1. Bank of America
Positioned For Success
Ken Lewis
Chairman, President and Chief Executive Officer
Citigroup Financial Services Conference
February 1, 2006

2. 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.
2

3. Differentiating Characteristics
Franchise…….
Operating Excellence…….
Track Record……..
3

4. Differentiating Characteristics
Franchise…….
Operating Excellence…….
Track Record……..
4

5. Coast to Coast Retail Footprint
Bank of America stores
Bank of America Franchise
In Bank of America Markets
• 93% of U.S. population
76% Hispanic
• 86% of Asians consumer households
38 million BAC
• 77% of African-Americans
3.3 million BAC small business
5 customers

6. Focused Where Growth Opportunities Are Greatest
Seattle
Portland
Boston
New York
Chicago
Philadelphia
San Francisco
St. Louis Baltimore/D.C.
Las Vegas
Charlotte
Los Angeles Dallas/
Atlanta
San Diego Ft. Worth
Phoenix Orlando
Houston Tampa/ Miami/
Bank of America Franchise St. Petersburg Ft. Lauderdale
• 16 of 20 fastest growing states
• 20%+ retail deposit market share in
top 30 markets
6

7. Focused Where Growth Opportunities Are Greatest
Seattle
Portland
Boston
New York
Chicago
Philadelphia
San Francisco
St. Louis Baltimore/D.C.
Las Vegas
Charlotte
Los Angeles Dallas/
Atlanta
San Diego Ft. Worth
Phoenix Orlando
Houston Tampa/
Bank of America Franchise Miami/
St. Petersburg Ft. Lauderdale
• 93% of Hispanic
• 86% of Asians
• 77% of African-Americans
7

8. Unparalleled Distribution and Convenience
Stores Online Banking ATMs Telephone
• 5,873 stores • Ranked #1 for • 16,785 ATMs • 700 million calls
• 29 states + D.C. customer • 70%+ of customer • 85% delight with
experience households are phone
• 600 million (Vividence)
customer visits active users representatives
annually • #1 small business • 1.1 billion
website (Gomez) transactions
• 1 billion face-to-
face teller • 52% bill pay • 155 million
transactions market share deposit
transactions
8

9. 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
9

10. Growing Global Capabilities
Global Capabilities...
– Operations in 31 countries
– Relationships with 79% of Global Fortune 500 companies
10

11. A Diverse Business Mix
Based on 2005 Earnings (Adding MBNA acquired 1/01/06)
Global Consumer
Global Wealth & & Small
Investment Other Business
Management 7% 42%
BAC Card services
14%
9%
Global Corporate
& Investment
Banking
10% MBNA
10%
Global Business GCSB (excl Card
services)
& Financial
23%
Services
27%
11

12. Unmatched Scale and Scope
• #1 US deposit market share • #1 middle market lender
• #1 debit card market share • #1 bank-owned asset-based lender
• #1 home equity lender • #1 treasury services provider
• #1 small business lender • Top foreign exchange dealer
• #1 consumer credit card lender
• #2 in loan syndications
• #6 retail mortgage originator
• Top 5 US capital markets debt
• Top 10 private bank capabilities
• Top 10 wealth manager • Top 10 equity and M & A platform
12

13. Opportunity to Create a Truly Integrated Bank
Capital & Liquidity Bank of America Capital & Liquidity
Users Providers
• Corporations
• Advise
• Financial Institutions • Bank of America
• Originate
• Investors • Pension Funds
• Structure
• Consumer Borrowers • Insurance companies
• Distribute
• Small Businesses • Hedge Funds
• Make Markets
• Commercial Borrowers • Mutual Funds
• Trade
• Auto Purchasers • Private Equity Funds
• Service
• Homebuyers
Our Competitive Advantages
REACH STRENGTHS
• 97% U.S. Fortune 500 • Large Capital Base
• 200,000+ Commercial & Large • Large Liquidity Base
Corporate Clients
• High Credit Rating
• 3 MM Small Business Clients
• Low Cost of Funds
• #1 SBA Lender
• 38 MM Households
13 • Nearly 6,000 Banking Centers

14. Differentiating Characteristics
Franchise…….
Operating Excellence…….
Track Record……..
14

15. Execution is Driving Organic Growth
Innovation
Use Scale to Be A Build a Strong
Low Cost Provider Brand
Organic Growth
Risk Management
As A
Improve the
Competitive Customer
Advantage Experience
15

16. Our Brand Has Come A Long Way
Bank of America Bank of America
Unaided Awareness Unaided Awareness
(2000) (2005)
41%
• Wells Fargo – 23%
23%
• Citibank – 18%
• Wachovia – 16%
• Chase – 11%
Fortune Financial Times
Most Admired Corporations Worlds Most Respected Companies
(Megabanks) (Financial Companies)
• 2005 1st • 2004 5th
• 2004 2nd • 2001 7th
• 2003 3rd • 2000 12th
• 2002 6th
Source: Enterprise Analytics, Fortune, FT
16

17. Driving Results Through Process Improvement
Customer
• 53.2% all-time high (legacy BAC)
• 47.3% all-time high (legacy FBF)
• Attracting attention across the industry
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
Shareholder
• Savings reinvested in businesses
• Several processes at Six Sigma quality
17

18. 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
18

19. A History of Strong Cost Control
Efficiency Ratio
61%
55% 55%
54%
53% 53%
52%
49%
1998 1999 2000 2001 2002 2003 2004 2005
19 Excludes merger & restructuring charges

20. Voice of the Customer Drives Product Innovation
A Customer WOW Today Becomes the Norm Tomorrow.
Rewards & Product Innovation
Mini Card
Record Keeping
Cobranded
Automotive Cards
Safety & Security Online Banking
Cobranded Airline
Photo Security ® Cards
Convenience
Intraday Balance
And Activity
Broad Network Affiliations
Debit Card Introduction
History of Delivering Value to Customers
20

21. Keep the Change TM
• 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
21

22. 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
22

23. 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
23

24. Differentiating Characteristics
Franchise…….
Operating Excellence…….
Track Record……..
24

25. Consumer Sales Activity
Product Sales (in millions) 2004 2005 Change %
Net New Checking Accounts
Checking 5.8 6.5 11%
Savings 7.4 7.8 6% 2,500,000 2,300,000
2,063,000
Credit card 6.2 5.6 (10%)
2,000,000
Debit card 4.1 4.8 18%
1,500,000 1,253,000
Online banking 3.8 4.4 17%
Mortgage fundings .5 .4 (13%) 1,000,000
528,000
Home equity fundings .7 .7 5% 500,000
Protection products 1.1 2.0 80%
0
2002 2003 2004 2005
Total 29.6 32.2 9%
Consumer Card Account Growth Net New Savings Accounts
2,593,000
7,500,000 2,500,000
6,237,000
5,616,000 2,000,000 1,850,000
5,000,000 4,277,000 1,500,000
1,000,000
2,665,000 640,000
2,500,000 500,000
0
0 -500,000 (265,000)
2002 2003 2004 2005 2002 2003 2004 2005
25

26. Success With Affluent Customers – Premier Banking
Growing Relationships and Investments
Premier Banking Relationships Premier Relationship Households
with Bank of America Investment
785,452 Services Relationships
220,905
575,000
148,736
%
%
37
49
2004 2005 2004 2005
26

27. Columbia Management: Driving AUM and Fund Performance
Assets Under Management
($ in billions) • 82% of the assets in Columbia
$482
$456
Management's equity, fixed income and
$452
money market funds are in the 35th
percentile or better among their peer
groups1
• 79% of active equity funds surpassed their
benchmark, based on 1-year performance
2003 2004 2005
as of 12/31/05, up from 25% in 2004 and
Asset Management Fees 13% in 2003
($ in millions)
$2,529
$2,377
$2,139
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.
2003 2004 2005
27

28. Effective Use of Capital
Capital Investment Primary Advantage
• Santander Serfin
Enhance multicultural strategy
• National Processing Gain scale in merchant services
business
• China Construction Bank Tap into tremendous growth of
Chinese economy
• Fleet
Complete national franchise and
entry into NE wealth markets
• MBNA Become premier payments
provider and leverage products
and distribution
28

29. Integration Expertise
Recap 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
29

30. 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 Convenience
Stores Online Banking ATMs Telephone
30

31. 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.
31

32. 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 leverage
MBNA
• MBNA impact expected to be neutral in 2006
32

33. Consistent Attractive Earnings Growth
Diluted EPS
$4.21
11% Compound Growth
$3.80
$3.57
$2.95
$2.67
$2.55
2000 2001 2002 2003 2004 2005
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
33

34. 28 Consecutive Years of Dividend Increases
$1.90
Dividend
Yield
4.5% th
gr ow
d
lize
an nua
13 %
$0.07
1977 2005
34 Yield based on annualized dividend and price as of 1/25/06

35. Aggressive Capital Management
$ in millions
• Returned $79 billion in capital since 1998 $78,828
$7,683
• Since 1998, net share repurchases plus dividends $5,765
have averaged 80% of net income. $34,964
Repurchases Dividends
$43,864
e
98
99
00
01
02
03
04
05
iv
19
19
20
20
20
20
20
20
at
ul
um
C
EOP Common Shares 3,448 3,354 3,228 3,118 3,002 2,882 4,047 4,000
Tier 1 Tier 1
7.06% 8.21%
35

36. Steady Strong Shareholder Returns
Bank of America S & P 500 Index Bank Index Dow
19.5% 18.9%
14.3% 14.4% 14.1%
11.6%
2.5%
1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr 15 Yr
TSR is the annulaized total shareholder return including dividends
36

37. Energized Focus on Customer in 2000
was Watershed Event
CAGR
2000-2005
Revenue Per Share 7%
Diluted EPS 11 %
Dividends per share 13 %
Total Share return 20 %
37 Total share return includes dividends as of 12/31/05

38. 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
38

39. 39

40. 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.
40