Bank One

 Banc One Investment Advisors 
Confirms mutual funds settlement agreements

Banc One Investment Advisors today confirmed it has entered into settlement agreements with the Securities and Exchange Commission (SEC) and the New York Attorney General's office over certain issues related to trading in One Group mutual funds.

These agreements provide for the following key provisions:

• Banc One Investment Advisors agrees to pay $10 million in total disgorgement and restitution and $40 million as a penalty, under both the SEC and Attorney General's agreements. The entire $50 million will be placed into an escrow account to be distributed to eligible shareholders through a plan to be created by an independent consultant and approved by the SEC and the independent One Group Board of Trustees. Payment will likely occur in 2005.

• Banc One Investment Advisors will reduce advisory fees by $8 million per year for five years and agree not to raise advisory fees for five years, under the Attorney General's agreement.

"Soon after we first learned of these investigations, we committed to cooperate with regulators, make restitution to shareholders, and review and change our policies, as appropriate," said David J. Kundert, Chairman and CEO of Banc One Investment Advisors. "The monetary and governance actions outlined in these agreements build upon the controls and policies we initiated last fall to fulfill that commitment. Strong procedures are now in place to further protect the interests of our mutual fund shareholders and prevent a recurrence of similar issues in the future."

Banc One Investment Advisors is a wholly owned indirect subsidiary of Bank One Corporation, the nation's sixth-largest bank holding company, with assets of $320 billion. Bank One currently has more than 51 million credit cards issued, nearly 7 million retail households, and approximately 20,000 middle market customers. It also manages $188 billion of clients' investment assets.

CHICAGO, June 29, 2004