Ken Lewis of Bank of America presented at the Credit Suisse First Boston Financial Services Conference on February 8, 2005. He discussed Bank of America's unique franchise, successful track record, and focus on execution and sustainable growth. Lewis also outlined the bank's diverse business mix and leadership positions across businesses, and emphasized its focus on establishing a culture of productivity to drive customer delight and account growth.

1. Sustaining Growth
Ken Lewis
Bank of America
Credit Suisse First Boston
Financial Services Conference
February 8, 2005

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 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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3. Today’s Discussion
• Unique franchise
• Successful track record
• Foundation of execution and sustainable
growth
• Well managed balance sheet
• Unlocking value of Fleet franchise
3

4. America’s Leading
Financial Solutions Company
Serving…
• 33 million consumer
households
• 3.4 million small
businesses
• In the best growth
and wealth markets
• Relationships with 96% of
US Fortune 500 companies
• Relationships with 82% of
Global Fortune 500 companies
4

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

6. With a Global Presence to Serve
Corporate Clients
Business relationships with 82% of Global Fortune 500
ARGENTINA THE CAYMAN GERMANY ITALY PANAMA SWITZERLAND UNITED STATES
Buenos Aires ISLANDS Frankfurt Milan Panama City Geneva Atlanta
Grand Cayman Boston
AUSTRALIA GREECE JAPAN PERU TAIWAN Charlotte
Melbourne CHILE Athens Tokyo Lima Taipei Chicago
Sydney Santiago Dallas
INDIA MALAYSIA THE THAILAND Houston
THE BAHAMAS CHINA Bangalore Kuala Lumpur PHILIPPINES Bangkok Los Angeles
Nassau Beijing Calcutta Labuan Manila New York
Guangzhou Chennai UNITED ARAB San Francisco
BELGIUM Hong Kong Mumbai MEXICO SINGAPORE EMIRATES
Antwerp Shanghai New Delhi Mexico City Singapore Dubai URUGUAY
Monterrey Montevideo
BRAZIL COLOMBIA INDONESIA SOUTH UNITED
São Paulo Bogotá Jakarta THE KOREA KINGDOM VENEZUELA
NETHERLANDS Seoul London Caracas
CANADA FRANCE IRELAND Amsterdam
Calgary Paris Dublin SPAIN
Toronto Madrid
Vancouver 6

7. With Diverse Business Mix
Commercial
Wealth &
Banking
Investment
14%
Management
Consumer & 12%
Small Business
Banking
54%
Global
Corporate &
Corporate
Investment
Other
Banking
2%
18%
Based on 2004 Revenue
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8. Leadership Positions Across Businesses
• #1 US deposit market share • #1 middle market lender
• #1 debit card market share • #1 bank-owned asset-based lender
• #2 home equity lender • #1 treasury services provider
• #1 small business lender • Top foreign exchange dealer
• #5 consumer credit card lender
• #2 in loan syndications
• #6 retail mortgage originator
• Top 3 US capital markets debt
• Top 10 private bank capabilities
• Top 10 wealth manager • Top 10 equity and M & A platform
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9. Strong Record of Earnings
Diluted EPS
10% Compound Growth $3.80
$3.56 Versus
First Call
estimate in
Versus June `04
$2.96 First Call $3.63
estimate in
$2.67 Versus June ’03
$2.55 First Call $3.15
Versus estimate in
Versus First Call June ’02
First Call estimate in $2.83
estimate in June ’01
June ’00 $2.62
$2.52
2000 2001 2002 2003 2004
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.
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10. Consistently Strong Return of Capital to
Shareholders
$ in millions
$65,492
6,469
• Returned more than $65 billion in capital 6,375
since 1998 $27,271
• Improved Tier 1 capital ratio
$38,221
e
98
99
00
01
02
03
04
iv
19
19
20
20
20
20
20
at
ul
um
C
Repurchases Dividends
EOP Common Shares 3,448 3,354 3,228 3,118 3,002 2,882 4,047
Tier 1 Tier 1
7.06% 8.10%
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11. Excellent Dividend Record
$1.70
th
gr ow
d
lize
n nua
13 %a
$0.07
1977 2004
• 27 consecutive years of dividend increases
• 13% annualized dividend growth rate since 1977
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12. Shareholders Recognizing Results
Annualized Total Shareholder Return
12/31/03 – 12/31/01 – 12/31/99 – 12/31/94 –
12/31/04 12/31/04 12/31/04 12/31/04
1 Year 3 Year 5 Year 10 Year
21% 21%
19% 19%
BAC
18%
BAC
BAC
BAC
12%
11% 10%
7%
5%
4%
-2%
Bank of America Large Cap Peers S & P 500 Index
Large cap peers include Citigroup, JP Morgan, US Bancorp, Wachovia, Wells Fargo and Fifth Third.
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13. Formula for Success
Process Improvement
Customer Satisfaction
Account Growth
Revenue Growth
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14. Establishing a Culture of Productivity
Key Components of Culture • More than 35,000 associates have
• Core process improvement participated in Quality and
• People Productivity training
• Products • Now employ more than 5,250 “Green
• Channels Belts and Black Belts”
• Tools / technology
Customer
6σ Error – free
processing Delight
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15. Customer Delight is Improving
100%
Extremely/Highly Satisfied (9-10)
80% 42.5% 53.2%
Delighted
60%
Satisfied (6-8)
40%
20%
Somewhat/Not At All Satisfied (1-5)
12.6% 9.5% Dissatisfied
0%
4Q 2001 4Q04
Legacy Bank of America data
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16. Consumer & Small Business Banking
Revenue mix
Card
Services Consumer
28% Banking
63%
Consumer
Real Estate
3% Small
Business
6%
2004 Financial Results
• Revenue $ 26.9 billion • Managed card receivables $ 59 billion
• Net income $ 6.5 billion • Mortgage production $ 88 billion
• Loans $ 156 billion • Home equity production $ 61 billion
• Deposits $ 334 billion • Organic deposit growth $ 43 billion
Based on 2004 Revenue
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17. Sales Volume Is Rising
Net New Checking Account Growth Net New Savings Account Growth
2,106,000 2,565,000
1,253,000
640,000
528,000
(265,000)
2002 2003 2004 2002 2003 2004
New Consumer Credit Card Growth
5,591,000
4,277,000
2,665,000
Bank of America only Fleet legacy
2002 2003 2004
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18. Gathering Deposits
($ billions)
11% growth over 2003
Retail Deposit Balance Growth
$406
9%
$240 Legacy Fleet
14%
12%
6% Legacy BAC
2001 2002 2003 2004
Retail Deposit
13.6% 13.6% 13.8% 14.6%
Market Share*
* Ratio of Legacy BAC retail deposits to Industry deposits less stores with >$500 million in FDIC Deposits
Source: Fiscal 2004 FDIC (June-June) and BAC data
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19. Consumer Revenue Is Growing
($ billions)
*
C AG R
+12% cy BAC)
a
$27
(Leg
$21
$17
$15 (Includes Fleet)
2001 2002 2003 2004
*CAGR based on legacy BAC 2004 estimate
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20. Commercial Banking
Revenue mix
Business
Capital Leasing
7% 9%
Dealer Financial Other
Services 4%
12%
Middle Market
Commercial Banking
Real Estate 51%
17%
2004 Financial Results
• Revenue $ 6.7 billion
• Net income $ 2.8 billion
• Loans $ 145 billion
• Deposits $ 61 billion
Based on 2004 Revenue
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21. Integrated Global Capabilities
Delivering Advice and Solutions throughout the financial cycle
Client Grow Manage Protect Plan
Needs
Solutions Commercial Treasury Interest Rate M&A
Lending Management Protection
Advisory
Asset-Based
Asset-Based Merchant Services Foreign Services
Lending Exchange
Employee Benefits Private Banking
Real Estate Insurance
Finance Retirement Plans Services Investment
Services
Leasing Trade Services
Estate Planning
Investment
Banking Industry Experts
International
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22. Global Corporate & Investment Banking
Revenue mix by product Revenue mix by geography
Asia
Equity Europe
M&A 5%
15% 13%
2%
Treasury Latin
Services
America
22%
2%
Debt
Lending Domestic
45%
16% 80%
2004 Financial Results
• Revenue $ 9.0 billion
• Net income $ 1.9 billion
• Loans $ 34 billion
• Deposits $ 79 billion
Based on 2004 Revenue
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23. Key Initiatives for GCIB
• Execution of growth strategy (Long-term investment)
• Leveraging the Franchise
Consumer - saying yes to more
GCIB/Commercial Bank – client coverage model
Liquefying traditional credit
• Changing culture – maximize the enterprise
• Continued risk management focus with emphasis on:
Regulatory / compliance
Operational changes necessary to ensure traction of investments
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24. Wealth & Investment Management
Revenue by line of business
Other Columbia
Brokerage 3% Management
13% Group
21%
Premier
Private Bank Banking
33% 30%
2004 Financial Results
• Revenue $ 5.9 billion
• Net income $ 1.6 billion
• Client Assets $ 708 billion
• Loans $ 50 billion
• Deposits $ 111 billion
Based on 2004 Revenue
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25. Wealth & Investment Management:
Continuing Momentum from 2004
Expanding Distribution
Premier Client Managers (1,800)
BAI Financial Advisors (2,100)
Driving Productivity
Revenue Per Average FTE
Profit Per Average FTE
Broker Productivity
Expanding Products
Average Loans
Average Deposits
Assets Under Management
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26. Balance 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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27. 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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28. Growing 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
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