Global Wealth & Investment Management at Bank of America Brian Moynihan President Global Wealth & Investment Management

BancAnalysts Association of Boston November 2, 2006

Key Takeaways 1. GWIM is a large and successful competitor in its markets 2. GWIM provides strong returns for shareholders and holds strong relationships with clients 3. Our best opportunity is to leverage the strength of our franchise 4. We are capturing that opportunity, there is much more ahead of us, and we are investing further to capture more

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Strength of Bank of America Franchise Presence in markets that represent 76% of US population Relationship with 54MM domestic consumer and small business HH, and 98% of U.S. Fortune 500 # 1 in deposits, home equity, credit cards, SBA loans, online banking / bill pay, and cash management services for large and middle market institutions Relationship with 44% of mass affluent HH and 44% of wealthy HH in footprint

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Opportunity for Global Wealth & Investment Management Leveraging the strength of Bank of America: 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 4

A sizeable and successful competitor in the marketplace Q306

9/30/06 YTD GWIM Financials ($B) Revenue1

5.791

Net Income

1.801

AUM

517.1

Total Client Assets

749.2

Average Loans Average Deposits2

60.5 113.9

Efficiency ratio

51.4%

ROE

23.3%

Associates

13,179

1) includes $623mm deposit NII on migrated balances 2) includes $46bn of cumulative migrated average balances since 2004

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Our Go-to-Market Model Mass Affluent

Wealthy

Very Wealthy

To $100K

$100K - $3MM

$3MM - $50MM

$50MM Plus

Banking, Borrowing, Saving

Integrated Banking & Investments

Wealth & Legacy Planning

Family Office Investment Consulting

Deposits,Loans

Plus…

Plus…

Plus…

Trust

Alternative asset mgt products

PRODUCTS

NEED

INVESTABLE ASSETS

Mass Market

Straightforward Investment Products

Integrated Banking and Investment

Insurance

Securities Brokerage

BAC CHANNEL

Trust Consumer Banking

Specialty Asset Management The Private Bank

Philanthropic and Foundation Services

To $250MM

Institutions $250MM Plus

Investment & Asset Management Distribution Policy Excellence Trustee Services Foundation, Charitable Giving

Mutual Funds

Trustee Services

Liquidity Strategies

Investment Consulting

Separate Accounts

PTMS / PIMS

Retirement Administration

Family Wealth Advisors

Philanthropic Management

Columbia Management

Retirement Solutions

9/30/06 YTD Revenue % of GWIM Total 1 Includes

Premier Banking & Investments

Alternative investments

Mid-Market Institutions

$2.8B1 48%

migrated deposit revenue carried in other

$1.6B 27%

$1.1B 19% 6

Mass Affluent Segment Share of U.S. personal investable assets

Premier Banking & Investments Unique full service model for mass affluent Highly rated integrated platform for selfdirected Total client balances (as of 9/30/06) Deposits of $92.8B (average) Loans of $30.8B (average) Brokerage assets of $180B

Consumer High Net Worth

9% 15%

77% Mass Affluent Total personal inve stable asse ts: $1 7.5T1 1 8.5 MM

Percentage of segment who use this product

BAC Relationships with Mass Affluent Households

Bank of America penetration 1 4 MM

8 MM

U.S. Mass Affluent HH

Mass Affluent in Footprint

BAC Mass Affluent Customers

1) source: IXI Xillionaires 2004-2005

741 K

1 ,1 28 K

Premier Client HH

BAI Client HH

237 K

100 90 80 70 60 50 40 30 20 10 0

CKG

SVG

Card

Online

MTGE

HELOC

INV

PB&I HH

7

Achieving Growth in Premier Banking & Investments Premier HH with brokerage relationship 32% 9%

237K

28%

Client Loans & Deposits referred from FAs to CMs $3.5B $3.2B $2.3B

217K

9/30/05

9/30/06

2004

PB&I Client Balances ($B) $241

13%

93 Deposits

27 153

129

MM MF Other Brokerage Q3 2005

Q3 2005

YTD 2006

PB&I Client Average Loan Balances ($B) $30.8 23% $25.0

$273

95 17

2005

Q3 2006

Q3 2006 8

Investing to Seize Affluent Opportunity 2,600

2,400 2,292

2,200

2,147

2,179

2,172

2,173

2,134

2,196

Client Managers

2,126 2,072 2,032 1,969

2,000

1,925

FTE

1,906

1,890

1,967

1,812

1,873

1,869

1,905

Financial Advisors

1,800 1,695

1,600

1,400 1,304 1,236 1,200

1,000 1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

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Wealthy Segment Share of U.S. personal investable assets

Client balances (as of 9/30/06) Deposits of $18.6B (average) Average loans of $31.4B (average) AUM of $166.6B Brokerage assets of $25.6B Family Wealth Advisors built out

Consumer High Net Worth

9% 15%

77% Mass Affluent

Percentage of segment who use this product

Total pe rsonal investable assets: $1 7.5T1

BAC Relationships with Wealthy Households 669,807

295,227

114,206

Total HNW in BAC Footprint 1) source: IXI Xillionaires 2004-2005

BAC HNW Clients

PB Clients

Bank of America penetration 100 90 80 70 60 50 40 30 20 10 0

CKG

C.Loans

MTGE

HELOC

TRST

INV

10

How We’re Capturing the Wealthy Opportunity Investing in client facing FTE

Converted referrals from GCIB to GWIM

2684

Leveraging GCIB relationships through integrated delivery Introducing new products

4%

2573

Raising already strong client delight to new levels through Client Connections 9/30/05 YTD

9/30/06 YTD

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Columbia Management AUM by client segment (as of 9/30/06)

26th largest asset manager globally1 15th largest U.S. based asset manager1 6th largest U.S. mutual fund family2 Leading liquidity asset manager

27.6% High Net Worth

Total Asset Under Management ($B) Columbia Management and affiliates Equity

Fixed Income

600 500

$429

43.7%

Money Mkt/ Other

Institutional

$457

$24.4B

198 144 95

$23.4B

162

300

100

Retail

$517

400

200

28.7%

85

87

183

210

232

9/30/04

9/30/05

9/30/06

Net Flows

0

1) Ranked by worldwide AUM as of 12/31/05, according to Pension & Investments, 5/29/06 2) Source: Bloomberg, 10/24/06

2005

YTD 9/30/06

Stronger Performance, Stronger Sales

88%

Intermediary Gross Sales ($B)

77% 61%

$28.8

53%

$25.8 $21.3

9/30/05

9/30/06

2004

2005

YTD 9/30/06

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

See corresponding end notes on page 16 13

Partnerships for Growth: Converted Client Referrals Why: Best way to solve our clients’ needs

Converted Client Referrals

Deepening relationships with existing customers represents best opportunity for profitable growth

116,8801 71%

Leverages strength of our franchise by generating referrals for all LOB Strengthens teamwork across lines of business in each market

68,1351

What’s involved: 43 local markets with GWIM leader Personal and institutional client teams drive teamwork Referral guidelines ensure right channel Appropriate incentives for fulfilling clients’ needs

9/30/05 YTD

9/30/06 YTD

1) Excluding migration from GCSBB

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Key Takeaways 1. GWIM is a large and successful competitor in its markets 2. GWIM provides strong returns for shareholders and holds strong relationships with clients 3. Our best opportunity is to leverage the strength of our franchise 4. We are capturing that opportunity, there is much more ahead of us, and we are investing further to capture more

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End Notes Notes for Page 13 (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 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.

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