1. Bank of America
Opportunities For Growth
Ken Lewis
Chairman, President and Chief Executive Officer
Citigroup Financial Services Conference
January 31, 2007

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. Summary Earnings Statement –
Annual Comparison
($ in millions) Proforma 1 GAAP
2006 2005 % Change 2005
Core net interest income (FTE) $ 34,164 $ 32,925 4% $ 29,631
Market-based net interest income 1,651 1,938 1,938
Net interest income (FTE) 35,815 34,863 3% 31,569
Noninterest income 38,432 32,647 18 % 25,354
Total revenue (FTE) 74,247 67,510 10 % 56,923
Provision for credit losses 5,010 5,082 (1 %) 4,014
Gains (losses) on sales of debt securities (443) 1,084 NM 1,084
Noninterest expense (excl merger charges) 34,792 34,411 1% 28,269
Merger charge 805 1,179 412
Noninterest expense 35,597 35,590 28,681
Pre-tax income 33,197 27,922 25,312
Income tax expense 12,064 9,765 8,847
Net income 21,133 18,157 16 % 16,465
Merger & restructuring charges (after-tax) 507 771 275
Net Income before merger charges $ 21,640 $ 18,928 14 % $ 16,740
Diluted EPS reported $ 4.59 $ 4.04
Merger charge impact .11 .07
Diluted EPS (excl. merger charge) 4.70 4.11
Impact of intangibles amortization .24 .13
1 Proforma results include MBNA
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4. 2006 Business Results
($ in millions)
REVENUE (FTE) EARNINGS
Change vs. Proforma1 2005 Change vs. Proforma1 2005
2006 Amt. % Change 2006 Amt. % Change
Global Consumer
$ 41,691 $ 2,844 7% $ 11,171 $ 1,785 19 %
& Small Business
Global Corporate &
22,691 1,992 10 % 6,792 358 6%
Investment Bank
Global Wealth &
7,779 410 6% 2,403 55 2%
Investment Mgmt
All Other 2,086 1,491 NM 767 778 NM
Total $ 74,247 $ 6,737 10 % $ 21,133 $ 2,976 16 %
1 Proforma results include MBNA
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5. Short-term Outlook
• Continuing flat yield curve environment
• Expect GDP growth around 3%
• Core net interest income growth in low single digits
• Reduced equity investment gains
• Credit costs continue to season and normalize
• Positive operating leverage
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6. Achieving Growth in a Challenging Environment
Proforma highlights on a Diluted EPS excluding merger
managed basis 1 and restructuring charges 2
2005 2006
Revenue growth (FTE) 5% 7%
Net interest income (FTE) 1% 1%
Noninterest income 12 % 16 %
$4.70
$4.11
$3.75
Expense growth: - 1%
(excl. merger charges)
Credit costs 12 % (16 %)
2004 2005 2006
Securities gains/(losses) (39 %) NM
Achieved While Completing 2 of Industry’s Largest Acquisitions
1 Managed basis treats securitized loan receivables as if they were still on the balance sheet and presents the earnings on the sold loan
receivables as if they were not sold. Managed Noninterest Income includes the impact of the gains recognized on securitized loan principal
receivables in accordance with SFAS No. 140.
2 Excludes merger and restructuring charges of $.11, $.07 and $.11
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in 2004, 2005 and 2006, respectively

7. Consistent Attractive Earnings Growth
Diluted EPS
$4.70
ow th $4.11
nd Gr
pou
C om $3.75
11% $3.55
$3.05
$2.55 $2.88
2000 2001 2002 2003 2004 2005 2006
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 - $4.04 reported EPShas been adjusted $.07 to excludes charges for merger and restructuring costs
2006 - $4.59 reported EPShas been adjusted $.11 to excludes charges for merger and restructuring costs
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8. Operating Leverage Provides Good Returns
Compound Annual
Growth Rates
$20.00 On a per share basis
$15.89 Revenue 8%
$15.00
$9.89
$10.00
$7.57
$5.24 Expense 6%
$5.00
$4.70
Earnings 11%
$2.55
$0.00
2000 2001 2002 2003 2004 2005 2006
Revenue per share Expense per share Earnings per share
Based on originally reported results on a per share basis excluding goodwill amortization
expense in 2000 and 2001 and merger and restructuring charges in all periods
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9. Effectively Managing Costs
Efficiency Ratio
55%
54%
53% 53%
52%
49%
47%
2000 2001 2002 2003 2004 2005 2006
Excludes merger & restructuring charges
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10. Making Good Capital Decisions
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
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11. Providing Good Returns
Bank of America
15%
JP Morgan
US Bancorp
13%
KBW Bank Wachovia
12%
S & P 500 Index Wells Fargo
11%
10% 10% 10% Citigroup
Dow
9%
8%
Total Annualized Shareholder Return From 12/31/03
Bank of America
20%
Wachovia
16%
US Bancorp
KBW Bank 12%
Index
Wells Fargo
8% Citigroup
Dow 7% JP Morgan
6%
S & P 500 5% 5%
3%
Total Annualized Shareholder Return From 12/31/00
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12. 29 Consecutive Years of Dividend Increases
$2.12
Dividend
Yield
4.30%
wth
ed gr o
z
uali
ann
13%
1977 2006
Yield based on annualized dividend and price as of 1/26/07
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13. Aggressively Managing Excess Capital
$ in millions
• Including net share repurchases and dividends,
returned more than $80 billion in capital since 1998
$80,237
• Since 1998, net share repurchases plus dividends
have averaged 80% of net income.
$44,626
$35,611
Repurchases Dividends
1998 1999 2000 2001 2002 2003 2004 2005 2006 Cumulative
Capital returned as %
58 % 88 % 84 % 96 % 89 % 91 % 63 % 63 % 91 % 80 %
of earnings
Tier 1 Tier 1
7.06% 8.64%
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14. Bank of America Differentiating Factors
Ubiquitous franchise
• Vast customer base
• Unparalleled customer convenience
• Market and product leadership positions
• Information and innovation
Demonstrated ability to execute
• Leverage franchise capabilities
• Provide innovative customer solutions
• Superior integration expertise
Opportunities for continued organic growth
• Retail banking penetration
• Capturing the wealth opportunity
• Commercial banking client expansion
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