City National Investments Launches CNI Charter Funds: Government Funds Get High Marks From Moody's.

BEVERLY HILLS, Calif.--(BUSINESS WIRE)--July 21, 1999--

City National Investments (CNI), the trust and investments division of City National Bank, Wednesday announced the launch of its new CNI Charter Funds.

Encompassing CNI's money market family, the three funds include general, government and California tax-exempt money market offerings, divided into three different "classes" designed to meet the diversified needs of clients.

CNI Charter Funds kicked off with nearly $2 billion in assets. The platform for the new funds was established as a result of a rollover from the Berkeley Money Market Fund, which became available through CNB's acquisition of North American Trust Co. earlier this year.

"CNI Charter Funds provide an excellent opportunity for sophisticated investors seeking liquidity and higher yields," explained Vern Kozlen, executive vice president, CNI. "With these funds, our investment management program and trust services, we are well-positioned to meet all of our clients' banking and investment needs."

Industry response has been overwhelmingly favorable, including an AAA rating of the CNI Charter Government Fund from Moody's Investor's Service. Moody's based the AAA rating on the Fund's sound credit quality and its solid liquidity management. The service also cited CNI's management policies, strong operating procedures and regulatory compliance programs as key to the excellent rating. The Fund seeks to preserve principal and maintain a high degree of liquidity while providing current income and maintaining a $1 per share net asset value.

CNI Charter Funds are listed in the Wall Street Journal mutual fund management section, affording clients an easy way to check how their funds are performing. The fund descriptions are Government Fund Class A: CNIGovA; CA Tax Exempt Fund Class A: CNICATxExA; and Money Market Institutional Class: CNIMoneyMkt.

The premier business and private bank for Southern California, City National Bank is a federally chartered commercial bank with about $6.3 billion in assets. City National now has 41 banking offices throughout Los Angeles, San Diego, Orange, Riverside, San Bernardino and Ventura counties. City National Bank is also a wholly-owned subsidiary of City National Corp., which is listed on the New York Stock Exchange ("CYN").

For more information about City National, the company's Fax-On-Demand Information Service is at 800/873-5293, and City National's web page is at www.cnb.com.

Non-deposit investment products are not FDIC insured, not deposits or other obligations of City National Bank or any other financial institution, are not guaranteed by City National Bank or any other financial institution, and may involve investment risks, including possible loss of principal amount invested.