Bank of America Growing Relationships

Liam McGeePresidentGlobal Consumer & Small Business Banking

UBS Financial Services ConferenceMay 16, 2006

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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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The Focus Today

• Who we are

• How we run the business

• Proven results

• How we will grow

4

Bank of America – A Diverse Business Mix

1Q06 Earnings of $5.0 Billion

Global Wealth &Investment Management

12%

Global Consumer & Small Business Banking

54%

Global Corporate &Investment Banking

32%

Other2%

Global Consumer & Small Business Banking

Who We Are

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America’s Most Convenient Financial Solutions Company

Bank of America stores

In our footprint…• 76% of U.S. population

• 93% of Hispanic households

• 86% of Asians

• 77% of African-Americans

• 75% of small businesses

Serving 54 million consumer & small business households

Through…

• 5,786 banking centers

• 16,716 ATMs

• Number 1 online bank

• 5,000+ affinity relationships

Who We Are

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Leading Market Share

No. 1 Retail deposits 13.5 %

34.6 %

4Q05 Market Share

No. 5 First mortgage 3.3 %

No. 1 Home equity 8.4 %

No. 1 Online Banking

58.6 %No. 1 Online Bill Pay

22.4 %No. 1 Small Business Banking

21.5 %No. 1 Credit Card

No. 1 Debit Card* 15.5 %

*2004 Total Purchase volume, The Nilson Report

No. 2 Merchant Services 16.0 %

Who We Are

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Geographic Diversity

Bank of America stores

Northeast

17%

Northeast

17%

Southeast

24%

Southeast

24%

West

22%

West

22%

Southwest

16%

Southwest

16%

Community Banking

13%

Community Banking

13%

Out of Footprint

8%

Out of Footprint

8%

Represents legacy BAC only distribution of earnings

1Q06 Earnings of $2.7 billion

Who We Are

Proven Results

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Increased Profitability($ in billions)

Proven Results

Revenue

$8.8$9.4

$10.2

$8.0

$10.0

$12.0

1Q2004 1Q2005 1Q2006

8% growth

Net Income

$1.9$2.4 $2.7

$0.0

$1.0

$2.0

$3.0

$4.0

1Q2004 1Q2005 1Q2006

19% growth

Pro forma with Fleet, MBNA

Efficiency Ratio

55%

50%

46%

40%

50%

60%

1Q2004 1Q2005 1Q2006

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Sales Growth

Proven Results

Net New Checking Accounts

443,000

1,192,000

2,063,0002,300,000

2002 2003 2004 2005

Net New Savings Accounts

(275,000)

652,000

1,852,000

2,594,000

2002 2003 2004 2005

Home Equity Production in billions

30.038.0

61.072.0

2002 2003 2004 2005

New Store/Online Consumer Credit Cards

1,250,0001,565,000

1,784,000

2,916,000

2002 2003 2004 2005

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Proven Results

Customer Delight

20052001 2002 2003 2004

41%

49.5%

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Growing Quality Customer Relationships

Proven Results

Excluding MBNA

Total Household Growth(Pro Forma with Fleet – in millions)

17% Growth

33

39

2002 2003 2004 2005

Multi-product Household Growth

9% Growth

41%

45%

4Q04 1Q05 2Q05 3Q05 4Q05

How We Run The Business

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Integrated Operating Model

Product Distribution

• Banking centers

• e-Commerce

• Mortgage salesforce

• Affinity groups

• ATM channel

• Phone channel

• Card

• Deposits

• Mortgage, HELOC,consumer loans

• Insurance

• Investments

• Small Businessproducts

How We Run The Business

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Competitive Differentiators

• National franchise strategy

• Extensive knowledge from an unparalleled customer base

• Integrated operating model

• Enabling us to anticipate customer needs and…

Innovate

How We Run The Business

17

Innovation in Products and Services

Risk-free CD

How We Run The Business

How We Will Grow

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Growth Opportunities

• Market optimization

• Online banking

• Channel diversification

• Mass Market Small Business

• Credit card

• Affinity banking

• Home equity

How We Will Grow

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Optimizing Market Opportunities

1 HH penetration equal to HHs with BAC deposit acct. divided by number of HHs in market that hold a deposit acct

2 Sales Performance = Sales Opportunity / BAC Branch Share

Checking Sales Performance 2

2.02.4

1.9

2.7

1.72.2

1.82.2

2.82.3 2.1

2.5

1.8

1.3

2.2

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How We Will Grow

Relative HH Market Share Penetration 159% 55% 52% 51% 46%40% 39% 39% 38% 38% 37%

31%22%

7%2%

LA

Seat

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Online Banking Growth

• Among top 30 most-visited U.S. Web sites• #1 among financial institutions• 1.76 billion site visits annually

How We Will Grow

* 1Q06 includes MBNA

4.06.6 7.4

9.53.2

5.87.3

10.1

Q4 2003 Q4 2004 Q4 2005 Q1 2006

19.6 Million Online Banking Active Users

Bill Pay users

7.2

12.414.7

19.6*

10.1 Million Online Bill Pay Users

59.6%

Bank of AmericaAll Other

Online Bill Pay Market Share

22

Incremental Online Customer Relationship Value*

DepositBalances

LoanBalances

Profitability

Why Online Banking Is Important

*Three years after going online, combined access-onlyand bill pay customers

How We Will Grow

15%

28% 27%

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Diversifying Distribution and Lowering Costs

How We Will Grow

Channel Diversification

29.5MM32.3MM

36.5MM

Product Sales Mix % by Channel(Units MM)

13.4%9.6% 13.6%

14.1%

7.7% 11.9%

67.8%

68.4%

65.7%

4.7%

14.3%

8.9%

0

4

8

12

16

20

24

28

32

36

40

44

48

2004 2005 2006E

Direct Mail

Banking Center

E-Commerce

Other$30

$140

$50

Credit Card Origination Costs$113 $98 $78Avg. cost

10% 10%16%

2% 7%

8%22%

34%

52%

65%

49%

24%

2004 2005 1Q06

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Mass Market Small Business Growth

Customers & ProspectsBank of America Small Business

Customer Penetration

How We Will Grow

Mass Market SBs in footprint – 22.0 MM

Mass Market SBs Prospects 17.1 MM

SBs Banking w/ BAC – 4.9 MM

22.4% Penetration

18.2%20.8%

22.4%

2003 2004 2005

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Small Business Product Sales(Thousands)

473

578

1Q05 1Q06

Deposit Products Credit Products Online Merchant

Sales Growth in Mass Market Small Business Products

• Total Sales – 22% Growth

• Business Credit – 79%

• Online Banking – 67%

• Business Checking – 20%

• Loans – 15%

• Deposits – 12%

How We Will Grow

22% Growth22% Growth

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$1.0$1.2

1Q2005 1Q2006

$0.3

$0.4

1Q2005 1Q2006

Driving Top Line and Bottom Line Growth

How We Will Grow

19% Growth 41% Growth

Revenue Net Income

$ in billions

Mass Market Small Business

27

7%

22.4%

BAC Small BusinessCredit Market Share

BAC Small BusinessCustomer Penetration

Mass Market Small Business Credit Opportunity

How We Will Grow

Growing credit share to match market penetration

=Additional $20 Billion

in balances

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Card Services Opportunity

• Card Services transition on target

• Drive sales growth through all channels

• Strong early results with affinity card sales

• Leverage MBNA marketing, judgmental lending & collections best practices

• International credit card portfolio

How We Will Grow

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Top U.S. Credit Card Issuer - 20051

$153 $139$114

$73$54 $44

Bank ofAmerica

JPMorganChase

Citigroup AmericanExpress

CapitalOne

Discover

1 Source: $ in BB; Nilson Report, 50 Largest Bank Credit Issuers in the US – 2005; company reports (excludes private label)2 Source: Company reports * JP Morgan Chase growth rate excludes impact of Sears Canada acquisition

4.5%3.5%

1.8%

-2.7%-3.7%

Bank ofAmerica

JP MorganChase*

CapitalOne

Discover Citigroup

Leading Industry Growth - 20052

Credit Card: Leading Position and Performance

How We Will Grow

scov tigro

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Leadership in Affinity Relationships

• More than 5,000 organizations endorse our products including:

– 1,400 professional organizations

– 900 colleges and universities

– 600 sports related organizations

How We Will Grow

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Online• More than 300 affinity cards now offered on bankofamerica.com• 1Q06 results – 3x more than expected growth

Banking Center Pilot• Banking Center applications more than double expected volume• 1Q06 sales in pilot program – 2x more than expected growth

Next Steps• Mid-summer national banking center rollout

Affinity Sales Early Success

How We Will Grow

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Affinity Banking

How We Will Grow

Propensity to accept multiple endorsed productsPropensity to accept multiple endorsed products

• Affinity and Business Partners

– 81% endorse 2 or more products

– 68% endorse 3 or more products

• Members

– 20% use multiple endorsed products

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Engine for Growth: Affinity Banking

Bank of America Retail Products and Distribution

NewAffinity Banking Model+ =

How We Will Grow

MBNA Affinity Relationships

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Home Equity Leader With Room To Grow

Growing 8.4% market share to 13.5% (matching retail deposits share)

How We Will Grow

$27

$44$58

$71

2002 2003 2004 2005

Home Equity Balances($in billions)

#1

$43 billion in incremental balances=

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Leading Intermediary in Customer Cash Flow Cycle

How We Will Grow

Companies

Consumers

Merchants

• #1 Online banking

• #1 Online billpay

• #1 home equity lender

• #1 business lender

• #2 merchant processor

Bank of America

• #1 check processor

• #1 debit card

• #1 credit cards

• #1 ATM network

• #1 Cash processor

• #1 Cash Management bank

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Credit Solutions Continuum

How We Will Grow

Customer credit needs

Relationship-based Common Decision Engine

Unsecured Lines

SecuredCredit Card

Small BusinessLending

Unsecured Credit Card

FirstMortgage

Home Equity

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In Summary

• Uniquely positioned national franchise

• Diverse base of earnings

• Strong track record

• Leveraging our competitive differentiators

• Focused on best growth opportunities