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Hoover's Online Report BuilderBank of America Corporation (NYSE: BAC)

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Table of ContentsThe Basics...............................................................................................................................................................................1

Key Numbers.............................................................................................................................................................1Financial Overview....................................................................................................................................................1Officers & Employees................................................................................................................................................1Board Members..........................................................................................................................................................4Industry Information..................................................................................................................................................5SIC Codes...................................................................................................................................................................5NAICS Codes.............................................................................................................................................................5Top Competitors.........................................................................................................................................................6All Competitors..........................................................................................................................................................6Rankings.....................................................................................................................................................................6Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................6

Biographies............................................................................................................................................................................7 Kenneth D. Lewis, Age 57........................................................................................................................................7 James H. (Jim) Hance Jr., Age 58.............................................................................................................................7 Edward J. (Ed) Brown III, Age 55............................................................................................................................8 David C. Darnell.......................................................................................................................................................9 Graham Denton.........................................................................................................................................................9 Richard M. (Rich) DeMartini, Age 50....................................................................................................................10 Barbara J. Desoer, Age 50.......................................................................................................................................10 Carter McClelland...................................................................................................................................................11 Liam E. McGee.......................................................................................................................................................11 Terry E. Perucca......................................................................................................................................................12 G. Patrick (Pat) Phillips...........................................................................................................................................12 Lynn Pike................................................................................................................................................................13 Andrew Plepler........................................................................................................................................................13 Alan Rappaport.......................................................................................................................................................14 Floyd S. Robinson...................................................................................................................................................14 Jonathan (Jon) Sandelman.......................................................................................................................................15 Alan Schroder..........................................................................................................................................................15 Kevin M. Shannon..................................................................................................................................................15 R. Eugene (Gene) Taylor, Age 55...........................................................................................................................16 J. Steele Alphin.......................................................................................................................................................16 J. Tim Arnoult.........................................................................................................................................................17 Catherine P. (Cathy) Bessant..................................................................................................................................17 Mary Cahillane........................................................................................................................................................18 Jim Cassady, Age 55...............................................................................................................................................18 Michael F. (Mike) Clement.....................................................................................................................................19 Kieth Cockrell.........................................................................................................................................................19 Gregory L. (Greg) Curl...........................................................................................................................................20 Alvaro G. (Al) de Molina, Age 46..........................................................................................................................20 Joseph R. Dewhirst, Age 53....................................................................................................................................20 Dana Drago.............................................................................................................................................................21 Helen Eggers...........................................................................................................................................................21 Frank Forrest...........................................................................................................................................................22 William A. (Bill) Hodges........................................................................................................................................22 Helga Houston.........................................................................................................................................................22 Milton H. Jones Jr...................................................................................................................................................23

Report Builder − Bank of America Corporation − Hoover's Online

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Table of ContentsBiographies

Catherine S. (Cathy) Kenworthy.............................................................................................................................24 John Morton III.......................................................................................................................................................24 Marc D. Oken, Age 57............................................................................................................................................25 Jim Palermo.............................................................................................................................................................25 Daniel P. (Dan) Riley..............................................................................................................................................25

Overview..............................................................................................................................................................................27

History..................................................................................................................................................................................28

Products/Operations...........................................................................................................................................................29

Other Resources Available On Hoover's Online..............................................................................................................41Other Resources.......................................................................................................................................................41Related Products From Our Trusted Partners..........................................................................................................41

Annual Financials................................................................................................................................................................42

Quarterly Financials...........................................................................................................................................................44

Historical Financials & Employees....................................................................................................................................47

Market Data.........................................................................................................................................................................49

Comparison Data.................................................................................................................................................................50

Competitive Landscape.......................................................................................................................................................52

Report Builder − Bank of America Corporation − Hoover's Online

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The Basics

Bank of America Corporate Center, 100 N. Tryon St.Charlotte, NC 28255 (Map)http://www.bankofamerica.com

Phone: 704−386−1845Fax: 704−386−6699Toll Free: 800−900−9000

Welcome to the machine. Having fulfilled its manifest destiny as the nation's first coast−to−coast bank, Bank of Americawill get even bigger after completing its pending purchase of Northeastern banking behemoth FleetBoston. Bank ofAmerica, already the third−largest bank in the US by assets (behind Citigroup and J.P. Morgan Chase and ahead ofhometown competitor Wachovia), also boasts the country's most extensive branch network, with more than 4,200locations covering 21 states and the District of Columbia. The FleetBoston deal should expand its presence in other partsof the world as well, particularly Latin America.

Key Numbers

Company Type Public (NYSE: BAC)

Fiscal Year−End December

2003 Sales (mil.) $49,006.0

1−Year Sales Growth 5.7%

2003 Net Income (mil.) $10,810.0

1−Year Net Income Growth 16.9%

2003 Employees 133,549

1−Year Employee Growth (0.3%)

Auditor PricewaterhouseCoopers LLP

Financial Overview

Last Close 23−Mar−2004 $78.53

52−Week High $84.90

52−Week Low $66.80

Basic EPS $7.13

Price/Earnings Ratio 11.01

Current Ratio −−

R&D Expense (mil.) −−

Advertising Expense (mil.) −−

% Owned by Institutions 59.30%

Officers & Employees

Title Name Age Salary Bonus

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Chairman, President, and CEO Kenneth D. Lewis 57 $1,500,000 $5,375,000

Vice Chairman and CFO (Stepping

down as CFO effective April 2, 2004)James H. (Jim) Hance Jr. 58 $1,250,000 $4,125,000

President, Global Corporate andInvestment Banking; CEO, Bancof America Securities (Retiring April

2, 2004)

Edward J. (Ed) Brown III 55 $700,000 $2,400,000

President, Commercial and RealEstate Banking

David C. Darnell

President, Bank of AmericaNorth Carolina

Graham Denton

President, Asset ManagementGroup (Stepping down April 1, 2004)

Richard M. (Rich) DeMartini 50 $500,000 $2,725,000

President, Consumer Products Barbara J. Desoer 50 $600,000 $2,335,000

Chairman, Banc of AmericaSecurities; New York MarketPresident

Carter McClelland

President, Bank of AmericaNational Consumer Bank

Liam E. McGee

President, Banc of AmericaEquity Partners; President, Bankof America Chicago

Terry E. Perucca

President, Card Services G. Patrick (Pat) Phillips

President, Small BusinessBanking; President, Bank ofAmerica California (Effective April 2,

2004)

Lynn Pike

President, Bank of AmericaFoundation

Andrew Plepler

President, Private Banking Alan Rappaport

President, Bank of AmericaDealer Financial Services

Floyd S. Robinson

President, Banc of AmericaSecurities; Head of Debt andEquities

Jonathan (Jon) Sandelman

President, ExecutiveAdministration

Alan Schroder

President, Bank of AmericaConsumer Real Estate

Kevin M. Shannon

President, Consumer andCommercial Banking

R. Eugene (Gene) Taylor 55 $700,000 $2,530,000

Corporate Personnel Executive J. Steele Alphin

Technology and OperationsExecutive

J. Tim Arnoult


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Corporate Marketing andCommunications Executive

Catherine P. (Cathy) Bessant

Operational Risk Executive Mary Cahillane

National Market PresidentExecutive

Jim Cassady 55

Corporate CommunicationsExecutive

Michael F. (Mike) Clement

Middle Market TreasuryExecutive

Reggie Chun

Customer Service and SupportExecutive

Kieth Cockrell

Corporate Planning and StrategyExecutive

Gregory L. (Greg) Curl

Corporate Treasury Executive(Named President, Global Corporate andInvestment Banking effective April 2, 2004)

Alvaro G. (Al) de Molina 46

Corporate Treasurer (Effective April

2, 2004)Joseph R. Dewhirst 53

Small Business SegmentExecutive

Dana Drago

Consumer Risk ManagementExecutive

Helen Eggers

Commercial and Small BusinessBanking Risk ManagementExecutive

Frank Forrest

Debt Capital Markets Executive William A. (Bill) Hodges

Asset Management RiskExecutive

Helga Houston

Quality and ProductivityExecutive

Milton H. Jones Jr.

Technology and OperationsBusiness Executive

Jim Kelly

Insurance Services andConsumer Products Executive

Catherine S. (Cathy) Kenworthy

Public Affairs Executive Janet Lamkin

National Premier BankingExecutive

John Morton III

Technology Services Executive Don Obert

Principal Financial Executive(Named CFO effective April 2, 2004)

Marc D. Oken 57

Management Services Executive Jim Palermo

Technology RelationshipManagement

Karen Petrisko




















Global Treasury ServicesExecutive

Daniel P. (Dan) Riley

Brand and Advertising Executive Dan Roselli

Investor Relations Executive Kevin Stitt

e−Commerce Channel StrategyExecutive

Pam West

Chief Risk Officer Amy W. Brinkley 47 $775,000 $2,595,000

Director of Taxation Thomas (Tom) Brantley

General Counsel Timothy (Tim) Mayopoulos 44

General Auditor Paul Morrison

President, Bank of America AutoGroup

Tim M. Russi

President, Bank of AmericaTexas

Walter Elcock

President, Bank of AmericaFlorida

Tim Laney

President, Bank of AmericaTennessee

John F. Stein

President, Bank of AmericaDallas

Kathleen Gibson

Board Members

Title Name Age

Chairman, President, and CEO Kenneth D. Lewis 57

Vice Chairman and CFO James H. (Jim) Hance Jr. 58

Director John R. (Johnny) Belk 45

Director Charles W. Coker 70

Director Frank Dowd IV 47

Director Kathleen F. Feldstein 62

Director Paul Fulton 69

Director Donald E. Guinn 71

Director Walter E. Massey 65

Director C. Steven McMillan 57

Director Patricia (Pat) Mitchell 60

Director Edward L. (Ed) Romero 69

Director O. Temple Sloan Jr. 64

Director Meredith R. Spangler 65

Director Ronald Townsend 61





























Director Jacquelyn M. (Jackie) Ward 65

Director Virgil R. Williams 63

Industry Information

BankingMoney Center Banks (primary)♦ Online Banking♦ Private Banking♦

•

Financial ServicesAsset Management

Mutual Fund Management◊ Retail Asset Management◊

♦

Investment Banking♦ Lending

Mortgage Banking & Related Services◊ ♦

Securities Brokers & Traders♦ Transaction, Credit & Collections

Transaction Processing & Settlement◊ ♦

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SIC Codes

6021 National commercial banks

6162 Mortgage bankers and correspondents

6211 Security brokers and dealers

6221 Commodity contracts brokers, dealers

6282 Investment advice

6289 Security & commodity services, nec

6712 Bank holding companies

6722 Management investment, open−end

7374 Data processing and preparation

NAICS Codes

522110 Commercial Banking

522210 Credit Card Issuing

522291 Consumer Lending

522292 Real Estate Credit

522294 Secondary Market Financing

522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities

523110 Investment Banking and Securities Dealing

523120 Securities Brokerage

523130 Commodity Contracts Dealing

523920 Portfolio Management




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525910 Open−End Investment Funds

551111 Offices of Bank Holding Companies

Top Competitors

Citigroup• Wachovia• Wells Fargo•

All Competitors

American Express• AmSouth• BANK ONE• Banknorth Group• BB&T• CIBC• Citigroup• Citizens Financial Group• Countrywide Financial• Credit Suisse First Boston• Deutsche Bank• FleetBoston• Golden West Financial• Household International• J.P. Morgan Chase• KeyCorp• MBNA• Mellon Financial• RBC Financial Group• SunTrust• UnionBanCal• U.S. Bancorp• Wachovia• Washington Mutual• Wells Fargo•

Rankings

#23 in FORTUNE 500 • S&P 500• Dow Jones Global Titans • #29 in FT Global 500 •

Subsidiaries/Affiliates Covered By Hoover's Online

BA Venture Partners• Banc of America Securities LLC• Finacity Corporation•






























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Biographies

Kenneth D. Lewis, Age 57

Chairman, President, and CEO, $1,500,000 salary, $5,375,000 bonus

Other Company Affiliations

Company Title Salary Bonus

Lowe's Companies, Inc. DirectorRecent Work Highlights

Bank of America Corporation2001: Chairman, President, and CEO, $1,333,333 salary, $5,200,000 bonus♦

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Biography

Kenneth D. Lewis is chairman, chief executive officer and president of Bank of America. Prior to his current position, hewas president and chief operating officer. Lewis joined NCNB (predecessor to NationsBank and Bank of America) in1969 as a credit analyst in Charlotte and served as a corporate banking officer and Western Area director in the U.S.Department before being named manager of NCNB's International Banking Corporation in New York in 1977. Lewis wasnamed senior vice president and manager of the bank's U.S. Department in 1979. He was named Middle Market Groupexecutive in 1983 when the group was created and was responsible for expanding and improving service to middle marketcompanies throughout the Southeast. He was named president of the company's Florida bank in 1986. From 1988 to 1990,he served as president of the company's Texas bank, and was president of Consumer and Commercial Banking beforebeing named president and chief operating officer in 1999. Lewis was born April 9, 1947, in Meridian, Miss. He earned abachelor's degree in finance from Georgia State University. He also is a graduate of the Executive Program at StanfordUniversity. Lewis is a member of the board of directors of Health Management Associates Inc., a publicly owned operatorof acute care hospitals; a director of the Homeownership Education and Counseling Institute; vice chairman andimmediate past chairman of the board of trustees of the National Urban League; a member of the board of directors ofLowe's Companies, Inc.; a member of the board and past chairman of the Presbyterian Hospital Foundation; a member ofthe Financial Services Roundtable; a member of the board of the Financial Services Forum; and a member of the boardand the executive committee and past chairman of the United Way of Central Carolinas, Inc.

Source: Company Web Site, 2003

James H. (Jim) Hance Jr., Age 58

Vice Chairman and CFO (Stepping down as CFO effective April 2, 2004), $1,250,000 salary, $4,125,000 bonus



EnPro Industries, Inc. Director

Summit Properties Inc. Director





Recent Work Highlights

Bank of America Corporation2001: Vice Chairman and CFO, $1,166,667 salary, $3,600,000 bonus♦

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NationsBank CorporationLast position held, Vice Chairman and CFO♦

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Biography

James H. Hance Jr. is vice chairman and chief financial officer of Bank of America and a member of the corporation'sBoard of Directors. He is responsible for the Finance Group, comprising the finance, accounting and control functions,and for Treasury, including balance sheet management. He also is responsible for Principal Investing, the company'se−Commerce initiatives, Investor Relations, the Legal Department, Corporate Strategy and Management Services, whichprovides for the company's real estate needs. The global payment business, which provides depository and treasuryservices to customers worldwide, also reports to Hance. Hance, a certified public accountant, spent 17 years with the PriceWaterhouse accounting firm (now PricewaterhouseCoopers) in Philadelphia and Charlotte. For six years, he was a partnerin the Charlotte office and served as the audit partner responsible for the firm's relationship with NCNB Corporation,predecessor to NationsBank and Bank of America. From August 1985 until December 1986, he was chairman andco−owner of Consolidated Coin Caterers Corp, in Charlotte. He joined NCNB in March 1987. A Midwest native, Hanceearned a bachelor's degree at Westminster College in Fulton, Mo. and a master's degree in business at WashingtonUniversity in St. Louis. Hance is a member of the board of directors of Caraustar Industries Inc., Family Dollar StoresInc., Lance Inc. and Summit Properties Inc. He also is chairman of the board of trustees of Charlotte Country Day Schooland immediate past chairman of the board of trustees of Novant Health Services. He is a trustee of Washington Universityin St. Louis and is a member of Washington University's National Council for the John M. Olin School of Business. He isa member of the board of visitors of Duke University Fuqua School of Business and serves on the board of trustees of theNorth Carolina Blumenthal Performing Arts Center. In addition, he is a member of the board of The United NegroCollege Fund and The Foundation for the University of North Carolina at Charlotte. He is a member of the Society ofInternational Business Fellows.


Edward J. (Ed) Brown III, Age 55

President, Global Corporate and Investment Banking; CEO, Banc of America Securities (Retiring April 2, 2004),$700,000 salary, $2,400,000 bonus



Banc of AmericaSecurities LLC

President, Corporate and Investment Banking, Bank of America (Retiringeffective April 2, 2004; will remain with the company through June 30, 2004 )


Bank of America Corporation2001: President, Global Corporate and Investment Banking, $700,000 salary, $2,750,000 bonus♦

•




Biography

Edward J. Brown III is president of Bank of America Global Corporate and Investment Banking, responsible forinvestment banking, corporate banking, capital markets, financial advisory, trade finance, leasing and e−Commerceservices. He is also a member of the Bank of America Operating Committee. Brown joined the bank in 1972 as a creditanalyst in Charlotte and served as an account officer in the Southeastern Department. He was named senior vice presidentand director of the Southern Department in 1979 and Specialized Industries division executive in 1980. Brown transferredto Tampa where he was named Tampa Bay area executive in 1982 and Tampa Bay Region executive in 1984. He returnedto Charlotte as Middle Market Group executive in 1985 and served in this position until he was named president ofCorporate Banking in 1988. He was named president of Global Finance in 1997 and president of Global Capital Raisingand Global Capital Markets in 1998. A native of Savannah, Ga., Brown earned a bachelor's degree in industrialmanagement from Georgia Institute of Technology. He earned a master's degree in finance from Harvard University.Brown is a member of the PGA Tour Golf Course Properties advisory board and a trustee of the Georgia Tech advisoryboard. He is a member of the Carolinas HealthCare System board of advisors, the 1999 U.S. Open President's Council andco−chair of the Georgia Tech Regional Development Council.


David C. Darnell

President, Commercial and Real Estate Banking

Biography

David C. Darnell is president of Commercial and Real Estate Banking for Bank of America. He leads national sales forthe company's Commercial Banking, Real Estate Banking and Business Credit operations. Before assuming his currentposition in 2001, he led the bank's consumer and commercial banking operations in the central region of the United States.Darnell also served as executive vice president and Commercial Division executive for Bank of America in Florida.Darnell is a member of the Bank of America Management Operating Committee. Based in St. Louis, Darnell has beenactively involved in the community, particularly in efforts to revitalize downtown St. Louis, where the bank has a majorpresence. He is a member of the boards of the St. Louis Regional Commerce and Growth Association; St. LouisDowntown Partnership, Inc.; Civic Progress; St. Louis Science Center; United Way of Greater St. Louis; Boy Scouts ofAmerica Greater St. Louis Area Council; and the Variety Club. He also is a trustee of St. Louis University and serves onthe national board of the Museum of Science and Industry Foundation. Darnell received an MBA from the University ofNorth Carolina and an undergraduate degree in business from Wake Forest University in Winston−Salem, N.C.


Graham Denton

President, Bank of America North Carolina

Biography

Denton joined Bank of America in 1971 as a cash management analyst. He has held a number of management positions atthe company in Cash Management, Corporate Lending, Commercial Lending, Loan Policy, Middle Market InvestmentBanking and Commercial Finance. In late 1999, Denton assumed responsibility for a variety of businesses in GlobalCorporate and Investment Banking, including Latin America Investment and Financial Institutions Banking Canada,Sports finance and US Corporate Banking. In late 2001, he was appointed Business Risk Executive for Consumer and


Commercial Banking. He assumed his role as Commercial Executive for the Atlantic Region in 2002. Active in the stateand local community, Denton is a trustee of Wake Forest University. He also serves on the board of the CharlotteChamber of Commerce, Leadership Charlotte, Wake Forest University Baptist Medical Center, United Family Servicesand United Way of the Central Carolinas.

Source: Company Press Release, June 16, 2003

Richard M. (Rich) DeMartini, Age 50

President, Asset Management Group (Stepping down April 1, 2004), $500,000 salary, $2,725,000 bonus


Bank of America Corporation2001: President, Asset Management Group, $423,611 salary, $3,400,000 bonus♦

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Biography

Richard M. DeMartini is president of the Bank of America Asset Management Group. This group provides investmentmanagement services to individuals and institutions through Banc of America Capital Management, Inc., a full range offinancial services, including fiduciary and credit services, to high−net−worth individuals and families through the PrivateBank, Trust Company and Private Client Services, and retail brokerage services through Banc of America InvestmentServices, Inc. He also is a member of the Bank of America Risk and Capital and Operating Committees. DeMartini mostrecently served as chairman and chief executive officer of the International Private Client Group at Morgan Stanley DeanWitter, a position that encompassed all of the firm's activities relating to the gathering of investment assets and sale ofsecurities to individual investors internationally. He also was a member of the Morgan Stanley Dean Witter ManagementCommittee. His career at Morgan Stanley Dean Witter spanned more than 26 years and included roles as president ofIndividual Asset Management and president of Dean Witter & Company, Inc. DeMartini has served as chairman of theboard of the Nasdaq Stock Market, Inc. and vice chairman of the board of the National Association of Securities Dealers,Inc. He currently serves as a trustee of the Cancer Research Institute and as a director of Graham Windham, New York'soldest social service agency. DeMartini is a graduate of San Diego State University with a bachelor's degree in marketing.


Barbara J. Desoer, Age 50

President, Consumer Products, $600,000 salary, $2,335,000 bonus


Bank of America CorporationTitle held until 2001: Director, Marketing♦

•

Biography

Barbara J. Desoer is the Consumer Products executive for Bank of America and a member of the bank's Risk & Capitaland Operating committees. She is responsible for the Card Services, Consumer Deposit Products, Consumer Real Estate,Dealer Financial Services and Insurance businesses, as well as the Consumer Risk Operations Group. She is alsoresponsible for these key channels: automated teller machines (ATMs), Online Banking, and Customer Service and


Support. Desoer joined the bank in 1977. After a variety of Commercial Lending and Credit Administration assignments,she served as executive assistant to two chief executive officers. She then held a number of retail banking assignments andwas named group executive vice president responsible for the California Retail Banking Group in 1996. In 1998 she waspromoted to president of Northern California banking. She was Marketing executive from 1999 until July 2001, when sheassumed her current position. In addition, she recently chaired the bank's internal Diversity Advisory Council. Desoerreceived a bachelor's degree in mathematics from Mount Holyoke College and a master's degree in businessadministration from the University of California at Berkeley. She serves on the Advisory Council of the Haas School ofBusiness at the University of California at Berkeley and the Business Advisory Council of the Belk College of BusinessAdministration at the University of North Carolina in Charlotte. She also serves as a member of the boards of directors ofthe North Carolina Dance Theatre, the Presbyterian Hospital Foundation and the United Way of Central Carolinas.


Carter McClelland

Chairman, Banc of America Securities; New York Market President



Banc of America Securities LLCChairman; Head of Corporate and Investment Banking, Bank ofAmerica


Banc of America Securities LLCTitle held until 2004: President; New York Market President, Bank of America♦

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Biography

McClelland joined Banc of America Securities in 1998. Previously he was president and chief executive officer andmember of the board directors of Deutsche Bank North America. McClelland's Wall Street career spans more than 30years, including 21 years at Morgan Stanley, where he was chief administrative officer and a member of the firm'soperating committee. He earned a B.S. in aeronautical engineering and an M.B.A. from Stanford University. McClellandand his family live in New York City. He currently serves on the boards of directors of the United Way of New York, theNational Council on Economic Education and NYC2012, the organization created to bring the Olympic Games to NewYork.

Source: Company Press Release, August 19, 2003

Liam E. McGee

President, Bank of America National Consumer Bank


Bank of America CorporationTitle held until 2004: President, Bank of America National Consumer Bank; President, Bank of AmericaCalifornia

♦ •




Biography

McGee joined Bank of America in 1990 and for six years led its California Consumer Bank. From 1996 to 1998, he ranthe company's technology and operations group. In July 1998, he was named President, Bank of America SouthernCalifornia. McGee was appointed to his position as President of Bank of America California in August 2000 and assumedadditional responsibility as President of Bank of America National Consumer Bank in August 2001. The 48−year−oldbank executive is active in civic affairs, serving on the board of the San Francisco Museum of Modern Art, chairman ofthe United Way of Greater Los Angeles, and vice chairman of the Town Hall Los Angeles. McGee was a two−termmember of the Federal Reserve Bank of San Francisco board of directors. McGee also has a personal interest in education.In 1999, he joined the effort to bring about fiscal reform in California's public schools, and now serves as chairman of theboard of trustees of the University of San Diego and on the board of the Anderson School at UCLA. He is past chairmanof Junior Achievement of Southern California. A native of Ireland, McGee has lived in California nearly all of his life andspeaks Spanish fluently. He earned a bachelor's degree from the University of San Diego, a master's degree in businessadminis− tration from Pepperdine University and a law degree from Loyola Law School. McGee and his family reside inPasadena.


Terry E. Perucca

President, Banc of America Equity Partners; President, Bank of America Chicago

Biography

As president of Bank of America, Chicago, Terry Perucca represents the bank in the business and civic community. Inaddition, Perucca is president of Banc of America Equity Partners, the private equity investing group for Bank ofAmerica. As the local senior banking executive, he is responsible for leveraging all lines of business at the bank to ensurethat the best interests of clients and the community are being served. Since 1996, Perucca has led Banc of America EquityPartners, which makes direct and indirect private equity investments for the bank in the United States as well as SouthAmerica, Asia and Europe. He oversees a $5 billion portfolio of equity investments in private companies. Perucca joinedBankAmerica during its merger with Security Pacific Bank in 1992, when he became part of its San Francisco−basedCorporate Development department. He assumed responsibility for managing that unit in 1993. He joined Security Pacificin 1966 as a member of the Finance department and formed its Corporate Strategic Planning group in 1980 and managedits Planning and Acquisition activities from 1985 to 1990. He then headed its Retail Branch and Sales Support group priorto taking on his BankAmerica corporate development responsibilities. Perucca holds a bachelor's degree in managementfrom Arizona State University. He also is a graduate of the University of Washington's Pacific Coast Bank School, wherehe served on the faculty for eight years. Perucca is a member of the board of trustees of the Museum of ContemporaryArt, Chicago, the board of directors of Colorgraphics Inc., Los Angeles; and a managing board member of Weiss, Peck &Greer, San Francisco. He also is a member of the Union League Club, Chicago.


G. Patrick (Pat) Phillips

President, Card Services

Biography

G. Patrick Phillips is president of Card Services for Bank of America. Card Services includes consumer and commercial


credit cards, check cards, ATM cards, emerging card products and merchant card services. Additionally, he leads theSmall Business Integration Council, one of four such councils in the company that are focused on the execution ofintegrated plans to better meet the needs of major customer groups. Phillips joined the company in 1973. His early careerincluded assignments in Corporate Banking and Marketing, and as director of Charlotte banking centers. He transferred in1983 to Florida where he served as Broward Area executive, Florida Southeast Region executive and later asNorthern/Western Florida executive. In l987 he was appointed Consumer Banking Group executive and relocated toCharlotte. He was appointed president of NCNB Services Inc. in 1988 and president of NCNB Financial Products in 1990.He became president of Card Services for Bank of America in 1998. The Greenville, S.C. native received a bachelor'sdegree in economics from Presbyterian College and a master's degree in business administration from the Darden Schoolof the University of Virginia. Phillips is a director of Visa USA and Visa International and is immediate past president ofthe Consumer Bankers Association board. He also serves on the boards of the Charlotte Symphony and The Foundationfor the Carolinas, and is a trustee of Presbyterian College.


Lynn Pike

President, Small Business Banking; President, Bank of America California (Effective April 2, 2004)

Biography

Lynn Pike, managing director of Consumer Banking and Distribution for FleetBoston Financial Corporation and a leaderwith strong banking and community development credentials in California and the Northeast, will succeed Liam McGeeas president, Bank of America California. Pike will serve in a dual role as president of Small Business Banking nationally,as well as bank president in California. She will relocate to Los Angeles and assume those roles when the Bank ofAmerica−FleetBoston merger is completed this spring. She currently leads the FleetBoston Financial consumerbusinesses, telephone banking and ATM network and oversees the work of 15,000 FleetBoston associates and 1,500banking centers in eight Northeastern states. Before joining FleetBoston in May 2002, Pike was executive vice presidentand regional president of Wells Fargo Bank's Los Angeles Metropolitan Division, where she was responsible for itslargest retail operating division, which included retail banking in Los Angeles, Ventura, Orange and San Bernardinocounties and the city of Santa Barbara. While there, she forged a strong reputation for community leadership andeconomic development. Prior to joining Wells Fargo, Pike was director of national sales support for GMAC MortgageCorporation. She had previously managed the Florida, New York and New Jersey community banking units for FirstNationwide Bank, and served as an executive with Bank of Boston and Bay Banks. Pike is a graduate of the ExecutiveSchool of Marketing at the Fuqua School of Business at Duke University. She was very active with community andnonprofit organizations in California, serving on the boards of Junior Achievement of Southern California, the ConsumerBankers Association, Town Hall−Los Angeles, the Los Angeles Chamber of Commerce, Operation Hope and theCarreker Advisory Board. She is the recipient of the Chairman's Award from the Latin Business Association, and she hasreceived the 2002 Asian Entrepreneurs of the Year− Minority Small Business Advocate of the Year award. She also wasselected 2001 Board Member of the Year by Operation Hope. Pike currently serves on the board of the Consumer BankersAssociation as the FleetBoston representative, as well as on the National Board of Directors of Operation Hope.

Source: Company Press Release, January 15, 2004

Andrew Plepler

President, Bank of America Foundation


Biography

Mr. Plepler will develop and manage relationships with national nonprofit organizations and create strategic partnershipswith business leaders and foundations to strengthen corporate giving and expand the bank's leadership role in thecommunity. He will also be responsible for managing the foundation's overall mission and coordinating its national focuswith local market philanthropic efforts across Bank of America's coast−to−coast franchise. Plepler most recently served assenior vice president of Housing and Community Initiatives with the Fannie Mae Foundation. He oversaw three of thefoundation's primary grant−making departments, as well as all five regional offices −− Dallas, Philadelphia, Pasadena,Atlanta and Chicago. He supervised the Outreach and Education Department, including the foundation's personal financeprogram, and directed the foundation's community development efforts in Washington, DC, which accounts for a third ofits overall grantmaking. Before joining the Fannie Mae Foundation, Plepler practiced law as a trial attorney for the U.S.Department of Justice in the Tax Division and served on Capitol Hill as counsel to the U.S. Senate Committee on theJudiciary. Plepler earned a Bachelor of Arts degree in government from Franklin & Marshall College in Lancaster, PAand a Jurist Doctorate from the University of Miami School of Law in Coral Gables, FL. Plepler, his wife and threechildren will reside in Charlotte.

Source: Company Press Release, June 19, 2003

Alan Rappaport

President, Private Banking

Biography

Rappaport served as a managing director of CIBC Oppenheimer from 1982 to 1999 where he was responsible for theAsset Management Division. This private client oriented division provided a comprehensive array of investment servicesto wealthy clients, with a market leading position in non−traditional asset categories. He then became a partner of theBeacon Group and helped establish the wealth management business for this M&A and private equity investmentboutique. When Beacon was acquired by Chase, Rappaport assumed a senior investment position as a managing directorof Chase Investment Advisors and a member of the management committee of the Chase Global Private Bank. He hascreated and served on the boards as chairman of numerous investment companies and funds. He holds a master's degree inbusiness administration from Stanford University and a bachelor's degree from Harvard College.

Source: Company Press Release,

Floyd S. Robinson

President, Bank of America Dealer Financial Services

Biography

Floyd S. Robinson is president of Bank of America Dealer Financial Services, which includes the Auto Group andSpecialty Group. Mr. Robinson also continues his role as president of the Auto Group, one of the largest non−captiveproviders of financial service products to the automotive industry. The Specialty Group is the largest provider of financialservices to the recreational vehicle industry and one of the largest providers to the marine industry. Bank of AmericaDealer Financial Services is a part of Bank of America, one of the world's leading financial services companies. DealerFinancial Services has approximately $22 billion in assets and serves both commercial and consumer customers across thecountry. During his career, Mr. Robinson has held a variety of positions in the financial services industry includingpresident, Fleet Credit Corporation; equipment division president of USL Capital, a Ford Financial Services Group


company; and president and CEO of the LDI Corporation, a publicly traded technology company. He has served on theBoard of Directors of the Equipment Leasing Association as well as several other corporate boards. Mr. Robinsoncurrently resides in Ponte Vedra Beach, Florida, with his wife, Gwyn.


Jonathan (Jon) Sandelman

President, Banc of America Securities; Head of Debt and Equities



Banc of America Securities LLC President; Head of Debt and Equities, Bank of AmericaRecent Work Highlights

Banc of America Securities LLCTitle held until 2004: Global Head of Equities♦

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Biography

Sandelman joined BAS in 1998 as head of the Equity Financial Products business and became head of Equities in 2002.Prior to joining the company, he was deputy head of global equities and managing director of equity derivatives atSalomon Brothers, as well as a member of both the risk management committee and the compensation committee.Sandelman holds a bachelor's degree from Adelphia University and a law degree from Cardozo School of Law.

Source: Company Press Release, February 17, 2004

Alan Schroder

President, Executive Administration

Biography

Schroder comes to Bank of America after 18 years helping to build Morgan Stanley's brokerage business. Prior to hisrecent role as an advisory director, Schroder was executive vice president and director of Morgan Stanley's CentralDivision, where he had responsibility for approximately a third of the company's brokerage force, among the largest in thecountry. While at Morgan Stanley, Schroder restructured and significantly expanded the strategic training and careerdevelopment programs for financial advisors and managers, working with leading academics in the field at the WhartonSchool of the University of Pennsylvania.

Source: Company Press Release, January 29, 2002

Kevin M. Shannon

President, Bank of America Consumer Real Estate




Biography

Kevin M. Shannon currently serves as President of Consumer Real Estate for Bank of America. He has overallresponsibility for consumer and mortgage lending, including business reinvention, process design and improvement andmortgage. Shannon has been with Bank of America (and predecessor organizations) for 19 years. During his career atBank of America, Shannon has held a variety of positions and responsibilities. From 1999 − 2000 he worked inWashington D.C. as program executive for Government Card Services. There he was responsible for the governmenttravel and entertainment and purchasing card program for approximately 40 federal government agencies. From 1995 to1999 he served as the Consumer and Business Loan Center executive. In this capacity, Mr. Shannon managed 14 regionalloan center sites supporting sales, underwriting and settlement services for all consumer and small business lendingactivity. From 1992 − 1995 he held the position of Senior Credit Policy Executive, Direct Consumer and Small BusinessLoans. He was responsible for lending policy and risk management for the company's consumer and small business loanportfolio. For 1982 through 1992 he also held various roles in Consumer and Commercial Banking and BranchManagement. Shannon earned a master's degree in Business Administration and a bachelor of science in BusinessAdministration in Marketing, Cum Laude from East Carolina University. He is also a member of the East CarolinaBusiness Advisory Council.


R. Eugene (Gene) Taylor, Age 55

President, Consumer and Commercial Banking, $700,000 salary, $2,530,000 bonus


Bank of America Corporation2001: President, Consumer and Commercial Banking, $700,000 salary, $1,250,000 bonus♦

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Biography

R. Eugene Taylor is president of Bank of America Consumer and Commercial Banking, the largest single profit center forthe company. He also is responsible for Bank of America (Asia) Ltd. and is a member of the bank's Operating Committee.Taylor joined the company in Charlotte, N.C., in 1969 as a credit analyst. He served in branch offices, marketing andmanagement positions across North Carolina. In 1986 he moved to Florida and in 1990 was named president of theFlorida bank. In 1993 he was named president of NationsBank Mid Atlantic. After Barnett Bank was acquired in 1997, hereturned to Florida as president of the merged bank. In 1998, Bank of America and NationsBank merged and Taylor wasnamed president of the West Region. Responsibility for the Central Region was added in February 2000. A Florida native,Taylor graduated from Florida State University with a degree in finance. Active in civic affairs during his career, he hasserved on boards of community organizations throughout Bank of America markets.


J. Steele Alphin

Corporate Personnel Executive


Biography

J. Steele Alphin is Corporate Personnel Executive for Bank of America and a member of the bank's Operating Committeeand the Exult Advisory Council. Alphin joined the bank in 1977 working in the Consumer Bank in Chapel Hill, N.C. Hemoved to Charlotte in 1980 as a compensation analyst in Personnel. He moved to Tampa in 1984 to become RegionalPersonnel manager and was named Personnel director of the Florida bank in 1985. Alphin returned to Charlotte in 1988 asCorporate Personnel division executive for the Eastern bank, with Personnel responsibilities for the General Bank,Institutional Bank, Credit Policy and Recruiting. He moved to Atlanta in 1992 as Corporate Personnel division executivesupporting the General Bank, Asset Management Group and Financial Products and returned to Charlotte in 1994 withnationwide responsibility for the Personnel functions of the Consumer & Commercial Bank and Wealth Management. Hewas named Corporate Personnel executive in 1999. A native of Windsor, Va., Alphin earned his bachelor's degree inmilitary history from the University of North Carolina at Chapel Hill. Alphin is a member of the board of the BankAdministration Institute and member of UNC Board of Visitors, Class of 2006.


J. Tim Arnoult

Technology and Operations Executive

Biography

Tim Arnoult is Technology &Operations executive at Bank of America. He is responsible for delivering the informationtechnology and operations support necessary for Bank of America businesses to achieve breakthrough improvements incustomer satisfaction and revenue growth. Arnoult started his banking career in 1975 in Texas. He has been president ofthe Private Bank and president of the 10−state Central Region Consumer and Commercial Banking Group. He was namedTechnology &Operations executive in 2000. Arnoult grew up in Beaumont, Texas, and is a graduate of the University ofTexas at Austin, where he earned a bachelor's degree in psychology in 1971 and a master's in business administration in1976. He is recipient of the University of Texas Outstanding Young Alumni Award. Over the years, Arnoult has beenactive in community affairs and banking industry trade groups. He has served in leadership roles on the boards oforganizations such as the University of Texas Business School Advisory Council, United Way, the Texas Governor'sBusiness Council and the Charlotte Arts and Science Council, and on the executive steering committee of the BusinessLeadership Network as an advisor to the President's Committee on Employment for People with Disabilities. He is currentchairman of the Alexis de Tocqueville Society for the United Way of Central Carolinas and is a member of the FinancialServices Roundtable − BITS Advisory Council and IBM's Information Systems Customer Advisory Council. In additionto his banking and community service activities, his interests include spending time with his family, golfing and piloting aprivate aircraft.


Catherine P. (Cathy) Bessant

Corporate Marketing and Communications Executive


Bank of America CorporationTitle held until 2001: President, Bank of America Florida♦

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Biography

Catherine P. Bessant is chief marketing executive for Bank of America and serves as the president of the company's NorthCarolina operations as well. Her functional responsibilities include Brand, Internal and External Communications,Customer Analytics and Research, Electronic Marketing, Public Policy, Media Relations and the Bank of AmericaFoundation. Bessant most recently was president of Bank of America, Florida, and national Small Business Segmentexecutive. The company has more than 1.9 million small business customers in the United States and, with more than 800banking centers, is the largest consumer and commercial bank in Florida. Prior to these roles, Bessant was president ofConsumer Real Estate and Community Development Banking, where she was responsible for developing and executingthe Bank of America consumer real estate, mortgage and community development financing strategies. She led Bank ofAmerica mortgage lending and operations nationwide, as well as the full complement of Bank of America communitydevelopment activities. Bessant joined the company in 1982 as a corporate banking officer in the National Division. Anative of Jackson, Michigan, Bessant earned a bachelor's degree in business administration, with concentrations inFinance, Marketing and English literature, from the University of Michigan School of Business Administration. Bessant isa member of the board of directors of Blue Cross Blue Shield of Florida, Inc. She is involved in numerous civic andcharitable capacities, including the board of trustees of the Enterprise Foundation, and the boards of directors of the NorthCarolina Council for Commerce, Business, and Industry and the Children's Theatre of Charlotte. Bessant and her husband,John E. Clay, have two children.


Mary Cahillane

Operational Risk Executive

Biography

Mary Cahillane is the Operational Risk executive for Bank of America, responsible for operational risk policies andprocedures across the company. She serves on the Compliance Executive Advisory Committee, the Credit RiskCommittee and is a member of the company's Management Operating Committee. In her previous position, Cahillane wasDeputy Treasurer, with responsibility for balance sheet management, management of relationships with credit ratingagencies, the company's pension plan and insurable risk, as well as other treasury functions. Cahillane joined the companyin 1981 in the Corporate Treasury Department. She earned a bachelor's degree in history from Emmanuel College and amaster's degree in business administration from the Tuck School of Business at Dartmouth. Cahillane is a member of theboard of the Charlotte Symphony.


Jim Cassady, Age 55

National Market President Executive

Biography

Cassady started with one of Bank of America's predecessor institutions, C&S National Bank in Atlanta, in 1971 in branchmanagement and commercial lending roles. Since then, he has served in positions ranging from senior credit and lendingofficer for Florida to vice president of international trade in Atlanta. He was named Broward County senior bankingexecutive and president in 1992, and in 1999 he became Bank of America's Community Development Banking executivefor Florida. Cassady is a graduate of Presbyterian College in South Carolina with a bachelor's degree in English, and he


also attended the Rutgers Graduate School of Banking. He has long been active in the South Florida community, and hecurrently serves on the boards of directors of the Broward Workshop and the National Conference of Community andJustice. He is a former chairman of the Urban League of Broward County, Greater Fort Lauderdale Chamber ofCommerce and Museum of Art, and is a recipient of numerous civic and community honors, including the Sun−SentinelExcalibur Award, National Jewish Fund "Tree of Life" Award and the Greater Fort Lauderdale Chamber Hall of FameAward.

Source: Company Press Release, November 7, 2002

Michael F. (Mike) Clement

Corporate Communications Executive

Biography

Clement brings 21 years of experience at the bank in various geographies and customer segments. He most recentlyserved as the Personnel executive for Corporate Marketing & Communications, Finance and Legal & ManagementServices. Clement received his Bachelor of Science degree in Business Administration from the University of NorthCarolina, Chapel Hill. He resides in Charlotte with his wife and two children.

Source: Company Press Release, February 24, 2003

Kieth Cockrell

Customer Service and Support Executive

Biography

Kieth Cockrell is president of Customer Service and Support responsible for managing call centers nationwide thatprovide sales and service to Consumer, Small Business and Commercial Banking Customers. He also has overallresponsibility for Associate Banking. Cockrell joined Bank of America in September 1993 as vice president and managerof Consumer Lending Division Project Management. In February 1995, he was promoted to senior vice president ofNational Consumer Assets Group−Project Management. In June 1997, he was named director of Marketing, BusinessBanking Division, where he was responsible for all product development and manage−ment of products and services forSmall Business Banking clients. In November 1997, he was named executive vice president and senior manager of theATM Banking Division, where he was responsible for ATM product management, sales and deployment. In addition, hewas responsible for executing the company's debit card strategy. In August 1998, he was named executive vice presidentof Debit, ATM and Smart Card Services. He had responsibilities for all ATM Operations, Debit and Smart CardMarketing, and product development for all consumer card products. Prior to joining Bank of America, Cockrell was theadministrative assistant to the IBM vice president and general manager of U.S. Marketing. During his 10 years with IBM,he held several technical and marketing management positions supporting large financial institutions. Cockrell receivedhis bachelor of science degree in industrial engineering from Columbia University. Cockrell currently serves as a memberof the National Board of INROADS, Inc., the Government Relations Council of Consumer Bankers Association, theBoard of Trustees of Charlotte Repertory Theatre, and on the Board of Directors of the United Way of Central Carolinas,Inc., and as chairman of the Community Investment Committee of the United Way of Central Carolinas, Inc. President ofCustomer Service and Support



Gregory L. (Greg) Curl

Corporate Planning and Strategy Executive


Boatmen's Bancshares, Inc.Last position held, Vice Chairman♦

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Biography

Gregory L. Curl is director of Corporate Planning and Strategy for Bank of America. Curl began his career in 1974 in St.Louis as a commercial loan officer. From 1976 to 1978, he served as a special assistant to U.S. Senator John C. Danforth.He returned to the bank in 1978 and continued to serve in many capacities, including vice chair−man of CorporateDevelopment and president of Specialized Lending from 1997 to 1998. Curl received a bachelor's degree in politicalscience from Southwest Missouri State University and a master's degree in government from the University of Virginia.He was named a Woodrow Wilson Fellow in 1970 and was a Philip Dupont Scholar and a McIntire Fellow at theUniversity of Virginia. He served as a naval officer in the Mediterranean and the Middle East from 1970 to 1974.

Source: Company Web Site,

Alvaro G. (Al) de Molina, Age 46

Corporate Treasury Executive (Named President, Global Corporate and Investment Banking effective April 2,2004)



Banc of America SecuritiesLLC

President, Global Corporate and Investment Banking (Effective April 2,2004)

Biography

A native of Havana, Cuba, de Molina, joined the company in 1989 and most recently served as Corporate Treasuryexecutive responsible for all investment and funding activities, as well as pensions, insurance and economics. He also hasserved as chairman of the bank's Asset/Liability committee. Prior to joining Bank of America, Mr. de Molina was theEmerging Markets CFO for J.P. Morgan. He began his career in 1979 with Price Waterhouse.

Source: Company Press Release, March 23, 2004

Joseph R. Dewhirst, Age 53

Corporate Treasurer (Effective April 2, 2004)




Biography

Dewhirst was previously Financial Senior Vice President and Treasurer of FleetBoston Financial Corporation. Dewhirstworked at Fleet since 1982

Source: Company Press Release, March 23, 2004

Dana Drago

Small Business Segment Executive

Biography

Dana Drago began her career with Bank of America as a credit trainee in 1980. She has held many sales and servicepositions in banking centers, Premier Banking, and Small Business Banking. She was a banking center manager for sevenyears. As a Consumer region executive, Dana managed three different regions in Northern and Southern California. Shehas also served in various marketing positions, including the marketing head of Premier Banking for the West franchise.Prior to relocating to North Carolina from California as the Carolinas Consumer executive, Dana was the West Regionmarketing executive. In 2001, Dana accepted the additional responsibility of managing the Atlantic South regionCurrently, Dana Drago holds the position of National Small Business Segment executive, reporting to Gene Taylor,president of Consumer and Commercial Banking. Dana graduated from Bishop England High School in Charleston, SouthCarolina. She has an undergraduate degree from the University of Mississippi. Dana also attended the Graduate School ofBank Management at the University of Virginia. Dana and her husband, John, have three children: Eight−year−old twins,Nick and Rebecca, and 11−year−old John. Dana's community involvement includes the Community Building Initiativeleadership team (promoting diversity inclusion), March of Dimes, United Way, Arts and Science Council, and theCharlotte Women's Mentoring Group. In 2001, Dana was selected as one of Charlotte's Top Women in Business.


Helen Eggers

Consumer Risk Management Executive

Biography

Helen Eggers is the Consumer Risk Management executive for Bank of America with responsibility for credit, market,and operational risk management for the Consumer segments, Premier segment, and the consumer product businessesincluding credit card, ATM and debit, e−commerce, consumer real estate, dealer financial services, deposits, andinsurance. Eggers joined the company in 1984 as a credit analyst in Tampa, Florida. She joined the Marketing departmentin 1987 as a vice−president and manager of Florida product development. After serving as Florida Marketing director in1989, she transferred to Charlotte in 1990 as corporate director of Consumer Marketing. She assumed various roles inmarketing including serving as Brand & Communications executive with responsibility for the development and launch ofthe Bank of America brand after the merger of NationsBank and Bank of America, as well as, corporatewide Olympicsand sports marketing, and marketing communications for the consumer and commercial businesses. In 2000, Eggersassumed responsibility as president of EquiCredit Corporation, a Bank of America Company. After successfullycompleting the divestiture of the EquiCredit sales channel, the selection of a portfolio servicer, the securitization of thereal estate portfolio, and the disposition of selected assets, she assumed her current role in March 2002. Eggers earned aB.A. in Public Policy Studies and Economics at Duke University. She was awarded an Associate Fellowship to theUniversity of Pittsburgh Katz Graduate School of Business where she earned her MBA.



Frank Forrest

Commercial and Small Business Banking Risk Management Executive

Biography

Frank Forrest is the Commercial and Small Business Banking Risk Management executive for Bank of America, where hepartners primarily with the Commercial and Small Business Banking organization to deliver innovative and value−addedsolutions to clients, while profitably managing risk and reward. The Commercial and Small Business Banking RiskManagement organization works closely with each line of business to identify leading indicators of credit, market andoperational risk and proactively monitor and gauge portfolio stability and performance. He is also a member of the Bankof America Management Operating Committee. Forrest joined NCNB (predecessor to NationsBank and Bank of America)in 1986 as a credit policy officer in Charlotte. Over the years, he has held several Risk Management positions, includingCredit Policy executive for NCNB, Senior Credit Policy executive for the General Bank and the state of Tennessee forNationsBank, Senior Credit Policy executive for the Carolinas and the Eastern Region for NationsBank, Senior CreditRisk Management executive for the eastern Region for Bank of America and most recently Forrest held the position ofCommercial Risk Management executive for Bank of America from 1998 − 2002. He has been in his current positionsince August 2002. Before joining the bank, Forrest worked at the U.S. Department of Treasury, Office of the Comptrollerof the Currency as a National Bank examiner. Forrest graduated from Florida State University with a Bachelor of Sciencedegree in accounting and finance. He currently serves on the Board of Advisors for Providence Day School.


William A. (Bill) Hodges

Debt Capital Markets Executive

Biography

William A. Hodges is Debt Capital Markets executive for Bank of America, responsible for debt product origination,issuer structuring and due diligence. He is also a member of the Bank of America Operating Committee. Hodges beganhis career with the company in 1972 as a credit analyst. He has served as credit policy executive for Florida, managementexecutive for corporate banking and real estate lending and senior credit policy executive for the Southeast. He wasnamed president of Bank of America in greater Washington, D.C. in 1994 and was responsible for leading the areamanagement team in a broad base of business and community activities. Prior to his current position, he was Real EstateGroup executive. A Charlotte, N.C. native, Hodges earned a bachelor's degree in history from the University of NorthCarolina at Chapel Hill and a master's degree in finance from Georgia State University.


Helga Houston

Asset Management Risk Executive


Biography

Helga Houston is the Asset Management Risk executive responsible for credit, market and operational risk managementwithin the Asset Management Group. She also serves on the Bank of America Management Operating Committee.Houston joined Bank of America in 1986 as a Commercial Real Estate appraiser. Shortly thereafter, she transferred toCommercial Real Estate Lending and over the next 12 years held key roles in Lending, Real Estate Loan Workouts, OtherReal Estate Owned and Corporate Real Estate. In 1998, Houston was named head of Real Estate Finance, which includedsyndications, advisory services, structured debt and, later, commercial mortgage−backed securities origination. Prior toher current role, she served as a senior portfolio manager in Global Corporate and Investment Banking (GCIB), where shemanaged credit risk in the Financial Services, Natural Resources, Financial Sponsors, and Japan portfolios. She also ledthe GCIB Diversity Council and participated in the Corporate Diversity Council. Houston graduated from WestmontCollege in 1983 with a bachelor's degree in business and economics. She earned a master's degree in businessadministration from the University of Southern California in 1988.


Milton H. Jones Jr.

Quality and Productivity Executive


Bank of America CorporationTitle held until 2003: President, Bank of America Mid−South♦

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Biography

Milton H. Jones Jr. is Bank of America Quality & Productivity (Q&P) executive. He is responsible for the company'squality and productivity initiatives, including Six Sigma process engineering, aimed at increasing customer delight,expanding customer relationships, growing revenue and enhancing shareholder returns. Jones is a member of the Bank ofAmerica Management Operating Committee, and serves as Chairman of the Diversity Advisory Council. He is also acertified Six Sigma professional. His previous position was Q&P executive for the Consumer and Commercial Bank(CCB). The CCB Q&P organization is comprised of more than 3,000 associates in the segments of Liability RiskManagement, Banking Center Channel Support, Innovation & Development and Channel Strategy and Network Support.Before that, he was Group Executive in Techology &Operations and Technology Solutions executive. Jones joined thecompany in 1977 as a senior planning analyst. He has held a number of positions in the Finance Group, includingmanagement of the Financial Planning Process and Asset and Liability Information and Analysis. He was promoted toexecutive vice president and group manager for Finance and Administration of the Georgia bank in 1990. In 1997, he wasnamed president of the Dealer Finance Service Group, one of the largest bank providers of retail financing for automobileand other specialty product buyers in the United States. Jones graduated from the University of Notre Dame. He is also analumnus of Leadership Atlanta and Leadership Georgia. He is a member of The Executive Committee of the YMCA ofMetropolitan Atlanta, The Board of Trustees of Meharry Medical College in Nashville, Tennessee, and the ExecutiveCommittee of the Metropolitan Atlanta Chamber of Commerce. Jones received the National Association of BlackAccountants Career Achievement Award, Dollars and Sense magazine's Corporate Trailblazer Award and Best andBrightest Award and the Atlanta Urban Banker's Association's Pioneer Award. He was named to the Who's Who Registryof Global Business Leaders.



Catherine S. (Cathy) Kenworthy

Insurance Services and Consumer Products Executive

Biography

Catherine S. Kenworthy, a senior vice president, is Insurance Services and Consumer Deposit Products executive.Kenworthy joined Bank of America in 2001 as Insurance Services executive, leading sales and service of all insuranceproducts for retail and business customers. In 2002, her responsibilities grew to include the Consumer Deposit Productsgroup as well. She now oversees teams focused on product strategy, development and distribution for insurance andconsumer deposit products. She also co−leads the capacity management process for the Consumer segment, charged withoptimizing the time that sales associates spend learning about changes in products and processes. Kenworthy serves on thecompany's Management Operating Committee and its Diversity Advisory Council. Before joining Bank of America,Kenworthy managed development and implementation of e−business platforms for General Electric Mortgage Corp. inRaleigh, N.C. Her GE career began in marketing and strategic planning. From 1991 to 1997, Kenworthy was a consultantwith McKinsey & Co. in Washington, D.C., where she was a senior engagement manager, responsible for leading projectteams to provide strategic consulting services to clients who were primarily in the financial, insurance and utilityindustries. Kenworthy began her career as a financial analyst in the corporate finance department of Drexel BurnhamLambert, Inc., in New York City. She participated in financing and advisory activities that included debt and equityofferings, leveraged acquisitions, mergers and restructuring. Kenworthy graduated in 1987 from Georgetown University,where she majored in chemistry and mathematics. She earned a master's degree in management in 1991 from MIT SloanSchool of Management in Cambridge, Mass.


John Morton III

National Premier Banking Executive

Biography

John Morton is the National Premier Banking executive and a member of the Management Operating Committee of thecorporation. As National Premier Banking executive, Morton manages the sale and distribution of financial products andservices to over 430,000 affluent customers in 21 states and the District of Columbia. With a national network of 450offices and over 1,600 associates, Premier Banking is one of the most rapidly growing and profitable business lines in thecompany. Morton also served as the president of Bank of America, Mid−Atlantic region. In his regional president role,Morton provided executive leadership for over 11,000 associates in all banking and investment operations throughoutMaryland, Virginia and Washington, D.C. Prior to assuming his regional president position in 1998, Morton was presidentof the former Nations Bank Private Client Group. At Bank of America predecessor Boatmen's Bancshares, Inc., he waschairman, CEO and president of The Boatmen's National Bank of St. Louis. Morton is chairman of the Washington, DC2012 Coalition, the organization responsible for developing and submitting the bid proposal to bring the 2012 OlympicGames to the greater Washington − Baltimore metropolitan area. He is a former chairman of the Greater BaltimoreCommittee and is a member of the Executive Committee of the Federal City Council. He is also a board member of theUniversity of Maryland and a member of the Washington Redskins Leadership Council. Morton holds a bachelor's degreefrom the U.S. Naval Academy and a master's in business administration from Harvard University. He served in the U.S.Navy as a lieutenant aboard the nuclear submarine U.S.S. George Washington Carver.



Marc D. Oken, Age 57

Principal Financial Executive (Named CFO effective April 2, 2004)

Biography

Oken joined Bank of America as chief accounting officer in 1989 and was named Principal Financial Executive in 1998.Prior to joining the bank, Oken was a partner with Price Waterhouse. He spent two years as a fellow with the Securitiesand Exchange Commission (SEC), serving as principal advisor to the SEC's chief accountant on financial servicesindustry accounting and disclosure matters. A Baltimore native, Oken earned a bachelor's degree in businessadministration from Loyola College in Baltimore. He obtained his master's degree in business administration from theUniversity of West Florida. He is a certified public accountant in North Carolina and Georgia. He also is a Vietnamveteran and served from 1968 to 1973 as a U.S. Navy aviator. Oken is chairman of the board of the Charlotte SymphonyOrchestra and a member of the boards of trustees of the Charlotte Country Day School and the Naval Aviation MuseumFoundation.


Jim Palermo

Management Services Executive

Biography

James R. Palermo is Management Services executive for Bank of America. His areas of responsibility include CorporateReal Estate and Corporate Security. He is an executive vice president. Palermo joined Bank of America in 1979 as apurchasing manager. During his career with Bank of America, he has managed General and Real Estate Services functionsin various departments, divisions and group assignments. Palermo is chairman of Charlotte Center City Partners and isimmediate past president of the Charlotte Arts & Science Council. He also chairs the Friends of the Fourth Ward and isknown as the "unofficial mayor of Fourth Ward." He is a member of the board of trustees for the North Carolina MedicalFoundation, Belmont Abbey College and Retinitis Pigmentosis Foundation. He is an honorary member of Beta GammaSigma at Clemson University. A native of Dunkirk, N,Y., Palermo earned a bachelor's degree from Canisius College,Buffalo, N.Y. Palermo and his wife Sharron have an adult son and daughter.


Daniel P. (Dan) Riley

Global Treasury Services Executive

Biography

Daniel P. Riley is Global Treasury Services Executive. In this role, he is responsible for the development, marketing, salesand support of treasury and trade finance products for corporate clients and for the operations, systems and related supportfor these functions. Global Treasury and its support functions operate in 38 countries doing business with multinationalcorporations with sales in excess of $500 million a year. Riley is also a member of the team that sets strategic directionand priorities for Bank of America's international activities and is a member of the bank's Operating Committee. Riley hasbeen with Bank of America for more than 25 years and in his current position since 1996. Most recently, he managed


Support Services, with responsibility for Cash Vaults, Item Processing, Data Processing Centers, and CorporateProcurement Services. Before that, he managed the Consumer Banking Group Operations Division, where he wasresponsible for the bank's retail operations support and payment transaction processing. Riley holds a bachelor's degree inmarketing from San Francisco State University and a master's degree in business administration from Golden GateUniversity. He is a member of the Compaq Financial Services board of advisors.



Overview

Welcome to the machine. Having fulfilled its manifest destiny as the nation's first coast−to−coast bank, Bank of Americawill get even bigger after completing its pending purchase of Northeastern banking behemoth FleetBoston. Bank ofAmerica, already the third−largest bank in the US by assets (behind Citigroup and J.P. Morgan Chase and ahead ofhometown competitor Wachovia), also boasts the country's most extensive branch network, with more than 4,200locations covering 21 states and the District of Columbia. The FleetBoston deal should expand its presence in other partsof the world as well, particularly Latin America.

Federal law prohibits banks from exceeding more than 10% of US banking deposits via acquisition; the combined Bank ofAmerica/FleetBoston will bump up against that limit, perhaps forcing the company to divest accounts or bank branchesfollowing the merger.

Bank of America operates through four business segments: Consumer and Commercial Banking is the biggest, providingdeposit products, credit cards, insurance, loans, treasury services, and financing of car, boat, and RV dealerships. GlobalCorporate and Investment Banking, including subsidiary Banc of America Securities provides brokerage, advisory, andcapital markets services to corporate and institutional clients. Asset Management serves institutional investors andhigh−net−worth individuals and manages the company's mutual fund family, Nations Funds, while Equity Investmentsbuys stakes in startups and established firms.

The bank, which claims market share leadership in California, Florida, Maryland, and Washington State, is spending morethan $150 million on advertising to draw consumer deposits and is building its branch network, particularly in California,Florida, and Texas. The company also has bought about a quarter of one of Mexico's largest banks, Grupo FinancieroSantander Serfin, a subsidiary of Santander Central Hispano. The deal augments Bank of America's domestic campaign toattract Hispanic customers; the bank is also running multilingual ads targeting Chinese, Korean, and Vietnamese clients inCalifornia.

The company has written down more than $250 million in loans to Everett Dobson, the CEO of Dobson Communicationsand has also made millions of dollars of loans to the heads of other companies in hot water, including Bernie Ebbers(former CEO of troubled telecommunications firm WorldCom), Sam Waksal (former CEO of ImClone), and the Rigasfamily (ousted from Adelphia Communications).

In September 2003 Bank of America's mutual fund chief Robert Gordon was among several employees who left the firmamidst a New York attorney general's investigation into hedge fund client Canary Capital Partners, which may have hadaccess to Bank of America's trading platform to make illegal after−hours trades of Nations Funds. Bank of America ismaking arragements to repay investors who may have lost money because of the alleged malfeasance. The company alsopaid a $10 million fine to the SEC for failing to provide documents to the federal agency during its investigation of thescandal.












History

Bank of America predecessor NationsBank was formed as the Commercial National Bank in 1874 by citizens ofCharlotte, North Carolina. In 1901 George Stephens and Word Wood formed what became American Trust Co. The banksmerged in 1957 to become American Commercial Bank, which in 1960 merged with Security National to form NorthCarolina National Bank.

In 1968 the bank formed holding company NCNB, which by 1980 was the largest bank in North Carolina. Under theleadership of Hugh McColl, who became chairman in 1983, NCNB became the first southern bank to span six states.

NCNB profited from the savings and loan crisis of the late 1980s by managing assets and buying defunct thrifts atfire−sale prices. The company nearly doubled its assets in 1988, when the FDIC chose it to manage the shuttered FirstRepublicbank, then Texas' largest bank. The company renamed itself NationsBank in 1991.

In 1993 the company bought Chicago Research & Trading, a government securities dealer and provider of oil and gasfinancing. A 1993 joint venture with Dean Witter, Discover to open securities brokerages in banks led to complaints thatcustomers were not fully informed of the risks of some investments and that brokers were paying rebates to bankingpersonnel for customer referrals. Dean Witter withdrew from the arrangement in 1994, and SEC investigations and aclass−action lawsuit ensued. NationsBank settled the lawsuit for about $30 million the next year. (The company agreed topay nearly $7 million to settle similar charges in 1998.)

NationsBank scooped up St. Louis−based Boatmen's Bancshares and Montgomery Securities (now Banc of AmericaSecurities) in 1997. The next year it bought Barnett Banks, Florida's #1 bank.

Enter BankAmerica. Founded in 1904 as Bank of Italy, BankAmerica had once been the US's largest bank but had fallenbehind as competitors consolidated. The company's board of directors was pondering ways to become more competitiveand in 1998 decided a merger was the best way. With the ink barely dry on its Barnett Banks deal, NationsBank obliged.

After the merger, the combined firm announced it would write down a billion−dollar bad loan to D.E. Shaw & Co., whichfollowed the same Russian−investment−paved path of descent as Long−Term Capital Management. David Coulter (headof the old BankAmerica, which made the loan) took the fall for the loss, resigning as president; the balance of powershifted to the NationsBank side in 1999 when Kenneth Lewis took the post.

The Russian debacle and merger hiccups led the firm in early 1999 to reorganize and reduce overseas operations; it soldits private banking operations in Europe and Asia to UBS. Also that year it bought the recreational−vehicle financing unitof Associates First Capital (now part of Citigroup), 50% of Denver−based mutual fund firm Marsico Capital Management(it bought the rest in 2001), and BA Merchant Services. The bank also changed its name to Bank of America and beganoffering online banking through America Online (now part of Time Warner). To avoid a court battle the bank settledcharges that it retained proceeds from unclaimed bonds in California.

In 1999 the company earned the ire of labor officials for a program in which employees were recruited to maintain ATMswithout being paid or provided supplies. EVP Frank Gentry, who crafted the NationsBank/BankAmerica deal, retired in2000, signalling an end to the company's buying spree. Its focus turned inward as it set about the difficult integration ofthe two firms.

McColl retired as chairman in 2001. Later that year the company announced it would cease its subprime lending and carleasing operations.


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Products/Operations

Bank of America has branches in Arizona, Arkansas, California, Florida, Georgia, Idaho, Illinois, Iowa, Kansas,Maryland, Missouri, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas,Virginia, Washington, and Washington, DC.

2003 Sales

$ mil. % of total

Interest

Loans & leases 21,66844

Trading account assets 3,935 8

Debt securities 3,160 6

Other 2,880 6

Noninterest

Consumer service charges 3,230 7

Card income 3,052 6

Corporate service charges 2,388 5

Investment & brokerage services2,351 5

Mortgage banking 1,922 4

Investment banking 1,736 4

Other 2,684 5

Total 49,006100

2003 Assets

$ mil. % of total

Cash & equivalents 111,62715

Trading account 68,547 9

Derivative assets 36,507 5

Debt securities 68,240 9

Net loans & leases365,30050

Other 86,224 12

Total 736,445100

Selected Subsidiaries

A/M Properties, Inc.• Abilene Park, Inc.• Airlease Ltd.• Airlease Management Services, Inc.• Alexanders on Ninth, Inc.• Alie Street Investments Limited• Alliance Enterprise Corporation• Altier, Inc.• Amarillo Lane, Inc.• AMB Pier One LLC• America Fund (Cayman Islands)•


American Financial Service Group, Inc.• Ariens Credit Corporation• Arrendadora Bank of America, S.A. (Mexico)• Asian American Merchant Bank Ltd. (Singapore)• Asset Backed Funding Corporation• Aswan Village Associates, LLC• Atlanta Affordable Housing Fund Limited Partnership• Atlantic Equity Corporation• Austin National Realty Corporation• BA Agency, Inc.• BA Asia Limited (Hong Kong)• BA Assets Company (Cayman Islands)• BA Australia Limited• BA Capital Advisors S.r.L. (Italy)• BA Capital Beratungs GmbH (Germany)• BA Capital Company, L.P.• BA Card Operations, Inc.• BA Coinvest GP, Inc.• BA Employment Services Limited (Cayman Islands)• BA Equity Advisors Sp.zo.o (Poland)• BA Equity Advisors S.r.L. (Italy)• BA Equity Holdings, L.P.• BA Equity Investment Company, L.P.• BA Equity Investors, Inc.• BA Finance (Hong Kong) Limited• BA Finance Ireland Limited• BA Finance Lease, Inc.• BA Holding Company S.A. (Luxembourg)• BA Insurance Agency, Inc.• BA International (Netherlands) B.V.• BA International Finance B.V. (the Netherlands)• BA Investments (Cayman Islands)• BA Mortgage, LLC• BA Netting Limited (UK)• BA Overseas Holdings (Cayman Islands)• BA Partners III, LLC• BA Properties, Inc.• BA Rescarven Holding Company (Cayman Islands)• BA Securities Australia Limited• BA Securities Limited (Hong Kong)• BA Technology I, LLC• BAC Funding Consortium, Inc.• BAC Realty LLC• BACAP Advisory Partners, LLC• BACAP Distressed Debt Fund, LLC• BACAP Multi−Strategy Hedge Fund, LLC• BACAP Multi−Strategy Hedge Fund, Ltd.• BACAP Opportunity Strategy, LLC• BACF Corporation• BAEP Telecommunications Investments, L.L.C.• BAK Consolidated Holdings Overseas Partners• BAK Consolidated Holdings, Inc.• BALCAP Funding, LLC•


Bamerilease, Inc.• Bamerinvest, C.A. (Venezuela)• Banc of America Advisors, Inc• Banc of America Advisory Services, LLC• Banc of America Agency of Nevada, Inc.• Banc of America Agency of Texas, Inc.• Banc of America Agency, LLC• Banc of America Auto Finance Corp.• Banc of America Bridge LLC• Banc of America Business Finance Corporation• Banc of America Capital Management (Ireland), Limited• Banc of America Capital Management Alternative Advisors, Inc.• Banc of America Capital Management, LLC• Banc of America Capital Markets−Asia, Inc. (Singapore)• Banc of America CDC Special Holding Company, Inc.• Banc of America Commercial, LLC• Banc of America Commercial Finance Corporation• Banc of America Commercial Mortgage, Inc.• Banc of America Community Development Corporation• Banc of America Community Holdings, Inc.• Banc of America Community Housing Investment Fund LLC• Banc of America Development, Inc.• Banc of America E−Commerce Holdings, Inc.• Banc of America Facilities Leasing, LLC• Banc of America Financial Products, Inc.• Banc of America Funding Corporation• Banc of America Futures, Incorporated• Banc of America Historic Ventures, LLC• Banc of America Insurance Group, Inc.• Banc of America Insurance Services, Inc.• Banc of America Investment Leasing Co., Ltd.• Banc of America Investment Services, Inc.• Banc of America Large Loan, Inc.• Banc of America Leasing & Capital, LLC• Banc of America Leasing Commercial Markets, Inc.• Banc of America Leasing Commercial Markets, LLC• Banc of America Management Corporation• Banc of America Mezzanine Capital LLC• Banc of America Mortgage Capital Corporation• Banc of America Neighborhood Services Corporation• Banc of America Preferred Funding Corporation• Banc of America Public and Institutional Financial Funding, LLC• Banc of America Retirement Management, Inc.• Banc of America Securities (India) Private Limited• Banc of America Securities Canada Co.• Banc of America Securities Canada Holding Corp.• Banc of America Securities Limited (UK)• Banc of America Securities LLC• Banc of America Securities Mexico, S.A. de C.V.• Banc of America Securities−Japan, Inc.• Banc of America Specialty Finance, Inc.• Banc of America Strategic Solutions, Inc.• Banc of America Strategic Solutions, LLC•


Banc of America Structured Notes, Inc.• Banc of America Technology Investments, Inc.• Banc of America Vendor Finance, Inc.• Bank of America−Brasil S.A. (Banco Multiplo) (Brazil)• Bank of America (Asia) Limited (Hong Kong)• Bank of America (Hawaii) Insurance Agency, Inc.• Bank of America (Jersey) Limited (Channel Islands)• Bank of America (Macau) Limited• Bank of America (Polska) S.A. (Poland)• Bank of America Asset Management Ltda. (Brazil)• Bank of America Brasil Holdings Ltda. (Brazil)• Bank of America California, National Association• Bank of America Canada• Bank of America Canada Specialty Group Ltd.• Bank of America Capital Advisors LLC• Bank of America Capital Corporation• The Bank of America Foundation, Inc.• Bank of America Fund• Bank of America Georgia, National Association• Bank of America Malaysia Berhad• Bank of America Mexico, S.A., Institucion de Banca Multiple• Bank of America Mortgage Securities, Inc.• Bank of America Oregon, National Association• Bank of America Overseas Corporation• Bank of America Reinsurance Corporation• Bank of America S.A. Corretora de Cambio e Valores Mobiliarios (Brazil)• Bank of America Securitization Investment Trust LLC• Bank of America Singapore Limited• Bank of America Technology and Operations, Inc.• Bank of America Trust and Banking Corporation (Cayman) Limited• Bank of America Trust Company of Delaware, National Association• Bank of America Ventures• Bank of America, National Association• Bank of America, National Association (USA)• BankAmerica Acceptance Corp.• BankAmerica International Financial Corporation• BankAmerica International Investment Corporation• BankAmerica Investment Corporation• BankAmerica Realty Finance, Inc.• BankAmerica Realty Services, Inc.• Bankamerica Representacao e Servicos Limitada (Brazil)• BankAmerica Special Assets Corporation• BankAmerica Trust and Banking Corporation (Bahamas) Limited• BankAmerica Trust Company (Hong Kong) Limited• Barrier Reef International Ltd. (British Virgin Islands)• Barrow Ltd. (Cayman Islands)• Bartlett Park Neighborhood Redevelopment, L.C.• BAS Alternative Investment Montage Fund LLC• BAS Alternative Management, LLC• BAS Capital Funding Corporation• BAS Oak Management, LLC• BAS Oak X, LLC• BAS Securitization LLC•


BBI Merchant Processing Company, LLC• Belmont Heights Development Company, L.C.• BFS Participacoes Ltda. (Brazil)• Birch Funding, Inc.• BIRMSON, L.L.C.• Biscayne Apartments, Inc.• Black Business Investment Fund of Central Florida, Inc.• Blue Ridge Investments, L.L.C.• Blue Spruce Investments, GP• BoA Beteiligungs GmbH (Germany)• BoA Consulting GmbH & Co. KG (Germany)• BoA Consulting Verwaltungs GmbH (Germany)• BoA Netherlands Cooperatieve U.A. (the Netherlands)• BoA Treuhand GmbH & Co. KG (Germany)• BOA/Mermart Joint Venture• Boatmen's Insurance Agency, Inc.• BofA Investment Company S.A. (Argentina)• Brazilian Financial Services, Inc.• Bristlecone Park LLC• Bronco Street REIT• Burton Road Development Partners, LLC• C&S Premises, Inc.• Cabot Investments (UK)• California Environmental Redevelopment Fund, LLC• Calnevari Holdings, Inc.• Calstock Holdings Corporation• Calstock Partners• Capital Courts Corporation• Capital Crossing Development Corporation• Carolina Investments Limited (UK)• Carolina Mountain Holding Company• Carson Asset Management Company• Castle Bay REIT• Castlepoint, L.L.C.• Cathedral Gorge Management LLC• Centerpoint Development LLC• Centrex Capital Corp.• Ceramica International Holdings S.a.r.l. (Luxembourg)• Charlotte Affordable Housing LLC, The• Charlotte Gateway Village, LLC• Charlotte Transit Center, Inc.• Chase Federal Housing Corporation• ChaseFed Insurance Co.• Chepstow Bellagio Holdings, Inc.• Chepstow Real Estate Investment Trust• Cherry Affordable Housing Corp.• Church Street Housing Partners I, LLC• Church Street Retail Partners I, LLC• CIC Trading, S.A. (Argentina)• City Hall Lofts, L.P.• Clark Street Redevelopment Corporation• Cloudy Bay LLC• CNL Franchise Network, LP•


Commerce Place Company• Community Reinvestment Group, L.C.• Conestoga Trail REIT• Continental Finanziaria S.P.A. (Italy)• Continental Illinois Venture Corporation• Continental Information & Technology Services Co. S.A. (Argentina)• Continental Partners Group, Inc.• Continental Servicios Corporativos, S.A. de C.V. (Mexico)• Corporate Leasing Facilities Limited (UK)• Covation LLC• Crockett Funding, Inc.• Cupples Development, L.L.C.• Cupples Development Phase I, L.L.C.• Cupples Garage, L.L.C.• Dalespring Corporation• Elmfield Investments Limited (UK)• Elmsleigh Funding, Ltd.• Endeavour, LLC• EquiCredit Corporation• Equity/Protect Reinsurance Company• ESP Financial Services LLC• Export Funding Corporation• Financial Services Engine, LLC• FinancialOxygen, Inc.• First Coast Black Business Investment Corporation• First Mortgage Corporation• Fleetwood Credit Corp.• Foremost Factors Limited (India)• Gatwick, Inc.• General Fidelity Insurance Company• General Fidelity Life Insurance Company• Germany Telecommunications 1 S.a.r.L (Luxembourg)• The Giannini Family Foundation• Glacier Point (Philippines), Inc.• Gleneagles Trading LLC• GLM Investments, Inc.• Golden Gate Investments S.A. (Colombia)• Golden Gate Participacoes Ltda. (Brazil)• Golden Stella Investments GP• Grace Church European Investments Company• Groom Lake, LLC• Grupo Financiero Bank of America, S.A. de C.V.• Harbilan Corporation• Het Loo REIT, Co.• HomeFocus Services, LLC• HomeFocus Tax Services, LLC• InCapital Europe Limited (UK)• Incapital Holdings, LLC• InCapital, LLC• Inchroy Credit Corporation Limited• Integrion Financial Network, LLC• Intrepid Funding Master Trust• InverAmerica S.A. (Colombia)•


Inversiones of America Corredores de Bolsa Limitada (Chile)• Inversiones y Negocios Fiduciarios S.A. (Argentina)• InvestAmerica S.A. (Chile)• Island Funding, Ltd.• Jawbridge Finance, Inc.• Joey Trust• Jupiter Loan Funding LLC• Jupiter Funding Trust• Justin, Inc. (Cayman Islands)• Klondike Management LLC• Korg Acceptance Corporation• Laguna Funding Trust• Laredo Partners• Latin America Funding, Inc.• Lava Bed LLC• Lee County Holdings Company• Liberal Banking Corporation Ltd. (Bahamas)• Liberal Consultoria e Servicos Ltda. (Brazil)• Liberal Gestao e Recursos Ltda. (Brazil)• Lily River Investments, Ltd. (Cayman Islands)• Main Place Funding, LLC• Marsico Capital Management, LLC• Marsico Fund Advisors, LLC• Marsico Management Holdings, L.L.C.• Mayfair Partners• Mazestake Limited (UK)• Mercury Marine Acceptance Corporation• Mexican Outdoor Advertising, LLC• Middletown Finance, Inc.• Mohave Partners• Montage Select LLC• Montrose & Company International, LLC• MortgageRamp Associates, LLC• MortgageRamp Investment, LLC• Mt. Mitchell Capital Funding, LLC• Mt. Mitchell Holdings, Inc.• Mt. Mitchell Holdings, LLC• Mt. Mitchell LLC• Muirfield Trading LLC• Nations Europe Limited (UK)• Nations Finance (Cayman) Limited• Nations Finance Company (Ireland)• Nations High Yield Bond Fund (Offshore) (Cayman Islands)• Nations International Value Fund (Offshore) (Cayman Islands)• Nations Marsico Focused Equities Fund (Offshore) (Cayman Islands)• Nations Marsico Growth Fund (Offshore) (Cayman Islands)• NationsBanc Business Credit, Inc.• NationsBanc Insurance Agency, Inc.• NationsBanc Insurance Company, Inc.• NationsBanc Insurance Inc.• NationsBank International Trust (Jersey) Limited (Channel Islands)• NationsBanc Leasing & R.E. Corporation• NationsBanc Montgomery Holdings Corporation•


NationsBanc Pacific Corporation• NationsCommercial Corp.• NationsCredit Financial Services Corporation• NationsCredit Financial Services Corporation of Nevada• NationsCredit Home Equity ABS Corporation• NationsCredit Insurance Agency, Inc.• NationsCredit Insurance Corporation• NationsCredit Manufactured Housing Corporation• NationsCredit Securitization Corporation• NB Finance Lease, Inc.• NB Financial Trading (Ireland) Limited• NB Funding Company LLC• NB Holdings Corporation• NB Insurance Services, Inc.• NB International Finance B.V. (the Netherlands)• NB Partner Corp.• Nevis Investments Limited (Cayman Islands)• New Haven Limited Partnership• Newchurch European Investments Company• The Newington Limited Partnership• North Carolina Historic Ventures, LLC• NorthRoad Capital Management LLC• Northwest Florida Black Business Investment Corporation• Nubia Redevelopment Partnership• NZA Overseas Funding• Old Sterling Street REIT• Olympic Funding Trust• Overseas Lending Corporation• Pacific Southwest Realty Company• Padovano Investments (Cayman Islands)• Palm Beach County Black Business Investment Corporation• Pan American Mortgage Corp.• Paradise Funding, Ltd.• Pinehurst Trading, Inc.• Plano Partners• PNB Securities Corporation• Poplar Partners• Power Equities, Inc.• Portfolio Financial Servicing Company• Price Auto Outlet of California, Inc.• Prodigy Holdings Private Limited (Mauritius)• Pydna Corporation• Python Partners• QBE Hongkong & Shanghai Insurance Limited (Hong Kong)• Queen City Partnership• RepublicBank Insurance Agency, Inc.• Riverfront Partners, LLC• Riviera Funding LLC• Rockwell Resources, Inc.• Ruby Aircraft Leasing and Trading Limited (UK)• Sawgrass Trading LLC• Scossa Management LLC• Sea Ray Credit Corporation•


Seabrook Operations, Inc.• Seafirst America Corporation• Seafirst Insurance Corporation• Seafirst Leasing Company• Securilease BV (the Netherlands)• Securitization Funding Corporation• Security Pacific Australian Assets Limited• Security Pacific Capital Leasing Corporation• Security Pacific EuroFinance, Inc.• Security Pacific Hong Kong Holdings Limited• Security Pacific Housing Services, Inc.• Security Pacific Lease Finance (Europe) Inc.• Security Pacific Leasing Corporation• Security Pacific Overseas Investment Corporation• Security−First Company• Seminole Funding LLC• Service−Wright Corporation• Servicios Integrales y Equipamiento S. de R.L. de C.V. (Mexico)• Seventh Street REIT, Inc.• Sidewinder Funding, Inc.• Sierra Nevada Realty, G.P.• Siesta Holdings, Inc.• Silver Management Company• South Charles Capital Partners I, L.P.• South Charles Investment Corporation• South Charles Realty Corp• Southern Dallas Development Fund, Inc.• Sovran Capital Management Corporation• Spotted Horse Holdings, Inc.• Springfield Finance and Development Corporation• SRF Trading, Inc.• St. Johns Place, L.C.• Stamford Investors GP LLC• Stamford Investors LLC• Stanwich Loan Funding LLC• Statewide Administrative Services, Inc.• Sunset Hill Corporation• SunStar Acceptance Corporation• Sweet River Investments, Ltd. (Cayman Islands)• Sweeting Associates, LLC• Sycamore Funding, Inc.• TA Investimentos e Participacoes Ltda. (Brazil)• Tampa Bay Black Business Investment Corporation, Inc.• Titulos Rioplatenses S.A. (Uruguay)• Transit Holding, Inc.• Transit Leasing Corportion• Tri−Star Communications, Inc.• Trunoms, Limited (Bahamas)• Tryon Assurance Company, Ltd. (Bermuda)• Tucker Commercial Lease Funding, LLC• Tyler Trading, Inc.• Ulysses Leasing Limited• Union Realty and Securities Company•


United States Airlease Holding, Inc.• UniTrusco Corporation• Varese Holdings SarL (Luxembourg)• Velocity Associates, LLC• Velocity Investment, LLC• Viewpointe Archive Services, L.L.C.• Viva Associates, LLC• Viva Investment, LLC• Wellington Land Company, Inc.• West Trade, LLC• White Pine Asset Management Company• White Ridge Investment Advisors LLC• White Ridge Investments Limited (UK)• Willowemoc Partners• Winged Foot Funding Trust• Winnebago Acceptance Corporation• Worthen Development Corporation, Inc.• Worthen Mortgage Company• Yellow Rose Investments Company• Yellowtail LLC• Zentac Productions, Inc.• Zephyr Cove Finance, Inc.•

Archived Charts

2002 Assets

$ mil. % of total

Cash & equivalents 76,664 12


Securities 69,148 10


Other 114,74617

Total 660,458100

2002 Sales

$ mil. % of total

Interest


Securities 4,035 9


Other 2,285 5

Noninterest


Card income 2,620 6



Investment banking income 1,545 3

Other 1,893 4


Total 45,732100

2002 Sales

$ mil. % of total

Interest


Securities 4,035 9


Other 2,285 5

Noninterest


Card income 2,620 6



Investment banking income 1,545 3

Other 1,893 4

Total 45,732100

2002 Assets

$ mil. % of total

Cash & equivalents 76,664 12


Securities 69,148 10


Other 114,74617

Total 660,458100 2001 Sales $ mil. % of totalInterest Loans & leases 27,166 51 Securities 3,706 7 Trading account assets 3,623 7 Other 3,798 7Noninterest Consumer service charges 2,866 5 Card income 2,421 5 Investment & brokerage services 2,112 4 Corporate service charges 2,078 4 Trading account profits 1,842 3 Investment banking 1,579 3 Other 1,925 4

Total 53,116 100

2001 Assets $ mil. % of totalCash & equivalents 60,877 10Trading account 47,344 8Derivatives 22,147 3Mortgage−backed securities 73,106 12Other securities 12,393 2Net loans & leases 322,278 52Other assets 83,619 13


Total 621,764 100


Other Resources Available On Hoover's Online

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D&B Business/Credit Reports: Bank of America Corporation(D&B, Feb 1, 2004, Business Reports)

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EDS and Bank of America Focus on Network Costs and Value(Gartner, Inc., Apr 30, 2003, Business Reports)

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Bank of America Corporation: Company Profile(Datamonitor, Feb 1, 2004, Business Reports)

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SGA Lists − Individual Company Contact List for BAC(Sheila Greco and Associates, Sep 30, 2003, Business Reports)

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Mortgages on Aisle Five: The Trend Toward Financial Supermarkets inthe Financial Services Industry(Hoover's, Inc., Feb 1, 2004, Business Reports)

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Credit & Depository Banking Services Major Companies Report(Harris Industry Reports, Aug 12, 2003, Business Reports)

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Investment Banking: Financial Analysis Profiles(BizMiner, Dec 23, 2003, Business Reports)

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Annual Financials

All amounts in millions of US Dollars

Income Statement Dec 03 Dec 02 Dec 01

Revenue 49,006.0 46,362.0 53,116.0

Cost of Goods Sold −− −− −−

Gross Profit −− −− −−

Gross Profit Margin −− −− −−

SG&A Expense −− −− −−

Depreciation & Amortization −− −− −−

Operating Income 26,040.0 24,229.0 28,120.0

Operating Margin 53.1% 52.3% 52.9%

Nonoperating Income −− −− −−

Nonoperating Expenses 33,145.0 33,371.0 42,999.0

Income Before Taxes 15,861.0 12,991.0 10,117.0

Income Taxes 5,051.0 3,742.0 3,325.0

Net Income After Taxes 10,810.0 9,249.0 6,792.0

Continuing Operations 10,810.0 9,249.0 6,792.0

Discontinued Operations 0.0 0.0 0.0

Total Operations 10,810.0 9,249.0 6,792.0

Total Net Income 10,810.0 9,249.0 6,792.0

Net Profit Margin 22.1% 19.9% 12.8%

Diluted EPS from Continuing Operations ($) 7.13 5.91 4.18

Diluted EPS from Discontinued Operations ($) 0.00 0.00 0.00

Diluted EPS from Total Operations ($) 7.13 5.91 4.18

Diluted EPS from Total Net Income ($)

Dividends per Share 2.88 2.44 2.28

Balance Sheet Dec 03 Dec 02 Dec 01

Assets

Current Assets

Cash −− −− −−

Net Receivables −− −− −−

Inventories −− −− −−


Other Current Assets −− −− −−

Total Current Assets −− −− −−

Net Fixed Assets −− −− −−

Other Noncurrent Assets 736,445.0 660,458.0 621,764.0

Total Assets 736,445.0 660,458.0 621,764.0

Liabilities and Shareholders' Equity Dec 03 Dec 02 Dec 01

Current Liabilities

Accounts Payable −− −− −−

Short−Term Debt 42,478.0 25,234.0 22,217.0

Other Current Liabilities −− −− −−

Total Current Liabilities −− −− −−

Long−Term Debt 75,343.0 61,145.0 62,496.0

Other Noncurrent Liabilities 570,644.0 517,729.0 483,001.0

Total Liabilities 688,465.0 610,139.0 573,244.0

Shareholders' Equity

Preferred Stock Equity 54.0 58.0 65.0

Common Stock Equity 47,926.0 50,261.0 48,455.0

Total Equity 47,980.0 50,319.0 48,520.0

Shares Outstanding (mil.) 1,441.1 1,500.7 1,559.3

Cash Flow Statement Dec 03 Dec 02 Dec 01

Net Operating Cash Flow 24,313.0 (12,007.0) (12,826.0)

Net Investing Cash Flow (73,425.0) (10,081.0) 37,552.0

Net Financing Cash Flow 51,048.0 20,209.0 (25,345.0)

Net Change in Cash 2,111.0 (1,864.0) (676.0)

Depreciation & Amortization −− −− −−

Capital Expenditures (349.0) (1,049.0) (835.0)

Cash Dividends Paid (4,281.0) (3,709.0) (3,632.0)

Data Definitions

Some financial information provided by Media General Financial Services, Inc. , Richmond, Virginia


http://www.mgfs.com

Quarterly Financials

All amounts in millions of US Dollars except per share amounts.

Income StatementQuarter

Ending Dec 03Quarter

Ending Sep 03Quarter

Ending Jun 03Quarter Ending

Mar 03Quarter

Ending Dec 02

Revenue 12,250.0 12,527.0 12,546.0 11,683.0 11,855.0

Cost of Goods Sold −− −− −− −− −−

Gross Profit −− −− −− −− −−

Gross Profit Margin −− −− −− −− −−

SG&A Expense −− −− −− −− −−

Depreciation &Amortization

−− −− −− −− −−

Operating Income 6,385.0 6,806.0 6,716.0 6,133.0 5,858.0

Operating Margin 52.1% 54.3% 53.5% 52.5% 49.4%

Nonoperating Income −− −− −− −− −−

Nonoperating Expenses 8,347.0 8,272.0 8,460.0 8,066.0 8,744.0

Income Before Taxes 3,903.0 4,255.0 4,086.0 3,617.0 3,111.0

Income Taxes 1,177.0 1,333.0 1,348.0 1,193.0 497.0

Net Income After Taxes 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0

Continuing Operations 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0

Discontinued Operations 0.0 0.0 0.0 0.0 0.0

Total Operations 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0

Total Net Income 2,726.0 2,922.0 2,738.0 2,424.0 2,614.0

Net Profit Margin 22.3% 23.3% 21.8% 20.7% 22.0%

Diluted EPS fromContinuing Operations ($)

1.82 1.92 1.80 1.59 1.69

Diluted EPS fromDiscontinued Operations ($)

0.00 0.00 0.00 0.00 0.00

Diluted EPS from TotalOperations ($)

1.82 1.92 1.80 1.59 1.69

Diluted EPS from Total NetIncome ($)

Dividends per Share 0.80 0.80 0.64 0.64 0.64

Balance SheetQuarter

Ending Dec 03Quarter

Ending Sep 03Quarter

Ending Jun 03Quarter Ending

Mar 03Quarter

Ending Dec 02


Assets

Current Assets

Cash −− −− −− −− −−

Net Receivables −− −− −− −− −−

Inventories −− −− −− −− −−

Other Current Assets −− −− −− −− −−

Total Current Assets −− −− −− −− −−

Net Fixed Assets −− −− −− −− −−

Other Noncurrent Assets 736,445.0 737,088.0 769,179.0 679,765.0 660,458.0

Total Assets 736,445.0 737,088.0 769,179.0 679,765.0 660,458.0

Liabilities andShareholders' Equity

QuarterEnding Dec 03

QuarterEnding Sep 03

QuarterEnding Jun 03

Quarter EndingMar 03


Current Liabilities

Accounts Payable −− −− −− −− −−

Short−Term Debt 42,478.0 41,739.0 43,584.0 29,729.0 25,234.0

Other Current Liabilities −− −− −− −− −−

Total Current Liabilities −− −− −− −− −−

Long−Term Debt 75,343.0 66,462.0 61,681.0 63,442.0 61,145.0

Other Noncurrent Liabilities 570,644.0 578,442.0 606,842.0 530,511.0 517,729.0

Total Liabilities 688,465.0 686,643.0 718,163.0 629,713.0 610,139.0

Shareholders' Equity

Preferred Stock Equity 54.0 55.0 56.0 57.0 58.0

Common Stock Equity 47,926.0 50,390.0 50,960.0 49,995.0 50,261.0

Total Equity 47,980.0 50,445.0 51,016.0 50,052.0 50,319.0

Shares Outstanding (mil.) 1,441.1 1,489.4 1,496.3 1,497.5 1,500.7

Cumulative Cash FlowStatement


QuarterEnding Sep 03

QuarterEnding Jun 03

Quarter EndingMar 03


Net Operating Cash Flow 24,313.0 25,521.0 (10,898.0) (10,737.0) (12,007.0)

Net Investing Cash Flow (73,425.0) (62,566.0) (78,859.0) (10,232.0) (10,081.0)

Net Financing Cash Flow 51,048.0 34,084.0 89,943.0 21,028.0 20,209.0

Net Change in Cash 2,111.0 (2,831.0) 247.0 96.0 (1,864.0)

Depreciation &Amortization

−− −− −− −− −−


Capital Expenditures (349.0) (141.0) (100.0) (221.0) (1,049.0)

Cash Dividends Paid (4,281.0) (3,116.0) (1,922.0) (962.0) (3,709.0)

Data Definitions



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Historical Financials & Employees

Income Statement

YearAssets($ mil.)

Net Income($ mil.)

Income as% of Assets

Employees

Dec 03 736,445.0 10,810.0 1.5% 133,549

Dec 02 660,458.0 9,249.0 1.4% 133,944

Dec 01 621,764.0 6,792.0 1.1% 142,670

Dec 00 642,191.0 7,517.0 1.2% 142,724

Dec 99 632,574.0 7,882.0 1.2% 155,906

Dec 98 617,679.0 5,165.0 0.8% 170,975

Dec 97 264,562.0 3,077.0 1.2% 80,360

Dec 96 185,794.0 2,375.0 1.3% 62,971

Dec 95 187,298.0 1,950.0 1.0% 58,322

Dec 94 169,604.0 1,690.0 1.0% 61,484

Stock History

YearStock Price ($) P/E Per Share ($)

FYHigh

FYLow

FYClose

High Low Earns. Div.BookValue

Dec 03 84.9 64.3 80.4 11.9 9.0 7.1 2.9 33.3

Dec 02 77.1 54.0 69.6 13.0 9.1 5.9 2.4 33.5

Dec 01 65.5 45.0 63.0 15.7 10.8 4.2 2.3 31.1

Dec 00 61.0 36.3 45.9 13.5 8.0 4.5 2.1 29.5

Dec 99 76.4 47.6 50.2 17.0 10.6 4.5 1.9 26.5

Dec 98 88.4 44.0 60.1 30.5 15.2 2.9 1.6 26.6

Dec 97 71.7 48.0 60.8 17.2 11.5 4.2 1.4 30.0

Dec 96 52.6 32.2 48.9 13.4 8.2 3.9 1.2 23.9

Dec 95 37.4 22.3 34.8 10.6 6.3 3.5 1.0 23.3

Dec 94 28.7 21.7 22.6 9.5 7.2 3.0 0.9 19.9

2003 Year−End Financials

Equity as % of assets −−

Return on assets 1.5%

Return on equity 22.6%

Long−term debt ($ mil.) 75,343.0

Shares Outstanding (mil.) 1,441.1


Dividend yield 3.6%

Dividend payout 40.4%

Market Cap ($ mil.) 115,911.2

Revenue ($ mil.) 49,006.0

Data Definitions



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Market Data

Current Information

Last Close 23−Mar−2004 $78.53 Price/Sales Ratio 2.32

52−Week High $84.90 Price/Book Ratio 2.37

52−Week Low $66.80 Price/Earnings Ratio 11.01

60−Month Beta 0.7 Price/Cash Flow Ratio 10.53

Market Cap (mil.) $113,789.3Return on Assets 1.5%

Shares Outstanding (mil.) 1,449.0 Return on Equity 22.6%

Dividend Rate 3.20 Current Ratio −−

Dividend Yield 4.1% Long−Term Debt/Equity 1.57

# of Institutional Holders 3,092 % Owned by Institutions 59.3%

Latest Short Interest Ratio 8.30 Latest Net Insider Transactions (118,074.00)

Growth Rates 12 Month 36 Month 60 Month

Revenue Growth 5.7% (6.1%) (1.9%)

EPS Growth 20.6% 18.7% 16.1%

Dividend Growth 18.0% 11.3% 11.7%

Data Definitions



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Comparison Data

Profitability Company Industry 1 Market 2

Gross Profit Margin −− −− 48.25%

Pre−Tax Profit Margin 32.37% 26.69% 6.92%

Net Profit Margin 22.06% 18.30% 4.05%

Return on Equity 22.6% 17.2% 7.9%

Return on Assets 1.5% 1.2% 1.3%

Return on Invested Capital 8.8% 6.9% 3.8%

Valuation Company Industry 1 Market 2

Price/Sales Ratio 2.32 2.55 1.37

Price/Earnings Ratio 11.01 14.18 33.17

Price/Book Ratio 2.37 2.39 2.66

Price/Cash Flow Ratio 10.53 13.99 13.40

Operations Company Industry 1 Market 2

Days of Sales Outstanding −− −− 58.63

Inventory Turnover −− −− 7.6

Days Cost of Goods Sold in Inventory −− −− 47

Asset Turnover 0.1 0.1 0.3

Net Receivables Turnover Flow −− −− 6.3

Effective Tax Rate 31.8% 31.4% 41.1%

Financial Company Industry 1 Market 2

Current Ratio −− −− 1.42

Quick Ratio −− −− 1.0

Leverage Ratio 15.37 13.81 5.95

Total Debt/Equity 2.46 2.34 1.42

Interest Coverage 2.60 2.30 2.30

Per Share Data ($) Company Industry 1 Market 2

Revenue Per Share 33.82 19.77 19.90

Fully Diluted Earnings Per Sharefrom Total Operations

7.13 3.55 0.82

Dividends Per Share 2.88 1.35 0.43

Cash Flow Per Share 7.46 3.60 2.03

Working Capital Per Share −− −− 2.26

Long−Term Debt Per Share 52.00 31.30 11.10

Book Value Per Share 33.08 21.04 10.24


Total Assets Per Share 508.25 290.49 60.91

Growth Company Industry 1 Market 2

12−Month Revenue Growth 5.7% 2.9% 7.0%

12−Month Net Income Growth 16.9% 29.6% 147.2%

12−Month EPS Growth 20.6% 29.6% 156.3%

12−Month Dividend Growth 18.0% 19.5% 4.9%

36−Month Revenue Growth (6.1%) (4.6%) 2.5%

36−Month Net Income Growth 15.0% 16.0% (9.3%)

36−Month EPS Growth 18.7% 13.3% (10.0%)

36−Month Dividend Growth 11.3% 7.6% 2.2%1Industry: Money Center BanksIndustry classifications are from Media General Financial Services, Inc. .

2 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions



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Competitive Landscape

KEY: Best of Group. Companies listed are Top Competitors.

Key NumbersBank of

AmericaCitigroup Wachovia Wells Fargo

Annual Sales ($mil.) 49,006.0 94,713.0 24,474.0 31,800.0

Employees 133,549 259,000 86,670 −−

Market Cap ($mil.) 113,789.3 256,816.1 61,036.2 96,207.7

ProfitabilityBank of

AmericaCitigroup Wachovia Wells Fargo Industry 2 Market 3

Gross Profit Margin −− −− −− −− −− 48.25%

Pre−Tax Profit Margin 32.37% 27.80% 25.43% 29.80% 26.69% 6.92%

Net Profit Margin 22.06% 18.85% 17.35% 19.50% 18.30% 4.05%

Return on Equity 22.6% 18.4% 13.1% 18.1% 17.2% 7.9%

Return on Assets 1.5% 1.4% 1.1% 1.6% 1.2% 1.3%

Return on Invested Capital 8.8% 6.8% 6.1% 6.3% 6.9% 3.8%

ValuationBank of


Price/Sales Ratio 2.32 2.71 2.49 3.03 2.55 1.37

Price/Earnings Ratio 11.01 14.56 14.64 15.51 14.18 33.17

Price/Book Ratio 2.37 2.65 1.88 2.81 2.39 2.66

Price/Cash Flow Ratio 10.53 14.43 14.37 15.51 13.99 13.40

OperationsBank of


Days of Sales Outstanding −− −− −− −− −− 58.63

Inventory Turnover −− −− −− −− −− 7.6

Days Cost of Goods Sold inInventory

−− −− −− −− −− 47

Asset Turnover 0.1 0.1 0.1 0.1 0.1 0.3

Net Receivables Turnover Flow −− −− −− −− −− 6.3

Effective Tax Rate 31.8% 31.1% 29.5% 34.6% 31.4% 41.1%

FinancialBank of


Current Ratio −− −− −− −− −− 1.42

Quick Ratio −− −− −− −− −− 1.0

Leverage Ratio 15.37 13.05 12.37 11.32 13.81 5.95

Total Debt/Equity 2.46 2.28 3.33 2.58 2.34 1.42

















Interest Coverage 2.60 2.50 2.40 3.80 2.30 2.30

Per Share Data ($)Bank of


Revenue Per Share 33.82 18.37 18.61 18.71 19.77 19.90

Fully Diluted Earnings Per Sharefrom Total Operations

7.13 3.42 3.17 3.65 3.55 0.82

Dividends Per Share 2.88 1.10 1.25 1.50 1.35 0.43

Cash Flow Per Share 7.46 3.45 3.23 3.65 3.60 2.03

Working Capital Per Share −− −− −− −− −− 2.26

Long−Term Debt Per Share 52.00 31.55 27.93 37.45 31.30 11.10

Book Value Per Share 33.08 18.79 24.66 20.16 21.04 10.24

Total Assets Per Share 508.25 245.11 305.00 228.23 290.49 60.91

GrowthBank of


12−Month Revenue Growth 5.7% 2.3% 3.7% 11.7% 2.9% 7.0%

12−Month Net Income Growth 16.9% 16.5% 18.7% 8.6% 29.6% 147.2%

12−Month EPS Growth 20.6% 15.9% 21.9% 9.9% 29.6% 156.3%

12−Month Dividend Growth 18.0% 57.1% 25.0% 36.4% 19.5% 4.9%

36−Month Revenue Growth (6.1%) (6.7%) 0.8% 5.0% (4.6%) 2.5%

36−Month Net Income Growth 15.0% 9.5% 202.6% 19.8% 16.0% (9.3%)

36−Month EPS Growth 18.7% 9.1% 183.1% 20.5% 13.3% (10.0%)

36−Month Dividend Growth 11.3% 29.4% (11.7%) 17.7% 7.6% 2.2%

1 Data unavailable.2 Industry: Money Center BanksIndustry classifications are from Media General Financial Services, Inc. .3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.

Data Definitions









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