Exhibit 99.2

Supplemental Information

Fourth Quarter 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

Full Year 2004

• Net income of $14.1 billion or $3.69 per diluted share compared to a reported $3.57 in 2003.

Excluding merger and restructuring charges of $618 million, $411 million after tax, earnings were $3.80 per diluted share, 6% over 2003.

Merger and restructuring charges in 2004 include $343 million merger charge and $68 million for recently announced infrastructure initiative.

• Revenue of $48.9 billion increased 29% over 2003.

• The primary driver of this reported growth is the addition of Fleet results in 2004 which closed April 1, 2004.

Further comments will refer to proforma statements (as filed on a Form 8-K/A with the SEC on January 18, 2005) including Fleet results for both years for a more meaningful comparison. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and does not indicate the financial results of the combined companies had the companies actually been combined at the beginning of the period presented and had the impact of possible revenue enhancements, expense efficiencies, hedging activities, asset dispositions, and share repurchases, among other factors, been considered.

• Revenue of $52.2 billion increased 4% over 2003 with strong net interest income growth and steady noninterest income fees.

• 8% net interest income growth was led by strength in consumer lending and deposit gathering as well as interest rate risk management activity. This growth was slightly offset by the impact of lower corporate loan balances and a lower contribution from trading related assets.

• Higher equity investment gains, card income, trading profits and service fees were offset by lower mortgage banking and other income to hold noninterest fees flat year to year.

• Securities gains for the year were $2,172 million as the company repositioned the securities portfolio for expected interest rate moves. Securities gains for 2003 were $1,069 million.

• Noninterest expense, excluding merger and restructuring charges of $28.5 billion increased 4%.

• $909 million in merger cost saves in 2004 were offset by higher litigation costs and mutual fund related matters.

• Other expenses rose in connection with transacting higher business volumes and personnel costs associated with business growth in new branches and premier banking.

• Provision expense of $2,769 million decreased 28% from 2003 driven by improvements in commercial asset quality.

• Business highlights:

• Number of net new checking accounts grew by 2.1 million.

• Number of net new savings accounts grew by 2.6 million.

• Opened 5.6 million new credit card accounts.

• Active online banking users increased to 12.4 million while bill payers reached 5.8 million and volume increased to more than $25 billion in 2004.

• Product sales in 3Q04 increased 21% over same period in 2003 on a proforma basis.

• Core deposits continue to grow climbing to $527 billion and have increased $44 billion or 9% over 2003 on a proforma basis as a result of improved customer delight, improved sales processes and new product offerings.

• Loans grew 6% to $505 billion on a proforma average basis with strength in card and consumer real estate and moderate steady commercial growth offset somewhat by large corporate loans declining.

• Assets under management ended the year at $451 billion and reflect a continued shift in mix of assets to more equities and less cash and fixed income.

• Banc of America securities grew market share in several debt products in 2004 and maintained the #2 position in syndicated lending.

• Returned more than $8.8 billion to shareholders in 2004 through dividends and net share repurchases.

• Total return to shareholders including stock price improvement as well as dividends in 2004 was 21.4% beating the performance of all large cap banking competitors as well as twice the rate of the S & P 500.

• Merger integration ahead of schedule.

• Cost savings are on track. $909 million in 2004.

• Banking center rebranding has been completed.

• Customer delight continued to improve throughout the year reaching its highest point in December.

• Added 174,000 net new checking accounts and 193,000 net new savings accounts in legacy Fleet franchise in 2004.

• Sales per seller per day doubled in the Northeast from less than 2 at merger date to more than 4.

• More than 100,000 Northeast customers have accepted offers to become Premier Banking customers.

• “Cross-footprint” transaction volume is steadily increasing. More than 750,000 transactions completed in most recent quarter.

1

Bank of America Corporation

Consolidated Financial Highlights

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

	Year-to- Date 2004			Year-to- Date 2003			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004			First Quarter 2004			Fourth Quarter 2003
Income statement
Total revenue	$	48,894		$	37,914		$	13,714		$	12,587		$	13,062		$	9,531		$	9,635
Provision for credit losses		2,769			2,839			706			650			789			624			583
Gains on sales of securities		2,123			941			101			732			795			495			139
Noninterest expense		27,027			20,155			7,334			7,021			7,242			5,430			5,288
Income tax expense		7,078			5,051			1,926			1,884			1,977			1,291			1,177
Net income		14,143			10,810			3,849			3,764			3,849			2,681			2,726
Diluted earnings per common share		3.69			3.57			0.94			0.91			0.93			0.91			0.92
Average diluted common shares issued and outstanding		3,823,943			3,030,356			4,106,040			4,121,375			4,131,290			2,933,402			2,978,962
Dividends paid per common share	$	1.70		$	1.44		$	0.45		$	0.45		$	0.40		$	0.40		$	0.40
Performance ratios
Return on average assets		1.35	%		1.44	%		1.33	%		1.37	%		1.41	%		1.29	%		1.42	%
Return on average common shareholders’ equity		16.83			21.99			15.63			15.56			16.63			22.16			22.42
Book value per share of common stock	$	24.56		$	16.63		$	24.56		$	24.14		$	23.51		$	16.85		$	16.63
Market price per share of common stock:
Closing price	$	46.99		$	40.22		$	46.99		$	43.33		$	42.31		$	40.49		$	40.22
High closing price for the period		47.44			41.77			47.44			44.98			42.72			41.38			41.25
Low closing price for the period		38.96			32.82			43.62			41.81			38.96			39.15			36.43
Market capitalization		190,147			115,911			190,147			175,446			171,891			117,056			115,911
Number of banking centers-domestic		5,885			4,277			5,885			5,829			5,774			4,272			4,277
Number of ATMs-domestic		16,771			13,241			16,771			16,728			16,672			13,168			13,241
Full-time equivalent employees		175,742			133,549			175,742			175,523			177,986			134,374			133,549

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

2

Bank of America Corporation

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data

	Year-to- Date 2004			Year-to- Date 2003			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004			First Quarter 2004			Fourth Quarter 2003
Net interest income	$	29,513		$	22,107		$	7,956		$	7,836		$	7,751		$	5,970		$	5,745
Total revenue		49,610			38,557			13,920			12,758			13,232			9,700			9,794
Net interest yield		3.26	%		3.40	%		3.18	%		3.30	%		3.31	%		3.26	%		3.43	%
Efficiency ratio		54.48			52.27			52.69			55.03			54.73			55.98			53.98

Reconciliation to GAAP financial measures

Supplemental financial data presented on an operating basis is a basis of presentation not defined by GAAP (generally accepted accounting principles) that excludes merger and restructuring charges. We believe that the exclusion of the merger and restructuring charges, which represent incremental costs to integrate Bank of America and FleetBoston’s operations and include costs related to an infrastructure initiative undertaken in the third quarter to simplify the Corporation’s business model, provides a meaningful period-to-period comparison and is more reflective of normalized operations.

Shareholder value added (SVA) is a key measure of performance not defined by GAAP 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 the 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 Tables below for supplemental financial data and corresponding reconciliation to GAAP financial measures for the years ended December 31, 2004 and 2003, and the quarters ended December 31, 2004, September 30, 2004, June 30, 2004, March 31, 2004 and December 31, 2003.

Reconciliation of net income to operating earnings

	Year-to- Date 2004			Year-to- Date 2003			Fourth Quarter 2004			Third Quarter 2004			Second Quarter 2004			First Quarter 2004			Fourth Quarter 2003
Net income	$	14,143		$	10,810		$	3,849		$	3,764		$	3,849		$	2,681		$	2,726
Merger and restructuring charges		618			—			272			221			125			—			—
Related income tax benefit		(207	)		—			(91	)		(74	)		(42	)		—			—
Operating earnings	$	14,554		$	10,810		$	4,030		$	3,911		$	3,932		$	2,681		$	2,726
Operating basis
Diluted earnings per common share	$	3.80		$	3.57		$	0.98		$	0.95		$	0.95		$	0.91		$	0.92
Return on average assets		1.39	%		1.44	%		1.39	%		1.42	%		1.44	%		1.29	%		1.42	%
Return on avg common shareholders’ equity		17.32			21.99			16.37			16.17			16.99			22.16			22.42
Efficiency ratio		53.23			52.27			50.73			53.30			53.79			55.98			53.98
Reconciliation of net income to shareholder value added
Net income	$	14,143		$	10,810		$	3,849		$	3,764		$	3,849		$	2,681		$	2,726
Amortization of intangibles		664			217			209			200			201			54			54
Merger and restructuring charges, net of tax benefit		411			—			181			147			83			—			—
Capital charge		(9,235	)		(5,406	)		(2,705	)		(2,658	)		(2,542	)		(1,330	)		(1,337	)
Shareholder value added	$	5,983		$	5,621		$	1,534		$	1,453		$	1,591		$	1,405		$	1,443

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

3

Bank of America Corporation

Consolidated Statement of Income

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

	Year-to- Date 2004		Year-to- Date 2003		Fourth Quarter 2004		Third Quarter 2004			Second Quarter 2004		First Quarter 2004		Fourth Quarter 2003
Interest income
Interest and fees on loans and leases	$	28,216	$	21,668	$	7,922	$	7,508		$	7,237	$	5,549	$	5,580
Interest and dividends on securities		7,265		3,068		2,068		2,078			1,907		1,212		726
Federal funds sold and securities purchased under agreements to resell		2,043		1,373		712		484			413		434		506
Trading account assets		4,016		3,947		1,035		960			1,009		1,012		912
Other interest income		1,687		1,507		461		457			424		345		322
Total interest income		43,227		31,563		12,198		11,487			10,990		8,552		8,046
Interest expense
Deposits		6,275		4,908		1,829		1,711			1,529		1,206		1,178
Short-term borrowings		4,434		1,871		1,543		1,152			1,019		720		515
Trading account liabilities		1,317		1,286		352		333			298		334		317
Long-term debt		2,404		2,034		724		626			563		491		450
Total interest expense		14,430		10,099		4,448		3,822			3,409		2,751		2,460
Net interest income		28,797		21,464		7,750		7,665			7,581		5,801		5,586
Noninterest income
Service charges		6,989		5,618		1,891		1,899			1,783		1,416		1,436
Investment and brokerage services		3,627		2,371		1,007		972			1,013		635		619
Mortgage banking income (loss)		414		1,922		156		(250	)		299		209		292
Investment banking income		1,886		1,736		497		438			547		404		458
Equity investment gains		861		215		424		220			84		133		215
Card income		4,588		3,052		1,380		1,257			1,156		795		815
Trading account profits		869		409		269		184			413		3		27
Other income		863		1,127		340		202			186		135		187
Total noninterest income		20,097		16,450		5,964		4,922			5,481		3,730		4,049
Total revenue		48,894		37,914		13,714		12,587			13,062		9,531		9,635
Provision for credit losses		2,769		2,839		706		650			789		624		583
Gains on sales of securities		2,123		941		101		732			795		495		139
Noninterest expense
Personnel		13,473		10,446		3,532		3,540			3,639		2,762		2,697
Occupancy		2,379		2,006		648		622			621		488		514
Equipment		1,214		1,052		326		309			318		261		263
Marketing		1,349		985		337		364			367		281		268
Professional fees		836		844		275		207			194		160		224
Amortization of intangibles		664		217		209		200			201		54		54
Data processing		1,325		1,104		371		340			330		284		301
Telecommunications		730		571		216		180			183		151		158
Other general operating		4,439		2,930		1,148		1,038			1,264		989		809
Merger and restructuring charges		618		—		272		221			125		—		—
Total noninterest expense		27,027		20,155		7,334		7,021			7,242		5,430		5,288
Income before income taxes		21,221		15,861		5,775		5,648			5,826		3,972		3,903
Income tax expense		7,078		5,051		1,926		1,884			1,977		1,291		1,177
Net income	$	14,143	$	10,810	$	3,849	$	3,764		$	3,849	$	2,681	$	2,726
Net income available to common shareholders	$	14,127	$	10,806	$	3,844	$	3,759		$	3,844	$	2,680	$	2,725
Per common share information
Earnings	$	3.76	$	3.63	$	0.95	$	0.93		$	0.95	$	0.93	$	0.93
Diluted earnings	$	3.69	$	3.57	$	0.94	$	0.91		$	0.93	$	0.91	$	0.92
Dividends paid	$	1.70	$	1.44	$	0.45	$	0.45		$	0.40	$	0.40	$	0.40
Average common shares issued and outstanding		3,758,507		2,973,407		4,032,979		4,052,304			4,062,384		2,880,306		2,926,494
Average diluted common shares issued and outstanding		3,823,943		3,030,356		4,106,040		4,121,375			4,131,290		2,933,402		2,978,962

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

4

Bank of America Corporation

Consolidated Balance Sheet

(Dollars in millions)	December 31, 2004			September 30, 2004			December 31, 2003
Assets
Cash and cash equivalents	$	28,936		$	29,252		$	27,084
Time deposits placed and other short-term investments		12,361			11,021			8,051
Federal funds sold and securities purchased under agreements to resell		91,360			104,570			76,492
Trading account assets		93,587			102,925			68,547
Derivative assets		30,235			25,398			29,009
Securities:
Available-for-sale		194,743			163,438			66,382
Held-to-maturity, at cost		330			420			247
Total securities		195,073			163,858			66,629
Loans and leases		521,837			511,639			371,463
Allowance for loan and lease losses		(8,626	)		(8,723	)		(6,163	)
Loans and leases, net of allowance		513,211			502,916			365,300
Premises and equipment, net		7,517			7,884			6,036
Mortgage servicing rights		2,482			2,453			2,762
Goodwill		45,262			44,709			11,455
Core deposit intangibles and other intangibles		3,887			3,726			908
Other assets		86,546			74,117			57,210
Total assets	$	1,110,457		$	1,072,829		$	719,483
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	163,833		$	155,406		$	118,495
Interest-bearing		396,645			380,956			262,032
Deposits in foreign offices:
Noninterest-bearing		6,066			5,632			3,035
Interest-bearing		52,026			49,264			30,551
Total deposits		618,570			591,258			414,113
Federal funds purchased and securities sold under agreements to repurchase		119,741			142,992			78,046
Trading account liabilities		36,654			36,825			26,844
Derivative liabilities		17,928			12,721			15,062
Commercial paper and other short-term borrowings		75,921			61,585			34,980
Accrued expenses and other liabilities (includes $402, $446 and $416 of Reserve for unfunded lending commitments)		41,243			28,851			27,115
Long-term debt		100,755			100,586			75,343
Total liabilities		1,010,812			974,818			671,503
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding - 1,090,189; 1,090,189 and 2,539,200 shares		271			271			54
Common stock and additional paid-in capital, $0.01 par value; authorized - 7,500,000,000; 7,500,000,000 and 5,000,000,000 shares; issued and outstanding - 4,046,546,212; 4,049,062,685 and 2,882,287,572 shares		44,236			44,756			29
Retained earnings		58,006			55,979			50,198
Accumulated other comprehensive loss		(2,587	)		(2,669	)		(2,148	)
Other		(281	)		(326	)		(153	)
Total shareholders’ equity		99,645			98,011			47,980
Total liabilities and shareholders’ equity	$	1,110,457		$	1,072,829		$	719,483

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior period has not been restated.

5

Bank of America Corporation

Capital Management

(Dollars in millions)

	4Q04*			3Q04			2Q04			1Q04			4Q03
Tier 1 capital	$	64,281		$	62,981		$	61,883		$	45,515		$	44,050
Total capital		92,266			91,326			90,267			67,484			66,651
Risk-weighted assets		793,523			779,858			754,386			588,770			561,294
Tier 1 capital ratio		8.10	%		8.08	%		8.20	%		7.73	%		7.85	%
Total capital ratio		11.63			11.71			11.97			11.46			11.87
Ending equity / ending assets		8.97			9.14			9.35			6.10			6.67
Ending capital / ending assets		9.85			10.00			10.25			6.86			7.51
Average equity / average assets		8.51			8.79			8.52			5.84			6.32
Leverage ratio		5.82			5.92			5.83			5.43			5.73

*Preliminary data on risk-based capital

Share Repurchase Program

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

80.6 million shares remain outstanding under the 2004 authorized program.

31.5 million shares were issued in the fourth quarter of 2004.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

6

Bank of America Corporation

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

(Dollars in millions)

	Fourth Quarter 2004						Third Quarter 2004						Fourth 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	$	15,620	$	128	3.24	%	$	14,726	$	127	3.45	%	$	11,231	$	49	1.71	%
Federal funds sold and securities purchased under agreements to resell		149,226		712	1.90			128,339		484	1.50			96,713		506	2.08
Trading account assets		110,585		1,067	3.85			98,459		975	3.96			94,630		926	3.91
Securities		171,173		2,083	4.87			169,515		2,095	4.94			59,197		742	5.01
Loans and leases(1):
Residential mortgage		178,879		2,459	5.49			175,046		2,371	5.41			142,482		1,931	5.41
Home equity lines		48,336		609	5.01			44,309		514	4.62			23,206		255	4.36
Direct/Indirect consumer		39,526		551	5.55			38,951		538	5.49			33,422		478	5.67
Credit card		49,366		1,351	10.88			45,818		1,265	10.98			32,734		810	9.83
Other consumer(2)		7,557		153	8.07			7,693		152	7.91			7,737		124	6.37
Total consumer		323,664		5,123	6.31			311,817		4,840	6.19			239,581		3,598	5.98
Commercial - domestic		121,412		1,917	6.28			122,093		1,855	6.04			90,309		1,612	7.08
Commercial - foreign		18,828		272	5.76			18,251		245	5.34			11,594		101	3.45
Commercial real estate		31,355		392	4.98			30,792		344	4.44			19,616		211	4.27
Commercial lease financing		20,204		254	5.01			20,125		233	4.64			9,971		93	3.71
Total commercial		191,799		2,835	5.88			191,261		2,677	5.57			131,490		2,017	6.09
Total loans and leases		515,463		7,958	6.15			503,078		7,517	5.95			371,071		5,615	6.02
Other earning assets		35,937		456	5.08			34,266		460	5.33			33,938		369	4.32
Total earning assets(3)		998,004		12,404	4.96			948,383		11,658	4.90			666,780		8,207	4.90
Cash and cash equivalents		31,028						29,469						22,975
Other assets, less allowance for loan and lease losses		123,519						118,831						74,431
Total assets	$	1,152,551					$	1,096,683					$	764,186
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	36,927	$	36	0.39	%	$	36,823	$	35	0.38	%	$	25,494	$	19	0.30	%
NOW and money market deposit accounts		234,596		589	1.00			233,602		523	0.89			155,369		400	1.02
Consumer CDs and IRAs		109,243		711	2.59			101,250		668	2.63			73,246		476	2.58
Negotiable CDs, public funds and other time deposits		7,563		81	4.27			5,654		69	4.85			6,195		44	2.81
Total domestic interest-bearing deposits		388,329		1,417	1.45			377,329		1,295	1.37			260,304		939	1.43
Foreign interest-bearing deposits(4):
Banks located in foreign countries		17,953		275	6.11			17,864		307	6.83			13,225		177	5.34
Governments and official institutions		5,843		33	2.21			5,021		22	1.80			2,654		11	1.58
Time, savings and other		30,459		104	1.36			29,513		87	1.17			20,019		51	1.02
Total foreign interest-bearing deposits		54,255		412	3.02			52,398		416	3.16			35,898		239	2.65
Total interest-bearing deposits		442,584		1,829	1.64			429,727		1,711	1.58			296,202		1,178	1.58
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		252,384		1,543	2.43			226,025		1,152	2.03			144,082		517	1.42
Trading account liabilities		37,387		352	3.74			37,706		333	3.51			38,298		317	3.28
Long-term debt		99,588		724	2.91			98,361		626	2.54			70,596		450	2.55
Total interest-bearing liabilities(3)		831,943		4,448	2.13			791,819		3,822	1.92			549,178		2,462	1.78
Noninterest-bearing sources:
Noninterest-bearing deposits		167,352						158,151						122,638
Other liabilities		55,156						50,321						44,077
Shareholders’ equity		98,100						96,392						48,293
Total liabilities and shareholders’ equity	$	1,152,551					$	1,096,683					$	764,186
Net interest spread					2.83						2.98						3.12
Impact of noninterest-bearing sources					0.35						0.32						0.31
Net interest income/yield on earning assets			$	7,956	3.18	%			$	7,836	3.30	%			$	5,745	3.43	%

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

⁽²⁾ Includes consumer finance of $3,473 and $3,644 in the fourth and third quarters of 2004, and $3,938 in the fourth quarter of 2003, respectively; foreign consumer of $3,523 and $3,304 in the fourth and third quarters of 2004, and $1,939 in the fourth quarter of 2003, respectively; and consumer lease financing of $561 and $745 in the fourth and third quarters of 2004, and $1,860 in the fourth quarter of 2003, respectively.

⁽³⁾ Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $496 and $531 in the fourth and third quarters of 2004, respectively, and $884 in the fourth quarter of 2003. 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 $156 and $217 in the fourth and third quarters of 2004, respectively, and $90 in the fourth quarter of 2003. These amounts were substantially offset by corresponding decreases in the interest paid on the underlying liabilities.

⁽⁴⁾ Primarily consists of time deposits in denominations of $100,000 or more.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

7

Bank of America Corporation

Year-to-Date Average Balances and Interest Rates - Fully Taxable-equivalent Basis

(Dollars in millions)

	Year Ended December 31
	2004						2003
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	14,254	$	362	2.54	%	$	9,056	$	172	1.90	%
Federal funds sold and securities purchased under agreements to resell		128,981		2,043	1.58			78,857		1,373	1.74
Trading account assets		104,616		4,092	3.91			97,222		4,005	4.12
Securities		150,171		7,326	4.88			70,666		3,131	4.43
Loans and leases(1):
Residential mortgage		167,298		9,074	5.42			127,059		6,872	5.41
Home equity lines		39,400		1,835	4.66			22,890		1,040	4.55
Direct/Indirect consumer		38,078		2,093	5.50			32,593		1,964	6.03
Credit card		43,435		4,653	10.71			28,210		2,886	10.23
Other consumer(2)		7,717		594	7.70			8,865		588	6.63
Total consumer		295,928		18,249	6.17			219,617		13,350	6.08
Commercial - domestic		114,644		7,126	6.22			93,458		6,729	7.20
Commercial - foreign		16,505		849	5.15			12,970		460	3.54
Commercial real estate		28,085		1,263	4.50			20,042		862	4.30
Commercial lease financing		17,483		819	4.68			10,061		395	3.92
Total commercial		176,717		10,057	5.69			136,531		8,446	6.19
Total loans and leases		472,645		28,306	5.99			356,148		21,796	6.12
Other earning assets		34,635		1,814	5.24			37,599		1,729	4.60
Total earning assets(3)		905,302		43,943	4.85			649,548		32,206	4.96
Cash and cash equivalents		28,511						22,637
Other assets, less allowance for loan and lease losses		110,847						76,871
Total assets	$	1,044,660					$	749,056
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	33,959	$	119	0.35	%	$	24,538	$	108	0.44	%
NOW and money market deposit accounts		214,542		1,921	0.90			148,896		1,236	0.83
Consumer CDs and IRAs		94,770		2,533	2.67			70,246		2,784	3.96
Negotiable CDs, public funds and other time deposits		5,977		290	4.85			7,627		130	1.70
Total domestic interest-bearing deposits		349,248		4,863	1.39			251,307		4,258	1.69
Foreign interest-bearing deposits(4):
Banks located in foreign countries		18,426		1,040	5.64			13,959		403	2.89
Governments and official institutions		5,327		97	1.82			2,218		31	1.40
Time, savings and other		27,739		275	0.99			19,027		216	1.14
Total foreign interest-bearing deposits		51,492		1,412	2.74			35,204		650	1.85
Total interest-bearing deposits		400,740		6,275	1.57			286,511		4,908	1.71
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		227,558		4,434	1.95			140,458		1,871	1.33
Trading account liabilities		35,326		1,317	3.73			37,176		1,286	3.46
Long-term debt		93,330		2,404	2.58			68,432		2,034	2.97
Total interest-bearing liabilities(3)		756,954		14,430	1.91			532,577		10,099	1.90
Noninterest-bearing sources:
Noninterest-bearing deposits		150,819						119,722
Other liabilities		52,704						47,553
Shareholders’ equity		84,183						49,204
Total liabilities and shareholders’ equity	$	1,044,660					$	749,056
Net interest spread					2.94						3.06
Impact of noninterest-bearing sources					0.32						0.34
Net interest income/yield on earning assets			$	29,513	3.26	%			$	22,107	3.40	%

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

⁽²⁾ Includes consumer finance, foreign consumer and consumer lease financing of $3,735, $3,020 and $962 for the year ended December 31, 2004, respectively, and $4,137, $1,977 and $2,751 for the year ended December 31, 2003, respectively.

⁽³⁾ Interest income includes the impact of interest rate risk management contracts, which increased interest income on the underlying assets $2,400 and $2,972 in the years ended December 31, 2004 and 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 $888 and $305 in the years ended December 31, 2004 and 2003, respectively. These amounts were substantially offset by corresponding decreases in the interest paid on the underlying liabilities.

⁽⁴⁾ Primarily consists of time deposits in denominations of $100,000 or more.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

8

Bank of America Corporation

Business Segment View

Net Income

Fourth Quarter 2004

Revenue

Fourth Quarter 2004

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

9

Bank of America Corporation

Consumer and Small Business Banking Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Key Measures
Total revenue(2)	$	26,857		$	20,930		$	7,589		$	7,025		$	7,153		$	5,090		$	5,344
Provision for credit losses		3,341			1,678			1,243			1,000			662			436			448
Net income		6,548			5,706			1,763			1,683			1,889			1,213			1,431
Shareholder value added		3,390			4,367			802			753			1,016			819			1,048
Return on average equity		19.89	%		42.25	%		17.46	%		17.34	%		20.52	%		30.98	%		37.49	%
Efficiency ratio(2)		49.64			49.37			47.37			49.85			49.03			53.62			50.55
Selected Average Balance Sheet Components
Total loans and leases	$	137,357		$	92,776		$	154,506		$	150,334		$	145,862		$	98,395		$	95,408
Total deposits		314,652			240,371			336,593			339,565			339,575			242,359			248,156
Total earning assets		323,426			243,175			347,986			349,708			347,677			247,776			253,135
Period End (in billions)
Mortgage servicing portfolio	$	259.1		$	246.5		$	259.1		$	254.2		$	253.3		$	247.6		$	246.5
Mortgage originations:
Retail		57.6			91.8			12.7			11.7			19.2			14.0			11.7
Wholesale		30.0			39.3			5.7			5.2			9.3			9.8			6.7

⁽¹⁾ Consumer and Small Business major subsegments are Consumer Banking, Consumer Products and Small Business Banking.

⁽²⁾ Fully taxable-equivalent basis

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

10

Bank of America Corporation

Consumer Channel

* preliminary data

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

11

Bank of America Corporation

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 12.4 million subscribers. This represents an active customer penetration rate of 49.7%.

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

5.8 million active bill pay users paid $25.1 billion worth of bills this quarter. The number of customers who sign up and use Bank of America’s Bill Pay Service continues to far surpass that of any other financial institution.

Currently, approximately 300 companies are presenting 12.6 million e-bills per quarter.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

12

Bank of America Corporation

Card Services Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Key Measures
Consumer Credit Card Outstandings:
On-balance sheet (Period end)	$	51,726		$	34,814		$	51,726		$	47,521		$	42,195		$	36,087		$	34,814
Managed (Period end)		58,629			36,596			58,629			55,399			51,990			37,296			36,596
On-balance sheet (Average)		43,435			28,210			49,366			45,589			43,177			35,303			32,734
Managed (Average)		50,295			31,552			56,444			54,419			53,136			36,855			34,783
Managed Income Statement:
Total revenue	$	8,140		$	4,786		$	2,354		$	2,267		$	2,173		$	1,346		$	1,342
Provision for credit losses		3,555			1,977			1,335			994			760			466			555
Noninterest expense		2,172			1,369			700			544			546			382			379
Income before income taxes	$	2,413		$	1,440		$	319		$	729		$	867		$	498		$	408
Shareholder Value Added	$	1,137		$	660		$	89		$	403		$	407		$	238		$	192
Merchant Acquiring Business:
Processing volume (millions)		145,093			79,686			75,383			24,898			23,239			21,573			21,150
Total transactions (millions)		2,781			1,183			1,756			374			342			309			312
Consumer Credit Card Credit Quality:
On-balance sheet:
Charge-offs $	$	2,305		$	1,514		$	691		$	586		$	585		$	443		$	423
Charge-offs %		5.31	%		5.37	%		5.57	%		5.09	%		5.45	%		5.05	%		5.12	%
Managed:
Losses $	$	2,829		$	1,691		$	837		$	753		$	776		$	463		$	451
Losses %		5.63	%		5.36	%		5.90	%		5.48	%		5.88	%		5.05	%		5.14	%
Managed delinquency %: (2)
30+		n/a			n/a			4.37	%		4.30	%		3.86	%		3.75	%		3.93	%
90+		n/a			n/a			2.13			1.98			1.76			1.81			1.77

n/a = not applicable

⁽¹⁾ Card Services includes Consumer and Small Business Credit Card and Merchant Services.

⁽²⁾ 3Q04 has been adjusted for an understatement related to an available-for-sale portfolio acquired with the Fleet acquisition.

Represents financial statement presentation with certain reclassifications to reflect securitization activity.

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

13

Bank of America Corporation

Commercial Banking Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Key Measures
Total revenue(2)	$	6,722		$	4,517		$	1,946		$	1,824		$	1,748		$	1,204		$	1,201
Provision for credit losses		(241	)		458			(188	)		(60	)		(20	)		27			98
Net income		2,833			1,471			887			824			657			465			410
Shareholder value added		884			846			282			221			74			307			252
Return on average equity		15.34	%		25.01	%		15.47	%		14.40	%		11.86	%		31.41	%		27.68	%
Efficiency ratio(2)		36.84			39.75			34.47			34.20			41.39			38.05			40.09
Selected Average Balance Sheet Components
Total loans and leases	$	129,671		$	93,378		$	142,610		$	140,083		$	139,156		$	96,577		$	94,996
Total deposits		53,088			31,461			59,549			58,175			59,866			34,636			34,053
Total earning assets		135,098			97,888			148,904			145,806			144,706			100,709			99,734

⁽¹⁾ Commercial Banking major subsegments are Middle Market Banking, Commercial Real Estate Banking, Dealer Financial Services, Business Capital and Leasing.

⁽²⁾ Fully taxable-equivalent basis

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

14

Bank of America Corporation

Global Corporate and Investment Banking Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Key Measures
Total revenue(2)	$	9,049		$	8,334		$	2,203		$	2,062		$	2,621		$	2,163		$	1,935
Provision for credit losses		(459	)		303			(207	)		(158	)		5			(99	)		(83	)
Net income		1,950			1,794			596			475			415			464			512
Shareholder value added		891			893			308			186			132			265			305
Return on average equity		19.46	%		21.35	%		21.81	%		17.34	%		15.43	%		24.91	%		26.38	%
Efficiency ratio(2)		72.45			63.91			69.43			72.95			75.87			70.92			65.62
Selected Average Balance Sheet Components
Total loans and leases	$	34,237		$	36,640		$	34,246		$	35,781		$	37,985		$	28,917		$	31,034
Total deposits		76,884			66,095			83,354			74,345			80,692			69,101			62,997
Total earning assets		276,768			230,773			307,147			271,279			275,531			261,711			242,062

⁽¹⁾ Global Corporate and Investment Banking offers clients a comprehensive range of global capabilities through three subsegments: Global Investment Banking, Global Credit Products and Global Treasury Services.

⁽²⁾ Fully taxable-equivalent basis

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

15

Bank of America Corporation

Global Corporate and Investment Banking

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Trading-related Revenue
Net interest income(1)	$	2,039		$	2,239		$	417		$	448		$	597		$	577		$	523
Trading account profits		1,028			587			233			137			390			268			27
Total trading-related revenue	$	3,067		$	2,826		$	650		$	585		$	987		$	845		$	550
Trading-related revenue by product
Fixed income	$	1,547		$	1,352		$	283		$	299		$	456		$	509		$	228
Interest rate(1)		667			954			93			118			289			167			166
Foreign exchange		757			551			233			164			171			189			155
Equities(2)		195			344			75			40			83			(3	)		61
Commodities		45			(45	)		33			18			(4	)		(2	)		2
Market-based trading-related revenue		3,211			3,156			717			639			995			860			612
Credit portfolio hedges(3)		(144	)		(330	)		(67	)		(54	)		(8	)		(15	)		(62	)
Total trading-related revenue	$	3,067		$	2,826		$	650		$	585		$	987		$	845		$	550
	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Investment Banking Income
Securities underwriting	$	920		$	962		$	209		$	219		$	275		$	217		$	232
Syndications		521			407			140			128			174			79			106
Advisory services		310			229			94			66			73			77			76
Other		32			38			7			7			10			8			12
Total investment banking income	$	1,783		$	1,636		$	450		$	420		$	532		$	381		$	426

⁽¹⁾ Fully taxable-equivalent basis

⁽²⁾ Does not include commissions from equity transactions which where were $666 and $648 for the year ended December 31, 2004 and 2003, respectively and $173, $153, $168, $172 and $167 for the three months ended December 31, 2004, September 30, 2004, June 30, 2004, March 31, 2004 and December 31, 2003.

⁽³⁾ Includes credit default swaps used for credit risk management.

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

16

Bank of America Corporation

Global Corporate & Investment Banking Strategic Progress Continues

Source: Thomson Financial except Syndicated Loans from Loan Pricing Corporation.

Significant US market share gains

Banc of America Securities increased market share in high yield, mortgage-backed securities, convertible debt and public finance.

• #2 in leveraged loans, ranked by dollar volume, with 19.4% market share

• #1 in leveraged loans, ranked by number of deals

• #2 syndicated lender, ranked by dollar volume, with 20.0% market share

• #1 syndicated lender, ranked by number of deals

• High yield debt market share increased over YTD03, from 9.1% to 10.9%

17

Bank of America Corporation

Wealth and Investment Management Segment Results⁽¹⁾

(Dollars in millions)

	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Key Measures
Total revenue(2)	$	5,918		$	4,030		$	1,676		$	1,601		$	1,540		$	1,101		$	1,203
Provision for credit losses		(20	)		11			(3	)		(18	)		10			(9	)		7
Net income		1,584			1,234			477			469			392			246			428
Shareholder value added		782			854			239			246			172			125			313
Return on average equity		20.17	%		33.94	%		20.39	%		21.27	%		18.01	%		21.71	%		39.08	%
Efficiency ratio(2)		58.28			52.11			55.72			54.95			59.42			65.45			44.83
Selected Average Balance Sheet Components
Total loans and leases	$	44,049		$	37,675		$	47,948		$	45,646		$	44,109		$	38,434		$	37,660
Total deposits		83,049			53,996			102,488			87,904			77,069			64,467			59,784
Total earning assets		85,277			55,385			104,925			90,146			79,296			66,470			62,073
Period End (in billions)
Assets under management	$	451.5		$	296.7		$	451.5		$	429.5		$	439.6		$	298.7		$	296.7
Client brokerage assets		149.9			88.8			149.9			141.9			144.9			91.0			88.8
Assets in custody		107.0			49.9			107.0			104.0			105.2			50.6			49.9
Total client assets	$	708.4		$	435.4		$	708.4		$	675.4		$	689.7		$	440.3		$	435.4

⁽¹⁾ Wealth and Investment Management includes five primary subsegments: Columbia Management Group, The Private Bank, Banc of America Investments, Premier Banking and Other Services.

⁽²⁾ Fully taxable-equivalent basis

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

Information for period after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

18

Bank of America Corporation

Corporate Other Results⁽¹⁾

(Dollars in millions)

	Year-to-Date					Quarterly
	2004		2003			4 Qtr 04			3 Qtr 04			2 Qtr 04		1 Qtr 04			4 Qtr 03
Key Measures
Total revenue(2)	$	1,064	$	746		$	506		$	246		$	170	$	142		$	111
Provision for credit losses		148		389			(139	)		(114	)		132		269			113
Net income(3)		1,228		605			126			313			496		293			(55	)
Shareholder value added		36		(1,339	)		(97	)		47			197		(111	)		(475	)
Selected Average Balance Sheet Components
Total loans and leases	$	127,331	$	95,679		$	136,153		$	131,234		$	130,046	$	111,753		$	111,973
Total deposits		23,886		14,310			27,952			27,889			25,105		14,512			13,850
Total earning assets		84,733		22,327			89,042			91,444			91,310		58,142			9,776

Corporate Other Sub-Segment Results

	Year-to-Date						Quarterly
	2004			2003			4 Qtr 04			3 Qtr 04			2 Qtr 04			1 Qtr 04			4 Qtr 03
Key Measures
Latin America(4)
Total revenue(2)	$	834		$	33		$	295		$	262		$	268		$	9		$	5
Provision for credit losses		(195	)		89			(88	)		(157	)		(7	)		57			25
Net income		310			(48	)		126			151			66			(33	)		(16	)
Shareholder value added		180			(47	)		83			106			23			(32	)		(15	)
Equity Investments
Total revenue(2)	$	440			($256	)	$	338		$	115		$	6			($19	)		($55	)
Provision for credit losses		4			25			4			—			—			—			21
Net income		192			(249	)		189			47			(14	)		(30	)		(67	)
Shareholder value added		(111	)		(475	)		96			(28	)		(94	)		(85	)		(124	)
Other
Total revenue(2)		($210	)	$	969			($127	)		($131	)		($104	)	$	152		$	161
Provision for credit losses		339			275			(55	)		43			139			212			67
Net income		726			902			(189	)		115			444			356			28
Shareholder value added		(33	)		(817	)		(276	)		(31	)		268			6			(336	)

⁽¹⁾ Corporate Other consists primarily of Latin America, Equity Investments, noninterest income, revenue and security gains and noninterest expense associated with the Asset and Liability Management (ALM) process, and the results of certain consumer finance and commercial lending businesses that are being liquidated.

⁽²⁾ Fully taxable-equivalent basis

⁽³⁾ Includes merger and restructuring charges, net of taxes, of $411 in year-to-date 2004, $181 in 4Q04, $147 in 3Q04 and $83 in 2Q04.

⁽⁴⁾ Excludes Mexico, which is included in Global Corporate and Investment Banking.

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

19

Bank of America Corporation

Outstanding Loans and Leases

(Dollars in millions)

	December 31 2004		December 31 2003		Increase (Decrease) from 12/31/03
Residential mortgage	$	178,103	$	140,513	$	37,590
Home equity lines		50,126		23,859		26,267
Direct/Indirect consumer		40,513		33,415		7,098
Credit card		51,726		34,814		16,912
Other consumer(1)		7,439		7,558		(119	)
Total consumer		327,907		240,159		87,748
Commercial - domestic		122,095		91,491		30,604
Commercial - foreign		18,401		10,754		7,647
Commercial real estate(2)		32,319		19,367		12,952
Commercial lease financing		21,115		9,692		11,423
Total commercial		193,930		131,304		62,626
Total	$	521,837	$	371,463	$	150,374

⁽¹⁾ Includes consumer finance, foreign consumer and consumer lease financing of $3,395, $3,563 and $481 at December 31, 2004, respectively, and $3,905, $1,969 and $1,684 at December 31, 2003, respectively.

⁽²⁾ Includes domestic and foreign commercial real estate loans of $31,879 and $440 at December 31, 2004, respectively, and $19,043 and $324 at December 31, 2003, respectively.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

20

Bank of America Corporation

Commercial Utilized Credit Exposure by Industry⁽¹⁾

(Dollars in millions)

	December 31 2004		December 31, 2003		% Increase (Decrease) from 12/31/03
Real Estate (2)	$	36,672	$	22,228	65	%
Diversified financials		25,932		20,427	27
Banks		25,265		25,088	1
Retailing		23,149		15,152	53
Education and government		17,429		13,919	25
Individuals and trusts		16,110		14,307	13
Materials		14,123		8,860	59
Consumer durables and apparel		13,427		8,313	62
Leisure and sports, hotels and restaurants		13,331		10,099	32
Transportation		13,234		9,355	41
Health care equipment and services		12,643		7,064	79
Capital goods		12,633		8,244	53
Commercial services and supplies		11,944		7,206	66
Food, beverage and tobacco		11,687		9,134	28
Energy		7,579		4,348	74
Media		6,232		4,701	33
Insurance		5,851		3,638	61
Religious and social organizations		5,710		4,272	34
Utilities		5,615		5,012	12
Food and staples retailing		3,610		1,837	97
Technology hardware and equipment		3,398		1,941	75
Software and services		3,292		1,655	99
Telecommunication services		3,030		2,526	20
Automobiles and components		1,894		1,326	43
Pharmaceuticals and biotechnology		994		466	113
Household and personal products		371		302	23
Other		3,132		1,474	112
Total	$	298,287	$	212,894	40

⁽¹⁾ Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held for sale and commercial letters of credit.

⁽²⁾ Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the Real Estate industry is defined based upon the borrower’s primary business activity using operating cash flow and source of repayment as key factors.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior period has not been restated.

21

Bank of America Corporation

Nonperforming Assets

(Dollars in millions)

	4Q04			3Q04			2Q04			1Q04			4Q03
Residential mortgage	$	554		$	532		$	537		$	486		$	531
Home equity lines		66			51			42			35			43
Direct/Indirect consumer		33			26			31			31			28
Other consumer		85			94			99			61			36
Total consumer		738			703			709			613			638
Commercial - domestic		855			991			1,246			1,229			1,388
Commercial - foreign		267			473			503			331			578
Commercial real estate		87			136			164			115			142
Commercial lease financing		266			243			257			66			127
Total commercial		1,475			1,843			2,170			1,741			2,235
Total nonperforming loans and leases		2,213			2,546			2,879			2,354			2,873
Nonperforming securities(1)		140			157			156			—			—
Foreclosed properties		102			133			144			131			148
Total nonperforming assets(2)	$	2,455		$	2,836		$	3,179		$	2,485		$	3,021
Loans past due 90 days or more and still accruing (3)	$	1,294		$	1,120		$	939		$	795		$	860
Nonperforming assets / Total assets		0.22	%		0.26	%		0.31	%		0.31	%		0.42	%
Nonperforming assets / Total loans, leases and foreclosed properties		0.47			0.55			0.64			0.66			0.81
Nonperforming loans and leases / Total loans and leases		0.42			0.50			0.58			0.63			0.77
Allowance for credit losses:
Allowance for loan and lease losses	$	8,626		$	8,723		$	8,767		$	6,080		$	6,163
Reserve for unfunded lending commitments		402			446			486			401			416
Total	$	9,028		$	9,169		$	9,253		$	6,481		$	6,579
Allowance for loan and lease losses / Total loans and leases		1.65	%		1.70	%		1.76	%		1.62	%		1.66	%
Allowance for loan and lease losses / Total nonperforming loans and leases		390			343			305			258			215
Commercial criticized exposure	$	10,249		$	12,025		$	13,420		$	10,401		$	12,650
Commercial criticized exposure / Commercial utilized exposure		3.44	%		4.13	%		4.73	%		4.94	%		5.94	%

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

⁽¹⁾ Primarily related to international securities held in the available-for-sale portfolio.

⁽²⁾ Balances do not include $151, $100, $103, $82 and $202 of nonperforming assets, primarily loans held for sale, included in Other Assets at December 31, 2004, September 30, 2004, June 30, 2004, March 31, 2004, and December 31, 2003, respectively.

⁽³⁾ 3Q04 has been adjusted for an understatement related to an available-for-sale portfolio acquired with the Fleet acquisition.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

22

Bank of America Corporation

Year-to-Date Net Charge-offs and Net Charge-off Ratios

(Dollars in millions)

	Year Ended December 31
	2004					2003
	Amount			Percent		Amount		Percent
Residential mortgage	$	36		0.02	%	$	40	0.03	%
Home equity lines		15		0.04			12	0.05
Direct/Indirect consumer		208		0.55			181	0.55
Credit card		2,305		5.31			1,514	5.37
Other consumer		193		2.51			255	2.89
Total consumer		2,757		0.93			2,002	0.91
Commercial - domestic		177		0.15			633	0.68
Commercial - foreign		173		1.05			306	2.36
Commercial real estate		(3	)	(0.01	)		41	0.20
Commercial lease financing		9		0.05			124	1.23
Total commercial		356		0.20			1,104	0.81
Total net charge-offs	$	3,113		0.66		$	3,106	0.87
By Business Segment:
Consumer & small business banking	$	2,594		1.89	%	$	1,764	1.90	%
Commercial banking		182		0.14			446	0.48
Global corporate & investment banking		127		0.37			438	1.20
Wealth & investment management		6		0.01			9	0.02
Corporate other		204		0.16			449	0.47
Total net charge-offs	$	3,113		0.66		$	3,106	0.87

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

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

23

Bank of America Corporation

Quarterly Net Charge-offs and Net Charge-off Ratios

(Dollars in millions)

	4Q04					3Q04					2Q04					1Q04					4Q03
	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Residential mortgage	$	6		0.01	%	$	7		0.02	%	$	12		0.03	%	$	11		0.03	%	$	13		0.04	%
Home equity lines		4		0.03			2		0.02			5		0.05			4		0.07			(3	)	(0.04	)
Direct/Indirect consumer		55		0.55			56		0.57			49		0.50			48		0.56			48		0.57
Credit card		691		5.57			586		5.09			585		5.45			443		5.05			423		5.12
Other consumer(1)		45		2.39			49		2.53			42		2.10			57		3.07			66		3.37
Total consumer		801		0.98			700		0.89			693		0.92			563		0.93			547		0.91
Commercial - domestic		27		0.09			25		0.08			76		0.25			49		0.22			93		0.41
Commercial - foreign		5		0.09			(4	)	(0.09	)		66		1.47			106		3.98			76		2.60
Commercial real estate		1		0.02			1		0.02			(3	)	(0.04	)		(2	)	(0.05	)		9		0.18
Commercial lease financing		11		0.21			(3	)	(0.07	)		(3	)	(0.06	)		4		0.17			—		0.00
Total commercial		44		0.09			19		0.04			136		0.28			157		0.48			178		0.54
Total net charge-offs	$	845		0.65		$	719		0.57		$	829		0.67		$	720		0.77		$	725		0.77
By Business Segment:
Consumer & small business banking	$	768		1.98	%	$	662		1.75	%	$	665		1.83	%	$	499		2.04	%	$	485		2.02	%
Commercial banking		45		0.12			43		0.12			32		0.09			62		0.26			75		0.31
Global corporate & investment banking		(25	)	(0.29	)		(6	)	(0.07	)		69		0.73			89		1.24			50		0.64
Wealth & investment management		3		0.03			1		0.01			(4	)	(0.04	)		6		0.06			(1	)	(0.01	)
Corporate other		54		0.16			19		0.06			67		0.21			64		0.23			116		0.41
Total net charge-offs	$	845		0.65		$	719		0.57		$	829		0.67		$	720		0.77		$	725		0.77

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

⁽¹⁾ Includes lease financing of $5, $7, $5, $10 and $10 for the quarters ended December 31, 2004, September 30, 2004, June 30, 2004, March 31, 2004, and December 31, 2003, respectively.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

24

Bank of America Corporation

Selected Emerging Markets ⁽¹⁾

(Dollars in millions)	Loans and Loan Commitments		Other Financing (2)		Derivative Assets		Securities/ Other Investments (3,4)		Total Cross- border Exposure (5)		Local Country Exposure Net of Local Liabilities (6)		Total Foreign Exposure December 31, 2004		Increase/ (Decrease) from December 31, 2003
Region/Country
Latin America
Argentina	$	181	$	105	$	0	$	89	$	375	$	16	$	391	$	80
Brazil (7)		1,179		268		19		122		1,588		1,837		3,425		2,754
Chile		215		122		1		3		341		839		1,180		1,049
Mexico (8)		578		148		136		2,004		2,866		0		2,866		83
Other Latin America (9)		311		180		144		248		883		192		1,075		358
Total Latin America		2,464		823		300		2,466		6,053		2,884		8,937		4,324
Asia Pacific
Hong Kong (10)		225		57		307		129		718		401		1,119		249
India		311		268		140		225		944		548		1,492		(73	)
Singapore		200		23		70		47		340		0		340		(227	)
South Korea		290		477		89		213		1,069		314		1,383		(235	)
Taiwan		214		114		82		42		452		875		1,327		786
Other Asia Pacific (9)		81		80		58		278		497		157		654		(222	)
Total Asia Pacific		1,321		1,019		746		934		4,020		2,295		6,315		278
Central and Eastern Europe (9)		7		30		31		173		241		0		241		(29	)
Total	$	3,792	$	1,872	$	1,077	$	3,573	$	10,314	$	5,179	$	15,493	$	4,573

⁽¹⁾ There is no generally accepted definition of emerging markets. The definition that we use includes all countries in Latin America excluding Cayman Islands and Bermuda; all countries in Asia Pacific excluding Japan, Australia and New Zealand; 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 for Other Latin America and Other Asia Pacific have been reduced by $196 and $14, respectively, at December 31, 2004 and $173 and $13, respectively, at December 31, 2003. These amounts represent the fair value of U.S. Treasury securities held as collateral outside the country of exposure.

⁽⁴⁾ Cross-border resale agreements are presented based on the domicile of the counterparty because the counterparty has the legal obligation for repayment. For regulatory reporting under Federal Financial Institutions Examination Council (FFIEC) guidelines, cross-border resale agreements are presented based on the domicile of the issuer of the securities that are held as collateral.

⁽⁵⁾ 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.

⁽⁶⁾ 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 subtracts local funding or liabilities from local exposures as allowed by the FFIEC. Total amount of local country exposure funded by local liabilities at December 31, 2004 was $17,189 compared to $5,336 at December 31, 2003. Local country exposure funded by local liabilities at December 31, 2004 in Latin America and Asia Pacific was $9,098 and $8,091, respectively, of which $4,240 was in Brazil, $3,432 in Hong Kong, $2,596 in Singapore, $1,662 in Argentina, $1,210 in Chile and $1,092 in Mexico. There were no other countries with local country exposure funded by local liabilities greater than $500 million.

⁽⁷⁾ The Corporation has certain risk mitigation instruments associated with Brazil including insurance contracts, other trade-related transfer risk mitigation and third party funding. Ability to file a claim under insurance policies vary with the country’s current political and economic environment.

Risk Mitigation	Brazil
Total foreign exposure, December 31, 2004	$	3,425
Less: Insurance contracts		369
Other trade-related transfer risk mitigation		950
Third party funding		286
Total foreign exposure net of risk mitigation, December 31, 2004	$	1,820

⁽⁸⁾ Includes $1,859 related to Grupo Financiero Santander Serfin acquired in the first quarter of 2003.

⁽⁹⁾ Other Latin America, Other Asia Pacific, and Central and Eastern Europe include countries each with total foreign exposure of less than $500 million.

⁽¹⁰⁾ Local country exposure net of local liabilities to Hong Kong consisted of $622 of commercial exposure at December 31, 2004 compared to $608 of commercial exposure at December 31, 2003.

Information for periods after April 1, 2004 includes the FleetBoston acquisition; prior periods have not been restated.

25