Keefe, Bruyette & Woods, Inc. Large Cap Bank Conference

Global Business & Financial Services

Gene TaylorVice ChairmanPresident, Global Corporate & Investment Banking

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Forward 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 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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RetailFinance

Business Capital

MiddleMarket Banking

Business Banking

Commercial Real Estate

Banking

Dealer Financial Services

Global Treasury Services

Global Business & Financial Services

Who We Are

Leasing

Bank of America (Asia), Ltd

Latin America

Commercial Aviation

Public Finance

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2004 Global Business & Financial Services Results

Revenue $10.2 billion

Net Income $4.0 billion

Loans $169.2 billion

Deposits $107.3 billion

Efficiency Ratio 40%

Balance sheet reflects December 2004 balances

Revenue and net income are full-year 2004 and include Fleet Boston results for the full year although merger not completed until April 2004.

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Diverse Revenue Mix by Business and Product

Revenue Mix by Business*

*Include $2.7 billion Global Treasury Services Revenue(Net Income % Closely Parallels Revenue %)

Revenue Mix by Product

Middle Market Banking37%

Dealer FinancialServices

8%

Business Banking17%

Leasing7%

BusinessCapital

5%

Retail Finance1% Latin

America12%

Asia1%

Commercial RealEstate Banking

12%

Treasury Management& Deposits

35%

Credit40%

International12%

Investment Banking6%

Other7%

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Investment Banking

9%

Other4%

Treasury & Deposits

53%

Credit34%

Northeast14%

Specialized Industries

11%

Other7%

California12%

Pacific14%

Central16%

East26%

Middle Market Banking

Key Performance Indicators

2004

Revenue($MM) $3,657

Net Income($MM) $1,497

Loans ($B) $50.8

Deposits($B) $47.7


Clients 12,300

2004 Revenue by Product

2004 Revenue by Division

Balance sheet reflects Dec. 2004 balances

• #1 lead arranger for loan syndications

• Targeted delivery through regional and industry-specialized client teams

• Leader in Government Banking and Public Finance, Healthcare and Retail

• Strategic role in Dual Coverage Model

Predominant Middle Market Bank in the U.S., serving one in five midsize companies

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Northeast26%

Pacific Southwest

26%

Pacific Northwest

14%

Central12%

South22%

Business Banking

2004

Revenue($MM) $1,776

Net Income($MM) $726

Loans ($B) $16.9

Deposits ($B) $35.9


Clients 220,000

• Serving more than 220,000 small to midsize business clients in nearly 60 markets through offices in over 225 cities

• #1 Small Business Administration lender (according to SBA)

• Providing more SBA 7(a) loans to minority and non-minority businesses than any other lender since 1998

• Leading provider of online banking services for smaller sized business

Providing financial services to companies between $2MM-$20MM




Other8%

Treasury & Deposits

67%

Credit25%


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Tax Credit 19%

Other8%

Treasury & Deposits

17%

Credit 52%

Commercial Real Estate Banking

2004

Revenue ($MM) $1,238

Net Income ($MM) $617

Loans ($B) $27.5

Deposits ($B) $7.0


Clients 3,200

NE 21%SE 12%West 12% Central 7%

• Dedicated real estate professionals with extensive experience and local market knowledge, including more than 300 sales associates

• Financed more than 41,000 homes through the Home Builder division in 2004

• Leading institutional investor in Tax Credit, with over $900 million in commitments in 2004, up 30% over previous year.

• In 2004, Community Development Banking financed or developed 393 projects (17% increase) creating more than 36,000 units of affordable housing for low and moderate income residents.

Preeminent financial solutions provider to Commercial Real Estate industry




Home Builder18%

CDB25%

TriSail3%

Other2%

Commercial52%

Investment Banking

4%


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Dealer Financial Services

2004

Revenue($MM) $788


Loans ($B) $30.1

Deposits ($B) $1.3


Clients 5,500*

Balance sheet reflects Dec. 2004 balances* Includes direct and indirect relationships

• Provides total financial solutions to more than 5,500 commercial and retail auto, marine and recreational vehicle industry clients through 140 client-facing associates

• Financed more than 409,000 automobiles, 46,000 recreational vehicles and 32,000 boats in 2004

Leader in commercial and retail financing to the Auto, Marine and Recreational Vehicle industries



RV & Marine34%

Other1%

Auto65%

Credit 87%

Treasury & Deposits

7%Other

6%


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Corporate & Investment

Bank14%

MMB Healthcare & Government

25%

Structured Lease

Investments24%

Corp Aircraft16%

Vendor21%

Leasing

2004

Revenue($MM) $724


Loans\Leases ($B) $18.9


Volume($B) $5.7

• Provides financing solutions to a broad range of equipment users, dealers and manufacturers through 650 associates in 62 offices worldwide

• Offers expertise in various asset types, including transportation, manufacturing. corporate aircraft, healthcare, tech/telecom equipment, as well as customer financing programs for equipment manufacturers/dealers

• Business model built around strong origination and distribution capabilities

Leading equipment finance provider



2004 Loan & Leases by Division

Investment Banking

5%

Other8% Credit

87%


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Other23%

Treasury & Deposits

14%

Credit 59%

MidWest/ MidAtlantic

Southeast/ Atlantic

Northeast/ Europe

Pacific/ Southwest

Business Capital

2004

Revenue($MM) $552


Loans ($B) $8.8

Deposits ($B) $0.9


Clients 1,000+

• Provides full range of financial services to leveraged, asset-rich companies in U.S., Canada and Europe

• #1 Asset-Based Lender

• #1 lead arranger of syndicated asset-based financings

• Originated $3.6 billion in new loan commitments in 2004

Leading asset-based finance provider




Investment Banking

4%


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Retail Finance


2004

Revenue(MM) $121

Net Income(MM) $51

Loans (B) $1

Deposits $0


Clients 79

Revenue by Product

Leading provider of leveraged financing to the retail sector• #1 provider of secured debt to retailers

• Clients located throughout the U.S. and Canada

• Provides high yield junior secured debt through a $300MM fund backed by four investors: Bank of America, Goldman Sachs, Angelo Gordon and Silver Point Capital

Investment Banking

5%

Other15%

Treasury Revenue

19%

Credit Revenue

61%

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Cash Mgmt / Trade13%

Treasury14%

Asset Mgmt12%

Other18%

Retail/Cons23%

Corporate Commercial

Loans / Leases

20%

Chile9% Argentina

23%

IPB5%

Uruguay5%

GTS (US)5%

Other7%

Brazil46%

Latin America

2004

Revenue($MM) $1,210


Loans ($B) $8.3

Deposits ($B) $10.6


Clients 49,000

• Established Retail Banking franchise since 1917 -- currently 206 banking centers

• Disciplined and focused approach to client selection across customer segments

• Offers full range of financial services and products, including credit, capital markets, cash management, trade and investment management

• Operates under BankBoston brand

Full-service provider to select retail, business, corporateand affluent customer segments

Balance sheet reflects Dec. 2004 balances in U.S. Dollars




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Bank of America (Asia) Ltd.

20042

Revenue ($MM) $134Net Income ($MM) $49SVA ($MM) $34SVA Growth (%) 13%Loans ($B) – Dec. $3.2Deposits ($B) – Dec. $3.52 2004 results normalized to exclude favorable

impact of excess market liquidity

2004 Revenue Distribution

• Fully integrated self-contained business operation focused on the top 20% market segments in premier, retail and commercial banking -- ranked best managed and best asset quality bank in Hong Kong with long term local currency rating on par with rating of Hong Kong government obligations1

• 3% market share in mortgage financing and 40% market share in new vehicle financing (through a 50% joint venture) in Hong Kong

• New retail and commercial banking branch opened in Shanghai in March 2004 – first Bank of America street level branch in China since 1949; established representative office in Guangzhou in December 2004

A Premier, Retail and Commercial Bank covering Hong Kong, Macau and Shanghai (mainland China) markets

2004 Loan Distribution

Com m l

Banking

40% Consum er Banking60%

Consum er

Banking

61%

Com m l

Banking

37%

TreasuryTreasury

2%2%


1Hong Kong Monetary Authority; Federal Reserve Board; Industry Study

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• Leading treasury services provider in U.S. – top 3 globally

• Global work force led by 900 sales professionals and 1,700 client service associates

• Full suite of cash management, foreign exchange, merchant services and payment solutions

• #1 in transaction processing volume for core treasury managementservices (Ernst &Young)

Earnings on Balances

53%Service Charges/Working Capital

Management47%

2004 Actual

Global Business &

Financial Services

51%

Global Capital Markets

& Investment Banking

40%

Other9%


2004

Revenue($MM) $5,520

Net Income($MM) $1,639

Deposits ($B) $138


Clients 250,000

Dominant Global Treasury Services provider


2004 Revenue Composition

Enterprise-Wide Global Treasury Services Revenue


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Deliver Advice and Solutions to our Clients/Prospects

Grow Manage Protect Plan

• Commercial Lending

• Asset-Based Lending

• Real Estate Finance

• Leasing

• Investment Banking

• Public Finance

• International

• Treasury Management

• Merchant Services

• Employee Benefits

• Retirement Plans

• Interest Rate Protection

• Foreign Exchange

• Insurance Services

• Trade Services

• M&A

• Advisory Services

• Private Banking

• Premier Banking

• Investment Services

• Estate Planning

• Industry Experts

Client Needs

Solutions

Integrated Operating Model

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Global Footprint

Global Capabilities...

– Operations in 37 countries

– Relationships with 79% of Global Fortune 500 companies

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Dominant Client Coverage

• #1 Market position in each line of business

• Relationships with 96% of U.S. Fortune 500 companies and more than 300,000 direct client relationships overall in all 50 states

• More than 2,000 client managers and more than 900 Global Treasury sales professionals

• National Market President network providing integrated, local market leadership and accountability

• Dominant size and scale, industry expertise and the broadest range of products and services in the industry

…with Local Delivery

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• Global franchise with local delivery• Unmatched product capabilities• Size and scale

• Product neutral• Diverse businesses offering solutions• Strong distribution capabilities

• Dominant local market coverage• Enterprise culture• Dual Coverage Model

• Willingness to use balance sheet• Strong operating products• Relationship-oriented

Competitive Landscape

Bank of America’s Competitive Advantage

Regional Banks

FinanceCompanies

Universal Banks

InvestmentBanks

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Proven Risk / Return Discipline

Total Global Business & Financial Services

Proactive Risk Management delivered strong portfolio performance

2005 Focus• Utilize Six Sigma tools

to enable greater predictability of risk and return

• Build industry leading compliance culture and capability with immediate focus on Know Your Customer, Anti-Money Laundering and Information Security

Port

folio

%

6.75

3.87

1.87

4.65

7.53

5.23

0.801.001.26 1.09

0.10.00.20.30.60.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

4Q03 1Q04 2Q04 3Q04 4Q04

Criticized Exposure NPA QTD Net C/O

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Loans ($ billions)

Strong and Steady Loan Growth

Annualized loan growth of 10.5% from Q42004

Balances reflect average for the quarter

$163.9 $164.6$167.7

$171.5

$176.5

2Q2004 3Q2004 4Q2004 1Q2005 2Q2005

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Global Capital Markets & Investment Banking – Six-Month Results

1H05

Revenue (FTE) $ 4,753

Securities gains 80

Provision exp. (170)

Noninterest exp. 3,172

Net income $ 1,182

• Net income improvement from lower expenses and improved provision expense

• Continued asset quality improvement drove a negative provision

• Revenue held steady as record 1Q05 trading results offset by tough 2Q05 trading environment

• Expenses down due to prior year legal settlements and good cost containment

• Increase in trading assets to support institutional/ investor flow

• Substantial progress made on $675 mm investment initiative

Revenue Mix$ in millions

$4,808

1,085

980

913

1H04

1,830

Other (incl NII from corp. loan book)


Investment Banking

Trading-related Revenue

1H04

$ 4,808

(11)

(95)

3,571

$ 864

$4,753

1,169

1,039

757

1H05

1,788

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• Bank of America

• Investors

• Bank of America

• Investors

Capital & Liquidity Providers

Bank of AmericaAdvantages

Bank of AmericaAdvantages

Capital & Liquidity Users

Capital & Liquidity Users

• Largest Capital Base

• Largest Liquidity Base

• Highest Credit Ratings

• 34 MM Households

• 300,000+ Commercial Clients

• 3 MM Small Business Clients

• #1 SBA Lender

• 98% U.S. Fortune 500

• Nearly 6,000 Banking Centers

• Low Marginal Cost of Funds

• KNOWLEDGE

• Corporations

• Financial Institutions

• Investors

• Credit / Debit Cardholders

• Small Businesses

• Commercial Borrowers

• Auto Purchasers

• Homebuyers

Power of the Universal Bank Model

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Our Growth Strategy

• Operate as an integrated, client-focused global financial institution

• Leverage and expand client coverage model with Global Capital Markets & Investment Banking and Global Wealth & Investment Management

• Employ Six Sigma process excellence to drive sustainable and differentiated performance and client delight

• Proactively manage risk as a competitive advantage -- from origination through distribution

• Expand our share of wallet by delivering the full breadth of our product and service capabilities across the enterprise

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Economy & Finance

Keefe, Bruyette & Woods, Inc. Large Cap Bank Conference