Bank of America
First Quarter 2005 Results
Marc Oken
Chief Financial Officer
April 18, 2005

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 military 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, 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 the company, please read the Bank of America reports filed with the SEC and available at
www.sec.gov.

Highlights
• Diluted EPS up 21% over 4Q04.
Excluding merger & restructuring charges diluted EPS up 18%.
• Solid momentum in consumer business continues
Store product sales of 5.5 mm in 1Q
1.4 mm net new retail checking and savings accounts
• Retail deposits grew another 3% vs 4Q
• Consumer loan growth continues with strength in home equity
• Commercial loan growth picking up
• Excellent trading quarter
• Total revenue up 2% over 4Q
Net interest income growth despite the headwinds of a flattening yield curve
Trading revenue increase in capital markets offset seasonal consumer decline
• Maintaining solid expense control
Efficiency ratio below 50%
• Generating tremendous operating leverage
• Commercial credit quality continues improvement
• Tier 1 Capital Ratio at 8.20%
• Continued seamless integration of Fleet merger

Earnings Results
$ in millions GAAP
1Q05 4Q04 1Q04*
Total revenue $14,022 $13,713 $9,531
Gains on sales of debt securities 659 101 495
Provision for credit losses 580 706 624
Noninterest expense (excl merger charges) 6,945 7,061 5,430
Net income before merger charges 4,770 4,030 2,681
Merger & restructuring charges (after-tax) 75 181 -
Net Income $ 4,695 $ 3,849 $ 2,681
Diluted EPS reported $1.14 $ .94 $ .91
Merger charge impact .02 .04 -
Diluted EPS (excl. merger charge) $1.16 $ .98 $ .91
* 1Q04 excludes results from Fleet merger closed April 1, 2004

Line of Business Mix
Revenue (FTE) Net Income
1Q05 = $14.2 billion 1Q05 = $4.7 billion
Global Global
Wealth & Wealth &
Global Investment Investment
Consumer & Management Global Management
Small 13% Consumer & 12%
Business Small
Banking Business
49% Banking
Global Global
Business & 40% Business &
Financial Financial
Services Services
19% 24%
Global Global
Capital Capital
Markets & Markets &
All Other Investment All Other Investment
1% Banking 8% Banking
18% 16%

Global Consumer & Small Business Banking
$ in millions
1Q05 4Q04 1Q04
Revenue Mix
Revenue (FTE) $ 6,961 $ 7,106 $ 4,724
Securities gains (1) 0 1 Consumer
Real
Estate
Provision exp. 714 1,218 429 12%
Noninterest exp. 3,310 3,393 2,602
Net income $ 1,899 $ 1,603 $ 1,070
Deposits
51%
• Net income improved 18% over 4Q on lower credit costs and
expenses Card
Services
Efficiency ratio below 48% 37%
• Revenue down 2% from holiday spending activity in 4Q resulting in
lower service charge and card income offset by higher mortgage
banking income.
• 5.5 million store product sales during the quarter
• Consumer real estate activity remains steady
first mortgage production steady at $18 bb
home equity loans and lines of credit balances up 6% vs 4Q

Retail Account Growth
Net New Checking Account Growth
602,000 610,000
518,000 530,000
406,000
1Q04 2Q04 3Q04 4Q04 1Q05
Net New Savings Account Growth
742,000 759,000
689,000
629,000
538,000
1Q04 2Q04 3Q04 4Q04 1Q05
* 1Q04 is legacy Bank of America only

Global Business & Financial Services
$ in millions 1Q05 4Q04 1Q04
Revenue Mix
Revenue (FTE) $ 2,734 $ 2,717 $ 1,569
Securities gains 1 0 0 Business
Leasing
Capital
Provision exp. (57) (248) 91 Dealer 7%
5%
Finance Business
Banking
Noninterest exp. 996 991 568 7%
18%
Net income $ 1,120 $1,208 $ 582 Real
Estate
13%
• Net income declined 7% vs. 4Q Latin
America
• Continued asset quality improvement drove a negative 10%
provision
Other
• Revenue increased due to interest income gains from strong Middle 5%
Mkt
loan growth offsetting lower seasonal public finance and
35%
investment banking fees
• Average loans grew more than 2% vs. 4Q to $172 bb with
good growth across all segments

Global Business & Financial Services
$ in billions
Loan Mix
Avg. Loans Growth vs 4Q04
Dealer
Finance Middle Market $51.9 3.0%
Real
18%
Estate
17%
Dealer Finance 30.8 3.8
Leasing
11% Commercial R/E 28.3 3.0
Leasing 19.2 2.8
Business
Middle Capital Business Banking 17.5 4.2
Mkt 5%
31% Business Capital 8.7 ( 0.6)
Business Latin America 7.5 (7.7)
Other Latin Banking
4% America 10%
4%

Global Capital Markets & Investment Banking
$ in millions 1Q05 4Q04 1Q04 Revenue Mix
Revenue (FTE) $ 2,632 $ 2,206 $ 2,173
$2,632
Securities gains 30 1 (7)
$2,173 $2,206 639
Provision exp. (97) (209) (99)
495 557
517
Noninterest exp. 1,646 1,537 1,562
453
551 350
Net income $ 721 $ 595 $ 453
381
450
• Net income improved 21% vs 4Q on higher trading revenue. 1,126
844
648
•Average loans grew 2.3% to $35.5 bb vs. 4Q.
•Increase in trading assets to support institutional/ investor flow. 1Q04 4Q04 1Q05
•Continued asset quality improvement drove a negative provision. Other fees
•Trading related revenue grew 74% while investment banking Net interest income (primarily Loan book &
fees declined 22% vs. 4Q. GTS)
Investment banking
•Good progress made on $675 mm investment initiative
Trading- related revenue

Trading and Investment Banking Revenue
$ in millions Global Capital Markets & Investment Banking
Investment Banking Fees
10
73
7
7 94
8 174 66
77 6
128 75
79 140
112
275
217 219 209
157
1Q04 2Q04 3Q04 4Q04 1Q05
Securities Underwriting Syndications Advisory Services Other
Global Capital Markets & Investment Banking
Trading Related Revenue
75 21
83 148
170 196
188
33
289 40 18 75
167 227
163 231
118 93
509 456 459
299 283
-3 -15 -2 -4 -8 -54 -67
1Q04 2Q04 3Q04 4Q04 1Q05
Fixed Income Interest Rate Foregin Exchange Equities Commodities Credit Portfolio Hedges

Global Wealth & Investment Management
$ in millions 1Q05 4Q04 1Q04
Revenue Mix
Revenue (FTE) $ 1,794 $ 1,681 $ 1,101
Securities gains 0 0 0 Asset
management
Net interest
Provision exp. 2 (4) (9) income
fees
34%
53%
Noninterest exp. 903 930 720
Net income $ 576 $ 482 $ 246
• Net income up 20% due to higher revenue and strong expense
management vs 4Q.
Brokerage
•Revenue growth of 7% vs 4Q led by loan and deposit income and income
asset management fees. Other
8%
5%
Net interest income growth was slightly offset by lower
brokerage fees.
•Average Loans grew 6% to $51 billion from 4Q with increases in
home equity and residential mortgages in Premier Banking.
•Average deposits grew 11% to $114 billion from 4Q as a result of
Premier Banking northeast expansion, customer migration, and
relationship deepening.
•Assets under management declined 4% vs. 4Q to $433 billion due
to market contraction and net fund outflows.

Global Wealth & Investment Management
AUM Mix - $433 Billion
• $10 billion of the AUM decrease was driven by market
performance in 1Q tracking the S&P 3% drop from 4Q.
Fixed
income • Consulting Services Group has added a $20 billion pool of
21% bundled separate accounts to AUM after only 3 years of
operation.
• AUM mix shifted slightly from equities and fixed income
Equities
43% to money market & short term funds from 4Q.
Money
mkt &
short
term
funds
34%
Other
2%

All Other
$ in millions
1Q05 4Q04 1Q04
• Equity gains improved on higher valuations and
Revenue (FTE) $ 100 $ 210 $ 133 lower impairments
Securities gains 629 100 501 • Higher securities gains drove the increase in
linked quarter earnings
Provision exp. 18 (51) 212
Noninterest exp. 203 483 (22)
Net income $ 379 $ (39) $ 330

Net Interest Income
$ in millions
Linked Quarter Progression of Net Interest Income & Yield
1Q05 4Q04 Change
Reported net interest income (FTE) $ 8,072 $ 7,954 $ 118
Avg. earning assets $ 1,044,914 $ 998,004 $ 46,910
Reported net interest yield 3.11 % 3.18 % (7 bps)
Drivers of change: Yield Impact
Deposit funding 1 bp
Trading related asset growth (4 bps)
Asset / Liability Management actions (4 bps)
including impact of spread compression

Net Charge-off Trends
$1,000
1.07%
$900
0.98%
0.91% 0.93% 0.92% 1.0%
$800 0.89% Commercial net
c/o's
$700
$600
Consumer net
$500 0.54% c/o's
0.48%
$400 0.5%
Consumer net
$300 0.28% c/o ratio
$200
0.09% Commercial net
$100 0.04% 0.05% c/o ratio
$0 0.0%
4Q03 1Q04 2Q04 3Q04 4Q04 1Q05
• Credit card losses rising with minimum payment changes, balance growth,
seasoning of portfolio and return of securitizations to the balance sheet
• Other consumer credit quality remained strong
• Commercial losses remain below historic loss lows

Net Charge-offs
$ in millions 1Q05 4Q04 1Q04
Amount Percent Amount Percent Amount Percent
Residential mortgage $4 0.01 % $6 0.01 % $11 0.03 %
Home equity lines 6 0.05 4 0.03 4 0.07
Direct/Indirect consumer 61 0.60 55 0.55 48 0.56
Credit card 740 5.85 691 5.57 443 5.05
Other consumer 56 3.12 45 2.39 57 3.07
Total consumer 867 1.07 801 0.98 563 0.93
Commercial - domestic 26 0.09 27 0.09 49 0.22
Commercial - foreign (29) (0.66) 5 0.09 106 3.98
Commercial real estate - - 1 0.02 (2) (0.05)
Commercial lease financing 25 0.48 11 0.21 4 0.17
Total commercial 22 0.05 44 0.09 157 0.48
Total net charge-offs $889 0.69 % $845 0.65 % $720 0.77 %
By Business Segment:
Global Consumer & Small Business Banking $811 2.37 % $748 2.17 % $486 2.27 %
Global Business & Financial Services 88 0.21 79 0.19 78 0.29
Global Capital Markets & Investment Banking (43) (0.49) (25) (0.29) 89 1.23
Global Wealth & Investment Management - - 3 0.03 6 0.06
All Other 33 0.10 40 0.12 61 0.22
Total net charge-offs $889 0.69 % $845 0.65 % $720 0.77 %

Nonperforming Assets and
Allowance for Credit Losses
$ in millions
$3,500 1.0%
Nonperforming
$3,000 Assets
$2,500
$2,000
0.66% 0.64% 0.5%
$1,500 0.55% Nonperforming
0.47% 0.44% Assets / Loans,
$1,000
Leases &
$500 Foreclosed
$0 0.0%
Properties
1Q04 2Q04 3Q04 4Q04 1Q05
1Q04 2Q04 3Q04 4Q04 1Q05
Allowance for credit losses:
Allowance for loan and lease losses $6,080 $8,767 $8,723 $8,626 $8,313
Reserve for unfunded lending commitments 401 486 446 402 394
Total $6,481 $9,253 $9,169 $9,028 $8,707
Allowance for loan and lease losses / Loans 1.62 % 1.76 % 1.70 % 1.65 % 1.57
Allowance for loan and lease losses / NPLs 258 305 343 390 401

Nonperforming Asset Trends
$ in millions 1Q05 4Q04 1Q04
Residential mortgage $536 $554 $486
Home equity lines 70 66 35
Direct/Indirect consumer 32 33 31
Other consumer 83 85 61
Total consumer 721 738 613
Commercial - domestic 811 855 1,229
Commercial - foreign 228 267 331
Commercial real estate 64 87 115
Commercial lease financing 249 266 66
Total commercial 1,352 1,475 1,741
Total nonperforming loans and leases 2,073 2,213 2,354
Nonperforming securities 153 140 -
Foreclosed properties 112 102 131
Total nonperforming assets $2,338 $2,455 $2,485
Loans past due 90 days or more and still accruing $1,211 $1,294 $795
Nonperforming assets / Total assets 0.19 % 0.22 % 0.31
Nonperforming assets / Total loans, leases and foreclosed properties 0.44 0.47 0.66
Nonperforming loans and leases / Total loans and leases 0.39 0.42 0.63

Integration Update
• Remain ahead of expectations with Fleet transition
Sales growth in both legacy franchises remains strong
All line of business integrations on track
Additional cost saves of $43 mm to current run rate of $437 mm on target
• 1Q05 Milestones completed
Conversion of consumer card processing from FDR to TSYS
Completed issuance of Bank of America credit and debit cards to Fleet cardholders
Completed implementation of Loan Solutions systems in legacy Fleet stores
Merged payroll functions to a common platform
Migrated Fleet check sites to Bank of America proof and checking platforms
Began conversion of Fleet teller systems and processes to the Bank of America
platform