Document:

<PAGE>   1

                                 Exhibit (10)(v)

                      Financial Services (Agency) Agreement
                                     Between
                   Merrill Lynch, Pierce, Fenner & Smith, Inc.
                                       And
                         The One Group Services Company

<PAGE>   2

                          FINANCIAL SERVICES AGREEMENT

         AGREEMENT made as of August 6, 1999 by and between The One Group
Services Company ("Distributor") and Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("MLPF&S").

                                   WITNESSETH:

         WHEREAS, each of the investment companies listed on Schedule A hereto
as such Schedule may be amended from time to time (collectively, the "Funds",
and each a "Fund") is an investment company registered under the Investment
Company Act of 1940, as amended, and

         WHEREAS, MLPF&S, a broker-dealer registered under the Securities
Exchange Act of 1934, as amended, has entered into an agreement with Distributor
pursuant to which it sells shares of the Funds to its customers; and

         WHEREAS, for the convenience of its customers MLPF&S is the record
owner of such shares and maintains an omnibus account with each of the Funds
which represents the aggregate number of shares held by such customers at any
given time; and

         WHEREAS, MLPF&S tracks the beneficial ownership of such shares and
distributes dividends, and shareholder information and performs other services
for its customers' benefit as set forth on Exhibit 1;

         WHEREAS, the Funds and Distributor receive a direct benefit from MLPF&S
performing the Services that they would otherwise perform, or have performed, on
behalf of such customers.

                  NOW, THEREFORE, in consideration of the premises and mutual
covenants hereinafter contained, each party hereto agrees, as follows:

         1. MLPF&S agrees to perform the Services specified in Exhibit 1 hereto
(the "Services") for the benefit of the shareholders of the Funds maintaining
shares of any of such Funds in brokerage accounts with MLPF&S and whose shares
are included in the omnibus account referred to above (each a "Customer" and
collectively, the "Customers").

         2. MLPF&S agrees that it will maintain and preserve all records as
required by law to be maintained and preserved in connection with providing the
Services, and will otherwise comply with all laws, rules, and regulations
applicable to the Services.

         3. Upon request of the Distributor, MLPF&S will provide access to our
facilities and records related to the Services to the Fund and its legal and
audit representatives to review the quality of the Services, and to respond to
requests of the board of trustees of a Fund, a governmental body,
self-regulatory organization or a shareholder. Notwithstanding this provision,
it is understood and agreed that the names and addressees of MLPF&S customers
(including the Customers) are the exclusive property of MLPF&S and that such
customer information will not be provided to the Funds and their representatives
pursuant to this Agreement; provided, however, that such customer information
will be provided by MLPF&S directly to any court or governmental

<PAGE>   3

agency if required by applicable law or governmental or court order. All costs
and expenses incurred by MLPF&S in providing access to the Fund and its
representatives shall be paid by the Distributor.

         4. Distributor agrees that it and its representatives given access to
our facilities and/or records in accordance with Paragraph 3 hereto shall treat
all records and any information obtained in connection with access to our
facilities as confidential and shall not disclose information contained therein
except as permitted under Paragraph 3. All such records and information
maintained by MLPF&S and its affiliates in connection with this Agreement are
the exclusive property of MLPF&S and shall remain so notwithstanding any release
thereof in accordance with the terms of this Agreement. No person having access
to such records or information may use such records or information to solicit,
directly or indirectly, any customer of MLPF&S for any purpose. The provisions
of Paragraphs 3 and 4 shall survive the termination of this Agreement.

         5. In consideration of the Services provided hereunder, Distributor
shall pay, or cause the Funds to pay, to MLPF&S the amounts set forth in
Schedule B hereto. With the exception of affiliated funds, such amounts
represent what MLPF&S is currently charging for these accounts for funds that
are [distributed by MLPF&S in all accounts without restriction] [sold in the
asset-based programs] [available in connection with a non-Merrill 401K plan].

         6. MLPF&S shall indemnify and hold harmless Distributor from and
against any and all losses that it may incur (including, without limitation,
reasonable attorneys' fees and expenses) arising out of or related to the
non-performance of MLPF&S of its responsibilities under this Agreement, except
to the extent any such losses are caused, or contributed to, by Distributor.

         7. The Distributor shall indemnify and hold harmless MLPF&S from any
and all losses that it may incur (including, without limitation, reasonable
attorneys' fees and expenses) that are related to the non-performance of
Distributor of its responsibilities under this Agreement, except to the extent
any such losses are caused, or contributed to by MLPF&S. The provisions of
Paragraphs 6 and 7 shall survive the termination of this Agreement.

         8. This Agreement may be terminated, without penalty, at any time by
MLPF&S or Distributor in whole, or in part with respect to one or more of the
Funds, upon 60 days written notice to the other party.

         [9. [To the extent a Fund is organized as a trust,] MLPF&S understands
and agrees that the obligations of under this Agreement are not binding upon any
shareholder of the Funds personally, but bind only each Fund and each Fund's
property; MLPF&S represents that it has notice of the provisions of the
Declaration of Trust of each of the Funds disclaiming shareholder liability for
acts or obligations of the Funds](1)

         10. This Agreement, including its Exhibits and Schedules, constitutes
the entire agreement between the parties with respect to the matters dealt with
herein, and supersedes any previous agreements and documents with respect to
such matters.

-----------------------------
(1)      For Funds organized as Trusts.

                                       2
<PAGE>   4

         11. All communications under this Agreement shall be written and sent
to MLPF&S at our offices at 4800 Deerlake Drive East, Jacksonville, Florida
32246, Attention: President, and to Distributor at the address you have provided
at the end of this Agreement. Notice shall be deemed to have been given on the
date it was delivered personally to the other party or any officer or was either
received by express delivery or telecopy (with receipt) by the other party at
its address specified in this Agreement. Either party may change the address to
which communications to it shall be sent by giving notice thereof in accordance
with this provision.

         12. This Agreement may be amended only by mutual agreement of the
parties in writing; provided however, that any amendment to Schedule A of this
Agreement to add additional Fund(s) shall be deemed effective and part of this
Agreement upon the day of the first sale by MLPF&S of any shares of such
Fund(s).

         13. The rights and obligations of the parties hereunder may not be
assigned without the prior written consent of the non-assigning party.
Notwithstanding, the foregoing, it is expressly understood and agreed that (i)
Financial Data Services, Inc. (formerly known as Merrill Lynch Financial Data
Services, Inc.) ("FDS") and any successor to FDS may perform any of the Services
hereunder pursuant to the request of MLPF&S and (ii) Automated Data Processing
may perform services related to the mailing and collection of proxies.

         14. This Agreement shall be governed by the laws of the State of New
York without giving affect to provisions relating to conflict of laws. This
Agreement may be signed in counterparts, all of which shall constitute one and
the same agreement.

         IN WITNESS HEREOF, the parties hereto have executed and delivered this
Agreement as of the date first below written.

MERRILL LYNCH, PIERCE, FENNER
& SMITH INCORPORATED

By: /s/ Robert W. Dineen
    -------------------------------

Print Name: Robert W. Dineen
            -----------------------

Title:   First Vice President
         --------------------------

THE ONE GROUP SERVICES                          Address for Notice:
COMPANY

By:   /s/ Mark S. Redman                        3435 Stelzer Road
     ------------------------------             --------------------------------

Print Name: Mark S. Redman                      Columbus, OH 43219
            -----------------------             --------------------------------

Title: President
       ----------------------------             --------------------------------

                                       3

<PAGE>   5

                                    EXHIBIT 1

         Pursuant to the Agreement by and among the parties hereto, MLPF&S shall
perform the following Services:

         1. Maintain separate records for each Customer with respect to each of
the Funds held by such Customer, which records shall reflect shares purchased
and redeemed and share balances. MLPF&S shall maintain an omnibus account for
each Fund with the transfer agent of the Funds representing the position of such
Customers and such account shall be in the name of MLPF&S or its nominee as the
record owner of the shares owned by such Customers.

         2. Transmit to the Funds purchase and redemption orders on behalf of
Customers. Disburse or credit to Customers all proceeds of redemptions of shares
of each of the Funds and all dividends and other distributions not reinvested in
shares of each of the Funds.

         3. Prepare and transmit to Customers periodic account statements
showing the total number of shares owned by them as of the statement closing
date, purchases and redemptions of Fund shares by the customer during the period
covered by the statement and the dividends and other distributions paid to the
customer during the statement period (whether paid in cash or reinvested in Fund
shares).

         4. Transmit to MLPF&S customers proxy materials, reports and other
information required to be sent to shareholders under the federal securities
laws received by MLPF&S from any of the Funds. Upon request of a Fund, MLPF&S
will transmit to Customers fund communications deemed by the Fund, through its
Board of Directors or other similar governing body, to be material to
shareholders of the Fund. In the event MLPF&S were to mail any Fund materials,
reports, prospectuses and other information to Customers/shareholders of any
Fund who are MLPF&S customers pursuant to this paragraph, Distributor agrees to
reimburse MLPF&S or cause the Fund to reimburse MLPF&S for all out-of-pocket
expenses, including, without limitation, reasonable clerical expenses incurred
in connection with the distribution of such materials using rates and guidelines
set forth in Rule 451.90 of the New York Stock Exchange Inc.

         5. Provide to the Funds such periodic reports as shall reasonably be
concluded to be necessary to enable each of the Funds and its distributor to
comply with State Blue Sky requirements.

         6. Provide to the Funds standard monthly CDSC reports.

                                       4

<PAGE>   6

                                   SCHEDULE B

         Distributor agrees to pay MLPF&S:

         (1) an annual fee in respect of each MLPF&S customer account holding
         Fund shares, any time during a calendar year (other than ERISA accounts
         held in the MFA program or any other program requiring equalization
         under ERISA), of an amount equal to the sum of (a) $16 per front-end
         load Fund, (b) $19 per back-end load Fund during the CDSC period and
         $16 thereafter and (c) $19 per level load Fund during the CDSC period
         and $16 thereafter; and

         (2) an annual fee equal to 10 basis points on net assets of Funds held
         in ERISA accounts at MLPF&S in the MFA Program or any other program
         requiring equalization under ERISA.

In addition to fees set forth above, Distributor shall pay, or cause to be paid,
to MLPF&S amounts due pursuant to Paragraph 3 of the Agreement and Paragraph 4
of Exhibit I of this Agreement.

All payments referred to in this schedule shall be made by Distributor to MLPF&S
immediately upon a receipt of the bill therefore by Federal funds wire to the
account specified by MLPF&S.

                                       5
<PAGE>   7

SCHEDULE A

ONE GROUP MUTUAL FUNDS

EQUITY FUNDS
------------

Balanced (A)
Balanced (B)
Balanced (C)
Large Cap Growth (A)
Large Cap Growth (B)
Large Cap Growth (C)
Large Cap Value (A)
Large Cap Value (B)
Large Cap Value (C)
Mid Cap Growth (A)
Mid Cap Growth (B)
Mid Cap Growth (C)
Mid Cap Value (A)
Mid Cap Value (B)
Mid Cap Value (C)
Equity Income (A)
Equity Income (B)
Equity Income (C)
Diversified Equity (A)
Diversified Equity (B)
Diversified Equity (C)
Small Cap Growth (A)
Small Cap Growth (B)
Small Cap Growth (C)
Small Cap Value (A)
Small Cap Value (B)
Small Cap Value (C)
Diversified Mid Cap (A)
Diversified Mid Cap (B)
Diversified Mid Cap (C)
Diversified International (A)
Diversified International (B)
Diversified International (C)

INVESTOR FUNDS
--------------

Investor Growth (A)
Investor Growth (B)
Investor Growth (C)
Investor Growth & Income (A)
Investor Growth & Income (B)
Investor Growth & Income (C)
Investor Conservative Growth (A)
Investor Conservative Growth (B)
Investor Conservative Growth (C)
Investor Balanced (A)
Investor Balanced (B)
Investor Balanced (C)

BOND FUNDS
----------

Intermediate Bond (A)
Intermediate Bond (B)
Intermediate Bond (C)
Government Bond (A)

                                       6
<PAGE>   8

Government Bond (B)
Government Bond (C)
Short-Term Bond (A)
ONE GROUP MUTUAL FUNDS

Short-Term Bond (B)
Short-Term Bond (C)
Income Bond (A)
Income Bond (B)
Income Bond (C)
Ultra Short-Term Bond (A)
Ultra Short-Term Bond (B)
Ultra Short-Term Bond (C)
High Yield Bond (A)
High Yield Bond (B)
High Yield Bond (C)
Treasury & Agency (A)
Treasury & Agency (B)
Treasury & Agency (C)
Bond Fund (A)
Bond Fund (B)
Bond Fund (C)

MUNICIPAL BOND FUNDS
--------------------

Intermediate Tax Free Bond (A)
Intermediate Tax Free Bond (B)
Intermediate Tax Free Bond (C)
Municipal Income (A)
Municipal Income (B)
Municipal Income (C)
Arizona Municipal Bond (A)
Arizona Municipal Bond (B)
Arizona Municipal Bond (C)
West Virginia Municipal Bond (A)
West Virginia Municipal Bond (B)
West Virginia Municipal Bond (C)
Louisiana Municipal Bond (A)
Louisiana Municipal Bond (B)
Louisiana Municipal Bond (C)
Ohio Municipal Bond (A)
Ohio Municipal Bond (B)
Ohio Municipal Bond (C)
Kentucky Municipal Bond (A)
Kentucky Municipal Bond (B)
Kentucky Municipal Bond (C)
Short-Term Municipal Bond (A)
Short-Term Municipal Bond (B)
Short-Term Municipal Bond (C)
Tax-Free Bond (A)
Tax-Free Bond (B)
Tax-Free Bond (C)
Michigan Municipal Bond (A)
Michigan Municipal Bond (B)
Michigan Municipal Bond (C)

                                          7<PAGE>   1

                                 Exhibit (10)(w)

                     Supplemental No-Load Agreement (Agency)
                                     between
                  Merrill Lynch, Pierce, Fenner & Smith, Inc.,
                         The One Group Services Company
                                       and
                             One Group Mutual Funds

<PAGE>   2

               Merrill Lynch, Pierce, Fenner & Smith Incorporated

                      SUPPLEMENTAL FUND SERVICES AGREEMENT
                      ------------------------------------
                                 (No-Load Funds)

This Supplemental Fund Services Agreement (this "Agreement") is made and entered
into as of December 3, 1999, by and between Merrill Lynch, Pierce, Fenner &
Smith Incorporated ("Merrill Lynch"), The One Group Services Company ("Fund
Provider"), and One Group Mutual Funds ("One Group").

1.       Service Agreement.
         ------------------

         Merrill Lynch, the Fund Provider (or its predecessor) and One Group
have entered into a Selected Dealer Agreement (the "Dealer Agreement"). The
terms of this Agreement are intended to supplement the Dealer Agreement;
accordingly, except as otherwise specified herein, the Dealer Agreement, as in
effect at the time in question, will apply to all matters set forth herein.

2.       Designation of Employers, Plans and Funds.
         ------------------------------------------

         Merrill Lynch has been retained by certain employers (collectively
referred to as "Employers" and individually as an "Employer") to provide
recordkeeping services with respect to certain employee benefit plans
(collectively referred to as "Plans" and individually as a "Plan") sponsored by
the Employers. The provisions of this Agreement are intended to facilitate the
investment of assets of the Plans in those open-end investment companies which
are set forth in Attachment A hereto, as may be amended from time to time in
accordance with Section 12 (collectively referred to as the "Funds" and
individually as the "Fund").

3.        Merrill Lynch Services.
          -----------------------

         In connection with providing recordkeeping services with respect to the
Plans, Merrill Lynch will:

         (a) Maintain separate records for each Plan which offers the Fund(s) as
investment options to participants under the Plan ("Participants"), which
records will reflect the shares purchased and redeemed and share balances for
each Participant. Merrill Lynch will maintain a single master account with the
transfer agent of each Fund on behalf of the Plans for which Merrill Lynch Trust
Company or one of its affiliates is acting as trustee and such account will be
in the name of Merrill Lynch Trust Company (or appropriate affiliate), as
Trustee, or in the name of its nominee, as the record owner of the shares held
under such Plans. In the case of a Plan for which Merrill Lynch Trust Company or
one of its affiliates is not acting as trustee, a separate account will be
established in the name of the trustee of such Plan.

<PAGE>   3

          (b) Disburse or credit to the Plans all proceeds of redemptions of
shares of the Fund(s) and all dividends and other distributions not reinvested
in shares of the Fund(s), as applicable.

         (c) With respect to each Plan, prepare and transmit to the Employer
periodic statements showing the total number of shares owned by the Plan as of
the statement closing date, purchases and redemptions of Fund shares by the Plan
during the period covered by the statement and the dividends and other
distributions paid to the Plan during the statement period (whether paid in cash
or reinvested in Fund shares).

         (d) Transmit to the Funds' transfer agent or other person as may be
designated by One Group, purchase and redemption orders on behalf of the Plans
in accordance with the procedures set forth in Section 4 below.

4.        Procedures for Purchases and Redemptions of Fund Shares.
          --------------------------------------------------------

         (a) On each day the New York Stock Exchange is open for business
("Business Day"), Merrill Lynch may receive instructions from Participants for
the purchase, redemption and exchange of shares of the Funds. Instructions
received after 4:00 p.m. Eastern Time ("ET") on any Business Day will be treated
as if received on the next following Business Day.

         (b) By 9:00 a.m. ET on the next Business Day following receipt of such
instructions, Merrill Lynch will provide to One Group or its Designee via the
NSCC Defined Contribution Platform (which utilizes the "as of record layout
within FundServe) one or more files detailing the instructions received with
respect to each Plan prior to 4:00 p.m. ET on the prior Business Day for each of
the Funds. If for any reason Merrill Lynch is unable to transmit the file(s)
with respect to any Business Day, Merrill Lynch will notify One Group or its
designee by 9:00 a.m. ET on the next following Business Day.

         (c) Upon receipt of the NSCC file(s) from Merrill Lynch, One Group or
its Designee will execute (or will cause to be executed) the purchase and
redemption transactions on a daily basis at the net asset value computed at the
close of trading on the New York Stock Exchange ("Close of Trading") on the
prior Business Day ("Effective Trade Date"). One Group or its designee agrees
that such purchase and redemption transactions will settle on the Business Day
following the Effective Trade Date.

         (d) By 6:30 p.m. ET on each Business Day, One Group or its Designee
will provide (or will cause to be provided) to Merrill Lynch (i) the Fund's net
asset value at the Close of Trading, (ii) in the case of income Funds, the daily
accrual or interest rate factor (mil rate) and (iii) when applicable, record
date, ex-dividend date and payable date information for dividends and capital
gains distributions.

                                       2
<PAGE>   4

         (e) Notwithstanding the provisions of Section 1(e) of the Dealer
Agreement, for purchase and redemption instructions with respect to any Fund,
Merrill Lynch and One Group or its designee will settle the purchase and
redemption transactions referred to in Section 4(b) above, via the NSCC
FundServe settlement process on the next Business Day following the Effective
Trade Date.

5.       Transactions in the Funds.
         --------------------------

         Notwithstanding anything to the contrary contained in Section 3 of the
Dealer Agreement, One Group or its Designee will make available for purchase by
the Plans a class of shares available at net asset value and which are not
subject to a contingent deferred sales charge or redemption fee. In addition, no
exchange fees will be applicable to shares of the Funds purchased by the Plans.
The form of payment of dividends and capital gains distributions will be
determined in accordance with Merrill Lynch's operational procedures in effect
at the time of the payment of such dividend or distribution.

6.        Fund Information.
          -----------------

         (a) The Fund Provider will provide (or cause to be provided) to Merrill
Lynch the information set forth in Attachment B hereto. The Fund Provider hereby
agrees that such information will qualify as material approved by the Fund
Provider which the Fund Provider has requested that Merrill Lynch distribute
under Section 2(e) of the Dealer Agreement. In addition, notwithstanding
anything contained in the Dealer Agreement to the contrary, the Fund Provider
hereby agrees that Merrill Lynch may use such information in communications
prepared for the Plans, including, but not limited to, Participant enrollment
and other communications materials and voice response systems, as well as
proposals prepared and submitted by Merrill Lynch to sponsors of employee
benefit plans or their representatives who have expressed interest in Merrill
Lynch's employee benefit plan recordkeeping or other services.

         (b) Notwithstanding anything to the contrary in Section 2(c) of the
Dealer Agreement, upon request, the Fund Provider will provide Merrill Lynch
with prospectuses, proxy materials, financial statements, reports and other
materials relating to each Fund in sufficient quantity for each Participant
invested in the Fund.

         (c) The Fund Provider shall provide to Merrill Lynch a description of
the Fund(s) and the statement of the objective of the Fund(s) referred to on
Attachment B in the format required by Merrill Lynch, which Merrill Lynch shall
communicate to the Fund Provider prior to the effective date of this Agreement.

                                       3
<PAGE>   5

7.        Compensation.
          -------------

         Notwithstanding anything to the contrary in the Dealer Agreement, with
respect to Fund shares purchased for each Plan pursuant to this Agreement, the
Fund Provider will pay Merrill Lynch fees as set forth in Attachment C hereto,
as may be amended from time to time pursuant to Section 12. The fees payable
under this Section 7 will be in lieu of any fees which might otherwise be
payable under the Dealer Agreement. For the purpose of computing payments to
Merrill Lynch under this Section 7 with respect to any Plan, the average daily
amount invested by the Plan in a Fund for any calendar quarter will be computed
by totaling the Plan's aggregate investment (share net asset value multiplied by
total number of shares of the Fund held by the Plan) on each Business Day during
the quarter and dividing by the total number of Business Days during such
quarter. Merrill Lynch will calculate the amount of any fee to be paid with
respect to each Plan hereunder at the end of each calendar quarter and payment
will be due within 30 days of receipt by the Fund Provider of Merrill Lynch's
invoice for such fees.

8.        Use of Names.
          -------------

         Except as otherwise expressly provided for in this Agreement, neither
party will use the name or logo (or any variation thereof) or any tradename or
service mark of the other party without such other party's prior written
consent, which may be unreasonably withheld.

9.       Termination.
         ------------

         Either party may terminate this Agreement upon 60 days' prior written
notice to the other party; provided that One Group or its Designee reserves the
right to suspend sales or to withdraw the offering of shares of the Funds, as
set forth in Section 10(b) of the Dealer Agreement. Notwithstanding the
foregoing, this Agreement will be terminated immediately upon a material breach
by either party which is not cured within 30 days after notice from the other
party. In the event this Agreement is terminated, the parties will be obligated
to fulfill their responsibilities (including under Sections 4 and 7) under the
Agreement with respect to any shares of the Funds held under Plans for which
Merrill Lynch provides recordkeeping services as of the date of such
termination, until and including the date that Merrill Lynch ceases to provide
recordkeeping services for such Plan.

10.       Non-Exclusivity.
          ----------------

         Each of the parties acknowledges and agrees that this Agreement and the
arrangement described herein are intended to be non-exclusive and that each of
the parties is free to enter into similar agreements and arrangements with other
entities.

                                       4
<PAGE>   6

11.       Confidentiality.
          ----------------

         Each party will treat confidentially, by not disclosing to unaffiliated
persons, all information and documentation provided by the other party relating
to any Plan (including the identity of the Plan and information regarding the
Participants) except (i) to the Trustee of the Plan, any administrator of the
Plan or any person as may be necessary in connection with the proper operation
of this Agreement, (ii) in connection with an audit or regulatory examination,
or (iii) as may otherwise be legally required.

12.       Amendment.
          ----------

         Notwithstanding Section 10(d) of the Dealer Agreement, this Agreement
may not be modified or amended except by an instrument in writing signed by
Merrill Lynch, the Fund Provider and One Group.

13.       Notices.
          --------

         Notwithstanding Section 10(c) of the Dealer Agreement, for purposes of
this Agreement all communications to be sent to Merrill Lynch will be sent to:
Merrill Lynch, Pierce, Fenner & Smith Incorporated, P.O. Box 9044, Princeton,
New Jersey 08543, Attention: Merrill Lynch Group Employee Services. Unless
otherwise specified by the Fund Provider below, all communications to be sent to
the Fund Provider will be sent to the address indicated in the Dealer Agreement.

14.       Survival.
          ---------

         The provisions of Sections 8, 9 and 11 will survive termination of this
Agreement.

                                       5
<PAGE>   7

         IN WITNESS WHEREOF, the Fund Provider and Merrill Lynch have each
caused this Agreement to be executed in its corporate name by its duly
authorized officer, as of the date set forth above.

MERRILL LYNCH, PIERCE, FENNER           THE ONE GROUP SERVICES COMPANY
   & SMITH INCORPORATED

By: /s/  Al Del Pizzo                   By: /s/   Mark S. Redman
    -------------------------------         ------------------------------------

Print Name: Al Del Pizzo                 Print Name: Mark S. Redman
            -----------------------                  ---------------------------

Title:  Vice President                   Title:  President
        ---------------------------              -------------------------------

                                        Address for Notice (if applicable):

                                        c/o Banc One Investment Advisors
                                        ----------------------------------------
                                        1111 Polaris Parkway, P.O. Box 710211
                                        ----------------------------------------
                                        Columbus, OH 43271-0211
                                        ----------------------------------------
                                        Contact Person: Jim Gillespie
                                                        ------------------------
                                        Phone: 614-213-6335
                                               ---------------------------------
                                        Fax:  614-213-4098
                                              ----------------------------------

                                        ONE GROUP MUTUAL FUNDS

                                        By: /s/ James T. Gillespie
                                            ------------------------------------

                                         Print Name: James T. Gillespie
                                                     ---------------------------

                                         Title: Vice President
                                                --------------------------------

                                       6

<PAGE>   8

                                  ATTACHMENT A

                                 [List of Funds]

   Fund Name      Share Class         CUSIP          Symbol           Objective

*See Attached List

                                       7
<PAGE>   9

<TABLE>
<CAPTION>
                                                                                      NASDAQ
  PORTFOLIO NAME                                            CUSIP #                   SYMBOL
  --------------                                            -------                   ------
  EQUITY FUNDS
<S>                                                         <C>                       <C>
  Balanced (A)                                              681937470                 OGASX
  Large Cap Growth (A)                                      681937249                 OLGAX
  Large Cap Value (A)                                       681937876                 OLVAX
  Mid Cap Growth (A)                                        681937728                 OSGIX
  International Equity Income (A)                           681937561                 OEIAX
  Mid Cap Value (A)                                         681937751                 OGDIX
  Equity Index (A)                                          681937827                 OGEAX
  Equity Income (A)                                         681937785                 OIEIX
  Diversified Equity (A)                                    681939815                 PAVGX
  Small Cap Growth (A)                                      681939849                 PGSGX
  Small Cap Value (A)                                       68231N305                 PSOAX
  Diversified Mid Cap (A)                                   68231N701                 PECAX
  Diversified International (A)                             68231N867                 PGIEX
  Market Expansion Index (A)                                68231N826

  INVESTOR FUNDS

  Investor Growth (A)                                      681939674                  ONGAX
  Investor Growth & Income (A)                             681939617                  ONGIX
  Investor Conservative Growth (A)                         681939641                  OICAX
  Investor Balanced (A)                                    681939575                  OGIAX

  FIXED INCOME FUNDS

  Intermediate Bond (A)                                    681937264                  OGBAX
  Government Bond (A)                                      681937330                  OGGAX
  Short-Term Bond (A)                                      681937629                  OGLVX
  Income Bond (A)                                          681937652                  ONIAX
  Ultra Short-Term Bond (A)                                681937314                  ONUAX
  High Yield Bond (A)                                      68231N107                  OHYAX
  Treasury & Agency (A)                                    681939526                  OTABX
  Bond Fund (A)                                            68231IN776                 PGBOX
</TABLE>

                                       8

<PAGE>   10

                                  ATTACHMENT B

PART 1. Fund Reporting and Performance Information
        ------------------------------------------

         A. One Group will provide the following information with respect to
each Fund:

        -        Name of the Fund
        -        Objective of the Fund
        -        Investor Profile (What type of investor is this Fund designed
                 for?)
        -        Portfolio concept (What types of investments make up the
                 Fund's portfolio?)
        -        Name of Fund manager
        -        Biography, including tenure with the Fund, of the Fund manager
        -        Inception date of the Fund
        -        Historical performance data for the Fund
             -   Annual total return since inception
             -   Quarterly total return since inception
        -        All relevant changes to the Fund's method of doing business.

         B. One Group will provide the following information to Merrill Lynch
within ten (10) Business Days of the end of each calendar quarter:

         EQUITY FUNDS
         ------------

        -       A four to five sentence, one to two paragraph, portfolio
                manager commentary on how the Fund performed for the quarter,
                why did it perform so well (or poorly), what does the manager
                feel will be happening in the market, and how is the manager
                planning for projected changes in the market, etc.
        -       Fund Asset Size.
        -       Asset Mix (Name and Percentage of Portfolio).
        -       Top Five Major Sector Weightings (Name and Percentage of
                Portfolio).
        -       Top Ten Holdings.
        -       Average Equity Capitalization.
        -       Number of Equity Holdings.
        -       Management fees and expenses (broken down into management fees,
                12b-1 fees, other expenses, and total operating expenses of the
                Fund).
        -       One, three, five and ten year annualized rates of return for
                the current period.
        -       Total return for the current quarter, year to date, and since
                inception of the Fund from/for the current period.

                                       9
<PAGE>   11

    FIXED INCOME FUNDS

        -   A four to five sentence, one to two paragraph, portfolio manager
            commentary on how the Fund performed for the quarter, why did it
            perform so well (or so poorly), what does the manager feel will be
            happening in the market, and how is the manager planning for
            projected changes in the market, etc.
        -   Fund Asset Size.
        -   Asset Mix (Name and Percentage of Portfolio).
        -   30-Day Yield.
        -   Average Maturity.
        -   Average Duration.
        -   Average Coupon.
        -   Management fees and expenses (broken down into management fees,
            12b-I Fees, other expenses, and total Fund operating expenses).
        -   One, three, five and ten year annualized rates of return for the
            current period.
        -   Total return for the current quarter, year to date, and since
            inception of the Fund from/for the current period.
        -   Yield for current quarter, year-to-date, preceding 30 days, and
            preceding 12 months.

PART 11. Fund Description for the Voice Response System

-    The Fund Provider will provide to Merrill Lynch, within ten (10) days of
     the end of each month, the Fund's average annual return for the 1, 5, and
     10 year periods ending the current month on a Net Asset Value basis.

-    The Fund Provider will provide to Merrill Lynch a description of the Fund
     which will be used on Merrill Lynch's Voice Response System in the
     following VRS format:

     ABC FUND
     --------

     The Net Asset Value per share for ABC Fund as of MM/DD/YY was $XXXXX. The
     average annual total return for the Fund for the one year period ended
     MM/DD/YY was XXX.XX%, for the five year period ended MM/DD/YY was XXX.XX%.
     These total return figures assume reinvestment of all dividend and capital
     gains distributions at Net Asset Value. Total investment return is the
     combination of net income and gain or loss in market value.

     The ABC Fund seeks the highest total investment return consistent with
     prudent risk. The portfolio may be invested in equity securities, corporate
     bonds or money market securities. Historically, the Fund's equity portfolio
     has been invested in the common stocks of larger, quality companies.

     Please be advised that past performance is no indication of future
     performance. Investment return and principal value of an investment will
     fluctuate so that shares, when redeemed, may

                                       10

<PAGE>   12

     be worth more or less than their original cost. You should request and read
     the Fund prospectus prior to investing.

PART III. Proposal Information and Materials

     The Fund Provider will provide to Merrill Lynch the following information
     and materials on an as needed basis, as requested by Merrill Lynch:

     -     A supply of materials relating to the Funds (prospectuses, quarterly
           reports and other brochures) to include with proposal requests from
           prospects.

     -     Specific investment performance information that may be requested in
           a Request For Proposal that cannot be obtained from the prospectus.
           This would include specific calculations on various performance
           parameters and will require an aggressive turnaround time (usually 5
           business days).

                                       11
<PAGE>   13

                                  ATTACHMENT C

                                  FEE SCHEDULE

A. The Fund Provider shall pay to Merrill Lynch a non-refundable, one-time
account set-up fee of $50,000. Payment shall be made with the return of the
signed "Supplemental Fund Services Agreement."

For purposes of this Attachment C, the following definitions shall apply:

Small Market Plan - a Plan with less than $3 million in assets or where the
employer has less than 500 employees eligible to participate in the Plan
("Eligible Employees") Middle Market Plan - a Plan with at least $3 million but
not more than $40 million in assets or where the employer has at least 500 but
not more than 1499 Eligible Employees Large Market Plan - a Plan with more than
$40 million in assets or the employer has at least 1500 Eligible Employees

B. One Group shall pay to Merrill Lynch for each Fund the following fees:

         1. Processing Fee

         $16.00 annually per each position of each Fund in a Large or Middle
Market Plan. The processing fee will be $19.00 per each position of each Fund
for Small Market Plans. Payment shall be made quarterly based upon the number of
participants of a Fund who hold shares of such Fund in a Plan for any part of
the subject quarter.

          The processing fee shall be paid by both the Fund and Fund Agent. The
Fund shall pay no more than that portion of the fee equivalent to $18.00 per
account, and the Fund Agent shall pay the remainder of the fee.

C. The Fund Provider shall pay to Merrill Lynch for each Fund the following
fees:

          1. Service Fee

         .20% of annual average daily value of each Fund's net assets held in
the Plans. Payment shall be made quarterly, calculated in accordance with
Section 7 of the Supplemental Fund Services Agreement.

         2. Distribution Fee

         For services Merrill Lynch provides in connection with the sale of a
Fund's shares and servicing of the accounts of our customers, for Large Market
Plans and Middle Market Plans, the Fund Provider shall pay to Merrill Lynch an
amount equal to 25 basis points. The fee for a Small Market Plan will be an
amount equal to 100 basis points.

         3. Sales Commission (Finders Fee)

                                       12
<PAGE>   14

             Not Applicable

D.       The Fund Provider agrees to waive certain fees including, but not
         limited to, the following:

         1. Initial Sales Charge
         2. Contingent Deferred Sales Charge
         3. Redemption Fees
         4. Exchange Fees
         5. Federal Funds Wire Payment Fees

                                       13

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