1. Global Consumer &
Small Business Banking
Liam McGee
President
Global Consumer & Small Business Banking
2. Forward Looking Statements
This presentation contains forward-looking statements, including statements about the financial
conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-
looking statements involve certain risks and uncertainties. Factors that may cause actual results or
earnings to differ materially from such forward-looking statements include, among others, the
following: 1) projected business increases following process changes and other investments are lower
than expected; 2) competitive pressure among financial services companies increases significantly; 3)
general economic conditions are less favorable than expected; 4) political conditions including the
threat of future terrorist activity and related actions by the United States abroad may adversely affect
the company’s businesses and economic conditions as a whole; 5) changes in the interest rate
environment reduce interest margins and impact funding sources; 6) changes in foreign exchange
rates increases exposure; 7) changes in market rates and prices may adversely impact the value of
financial products; 8) legislation or regulatory environments, requirements or changes adversely affect
the businesses in which the company is engaged; 9) changes in accounting standards, rules or
interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may
adversely affect the company or its businesses; 11) mergers and acquisitions and their integration
into the company; and 12) decisions to downsize, sell or close units or otherwise change the business
mix of any of the company. For further information regarding Bank of America Corporation, please
read the Bank of America reports filed with the SEC and available at www.sec.gov.
2
3. Competitive Differentiators
• Our size & scale matter
• We have a proven track record of growth
• We will continue to grow
3
5. Our Size & Scale Matter
We are Where Customers are
In our footprint…
• 76% of U.S. population
• 75% of small businesses
• 93% of Hispanic households
• 86% of Asians
• 77% of African-Americans
6. Our Size & Scale Matter
We are Where Customers are
In our footprint…
• 76% of U.S. population Through…
• 75% of small businesses • 5,700+ banking centers
• 93% of Hispanic households • 17,000+ ATMs
• 86% of Asians • No. 1 online bank
• 77% of African-Americans • 5,000+ affinity relationships
7. Our Size & Scale Matter
We Are Where Customers Are
In our footprint…
• 76% of U.S. population Through…
• 75% of small businesses • 5,700+ banking centers
• 93% of Hispanic households • 17,000+ ATMs
• 86% of Asians • No. 1 online bank
• 77% of African-Americans • 5,000+ affinity relationships
8. Our Size & Scale Matter
Ease of Doing Business – Customers Choose
1.1 billion teller
transactions
Banking
Centers
1.3 billion
transactions
Affinity 1 billion
Groups
3,275 ATM transactions
Customer
Touches per
Merchant Second
8.1 billion
Sales e-Commerce
merchant 2 billion online
Force sessions
transactions
Phone
2.6 billion
call center
8
contacts
12. Our Size & Scale Matter
National Franchise – Earnings Across our Markets
50% of NIBT driven by 15 large metro markets
Seattle 1.5%
Boston 3.5%
Chicago 1.3% New York 5.4%
San Francisco 4.5% Philadelphia 1.3%
Baltimore 2.1%
Washington, D.C. 3.4%
Phoenix 2.6%
Los Angeles 8.5% Dallas/
Atlanta 3.6%
Ft. Worth 2.9%
San Diego 1.7%
Houston 2.1%
Miami/
Ft. Lauderdale 5.4%
12
13. Our Size & Scale Matter
Efficiency – Improving Efficiency While Growing
51%
49%
45%
2004 2005 2006
13 Pro forma with Fleet and MBNA
14. Our Size & Scale Matter
Efficiency – Lowering Origination Costs
Home Equity – Cost to Originate Credit Card – Cost to Acquire
$100
$717 $84
$70
$484
$421
2005 2006 2007 Target 2005 2006 2007 Target
14 Note: Home Equity cost represents end to end origination and fulfillment.
15. Our Size & Scale Matter
Brand – Critical to Growing a Retail Business
Unaided Brand Awareness
43%
2006 Competitor Data
23% • Wells Fargo – 19%
• Citibank – 19%
• Wachovia – 16%
• Chase – 20%
2000 2006
15 Source: Brand Research & Analytics, Fortune, FT
17. We Have a Proven Track Record of Growth
Top Line and Revenue Mix Growth
Revenue Revenue Mix
8% Noninterest income CAGR
4% Net interest income CAGR
6% CAGR $41.7
$37.0 $38.8
$41.7
$20.6
$38.8 $18.7
$17.5
$37.0
2004 2005 2006 2004 2005 2006
17 Pro forma with Fleet and MBNA ($B)
18. We Have a Proven Track Record of Growth
Bottom Line Growth
Net Income ($B) Return on Equity
$11.2 17.7%
13% CAGR
15.8%
14.9%
$9.4
$8.7
2004 2005 2006 2004 2005 2006
18 Pro forma with Fleet and MBNA
19. We Have a Proven Track Record of Growth
Growing Customer Relationships
Home Equity Production ($B) New Franchise
Consumer Credit Cards* (MMs)
3.1
80.8
72.0
61.0 2.2
1.8
1.6
38.0
30.0 1.2
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
New Debit Cards (MMs) Net New Checking Accounts (MMs)
5.3 2.3 2.4
4.8 2.0
4.1
3.2
1.2
2.5
0.4
2002 2003 2004 2005 2006
2002 2003 2004 2005 2006
19 *MBNA is not included 2002-2004
20. We Have a Proven Track Record of Growth
Deposits – Success at Balancing Profitability and Growth
Growing Deposits While Lagging Rates Paid
12% 80%
Cumulative Cumulative % of Fed
Consumer Funds Increase
Deposit Passed on to
Growth Customers
6% 40%
0% 0%
3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06
Cumulative Pass Through % of Fed Funds Increase (since Q204)
Cumulative Consumer Deposit Growth (ex MBNA)
20
21. We Have a Proven Track Record of Growth
Proven Execution – Sales Growth
Net New Checking Accounts (MM) Total Sales Units (MM)*
CAGR = 13.8%
2.4 44.4
2.3
2.1 41.5
34.3
1.2
0.4
0.2
2001 2002 2003 2004 2005 2006 2004 2005 2006
21 *Pro forma with Fleet and MBNA
23. We Will Continue to Grow
Household Growth
Multi-Product Households
Single-Product Households
41% Multi-Product 55.7
Household Growth
19.7
39.4
Households (MMs)
27.6 17.8
14.0
Legacy BAC Legacy BAC and Fleet Legacy BAC, Fleet and MBNA
23
24. We Will Continue to Grow
Franchise Opportunities
Market Share And yet…
Deposit #1 12.5 million Deposit HHs with a deposit
Balances product only
Small Business #1 2 million Small Business HHs with one
Deposits product only
Credit Card #1 Card customers have $250B of balances
Balances with competitors
HELOC #1 77% of BAC HHs get their HELOC
Originations elsewhere
1st Mortgage #6 94% of BAC HHs get their Mortgage with
Originations others
24 All Information as of 3Q06 – Includes MBNA Customers
25. We Will Continue to Grow
Innovation and Integration – Driving Execution
Consumer
Lending
• Saying “yes” more to our customers
25
26. We Will Continue to Grow
Innovation – “Cup of Coffee” Home Equity
% of Applications With
% of Loans* Ready to Close in 1 Hour
Instant Decision
75%
64%
38%
43%
17%
0%
Apr 06 Dec 06 Dec 07 Apr 06 Dec 06 Dec 07
26 *Of apps <$250k, not in SC/TX, not multi-family, in a trust or a flood zone (81% of apps)
27. We Will Continue to Grow
First Mortgage
First Mortgage Market
$750 4.1%
Market Size Billions
$650 3.3% 3.4%
3.0% 2.9%
$550
$450
$350
$250
4Q05 1Q06 2Q06 3Q06 4Q06
Market Share % Market Size $B
27
28. We Will Continue to Grow
Innovation and Integration – Driving Execution
Consumer
Lending
• Saying “yes” more to our customers
Card / Affinity • Growing through combined capabilities
28
29. We Will Continue to Grow
Card/Affinity Banking
U.S. Franchise Card Sales – (MM)
(Banking Center and e-Commerce)
46% increase 4.1
2.8
2005 2006
29
30. We Will Continue to Grow
Innovation and Integration – Driving Execution
Consumer
Lending
• Saying “yes” more to our customers
Card / Affinity • Growing through combined capabilities
Small
Business
• Increasing revenue as a full-service provider
30
31. We Will Continue to Grow
Small Business Banking Growth Opportunity
Small Business
Customer Penetration
22.4%
20.8%
18.2%
2003 2004 2005
31
32. We Will Continue to Grow
Innovation and Integration – Driving Execution
Consumer
Lending
• Saying “yes” more to our customers
Card / Affinity • Growing through combined capabilities
Small
Business
• Increasing revenue as a full-service provider
Market
Optimization
• Attacking market-specific opportunities
32
33. We Will Continue to Grow
Optimizing Market Opportunities
Retail Deposit Balance Share1
27%
25%
24% 24%
23% 23% 23% 22%
Retail Balance Share
17% 17%
16%
14%
9%
4%
1%
go
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33 1 Source: June 2006 FDIC /(MSA defined geographies)
34. We Will Continue to Grow
Los Angeles and Washington, D.C.
Los Angeles Washington, D.C.
Total Market 4.2MM 1.8MM
Households
BAC Deposit HH 62% 42%
Penetration
Ethnic Diversity 64% 43%
Top 3 Competitors Wells Fargo Wachovia
Washington Mutual SunTrust
Citigroup BB&T
34
35. We Will Continue to Grow
Outpacing the Market
Los Angeles Washington, D.C.
Deposit Household Growth Deposit Household Growth
4%
4% 8%
8%
1%
1% 2%
2%
BAC Total Market BAC Total Market
HELOC Origination Growth HELOC Origination Growth
26%
26% 9%
-24%
-9%
-9%
BAC Total Market
BAC Total Market
35 All Information as of 3Q06
36. We Will Continue to Grow
Los Angeles Opportunity – Deepen Relationships
Market Share And yet…
Credit Card #1 Card customers carry $13B of balances
Balances with competitors
HELOC #1 73% of BAC HHs get their HELOC
Originations elsewhere ($17B)
1st Mortgage #8 96% of BAC HHs get their Mortgage with
Originations others ($102B)
36 All Information as of 3Q06 – Includes MBNA Customers
37. We Will Continue to Grow
Washington, D.C. Opportunity – Acquire and Deepen
Market Share And yet…
Deposit Balances #1 1 million households do not have a
deposit relationship with us
Credit Card #1 Card customers carry $5.5B in balances
Balances with competitors
HELOC #1 75% of BAC HHs get their HELOC
Originations elsewhere ($5.4B)
37 All Information as of 3Q06 – Includes MBNA Customers
38. We Will Continue to Grow
Optimizing Market Opportunities – Community Division
38
39. We Will Continue to Grow
Total Sales Growth in the Community Division
18% Growth 4.0MM
3.4MM
2005 2006
39
40. We Will Continue to Grow
Innovation and Integration – Driving Execution
Consumer
Lending
• Saying “yes” more to our customers
Card / Affinity • Growing through combined capabilities
Small
Business
• Increasing revenue as a full-service provider
Market
Optimization
• Attacking market-specific opportunities
Megatrends • Diversity, population shifts, technology
41. We Will Continue to Grow
Megatrends
Diversity • Demographic changes create opportunity
Population
Shifts
• Education and healthcare emerge as growth sectors
Technology • Customers are taking control
41
42. We Will Continue to Grow
Hispanic Segment – GCSBB Results and Opportunity
42
43. We Will Continue to Grow
Megatrends
Diversity • Demographic changes create opportunity
Population
Shifts
• Education and healthcare emerge as growth sectors
Technology • Customers are taking control
43
44. We Will Continue to Grow
Aging Population
Average Out-of-pocket Health Care
55+ Population Growth Expenses for Seniors
$3,588
26% 115%
increase increase
86MM
68MM
$1,658
2005 2014 2005 2014
Source: US Census, US Department of Health and Human
44
Services, McKinsey & Company
45. We Will Continue to Grow
Healthcare Solutions
GCSBB and GWIM GCSBB, GWIM and GCIB
Providers Payors
(e.g. clinic, Drs, (e.g. Insurers) Total Industry
Mass Customers/hospitals) Providers Payors Profit
Employers
Affluent Employers e.g. clinic, doctors,
hospitals
e.g. Insurers Opportunity
$10B+ Annually
• Health Savings • On Line Health • Receivables • Imaging
Accounts Insurance Management
Solutions • Cash flow
• Health-themed (eHealth) • Electronic management
affinity credit Eligibility
card • Discounted Verification • Investment
Pharmacy banking services
• Health Benefit for healthcare
Insurance Program industry
• Long-term care
insurance
Source: BAC Analysis, McKinsey & Company; note – industry
45
opportunity represents annual pre-tax operating profit
46. We Will Continue to Grow
College Enrollment & Cost Projections
College Enrollment Cost to Earn a Degree
43% of HH
Income
$120K
12% Increase 28% of HH
19.5MM
Income
$70K
17.4MM
Current +10 Years Current + 10 Years
Source: National Center for Education Statistics; The College Board
Average annual cost of a public 4 year institution
46 Average time to complete a bachelor’s degree: 5.5 years
47. We Will Continue to Grow
Education Opportunity
Vision: Become the “Provider of Choice” for Education Financial Solutions
GCSBB and GWIM GCSBB, GWIM and GCIB
Specialty
Education Finance
Parents Students Alumni
Institutions Companies
• 529 College • Government & • Alumni Cards • Financing and • Financing and
Savings Plans Private Student (Collegiate Cash Cash
Loans Affinities) Management Management
Solutions Solutions
• Checking With • Student • Consolidation • Endowment • Asset
Online Account Checking, of Student Management Securitization
Transfers & Savings and Loan Debt
“Keep The Card
Change” for Solutions
maximizing
college savings
47
48. We Will Continue to Grow
Megatrends
Diversity • Demographic changes create opportunity
Population
Shifts
• Education and healthcare emerge as growth sectors
Technology • Customers are taking control
48
49. We Will Continue to Grow
Online Banking Growth
Online Banking Active Users Incremental Online Customer
Relationship Value*
21.2
CAGR = 42.9%
14.7 28% 27%
12.4
15%
7.2
2003 2004 2005 2006 Deposit Loan Profitability
Balances Balances
Bill Pay users Access Only
49 *Three years after going online, combined access-only
and bill pay customers
50. We Will Continue to Grow
Mobile Banking
• 215MM handsets across the U.S.
• More than 85% of mobile phone subscribers have access to
mobile Internet
50
52. Competitive Differentiators
• Our size & scale matter
• We have a proven track record of growth
• We will continue to grow
52
53. In Summary
Our size and scale matter
• Unmatched national franchise
• Integrated operating model
• Customer information enables continuous innovation
We have a proven track record of growth
We will continue to grow
• 6-9% earnings growth
• Unlimited opportunity in our markets
• Consumer Credit and Small Business
• Marketplace megatrends
53
55. Consumer Credit: Why we are Positioned to Grow
• Strong customer base
• World class products and services
• Broader distribution
• Industry leading risk adjusted margins
55
56. Consumer Credit: Strength With Room to Grow
Total Credit of BAC Customers
$455B $518B $4,050B $80B $5,100B
70% $4.5 trillion
85% 84% opportunity
93% 90%
within existing
customer base
30%
15% 16% 10%
7%
Credit Card Home Equity Mortgage Unsecured Total Credit
On Us Off Us
56
57. Credit Solutions Continuum
Customer credit needs
Student Secured Unsecured Unsecured First Home
Lending Credit Card Credit Card Lines Mortgage Equity
Relationship-based Common Decision Engine
Banking Call Client Mobile
E-Commerce ATM
Centers Centers Managed Banking
Delivery channels
57
58. Home Equity Leader With Room to Grow
$90 10.0%
BAC Balances ($B)
BAC Market Share
9.5%
$80
9.0%
$70
8.5%
$60 8.0%
3Q05 4Q05 1Q06 2Q06 3Q06 4Q06
Ending Balance Market Share
• Net credit losses are expected to range between 10 and 25 bps
• Average refreshed FICO score of 724
• Current cumulative LTV of 63% for overall portfolio
58 Footnote: 4Q06 Market Share is estimated
59. First Mortgage
First Mortgage Market
$750 4.1
3.3
Market Share %
$650 3.4
Market Size ($B)
3.0 2.9
$550
$450
$350
$250
4Q05 1Q06 2Q06 3Q06 4Q06
Market Size $B Market Share %
• Net Credit Losses are expected to range between 5 and 9 bps
• Average refreshed FICO score of 729
• Current LTV of 57% for overall portfolio
59
60. Top U.S. Credit Card Issuers 2006
Bank of America is the leading credit card issuer in
$203 Total Card Services the U.S. with $152 billion in managed loans.
$17 Consumer Finance
$34 International
$152
$ in Billions
$147
$108
$54 $54
$46
BAC Card JP Morgan Citi Am erican Capital One Discover
Services Chase Express
Source: Ending loans based on company reports (excludes
60 international and private label)
61. Sales & Service Delivery Channels – U.S. Card
• Leveraging banking center and Internet channels
• Greater convenience, lower cost, higher return
CTA* $109 $100 $84 $70
17%
24%
37%
44%
Franchise
41%
37% Direct Mail
27% Other
23%
Internet
21% 19% 13% Media Marketing
13%
5% 8% 12% 11%
16% 12% 11% 10%
2004 2005 2006 2007 Plan
* Actual 2006 CTA by channel was utilized to calculated 2004-2005 estimates shown and are
61 not actual historical values . The value will therefore reflect change in mix only.
62. Asset Quality
• Industry losses ranged between 5% and 6% from 2000 through 2005
$3,500 10.00%
$2,881 8.00%
7.07%
5.08% 5.20% 6.00%
4.79% 4.56%
4.23%
3.67%
3.12% 4.00%
$1,950 $1,994
$1,907 $1,906
$1,748 2.00%
$1,474
$1,246 0.00%
-2.00%
1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06
Managed Consumer Credit Card Charge-off Ratio
Managed Consumer Credit Card Charge-offs ($MM)
2005 data is pro forma and includes combined BAC and MBNA managed consumer
62
credit card charge-offs
63. Channel Diversity Leverages Value of Relationships
16% 13.9%
14%
$200 11.4%
12%
10% 8.9% 9.1%
8.9%
7.6%
8%
$100
6% 4.9%
3.7%
4%
2%
Stores/Online Customer DM Affinity/Cobrand Non-Customer
Yr 2 Avg Bal $1,140 $2,133 $2,902 $1,965
Yr2 NCL 5 Yr Avg RAM CTA (Pre-Tax)
63
64. Emerging Markets - Hispanic
Marketing to our Customers
• Hispanic Family Dream Campaign
• Offer unsecured, partially secured
and fully secured cards
• In-Culture marketing and product
development
• Thin / no file credit modeling
– Alternative credit scores combined
with relationship scores
– Unsecured card offers to the right
existing relationship customers
• End-to-end in-language service &
fulfillment
64
65. New Products
In Market 1Q07
Bank of America American Express
Ownership Rewards
Keep the ChangeTM &
Credit Bundle
MLB Extra Bases
GWIM Amex VIP
Caremark
65
66. Affinity Marketing
“Success is getting
the right customers…
and keeping them”
• Affinity marketing – selling
to people with a strong
common interest…
• Who have a strong
propensity to accept other
endorsed products
66
67. Affinity Marketing Customers
Have a propensity to accept multiple endorsed products.
Example:
National Education Association
• More than one-third of teachers
nationwide carry Bank of America cards
• 3.1 million members
• $2.5 billion in credit card loans
• $925 million in other consumer loans
• $4.4 billion in deposit balances
67
68. International
• $34 billion in loans
• 12% growth in 2006
(excludes impact from FX)
United Kingdom Ireland
• No. 1 Market Share
in the U.K.
• 1,500 endorsements
• Exploring other international
opportunities
Canada Spain
68
69. Our Unique Model
• More customers
• More data
• Broader distribution
• Leading risk-adjusted margins
• Industry leading profitability
• Unmatched growth opportunities
69
70. Mass Market Small Business
Mark Hogan
Global Consumer & Small Business Banking
Small Business Banking President
71. Mass Market Small Business
• Why focus on Small Business?
• Why is Bank of America unique in the Small Business market?
• How are we executing to deliver growth?
71
72. Small Business Customers
• Revenue under $2.5MM
Corporate
> $2B Sales
• Credit exposure under $250K GCIB Client
Managed
Commercial
• Owners wear many hats $20MM – $2B
Sales
Business
• Frequent banking centers Banking
$2.5MM – $20MM Sales
322,000 in footprint
• Integrated personal and
business finances Small Business
Less than $2.5MM Sales
23 million in footprint
• Non-client managed customers
72 * 2003 Census & IRS sole prop data &
market research (Market Share Monitor)
74. Small Business Revenue Opportunity
• Large revenue
opportunity
• Total market revenue
growth 5 – 8% each year
• Claiming natural
Bank of America share
74 * 2003 Census & IRS sole prop data & market
research (Market Share Monitor)
75. Small Business Revenue Opportunity
$49 Billion Revenue Opportunity
• Large revenue
opportunity
• Total market revenue
growth 5 – 8% each year
• Claiming natural
Bank of America share
75 * 2003 Census & IRS sole prop data & market
research (Market Share Monitor)
76. Small Business Revenue Opportunity
$49 Billion Revenue Opportunity
• Large revenue Current
opportunity BAC Share
$5.3B
• Total market revenue
growth 5 – 8% each year
• Claiming natural
Bank of America share
76 * 2003 Census & IRS sole prop data & market
research (Market Share Monitor)
77. Small Business Revenue Opportunity
$49 Billion Revenue Opportunity
• Large revenue Natural
opportunity BAC Share
$8B
• Total market revenue
growth 5 – 8% each year
• Claiming natural
Bank of America share
77 * 2003 Census & IRS sole prop data & market
research (Market Share Monitor)
78. We are Where Customers are
• No one dominates Small
Business market
• 23MM Small Businesses
in our geography
• 30% in NY, FL, TX, CA –
significant Bank of America
retail presence
78 * 2003 Census & IRS sole prop data & market
research (Market Share Monitor)
79. Growth Sectors of the Market
Annual growth rates in the number of Small Businesses
African-American Owned 7.8%
Hispanic Owned 5.6%
Asian Owned 4.5%
Women Owned 3.7%
Small Business 3.4%
U.S. Household 1.1%
79 Source: Small Business Administration and Census Bureau firm data for 1998 to 2003
80. Voice of the Small Business Customer
• More likely to
aggregate personal
and business wallet
• Want to grow his or
her business
• Don’t want to be
bogged down by
administrative tasks
80
81. Consumer Model for Small Business
Integrated and Accountable
Small Business
Leadership
Business Distribution
Products
Integration Channels
Customers
81
82. How we will Grow
• Increasing penetration
Penetration Opportunity
50%
22%
Small Consumer
business household
household penetration
penetration
82 Market research (Market Share Monitor)
83. How we will Grow
• Increasing penetration
Credit Share – Market Opportunity
• Deepening relationships
through credit
16%
5% 6%
2005 credit 2006 credit Benchmark
share share (BAC
business
deposit
share)
83 Market research (Market Share Monitor)
84. How we will Grow
• Increasing penetration
• Deepening relationships
through credit
• Simplified products and
processes
84
85. How we will Grow
• Increasing penetration
• Deepening relationships
through credit
• Simplified products and
processes
• Innovative products and
processes
85
86. How we will Grow
• Increasing penetration
• Deepening relationships
through credit
• Simplified products and
processes
• Innovative products and
processes
• Expanded sales and service
capabilities
86
87. How we will Grow
• Increasing penetration
• Deepening relationships
through credit
• Simplified products and
processes
• Innovative products and
processes
• Expanded sales and service
capabilities
• Enabling associates
87
88. How we will Grow
• Increasing penetration
2005 – 2006 Sales by Channel
• Deepening relationships
through credit
• Simplified products and
processes
• Innovative products and
processes
• Expanded sales and service 27% 70% 324%
capabilities
Total Small Business Telephone* e-Commerce
• Enabling associates
• Expanded channel
capabilities
88 * Excluding debit
89. Capturing the Small Business Opportunity
• Well positioned to capture Small Business revenue opportunity
• Unique customer-centric structure enables integration,
innovation and execution
• Using technology to offer simple package solutions and credit,
expand capabilities
89
