Growth Opportunities in Global Wealth & Investment ManagementBrian MoynihanPresidentGlobal Wealth & Investment Management

192

Global Wealth & Investment Management: Takeaways

• We are a large and profitable competitor in attractive businesses and markets

• Our competitive position and integrated model provides strong growth opportunities

• Our best and most efficient way to grow is to leverage the strength of our franchise

• We are capturing those growth opportunities, but there is much more ahead of us, and we are continuing to invest aggressively to capture it

1

A Sizeable and Profitable Competitor

2006 ($B) Percent change

1Includes $851MM deposit NII on migrated balances2Includes $48.4B of cumulative migrated average balances since 2004

Revenue1 $7.8 6.3

Net income 2.4 3.8

Assets under mgt. 542.9 12.6

Total client assets 790.3 11.6

Average loans 61.5 13.7

Average deposits2 115.1 (1.9)

Efficiency ratio 51.5% (0.8)

Return on equity 23.2% 0.7

Associates 13,728 7.4

2

2006 Revenue Mix and Operating Margins

Premier Banking & Investments1

The Private Bank

ColumbiaManagement

Other

Line of Business 2006 Revenue 2006 Pre-tax margin

Premier Banking & Investments $3.7B1 57.5%

The Private Bank $2.1B 41.8%

Columbia Management $1.5B 34.5%

Asset MgtFees 36%

Deposit NII 34%

BrokerageIncome 8%

Residual and Other NII 3%

All Other Income 6%

Total Revenue by Product

Loan NII 13%

1Premier Banking & Investments revenue shown as internally managed, including impact of migration from Consumer Banking.

Total Revenue by LOB

48%

27%

20%

5%

3

Peer Comparison: Profitability

Pre-Tax Margin 48% 23% 33% 23% 27% 17% 16% 31%

Competitors listed include their respective GWIM-like businesses, based on Bank of America analysis of publicly available earnings reports. Pro forma results reflect adjustments for significant acquisitions along with other one-time items, and eliminate SFAS 123R stock option expenses where necessary.

4Q06 Pre-tax Earnings of Major Competitors

$956

$759

$625$649

$520

$361

$242$249

BAC MER CJPM WB MS NTRSAMP

4

645 638 648

697

742

617

713680

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

CAGR 11%

Trends in Asset Management

433443

457

482494 500

517

543

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

CAGR 14%

Asset Management Fees ($MM) Assets Under Management ($B)

5

Trends in Loan, Deposit and Liquidity Balances

5153

5557

5960

6264

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

116

120118

115 114 114 114

119

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

CAGR 14% CAGR 1%

Loans ($B) Deposits ($B)

Total BAC Liquidity1 Balance ($B)

476.7485.4

491.2 489.3 489.4 492.7487.7

493.8

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

CAGR 2%

1Total liquidity balance includes deposits and Columbia retail money market funds

6

Trends in Brokerage Transactional/Fee-Based Revenue

$593$617

2005 2006Assets Under Management for all Fee-based Solutions and Accounts for Periods Ending 12/31

($B) (accounts)

Brokerage Revenue ($MM)

(12.7)

10.3

21.3

(0.2)

1Q06 2Q06 3Q06 4Q06

Net New Self Directed Accounts (000)

4%

0

5

10

15

20

25

30

35

2002 2003 2004 2005 20060

20,000

40,000

60,000

80,000

100,000

Assets Accounts

7

MassAffluent Wealthy Very

WealthyMid-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

Plus…Complex Trust

Alternative investments

Specialty Asset Management

Plus…Alternative asset

mgt productsPhilanthropic and

Foundation Services

PTMS / PIMS

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

The Private Bank Family Wealth Advisors

Philanthropic Management

Retirement Solutions

Columbia Management

Consumer Banking

CH

AN

NEL

Our Go-to-market Model

8

Growth Opportunities

• Affluent households own 77% of personal investable assets in U.S., growing 26% (or 4x rate of U.S. population) from 2006-2010

– We are growing Premier Banking & Investments into the leading franchise in the underserved mass affluent market.

• Wealthy households own 15% of personal investable assets in U.S., growing 36% (or 6x rate of U.S. population) from 2006-2010

– With current capabilities and addition of U.S. Trust, we create the largest private banking franchise in this fragmented market.

• Columbia Management is well positioned on strong investment performance and strong retail/institutional distribution

– Columbia Management is focused on taking greater share.

9

Leveraging the Strength of our Franchise

• 8MM affluent customer relationships

• Nearly 300,000 wealthy customer relationships

• Relationships with 30,000 middle market institutions

• Relationships with 80% of companies with pension assets of $200MM

10

Partnerships for Growth: Converted Client ReferralsWhy:• Best way to solve our clients’ needs• Deepening relationships with existing

clients represents best opportunity for profitable growth

• Leverages strength of our franchise by generating referrals for all lines of business

What’s involved:• Goals and incentives in all lines of

business • 46 local markets with GWIM leader• Personal and institutional client teams

drive teamwork across lines of business in each market

• Integrated client management process

2006

104,879

155,233

2005

48%

Converted Client Referrals

11

Investing Aggressively in Growth

• People

• Training

• Technology

• Marketing

• U.S. Trust acquisition

Growth Opportunities in Premier Banking & InvestmentsPat PhillipsPresident, Premier Banking & Investments

12

13

Premier Banking & Investments: Key Takeaways

• Bank of America has invested heavily in a scaled model that satisfies affluent clients’ banking & investing needs

• The business produces strong growth and profit, and deepens customer relationships

• We will grow through increased productivity, sales force expansion and by leveraging the strength of our franchise

14

Mass Affluent Segment

Share of U.S. personal investable assets

Who They Are

Source: IXI Xillionaires 2004-2005

MassAffluent

High NetWorth

Consumer

77%

9%

15%

Total personal investable assets : $17.5T

What They Want

Respect

Convenience

Advice

15

How we Serve our Affluent Clients in PB&I

Convenience• 5,800 stores, 17,000 ATMs• No. 1 Online Banking• Leading Online Brokerage

Dedicated Teams of Client Managers and Financial Advisors

• 4,400 professionals based in local markets nationwide

Priority service• Premier Relationship Center• BAI Investment Centers• 1,200 professionals

Relationship and Targeted Pricing• Mortgages• CD Rates• Money Market• $0 Online Equity Trades

16

Our Size, Scale and Market Position

Qualified Bank ofAmerica Customers

Premier Only orInvestments Only

Premier Banking &InvestmentsCombined

Relationships With Mass Affluent Households

4Q06 client balances• Average deposits of $96.5B• Average loans of $32.1B• Total client brokerage assets of $187.7B • Fee based assets of $18.6B

Market position• Unique service model• No. 1 affluent deposit market share• Highly rated online brokerage platform• Integration with Consumer Banking

1.4MM

8MM

BrokeragePremier

246K

Product penetration• 50% of Premier Banking & Investments

customers obtain their first mortgage through Bank of America

• 74% of Premier Banking & Investments customers obtain their home equity line / loan through Bank of America

• Approximately 1/3 of Premier Banking clients have an account with Banc of America Investment Services, Inc.

17

Improvement Achieved After Client Migration to PB&I

PB&I Test and Control Study of Premier Banking clients vs. similar Premier-eligible households that remain in Consumer Banking; results based on two year period from April 2004 to July 2006

22%

Better

Revenue Growth

8%

Better

Deposits

60%

Better

Credit Growth

159%

Better

Investment Growth

18

4Q04 4Q05 4Q06

DepositsMM MFOther Brokerage

PB&I Client Balances1 ($B)

244

285

131

94

159

29

97

4Q05 4Q06

32.126.6

20%

Delivering Growth Through Deeper Relationships…PB&I Client Average Loan Balances1 ($B)

20

75

12/31/05 12/31/06

Premier Households with Brokerage Relationship10%

246K223K

15

124

214

CAGR 15%

1Includes impact from Consumer migration

19

8.7

18.6

13.7

2004 2005 2006

…and Increased Financial Advisor Productivity

27%

40%49%

2004 2005 2006

$3.1 B $4.2 B

$7.1 B

2004 2005 2006

Recurring Revenue as a Percentage of Investments Revenue

Loans & Deposits Referred to Bankers by Financial Advisors

Premier Banking & InvestmentsInvestments Revenue

12% CAGR 51%

CAGR 46%

Fee Based Assets Under Management ($B)

$805 MM

$720 MM

2005 2006

20

Growth Initiatives

• Increased client contact leads to greater client delight

• Improved productivity

– Better use of technology

– Improved client selection

– Continued focus on partnerships

• Expanded sales force

21

Percent of PB&I markets with organic deposit growth

Two-Month Moving Average During 2006

10%

20%

30%

40%

50%

60%

70%

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

22

Growth Initiatives: Expand the Sales Force

5,0705,556

4,7214,048

5,940

1,812 2,104 2,320 2,624

75221

2,0482,134 1,895

1,9541,946

425311 315

409379798770

756

2003 2004 2005 2006 2007

Premier RelationshipCenterInvestment Center

Financial Advisors

CRC Client Managers

Premier ClientManagers

400

1,175

464

23

Premier Banking & Investments: Key Takeaways

• Bank of America has invested heavily in a scaled model that satisfies affluent clients’ banking & investing needs

• The business produces strong growth and profit, and deepens customer relationships

• We will grow through increased productivity, sales force expansion and by leveraging the strength of our franchise

Growth Opportunities in Private Wealth ManagementBrian MoynihanPresidentGlobal Wealth & Investment Management

24

25

Private Wealth Management: Key Takeaways

• The Private Bank of Bank of America is positioned for stronger growth

• The business becomes an even more powerful competitor combined with U.S. Trust

• We will grow the business by leveraging the franchise and through more disciplined relationship management

26

Wealthy Segment

Unique needs:• Wealthy clients want access to

more specialized and customized solutions

• 60% have relationships with at least five providers… but all want a primary advisor

• Business owners have accumulated wealth faster than industry has adapted to serving them

Share of U.S. Personal Investable Assets

1 Source: IXI Xillionaires 2004-2005

MassAffluent

High NetWorth

Consumer

77%

9%

15%

Total personal investable assets: $17.5Trillion1

27

Combining Strengths to Form Leading Wealth Manager

118,000 client relationships

2,500 ultra wealthy client relationships

$270 billion in assets under management

$6B in alternative investments

$16B in specialty asset management

No. 1 private bank and No. 5 wealth manager*

leadership across products, services

offices in 32 states, including CA, CT, MA, NY

strong brand awareness

enormous growth potential

The New Private Wealth Management at Bank of America

Pending legal closing. The proposed acquisition is subject to regulatory approval and, until such acquisition is consummated, U.S. Trust Corporation and Bank of America Corporation will remain separate and competing parties.

*Private Bank ranking reflects SEC Filings, Company 10Qs. Wealth Managers ranked by assets, based on individual clients with accounts of $1MM or more, in Barron’s June 30, 2006.

28

Our Size, Scale and Market PenetrationProducts and services• Trust and wealth transfer services• Liquidity management• Comprehensive investments• Credit expertise• Specialty asset management• Philanthropic services• Family Wealth Advisors Facets of Life analysis

Market position• Largest private banking footprint in the U.S.

with more than 150 locations• Leading private bank lender• Leading manager of oil and gas properties • No. 1 trust provider in the U.S.• No. 1 in foundation assets among U.S. banks• No. 1 manager of farm and ranch acreage

Client balances (2006)• Average deposits of $18.9B• Average loans of $31.2B• Assets under management of $171.8B• Brokerage assets of $28.3B

105,000

295,227

669,807

TotalHNW in

BACFootprint

PB Relationships

BAC

ClientsHNW

BAC Relationships With Wealthy Households

29

(1.6)

(3.2)

(4.9)

2004 2005 2006

Improving Performance Before the Merger

32.331.4

30.730.530.429.629.6

30.1

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

26.9 25.7

20.818.6 18.6 18.6 18.6

20.0

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

Loans ($B) Deposits ($B)

Assets Under Management ($B) AUM Net Flows ($B)

CAGR 5%

CAGR 3%

164.6

162.9

165.1164.0

166.0

163.7

166.6

171.9

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

30

40%50%

2005 2006

Growth Initiatives

• Increase sales capacity

• Enhance client experience and improve productivity

– Client Management Process

– Integrated desktop tool

– Private Bank Relationship Center

• Deposits and liquidity

• Alternative investments

• Wealth transfer / business owners

• Focused markets (exit International)

2,0772,051

1,934

2005 2006 2007

Sales People

Client Delight (Top 2 Box Delight)

31

Private Wealth Management: Key Takeaways

• The Private Bank of Bank of America is positioned for stronger growth

• The business becomes an even more powerful competitor combined with U.S. Trust

• We will grow the business by leveraging the franchise and through more disciplined relationship management

Growth Opportunities in Asset ManagementKeith BanksPresident, Columbia Management

32

33

Asset Management: Key Takeaways

• Columbia Management is well positioned given its scale, breadth of products and strong investment performance

• We will take share across asset classes by capitalizing on strong performance and more intensive distribution efforts

• We will compete to win a greater share from Bank of America’s institutional clients

• Our strategic focus is on alternatives, international and retirement solutions to drive longer term growth

34

Columbia Management

AUM By Client Segment (As of 12/31/06)

Retail

Institutional

27%

45%

28%

High NetWorth

Assets under management: $543B (as of 12/31/06)26th largest asset manager globally1

15th largest U.S. based asset manager1

8th largest U.S. mutual fund family2

6th largest global money fund manager3

Total Assets Under Management ($B)Columbia Management and Affiliates

$482$451

$543

1Ranked by worldwide AUM as of 12/31/05, according to Pension & Investments, 5/29/06 2Source: Strategic Insight, 12/31/06; 3) Source: iMoneyNet,12/31/06

201 215 248

96 83 87

154184

208

0

100

200

300

400

500

600

2004 2005 2006

Equity Fixed Income Money Mkt/ Other

CAGR 10%

35

Integration Highlights

• Reduced number of retail mutual funds by more than 30%

• Consolidated 6 fixed-income product centers into 2

• Consolidated core vendors providing services

• Returned more than $200 million in savings to mutual fund shareholders through reduced expense ratios, since 2005

36

Morningstar Equity Fund Rankings By Firm – 1 Year

1 Columbia Management 43 66,467 30.1 83.7%2 GE Group 14 11,525 32.0 78.6%3 Royce 16 23,066 33.4 68.8%4 JP Morgan 50 45,589 34.8 80.0%5 Vanguard 26 243,904 35.8 73.1%6 AIM Investments 42 55,427 37.6 59.5%7 Eaton Vance 29 19,552 37.9 65.5%8 American Funds 12 696,057 39.4 66.7%9 Allianz Funds 30 22,454 39.7 66.7%10 Janus 48 78,140 40.6 60.4%11 Evergreen 22 18,349 42.4 54.5%12 Hartford Mutual Funds 54 76,710 43.1 66.7%13 MFS 28 52,079 43.2 57.1%14 T. Rowe Price 43 145,960 43.4 55.8%15 Dreyfus Premier 34 12,367 44.2 58.8%16 SEI 11 18,464 44.5 63.6%17 Riversource 29 37,882 44.7 58.6%18 William Blair 12 11,875 44.7 58.3%19 ING Investors Trust 37 22,161 44.8 59.5%20 Wells Fargo Advantage 42 25,782 45.7 50.0%. . .52 Graham, Mayo, van Otterloo 23 53,792 68.6 17.4%

Average Rankings (min. 10 funds; $10 billion in AUM) as of 12/31/06Columbia Management based on Morningstar data; 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.

Rank Firm Count Assets 1 Yr Avg Mstar % Funds Above Median

37

Morningstar Equity Fund Rankings By Firm – 3 Year

1 JennisonDryden 17 17,990 27.3 76.5%2 Columbia Management 43 66,467 29.0 88.4%3 Vanguard 24 241,178 30.2 83.3%4 Waddell & Reed 11 15,341 31.6 81.8%5 Janus 42 77,845 32.3 71.4%6 Allianz Funds 25 22,392 33.0 72.0%7 T. Rowe Price 43 145,960 35.8 67.4%8 SEI 10 18,118 37.1 70,0%9 USAA 13 10,445 38.0 69.2%10 Neuberger Berman 12 21,084 38.1 75.0%11 Excelsior 12 12,627 38.3 75.0%12 American Funds 12 696,057 38.6 58.3%13 Royce 13 23,056 40.1 61.5%14 Principal Investors 30 20,094 40.1 73.3%15 AIM Investments 41 54,946 40.1 63.4%16 Blackrock 42 45,345 40.4 54.8%17 MFS 28 52,079 41.9 67.9%18 OppenheimerFunds 27 83,950 42.0 59.3%19 Fidelity Investments 143 600,530 42.1 61.5%20 Van Kampen 24 48,130 42.4 58.3%. . .50 Legg Mason Partners 23 36,107 69.3 21.7%

Rank Firm Count Assets 3 Yr Avg Mstar % Funds Above Median

Average Rankings (min. 10 funds; $10 billion in AUM) as of 12/31/06Columbia Management based on Morningstar data; 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.

38

Investment Performance in Fixed-Income and Money Market

Percentile Rankings for Taxable Fixed-Income & Money Market Funds based on 3-Year Performance

Columbia Taxable Fixed-Income Funds combined average ranking: 38.5th percentile when compared to industry competitors. Source: Columbia Management based on Morningstar data. Mutual Fund complexes with at least $3 B in assets and 5 taxable fixed income funds. Rankings include taxable fixed income funds thru 12/31/06

Columbia Money Market Funds combined average ranking: 16th percentile when compared to industry competitors. Source: iMoneyNet; Money Fund Complexes with at least $10 B in assets and 7 money market funds with similar investment categories as Columbia Management (account performance is simple weighted) thru 11/30/06

38th

percentile

16th

percentile

Taxable Fixed-Income Funds Money Market Funds

39

2004 2005 2006

Stronger Performance, Stronger Sales

Intermediary Net Sales ($B)

$1.6

$10.3

$13.83-year CAGR 194%

Intermediary sales rank of 173 wholesale complexes1

1. American Funds2. Franklin Templeton Investments3. Oppenheimer Funds, Inc.4. State Street Global Advisors5. Columbia Management

2005 2006

Institutional Short Term Net Sales ($B)

$10.2

$1.4

Institutional Long Term Net Sales ($B)

($8.6) ($0.6)

2005 2006

1Ranked by 2006 LT and ETF AUM, source: FRC

40

Equityget our fair share across breadth of product portfolio

Fixed Incometake it to a higher level and grow assets

Cashbuild upon our considerable strength

Plus,greater penetration of Bank of America institutional franchise

How we Realize Additional Growth

41

Increase Share With Existing Bank of America Clients

U.S. corporations with pension assets of $200MM or more hold $2.9T in assets

80% are Bank of Americaclients

Columbia Management share is < 3%

42

How We Realize the Opportunity

• Hired new head of distribution

• Rebuilding the sales team

• Broadening consultant advisory team

• Aligning ourselves with Client Management Process in GCIB

43

Columbia Management Long Term Strategic Initiatives

Alternatives

International

Retirement

44

Asset Management: Key Takeaways

• Columbia Management is well positioned given its scale, breadth of products and strong investment performance

• We will take share across asset classes by capitalizing on strong performance and more intensive distribution efforts

• We will compete to win a greater share from Bank of America’s institutional clients

• Our strategic focus is on alternatives, international and retirement solutions to drive longer term growth

45

Global Wealth & Investment Management: Summary

• We are a large and profitable competitor in attractive businesses and markets

• Our competitive position and integrated model provides strong growth opportunities

• Our best and most efficient way to grow is to leverage the strength of our franchise

• We are capturing those growth opportunities, but there is much more ahead of us, and we are continuing to invest aggressively to capture it

Enterprise Risk ManagementAmy BrinkleyChief Risk Officer

48

Our Core Capability is Managing Risk to Enable Growth

• Begins with a culture of performance management andaccountability

• Comprehensive & dynamic: Credit, Market, Operational and Strategic

• Forward-looking: Insight and information to define risk appetite and to grow

Sustainable growth

49

Protecting and Growing Shareholder Value

Competitive Advantages:

• Unique insight

• Broad capabilities to take and manage risk intentionally

• Comprehensive and integrated management of risk and reward

Changing Environment:

• Evolving customer needs

• Unprecedented liquidity

• New global realities

Our processes identify opportunities and risks that drive changes to our business models.

50

15%8% 9%

8% 8%11%

50%

36% 33% 32%

29%

48% 50% 53%

4%

6%

Positioning our Economic Capital for Growth

• Capital well aligned to earnings and clients

• Supports consumer growth initiatives

• Focused reduction in GCIB credit capital

• Created more capital velocity in GCIB

Capital Net Income100% 100%

2000Capital Net Income

100% 100%

2006

Other

GWIM

GCIB

GCSBB

51

Consumer Health

• Despite consumers’ increasing levels of financial obligations relative to income, consumer aggregate net worth is at its highest levels and growing at a healthy pace

• However, stress within the sub prime market may have an adverse impact on some local markets and specific communities

(20,000)

0

20,000

40,000

60,000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

$B

Real Estate Assets Financial Assets Liabilities Net Worth

Source: Federal Reserve, Flow of Funds

Household Balance Sheet(as of September)

52

Our Managed Consumer Portfolio is a Balanced Mix of Traditional Products

• 8% YOY Growth• 57% Consumer Real Estate• 30% Consumer Card

Total Consumer Average Balances$553.6B

Home Equity15%

US Consumer Card25%

Consumer Finance4%

DFS 6%

Other Consumer3%

Residential Mortgage42%

Foreign ConsumerCard 5%

53

Consumer Real Estate Asset Quality

Home Equity

Avg. FICO 724

Avg. LTV 63%

1st Mortgage- Originated and Serviced

Avg. FICO 729

Avg. LTV 57%

1st Mortgage- Serviced By Others

Avg. FICO 750

Avg. LTV 56%

Asset Quality of the Consumer Real Estate portfolio is strong.

31%

42%

27%

Note: All FICOs and LTVs current or refreshed

54

Proprietary Insight as a Competitive Advantage Relationship Results in Improved Credit Performance

• We have been increasing our use of analytics to understand customer behavior

• This knowledge allows us to optimize our business model for the customer segments that we target

Credit Quality

Del

inqu

ency

Rat

e

High Credit ScoreLow Credit Score

Credit Performance of Total Market

Credit Performance, both “On-Us” & “Off-Us”, of a BAC Customer with a Large Deposit Balance

Credit Performance, “On-Us” only, of a BAC customer with a Large Deposit Balance

At the same credit score, relationship customersoutperform the market

55

Commercial Health• Corporate profits continue to grow

• Credit statistic trends remain favorable

• Market liquidity is strong

Current vs. Projected S&P Earnings Growth

Source: Thompson Financial

5%

10%

15%

20%

25%

30%

2Q 03

4Q 03

2Q 04

4Q 04

2Q 05

4Q 05

2Q 06

4Q 06

E

2Q 07

E

Qua

rter

ly S

&P

500

Earn

ings

Gro

wth

Projected Growth Start of Quarter Actual (blended) GrowthFirst Call AnalystEstimates

High Grade Leverage and Coverage

Source: Banc of America Securities, LLC and Factset.

Med

ian

Rat

io o

f Net

Deb

t to

LTM

EB

ITD

A

Med

ian

Rat

io L

TM E

BIT

DA

to L

TM In

tere

st E

xpen

se

1.5

1.7

1.9

2.1

2.3

2.5

2.7

Mar-90

Mar-92

Mar-94

Mar-96

Mar-98

Mar-00

Mar-02

Mar-04

Mar-06

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

Median Net Leverage Median Coverage

High Yield Leverage and Coverage

Source: Banc of America Securities, LLC and Factset.

Med

ian

Rat

io o

f Net

Deb

t to

LTM

EB

ITD

A

Med

ian

Rat

io L

TM E

BIT

DA

to L

TM In

tere

st E

xpen

se

2.5

2.72.9

3.1

3.33.5

3.7

3.94.1

4.3

1Q95

1Q96

1Q97

1Q98

1Q99

1Q00

1Q01

1Q02

1Q03

1Q04

1Q05

1Q06

2.5

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

Med Net Debt Leverage Med Coverage

56

Managing Commercial Credit Risk

Advantages in Managing Risk

• Industry insights and focus

• Market knowledge enabling an originate to distribute strategy

• Managing risk globally across products and client segments

Our Strengths

• Breadth of client access

• Capital markets and distribution

• Integrated risk structure

57

Commercial Credit Risk Profile

• Rebalanced the portfolio• Improved risk evaluation and monitoring tools

GIB33%

GMG11%

Aviation0%

Leasing5%

Business Banking4%

Business Capital2% DFS

2%

CREB11%

CB Regions22%

Other10%

Other17%

CB Regions22%

CREB14%

DFS3%

Business Capital4%

Business Banking7%

Leasing9%

Aviation1%

GMG5%

GIB18%

Commercial Banking46%

Corporate Banking44%

Other10%

Corporate Banking23%

Other17%

Commercial Banking60%

Average Funded Commitments 4Q06

$238.5B

Commitments as of 12/31/06

$618.0B

58

Commercial Credit Industry Profile

• Effective management of industry and single name concentrations• Increased distribution risk in high-return leveraged finance activities• Improved revenue mix and more efficient use of capital

Commitments by Industry12/31/06

Real Estate12%

Diversified financials11%

Retailing & Consumer Products*

9%

Government & public education

6%

Capital Goods6%

Banks & insurance*8%

Individuals and trusts5%

Materials5%

Commercial services and supplies

4%

Food Products*4%

Media & Telecom*4%

Energy*6%

Technology* 3% Other*

7%

Healthcare equipment and

services5%

Consumer services5%

59

Credit Comments

0.72%0.72%43,900Other Commercial

$238,454Total Commercial

553,573Total Consumer

*Average Annual RAM: 7.5 - 8.5%

Expected AverageActual LossesAverage

Balances($MM)

30-60 bps0.04%0.20%143,293Commercial Banking

30-60 bps(0.14%)(0.27%)51,261Corporate Banking

COMMERCIAL (Held)

1.45%2.30%71,524Other Consumer

500-550 bps3.90%5.54%165,991Consumer Credit Card*

<10 bps0.03%0.03%$316,058Consumer Real Estate

Over a cycle200620054Q06CONSUMER (Managed)

60

Managing Market Risk

MarketRisk

New Products• Risk forums• New Products

Committee

Counter Party Risk• Ongoing due diligence• Market focused • Collateral requirements

Proactive Risk Mitigation• Market focused• Structuring risk• Hedging

Stress Analysis• Historical simulation• Event specific scenarios• Hypothetical scenario• Business specific

stress

VaR• Directionality• Volatility• Correlation• Concentration

• Integrated Risk Management (Market, Credit, Structuring) aligned with each business line

• Risk limits set to encourage velocity and distribution

61

Improved Revenue Generation From Market Based Activities

• 96% of days with positive revenue in 2006 vs. 86% in 2005• No trading days in 2006 with losses greater than $10mm• VaR maintained at ~$41mm

Histogram of Daily Market Related Trading Revenue

0

10

20

30

40

50

60

70

80

90

less than-20

-20 to -10

-10 to 0 0 to 10 10 to 20 20 to 30 30 to 40 40 to 50 greaterthan 50Revenue ($MM)

Num

ber o

f Day

s2005 2006

62

Managing Operational Risk

• Information security

• Business continuity

• Vendor management

• Talent

63

Protecting and Growing Shareholder Equity

Changing Environment:

• Evolving customer needs, intense competition

• Unprecedented liquidity, convergence of risks

• New global realities

Competitive Advantages:

• Unique insight

• Broader capabilities, more choices to take and manage risk more strategically

• Manage all risks that impact our business

Financial Management Joe PriceChief Financial Officer

Chan MartinTreasurer

66

Bank of America Financial Management

• Generate diverse revenue stream through customer/client activity

• Manage resulting interest rate risk in changing environment

• Maintain capital and liquidity strength

• Manage capital advantageously

67

Financial Strength

Earnings

Liquidity Capital

68

44%56%

Net Interest Income Noninterest Income

2001$36B*

52%48%

2006$74B*

Diverse Revenue Sources

* GAAP, FTE basis

69

History of Revenue Growth

* 2001 – 2003 reflect summation of line items from former Fleet, MBNA and Bank of America financial statements. For 2004 – 2005 please refer to the Form 8-K filed April 10, 2006.

4% CAGR

7% CAGR

Pro Forma FTE Revenue

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2001 2002 2003 2004 2005 2006

$ m

illio

ns

Net Interest Income Noninterest Income

70

Noninterest Revenue Diversity – 2006 $38 Billion

Mortgage Banking Income

1%

Service Charges

21%

Card Income38%

Other6%Equity Gains

8%

Investment Banking

6%

Trading8%

Investment & Brokerage

12%

Global Corporate & Investment

Banking31%

Global Wealth &

Investment Management

10%

Global Consumer &

Small Business

54%

Other5%

Noninterest Revenue by Product/Activity

Noninterest Revenue by Segment

71

Where We’ve Come From

*Pro Forma Basis

Held Core NII Trends* vs Market Spread Compression

-

2,000

4,000

6,000

8,000

10,0001Q

04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

Cor

e N

II ($

Mill

ions

)

(50 bps.)

50 bps.

150 bps.

250 bps.

350 bps.

5-Year CMS vs. 3-month LiborCombined Core NII

72

2006 Revenue Growth

Pro Forma FTE Revenue

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2001 2002 2003 2004 2005 2006

$ m

illio

ns

Net Interest Income Noninterest Income

3%

18%

2006 Growth

* 2001 – 2003 reflect summation of line items from former Fleet, MBNA and Bank of America financial statements. For 2004 – 2005 please refer to the Form 8-K filed April 10, 2006.

73

How Environment has Changed

• Abundant liquidity

• Productivity and technology impacts

• Innovative financial products

• Greater financial transparency

• Monetary policy

• Term structure of rates

74

Interest Rate Risk Management

• Interest rate sensitivity

• Mortgage balances

• Proprietary information

75

Positioning Bank of America for Success

• Diversity of revenue provides stability through cycles

• Focused on growing across enterprise to drive revenue

• Manage revenue stream holistically

• Achieving results from integrated banking

76 2006

104,879

155,233

2005

48%

22%

Better

Revenue Growth

8%

Better

Deposits

60%

Better

Credit Growth

159%

Better

Investment Growth

YOY Revenue

Growth Lift

Dual Coverage Momentum

CMAS

Treasury Services

Business Lending

+33% GrowthProduct Mix and Revenue Growth

+80%

+18%

+12%27%

41%

32%

23%

36%

41%

2005 2006

Client Improvement After Premier Banking Acceptance

GWIM Converted Client Referrals

Integrated Banking Coming to Life

• Migrating Premier relationships to GWIM

• Consumer channel diversification

• Originations distributed through GCIB

77

Our Positioning for Tomorrow

• Pressure on 2007 NII growth

• Strength of businesses sustainable

• Value of diverse revenue mix

Liquidity and Capital Strength

79

Liquidity – Time to Required Funding

Time to Required Funding

15

18

21

24

27

30

3320

01

2002

2003

2004

2005

2006

Mon

ths

Bef

ore

Mar

ket A

cces

s is

Req

uire

d

Time to Required Funding Maximum Target Minimum Target

80

Diversity of Debt Issuance

Long-Term Debt Portfolio

2001 2006

InstitutionalUSD86%

InstitutionalNon-USD

8%Retail

6%

InstitutionalNon-USD

34%

Retail22%

InstitutionalUSD44%

81

Capital Strength and Ratios

Total Assets $1,460 $1,292

Total Shareholders’ Equity $135 $102

Tier 1 Capital Ratio 8.64% 8.25%

Tier 1 Leverage Ratio 6.36% 5.91%

Number Common Shares O/S 4.46 4.00

2006 2005

(in billions, as of 12/31)

Capital Usage

83

BusinessGrowth

Capital Usage

Strong Balance Sheet

Share Repurchases

Acquisitions

Dividends

$27 Billion Cash Flow

84

Making Good Capital Decisions

Enhance multicultural strategy

Gain scale in merchant services business

Capital Investment Primary Advantage

Tap into tremendous growth of Chinese economy

Complete national franchise and entry into NE wealth markets

Enhance capability to serve high-net worth

Become premier payments provider and leverage products and distribution

U.S. Trust

MBNA

Fleet

China Construction Bank

National Processing

Santander Serfin

85

Actively Managing Excess Capital

• Returned more than $80 billion in capital since 1998

• Repurchases plus dividends have averaged 80% of net income

($ in millions)

$35,611

$44,626

1998 1999 2000 2001 2002 2003 2004 2005 2006 Cumulative

Tier 1 7.06%

Tier 1 8.64%

$80,237

Capital returned as % of earnings 88 84 96 89 91 636358 91 80

Dividends Repurchases

86

Longer-term Financial Objectives

10% EPS growth to be driven by:

• 6% to 9% revenue growth

• 2% to 4% operating leverage

• Manageable credit costs

• Advantageous capital management

87

Summary

• Generate diverse revenue stream through customer / client activity

• Manage resulting interest rate risk in changing environment

• Maintain capital and liquidity strength

• Manage capital advantageously