Exhibit 99.4
[FLEETBOSTON LOGO] [SUMMIT LOGO]
OCTOBER 2, 2000
Leveraging the Franchise
<PAGE>
Strategic Rationale:
Compelling Fit with FleetBoston's Franchise
o COMMANDING SHARE IN HIGHLY ATTRACTIVE MARKET
o ACCELERATES FEE INCOME GROWTH RATE:
o Bringing FleetBoston's Products to Summit Customers
o MAINTAINS DIVERSIFIED BUSINESS MIX AND EARNINGS CONSISTENCY
o LEVERAGES SCALE CREATED BY FLEET/BKB MERGER
o ATTRACTIVE SHAREHOLDER ECONOMICS
-2-
<PAGE>
Why Summit.... ?
New Jersey - A Highly Attractive Market
o # 1 in Population Density
o # 2 in Household Income
o 9 of the Top 100 Wealthiest Counties in the U.S.
o 25% of all Households in Northeast with $1MM+ of Investable Assets
o Small Business Base - Equals MA and CT Combined
o 50% of Fortune 500 have HQ's or Operations in N.J.
... Great Opportunity to Leverage Our Franchise
-3-
<PAGE>
Northeast Powerhouse
FleetBoston will have Sizable Lead Positions in
Three of the Wealthiest States
FBF DEPOSIT
HOUSEHOLD INCOME RANK STATE SHARE RANK
--------------------------------------------------------------------------------
#1 Conn. 27% #1
--------------------------------------------------------------------------------
#2 N.J. 21% (pro forma) #1
--------------------------------------------------------------------------------
#6 Mass. 37% #1
-4-
<PAGE>
Ability to Cross-Sell
Synergies Emerging From Fleet/Summit Merger
On-Line Banking Customers (000s)
12/98: 510 (12% penetration)
9/00: 1,023 (26% penetration)
On-Line Brokerage Customer (000s)
12/98: 230
9/00: 950
Cash Management Revenues ($ billions)
1999: $0.8
2000 Annualized: $1.0
-5-
<PAGE>
Accelerating Summit's Growth Rate
Huge Opportunity to Leverage Summit's Customers with
FleetBoston's Stronger Product Mix
Commercial:
o Small Business (#1 SBA Lender)
o Global services (Forex, Trade)
o Cash Management (Top 5 Provider)
o Capital Markets (equity & debt, principal Inv.)
o Comm'l Finance (leasing, asset based)
Consumer:
o E-commerce initiatives
o On-Line Banking (Home Link)
o On-Line Brokerage (Quick & Reilly)
o Invest Mgmt ($130B AUM)
-6-
<PAGE>
Compelling Fit
Summit Brings Features Unique to the Combination
o PENNSYLVANIA PRESENCE
o $3B Deposits
o 115 Branches
o $11B AUM
o Includes High-Performing Pillar Funds
o INSURANCE BROKERAGE
o # 1 in N.J.
o 3rd Largest Among Banks
o MERCHANT BANKCARD PROCESSING
o # 1 in N.J.
o 16,000+ Merchants
-7-
<PAGE>
How This Transforms our Strategy
Circle of Value Creation
Move Customers in Highly Attractive Markets -> Greater Penetration
Growth & Scale -> Free Cash Flow and Capital -> Reinvestment in Growth
Businesses
-8-
<PAGE>
PPT SLIDE
Attractive Shareholder Economics
o ACCRETIVE TO OPERATING EARNINGS IN 2001
o 3% ACCRETIVE IN 2002 AND BEYOND
o IRR: 19%
o 30% COST SAVES
o GENERATES $1B OF EXCESS CAPITAL THROUGH BALANCE SHEET REPOSITIONING
-9-
<PAGE>
Transaction Summary
STRUCTURE: - POOLING
- TAX-FREE EXCHANGE
FIXED EXCHANGE RATIO: - 1.02 FBF SHARES FOR EACH SUB SHARE
PRICE: - $39.78 PER SHARE (BASED ON FBF CLOSE ON 9/29)
- $7B AGGREGATE TRANSACTION VALUE
- 15.7% PREMIUM TO MARKET
TIMING: - SUBJECT TO REGULATORY AND SUMMIT SHAREHOLDER APPROVAL
- TARGETED TO CLOSE Q1'01
BOARD OF DIRECTORS - 2 SUMMIT DIRECTORS INCLUDING T. JOSEPH SEMROD, CHAIRMAN
& CEO, TO JOIN FBF BOARD
DIVESTITURES - $250MM - PRIMARILY SOUTHERN NEW JERSEY
-10-
<PAGE>
PPT SLIDE
Low-Risk Integration
o FBF: AN EXCELLENT OPERATOR & CONSOLIDATOR
o NATURAL EXTENSION OF CURRENT GEOGRAPHY
o EACH COMPANY ALREADY ON A SINGLE OPERATING PLATFORM
o MANY COMMON VENDOR SYSTEMS
o VAST MAJORITY OF FLEETBOSTON BUSINESSES NOT AFFECTED
o EXPECT TO COMPLETE WITHIN 6 MONTHS
-11-
<PAGE>
We've Delivered
Fleet/BKB Merger Completed
E.P.S. Expectations Pre-Merger We've Delivered
Announcement
--------------------------------
1999 $2.85 $2.91
--------------------------------
2000 $3.19 $3.39
--------------------------------
1% accretion 7% accretion
--------------------------------------------------------------------------------
Cost Savings $1 Billion Achieved by
year end
--------------------------------
-$600mm -$800mm
(merger) annualized
--------------------------------
-$400mm Thru 3Q 100
(divestiture)
--------------------------------------------------------------------------------
Divestitures $13B Deposits Done
--------------------------------
12% premium $13B & 315
Branches to
Sovereign &
Community
Banking
-12-
<PAGE>
Financial Assumptions
COST SAVINGS: $275 MILLION (60% IN 2001 / 100% IN 2002)
BALANCE SHEET $15B OF LOW-MARGIN ASSET DISPOSITIONS REPOSITIONING - $10B
INVESTMENT SECURITIES
- $ 5B Loans
$175 million after-tax cost
RESTRUCTURING CHARGES: $250 MILLION AFTER-TAX AT CLOSE $ 60 MILLION
AFTER-TAX IN SUBSEQUENT PERIODS
REVENUE ENHANCEMENTS: NONE ASSUMED
-13-
<PAGE>
Estimated Cost Savings
Personnel $ 150MM
Facilities and Equipment 60
Other 65
Total $ 275MM
-14-
<PAGE>
E.P.S. Accretion
------------ -----------
2001E 2002E
------------ -----------
FBF EPS $ 3.72 $ 4.09
FBF Net Income 3,440 3,775
Summit Net Income 560 600
Combined Net Income 4,000 4,375
Cost Savings (after-tax) 100 175
Balance Sheet Restructuring (25) (35)
Earnings on Reinvested Capital 50 110
--------------------------------------------------------------------------------
Incremental Earnings 125 250
--------------------------------------------------------------------------------
Pro Forma Earnings 4,125 4,625
Pro Forma E.P.S. $ 3.73 $ 4.20
--------------------------------------------------------------------------------
E.P.S. Accretion $ $ .01 $ .11
% 0.3% 3%
--------------------------------------------------------------------------------
Note: Above figures are derived from First Call earnings consensus for both
companies and assumes after-tax earnings of 8.5% in 1001 and 8% in 2002 on
reinvested capital. Excludes merger-related charges
-15-
<PAGE>
Balance Sheet
June 30, 2000
$ IN BILLIONS
Balance
Sheet
FleetBoston Summit Restruct ProForma*
Net Loans $ 110.0 $ 24.7 $ (5.0) $ 129.7
Securities 22.8 11.3 (10.0) 24.1
Other Asset 48.5 3.0 - 51.5
------------ ---------- ----------- ----------
Total Assets $ 181.3 $ 39.0 $ (15.0) $ 205.3
Deposits $ 104.7 $ 26.1 $ - $ 130.8
Borrowings 51.5 9.5 (15.0) 46.0
Other Liabilities 9.8 0.4 - 10.2
----------- ---------- ----------- ----------
Total Assets $ 166.0 $ 36.0 $ (15.0) $ 187.0
Preferred Stock 0.6 - - 0.6
Common Stock 14.7 2.9 - 17.6
----------- ---------- ----------- -----------
Total Liab & Equity $ 181.3 $ 39.0 $ (15.0) $ 205.3
----------- ---------- ---------- -----------
-16-
<PAGE>
<TABLE>
<CAPTION>
Loan Composition
$ IN BILLIONS
<S> <C> <C> <C> <C>
FleetBoston Summit Balance Sheet Pro Forma
Restruct
Q2'00 % of Q2'00 % of Q2'00 % of
Avg Total Avg Total Avg Total
C&I/ Lease Financing $ 66.0 57% $ 8.5 35% $ 74.5 55%
Commercial Real Estate 8.0 7% 3.2 13% 11.2 8%
Residential Real Estate 9.1 8% 5.8 24% (5.0) 9.9 7%
Consumer 18.5 16% 6.4 27% 24.9 18%
International 15.1 13% - 0% 15.1 11%
------- ---- ----- ---- ------------- ------ ------
Gross Loans $116.7 100% $24.0 100% $ (5.0) 136.7 100%
</TABLE>
-17-
<PAGE>
Deposit Composition
$ IN BILLIONS
FleetBoston Summit Pro Forma
Q2'00 % of Q2'00 % of Q2'00 % of
Avg Total Avg Total Avg Total
Demand $ 25.7 24% $ 4.9 20% $ 30.6 23%
Savings NOW 44.0 41% 11.8 47% 55.8 42%
CDs 22.0 20% 8.3 33% 30.3 23%
Foreign 16.0 15% - 0% 16.0 12%
------- ------- ------ ------- ------ ------
Total $ 107.7 100% $ 25.1 100% $ 132.8 100%
* Excludes Expected Divestitures of $250MM
-18-
<PAGE>
Credit Quality
June 30, 2000
$ IN BILLIONS
----------- ----------- ------------------ ---------
Avg Loans FBF SUB Balance Sheet Pro Forma
Restruct
----------- ----------- ------------------ ---------
Gross Loans $112,476 $25,048 $(5,000) $132,524
Loan Loss Reserve 2,472 335 2,807
Non-Performing Assets 950 120 1,070
NPAs/Loans 0.84% 0.48% 0.81%
NCOs/Avg Loans 0.96% 0.36% 0.89%
Reserve/Loans 2.20% 1.34% 2.12%
-19-
<PAGE>
Compelling Fit with FleetBoston's Franchise
o COMMANDING SHARE IN HIGHLY ATTRACTIVE MARKET
o ACCELERATES FEE INCOME GROWTH RATE:
o Bringing FleetBoston's Products to Summit Customers
o MAINTAINS DIVERSIFIED BUSINESS MIX AND EARNINGS CONSISTENCY
o LEVERAGES SCALE CREATED BY FLEET/BKB MERGER
o ATTRACTIVE SHAREHOLDER ECONOMICS
Strategic Rationale
-20-
<PAGE>
APPENDIX
-21-
<PAGE>
FORWARD LOOKING INFORMATION
This presentation contains forward looking statements with respect to the
financial condition, results of operations and business of FleetBoston
Financial Corporation ("Fleet") and Summit Bancorp ("Summit"), and assuming
the consummation of the merger, a combined Fleet and BankBoston, including
statements relating to: (i) the cost savings and revenue enhancements and
accretion to reported earnings that will be realized from the merger; and
(ii) the restructuring charges expected to be incurred in connection with the
merger. These forward looking statements involve certain risks and
uncertainties. Factors that may cause actual results to differ materially
from those contemplated by such forward looking statements include, among
other things, the following possibilities: (i) expected cost savings from the
merger cannot be fully realized or realized within the expected time; (ii)
revenues following the merger are lower than expected; (iii) competitive
pressure among depository institutions increases significantly; (iv) costs
related to the integration of the business of Fleet and BankBoston are
greater than expected; (v) changes in the interest rate environment reduce
interest margins; (vi) general economic conditions, either internationally or
domestically in those regions in which the combined company will be doing
business, are less favorable than expected; (vii) legislation or regulatory
requirements or changes adversely affect the business in which the combined
company will be engaged; and (viii) changes which may occur in the securities
market.
-22-
