Bank of America The Business View

Al de MolinaChief Financial Officer

Credit Suisse Financial Services ConferenceFebruary 10, 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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Business Mix

Business Unit % of 2005 Earnings

More Predictable Less Predictable

Global Consumer & Small Business 42%

Global Wealth & Investment Management 14%

Global Treasury Services 9%

Global Business & Financial Services 20%

(excl. Global Treasury Services)

Global Capital Markets & Investment Banking 8%

(excl. Global Treasury Services)

All Other (incl. Equity Investments) 7%

85% 15%

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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 costs normalizing• Positive operating leverage

MBNA• MBNA impact expected to be neutral to EPS in 2006

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Global Consumer & Small Business Banking (GCSB)

Consumer Real Estate

11%

Deposit Services &

Debit52%

Other6%

Card Services

31%

Revenue by Product GCSB (excluding Card Services)

Business Predictability: High

2006 Earnings Outlook: Mid-single digit growth

Long-term Outlook: 10%

Card Services (Bank of America only)

Business Predictability: High

2006 Earnings Outlook: 25% +

Long-term Outlook: 10% +

Excludes impact of MBNA

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America’s Leading Financial Solutions Company

Bank of America stores

In our footprint…• 76% of U.S. population

• 80% of small businesses

• 93% of Hispanic households

• 86% of Asians

• 77% of African-Americans

• 16 of 20 fastest growing states

Serving 38 million consumer & small business households

Through…• 5,873 banking centers• 16,785 ATMs• Leading online bank

Excludes impact of MBNA

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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)

• 59% 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

Excludes impact of MBNA

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Leading Product Market Share

No. 1 Retail deposits 13.2 %

34.6 %

2005 Market Share

No. 5 First mortgage 3.1 %

No. 1 Home equity (estimated) 8.0 + %

No. 1 Online Banking

58.6 %No. 1 Online Bill Pay

20.8 %No. 1 Small Business Banking

20.0 %No. 1 Credit Card

No. 1 Debit Card* 15.5 %

*2004 Total Purchase volume, The Nilson Report

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Continuing Consumer Sales Momentum

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

Excludes impact of MBNA

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68.4% 66.6%

7.7% 11.9%

14.3% 8.9%

9.6% 12.6%

2004 2005

All Other

Direct Mail

E-commerce

BankingStores

Diversifying Distribution

Product Sales Mix by Channel

Excludes impact of MBNA

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Leveraging the Franchise to Reduce Costs

Card Sales Mix By Channel

4% 11%6%

10%20%

34%

70%

45%

2004 2005

Direct Mail Approximately $100

Banking Stores 50% of Direct Mail costs

E-commerce 50% of Banking Store costs

Delivery Costs per Channel

Other

Excludes impact of MBNA

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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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Global Wealth & Investment Management (GWIM)

Revenue by Product

Other7%

Deposit revenue

38%

Brokerage Income

8%

Loan revenue

13%

Asset Management

Fees34%

GWIM

Business Predictability: High

2006 Earnings Outlook: High-single digit growth

Long-term Outlook: High-single digit growth

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Banking and Investment Services across the Wealth Spectrum

Affluent Wealthy Very Wealthy

Mass Market

To $100K $100K - $3MM

INVE

STA

BLE

ASS

ETS

$3MM - $50MM $50MM

Premier Banking and Investments

The Private Bank The Private Bank’s Family Wealth Advisors Group

Consumer withBanc of America

Investment Services, Inc.

REL

ATI

ON

SHIP

Mass affluent market segment represents 75% of investable assets in the US

Bank of America has relationships with 3.5MM (or 25%) of 14MM affluent households in its footprint

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Success With Affluent Customers – Premier Banking

% of Premier Relationship Households with Bank of America Investment Services

Relationships

25% 28%

2004 2005

Increasing Customers with Dual Relationships

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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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Credit33%

Treasury Mgmt & Deposits

34%

Global Markets& Advisory

33%

Global Corporate & Investment Banking (GCIB)

Revenue by Product GBFS (excluding Global Treasury Services)

Business Predictability: High

2006 Earnings Outlook: down mid-single digits

Long-term Outlook: 7 - 10%

Global Treasury Services

Business Predictability: High

2006 Earnings Outlook: less than 10%

Long-term Outlook: 7 – 10 %

GCIB (excluding Global Treasury Services)

Business Predictability: Low

2006 Earnings Outlook: More than 25%

Long-term Outlook: 10 - 15%

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Competitive Advantages in Wholesale BankingLeading Market Position, Industry Expertise and Local Delivery

• Relationships with more than 230,000 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: – Top 5 US Rankings in:

• Syndicated Loans• Leveraged Loans• High Yield Debt• Investment Grade Debt• Private Placements

– Top 10 US Rankings in • Asset-Backed Securities• Equity • M & A

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

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Enhanced Business Delivery Channels

GCIB Client Coverage Client Needs & Characteristics• Frequent Capital Markets User• Strategic or Restructuring Advisory Needs• Broad Product Offering & Best Execution• Equity & Fixed Income Sales & Trading

Global Investment Banking/

GM Institutional Sales(3,000 Clients)

Global Investment Banking/

GM Institutional Sales(3,000 Clients)

Global CommercialBanking

(50,000 Clients)

Global CommercialBanking

(50,000 Clients)

Mid-Cap Corporate Banking

(1,100 Clients)

Mid-Cap Corporate Banking

(1,100 Clients)

BusinessBanking

(117,000 Clients)

BusinessBanking

(117,000 Clients)

FULL

LIMITED

Inte

grat

ed P

rodu

ct D

eliv

ery

• Basic Debt / Capital Needs• Strong Linkages to Retail Network• User of Treasury Products

• Primarily Single Bank Debt Issuer• Debt Needs Growing and Structured• Heavy User of Treasury Products

• Periodic Capital Markets User• Heavy User of Treasury Products• Opportunistic Equity and M&A

International Banking(60,000 Clients)

International Banking(60,000 Clients)

• Latin America Banking• EMEA Banking• Asia Banking

REGIONAL

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Investment Banking and Trading – Annual

GCIB Investment Banking

$1,481$1,636

$1,783 $1,749

2002 2003 2004 2005

GCIB Trading-Related & Commissions

$3,444 $3,474$3,729 $3,902

2002 2003 2004 2005

$ in millions

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GCIB Investment Banking

$365

$457$388

$426$381

$532

$420 $450

$350$407

$491 $501

1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05

GCIB Trading Related & Commissions

$1,055

$842 $860$717

$1,016$1,153

$737$823

$1,309

$877$996

$720

1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05

Investment Banking and Trading - Quarterly$ in millions

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Line of Business View – Outlook

85% of earnings

15% of earnings

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Additional Disclosures

Additional disclosures to consider regarding slide 16 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.