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Non-Tech : FleetBoston

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To: Lynn who wrote (2)	9/27/2000 3:00:41 PM
From: Lynn	of 20

FleetBoston Financial Corp: Speculation On a Deal For Summit Reason for Report: Wall Street Journal Story Investment Highlights: Reasonable strategic fit: a) in-market deal spells cost saves; b) enhances conditions in NY metro area; and c) NJ offers large base of affluent/small business customers. Given relative size differential (SUB is about 15-20% of FBF size) and cost saves potential, a minimally dilutive deal (Year 1) is likely as the worst case scenario. FBF has demonstrated top-notch execution skills in the FLT/BKB merger which should bolster investor confidence on any new deal. The main issue for FBF in judging potential investor reaction will be whether a deal with SUB waters down FBF’s efforts to move away from traditional banking and toward higher valuation businesses. The recent confirmation by FBF’s mgmt that it is considering a partial spin out of Robertson Stephens might also reinforce this issue. Reaffirm Accumulate/Buy on FBF. Lynn

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