1. Bank of America
Positioned For Growth
Ken Lewis
Chairman, President and Chief Executive Officer
UBS Best of Americas Conference
June 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) 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.
2
3. 5th Most Profitable Company in the World
TOP 10 CORPORATIONS WORLDWIDE
By Earnings in millions
1st Quarter 2006
1. Exxon Mobil $8,400
2. Royal Dutch/Shell $6,088
3. Citigroup $5,639
4. BP PLC $5,265*
5. Bank of America $4,986
6. Pfizer $4,111
7. Total SA $4,060
8. General Electric $4,000
9. Chevron Texaco $3,996
10. Altria Group $3,477
* Replacement Cost Profit
3 Based on earnings reports available as of 4/30/06
4. 7th Largest Market Capitalization
TOP 10 CORPORATIONS WORLDWIDE
By Market Capitalization in billions
1st Quarter 2006
1. Exxon Mobil $368
2. General Electric $362
3. Microsoft $277
4. Citigroup $235
5. BP PLC $232
6. Royal Dutch/Shell $213
7. Bank of America $209
8. Toyota Motor $197
9. Wal-Mart $197
10. OAO Gazprom $197
4 Based on 3/31/06 market price and most recent shares outstanding
6. A Diverse Business Mix
1Q06 Earnings of $5.0 Billion
Other
2%
Global Corporate &
Investment Banking
32%
Global Consumer &
Small Business Banking
54%
Global Wealth &
Investment Management
12%
6
7. Coast to Coast Retail Footprint
Bank of America stores
In Bank of America Markets
• 76% of U.S. population
• 54 million consumer and small
business households
7
8. Focused Where Markets Are Growing
Seattle Bank of America stores
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
8
9. Focused Where Populations Are Growing
Seattle Bank of America stores
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
• 93% of Hispanic
• 86% of Asians
• 77% of African-Americans
9
10. Unparalleled Distribution and Convenience
Stores Online Banking ATMs Telephone
• 5,786 stores • Ranked #1 for • 16,716 ATMs • 700 million calls
customer
• 30 states + D.C. experience • 70%+ of customer • 85% delight with
(Vividence) households are phone
• 600 million active users representatives
customer visits • #1 small business
annually website (Gomez) • 1.1 billion
transactions
• 1 billion face-to- • 59% bill pay
face teller market share • 155 million
transactions deposit
transactions
10
11. Competitive Advantages in Wholesale Banking
Leading Market Position, Industry Expertise and Local Delivery
• Relationships with more than 230,000 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:
– Top 5 US Rankings in:
• Syndicated Loans
• Leveraged Loans
• High Yield Debt
• Investment Grade Debt
• Private Placements
– Top 10 US Rankings in
• Asset-Backed Securities
• Equity
• M&A
11
12. Growing Global Capabilities
Global Capabilities...
– Serving clients in more than 175 countries
– Relationships with 79% of Global Fortune 500 companies
12
13. Expanding International Card Platform
• 9 million accounts
• $23 billion in loans
United Kingdom
• 1,100 endorsements
• Exploring opportunities in
China & other countries
Spain
Ireland
13
14. 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 SBA lender • Top foreign exchange dealer
• #1 consumer credit card lender • #2 in loan syndications
• #5 retail mortgage originator • Top 5 US capital markets debt
capabilities
• Top 10 private bank
• Top 10 equity and M & A platform
• Top 10 wealth manager
14
16. Execution is Driving Organic Growth
Innovation
Use Scale to Be A Build a Strong
Low Cost Provider Brand
Organic Growth
Risk Management Improve the
As A
Customer
Competitive
Advantage Experience
16
17. 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
17 Source: Enterprise Analytics, Fortune, FT
18. Driving Results Through Process Improvement
Customer
• 21% improvement in customer delight scores
since 2001
• 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
• Business leaders gaining Six Sigma skills
Shareholder
• Savings reinvested in businesses
• Several processes at Six Sigma quality
18
19. 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
19
20. A History of Strong Cost Control
61%
Efficiency Ratio
55% 55%
54%
53% 53%
52%
49%
1998 1999 2000 2001 2002 2003 2004 2005
20 Excludes merger & restructuring charges
21. Voice of the Customer Drives Product Innovation
A Customer WOW Today Becomes the Norm Tomorrow
Affinity Relationships
Rewards & Product Innovation
Record Keeping Mini Card
Cobranded
Safety & Security Automotive Cards
Online Banking
Convenience Photo Security ®
Cobranded Airline
Cards
Broad Network Affiliations
Intraday Balance
And Activity
Debit Card Introduction
History of Delivering Value to Customers
21
23. Online Banking Leader
19.6 Million Online Banking 10.1 Million Online Bill Pay Users
Active Users
19.6*
Bank of America
14.7
10.1
All Other
12.4
7.3
7.2 5.8 59.6%
3.2 9.5
6.6 7.4
4.0
Q4 2003 Q4 2004 Q4 2005 Q1 2006
Bill Pay users Online Bill Pay Market Share
• Among top 30 most-visited U.S. Web sites
• #1 among financial institutions
• 1.76 billion site visits annually
23 * 1Q06 includes MBNA
25. Growing Accounts
Net New Checking Accounts Net New Savings Accounts
2,300,000 2,594,000
2,063,000
1,852,000
1,192,000
652,000
443,000
2002 2003 2004 2005
(275,000)
2002 2003 2004 2005
Home Equity Production New Store/Online Consumer Credit
in billions 72 Cards
61 2,916,000
38 1,784,000
30 1,565,000
1,250,000
2002 2003 2004 2005 2002 2003 2004 2005
25
26. Effectively Utilizing Capital
Capital Investment Primary Advantage
• Santander Serfin Enhance multicultural strategy
Gain scale in merchant services
• National Processing
business
Tap into tremendous growth of
• China Construction Bank
Chinese economy
• Fleet Complete national franchise and
entry into NE wealth markets
Become premier payments
• MBNA provider and leverage products
and distribution
26
27. Affinity Banking Expands the Power of the Franchise
+ =
Bank of America New
MBNA Affinity
Retail Products Affinity Banking
Relationships
and Distribution Model
5,000 Endorsing 5,800 Banking Centers Leverage Customer
Organizations 17,000 ATMs Passions
24 Million Affinity Card 19 Million On-Line Cross-Sell Banking
Customers Customers Products
#1 Deposit Market Share
#1 Business Lender
#1 Home Equity Lender
#1 Debit Card Share
#2 Merchant Processor
27
28. Consistent Attractive Earnings Growth
Diluted EPS
$4.11
wth
m p ound Gro
1 0% C o
$3.75
$3.55
$3.05
$2.88
$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 - $2.30 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 - $3.64 reported EPS has been adjusted $. 11 to exclude charges for merger and restructuring
costs.
2005 - Reported EPS $4.04 excluding $.07 merger and restructuring charges
28
29. 28 Consecutive Years of Dividend Increases
$1.90
Dividend
Yield
4.0%
th
row
li z ed g
n n ua
13 %a
$0.07
1977 2005
29 Yield based on annualized dividend and price as of 5/10/06
30. Aggressive Capital Management
$ in millions $2,329 $85,226
• Returned $85 billion in capital since 1998
$4,069
• Since 1998, net share repurchases plus dividends $37,293
have averaged 80% of net income.
$47,933
Repurchases Dividends
1998 1999 2000 2001 2002 2003 2004 2005 1Q06 Cumulativ e
EOP Common Shares 3,448 3,354 3,228 3,118 3,002 2,882 4,047 4,000 4,581
Tier 1 Tier 1
7.06% 8.45%
30
31. Steady Strong Shareholder Returns
Bank of America S & P 500 Index Bank Index Dow
16.1% 16.7% 15.9%
15.8%
15.0%
12.7% 13.4%
1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr 15 Yr
Shareholder returns based on month-end of April for each period
31 TSR is the annulaized total shareholder return including dividends
32. Energized Focus on Customer in 2000 was
Watershed Event
CAGR
2000-2005
Revenue Per Share 7%
Diluted EPS 10 %
Dividends per share 13 %
Total Share return 20 %
32 Total share return includes dividends as of 12/31/05
33. 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
33
