Bank of America Corporation and Fleet National Bank New Merger: April 1, 2004 Bank of America Corporation and Fleet National Bank

Locations and primary activity: Bank of America Corporation Corporate Center 100 North Tryon St., Charlotte, North Carolina Activity: Consumer and Small Business Banking, Commercial Banking, Global Corporate and Investment Banking, Wealth & Investment Management Fleet National Bank FleetBoston Financial Corporation Boston, Massachusetts Activity: Banking, Investment, Mortgage, Brokerage, and other Financial Services

Stock Information stock-for-stock transaction FleetBoston Financial stockholders will receive .5553 shares of Bank of America common stock for each of their shares transaction's value is almost $47 billion or $45 per FleetBoston Financial share

(from the statement of cash flow) Key financial data: taken from consolidated income statement and balance sheet for 9 months period ended September 30, 2004 (in millions) Interest Income $31,098 Noninterest income 14,052 Total income(sales) 45,150 Total revenue 35,099 Net Income 10,294 Total Assets 1,088,996 Cash 29,252 (from the statement of cash flow)

Strategic rationale for acquisition To create the second largest bank in the United States Driving costs and reaching economies of scale Increase market earnings per share To serve more middle-market and large corporate clients than any other U.S.-based bank Bring together two of the top asset-based lending (ABL) organizations

Strategic rationale for acquisition (continued) To handle even larger and more sophisticated transactions To expanded nationally and internationally To provide greater growth opportunities To spread out through all the Northeast region, a region FleetBoston had preserved since early 1800 For a step closer to becoming America's first national bank To dominate the American consumer banking market with 33 million customers, 5,700 branches and 9.8 percent of all U.S. bank deposits

Conclusion As expected after the merge the resulting company gained in assets, income and revenues (after comparing financial statements) and is on the track of reaching all not yet reached objectives.