#1 Online Bank: Service, Sales and Security

Sanjay GuptaE-Commerce & ATM ExecutiveBank of America

June 20, 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.

3

Growth of online U.S. households

Broadband penetration

Online banking household growth

Online bill pay growth

Key Industry Trends

Industry Landscape

4

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 %

5

Online Banking Growth

* 1Q06 includes MBNA

19.6 Million Online Banking Active Users

Bill Pay users

7.2

12.414.7

19.6*

4.0 6.6 7.4 9.53.2

5.87.3

10.1

Q4 2003 Q4 2004 Q4 2005 Q1 2006

6

Incremental Online Customer Relationship Value*

DepositBalances

LoanBalances

Profitability

Why Online Banking Is Important

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

15%

28% 27%

7

Among Top 30 U.S. Properties: Unique Visitors

May 2006 (000s)

15,500

Disney online (No. 30) 21,400

48,300Amazon (No. 8)

25,900Wal-Mart (No. 20)

Bank of America (No. 26) 23,000

Source: comScore Media Metrix

14,000

Orbitz.com (No. 39)

Overstock.com (No. 50)

• No. 1 among financial services companies

8

Service Into Sales: Rapid Growth

2002 2003 2004 2005

90%

Sales of online products% increase

66%

161%Growth

9

0

50

100

150

200

250

Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05

Bank of America

Chase/Bank One

Citibank

INGDirect

National City

SunTrust

USBank

Wachovia

Wamu

Wells Fargo

Com

plet

ed A

pplic

atio

ns (0

00)

Application Completion Rate – Best in Class

Number of Unique Visitors Completing Online Applications

comScore Networks, Q305

Those visitors receiving acknowledgment from the domain of successful completion of the application process (e.g., "Thank you for applying for a credit card...").

10

Diversifying Distribution and Lowering Costs

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

11

Diversifying: Home Equity and Mortgage Sales

1Q05 1Q06

4.6%

9.2%

Home Equity Sales Mix: % Online

9.2%

First Mortgage Sales Mix: % Online

1Q05 1Q06

0.6%

5.2%

12

Growth Opportunities: Affinity Relationships

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

– 1,400 professional organizations

– 900 colleges and universities

– 600 sports-related organizations

13

Small Business Opportunities

• Online invoicing

• Online payments

• Online payroll

• Cross-sell on consumer pages

• New “storefront” for lending

• New “storefront” for merchant card processing

14

Web-based ATM Opportunities

• Low-cost channel

• Reduce teller lines

• Targeted cross-sell

• Customer channel choice

• Same “look and feel”

• Customer satisfaction

15

E-Commerce Threats

No longer open emails that say they are from my financial provider

Not enroll in online banking or bill pay

Not apply online for a financial product

Stop using online banking or bill pay

“To what extent do you agree with the following statement: Concern about phishing has caused me to …”

Source: Forrester. Base: US online consumers who answered “agree” or “strongly agree”

14%

19%

20%

26%

16

Best-in-class: SiteKey

17

Recognition: SiteKey

“THANK YOU for the extra level of protection via the SiteKey.”

“I feel more confident knowing that I am accessing a ‘true’ Bank of America site.”

18

E-Alerts: Balance, Payments, Security

19

Recognition: Service, Sales and Security

20

Questions and Answers

www.bankofamerica.com