Bank of America Positioned For Success

Ken LewisChairman, President and Chief Executive Officer

Citigroup Financial Services ConferenceFebruary 1, 2006

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Forward Looking StatementsThis presentation contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment reduce interest margins and impact funding sources; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; and 10) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.

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Differentiating Characteristics

Franchise…….

Operating Excellence…….

Track Record……..

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Differentiating Characteristics

Franchise…….

Operating Excellence…….

Track Record……..

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Coast to Coast Retail Footprint

Bank of America stores

Bank of America Franchise

• 93% of Hispanic

• 86% of Asians

• 77% of African-Americans

In Bank of America Markets

• 76% of U.S. population

• 38 million BAC consumer households

• 3.3 million BAC small business customers

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Bank of America Franchise

• 16 of 20 fastest growing states

• 20%+ retail deposit market share in top 30 markets

Focused Where Growth Opportunities Are Greatest

Seattle

Portland

San Francisco

Los Angeles

San Diego

Phoenix

Las VegasLas VegasDallas/

Ft. WorthDallas/

Ft. Worth

HoustonMiami/

Ft. LauderdaleTampa/

St. Petersburg

Orlando

CharlotteAtlantaAtlanta

Baltimore/D.C.

Philadelphia

New York

Boston

ChicagoChicago

St. LouisSt. Louis

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Bank of America Franchise

• 93% of Hispanic

• 86% of Asians

• 77% of African-Americans

Focused Where Growth Opportunities Are Greatest

Seattle

Portland

San Francisco

Los Angeles

San Diego

Phoenix

Las VegasLas VegasDallas/

Ft. WorthDallas/

Ft. Worth

HoustonMiami/

Ft. LauderdaleTampa/

St. Petersburg

Orlando

CharlotteAtlantaAtlanta

Baltimore/D.C.

Philadelphia

New York

Boston

ChicagoChicago

St. LouisSt. Louis

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Stores

• 5,873 stores• 29 states + D.C.• 600 million

customer visits annually

• 1 billion face-to-face teller transactions

Online Banking

• Ranked #1 for customer experience (Vividence)

• #1 small business website (Gomez)

• 52% bill pay market share

ATMs

• 16,785 ATMs• 70%+ of customer

households areactive users

• 1.1 billion transactions

• 155 milliondeposit transactions

Telephone

• 700 million calls• 85% delight with

phone representatives

Unparalleled Distribution and Convenience

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Competitive Advantages in Wholesale Banking

Leading Market Position, Industry Expertise and Local Delivery

• Relationships with 200,000 clients, including 97% of U.S. Fortune 500 companies

• Leading commercial bank in the U.S., serving one in four midsize companies

• Leading Positions and Strong Momentum in Investment banking: – #1 U.S. High Yield Corporate Debt Underwriting– #1 lead arranger for U.S. loan syndications (by # of deals)– #1 U.S. Commercial Mortgage-backed Securities Underwriting– #1 U.S. Private Placements– Fixed Income Quality of Service (U.S.) ranked #5 in 2005 vs. #8 in 2004 (#13 in 2003)– Listed trading market share of 6.7%; ranking 5th 2Q 2005 vs. 7th 2Q 2004– NASDAQ market share of 6.1%; ranking 4th 2Q 2005 vs. 12th 2Q 2004

• 30,000 associates worldwide– 5,000 sales professionals– National Market President network providing local market leadership and accountability

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Growing Global CapabilitiesGlobal Capabilities...

– Operations in 31 countries– Relationships with 79% of Global Fortune 500 companies

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A Diverse Business MixBased on 2005 Earnings (Adding MBNA acquired 1/01/06)

BAC Card services9%

MBNA10%

Global Consumer & Small

Business42%

Global Wealth & Investment

Management14%

Global Corporate & Investment

Banking10%

Other7%

GCSB (excl Card services)

23%

Global Business & Financial

Services27%

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• #1 US deposit market share

• #1 debit card market share

• #1 home equity lender

• #1 small business lender

• #1 consumer credit card lender

• #6 retail mortgage originator

• Top 10 private bank

• Top 10 wealth manager

• #1 middle market lender

• #1 bank-owned asset-based lender

• #1 treasury services provider

• Top foreign exchange dealer

• #2 in loan syndications

• Top 5 US capital markets debt capabilities

• Top 10 equity and M & A platform

Unmatched Scale and Scope

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Opportunity to Create a Truly Integrated Bank

• Corporations

• Financial Institutions

• Investors

• Consumer Borrowers

• Small Businesses

• Commercial Borrowers

• Auto Purchasers

• Homebuyers

• Advise

• Originate

• Structure

• Distribute

• Make Markets

• Trade

• Service

• Bank of America

• Pension Funds

• Insurance companies

• Hedge Funds

• Mutual Funds

• Private Equity Funds

Capital & Liquidity Users

Bank of America Capital & Liquidity Providers

Our Competitive AdvantagesREACH

• 97% U.S. Fortune 500

• 200,000+ Commercial & Large Corporate Clients

• 3 MM Small Business Clients

• #1 SBA Lender

• 38 MM Households

• Nearly 6,000 Banking Centers

STRENGTHS• Large Capital Base

• Large Liquidity Base

• High Credit Rating

• Low Cost of Funds

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Differentiating Characteristics

Franchise…….

Operating Excellence…….

Track Record……..

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Risk ManagementAs A

CompetitiveAdvantage

Improve the Customer

Experience

Build a StrongBrand

Execution is Driving Organic Growth

Use Scale to Be A Low Cost Provider

Innovation

Organic Growth

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Our Brand Has Come A Long Way

Bank of AmericaUnaided Awareness

(2000)

Bank of America Unaided Awareness

(2005)

FortuneMost Admired Corporations

(Megabanks)

Financial TimesWorlds Most Respected Companies

(Financial Companies)

• Wells Fargo – 23%• Citibank – 18%• Wachovia – 16%• Chase – 11%

• 2005 1st

• 2004 2nd

• 2003 3rd

• 2002 6th

• 2004 5th

• 2001 7th

• 2000 12th

Source:Enterprise Analytics, Fortune, FT

23%

41%

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Associate• 4,700 Green Belts internally certified• 290 Black Belts; 71 Master Black Belts• Over 70,000 associates introduced to quality principles• Six Sigma experts gaining banking business acumen• Quality overview added to new-hire training• Business leaders gaining Six Sigma skills

Driving Results Through Process ImprovementCustomer

• 53.2% all-time high (legacy BAC)• 47.3% all-time high (legacy FBF)• Attracting attention across the industry

Shareholder • Savings reinvested in businesses• Several processes at Six Sigma quality

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Strong Credit Culture

2001-2005: Built Core Competency• Comprehensive risk coverage• Stronger risk disciplines• Enhanced tools and processes• Increased executive ownership and

partnership

2006 & Beyond: To Competitive Advantage• Increased predictive capabilities• Greater external focus to influence our destiny• Escalation & response• Deeper organizational understanding and ownership

– Through Structure, Culture and Accountability, every associate is a manager of risk/reward

…………

19 Excludes merger & restructuring charges

A History of Strong Cost Control

49%

61%

55%54%

55%

52% 53%

1998 1999 2000 2001 2002 2003 2004 2005

53%

Efficiency Ratio

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Voice of the Customer Drives Product Innovation

History of Delivering Value to Customers

Convenience

Debit Card Introduction

Safety & Security

Photo Security ®

Rewards & Product Innovation

Mini CardMini Card

CobrandedAutomotive Cards

Cobranded Airline Cards

Broad Network Affiliations

Record Keeping

Online Banking

Intraday Balance And Activity

A Customer WOW Today Becomes the Norm Tomorrow.

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Keep the ChangeTM

• Rolled out in October 2005• Total enrollments already over 1 million• Average of more than 90,000 new enrollments weekly• More than 207,500 new checking accounts and • More than 331,600 new savings accounts.

Every time you buy something with a Bank of America Visa debit card, we'll round up your purchase to the nearest dollar amount and transfer the difference from your checking to your savings account free of charge

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Online Banking – More than Just Checking Balances

• Bank of America remains industry leader with more than 14 million customers– More than 7 million billpay customers (52% market share)

• Online Channel represents 12% of total product sales vs. 7% in 2004• Innovation and enhanced protection such as SiteKey provides an extra level of

authentication to prevent fraud

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SafeSend Key Benefits• Wherever you are: Send money

wherever you are and whenever (24/7)

• Real fast: The money gets there in less than 6 minutes

• In their hands: Recipients have direct access to their money 24/7 at one of 26,000 ATMs

• Make purchases: Recipients can make purchases at more than 120,000 establishments that accept Visa Electron (no fee)

• No ATM fees: There are no ATM fees at Santander Serfin ATMs

• No monthly or annual fees• The first transfer is free• Guaranteed by Bank of America

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Differentiating Characteristics

Franchise…….

Operating Excellence…….

Track Record……..

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Product Sales (in millions) 2004 2005 Change %

Checking 5.8 6.5 11%

Savings 7.4 7.8 6%

Credit card 6.2 5.6 (10%)

Debit card 4.1 4.8 18%

Online banking 3.8 4.4 17%

Mortgage fundings .5 .4 (13%)

Home equity fundings .7 .7 5%

Protection products 1.1 2.0 80%

Total 29.6 32.2 9%

Consumer Sales Activity

Net New Checking Accounts

528,000

1,253,000

2,063,0002,300,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2002 2003 2004 2005

Consumer Card Account Growth

2,665,000

4,277,000

6,237,0005,616,000

0

2,500,000

5,000,000

7,500,000

2002 2003 2004 2005

Net New Savings Accounts

(265,000)

640,000

2,593,000

1,850,000

-500,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2002 2003 2004 2005

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Success With Affluent Customers – Premier Banking

Premier Relationship Households with Bank of America Investment

Services Relationships

148,736

220,905

2004 2005

Premier Banking Relationships

575,000

785,452

2004 2005

Growing Relationships and Investments

37%

49%

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Columbia Management: Driving AUM and Fund Performance

Asset Management Fees ($ in millions)

$2,139$2,377 $2,529

2003 2004 2005

Assets Under Management ($ in billions)

$456 $452

$482

2003 2004 2005

• 82% of the assets in Columbia Management's equity, fixed income and money market funds are in the 35th percentile or better among their peer groups1

• 79% of active equity funds surpassed their benchmark, based on 1-year performance as of 12/31/05, up from 25% in 2004 and 13% in 2003

1) as measured by Lipper, based on funds with three-year annualized total returns as of 12/31/05. Lipper Inc. is an independent mutual fund performance monitor. Lipper ranks mutual funds’ total performance (assuming reinvestment of distributions) against other funds having similar investment objectives and strategies. Lipper makes no adjustment for the effect of sales loads.

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Effective Use of Capital

• Santander Serfin

• National Processing

• China Construction Bank

• Fleet

• MBNA

Enhance multicultural strategy

Gain scale in merchant services business

Capital Investment Primary Advantage

Tap into tremendous growth of Chinese economy

Complete national franchise and entry into NE wealth markets

Become premier payments provider and leverage products and distribution

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Integration ExpertiseRecap of successful key Fleet transition events:• Met or exceeded financial commitments • Converted 6 million retail accounts to Model Bank platform

– 21 million customer records– 2,200 associates on conversion team– 900,000 programming hours, 750,000 training hours

• Opened over 380,000 net new checking accounts in Northeast• More than 2.5 million unit sales of all products so far in 2005• Installed 20,866 signs in 2,191 locations• Converted 10.6 million cardholder accounts• Converted 902,000 Quick & Reilly accounts• Placed 455 Premier bankers in Northeast markets• Welcomed 187,000 Premier customers • Opened 5 Premier banking and investment centers• Installed Loan Solutions capabilities in 1,500 banking centers• Achieved total cost savings of $1.85 billion in 2005

During this period of transition we continued customer growth in both legacy franchises

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MBNA Brings Together Superior Distribution With Products

MBNA Brings• Best-in-class credit quality• International presence

– Leading market positions in Canada, UK, Ireland and Spain

• Affinity Relationships– More than 5,000 affinity partners

worldwide• Experienced management team• Proven marketing skills• Service focus

Unparalleled Distribution and ConvenienceStores Online Banking ATMs Telephone

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Earnings Highlights – 2005• Record earnings of $16.9 billion grew 19% over 2004. Excluding $275 million merger

charges earnings grew 18%.– On a proforma basis, including Fleet 1Q04 earnings grew 13%, 12% excluding merger charges.

• 2005 highlighted by strong consumer growth while completing Fleet transition and preparation for MBNA integration

• 2005 also included return of strength in commercial lending. • 2005 earnings growth despite headwinds of $1.2 billion higher provision costs and $1.0

billion fewer securities gains• Revenue growth on a proforma basis of 9% led by noninterest income growth while net

interest income grew 2%.• 19% noninterest income growth over proforma 2004 led by mortgage and card income,

equity gains and trading profits.• Expenses were down 1% from proforma 2004 driving the efficiency ratio below the

company’s 50% target.

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2006 Outlook

Bank of America standalone• Expect GDP growth of 3 – 3.5%• Core net interest income growth of 3 - 4%• Total revenue growth expected at low end of 6-9% long-term target range• Minimal securities gains planned in 2006 vs. $1.1 bb in 2005• Consumer credit stable• Commercial credit moving toward normalcy• Positive operating leverageMBNA• MBNA impact expected to be neutral in 2006

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$3.57

$2.95

$2.67

$3.80

$2.55

Consistent Attractive Earnings Growth

11% Compound Growth

2000 - $2.26 reported EPS has been adjusted to exclude $.10 impact of restructuring charges as well as $.19 goodwill amortization expense eliminated in 2002 for comparability to other periods.

2001 - $2.09 reported EPS has been adjusted to exclude $.39 impact of business exit costs as well as $.19 goodwill amortization expense eliminated in 2002 for comparability to other periods.

2004 - $3.69 reported EPS has been adjusted $. 11 to exclude charges for merger and restructuring costs.

2005 - Reported EPS $4.15 excluding $.06 merger and restructuring charges

Diluted EPS

2001 2002 2003 20042000 2005

$4.21

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$1.90

$0.07

1977 2005

13% annualized growth

28 Consecutive Years of Dividend Increases

Dividend Yield

4.5%

Yield based on annualized dividend and price as of 1/25/06

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Aggressive Capital Management

• Returned $79 billion in capital since 1998

• Since 1998, net share repurchases plus dividends have averaged 80% of net income.

Tier 1

7.06%

Tier 1

7.06%Tier 1

8.21%

Tier 1

8.21%

$ in millions

$43,864

$34,964

1998

1999

2000

2001

2002

2003

2004

2005

Cumula

tive

Repurchases Dividends

$5,765$7,683

$78,828

EOP Common Shares 3,354 3,228 3,118 3,002 2,882 4,0004,0473,448

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Steady Strong Shareholder Returns

2.5%

11.6%

14.3% 14.4%

19.5%

14.1%

18.9%

1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr 15 Yr

Bank of America S & P 500 Index Bank Index Dow

TSR is the annulaized total shareholder return including dividends

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CAGR

2000-2005

Revenue Per Share 7 %

Diluted EPS 11 %

Dividends per share 13 %

Total Share return 20 %

Energized Focus on Customer in 2000 was Watershed Event

Total share return includes dividends as of 12/31/05

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Growing America’s Premier Financial Services Company

• Leveraging scale of national franchise

• Committed to operational excellence

• Innovating processes and products

• Producing strong earnings and capital returns

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Additional Disclosures

Additional disclosures to consider regarding slide 27 of this presentation

Please consider the investment objectives, risks, charges and expenses of Columbia funds carefully before investing. Contact your financial advisor for a prospectus which contains this and other important information about the fund. Read it carefully before you invest.

An investment in money market mutual funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market mutual funds.