Exhibit 99.2

Supplemental Information

First Quarter 2004

April 14, 2004

This information is preliminary and based on company data available at the time of the presentation. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America does not undertake an obligation to, and disclaims any duty to, correct or update any of the information provided. Any forward-looking statements in this information are subject to the forward-looking language contained in Bank of America’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which are available at the SEC’s website (www.sec.gov) or at Bank of America’s website (www.bankofamerica.com). Bank of America’s future financial performance is subject to risks and uncertainties as described in its SEC filings.

Bank of America Corporation

Results Overview

1st Quarter 2004 Results

• Net income of $2.7 billion increased 11% compared to prior year and EPS of $1.83 increased 15%. Net income compared to 4Q03 declined 2% while EPS remained steady.

• Revenue of $9.5 billion increased 7% from 1Q03 and declined 1% from 4Q03.

• Consumer and Commercial banking revenue rose 9% over 1Q03 despite lower mortgage revenue but declined 3% from 4Q03 driven by seasonality factors.

• Global Corporate and Investment Banking revenue declined slightly from 1Q03 primarily from lower spread income on trading assets and loan balances but increased 11% from 4Q03 on improved trading results.

• Asset Management revenue rose 14% over 1Q03 on increased sales and higher market valuations while revenue compared to 4Q03 fell as a result of an equity gain recognized in 4Q.

• Trading profits includes $275 million writedown in mortgage banking assets.

• Noninterest expense included a charge, net of reserves, related to mutual funds settlement of $285 million.

• Recorded $495 million in securities gains from repositioning balance sheet in anticipation of rising interest rates.

• Provision for credit losses of $624 million down 25% from 1Q03 as asset quality improved; however, it was 7% higher from 4Q03.

• Net charge-offs of $720 million declined 14% from 1Q03 and fell slightly, as well, from 4Q03.

• Nonperforming assets, now at the lowest level since 1999, declined 51% vs. 1Q03, on improvements in the large corporate portfolio and declined 18% since the end of 2003.

• Continued customer growth momentum from 2003.

• Net checking accounts opened - 425,000 1Q04 vs. 242,900 1Q03 and 220,000 4Q03.

• Net savings accounts opened - 531,000 1Q04 vs. 125,000 1Q03 and 128,000 4Q03.

• Average core deposits grew 11% vs. prior year.

• Commercial banking (middle market) loan balances continued growth from 4Q03.

• Active online banking customers now over 8 million up 55% from last year.

• Bill-pay customers increased 79% to 3.7 million.

• Mortgage originations of $23.9 billion, although down 27% from 1Q03, increased 30% from 4Q03.

• Most satisfied customer levels (Top 2 Box score) reached nearly 52% in the quarter.

• Closed the merger of FleetBoston on April 1, 2004 and Bank of America results do not include FleetBoston’s results in current period.

• Separate FleetBoston results:

• Net income of $773 million increased 36% from 1Q03 and 6% from 4Q03.

• Revenue of $3.2 billion, grew 15% from 1Q03 and 4% over 4Q03.

• Noninterest expense of $2.0 billion included $140 million mutual fund settlement, $98 million litigation-related expenses, $33 million merger-associated costs, and $80 million marketing costs.

• Provision for credit losses of zero in current quarter vs. $280 million in 1Q03 and $195 million in 4Q03.

• Nonperforming assets of $1.2 billion down 59% from 1Q03 and 37% from end of 2003. Included in NPA decline is a 66% reduction in Argentina NPAs since 1Q03 and 52% since end of 2003.

• Net loan charge-offs of $233 million ($54 million for Argentina) vs. $626 million 1Q03 ($196 million Argentina) and $250 million in 4Q03 ($1 million net recovery Argentina).

• Integration has begun and is ahead of schedule.

1

Bank of America Corporation

Consolidated Financial Highlights

(Dollars in millions, except per share information; shares in thousands)

	First Quarter 2004			Fourth Quarter 2003			Third Quarter 2003			Second Quarter 2003			First Quarter 2003
Income statement
Total revenue	$	9,518		$	9,635		$	9,750		$	9,627		$	8,902
Provision for credit losses		624			583			651			772			833
Gains on sales of debt securities		495			139			233			296			273
Noninterest expense		5,417			5,288			5,077			5,065			4,725
Income tax expense		1,291			1,177			1,333			1,348			1,193
Net income		2,681			2,726			2,922			2,738			2,424
Diluted earnings per common share		1.83			1.83			1.92			1.80			1.59
Average diluted common shares issued and outstanding		1,466,701			1,489,481			1,519,641			1,523,306			1,526,288
Dividends paid per common share	$	0.80		$	0.80		$	0.80		$	0.64		$	0.64
Performance ratios
Return on average assets		1.27	%		1.39	%		1.48	%		1.42	%		1.38	%
Return on average common shareholders’ equity		22.16			22.42			23.74			21.86			19.92
Book value per share of common stock	$	33.71		$	33.26		$	33.83		$	34.06		$	33.38
Market price per share of common stock:
High closing price for the period	$	82.76		$	82.50		$	83.53		$	79.89		$	72.48
Low closing price for the period		78.30			72.85			74.87			68.00			65.63
Closing price		80.98			80.43			78.04			79.03			66.84
Market capitalization		117,056			115,911			116,236			118,254			100,095
Number of banking centers		4,272			4,277			4,211			4,200			4,202
Number of ATMs		13,168			13,241			13,120			13,250			13,266
Full-time equivalent employees		134,374			133,549			132,749			132,796			132,583

Certain prior period amounts have been reclassified to conform to current period presentation.

2

Bank of America Corporation

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data

	First Quarter 2004			Fourth Quarter 2003			Third Quarter 2003			Second Quarter 2003			First Quarter 2003
Net interest income	$	5,970		$	5,745		$	5,477		$	5,524		$	5,361
Total revenue		9,687			9,794			9,923			9,786			9,054
Net interest yield		3.22	%		3.39	%		3.22	%		3.33	%		3.52	%
Efficiency ratio		55.92			53.98			51.16			51.76			52.18

Reconciliation to GAAP financial measures

Shareholder value added (SVA) is a key measure of performance not defined by GAAP (generally accepted accounting principles), that is used in managing our growth strategy orientation and strengthening our focus on generating long-term growth and shareholder value. SVA is used in measuring performance of our different business units and is an integral component for allocating resources. Each business segment has a goal for growth in SVA reflecting the individual segment’s business and customer strategy. Other companies may define or calculate supplemental financial data differently. See the Table below for supplemental financial data and corresponding reconciliation to GAAP financial measures for the quarters ended March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003.

Reconciliation of net income to shareholder value added

	First Quarter 2004			Fourth Quarter 2003			Third Quarter 2003			Second Quarter 2003			First Quarter 2003
Net income	$	2,681		$	2,726		$	2,922		$	2,738		$	2,424
Amortization of intangibles		54			54			55			54			54
Capital charge		(1,330	)		(1,337	)		(1,353	)		(1,378	)		(1,338	)
Shareholder value added	$	1,405		$	1,443		$	1,624		$	1,414		$	1,140

Certain prior period amounts have been reclassified to conform to current period presentation.

3

Bank of America Corporation

Consolidated Statement of Income

(Dollars in millions, except per share information; shares in thousands)

	First Quarter 2004		Fourth Quarter 2003		Third Quarter 2003		Second Quarter 2003		First Quarter 2003
Interest income
Interest and fees on loans and leases	$	5,549	$	5,580	$	5,328	$	5,412	$	5,348
Interest on debt securities		1,212		726		600		988		754
Federal funds sold and securities purchased under agreements to resell		434		506		480		193		194
Trading account assets		1,009		911		975		1,007		1,042
Other interest income		368		345		472		395		387
Total interest income		8,572		8,068		7,855		7,995		7,725
Interest expense
Deposits		1,206		1,178		1,278		1,269		1,183
Short-term borrowings		740		537		447		514		453
Trading account liabilities		334		317		345		316		308
Long-term debt		491		450		481		531		572
Total interest expense		2,771		2,482		2,551		2,630		2,516
Net interest income		5,801		5,586		5,304		5,365		5,209
Noninterest income
Consumer service charges		821		836		824		793		777
Corporate service charges		595		600		634		577		577
Total service charges		1,416		1,436		1,458		1,370		1,354
Consumer investment and brokerage services		417		418		372		406		383
Corporate investment and brokerage services		205		201		222		204		165
Total investment and brokerage services		622		619		594		610		548
Mortgage banking income		209		292		666		559		405
Investment banking income		404		458		412		488		378
Equity investment gains (losses)		133		215		25		43		(68	)
Card income		795		815		794		762		681
Trading account profits		3		27		175		93		114
Other income		135		187		322		337		281
Total noninterest income		3,717		4,049		4,446		4,262		3,693
Total revenue		9,518		9,635		9,750		9,627		8,902
Provision for credit losses		624		583		651		772		833
Gains on sales of debt securities		495		139		233		296		273
Noninterest expense
Personnel		2,762		2,697		2,595		2,695		2,459
Occupancy		488		514		522		498		472
Equipment		261		263		252		253		284
Marketing		281		268		249		238		230
Professional fees		147		224		214		281		125
Amortization of intangibles		54		54		55		54		54
Data processing		284		301		275		262		266
Telecommunications		151		158		152		137		124
Other general operating		989		809		763		647		711
Total noninterest expense		5,417		5,288		5,077		5,065		4,725
Income before income taxes		3,972		3,903		4,255		4,086		3,617
Income tax expense		1,291		1,177		1,333		1,348		1,193
Net income	$	2,681	$	2,726	$	2,922	$	2,738	$	2,424
Net income available to common shareholders	$	2,680	$	2,725	$	2,921	$	2,737	$	2,423
Per common share information
Earnings	$	1.86	$	1.86	$	1.96	$	1.83	$	1.62
Diluted earnings	$	1.83	$	1.83	$	1.92	$	1.80	$	1.59
Dividends paid	$	0.80	$	0.80	$	0.80	$	0.64	$	0.64
Average common shares issued and outstanding		1,440,153		1,463,247		1,490,103		1,494,094		1,499,405
Average diluted common shares issued and outstanding		1,466,701		1,489,481		1,519,641		1,523,306		1,526,288

Certain prior period amounts have been reclassified to conform to current period presentation.

4

Bank of America Corporation

Consolidated Balance Sheet

(Dollars in millions)	March 31 2004			December 31 2003			March 31 2003
Assets
Cash and cash equivalents	$	22,296		$	27,084		$	25,069
Time deposits placed and other short-term investments		8,561			8,051			5,523
Federal funds sold and securities purchased under agreements to resell		73,057			76,492			49,809
Trading account assets		75,004			68,547			65,733
Derivative assets		36,488			36,507			35,409
Debt securities:
Available-for-sale		139,546			66,382			73,910
Held-to-maturity		242			247			927
Total debt securities		139,788			66,629			74,837
Loans and leases		375,968			371,463			343,412
Allowance for loan and lease losses		(6,080	)		(6,163	)		(6,421	)
Loans and leases, net of allowance		369,888			365,300			336,991
Premises and equipment, net		6,076			6,036			6,643
Mortgage banking assets		2,184			2,762			1,995
Goodwill		11,468			11,455			11,396
Core deposit intangibles and other intangibles		854			908			1,065
Other assets		70,348			66,674			65,727
Total assets	$	816,012		$	736,445		$	680,197
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	121,629		$	118,495		$	121,127
Interest-bearing		267,850			262,032			242,287
Deposits in foreign offices:
Noninterest-bearing		2,805			3,035			2,331
Interest-bearing		43,308			30,551			29,431
Total deposits		435,592			414,113			395,176
Federal funds purchased and securities sold under agreements to repurchase		115,434			78,046			72,976
Trading account liabilities		27,402			26,844			23,578
Derivative liabilities		24,321			24,526			22,876
Commercial paper and other short-term borrowings		64,621			42,478			29,729
Accrued expenses and other liabilities (includes $401, $416 and $432 of Reserve for unfunded lending commitments)		18,635			27,115			16,337
Long-term debt		81,231			75,343			63,442
Trust preferred securities		—			—			6,031
Total liabilities		767,236			688,465			630,145
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding 1,239,563; 1,269,600 and 1,336,200 shares		53			54			57
Common stock, $0.01 par value; authorized - 7,500,000,000 shares; issued and outstanding 1,445,487,313; 1,441,143,786 and 1,497,530,740 shares		14			14			127
Retained earnings		51,823			50,213			49,978
Accumulated other comprehensive income (loss)		(2,743	)		(2,148	)		74
Other		(371	)		(153	)		(184	)
Total shareholders’ equity		48,776			47,980			50,052
Total liabilities and shareholders’ equity	$	816,012		$	736,445		$	680,197

Certain prior period amounts have been reclassified to conform to current period presentation.

5

Bank of America Corporation

Capital Management

(Dollars in millions)

	1Q04*			4Q03			3Q03			2Q03			1Q03
Tier 1 capital	$	45,521		$	44,050		$	46,094		$	45,192		$	43,818
Total capital		67,490			66,651			67,991			66,843			65,688
Risk-weighted assets		588,770			561,294			558,472			559,324			534,378
Tier 1 capital ratio		7.73	%		7.85	%		8.25	%		8.08	%		8.20	%
Total capital ratio		11.46			11.87			12.17			11.95			12.29
Ending equity / ending assets		5.98			6.52			6.84			6.63			7.36
Ending capital / ending assets		6.72			7.34			7.69			7.42			8.25
Average equity / average assets		5.73			6.19			6.22			6.49			6.92
Leverage ratio		5.43			5.73			5.95			5.92			6.24

* Preliminary data on risk based capital

Share Repurchase Program

12 million common shares were repurchased in the first quarter of 2004 as a part of ongoing share repurchase programs.

12 million shares remain outstanding under the 2003 authorized program.

90 million shares remain outstanding under the 2004 authorized program.

16 million shares were issued in the first quarter of 2004, mostly due to stock incentive plans.

6

Bank of America Corporation

Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis

(Dollars in millions)

	First Quarter 2004						Fourth Quarter 2003						First Quarter 2003
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	12,268	$	48	1.57	%	$	11,231	$	49	1.71	%	$	6,987	$	43	2.49	%
Federal funds sold and securities purchased under agreements to resell		113,761		434	1.53			96,713		506	2.08			57,873		194	1.35
Trading account assets		105,033		1,023	3.90			94,630		927	3.91			99,085		1,053	4.27
Debt securities		99,755		1,223	4.91			59,197		742	5.01			66,186		769	4.65
Loans and leases(1):
Commercial - domestic		95,931		1,562	6.55			95,648		1,670	6.93			103,663		1,836	7.18
Commercial - foreign		15,227		139	3.67			16,226		136	3.31			18,876		156	3.35
Commercial real estate - domestic		19,491		207	4.27			19,293		207	4.28			19,955		215	4.37
Commercial real estate - foreign		324		3	3.63			323		3	3.97			301		3	3.88
Total commercial		130,973		1,911	5.87			131,490		2,016	6.09			142,795		2,210	6.27
Residential mortgage		141,898		1,960	5.53			142,482		1,931	5.41			113,695		1,582	5.59
Home equity lines		24,379		262	4.31			23,206		255	4.36			23,054		267	4.70
Direct/Indirect consumer		34,045		464	5.49			33,422		478	5.67			31,393		503	6.49
Consumer finance		5,490		104	7.56			5,798		108	7.38			8,012		154	7.76
Credit card		35,303		870	9.92			32,734		810	9.83			24,684		644	10.57
Foreign consumer		1,989		16	3.27			1,939		17	3.37			2,029		17	3.45
Total consumer		243,104		3,676	6.07			239,581		3,599	5.98			202,867		3,167	6.30
Total loans and leases		374,077		5,587	6.00			371,071		5,615	6.02			345,662		5,377	6.29
Other earning assets		38,817		426	4.41			42,370		388	3.66			37,299		441	4.77
Total earning assets(2)		743,711		8,741	4.72			675,212		8,227	4.85			613,092		7,877	5.18
Cash and cash equivalents		23,185						22,974						21,699
Other assets, less allowance for loan and lease losses		82,729						82,348						78,989
Total assets	$	849,625					$	780,534					$	713,780
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	26,159	$	17	0.27	%	$	25,494	$	19	0.30	%	$	22,916	$	34	0.59	%
NOW and money market deposit accounts		155,835		321	0.83			155,369		401	1.02			142,338		291	0.83
Consumer CDs and IRAs		75,341		567	3.03			73,246		475	2.58			66,937		695	4.21
Negotiable CDs, public funds and other time deposits		5,939		74	5.01			6,195		44	2.81			3,598		16	1.78
Total domestic interest-bearing deposits		263,274		979	1.50			260,304		939	1.43			235,789		1,036	1.78
Foreign interest-bearing deposits(3):
Banks located in foreign countries		18,954		171	3.62			13,225		177	5.34			14,218		80	2.27
Governments and official institutions		4,701		19	1.63			2,654		11	1.58			1,785		6	1.31
Time, savings and other		21,054		37	0.71			20,019		51	1.02			18,071		61	1.38
Total foreign interest-bearing deposits		44,709		227	2.04			35,898		239	2.65			34,074		147	1.75
Total interest-bearing deposits		307,983		1,206	1.57			296,202		1,178	1.58			269,863		1,183	1.78
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		203,398		739	1.46			151,999		537	1.40			123,041		453	1.49
Trading account liabilities		34,543		335	3.90			38,298		317	3.28			34,858		308	3.58
Long-term debt(4)		78,852		491	2.49			70,596		450	2.55			67,399		572	3.40
Total interest-bearing liabilities(2)		624,776		2,771	1.78			557,095		2,482	1.77			495,161		2,516	2.05
Noninterest-bearing sources:
Noninterest-bearing deposits		117,092						122,638						115,897
Other liabilities		59,071						52,508						53,322
Shareholders’ equity		48,686						48,293						49,400
Total liabilities and shareholders’ equity	$	849,625					$	780,534					$	713,780
Net interest spread					2.94						3.08						3.13
Impact of noninterest-bearing sources					0.28						0.31						0.39
Net interest income/yield on earning assets			$	5,970	3.22	%			$	5,745	3.39	%			$	5,361	3.52	%

(1) Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis.

(2) Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $715 in the first quarter 2004 and $884 and $576 in the fourth and first quarters of 2003, respectively. These amounts were substantially offset by corresponding decreases in the income earned on the underlying assets. Interest expense includes the impact of interest rate risk management contracts, which increased interest expense on the underlying liabilities $183 in the first quarter 2004 and $90 and $46 in the fourth and first quarters of 2003, respectively. These amounts were substantially offset by corresponding decreases in the interest paid on the underlying liabilities.

(3) Primarily consists of time deposits in denominations of $100,000 or more.

(4) Includes long-term debt related to Trust Securities.

7

Bank of America Corporation

Business Segment View

Net Income

First Quarter 2004

8

Bank of America Corporation

Consumer and Commercial Banking Segment Results

(Dollars in millions)

	Quarterly
	1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03			1 Qtr 03
Key Measures
Total revenue*	$	6,629		$	6,822		$	6,950		$	6,630		$	6,061
Provision for credit losses		429			556			496			523			488
Net income		1,854			1,966			2,182			1,892			1,604
Shareholder value added		1,269			1,390			1,665			1,398			1,111
Return on average equity		32.4	%		34.8	%		42.7	%		38.6	%		32.9	%
Efficiency ratio*		49.3			47.6			44.1			46.9			49.9
Selected Average Balance Sheet Components
Total loans and leases	$	197,681		$	192,463		$	188,329		$	188,111		$	186,706
Total deposits		326,485			327,965			319,463			306,290			295,504
Total earning assets		373,777			359,489			346,902			339,152			321,926
Period End (in billions)
Mortgage servicing portfolio	$	247.6		$	246.5		$	245.9		$	249.6		$	257.2
Mortgage originations:
Retail		14.1			11.7			30.0			28.2			22.0
Wholesale		9.8			6.7			9.5			12.2			10.8

* Fully taxable-equivalent basis

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

9

Bank of America Corporation

Consumer Customer Growth Momentum

10

Bank of America Corporation

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 8.1 million subscribers. This represents an active customer penetration rate of 47%.

Bank of America uses a strict Active User standard - customers must have used our online services within the last 90 days.

3.7 million active bill pay users paid $16.3 billion worth of bills this quarter. The number of customers who sign up and use Bank of America Bill Pay Service continues to far surpass that of any other financial institution.

Currently, over 300 companies are presenting over 9.0 million e-bills per quarter.

11

Bank of America Corporation

Consumer Credit Card Results

Included within Consumer Products

(Dollars in millions)

	Quarterly
	1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03			1 Qtr 03
Key Measures
Outstandings:
Held (Period end)	$	36,087		$	34,814		$	30,993		$	27,419		$	24,819
Managed (Period end)		37,296			36,596			33,631			30,807			29,064
Held (Average)		35,303			32,734			29,113			26,211			24,684
Managed (Average)		36,855			34,783			32,225			29,970			29,161
Managed Income Statement:
Total revenue	$	1,238		$	1,196		$	1,134		$	1,044		$	967
Provision for credit losses		466			555			539			473			409
Noninterest expense		338			312			270			274			271
Income before income taxes	$	434		$	329		$	325		$	297		$	287
Shareholder Value Added	$	204		$	152		$	150		$	135		$	129
Credit Quality:
Held:
Charge-offs $	$	443		$	423		$	390		$	378		$	323
Charge-offs %		5.05	%		5.12	%		5.32	%		5.78	%		5.31	%
Managed:
Losses $	$	463		$	451		$	433		$	429		$	378
Losses %		5.05	%		5.14	%		5.33	%		5.74	%		5.25	%
Managed Delinquency %:
30+		3.75	%		3.93	%		3.84	%		3.99	%		4.18	%
90+		1.81			1.77			1.76			1.80			1.91

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

12

Bank of America Corporation

Global Corporate and Investment Banking Segment Results

(Dollars in millions)

	Quarterly
	1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03			1 Qtr 03
Key Measures
Total revenue*	$	2,270		$	2,044		$	2,203		$	2,229		$	2,319
Provision for credit losses		(23	)		(66	)		98			172			272
Net income		463			552			474			412			460
Shareholder value added		225			306			215			136			173
Return on average equity		20.9	%		23.9	%		19.6	%		16.0	%		17.2	%
Efficiency ratio*		69.2			63.9			63.9			64.1			57.4
Selected Average Balance Sheet Components
Total loans and leases	$	40,785		$	43,565		$	46,243		$	51,285		$	56,543
Total deposits		69,186			63,086			67,456			66,900			67,315
Total earning assets		274,673			252,919			263,463			233,125			226,145

* Fully taxable-equivalent basis

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

13

Bank of America Corporation

Global Corporate & Investment Banking Strategic Progress Continues

Source: Thomson Financial - First Quarter 2004; except Syndicated Loans, Loan Pricing Corporation.

Significant US market share gains

Banc of America Securities increased market share in high yield and leveraged loans while maintaining its position in mortgage-backed securities.

• Top in leveraged loans with twice as many deals as closest competitor

• #2 syndicated lender, ranked by dollar volume, with 16% market share

• #1 syndicated lender, ranked by # of deals

• High yield debt market share increased over 1Q03, from 9.7% to 10.8%.

• Although BAS ranked #14 with 3.8% in M&A, sector analysis reveals a growing presence in consumer and retail M&A, where BAS ranked second with a 25% market share.

14

Bank of America Corporation

Asset Management Segment Results

(Dollars in millions)

	Quarterly
	1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03			1 Qtr 03
Key Measures
Total revenue*	$	669		$	839		$	624		$	620		$	586
Provision for credit losses		7			4			(2	)		3			(4	)
Net income		53			261			123			145			139
Shareholder value added		(27	)		183			51			73			67
Return on average equity		7.2	%		36.1	%		18.4	%		21.8	%		20.9	%
Efficiency ratio*		87.0			52.3			71.1			63.7			64.1
Selected Average Balance Sheet Components
Total loans and leases	$	24,430		$	23,834		$	23,232		$	22,889		$	22,706
Total deposits		14,925			13,976			13,535			12,896			13,030
Total earning assets		25,516			24,869			24,184			23,807			23,438
Period End (in billions)
Assets under management	$	337.2		$	335.7		$	318.1		$	314.9		$	297.0
Client brokerage assets		91.0			88.8			90.7			90.6			90.8
Assets in custody		50.6			49.9			47.3			47.9			45.1
Total client assets	$	478.8		$	474.4		$	456.1		$	453.4		$	432.9

* Fully taxable-equivalent basis

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

15

Bank of America Corporation

Equity Investments Segment Results

(Dollars in millions)

	Quarterly
	1 Qtr 04			4 Qtr 03			3 Qtr 03			2 Qtr 03			1 Qtr 03
Key Measures
Total revenue*	$	(18	)	$	(55	)	$	(80	)	$	(11	)	$	(107	)
Provision for credit losses		—			21			—			3			1
Net income		(30	)		(66	)		(68	)		(28	)		(85	)
Shareholder value added		(86	)		(125	)		(126	)		(85	)		(142	)
Return on average equity		(5.7	)%		(12.3	)%		(12.8	)%		(5.3	)%		(16.5	)%
Efficiency ratio*		n/m			n/m			n/m			n/m			n/m
Period End
Investment balances for Principal Investing	$	4,975		$	5,205		$	5,430		$	5,436		$	5,435

* Fully taxable-equivalent basis

n/m = not meaningful

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

16

Bank of America Corporation

Corporate Other Results⁽¹⁾

(Dollars in millions)

	Quarterly
	1 Qtr 04		4 Qtr 03			3 Qtr 03			2 Qtr 03			1 Qtr 03
Key Measures
Total revenue*	$	137	$	144		$	226		$	318		$	195
Provision for credit losses		211		68			59			71			76
Net income		341		13			211			317			306
Shareholder value added		24		(311	)		(181	)		(108	)		(69	)
Selected Average Balance Sheet Components
Total loans and leases	$	111,094	$	111,109		$	99,390		$	87,580		$	79,273
Total deposits		14,479		13,813			14,115			19,221			9,911
Total earning assets		233,432		191,527			182,792			198,706			160,050

* Fully taxable-equivalent basis

(1) Corporate Other consists primarily of gains and losses associated with managing the balance sheet of the Corporation, certain consumer finance and commercial lending businesses being liquidated, and certain residential mortgages originated by the mortgage group or otherwise acquired and held for asset/liability management purposes.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

17

Bank of America Corporation

Outstanding Loans and Leases

(Dollars in millions)

	March 31 2004		December 31 2003		Inc. (Dec.) from 12/31/03
Commercial - domestic	$	96,148	$	96,644	$	(496	)
Commercial - foreign		14,513		15,293		(780	)
Commercial real estate - domestic		19,545		19,043		502
Commercial real estate - foreign		317		324		(7	)
Total commercial(1)		130,523		131,304		(781	)
Residential mortgage		142,755		140,513		2,242
Home equity lines		24,946		23,859		1,087
Direct/Indirect consumer		34,451		33,415		1,036
Consumer finance		5,202		5,589		(387	)
Credit card		36,087		34,814		1,273
Foreign consumer		2,004		1,969		35
Total consumer(2)		245,445		240,159		5,286
Total	$	375,968	$	371,463	$	4,505

(1) Includes lease financing of $9,291 and $9,692 at March 31, 2004 and December 31, 2003, respectively.

(2) Includes lease financing of $1,274 and $1,684 at March 31, 2004 and December 31, 2003, respectively.

18

Utilized Commercial Credit Exposure by Significant Industry⁽¹⁾

(Dollars in millions)

	March 31 2004		December 31 2003		% Inc. (Dec.) from 12/31/03
Banks	$	24,254	$	25,088	(3	)%
Real estate		22,416		22,228	1
Diversified financials		20,472		20,427	0
Retailing		15,253		15,152	1
Education and government		14,660		13,919	5
Leisure and sports, hotels and restaurants		10,100		10,099	0
Transportation		9,181		9,355	(2	)
Materials		8,896		8,860	0
Food, beverage and tobacco		8,668		9,134	(5	)
Consumer durables and apparel		8,624		8,313	4
Capital goods		7,610		8,244	(8	)
Commercial services and supplies		7,151		7,206	(1	)
Health care equipment and services		7,040		7,064	(0	)
Media		4,968		4,701	6
Energy		4,815		4,348	11
Utilities		4,705		5,012	(6	)
Religious and social organizations		4,459		4,272	4
Insurance		3,690		3,638	1
Telecommunication services		2,203		2,526	(13	)
Technology hardware and equipment		1,765		1,941	(9	)
Software and services		1,731		1,655	5
Food and staples retailing		1,662		1,837	(10	)
Automobiles and components		1,240		1,326	(6	)
Pharmaceuticals and biotechnology		445		466	(5	)
Household and personal products		262		302	(13	)
Other (2)		14,093		15,781	(11	)
Total	$	210,363	$	212,894	(1	)

(1) Includes commercial loans and leases, commercial letters of credit, standy letters of credit and financial guarantees as well as the mark-to-market exposure for derivatives.

(2) At March 31, 2004 and December 31, 2003, Other included amounts for Individuals and Trusts of credit exposure outstanding of $13,739 and $14,307, respectively, representing 6.5 percent and 6.7 percent of total commercial credit exposure, respectively.

19

Bank of America Corporation

Nonperforming Assets

(Dollars in millions)

	1Q04			4Q03			3Q03			2Q03			1Q03
Commercial - domestic	$	1,288		$	1,507		$	1,861		$	2,265		$	2,605
Commercial - foreign		338			586			756			1,040			1,279
Commercial real estate - domestic		113			140			154			154			173
Commercial real estate - foreign		2			2			2			2			3
Total commercial(1)		1,741			2,235			2,773			3,461			4,060
Residential mortgage		486			531			563			618			628
Home equity lines		35			43			42			55			63
Direct/Indirect consumer		31			28			32			33			28
Consumer finance		58			32			12			11			18
Foreign consumer		3			4			7			9			9
Total consumer		613			638			656			726			746
Total nonperforming loans and leases		2,354			2,873			3,429			4,187			4,806
Foreclosed properties		131			148			228			243			227
Total nonperforming assets(1, 2)	$	2,485		$	3,021		$	3,657		$	4,430		$	5,033
Loans past due 90 days or more and still accruing	$	795		$	860		$	788		$	726		$	808
Nonperforming assets / Total assets		0.30	%		0.41	%		0.50	%		0.58	%		0.74	%
Nonperforming assets / Total loans, leases and foreclosed properties		0.66			0.81			0.98			1.23			1.46
Nonperforming loans and leases / Total loans and leases		0.63			0.77			0.92			1.16			1.40
Allowance for credit losses:
Allowance for loan and lease losses	$	6,080		$	6,163		$	6,258		$	6,366		$	6,421
Reserve for unfunded lending commitments		401			416			458			475			432
Total	$	6,481		$	6,579		$	6,716		$	6,841		$	6,853
Allowance for loan and lease losses / Total loans and leases		1.62	%		1.66	%		1.68	%		1.77	%		1.87	%
Allowance for loan and lease losses / Total nonperforming loans and leases		258			215			183			152			134

Loans are classified as domestic or foreign based upon the domicile of the borrower.

(1) Includes lease financing of $66, $127, $114, $95 and $109 at March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively.

(2) Balances do not include $82, $202, $82, $98 and $174 of nonperforming assets included in other assets at March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively.

20

Bank of America Corporation

Quarterly Net Charge-offs and Net Charge-off Ratios

(Dollars in millions)

	1Q04					4Q03					3Q03				2Q03				1Q03
	Amt.			Ratio		Amount			Ratio		Amount		Ratio		Amount		Ratio		Amount			Ratio
Commercial - domestic	$	53		0.22	%	$	94		0.39	%	$	203	0.84	%	$	221	0.88	%	$	239		0.94	%
Commercial - foreign		106		2.81			75		1.86			58	1.36			53	1.19			120		2.57
Commercial real estate - domestic		(2	)	(0.05	)		9		0.18			13	0.26			10	0.21			9		0.18
Total commercial(1)		157		0.48			178		0.54			274	0.82			284	0.82			368		1.04
Residential mortgage		11		0.03			13		0.04			14	0.04			11	0.04			2		0.01
Home equity lines		4		0.07			(3	)	(0.04	)		2	0.02			6	0.11			6		0.11
Direct/Indirect consumer		48		0.56			48		0.57			39	0.47			38	0.47			56		0.72
Consumer finance		48		3.54			54		3.67			44	2.74			46	2.52			68		3.42
Credit card		443		5.05			423		5.12			390	5.32			378	5.78			323		5.31
Other consumer - domestic		9		n/m			11		n/m			11	n/m			8	n/m			9		n/m
Foreign consumer		—		—			1		0.19			2	0.31			1	0.28			1		0.20
Total consumer(2)		563		0.93			547		0.91			502	0.89			488	0.93			465		0.93
Total net charge-offs	$	720		0.77		$	725		0.77		$	776	0.86		$	772	0.88		$	833		0.98
By Business Segment:
Consumer & commercial banking	$	558		1.14	%	$	563		1.16	%	$	539	1.14	%	$	522	1.12	%	$	488		1.06	%
Global corporate & investment banking		96		0.95			76		0.69			170	1.46			172	1.34			272		1.96
Asset management		5		0.08			(4	)	(0.06	)		2	0.04			3	0.04			(4	)	(0.06	)
Equity investments		—		—			21		n/m			0	—			3	3.36			1		0.72
Corporate other		61		0.22			69		0.25			65	0.26			72	0.33			76		0.38
Total net charge-offs	$	720		0.77		$	725		0.77		$	776	0.86		$	772	0.88		$	833		0.98

Loans are classified as domestic or foreign based upon the domicile of the borrower.

n/m = not meaningful

(1) Includes lease financing of $4, $0, $40, $11 and $73 for the quarters ended March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively.

(2) Includes lease financing of $10, $10, $12, $14 and $17 for the quarters ended March 31, 2004, December 31, 2003, September 30, 2003, June 30, 2003 and March 31, 2003, respectively.

21

Bank of America Corporation

Selected Emerging Markets ⁽¹⁾

(Dollars in Millions)	Loans and Loan Commitments		Other Financing (2)		Derivative Assets		Securities/ Other Investments (3)		Total Cross- border Exposure (4)		Gross Local Country Exposure (5)		Total Foreign Exposure March 31, 2004		Increase/ (Decrease) from December 31, 2003
Region/Country
Asia
Hong Kong (6)	$	192	$	19	$	94	$	125	$	430	$	3,676	$	4,106	$	201
India		466		104		121		295		986		1,051		2,037		84
Singapore		180		9		87		51		327		1,002		1,329		161
South Korea		234		644		62		142		1,082		559		1,641		(288	)
Taiwan		265		173		49		—		487		715		1,202		313
Other		135		89		82		230		536		613		1,149		(19	)
Total		1,472		1,038		495		843		3,848		7,616		11,464		452
Central and Eastern Europe		23		8		33		138		202		—		202		(68	)
Latin America
Argentina		102		44		2		105		253		42		295		(48	)
Brazil		90		258		8		29		385		254		639		(102	)
Mexico		440		221		48		1,889		2,598		354		2,952		(90	)
Other		265		185		225		233		908		—		908		60
Total		897		708		283		2,256		4,144		650		4,794		(180	)
Total	$	2,392	$	1,754	$	811	$	3,237	$	8,194	$	8,266	$	16,460	$	204

(1) There is no generally accepted definition of emerging markets. The definition that we used included all countries in Asia excluding Japan; all countries in Latin America excluding Cayman Islands and Bermuda; and all countries in Central and Eastern Europe excluding Greece.

(2) Includes acceptances, standby letters of credit, commercial letters of credit and formal guarantees.

(3) Amounts outstanding in the table above for Asia Other and Latin America Other have been reduced by $13 and $169, respectively at March 31, 2004 and $13 and $173, respectively, at December 31, 2003. Such amounts represent the fair value of U.S. Treasury securities held as collateral outside the country of exposure.

(4) Cross-border exposure includes amounts payable to the Corporation by borrowers with a country of residence other than the one in which the credit is booked, regardless of the currency in which the claim is denominated, consistent with FFIEC reporting rules.

(5) Gross local country exposure includes amounts payable to the Corporation by borrowers with a country of residence in which the credit is booked, regardless of the currency in which the claim is denominated. Management does not net local funding or liabilities against local exposures as allowed by the FFIEC.

(6) Gross local country exposure to Hong Kong consisted of $2,010 of consumer loans and loan commitments and $1,666 of commercial exposure at March 31, 2004 compared to $1,911 of consumer loans and loan commitments and $1,578 of commercial exposure at December 31, 2003. The consumer loans were collateralized primarily by residential real estate. The commercial exposure was primarily to local clients and was diversified across many industries.

22

FleetBoston Financial

Financial Highlights

	Three Months Ended
(Dollars in millions, except per share information; shares in thousands)	March 31, 2004			December 31, 2003			March 31, 2003
For the Period
Net income (loss)	$	773		$	732		$	567
Continuing operations		773			732			577
Discontinued operations		—			—			(10	)
Revenue		3,175			3,067			2,760
Noninterest expense		1,964			1,723			1,573
Provision for credit losses		—			195			280
Per Common Share
Earnings (loss) per share - net income	$	0.71		$	0.68		$	0.54
Continuing operations		0.71			0.68			0.55
Discontinued operations		—			—			(0.01	)
Cash dividends declared		0.35			0.35			0.35
Book value (period-end)		17.62			16.94			16.04
At Period-End
Assets	$	199,667		$	200,235		$	199,308
Loans and leases		127,596			128,949			124,015
Deposits		139,721			137,764			129,575
Total stockholders’ equity		19,329			18,280			17,132
Ratios
Return on average assets		1.56	%		1.49	%		1.18	%
Return on common equity		16.73			16.36			13.67
Net interest margin		3.96			3.91			3.89
Total equity/assets (period-end)		9.7			9.1			8.6
Tangible common equity/assets		7.4			6.9			6.3
Tier 1 capital *	$	17,424		$	16,484		$	15,254
Risk-weighted assets *		184,165			185,363			182,456
Tier 1 risk-based capital ratio*		9.5	%		8.9	%		8.4	%
Total risk-based capital ratio*		12.4			12.0			11.7
Asset Quality
Nonperforming assets	$	1,231		$	1,957		$	2,973
Non-Argentine		733			927			1,512
Argentine		498			1,030			1,461
Reserve for credit losses		2,848			3,074			3,406
Nonperforming assets as a % of related assets		0.96	%		1.51	%		2.39	%
Non-Argentine		0.58			0.73			1.24
Argentine		34.73			51.12			55.96
Reserve for credit losses to period-end loans		2.23			2.38			2.75
Reserve for credit losses to nonperforming loans		266			195			134
Net loan charge-offs/average loans		0.73			0.78			2.07
Net loan charge-offs	$	233		$	250		$	626
Non-Argentine		179			251			430
Argentine		54			(1	)		196

* 1Q 2004 are estimates

23

FleetBoston Financial

Consolidated Statement of Income

	Three Months Ended
Dollars in millions, except per share data	March 31, 2004		December 31, 2003		March 31, 2003
Net interest income (FTE)	$	1,718	$	1,674	$	1,622
Noninterest income:
Investment services revenue		413		397		354
Banking fees and commissions		385		392		378
Capital markets-related revenue		272		251		111
Credit card revenue		152		167		156
Other		235		186		139
Noninterest income		1,457		1,393		1,138
Revenue		3,175		3,067		2,760
Noninterest expense:
Employee compensation and benefits		899		891		826
Occupancy		136		129		129
Equipment		101		107		119
Intangible asset amortization		21		20		20
Other		807		576		479
Noninterest expense		1,964		1,723		1,573
Income from continuing operations before provision and income taxes		1,211		1,344		1,187
Provision for credit losses		—		195		280
Income taxes and tax-equivalent adjustment from continuing operations		438		417		330
Net income from continuing operations	$	773	$	732	$	577
Net income (loss) from discontinued operations (net of tax)		—		—		(10	)
Net income	$	773	$	732	$	567
Diluted earnings per share-continuing operations	$	0.71	$	0.68	$	0.55
Diluted earnings per share-net income		0.71		0.68		0.54

24

FleetBoston Financial

Consolidated Balance Sheet - Period End

(Dollars in millions)	March 31 2004			December 31 2003			March 31 2003
Assets:
Cash and equivalents	$	19,774		$	14,143		$	12,434
Securities		31,151			31,370			36,109
Trading assets		3,732			3,928			4,043
Loans and leases		127,596			128,949			124,015
Reserve for credit losses		(2,848	)		(3,074	)		(3,406	)
Due from brokers/dealers		1,081			5,437			6,143
Intangible assets		4,709			4,571			4,624
Other assets		14,472			14,911			15,346
Total assets	$	199,667		$	200,235		$	199,308
Liabilities:
Deposits	$	139,721		$	137,764		$	129,575
Short-term borrowings		12,124			11,178			15,948
Due to brokers/dealers		1,090			5,476			6,048
Long-term debt		16,905			17,557			19,551
Other liabilities		10,498			9,980			11,054
Total liabilities		180,338			181,955			182,176
Shareholders’ equity:
Preferred stock, $1.00 par value; authorized - 16,000,000 shares; issued and outstanding 1,082,450 shares		271			271			271
Common stock, $0.01 par value; authorized - 2,000,000,000 shares; issued and outstanding 1,081,690,057; 1,063,133,292 and 1,051,290,155 shares		19,058			18,009			16,861
Total shareholders’ equity		19,329			18,280			17,132
Total liabilities and shareholders’ equity	$	199,667		$	200,235		$	199,308

25

FleetBoston Financial

Net Interest Margin and Interest-Rate Spread: Quarter

Average for Three Months Ended

FTE Basis Dollars in millions	March 31, 2004							December 31, 2003							March 31, 2003
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
ASSETS:
Interest-bearing deposits	$	2,908		$	12	1.66	%	$	2,790		$	14	2.00	%	$	2,980		$	23	3.19	%
Federal funds sold/Repos		5,256			71	5.47			2,653			64	9.64			3,864			91	9.54
Securities		30,839			325	4.36			29,935			325	4.35			32,936			354	4.30
Total loan and leases - Domestic		114,788			1,708	5.98			113,483			1,632	5.71			107,124			1,609	6.08
Total loan and leases – International		13,801			270	7.87			14,174			295	8.29			15,627			253	6.54
Due from broker/dealer		4,698			10	0.84			5,332			11	0.79			4,767			12	1.00
Other earning assets		2,350			17	2.81			1,648			16	3.64			1,638			13	3.53
Total interest-earning assets		174,640			2,413	5.55			170,015			2,357	5.50			168,936			2,355	5.63
Reserve for credit losses		(3,153	)						(3,178	)						(3,817	)
Other assets		27,250							27,872							29,905
Total assets	$	198,737						$	194,709						$	195,024
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Deposits:
Savings - Domestic	$	77,025		$	171	0.89	%	$	74,905		$	167	0.88	%	$	66,002		$	182	1.12	%
Time - Domestic		15,098			82	2.19			13,996			66	1.87			16,448			95	2.35
International		9,746			89	3.65			10,159			95	3.69			9,443			92	3.93
Total interest-bearing deposits		101,869			342	1.35			99,060			328	1.31			91,893			369	1.63
Short-term borrowings		12,166			89	3.31			11,884			96	3.21			14,152			86	2.48
Long-term debt		17,084			256	6.00			16,759			250	5.97			20,463			268	5.24
Due to broker/dealer		4,720			8	0.68			5,322			9	0.63			4,892			10	0.83
Total interest-bearing liabilities		135,839			695	2.05			133,025			683	2.04			131,400			733	2.25
Net interest spread						3.49							3.46							3.38
Demand and other noninterest- bearing time deposits		34,473							34,152							35,993
Other liabilities		9,684							9,613							10,665
Total liabilities		179,996							176,790							178,058
Preferred Stock		271							271							271
Common Stock		18,470							17,648							16,695
Stockholders’ equity		18,741							17,919							16,966
Total liab. and stockholders’ equity	$	198,737						$	194,709						$	195,024
Net interest margin						3.96	%						3.91	%						3.89	%

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