Investor Fact Book1st Half 2002

Contacts:

Kevin Stitt 704/386-5667

Lee McEntire 704/388-6780

Internet address: www.bankofamerica.com/investor/

65

Table of Contents

I. The CompanyVision Statement…….……………….……………………….. 1Core Values……………………….…………………………... 2Key Messages…………………..……………………………... 3Industry Rankings……………………………………………... 4Unparalleled Convenience……...……………………………... 5Bank of America Today……………………………………….. 6Global Network Offices……………………………………….. 7Deposit Market Share…………………………………………..8Banking Center Network………………………………..…….. 9ATM Network…………………………………….…………. 10

II. Financial Overview - Quarterly and AnnualIncome Statement……………………………………...…... 12Balance Sheet..………………………………………...…... 13Rates & Yields Table…………………………………...…... 14Earnings & Dividends Per Share……………………….. 15-16Returns on Equity & Assets……………………………. 17-18Noninterest Income…………………………………….. 18-20Noninterest Expense…………………………………… 21-22Net Interest Income…………………………………….. 23-24Loan Portfolio Diversity…………………………………… 25Balance Sheet Diversity……………………………………. 26Nonperforming Assets…………………………….…….…27-28Net Charge-Offs…………………………………………....29-30Regional Foreign Exposure…………………………………... 31Capital Strength……………………………………………….32Geographic Diversity………………………………………… 33Total Return to Shareholders………………………………… 34Debt Ratings…………………………………………………. 35

III. Business Segment Overview………………….………36

IV. Business Segment Revenue Mix………..……………. 37

66

Table of ContentsIII. Customer Segment Reporting……..………….………38

V. Consumer & Commercial BankFinancial Highlights…..……………………………………… 39On-line Growth………………………………………………. 40Account & Deposit Growth…………….……………………. 41Small Business Banking………………………….…………… 42Mortgage……………………………………………………... 43Card Services…………………………………………….…… 44Insurance Services……………………………….…………… 45Dealer Financial Services…………………………………….. 46Commercial Banking……………………………………... 47

VI. Asset ManagementFinancial Highlights.………………………………………… 48Client Asset Profile…………………………………………… 49Overview………………....…………………………………… 50Mutual Funds……………….………………………………… 51Private Bank & Individual Investor Group………………… 52Private Client Services……….…………………………… 53

VII. Global Corporate and Investment BankingOverview…………………………………………………….. 54Market Share of Key Investment Banking Products…………. 55Financial Summary.……………………….……….…..…..… 56Proven Commitment, Expertise and Leadership..…………. 57Leadership Rankings for Equity & Debt Capital Raising… 58-59Leadership Rankings Global Markets & Working Capital Management……………………………... 60E-commerce………..……………………………………... 61

VIII. Equity InvestmentsFinancial Highlights………………………………………….. 62Overview…………………………………………..…………. 63

1

The Bank of America Vision

We want to be the people who make banking and investing work for our customers and clients in

ways they never have before.

2

Core Values

•Doing the right thingWe have the freedom and responsibility to do the right thing for our clients, customers, communities and one another.

•Trusting & teamworkWe rely on one another and succeed together. We take collective responsibility for the quality of our customers' and clients' experiences.

•Inclusive meritocracyWe care about one another, focus on results and strive to help all associates develop their full potential. We respect and value one another's differences.

•WinningWe have a passion for achieving results and winning - for our clients and customers, for our teammates and communities and for our shareholders.

•LeadershipWe will be decisive leaders at every level, communicating our vision and taking action to help build a better future.

3

Key Messages

Where We StandBank of America is one of the world's leading financial services companies. We provide individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives whenever, wherever and however they choose. We have the customers and clients, products, infrastructure and people we need to achieve our goals. Our challenge is straightforward: We must build our company with a relentless focus on our customers, putting their experience at the center of all we do.

Our StrengthsMarket – We serve more customers and clients in more communities across the country than any other U.S. bank, and we provide corporate financial services to more than 90% of U.S. Fortune 500 companies through offices in 30countries around the world.Convenience – Our infrastructure enables customers to do business with us when, where and how they choose.Products and services – Our products and services offer customers and clients the opportunity to manage their finances through a single financial partner.

Our ChallengesEconomy – We continue to battle economic headwinds, a slow recovery and weak credit quality.Industry – We face tough competition from brokerages, investment banks, mutual fund companies and other nonbank competitors.Change – We face waves of change in processes, technology and customers’ needs and expectations.

Our OpportunitiesRelationship expansion – We have huge opportunities in all customer segments to attract, retain and deepen profitable customer relationships. Brand – The strength of our brand does not reflect the strength or market position of our company.

Where We’re Going“Our goal is to make Bank of America the world’s most admired company.”

– Ken LewisChairman and CEO

Being most admired requires that we achieve our goals for customers, associates and shareholders. Below are our three-to-five year goals.

Customers – Our goals are to:•Provide a world-class customer experience through easy access and efficient, error-free service•Attract and retain profitable customers and continuously reward them for bringing us more of their business•Become the trusted advisor for financial solutions•Develop and deliver innovative new products and solutions that make financial services work in ways they never have before

Associates – Our goals are to:•Attract and retain a world-class work force•Define and align to our strategy associate roles, measures and rewards•Provide the support and tools associates need to excel•Enable associates to achieve professional growth balanced with personal goals•Reflect the diversity of the communities and customers we serve

Shareholders – Our goals are to:•Consistently achieve double-digit earnings-per-share growth year over year •Consistently achieve annual revenue growth targets;•Substantially reduce volatility of market, credit and operational losses •Dramatically reduce the complexity of our business and achieve double-digit productivity gains each year

How We’re Getting ThereOur fundamental strategy is to attract, retain and deepen profitable customer and client relationships throughout the bank. Work is under way across the company that will enable us to achieve our goals for customers, associates and shareholders.

Revenue GrowthWe are investing aggressively in high-impact channels and customer solutions such as e-commerce and digital check imaging, and high-growth businesses such as Card Services, Asset Management and Investment Banking.

Customer Service QualityWe are improving systems, processes, tools and training across the bank to raise customer satisfaction scores in all segments and business lines.

Quality & ProductivityWe are using Six Sigma tools and methods throughout the company to redesign processes that cross boundaries of business lines, support units and delivery channels. These projects will improve quality, accuracy and efficiency while lowering costs.

InnovationWe are constantly creating new products and services, investing in new technologies, tools and processes, and working with business partners outside our company to bring our customers the most innovative financial solutions in the marketplace.

BrandWe are investing heavily in brand development through a nationwide print, TV and radio advertising campaign. We also are working to fulfill our brand promise to customers by improving the consistency and quality of the experiences our customers have when they do business with us through every channel, every day.

4

Industry Rankings

TOP 10 U.S. BANKING CO.’s(IN ASSETS @ 6/30/02)

$ in Billions

TOP 10 U.S. BANKING CO.’s(1st HALF 2002 EARNINGS*)

$ in Millions

1. Citigroup ($7,918)2. Bank of America ($4,400)3. Wells Fargo ($2,797)4. JP Morgan Chase ($2,329)5. Wachovia ($1,865)6. US Bancorp ($1,711)7. Bank One ($1,630)8. National City ($839)9. Fifth Third ($794)10. SunTrust ($649)

TOP 10 U.S. BANKING CO.’s(IN MARKET CAP. @ 6/30/02)

$ in Billions

1. Citigroup ($198)2. Bank of America ($107)3. Wells Fargo ($86) 4. JP Morgan Chase ($68)5. Wachovia ($52)6. Bank One ($45)7. US Bancorp ($45)8. Fifth Third ($39) 9. Fleet Boston ($34)

10. Bank of New York ($25)

1. Microsoft ($296)2. General Electric ($289)3. Exxon Mobil ($278)4. Wal-Mart Stores ($245)5. Pfizer ($219)6. Citigroup ($198)7. Royal Dutch/Shell ($193)8. BP PLC ($191)9. American Int’l Group ($178)

10. Johnson & Johnson ($157) 22 .Bank of America ($107)

TOP 10 FINANCIAL SERVICES COMPANIES WORLDWIDE(IN MARKET CAP @ 6/30/02)

$ in Billions

TOP 10 CORPORATIONS WORLDWIDE

(IN MARKET CAP @ 6/30/02)$ in Billions

1. Citigroup ($198)2. American Int’l Group ($178)3. HSBC Holdings ($109)4. Bank of America ($107)5. Berkshire Hathaway ($103)6. Wells Fargo ($86)7. Royal Bank of Scotland ($82)8. Fannie Mae ($74) 9. JP Morgan Chase ($68)10. UBS AG ($63)

1. Citigroup ($1,083)2. JP Morgan Chase ($741)3. Bank of America ($638)4. Wachovia ($325)5. Wells Fargo ($315)6. Bank One ($270)7. Fleet Boston ($191)8. US Bancorp ($173)9. SunTrust ($108)10. National City ($99)

* Based on net income before merger-related charges and business exit costs

5

Unparalleled Convenience

Customer contacts Customer contacts ––

150 times each 150 times each secondsecond

12,827 ATMs 12,827 ATMs 865 million transactions865 million transactions

Debit & credit cardsDebit & credit cards2.1 billion transactions2.1 billion transactions

4,232 banking centers4,232 banking centers800 million transactions800 million transactions

3.8 million active online users3.8 million active online users350 million transactions350 million transactions

Call centersCall centers600 million transactions600 million transactions

6

Bank of America Today

Change from June 30, 2002 June 30, 2001

Assets 638,448 2%Loans & leases, net 340,394 -11%Domestic Deposits 325,745 4%Shareholder's equity 47,764 -3%Market capitalization 106,642 11%Market price 70.36 17%Outstanding shares (in 000's) 1,515,667 -5%YTD Revenue 17,430 0%YTD Earnings 4,400 13%YTD Earnings growth, excl.goodwill amortization expensein prior year 5%

Employees 135,489 Banking centers 4,232 ATMs 12,827

($ in millions)

7

Global Reach

8

U.S. Deposit Market Share

TN #5 (6%)

WA #1 (21%)

OR#4 (11%)

CA#1 (22%)

NV#2 (23%)

ID#4 (4%)

AZ#2 (21%) NM

#2 (16%)

TX#2 (12%)

KS#2 (6%)

IA#12 (1%)

IL#13 (1%)MO

#2 (11%)MD

#1 (16%)VA#3 (10%)

NC #1 (29%)

SC#2(12%)GA

#3(12%)

FL#1(21%)

DC#2 (19%)

OK #4 (5%)

AR#3 (6%)

Source: SNL Branch Migration Datasource. Deposits are as of June 2001

9

Banking Center Convenience

Tennessee

Nevada

Florida

Texas

California VirginiaMissouri District of Columbia

Illinois

Idaho

Maryland

Kansas

North Carolina

South Carolina

Georgia

ArkansasOklahoma

New MexicoArizona

Oregon

Washington235

8420

73

948

14555

455

48

66

56

23

94

16

257

743

136

207

191

31192155

Iowa

Kentucky2

Total U.S. Banking Centers 4,232 1-5051-7576-150151-200201-300>301

10

ATM Network

291Nevada

504North Carolina

4

14

1

1,415

676

1912

19

282

3

7

113

116

3053

27

1

1

15514

53

1,432

176184

3,836

2

523

3

11

10

545423

391

418

200

776

Virginia

South Carolina

Missouri

Arkansas

New York

District of Columbia

Massachusetts

New Jersey

Delaware

Maryland

Pennsylvania

OhioIndiana

Kentucky

Tennessee

Georgia

Florida

Alabama

Louisiana

Illinois

Kansas

Oklahoma

Texas

New Mexico

Michigan

Michigan

Wisconsin

Iowa

Minnesota

Nebraska

ColoradoUtah

Arizona

California

IdahoOregon

WashingtonMaine

87

Total U.S. (Branded Only) ATM's 12,827 16-5051-100101-300301-500501-1000>1001

11

Financial Overview

12

Consolidated Statement of Income Operating Basis (1)

(Dollars in millions, except per share information; shares in thousands)Year-to- Year-to- Second First Fourth Third Second

Date Date Quarter Quarter Quarter Quarter Quarter2002 2001 2002 2002 2001 2001 2001

Interest incomeInterest and fees on loan and leases $ 10,975 $ 14,912 $ 5,530 $ 5,445 $ 5,824 $ 6,543 $ 7,227Interest and dividends on securities 1,870 1,739 924 946 1,075 892 894 Federal funds sold and securities purchased under agreements to resell 485 840 270 215 254 321 405 Trading account assets 1,826 1,782 948 878 912 930 936 Other interest income 699 893 312 387 740 636 463

Total interest income 15,855 20,166 7,984 7,871 8,805 9,322 9,925 Interest expenseDeposits 2,728 5,076 1,384 1,344 1,713 2,097 2,363 Short-term borrowings 1,006 2,598 529 477 700 869 1,221 Trading account liabilities 629 602 344 285 268 285 312 Long-term debt 1,245 2,221 633 612 707 867 999

Total interest expense 5,608 10,497 2,890 2,718 3,388 4,118 4,895 Net interest income 10,247 9,669 5,094 5,153 5,417 5,204 5,030 Noninterest incomeConsumer service charges 1,426 1,408 734 692 746 712 714 Corporate service charges 1,132 1,010 565 567 540 528 511 Total service charges 2,558 2,418 1,299 1,259 1,286 1,240 1,225 Consumer investment and brokerage services 801 778 420 381 382 386 399 Corporate investment and brokerage services 348 273 178 170 151 142 137 Total investment and brokerage services 1,149 1,051 598 551 533 528 536 Mortgage banking income 327 317 135 192 167 109 196 Investment banking income 805 801 464 341 473 305 455 Equity investment gains/(losses) (10) 318 (36) 26 (49) 22 171 Card income 1,196 1,174 620 576 629 618 601 Trading account profits (2) 608 1,075 263 345 334 433 376 Other income 288 367 138 150 25 174 181 Total noninterest income 6,921 7,521 3,481 3,440 3,398 3,429 3,741

Total revenue 17,168 17,190 8,575 8,593 8,815 8,633 8,771

Provision for credit losses 1,728 1,635 888 840 1,401 856 800

Gains/(losses) on sales of securities 137 (15) 93 44 393 97 (7)

Other noninterest expensePersonnel 4,832 4,935 2,386 2,446 2,590 2,304 2,534 Occupancy 873 861 441 432 465 448 428 Equipment 541 562 279 262 280 273 271 Marketing 340 351 170 170 166 165 174 Professional fees 213 267 122 91 153 144 141 Amortization of intangibles 110 446 55 55 213 219 223 Data processing 431 377 226 205 224 175 187 Telecommunications 242 247 123 119 116 121 128 Other general operating 1,402 1,429 688 714 1,117 757 735

Total other noninterest expense 8,984 9,475 4,490 4,494 5,324 4,606 4,821 Operating income before income taxes 6,593 6,065 3,290 3,303 2,483 3,268 3,143 Income tax expense 2,193 2,172 1,069 1,124 426 1,177 1,120 Operating net income $ 4,400 $ 3,893 $ 2,221 $ 2,179 $ 2,057 $ 2,091 $ 2,023Operating income available to common shareholders 4,398 3,891 2,220 2,178 2,056 2,089 2,022

Per common share information Operating earnings 2.86 2.42 1.45 1.41 1.31 1.31 1.26 Diluted operating earnings(3) 2.77 2.39 1.40 1.38 1.28 1.28 1.24 Dividends 1.20 1.12 0.60 0.60 0.60 0.56 0.56 Average common shares issued and outstanding 1,538,600 1,605,193 1,533,783 1,543,471 1,570,083 1,599,692 1,601,537 Average diluted common shares issued and outstanding 1,586,836 1,631,892 1,592,250 1,581,848 1,602,886 1,634,063 1,632,964

As reported Net income $ 4,400 $ 3,893 $ 2,221 $ 2,179 $ 2,057 $ 841 $ 2,023 Net income available to common shareholders 4,398 3,891 2,220 2,178 2,056 839 2,022 Earnings per common share 2.86 2.42 1.45 1.41 1.31 0.52 1.26 Diluted earnings per common share 2.77 2.39 1.40 1.38 1.28 0.51 1.24

(1) Operating basis excludes the following: provision for credit losses of $395 million and noninterest expense of $1.3 billion related to the exit of certain consumer finance businesses in the third quarter of 2001.(2) Trading account profits for year-to-date 2001 included $83 million transition adjustment loss resulting from adoption of Statement of Financial Accounting Standards No.133, "Accounting for Derivative Instruments and Hedging Activities,“ on January 1, 2001.(3) Includes goodwill amortization of $.19 per share in year-to-date 2001 and $.09 per share in the fourth, third and second quarters of 2001. Certain prior period amounts have been reclassified to conform to current period presentations.

13

Consolidated Balance Sheet

June 30 March 31 June 30,2002 2002 2001

AssetsCash and cash equivalents $ 21,309 $ 22,444 $ 25,405Time deposits placed and other short-term investments 6,307 7,056 4,452 Federal funds sold and securities purchased under agreements to resell 35,449 40,771 28,317 Trading account assets 63,466 58,569 50,740 Derivative assets 24,809 19,116 16,881 Available-for-sale 82,143 74,306 53,410 Held-to-maturity 1,020 1,037 1,167 Total securities 83,163 75,343 54,577 Loans and leases 340,394 331,210 380,425 Allowance for credit losses (6,873) (6,869) (6,911) Loans and leases, net of allowance for credit losses 333,521 324,341 373,514 Premises and equipment, net 6,755 6,748 6,371 Mortgage banking assets 3,404 4,104 4,337 Goodwill 10,950 10,950 11,864 Core deposits and other intangibles 1,184 1,256 1,392 Other assets 48,131 49,223 47,675 Total assets $ 638,448 $ 619,921 $ 625,525

LiabilitiesDeposits in domestic offices: Noninterest-bearing $ 101,163 $ 108,409 $ 100,199 Interest-bearing 224,582 224,630 213,036 Deposits in foreign offices: Noninterest-bearing 1,750 1,677 1,490 Interest-bearing 33,274 32,484 48,761 Total deposits 360,769 367,200 363,486 Federal funds purchased and securities sold under agreements to repurchase 56,678 48,545 52,189 Trading account liabilities 25,751 25,258 20,866 Derivative liabilities 17,800 12,053 13,078 Commercial paper 1,946 363 3,156 Other short-term borrowings 31,027 21,629 32,348 Accrued expenses and other liabilities 32,002 31,138 22,902 Long-term debt 59,181 60,036 63,243 Trust preferred securities 5,530 5,530 4,955 Total liabilities 590,684 571,752 576,223 Shareholders' equityPreferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding 1,411,750; 1,452,249 and 1,587,066 shares 60 62 68 Common stock, $0.01 par value; authorized - 5,000,000,000 shares; issued and outstanding 1,515,667,160; 1,544,521,073 and 1,601,126,336 shares 1,499 3,949 7,629 Retained earnings 45,546 44,245 41,912 Accumulated other comprehensive income/(loss) 660 (72) (262) Other (1) (15) (45) Total shareholders' equity 47,764 48,169 49,302 Total liabilities and shareholders' equity $ 638,448 $ 619,921 $ 625,525

(Dollars in millions)

14

Average Balances and Interest Rates Taxable-Equivalent Basis

Year-to-Date 2002Interest Interest

Average Income/ Yield/ Average Income/ Yield/Balance Expense Rate Balance Expense Rate

Earning assets Time deposits placed and other short-term investments $ 10,459 $ 124 2.40 % $ 6,881 $ 183 5.35 % Federal funds sold and securities purchased under agreements to resell 46,564 485 2.09 32,886 840 5.13 Trading account assets 74,384 1,849 4.99 64,914 1,796 5.56 Total securities (1) 70,399 1,902 5.41 55,472 1,769 6.39 Loans and leases(2)

Commercial - domestic 113,829 3,865 6.84 141,735 5,398 7.68 Commercial - foreign 21,684 438 4.07 28,489 935 6.61 Commercial real estate - domestic 21,866 533 4.92 25,639 989 7.78 Commercial real estate - foreign 391 9 4.57 326 12 7.18 Total commercial 157,770 4,845 6.19 196,189 7,334 7.54 Residential mortgage 87,953 2,991 6.82 83,533 3,078 7.38 Home equity lines 22,296 599 5.42 21,852 891 8.22 Direct/Indirect consumer 30,191 1,092 7.30 30,228 1,276 8.51 Consumer finance 11,590 481 8.34 36,458 1,440 7.91 Bankcard 19,895 1,000 10.13 15,113 888 11.84 Foreign consumer 2,070 38 3.71 2,310 79 6.87 Total consumer 173,995 6,201 7.17 189,494 7,652 8.11 Total loans and leases 331,765 11,046 6.70 385,683 14,986 7.82 Other earning assets 22,117 711 6.47 18,708 761 8.19 Total earning assets(3) 555,688 16,117 5.83 564,544 20,335 7.24Cash and cash equivalents 21,616 23,127Other assets, less allowance for credit losses 64,859 64,476 Total assets $642,163 $652,147

Interest-bearing liabilities Domestic interest-bearing deposits: Savings $ 21,281 67 0.64 $ 20,314 118 1.18 NOW and money market deposit accounts 128,544 681 1.07 110,039 1,484 2.72 Consumer CDs and IRAs 68,683 1,494 4.39 76,267 2,037 5.39 Negotiable CDs, public funds and other time deposits 4,654 62 2.63 6,567 189 5.80 Total domestic interest-bearing deposits 223,162 2,304 2.08 213,187 3,828 3.62 Foreign interest-bearing deposits(4)

Banks located in foreign countries 14,752 215 2.94 24,377 626 5.18 Governments and official institutions 2,675 26 1.93 3,988 97 4.90 Time, savings, and other 19,238 183 1.92 23,028 525 4.61 Total foreign interest-bearing deposits 36,665 424 2.33 51,393 1,248 4.90 Total interest-bearing deposits 259,827 2,728 2.12 264,580 5,076 3.87 Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings 92,255 1,006 2.20 96,856 2,598 5.41 Trading account liabilities 31,455 629 4.03 29,565 602 4.10 Long-term debt and trust preferred securities 66,812 1,245 3.73 71,572 2,221 6.21 Total interest-bearing liabilities(3) 450,349 5,608 2.51 462,573 10,497 4.57Noninterest-bearing sources: Noninterest-bearing deposits 105,371 94,924 Other liabilities 38,576 46,360 Shareholders' equity 47,867 48,290 Total liabilities and shareholders' equity $642,163 $652,147Net interest spread 3.32 2.67Impact of noninterest-bearing sources 0.48 0.83Net interest income/yield on earning assets(4)

$10,509 3.80 % $9,838 3.50 %

Year-to-Date 2001(Dollars in millions)

(1)The average balance and yield on securities are based on the average of historical amortized cost balances. (2) Nonperforming loans are included in the respective average loan balances. Income on such nonperforming loans is recognized on a cash basis.(3) Interest income also includes the impact of interest rate risk management contracts, which increased interest income by $1.1 billion and $222 million in 2002 and 2001, respectively. These amounts were substantially offset by corresponding decreases in the income earned on the underlying assets. Interest expense also includes the impact of interest rate risk management contracts, which (increased) decreased interest expense by $(27) million and $73 million in 2002 and 2001, respectively. These amounts were substantially offset by corresponding decreases (increases) in the interest paid on the underlying liabilities.(4) Primarily consists of time deposits in denominations of $100,000 or more.

15

Financial Overview

$4.72$4.68

$3.64$3.76

$4.95

1997 1998 1999 2000 2001

OPERATING DILUTED EARNINGS PER SHARE

DIVIDENDS PER SHARE & PAYOUT RATIO(based on operating earnings)

$1.37$1.59

$1.85 $2.06$2.28

30.8%

39.9% 38.8%43.0% 45.1%

$0.50

$1.00

$1.50

$2.00

$2.50

1997 1998 1999 2000 20010%

20%

40%

Dividends Per Share Dividend Payout Ratio

16

Financial Overview

$1.40

$1.28$1.28$1.24$1.15

$1.38

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

OPERATING DILUTED EARNINGS PER SHARE

DIVIDENDS PER SHARE & PAYOUT RATIO(based on operating earnings)

* Dividend payout ratio is based on trailing twelve months

$0.60 $0.60$0.60$0.56 $0.56 $0.56

46.2% 47.4%42.7% 43.1%45.8% 43.8%

$0.25

$0.50

$0.75

1Q01 2Q01 3Q01 4Q01 1Q02 2Q020%

20%

40%

60%

Dividends Per Share Dividend Payout Ratio

17

Financial Overview

RETURN ON EQUITY

RETURN ON ASSETS

16.5%15.9% 14.5%

17.7% 16.7%

1997 1998 1999 2000 2001

1.17%1.34%

1.11%1.25% 1.24%

1997 1998 1999 2000 2001

18

Financial Overview

RETURN ON EQUITY

RETURN ON ASSETS

18.5%18.6%15.9% 16.7% 16.9% 16.7%

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

1.38%1.39%

1.17% 1.24% 1.29% 1.25%

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

19

Financial Overview

Noninterest Income

$ in Millions

47% 48% 46% 47% 52%

17% 18% 16% 16% 18%21% 18%27%

31% 26%15% 16%

11% 6% 4%

0

4,000

8,000

12,000

16,000

1997 1998 1999 2000 2001

Consumer-related Corporate investment & service chargesMarket-sensitive Other revenue

1997 1998 1999 2000 2001

Consumer service charges 2,765 2,632 2,550 2,654 2,866 Corporate service charges 1,600 1,694 1,790 1,889 2,078 Total service charges 4,365 4,326 4,340 4,543 4,944

Consumer investment & brokerage 925 1,238 1,334 1,466 1,546 Corporate investment & brokerage 420 464 414 463 566 Total investment & brokerage 1,345 1,702 1,748 1,929 2,112

Mortgage servicing income 543 389 648 512 593 Card income 1,308 1,569 2,006 2,229 2,421 Investment banking income 895 1,430 1,411 1,512 1,579 Equity investment gains 581 579 833 1,054 291 Trading account profits 976 171 1,605 1,923 1,842 Other income 1,743 2,023 1,588 880 566 Total noninterest income 11,756 12,189 14,179 14,582 14,348

20

Financial OverviewNoninterest Income

1Q 2Q 3Q 4Q 1Q 2Q

Consumer service charges 694 714 712 746 692 734 Corporate service charges 499 511 528 540 567 565

Total service charges 1,193 1,225 1,240 1,286 1,259 1,299

Consumer investment & brokerage 379 399 386 382 381 420 Corporate investment & brokerage 136 137 142 151 170 178 Total investment & brokerage 515 536 528 533 551 598

Mortgage servicing income 121 196 109 167 192 135 Card income 573 601 618 629 576 620 Investment banking income 346 455 305 473 341 464 Equity investment gains 147 171 22 (49) 26 (36) Trading account profits 699 376 433 334 345 263 Other income 186 181 174 25 150 138 Total noninterest income 3,780 3,741 3,429 3,398 3,440 3,481

2001 2002

55%54%57%53%51%47%

21%21%20%20%17%17%

20%21%22%22%27%32%

4%4%1%5%5%4%

0

1,000

2,000

3,000

4,000

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Consumer-related Corporate investment & service charges

Market-sensitive Other revenue

$ in Millions

21

Financial OverviewNoninterest Expense

$ in Millions

50%52%52%50%49%

15%16%16%16%17%

5%5%5%5%5%

13%13%14%15%

14%

17%14%13%14%

15%

5,000

10,000

15,000

20,000

1997 1998 1999 2000 2001

Personnel Occupancy & Equipment Intangibles Amort.Mktg., Prof., D.P., Tele. Other Expenses

1997 1998 1999 2000 2001

Personnel 8,703$ 9,412$ 9,308$ 9,400$ 9,829$

Occupancy 1,576 1,643 1,627 1,682 1,774

Equipment 1,408 1,404 1,346 1,173 1,115

Total Occup. & Equip. 2,984 3,047 2,973 2,855 2,889

Intangibles Amort. 855 902 888 864 878

Marketing 655 581 537 621 682

Professional Fees 763 843 630 452 564

Data Processing 626 765 763 667 776

Telecommunications 491 563 549 527 484

Total Mktg., Prof. D.P., 2,535 2,752 2,479 2,267 2,506

& Telecommunications

Other Operating Expense 2,548 2,628 2,338 2,697 3,302

Total Operating Expense 17,625$ 18,741$ 17,986$ 18,083$ 19,404$

Annual

22

Financial OverviewNoninterest Expense

52% 53% 50% 49% 54% 53%

16% 14% 16%14% 15% 16%

5% 5% 5%4%

1% 1%13% 13%

13%12%

13% 14%

14% 15% 15%21%

17% 16%

0

1,000

2,000

3,000

4,000

5,000

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Personnel Occupancy & Equipment Intangibles Amort.

Mktg., Prof., D.P., Tele. Other Expenses

$ in Millions

1Q 2Q 3Q 4Q 1Q 2Q

Personnel 2,401 2,534 2,304 2,590 2,446 2,386

Occupancy 433 428 448 465 432 441

Equipment 291 271 273 280 262 279

Total occ. & equip. 724 699 721 745 694 720

Intangibles amortization 223 223 219 213 55 55

Marketing 177 174 165 166 170 170

Professional fees 126 141 144 153 91 123

Data processing 190 187 175 224 205 226

Telecommunications 119 128 121 116 119 122

Total Mktg., Prof., D.P.& tele. 612 630 605 659 585 641

Other operating expense 694 735 757 1,117 715 688

Total operating expenses 4,654 4,821 4,606 5,324 4,495 4,490 Efficiency Ratio 54.7% 54.4% 52.8% 59.8% 51.7% 51.3%

2001 2002

23

Financial OverviewNet Interest Income & Net Interest Yield

$ in Millions

1997 1998 1999 2000 2001

Liquidity Ratios

Loans & leases / deposits 102% 101% 106% 111% 101%Loans & leases / earning assets 74% 70% 68% 67% 65%Total securities / earning assets 10% 13% 15% 14% 11%Interest Rates and YieldsLoan & lease yield 8.50% 8.17% 7.63% 8.15% 7.50%Securities yield 6.94% 6.85% 6.00% 6.07% 6.23%Earning assets yield 8.06% 7.75% 7.04% 7.45% 6.90%Interest-bearing deposit rate 4.13% 4.14% 3.56% 4.20% 3.35%Interest-bearing liabilities rate 4.84% 4.84% 4.32% 5.09% 3.94%

Net interest yield 4.00% 3.69% 3.45% 3.20% 3.68%

Balance Sheet Ratios

$18,671$18,342$18,461$18,589$20,633

1997 1998 1999 2000 2001

24

Financial Overview

Net Interest Income & Net Interest Yield

1Q 2Q 3Q 4Q 1Q 2Q

Liquidity Ratios

Loans & leases / domestic deposits 127% 123% 115% 103% 100% 102%

Loans & leases / earning assets 69% 68% 64% 60% 60% 60%

Total securities / earning assets 10% 10% 11% 13% 13% 12%

Interest Rates and Yields

Loan & lease yield 8.05% 7.59% 7.31% 6.99% 6.76% 6.65%

Securities yield 6.26% 6.53% 6.12% 6.10% 5.24% 5.59%

Earning assets yield 7.42% 7.07% 6.72% 6.37% 5.86% 5.81%

Interest-bearing deposit rate 4.18% 3.57% 3.12% 2.57% 2.10% 2.14%

Interest-bearing liabilities rate 4.92% 4.22% 3.61% 2.99% 2.47% 2.55%

Net interest yield 3.39% 3.61% 3.78% 3.95% 3.85% 3.75%

2001 2002

$5,117$5,290

$5,505

$4,721

$5,262$5,247

4,250

4,500

4,750

5,000

5,250

5,500

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Balance Sheet Ratios Based on Quarterly Average Balances

Sequential quarter decline in net interest income

reflects the decision to exit the subprime home equity

lending business

25

Financial OverviewLOAN PORTFOLIO DIVERSITY

$ in Millions

Loan Portfolio by Product June 30, 2002Outstanding % of

Product Loans & Leases Total LoansCommercial - Domestic 108,042$ 31.7%Commerical - Foreign 21,675 6.4%Commercial Real Estate - Domestic 20,940 6.2%Commercial Real Estate - Foreign 404 0.1% Total Commercial 151,061 44.4%Residential First Mortgage 102,773 30.2%Home Equity Lines 22,979 6.8%Consumer - Direct/Indirect 29,848 8.8%Consumer Finance 10,535 3.1%BankCard 21,155 6.2%Consumer - Foreign 2,043 0.6% Total Consumer 189,333 55.6%Total Loans 340,394$ 100.0%

Top 10 Commercial Loan Industry ConcentrationsJune 30, 2002Outstanding % of

Industry Loans & Leases Total LoansTransportation 9,380$ 2.8%Media 6,903 2.0%Business Services 6,899 2.0%Equipment & General Manufacturing 5,533 1.6%Agribusiness 5,471 1.6%Autos 5,022 1.5%Education & Government 4,868 1.4%Health Care & Pharmaceuticals 4,800 1.4%Utilities 4,336 1.3%Retail 4,215 1.2%

26

Financial Overview

Domestic Deposits51%

Foreign Deposits5%

Short-term Borrowings

21%

Long-term Debt9%

Other Liabilities5%

Equity8%

Other Assets8% Intangibles

2%

Cash 3%

Trading Assets21%

Securities13%

Loans53%

LIABILITIES & EQUITY – 6/30/02

$340B $83B

$133B

$21B$48B$12B

$35B

$133B

$59B$38B

$48B

$326B

ASSETS – 6/30/02 $638 Billion

27

Financial Overview

Nonperforming Assets

78%64%

58%52%44%

14%31%

37%38%

43%

8%5%

5%

10%13%

0

2,000

4,000

6,000

1997 1998 1999 2000 2001Total Commercial Total Consumer Foreclosed Properties

NONPERFORMING ASSETS$ in Millions

1997 1998 1999 2000 2001

Commercial -Domestic 563$ 812$ 1,163$ 2,777$ 3,123$

Commercial - Foreign 155 314 486 486 461

Commercial Real Estate - Domestic 342 299 191 236 240

Commercial Real Estate - Foreign 2 4 3 3 3

Total Commercial 1,062 1,429 1,843 3,502 3,827

Residential Mortgages 744 722 529 551 556

Home Equity Lines 52 50 46 32 80

Consumer Direct / Indirect 43 21 19 19 27

Consumer Finance 210 246 598 1,095 9

Consumer Foreign - 14 7 9 7

Total Consumer 1,049 1,053 1,199 1,706 679

Total Nonperforming Loans 2,111 2,482 3,042 5,208 4,506

Foreclosed Properties 309 282 163 249 402

Total Nonperforming Assets 2,420$ 2,764$ 3,205$ 5,457$ 4,908$

Nonperforming Assets/Assets 0.42% 0.45% 0.51% 0.85% 0.79%

Nonperforming Assets/Loans 0.71% 0.77% 0.86% 1.39% 1.49%

Allowance for Loan Losses 6,778$ 7,122$ 6,828$ 6,838$ 6,875$

Allowance / Loans 1.98% 1.99% 1.84% 1.74% 2.09%

Allowance / Nonperforming Loans 321% 287% 224% 131% 153%

28

Financial Overview

Nonperforming AssetsNONPERFORMING ASSETS$ in Millions

65% 64% 78% 78% 80% 82%

30% 30%

13% 14% 12% 12%

5% 6%

9%8% 8% 6%

0

2,000

4,000

6,000

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02Total Commercial Total Consumer Foreclosed Properties

1Q 2Q 3Q 4Q 1Q 2Q

Commercial -Domestic 3,110$ 3,209$ 2,705$ 3,123$ 3,207$ 2,847$ Commercial - Foreign 529 562 566 461 583 980 Commercial Real Estate - Domestic 206 201 257 240 216 202 Commercial Real Estate - Foreign 3 3 2 3 2 3

Total Commercial 3,848 3,975 3,530 3,827 4,008 4,032 Residential Mortgages 553 573 491 556 477 503 Home Equity Lines 36 42 61 80 73 64 Consumer Direct / Indirect 19 17 20 27 26 27 Consumer Finance 1,153 1,234 9 9 8 8 Consumer Foreign 11 8 8 7 9 8

Total Consumer 1,772 1,874 589 679 593 610 Total Nonperforming Loans 5,620 5,849 4,119 4,506 4,601 4,642

Foreclosed Properties 277 346 404 402 391 297 Total Nonperforming Assets 5,897$ 6,195$ 4,523$ 4,908$ 4,992$ 4,939$

Nonperforming Assets/Assets 0.97% 0.99% 0.71% 0.79% 0.81% 0.77%Nonperforming Assets/Loans 1.54% 1.63% 1.33% 1.49% 1.51% 1.45%Allowance for Loan Losses 6,900$ 6,911$ 6,665$ 6,875$ 6,869$ 6,873$ Allowance / Loans 1.80% 1.82% 1.97% 2.09% 2.07% 2.02%Allowance / Nonperforming Loans 123% 118% 162% 153% 149% 148%

2001 2002

29

Financial Overview

Net Charge-Offs

1997 1998 1999 2000 2001

Commercial -Domestic 0.09% 0.47% 0.51% 0.87% 1.46%

Commercial - Foreign 0.10% 0.78% 0.49% 0.29% 0.78%

Commercial R/E - Domestic - - - 0.05% 0.16%

Total Commercial 0.07% 0.45% 0.44% 0.68% 1.19%

Residential Mortgages 0.06% 0.04% 0.04% 0.03% 0.03%

Home Equity Lines 0.18% 0.11% 0.07% 0.10% 0.09%

Credit Card 5.90% 6.03% 5.08% 3.29% 4.04%

Consumer Direct/Indirect 1.11% 1.01% 0.88% 0.78% 0.88%

Consumer Finance 1.96% 2.67% 1.22% 1.09% 5.01%

Consumer Foreign 0.32% 0.31% 0.52% 0.13% 0.22%

Total Consumer 1.03% 1.02% 0.68% 0.54% 1.14%

Total Net Charge-Offs 0.54% 0.71% 0.55% 0.61% 1.16%

Managed Credit Card Loss Ratio 6.19% 6.27% 5.57% 4.66% 4.76%

$1,852$2,467

$2,000$2,400

$4,2440.54% 0.55%

0.99%

0.61%0.71%

1.16%

$1,000

$1,750

$2,500

$3,250

$4,000

1997 1998 1999 2000 20010.25%

0.50%

0.75%

1.00%

1.25%

Net charge-offsNet charge-off ratio excl. $635 mm charge-offs related to business exitsNet charge-off ratio

$ in Millions

30

Financial Overview

Net Charge-Offs

$ in Millions

$772 $787

$1,194$840 $888

$1,4910.81% 0.82%

1.65%1.42%

1.04% 1.06%0.95%

0

500

1,000

1,500

1Q01 2Q01 3Q01 4Q01 1Q02 2Q020.00%

0.50%

1.00%

1.50%

Net charge-offsNet charge-off ratio excl. $635 mm charge-offs related to business exitsNet charge-off ratio

2Q01 3Q01 4Q01 1Q02 2Q02

Amt. Ratio Amt. Ratio Amt. Ratio Amt. Ratio Amt. Ratio

Commercial - domestic (1) $408 1.18 % $412 1.26 % $714 2.33 % $370 1.29 % $383 1.38 Commercial - foreign 57 0.84 57 0.89 60 1.00 49 0.90 119 2.23 Commercial real estate - domestic 12 0.18 4 0.07 17 0.29 14 0.25 8 0.14 Total Commercial 477 1.00 473 1.05 791 1.86 433 1.09 510 1.32 Residential mortgage 7 0.03 7 0.04 6 0.03 11 0.05 8 0.03 Home equity lines 4 0.07 4 0.07 5 0.10 8 0.15 7 0.12 Direct/indirect consumer 44 0.58 68 0.87 83 1.08 64 0.86 38 0.50 Consumer finance (2) 88 0.97 746 11.75 81 2.46 75 2.49 49 1.77 Bankcard 158 4.01 181 4.08 208 4.43 241 5.05 269 5.28 Other consumer domestic 8 n/m 11 n/m 18 n/m 7 n/m 7 n/m Foreign consumer 1 0.24 1 0.21 2 0.25 1 0.16 - - Total Consumer (2) 310 0.65 1,018 2.27 403 0.97 407 0.99 378 0.84 Total Net Charge-offs (2)

$787 0.82 $1,491 1.65 $1,194 1.42 $840 1.04 $888 1.06

Net Charge-offs and Net Charge-off Ratios(Dollars in millions)

Loans are classified as domestic or foreign based upon the domicile of the borrower.(1) Fourth quarter 2001 includes $210 million related to Enron.(2) Third quarter 2001 includes $635 million related to the exit of certain consumer finance businesses. Excluding these net charge-offs, the ratios would be 1.75% for Consumer Finance, 0.85% for Total Consumer, and 0.95% for Total Net Charge-offs.

31

Financial Overview

Select Regional Binding ExposureGross Total

Loans Other Total Local Binding Changeand Loan Cross- Cross- Country Exposure from

Region /Country Commitments Border Border (1) Exposure (2) 6/30/02 12/31/01

AsiaChina 70 114 184 68 252 (23) Hong Kong 173 296 469 3,492 3,961 (294) India 521 134 655 850 1,505 (275) Indonesia 117 35 152 4 156 (119) Japan 599 2,435 3,034 694 3,728 483 Korea (South) 193 486 679 581 1,260 50 Malaysia 33 19 52 266 318 (28) Pakistan 12 - 12 - 12 (7) Philippines 70 31 101 79 180 (142) Singapore 196 122 318 1,111 1,429 31 Taiwan 293 226 519 682 1,201 288 Thailand 67 49 116 239 355 (33) Other 3 21 24 94 118 (2)

2,347 3,968 6,315 8,160 14,475 (71) Central and Eastern EuropeRussian Federation - - - 7 7 7 Turkey 15 45 60 - 60 (67) Other 16 367 383 37 420 154

31 412 443 44 487 94 Latin AmericaArgentina 331 140 471 70 541 (204) Brazil 415 714 1,129 862 1,991 (483) Chile 135 19 154 3 157 (92) Columbia 86 35 121 - 121 (18) Mexico 1,121 902 2,023 208 2,231 4 Venezuela 113 114 227 - 227 (14) Other 135 104 239 - 239 (57)

2,336 2,028 4,364 1,143 5,507 (864) Total Regions 4,714$ 6,408$ 11,122$ 9,347$ 20,469$ (841)$

(1) Cross-border exposure includes amounts payable to the Corporation by residents of foreign countries, regardless of the currency in which the claim is denominated, consistent with the FFIEC 009 reporting rules.

(2) Gross local country exposure includes amounts payable to the Corporation by local residents in countries outside of the United States, regardless of the currency in which the claims is denominated. Management does not net local funding or liabilities against local exposures as allowed by the FFIEC.

($ in Millions)

32

Financial Overview

Capital Levels & Tier 1 Ratios

CAPITAL LEVELS & TIER 1 RATIOS$ in Billions

$40.8 $41.8 $41.5 $42.0 $42.1 $41.1$48.9 $49.3 $50.2 $48.5 $48.2 $47.8

7.65%7.90% 7.95% 8.30% 8.48% 8.09%

0

10

20

30

40

50

60

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Tier 1 Capital Ending Equity Tier 1 Capital Ratio

1Q 2Q 3Q 4Q 1Q 2Q

Ending Equity 48,886$ 49,302$ 50,151$ 48,520$ 48,169$ 47,764$

Trust Preferred Securities 4,955 4,955 4,955 5,530 5,530 5,530

Ending Capital 53,841 54,257 55,106 54,050 53,699 53,294

Intangibles 13,452 13,256 12,358 12,148 12,206 12,134

Ending Assets 609,755 625,525 640,105 621,764 619,921 638,448

Tier 1 Capital 40,769 41,794 41,517 41,979 42,078 41,097

Risk-weighted Assets 532,824 529,201 522,291 506,020 496,227 508,008

EOP Outstanding shares 1,602 1,601 1,582 1,559 1,545 1,516

Tang. Equity/ Tang. Asset 5.9% 5.9% 6.0% 6.0% 5.9% 5.7%

Capital / Assets 8.8% 8.7% 8.6% 8.7% 8.7% 8.3%

Equity / Assets 8.0% 7.9% 7.8% 7.8% 7.8% 7.5%Tier 1 Capital Ratio 7.7% 7.9% 7.9% 8.3% 8.5% 8.1%

2001 2002

33

Geographic Diversity

ASSETS AS OF 12/31/01($ in billions)

Europe, Middle East, Africa

4% - $28B

Asia3% - $17 B

Latin America Caribbean1% - $7B

Domestic Assets92% - $570B

Foreign Assets8% - $52 B

&

Europe, Middle East, Africa

4% - $1,227 MLatin America &

Caribbean1% - $303 M

Asia2% - $921 M

Foreign Revenues7% - $2,451 M

Domestic Revenues93%- $32,187

2001 REVENUES($ in millions)

34

Financial OverviewTotal Return to Shareholders

6/30/01 - 6/30/02 6/30/99 - 6/30/02 6/30/97 - 6/30/02 6/30/92 – 6/30/02

22%

3%5%

15%

2%

-2%

4%

13%

-18%

-9%

4%

11%

-4%

7%

17%

-19%

-12%

-1%

7%

-3%

1 Year 3 Year 5 Year 10 Year

Bank of America S & P 500 Bank Index S & P 500 IndexGroup Index (1) Global Titans Index (2)

(1) Group index members are Citigroup, JP Morgan Chase, Wells Fargo, Wachovia, Bank One, FleetBoston and US Bancorp

(2) Dow Jones Global Titan Index is a market weighted index of the 50 largest market capitalization stocks on the market

Average annual total return to shareholders equals average annual growth rate of stock price plus dividends (reinvested quarterly)

35

Financial Overview

Debt Ratings

� Bank of America common stock is listed on The New York Stock Exchange, Inc. and The Pacific Stock Exchange Incorporated under the symbol “BAC”. The common stock is also listed on the London Stock Exchange, and certain shares of common stock are listed on the Tokyo Stock Exchange. The stock is typically listed in the Wall Street Journal as BankAm.

� Bank of America and certain of its banking subsidiaries also have debt securities issued in the marketplace. The corporation and its banks debt ratings are:

Commercial Senior Subordinated Short Long Paper Debt Debt Term Term

Moody's Investor Service P-1 Aa2 Aa3 P-1 Aa1

Standard & Poors A-1 A+ A A-1+ AA-

Fitch F-1+ AA- A+ F-1+ AA

Bank of America, N.A.Bank of America Corporation

36

Business Segment Overview

� Retail Banking

� Small Business

� Financial Products

� Dealer Financial Services

� Commercial Banking

� Business Credit

� Commercial Real Estate

Reported as one

segment for external reporting

CONSUMER BANKING COMMERCIAL BANKING

� Global Investment Banking

� Global Credit Products

� Global Treasury Services

GLOBAL CORPORATEAND

INVESTMENT BANKING

� Private Bank

� Individual Investor Group

� Banc of America Capital Management

ASSET MANAGEMENT

� Principal Investing

� Other Strategic Investments

EQUITY INVESTMENTS

37

Other4%

Global Corporate & Investment Banking

27%

Equity Investments-1%

Consumer & Commercial Banking

63%

Asset Management7%

$11,002 $1,225

$4,696

YTD BUSINESS SEGMENT REVENUE

Business Segment Revenue

($102)$609

Commercial Banking

15%

Banking Regions

59%

Consumer Products

26%

$6,466

$2,835

$1,701

Global Treasury Services

19%

Global Invest.

Banking55%

Global Credit

Products 26%

YTD GLOBAL CORPORATE AND INVESTMENT BANKINGRevenue

$1,218

$2,594

$884

YTD CONSUMER AND COMMERCIAL BANKINGRevenue

38

Earnings Results by Segment($ in millions, YTD earnings)

ConsumerConsumer$1,523$1,523

PremierPremier$272$272

PrivatePrivate$147$147

Small BusinessSmall Business$455$455

CommercialCommercial$676$676

35%

6%

4%

10%

15%

Consumer & Consumer & Commercial BankingCommercial Banking

$2,860$2,860

Asset ManagementAsset Management

$213$213

65%

5%

CorporateCorporate$1,065$1,065

Equity InvestmentsEquity Investments$(85)$(85)

OtherOther$347$347

Customer/Client Segment ViewCustomer/Client Segment View

24%

-2%

8%

$4,400 M YTD earnings

$4,400 M YTD earnings

Global Corporate & Global Corporate & Investment BankingInvestment Banking

$1,065$1,065

Equity InvestmentsEquity Investments

$(85)$(85)

Corporate OtherCorporate Other

$347$347

Business Line ViewBusiness Line View

24%

-2%

8%

39

Consumer and Commercial Banking (CCB)

(Dollars in millions)

Year-to-Date QuarterlyKey Measures 2002 2001 2 Qtr 02 1 Qtr 02 4 Qtr 01 3 Qtr 01 2 Qtr 01Total Revenue $11,002 $10,196 $5,527 $5,475 $5,546 $5,305 $5,212Provision for Credit Losses 876 656 449 427 536 389 329Operating Net Income (1) 2,860 2,407 1,443 1,417 1,255 1,283 1,241Shareholder Value Added 1,844 1,578 936 908 837 862 823Return on Average Equity 31.1 % 25.2 % 31.4 % 30.7 % 26.2 % 26.6 % 25.9 Efficiency Ratio 50.7 54.8 50.4 51.1 54.3 53.1 54.6

Selected Average BalanceSheet Components Total Loans and Leases $182,552 $176,832 $182,863 $182,237 $179,541 $179,186 $178,534Total Deposits 278,425 262,210 280,168 276,662 273,256 266,339 264,658 Total Earning Assets 276,196 260,230 278,135 274,234 270,615 265,169 263,470

Period end (in billions)Mortgage Servicing Portfolio $287.8 $337.3 $287.8 $308.6 $320.8 $338.4 $337.3

Year-to-Date QuarterlyKey Measures 2002 2001 2 Qtr 02 1 Qtr 02 4 Qtr 01 3 Qtr 01 2 Qtr 01Banking RegionsTotal Revenue $6,465 $6,044 $3,288 $3,177 $3,203 $3,156 $3,088Operating Net Income (2) 1,562 $1,260 815 747 654 702 655 Shareholder Value Added 975 845 519 456 440 489 445 Efficiency Ratio 59.1 % 63.0 % 57.6 % 60.7 % 63.0 % 60.9 % 62.7

Consumer ProductsTotal Revenue $2,836 $2,433 $1,397 $1,439 $1,432 $1,266 $1,245Operating Net Income (3) 747 $632 350 397 368 316 320 Shareholder Value Added 573 478 263 310 286 234 241 Efficiency Ratio 38.4 % 42.7 % 40.5 % 36.5 % 38.4 % 41.4 % 42.5

Commercial BankingTotal Revenue $1,701 $1,719 $842 $859 $911 $883 $879Operating Net Income (4) 551 $515 278 273 233 265 266 Shareholder Value Added 296 255 154 142 111 139 137 Efficiency Ratio 39.5 % 42.9 % 39.0 % 39.9 % 48.5 % 41.7 % 43.5

(1) Includes goodwill amortization of $210 million in year-to-date 2001; $105 million, $106 million and $103 million in the fourth, third and second quarters of 2001, respectively.(2) Includes goodwill amortization of $174 million in year-to-date 2001; $87 million in the fourth and third quarters of 2001 and $85 in the second quarter of 2001, respectively.(3) Includes goodwill amortization of $14 million in year-to-date 2001; $7 million per quarter of 2001, respectively.(4) Includes goodwill amortization of $22 million in year-to-date 2001; $11 million in the fourth quarter of 2001, $12 million in the third quarter of 2001 and $11 million in the second quarter of 2001, respectively.

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

Consumer and Commercial Banking Segment Results

Consumer and Commercial Banking Sub-Segment Results

40

Consumer & Small Business Online Growth

Bank of America has the largest active online bankingcustomer base with nearly 3.8 million subscribers. This represents an active customer penetration rate of 27%.Bank of America uses the strictest Active User standard in the industry - customers must have used our online services within the last 90 days.

1.1 million active bill pay users $5.8 billion worth of bills quarterly. Bank of America has further tightened this definition to include only those customers whohave used the bank's online services to pay a billwithin the last 90 days.Currently, nearly 200 companies are presenting over1.2 million e-bills per quarter.

Active On-line Banking Subscribers(in thousands)

1,130

2,661

0

1,000

2,000

3,000

4,000

Jun-01 Sep-01 Dec-01 Mar-02 Jun-02

Bill-payers On-line Only

14%

21%

0

5

10

15

20

25

19 months 31 months

Net Increase in Customer Profitability

after Going On-line

Bill Payment Volume(Dollars in millions)

4,038 4,386

5,8255,087

3,614 79%78%

74%74%73%

01,0002,0003,0004,0005,0006,0007,000

2Q01 3Q01 4Q01 1Q02 2Q0270%

72%

74%

76%

78%

80%

$ Volume % Electonic

55%

80%

0%

25%

50%

75%

100%

On-line OnlyCustomers

On-line & Bill-pay Customers

% Reduction in 1-Year Attrition Rates

On-line vs Off-line Customers

Bank of America Direct Clientsat period end

32,13438,614

46,062

8,9187,4766,7465,7704,950

61,88353,452

09,000

18,00027,00036,00045,00054,00063,000

2Q01 3Q01 4Q01 1Q02 2Q02

Companies Users

41

Consumer Account & Deposit Growth

247,833

(300,000)

(150,000)

0

150,000

300,000

450,000

1997 1998 1999 2000 2001 1st Half2002

Net New Checking Accounts - Annual Growth

Consumer & Comercial Banking Deposits

$280$265

0

75

150

225

300

2Q01 3Q01 4Q01 1Q02 2Q02

Noninterest bearing

Time Accounts

Savings Accounts

Money Market

42

Small Business BankingSmall Business is Big Business

Number of small businesses in the United States: 25 millionNumber of small businesses in the Bank of America footprint: 12 million

Number that are Bank of America clients: 2 millionAverage number of accounts per relationship: 2.5

(1) Tie

California 33%

Rank: 1

Northwest20%

Rank: 1

Florida28%

Rank: 1

Central11%

Rank: 1(1)

GA/TN11%

Rank: 2

Carolinas15%

Rank: 2

DC/MD/VA

17%Rank: 1

Bank of America Franchise 19%

Rank: 1

� Small Business Banking serves businesses with up to $10 million in annual sales: Committed to building deeper relationships with more customers, our Small Business Banking group has embraced the Bank of America growth strategy, setting nationwide sales and service standards that provide for a better, more consistent customer experience and target stronger profitability.

� Top small business lender: With $13 billion in loans to businesses with sales less than $10million, Bank of America is a top lender in the small business market segment. A top provider of government- guaranteed loans, Bank of America is a preferred SBA lender in the 21 states where it operates retail banks.

� Convenience: Small business customers have a wide variety of channels and associate contacts with 4,232 banking centers, 1,233 client managers and sales associates, 197 merchant card sales officers and 159 dedicated treasury management sales officers.

� Technology leader: The Bank of America Business Center offers robust online functionality for our small business clients, providing professional capabilities that were once available only to much larger corporations. Banc of America Marketplace provides clients with online purchasing and procurement with access to competitive pricing on a range of business supplies.

43

Mortgage

� Bank of America Consumer Real Estate Lending generates fee income by offering innovative and competitive mortgage products to customers nationwide.

� Ranks #5 in mortgage servicing and #6 in first lien mortgage production (based on 1st half 2002 rankings)

� Mortgage servicing portfolio of first mortgages was $288 billion at June 30, 2002, servicing over 2.7 million households.

� Among the top two retail mortgage lenders meeting home ownership dreams of 350,000 plus families annually.

� Loan origination volume: Year to DateJune 30, 2002

Retail volume : $22.5 billion

Wholesale volume : 9.7 billion

Total volume : $32.2 billion

� With over 1,300 account executives in 305 locations, Bank of America serves 21 retail states in the MidAtlantic, Southeast, Midwest, Southwest and West.

� Wholesale operation covers Eastern, Midwest, and Western markets.

� Customers can apply for a Bank of America mortgage at any mortgage branch or by calling the Bank of America Loan Line, which serves 50 states and the District of Columbia. Customers can also access mortgage information online at www.bankofamerica.com/mortgage/

� Wholesale brokers have instant access to rates, online manuals, forms, marketing materials and registration of loans for sale on-line through the Bank of America web site.

� Our strategy is to serve customers directly and build long term financial relationships with them. Our mortgage products continue to be a cornerstone of that relationship.

44

Bank of America Card ServicesYTD June 2002 Revenue

Merchant Services

6%

Gov't4%

Debit Card 16%

Corp/Comm'l

1%

Consumer Card 73%

Our CustomersBank of America Card Services supports over

20 million active consumer, commercial, and government customers with a wide range of products and services:

In the first six months of 2002, Card Services achieved revenue of $2.3 billion – 14% of total BAC Corp.

Business Lines� Consumer Credit Card� Commercial & Government Card� ATM/Debit Card� Merchant Services

Products/Services� Broad offering of VISA/MasterCard consumer products� Purchasing, travel and entertainment, & check cards� Multiple VISA debit and check cards� Acquirer and processor for Merchant card sales receipts

Card Services LeadershipBank of America Card Services holds the following leadership positions in the payments industry:

� #1 debit card issuer in the U.S. with 17% of the total industry volume.� #5 bank credit card issuer with over $27 billion in outstandings as of June 30, 2002.� #1 ATM network with over 13,400 locations in the U.S.� #6 merchant services acquirer and processor with over $32 billion in processing volume and

210,000 locations.� One of the industry’s leading purchase card issuer to local and state governments.

Key Business DriversConsumer credit card continues to grow market share as

we focus on leveraging the franchise relationship strategy by deepening relationships with existing customers and by converting single product customers to multiple relationship customers.

Key Metrics Consumer DebitCredit Card Card

Managed Outstandings 13% N/APurchase Volume 3% 14%Active Accounts 3% 8%

YTD02 vs. YTD01

Debit card’s strong performance reflects the Corporation’s focus on increasing migration to electronic payments, as well as, its commitment to supporting the Company’s multicultural strategy.

� The company launched the SafeSend debit card product that allows consumers to send money to Mexico more efficiently and reduces fraud, helping the company support and strengthen its multicultural strategy by better meeting the needs of its diverse customer base.

45

Insurance Services Group

� Insurance is a natural, significant means for Bank of America to leverage its distribution, deepening relationships profitably and durably. Customers need insurance, and we have a competitive advantage in having access to 28 million customers.

� While the size of our Insurance opportunity is huge, our current penetration of that opportunity is very small, so we have plenty of room to grow. We will generate revenues in excess of $170 million in 2002, and will continue to do far better.

� We have early indicators that our approach will be successful. In particular, we have seen significant success of a new product called Borrowers Protection Plan. This product, launched in July 2001, provides up to a year’s freedom from loan payments for customers who involuntarily lose their job or become disabled. We are the only major financial institution offering this product – so it is proof positive of our ability to both innovate and execute. Planned results for 2002 will create an SVA stream of more than $45 million.

� We have a focused and disciplined approach, intended to triple the business –principally through organic growth – over the next three years. A unit of about 125 people will generate about $80 million in SVA in 2002.

� Three targeted expansion opportunities for 2002 are variable life, small business, and completion of our product set for basic financial planning, in particular long-term care and long-term disability.

46

Dealer Financial Services

� Bank of America Auto Group� The Bank of America Auto Group, headquartered in Jacksonville, Florida is comprised of

retail, commercial, floor plan, underwriting and fulfillment functions. Our total package of products and services is designed to meet the financial needs of our dealers.

� The group provides dealers with retail financing opportunities, allowing consumers the ability to purchase automobiles through thousands of franchised dealerships around the country. Dealers also enjoy access to a full array of financial solutions designed to help optimize cash flow, reduce overhead, and put our customers in a better position to leverage their funds. Some of the services we offer include comprehensive inventory financing, commercial loans, depository services, and merchant and treasury management services.

� Quick facts about the Bank of America Auto Group:

� �ore than 65 years of service to the automotive industry.� One of the largest bank providers of commercial and retail financing in the U.S.

with $14 billion in managed consumer and commercial loans as of December 31, 2001. Portfolio consists of $11 billion in indirect consumer auto loans and $3 billion in commercial loans to auto dealers.

� Supports an array of financial services to more than 4,500 new-car franchises in 21 states with close to 600 associates.

� Currently supports our commercial and retail credit underwriting with six centers across the U.S.

� Bank of America Specialty Group� Headquartered in Alpharetta, Georgia, Bank of America Specialty Group provides

manufacturers and dealers with inventory financing, commercial loans, depository products, and merchant and treasury management services for the marine and recreational vehicle industries.

� The Specialty Group also provides consumers with purchasing power by offering indirect consumer loans through dealerships, captive finance arrangements, and intermediaries.

� In addition, the Specialty Group acts as a source of funding for other lenders in the marine and RV industries. They purchase loans through bulk portfolio acquisitions, and loan flow relationships.

� Quick facts about Bank of America Specialty Group:� More than 35 years of experience in the industries it serves.� Largest provider of commercial and retail financing for recreational vehicles and

among the top three for marine products with $8 billion in managed loans.� The company has over 400 associates with offices throughout the U.S.

47

Commercial Banking

Who We AreBank of America is the predominant commercial bank in the United States with $57 billion in loans and more than $27 billion in deposits. We have more than 4,200 associates exclusively dedicated to serving this client segment.

We leverage the power of our company to provide comprehensive solutions for our clients, from working capital requirements, to long-and short-term debt, and access to capital markets. We also draw upon the expertise of our Premier and Private bankers to provide personal wealth management services.

The Commercial Segment delivers these resources through three primary businesses: Commercial Banking, Real Estate Banking and Business Credit.

Commercial Banking•Commercial Banking serves more than 30% of all middle market companies operating within and immediately surrounding our 21-state franchise footprint. We also serve as lead bank or primary financial provider for 67% of our clients, which attests to our growing reputation for our advisory and consultative services.

•We offer clients a wide range of financial products and services, as well as personal and institutional investments and asset management. As a result of our dedication to the commercial banking market, we have earned top market rankings in investment banking, treasury management, syndication, secured and unsecured credit, and leasing, as well as in the sheer number of banking relationships.

Real Estate Banking•Real Estate Banking is the No. 1 provider of financial services to professional developers, homebuilders and commercial real estate firms, with a No. 1 or 2 share of the business in every market we serve. By delivering the full resources of Bank of America, along with our many years of experience in real estate banking, we are able to tailor innovative, customized financial solutions for our real estate clients.

Business Credit•Business Credit is our primary asset-based lending business that specializes in providing secured, leveraged credit facilities to mid- and large-sized companies. We are one of the nation’s largest bank-owned asset-based lenders, with offices located throughout the United States, Canada and London. This is a growth business that enables us to tailor financing solutions to our client’s specific needs by converting their assets into immediate working capital.

Who We ServeThe Commercial Segment serves middle market companies with annual revenues of between $10 million and $500 million. We provide total financial solutions for clients ranging from entrepreneurs, multi-national companies, real estate developers and home builders to municipalities and not-for-profits. Bank of America serves a diverse portfolio of companies that spans a variety of industries. We have built specialty practices and expertise in government, education, healthcare, not-for-profit and the beverage industry, among others.

48

Asset Management

(Dollars in millions)

Year-to-Date QuarterlyKey Measures 2002 2001 2 Qtr 02 1 Qtr 02 4 Qtr 01 3 Qtr 01 2 Qtr 01Total Revenue $1,225 $1,240 $624 $601 $625 $610 $631Provision for Credit Losses 170 71 144 26 34 16 63 Operating Net Income (1) 213 241 72 141 133 148 113 Shareholder Value Added 78 137 3 75 80 95 61 Return on Average Equity 18.6 % 21.9 % 12.4 % 24.9 % 23.7 % 26.4 % 20.3 %Efficiency Ratio 59.6 63.6 60.1 59.0 61.7 59.5 62.4

Selected Average BalanceSheet Components Total Loans and Leases $23,917 $24,174 $23,666 $24,171 $24,537 $24,631 $24,352Total Deposits 11,808 11,907 11,780 11,837 11,936 11,837 11,999 Total Earning Assets 24,542 25,361 24,266 24,822 25,285 25,820 25,563

Period end (in billions)Assets under Management $297.1 $290.8 $297.1 $314.9 $314.2 $281.8 $290.8Client Brokerage Assets 90.5 101.9 90.5 96.6 99.4 93.6 101.9 Assets in Custody 41.0 49.6 41.0 46.0 46.9 43.1 49.6 Total Client Assets $428.6 $442.3 $428.6 $457.5 $460.5 $418.5 $442.3

(1) Includes goodwill amortization of $24 million in year-to-date 2001; $12 million per quarter in 2001, respectively.

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

Asset Management Segment Results

49

Asset Management

81

167

124

62

93

169

117

62

110

168

99

49

133

158

102

50

159

155

99

47

155

142

91

41

0

100

200

300

400

500

4Q99 2Q00 4Q00 2Q01 4Q01 2Q02

Client Assets(period end)

Assets in Custody

Client Brokerage Assets

Non-Mutual Fund AUM

Mutual Fund AUM

TotalAUM248

TotalAUM297

434 442 461429426441

billions

Assets Under Managementas of 6/30/02

$297 billion

Other4%

Equity31%

Fixed Income17%

Money Market & Other Short-

term Funds48%

50

Asset ManagementThe Asset Management Group at Bank of AmericaThe Asset Management Group at Bank of America is a leading provider of wealth and investment

management services to individuals, families, corporations and institutions. Richard M. DeMartini is president of the Asset Management Group, which has its headquarters in New York.•Total client assets were $428.6 billion as of June 30, 2002.•In 2001, the Asset Management Group generated total revenue of $2.47 billion.•The group serves clients through three businesses � the Private Bank of Bank of America, the Individual Investor Group and Banc of America Capital Management.

The Asset Management Group is a growth business for Bank of America, working to add significantly to its ranks of financial advisors and private bankers, in response to client demand. Through Bank of America’s coast-to-coast national presence, the Asset Management Group has access to 2.3 million affluent households.

Banc of America Capital ManagementBanc of America Capital Management (BACAP) is a leading asset management organization serving the investment needs of individuals, institutions and corporations. Its products and services are distributed through the Private Bank and the Individual Investor Group as well as through non-proprietary channels such as leading brokerage firms.

•Total assets under management were $297 billion as of June 30, 2002. •Banc of America Capital Management has a strong record of investment performance. On a dollar-weighted basis, more than 80% of its fund assets ranked in the first or second quartile of their Lipper categories for the three years ended June 30, 2002. •As of June 30, 2002, total assets in the Nations Funds family have grown to $141 billion. This compares to $40 billion as of year-end 1999. •Our extensive research experience includes 70 analysts and strategists averaging 12 years of investment experience. Our professionals include 26 CFAs, 11 Ph.D.s and one M.D.•Banc of America Capital Management’s mutual fund business includes the Marsico funds. The Nations Marsico Focused Equity Fund was cited by Barron’s as the top-performing large-cap core fund in the second quarter of 2002.

51

Asset Management

Nations Funds — advised by Banc of America Advisors, LLC — is a family of mutual funds spanning the risk/reward spectrum and providing investors with the ability to pursue a wide range of investment objectives. Nations Funds covers all major asset classes, from money markets to fixed income to U.S. stocks to international equities.

Nations Funds is a fund family of more than 65 mutual funds with assets of approximately $141 billion as of June 30, 2002.

�The following BACAP-managed Nations Funds ranked within the top quartiles of their respective Lipper peer groups for the one-year period ending June 30, 2002 (Investor A shares): Nations LifeGoal Balanced Growth Fund (13th percentile), Nations Convertible Securities Fund (23rd percentile), Nations Value Fund (11th percentile), Nations LifeGoal Growth Fund (7th percentile), Nations Managed Index (24th percentile), Nations Small Company Fund (25th percentile) and Nations Intermediate Bond Fund (22nd percentile).�The Nations High Yield Bond Fund, Investor A shares, sub-advised by Mackay Shields, LLC, ranked in the 13th percentile of its Lipper universe for the one-year period ending June 30, 2002.�The Nations International Value Fund, Investor A shares, sub-advised by Brandes Investment Partners L.P., ranked in the 30th percentile of its Lipper universe for the one-year period, the 5th percentile for the three-year period and the 3rd percentile for the five-year period ending June 30, 2002. The fund has continued to dominate sales by raising more than $700 million in the quarter ending June 30, 2002, placing it as the top selling long-term Nations Fund and the second best selling fund overall in the International/Global category.�The Nations Marsico Focused Equity Fund, Investor A shares, managed by Marsico Capital Management, LLC, ranked in the 1st percentile of its Lipper peer group for the one-year period and the 7th percentile for the three-year period ending June 30, 2002.

As of June 30, 2002, 74% of BACAP LLC-managed equity Nations Funds exceeded their Lipper category averages over a three-year total return period.

Nations Funds ranks No. 5 among money market mutual fund providers, with more than $116 billion in assets under management as of June 30, 2002. This net asset figure gives Nations Funds a 5.3% market share and places it ahead of competitors like Goldman Sachs and JP Morgan.

As of June 30, 2002, 53% of BACAP LLC-managed Nations Funds ranked in the top quartile of theirLipper peers over a trailing three-year time frame.

With nearly $80 billion in assets under management as of June 30, 2002, Nations Cash Reserves ranks as the largest money market fund in terms of number of assets.

Mutual Funds

52

Asset Management

Private BankThe Private Bank provides integrated advice to high net worth clients across the full range of their needs, delivering solutions in banking services, credit, trust and wealth transfer, and traditional and alternative investments. As a division of the Asset Management Group, the Private Bank is focused on building and preserving the wealth of individuals and families. Clients receive service through one primary point of contact, the relationship manager, who has access to a team of specialists who provide a full range of resources for these customers’ unique financial needs. •With more than 80,000 relationships, the Private Bank has the largest client base of any private bank in the United States � about one out of every 25 very affluent U.S. households.•The Private Bank serves clients through more than 100 offices in 28 states, including many of the country’s most affluent communities.•As of June 30, 2002, the Private Bank had $104.8 billion in assets under management.•Loans in the Private Bank totaled $23 billion, while deposits were $11.5 billion.•The Private Bank is the largest provider of trust services to individuals and families, with more than 44,000 relationships.• The Private Bank is a leader in philanthropy, with more than $18.5 billion in charitable assets under management.

Individual Investor GroupThe Asset Management Group’s Individual Investor Group is one of the country’s leading providers of investment, securities and financial planning services to individuals. Its capabilities include Full-service and discount brokerage services which provide access to a wide range of non-FDIC-insured investments, including stocks, bonds, fixed-income securities, mutual funds and asset management sweep accounts. This group includes Banc of America Investment Services Inc. and Private Client Services.

�The Individual Investor Group has more than 850,000 clients nationwide.�Client assets in the group totaled $92.1 billion as of June 30, 2002.�The group's national network includes 2,200 investment representatives and over 950 financial advisors/brokers in 24 states and Washington, D.C.�Individuals are also served through an extensive online service.

(1) Past performance is no guarantee of future results.

53

Asset Management

Private Client ServicesPrivate Client Services (PCS), a division of Banc of America Securities, offers financial

services to meet the unique needs of entrepreneurs and wealthy individuals, their families and their companies. PCS provides sophisticated answers to complex financial questions. The advice draws upon the significant resources of Bank of America, and the experience of Banc of America Securities as one of the top underwriters of growth companies throughout the 1990s.

PCS offers a unique and complete financial solution by combining internal specialty groups and outside service providers under one advisor. Together, the PCS professionals and experienced specialists develop and execute financial strategies as part of a comprehensive long-term financial plan.

Investment products provided by Banc of America Investment Services, Inc. ™ :

Banc of America Investment Services, Inc. is a registered broker-dealer, member NASD and SIPC, and a nonbank subsidiary of Bank of America, N.A.

Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed

Important Disclosure:

54

Global Corporate and Investment BankingOverview

Banc of America Securities LLC, a subsidiary of Bank of America Corporation, is a full-service investment bank and brokerage firm with principal offices in San Francisco, New York, and Charlotte. Together with its London affiliate, Banc of America Securities Limited, the firm delivers capital raising, financial advisory and risk management solutions, bulge-bracket trading and global distribution services, and objective research on global markets and growth sectors to corporations, institutional investors, financial institutions and government entities.

The Right Mix

Amidst stormy markets in the first half of 2002, our business model has effectively covered the needs of both clients and shareholders. We deliver comprehensive, integrated financial solutions to help clients address challenging economic conditions – and ensure diversified revenue streams to enhance return on equity (ROE) and shareholder value added (SVA).

Because of our disciplined risk and expense management, earnings are up year-over-year, totaling $1,065 million compared with $1,030 million in 2001. First half ROE increased to 18.9 percent versus 15.1 percent last year. Similarly, SVA rose to $407 million in the first half of this year compared with $280 million a year ago.

First Half 2002 Momentum

� Increased market share of U. S. lead-managed underwriting mandates in most major categories of capital-raising transactions: convertibles, high-grade debt, high-yield debt and asset-backed securitizations.

� While the U.S. M&A market experienced a significant decline, we more than doubled our market share year-over-year.

� Investment banking fees rose in the second quarter as the equity origination picked up and fixed income remained robust, though equities markets remain sluggish.

� Continue to dominate the syndicated finance business, ranking #2 in volume and #1 in number of transactions.

Building on our strengths

� Unsurpassed client reach — Client roster includes 91% of the U.S. Fortune 500 and 74% of the Fortune Global 500 companies.

� Vast intellectual capital — Experienced industry, product and market specialists across the organization. Including more equity analysts rated #1 in stock picking ability by The Wall Street Journal than any other firm.

� Strategic financial capital — Using balance sheet selectively to support important client needs while lowering our risk exposure and reducing earnings volatility.

� World-class commitment — Aggressively adopting Quality and Six Sigma methodology to create a culture that demands perfection in client service and shareholder value.

55

Global Corporate and Investment BankingU.S. Investment Banking Momentum

PERCENT MARKET SHARE BASED ON ESTIMATED U.S. IB FEES PAID TO THE STREET IN 1H02

10.2%

9.0%8.4%

7.4%6.6%

5.6%

4.7%

3.1%

6.6% 6.5%

0%

2%

5%

7%

10%

12%

Citi/SSB CSFB JPMChase MerrillLynch

GoldmanSachs

Banc ofAmerica

Securities

MorganStanley

Lehman DeutscheBank

UBSWarburg

Rank

Mar

ket S

hare

Estimated fees include M&A, Equity, High Yield, High Grade, ABS, and Loan Syndications.Source: BAS Wall Street Wallet database and analysis for U.S. completed transactions only. Estimated rank and percentage share of wallet based on external data sources, deal information and BAS estimates.

2001Full Year

Share 9.7% 9.5% 7.7% 9.2% 9.7% 5.9% 7.2% 4.6% 3.1% 3.2%Rank 1 3 5 4 2 7 6 8 10 9

� Banc of America Securities gained 0.7% share in 1H02 versus 2001 in a difficult market

� Market share gains at the expense of traditional leaders

� Revenue growth by expanding client relationships across all product areas

� Focus on aligning resources on targeted industry subsectors

� Competitive advantage over investment banks:

� Capital strength� #1 in lead corporate banking relationships

56

Global Corporate and Investment BankingFinancial Summary

Global Corporate and Investment Banking Segment Results(Dollars in millions)

Year-to-Date Quarterly

Operating Net Income (1)

- -

20.2 17.7 14.2 15.1 13.8

56.7 53.9 54.7 56.6 53.9 58.9

Selected Average BalanceSheet ComponentsTotal Loans and Leases $65,376 $89,801 $63,927 $66,841 $71,711 $78,220 $86,528Total Deposits 63,491 66,687 63,767 63,212 66,076 68,472 67,439

Total Earning Assets 196,828 197,246 201,214 192,393 186,446 191,764 197,316

Key Measures 2002 2001 2 Qtr 02 1 Qtr 02 4 Qtr 01 3 Qtr 01 2 Qtr 01

Total Revenue $4,696 $4,909 $2,359 $2,337 $2,390 $2,286 $2,446

Provision for Credit Losses 480 502 216 264 498 292 255

1,065 1,030 560 505 435 491 472Shareholder Value Added 407 280 236 171 102 136 99Return on Average Equity 18.9 % 15.1 % % % % % %

Efficiency Ratio 54.3

Global Corporate and Investment Banking Sub-Segment ResultsYear-to-Date Quarterly

2002 2001 2 Qtr 02 1 Qtr 02 4 Qtr 01 3 Qtr 01 2 Qtr 01Key Measures Global Investment BankingTotal Revenue $2,594 $2,937 $1,252 $1,342 $1,259 $1,190 $1,449

498 616 222 276 197 214 261Operating Net Income (2)

Shareholder Value Added 293 394 118 175 97 106 152

Efficiency Ratio 68.1 % 66.5 % 70.7 % 65.8 % 74.4 % 68.8 % 70.5 %

Global Credit ProductsTotal Revenue $1,218 $1,256 $658 $560 $726 $702 $627

330 300 209 121 154 192 149Operating Net Income (3)

Shareholder Value Added (96) (203) 2 (98) (67) (43) (103)

Efficiency Ratio 21.9 % 23.8 % 20.6 % 23.5 % 19.3 % 21.2 % 24.5 %

Global Treasury Services

Total Revenue $884 $716 $449 $435 $405 $394 $370237 114 129 108 84 85 62Operating Net Income (4)

Shareholder Value Added 210 89 116 94 72 73 50

Efficiency Ratio 58.4 % 74.3 % 56.0 % 61.0 % 67.8 % 66.8 % 72.0 %

(1) Includes goodwill amortization of $54 million in year-to-date 2001; $27 million per quarter in 2001, respectively.(2) Includes goodwill amortization of $28 million in year-to-date 2001; $14 million per quarter in 2001, respectively.(3) Includes goodwill amortization of $21 million in year-to-date 2001; $11 million per quarter in 2001, respectively.(4) Includes goodwill amortization of $5 million in year-to-date 2001; $2 million per quarter in 2001, respectively.

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

57

Global Corporate and Investment BankingProven Commitment, Expertise and Leadership

COMPREHENSIVE CAPABILITIES GLOBAL REACH

� Comprehensive capital raising, advisory and working capital solutions.

� A leading provider of ideas, strategies and outstanding execution across a full range of financial products and services for issuers and investors.

� Providing growth, liquidity, diversification and risk management to institutional investors worldwide.

� One of the largest financial distribution networks; offices in30 countries.

� 7,200 associates worldwide.

� Conducting business in Europe for 70 years and across Asia and Latin America for more than 50 years.

� 39 equity research analysts in Europe covering 127 stocks.

INSIGHTFUL ADVISORS VALUED RELATIONSHIPS

� Critical mass of approximately 80 M&A professionals worldwide.

� M&A is a cornerstone of BAS’ investment banking practice with 37 announced transactions.

� Advised on approximately $14 billion in announced transactions.

� Structured to integrate advisoryand capital raising capabilities to enable clients to achieve theirstrategic objectives.

� Banc of America Securities has been able to capitalize on its reputation as a leading M&A advisor as well as its continued commitment to provide financing to gain market share on both dollar volume and number of transactions.

� Involved in two of the largest announced transactions in 2002.

� Client roster includes 91% of the Fortune Domestic 500 and 74% of the Fortune Global 500 as of 3/31/02.

� #1 in U.S. large corporate banking relationships.

� #6 in lead investment banking relationships, up from 7th last year.

� #5 in share of estimated fees paid to the street.

All data as of June 30, 2002, unless otherwise noted.

58

Global Corporate and Investment BankingLeadership Rankings for Equity and Debt Capital Raising

A LEADER IN EQUITY CAPITAL RAISING

SUPERIOR FIXED INCOME EXECUTION

� #11 equity underwriter.

� #7 in book managed convertible issues.

� Over $31 billion in prime brokerage current custodial assets for 800 clients and ranked “Best in Class” for technology, operations, reporting and client services.

� $201 million in private equity placed.

� One of the largest equity derivative dealers in the U.S.

� Strong after-market results for book-managed deals: #1 in IPOs and #5 in follow-ons, 1997 to present, among leading investment banks.

� #6 in lead managed high grade public corporate issues.

� #3 book-running manager in high yield issues.

� #3 in book managed asset backed public, private and 144A securities issuance.

� #7 in book managed mortgage backed securities.

FIXED INCOME RESEARCH,SALES AND TRADING EXCELLENCE

LEADING EQUITY RESEARCH,SALES AND TRADING

� 67 equity analysts covering 737 companies.

� Most analysts ranked #1 in stock picking ability and a top 5 batting average.

� Thirteen equity research analysts honored in Institutional Investor’s2001 All-America Research Survey.

� Relationships with 1,900 institutional investors globally.

� Market maker for 638 Nasdaq and 1,421 listed securities.

� #6 in Nasdaq trading volume among investment banks.

� Coverage of 500 fixed income institutional investors.

� 50 high grade sales specialists who distribute high grade, crossover, secondary privates, preferred securities as well as other structured products.

� 33 high grade research analysts covering 500 companies in 20 key industries.

� One of the most active high yield market makers in 300 high yield issues.

� High yield research on 450 companies and 25 industries.

All data as of June 30, 2002, unless otherwise noted.

59

Global Corporate and Investment BankingLeadership Rankings for Equity and Debt Capital Raising (continued)

A LEADER IN DEBT CAPITAL RAISING#1 IN LOAN SYNDICATIONS

� #1 lead arranger in the floating rate debt market by number of deals.

� #1 leveraged lead arranger by both dollar volume and number of deals.

� #1 in the large middle market by both dollar volume and number of deals.

� #1 in the highly leveraged market by both dollar volume and number of deals.

� #3 global top-tier bank by full credit volume.

� #5 in Latin America arranger-only loan volume.

� Industry leading research team provides specialized coverage of the investment grade and leveraged loan markets.

� Coverage of 350 floating rate investors in the primary and secondary syndicated loan market; largest distributor of syndicated loans.

� Fifth largest commercial paper dealer and fourth largest dealer of Tier-2 programs.

� #1 placement agent in the issuance of straight corporate debt (including funds and trusts).

� Second largest bank-affiliated leasing/ equipment finance company in the U.S., with a portfolio of $40 billion in assets as of 9/30/01.

� #5 global bond lead arranger in project finance, with $1.2 billion in underwritings and a debt portfolio of $4 billion in 2000.

� National Real Estate Investor named Bank of America the #1 direct lender with $21.6 billion financed in 2001, and the #1 financial intermediary with $33.4 billion in financing arranged for commercial real estate in 2001.

� #1 in REIT agent-only syndicated financings by number of deals and dollar volume.

� #1 Lead Arranger of REIT syndicated financings by number of deals and dollar volume.

� #1 in broad real estate sector agent-only syndicated financings by number of deals and dollar volume.

� $2 billion of capital dedicated to mezzanine and bridge financing.

� $5.5 billion of capital committed to 495 financial sponsor funds representing 237 different sponsors.

All data as of June 30, 2002, unless otherwise noted.

60

Global Corporate and Investment BankingLeadership Rankings for Global Markets and Working Capital Management

WORKING CAPITALMANAGEMENT EXPERTISEGLOBAL MARKETS LEADER

� #1 Best Derivatives Dealer across all product categories.

� #1 in overall market penetration for interest rate derivatives in the U.S.

� #1 in interest rate options.

� #1 in intensity of day-to-day coverage, frequency of visits, backup coverage, personal relationships and promptness of quotes among U.S. liability managers.

� #1 in USD interest rate swaps, Euro interest rate swaps and long-dated swaps.

� #1 in complex foreign exchange (FX) transactions with U.S. market participants.

� #1 in foreign exchange research, currency forecasts, and technical analysis in the U.S.

� #1 in exposure management advice as well as #1 in interpreting and advising on research.

� #1 in competitive quoting (spot majors) and promptness of quotes with U.S. market participants.

� Trade $5 billion-$7 billion of U.S. securities daily.

� #3 floating rate remarketer of weekly municipal issues by number of issues.

� #3 in credit derivatives based on outstandings in 2001.

� Produce scenarios for economic, interest rate and foreign exchange conditions for 46 countries.

� #1 among large U.S. corporations for leadership reputation.

� #1 in market penetration for cash management services to large U.S. corporations and middle market companies.

� #1 among large U.S. corporations in number of advisory relationships for clients wanting key advice and counsel in treasury management.

� #1 among large U.S. corporations for both sales performance and “above average” operations performance.

� A leader in innovative treasury management solutions and problem solving capability.

� #1 in volume for wholesale lockbox, account reconciliation, corporate and correspondent check-clearing, EDI electronically initiated payments, number of sweep accounts and purchasing card clients.

� #1 in market share for global trade services for large corporate and middle market companies.

� #1 in standby letters of credit, with balances exceeding $38 billion.

� 3,000 correspondent banking relationships worldwide.

All data as of June 30, 2002, unless otherwise noted.

61

Global Corporate and Investment BankingeCommerce

ECOMMERCE

� Named Best Internet Bank in North America and Best Internet Bank in the United States.

� One of the top 5 U.S. banks in B2B Internet banking.

� Best of the Web designation.

� A top reputation among Internet-based users.

� Bank of America was the first financial institution to receive Identrus certification, providing our clients with Identrus Internet fully encrypted security for their eCommerce transactions.

� Ranked best by corporate treasury clients for innovation in the delivery of electronic banking services and for product development initiatives.

� #1 eCommerce leader in U.S. treasury management services.

� #1 in applying the best Internet technology to cash management products and services.

� #1 in sharing eCommerce vision with treasury management clients.

� Euromoney.com, the online division of Euromoney magazine, has named Banc of America Securities' Syndicated Finance Web site the "Best Internet Site for Loans" for issuers and investors.

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Equity Investments

Equity Investments Segment Results(Dollars in millions)

Year-to-Date QuarterlyKey Measures 2002 2001 2 Qtr 02 1 Qtr 02 4 Qtr 01 3 Qtr 01 2 Qtr 01

Total Revenue ($102) $180 ($78) ($24) ($86) ($54) $78

Provision for Credit Losses - - - - 9 - -

Operating Net Income (1) (85) 69 (53) (32) (96) (81) 36

Shareholder Value Added (211) (65) (118) (93) (162) (151) (34)

Return on Average Equity (8.1) % 5.9 % (9.9) % (6.2) % (17.0) % (13.3) % 5.9 %

- - - - - 15

453

Selected Average BalanceSheet Components

Total Loans and Leases $437 $497 $448 $427 $444 $468 $491

Total Deposits 26

Total Earning Assets 441 508 448 433 489 513

Period end

Investment Balances for Principal Investing $5,337 $5,399 $5,337 $5,431 $5,376 $5,483 $5,399

(1) Includes goodwill amortization of $4 million in year-to-date 2001; $2 million per quarter in 2001, respectively.

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Principal Investing

� One of the largest private equity investment groups in the industry with a history of more than 30 years.

� Current portfolio, including commitments, in excess of $8 billion. � Global investment capabilities.� Three distinct business lines: Domestic Private Equity, International Private

Equity and Funds Management.

Domestic Private Equity:

� Bank of America Capital Investors acts as co-investor with financial sponsors or provides stand-alone equity investments through a $1.4 billion fund that provides equity and subordinated debt to middle market companies and smaller, high-growth firms.

� BA Venture Partners is a $500 million limited partnership that focuses on companies in broadband and wireless communications, Internet infrastructure software and services, business eCommerce and biotechnology.

� CIVC Partners is a $500 million private equity fund that makes majority and minority investments in growing, established U.S. middle market companies.

International Private Equity:� The group invests in established businesses in Asia, Europe and Latin America,

with a pledge of $1 billion in multi-year investment commitments to the specific partnerships.

� In Asia the group has offices in Hong Kong, Singapore, Japan and India and primarily focuses on providing development capital to companies in high growth industries.

� In Europe the group has offices in London, Milan, Frankfurt, Warsaw and Chicago and is building a geographically and sector diversified portfolio.

� In Latin America the group provides private equity investments on a pan-regional basis in companies that have strong potential, from offices in Chicago, São Paulo and Buenos Aires.

Funds Management:

� A major investor in private equity limited partnership funds.� Manages a portfolio of $5.2 billion of investments in more than 500 funds and

has relationships with more than 200 general partnerships.� Invests in large and middle-market buyout, venture capital and special situations,

with a focus on real estate and international funds.