2003 Annual Report: Chairman's Letter to Shareholders (Page 1 of 7)

To Our Shareholders

Higher Standards, I wrote last year, is a phrase that reflects your company's commitment to the idea that in every endeavor there is always an opportunity to raise the bar. In 2003, your company promised — and delivered — higher standards of performance for customers, shareholders and the communities where we do business:

• We produced strong revenue and net income gains in all our major lines of business, demonstrating the power of scale, execution and a sound organic growth strategy;
• We achieved significant gains in customer satisfaction across our businesses and customer segments, laying the foundation for accelerating organic growth in the future;
• We responded decisively to a regulatory inquiry into mutual fund industry practices, demonstrating our commitment to strong governance, ethical conduct and our core values;
• We staked out a bold vision for the future with our agreement to acquire FleetBoston Financial Corporation; and
• We announced new 10-year goals for community development banking and corporate philanthropy unprecedented in our nation's history.

Our vision and strategy for your company has not changed. We are building Bank of America by offering our customers unmatched convenience and expertise, high service quality, innovation and a variety of financial products and services delivered as a single relationship. We are striving to exceed past accomplishments every day, in all we do.