noninterest expense		38,281		38,426		33,972				21,490		22,471
Income from continuing operations before income      tax expense		19,886		11,839		5,856				9,773		2,274
Income tax expense		6,237		3,585		1,596				3,209		760
Income from continuing operations		13,649		8,254		4,260				6,564		1,514
Income from discontinued operations (a)		795		229		206				155		149
Net income	$	14,444	$	8,483	$	4,466			$	6,719	$	1,663

(a)	On October 1, 2006, the Firm completed the exchange of selected corporate trust businesses including trustee, paying agent, loan agency and document management services for the consumer, business banking and middle-market banking businesses of The Bank of New York. The results of operations of these corporate trust businesses are being reported as discontinued operations for each of the periods presented.
(e)	2004 results include six months of the combined Firm's results and six months of heritage JPMorgan Chase results.
	NA - Data for 2002 is not available on a comparable basis.

J.P. Morgan Chase & Co. will provide without charge a copy of the Form 10-K for the fiscal year ended December 31, 2006 and a copy of the most recent quarterly Consolidated Reports of Condition and Income filed with the Board of Governors of the Federal Reserve System, with exhibits omitted. Written requests should be directed to: Office of the Secretary, J.P. Morgan Chase & Co., 270 Park Avenue, New York, New York 10017.

The information set forth above relates to and has been obtained from J.P. Morgan Chase & Co. The delivery of this 10-K shall not create any implication that there has been no change in the affairs of J.P. Morgan Chase & Co since the date hereof, or that the information contained herein or referred to above is correct as of any time subsequent to its date.