Global Corporate and Investment Banking Gene Taylor Bank of America Vice Chairman and Global Corporate and Investment Banking President

Forward Looking Statements This presentation contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forwardlooking 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 reduce interest margins and impact funding sources; 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. 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.

2

Bank of America Business Client Coverage Global Corporate and Investment Banking

Global Commercial Banking

• Middle Market Banking $20MM -$2B sales • Business Banking – $2.5MM-$20MM sales

Corporations with > $2B sales

Institutional investors • Mutual funds • Pension funds

• Industry coverage

• Hedge funds • Healthcare

• Corporate Investors

• Natural Resources

• Asset managers

• Consumer/Retail • Financial Inst.

• Real Estate

• Gaming

• Technology/ Media/Telecom

• Bus. and Info. Services

• Leasing

• Business Capital

Global Markets

• Sponsors

• Commercial Real Estate Banking

• Dealer Financial Services

3

Global Investment Banking

• Global Industries

• Foreign reserve managers

2006 Bank of America Revenue / Earnings

Revenue Wealth Mgt. 10%

Global Corporate and Investment Banking 31%

4

Earnings

Other 3%

Wealth Mgt. 11%

Consumer Bank 56%

Global Corporate and Investment Banking 32%

Other 4%

Consumer Bank 53%

Global Corporate and Investment Banking 2006 Revenue and Earnings

Revenue ALM/Other 9%

Earnings

Treasury 30%

ALM/Other includes LatAm and Asia Commerical

Business Lending 33%

Cap Mkts/Adv Svcs 25%

Cap Mkts/Adv Svcs 36%

5

ALM/Other 10%

Business Lending 25%

Treasury 32%

Global Corporate and Investment Banking Strategy for Growth

Deepen client relationships/ develop new ones

Increase our international presence

Strategically deploy capital

6

Goals by 2011 • Increase revenues by $10 billion • Increase earnings by $3 billion

Where We Can Be Bigger • Business Banking: Increase number of clients/Increase sales of credit and cash management products • Middle Market Leveraged Finance: Increase loan origination and distribution through structured products channels • Electronic Payments: Sell more electronic payments products to clients of all size • Investment Banking in Targeted Client Groups: Focus on Middle Market clients, Financial Institutions and Financial Sponsor fee pools • International Cash Management: Increase our 2 percent non-U.S. international market share • International Investment Banking/Capital Markets: Greater market share in leveraged finance, structured finance, liquid products 7

International Opportunity Bank of America 2005 Revenue gap to top 3 Competitors in Capital Markets and Advisory Services 12

$11.5 2

10 8

3.6

6 4 5.9

2

$1.1

0 Top 3

Debt S&T

8

0.1 0.1 0.9

Bank of America

Equity S&T

Investment Banking

Attracting New Talent in Capital Markets/Investment Banking – 2005/2006 Total Capital Markets/Investment Banking Associate Growth: 2,800 +15% +14% +11%

Cap Mkts/Inv Bnkg

9

Sales/Trading

Debt/Equity Research

Global Corporate and Investment Banking Mixed Results vs. Peers Revenue Growth 2006 v. 2005

10

Peer Group Average

Bank of America

M&A

+26%

+15%

Debt Underwriting

+29%

+38%

Equity Underwriting

+28%

+16%

Debt Sales and Trading

+29%

+21%

Equity Sales and Trading

+45%

+6%

Winning New Business Deal

11

Bank of America Role

Investment Dealers Digest Recognition

• Advisor to Sponsor consortium • Joint lead arranger and book-running manager on financing • Equity bridge commitment

M&A Deal of the Year Healthcare Deal of the Year

• Advisor to Blackstone • Joint book-runner on CMBS financing • Equity bridge commitment

Real Estate Deal of the Year

• Advisor to Sponsor consortium • Joint lead manager on financing

Technology Deal of the Year

Investor Quality Scores

3rd

2006

9th

2004

Fixed Income Quality Index1

Overall Debt Research Ranking2

12

1Source: 2Source:

5th 7th

2006 2004

Independent research company Institutional Investor, September, October, 2006

Overall Equity Research Ranking2

6th

2006

9th

2004

Global Corporate and Investment Banking Revenue Distribution in 2011 Product

Region 3% 8%

5%

24%

28%

14%

31% 32% 89%

45%

40%

2006 Business Lending

13

81%

2011 Treasury

Cap Mkts/Adv Svcs

2006 Asia

2011 EMEA

U.S.

Global Corporate and Investment Banking How we will Grow FOCUS

+

INTEGRATION

+

EXECUTION

Deepen client relationships/ develop new ones

Increase our international presence

Strategically deploy capital

14

Goals by 2011 • Increase revenues by $10 billion • Increase earnings by $3 billion

Bank of America Business Client Coverage Global Corporate and Investment Banking

Global Commercial Banking

• Middle Market Banking $20MM -$2B sales • Business Banking – $2.5MM-$20MM sales

Corporations with > $2B sales

Institutional investors • Mutual funds • Pension funds

• Industry coverage

• Hedge funds • Healthcare

• Corporate Investors

• Natural Resources

• Asset managers

• Consumer/Retail • Financial Inst.

• Real Estate

• Gaming

• Technology/ Media/Telecom

• Bus. and Info. Services

• Leasing

• Business Capital

Global Markets

• Sponsors

• Commercial Real Estate Banking

• Dealer Financial Services

15

Global Investment Banking

• Global Industries

• Foreign reserve managers

Global Commercial Banking Overview David Darnell President, Global Commercial Banking

Bank of America Business Client Coverage

Consumer Banking Mass Market Small Business

17

Global Corporate & Investment Banking Global Commercial Banking

Global Investment Banking

Global Markets

Bank of America Business Client Coverage

Consumer Banking Mass Market Small Business

Global Corporate & Investment Banking Global Commercial Banking

Global Investment Banking

• Business Banking • Middle Market Banking • Commercial Real Estate Banking • Leasing • Dealer Financial Services • Business Capital

18

Global Markets

Global Commercial Banking – Strategic Initiatives FOCUS

+

INTEGRATION

+

Deepen Client Relationships

Goals by 2011

Grow Market Share

Increase revenues by $3.5 billion in 5 years

Strategically Deploy Capital

19

EXECUTION

Integrated Delivery Extended Team Interest Rate Protection Specialist

Investment Banker

Client Manager Leasing Specialist

Credit Risk Management

Treasury Mgmt. Sales Officer

CLIENT

Credit Products Officer

Commercial Service Center

International Banker Private/Premier Banker

Core Client Team Other Product Specialists

Investment Specialist

Foreign Exchange Specialist

20

Global Commercial Banking: Revenue Diversity Revenue By Product

Investment Banking 4%

Other 11%

Treasury 44%

Commercial Credit 34% Consumer Credit 7%

Commercial Credit represents 34% of GCB revenues vs. 58% in 2000

21

Client Management Process

Client Team Activities • Client/Prospect Calls • Client Planning Sessions

Client

Tools & Technology • Action Plans • Desktop Sales Tools

22

Management & Inspection • Activity Metrics • Outcome Metrics • Client Feedback • Compensation aligned with Revenue Growth

Client Management Process At Work

August 22, 2006

has merged with

Banc of America Securities LLC acted as a financial advisor to Shurgard Storage Centers, Inc.

23

Global Commercial Banking -- Deepen Client Relationships FOCUS

+

Deepen Client Relationships

INTEGRATION

+

EXECUTION

• Focus on Targeted Clients: – Middle Market Banking – Business Banking (credit & treasury)

Goals by 2011 Increase revenues by $3.5 billion in 5 years

24

Growth Opportunity

Expanding Middle Market Relationships

Strategy # of Clients

25

Expand & Deepen

Top 10%

Aggressively Grow

Remaining Targeted

Average Average Products per Revenue per Relationship Relationship

1,644

8.4

$1,921M

14,801

5.4

$187M

Global Commercial Banking -- Deepen Client Relationships FOCUS

+

Deepen Client Relationships

INTEGRATION

+

EXECUTION

• Focus on Targeted Clients: – Middle Market Banking – Business Banking (credit & treasury)

Goals by 2011 Increase revenues by $3.5 billion in 5 years

26

Growth Opportunity

Business Banking Client Expansion ($ in thousands)

CMP Success Increased From To

27

Goal

Products/Relationship

3.0

4.0

5.0

Revenue/Relationship

$11.6

$12.8

$15.0

Treasury Penetration

36%

40%

50%

Credit Penetration

38%

46%

52%

Global Commercial Banking– Grow Market Share FOCUS

28

+

INTEGRATION

+

EXECUTION

Increase Client Penetration

Focus on Targeted Clients • Middle Market Banking • Business Banking (credit & treasury)

Grow Market Share

• Business Banking • Middle Market Investment Banking • International (Treasury Management)

Goals by 2011

Increase revenues by $3.5 billion in 5 years

Growth Opportunity

Middle Market Investment Banking Dual Coverage Momentum Product Mix and Revenue Growth % +33

YOY Revenue Growth Lift

wth G ro

CMAS

32%

41%

+80%

41%

36%

+18%

27%

23%

+12%

Treasury Services

Business Lending

2005

2006 Revenue Mix

Market Share of Total Fees Paid 29

9%

11%

GCB Clients Investment Banking Wallet BAC Middle Market Share of Wallet 2006 Commercial IB Fee Pool = $4.1B

30

Dual Coverage

Non-Dual Coverage

11.3%

6.4%

International Growth

Opportunity:

Grow Treasury Management market share

Management

31

Focus:

U.S. clients doing business in Europe/Asia

Integration:

Execution of CMP in Europe/Asia

Global Commercial Banking – Strategically Deploy Capital FOCUS

32

+

INTEGRATION

+

EXECUTION

Increase Client Penetration

• Focus on Targeted Clients:

Grow Market Share

• Business Banking • Middle Market Investment Banking • International (Treasury Management)

Strategically Deploy Capital

• International Banking • Treasury Management • Business Banking

–Middle Market Banking –Business Banking

Goals by 2011

Increase revenues by $3.5 billion in 5 years

Global Commercial Banking – Strategic Initiatives FOCUS

+

INTEGRATION

+

Deepen Client Relationships

Goals by 2011

Grow Market Share

Increase revenues by $3.5 billion in 5 years

Strategically Deploy Capital

33

EXECUTION

Global Investment Banking Brian Brille Global Head of Investment Banking

Bank of America Business Client Coverage Global Corporate & Investment Banking Global Commercial Banking

Global Investment Banking

Global Markets

• Manages Bank of America’s relationships with large and mid-cap corporate clients • Delivers full spectrum of Bank of America’s products • Employs integrated corporate and investment banking model • Coverage teams span ten industry groups, including Financial Sponsors

35

Global Investment Banking – Strategic Themes FOCUS

+

INTEGRATION

+

EXECUTION

Goals by 2011

Integrated Delivery of the Bank’s Capabilities

Capture Largest Fee Pool Opportunities

Grow International Presence

36

• Drive $2.5 billion in incremental corporate and investment banking revenues • Achieve Top 3 share in U.S. investment banking • Become a Top 10 investment bank in Europe

Integrated Delivery of the Bank’s Capabilities FOCUS

Integrated Delivery of the Bank’s Capabilities

37

+

INTEGRATION

+

EXECUTION

• Integrated corporate and investment bank • Dual coverage of commercial bank clients • Universal bank partnerships - Global Wealth & Investment Management

Key Decision Maker

Team

Integrated Corporate and Investment Banking Model Quarterbacks

Superior Ideas and Solutions CLIENT SOLUTIONS

Board of Directors

Assistant Treasurer

ers geTeam Memb era Cov

Capital Raising & Capital Management

ers

Treasurer

eTeam Mem b

Head of Corporate Development

Client-focused team providing strategically aligned and integrated coverage

erag

CFO

Cov

CEO

Strategic & Financial Advisory

Investment Banker

Corporate Banker

Transaction Services & Operating Products

Primary Investment Banking Focus Joint Investment Banking and Corporate Banking Focus Primary Corporate Banking Focus

38

PRODUCT HUBS

„ „ „ „ „ „ „ „ „ „ „ „ „ „ „

M&A Equities Convertibles Debt High Grade & High Yield Debt Structured Finance Restructurings Investment Grade Loan Syndications Liquid Products Asset Backed Finance Private Placements Public Finance Credit & Leasing Treasury & Trade Wealth Management Asset Management

Integrated Delivery Initiatives Global Commercial Banking • Dual coverage of 1,300 commercial banking clients Global Markets • Early engagement of product teams (e.g. FX and Derivatives) in all capital raising and advisory situations to increase event driven revenues Global Wealth & Investment Management • Cross referral program to expand business opportunities Global Treasury Services • Leverage market leadership in GTS to drive increased revenues in both treasury services and investment banking products

39

Global Treasury Services Growth Opportunity Global Treasury Services Penetration of Corporate Clients

Number of Products Per Relationship

80.0% 6.7

66.0% 5.7

2006

2011

2006

• Corporate clients generate $2.0 billion, or 30%, of total GTS revenues. • Significant revenue lift from multi-product relationships • Important strategic relationship lever

40

2011

Largest Fee Pool Opportunities FOCUS

+

INTEGRATION

+

EXECUTION

Integrated Delivery of the Bank’s Capabilities

Largest Fee Pool Opportunities

41

• Under-penetrated, high-fee pool industries • M&A and Equity Capital Markets • Financial Sponsors

Growing Investment Banking Fee Pools Global Fee Pools 2002 - 2006 By Product ($B)

Global Fee Pools 2002 - 2006 By Geography ($B)

CAGR

$62

$76

19%

24

17%

CAGR

$62

$54

$54

$76

19%

17

24%

27

22%

32

15%

13

21 $45

$45 19

21

$38

20%

7

16

13

16 14

16

12

13 31

14

15

2002

2003 M&A

42

10 22

18

10

$38

12

19

2004

21%

25

2005

Equity

Source: Thomson Financial / Freeman & Co

Debt

2006

18

21

2002

2003 US

25

26

2004

2005

EMEA

Other

2006

Investment Banking - Relative Market Position 2006 U.S. Fee Pool Share 8.4%

8.4%

6.9%

6.7% 6.1% 5.5%

5.4%

5.2% 4.5% 3.1%

43

JPM

GS

CITI

1

2

3

Source: Thomson Financial / Freeman & Co

MS 4

ML 5

BAS 6

LEH

CS

UBS

WACH

7

8

9

10

Strong U.S. Investment Banking Product Momentum League Table Position: 1999 to 2006 1

2nd 2nd

3rd

5

6th 9th

10

5th 8th

9th

10th

11th

13th 15

20

21st 25

Loan Syndications

High Grade

High Yield 1999

44

Converts

Equities 2006

M&A

U.S. Investment Banking Fee Pools by Industry 2006 U.S. Fee Pools by Industry Group ($B) $7.2 $5.7 $5.1 $3.7

$3.4

$3.2 $2.3 $1.0

BAC Rank

45

FIG

TMT

GIG

Nat Re

HC

REG

C&R

#7

#11

#4

#9

#1

#1

#3

Source: Thomson Financial / Freeman & Co

Bus Svcs

#5

Financial Institutions Universal bank model positions Bank of America well 2006 Financial Institutions Fee Pools by Product ($B) $8.0

$7.2

2006 Financial Institutions U.S. Share By Competitor By Product 900 11.0%

$6.8

7.0

750 9.1%

6.0

8.4% 600

5.0

7.2%

$4.1

4.0

450

3.0

300

6.9% 5.9% 4.3%

3.8% 3.7% 3.7%

2.0 150

1.0 0

0.0 US

EMEA

Other

M&A

Equity

Debt

Rank:

46

Source: Thomson Financial / Freeman & Co

GS

CITI

MS

ML

JPM

LEH

BAS

UBS

CS

WACH

1

2

3

4

5

6

7

8

9

10

M&A

Equity

Debt

Financial Sponsors Evolution of sponsor market presents attractive opportunities Total U.S. LBO Volume 1996 – 2006 ($B) 25% 22% 21%

$350

18%

300

17%

20% $315

Volume

13%

15%

$198

200 $137

8%

10%

150 4% 100 50

3%

3%

$29

$29

1996

1997

3%

$95

5%

$63 $41

$41

$41

$23

2000

2001

5%

0

47

1998

Source: Buyouts Magazine: Completed Deals

1999

2002

2003

2004

2005

2006

0%

% of Overall M&A

250

Financial Sponsors – Strategies for Growth Financial Sponsors 2006 Fee Pools by Product ($B)

$8.0

Financial Sponsors 2006 U.S. Fee Pools by Competitor By Product

800

$7.2

10.2% 9.7%

7.0

8.7%

6.0

600 7.0% 6.8%

5.0

6.5% 5.9% 5.8%

$4.2 4.0

400

5.4% 4.4%

3.0 2.0

200

$0.7

1.0 0.0

0

US M&A

EMEA Equity

Other Debt

Rank:

JPM

GS

CS

CITI

1

2

3

4

M&A

48

Source: Thomson Financial / Freeman & Co

LEH BAS 5

6

Equity

DB

MS

ML

UBS

7

8

9

10

Debt

Grow International Presence FOCUS

+

INTEGRATION

+

EXECUTION

Integrated Delivery of the Bank’s Capabilities

Capture Largest Fee Pool Opportunities

Grow International Presence

49

• Financial Sponsors / Leveraged Finance • Financial Institutions • Lever U.S strengths

Global Investment Banking – Grow International Presence

• Core competency in leveraged finance

Financial Sponsors

50

• Strong sponsor relationships in U.S. • Sponsor fee pool in Europe growing rapidly

Financial Institutions

• Integrated approach with Global Markets

Lever U.S. strengths

• Capture international business of U.S. clients

• Leverage corporate banking opportunities

• Serve European clients with ties to U.S. markets

Become a top 10 investment bank in Europe

Strong Growth Rate,Yet Room to Grow Bank of America has outperformed its peer group, albeit off a smaller base IB Revenues in ($MM) 28% $3,653

31% $1,891 $273 $295 $1,323 2005

$1,146

$898 $1,572

$2,476 $316 $338

$1,251

$1,822

$1,504

2006 Debt U/W

2005 Advisory

$1,941

2006

Equity U/W

Bank of America 51

$4,659

Source: GCIB Finance, & Externally Reported Financials. Peer Group includes JPM, CITI, GS, MS, MER, BSC, LEH

Peer Group

Global Investment Banking – Strategic Themes FOCUS

+

INTEGRATION

+

EXECUTION

Goals by 2011

Integrated Delivery of the Bank’s Capabilities

Capture Largest Fee Pool Opportunities

Grow International Presence

52

• Drive $2.5 billion in incremental corporate and investment banking revenue • Achieve Top 3 share in U.S. investment banking • Become a Top 10 investment bank in Europe

Global Markets Mark Werner Head of Global Markets

Bank of America Business Client Coverage Global Corporate & Investment Banking

Global Commercial Banking

• Middle Market Banking $20MM -$2B sales • Business Banking - $2.5 MM-$20MM sales

Corporations with > $2B sales

Institutional investors • Mutual funds • Pension funds

• Industry coverage

• Hedge funds • Healthcare

• Corporate Investors

• Natural Resources

• Asset managers

• Consumer/Retail • Financial Inst.

• Real Estate

• Gaming

• Technology/ Media/Telecom

• Bus. & Info. Services

• Leasing

• Business Capital

Global Markets

• Sponsors

• Commercial Real Estate Banking

• Dealer Financial Services

55

Global Investment Banking

• Global Industries

• Foreign reserve managers

Global Markets – Strategic Themes FOCUS

+

INTEGRATION

+

EXECUTION

INCREASE CLIENT PENETRATION

GROW INTERNATIONAL PRESENCE

STRATEGICALLY DEPLOY CAPITAL

56

Goals by 2011 • Increase revenues by $4 billion in 5 years • Become top 3 broker-dealer to targeted institutional clients • Reach top 10 standing in Europe

Global Markets – Increase Client Penetration FOCUS

+

INTEGRATION

+

EXECUTION

INCREASE CLIENT PENETRATION • • •

57

Target Clients Integrate across Bank of America Build Infrastructure

Global Markets – Increase Client Penetration 1

Shift of fee pools toward Hedge Funds, Financial Institutions Hedge Funds Banks/Insurance Other Institutional Investors

• Target Clients • Integrate Across Bank • Build infrastructure

1993

2

2004

Shift of assets toward Fixed Income

Fixed Income/other

Equity 2001 58

Q106

Global Markets – Increase Client Penetration

Commercial • Target Clients • Integrate Across Bank • Build infrastructure

Consumer

Global Markets

Corporate Investments

59

Global Wealth and Investment Management

Global Markets – Increase Client Penetration

• Target Clients • Integrate Across Bank • Build infrastructure

E-TRADING

FASTER

ANALYTICS

SMARTER

CLIENT PROFITABILITY

60

BETTER

Global Markets – Increase Client Penetration Increased revenues with top Fixed Incomeoriented Hedge Funds, Financial Institutions and Asset Managers

Target Clients

50%

+ Integrate Across Bank

=

+ Build infrastructure Current Sales & Trading Revenues

61

Estimated Sales and Trading Revenues by 2011

Global Markets – Grow International Presence FOCUS

+

INTEGRATION

+

EXECUTION

INCREASE CLIENT PENETRATION

GROW INTERNATIONAL PRESENCE

62

• Leverage U.S. platform overseas • Invest in Liquid Products, Equity Derivatives, Institutional Distribution, Structured Products

Global Markets – Grow International Presence Leverage strong U.S. position

Liquid Products

63

• Leading U.S. Swap House with Corporate and Institutional Investors

Equity Derivatives

• Top Equity Derivative House

Structured Products

• Top Real Estate Finance House • IFR “CDO House of the Year”

Become a top 10 investment bank in Europe

Global Markets – Grow International Presence

64

Liquid Products

• Local Client Coverage • Structured Rates and Interest Rate Derivatives • Primary Dealership

Equity Derivatives

• Structured Derivatives • Third Party Distribution • Institutional Sales Coverage

Structured Products

• Real Estate Finance • Collateralized Debt Obligations (CDOs) • Structured Credit

Become a top 10 investment bank in Europe

Global Markets – Strategically Deploy Capital FOCUS

+

INTEGRATION

+

EXECUTION

INCREASE CLIENT PENETRATION

GROW INTERNATIONAL PRESENCE

STRATEGICALLY DEPLOY CAPITAL

65

• Increase Share in Core Trading Franchises and Structured Solutions • Build out Principal Finance, Special Situations, and Commodities

Global Markets – Strategically Deploy Capital

Structured Finance and International

Commodities and Principal Finance Build out new businesses

Structured Solutions

Core Trading Capabilities

Market Making Activities 66

Global Markets – Strategically Deploy Capital

Commodities and Principal Finance

Build out Structured new Solutions businesses Core Trading Capabilities

Market Making Activities 67

Rationale • Capitalize on market growth • Leverage strengths • Client demand for capital • Utilize integrated model

Global Markets – Strategically Deploy Capital Commercial Bank

Global Markets

Middle Market Finance Group Client Managers

Institutional Investor Clients

Banks

Insurance Origination Structuring Distribution

68

Hedge Funds

Global Markets – Strategic Themes FOCUS

+

INTEGRATION

+

EXECUTION

INCREASE CLIENT PENETRATION

GROW INTERNATIONAL PRESENCE

STRATEGICALLY DEPLOY CAPITAL

69

Goals by 2011 • Increase revenues by $4 billion in 5 years • Become a top 3 broker-dealer to targeted institutional clients • Reach top 10 standing in Europe

Global Treasury Services Cathy Bessant President, Global Treasury Services

Global Treasury Services

• Position of strength: Operating performance and market share • Organic growth opportunities are significant • Strategic deployment of capital to preserve existing share and accelerate organic growth

71

Bank of America is the Dominant Global Provider of Treasury Services With a Track Record of Strong Growth 2005-2006 Global Competitor Treasury Revenue ($B)

BAC Global Treasury Services Revenue Growth ($B)

6.7

6.7

6.0

6.0

5.2 4.8

4.9

2003-

5.2

3.5

2,294 2.3

2.5

2,515 2.5

($B)

CAGR

1.6

19%

3,405 3.3

Net Interest Income

2.6 2,611

Noninterest Income .3

4%

1.9

12%

----

13.2%

4,015 3.9

4.1 2.7

2.5 2,518

2005 2006 2005 2006 2005 2006 2005 2006

BAC

JPM

Citi

Wach

2006 Efficiency Ratio

48.6%

56%

66.2%

n/m

2006 Op Lvg

8.3%

3.7%

2.9%

n/m

2003 Transaction Volume

2.7 2,689

2.8 2,760

2004

2005

2006

12.1

13.0

13.7

(Billions)

• #1 global provider as measured by total treasury revenue • Revenue growth of 12% (CAGR) since 2003 72

Source: Derived from company earnings reports

2006

Achievement of Organic Growth Objectives will be Supported by Strategic Capital Deployment

• Expand sales, fulfillment and servicing capabilities across all of our client segments • Strengthen international capabilities to ensure global competence • Significant investment in technology and platform

73

Expanded Distribution will Enable Client Acquisition and Deeper Penetration

Sales

Fulfillment

Service

• Expand sales distribution by ~30% • Institutionalize world class processes to ensure rapid revenue realization and sustainable, superior service levels • Enhance expertise and capabilities in strategic industry verticals

74

Strengthen International Capabilities to Ensure Global Competence International Capabilities are Valued by Corporate Clients

Client International Activities

75%

2003

84%

2005

87%

2006

BAC Share of Client Wallet by % of Client Treasury Activity Outside U.S.

BAC Share of Client Treasury Wallet

U.S. Middle Market Companies Doing Business Internationally

40%

42%

33%

0-10% ex-US

10-50% ex-US

>50% ex-US

Source: BAC Survey of Middle Market CFOs

% Client Treasury Activity Outside U.S.

• Gaining international share drives more U.S. share • 92% of our strategic investment has international relevance

75

Electronic Payment Trend Creates Unique Growth Opportunity for Bank of America Forecast US Industry Transaction Growth Rates

BAC Total Volume Trends

12%

80% 60%

Electronic

40%

Paper

20% Image

Source: McKinsey/Global Concepts

76

2005

2006

Nov.

Sept.

July

May

Mar.

Jan.

Nov.

July

May

Sept.

Electronic Paper 2004-2009 CAGR

Mar.

0% Jan.

2%

Investment in Technology Creates Opportunity to Seize Share in Emerging Electronic Channels BAC U.S. Paper Product Market Position

BAC U.S. Electronic Product Position Rank

Share

Wholesale Lockbox

1

32%

ACH Credit Origination 2

14%

Check Clearing

1

25%

Fedwire

2

10%

Controlled Disbursements 1

23%

Purchase Card

3

12%

Acct Reconcilement

21%

Electronic Data Interchange

3

12%

Internet Info Reporting 3

10%

1

ACH Debit Origination

• Objective: grow share in electronic capabilities • 40% of investment targeted to electronic capabilities 77

Share

Rank

Source: Compiled from multiple industry publications

5

6%

Global Treasury Services is Positioned for Growth

• Position of strength • Organic growth opportunities are significant • Accelerating investment in growth

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