Credit Suisse First Boston Financial Services Conference

Sustaining GrowthSustaining GrowthKen Lewis

Bank of America

Credit Suisse First Boston Financial Services Conference

February 8, 2005

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Forward Looking StatementsForward Looking Statements

This 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 and related actions by the United States military abroad may adversely affect the company’s businesses and economic conditions as a whole; 4) changes in the interest rate environment reduce interest margins and impact funding sources; 5) changes in foreign exchange rates increases exposure; 6) changes in market rates and prices may adversely impact the value of financial products and assets; 7) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 8) litigation and regulatory liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; and 9) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. For further information regarding either company, please read the Bank of America reports filed with the SEC and available at www.sec.gov.

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• Unique franchise

• Successful track record

• Foundation of execution and sustainable growth

• Well managed balance sheet

• Unlocking value of Fleet franchise

Today’s DiscussionToday’s Discussion

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America’s LeadingFinancial Solutions CompanyAmerica’s LeadingFinancial Solutions Company

Serving…

• 33 million consumerhouseholds

• 3.4 million smallbusinesses

• In the best growthand wealth markets

• Relationships with 96% of US Fortune 500 companies

• Relationships with 82% of Global Fortune 500 companies

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Unparalleled Distribution and ConvenienceUnparalleled Distribution and Convenience

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

• 70%+ of customer households areactive users

• 1.1 billion transactions

• 155 milliondeposit transactions

Telephone

• 700 million calls• 85% delight with

phone representatives

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With a Global Presence to Serve Corporate ClientsWith a Global Presence to Serve Corporate Clients

ARGENTINABuenos Aires

AUSTRALIAMelbourneSydney

THE BAHAMASNassau

BELGIUMAntwerp

BRAZILSão Paulo

CANADACalgaryTorontoVancouver

THE CAYMAN ISLANDSGrand Cayman

CHILESantiago

CHINABeijingGuangzhouHong KongShanghai

COLOMBIABogotá

FRANCEParis

GERMANYFrankfurt

GREECEAthens

INDIABangaloreCalcuttaChennaiMumbaiNew Delhi

INDONESIAJakarta

IRELANDDublin

ITALYMilan

JAPANTokyo

MALAYSIAKuala LumpurLabuan

MEXICOMexico CityMonterrey

THE NETHERLANDSAmsterdam

PANAMAPanama City

PERULima

THE PHILIPPINESManila

SINGAPORESingapore

SOUTHKOREASeoul

SPAINMadrid

SWITZERLANDGeneva

TAIWANTaipei

THAILANDBangkok

UNITED ARAB EMIRATESDubai

UNITED KINGDOMLondon

UNITED STATESAtlantaBostonCharlotteChicagoDallasHoustonLos AngelesNew YorkSan Francisco

URUGUAYMontevideo

VENEZUELACaracas

Business relationships with 82% of Global Fortune 500

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Wealth & Investment

Management12%Consumer &

Small Business Banking

54%

Commercial Banking

14%

Global Corporate & Investment

Banking 18%

Corporate Other

2%

With Diverse Business MixWith Diverse Business Mix

Based on 2004 Revenue

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Leadership Positions Across BusinessesLeadership Positions Across Businesses

• #1 US deposit market share

• #1 debit card market share

• #2 home equity lender

• #1 small business lender

• #5 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 3 US capital markets debt capabilities

• Top 10 equity and M & A platform

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Strong Record of EarningsStrong Record of Earnings

$3.56

$2.96

$2.67

2001 2002 2003

10% Compound Growth

Versus First Call

estimate in June ’01

$2.62

Versus First Call


$2.83

Versus First Call


$3.15

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 - $2.76 reported YTD has been adjusted $. 11 to exclude charges for merger and restructuring costs.

Diluted EPS

2004

Versus First Call

estimate in June `04

$3.63

$3.80

2000

Versus First Call


$2.52

$2.55

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Tier 1 7.06%Tier 1 7.06%

Tier 1 8.10%Tier 1 8.10%

$38,221

6,375$27,271

6,469

1998

1999

2000

2001

2002

2003

2004

Cumulative

Repurchases Dividends

$65,492

EOP Common Shares 3,354 3,228 3,118 3,0023,448 2,882 4,047

$ in millions

Consistently Strong Return of Capital to ShareholdersConsistently Strong Return of Capital to Shareholders

• Returned more than $65 billion in capital since 1998

• Improved Tier 1 capital ratio

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• 27 consecutive years of dividend increases• 13% annualized dividend growth rate since 1977

$1.70

$0.07

1977 2004

13% annualized growth

Excellent Dividend RecordExcellent Dividend Record

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19% 18%19%

10%

7%

11%

4%

12%

21% 21%

5%

-2%

1 Year 3 Year 5 Year 10 Year

Bank of America Large Cap Peers S & P 500 Index

BA

C

BA

C

BA

C

12/31/03 –12/31/04

Annualized Total Shareholder Return

BA

C

12/31/01 –12/31/04

12/31/99 –12/31/04

12/31/94 –12/31/04

Shareholders Recognizing ResultsShareholders Recognizing Results

Large cap peers include Citigroup, JP Morgan, US Bancorp, Wachovia, Wells Fargo and Fifth Third.

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Formula for SuccessFormula for Success

Process Improvement

Customer Satisfaction

Account Growth

Revenue Growth

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Establishing a Culture of Productivity Establishing a Culture of Productivity

Key Components of Culture• Core process improvement• People• Products • Channels• Tools / technology

Error – free processing6σ6σ CustomerCustomer

DelightDelight

• More than 35,000 associates have participated in Quality and Productivity training

• Now employ more than 5,250 “Green Belts and Black Belts”

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12.6%

42.5%

9.5%

53.2%

0%

20%

40%

60%

80%

100%

4Q 2001 4Q04

Extremely/Highly Satisfied (9-10)

Satisfied (6-8)

Somewhat/Not At All Satisfied (1-5)

Delighted

Dissatisfied

Legacy Bank of America data

Customer Delight is ImprovingCustomer Delight is Improving

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Card Services

28%

Consumer Real Estate

3% Small Business

6%

Consumer Banking

63%

Revenue mix

Consumer & Small Business BankingConsumer & Small Business Banking


2004 Financial Results

• Revenue $ 26.9 billion

• Net income $ 6.5 billion

• Loans $ 156 billion

• Deposits $ 334 billion

• Managed card receivables $ 59 billion

• Mortgage production $ 88 billion

• Home equity production $ 61 billion

• Organic deposit growth $ 43 billion

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Bank of America only Fleet legacy

Sales Volume Is RisingSales Volume Is Rising

Net New Checking Account Growth

528,000

1,253,000

2,106,000

2002 2003 2004

Net New Savings Account Growth

(265,000)

640,000

2,565,000

2002 2003 2004

New Consumer Credit Card Growth

2,665,000

4,277,000

5,591,000

2002 2003 2004

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Gathering DepositsGathering Deposits

($ billions)11% growth over 2003

* Ratio of Legacy BAC retail deposits to Industry deposits less stores with >$500 million in FDIC DepositsSource: Fiscal 2004 FDIC (June-June) and BAC data

$240

6%12% 14%

9%

$406

2001 2002 2003 2004

Legacy Fleet

Legacy BAC

Retail DepositMarket Share* 13.6% 13.6% 13.8% 14.6%

Retail Deposit Balance Growth

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Consumer Revenue Is GrowingConsumer Revenue Is Growing

*CAGR based on legacy BAC 2004 estimate

+12% CAGR*

(Legacy BAC)

$15$17

$21

$27

2001 2002 2003 2004

(Includes Fleet)

($ billions)

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Commercial BankingCommercial Banking

Other4%

Business Capital

7%Dealer Financial Services

12%

Commercial Real Estate

17%

Leasing9%

Middle Market Banking

51%





• Deposits $ 61 billion


Revenue mix

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Delivering Advice and Solutions throughout the financial cycleDelivering Advice and Solutions throughout the financial cycle

GrowGrow ManageManage ProtectProtect PlanPlan

Commercial Lending

Asset-Based Lending

Real Estate Finance

Leasing

Investment Banking

International

Commercial Commercial LendingLending

AssetAsset--Based Based LendingLending

Real Estate Real Estate FinanceFinance

LeasingLeasing

Investment Investment BankingBanking

InternationalInternational

Treasury Management

Merchant Services

Employee Benefits

Retirement Plans

Treasury Treasury ManagementManagement

Merchant ServicesMerchant Services

Employee BenefitsEmployee Benefits

Retirement PlansRetirement Plans

Interest Rate Protection

Foreign Exchange

Insurance Services

Trade Services

Interest Rate Interest Rate Protection Protection

Foreign Foreign ExchangeExchange

Insurance Insurance ServicesServices

Trade ServicesTrade Services

M&A

Advisory Services

Private Banking

Investment Services

Estate Planning

Industry Experts

M&AM&A

Advisory Advisory ServicesServices

Private BankingPrivate Banking

Investment Investment ServicesServices

Estate Planning Estate Planning

Industry ExpertsIndustry Experts

Client Client NeedsNeeds

SolutionsSolutions

Integrated Global CapabilitiesIntegrated Global Capabilities

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Equity15%

Debt45% Lending

16%

M & A2% Treasury

Services22%

Latin America

2%

Asia5%Europe

13%

Domestic80%

Revenue mix by product Revenue mix by geography

Global Corporate & Investment BankingGlobal Corporate & Investment Banking





• Deposits $ 79 billionBased on 2004 Revenue

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Key Initiatives for GCIBKey Initiatives for GCIB

• Execution of growth strategy (Long-term investment)

• Leveraging the FranchiseConsumer - saying yes to moreGCIB/Commercial Bank – client coverage modelLiquefying traditional credit

• Changing culture – maximize the enterprise

• Continued risk management focus with emphasis on:Regulatory / complianceOperational changes necessary to ensure traction of investments

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Brokerage13%

Private Bank33%

Premier Banking

30%

Other3%

Columbia Management

Group21%

Revenue by line of business

Wealth & Investment ManagementWealth & Investment Management




• Client Assets $ 708 billion


• Deposits $ 111 billionBased on 2004 Revenue

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Wealth & Investment Management:Continuing Momentum from 2004Wealth & Investment Management:Continuing Momentum from 2004

Expanding Products

Driving Productivity

Premier Client Managers (1,800)

BAI Financial Advisors (2,100)

Revenue Per Average FTE

Profit Per Average FTE

Broker Productivity

Average Loans

Average Deposits

Assets Under Management

Expanding Distribution

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Balance Sheet Management -A Core CompetencyBalance Sheet Management -A Core Competency

• Robust capital management

Regulatory ratios strong

Basel II/Economic capital methods well-developed

• Excellent liquidity position at parent and at bank

Parent company liquidity extremely strong, conservatively managed

Bank level liquidity supported by strong and growing deposit base

• Well managed balance sheet

ALM focused on monitor and control of interest rate risk

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Positive Fleet Integration Results Positive Fleet Integration Results

• Financial results on track

• Positive customer reaction

Customer satisfaction

Net new account growth

• Improved sales productivity

• Cross-footprint transactions rising

• Cost savings on track

• Exceeded first year early projections

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Growing America’s Premier Financial Services CompanyGrowing America’s Premier Financial Services Company

• Strong earnings and capital returns

• Executing on customer service promise

• Leveraging scale of national franchise

• Committed to service excellence

• Continuing investments to drive growth

• Expanding footprint for long-term growth

Economy & Finance

Credit Suisse First Boston Financial Services Conference