Bank of America Signs Strategic Agreement With Exult.

Business Editors

CHARLOTTE, N.C., and IRVINE, Calif.--(BUSINESS WIRE)-- Nov. 21, 2000

Web-Enabled HR Process Management to Enhance Employee Services,

Reduce Costs and Develop New Revenue Streams

Bank of America (NYSE:BAC) today announced that it has signed a ten-year eHR process management contract with Exult, Inc. (NASDAQ:EXLT), a provider of Web-enabled, integrated services designed to manage the human resources function for large, multinational corporations.

Exult will apply its business process expertise and Web-enabled technology to refine the transactional and administrative systems used to manage delivery of services to 150,000 Bank of America associates. Process management and transaction services in the areas of human resources (HR) and financial processes for the bank and its employees are the centerpiece of the agreement.

The agreement will result in committed annual cost savings to Bank of America in excess of 10% in the functions covered and is expected to generate revenues of approximately $1.1 billion for Exult over the life of the contract. The relationship also positions Bank of America as Exult's preferred financial services partner to provide financial services and banking products to employees of other Exult clients through Exult's personalized, HR Web portal.

"This innovative, far-reaching agreement illustrates the commitment of Bank of America to pursuing business efficiency, developing new markets for our banking products, and nurturing the human capital that is key to our success," said Mary Lou Cagle, senior personnel executive for Bank of America. "As a global organization with a history of successfully managing rapid change and expansion, Bank of America understands the strategic importance of HR in shaping corporate culture. We look forward to a productive relationship that will enable us to employ Web-enabled technology support and empower our associate workforce in unique and distinctive ways."

Under the terms of the agreement, Exult will assume responsibility for managing various HR services for Bank of America, including Payroll Operations, Benefits Administration, Employee Data Records and Management, and HR Information Technology and Information Services. In addition, Exult will provide Accounts Payable and Travel & Expense transaction processing and Asset Management services. Exult will also provide technology support and third party vendor management related to those functions.

Exult expects to extend an offer of employment to over 600 Bank of America HR, Finance and information technology professionals. In addition, Exult will operate a full-scale client service center operation in facilities leased from Bank of America in Charlotte and purchase related assets.

Jim Madden, chairman, president and CEO of Exult, said, "We are very pleased to have Bank of America as a client, an investor and a business partner. We look forward to working with them to enhance HR service delivery through the application of best practices, Web-enabled employee self-service and process expertise. In addition, this agreement aligns us with a world-class provider of financial services that we can offer to the employees of our growing global client list. Finally, we are delighted that many of their talented HR professionals will be joining Exult, a company whose core mission is to provide best-in-class HR process management."

"Today, complex, global organizations are discovering that it is not enough to simply Web-enable business functions such as HR," said Rebecca Scholl of Gartner Dataquest. "To capture the efficiency gains promised by the latest advances in information technology, you must re-design and integrate the underlying processes, people and infrastructure as well. We believe that this agreement embodies a significant new direction in outsourcing, in which global corporations will find dedicated partners to help them both manage non-core areas over the Internet and apply industry best practices."

Exult, Inc. will be hosting a conference call to discuss the definitive agreement and updated outlook on Wednesday, November 22, at 10 a.m. EST (7 a.m. PST). Hosting the call will be Exult CEO, James Madden, and CFO Doug Shurtleff. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties at www.vcall.com. To listen to the live call, please go to the Web site at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on the Vcall site for 30 days.

About Bank of America: Bank of America, with $672 billion in assets, is the largest bank in the United States. It has full-service operations in 21 states and the District of Columbia and provides financial products and services to 30 million households and two million businesses, as well as international corporate financial services for business transactions in 190 countries. The company's stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges, and certain shares are listed on the Tokyo Stock Exchange.

About Exult: Headquartered in Irvine, California, Exult, Inc. offers eHR, a comprehensive, web-enabled, integrated service designed to manage the entire human resources department for large, multinational corporations. Exult's strategy is to transform Global 500 HR departments into proactive, global, knowledge-based organizations through myHR(SM), its browser-based, personalized HR portal. The company believes myHR(SM), in conjunction with its client service centers and centers of expertise, has the potential to transform the employee's perception of the HR function, create new bonds between employer and employee, and promote employee self-service to manage many aspects of an employee's professional and personal life. For more information, visit Exult's web site at: www.exult.net.

Forward Looking Statements

Any Bank of America statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future financial results are discussed more fully in the company's latest Form 10-Q as filed with the Securities and Exchange Commission.

Statements in this release about the duration, scope, and revenue generated by the Bank of America agreement, the operation and effect of Exult's eHR service offering, and the other anticipated features of the strategic agreement, are forward-looking statements. Certain factors could cause actual results to differ materially from those in the forward-looking statements. Exult must meet performance standards and the Bank of America contract permits reduction or termination of the relationship under various circumstances. Exult is still developing its services and it is not certain that eHR will perform as anticipated. More information about Exult's risks is available in Exult's registration statement on Form S-1, its quarterly reports on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Special attention is directed to the portions of those documents entitled "Risk Factors."