GE Capital Acquires Remaining 50% of Private Label Credit Card Joint Venture With Bank One

Business Wire, June 6, 2002

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--June 6, 2002

GE Capital and Bank One Corporation announced today that they have ended their joint venture in their $3.8 billion private-label credit card business, Monogram Credit Services, and that GE Capital has purchased Bank One's stake.

Formed as a 50/50 joint venture in December 1998, Monogram Credit Services (MCS), based in Kettering, Ohio, provides private label financing programs for national and regional retailers in six key industries: automotive/recreational vehicles, consumer electronics and appliances, furniture, floor covering, jewelry and health care.

MCS is operated by GE Card Services, a GE Capital company based in Stamford, Conn.

Today, MCS supports a diversified portfolio of more than 60 clients with merchants in over 60,000 locations, including: Ford, Sony, PC Richard & Son, Tweeter, Ultimate Electronics, Suzuki, Ethan Allen, Brandsmart USA, H.H. Gregg Electronics, Whitehall Jewelers, Shaw Industries and Mohawk Industries.

With nearly 100 million private label credit card accounts, GE Card Services is a leader in providing credit products and services to retailers and consumers across North America. More information about GE Card Services can be found online at www.ge.com/capital/cardservices.

GE Capital, with assets of US$425 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 25 businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Conn., provides a variety of consumer services, such as private label credit cards; life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management; and specialized services, to businesses and individuals in 45 countries around the world. GE (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide. More information about GE can be found online at www.ge.com.

Bank One Corporation (NYSE: ONE) is the nation's sixth-largest bank holding company, with assets of more than $260 billion.