Bank Of America - Financial Fundamentals

Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Bank of America Corporation

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

COMPANY PROFILE Figures in U.S. Dollars Wright Quality Rating:ABB 4

Key Data

Bank of America Corporation. The Group's principal activity is to provide banking and certain non-banking financial services and products both domestically and internationally. It operates in three segments: Global Consumer and Small Business Banking (GCSBB), Global Corporate and Investment Banking (GCIB) and Global Wealth and Investment management (GWIM). These segments provide services include deposit products, lending loans, investment banking, capital markets, and leasing and financial advisory services. It operates in 50 states and the District of Columbia through its network of 6,100 banking centers, 18,700 ATMs located in 40 countries. The operations are carried out in the United States, Asia, Europe, Middle East, Africa, Mexico and Latin America. 01-Jul-2008 it acquired Countrywide Financial Corporation and LaSalle Bank and on 01-Jan-2009, acquired Merrill Lynch & Co., Inc. Stock Chart

Officers Chairman, President & Chief Executive Kenneth D. Lewis Chief Financial Officer Joe L. Price

Ticker: BAC 2008 Sales: 112,991,000,000 Major Industry: Financial Sub Industry: Commercial Banks Country: United States Currency: U.S. Dollars

Secretary James W. Kiser

Fiscal Year Ends: December Employees 243,000 Exchanges: NYSE BSE MSE PBW PCS Share Type: Common

Stock Price (5/8/2009): 14.17 Recent stock performance 1 Week 62.9% 4 Weeks 48.4% 13 Weeks 131.2% 52 Weeks -61.3%

Market Capitalization: 90,701,461,429 Total Shares Outstanding: 6,400,949,995

Earnings / Dividends (as of 3/31/2009) Earnings Dividends Most Recent Qtr 0.44 Last 12 Months 0.77 Ratio Analysis Price / Earnings Ratio 18.40 Dividend Yield 6.92% Price / Sales Ratio

0.80 Payout Ratio

127.27%

0.01 0.98

Closely Held Shares: 49,477,929

Price / Book Ratio

100 North Tryon Street Charlotte, NORTH CAROLINA 28255 UNITED STATES

0.51 % Held by Insiders

0.77%

Address Phone +1 704 386-5681 Home Page http://www.bankofamerica.com

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report:

Bank of America Corporation 440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Provided By CorporateInformation.com

Wright Comparative Business Analysis Report Report Date: 5/8/2009 Company Description Bank of America Corporation. The Group's principal activity is to provide banking and certain non-banking financial services and products both domestically and internationally. It operates in three segments: Global Consumer and Small Business Banking (GCSBB), Global Corporate and Investment Banking (GCIB) and Global Wealth and Investment management (GWIM). These segments provide services include deposit products, lending loans, investment banking, capital markets, and leasing and financial advisory services. It operates in 50 states and the District of Columbia through its network of 6,100 banking centers, 18,700 ATMs located in 40 countries. The operations are carried out in the United States, Asia, Europe, Middle East, Africa, Mexico and Latin America. 01-Jul-2008 it acquired Countrywide Financial Corporation and LaSalle Bank and on 01-Jan-2009, acquired Merrill Lynch & Co., Inc. Competitor Analysis Bank of America Corporation operates in the National commercial banks sector. This analysis compares Bank of America with three other companies in this sector in the United States: JPMorgan Chase & Co. (2008 sales of $101.49 billion of which 23% was Retail Financial Services), Royal Bank of Scotland Group plc (The) ($107.61 billion of which 28% was Global Banking & Mkts), and Citigroup Inc. ($105.76 billion of which 27% was Consumer Banking). Sales Analysis Bank of America reported sales of $112.99 billion for the year ending December of 2008. This represents a decrease of 5.2% versus 2007, when the company's sales were $119.19 billion. Contributing to the drop in overall sales was the 1.7% decline in Global Wealth and Investment Management, from $7.92 billion to $7.79 billion. . However, these declines were partially offset by the increase in sales of Global Consumer and Small Business Banking (up 22.4% to $58.34 billion) and Global Corporate and Investment Banking (up 0.2% to $13.44 billion) . Recent Sales at Bank of America 117 119 113 85 66 49

2003 2004 2005 2006 2007 2008 (Figures in Billions of U.S. Dollars)

Most of the company's 2008 sales were in its home market of the United States: in 2008, this region's sales were $67.55 billion, which is equivalent to 59.8% of total sales. On a geographical basis, contributing to the decline in the company's sales in 2008 were the declines in Latin America, where sales dropped 49.5% to $443.00 million. Sales in Europe were also lower, falling 26.3% (to $3.02 billion) . However, not all regions experienced a decline in sales. Sales in the United States increased 13.1% (to $67.55 billion). Sales also increased in Asia (up 9.7% to $1.77 billion) . Bank of America currently has 243,000 employees. With sales of $112.99 billion , this equates to sales of US$464,984 per employee. The sales per employee levels at the three comparable companies vary greatly, from US$323,512 to US$539,393, as shown in the following table. Some of the variation may be due to the way each of these companies counts employees (and if they count subcontractors, independent contractors, etc). Sales Comparisons (Fiscal Year ending 2008) Sales

Sales

Sales/

Company

(blns)

Bank of America

112.991

-5.2%

464,984 the United States (59.8%)

JPMorgan Chase & Co.

101.491 -12.8%

451,149 the United States (49.1%)

Royal Bank of Scotland Group plc (The) 107.609 Citigroup Inc.

Growth Emp (US$) Largest Region

-1.8%

105.756 -33.6%

539,393 the United Kingdom (24.0%) 323,512 Asia-Pacific (14.8%)

Recent Stock Performance In recent years, this stock has performed terribly. In 2006, the stock traded as high as $55.08, versus $14.17 on 5/8/2009. For the 52 weeks ending 5/8/2009, the stock of this company was down 61.3% to $14.17. During the past 13 weeks, the stock has increased 131.2%. During the 12 months ending 3/31/2009, earnings per share totalled $0.77 per share. Thus, the Price / Earnings ratio is 18.40. These 12 month earnings are greater than the earnings per share achieved during the calendar year ending last December, when the company reported earnings of 0.55 per share. Earnings per share fell 83.3% in 2008 from 2007. Note that the earnings number includes a $.17 pretax credit and $.40 pre-tax charge in 2008 ($.17 pre-tax credit and $.20 pre-tax charge Dec, $.40 pre-tax charge Sep, $.16 pre-tax charge Jun and $.16 pre-tax charge Mar). This company is currently trading at 0.80 times sales. Bank of America is trading at 0.51 times book value. Since the price to book ratio is less than 1, this means that theoretically, the net value of the assets is greater than the value of a company as a going concern. At the end of 2008, this company's intangible assets were quite sizable, at $103.53 billion, while the total common equity stood at $137.79 billion. If these intangible assets were to be excluded, the company's price to book ratio would be significantly higher. Summary of company valuations (as of 5/8/2009). Price/ Price/ Book Sales

52 Wk Pr Chg

Company

P/E

Bank of America

18.4

0.51

0.80 -61.30%

JPMorgan Chase & Co.

67.1

1.07

1.44 -16.38%

Royal Bank of Scotland Group plc (The)

N/A

0.41

0.27 -88.95%

Citigroup Inc.

N/A

0.31

0.21 -82.99%

The market capitalization of this company is $90.70 billion . Management, directors, and other insiders own less than 2% of the outstanding stock. The capitalization of the floating stock (i.e., that which is not closely held) is $90.00 billion . Dividend Analysis During the 12 months ending 3/31/2009, Bank of America paid dividends totalling $0.98 per share. Since the stock is currently trading at $14.17, this implies a dividend yield of 6.9%. During the quarter ended 3/31/2009, the company paid dividends of $0.01 per share. The company has paid a dividend for 6 straight years. During the same 12 month period ended 3/31/2009, the Company reported earnings of $0.77 per share. Thus, the company is paying out dividends that are higher than the earnings. Profitability Analysis The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were $96.05 billion, or 85.0% of sales. This EBITDA margin is worse than the company achieved in 2007, when the EBITDA margin was equal to 88.7% of sales. The three comparable companies had EBITDA margins that were all less (between 29.3% and 83.0%) than that achieved by Bank of America. In 2008, earnings before extraordinary items at Bank of America were $4.01 billion, or 3.5% of sales. This profit margin is lower than the level the company achieved in 2007, when the profit margin was 12.6% of sales. The company's return on equity in 2008 was 2.8%. This was significantly worse than the 11.3% return the company achieved in 2007. (Extraordinary items have been excluded). Bank of America reports profits by product line. During 2008, the itemized operating profits at all divisions were $5.62 billion, which is equal to 5.0% of total sales. Of all the product lines, Global Wealth and Investment Management had the highest operating profits in 2008, with operating profits equal to 28.5% of sales. (However, Global Wealth and Investment Management only accounts for 7% of total sales at Bank of America). In fact, during each of the previous 3 years, Global Wealth and Investment Management has had the highest operating profits of all product lines at Bank of America. Global Corporate and Investment Banking had the lowest operating profit margin in 2008, with the operating profit showing a loss equivalent to 0.2% of sales. In 2007, Global Corporate and Investment Banking also was the product line with the lowest operating profit margin. This product line was profitable during 2007, when it reported profits of $840.00 million on sales of $13.42 billion, or approximately 6% of sales. Financial Position

As of December 2008, the company's long term debt was $225.41 billion and total liabilities (i.e., all monies owed) were $1.64 trillion. The long term debt to equity ratio of the company is 1.27. Financial Positions Company

LT Debt/ Year Equity

Bank of America

2008

1.27

JPMorgan Chase & Co.

2008

2.72

Royal Bank of Scotland Group plc (The) 2008

3.07

Citigroup Inc.

3.82

2008

Bank of America has made acquisitions during each of the three previous years. The company acquired Countrywide Financial Corporation and Lasalle Bank in 2008 and Merrill Lynch and Co., Inc. in 2009. This followed acquisition of Abn Amro North America Holding Co and Us Trust Corp in 2007 and Countrywide Financial Corporation and Lasalle Bank in 2008. Finally, it purchased Mbna Corporation and Healthlogic Systems Corporation in 2006. Copyright 2001-2009 The Winthrop Corporation Distributed by Wright Investors' Service, Inc. All Rights Reserved Important Legal Notice

THIS REPORT IS PROVIDED FOR GENERAL INFORMATION ONLY, IS NOT TO BE CONSIDERED AS INVESTMENT ADVICE AND SHOULD NOT BE RELIED UPON FOR INVESTMENT DECISIONS. NO REPRESENTATION OR WARRANTY IS MADE REGARDING THE ACCURACY, RELIABILITY OR TIMELINESS OF THE CONTENT. THE REPORTS ARE COMPUTER GENERATED AND MAY BE SUBJECT TO PROGRAMMATIC AND/OR CONTENT ERRORS. VISITORS SHOULD VERIFY INFORMATION WITH OTHER RELIABLE SOURCES. THIS REPORT IS PROVIDED AS IS, WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. IN NO EVENT WILL THE WINTHROP CORPORATION, WRIGHT INVESTORS' SERVICE, INC. OR ANY OF THEIR DATA PROVIDERS BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, NO MATTER WHAT THE CAUSE. THE CONTENT OF THIS REPORT IS PROTECTED BY APPLICABLE COPYRIGHT LAWS. CONTENT MAY NOT BE REPRODUCED, DISTRIBUTED, MODIFIED OR FRAMED WITHOUT PRIOR WRITTEN PERMISSION.

Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS:

Bank of America Corporation

Per Share- U.S. Dollars

Year

Price

Calendar Year

Market Price Last

Value Ratios

Equity Capital

Price/ Price/ Earnings Book Dividend Ratio Ratio Yield

Earnings

% Earned Growth

% Profit Rate (ROE)

Book Value Begin Yr

Dividends

12 Month Earnings Per Share

% Change

% Payout Ratio

12 Month Dividends Per Share

2000

22.94

10.1

1.8

4.5%

9.5%

17.4%

12.97

BF

2.26

0.9%

45.6%

1.03

2001

31.48

15.1

2.1

3.6%

6.4%

14.1%

14.78

BCF

2.09

-7.5%

54.5%

1.14

2002

34.79

11.8

2.3

3.5%

11.3%

19.2%

15.35

BCF

2.96

41.4%

41.3%

1.22 1.44

2003

D

40.22

11.3

2.5

3.6%

13.1%

22.0%

16.18

BCF

3.57

20.6%

40.4%

2004

D

46.99

12.7

2.9

3.6%

12.3%

22.8%

16.19

BCF

3.69

3.5%

46.1%

2005

D

46.15

11.4

1.9

4.1%

8.7%

16.4%

24.62

BF

4.04

9.5%

47.0%

1.90

2006

D

53.39

11.6

2.1

4.0%

9.8%

18.1%

25.32

BCF

4.59

13.6%

46.2%

2.12

2007

D

41.26

12.5

1.4

5.8%

3.0%

11.1%

29.70

BF

3.30 -28.1%

72.7%

2.40

2008

D

14.08

25.6

0.4

15.9%

-5.3%

1.7%

31.69

BF

0.55 -83.3%

407.3%

2.24

14.17

18.4

0.5

6.9%

n/a

n/a

27.46

0.77

127.3%

0.98

5/8/2009

n/c

A

1.70

(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 2:1 ON 08/30/2004 (B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.17 PRETAX CR & $.40 PRETAX CHG IN 2008 ($.17 PRETAX CR & $.20 PRETAX CHG DEC, $.40 PRETAX CHG SEP, $.16 PRETAX CHG JUN & $.16 PRETAX CHG MAR), INCLS $.06 CHG IN 2007 ($.02 CHG DEC, $.01 CHG SEP, $.01 CHG JUN & $.02 CHG MAR), INCLS $.11 CHG IN 2006 ($.03 CHG DEC, $.04 CHG SEP, $.03 CHG JUN & $.01 CHG MAR), INCLS $.07 CHG IN 2005 ($.01 CHG DEC, $.02 CHG SEP, $.02 CHG JUN & $.02 CHG MAR), INCLS $.16 PRETAX CHG IN 2004 ($.07 PRETAX CHG DEC, $.06 PRETAX CHG SEP & $.03 PRETAX CHG JUN), INCLS $.08 PRETAX CHG IN 2003 ($.04 PRETAX CHG DEC & $.04 PRETAX CHG SEP), INCLS $.07 PRETAX CHG DEC 2002, INCLS $.40 CHG & $.15 PRETAX CHG IN 2001 ($.15 PRETAX CHG DEC & $.40 CHG SEP), INCLS $.01 CHG SEP 2000, INCLS $.20 CHG IN 1999 ($.12 CHG DEC & $.08 CHG JUN), INCLS $.90 CHG & $.24 PRETAX CR IN 1998 ($.25 CHG DEC, $.29 CHG SEP, $.24 PRETAX CR JUN, $.36 CHG MAR) (C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED SFAS 158 EMPLOYERS ACCOUNTING FOR DEFINED BENEFIT PENSION AND OTHER POSTRETIREMENT PLANS, AN AMENDMENT OF FASB STATEMENTS NO. 87, 88, 106, AND 132(R), SFAS 156 ACCOUNTING FOR SERVICING OF FINANCIAL ASSETS, AN AMENDMENT OF FASB STATEMENT 140, SAB 108 CONSIDERING THE EFFECTS OF PRIOR YEAR MISSTATEMENTS WHEN QUANTIFYING MISSTATEMENTS IN CURRENT YEAR FINANCIAL STATEMENTS IN 2006, - ADOPTED FAS 106-2 FOR ACCOUNTING & DISCLOSURE REQUIREMENTS RELATED TO THE MEDICARE PRESCRIPTION DRUG, IMPROVEMENT & MODERNIZATION ACT OF 2003, FIN 46R FOR CONSOLIDATION OF VARIABLE INTEREST ENTITIES, AN INTERPRETATION OF ARB 51 & SAB 105 FOR APPLICATION OF ACCOUNTING PRINCIPLES TO LOAN COMMITMENTS IN 2004, EARNINGS IMPACT NOT SPECIFIED IN THE FIRST CASE & EARNINGS IMPACT IMMATERIAL IN THE LAST TWO CASES, - ADOPTED SFAS 150 FOR CERTAIN FINANL INSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABS & EQUITY, 149, AN AMDMT TO SFAS 133 FOR DERIVATIVE INSTRUMENTS & HEDGING ACTVTS, 148, AN AMDMT TO SFAS 123 FOR STK-BASED COMPSN-TRANST & DISCL, FIN 46 FOR CONSLDN OF VARIABLE INTEREST ENTITIES & FIN 45 FOR GTORS DISCL REQMNT FOR GTEES INC INDIRECT GTEES OF INDEBTEDNESS OF OTHS IN 2003, - ADOPTED SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS IN 2002, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SFAS 133 AS AMENDED BY SFAS 137 & 138 FOR ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES & SFAS 140 ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS OF LIABILITIES IN 2001. EARNINGS IMPACT IMMATERIAL IN EITHER CASE, - ADOPTED SFAS 131 TO ACCOUNT FOR DISCLOSURES ABOUT SEGMENTS OF AN ENTERPRISE AND RELATED INFORMATION IN 1998 (D): ACQ'D - COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008 & MERRILL LYNCH & CO., INC. IN 2009, ABN AMRO NORTH AMERICA HOLDING CO & US TRUST CORP IN 2007 & COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008, MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, COMMERCIAL CARD

TECHNOLOGY & RELATED BUSINESS OF WORKS INC IN 2005 & MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, FLEETBOSTON FINANCIAL CORPORATION & NATIONAL PROCESSING INC IN 2004, 24.9% OF GRUPO FINANCIERO SANTANDER SERFIN & FRAMEWORK INC IN 2003, BA MERCHANT SERVICES INC IN 1999, BANKAMERICA CORP (OLD) & BARNETT BANKS INC IN 1998 (E): NAME CHANGED FROM BANKAMERICA CORP IN APR 1999, NAME CHANGED FROM NATIONSBANK IN SEP 1998 (F): BASED ON FULLY DILUTED SHARES Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Sales Analysis

SALES ANALYSIS:

Bank of America Corporation

Figures in millions of U.S. Dollars

Revenues

Year

Operating Expense - Total

Amount Year-to- Amount in year in millions Growth millions

Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA)

% of Revenues

Amount in millions

% of Revenues

After Tax Income before Extraordinary Charges and Credits Amount in % of millions Revenues

Employees

Number

Revenues Per Employee

After Tax Income Per Employee

1999

51,632

-0.3%

38,892

75.3%

16,844

32.6%

7,882

15.3% 155,906

331,174

50,556

2000

57,772

11.9%

45,434

78.6%

17,668

30.6%

7,517

13.0% 142,724

404,781

52,668

2001

53,116

-8.1%

40,815

76.8%

14,766

27.8%

6,792

12.8% 143,000

371,441

47,497

2002

46,444 -12.6%

33,243

71.6%

16,332

35.2%

9,249

19.9% 133,944

346,742

69,051

2003

49,006

5.5%

32,925

67.2%

18,785

38.3%

10,810

22.1% 133,549

366,951

80,944

2004

65,910

34.5%

43,608

66.2%

24,597

37.3%

14,143

21.5% 175,742

375,038

80,476

2005

85,064

29.1%

60,172

70.7%

29,857

35.1%

16,465

19.4% 176,638

481,572

93,213

2006 116,574

37.0%

83,796

71.9%

40,121

34.4%

21,133

18.1% 203,425

573,056

103,886

2007 119,190

2.2%

97,856

82.1%

31,451

26.4%

14,982

12.6% 210,000

567,571

71,343

2008 112,991

-5.2%

107,743

95.4%

15,851

14.0%

4,008

3.5% 243,000

464,984

16,494

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Price Analysis

PRICE ANALYSIS:

Bank of America Corporation

Per Share- U.S. Dollars High Price

Low Price

Closing Price

Jan - Mar

27.594

21.157

26.219

n/a

n/a

Apr - Jun

30.500

21.500

21.688

-17.3%

n/a

Jul - Sep

28.813

21.813

26.188

20.7%

n/a

Oct - Dec

27.375

18.157

22.938

-12.4%

n/a

Jan - Mar

27.970

22.500

27.375

19.3%

4.4%

Apr - Jun

31.090

24.325

30.015

9.6%

38.4%

Jul - Sep

32.770

25.125

29.200

-2.7%

11.5%

Oct - Dec

32.495

26.050

31.475

7.8%

37.2%

Jan - Mar

34.805

28.755

34.010

8.1%

24.2%

Apr - Jun

38.545

33.410

35.180

3.4%

17.2%

Jul - Sep

36.350

27.555

31.900

-9.3%

9.2%

Oct - Dec

36.000

26.975

34.785

9.0%

10.5%

Jan - Mar

36.250

32.130

33.420

-3.9%

-1.7%

Apr - Jun

40.000

33.600

39.515

18.2%

12.3%

Jul - Sep

42.450

37.290

39.020

-1.3%

22.3%

Oct - Dec

41.375

36.225

40.215

3.1%

15.6%

Jan - Mar

41.500

38.800

40.490

0.7%

21.2%

Apr - Jun

42.840

38.505

42.310

4.5%

7.1%

Jul - Sep

44.990

41.700

43.330

2.4%

11.0%

Oct - Dec

47.470

42.940

46.990

8.4%

16.8%

Jan - Mar

47.200

43.400

44.100

-6.2%

8.9%

Apr - Jun

47.440

43.470

45.610

3.4%

7.8%

Jul - Sep

46.050

41.130

42.100

-7.7%

-2.8%

Oct - Dec

47.250

41.380

46.150

9.6%

-1.8%

Jan - Mar

47.240

40.930

45.540

-1.3%

3.3%

Apr - Jun

50.500

45.260

48.100

5.6%

5.5%

Jul - Sep

54.000

47.590

53.570

11.4%

27.2%

Oct - Dec

55.080

51.320

53.390

-0.3%

15.7%

Jan - Mar

54.210

48.360

51.020

-4.4%

12.0%

Apr - Jun

52.200

48.550

48.890

-4.2%

1.6%

Jul - Sep

52.780

46.520

50.270

2.8%

-6.2%

Oct - Dec

52.960

40.610

41.260

-17.9%

-22.7%

Quarter 2000

2001

2002

2003

2004

2005

2006

2007

Quarterly %Change

12 months %Change

2008

2009

Jan - Mar

45.080

33.120

37.910

-8.1%

-25.7%

Apr - Jun

41.864

22.440

23.870

-37.0%

-51.2%

Jul - Sep

39.500

18.440

35.000

46.6%

-30.4%

Oct - Dec

38.500

10.010

14.080

-59.8%

-65.9%

Jan - Mar

14.810

2.530

6.820

-51.6%

-82.0%

14.170

131.2%

-61.3%

5/8/2009

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS:

Bank of America Corporation

Per Share- U.S. Dollars Fiscal Year Ends in December Earnings Per Share 12 Months Calendar Years 1998 1999

% Earnings Change 1.45 -30.5%

Dividends Per Share

Quarterly Reported Earnings Q1 Mar.

Q2 Jun.

Q3 Sep.

Q4 Dec.

12 Months % Dividends Change

Quarterly Reported Dividends Q1 Mar.

Q2 Jun.

Q3 Sep.

Q4 Dec.

% Payout

0.38

0.64

0.11

0.33

0.80

n/c

0.19

0.19

0.19

0.23 50.2%

BF 2.24

54.5%

0.54

0.54

0.62

0.55

0.93

16.4%

0.23

0.23

0.23

0.25 40.5%

2000

BF 2.26

0.9%

0.67

0.62

0.55

0.43

1.03

11.4%

0.25

0.25

0.25

0.28 45.0%

2001

BCF 2.09

-7.5%

0.58

0.62

0.26

0.64

1.14

10.7%

0.28

0.28

0.28

0.30 53.4%

2002

BCF 2.96

41.4%

0.69

0.70

0.73

0.85

1.22

7.0%

0.30

0.30

0.30

0.32 40.1%

DE

2003

D

BCF 3.57

20.6%

0.79

0.90

0.96

0.92

1.44

18.0%

0.32

0.32

0.40

0.40 39.6%

2004

D

BCF 3.69

3.5%

0.91

0.93

0.91

0.94

A 1.70

18.1%

0.40

0.40

0.45

0.45 45.7%

2005

D

BF 4.04

9.5%

1.07

1.14

0.95

0.88

1.90

11.8%

0.45

0.45

0.50

0.50 46.7%

2006

D

BCF 4.59

13.6%

1.06

1.19

1.18

1.16

2.12

11.6%

0.50

0.50

0.56

0.56 45.7%

2007

D

BF 3.30 -28.1%

1.15

1.28

0.82

0.05

2.40

13.2%

0.56

0.56

0.64

0.64 72.3%

2008

D

BF 0.55 -83.3%

0.22

0.70

0.15

-0.52

2.24

-6.7%

0.64

0.64

0.64

0.32

n/c

0.44

n/a

n/a

n/c

0.01

0.01

n/a

n/a

n/c

2009 (A):

n/a

n/c

n/a

n/a

ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 2:1 ON 08/30/2004

INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.17 PRETAX CR & $.40 PRETAX CHG IN 2008 ($.17 PRETAX CR & $.20 PRETAX CHG DEC, $.40 PRETAX CHG SEP, $.16 PRETAX CHG JUN & $.16 PRETAX CHG MAR), INCLS $.06 CHG IN 2007 ($.02 CHG DEC, $.01 CHG SEP, $.01 CHG JUN & $.02 CHG MAR), INCLS $.11 CHG IN 2006 ($.03 CHG DEC, $.04 CHG SEP, $.03 CHG JUN & $.01 CHG MAR), INCLS $.07 CHG IN 2005 ($.01 CHG DEC, $.02 CHG SEP, $.02 CHG JUN & $.02 CHG MAR), INCLS $.16 PRETAX CHG IN 2004 ($.07 PRETAX CHG DEC, $.06 PRETAX CHG SEP & $.03 PRETAX CHG JUN), INCLS $.08 PRETAX CHG IN 2003 ($.04 PRETAX CHG DEC & $.04 PRETAX CHG SEP), INCLS $.07 PRETAX CHG DEC 2002, INCLS $.40 CHG & $.15 PRETAX CHG IN 2001 ($.15 PRETAX CHG DEC & $.40 CHG SEP), INCLS $.01 CHG SEP 2000, INCLS $.20 CHG IN 1999 ($.12 CHG DEC & $.08 CHG JUN) (B):

INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED SFAS 158 EMPLOYERS ACCOUNTING FOR DEFINED BENEFIT PENSION AND OTHER POSTRETIREMENT PLANS, AN AMENDMENT OF FASB STATEMENTS NO. 87, 88, 106, AND 132(R), SFAS 156 ACCOUNTING FOR SERVICING OF FINANCIAL ASSETS, AN AMENDMENT OF FASB STATEMENT 140, SAB 108 CONSIDERING THE EFFECTS OF PRIOR YEAR MISSTATEMENTS WHEN QUANTIFYING MISSTATEMENTS IN CURRENT YEAR FINANCIAL STATEMENTS IN 2006, - ADOPTED FAS 106-2 FOR ACCOUNTING & DISCLOSURE REQUIREMENTS RELATED TO THE MEDICARE PRESCRIPTION DRUG, IMPROVEMENT & MODERNIZATION ACT OF 2003, FIN 46R FOR CONSOLIDATION OF VARIABLE INTEREST ENTITIES, AN INTERPRETATION OF ARB 51 & SAB 105 FOR APPLICATION OF ACCOUNTING PRINCIPLES TO LOAN COMMITMENTS IN 2004, EARNINGS IMPACT NOT SPECIFIED IN THE FIRST CASE & EARNINGS IMPACT IMMATERIAL IN THE LAST TWO CASES, - ADOPTED SFAS 150 FOR CERTAIN FINANL INSTRUMENTS WITH CHARACTERISTICS OF BOTH LIABS & EQUITY, 149, AN AMDMT TO SFAS 133 FOR DERIVATIVE INSTRUMENTS & HEDGING ACTVTS, 148, AN AMDMT TO SFAS 123 FOR STK-BASED COMPSNTRANST & DISCL, FIN 46 FOR CONSLDN OF VARIABLE INTEREST ENTITIES & FIN 45 FOR GTORS DISCL REQMNT FOR GTEES INC INDIRECT GTEES OF INDEBTEDNESS OF OTHS IN 2003, - ADOPTED SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS IN 2002, EARNINGS IMPACT NOT SPECIFIED, - ADOPTED SFAS 133 AS AMENDED BY SFAS 137 & 138 FOR ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES & SFAS 140 ACCOUNTING FOR TRANSFERS AND SERVICING OF FINANCIAL ASSETS AND EXTINGUISHMENTS OF LIABILITIES (C):

IN 2001. EARNINGS IMPACT IMMATERIAL IN EITHER CASE ACQ'D - COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008 & MERRILL LYNCH & CO., INC. IN 2009, ABN AMRO NORTH AMERICA HOLDING CO & US TRUST CORP IN 2007 & COUNTRYWIDE FINANCIAL CORPORATION & LASALLE BANK IN 2008, MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, COMMERCIAL CARD TECHNOLOGY & RELATED BUSINESS OF WORKS INC IN 2005 & MBNA CORPORATION & HEALTHLOGIC SYSTEMS CORPORATION IN 2006, FLEETBOSTON FINANCIAL CORPORATION & NATIONAL PROCESSING INC IN 2004, 24.9% OF GRUPO FINANCIERO SANTANDER SERFIN & FRAMEWORK INC IN 2003, BA MERCHANT SERVICES INC IN 1999 (D):

(E):

NAME CHANGED FROM BANKAMERICA CORP IN APR 1999

(F):

BASED ON FULLY DILUTED SHARES

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Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Bank

of America Corporation

Figures are expressed as Percent of Total Assets. Total Assets are in millions of U.S. Dollars.

Fiscal Year Fiscal Year End Date

2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Assets Total Assets Cash & Due from Banks

1,817,943.0 1,715,746.0 1,459,737.0 1,291,803.0 1,110,457.0 1.8%

2.5%

2.5%

2.9%

2.6%

35.6%

33.3%

35.8%

42.7%

39.0%

0.3%

0.0%

0.0%

0.1%

0.1%

8.8%

9.4%

10.5%

10.2%

8.4%

Mortgage Backed Securities

12.6%

9.5%

10.7%

14.9%

15.6%

Federal Funds

4.5%

7.6%

9.3%

11.6%

8.2%

Other Securities

3.8%

4.0%

2.6%

2.6%

2.2%

Other Investments

5.7%

2.7%

2.6%

3.4%

4.5%

51.2%

51.1%

48.4%

44.4%

47.0%

1.2%

1.3%

1.5%

1.6%

1.9%

Commercial & Industrial Loans

12.2%

12.4%

11.1%

10.9%

11.0%

Consumer & Instalment Loans

16.6%

15.0%

14.6%

13.4%

13.1%

Investments – Total Treasury Securities Federal Agency Securities State and Municipal Securities Trading Account Securities Securities Purchased under Resale Agreements

Loans – Total Interbank Loans Lease Financing

Real Estate Mortgage Loans Foreign Loans

18.3%

19.6%

19.0%

16.9%

18.9%

2.9%

2.8%

2.2%

1.7%

2.0%

0.0%

0.0%

0.0%

0.0%

0.0%

1.3%

0.7%

0.6%

0.6%

0.8%

50.0%

50.4%

47.8%

43.8%

46.2%

0.2%

0.0%

Broker & Financial Institution Loans Unspecified/Other Loans Unearned Income Reserves for Loan Losses Loans - Net Investment in Associated Companies Customer Liabilities on Acceptances (Assets)

0.0%

0.0%

0.0%

0.0%

0.0%

Real Estate Assets

0.1%

0.0%

0.0%

0.0%

0.0%

0.7%

0.7%

0.6%

0.6%

0.7%

11.8%

13.1%

13.3%

9.8%

11.4%

Tangible Other Assets

6.1%

7.8%

8.0%

5.9%

6.8%

Intangible Other Assets

5.7%

5.3%

5.4%

4.0%

4.6%

100.0%

100.0%

100.0%

100.0%

100.0%

Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment – Net Other Assets Interest Receivable Deferred Charges

Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity

1,817,943.0 1,715,746.0 1,459,737.0 1,291,803.0 1,110,457.0

Deposits - Total

48.6%

46.9%

47.5%

49.1%

55.7%

Demand Deposits

11.8%

11.0%

12.3%

13.9%

14.8%

Savings/Other Time Deposits

31.7%

29.3%

28.6%

29.7%

35.7%

Foreign Office Deposits

5.1%

6.7%

6.5%

5.5%

5.2%

Unspecified Deposits

0.0%

0.0%

0.0%

0.0%

0.0%

Total Debt

34.8%

35.6%

34.6%

35.4%

26.7%

Short Term Debt & Current Portion of Long Term Debt

22.4%

25.8%

25.8%

28.5%

18.7%

Long-Term Debt

12.4%

9.7%

8.8%

6.9%

8.0%

12.4%

9.7%

8.8%

6.9%

8.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Other Liabilities

6.9%

9.0%

8.6%

7.6%

8.6%

Total Liabilities

90.3%

91.4%

90.7%

92.1%

91.0%

Non-Equity Reserves

0.0%

0.0%

0.0%

0.0%

0.0%

Minority Interest

0.0%

0.0%

0.0%

0.0%

0.0%

Preferred Stock

2.2%

0.3%

0.2%

0.0%

0.0%

Long-Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred TaxesCredit Deferred TaxesDebit Deferred Tax Liability in Untaxed Reserves

Preferred Stock Issued for ESOP ESOP GuaranteesPreferred Issued Common Equity Total Liabilities & Shareholders' Equity

7.6%

8.3%

9.1%

7.8%

8.9%

100.0%

100.0%

100.0%

100.0%

100.0%

Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Bank

of America

Corporation Figures are the Percent Changes from the Prior Year.

Fiscal Year Fiscal Year End Date

2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Assets Total Assets

6.0%

17.5%

13.0%

16.3%

50.8%

-22.7%

16.8%

-1.5%

27.9%

6.8%

13.3%

9.6%

-5.3%

27.1%

61.9%

512.3%

10.3%

-4.0%

-13.1%

15.7%

-1.6%

5.9%

16.2%

40.7%

36.5%

Mortgage Backed Securities

40.2%

4.3%

-18.3%

10.8%

210.0%

Federal Funds

-36.3%

-4.4%

-9.6%

64.0%

19.4%

-1.3%

80.2%

15.8%

35.0%

86.5%

122.4%

24.2%

-14.7%

-12.4%

-5.6%

6.3%

24.0%

23.1%

10.0%

40.5%

-0.8%

3.3%

5.6%

-4.1%

Commercial & Industrial Loans

4.2%

31.4%

15.3%

15.1%

26.3%

Consumer & Instalment Loans

17.1%

20.4%

23.5%

18.6%

49.2%

Real Estate Mortgage Loans

-1.0%

21.2%

27.1%

4.0%

31.6%

Cash & Due from Banks Investments – Total Treasury Securities Federal Agency Securities State and Municipal Securities Trading Account Securities Securities Purchased under Resale Agreements

Other Securities Other Investments Loans – Total Interbank Loans Lease Financing

Foreign Loans

12.0%

50.1%

48.5%

-4.8%

27.4%

99.1%

28.5%

12.1%

-6.7%

40.0%

5.0%

24.0%

23.3%

10.2%

40.5%

1,415.2%

-40.4%

Broker & Financial Institution Loans Unspecified/Other Loans Unearned Income Reserves for Loan Losses Loans - Net Investment in Associated Companies Customer Liabilities on Acceptances (Assets) Real Estate Assets

420.5%

408.7%

-25.0%

-9.8%

-31.1%

Property Plant and Equipment – Net

17.1%

21.4%

18.9%

3.6%

24.5%

Other Assets

-5.0%

15.7%

53.3%

0.0%

81.9%

Tangible Other Assets

-17.6%

15.0%

54.0%

0.4%

31.1%

Intangible Other Assets

13.5%

16.7%

52.1%

-0.5%

317.6%

6.0%

17.5%

13.0%

16.3%

50.8%

Total Liabilities & Shareholders' Equity

6.0%

17.5%

13.0%

16.3%

50.8%

Deposits - Total

9.7%

16.1%

9.3%

2.6%

49.4%

13.5%

4.6%

0.4%

9.6%

38.3%

Property Plant and Equipment - Gross Accumulated Depreciation

Interest Receivable Deferred Charges

Total Assets Liabilities & Shareholders' Equity

Demand Deposits

Savings/Other Time Deposits

15.0%

20.0%

8.8%

-3.1%

51.4%

-19.8%

20.7%

34.1%

22.1%

73.0%

3.8%

20.8%

10.3%

54.4%

51.3%

Short Term Debt & Current Portion of Long Term Debt

-8.0%

17.8%

2.1%

77.1%

56.6%

Long-Term Debt

34.9%

29.7%

43.7%

1.2%

40.2%

34.9%

29.7%

43.7%

1.2%

40.2%

Other Liabilities

-18.7%

21.9%

28.9%

2.1%

22.1%

Total Liabilities

4.6%

18.5%

11.3%

17.8%

46.8%

790.5%

54.6%

952.0%

0.0%

401.9%

-3.2%

7.5%

30.8%

1.9%

107.3%

Foreign Office Deposits Unspecified Deposits Total Debt

Long-Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes-Credit Deferred Taxes-Debit Deferred Tax Liability in Untaxed Reserves

Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP ESOP GuaranteesPreferred Issued Common Equity

Total Liabilities & Shareholders' Equity

6.0%

17.5%

13.0%

16.3%

50.8%

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Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Bank

of America Corporation

Figures in millions of U.S. Dollars.

Fiscal Year Fiscal Year End Date

2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Assets Total Assets Cash & Due from Banks

1,479,137.2 1,262,837.6 1,051,780.0

884,185.4

754,263.0

35,550.4

34,395.8

30,884.2

28,965.8

27,068.6

545,323.8

469,294.8

401,725.8

330,909.6

249,135.2

1,527.2

740.4

730.8

850.2

5,066.8

139,986.4

121,791.4

102,177.8

81,036.2

63,303.0

Mortgage Backed Securities

183,093.0

148,356.2

127,544.6

110,787.2

79,879.6

Federal Funds

117,730.6

116,533.4

99,598.6

78,124.6

53,778.6

Other Securities

46,804.6

35,755.0

23,858.0

18,387.2

13,055.8

Other Investments

56,182.0

46,118.4

47,816.0

41,724.2

34,051.4

721,981.6

609,985.0

503,267.2

427,799.8

391,480.2

Investments – Total Treasury Securities Federal Agency Securities State and Municipal Securities Trading Account Securities Securities Purchased under Resale Agreements

Loans – Total Interbank Loans Lease Financing

21,829.4

Commercial & Industrial Loans

171,852.2

146,828.2

125,261.4

116,506.0

122,838.2

Consumer & Instalment Loans

218,070.8

177,379.2

143,448.0

117,735.0

103,552.6

Real Estate Mortgage Loans

274,982.8

240,317.2

198,689.2

163,296.2

136,502.6

Foreign Loans

35,246.4

28,111.0

23,035.6

21,802.4

24,267.6

0.0

0.0

0.0

0.0

0.0

12,069.2

8,687.6

7,740.2

7,312.0

7,070.6

709,912.4

601,297.4

495,527.0

420,487.8

384,409.6

783.4

183.4

Broker & Financial Institution Loans Unspecified/Other Loans Unearned Income Reserves for Loan Losses Loans - Net Investment in Associated Companies Customer Liabilities on Acceptances (Assets)

0.0

0.0

0.0

0.0

394.4

488.2

152.4

127.2

193.8

225.2

9,791.8

8,366.8

7,462.2

6,894.0

6,623.4

177,431.0

148,624.4

115,270.2

95,951.0

86,223.2

Tangible Other Assets

102,268.6

91,694.4

74,078.0

67,395.0

63,670.8

Intangible Other Assets

75,162.4

56,930.0

41,192.2

27,996.0

21,106.0

1,479,137.2 1,262,837.6 1,051,780.0

884,185.4

754,263.0

1,479,137.2 1,262,837.6 1,051,780.0

884,185.4

754,263.0

485,461.2

431,376.0

Real Estate Assets Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment – Net Other Assets Interest Receivable Deferred Charges

Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Deposits - Total

726,982.2

633,205.4

549,461.6

Demand Deposits

185,219.0

166,119.2

152,963.2

139,329.8

123,160.0

Savings/Other Time Deposits

455,544.0

392,562.8

338,650.4

299,171.0

264,735.6

86,219.2

74,523.4

57,848.0

46,960.4

43,480.4

0.0

0.0

0.0

0.0

0.0

Total Debt

500,398.8

412,983.0

322,474.4

247,997.0

188,273.8

Short Term Debt & Current Portion of Long Term Debt

360,495.6

305,531.8

236,646.4

177,749.4

126,299.4

Long-Term Debt

139,903.2

107,451.2

85,828.0

70,247.6

61,974.4

139,903.2

107,451.2

85,828.0

70,241.6

61,962.2

0.0

0.0

0.0

0.0

0.0

119,695.2

110,402.6

92,894.2

80,021.8

73,697.8

1,347,076.2 1,156,591.0

964,830.2

813,480.0

693,347.6

Foreign Office Deposits Unspecified Deposits

Long-Term Debt Excluding Capitalized Leases Capitalized Lease Obligations

0.0

Provision for Risks and Charges Deferred Income Deferred Taxes Deferred TaxesCredit Deferred Taxes-Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves

0.0

0.0

0.0

0.0

0.0

Minority Interest

0.0

0.0

0.0

0.0

0.0

Preferred Stock

9,412.6

1,571.2

701.0

1,249.8

2,201.0

Preferred Stock Issued for ESOP

ESOP GuaranteesPreferred Issued Common Equity Total Liabilities & Shareholders' Equity

122,648.4

104,675.4

86,248.8

69,455.6

58,714.4

1,479,137.2 1,262,837.6 1,051,780.0

884,185.4

754,263.0

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Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Bank

of America Corporation

Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of U.S. Dollars.

Fiscal Year Net Sales or Revenues

2008

2007

2006

2005

2004

112,991.0 119,190.0 116,574.0 85,064.0 65,910.0

Interest Income - Total

75.8%

73.2%

67.4%

68.9%

65.6%

Interest and Fees on Loans

49.6%

46.7%

41.4%

41.0%

42.8%

Interest Income on Federal Funds

2.9%

6.5%

6.7%

5.9%

3.1%

Interest Income on Bank Deposits

0.0%

0.0%

0.0%

0.0%

0.0%

Interest Income on Government Securities

11.6%

8.2%

10.0%

12.9%

11.0%

Other Interest or Dividend Income

11.7%

11.8%

9.3%

9.2%

8.7%

Interest Expense - Total

35.7%

44.4%

37.7%

32.8%

21.9%

Interest Expense on Bank Deposits

13.5%

15.2%

12.4%

11.2%

9.5%

Interest Expense on Other Borrowed Funds

13.4%

21.3%

19.3%

16.4%

8.7%

Interest Expense on Debt

8.8%

7.9%

6.0%

5.2%

3.6%

Interest Capitalized

0.0%

0.0%

0.0%

0.0%

0.0%

Net Interest Income

40.1%

28.9%

29.7%

36.1%

43.7%

Non-Interest Income

24.2%

26.8%

32.6%

31.1%

34.4%

1.0%

0.2%

-0.4%

1.3%

3.2%

Trading Account Income

-5.2%

-4.3%

2.7%

2.1%

1.3%

Trusts & Fiduciary Income/Commission & Fees

27.3%

25.6%

25.1%

23.9%

25.9%

Interest Expense on Federal Funds

Investment Income Foreign Exchange Income Gains/Losses on Sale of Securities - Pretax Non-Operating Interest Income

Trust Income Commission & Fees

0.0% 27.3%

25.6%

25.1%

0.0% 23.9%

25.9%

Other Operating Income

1.1%

5.3%

5.1%

3.8%

3.9%

Non-Interest Expense

35.9%

30.7%

29.8%

33.2%

40.1%

Staff Costs

16.3%

15.7%

15.6%

17.7%

20.4%

Equipment Expense

3.4%

2.7%

2.6%

3.3%

4.0%

Depreciation and Depletion

1.3%

1.0%

1.0%

1.1%

1.5%

Other Operating Expenses

15.0%

11.3%

10.7%

11.1%

14.2%

Provision for Loan Losses

23.7%

7.0%

4.3%

4.7%

4.2%

Operating Income

4.6%

17.9%

28.1%

29.3%

33.8%

Extraordinary Credit - Pretax

0.0%

0.0%

0.0%

0.0%

0.0%

Extraordinary Charge - Pretax

1.4%

0.3%

0.7%

0.5%

1.6%

Other Income/Expense - Net

0.7%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

14.0%

26.4%

34.4%

35.1%

37.3%

Earnings before Interest & Taxes (EBIT)

12.7%

25.4%

33.5%

34.0%

35.8%

Pretax Income

3.9%

17.6%

27.4%

28.8%

32.2%

Income Taxes

0.4%

5.0%

9.3%

9.4%

10.7%

Minority Interest

0.0%

0.0%

0.0%

0.0%

0.0%

Equity in Earnings

0.0%

After Tax Other Income/Expense

0.0%

0.0%

0.0%

0.0%

0.0%

Discontinued Operations

0.0%

0.0%

0.0%

0.0%

0.0%

Net Income before Extraordinary Items/Preferred Dividends

3.5%

12.6%

18.1%

19.4%

21.5%

Extraordinary Items & Gain/Loss Sale of Assets

0.0%

0.0%

0.0%

0.0%

0.0%

Taxes Other than Income Taxes Operating Provisions

Pretax Equity in Earnings Reserves - Increase/Decrease

Preferred Dividend Requirements

1.3%

0.2%

0.0%

0.0%

0.0%

Net Income after Preferred Dividends - available to Common

2.3%

12.4%

18.1%

19.3%

21.4%

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not

Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Bank

of America

Corporation Figures are the Percent Changes from the Prior Year.

Fiscal Year

2008

Net Sales or Revenues

-5.2%

Interest Income - Total

2006

2005

2004

2.2%

37.0%

29.1%

34.5%

-1.9%

11.1%

34.0%

35.6%

36.6%

0.6%

15.3%

38.5%

23.5%

30.2%

-57.1%

-1.3%

56.1% 145.3%

48.8%

Interest Income on Government Securities

34.4%

-16.1%

6.6%

Other Interest or Dividend Income

-6.4%

30.3%

38.3%

37.4%

Interest Expense - Total

-23.7%

20.2%

57.7%

93.3%

Interest Expense on Bank Deposits

-15.7%

25.0%

52.5%

51.3%

-40.5%

13.1%

60.8% 143.1%

77.7%

6.2%

33.1%

59.2%

83.8%

18.2%

Net Interest Income

31.7%

-0.5%

12.5%

6.7%

34.2%

Non-Interest Income

-14.4%

-16.1%

43.7%

16.6%

30.6%

Interest and Fees on Loans Interest Income on Federal Funds

2007

Interest Income on Bank Deposits 50.5% 129.9%

41.8%

Interest Expense on Federal Funds Interest Expense on Other Borrowed Funds Interest Expense on Debt Interest Capitalized

Investment Income Foreign Exchange Income Gains/Losses on Sale of Securities - Pretax

-48.9% 125.6% 140.9%

524.4%

Non-Operating Interest Income 262.1%

Trading Account Income Trusts & Fiduciary Income/Commission & Fees

74.7% 108.5% 112.5%

1.3%

4.1%

44.3%

18.8%

34.0%

1.3%

4.1%

44.3%

18.8%

34.0%

Trust Income Commission & Fees

Other Operating Income

-80.7%

6.4%

84.4%

24.6% -20.1%

Non-Interest Expense

10.9%

5.2%

23.1%

7.0%

32.7%

Staff Costs

-2.0%

3.0%

21.0%

11.7%

29.0%

Equipment Expense

16.4%

7.2%

7.5%

7.9%

20.9%

Depreciation and Depletion

27.1%

4.8%

16.2%

-1.3%

9.2%

Other Operating Expenses

26.3%

8.0%

31.8%

0.9%

45.9%

Provision for Loan Losses

219.9%

67.4%

24.8%

45.0%

-2.5%

Operating Income

-75.4%

-34.9%

31.7%

11.6%

38.7%

289.3%

-49.1%

95.4% -61.9% 391.4%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

-49.6%

-21.6%

34.4%

21.4%

30.9%

Earnings before Interest & Taxes(EBIT)

-52.6%

-22.4%

35.0%

22.3%

32.0%

Pretax Income

-78.8%

-34.6%

30.6%

15.4%

33.8%

Income Taxes

-92.9%

-45.2%

35.2%

13.2%

40.1%

-73.2%

-29.1%

28.4%

16.4%

30.8%

697.8% 727.3%

22.2%

12.5% 300.0%

Taxes Other than Income Taxes Operating Provisions

Extraordinary Credit - Pretax Extraordinary Charge - Pretax Other Income/Expense - Net Pretax Equity in Earnings Reserves - Increase/Decrease

Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements

Net Income after Preferred Dividends available to Common

-82.7%

-29.9%

28.4%

16.4%

30.7%

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Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Bank

of America Corporation

Figures in millions of U.S. Dollars.

Fiscal Year

2008

2007

2006

2005

2004

Net Sales or Revenues

99,945.8 87,148.8 72,599.6 59,908.0 54,449.6

Interest Income - Total

70,685.2 59,877.0 48,848.4 40,790.0 37,697.8

Interest and Fees on Loans

44,606.2 37,736.4 31,006.2 26,784.6 26,179.6

Interest Income on Federal Funds

5,182.6

Interest Income on Bank Deposits

0.0

4,794.6

3,424.2

2,142.4

1,610.8

8,560.2

7,410.4

5,820.6

4,634.4

Interest Income on Government Securities

10,557.4

Other Interest or Dividend Income

10,339.0

Interest Expense - Total

35,901.6 29,872.6 21,546.0 16,347.8 15,733.2

Interest Expense on Bank Deposits

12,718.0

Interest Expense on Federal Funds Interest Expense on Other Borrowed Funds Interest Expense on Debt Interest Capitalized

16,553.0 14,173.2

9,759.2

6,327.6

5,301.6

6,630.6

5,049.8

3,669.0

3,021.2

3,129.6

0.0

0.0

0.0

0.0

0.0

Net Interest Income

34,783.6 30,004.4 27,302.4 24,442.2 21,964.6

Non-Interest Income

29,260.6 27,271.8 23,751.2 19,118.0 16,751.8

Investment Income Foreign Exchange Income Gains/Losses on Sale of Securities Pretax

813.6

777.0

867.0

1,050.6

838.8

-1,039.0

225.0

1,406.8

1,142.0

1,164.2

Non-Operating Interest Income Trading Account Income

Trusts & Fiduciary Income/Commission 25,604.8 21,983.2 18,223.4 14,150.6 11,897.8 & Fees Trust Income Commission & Fees

0.0 25,604.8 21,983.2 18,223.4 14,150.6 11,897.8

Other Operating Income

3,881.2

4,286.6

3,254.0

2,774.8

2,851.0

Non-Interest Expense

33,332.8 29,195.4 25,537.0 22,362.6 20,325.4

Staff Costs

16,772.4 15,187.4 13,347.6 11,641.2 10,510.4

Equipment Expense

3,109.4

2,783.8

2,535.2

2,334.0

2,155.4

Depreciation and Depletion

1,139.6

1,020.6

964.2

912.2

904.4

12,311.4 10,203.6

8,690.0

7,475.2

6,755.2

3,665.8

3,442.2

3,146.4

Taxes Other than Income Taxes Operating Provisions Other Operating Expenses Provision for Loan Losses Operating Income Extraordinary Credit - Pretax

9,400.6

4,603.4

21,310.8 23,477.4 21,850.8 17,755.4 15,244.6 0.0

0.0

0.0

0.0

0.0

Extraordinary Charge - Pretax

860.8

585.6

545.6

821.4

849.0

Other Income/Expense - Net

155.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Pretax Equity in Earnings Reserves - Increase/Decrease Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

28,375.4 28,962.2 25,938.4 20,867.4 18,429.6

Earnings before Interest & Taxes (EBIT)

27,235.8 27,941.6 24,974.2 19,955.2 17,525.2

Pretax Income

20,605.2 22,891.8 21,305.2 16,934.0 14,395.6

Income Taxes

6,459.0

7,385.2

6,945.2

5,442.2

4,693.4

0.0

0.0

0.0

0.0

0.0

After Tax Other Income/Expense

0.0

0.0

0.0

0.0

0.0

Discontinued Operations

0.0

0.0

0.0

0.0

0.0

14,146.2 15,506.6 14,360.0 11,491.8

9,702.2

Minority Interest Equity in Earnings

Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements

0.0

0.0

0.0

0.0

0.0

338.0

48.4

13.0

9.6

7.2

Net Income after Preferred Dividends available to Common

13,808.2 15,458.2 14,347.0 11,482.2

9,695.0

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Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Bank

of America Corporation

Currency figures are in millions of U.S. Dollars. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year Fiscal Year End Date Total Capital

2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004 402,462.0

313,876.0

264,078.0

191,193.0

188,212.0

Short Term Debt

101.3%

141.1%

142.4%

192.5%

110.4%

Long Term Debt

56.0%

53.2%

48.8%

46.9%

47.1%

Other Liabilities

31.0%

49.0%

47.8%

51.2%

50.9%

Total Liabilities

407.7%

499.9%

501.5%

622.5%

537.1%

Minority Interest

0.0%

0.0%

0.0%

0.0%

0.0%

Preferred Stock

9.8%

1.4%

1.1%

0.1%

0.1%

Retained Earnings

18.3%

25.9%

29.9%

35.3%

30.8%

Common Equity

34.2%

45.4%

50.1%

53.0%

52.8%

100.0%

100.0%

100.0%

100.0%

100.0%

Short Term Debt

-3,542.3

6,693.8

790.9

16,026.2

7,513.3

Long Term Debt

5,833.7

3,826.7

3,914.6

109.3

2,541.7

Other Liabilities

-2,878.6

2,759.3

2,831.3

200.3

1,734.0

Total Liabilities

7,194.8

24,447.8

13,419.5

17,945.8

32,234.7

Minority Interest

0.0

0.0

0.0

0.0

0.0

Preferred Stock

3,485.2

155.8

258.0

0.0

21.7

Retained Earnings

-757.0

236.9

1,147.2

954.6

779.3

Common Equity

-460.3

997.3

3,115.9

188.8

5,144.8

8,858.6

4,979.8

7,288.5

298.1

7,708.2

Percent of Total Capital

Total Capital Year to Year Net Changes

Total Capital Year to Year Percent Changes

Short Term Debt

-8.0%

17.8%

2.1%

77.1%

56.6%

Long Term Debt

34.9%

29.7%

43.7%

1.2%

40.2%

Other Liabilities

-18.7%

21.9%

28.9%

2.1%

22.1%

Total Liabilities

4.6%

18.5%

11.3%

17.8%

46.8%

790.5%

54.6%

952.0%

0.0%

401.9%

Retained Earnings

-9.3%

3.0%

17.0%

16.5%

15.5%

Common Equity

-3.2%

7.5%

30.8%

1.9%

107.3%

Total Capital

28.2%

18.9%

38.1%

1.6%

69.4%

Minority Interest Preferred Stock

Total Liabilities & Common Equity Total Liabilities Net Change in Liabilities as % of Total Liabilities

1,640,891.0 1,568,943.0 1,324,465.0 1,190,270.0 1,010,812.0 4.4%

15.6%

10.1%

15.1%

31.9%

137,791.0

142,394.0

132,421.0

101,262.0

99,374.0

-3.3%

7.0%

23.5%

1.9%

51.8%

Operating Activities

4,034.0

11,036.0

14,509.0

-12,223.0

-3,955.0

Financing Activities

-10,695.0

103,412.0

53,133.0

170,817.0

132,875.0

2,930.0

108,480.0

68,304.0

150,445.0

127,132.0

Common Equity Net Change in Common Equity as % of Common Equity Cash Flow

Investing Activities

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Financial Ratio AnalysesFinancial Ratio Analyses\Employee Efficiency

Employee Efficiency: Bank

of America Corporation

Values per Employee are in U.S. Dollars.

Fiscal Year Fiscal Year End Date Employees

2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004 243,000

210,000

203,425

176,638

175,742

464,984

567,571

573,056

481,572

375,038

10,519

70,476

103,778

93,111

80,385

149,313

146,710

153,890

129,406

91,173

Total Debt

2,604,716

2,904,914

2,481,637

2,591,583

1,686,660

Total Capital

1,656,222

1,494,648

1,298,159

1,082,400

1,070,956

Total Assets

7,481,247

8,170,219

7,175,799

7,313,279

6,318,677

15.7%

3.2%

15.2%

0.5%

31.6%

Sales

-18.1%

-1.0%

19.0%

28.4%

2.2%

Net Income

-85.1%

-32.1%

11.5%

15.8%

-0.7%

1.8%

-4.7%

18.9%

41.9%

-10.2%

-10.3%

17.1%

-4.2%

53.7%

15.0%

Total Capital

10.8%

15.1%

19.9%

1.1%

28.7%

Total Assets

-8.4%

13.9%

-1.9%

15.7%

14.6%

Values per Employee Sales Net Income Cash Earnings Working Capital

Year to Year % Change per Employee Employees

Cash Earnings Working Capital Total Debt

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Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Bank Fiscal Year Fiscal Year End Date

of America Corporation

2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

EBIT/Total Interest Expense

1.4

3.2

5.5

6.5

9.8

EBIT/Net Interest

1.4

3.2

5.5

6.5

9.8

EBIT/(Total Interest Exp + Pfd Div)

1.4

3.2

5.5

6.5

9.8

EBIT/Dividends on Common Shares

1.2

2.8

4.0

3.8

3.7

EBIT/(Dividends on Common + Pfd)

1.2

2.8

4.0

3.8

3.7

EBITDA/Total Interest Expense

1.6

3.4

5.7

6.8

10.2

EBITDA/Net Interest

1.6

3.4

5.7

6.8

10.2

EBITDA/(Total Interest Exp + Pfd Div)

1.6

3.3

5.7

6.8

10.2

EBITDA/Dividends on Com Shares

1.4

2.9

4.2

3.9

3.8

EBITDA/(Dividends on Com + Pfd)

1.4

2.9

4.2

3.9

3.8

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Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Bank Fiscal Year Fiscal Year End Date

of America Corporation 2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004

Long Term Debt % of EBIT

1,569.1%

551.7%

330.2%

310.3%

374.9%

Long Term Debt % of EBITDA

1,422.1%

531.2%

321.0%

300.3%

360.1%

Long Term Debt % of Total Assets

12.4%

9.7%

8.8%

6.9%

8.0%

Long Term Debt % of Total Capital

56.0%

53.2%

48.8%

46.9%

47.1%

163.6%

117.3%

97.3%

88.5%

89.1%

Total Debt % of EBIT

4,405.9%

2,014.4%

1,294.2%

1,584.1%

1,254.7%

Total Debt % of EBITDA

3,993.1%

1,939.6%

1,258.3%

1,533.2%

1,205.1%

Total Debt % of Total Assets

34.8%

35.6%

34.6%

35.4%

26.7%

Total Debt % of Total Capital

157.3%

194.4%

191.2%

239.4%

157.5%

Total Debt % of Total Capital & Short Term Debt

78.1%

80.6%

78.9%

81.8%

74.8%

Total Debt % of Common Equity

459.4%

428.4%

381.2%

452.1%

298.3%

Minority Interest % of EBIT

0.0%

0.0%

0.0%

0.0%

0.0%

Minority Interest % of EBITDA

0.0%

0.0%

0.0%

0.0%

0.0%

Minority Interest % of Total Assets

0.0%

0.0%

0.0%

0.0%

0.0%

Minority Interest % of Total Capital

0.0%

0.0%

0.0%

0.0%

0.0%

Minority Interest % of Com Equity

0.0%

0.0%

0.0%

0.0%

0.0%

Preferred Stock % of EBIT

273.3%

14.6%

7.3%

0.9%

1.1%

Long Term Debt % of Com Equity

Preferred Stock % of EDITDA

247.7%

14.0%

7.1%

0.9%

1.1%

Preferred Stock % of Total Assets

2.2%

0.3%

0.2%

0.0%

0.0%

Preferred Stock % of Total Capital

9.8%

1.4%

1.1%

0.1%

0.1%

Preferred Stock % of Total Equity

28.5%

3.1%

2.2%

0.3%

0.3%

Common Equity % of Total Assets

7.6%

8.3%

9.1%

7.8%

8.9%

Common Equity % of Total Capital

34.2%

45.4%

50.1%

53.0%

52.8%

Total Capital % of Total Assets

22.1%

18.3%

18.1%

14.8%

16.9%

9.6%

7.9%

7.0%

7.7%

7.6%

72.3%

45.7%

46.7%

45.7%

5.1%

6.2%

5.0%

5.4%

Capital Expenditure % of Sales Fixed Assets % of Common Equity Working Capital % of Total Capital Dividend Payout Funds From Operations % of Total Debt

5.7%

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Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Bank

of America Corporation

Figures are expressed as per unit of respective shares. Figures are in U.S. Dollars.

Fiscal Year Fiscal Year End Date Sales

2008

2007

2006

2005

2004

12/31/2008 12/31/2007 12/31/2006 12/31/2005 12/31/2004 22.52

26.86

26.15

21.27

16.29

Operating Income

1.05

4.81

7.35

6.22

5.51

Pre-tax Income

0.88

4.71

7.17

6.12

5.24

Net Income Before Extra Items

0.80

3.38

4.74

4.12

3.50

Extraordinary Items

0.00

0.00

0.00

0.00

0.00

Net Income After Extraordinary Items

0.80

3.38

4.74

4.12

3.50

Net Income Available to Common Shares

0.55

3.30

4.59

4.04

3.69

Fully Diluted Earnings

0.55

3.30

4.59

4.04

3.69

Common Dividends

2.24

2.40

2.12

1.90

1.70

Cash Earnings

7.86

6.88

6.81

5.62

4.19

Book Value

27.46

31.69

29.70

25.32

24.62

Retained Earnings

14.71

18.34

17.73

16.89

14.33

362.33

386.61

327.43

322.98

274.42

Net Income (Continuing Operations)

Assets

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Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Bank

of America Corporation

Currency figures are in U.S. Dollars.

Fiscal Year

2008

2007

2006

2005

2004

Fiscal Year End Date

12/31/2008

12/31/2007

12/31/2006

12/31/2005

12/31/2004

Gross Income Margin Operating Income Margin

4.6%

17.9%

28.1%

29.3%

33.8%

Pretax Income Margin

3.9%

17.6%

27.4%

28.8%

32.2%

EBIT Margin

12.7%

25.4%

33.5%

34.0%

35.8%

Net Income Margin

3.5%

12.6%

18.1%

19.4%

21.5%

Return on Equity - Total

1.8%

10.8%

18.1%

16.3%

19.2%

Return on Invested Capital

1.3%

3.0%

4.3%

4.0%

4.9%

Return on Assets

0.6%

1.3%

1.9%

1.6%

1.7%

Asset Turnover

0.1

0.1

0.1

0.1

0.1

Financial Leverage

459.4%

428.4%

381.2%

452.1%

298.3%

Interest Expense on Debt

9,938,000,000 9,359,000,000 7,034,000,000 4,418,000,000 2,404,000,000

Effective Tax Rate

9.5%

28.4%

33.9%

32.7%

33.4%

Cash Flow % Sales

32.1%

25.8%

26.9%

26.9%

24.3%

Selling, General &

Administrative Expenses % of Sales Research & Development Expense Operating Income Return On Total Capital

28.2%

18.9%

38.1%

1.6%

69.4%

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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Bank

of America

Corporation Currency figures are in millions of U.S. Dollars. Wright Quality Rating

Investment Acceptance Rating Total Market Value of Shares Outstanding - Three Year Average - Current Year Public Market Value (Excludes Closely Held) - Three Year Average - Current Year Trading Volume - Three Year Average - Current Year Turnover Rate - Three Year Average - Current Year Stock Exchange Listings Number of Institutional Investors Number of Shareholders Closely Held Shares as % of Total Shares Outstanding

ABB 4 ABB 4 232,790 90,702 230,990 90,000 422,509 742,398 181.5% 818.5% NYSE BSE MSE PBW PCS 1,759 263,495 0.8%

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Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Bank Wright Quality Rating Financial Strength Rating Total Shareholders' Equity (Millions of U.S. Dollars) Total Shareholders' Equity as % Total Capital

of America Corporation A

BB 4

A

BB 4 166,272 24.4%

Equity as % of Assets

7.2%

Adjusted Equity % Total Assets

7.7%

Total Capital as % of Deposits

71.3%

Cash & Securities / as % of Deposits

86.0%

Non Performing Loans as % of Loan Loss Reserves

56.5%

Loan Losses as % of Loans Outstanding

1.7%

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Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Bank

of America Corporation

Wright Quality Rating Profitability & Stability Rating Profit Rate of Earnings on Equity Capital - Time-Weighted Normal - Basic Trend Cash Earnings Return on Equity - Time-Weighted Average - Basic Trend Cash Earnings Return on Equity - Stability Index

AB

B4

AB

B4

13.8% -4.0% 24.5% -0.1% 45.6%

Return On Assets (Time-Weighted Average)

1.7%

Pre-Tax Income as % of Total Assets (Time-Weighted Average)

1.5%

Operating Income as % of Total Assets (Time-Weighted Average)

2.1%

Operating Income as % of Total Capital (Adjusted Rate)

15.3%

Pre-Tax Income as % of Total Assets (Time-Weighted Average)

1.5%

Operating Income as % of Total Assets (Time-Weighted Average)

2.1%

Operating Income as % of Total Capital (Adjusted Rate)

15.3%

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Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Bank

of America Corporation

Figures are expressed on a Per Share Basis.

Wright Quality Rating

ABB

4

Growth Rating

ABB

4

Normal Earnings Growth

4.0%

Cash Earnings Growth

12.5%

Cash Earnings Stability Index

93.6%

Earned Equity Growth Dividend Growth

5.9% -0.7%

Operating Income Growth

2.0%

Assets Growth

9.1%

Sales/Revenues Growth

9.7%

Copyright ©2000-2009 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not