2003 Annual Report: Chairman's Letter to Shareholders (Page 5 of 7)

New teammates, new opportunities. On October 27, 2003, Chad Gifford, chairman and CEO of FleetBoston Financial, and I announced our agreement to merge our companies. We also announced that Chad will be the chairman of the board in our new company, while I will retain the role of chief executive officer.

This combination of two of the oldest and most successful companies in U.S. banking presents us with a unique opportunity. With this merger, we are creating unrivaled distribution in America's best growth and wealth markets. We will offer global reach through offices in 35 countries, with particular strength in Europe, Latin America and the Pacific Rim.

Our company will feature increased earnings and revenue diversity, creating stronger, more consistent results for shareholders. It will create enhanced leverage of our technology and process capabilities, as well as investments like national advertising and research and development. The company will have broader distribution of wealth management products. And the management team will be the best in the industry.

All that said, in my mind one of the most compelling arguments for this merger is our vision for a truly national bank that creates the opportunity for Americans across the country to choose the unprecedented convenience, quality and innovation we can provide.

Ultimately, this merger is about delivering the combined capabilities of two powerful organizations to our customers, shareholders and communities. Customers will benefit from the broadest retail franchise in the nation, a shared commitment to service excellence, and a full range of traditional and innovative financial products and services. Shareholders will benefit from the best retail and wealth markets in America and unmatched diversity of revenues and resources. Our communities will benefit from our shared tradition of public-private partnership, community development banking and philanthropic investment in the communities we serve.

Your company's expansion into the Northeast marks an exciting new era in our history and the creation of what we believe will be the country's premier financial institution.