Growing America's Premier Financial Services Company

Impact of Expense Efficiencies Projected Combined Bank of America Fleet Boston Pre-tax Expense Expense Efficiencies Efficiencies Less 2003 annualized revenue S 38,320 S 11,133 S 49,453 2003 annualized expense 19,793 6,371 (1,600) 24,564 Expense efficiency ratio 52% 57% 50% * Bank of America efficiency ratio excluding Global Corporate & Investment Banking = 49% 19 Bank of America Higher Standards

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