FLEET RECOGNIZES TOP STRATEGIC BUSINESS PARTNERS

BOSTON, February 21, 2003 - FleetBoston Financial has recognized the outstanding contributions of four strategic business partners at a special ceremony to honor organizations that exceeded expectations and added value to FleetBoston Financial's Technology and Operations organization in 2002.

Out of 60 firms identified by Fleet as strategic business partners, HP received top honors with a Partners in Progress Gold Award. Océ Printing Systems USA and Siemens Business Services Inc. each received the Partners In Progress Silver Award. And, Fleet recognized RR Donnelly specifically for its contributions to Fleet's Corporate Supplier Diversity Program.

This is the third year that Fleet has honored its Partners in Progress. Criteria for the awards are based on partners' contributions to Fleet's performance, competitive advantage and supplier diversity. Specifically, Fleet recognized partners who share mutually beneficial relationship through innovative contracts, service delivery and value-added business collaboration, as well as those who provide leading edge capabilities and progressive products.

"These outstanding organizations have added greatly to Fleet's strategic business goals and position as a financial services organizations that uses leading edge solutions to enhance customer service, operations and delivery," said Joseph A. Smialowski, vice chairman, FleetBoston Financial. "Our partnership has given Fleet a distinct competitive business advantage in a highly competitive industry," Smialowski said.

HP, which supplies all desktops, laptops, monitors, office/network printers, handheld devices and servers to Fleet, was recognized for its handling of significantly increased volumes of Fleet business over the past year. "Even as HP was completing its merger with Compaq, the merger was seamless to us, and our partners at HP continued to improve both service and customer satisfaction levels," said Smialowski.

In addition, HP handled the delivery of desktops, mid-range systems for Fleet's ATMs system, VAX/Alpha products for Wire Transfer and all interfacing with Fleet's Ariba Online Ordering System.

Océ Printing Systems USA, of Boca Raton, Fla., a leader in digital document management and delivery technology, supplies production printers, software and service to Fleet. Océ was specifically recognized for its superior responsiveness to Fleet, competitive pricing, and consistently out-performing service expectations. In 2002, Océ made significant contributions to the successful integration of Fleet's newly acquired Liberty Asset Management Print and Mail operation in Boston, Massachusetts into Fleet's print facility in Malden, Massachusetts.

Siemens Business Services, Inc., (SBS) one of the world's leading IT service providers, supplies Fleet with desktop support services including hardware and software repair, installation and change services. In 2002, SBS expanded its responsibilities for product support, installing additional desktops across Fleet business areas. Notably, the firm applied a number of innovative approaches to track process efficiencies, a key performance metric that enabled Fleet to demonstrate its competitive advantage in desktop support relative to peer banks.

Fleet bestowed the Supplier Diversity Award to RR Donnelley Logistics, one of the fastest-growing business units of Chicago-based R.R. Donnelley, the largest commercial mailer in the United States. Donnelley manages Fleet's regional courier vendors throughout all of New England, New York, Georgia, California and Pennsylvania, and helped to significantly reduce costs by optimizing delivery schedules and routes.

"We recognize our partners at RR Donnelley not only for their contributions to our financial goals, but because of their excellent track record in subcontracting to minority and women-owned firms, which furthered our strong Corporate Supplier Diversity Program," said Smialowski.

About Fleet

FleetBoston Financial is the seventh-largest financial holding company in the United States, with assets of $190 billion. The company's principal businesses, Personal Financial Services and Wholesale Banking, offer a comprehensive array of innovative financial solutions to 20 million customers. Through its Personal Financial Services franchise, Fleet offers retail banking, wealth management and investment services, nationwide brokerage, credit card and consumer lending services. These services are available through approximately 1,500 branches and more than 3,500 ATMs in the Northeast; through Fleet HomeLinkSM online banking, one of the nation's leading online banking platforms; and through telephone banking. Fleet is the leading small business services and commercial banking provider in the Northeast. Fleet's Wholesale Banking division provides commercial lending, syndications, capital raising and advisory, leasing, cash management, asset-based finance, foreign exchange and interest rate derivatives to clients. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF).