Contract Adjustments

Research Circular #RS01-144

March 1, 2001

Summit Bancorp. ("SUB") Merger Completed with FleetBoston Financial Corporation ("FBF")

Shareholders of Summit Bancorp. ("SUB") voted on Monday, February 26, 2001, and approved a proposed Merger between SUB and FleetBoston Financial Corporation, a wholly owned subsidiary of FleetBoston Financial Corporation ("FBF"). Pursuant to the terms of the Merger, each share of SUB Common Stock outstanding immediately prior to the consummation of the Merger will be converted into the right to receive 1.02 shares of FBF Common Stock. The Merger became effective prior to the open of business today, Thursday, March 1, 2001.

THE FOREGOING IS AN UNOFFICIAL SUMMARY OF THE TERMS OF THE MERGER, PREPARED BY CBOE FOR THE CONVENIENCE OF ITS MEMBERS. CBOE ACCEPTS NO RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF THE SUMMARY. MEMBERS SHOULD REFER TO THE SUMMIT BANCORP. AND FLEETBOSTON FINANCIAL CORPORATION JOINT PROXY STATEMENT/PROSPECTUS DATED JANUARY 25, 2001, FOR THE AUTHORITATIVE DESCRIPTION OF THE MERGER AND ALL OF ITS TERMS AND CONDITIONS.

Contract Adjustments

Pursuant to Article VI, Section 11, of OCC's By-Laws, all outstanding SUB options shall be adjusted as follows. On Thursday, March 1, 2001, each adjusted Summit Bancorp. contract will require the receipt or delivery of 102 shares of FBF Common Stock. Premiums for the adjusted Summit Bancorp. options will continue to be calculated on the basis of a multiplier of 100, i.e., for premium and strike-price extensions, 1.00 will equal $100. The Summit Bancorp. option symbol WILL REMAIN THE SAME FOR (1) ONE DAY, and will change to SBJ, effective for Friday, March 2, 2001 . [Any FLEX series that may exist will be adjusted in a similar manner to the standardized option.]

Questions regarding this memo can be addressed to the Options Industry Services Department at 1-888-OPTIONS (1-888-678-4667). This and all other CBOE contract adjustment research circulars can be accessed from the CBOE Web site here.

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