Bank of America Positioned For Growth

Ken LewisChairman, President and Chief Executive Officer

UBS Best of Americas ConferenceJune 1, 2006

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Forward Looking StatementsThis 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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TOP 10 CORPORATIONS WORLDWIDEBy Earnings in millions

1st Quarter 2006

1. Exxon Mobil $8,4002. Royal Dutch/Shell $6,0883. Citigroup $5,6394. BP PLC $5,265*5. Bank of America $4,9866. Pfizer $4,1117. Total SA $4,0608. General Electric $4,0009. Chevron Texaco $3,99610. Altria Group $3,477

* Replacement Cost Profit

5th Most Profitable Company in the World

Based on earnings reports available as of 4/30/06

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1. Exxon Mobil $3682. General Electric $3623. Microsoft $2774. Citigroup $2355. BP PLC $2326. Royal Dutch/Shell $2137. Bank of America $2098. Toyota Motor $1979. Wal-Mart $19710. OAO Gazprom $197

7th Largest Market Capitalization

Based on 3/31/06 market price and most recent shares outstanding

TOP 10 CORPORATIONS WORLDWIDEBy Market Capitalization in billions

1st Quarter 2006

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Differentiating Characteristics

Franchise Operating Excellence Track Record

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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%

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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

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Focused Where Markets Are Growing

Seattle

Portland

San Francisco

Los Angeles

San Diego

Phoenix

Las VegasLas VegasDallas/

Ft. WorthDallas/

Ft. Worth

HoustonMiami/

Ft. LauderdaleTampa/

St. Petersburg

Orlando

CharlotteAtlantaAtlanta

Baltimore/D.C.

Philadelphia

New York

Boston

ChicagoChicago

St. LouisSt. Louis

Bank of America stores

Bank of America Franchise

• 16 of 20 fastest growing states

• 20%+ retail deposit market share in top 30 markets

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Focused Where Populations Are Growing

Seattle

Portland

San Francisco

Los Angeles

San Diego

Phoenix

Las VegasLas VegasDallas/

Ft. WorthDallas/

Ft. Worth

HoustonMiami/

Ft. LauderdaleTampa/

St. Petersburg

Orlando

CharlotteAtlantaAtlanta

Baltimore/D.C.

Philadelphia

New York

Boston

ChicagoChicago

St. LouisSt. Louis

Bank of America stores

Bank of America Franchise

• 93% of Hispanic

• 86% of Asians

• 77% of African-Americans

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Unparalleled Distribution and Convenience

Stores

• 5,786 stores

• 30 states + D.C.

• 600 million customer visits annually

• 1 billion face-to-face teller transactions

Online Banking

• Ranked #1 for customer experience (Vividence)

• #1 small business website (Gomez)

• 59% bill pay market share

ATMs

• 16,716 ATMs

• 70%+ of customer households areactive users

• 1.1 billion transactions

• 155 milliondeposit transactions

Telephone

• 700 million calls

• 85% delight withphone representatives

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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 midsizecompanies

• 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

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Growing Global Capabilities

Global Capabilities...

– Serving clients in more than 175 countries

– Relationships with 79% of Global Fortune 500 companies

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Expanding International Card Platform

• 9 million accounts

• $23 billion in loans

• 1,100 endorsements

• Exploring opportunities in China & other countries

Spain

United Kingdom

Ireland

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Unmatched Scale and Scope

• #1 US deposit market share

• #1 debit card market share

• #1 home equity lender

• #1 SBA lender

• #1 consumer credit card lender

• #5 retail mortgage originator

• Top 10 private bank

• Top 10 wealth manager

• #1 middle market lender

• #1 bank-owned asset-based lender

• #1 treasury services provider

• Top foreign exchange dealer

• #2 in loan syndications

• Top 5 US capital markets debt capabilities

• Top 10 equity and M & A platform

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Franchise

Differentiating Characteristics

Operating Excellence Track Record

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Risk ManagementAs A

CompetitiveAdvantage

Improve the Customer

Experience

Build a StrongBrand

Execution is Driving Organic Growth

Use Scale to Be A Low Cost Provider

Innovation

Organic Growth

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Our Brand Has Come A Long Way

Bank of AmericaUnaided Awareness

(2000)

Bank of America Unaided Awareness

(2005)

FortuneMost Admired Corporations

(Megabanks)

Financial TimesWorlds Most Respected Companies

(Financial Companies)

• Wells Fargo – 23%• Citibank – 18%• Wachovia – 16%• Chase – 11%

• 2005 1st

• 2004 2nd

• 2003 3rd

• 2002 6th

• 2004 5th

• 2001 7th

• 2000 12th

Source: Enterprise Analytics, Fortune, FT

23%

41%

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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

Driving Results Through Process Improvement

Customer• 21% improvement in customer delight scores

since 2001• Attracting attention across the industry

Shareholder • Savings reinvested in businesses• Several processes at Six Sigma quality

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Strong Credit Culture

2006 & Beyond: To Competitive Advantage

• Increased predictive capabilities• Greater external focus to influence our destiny• Escalation & response• Deeper organizational understanding and

ownership

2001-2005: Built Core Competency

• Comprehensive risk coverage• Stronger risk disciplines• Enhanced tools and processes• Increased executive ownership and

partnership

20 Excludes merger & restructuring charges

A History of Strong Cost Control

49%

61%

55%54%

55%

52% 53%

1998 1999 2000 2001 2002 2003 2004 2005

53%

Efficiency Ratio

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Voice of the Customer Drives Product Innovation

History of Delivering Value to Customers

Convenience

Debit Card Introduction

Safety & Security

Photo Security ®

Rewards & Product Innovation

Mini CardMini Card

CobrandedAutomotive Cards

Cobranded Airline Cards

Broad Network Affiliations

Record Keeping

Online Banking

Intraday Balance And Activity

A Customer WOW Today Becomes the Norm Tomorrow

Affinity Relationships

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Innovating Products and Services

Risk-free CD

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Online Banking Leader

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

* 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

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Franchise

Differentiating Characteristics

Track RecordOperating Excellence

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Growing Accounts

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

3038

6172

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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Effectively Utilizing Capital

• Santander Serfin

• National Processing

• China Construction Bank

• Fleet

• MBNA

Enhance multicultural strategy

Gain scale in merchant services business

Capital Investment Primary Advantage

Tap into tremendous growth of Chinese economy

Complete national franchise and entry into NE wealth markets

Become premier payments provider and leverage products and distribution

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Affinity Banking Expands the Power of the Franchise

Bank of America Retail Products and Distribution

NewAffinity Banking Model+ =MBNA Affinity

Relationships

5,000 Endorsing Organizations24 Million Affinity Card Customers

5,800 Banking Centers17,000 ATMs19 Million On-Line Customers#1 Deposit Market Share#1 Business Lender#1 Home Equity Lender#1 Debit Card Share#2 Merchant Processor

Leverage Customer PassionsCross-Sell Banking Products

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Consistent Attractive Earnings Growth

$3.55

$3.05

$2.88

$3.75

$2.55

10% Compound Growth

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

Diluted EPS

2001 2002 2003 20042000 2005

$4.11

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$1.90

$0.07

1977 2005

13% annualized growth

28 Consecutive Years of Dividend Increases

Dividend Yield4.0%

Yield based on annualized dividend and price as of 5/10/06

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$47,933

$37,293

1998 1999 2000 2001 2002 2003 2004 2005 1Q06 Cumulativ e

Repurchases Dividends

Aggressive Capital Management

• Returned $85 billion in capital since 1998

• Since 1998, net share repurchases plus dividends have averaged 80% of net income.

Tier 1

7.06%

Tier 1

8.45%

$ in millions $85,226

$4,069

$2,329

EOP Common Shares 3,354 3,228 3,118 3,002 2,882 4,0004,0473,448 4,581

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Steady Strong Shareholder Returns

15.8% 16.1%15.0%

12.7%

16.7%

13.4%

15.9%

1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr 15 Yr

Bank of America S & P 500 Index Bank Index Dow

Shareholder returns based on month-end of April for each periodTSR is the annulaized total shareholder return including dividends

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Energized Focus on Customer in 2000 was Watershed Event

CAGR2000-2005

Total share return includes dividends as of 12/31/05

Revenue Per Share 7 %

Diluted EPS 10 %

Dividends per share 13 %

Total Share return 20 %

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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