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Bank of America Opportunities For Growth at Goldman Sachs Conference
1. Bank of America
Opportunities For Growth
Ken Lewis
Chairman, President and Chief Executive Officer
Goldman Sachs Financial Services Conference
December 13, 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) changes in accounting standards, rules or interpretations, 10) litigation liabilities,
including costs, expenses, settlements and judgments, may adversely affect the company or its
businesses; 11) mergers and acquisitions and their integration into the company; and
12) 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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3. Achieving Growth in a Challenging Environment
Proforma highlights on a Diluted EPS excluding merger
“managed” basis 1 and restructuring charges
2005 2006
$4.58 – $4.72
Revenue Growth 5% 6% $1.06 -
$1.20
Net interest income - 1%
Noninterest Income 13% 14%
$4.11
$3.75 $3.52
Expense growth: - 2%
(excl. merger charges)
Provision Expense 12% (15%)
2004 2005 YTD2006
Securities Gains/(losses) (39%) NA Operating EPS 2 Consensus range
Achieved While Completing 2 of Industry’s Largest Acquisitions
1 Managed basis presents revenue and credit costs without the effect of credit card securitizations.
2 Excludes merger and restructuring charges of $.11, $.07 and
3 $.08 in 2004, 2005 and 2006 respectively
4. Selling More Products to More Customers
Net New Checking Accounts Net New Savings Accounts
2,300,000 2,594,000
2,063,000
2,048,000
1,823,000
1,192,000 1,159,000
652,000
443,000
(275,000)
2002 2003 2004 2005 9 mo. 2006 2002 2003 2004 2005 9 mo. 2006
Home Equity Production New Store/Online Consumer Credit Cards
in billions 72.0
2,451,000
61.0 60.4
2,196,000
38.0 1,784,000
30.0 1,565,000
1,250,000
2002 2003 2004 2005 9 mo. 2006 2002 2003 2004 2005 9 mo. 2006
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6. 29 Consecutive Years of Dividend Increases
$2.12
Dividend
Yield
4.0%+
wth
ed gr o
z
uali
ann
13%
1977 2006
Yield based on annualized dividend and price as of 11/27/06
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7. Aggressively Managing Capital
$ in millions
$98,266
• Returned $98 billion in capital since 1998
• Since 1998, net share repurchases plus dividends $44,443
have averaged 80% of net income.
$53,823
Repurchases Dividends
1998 1999 2000 2001 2002 2003 2004 2005 YTD06 Cumulative
EOP Common Shares 3,448 3,354 3,228 3,118 3,002 2,882 4,047 4,000 4,498
Tier 1 Tier 1
7.06% 8.48%
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8. Bank of America Differentiating Factors
1. Ubiquitous franchise
1. Vast customer base
2. Unparalleled customer convenience
3. Market and product leadership positions
4. Information and innovation
2. Demonstrated ability to execute
1. Leverage franchise capabilities
2. Provide innovative customer solutions
3. Superior integration expertise
3. Opportunities for continued organic growth
1. Retail banking penetration
2. Capturing the wealth opportunity
3. Commercial banking client expansion
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9. Coast to Coast Footprint
In Bank of America Markets
• 76% of U.S. population
• 55 million consumer and small
business households
Positioned in growth markets
• 16 of 20 fastest growing states
• 20%+ retail deposit market share in
top 30 markets
Business Client Leader Affluent relationships
• #1 Small Business Bank • Relationship with 44% of mass
• Relationships with 98% of the U.S. affluent households
Fortune 500 companies and • 44% of wealthy households in
• 80% of the Global Fortune 500 footprint
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12. Retail Growth Opportunities
• Market optimization
• Mass market small business
• Credit card
• Affinity banking
• Online banking / channel diversification
Student Secured Unsecured First Home Unsecured
Lending Credit Card Credit Card Mortgage Equity Lines
Relationship-based Common Decision Engine
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13. Capitalizing on the Affluent Opportunities
• Investing in client facing associates
• Leveraging GCIB relationships through integrated delivery
• Improving performance of funds
• US Trust acquisition
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14. Expanding Commercial and Corporate Relationships
Focus Integrate Refine Execution
Improve
on the Execution
Clients Platform
• Operate as an integrated, client-focused institution
• Align clients to optimal delivery channel
• Eliminate organizational boundaries and build enterprise delivery
through the client management process
• Invest in Capital Markets and Treasury Services
• Focus on client retention and deepening relationships
• Build sustainable, profitable client relationships
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15. Managing for Growth
• Leveraging scale of national franchise
• Utilizing our knowledge to innovate
• Focused on growth opportunities
• Driving strong capital returns
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