1. Managing for Growth
Ken Lewis
Bank of America
Citigroup Smith Barney Investor Conference
January 26, 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.
2

3. Overriding Management Goals
Characteristics for Success
• Effective
• Efficient
• Opportunistic
• Admired
3

4. Effective
“Bank of America will be effective by
consistent execution of our customer strategy
to grow revenue and be the number one
financial services provider”
4

5. 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
5

6. Strong Leadership
Ken Lewis
Ken Lewis
Chief Executive Officer
Chief Executive Officer
Liam McGee
Liam McGee Gene Taylor
Gene Taylor Al deMolina
Al deMolina Brian Moynihan
Brian Moynihan
President
President President
President President
President President
President
Consumer & Small Business
Consumer & Small Business Commercial
Commercial Global Corporate &
Global Corporate & Wealth& Investment
Wealth& Investment
Banking
Banking Investment Bank
Investment Bank Management
Management
Jim Hance Marc Oken
Marc Oken Amy Brinkley
Amy Brinkley Barbara Desoer
Jim Hance Barbara Desoer
Vice Chairman Chief Financial Officer
Chief Financial Officer Chief Risk Officer
Chief Risk Officer Technology, Service &
Vice Chairman Technology, Service &
Fulfillment Executive
Fulfillment Executive
Jay Sarles
Jay Sarles Steele Alphin
Steele Alphin Cathy Bessant
Cathy Bessant Milton Jones
Milton Jones
Vice Chairman
Vice Chairman Principal
Principal Chief Marketing and
Chief Marketing and Quality and
Quality and
Special Advisor
Special Advisor Personnel
Personnel Communications
Communications Productivity
Productivity
to CEO
to CEO Executive
Executive Officer
Officer Executive
Executive
29
6

7. Formula for Success
Process Improvement
Customer Satisfaction
Account Growth
Revenue Growth
7

8. 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
8

9. Improving Customer Delight
Improved Customer Delight, while Growing Number of
Accounts and Reducing Unit Costs
Top 2 Box Customer Delight - Checking Accounts
63%
60%
56%
Q4- 2002 Q4-2003 Q4-2004
9

10. 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
10

11. Consistently Growing the Business
($ 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
11

12. 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
12

13. Efficient
“Efficiency is determined not only by how we
manage costs but also measured by the
productivity of our associates”
Productivity is a journey with no end….
13

14. A Strong History of Managing Costs
Efficiency Ratio
61%
55% 56%
54% 54%
53% 52%
1998 1999 2000 2001 2002 2003 2004
Excludes merger & restructuring charges
14

15. Seller Productivity Is Increasing
Average Sales/Seller/Day
(Legacy BAC)
2004
6.2
2003
4.1
2002
3.4
3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04
Full Year Sales/Seller/Day QTD Sales/Seller/Day
15

16. Scale is a Competitive Advantage
• Unparalleled convenience
• Vendor leverage
• National marketing
• Business reinvestment opportunities
16

17. Operating Leverage
Earnings Growth from Operating Leverage
Operating Leverage
0% 1% 2% 3% 4%
Revenue Growth
4% 4% 6% 6% 8% 9%
6% 6% 7% 8% 10% 11%
8% 9% 10% 12% 13% 14%
10% 10% 11% 12% 14% 15%
•Normal range for revenue growth of 7 – 9%, and
•Operating leverage range of 2 – 4% produces
•earnings growth of 8 – 14%
17

18. Opportunistic
“Substantial cash flow provides a company
the flexibility to invest for future growth and
to return excess capital to shareholders”
18

19. Earnings Power Provides Advantages
($ millions)
Pre-tax Cash Earnings
$21,885
$16,078
$13,103 $12,652 $13,209
$10,995
1999 2000 2001 2002 2003 2004
19

20. Capital Opportunities
Cash Flow
Business Share
Reinvestment Repurchases
Strong
Balance Dividends
Sheet
Acquisition
Opportunities
20

21. Reinvesting in the Businesses
• Added more than 300 banking stores over the past two years
• Upgraded technology platforms
– LoanSolutions
– Teller systems
– ATMs
• $675 million investment in Global Corporate & Investment Banking
– Focused on domestic debt platform
– Selected international improvements
– Selected equity hires
• Expanding distribution in Wealth & Investment Management
– Currently 2,100 financial advisors
– Currently 1,800 premier banking client managers
21

22. Financial Strength
($ in millions)
December 31, 2004
Assets $ 1,110,457
Loans & leases 521,837
Deposits 618,570
Shareholder's equity 99,645
Market capitalization 190,147
Tier 1 Capital ratio 8.1 %
2004
Revenue $ 48,894
Earnings 14,143
Return on Equity 17%
22

23. Investments and Acquisitions
• 24.9 percent investment in Grupo Financiero Santander Serfin
– Advance Bank of America's strategy to better serve the Hispanic market
– Leverage Santander expertise for other business opportunities
• National Processing acquisition
– Created 2nd largest bankcard merchant acquirer
– Created scale in merchant service processing
• Fleet Financial Merger
– Extended #1 U.S. consumer retail bank
– Enhanced business banking franchise
– Significantly increased position as wealth manager
23

24. 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
24

25. 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%
25

26. Admired
Our goal is to be:
•the best place to do business
•the best place to work
•the best place to invest your money
26

27. Best Place to Do Business
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
27

28. Best Place to Do Business
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
28

29. Easiest Place to Do Business
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
29

30. Best Place to Work
Working Mother
Hispanic Magazine
Bank of America has been chosen
as one of the 100 Best Companies Hispanic Magazine has named Bank of America one
for Working Mothers by Working of the top 100 companies in the U.S., acknowledging
Mother magazine. a number of innovations that provide business and
job opportunities for Hispanic Americans.
In Fortune's Global Most Admired Companies
list, Bank of America has been ranked #4 in
the industry category.
DiversityInc. Magazine
Bank of America has been
recognized by DiversityInc as one
of the Top 50 Companies for
Diversity. Fortune Magazine
50 Best Companies
for Minorities
30

31. Best Place to Invest
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.
31

32. Best Place to Invest
Excellent Dividend Growth
$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
32

33. Best Place to Invest
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.
33

34. Energized Focus on Customer in 2000 was
Watershed Event
CAGR
2000-2004
Revenue Per Share 7%
Diluted EPS 10%
Dividends per share 13%
Total Share return 24%
Market Value 27%
34