Global Wealth & Investment Management at Bank of America

Brian MoynihanPresident, Global Corporate & Investment Banking

BancAnalysts Association of BostonNovember 9, 2007

2

Key Takeaways

1. Solid momentum

2. Strong returns and client relationships

3. Lots of opportunity to grow

3

Opportunity to Leverage the Strength of Our Franchise

13.4 million affluent customer relationships

300,000 wealthy customer relationships

30,000 middle market institution relationships

relationships with 80% of companies with pension

assets of $200MM

Bank of America Opportunities

3 million individual and institutional clients

Largest private banking business in the U.S.

Leading manager of specialty assets

Top 10 U.S. mutual fund family, wholesale asset mgt complex and global

money fund manager

Global Wealth & Investment ManagementLeadership Position

4

A sizeable and successful competitor

YTD GWIM Financials as of September 30, 20071

($B)

Revenue2 $6.0

Net Income 1.7

AUM3 709.9

Total Client Assets 999.2

Average Loans 70.3

Average Deposits2 120.4

Efficiency ratio 54.4%

ROE 22.2%

Associates 13,694

1)July 2007, the operations of the recently acquired U.S. Trust Corporation were combined with the former Private Bank creating U.S. Trust, Bank of America Private Wealth Management. The results of the combined business were reported for periods beginning on July 1, 2007. Prior to July 1, 2007, the resultssolely reflect that of the former Private Bank.

2)YTD Migration impact of $9.0Bn in Balances and $151MM of Deposit NII included; 3) see corresponding end note on page 24

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How We’re Organized

5

6

46.2%

26.6%

22.7%

4.5%

6

Financial Snapshot

Premier Banking & Investments

U.S. Trust

ColumbiaManagement

Other

YTD as of 9/30/07Line of Business Revenue Net Income Pre-tax margin ROE

Premier Banking & Investments $2.8B $0.98B 55.3% 81.2%

U.S. Trust 1.6B 0.34B 33.7% 21.2%

Columbia Management 1.4B 0.33B 37.7% 26.4%

Total GWIM $6.0B $1.76B 45.9% 22.2%

Asset MgtFees

Deposit NII

Brokerage Income

Other Income

Revenue by product YTD Q307*

Loan NII

Revenue by LOB YTD Q307*

*Includes U.S. Trust revenue YTD Q32007

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AffluentHigh Net Worth

Ultra HighNet Worth

Mid-Market Institutions

LargeInstitutions

Mass Market

NEE

D Family Office, Investment Consulting

Investment & Distribution Policy,

Trustee Services

Asset Management Excellence

Wealth & Legacy

Planning

Banking, Borrowing,

Saving

Integrated Banking &

Investments

Plus…Integrated Banking and InvestmentSecurities Brokerage

Simple Trust

Deposits, Loans

Straightforward Investment Products

Insurance

Mutual FundsLiquidity

StrategiesSeparate Accounts

Foundation, Charitable GivingTrustee Services

Investment ConsultingRetirement

Administration

PRO

DU

CTS

To $100K $100K - $3MM

INVE

STA

BLE

A

SSET

S

$3MM - $50MM $50MM Plus To $250MM $250MM Plus

Premier Banking & Investments

GCSBB

U.S. TrustBank of America, Private Wealth Management

Relationship Institutional

Columbia Management

Global Consumer & Small Business

Banking

CH

AN

NEL

Alternative Investment Group · Bank of America Retirement & GWIM Client Solutions · Columbia Management

Plus…Wealth Structuring

Banking & Structured CreditComplex Trust

Alternative Investments

Plus…Multi Family OfficeAlternative Asset

Mgt productsPhilanthropic and

Foundation Services

Global Wealth & Investment ManagementOur Clients and How We Serve Them

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Our Growth Strategy

Affluent client segment• grow sales capacity to serve clients• build new model to serve more

affluent customers in Consumer• build out retirement capabilities

High Net Worth client segment• integrate U.S. Trust successfully • leverage brand, business model and

Bank of America franchise

Asset management• sustain investment performance • integrate Excelsior and build out

investment offerings• continue to strengthen distribution

… while maximizing value of the franchise through Partnerships for Growth

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How Bank of America Serves the Affluent Today

In the United States

Served by Bank of America

26 million

13.4 million

6.4 million

800K

Served by Global Consumer & Small Business Banking (excluding card only)

Served by Premier Banking & Investments

Affluent households with investable assets of $100K - $3MM

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How Premier Banking & Investments Serves Affluent Clients Today

Dedicated teamsMore than 4,000 Client Managers and Financial Advisors in local markets nationwide

Bank of America brand5,800 stores, 17,000 ATMs, # 1 Online Banking,

integrated and highly rated online brokerage

Priority servicePremier Relationship Center

Banc of America Investment Services, Inc. (BAI) Investment Center

1,200 professionals in these centers combined

Relationship and targeted pricing$0 Online Equity Trades, Mortgages, CD Rates, Money Market

Advice

Convenience

Respect

Value

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PB&I client balances at period end ($B)

Q3 2005 Q3 2006 Q3 2007

Premier HH w/ brokerage relationship (000s)

28%

32%

Growth in Premier Banking & Investments

Q3 2005 Q3 2006 Q3 2007

Deposits

MM MF

OtherBrokerage

$241$266

2004 2005 2006 YTD2007

Client loans & deposits referred from FAs to CMs

PB&I client average loan balances ($B)

Q3 2005 Q3 2006 Q3 2007

$30.8$25.0

129

17

87

15327

86

$2.3B$3.5B

$7.1B

217

CAGR 11%

CAGR 19%

237

267 $5.8B

$299

16732

100

CAGR 13%$35.5

32%

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1. Client Needs

2. Demographics

3. Market Size

4. Competition

• ~ 80% of consumers see retirement as issue• Planning assistance is key

• 1st of 78MM Baby Boomers turn 62 in 2008• Population > 60 increases 55% in next 20 years

• $15.1T total assets • ~ $35B annual profit pool

• Highly fragmented

Why We Like the Retirement Opportunity

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Building Out Our Retirement Capabilities

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More Powerful Capabilities for Serving Wealthy Clients

Financial planningTax consultingTrust and estate planning and fiduciary servicesPhilanthropic advisorySpecialty asset management

WEALTH STRUCTURING

Custom credit solutionsMortgage lendingPersonal and business banking

BANKING AND CREDIT

Investment strategyAsset allocationInvestment management

INVESTMENT MANAGEMENT

Comprehensive set of services to meet the complex needs of ultra high net worth clients

MULTI-FAMILY OFFICE

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Improved Margins

Q3 2006 Revenue NIBT Pre-Tax MarginThe Private Bank $454 $147 32.4%U.S. Trust 175 25 14.3%Combined 629 172 27.3%

Q3 2007U.S. Trust $674 $227 33.7%

YOY Growth 7% 32% 640bps

($MM)

U.S. Trust client balances (as of 9/30/07)Deposits (average) $27.8BLoans (average) 41.5BAssets under management 225.3BClient brokerage assets 32.8B

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Columbia Management and affiliates

AUM by Client Segment (as of 9/30/07)

Retail

Institutional

26%

40%

34%

High NetWorth

Assets under management: $709B1

23rd largest asset manager globally2

16th largest U.S.-based asset manager3

8th largest U.S. mutual fund family4

8th largest global money fund manager5

1) Represents Columbia Management and its affiliates as of 9/30/07, please see corresponding end note on page 24. 2) Ranked by total worldwide institutional AUM as of 12/31/06, according to Pensions & Investments, 5/28/07; 3) Ranked by AUM as of 12/31/06, according to Pensions & Investments, 5/28/07; 4) Source: Strategic Insight, 9/30/07; 5) Source: iMoneyNet, 9/30/07

Total Assets Under Management ($B)

(as of 9/30)

0100200300400500600700

2004 2005 2006 2007

Equity Fixed Income MM / Other

$457$429

$517

$709

151

95

183

162

85

210

198

87

232

354

109

246

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Morningstar Equity Fund Rankings By Firm – 3 Year

1 Alger 13 5,702 6.4 100%2 Nicholas-Applegate 11 735 19.7 100%3 Waddell & Reed 11 16,648 20.6 81.8%4 Royce 16 24,830 28.8 81.3%5 Nationwide 21 2,629 30.2 76.2%6 Columbia Management 42 88,947 30.7 81.0%7 Dimensional Investment Grp 33 82,884 31.0 75.8%8 JennisonDryden 20 23,549 31.5 70.0%9 Janus 42 94,593 31.7 78.6%10 Allianz Funds 28 26,335 32.6 75.0%11 Vanguard 25 268,479 33.4 84.0%12 Hartford Mutual Funds 48 85,924 34.3 70.8%13 OppenheimerFunds 27 94,719 35.4 66.7%14 American Funds 12 823,523 35.7 66.7%15 Old Mutual Advisor 16 3,138 36.5 68.8%16 Schwab Funds 10 10,933 37.4 70.0%17 Fidelity Investments 146 664,396 38.3 68.5%18 Ivy Funds 16 13,607 38.8 62.5%19 Neuberger Berman 12 22,056 39.2 66.7%20 Eaton Vance 26 21,583 39.8 65.4%. . . 83 Legg Mason Partners 19 23,305 71.2 15.8%

Rank Firm Funds Ranked

Assets 3 Yr AvgMstar

% Funds Above Median

Average Rankings based on Morningstar data as of 9/30/07 for firms with minimum of 10 funds. Rankings include actively managed equity funds but exclude index and Fund of Funds; share classes used may have limited eligibility and may not be available to all investors; the representative share class for Columbia Management fund performance is Class A where appropriate; Excelsior Funds are excluded and rank # 35 separately.

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Stronger Performance, Stronger Sales

2004 2005 2006 YTD 2007

Intermediary Gross Sales ($B)

$21.3

$28.8 $29.7

9/30/05 9/30/06 9/30/2007

% of AUM (in all funds) in 4 or 5 star funds% of AUM in 1st and 2nd performance quartiles

88%

77%

53%61%

See corresponding end notes on page 24

88%

55%

$34.0

2005 2006 YTD 2007

Net Flows ($B)

$24.4

$35.0

$27.5

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Strategic Initiatives Underway

Alternatives

International

Retirement

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Partnerships for Growth: Client Referral Momentum

Why:

Best way to solve our clients’ needs

Deepening relationships with existing customers represents best opportunity for profitable growth

Leverages strength of our franchise by generating referrals for all LOB

Strengthens teamwork across lines of business in each market

What’s involved:

46 local markets with GWIM leader

Personal and institutional client teams drive teamwork

Referral guidelines ensure right channel

Appropriate incentives for fulfilling clients’needs

1) Excludes migration of customers from Global Consumer and Small Business Banking to Premier Banking & Investments

Client Referrals Completed as of 9/30 1

68,135

116,880

183,423

2005 2006 2007

CAGR 64%

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Key Takeaways

1. GWIM has solid momentum, and we are investing and executing to extend it

2. GWIM provides strong returns for shareholders and maintains strong relationships with clients

3. Our best opportunity is to continue to leverage the strength of the Bank of America franchise

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End Notes

Note for pages 4 and 18

Columbia Management and its affiliates (Columbia Management)Columbia Management and its affiliates comprise the wealth and investment management division of Bank of America Corporation. As of September 30, 2007, Columbia Management and its affiliates managed assets of $709.9 billion. Columbia Management and its affiliates’ managed assets consist of assets under the discretionary management of the registered investment advisors, Columbia Management Advisors, LLC ($377.9 billion), Columbia Wanger Asset Management, L.P. ($38.5 billion) and Marsico Capital Management, LLC ($103.4 billion); U.S. Trust, Bank of America Private Wealth Management; Banc of America Investment Services, Inc.; Banc of America Investment Advisors, Inc.; Bank of America Capital Advisors, LLC; Premier Banking & Investments, and United States Trust Company, National Association, including its subsidiary, UST Advisers, Inc. ($116.5 billion).

Notes for page 20

(1) Results shown are defined by Columbia Management’s calculation using Morningstar’s Overall Rating criteria for 4 & 5 star rating. The assets under management of the Columbia Funds that had a 4 & 5 star rating were totaled then divided by the assets under management of all the funds in the ranking. ©2006 by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for noncommercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from the use of this information. Past performance is no guarantee of future results.

(2) Results shown are defined by Columbia Management’s calculation of its percentage of assets under management in the top two quartiles of categories based on Morningstar (Equity categories), Lipper ( Fixed Income categories), and iMoneyNet (Money Market funds). The category percentile rank was calculated by ranking the three year gross return of share classes within the categories stated above. The assets of funds within the top two quartiles were added and then divided by total mutual fund assets under management in Columbia Management and affiliates. Had fees been included, rankings would have been lower. Past performance is no guarantee of future results.

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Forward Looking StatementsThis presentation contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.