Boston, Mass.--January 14, 2003--FleetBoston Financial Corporation has selected VFA to perform a comprehensive facility assessment audit of FleetBoston's retail network of branches and remote ATMs throughout eight east coast states. VFA has implemented its Capital Planning and Management Solutions (CPMS) approach to identify building and design issues that will enable all FleetBoston branches to strengthen customer and employee experiences and meet retail environmental branding standards.

With a growing number of branches and ATMs acquired in recent years, FleetBoston has instituted a corporate-wide program that will assess environmental issues and standards across its branches and ATMs. The financial services provider enlisted VFA to survey its entire retail branch and ATM portfolio to identify the conditions of each building as well as existing needs at each location. The assessments will allow FleetBoston to prepare a plan to present a consistent image as the leading commercial banking provider in the Northeast by addressing functional and design inconsistencies resulting from growth and acquisitions. The facilities audit will also enable FleetBoston to address items ranging from the condition of the parking lot to the level of customer privacy in order to obtain an accurate inventory of each building’s design and renewal needs for budgeting and capital planning purposes.

"FleetBoston's relationship with VFA will help to build a foundation to ensure that all branches and ATMs represent our high-quality standards, providing a consistent customer and employee experience at all Fleet locations," says Alison Rourke, Fleet's director of Distribution Strategy and Performance. "Fleet selected VFA because its comprehensive Web-architected software and integrated condition assessment methodology met our needs for developing an overall capital plan and rational budget approach for 2003 and beyond. VFA's software, including an inventory tracking component, enables us to have very specific items, such as color codes, material types and mechanical systems useful lives, at our fingertips so we can pinpoint what we have and where we have it.

Prior to working with VFA, Fleet stored all of its physical plant and maintenance information in decentralized databases. VFA's CPMS approach, which includes the Company's core software platform, VFA.facility, allows FleetBoston to create and maintain a central repository of detailed building information for a coordinated and comprehensive approach to the management of its retail facilities. To date, VFA has enabled FleetBoston to meet project goals in terms of surveying locations, updating the database and developing budgets.

"Fleet is a leader among financial institutions in recognizing the increased return on investment it can achieve from an integrated lifecycle facilities management and capital planning program," says Jerry Kokos, president and chief executive, VFA. "Customers interact with bank facilities on a daily basis, and Fleet's commitment to its consumers and employees is evident in its drive to provide high quality, well-maintained properties. A CPMS approach based on accurate building data and business best practices is key to delivering a consistent corporate brand and image portfolio-wide."

About VFA
VFA provides Web-based tools and consulting services for guiding its clients through the process of strategic infrastructure management. VFA's software application has the proven capability to integrate with preventive and routine maintenance, work order management and inventory systems (CMMS), and CAD-centric space planning and move management systems (CAFM). Through the VFA led Facilities/Infrastructure Certification Program (F/ICP), facilities professionals are trained and qualified on VFA's proven, standardized condition assessment methodology and to implement the acquired data in budget development and capital planning.

VFA has developed a strong customer base in education (including higher education and K-12), government, healthcare and with major corporations--all markets that have a critical need for facilities assessment and management. VFA can be contacted at (617) 451-5100. The Company's headquarters are located at 266 Summer Street, Boston, MA 02210-1112. Additional information about VFA can be found at www.vfa.com.