Financial Management Joe PriceChief Financial Officer

Chan MartinTreasurer

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Forward Looking StatementsThis presentation contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment 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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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

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Financial Strength

Earnings

Liquidity Capital

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44%56%

Net Interest Income Noninterest Income

2001$36B*

52%48%

2006$74B*

Diverse Revenue Sources

* GAAP, FTE basis

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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

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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

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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

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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.

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How Environment has Changed

• Abundant liquidity

• Productivity and technology impacts

• Innovative financial products

• Greater financial transparency

• Monetary policy

• Term structure of rates

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Interest Rate Risk Management

• Interest rate sensitivity

• Mortgage balances

• Proprietary information

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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

13 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

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Our Positioning for Tomorrow

• Pressure on 2007 NII growth

• Strength of businesses sustainable

• Value of diverse revenue mix

Liquidity and Capital Strength

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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

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Diversity of Debt Issuance

Long-Term Debt Portfolio

2001 2006

InstitutionalUSD86%

InstitutionalNon-USD

8%Retail

6%

InstitutionalNon-USD

34%

Retail22%

InstitutionalUSD44%

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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

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BusinessGrowth

Capital Usage

Strong Balance Sheet

Share Repurchases

Acquisitions

Dividends

$27 Billion Cash Flow

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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

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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

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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

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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