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Diebold signs service outsourcing agreement with BofA

December 20, 2001

NORTH CANTON -- Diebold, Incorporated (NYSE: DBD) has signed a service outsourcing agreement with Bank of America, the country's largest ATM owner, for equipment maintenance service in the western U.S., plus existing contracts previously awarded to Diebold in the eastern U.S.

The seven-year contract is valued at $71 million per year and will cover nearly 10,000 ATMs nationwide and certain other bank equipment. According to Diebold, the agreement represents incremental Diebold revenue of approximately $48 million annually as some equipment was covered under previous service contracts valued at approximately $23 million annually.

Aside from traditional first- and second-line ATM service, Diebold will provide Bank of America with maintenance for their central site processing equipment, physical security and office equipment, excluding PCs, alarms and branch automation. Approximately 1,000 associates in Bank of America's service organization will be integrated into Diebold's service operation as a result of this outsourcing agreement.

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