Growth Opportunities in Global Wealth & Investment Management Brian Moynihan President Global Wealth & Investment Management

Global Wealth & Investment Management is a division of Bank of America Corporation. Banc of America Investment Services, Inc.®, The Private Bank of Bank of America and Columbia Management are all affiliates within Global Wealth & Investment Management. Premier Banking & Investments TM is offered through Bank of America Premier Banking® and Banc of America Investment Services, Inc. Banking products are provided by Bank of America, N.A., member FDIC. Investment products:

Banc of America Investment Services, Inc. is a registered broker-dealer, member NASD and SIPC, and a nonbank subsidiary of Bank of America, N.A. The Private Bank is a unit of Bank of America, N.A. Columbia Management is the primary investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and advise institutional and mutual fund portfolios. The Consulting Services Group is a division of Banc of America Investment Advisors, Inc. (BAIA). BAIA is an SEC-registered investment adviser and wholly-owned subsidiary of Bank of America, N.A. Ser

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Are Not FDIC Insured

May Lose Value

Are Not Bank Guaranteed

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

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A Sizeable and Profitable Competitor 2006 ($B) Revenue1

$7.8

6.3

2.4

3.8

Assets under mgt.

542.9

12.6

Total client assets

790.3

11.6

61.5

13.7

115.1

(1.9)

Net income

Average loans Average deposits2 Efficiency ratio

51.5%

(0.8)

Return on equity

23.2%

0.7

Associates

4

1Includes 2Includes

Percent change

13,728

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

7.4

2006 Revenue Mix and Operating Margins Total Revenue by LOB

Total Revenue by Product

Other 5%

Columbia Management 20%

Premier Banking & Investments1 48%

All Other Income 6% Brokerage Loan NII 13% Income 8%

Asset Mgt Fees 36%

Deposit NII 34%

The Private Bank 27% Residual and Other NII 3% Line of Business

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1Premier

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%

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

Peer Comparison: Profitability 4Q06 Pre-tax Earnings of Major Competitors $956 $759 $649

$625 $520 $361

Pre-Tax Margin

6

BAC

MER

JPM

48%

23%

33%

C

23%

WB

MS

27%

17%

$249

$242

AMP

NTRS

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.

Trends in Asset Management

Asset Management Fees ($MM)

Assets Under Management ($B) 543

14% CAGR

11% CAGR 713 680 645

638

2Q05

3Q05

742

517

494

500

1Q06

2Q06

482

697

457

648

433

443

617 1Q05

7

4Q05

1Q06

2Q06

3Q06

4Q06

1Q05

2Q05

3Q05

4Q05

3Q06

4Q06

Trends in Loan, Deposit and Liquidity Balances Loans ($B)

Deposits ($B) 120

14% CAGR 57

55

59

64 62

60

CAGR 1%

118 116

119

115

114

114

114

4Q05

1Q06

2Q06

3Q06

53 51

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q05

2Q05

3Q05

Total BAC Liquidity1 Balance ($B) CAGR 2%

491.2

489.3

489.4

3Q05

4Q05

1Q06

485.4

493.8

492.7 487.7

476.7

1Q05 8

1Total

2Q05

liquidity balance includes deposits and Columbia retail money market funds

2Q06

3Q06

4Q06

4Q06

Trends in Brokerage Transactional/Fee-Based Revenue Brokerage Revenue ($MM)

Net New Self Directed Accounts (000) 21.3

4%

$617 10.3

$593 (0.2)

(12.7) 1Q06

2005

2Q06

3Q06

4Q06

2006

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

($B)

Assets

(accounts)

35

100,000

30

80,000

25 20

60,000

15

40,000

10 20,000

5 0 9

0 2002

2003

2004

2005

2006

Our Go-to-market Model Wealthy

Mid-Market Institutions

Large Institutions

$100K - $3MM

$3MM - $50MM

$50MM Plus

Banking, Borrowing, Saving

Integrated Banking & Investments

Wealth & Legacy Planning

Family Office, Investment Consulting

Investment & Distribution Policy, Trustee Services

Asset Management Excellence

Deposits,Loans

Plus…

Plus…

Plus…

Mutual Funds

Complex Trust

Alternative asset mgt products

Foundation, Charitable Giving

PRODUCTS

To $100K

Straightforward Investment Products

Integrated Banking and Investment

Insurance

Securities Brokerage

Alternative investments Specialty Asset Management

CHANNEL

Simple Trust

10

Very Wealthy

INVESTABLE ASSETS

Mass Affluent

NEED

Mass Market

Consumer Banking

Premier Banking & Investments

The Private Bank

Philanthropic and Foundation Services

To $250MM

$250MM Plus

Trustee Services

Liquidity Strategies

Investment Consulting

Separate Accounts

PTMS / PIMS

Retirement Administration

Family Wealth Advisors

Philanthropic Management Retirement Solutions

Columbia Management

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.

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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

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Partnerships for Growth: Converted Client Referrals Why: • 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

Converted Client Referrals 155,233 48% 104,879

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 13

2005

2006

Investing Aggressively in Growth • People • Training • Technology • Marketing • U.S. Trust acquisition

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Growth Opportunities in Premier Banking & Investments Pat Phillips President, Premier Banking & Investments

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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

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Mass Affluent Segment Who They Are

What They Want

Share of U.S. personal investable assets

Consumer High Net Worth

Advice

9% 15%

Convenience

77%

Respect Mass Affluent

Total personal investable assets : $17.5T

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Source:: IXI Xillionaires 2004-2005

How we Serve our Affluent Clients in PB&I 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 Convenience • 5,800 stores, 17,000 ATMs • No. 1 Online Banking • Leading Online Brokerage Relationship and Targeted Pricing • Mortgages • CD Rates • Money Market • $0 Online Equity Trades 18

Our Size, Scale and Market Position 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

Relationships With Mass Affluent Households 8MM

1.4MM 246K Qualified Bank of America Customers

Premier Only or Investments Only

Premier Banking & Investments Combined

Premier Brokerage 19

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

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.

Improvement Achieved After Client Migration to PB&I

159% 60%

Better 22%

Better

Better 8% Better Deposits

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Credit Growth

Investment Growth

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

Revenue Growth

Delivering Growth Through Deeper Relationships… PB&I Client Balances1 ($B) CAGR 15%

PB&I Client Average Loan Balances1 ($B)

285

244

20%

214 75

97

26.6

94 29

15

20

124

131

4Q04

4Q05

Deposits MM MF Other Brokerage

159

4Q05

4Q06

Premier Households with Brokerage Relationship 10% 246K 223K

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1Includes

32.1

impact from Consumer migration

12/31/05

12/31/06

4Q06

…and Increased Financial Advisor Productivity Premier Banking & Investments Investments Revenue 12%

Loans & Deposits Referred to Bankers by Financial Advisors

$805 MM

51% CAGR $4.2 B

$720 MM

$3.1 B

2005

2004

2006

Recurring Revenue as a Percentage of Investments Revenue

22

2006

18.6 46% CAGR 13.7

40% 27%

2005

Fee Based Assets Under Management ($B)

49%

2004

$7.1 B

8.7

2005

2006

2004

2005

2006

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

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Percent of PB&I markets with organic deposit growth

Two-Month Moving Average During 2006 70% 60% 50% 40% 30% 20% 10%

Feb

24

Mar

Apr May

Jun

Jul

Aug

Sep

Oct

Nov Dec

Growth Initiatives: Expand the Sales Force

5,581 5,087 4,721 4,048 400 425

464 311 2,134

756 315 1,890

2003

25

770 379

409 1,946 1,954 75

2,048

1,175

798

5,940

221

2,345

2,624

1,812

2,126

2004

2005

2006

2007

Premier Relationship Center Investment Center Financial Advisors CRC Client Managers Premier Client Managers

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

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Growth Opportunities in Private Wealth Management Brian Moynihan President Global Wealth & Investment Management

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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

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Wealthy Segment Share of U.S. Personal Investable Assets

• Wealthy clients want access to more specialized and customized solutions

Consumer High Net Worth

9%

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

15%

77% Mass Affluent Total personal investable assets: $17.5Trillion1

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1

Source: IXI Xillionaires 2004-2005

Unique needs:

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

Combining Strengths to Form Leading Wealth Manager The New Private Wealth Management at Bank of America

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

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.

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*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.

Our Size, Scale and Market Penetration Client balances (2006) • Average deposits of $18.9B • Average loans of $31.2B • Assets under management of $171.8B • Brokerage assets of $28.3B

BAC Relationships With Wealthy Households

Products 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

669,807

295,227

105,000

Total HNW in BAC Footprint 31

PB BAC HNW Relationships Clients

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

Improving Performance Before the Merger Loans ($B) CAGR 5% 29.6

1Q05

29.6

2Q05

30.1

30.4

30.5

Deposits ($B) 32.3

26.9

31.4

25.7

30.7

20.8

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q05

2Q05

3Q05

18.6

18.6

18.6

18.6

4Q05

1Q06

2Q06

3Q06

AUM Net Flows ($B)

Assets Under Management ($B) 171.9

3% CAGR

(1.6)

166.6

166.0 165.1

164.6

(3.2)

164.0

163.7

162.9

(4.9)

2004

1Q05

32

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

2005

2006

20.0

4Q06

Growth Initiatives Sales People

• Increase sales capacity

2,077 2,051

• Enhance client experience and improve productivity

1,934

– Client Management Process – Integrated desktop tool 2005

2006

2007

– Private Bank Relationship Center

• Deposits and liquidity

Client Delight (Top 2 Box Delight) 50%

• Alternative investments

40%

• Wealth transfer / business owners • Focused markets (exit International) 2005

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2006

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

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Growth Opportunities in Asset Management Keith Banks President, Columbia Management

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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

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

Assets under management: $543B (as of 12/31/06)1 26th largest asset manager globally2 15th largest U.S. based asset manager2 8th largest U.S. mutual fund family3 6th largest global money fund manager4

CAGR 10%

600

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

500

$543 $451

208

400

28%

27%

High Net Worth

154

Institutional

87

96

83

201

215

248

2004

2005

2006

200 100 0

Equity

37

184

300

Retail

45%

$482

Fixed Income

Money Mkt/ Other

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, 2006, Columbia Management and its affiliates managed assets of $517 billion. Columbia Management and its affiliates managed assets consists of assets under the discretionary management of the three registered investment advisors, Columbia Management Advisors, LLC ($331.4 billion), Columbia Wanger Asset Management, L.P. ($30.3 billion) and Marsico Capital Management, LLC ($76.3 billion); the Bank of America Private Bank; Banc of America Investment Services, Inc.; Banc of America Investment Advisors, Inc.; Bank of America Capital Advisors, LLC, and Premier Banking & Investments. 2Ranked by worldwide AUM as of 12/31/05, according to Pension & Investments, 5/29/06 3Source: Strategic Insight, 12/31/06; 4) Source: iMoneyNet,12/31/06

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

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

Money Market Funds

16th percentile 38th percentile

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 39

Stronger Performance, Stronger Sales Intermediary Net Sales ($B) 3-year CAGR 194%

$13.8

Institutional Short Term Net Sales ($B) $10.2

$10.3 $1.4 2005

2006

$1.6

2004

2005

2006

Institutional Long Term Net Sales ($B)

Intermediary sales rank of 173 wholesale complexes1 1. 2. 3. 4. 5. 40

American Funds Franklin Templeton Investments Oppenheimer Funds, Inc. State Street Global Advisors Columbia Management

1Ranked

by 2006 LT and ETF AUM, source: FRC

($8.6)

($0.6)

2005

2006

How we Realize Additional Growth

Equity get our fair share across breadth of product portfolio

Fixed Income take it to a higher level and grow assets

Cash build upon our considerable strength

Plus, greater penetration of Bank of America institutional franchise

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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 America clients

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

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Columbia Management Long Term Strategic Initiatives

Alternatives

International

Retirement

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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

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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

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