8-K

As filed with the Securities and Exchange Commission on April 21, 2008.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

April 21, 2008

BANK OF AMERICA CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-6523

(Commission File Number)

56-0906609

(IRS Employer Identification No.)

100 North Tryon Street

Charlotte, North Carolina 28255

(Address of principal executive offices)

(800) 299-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 21, 2008, Bank of America Corporation (the “Registrant”) announced financial results for the first quarter ended March 31, 2008, reporting first quarter net income of $1.21 billion and diluted earnings per common share of $0.23. A copy of the press release announcing the Registrant’s results for the first quarter ended March 31, 2008 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 7.01. REGULATION FD DISCLOSURE.

On April 21, 2008, the Registrant held an investor conference call and webcast to disclose financial results for the first quarter ended March 31, 2008. The Supplemental Information package for use during this conference call is furnished herewith as Exhibit 99.2 and incorporated by reference in Item 7.01. All information in the Supplemental Information package is presented as of March 31, 2008, and the Registrant does not assume any obligation to correct or update said information in the future.

The information in the preceding paragraph, as well as Exhibit 99.2 referenced therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in filings under the Securities Act of 1933.

ITEM 8.01. OTHER EVENTS.

On April 21, 2008, the Registrant announced financial results for the first quarter ended March 31, 2008, reporting first quarter net income of $1.21 billion and diluted earnings per common share of $0.23. A copy of the press release announcing the Registrant’s results for the first quarter ended March 31, 2008 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

The following exhibits are filed herewith:

EXHIBIT NO.
99.1	Press Release dated April 21, 2008 with respect to the Registrant’s financial results for the first quarter ended March 31, 2008
99.2	Supplemental Information prepared for use on April 21, 2008 in connection with financial results for the first quarter ended March 31, 2008

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BANK OF AMERICA CORPORATION
By:	/s/ Neil A. Cotty
	Neil A. Cotty
	Chief Accounting Officer

Dated: April 21, 2008

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated April 21, 2008 with respect to the Registrant’s financial results for the first quarter ended March 31, 2008
99.2	Supplemental Information prepared for use on April 21, 2008 in connection with financial results for the first quarter ended March 31, 2008

EX-99.1

Exhibit 99.1

April 21, 2008

Investors May Contact:

Kevin Stitt, Bank of America, 704.386.5667

Lee McEntire, Bank of America, 704.388.6780

Leyla Pakzad, Bank of America, 704.386.2024

Reporters May Contact:

Jerry Dubrowski, Bank of America, 1.980.387.9660

jerome.f.dubrowski@bankofamerica.com

Scott Silvestri, Bank of America, 1.980.388.9921

scott.silvestri@bankofamerica.com

Bank of America Earns $1.21 Billion, or $0.23 per Share, in the First Quarter

Adds $3.30 billion to loan loss reserve

First-quarter trading losses, writedowns lower than fourth quarter

Equity investment gains of $776 million from the Visa IPO

Deposit growth accelerates

Commercial lending strength continues

CHARLOTTE — Bank of America Corporation today reported first-quarter 2008 net income declined to $1.21 billion from $5.26 billion a year earlier. Diluted earnings per share fell 80 percent to $0.23 from $1.16 in the same period in 2007.

“Despite revenue growth in most of our businesses, these results clearly did not meet our expectations,” said Kenneth D. Lewis, chairman and chief executive officer. “The weakness in the economy and prolonged disruptions in the capital markets took their toll on our performance. That said, we are continuing to invest in growth initiatives across the company, and believe our core strengths—including our diverse income stream, liquidity and capital—put us in a strong position to withstand the jolts to the system and emerge even stronger when conditions improve.”

With regard to the outlook for the U.S. economy, Lewis noted that gross domestic product (GDP) growth is expected to be minimal at best in the second quarter, with a slight pickup in the second half of the year.

“Our earnings power from our core business activities is strong and growing,” Lewis added. “We are bringing innovative new products to market, taking market share and expanding customer relationships across the company. Nevertheless, we remain concerned about the health of the consumer given the prolonged housing slump, subprime issues, employment levels and higher fuel and food prices.”

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The primary factors reducing first-quarter earnings were the following:

• Provision expense increased by $4.78 billion from a year-ago, to $6.01 billion due to rising credit costs – particularly in the home equity, small business and homebuilder portfolios – including a $3.30 billion increase to the reserve.

• Trading-related losses were $1.31 billion compared with income of $1.66 billion a year earlier, driven primarily by $1.47 billion in writedowns of collateralized debt obligations (CDOs) and $439 million in writedowns of leveraged loans. Trading-related losses were $5.15 billion in the fourth quarter of 2007, which included CDO-related writedowns of $5.28 billion.

First Quarter 2008 Business Highlights

• Total retail sales increased 10 percent to 13 million products, driven by strong growth in checking and savings, debit and online banking. Net new retail checking accounts grew 14 percent or by 557,000. Key contributors of growth include free Online Checking and our Affinity and Group Banking products. Additionally 45 percent of new checking account openings participated in Keep the Change^TM, Bank of America’s savings program that combines debit cards and deposit products.

• Total average retail deposits increased $51 billion, or 11 percent, on solid increases in certificates of deposit and consumer checking accounts and the addition of U.S. Trust and LaSalle. Debit card purchase volume increased 15 percent.

• Direct-to-consumer mortgage originations in the quarter rose 32 percent, resulting in the highest quarter since 2003, as low mortgage rates in January spurred refinancing activity.

• Business Lending, a unit within Global Corporate and Investment Banking, had organic loan growth of 11 percent, or 30 percent including the acquisition of LaSalle. Capital Markets and Advisory Services, also within Global Corporate and Investment Banking, had a record quarter in foreign exchange, a very strong quarter in interest rate products and earned a #3 ranking in U.S. equity underwriting.¹

• Within Global Wealth and Investment Management, loans rose 30 percent and deposits increased 29 percent, including the impact of the U.S. Trust and LaSalle acquisitions.

¹ Based on Thomson Financial Rankings

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• Total assets under management (AUM) in Global Wealth and Investment Management increased to more than $607 billion, including the impact of the U.S. Trust and LaSalle acquisitions and the sale of Marsico Capital Management in the second half of 2007. On a 1-year and 3-year AUM-weighted basis, 75 percent and 86 percent, respectively, of the Columbia and Excelsior equity funds were in the top 2 performance quartiles compared with their peer group. ²

• The integration of U.S. Trust and LaSalle remains on schedule. In May, U.S. Trust is scheduled to convert trust, custody and investment management accounts for legacy U.S. Trust clients to the Bank of America platform, and LaSalle will convert to the Bank of America brand, providing LaSalle customers with even greater access to Bank of America products and services. The Countrywide acquisition is still expected to close in the third quarter of 2008.

First Quarter 2008 Business Accomplishments

• The $0 Online Equity Trades initiative resulted in more than 20,000 net new self-directed accounts.

• Mobile Banking recorded approximately 224,000 activations reaching 840,000 active customers.

• Keep the Change^™ reached 8 million net new enrollments since inception, with 974,000 customers alone signing up in the first quarter.

• Columbia Management ranked #1 out of 61 mutual fund families by Lipper/Barron’s in its annual Fund Families Survey for the 5 year period ending December 31, 2007.³

First Quarter 2008 Financial Summary

Revenue and Expense

Revenue net of interest expense on a fully taxable-equivalent basis declined 6 percent to $17.30 billion from $18.48 billion in the first quarter a year earlier.

Net interest income on a fully taxable-equivalent basis rose 20 percent to $10.29 billion from $8.60 billion in the first quarter of 2007 on strong loan growth; an increase from market-based net interest income; and the addition of LaSalle. The increase was partially offset by higher funding costs. The net interest yield improved 12 basis points to 2.73 percent.

² Results shown are defined by Global Wealth and Investment Management’s calculation of the percentage of assets under management in the top two quartiles of categories based on Morningstar as of March 31, 2008. The category percentile rank was calculated by ranking the one and three year net returns of share classes within the categories. The assets of the number of funds within the top 2 quartile results were added and then divided by Columbia Management’s total equity fund assets under management. Past performance is no guarantee of future results. The share class earning the ranking may have limited eligibility and may not be available to all investors.

³Barron’s, February 4, 2008. Rankings for the five year period include performance of Excelsior Funds that were acquired by Bank of America Corporation from U.S. Trust on July 1, 2007. For additional important information, please refer to page 10 of this Press Release.

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Noninterest income declined 29 percent to $7.01 billion from $9.89 billion a year earlier. Increases in service charges, card income, mortgage-banking income and investment and brokerage services were more than offset by trading account losses and lower other income related to CDO writedowns. Equity investment income remained essentially unchanged as the gain from the Visa, Inc. initial public offering was offset by reductions in Principal Investing gains.

Noninterest expense was relatively flat compared to a year earlier as lower personnel expenses and the reversal of litigation costs related to Visa were offset by modest increases in most other expense categories. Pretax merger and restructuring charges related to acquisitions were $170 million compared with $111 million a year earlier due to the addition of U.S. Trust and LaSalle.

Credit Quality

Credit quality deteriorated from more favorable levels experienced in the first half of 2007. Weak markets, particularly geographic regions that have experienced the most significant home price declines, and the slowing economy resulted in credit deterioration in several portfolios particularly home equity, small business and homebuilders.

Provision expense rose $4.78 billion from the year-ago period mainly because of additions to the allowance for loan and lease losses in consumer and commercial portfolios directly tied to housing. Portfolio seasoning and the impact of a slowing economy on domestic consumer and small business portfolios also drove reserve additions compared with reductions a year earlier from securitization activities and the sale of a portfolio. Net charge-offs increased $1.29 billion from a year ago, also reflecting housing market deterioration and slowing economic conditions.

• Provision for credit losses was $6.01 billion, up from $3.31 billion in the fourth quarter of 2007, and $1.24 billion in the first quarter of 2007.

• Net charge-offs were $2.72 billion, or 1.25 percent, of total average loans and leases compared with $1.99 billion, or 0.91 percent, in the fourth quarter of 2007 and $1.43 billion, or 0.81 percent, in the first quarter of 2007.

• Total managed net losses were $4.14 billion, or 1.69 percent, of total average managed loans and leases compared with $3.31 billion, or 1.34 percent, in the fourth quarter of 2007 and $2.57 billion, or 1.26 percent, in the first quarter of 2007.

• Nonperforming assets were $7.83 billion, or 0.90 percent, of total loans, leases and foreclosed properties at quarter-end compared to $5.95 billion, or 0.68 percent, at December 31, 2007 and $2.06 billion, or 0.29 percent, at March 31, 2007. Results for the period ended March 31, 2007 do not include LaSalle.

• The allowance for loan and lease losses was $14.89 billion, or 1.71 percent, of loans and leases measured at historical cost, at March 31, 2008. That compared with $11.59 billion, or 1.33 percent, at December 31, 2007 and $8.73 billion, or 1.21 percent, at March 31, 2007. Results for the period ended March 31, 2007 do not include LaSalle.

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Capital Management

Total shareholders’ equity was $156.31 billion at March 31. Period-end assets were $1.74 trillion. The Tier 1 Capital ratio was 7.51 percent, up from 6.87 percent at December 31, 2007 after the company raised about $13 billion in capital through the issuance of preferred stock in January. The Tier 1 ratio was 8.57 percent in the year ago quarter.

Bank of America paid a cash dividend of $0.64 per share in the quarter. The company also issued about 15 million common shares primarily related to restricted stock activity and did not repurchase any shares. Period-end common shares issued and outstanding were 4.45 billion for the first quarter of 2008 and 4.44 billion for the fourth and first quarters of 2007.

2008 First Quarter Business Segment Results

Global Consumer and Small Business Banking¹

(Dollars in millions)	Q1 2008			Q1 2007
Total managed revenue, net of interest expense2	$	13,306		$	11,331
Provision for credit losses		6,452			2,411
Noninterest expense		5,139			4,675
Net income		1,090			2,672
Efficiency ratio		38.62	%		41.26	%
Return on average equity		6.64			17.62
Managed loans3	$	363,001		$	308,105
Deposits3		343,436			326,480
	At 3/31/08			At 3/31/07
Period ending deposits	$	349,606		$	334,918

¹  Managed basis. Managed basis assumes that loans that have been securitized were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e. held loans) are presented. For more information and detailed reconciliation, please refer to the data pages supplied with this Press Release.

²  Fully taxable-equivalent basis

³  Balances averaged for period

Managed net revenue rose 17 percent as mortgage banking income more than doubled and both card income and service charges increased 14 percent helping generate a 30 percent increase in noninterest income.

Net income fell 59 percent from a year ago, as credit costs rose and expenses increased 10 percent.

The provision for credit losses increased by $4.04 billion to $6.45 billion compared with a year ago. The increase was due to reserve additions for home equity reflecting the impacts of housing weakness and the slowing economy, as well as seasoning of the consumer portfolios and deterioration in the small business portfolio. Net losses increased $1.25 billion to $3.69 billion, reflecting housing market deterioration and weakened economic conditions.

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• Deposits net revenue declined 4 percent to $4.09 billion as spread compression and competitive pricing of deposits negatively impacted net interest income despite strong average deposit growth of 5 percent. Noninterest expenses increased $327 million, largely due to the acquisition of LaSalle and higher deposit levels and transaction volume, resulting in net income of $995 million, down 25 percent.

• Card Services managed net revenue increased 21 percent to $7.33 billion due to 15 percent growth in net interest income and 33 percent growth in noninterest income driven by 14 percent growth in average loans and leases, Card Services allocation of the Visa, Inc. IPO gain and higher card income. Net income of $670 million was down 39 percent as the higher net revenue and the reversal of litigation costs related to Visa were more than offset by higher credit costs.

• Consumer Real Estate had $1.31 billion in net revenue, a 57 percent increase, as mortgage banking income more than doubled to $656 million. Net income fell to a loss of $773 million due to higher credit costs related to deterioration in the home equity portfolio.

Global Corporate and Investment Banking

(Dollars in millions)	Q1 2008			Q1 2007
Total revenue, net of interest expense1	$	3,168		$	5,400
Provision for credit losses		523			115
Noninterest expense		2,461			2,930
Net income		115			1,477
Efficiency ratio		77.68	%		54.26	%
Return on average equity		0.78			14.41
Loans and leases2	$	324,733		$	247,898
Trading-related assets2		361,921			360,530
Deposits2		235,800			208,561

¹  Fully taxable-equivalent basis

²  Balances averaged for period

Net revenue decreased 41 percent and net income fell 92 percent on CDO and leveraged finance-related writedowns. Also impacting net income was an increase in credit costs offset in part by a decline in noninterest expense.

The provision for credit losses increased $408 million to $523 million. The impact of the housing market slowdown on the homebuilder loan portfolio drove additions to the credit loss reserves and higher net charge-offs. Higher net charge-offs related to seasoning of the dealer-related retail portfolios, and modest increases in middle market net charge-offs from very low prior year levels also contributed to the increased provision.

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• Business Lending net revenue increased 22 percent to $1.64 billion due to improvements in net interest income, driven by an increase in average loans and leases of 30 percent due to the acquisition of LaSalle and organic loan growth. Net income declined 27 percent to $337 million as the revenue increase was more than offset by the increase in credit costs.

• Capital Markets and Advisory Services had negative net revenue of $621 million compared with net revenue of $2.37 billion a year earlier. This was due primarily to CDO-related losses and writedowns on leveraged loans and commitments. The business had a net loss of $1.10 billion compared with net income of $528 million a year earlier.

• Treasury Services net revenue increased 24 percent to $2.14 billion due to its allocation of the gain from the Visa, Inc. IPO and increased service charges. Net income increased 68 percent to $875 million as a result of the increased revenues and due to lower expenses related primarily to the reversal of litigation costs related to Visa.

Global Wealth and Investment Management

(Dollars in millions)	Q1 2008			Q1 2007
Total revenue, net of interest expense 1	$	1,922		$	1,781
Provision for credit losses		243			23
Noninterest expense		1,316			975
Net income		228			491
Efficiency ratio		68.49	%		54.75	%
Return on average equity		7.92			22.61
Loans2	$	85,642		$	65,839
Deposits2		148,500			114,955
(in billions)	At 3/31/08			At 3/31/07
Assets under management	$	607.5		$	547.4

¹  Fully taxable-equivalent basis

²  Balances averaged for period

Net revenue in Global Wealth and Investment Management increased 8 percent. Asset management fees rose 39 percent to $899 million mainly from the addition of U.S. Trust and LaSalle. The increase was offset by a $220 million loss related to support provided to certain cash funds.

Net income declined 54 percent as noninterest expense rose 35 percent due mainly to the additions of U.S. Trust and LaSalle combined with increased expenses related to the retirement and mass affluent initiatives. Provision for credit losses increased to $243 million from $23 million a year ago due to deterioration in the home equity portfolio from housing market weakness.

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• U.S. Trust, Bank of America Private Wealth Management net revenue rose 47 percent to $675 million driven by the acquisition of U.S. Trust and LaSalle. Net income rose 31 percent to $106 million.

• Columbia Management net revenue declined 44 percent to $179 million, reflecting the support provided to certain cash funds, offset in part by the addition of U.S. Trust and growth in investment and brokerage services revenue. A net loss of $79 million resulted from the cash funds support and higher revenue-related operating expenses.

• Premier Banking and Investments net revenue decreased 8 percent to $841 million on lower net interest income related to spread compression, driven by deposit mix and competitive pricing of deposits. Net income fell 67 percent to $104 million as credit costs increased by $238 million reflecting home equity portfolio deterioration.

All Other¹

(Dollars in millions)	Q1 2008			Q1 2007
Total revenue, net of interest expense 2	$	(1,093	)	$	(28	)
Provision for credit losses		(1,208	)		(1,314	)
Noninterest expense		279			517
Net income		(223	)		615
Loans and leases3	$	102,285		$	92,200

¹  All Other consists primarily of equity investments, the residual impact of the allowance for credit losses and the cost allocation processes, Merger and Restructuring Charges, intersegment eliminations, and the results of certain consumer finance, investment management and commercial lending businesses that are being liquidated. All Other also includes the offsetting securitization impact to present Global Consumer and Small Business Banking on a managed basis. For more information and detailed reconciliation, please refer to the data pages supplied with this Press Release.

²  Fully taxable-equivalent basis

³  Balances averaged for period

All Other recorded a net loss of $223 million compared to net income of $615 million in the year earlier period. The decline was mainly due to lower equity investment income in Principal Investing and the absence of earnings from certain liquidated businesses when compared to last year. These decreases were partially offset by increases in gains on sales of debt securities and lower expenses related to stock-based compensation granted to retirement-eligible employees.

Note: Chief Executive Officer Kenneth D. Lewis and Chief Financial Officer Joe L. Price will discuss first quarter 2008 results in a conference call at 9:30 a.m. EDT today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations website at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 800.894.5910 and the conference ID: 79795.

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Bank of America

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with nearly 25 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

This press release 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 and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 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. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. 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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Columbia Management: Columbia Management Group, LLC (“Columbia Management”) is the primary investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors. Columbia Funds and Excelsior Funds are distributed by Columbia Management Distributors, Inc., member FINRA and SIPC. Columbia Management Distributors, Inc. is part of Columbia Management and an affiliate of Bank of America Corporation.

Investors should carefully consider the investment objectives, risks, charges and expenses of any Columbia Fund or Excelsior Fund before investing. Contact your Columbia Management representative for a prospectus, which contains this and other important information about the fund. Read it carefully before investing.

Barron’s, February 4, 2008. Past performance is no guarantee of future results. For the one, five and ten year periods ended 12/31/07, our fund family ranked 19 (of 67 fund families), 1 (of 61 fund families) and 17 (of 52 fund families) in the annual Lipper/Barron’s Fund Families Survey. Mutual funds are advised by Columbia Management, the primary investment management division of Bank of America Corporation. Lipper calculated the returns of each fund, adjusted for 12b-1 fees and sales charges, and gave it a preliminary ranking, or percentile, in its category measuring how it compared with all peers tracked by Lipper. The percentile ranking was then weighted by asset size relative to the fund family’s other assets in its general classification, e.g. world equity. This score was then multiplied by the weighting of its general classification, as determined by the entire Lipper universe of funds. Had 12b-1 fees or sales loads been included, rankings would have been lower.

www.bankofamerica.com

###

Bank of America Corporation and Subsidiaries

Selected Financial Data

(Dollars in millions, except per share data; shares in thousands)

Summary Income Statement	Three Months Ended March 31
	2008				2007
Net interest income	$	9,991			$	8,268
Total noninterest income		7,012				9,887
Total revenue, net of interest expense		17,003				18,155
Provision for credit losses		6,010				1,235
Noninterest expense, before merger and restructuring charges		9,025				8,986
Merger and restructuring charges		170				111
Income before income taxes		1,798				7,823
Income tax expense		588				2,568
Net income	$	1,210			$	5,255
Earnings per common share	$	0.23			$	1.18
Diluted earnings per common share		0.23				1.16
Summary Average Balance Sheet	Three Months Ended March 31
	2008				2007
Total loans and leases	$	875,661			$	714,042
Debt securities		219,377				186,498
Total earning assets		1,510,295				1,321,946
Total assets		1,764,927				1,521,418
Total deposits		787,623				686,704
Shareholders’ equity		154,728				133,588
Common shareholders’ equity		141,456				130,737
Performance Ratios	Three Months Ended March 31
	2008				2007
Return on average assets		0.28		%		1.40		%
Return on average common shareholders’ equity		2.90				16.16
Credit Quality	Three Months Ended March 31
	2008				2007
Total net charge-offs	$	2,715			$	1,427
Annualized net charge-offs as a % of average loans and leases outstanding (1)		1.25		%		0.81		%
Provision for credit losses	$	6,010			$	1,235
Total credit card managed net losses		2,372				1,953
Total credit card managed net losses as a % of average managed credit card receivables		5.19		%		4.73		%
	March 31
	2008				2007
Total nonperforming assets	$	7,827			$	2,059
Nonperforming assets as a % of total loans, leases and foreclosed properties (1)		0.90		%		0.29		%
Allowance for loan and lease losses	$	14,891			$	8,732
Allowance for loan and lease losses as a % of total loans and leases measured at historical cost (1)		1.71		%		1.21		%
Capital Management	March 31
	2008				2007
Risk-based capital ratios:
Tier 1		7.51	*	%		8.57		%
Total		11.71	*			11.94
Tier 1 leverage ratio		5.61	*			6.25
Period-end common shares issued and outstanding		4,452,810				4,439,070
	Three Months Ended March 31
	2008				2007
Shares issued		14,925				28,919
Shares repurchased		—				(48,000	)
Average common shares issued and outstanding		4,427,823				4,432,664
Average diluted common shares issued and outstanding		4,461,201				4,497,028
Dividends paid per common share	$	0.64			$	0.56
Summary Ending Balance Sheet	March 31
	2008				2007
Total loans and leases	$	873,870			$	723,633
Total debt securities		223,000				181,886
Total earning assets		1,458,017				1,302,856
Total assets		1,736,502				1,502,157
Total deposits		797,069				692,801
Total shareholders’ equity		156,309				134,856
Common shareholders’ equity		139,003				132,005
Book value per share of common stock	$	31.22			$	29.74

* Preliminary data

⁽¹⁾ Ratios do not include loans measured at fair value in accordance with SFAS 159 at and for the three months ended March 31, 2008 and 2007.

Certain prior period amounts have been reclassified to conform to current period presentation.

11

Bank of America Corporation and Subsidiaries

Business Segment Results

(Dollars in millions)

Global Consumer and Small Business Banking (1)	Three Months Ended March 31
	2008			2007
Total revenue, net of interest expense (2)	$     13,306			$      11,331
Provision for credit losses (3)	6,452			2,411
Noninterest expense	5,139			4,675
Net income	1,090			2,672
Efficiency ratio (2)	38.62		%	41.26		%
Return on average equity	6.64			17.62
Average - total loans and leases	$   363,001			$     308,105
Average - total deposits	343,436			326,480
Deposits
Total revenue, net of interest expense (2)	$        4,090			$        4,241
Net income	995			1,318
Card Services (1)
Total revenue, net of interest expense (2)	$        7,332			$        6,047
Net income	670			1,099
Consumer Real Estate
Total revenue, net of interest expense (2)	$        1,307			$           833
Net income (loss)	(773)			205
Global Corporate and Investment Banking	Three Months Ended March 31
	2008			2007
Total revenue, net of interest expense (2)	$        3,168			$        5,400
Provision for credit losses	523			115
Noninterest expense	2,461			2,930
Net income	115			1,477
Efficiency ratio (2)	77.68			54.26		%
Return on average equity	0.78		%	14.41
Average - total loans and leases	$     324,733			$     247,898
Average - total deposits	235,800			208,561
Business Lending
Total revenue, net of interest expense (2)	$        1,636			$        1,336
Net income	337			463
Capital Markets and Advisory Services
Total revenue, net of interest expense (2)	$           (621	)		$        2,365
Net income (loss)	(1,103	)		528
Treasury Services
Total revenue, net of interest expense (2)	$        2,136			$        1,722
Net income	875			521
Global Wealth and Investment Management	Three Months Ended March 31
	2008			2007
Total revenue, net of interest expense (2)	$        1,922			$        1,781
Provision for credit losses	243			23
Noninterest expense	1,316			975
Net income	228			491
Efficiency ratio (2)	68.49		%	54.75		%
Return on average equity	7.92			22.61
Average - total loans and leases	$      85,642			$      65,839
Average - total deposits	148,500			114,955
U.S. Trust (4)
Total revenue, net of interest expense (2)	$           675			$           458
Net income	106			81
Columbia Management
Total revenue, net of interest expense (2)	$           179			$           321
Net income (loss)	(79)			54
Premier Banking and Investments
Total revenue, net of interest expense (2)	$           841			$           913
Net income	104			315
All Other (1)	Three Months Ended March 31
	2008			2007
Total revenue, net of interest expense (2)	$        (1,093	)		$            (28	)
Provision for credit losses (5)	(1,208	)		(1,314	)
Noninterest expense	279			517
Net income (loss)	(223	)		615
Average - total loans and leases	$      102,285			$       92,200
Average - total deposits	59,887			36,708

⁽¹⁾ Global Consumer and Small Business Banking is presented on a managed basis, specifically Card Services, with a corresponding offset recorded in All Other.

⁽²⁾ Fully taxable-equivalent (FTE) basis. FTE basis is a performance measure used by management in operating the business that management believes provides investors with a more accurate picture of the interest margin for comparative purposes.

⁽³⁾ Represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

⁽⁴⁾ In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank creating U.S. Trust, Bank of America Private Wealth Management. The results of the combined business were reported for periods beginning on July 1, 2007. Prior to July 1, 2007, the results solely reflect that of the former Private Bank.

⁽⁵⁾ Represents the provision for credit losses in All Other combined with the Global Consumer and Small Business Banking securitization offset.

Certain prior period amounts have been reclassified to conform to current period presentation.

12

Bank of America Corporation and Subsidiaries

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data	Three Months Ended March 31
	2008			2007
Net interest income	$	10,291		$	8,597
Total revenue, net of interest expense		17,303			18,484
Net interest yield		2.73	%		2.61	%
Efficiency ratio		53.13			49.22
Other Data	March 31
	2008			2007
Full-time equivalent employees		209,096			199,429
Number of banking centers - domestic		6,148			5,737
Number of branded ATMs - domestic		18,491			17,117

Certain prior period amounts have been reclassified to conform to current period presentation.

13

Bank of America Corporation and Subsidiaries

Reconciliation - Managed to GAAP

(Dollars in millions)

The Corporation reports its Global Consumer and Small Business Banking’s results, specifically Card Services, on a managed basis. This basis of presentation excludes the Corporation’s securitized mortgage and home equity portfolios for which the Corporation retains servicing. Reporting on a managed basis is consistent with the way that management evaluates the results of Global Consumer and Small Business Banking. Managed basis assumes that securitized loans were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e., held loans) are presented. Loan securitization is an alternative funding process that is used by the Corporation to diversify funding sources. Loan securitization removes loans from the Consolidated Balance Sheet through the sale of loans to an off-balance sheet qualified special purpose entity which is excluded from the Corporation’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (GAAP).

The performance of the managed portfolio is important in understanding Global Consumer and Small Business Banking’s and Card Services’ results as it demonstrates the results of the entire portfolio serviced by the business. Securitized loans continue to be serviced by the business and are subject to the same underwriting standards and ongoing monitoring as held loans. In addition, retained excess servicing income is exposed to similar credit risk and repricing of interest rates as held loans. Global Consumer and Small Business Banking’s managed income statement line items differ from a held basis reported as follows:

• Managed net interest income includes Global Consumer and Small Business Banking’s net interest income on held loans and interest income on the securitized loans less the internal funds transfer pricing allocation related to securitized loans.

• Managed noninterest income includes Global Consumer and Small Business Banking’s noninterest income on a held basis less the reclassification of certain components of card income (e.g., excess servicing income) to record managed net interest income and provision for credit losses. Noninterest income, both on a held and managed basis, also includes the impact of adjustments to the interest-only strip that are recorded in card income as management continues to manage this impact within Global Consumer and Small Business Banking.

• Provision for credit losses represents the provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

Global Consumer and Small Business Banking

	Three Ended March 31, 2008								Three Ended March 31, 2007
	Managed Basis (1)			Securitization Impact (2)		Held Basis			Managed Basis (1)			Securitization Impact (2)		Held Basis
Net interest income (3)	$	7,684		$     (2,055	)	$	5,629		$	7,004		$     (1,890	)	$	5,114
Noninterest income:
Card income		2,725		704			3,429			2,381		839			3,220
Service charges		1,566		—			1,566			1,377		—			1,377
Mortgage banking income		656		—			656			302		—			302
All other income		675		(65	)		610			267		(77	)		190
Total noninterest income		5,622		639			6,261			4,327		762			5,089
Total revenue, net of interest expense		13,306		(1,416	)		11,890			11,331		(1,128	)		10,203
Provision for credit losses		6,452		(1,416	)		5,036			2,411		(1,128	)		1,283
Noninterest expense		5,139		—			5,139			4,675		—			4,675
Income before income taxes		1,715		—			1,715			4,245		—			4,245
Income tax expense (3)		625		—			625			1,573		—			1,573
Net income	$	1,090		$         —		$	1,090		$	2,672		$         —		$	2,672
Average - total loans and leases	$	363,001		$ (105,176	)	$	257,825		$	308,105		$ (101,776	)	$	206,329
All Other
	Three Ended March 31, 2008								Three Ended March 31, 2007
	Reported Basis (4)			Securitization Offset (2)		As Adjusted			Reported Basis (4)			Securitization Offset (2)		As Adjusted
Net interest income (3)	$	(1,990	)	$     2,055		$	65		$	(1,752	)	$      1,890		$	138
Noninterest income:
Card income		664		(704	)		(40	)		721		(839	)		(118	)
Equity investment income		268		—			268			896		—			896
Gains on sales of debt securities		220		—			220			61		—			61
All other income (loss)		(255	)	65			(190	)		46		77			123
Total noninterest income		897		(639	)		258			1,724		(762	)		962
Total revenue, net of interest expense		(1,093	)	1,416			323			(28	)	1,128			1,100
Provision for credit losses		(1,208	)	1,416			208			(1,314	)	1,128			(186	)
Merger and restructuring charges		170		—			170			111		—			111
All other noninterest expense		109		—			109			406		—			406
Income (loss) before income taxes		(164	)	—			(164	)		769		—			769
Income tax expense (3)		59		—			59			154		—			154
Net income (loss)	$	(223	)	$         —		$	(223	)	$	615		$         —		$	615
Average - total loans and leases	$	102,285		$  105,176		$	207,461		$	92,200		$  101,776		$	193,976

⁽¹⁾ Provision for credit losses represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

⁽²⁾ The securitization impact/offset on net interest income is on a funds transfer pricing methodology consistent with the way funding costs are allocated to the businesses.

⁽³⁾ FTE

⁽⁴⁾ Provision for credit losses represents the provision for credit losses in All Other combined with the Global Consumer and Small Business Banking securitization offset.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

14

EX-99.2

Exhibit 99.2

Supplemental Information

First Quarter 2008

This information is preliminary and based on company data available at the time of the presentation. It speaks only as of the particular date or dates included in the accompanying pages. Bank of America does not undertake an obligation to, and disclaims any duty to, correct or update any of the information provided. Any forward-looking statements in this information are subject to the forward-looking language contained in Bank of America’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which are available at the SEC’s website (www.sec.gov) or at Bank of America’s website (www.bankofamerica.com). Bank of America’s future financial performance is subject to risks and uncertainties as described in its SEC filings.

Bank of America Corporation and Subsidiaries

Table of Contents	Page
Consolidated Financial Highlights	2
Supplemental Financial Data	3
Consolidated Statement of Income	4
Consolidated Balance Sheet	5
Capital Management	6
Core Net Interest Income - Managed Basis	7
Quarterly Average Balances and Interest Rates	8
Quarterly Average Balances and Interest Rates - Isolating Hedge Income/Expense	9
Business Segment View Graphs	10
Global Consumer and Small Business Banking
Total Segment Results	11
Quarter-to-Date Business Results	12
Key Indicators	13
E-commerce & BankofAmerica.com	14
Credit Card Data	15
Quarter-to-Date Mass Market Small Business Banking: Relationship View	16
Global Corporate and Investment Banking
Total Segment Results	17
Quarter-to-Date Business Results	18
Quarter-to-Date Customer Relationship View	19
Business Lending Key Indicators	20
Capital Markets and Advisory Services Key Indicators	21
Banc of America Securities U.S. Market Share and Product Ranking Graph	22
Special Purpose Entities Liquidity Exposure	23
Super Senior Collateralized Debt Obligation Exposure	24
Global Wealth and Investment Management
Total Segment Results	25
Quarter-to-Date Business Results	26
Key Indicators	27
All Other
Total Segment Results	28
Outstanding Loans and Leases	29
Quarterly Average Loans and Leases by Business Segment	30
Commercial Credit Exposure by Industry	31
Net Credit Default Protection by Maturity Profile and Credit Exposure Debt Rating	32
Selected Emerging Markets	33
Nonperforming Assets	34
Quarterly Net Charge-offs/Losses and Net Charge-off/Loss Ratios	35
Allocation of the Allowance for Credit Losses by Product Type	36
Exhibit A: Non - GAAP Reconciliations
Global Consumer and Small Business Banking - Reconciliation	37
All Other - Reconciliation	38
Reconciliation of Net Charge-offs and Net Charge-off Ratios to Net Charge-offs and Net Charge-off Ratios Excluding the Impact of SOP 03-3	39
Appendix: Selected Slides from the First Quarter 2008 Earnings Release Presentation	40

1

Bank of America Corporation and Subsidiaries

Consolidated Financial Highlights

(Dollars in millions, except per share information; shares in thousands)

	First Quarter 2008			Fourth Quarter 2007				Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Income statement
Net interest income	$	9,991		$	9,164			$	8,615		$	8,386		$	8,268
Noninterest income		7,012			3,508				7,314			11,177			9,887
Total revenue, net of interest expense		17,003			12,672				15,929			19,563			18,155
Provision for credit losses		6,010			3,310				2,030			1,810			1,235
Noninterest expense, before merger and restructuring charges		9,025			10,137				8,459			9,018			8,986
Merger and restructuring charges		170			140				84			75			111
Income tax expense (benefit)		588			(1,183	)			1,658			2,899			2,568
Net income		1,210			268				3,698			5,761			5,255
Diluted earnings per common share		0.23			0.05				0.82			1.28			1.16
Average diluted common shares issued and outstanding		4,461,201			4,470,108				4,475,917			4,476,799			4,497,028
Dividends paid per common share	$	0.64		$	0.64			$	0.64		$	0.56		$	0.56
Performance ratios
Return on average assets		0.28	%		0.06		%		0.93	%		1.48	%		1.40	%
Return on average common shareholders’ equity		2.90			0.60				11.02			17.55			16.16
At period end
Book value per share of common stock	$	31.22		$	32.09			$	30.45		$	29.95		$	29.74
Tangible book value per share of common stock (1)		13.73			14.62				15.25			15.11			14.94
Market price per share of common stock:
Closing price	$	37.91		$	41.26			$	50.27		$	48.89		$	51.02
High closing price for the period		45.03			52.71				51.87			51.82			54.05
Low closing price for the period		35.31			41.10				47.00			48.80			49.46
Market capitalization		168,806			183,107				223,041			216,922			226,481
Number of banking centers - domestic		6,148			6,149				5,748			5,749			5,737
Number of branded ATMs - domestic		18,491			18,753				17,231			17,183			17,117
Full-time equivalent employees		209,096			209,718				198,000			195,675			199,429

(1) Tangible book value per share of common stock is a non-GAAP measure. For a corresponding reconciliation of common tangible shareholders’ equity to a GAAP financial measure, see Supplemental Financial Data on page 3. We believe the use of this non-GAAP measure provides additional clarity in assessing the results of the Corporation.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 2

Bank of America Corporation and Subsidiaries

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data

	First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Net interest income	$	10,291		$	9,814		$	8,990		$	8,781		$	8,597
Total revenue, net of interest expense		17,303			13,322			16,304			19,958			18,484
Net interest yield		2.73	%		2.61	%		2.61	%		2.59	%		2.61	%
Efficiency ratio		53.13			77.14			52.40			45.56			49.22

Reconciliation to GAAP financial measures

Supplemental financial data presented on an operating basis is a basis of presentation not defined by accounting principles generally accepted in the United States (GAAP) that excludes merger and restructuring charges. We believe that the exclusion of merger and restructuring charges, which represent events outside our normal operations, provides a meaningful period-to-period comparison and is more reflective of normalized operations.

Return on average common shareholders’ equity and return on average tangible shareholders’ equity utilize non-GAAP allocation methodologies. Return on average common shareholders’ equity measures the earnings contribution of a unit as a percentage of the shareholders’ equity allocated to that unit. Return on average tangible shareholders’ equity measures the earnings contribution of the Corporation as a percentage of shareholders’ equity reduced by goodwill. These measures are used to evaluate our use of equity (i.e., capital) at the individual unit level and are integral components in the analytics for resource allocation. The efficiency ratio measures the costs expended to generate a dollar of revenue. We believe the use of these non-GAAP measures provides additional clarity in assessing the results of the Corporation.

Other companies may define or calculate supplemental financial data differently. See the tables below for supplemental financial data and corresponding reconciliations

to GAAP financial measures for the quarters ended March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007.

Reconciliation of net income to operating earnings

	First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007				First Quarter 2007
Net income	$	1,210			$	268			$	3,698			$	5,761			$	5,255
Merger and restructuring charges		170				140				84				75				111
Related income tax benefit		(63	)			(52	)			(31	)			(28	)			(41	)
Operating earnings	$	1,317			$	356			$	3,751			$	5,808			$	5,325
Reconciliation of ending common shareholders’ equity to ending common tangible shareholders’ equity
Ending common shareholders’ equity	$	139,003			$	142,394			$	135,109			$	132,900			$	132,005
Ending goodwill		(77,872	)			(77,530	)			(67,433	)			(65,845	)			(65,696	)
Ending common tangible shareholders’ equity	$	61,131			$	64,864			$	67,676			$	67,055			$	66,309
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity
Average shareholders’ equity	$	154,728			$	144,924			$	134,487			$	133,551			$	133,588
Average goodwill		(77,628	)			(78,308	)			(67,499	)			(65,704	)			(65,703	)
Average tangible shareholders’ equity	$	77,100			$	66,616			$	66,988			$	67,847			$	67,885
Operating basis
Return on average assets		0.30		%		0.08		%		0.94		%		1.49		%		1.42		%
Return on average common shareholders’ equity		3.20				0.85				11.18				17.70				16.38
Return on average tangible shareholders’ equity		6.87				2.12				22.21				34.34				31.81
Efficiency ratio (1)		52.15				76.09				51.89				45.18				48.62

(1) Fully taxable-equivalent basis

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 3

Bank of America Corporation and Subsidiaries

Consolidated Statement of Income

(Dollars in millions, except per share information; shares in thousands)

	First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007		First Quarter 2007
Interest income
Interest and fees on loans and leases	$	14,415		$	15,363		$	14,111		$	13,323	$	12,884
Interest on debt securities		2,774			2,738			2,334			2,332		2,380
Federal funds sold and securities purchased under agreements to resell		1,208			1,748			1,839			2,156		1,979
Trading account assets		2,364			2,358			2,519			2,267		2,273
Other interest income		1,098			1,272			1,230			1,154		1,044
Total interest income		21,859			23,479			22,033			21,232		20,560
Interest expense
Deposits		4,588			5,253			4,545			4,261		4,034
Short-term borrowings		4,142			5,599			5,521			5,537		5,318
Trading account liabilities		840			825			906			821		892
Long-term debt		2,298			2,638			2,446			2,227		2,048
Total interest expense		11,868			14,315			13,418			12,846		12,292
Net interest income		9,991			9,164			8,615			8,386		8,268
Noninterest income
Card income		3,639			3,591			3,595			3,558		3,333
Service charges		2,397			2,415			2,221			2,200		2,072
Investment and brokerage services		1,340			1,427			1,378			1,193		1,149
Investment banking income		476			544			389			774		638
Equity investment income		1,054			317			904			1,829		1,014
Trading account profits (losses)		(1,783	)		(5,436	)		(1,457	)		890		872
Mortgage banking income		451			386			155			148		213
Gains on sales of debt securities		225			109			7			2		62
Other income (loss)		(787	)		155			122			583		534
Total noninterest income		7,012			3,508			7,314			11,177		9,887
Total revenue, net of interest expense		17,003			12,672			15,929			19,563		18,155
Provision for credit losses		6,010			3,310			2,030			1,810		1,235
Noninterest expense
Personnel		4,726			4,822			4,169			4,737		5,025
Occupancy		849			827			754			744		713
Equipment		396			373			336			332		350
Marketing		637			712			552			537		555
Professional fees		285			404			258			283		229
Amortization of intangibles		446			467			429			391		389
Data processing		563			590			463			472		437
Telecommunications		260			263			255			244		251
Other general operating		863			1,679			1,243			1,278		1,037
Merger and restructuring charges		170			140			84			75		111
Total noninterest expense		9,195			10,277			8,543			9,093		9,097
Income (loss) before income taxes		1,798			(915	)		5,356			8,660		7,823
Income tax expense (benefit)		588			(1,183	)		1,658			2,899		2,568
Net income	$	1,210		$	268		$	3,698		$	5,761	$	5,255
Preferred stock dividends		190			53			43			40		46
Net income available to common shareholders	$	1,020		$	215		$	3,655		$	5,721	$	5,209
Per common share information
Earnings	$	0.23		$	0.05		$	0.83		$	1.29	$	1.18
Diluted earnings		0.23			0.05			0.82			1.28		1.16
Dividends paid		0.64			0.64			0.64			0.56		0.56
Average common shares issued and outstanding		4,427,823			4,421,554			4,420,616			4,419,246		4,432,664
Average diluted common shares issued and outstanding		4,461,201			4,470,108			4,475,917			4,476,799		4,497,028

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 4

Bank of America Corporation and Subsidiaries

Consolidated Balance Sheet

(Dollars in millions)

	March 31 2008		December 31 2007		March 31 2007
Assets
Cash and cash equivalents	$     40,512		$     42,531		$     31,549
Time deposits placed and other short-term investments	8,807		11,773		12,037
Federal funds sold and securities purchased under agreements to resell	120,289		129,552		138,646
Trading account assets	165,693		162,064		174,218
Derivative assets	50,925		34,662		25,279
Debt securities	223,000		214,056		181,886
Loans and leases, net of allowance:
Loans and leases	873,870		876,344		723,633
Allowance for loan and lease losses	(14,891	)	(11,588	)	(8,732	)
Total loans and leases, net of allowance	858,979		864,756		714,901
Premises and equipment, net	11,297		11,240		9,271
Mortgage servicing rights (includes $3,163, $3,053 and $2,963 measured at fair value)	3,470		3,347		3,141
Goodwill	77,872		77,530		65,696
Intangible assets	9,821		10,296		9,217
Other assets	165,837		153,939		136,316
Total assets	$1,736,502		$1,715,746		$1,502,157
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$   193,789		$   188,466		$   174,082
Interest-bearing	506,062		501,882		425,197
Deposits in foreign offices:
Noninterest-bearing	3,333		3,761		3,346
Interest-bearing	93,885		111,068		90,176
Total deposits	797,069		805,177		692,801
Federal funds purchased and securities sold under agreements to repurchase	219,738		221,435		234,413
Trading account liabilities	76,032		77,342		77,289
Derivative liabilities	29,170		22,423		17,946
Commercial paper and other short-term borrowings	190,856		191,089		156,844
Accrued expenses and other liabilities (includes $507, $518 and $374 of reserve for unfunded lending commitments)	64,528		53,969		35,446
Long-term debt	202,800		197,508		152,562
Total liabilities	1,580,193		1,568,943		1,367,301
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding - 7,325,067, 185,067 and 121,739 shares	17,306		4,409		2,851
Common stock and additional paid-in capital, $0.01 par value; authorized - 7,500,000,000 shares; issued and outstanding - 4,452,810,412, 4,437,885,419 and 4,439,069,837 shares	61,080		60,328		60,536
Retained earnings	79,554		81,393		79,996
Accumulated other comprehensive income (loss)	(884	)	1,129		(7,660	)
Other	(747	)	(456	)	(867	)
Total shareholders’ equity	156,309		146,803		134,856
Total liabilities and shareholders’ equity	$1,736,502		$1,715,746		$1,502,157

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 5

Bank of America Corporation and Subsidiaries

Capital Management

(Dollars in millions)

	First Quarter 2008 (1)			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Risk-based capital:
Tier 1 capital	$	93,910		$	83,372		$	94,108		$	94,979		$	91,112
Total capital		146,547			133,720			135,786			135,059			126,958
Risk-weighted assets		1,251,301			1,212,905			1,145,069			1,115,150			1,062,883
Tier 1 capital ratio		7.51	%		6.87	%		8.22	%		8.52	%		8.57	%
Total capital ratio		11.71			11.02			11.86			12.11			11.94
Tangible equity ratio (2)		4.16			3.62			4.09			4.19			4.20
Tier 1 leverage ratio		5.61			5.04			6.20			6.33			6.25

(1) Preliminary data on risk-based capital

(2) Tangible equity ratio equals shareholders’ equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets.

Share Repurchase Program

No common shares were repurchased in the first quarter of 2008.

189.4 million shares remain outstanding under the 2007 authorized program.

14.9 million shares were issued in the first quarter of 2008.

*Preliminary data on risk-based capital

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 6

Bank of America Corporation and Subsidiaries

Core Net Interest Income - Managed Basis

(Dollars in millions)

	First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Net interest income (1)
As reported	$     10,291			$       9,814			$       8,990			$       8,781			$       8,597
Impact of market-based net interest income (2)	(1,308	)		(809	)		(787	)		(633	)		(481	)
Core net interest income	8,983			9,005			8,203			8,148			8,116
Impact of securitizations (3)	2,090			2,021			2,009			1,952			1,859
Core net interest income - managed basis	$     11,073			$     11,026			$     10,212			$     10,100			$       9,975
Average earning assets
As reported	$1,510,295			$1,502,998			$1,375,795			$1,358,199			$1,321,946
Impact of market-based earning assets (2)	(403,403	)		(406,974	)		(407,066	)		(426,759	)		(409,291	)
Core average earning assets	1,106,892			1,096,024			968,729			931,440			912,655
Impact of securitizations	102,577			104,385			104,181			102,357			102,529
Core average earning assets - managed basis	$1,209,469			$1,200,409			$1,072,910			$1,033,797			$1,015,184
Net interest yield contribution (1, 4)
As reported	2.73		%	2.61		%	2.61		%	2.59		%	2.61		%
Impact of market-based activities (2)	0.52			0.67			0.77			0.91			0.96
Core net interest yield on earning assets	3.25			3.28			3.38			3.50			3.57
Impact of securitizations	0.42			0.38			0.42			0.41			0.38
Core net interest yield on earning assets - managed basis	3.67		%	3.66		%	3.80		%	3.91		%	3.95		%

(1) Fully taxable-equivalent basis

(2) Represents the impact of market-based amounts included in the Capital Markets and Advisory Services business within Global Corporate and Investment Banking and excludes $27 million, $26 million, $22 million and $22 million for the three months ended March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively, of net interest income on loans for which the fair value option has been elected.

(3) Represents the impact of securitizations utilizing actual bond costs. This is different from the segment view which utilizes funds transfer pricing methodologies.

(4) Quarterly yields are calculated on an annualized basis.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 7

Bank of America Corporation and Subsidiaries

Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis

(Dollars in millions)

	First Quarter 2008						Fourth Quarter 2007						First Quarter 2007
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	10,596	$	94	3.56	%	$	10,459	$	122	4.63	%	$	15,023	$	169	4.57	%
Federal funds sold and securities purchased under agreements to resell		145,043		1,208	3.34			151,938		1,748	4.59			166,195		1,979	4.79
Trading account assets		192,410		2,417	5.04			190,700		2,422	5.06			175,249		2,357	5.41
Debt securities (1)		219,377		2,835	5.17			206,873		2,795	5.40			186,498		2,451	5.27
Loans and leases (2):
Residential mortgage		270,541		3,837	5.68			277,058		3,972	5.73			246,618		3,504	5.69
Credit card - domestic		63,277		1,774	11.28			60,063		1,781	11.76			57,720		1,887	13.26
Credit card - foreign		15,241		474	12.51			14,329		464	12.86			11,133		317	11.55
Home equity		116,562		1,872	6.46			112,369		2,043	7.21			89,559		1,679	7.60
Direct/Indirect consumer (3)		78,941		1,699	8.65			75,426		1,658	8.72			64,038		1,303	8.25
Other consumer (4)		3,813		87	9.14			3,918		71	7.24			4,928		122	9.93
Total consumer		548,375		9,743	7.13			543,163		9,989	7.32			473,996		8,812	7.50
Commercial - domestic		212,394		3,198	6.06			213,200		3,704	6.89			163,620		2,934	7.27
Commercial real estate (5)		62,202		887	5.74			59,702		1,053	6.99			36,117		672	7.55
Commercial lease financing		22,227		261	4.69			22,239		574	10.33			19,651		175	3.55
Commercial - foreign		30,463		387	5.11			29,815		426	5.67			20,658		330	6.48
Total commercial		327,286		4,733	5.81			324,956		5,757	7.03			240,046		4,111	6.94
Total loans and leases		875,661		14,476	6.64			868,119		15,746	7.21			714,042		12,923	7.31
Other earning assets		67,208		1,129	6.75			74,909		1,296	6.89			64,939		1,010	6.28
Total earning assets (6)		1,510,295		22,159	5.89			1,502,998		24,129	6.39			1,321,946		20,889	6.37
Cash and cash equivalents		33,949						33,714						33,623
Other assets, less allowance for loan and lease losses		220,683						205,755						165,849
Total assets	$	1,764,927					$	1,742,467					$	1,521,418
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	31,798	$	50	0.63	%	$	31,961	$	50	0.63	%	$	32,773	$	41	0.50	%
NOW and money market deposit accounts		248,949		1,139	1.84			240,914		1,334	2.20			212,249		936	1.79
Consumer CDs and IRAs		188,005		2,071	4.43			183,910		2,179	4.70			159,505		1,832	4.66
Negotiable CDs, public funds and other time deposits		32,201		320	4.00			34,997		420	4.76			13,376		136	4.12
Total domestic interest-bearing deposits		500,953		3,580	2.87			491,782		3,983	3.21			417,903		2,945	2.86
Foreign interest-bearing deposits:
Banks located in foreign countries		39,196		400	4.10			45,050		557	4.91			40,372		531	5.34
Governments and official institutions		14,650		132	3.62			16,506		192	4.62			14,482		178	4.98
Time, savings and other		53,064		476	3.61			51,919		521	3.98			39,534		380	3.90
Total foreign interest-bearing deposits		106,910		1,008	3.79			113,475		1,270	4.44			94,388		1,089	4.68
Total interest-bearing deposits		607,863		4,588	3.04			605,257		5,253	3.44			512,291		4,034	3.19
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		452,854		4,142	3.68			456,530		5,599	4.87			414,104		5,318	5.20
Trading account liabilities		82,432		840	4.10			81,500		825	4.02			77,635		892	4.66
Long-term debt		198,463		2,298	4.63			196,444		2,638	5.37			148,627		2,048	5.51
Total interest-bearing liabilities (6)		1,341,612		11,868	3.55			1,339,731		14,315	4.25			1,152,657		12,292	4.31
Noninterest-bearing sources:
Noninterest-bearing deposits		179,760						176,368						174,413
Other liabilities		88,827						81,444						60,760
Shareholders’ equity		154,728						144,924						133,588
Total liabilities and shareholders’ equity	$	1,764,927					$	1,742,467					$	1,521,418
Net interest spread					2.34	%					2.14	%					2.06	%
Impact of noninterest-bearing sources					0.39						0.47						0.55
Net interest income/yield on earning assets			$	10,291	2.73	%			$	9,814	2.61	%			$	8,597	2.61	%

(1) Yields on AFS debt securities are calculated based on fair value rather than historical cost balances. The use of fair value does not have a material impact on net interest yield.

(2) Nonperforming loans are included in the respective average loan balances. Income on these nonperforming loans is recognized on a cash basis.

(3) Includes foreign consumer loans of $3.3 billion in the first quarter of 2008, and $3.6 billion and $3.9 billion in the fourth and first quarters of 2007.

(4) Includes consumer finance loans of $3.0 billion in the first quarter of 2008, and $3.1 billion and $3.0 billion in the fourth and first quarters of 2007; and other foreign consumer loans of $857 million in the first quarter of 2008, and $845 million and $1.9 billion in the fourth and first quarters of 2007.

(5) Includes domestic commercial real estate loans of $61.0 billion in the first quarter of 2008, and $58.5 billion and $35.5 billion in the fourth and first quarters of 2007.

(6) Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets $103 million in the first quarter of 2008, and $134 million and $121 million in the fourth and first quarters of 2007. Interest expense includes the impact of interest rate risk management contracts, which increased interest expense on the underlying liabilities $49 million in the first quarter of 2008, and $201 million and $179 million in the fourth and first quarters of 2007.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 8

Bank of America Corporation and Subsidiaries

Quarterly Average Balances and Interest Rates - Fully Taxable-equivalent Basis - Isolating Hedge Income/Expense ⁽¹⁾

(Dollars in millions)

	First Quarter 2008								Fourth Quarter 2007								First Quarter 2007
	Average Balance		Interest Income/ Expense			Yield/ Rate			Average Balance		Interest Income/ Expense			Yield/ Rate			Average Balance		Interest Income/ Expense			Yield/ Rate
Earning assets
Time deposits placed and other short-term investments(2)	$	10,596	$	98		3.71		%	$	10,459	$	126		4.79		%	$	15,023	$	196		5.29		%
Federal funds sold and securities purchased under agreements to resell(2)		145,043		1,278		3.53				151,938		1,843		4.84				166,195		2,085		5.04
Trading account assets		192,410		2,417		5.04				190,700		2,422		5.06				175,249		2,357		5.41
Debt securities(2)		219,377		2,836		5.17				206,873		2,795		5.40				186,498		2,455		5.27
Loans and leases:
Residential mortgage		270,541		3,837		5.68				277,058		3,972		5.73				246,618		3,504		5.69
Credit card - domestic		63,277		1,774		11.28				60,063		1,781		11.76				57,720		1,887		13.26
Credit card - foreign		15,241		474		12.51				14,329		464		12.86				11,133		317		11.55
Home equity		116,562		1,872		6.46				112,369		2,043		7.21				89,559		1,679		7.60
Direct/Indirect consumer		78,941		1,699		8.65				75,426		1,658		8.72				64,038		1,303		8.25
Other consumer		3,813		87		9.14				3,918		71		7.24				4,928		122		9.93
Total consumer		548,375		9,743		7.13				543,163		9,989		7.32				473,996		8,812		7.50
Commercial - domestic (2)		212,394		3,225		6.11				213,200		3,731		6.94				163,620		2,933		7.27
Commercial real estate		62,202		887		5.74				59,702		1,053		6.99				36,117		672		7.55
Commercial lease financing		22,227		261		4.69				22,239		574		10.33				19,651		175		3.55
Commercial - foreign (2)		30,463		387		5.11				29,815		425		5.67				20,658		312		6.12
Total commercial		327,286		4,760		5.85				324,956		5,783		7.07				240,046		4,092		6.91
Total loans and leases		875,661		14,503		6.65				868,119		15,772		7.22				714,042		12,904		7.30
Other earning assets(2)		67,208		1,130		6.75				74,909		1,305		6.93				64,939		1,013		6.29
Total earning assets - excluding hedge impact		1,510,295		22,262		5.92				1,502,998		24,263		6.43				1,321,946		21,010		6.41
Net hedge income (expense) on assets				(103	)							(134	)							(121	)
Total earning assets - including hedge impact		1,510,295		22,159		5.89				1,502,998		24,129		6.39				1,321,946		20,889		6.37
Cash and cash equivalents		33,949								33,714								33,623
Other assets, less allowance for loan and lease losses		220,683								205,755								165,849
Total assets	$	1,764,927							$	1,742,467							$	1,521,418
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	31,798	$	50		0.63		%	$	31,961	$	50		0.63		%	$	32,773	$	41		0.50		%
NOW and money market deposit accounts (2)		248,949		1,134		1.83				240,914		1,329		2.19				212,249		931		1.78
Consumer CDs and IRAs (2)		188,005		1,950		4.17				183,910		2,033		4.38				159,505		1,638		4.16
Negotiable CDs, public funds and other time deposits (2)		32,201		318		3.97				34,997		418		4.73				13,376		134		4.05
Total domestic interest-bearing deposits		500,953		3,452		2.77				491,782		3,830		3.09				417,903		2,744		2.66
Foreign interest-bearing deposits:
Banks located in foreign countries (2)		39,196		398		4.08				45,050		553		4.87				40,372		529		5.32
Governments and official institutions		14,650		132		3.62				16,506		192		4.62				14,482		178		4.98
Time, savings and other		53,064		476		3.61				51,919		521		3.98				39,534		380		3.90
Total foreign interest-bearing deposits		106,910		1,006		3.79				113,475		1,266		4.43				94,388		1,087		4.67
Total interest-bearing deposits		607,863		4,458		2.95				605,257		5,096		3.34				512,291		3,831		3.03
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings (2)		452,854		4,134		3.67				456,530		5,639		4.90				414,104		5,466		5.35
Trading account liabilities		82,432		840		4.10				81,500		825		4.02				77,635		892		4.66
Long-term debt (2)		198,463		2,387		4.81				196,444		2,554		5.20				148,627		1,924		5.18
Total interest-bearing liabilities - excluding hedge impact		1,341,612		11,819		3.54				1,339,731		14,114		4.19				1,152,657		12,113		4.25
Net hedge (income) expense on liabilities				49								201								179
Total interest-bearing liabilities - including hedge impact		1,341,612		11,868		3.55				1,339,731		14,315		4.25				1,152,657		12,292		4.31
Noninterest-bearing sources:
Noninterest-bearing deposits		179,760								176,368								174,413
Other liabilities		88,827								81,444								60,760
Shareholders’ equity		154,728								144,924								133,588
Total liabilities and shareholders’ equity	$	1,764,927							$	1,742,467							$	1,521,418
Net interest spread						2.38								2.24								2.16
Impact of noninterest-bearing sources						0.39								0.46								0.54
Net interest income/yield on earning assets - excluding hedge impact			$	10,443		2.77		%			$	10,149		2.70		%			$	8,897		2.70		%
Net impact of hedge income (expense)				(152	)	(0.04	)					(335	)	(0.09	)					(300	)	(0.09	)
Net interest income/yield on earning assets			$	10,291		2.73		%			$	9,814		2.61		%			$	8,597		2.61		%

(1) This table presents a non-GAAP financial measure. The impact of interest rate risk management derivatives is shown separately. Interest income and interest expense amounts, and the yields and rates have been adjusted. Management believes this presentation is useful to investors because it adjusts for the impact of our hedging decisions and provides a better understanding of our hedging activities. The impact of interest rate risk management derivatives is not material to the average balances presented above.

(2) The following presents the impact of interest rate risk management derivatives on interest income and interest expense.

Interest income excludes the impact of interest rate risk management contracts, which increased (decreased) interest income on:

	First Quarter 2008		Fourth Quarter 2007		First Quarter 2007
Time deposits placed and other short-term investments	$   (4)		$    (4	)	$  (27	)
Federal funds sold and securities purchased under agreements to resell	(70)		(95	)	(106	)
Debt securities	(1)		—		(4	)
Commercial - domestic	(27)		(27	)	1
Commercial - foreign	—		1		18
Other earning assets	(1)		(9	)	(3	)
Net hedge income (expense) on assets	$(103)		$(134	)	$(121	)
Interest expense excludes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:
NOW and money market deposit accounts	$     5		$     5		$      5
Consumer CDs and IRAs	121		146		194
Negotiable CDs, public funds and other time deposits	2		2		2
Banks located in foreign countries	2		4		2
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings	8		(40	)	(148	)
Long-term debt	(89	)	84		124
Net hedge (income) expense on liabilities	$    49		$ 201		$   179

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 9

Bank of America Corporation and Subsidiaries

Business Segment View

(1) Fully taxable-equivalent basis

(2) Global Consumer and Small Business Banking is presented on a managed basis, specifically Card Services, with a corresponding offset to All Other.

This information is preliminary and based on company data available at the time of the presentation. 10

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking Segment Results ^{(1, 2)}

(Dollars in millions; except as noted)

	First Quarter 2008		Fourth Quarter 2007		Third Quarter 2007		Second Quarter 2007		First Quarter 2007
Net interest income (3)	$    7,684		$    7,462		$    7,252		$    7,109		$    7,004
Noninterest income:
Card income	2,725		2,625		2,587		2,596		2,381
Service charges	1,566		1,624		1,519		1,488		1,377
Mortgage banking income	656		490		244		297		302
All other income	675		374		371		331		267
Total noninterest income	5,622		5,113		4,721		4,712		4,327
Total revenue, net of interest expense	13,306		12,575		11,973		11,821		11,331
Provision for credit losses (4)	6,452		4,303		3,121		3,094		2,411
Noninterest expense	5,139		5,495		4,962		4,902		4,675
Income before income taxes	1,715		2,777		3,890		3,825		4,245
Income tax expense (3)	625		868		1,440		1,398		1,573
Net income	$    1,090		$    1,909		$    2,450		$    2,427		$    2,672
Net interest yield (3)	8.25	%	8.04	%	8.31	%	8.14	%	8.12	%
Return on average equity	6.64		11.30		15.62		15.79		17.62
Efficiency ratio (3)	38.62		43.70		41.44		41.47		41.26
Balance sheet (2)
Average
Total loans and leases	$363,001		$353,672		$331,656		$317,246		$308,105
Total earning assets (5)	374,409		368,163		346,251		350,201		349,672
Total assets (5)	428,756		426,113		399,196		403,258		403,463
Total deposits	343,436		340,940		321,552		326,623		326,480
Allocated equity	65,984		66,989		62,222		61,661		61,493
Period end
Total loans and leases	$364,279		$359,952		$337,783		$324,452		$309,992
Total earning assets (5)	383,874		383,471		347,057		349,138		354,183
Total assets (5)	437,237		443,073		401,151		403,689		409,883
Total deposits	349,606		344,850		321,137		326,883		334,918
Period end (in billions)
Mortgage servicing portfolio	$    404.3		$    399.0		$    376.9		$    360.1		$    345.1

(1) Global Consumer and Small Business Banking has three primary businesses: Deposits, Card Services and Consumer Real Estate. In addition, ALM/Other includes the results of ALM activities and other consumer-related businesses (e.g., insurance).

(2) Presented on a managed basis, specifically Card Services. (See Exhibit A: Non-GAAP Reconciliations - Global Consumer and Small Business Banking - Reconciliation on page 37).

(3) Fully taxable-equivalent basis

(4) Represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

(5) Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits).

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 11

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking Business Results

(Dollars in millions)

	Three Months Ended March 31, 2008
	Total (1)		Deposits (2)			Card Services (1)		Consumer Real Estate			ALM/ Other
Net interest income (3)	$    7,684		$    1,967			$    4,573		$       633			$ 511
Noninterest income:
Card income	2,725		561			2,163		1			—
Service charges	1,566		1,564			—		2			—
Mortgage banking income	656		—			—		656			—
All other income (loss)	675		(2	)		596		15			66
Total noninterest income	5,622		2,123			2,759		674			66
Total revenue, net of interest expense	13,306		4,090			7,332		1,307			577
Provision for credit losses (4)	6,452		80			4,312		1,897			163
Noninterest expense	5,139		2,435			1,964		640			100
Income (loss) before income taxes	1,715		1,575			1,056		(1,230	)		314
Income tax expense (benefit) (3)	625		580			386		(457	)		116
Net income (loss)	$    1,090		$       995			$       670		$     (773	)		$ 198
Net interest yield (3)	8.25	%	2.39		%	8.01	%	2.01		%	n/m
Return on average equity	6.64		24.03			5.86		(68.62	)		n/m
Efficiency ratio (3)	38.62		59.54			26.79		48.96			n/m
Average - total loans and leases	$363,001		n/m			$229,147		$120,032			n/m
Average - total deposits	343,436		$337,482			n/m		n/m			n/m
Period end - total assets (5)	437,237		360,483			256,962		133,113			n/m
	Three Months Ended December 31, 2007
	Total (1)		Deposits (2)			Card Services (1)		Consumer Real Estate			ALM/ Other
Net interest income (3)	$    7,462		$    2,303			$    4,364		$       638			$ 157
Noninterest income:
Card income	2,625		564			2,059		2			—
Service charges	1,624		1,623			—		1			—
Mortgage banking income	490		—			—		490			—
All other income (loss)	374		(2	)		224		30			122
Total noninterest income	5,113		2,185			2,283		523			122
Total revenue, net of interest expense	12,575		4,488			6,647		1,161			279
Provision for credit losses (4)	4,303		85			3,418		687			113
Noninterest expense	5,495		2,442			2,340		604			109
Income (loss) before income taxes	2,777		1,961			889		(130	)		57
Income tax expense (benefit) (3)	868		681			354		(37	)		(130	)
Net income (loss)	$    1,909		$    1,280			$       535		$       (93	)		$ 187
Net interest yield (3)	8.04	%	2.78		%	7.80	%	1.97		%	n/m
Return on average equity	11.30		29.86			4.73		(8.48	)		n/m
Efficiency ratio (3)	43.70		54.40			35.21		52.05			n/m
Average - total loans and leases	$353,672		n/m			$221,467		$119,514			n/m
Average - total deposits	340,940		$335,438			n/m		n/m			n/m
Period end - total assets (5)	443,073		358,044			256,401		132,677			n/m
	Three Months Ended March 31, 2007
	Total (1)		Deposits (2)			Card Services (1)		Consumer Real Estate			ALM/ Other
Net interest income (3)	$    7,004		$    2,367			$    3,975		$     524			$ 138
Noninterest income:
Card income	2,381		499			1,880		2			—
Service charges	1,377		1,376			—		1			—
Mortgage banking income	302		—			—		302			—
All other income (loss)	267		(1	)		192		4			72
Total noninterest income	4,327		1,874			2,072		309			72
Total revenue, net of interest expense	11,331		4,241			6,047		833			210
Provision for credit losses (4)	2,411		39			2,299		30			43
Noninterest expense	4,675		2,108			2,003		477			87
Income before income taxes	4,245		2,094			1,745		326			80
Income tax expense (3)	1,573		776			646		121			30
Net income	$    2,672		$    1,318			$    1,099		$     205			$   50
Net interest yield (3)	8.12	%	3.05		%	7.98	%	2.13		%	n/m
Return on average equity	17.62		35.79			10.31		23.33			n/m
Efficiency ratio (3)	41.26		49.71			33.13		57.24			n/m
Average - total loans and leases	$308,105		n/m			$201,166		$95,628			n/m
Average - total deposits	326,480		$320,945			n/m		n/m			n/m
Period end - total assets (5)	409,883		344,727			232,386		106,259			n/m

(1) Presented on a managed basis, specifically Card Services.

(2) For the three months ended March 31, 2008, December 31, 2007 and March 31, 2007, a total of $7.1 billion, $2.4 billion and $3.6 billion of deposits were migrated from Global Consumer and Small Business Banking to Global Wealth and Investment Management.

(3) Fully taxable-equivalent basis

(4) Represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

(5) Total assets include asset allocations to match liabilities (i.e., deposits).

n/m = not meaningful

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 12

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking - Key Indicators

(Dollars in millions; except as noted)

	First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Deposits Key Indicators
Average deposit balances
Checking	$	125,358		$	124,340		$	121,904		$	125,771		$	125,127
Savings		28,796			28,927			28,533			30,029			29,732
MMS		66,228			64,628			60,890			62,554			64,159
CD’s & IRA’s		115,038			114,538			101,358			99,546			99,563
Foreign and other		2,062			3,005			2,713			2,382			2,364
Total average deposit balances	$	337,482		$	335,438		$	315,398		$	320,282		$	320,945
Total balances migrated to
Premier Banking and Investments	$	7,059		$	2,443		$	2,560		$	2,857		$	3,551
Deposit spreads (excludes noninterest costs)
Checking		4.29	%		4.31	%		4.30	%		4.27	%		4.24	%
Savings		3.89			3.77			3.71			3.71			3.77
MMS		1.54			2.83			3.43			3.36			3.42
CD’s & IRA’s		0.53			0.89			1.06			1.10			1.13
Foreign and other		4.44			4.38			4.32			4.28			4.41
Total deposit spreads		2.41			2.79			3.02			3.04			3.05
Net new retail checking (units in thousands)		557			343			757			717			487
Debit purchase volumes	$	50,090		$	51,128		$	47,326		$	47,421		$	43,569
Online banking (end of period)
Active accounts (units in thousands)		24,949			23,791			23,057			22,190			21,813
Active billpay accounts (units in thousands)		13,081			12,552			11,928			11,567			11,285
Card Services Key Indicators
Managed Card - US Consumer and Business Card
Gross interest yield		11.74	%		12.32	%		12.71	%		12.80	%		12.84	%
Risk adjusted margin (1)		6.51			7.57			7.78			7.61			7.81
Loss rates		5.67			5.03			4.84			5.21			4.82
Average outstandings	$	161,685		$	156,329		$	151,405		$	146,693		$	146,985
Ending outstandings		161,353			161,373			153,039			148,746			144,881
New account growth (in thousands)		2,042			2,164			2,546			2,387			2,092
Purchase volumes	$	56,757		$	64,713		$	61,247		$	61,275		$	55,428
Delinquencies:
30 Day		5.93	%		5.70	%		5.42	%		5.29	%		5.45	%
90 Day		3.01			2.80			2.57			2.68			2.90
Consumer Real Estate Key Indicators
Mortgage servicing rights at fair value period end balance	$	3,163		$	3,053		$	3,179		$	3,269		$	2,963
Capitalized mortgage servicing rights (% of loans serviced)		118	bps		118	bps		130	bps		141	bps		127	bps
Mortgage loans serviced for investors (in billions)	$	268		$	259		$	245		$	232		$	234
Global Consumer and Small Business Banking
Mortgage production	$	18,044		$	22,370		$	24,533		$	25,755		$	20,646
Home equity production		13,821			16,001			17,352			18,552			17,321
Total Corporation
Mortgage production		21,922			24,834			26,930			29,172			23,449
Home equity production		16,641			19,299			21,105			22,746			21,033

(1) Reflects margin and noninterest revenue, adjusted for loss rates.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 13

Bank of America Corporation and Subsidiaries

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 24.9 million subscribers.

Bank of America uses a strict Active User standard - customers must have used our online services within the last 90 days.

13.1 million active bill pay users paid $72.7 billion worth of bills this quarter. The number of customers who sign up and use Bank of America’s Bill Pay Service continues to far surpass that of any other financial institution.

Currently, approximately 399 companies are presenting 35.4 million e-bills per quarter.

This information is preliminary and based on company data available at the time of the presentation. 14

Bank of America Corporation and Subsidiaries

Credit Card Data ⁽¹⁾

(Dollars in millions)

	First Quarter 2008		Fourth Quarter 2007		Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Loans
Period end
Held credit card outstandings	$  75,911		$  80,724		$  71,702			$  69,241			$  65,920
Securitization impact	107,847		102,967		102,068			100,611			99,495
Managed credit card outstandings	$183,758		$183,691		$173,770			$169,852			$165,415
Average
Held credit card outstandings	$  78,518		$  74,392		$  69,486			$  68,181			$  68,853
Securitization impact	105,176		104,019		102,516			99,388			98,539
Managed credit card outstandings	$183,694		$178,411		$172,002			$167,569			$167,392
Credit Quality
Charge-Offs $
Held net charge-offs	$       956		$       846		$       808			$       893			$       894
Securitization impact	1,416		1,292		1,216			1,206			1,059
Managed credit card net losses	$    2,372		$    2,138		$    2,024			$    2,099			$    1,953
Charge-Offs %
Held net charge-offs	4.90	%	4.51	%	4.61		%	5.25		%	5.27		%
Securitization impact	0.29		0.24		0.06			(0.23	)		(0.54	)
Managed credit card net losses	5.19	%	4.75	%	4.67		%	5.02		%	4.73		%
30+ Delinquency $
Held delinquency	$    4,017		$    4,298		$    3,727			$    3,593			$    3,660
Securitization impact	6,288		5,710		5,381			5,034			5,144
Managed delinquency	$  10,305		$  10,008		$    9,108			$    8,627			$    8,804
30+ Delinquency %
Held delinquency	5.29	%	5.32	%	5.20		%	5.19		%	5.55		%
Securitization impact	0.32		0.13		0.04			(0.11	)		(0.23	)
Managed delinquency	5.61	%	5.45	%	5.24		%	5.08		%	5.32		%
90+ Delinquency $
Held delinquency	$    2,055		$    2,126		$    1,788			$    1,850			$    1,986
Securitization impact	3,137		2,757		2,514			2,480			2,633
Managed delinquency	$    5,192		$    4,883		$    4,302			$    4,330			$    4,619
90+ Delinquency %
Held delinquency	2.71	%	2.63	%	2.49		%	2.67		%	3.01		%
Securitization impact	0.12		0.03		(0.01	)		(0.12	)		(0.22	)
Managed delinquency	2.83	%	2.66	%	2.48		%	2.55		%	2.79		%

(1) Credit Card includes U.S. Consumer Card and foreign credit card. Does not include Business Credit Card.

Certain prior period amounts have been reclassified to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 15

Bank of America Corporation and Subsidiaries

Mass Market Small Business Banking Results: Relationship View ⁽¹⁾

(Dollars in millions)

	Three Months Ended March 31, 2008 (2)
	Total	Global Consumer and Small Business Banking	Other (3)
Net interest income (4)	$    935	$    890	$  45
Noninterest income	624	538	86
Total revenue, net of interest expense	1,559	1,428	131
Provision for credit losses (5)	959	954	5
Noninterest expense	522	494	28
Income (loss) before income taxes	78	(20)	98
Income tax expense (benefit) (4)	29	(7)	36
Net income (loss)	$      49	$   (13)	$  62
	Three Months Ended December 31, 2007 (2)
	Total	Global Consumer and Small Business Banking	Other (3)
Net interest income (4)	$    951	$    900	$  51
Noninterest income	636	550	86
Total revenue, net of interest expense	1,587	1,450	137
Provision for credit losses (5)	508	505	3
Noninterest expense	515	477	38
Income before income taxes	564	468	96
Income tax expense (4)	209	172	37
Net income	$    355	$    296	$  59
	Three Months Ended March 31, 2007
	Total	Global Consumer and Small Business Banking	Other (3)
Net interest income (4)	$    861	$    799	$  62
Noninterest income	537	438	99
Total revenue, net of interest expense	1,398	1,237	161
Provision for credit losses (5)	289	286	3
Noninterest expense	465	409	56
Income before income taxes	644	542	102
Income tax expense (4)	238	200	38
Net income	$    406	$    342	$  64

(1) Presented on a managed basis.

(2) Includes Small Business and Business Banking results of the acquired LaSalle Bank Corporation beginning on October 1, 2007.

(3) Includes Mass Market Small Business Banking results within Global Corporate and Investment Banking and Global Wealth and Investment Management.

(4) Fully taxable-equivalent basis

(5) Represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 16

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Segment Results ⁽¹⁾

(Dollars in millions)

	First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007			First Quarter 2007
Net interest income (2)	$	3,599			$	3,434			$	2,739			$	2,623		$	2,422
Noninterest income:
Service charges		788				760				672				683			654
Investment and brokerage services		245				222				235				221			232
Investment banking income		665				577				436				821			703
Trading account profits (losses)		(1,790	)			(5,434	)			(1,445	)			877			838
All other income (loss)		(339	)			(314	)			241				671			551
Total noninterest income		(431	)			(4,189	)			139				3,273			2,978
Total revenue, net of interest expense		3,168				(755	)			2,878				5,896			5,400
Provision for credit losses		523				268				227				42			115
Noninterest expense		2,461				3,352				2,498				3,175			2,930
Income (loss) before income taxes		184				(4,375	)			153				2,679			2,355
Income tax expense (benefit) (2)		69				(1,633	)			63				984			878
Net income (loss)	$	115			$	(2,742	)		$	90			$	1,695		$	1,477
Net interest yield (2)		2.01		%		1.90		%		1.64		%		1.56	%		1.51	%
Return on average equity		0.78				(20.32	)			0.81				16.19			14.41
Efficiency ratio (2)		77.68				n/m				86.80				53.85			54.26
Balance sheet
Average
Total loans and leases	$	324,733			$	325,721			$	267,758			$	253,895		$	247,898
Total trading-related assets		361,921				354,334				356,867				377,171			360,530
Total market-based earning assets (3)		403,403				406,974				407,065				426,758			409,290
Total earning assets (4)		718,804				718,675				663,181				673,184			650,353
Total assets (4)		834,463				823,750				757,645				765,118			734,309
Total deposits		235,800				236,254				217,632				220,180			208,561
Allocated equity		58,911				53,520				44,014				42,000			41,543
Period end
Total loans and leases	$	325,767			$	324,174			$	275,427			$	257,537		$	249,861
Total trading-related assets		317,256				308,315				333,107				342,629			333,681
Total market-based earning assets (3)		347,563				359,946				375,100				386,958			385,495
Total earning assets (4)		668,953				673,529				636,794				637,880			628,831
Total assets (4)		791,962				776,207				738,631				731,378			716,132
Total deposits		233,778				246,788				211,577				221,866			210,105

(1) Global Corporate and Investment Banking has three primary businesses: Business Lending, Capital Markets and Advisory Services, and Treasury Services. In addition, ALM/Other includes the results of ALM activities and other Global Corporate and Investment Banking activities.

(2) Fully taxable-equivalent basis

(3) Total market-based earning assets represents market-based amounts included in the Capital Markets and Advisory Services business.

(4) Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits).

n/m = not meaningful

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 17

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Business Results

(Dollars in millions)

	Three Months Ended March 31, 2008
	Total			Business Lending			Capital Markets and Advisory Services (1)			Treasury Services		ALM/ Other
Net interest income (2)	$    3,599			$    1,436			$     1,335			$       845		$  (17	)
Noninterest income:
Service charges	788			136			32			619		1
Investment and brokerage services	245			—			234			11		—
Investment banking income	665			—			665			—		—
Trading account profits (losses)	(1,790	)		(198	)		(1,620	)		18		10
All other income (loss)	(339	)		262			(1,267	)		643		23
Total noninterest income	(431	)		200			(1,956	)		1,291		34
Total revenue, net of interest expense	3,168			1,636			(621	)		2,136		17
Provision for credit losses	523			523			(1	)		1		—
Noninterest expense	2,461			576			1,131			746		8
Income (loss) before income taxes	184			537			(1,751	)		1,389		9
Income tax expense (benefit) (2)	69			200			(648	)		514		3
Net income (loss)	$       115			$       337			$   (1,103	)		$       875		$     6
Net interest yield (2)	2.01		%	1.93		%	n/m		%	2.32	%	n/m
Return on average equity	0.78			6.37			(24.13	)		44.79		n/m
Efficiency ratio (2)	77.68			35.21			n/m			34.93		n/m
Average - total loans and leases	$324,733			$296,444			$  21,155			$    7,129		n/m
Average - total deposits	235,800			n/m			68,498			167,055		n/m
Period end - total assets (3)	791,962			310,763			422,484			181,040		n/m
	Three Months Ended December 31, 2007
	Total			Business Lending			Capital Markets and Advisory Services (1)			Treasury Services		ALM/ Other
Net interest income (2)	$    3,434			$    1,698			$       835			$    1,017		$(116	)
Noninterest income:
Service charges	760			147			35			577		1
Investment and brokerage services	222			—			212			12		(2	)
Investment banking income	577			—			577			—		—
Trading account profits (losses)	(5,434	)		(138	)		(5,321	)		18		7
All other income (loss)	(314	)		194			(888	)		289		91
Total noninterest income	(4,189	)		203			(5,385	)		896		97
Total revenue, net of interest expense	(755	)		1,901			(4,550	)		1,913		(19	)
Provision for credit losses	268			274			(6	)		1		(1	)
Noninterest expense	3,352			639			1,462			1,138		113
Income (loss) before income taxes	(4,375	)		988			(6,006	)		774		(131	)
Income tax expense (benefit) (2)	(1,633	)		355			(2,226	)		286		(48	)
Net income (loss)	$   (2,742	)		$       633			$  (3,780	)		$       488		$  (83	)
Net interest yield (2)	1.90		%	2.28		%	n/m			2.88	%	n/m
Return on average equity	(20.32	)		12.64			(96.93	)	%	24.69		n/m
Efficiency ratio (2)	n/m			33.57			n/m			59.50		n/m
Average - total loans and leases	$325,721			$292,933			$  26,087			$    6,694		n/m
Average - total deposits	236,254			n/m			74,110			161,941		n/m
Period end - total assets (3)	776,207			302,078			413,459			184,078		n/m
	Three Months Ended March 31, 2007
	Total			Business Lending			Capital Markets and Advisory Services			Treasury Services		ALM/ Other
Net interest income (2)	$    2,422			$    1,060			$       481			$       965		$  (84	)
Noninterest income:
Service charges	654			126			27			501		—
Investment and brokerage services	232			1			221			10		—
Investment banking income	703			—			703			—		—
Trading account profits (losses)	838			(3	)		829			12		—
All other income	551			152			104			234		61
Total noninterest income	2,978			276			1,884			757		61
Total revenue, net of interest expense	5,400			1,336			2,365			1,722		(23	)
Provision for credit losses	115			103			11			1		—
Noninterest expense	2,930			490			1,513			894		33
Income (loss) before income taxes	2,355			743			841			827		(56	)
Income tax expense (benefit) (2)	878			280			313			306		(21	)
Net income (loss)	$    1,477			$       463			$       528			$       521		$  (35	)
Net interest yield (2)	1.51		%	1.84		%	n/m			2.88	%	n/m
Return on average equity	14.41			12.79			18.36		%	27.37		n/m
Efficiency ratio (2)	54.26			36.68			63.95			51.94		n/m
Average - total loans and leases	$247,898			$228,766			$  14,139			$    4,982		n/m
Average - total deposits	208,561			n/m			59,422			148,989		n/m
Period end - total assets (3)	716,132			240,818			424,877			160,003		n/m

(1) Includes $27 million and $26 million of net interest income on loans for which the fair value option has been elected and is not considered market-based income for the three months ended March 31, 2008 and December 31, 2007 .

(2) Fully taxable-equivalent basis

(3) Total assets include asset allocations to match liabilities (i.e., deposits).

n/m = not meaningful

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 18

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Business Results: Customer Relationship View

(Dollars in millions)

	Three Months Ended March 31, 2008
	Total			Commercial			Corporate and Investment Bank			Other
Net interest income (1)	$    3,599			$    1,956			$    1,795			$(152	)
Noninterest income:
Service charges	788			415			373			—
Investment and brokerage services	245			8			237			—
Investment banking income	665			21			644			—
Trading account profits (losses)	(1,790	)		(176	)		(1,622	)		8
All other income (loss)	(339	)		772			(1,135	)		24
Total noninterest income	(431	)		1,040			(1,503	)		32
Total revenue, net of interest expense	3,168			2,996			292			(120	)
Provision for credit losses	523			516			8			(1	)
Noninterest expense	2,461			840			1,597			24
Income (loss) before income taxes	184			1,640			(1,313	)		(143	)
Income tax expense (benefit) (1)	69			608			(486	)		(53	)
Net income (loss)	$       115			$    1,032			$      (827	)		$  (90	)
Net interest yield (1)	2.01		%	3.10		%	1.55		%	n/m
Return on average equity	0.78			18.29			(13.33	)		n/m
Efficiency ratio (1)	77.68			28.04			n/m			n/m
Average - total loans and leases	$324,733			$248,764			$  75,964			n/m
Average - total deposits	235,800			96,263			139,536			n/m
Period end - total assets (2)	791,962			274,014			492,274			n/m
	Three Months Ended December 31, 2007
	Total			Commercial			Corporate and Investment Bank			Other
Net interest income (1)	$    3,434			$    2,315			$    1,261			$(142	)
Noninterest income:
Service charges	760			384			376			—
Investment and brokerage services	222			8			214			—
Investment banking income	577			26			550			1
Trading account profits (losses)	(5,434	)		(124	)		(5,317	)		7
All other income (loss)	(314	)		431			(829	)		84
Total noninterest income	(4,189	)		725			(5,006	)		92
Total revenue, net of interest expense	(755	)		3,040			(3,745	)		(50	)
Provision for credit losses	268			302			(34	)		—
Noninterest expense	3,352			1,253			1,967			132
Income (loss) before income taxes	(4,375	)		1,485			(5,678	)		(182	)
Income tax expense (benefit) (1)	(1,633	)		540			(2,105	)		(68	)
Net income (loss)	$  (2,742	)		$       945			$   (3,573	)		$(114	)
Net interest yield (1)	1.90		%	3.75		%	1.07		%	n/m
Return on average equity	(20.32	)		17.76			(65.59	)		n/m
Efficiency ratio (1)	n/m			41.23			n/m			n/m
Average - total loans and leases	$325,721			$243,104			$  82,609			n/m
Average - total deposits	236,254			97,362			138,892			n/m
Period end - total assets (2)	776,207			269,703			482,827			n/m
	Three Months Ended March 31, 2007
	Total			Commercial			Corporate and Investment Bank			Other
Net interest income (1)	$    2,422			$    1,626			$       899			$(103	)
Noninterest income:
Service charges	654			305			348			1
Investment and brokerage services	232			9			223			—
Investment banking income	703			15			687			1
Trading account profits (losses)	838			(2	)		840			—
All other income	551			391			102			58
Total noninterest income	2,978			718			2,200			60
Total revenue, net of interest expense	5,400			2,344			3,099			(43	)
Provision for credit losses	115			96			16			3
Noninterest expense	2,930			944			1,954			32
Income (loss) before income taxes	2,355			1,304			1,129			(78	)
Income tax expense (benefit) (1)	878			487			420			(29	)
Net income (loss)	$    1,477			$       817			$       709			$  (49	)
Net interest yield (1)	1.51		%	3.35		%	n/m			n/m
Return on average equity	14.41			19.78			16.25		%	n/m
Efficiency ratio (1)	54.26			40.26			63.04			n/m
Average - total loans and leases	$247,898			$190,611			$  57,726			n/m
Average - total deposits	208,561			87,277			121,284			n/m
Period end - total assets (2)	716,132			212,987			485,228			n/m

(1) Fully taxable-equivalent basis

(2) Total assets include asset allocations to match liabilities (i.e., deposits).

n/m = not meaningful

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 19

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking - Business Lending Key Indicators

(Dollars in millions)

	First Quarter 2008		Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Business lending revenue, net of interest expense
Corporate lending (1)	$       324		$       249			$       156			$       196			$       179
Commercial lending	1,288		1,588			1,035			1,092			978
Consumer indirect lending	24		64			170			201			179
Total revenue, net of interest expense	$    1,636		$    1,901			$    1,361			$    1,489			$    1,336
Business lending margin
Corporate lending	0.96	%	0.77		%	0.51		%	0.97		%	1.01		%
Commercial lending	1.60		2.18			1.49			1.52			1.46
Consumer indirect lending	1.81		1.65			1.71			1.72			1.66
Provision for credit losses
Corporate lending	$10		$        (26	)		$66			$          (3	)		$           5
Commercial lending	324		138			70			(5	)		(16	)
Consumer indirect lending	189		162			102			41			114
Total provision for credit losses	$       523		$       274			$       238			$         33			$       103
Credit quality (2, 3, 4)
Utilized criticized exposure
Corporate lending	$    3,242		$    2,122			$    1,538			$       789			$       929
	3.27	%	2.45		%	1.98		%	1.02		%	1.29		%
Commercial lending	$  17,349		$  13,902			$    8,006			$    5,635			$    5,509
	6.76	%	5.64		%	4.23		%	3.12		%	3.09		%
Total utilized criticized exposure	$  20,591		$  16,024			$    9,544			$    6,424			$    6,438
	5.79	%	4.81		%	3.58		%	2.49		%	2.57		%
Nonperforming assets
Corporate lending	$       150		$       115			$       269			$         21			$         33
	0.30	%	0.24		%	0.62		%	0.06		%	0.09		%
Commercial lending	$    2,600		$    1,918			$       777			$       698			$       574
	1.02	%	0.78		%	0.39		%	0.36		%	0.30		%
Total nonperforming assets	$    2,750		$    2,033			$    1,046			$       719			$       607
	0.91	%	0.69		%	0.43		%	0.31		%	0.26		%
Average loans and leases by product
Commercial	$152,588		$149,874			$120,355			$115,814			$117,216
Leases	24,264		24,246			22,051			21,725			21,454
Foreign	21,466		22,042			17,430			14,977			14,456
Real estate	57,482		55,174			36,120			34,476			33,981
Consumer	38,765		39,614			40,956			40,792			39,489
Other	1,879		1,983			1,940			1,972			2,170
Total average loans and leases	$296,444		$292,933			$238,852			$229,756			$228,766
(1)     Total corporate lending revenue	$       324		$       249			$       156			$       196			$       179
Less: Impact of credit mitigation	69		7			(7	)		(3	)		(11	)
Corporate lending revenues excluding credit mitigation	$       255		$       242			$       163			$       199			$       190

(2) Criticized exposure corresponds to the Special Mention, Substandard and Doubtful asset categories defined by regulatory authorities. The criticized exposure is on an end-of-period basis and are also shown as a percentage of total commercial utilized credit exposure, including loans and leases, standby letters of credit, and financial guarantees, derivative assets, and commercial letters of credit.

(3) Nonperforming assets are on an end-of-period basis and defined as nonperforming loans and leases plus foreclosed properties. The nonperforming ratio is nonperforming assets divided by commercial loans and leases plus commercial foreclosed properties.

(4) Criticized exposure related to the fair value option portfolio are not included. There are no nonperforming assets in the fair value portfolio.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 20

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking - Capital Markets and Advisory Services Key Indicators

(Dollars in millions)

	First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007		First Quarter 2007
Investment banking income
Advisory fees	$	66		$	112		$	94		$	110	$	130
Debt underwriting		359			377			281			611		503
Equity underwriting		240			88			61			100		70
Total investment banking income		665			577			436			821		703
Sales and trading revenue
Fixed income:
Liquid products		744			580			562			543		413
Credit products		(523	)		(420	)		(833	)		353		511
Structured products		(1,882	)		(5,511	)		(620	)		495		317
Total fixed income		(1,661	)		(5,351	)		(891	)		1,391		1,241
Equity income		348			198			244			435		421
Total sales and trading revenue		(1,313	)		(5,153	)		(647	)		1,826		1,662
Total Capital Markets and Advisory Services market-based revenue (1)	$	(648	)	$	(4,576	)	$	(211	)	$	2,647	$	2,365
Balance sheet (average)
Trading account securities	$	190,849		$	188,925		$	192,844		$	185,839	$	172,203
Reverse repurchases		56,184			51,266			52,436			70,821		66,476
Securities borrowed		78,839			84,399			81,404			92,056		97,795
Derivative assets		34,953			28,282			28,611			26,644		22,063
Total trading-related assets	$	360,825		$	352,872		$	355,295		$	375,360	$	358,537
Sales credits from secondary trading
Liquid products		595			534			577			501		452
Credit products		281			279			352			341		302
Structured products		166			133			161			243		224
Equities		282			262			277			303		284
Total sales credits		1,324			1,208			1,367			1,388		1,262
Volatility of product revenues - 1 std dev
Liquid products	$	28.4		$	10.4		$	16.3		$	9.0	$	9.1
Credit products		13.3			12.0			21.8			6.3		6.0
Structured products		14.0			408.1			33.5			7.2		7.6
Equities		20.3			7.3			16.3			6.3		4.9
Total volatility		61.3			405.5			54.9			16.2		14.8

(1) Market-based revenue for the three months ended March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, excludes $27 million, $26 million, $22 million and $22 million, respectively, of net interest income on loans for which the fair value option has been elected.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 21

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Strategic Progress

Source: Thomson Financial except Syndicated Loans and Leveraged Loans from Loan Pricing Corporation. Ranked based on deal size.

(1) M&A Announced Advisor Rankings

Highlights

• Top 5 rankings in:

Convertible debt Leveraged loans Syndicated loans High-yield debt Asset-backed securities Mortgage-backed securities Common stock underwriting Investment grade debt

• Market share for convertible debt, asset-backed securities and investment grade debt for YTD 08 includes self-funded deals, market share without these deals was 9.2%, 7.8% and 10.1%, respectively.

This information is preliminary and based on company data available at the time of the presentation. 22

Bank of America Corporation and Subsidiaries

Special Purpose Entities Liquidity Exposure

(Dollars in millions)

	March 31, 2008
	VIEs (1)		QSPEs (2)	Total
	Consolidated	Unconsolidated	Unconsolidated
Corporation-sponsored multi-seller conduits	$14,722	$44,429	$  —	$  59,151
Municipal bond trusts and corporate SPEs	5,422	2,770	7,301	15,493
Asset acquisition conduits	1,495	5,079	—	6,574
Collateralized debt obligation vehicles	—	6,193	—	6,193
Customer-sponsored conduits	—	1,688	—	1,688
Total liquidity exposure	$21,639	$60,159	$7,301	$  89,099
	December 31, 2007
	VIEs (1)		QSPEs (2)	Total
	Consolidated	Unconsolidated	Unconsolidated
Corporation-sponsored multi-seller conduits	$16,984	$47,335	$—	$  64,319
Municipal bond trusts and corporate SPEs	7,359	3,120	7,251	17,730
Asset acquisition conduits	1,623	6,399	—	8,022
Collateralized debt obligation vehicles	3,240	9,026	—	12,266
Customer-sponsored conduits	—	1,724	—	1,724
Total liquidity exposure	$29,206	$67,604	$7,251	$104,061

(1) Variable interest entities (VIEs) are special purpose entities (SPEs) which lack sufficient equity at risk or whose equity investors do not have a controlling financial interest. In accordance with Financial Accounting Standards Board (FASB) Interpretation No. 46 (Revised December 2003), “Consolidation of Variable Interest Entities, an interpretation of ARB No. 51” (FIN 46R), a VIE is consolidated by the party known as the primary beneficiary that will absorb the majority of the expected losses or expected residual returns of the VIEs or both. For example, an entity that holds a majority of the subordinated debt or equity securities issued by a VIE, or protects other investors from loss through a guarantee or similar arrangement, may have to consolidate the VIE. The assets and liabilities of consolidated VIEs are recorded on the Corporation’s balance sheet.

(2) Qualifying special purposes entities (QSPEs) are SPEs whose activities are strictly limited to holding and servicing financial assets and meet the requirements set forth in Statement of Financial Accounting Standards (SFAS) No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities – a replacement of FASB Statement No. 125” (SFAS 140). QSPEs are generally not required to be consolidated by any party. This table includes only those QSPEs to which we have liquidity exposure.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 23

Bank of America Corporation and Subsidiaries

Super Senior Collateralized Debt Obligation Exposure Rollforward

(Dollars in millions)

	December 31, 2007 Net Exposure	Paydowns /Liquidations / Other	First Quarter 2008 Net Writedowns (1)	Reclassifications (2)	March 31, 2008 Net Exposure
Super senior liquidity commitments
High grade	$    5,166	$    (64)	$    (388)	$    (1,822)	$    2,892
Mezzanine	358	—	—	—	358
CDOs-squared	2,227	(361)	(468)	(984)	414
Total super senior liquidity commitments	7,751	(425)	(856)	(2,806)	3,664
Other super senior exposure
High grade	2,125	(375)	(143)	1,822	3,429
Mezzanine	795	24	(324)	—	495
CDOs-squared	959	(36)	(210)	984	1,697
Total other super senior exposure	3,879	(387)	(677)	2,806	5,621
Losses on liquidated CDOs			(39)
Total super senior exposure	$  11,630	$    (812)	$    (1,572)	$        —	$    9,285

(1) Net of insurance.

(2) Represents CDO exposure that was reclassified from super senior liquidity commitments to other super senior exposure as the Corporation is no longer providing liquidity.

Super Senior Collateralized Debt Obligation Exposure

(Dollars in millions)

	Total CDO Exposure at March 31, 2008										Total CDO Net Exposure
	Subprime Exposure (1)					Non-Subprime Exposure (2)
	Gross	Insured	Net of Insured Amounts	Cumulative Writedowns (3)	Net Exposure	Gross	Insured	Net of Insured Amounts	Cumulative Writedowns (3)	Net Exposure	March 31 2008	December 31 2007
Super senior liquidity commitments
High grade	$  1,800	$  (1,800)	$      —	$      —	$    —	$    3,042	$      —	$    3,042	$    (150)	$    2,892	$    2,892	$      5,166
Mezzanine	363	—	363	(5)	358	—	—	—	—	—	358	358
CDOs-squared	988	—	988	(574)	414	—	—	—	—	—	414	2,227
Total super senior liquidity commitments	3,151	(1,800)	1,351	(579)	772	3,042	—	3,042	(150)	2,892	3,664	7,751
Other super senior exposure
High grade	6,242	(2,043)	4,199	(1,228)	2,971	1,192	(734)	458	—	458	3,429	2,125
Mezzanine	1,570	—	1,570	(1,075)	495	—	—	—	—	—	495	795
CDOs-squared	4,132	—	4,132	(2,435)	1,697	376	(376)	—	—	—	1,697	959
Total other super senior exposure	11,944	(2,043)	9,901	(4,738)	5,163	1,568	(1,110)	458	—	458	5,621	3,879
Losses on liquidated CDOs (4)				(121)
Total super senior exposure	$  15,095	$  (3,843)	$  11,252	$  (5,438)	$  5,935	$    4,610	$  (1,110)	$  3,500	$    (150)	$    3,350	$    9,285	$    11,630

(1) Classified as subprime when subprime consumer real estate loans make up at least 35 percent of the ultimate underlying collateral.

(2) Includes highly-rated collateralized loan obligations and commercial mortgage-backed securities super senior exposure.

(3) Net of insurance.

(4) At March 31, 2008, the Corporation held $242 million in assets acquired from liquidated CDO vehicles. During the first quarter of 2008, the Corporation recognized $25 million in writedowns on these assets.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 24

Bank of America Corporation and Subsidiaries

Global Wealth and Investment Management Segment Results ^{(1, 2)}

(Dollars in millions, except as noted)

	First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007				First Quarter 2007
Net interest income (3)	$	998			$	989			$	1,002			$	949			$	923
Noninterest income:
Investment and brokerage services		1,081				1,080				1,032				863				806
All other income (loss)		(157	)			(319	)			44				77				52
Total noninterest income		924				761				1,076				940				858
Total revenue, net of interest expense		1,922				1,750				2,078				1,889				1,781
Provision for credit losses		243				34				(29	)			(13	)			23
Noninterest expense		1,316				1,278				1,234				994				975
Income before income taxes		363				438				873				908				783
Income tax expense (3)		135				127				325				333				292
Net income	$	228			$	311			$	548			$	575			$	491
Net interest yield (3)		2.73		%		2.86		%		3.10		%		3.14		%		3.18		%
Return on average equity		7.92				10.87				20.30				26.30				22.61
Efficiency ratio (3)		68.49				73.02				59.37				52.65				54.75
Balance sheet
Average
Total loans and leases	$	85,642			$	82,809			$	77,041			$	67,962			$	65,839
Total earning assets (4)		147,111				137,139				128,154				121,022				117,619
Total assets (4)		156,913				147,370				137,081				127,368				124,083
Total deposits		148,500				138,159				127,819				118,246				114,955
Allocated equity		11,570				11,345				10,700				8,769				8,802
Period end
Total loans and leases	$	87,308			$	84,600			$	78,324			$	69,217			$	66,695
Total earning assets (4)		153,747				145,053				130,166				121,808				120,701
Total assets (4)		163,013				155,667				138,571				128,389				127,404
Total deposits		154,174				144,865				130,533				118,972				118,124
Client assets (5)
Assets under management	$	607,521			$	643,531			$	709,955			$	566,267			$	547,448
Client brokerage assets (6)		213,743				222,661				217,916				213,711				209,106
Assets in custody		158,486				167,575				158,756				109,360				109,163
Less: Client brokerage assets and assets in custody included in assets under management		(88,755	)			(87,071	)			(87,386	)			(80,784	)			(73,793	)
Total net client assets	$	890,995			$	946,696			$	999,241			$	808,554			$	791,924

(1) Global Wealth and Investment Management services clients through three primary businesses: U.S. Trust, Bank of America Private Wealth Management (U.S. Trust), Columbia Management, and Premier Banking and Investments. In addition, ALM/Other primarily includes the results of ALM activities.

(2) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank creating U.S. Trust, Bank of America Private Wealth Management. The results of the combined business were reported for periods beginning on July 1, 2007. Prior to July 1, 2007, the results solely reflect that of the former Private Bank.

(3) Fully taxable-equivalent basis

(4) Total earning assets and total assets include asset allocations to match liabilities (i.e., deposits).

(5) In December 2007, the Corporation completed the sale of Marsico Capital Management, LLC (Marsico). Assets under management for the third, second and first quarters of 2007 include assets under management that were managed prior to the sale of Marsico of $59.5 billion (including $5.3 billion in eliminations), $53.7 billion (including $5.2 billion in eliminations) and $51.0 billion (including $5.2 billion in eliminations), respectively. Marsico’s results of operations for prior periods have been transferred to All Other as a liquidating business.

(6) Client brokerage assets include non-discretionary brokerage and fee-based assets.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 25

Bank of America Corporation and Subsidiaries

Global Wealth and Investment Management Business Results

(Dollars in millions)

	Three Months Ended March 31, 2008
	Total			U.S. Trust (1)		Columbia Management			Premier Banking and Investments (2)		ALM/ Other
Net interest income (3)	$        998			$    278		$        2			$      535		$183
Noninterest income:
Investment and brokerage services	1,081			379		398			258		46
All other income (loss)	(157	)		18		(221)			48		(2)
Total noninterest income	924			397		177			306		44
Total revenue, net of interest expense	1,922			675		179			841		227
Provision for credit losses	243			3		—			240		—
Noninterest expense	1,316			504		305			436		71
Income (loss) before income taxes	363			168		(126	)		165		156
Income tax expense (benefit) (3)	135			62		(47)			61		59
Net income (loss)	$        228			$     106		$    (79)			$      104		$  97
Net interest yield (3)	2.73		%	2.33	%	n/m			1.90	%	n/m
Return on average equity	7.92			9.64		(44.72	)	%	21.26		n/m
Efficiency ratio (3)	68.49			74.68		n/m			51.84		n/m
Average - total loans and leases	$  85,642			$47,929		n/m			$  37,679		n/m
Average - total deposits	148,500			34,634		n/m			113,350		n/m
Period end - total assets (4)	163,013			52,729		$  2,990			120,924		n/m
	Three Months Ended December 31, 2007
	Total			U.S. Trust (1)		Columbia Management			Premier Banking and Investments (2)		ALM/ Other
Net interest income (3)	$        989			$    295		$       4			$      644		$  46
Noninterest income:
Investment and brokerage services	1,080			387		397			246		50
All other income (loss)	(319)			19		(385)			41		6
Total noninterest income	761			406		12			287		56
Total revenue, net of interest expense	1,750			701		16			931		102
Provision for credit losses	34			11		—			22		1
Noninterest expense	1,278			491		298			444		45
Income (loss) before income taxes	438			199		(282)			465		56
Income tax expense (benefit) (3)	127			74		(104)			172		(15)
Net income (loss)	$        311			$     125		$  (178)			$      293		$  71
Net interest yield (3)	2.86		%	2.54	%	n/m			2.42	%	n/m
Return on average equity	10.87			12.18		(98.03)		%	53.08		n/m
Efficiency ratio (3)	73.02			69.98		n/m			47.68		n/m
Average - total loans and leases	$    82,809			$46,036		n/m			$  36,737		n/m
Average - total deposits	138,159			31,641		n/m			105,907		n/m
Period end - total assets (4)	155,667			51,044		$  1,943			113,329		n/m
	Three Months Ended March 31, 2007
	Total			U.S. Trust (1)		Columbia Management			Premier Banking and Investments (2)		ALM/ Other
Net interest income (3)	$        923			$    223		$    —			$      658		$  42
Noninterest income:
Investment and brokerage services	806			224		320			221		41
All other income (loss)	52			11		1			34		6
Total noninterest income	858			235		321			255		47
Total revenue, net of interest expense	1,781			458		321			913		89
Provision for credit losses	23			21		—			2		—
Noninterest expense	975			308		236			411		20
Income before income taxes	783			129		85			500		69
Income tax expense (3)	292			48		31			185		28
Net income	$        491			$      81		$      54			$      315		$  41
Net interest yield (3)	3.18		%	2.77	%	n/m			2.86	%	n/m
Return on average equity	22.61			21.94		43.40		%	78.87		n/m
Efficiency ratio (3)	54.75			67.36		73.45			45.06		n/m
Average - total loans and leases	$    65,839			$32,712		n/m			$  33,111		n/m
Average - total deposits	114,955			21,372		n/m			93,544		n/m
Period end - total assets (4)	127,404			33,989		$  1,887			98,137		n/m

(1) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank creating U.S. Trust, Bank of America Private Wealth Management. The results of the combined business were reported for periods beginning on July 1, 2007. Prior to July 1, 2007, the results solely reflect that of the former Private Bank.

(2) For the three months ended March 31, 2008, December 31, 2007 and March 31, 2007, a total of $7.1 billion, $2.4 billion and $3.6 billion of deposits were migrated to Global Wealth and Investment Management from Global Consumer and Small Business Banking.

(3) Fully taxable-equivalent basis

(4) Total assets include asset allocations to match liabilities (i.e., deposits).

n/m = not meaningful

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 26

Bank of America Corporation and Subsidiaries

Global Wealth and Investment Management - Key Indicators

(Dollars in millions, except as noted)

	First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007			First Quarter 2007
Investment and Brokerage Services
U.S. Trust (1)
Asset management fees	$	368		$	379		$	357		$	242		$	218
Brokerage income		11			8			8			8			6
Total	$	379		$	387		$	365		$	250		$	224
Columbia Management
Asset management fees	$	397		$	397		$	375		$	333		$	319
Brokerage income		1			—			1			1			1
Total	$	398		$	397		$	376		$	334		$	320
Premier Banking and Investments
Asset management fees	$	88		$	81		$	81		$	73		$	67
Brokerage income		170			165			162			167			154
Total	$	258		$	246		$	243		$	240		$	221
ALM/Other
Asset management fees	$	46		$	50		$	48		$	39		$	41
Brokerage income		—			—			—			—			—
Total	$	46		$	50		$	48		$	39		$	41
Total Global Wealth and Investment Management
Asset management fees	$	899		$	907		$	861		$	687		$	645
Brokerage income		182			173			171			176			161
Total investment and brokerage services	$	1,081		$	1,080		$	1,032		$	863		$	806
Assets Under Management (2, 3)
Assets under management by business:
U.S. Trust (1)	$	214,526		$	225,209		$	225,297		$	144,054		$	140,521
Columbia Management		409,064			439,053			511,996			453,092			438,651
Retirement and GWIM Client Solutions		48,655			42,814			44,512			27,043			25,481
Premier Banking and Investments		21,600			22,915			21,392			22,183			20,312
Eliminations (4)		(86,760	)		(87,085	)		(94,255	)		(81,653	)		(79,568	)
International Wealth Management		436			625			1,013			1,548			2,051
Total assets under management	$	607,521		$	643,531		$	709,955		$	566,267		$	547,448
Assets under management rollforward:
Beginning balance	$	643,531		$	709,955		$	566,267		$	547,448		$	542,977
Net flows		(6,265	)		(2,226	)		18,066			7,763			1,668
Market valuation/other		(29,745	)		(64,198	)		125,622			11,056			2,803
Ending balance	$	607,521		$	643,531		$	709,955		$	566,267		$	547,448
Assets under management mix:
Money market/other	$	242,956		$	246,213		$	246,748		$	213,481		$	208,482
Fixed income		107,365			111,217			109,117			83,425			84,504
Equity		257,200			286,101			354,090			269,361			254,462
Total assets under management	$	607,521		$	643,531		$	709,955		$	566,267		$	547,448
Client Brokerage Assets	$	213,743		$	222,661		$	217,916		$	213,711		$	209,106
Premier Banking and Investments Metrics
Client facing associates
Number of client managers		2,572			2,548			2,505			2,498			2,525
Number of financial advisors		1,952			1,950			1,847			1,888			1,927
All other		1,157			1,079			1,020			1,094			1,218
Total client facing associates		5,681			5,577			5,372			5,480			5,670
Financial Advisor Productivity (5) (in thousands)	$	118		$	113		$	116		$	114		$	102
Total client balances (6)	$	309,687		$	309,190		$	299,275		$	292,455		$	288,138
Number of Households with Banking and Brokerage Relationships (in thousands)		283			277			267			256			248
U.S. Trust Metrics (1)
Client facing associates		4,055			4,201			3,911			2,105			2,144
Total client balances (6)	$	362,425		$	380,687		$	360,864		$	227,086		$	222,414
Columbia Management Performance Metrics
# of 4 or 5 Star Funds by Morningstar		50			48			47			40			38
% of Assets Under Management in 4 or 5 Star Rated Funds (7)		69	%		68	%		55	%		51	%		58	%

(1) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank creating U.S. Trust, Bank of America Private Wealth Management. The results of the combined business were reported for periods beginning on July 1, 2007. Prior to July 1, 2007, the results solely reflect that of the former Private Bank.

(2) The acquisition of LaSalle Bank Corporation contributed $7.5 billion to assets under management in fourth quarter 2007. The acquisition of U.S. Trust Corporation contributed $115.6 billion to assets under management in third quarter 2007. The sale of Marsico resulted in a $60.9 billion decrease in assets under management in fourth quarter 2007 (including a $5.3 billion reduction in eliminations).

(3) In December 2007, the Corporation completed the sale of Marsico. Total assets under management for the third, second and first quarters of 2007 include assets under management that were managed prior to the sale of Marsico of $59.5 billion (including $5.3 billion in eliminations), $53.7 billion (including $5.2 billion in eliminations) and $51.0 billion (including $5.2 billion in eliminations), respectively. Marsico’s results of operations for prior periods have been transferred to All Other as a liquidating business.

(4) The elimination of client brokerage assets and assets in custody that are also included in assets under management.

(5) Financial advisor productivity is defined as full service gross production divided by average number of total financial advisors.

(6) Client balances are defined as deposits, assets under management, client brokerage assets and other assets in custody.

(7) 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.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 27

Bank of America Corporation and Subsidiaries

All Other Results ⁽¹⁾

(Dollars in millions)

	First Quarter 2008	Fourth Quarter 2007	Third Quarter 2007	Second Quarter 2007	First Quarter 2007
Net interest income (2)	$ (1,990)	$ (2,071)	$ (2,003)	$ (1,900)	$ (1,752)
Noninterest income:
Card income	664	680	739	676	721
Equity investment income	268	278	852	1,719	896
Gains on sales of debt securities	220	110	7	2	61
All other income (loss)	(255)	755	(220)	(145)	46
Total noninterest income	897	1,823	1,378	2,252	1,724
Total revenue, net of interest expense	(1,093)	(248)	(625)	352	(28)
Provision for credit losses (3)	(1,208)	(1,295)	(1,289)	(1,313)	(1,314)
Merger and restructuring charges	170	140	84	75	111
All other noninterest expense	109	12	(235)	(53)	406
Income (loss) before income taxes	(164)	895	815	1,643	769
Income tax expense (2)	59	105	205	579	154
Net income (loss)	$   (223)	$       790	$       610	$    1,064	$      615
Balance sheet
Average
Total loans and leases	$102,285	$105,917	$104,061	$101,096	$ 92,200
Total earning assets	269,971	279,021	238,209	213,792	204,302
Total assets	344,795	345,234	286,643	265,905	259,563
Total deposits	59,887	66,272	35,478	31,986	36,708
Period end
Total loans and leases	$  96,516	$107,618	$102,003	$107,429	$ 97,085
Total earning assets	251,443	261,517	248,526	219,576	199,141
Total assets	344,290	340,799	300,410	270,903	248,738
Total deposits	59,511	68,674	35,975	31,688	29,654

(1) All Other consists of equity investment activities including Principal Investing, Corporate Investments and Strategic Investments, the residual impact of the allowance for credit losses and the cost allocation processes, merger and restructuring charges, intersegment eliminations, and the results of certain businesses that are expected to be or have been sold or are in the process of being liquidated. All Other also includes certain amounts associated with ALM activities, including the residual impact of funds transfer pricing allocation methodologies, amounts associated with the change in the value of derivatives used as economic hedges of interest rate and foreign exchange rate fluctuations that do not qualify for SFAS No. 133 “Accounting for Derivative instruments and Hedging Activities, as amended” hedge accounting treatment, foreign exchange rate fluctuations related to SFAS No. 52, “Foreign Currency Translation” revaluation of foreign-denominated debt issuances, certain gains (losses) on sales of whole mortgage loans, and gains (losses) on sales of debt securities. All Other also includes adjustments to noninterest income and income tax expense to remove the FTE impact of items (primarily low-income housing tax credits) that have been grossed up within noninterest income to a FTE amount in the business segments. In addition, All Other includes the offsetting securitization impact to present Global Consumer and Small Business Banking on a managed basis. (See Exhibit A: Non-GAAP Reconciliations - All Other - Reconciliation on page 38).

(2) Fully taxable-equivalent basis

(3) Provision for credit losses represents the provision for credit losses in All Other combined with the Global Consumer and Small Business Banking securitization offset.

Components of Equity Investment Income

(Dollars in millions)

	First Quarter 2008	Fourth Quarter 2007	Third Quarter 2007	Second Quarter 2007	First Quarter 2007
Principal Investing	$     12	$117	$275	$1,250	$   575
Corporate and Strategic Investments	256	161	577	469	321
Total equity investment income included in All Other	268	278	852	1,719	896
Total equity investment income included in the business segments	786	39	52	110	118
Total consolidated equity investment income	$1,054	$317	$904	$1,829	$1,014

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 28

Bank of America Corporation and Subsidiaries

Outstanding Loans and Leases

(Dollars in millions)

	March 31 2008	December 31 2007		Increase (Decrease)
Consumer
Residential mortgage	$266,145	$	274,949	$	(8,804	)
Credit card - domestic	60,393		65,774		(5,381	)
Credit card - foreign	15,518		14,950		568
Home equity	118,381		114,820		3,561
Direct/Indirect consumer (1)	80,446		76,858		3,588
Other consumer (2)	3,746		3,850		(104	)
Total consumer	544,629		551,201		(6,572	)
Commercial
Commercial - domestic (3)	208,212		208,297		(85	)
Commercial real estate (4)	62,739		61,298		1,441
Commercial lease financing	22,132		22,582		(450	)
Commercial - foreign	31,101		28,376		2,725
Total commercial loans measured at historical cost	324,184		320,553		3,631
Commercial loans measured at fair value (5)	5,057		4,590		467
Total commercial	329,241		325,143		4,098
Total loans and leases	$873,870	$	876,344	$	(2,474	)

(1) Includes foreign consumer loans of $3.2 billion and $3.4 billion at March 31, 2008 and December 31, 2007.

(2) Includes consumer finance loans of $2.9 billion and $3.0 billion, and other foreign consumer loans of $841 million and $829 million at March 31, 2008 and December 31, 2007.

(3) Includes small business commercial - domestic loans of $20.1 billion and $19.6 billion at March 31, 2008 and December 31, 2007.

(4) Includes domestic commercial real estate loans of $61.4 billion and $60.2 billion, and foreign commercial real estate loans of $1.3 billion and $1.1 billion at March 31, 2008 and December 31, 2007.

(5) Certain commercial loans are measured at fair value in accordance with SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (SFAS 159) and include commercial - domestic loans of $3.9 billion and $3.5 billion, commercial - foreign loans of $949 million and $790 million, and commercial real estate loans of $240 million and $304 million at March 31, 2008 and December 31, 2007.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 29

Bank of America Corporation and Subsidiaries

Quarterly Average Loans and Leases by Business Segment

(Dollars in millions)

	First Quarter 2008
	Total Corporation	Global Consumer and Small Business Banking (1)	Global Corporate and Investment Banking	Global Wealth and Investment Management	All Other (1)
Consumer
Residential mortgage	$270,541	$  32,797	$       974	$34,338	$202,432
Credit card - domestic	63,277	151,829	—	—	(88,552	)
Credit card - foreign	15,241	31,865	—	—	(16,624	)
Home equity	116,562	86,854	898	24,125	4,685
Direct/Indirect consumer	78,941	36,188	38,768	5,259	(1,274	)
Other consumer	3,813	845	11	—	2,957
Total consumer	548,375	340,378	40,651	63,722	103,624
Commercial
Commercial - domestic	212,394	20,019	172,538	20,442	(605	)
Commercial real estate	62,202	1,124	59,698	1,397	(17	)
Commercial lease financing	22,227	—	24,351	—	(2,124	)
Commercial - foreign	30,463	1,480	27,495	81	1,407
Total commercial	327,286	22,623	284,082	21,920	(1,339	)
Total loans and leases	$875,661	$363,001	$324,733	$85,642	$102,285
	Fourth Quarter 2007
	Total Corporation	Global Consumer and Small Business Banking (1)	Global Corporate and Investment Banking	Global Wealth and Investment Management	All Other (1)
Consumer
Residential mortgage	$277,058	$  35,110	$       999	$33,758	$207,191
Credit card - domestic	60,063	146,902	—	—	(86,839	)
Credit card - foreign	14,329	31,509	—	—	(17,180	)
Home equity	112,369	84,000	976	23,319	4,074
Direct/Indirect consumer	75,426	33,520	39,616	5,005	(2,715	)
Other consumer	3,918	829	14	—	3,075
Total consumer	543,163	331,870	41,605	62,082	107,606
Commercial
Commercial - domestic	213,200	19,154	175,263	19,381	(598	)
Commercial real estate	59,702	1,112	57,305	1,262	23
Commercial lease financing	22,239	—	24,359	—	(2,120	)
Commercial - foreign	29,815	1,536	27,189	84	1,006
Total commercial	324,956	21,802	284,116	20,727	(1,689	)
Total loans and leases	$868,119	$353,672	$325,721	$82,809	$105,917
	First Quarter 2007
	Total Corporation	Global Consumer and Small Business Banking (1)	Global Corporate and Investment Banking	Global Wealth and Investment Management	All Other (1)
Consumer
Residential mortgage	$246,618	$  30,465	$    1,875	$24,201	$190,077
Credit card - domestic	57,720	139,389	—	—	(81,669	)
Credit card - foreign	11,133	28,003	—	—	(16,870	)
Home equity	89,559	65,185	1,098	20,014	3,262
Direct/Indirect consumer	64,038	27,424	39,493	3,063	(5,942	)
Other consumer	4,928	736	9	—	4,183
Total consumer	473,996	291,202	42,475	47,278	93,041
Commercial
Commercial - domestic	163,620	15,561	131,599	17,510	(1,050	)
Commercial real estate	36,117	93	35,026	957	41
Commercial lease financing	19,651	—	21,478	—	(1,827	)
Commercial - foreign	20,658	1,249	17,320	94	1,995
Total commercial	240,046	16,903	205,423	18,561	(841	)
Total loans and leases	$714,042	$308,105	$247,898	$65,839	$  92,200

(1) Global Consumer and Small Business Banking is presented on a managed basis with a corresponding offset recorded in All Other.

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 30

Bank of America Corporation and Subsidiaries

Commercial Credit Exposure by Industry ^{(1, 2, 3)}

(Dollars in millions)

	Commercial Utilized							Total Commercial Committed
	March 31 2008		December 31 2007		Increase (Decrease)			March 31 2008			December 31 2007			Increase (Decrease)
Real estate (4)	$	81,102	$	81,260		$(158)		$	112,698		$	111,742		$	956
Diversified financials		43,065		37,872		5,193			92,839			86,118			6,721
Retailing		33,710		33,280		430			54,195			55,184			(989	)
Capital goods		28,168		25,908		2,260			53,897			52,356			1,541
Government and public education		30,219		31,743		(1,524)			52,203			57,437			(5,234	)
Healthcare equipment and services		25,512		24,337		1,175			42,253			40,962			1,291
Consumer services		25,141		23,382		1,759			40,744			38,650			2,094
Materials		24,329		22,176		2,153			39,695			38,717			978
Banks		24,774		21,261		3,513			38,339			35,323			3,016
Individuals and trusts		22,676		22,323		353			33,046			32,425			621
Commercial services and supplies		21,744		21,175		569			31,578			31,858			(280	)
Food, beverage and tobacco		14,170		13,919		251			27,210			25,701			1,509
Energy		13,276		12,772		504			24,461			23,510			951
Media		8,092		7,901		191			20,024			19,343			681
Utilities		6,135		6,438		(303	)		19,185			19,281			(96	)
Transportation		13,020		12,803		217			19,003			18,824			179
Insurance		9,032		7,162		1,870			17,343			16,014			1,329
Religious and social organizations		8,462		8,208		254			11,187			10,982			205
Consumer durables and apparel		6,137		5,802		335			10,833			10,907			(74	)
Telecommunication services		5,782		3,475		2,307			10,618			8,235			2,383
Technology hardware and equipment		4,427		4,615		(188	)		10,191			10,239			(48	)
Software and services		4,876		4,739		137			10,069			10,128			(59)
Pharmaceuticals and biotechnology		4,701		4,349		352			9,561			8,563			998
Automobiles and components		2,851		2,648		203			6,519			6,960			(441	)
Food and staples retailing		2,638		2,732		(94	)		4,943			5,318			(375	)
Household and personal products		989		889		100			2,916			2,776			140
Semiconductors and semiconductor equipment		986		1,140		(154	)		1,657			1,734			(77	)
Other		8,143		8,407		(264	)		8,763			8,505			258
Total commercial credit exposure by industry	$	474,157	$	452,716	$	21,441		$	805,970		$	787,792		$	18,178
Net credit default protection purchased on total commitments (5)								$	(9,006	)	$	(7,146	)

(1) Includes loans and leases, standby letters of credit and financial guarantees, derivative assets, assets held-for-sale, commercial letters of credit, bankers’ acceptances, securitized assets, foreclosed properties and other collateral acquired. Derivative assets are reported on a mark-to-market basis and have been reduced by the amount of cash collateral applied of $20.3 billion and $12.8 billion at March 31, 2008 and December 31, 2007. In addition to cash collateral, derivative assets are also collateralized by $4.5 billion and $8.5 billion of primarily other marketable securities at March 31, 2008 and December 31, 2007 for which the credit risk has not been reduced.

(2) Total commercial utilized and total commercial committed exposure includes loans and letters of credit measured at fair value in accordance with SFAS 159 and are comprised of loans outstanding of $5.1 billion and $4.6 billion and issued letters of credit at notional value of $1.3 billion and $1.1 billion at March 31, 2008 and December 31, 2007. In addition, total commercial committed exposure includes unfunded loan commitments at notional value of $19.0 billion and $19.8 billion at March 31, 2008 and December 31, 2007.

(3) Includes small business commercial—domestic exposure.

(4) Industries are viewed from a variety of perspectives to best isolate the perceived risks. For purposes of this table, the real estate industry is defined based upon the borrowers’ or counterparties’ primary business activity using operating cash flow and primary source of repayment as key factors.

(5) Represents net notional credit protection purchased.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 31  

Bank of America Corporation and Subsidiaries

Net Credit Default Protection by Maturity Profile

	March 31         2008		December 31         2007
Less than or equal to one year	2	%	2	%
Greater than one year and less than or equal to five years	75		67
Greater than five years	23		31
Total net credit default protection	100	%	100	%

Net Credit Default Protection by Credit Exposure Debt Rating ⁽¹⁾

(Dollars in millions)

	March 31, 2008					December 31, 2007
Ratings	Net Notional			Percent		Net Notional			Percent
AAA	$	(19	)	0.2	%	$	(13	)	0.2	%
AA		(109	)	1.2			(92	)	1.3
A		(2,986	)	33.2			(2,408	)	33.7
BBB		(3,989	)	44.3			(3,328	)	46.6
BB		(1,633	)	18.1			(1,524	)	21.3
B		(150	)	1.7			(180	)	2.5
CCC and below		(75	)	0.8			(75	)	1.0
NR (2)		(45	)	0.5			474		(6.6	)
Total net credit default protection	$	(9,006	)	100.0	%	$	(7,146	)	100.0	%

(1) In order to mitigate the cost of purchasing credit protection, credit exposure can be added by selling credit protection. The distribution of debt rating for net notional credit default protection purchased is shown as a negative and the net notional credit protection sold is shown as a positive amount.

(2) In addition to unrated names, “NR” did not have net credit default swap index positions at March 31, 2008 compared to $550 million at December 31, 2007. While index positions are principally investment grade, credit default swaps indices include names in and across each of the ratings categories.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 32

Bank of America Corporation and Subsidiaries

Selected Emerging Markets ⁽¹⁾

(Dollars in millions)

	Loans and Leases, and Loan Commitments		Other Financing (2)		Derivative Assets (3)		Securities/ Other Investments (4)		Total Cross–border Exposure (5)		Local Country Exposure Net of Local Liabilities (6)		Total Emerging Markets Exposure March 31, 2008		Increase (Decrease) from December 31, 2007
Region/Country
Asia Pacific
China (7)	$	356	$	47	$	241	$	14,790	$	15,434	$	—	$	15,434	(1,606	)
India		1,336		628		429		1,220		3,613		—		3,613	321
South Korea		178		817		379		2,224		3,598		—		3,598	(804	)
Taiwan		328		51		107		140		626		539		1,165	98
Singapore		370		41		211		504		1,126		—		1,126	(166	)
Hong Kong		421		63		150		143		777		—		777	(18	)
Other Asia Pacific (8)		151		76		48		411		686		—		686	(1	)
Total Asia Pacific		3,140		1,723		1,565		19,432		25,860		539		26,399	(2,176	)
Latin America
Mexico (9)		1,421		248		65		2,910		4,644		—		4,644	206
Brazil (10)		659		188		26		2,696		3,569		224		3,793	106
Chile		568		37		1		15		621		8		629	(90	)
Other Latin America (8)		248		198		5		73		524		151		675	28
Total Latin America		2,896		671		97		5,694		9,358		383		9,741	250
Middle East and Africa
Bahrain		119		9		39		403		570		—		570	423
South Africa		377		12		11		113		513		—		513	71
Other Middle East and Africa (8)		370		160		208		155		893		—		893	(459	)
Total Middle East and Africa		866		181		258		671		1,976		—		1,976	35
Central and Eastern Europe (8)		66		206		100		110		482		—		482	58
Total emerging markets exposure	$	6,968	$	2,781	$	2,020	$	25,907	$	37,676	$	922	$	38,598	(1,833	)

(1) There is no generally accepted definition of emerging markets. The definition that we use includes all countries in Asia Pacific excluding Japan, Australia and New Zealand; all countries in Latin America excluding Cayman Islands and Bermuda; all countries in Middle East and Africa; and all countries in Central and Eastern Europe excluding Greece. There was no emerging market exposure included in the portfolio measured at fair value in accordance with SFAS 159 at March 31, 2008 and December 31, 2007.

(2) Includes acceptances, standby letters of credit, commercial letters of credit and formal guarantees.

(3) Derivative assets are reported on a mark-to-market basis and have been reduced by the amount of cash collateral applied of $145 million and $57 million at March 31, 2008 and December 31, 2007. At March 31, 2008 and December 31, 2007 there were $10 million and $2 million of other marketable securities collateralizing derivative assets for which credit risk has not been reduced.

(4) Generally, cross-border resale agreements are presented based on the domicile of the counterparty, consistent with Federal Financial Institutions Examination Council (FFIEC) reporting rules. Cross-border resale agreements where the underlying securities are U.S. Treasury securities, in which case the domicile is the U.S., are excluded from this presentation.

(5) Cross-border exposure includes amounts payable to the Corporation by borrowers or counterparties with a country of residence other than the one in which the credit is booked, regardless of the currency in which the claim is denominated, consistent with FFIEC reporting rules.

(6) Local country exposure includes amounts payable to the Corporation by borrowers with a country of residence in which the credit is booked, regardless of the currency in which the claim is denominated. Local funding or liabilities are subtracted from local exposures as allowed by the FFIEC. Total amount of available local liabilities funding local country exposure at March 31, 2008 was $22.3 billion compared to $21.6 billion at December 31, 2007. Local liabilities at March 31, 2008 in Asia Pacific and Latin America were $21.0 billion and $1.3 billion, of which $9.0 billion were in Hong Kong, $5.5 billion in Singapore, $2.7 billion in South Korea, $1.3 billion in China, $1.2 billion in Mexico, $1.1 billion in India, and $507 million in Taiwan. There were no other countries with available local liabilities funding local country exposure greater than $500 million.

(7) Securities/Other Investments include an investment of $14.5 billion in China Construction Bank (CCB).

(8) No country included in Other Asia Pacific, Other Latin America, Other Middle East and Africa, or Central and Eastern Europe had total foreign exposure of more than $500 million.

(9) Securities/Other Investments include an investment of $2.7 billion in Grupo Financiero Santander, S.A.

(10) Securities/Other Investments include an investment of $2.6 billion in Banco Itaú Holding Financeira S.A.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 33

Bank of America Corporation and Subsidiaries

Nonperforming Assets

(Dollars in millions)

	March 31 2008			December 31 2007			September 30 2007			June 30 2007			March 31 2007
Residential mortgage	$	2,576		$	1,999		$	1,176		$	867		$	732
Home equity		1,786			1,340			764			496			363
Direct/Indirect consumer		6			8			6			3			2
Other consumer		91			95			94			94			133
Total consumer		4,459			3,442			2,040			1,460			1,230
Commercial - domestic (1)		996			860			638			392			395
Commercial real estate		1,627			1,099			352			280			189
Commercial lease financing		44			33			29			27			21
Commercial - foreign		54			19			16			17			29
		2,721			2,011			1,035			716			634
Small business commercial - domestic		153			144			105			108			106
Total commercial		2,874			2,155			1,140			824			740
Total nonperforming loans and leases		7,333			5,597			3,180			2,284			1,970
Foreclosed properties		494			351			192			108			89
Total nonperforming assets (2, 3)	$	7,827		$	5,948		$	3,372		$	2,392		$	2,059
Loans past due 90 days or more and still accruing (3, 4)	$	4,160		$	3,736		$	2,955		$	2,798		$	2,870
Nonperforming assets/Total assets (5)		0.45	%		0.35	%		0.21	%		0.16	%		0.14	%
Nonperforming assets/Total loans, leases and foreclosed properties (5)		0.90			0.68			0.43			0.32			0.29
Nonperforming loans and leases/Total loans and leases outstanding measured at historical cost (5)		0.84			0.64			0.40			0.30			0.27
Allowance for credit losses:
Allowance for loan and lease losses	$	14,891		$	11,588		$	9,535		$	9,060		$	8,732
Reserve for unfunded lending commitments		507			518			392			376			374
Total allowance for credit losses	$	15,398		$	12,106		$	9,927		$	9,436		$	9,106
Allowance for loan and lease losses/Total loans and leases outstanding measured at historical cost (5)		1.71	%		1.33	%		1.21	%		1.20	%		1.21	%
Allowance for loan and lease losses/Total nonperforming loans and leases measured at historical cost		203			207			300			397			443
Commercial utilized criticized exposure (6)	$	22,733		$	17,553		$	10,820		$	7,187		$	7,119
Commercial utilized criticized exposure/Commercial utilized exposure (6)		5.15	%		4.17	%		3.05	%		2.17	%		2.24	%

(1) Excludes small business commercial—domestic loans.

(2) Balances do not include nonperforming loans held-for-sale included in other assets of $327 million, $188 million, $93 million, $73 million and $94 million at March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

(3) Balances do not include loans measured at fair value in accordance with SFAS 159. At March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007 there were no nonperforming loans or loans past due 90 days or more and still accruing interest measured at fair value in accordance with SFAS 159.

(4) Balances do not include loans held-for-sale past due 90 days or more and still accruing interest included in other assets of $69 million, $79 million and $8 million at March 31, 2008, December 31, 2007 and September 30, 2007, respectively.

(5) Ratios do not include loans measured at fair value in accordance with SFAS 159 of $5.1 billion, $4.6 billion, $4.5 billion, $3.6 billion and $3.9 billion at March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

(6) Criticized exposure and ratios exclude assets held-for-sale and exposure measured at fair value in accordance with SFAS 159. Including assets held-for-sale and commercial loans measured at fair value, the ratios would have been 6.12 percent, 4.77 percent, 3.65 percent, 2.25 percent and 2.41 percent at March 31, 2008, December 31, 2007, September 30, 2007, June 30, 2007 and March 31, 2007, respectively.

Loans are classified as domestic or foreign based upon the domicile of the borrower.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 34

Bank of America Corporation and Subsidiaries

Quarterly Net Charge-offs/Losses and Net Charge-off/Loss Ratios ^{(1, 2)}

(Dollars in millions)

	First Quarter 2008					Fourth Quarter 2007					Third Quarter 2007					Second Quarter 2007					First Quarter 2007
Held Basis	Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent		Amount			Percent
Residential mortgage	$	66		0.10	%	$	27		0.04	%	$	13		0.02	%	$	11		0.02	%	$	6		0.01	%
Credit card - domestic		847		5.39			738		4.87			712		4.91			807		5.76			806		5.66
Credit card - foreign		109		2.87			108		2.99			96		3.19			86		2.88			88		3.22
Home equity		496		1.71			179		0.63			50		0.20			28		0.12			17		0.08
Direct/Indirect consumer		555		2.83			456		2.40			353		1.91			285		1.67			279		1.77
Other consumer		86		9.15			96		9.75			78		7.64			56		5.44			48		3.95
Total consumer		2,159		1.58			1,604		1.17			1,302		0.99			1,273		1.03			1,244		1.06
Commercial - domestic (3)		82		0.17			64		0.13			11		0.03			29		0.08			24		0.06
Commercial real estate		107		0.70			17		0.12			28		0.28			(1	)	(0.01	)		3		0.03
Commercial lease financing		15		0.27			17		0.31			(3	)	(0.07	)		(11	)	(0.21	)		(1	)	(0.03	)
Commercial - foreign		(7	)	(0.10	)		2		0.03			(4	)	(0.06	)		6		0.10			(3	)	(0.05	)
		197		0.26			100		0.13			32		0.05			23		0.04			23		0.04
Small business commercial - domestic		359		7.21			281		5.82			239		5.38			199		4.80			160		4.20
Total commercial		556		0.69			381		0.47			271		0.42			222		0.37			183		0.31
Total net charge-offs	$	2,715		1.25		$	1,985		0.91		$	1,573		0.80		$	1,495		0.81		$	1,427		0.81
By Business Segment
Global Consumer and Small Business Banking (4)	$	3,686		4.08	%	$	3,033		3.40	%	$	2,687		3.21	%	$	2,662		3.37	%	$	2,433		3.20	%
Global Corporate and Investment Banking		329		0.41			214		0.26			114		0.17			74		0.12			102		0.17
Global Wealth and Investment Management		52		0.24			28		0.13			16		0.08			4		0.03			18		0.11
All Other (4)		(1,352	)	(5.32	)		(1,290	)	(4.83	)		(1,244	)	(4.74	)		(1,245	)	(4.94	)		(1,126	)	(4.95	)
Total net charge-offs	$	2,715		1.25		$	1,985		0.91		$	1,573		0.80		$	1,495		0.81		$	1,427		0.81
Supplemental managed basis data
Credit card - domestic	$	2,068		5.48	%	$	1,816		4.90	%	$	1,707		4.76	%	$	1,786		5.17	%	$	1,651		4.80	%
Credit card - foreign		304		3.84			322		4.06			317		4.24			313		4.31			302		4.37
Total credit card managed net losses	$	2,372		5.19		$	2,138		4.75		$	2,024		4.67		$	2,099		5.02		$	1,953		4.73
Total commercial		556		0.69			381		0.47			271		0.42			222		0.37			183		0.31
Total managed losses		4,140		1.69			3,306		1.34			2,839		1.27			2,766		1.31			2,572		1.26

(1) Net charge-off/loss ratios are calculated as annualized held net charge-offs or managed net losses divided by average outstanding held or managed loans and leases measured at historical cost during the period for each loan and lease category.

(2) Net charge-offs include the impact of SOP 03-3 which decreased net charge-offs on residential mortgage $2 million, home equity $3 million, commercial - domestic $6 million and commercial real estate $8 million for the quarter ended March 31, 2008; and on residential mortgage $2 million, home equity $8 million, direct/indirect consumer $2 million, commercial - domestic $34 million, commercial real estate $27 million and commercial lease financing $2 million for the quarter ended December 31, 2007. The impact of SOP 03-3 was not material for the quarters ended September 30, 2007, June 30, 2007 and March 31, 2007. Refer to Exhibit A on page 39 for a reconciliation of net charge-offs and net charge-off ratios to the net charge-offs and net charge-off ratios excluding the impact of SOP 03-3.

(3) Excludes small business commercial - domestic loans.

(4) Global Consumer and Small Business Banking is presented on a managed basis, specifically Card Services. The securitization offset is included within All Other.

Loans are classified as domestic or foreign based upon the domicile of the borrower.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 35

Bank of America Corporation and Subsidiaries

Allocation of the Allowance for Credit Losses by Product Type

(Dollars in millions)

	March 31 2008			December 31 2007			March 31 2007
Allowance for loan and lease losses	Amount	Percent of loans and leases outstanding (1)		Amount	Percent of loans and leases outstanding (1)		Amount	Percent of loans and leases outstanding (1)
Residential mortgage	$    394	0.15	%	$     207	0.08	%	$   252	0.10	%
Credit card - domestic	3,182	5.27		2,919	4.44		2,959	5.43
Credit card - foreign	472	3.04		441	2.95		328	2.87
Home equity	2,549	2.15		963	0.84		143	0.16
Direct/Indirect consumer	2,485	3.09		2,077	2.70		1,490	2.26
Other consumer	162	4.30		151	3.91		188	4.38
Total consumer	9,244	1.70		6,758	1.23		5,360	1.11
Commercial - domestic (2)	3,878	1.86		3,194	1.53		2,253	1.41
Commercial real estate	1,206	1.92		1,083	1.77		592	1.64
Commercial lease financing	227	1.03		218	0.97		182	0.91
Commercial - foreign	336	1.08		335	1.18		345	1.66
Total commercial (3)	5,647	1.74		4,830	1.51		3,372	1.42
Allowance for loan and lease losses	14,891	1.71		11,588	1.33		8,732	1.21
Reserve for unfunded lending commitments	507			518			374
Allowance for credit losses	$15,398			$12,106			$9,106

(1) Ratios are calculated as allowance for loan and lease losses as a percentage of loans and leases outstanding measured at historical cost for each loan and lease category. Ratios do not include certain commercial loans measured at fair value in accordance with SFAS 159 . Loans measured at fair value include commercial - domestic loans of $3.9 billion, $3.5 billion and $2.7 billion, commercial - foreign loans of $949 million, $790 million and $932 million, and commercial real estate loans of $240 million, $304 million and $179 million at March 31, 2008, December 31, 2007 and March 31, 2007.

(2) Includes allowance for small business commercial - domestic loans of $2.0 billion, $1.4 billion and $681 million at March 31, 2008, December 31, 2007 and March 31, 2007.

(3) Includes allowance for loan and lease losses for impaired commercial loans of $242 million, $123 million and $57 million at March 31, 2008, December 31, 2007 and March 31, 2007.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 36

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking - Reconciliation

(Dollars in millions)

	First Quarter 2008							Fourth Quarter 2007
	Managed Basis (1)		Securitization Impact (2)			Held Basis		Managed Basis (1)		Securitization Impact (2)			Held Basis
Net interest income (3)	$	7,684	$	(2,055	)	$	5,629	$	7,462	$	(2,071	)	$	5,391
Noninterest income:
Card income		2,725		704			3,429		2,625		828			3,453
Service charges		1,566		—			1,566		1,624		—			1,624
Mortgage banking income		656		—			656		490		—			490
All other income		675		(65	)		610		374		(67	)		307
Total noninterest income		5,622		639			6,261		5,113		761			5,874
Total revenue, net of interest expense		13,306		(1,416	)		11,890		12,575		(1,310	)		11,265
Provision for credit losses		6,452		(1,416	)		5,036		4,303		(1,310	)		2,993
Noninterest expense		5,139		—			5,139		5,495		—			5,495
Income before income taxes		1,715		—			1,715		2,777		—			2,777
Income tax expense (3)		625		—			625		868		—			868
Net income	$	1,090	$	—		$	1,090	$	1,909	$	—		$	1,909
Balance sheet
Average - total loans and leases	$	363,001	$	(105,176	)	$	257,825	$	353,672	$	(105,091	)	$	248,581
Period end - total loans and leases		364,279		(107,847	)		256,432		359,952		(102,967	)		256,985
	Third Quarter 2007							Second Quarter 2007
	Managed Basis (1)		Securitization Impact (2)			Held Basis		Managed Basis (1)		Securitization Impact (2)			Held Basis
Net interest income (3)	$	7,252	$	(2,085	)	$	5,167	$	7,109	$	(1,981	)	$	5,128
Noninterest income:
Card income		2,587		896			3,483		2,596		793			3,389
Service charges		1,519		—			1,519		1,488		—			1,488
Mortgage banking income		244		—			244		297		—			297
All other income		371		(70	)		301		331		(74	)		257
Total noninterest income		4,721		826			5,547		4,712		719			5,431
Total revenue, net of interest expense		11,973		(1,259	)		10,714		11,821		(1,262	)		10,559
Provision for credit losses		3,121		(1,259	)		1,862		3,094		(1,262	)		1,832
Noninterest expense		4,962		—			4,962		4,902		—			4,902
Income before income taxes		3,890		—			3,890		3,825		—			3,825
Income tax expense (3)		1,440		—			1,440		1,398		—			1,398
Net income	$	2,450	$	—		$	2,450	$	2,427	$	—		$	2,427
Balance sheet
Average—total loans and leases	$	331,656	$	(104,317	)	$	227,339	$	317,246	$	(101,905	)	$	215,341
Period end—total loans and leases		337,783		(103,542	)		234,241		324,452		(102,752	)		221,700

	First Quarter 2007
	Managed Basis (1)		Securitization Impact (2)			Held Basis
Net interest income (3)	$	7,004	$	(1,890	)	$	5,114
Noninterest income:
Card income		2,381		839			3,220
Service charges		1,377		—			1,377
Mortgage banking income		302		—			302
All other income		267		(77	)		190
Total noninterest income		4,327		762			5,089
Total revenue, net of interest expense		11,331		(1,128	)		10,203
Provision for credit losses		2,411		(1,128	)		1,283
Noninterest expense		4,675		—			4,675
Income before income taxes		4,245		—			4,245
Income tax expense (3)		1,573		—			1,573
Net income	$	2,672	$	—		$	2,672
Balance sheet
Average—total loans and leases	$	308,105	$	(101,776	)	$	206,329
Period end—total loans and leases		309,992		(102,363	)		207,629

(1) Provision for credit losses represents provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

(2) The securitization impact on net interest income is on a funds transfer pricing methodology consistent with the way funding costs are allocated to the businesses.

(3) Fully taxable-equivalent basis

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

The Corporation reports its Global Consumer and Small Business Banking’s results, specifically Card Services, on a managed basis. This basis of presentation excludes the Corporation’s securitized mortgage and home equity portfolios for which the Corporation retains servicing. Reporting on a managed basis is consistent with the way that management evaluates the results of Global Consumer and Small Business Banking. Managed basis assumes that securitized loans were not sold and presents earnings on these loans in a manner similar to the way loans that have not been sold (i.e., held loans) are presented. Loan securitization is an alternative funding process that is used by the Corporation to diversify funding sources. Loan securitization removes loans from the Consolidated Balance Sheet through the sale of loans to an off-balance sheet qualified special purpose entity which is excluded from the Corporation’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (GAAP).

The performance of the managed portfolio is important in understanding Global Consumer and Small Business Banking’s and Card Services’ results as it demonstrates the results of the entire portfolio serviced by the business. Securitized loans continue to be serviced by the business and are subject to the same underwriting standards and ongoing monitoring as held loans. In addition, retained excess servicing income is exposed to similar credit risk and repricing of interest rates as held loans. Global Consumer and Small Business Banking’s managed income statement line items differ from a held basis reported as follows:

• Managed net interest income includes Global Consumer and Small Business Banking’s net interest income on held loans and interest income on the securitized loans less the internal funds transfer pricing allocation related to securitized loans.

• Managed noninterest income includes Global Consumer and Small Business Banking’s noninterest income on a held basis less the reclassification of certain components of card income (e.g., excess servicing income) to record managed net interest income and provision for credit losses. Noninterest income, both on a held and managed basis, also includes the impact of adjustments to the interest-only strip that are recorded in card income as management continues to manage this impact within Global Consumer and Small Business Banking.

• Provision for credit losses represents the provision for credit losses on held loans combined with realized credit losses associated with the securitized loan portfolio.

This information is preliminary and based on company data available at the time of the presentation. 37

Exhibit A: Non-GAAP Reconciliations - continued

Bank of America Corporation and Subsidiaries

All Other - Reconciliation

(Dollars in millions)

	First Quarter 2008						Fourth Quarter 2007
	Reported Basis (1)		Securitization Offset (2)		As Adjusted		Reported Basis (1)		Securitization Offset (2)		As Adjusted
Net interest income (3)	$  (1,990)		$    2,055		$         65		$  (2,071)		$    2,071		$       —
Noninterest income:
Card income	664		(704	)	(40	)	680		(828	)	(148	)
Equity investment income	268		—		268		278		—		278
Gains on sales of debt securities	220		—		220		110		—		110
All other income (loss)	(255	)	65		(190	)	755		67		822
Total noninterest income	897		(639	)	258		1,823		(761	)	1,062
Total revenue, net of interest expense	(1,093	)	1,416		323		(248	)	1,310		1,062
Provision for credit losses	(1,208	)	1,416		208		(1,295	)	1,310		15
Merger and restructuring charges	170		—		170		140		—		140
All other noninterest expense	109		—		109		12		—		12
Income (loss) before income taxes	(164	)	—		(164	)	895		—		895
Income tax expense (3)	59		—		59		105		—		105
Net income (loss)	$    (223)		$       —		$    (223)		$       790		$       —		$       790
Balance sheet
Average - total loans and leases	$102,285		$105,176		$207,461		$105,917		$105,091		$211,008
Period end - total loans and leases	96,516		107,847		204,363		107,618		102,967		210,585
	Third Quarter 2007						Second Quarter 2007
	Reported Basis (1)		Securitization Offset (2)		As Adjusted		Reported Basis (1)		Securitization Offset (2)		As Adjusted
Net interest income (3)	$  (2,003)		$    2,085		$         82		$  (1,900)		$    1,981		$         81
Noninterest income:
Card income	739		(896	)	(157	)	676		(793	)	(117	)
Equity investment income	852		—		852		1,719		—		1,719
Gains on sales of debt securities	7		—		7		2		—		2
All other income (loss)	(220	)	70		(150	)	(145	)	74		(71	)
Total noninterest income	1,378		(826	)	552		2,252		(719	)	1,533
Total revenue, net of interest expense	(625	)	1,259		634		352		1,262		1,614
Provision for credit losses	(1,289	)	1,259		(30	)	(1,313	)	1,262		(51	)
Merger and restructuring charges	84		—		84		75		—		75
All other noninterest expense	(235	)	—		(235	)	(53	)	—		(53	)
Income before income taxes	815		—		815		1,643		—		1,643
Income tax expense (3)	205		—		205		579		—		579
Net income	$       610		$       —		$       610		$    1,064		$       —		$    1,064
Balance sheet
Average - total loans and leases	$104,061		$104,317		$208,378		$101,096		$101,905		$203,001
Period end - total loans and leases	102,003		103,542		205,545		107,429		102,752		210,181

	First Quarter 2007
	Reported Basis (1)		Securitization Offset (2)		As Adjusted
Net interest income (3)	$(1,752)		$    1,890		$       138
Noninterest income:
Card income	721		(839	)	(118	)
Equity investment income	896		—		896
Gains on sales of debt securities	61		—		61
All other income	46		77		123
Total noninterest income	1,724		(762	)	962
Total revenue, net of interest expense	(28	)	1,128		1,100
Provision for credit losses	(1,314	)	1,128		(186	)
Merger and restructuring charges	111		—		111
All other noninterest expense	406		—		406
Income before income taxes	769		—		769
Income tax expense (3)	154		—		154
Net income	$     615		$       —		$       615
Balance sheet
Average - total loans and leases	$92,200		$101,776		$193,976
Period end - total loans and leases	97,085		102,363		199,448

(1) Provision for credit losses represents provision for credit losses in All Other combined with the Global Consumer and Small Business Banking securitization offset.

(2) The securitization offset on net interest income is on a funds transfer pricing methodology consistent with the way funding costs are allocated to the businesses.

(3) Fully taxable-equivalent basis

Certain prior period amounts have been reclassified among the segments to conform to the current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 38

Exhibit A: Non-GAAP Reconciliations – continued

Reconciliation of Net Charge-offs and Net Charge-off Ratios to Net Charge-offs and Net Charge-off Ratios Excluding the Impact of SOP 03-3 ^{(1, 2)}

Net Charge-offs and Net Charge-off Ratios As Reported

	First Quarter 2008				Fourth Quarter 2007
(Dollars in millions)	Amount		Percent		Amount	Percent
Residential mortgage	$     66		0.10	%	$     27	0.04	%
Credit card - domestic	847		5.39		738	4.87
Credit card - foreign	109		2.87		108	2.99
Home equity	496		1.71		179	0.63
Direct/Indirect consumer	555		2.83		456	2.40
Other consumer	86		9.15		96	9.75
Total consumer	2,159		1.58		1,604	1.17
Commercial - domestic	82		0.17		64	0.13
Commercial real estate	107		0.70		17	0.12
Commercial lease financing	15		0.27		17	0.31
Commercial - foreign	(7	)	(0.10	)	2	0.03
	197		0.26		100	0.13
Small business commercial - domestic	359		7.21		281	5.82
Total commercial	556		0.69		381	0.47
Total net charge-offs	$2,715		1.25		$1,985	0.91
Impact of SOP 03-3
Residential mortgage	$       2				$       2
Credit card - domestic	—				—
Credit card - foreign	—				—
Home equity	3				8
Direct/Indirect consumer	—				2
Other consumer	—				—
Total consumer	5				12
Commercial - domestic	6				34
Commercial real estate	8				27
Commercial lease financing	—				2
Commercial - foreign	—				—
	14				63
Small business commercial - domestic	—				—
Total commercial	14				63
Total net charge-offs	$     19				$75
Net Charge-offs and Net Charge-off Ratios Excluding the Impact of SOP 03-3
Residential mortgage	$     68		0.10	%	$     29	0.04	%
Credit card - domestic	847		5.39		738	4.87
Credit card - foreign	109		2.87		108	2.99
Home equity	499		1.72		187	0.66
Direct/Indirect consumer	555		2.83		458	2.41
Other consumer	86		9.15		96	9.75
Total consumer	2,164		1.59		1,616	1.18
Commercial - domestic	88		0.19		98	0.20
Commercial real estate	115		0.75		44	0.30
Commercial lease financing	15		0.27		19	0.34
Commercial - foreign	(7	)	(0.10	)	2	0.03
	211		0.28		163	0.22
Small business commercial - domestic	359		7.21		281	5.82
Total commercial	570		0.71		444	0.55
Total net charge-offs	$2,734		1.26		$2,060	0.95

(1) Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding loans and leases measured at historical cost during the period for each loan category. The impact of SOP 03-3 on average outstanding loans and leases for the three months ended March 31, 2008 and December 31, 2007 was not material.

(2) The impact of SOP 03-3 was not material for the three months ended March 31, 2007, June 30, 2007 and September 30, 2007.

Certain prior period amounts have been reclassified to conform to current period presentation.

This information is preliminary and based on company data available at the time of the presentation. 39

Appendix: Selected Slides from the

First Quarter 2008 Earnings Release Presentation

This information is preliminary and based on company data available at the time of the presentation. 40

Key Capital Markets Risk Exposures

($ in millions) Exposures

3/31/2008 12/31/2007

Leveraged lending related: Unfunded Commitments $ 3,893 $ 12,207

Funded Commitments 9,550 6,085

Net Writedown (439) (41)

CMBS related:

Unfunded Commitments 784 2,217

Funded Commitments 11,144 13,583

Net Writedown (191) (134)

Super Senior CDO and other subprime related:

Super senior subprime, net of insurance 5,935 8,176

Super senior nonsubprime, net of insurance 3,350 3,454

Subprime related warehouse and trading 472 593

Net Writedown (1,465) (5,281)

Bank of America

Other Capital Markets Positions

($ in millions)

Leverage Lending Related

Unfunded Funded Exposures 12/31/07 $ 12,207 $ 6,085 New 3,349, 3,849 Syndicated (6,195) (449) Funded and not syndicated (3,838) -Terminated commitments (1,630) -Other (403) 65 Exposures 3/31/08 $ 3,893 $ 9,550

Net writedowns $ 4 $ (443)

CMBS Related

Unfunded Funded Exposures 12/31/07 $ 2,217 $ 13,583 Funded/Originated (1,249) 1,162 Sales/Paydowns/Rate Lock Unwinds (184) (3,376) Q1 Transfer In/Change in Unrealized - (225) Exposures 3/31/08 $ 784 $ 11,144

Net writedowns $ - $ (191)

1Q08 Highlights: Leveraged Lending

Unfunded commitments dropped $8.3 billion from 12/31/07 while the funded positions increased $3.5 billion. Total market exposure decreased $4.8 billion to $13.4 billion.

Writedowns, net of fees, in 1Q08 were $439 million.

Sold roughly $1.3 billion after quarter-end slightly above marks

CMBS

Funded exposures declined $2.4 billion to $11.1 billion.

–$ 8.7 billion is primarily related to floating rate acquisition related financings

– Remainder is primarily fixed-rate conduit type product

Writedowns, net of hedge gains, in 1Q08 were $191 million.

Bank of America

Consumer Asset Quality Key Indicators

($ in millions)

Credit Card (Held) Home Equity Residential Mortgage Other1 Total Consumer 1Q08 4Q07 1Q08 4Q07 1Q08 4Q07 1Q08 4Q07 1Q08 4Q07

Loans EOP $ 75,911 $ 80,724 $118,381 $114,820 $266,145 $274,949 $ 84,192 $ 80,708 $544,629 $551,201 Loans Avg 78,518 74,392 116,562 112,369 270,541 277,058 82,754 79,344 548,375 543,163

Net charge-offs $ 956 $ 846 $ 496 $ 179 $ 66 $ 27 $ 641 $ 552 $ 2,159 $ 1,604 % of avg loans 4.90 % 4.51 % 1.71 % 0.63 % 0.10 % 0.04 % 3.11 % 2.76 % 1.58 % 1.17 %

90 Performing DPD $ 2,056 $ 2,127 N/A N/A $ 248 $ 237 $ 863 $ 749 $ 3,167 $ 3,113 % of Loans 2.71 % 2.63 % N/A N/A 0.09 % 0.09 % 1.03 % 0.93 % 0.58 % 0.56 %

Nonperforming loans N/A N/A $ 1,786 $ 1,340 $ 2,576 $ 1,999 $ 97 $ 103 $ 4,459 $ 3,442 % of Loans N/A N/A 1.51 % 1.17 % 0.97 % 0.73 % 0.12 % 0.13 % 0.82 % 0.62 %

Allowance for loan losses $ 3,654 $ 3,360 $ 2,549 $ 963 $ 394 $ 207 $ 2,647 $ 2,228 $ 9,244 $ 6,758 % of Loans 4.81 % 4.16 % 2.15 % 0.84 % 0.15 % 0.08 % 3.14 % 2.76 % 1.70 % 1.23 %

Avg. refreshed (C)LTV N/A N/A 74 70 62 61 N/A N/A N/A N/A

90%+ refreshed (C)LTV N/A N/A 26 21 10 8 N/A N/A N/A N/A 2 Avg. refreshed FICO 685 688 718 722 733 737 N/A N/A N/A N/A

2

% below 620 FICO 16 % 15 % 10 % 8 % 6 % 5 % N/A N/A N/A N/A

1 Other primarily consists of the following portfolios of loans: Unsecured lending, dealer financial services, marine and RV

2 Credit card shown on a managed, domestic basis.

Bank of America

Concentrations in Housing Depressed States Driving Home Equity Losses

California and Florida, franchise originated, combined represent:

- 39% of the portfolio balance

- 46% of delinquencies

- 51% of charge-offs

California, Florida, Nevada, Arizona and Virginia have experienced a disproportionately higher share of charge-offs and delinquencies relative to share of portfolio balance.

30day+ Nonperforming

EOP % of Total performing as loans as a % % of Total Net Charge-offs as Refreshed Current State Balances Portfolio a % of Loans of Loans Charge-offs a % of Loans CLTV FICO

Franchise Originated

CA $ 30,534 26 % 1.54 % 1.59 % 34 % 2.32 % 76 % 722 FL 15,775 13 1.72 2.06 17 2.06 79 708 NJ 7,781 7 0.96 1.07 2 0.68 61 722 NY 7,488 6 1.49 1.48 2 0.66 60 711 MA 5,138 4 0.82 0.83 2 0.73 63 728 VA 3,785 3 1.31 1.42 4 2.23 80 718 MD 3,741 3 1.00 0.87 1 0.60 72 718 AZ 3,626 3 1.37 1.21 4 1.91 81 718 NV 1,950 2 1.83 2.45 3 3.03 83 710 Total franchise originated 114,342 97 1.26 1.36 80 1.41 73 718

Non-franchise originated 4,039 3 3.51 5.66 20 9.66 101 685

Total Home Equity $118,381 100 1.33 1.51 100 1.71 74 718

Bank of America

Origination Period and CLTV are Major Loss Determinants for Home Equity

(Dollars in millions)

Portfolio Vintage Analysis

Ending Balance Q1 Losses Q1 Loss Rate

>= 2004 $ 28,050 $ 32 0.45 % 2005 21,750 84 1.54 2006 33,530 301 3.57 2007 30,066 79 1.08 2008 4,985 - -Total amount $ 118,381 $ 496 1.71

• 60% of 1Q08 losses came from 2006 originations

($ in millions)

Portfolio Refreshed Cumulative Loan to Value

Portfolio mix % of NPLs % of losses

< = 80% 56 % 28 % 9 % 80%-90% 17 10 9

> 90% 26 54 82 Other 1 8 -

Total amount $ 118,381 $ 1,786 $ 496

• 82% of 1Q08 losses came from loans with greater than 90% refreshed cumulative loan to value

Bank of America

Commercial Asset Quality Key Indicators 1

($ in millions)

Commercial Real Commercial Lease

Commercial2 Estate Small Business Financing Total Commercial 1Q08 4Q07 1Q08 4Q07 1Q08 4Q07 1Q08 4Q07 1Q08 4Q07

Loans EOP $219,190 $217,049 $ 62,739 $ 61,298 $ 20,123 $ 19,624 $ 22,132 $ 22,582 $324,184 $320,553 Loans Avg 218,490 219,668 61,890 59,486 20,003 19,144 22,227 22,239 322,610 320,537

Net charge-offs $ 75 $ 66 $ 107 $ 17 $ 359 $ 281 $ 15 $ 17 $ 556 $ 381 % of avg loans 0.14 % 0.12 % 0.70 % 0.12 % 7.21 % 5.82 % 0.27 % 0.31 % 0.69 % 0.47 %

90 Performing DPD $ 191 $ 135 $ 223 $ 36 $ 547 $ 427 $ 32 $ 25 $ 993 $ 623 % of Loans 0.09 % 0.06 % 0.36 % 0.06 % 2.72 % 2.18 % 0.14 % 0.11 % 0.31 % 0.19 %

Nonperforming loans $ 1,050 $ 879 $ 1,627 $ 1,099 $ 153 $ 144 $ 44 $ 33 $ 2,874 $ 2,155 % of Loans 0.48 % 0.40 % 2.59 % 1.79 % 0.76 % 0.73 % 0.20 % 0.15 % 0.89 % 0.67 %

Allowance for loan losses $ 2,180 $ 2,152 $ 1,206 $ 1,083 $ 2,034 $ 1,377 $ 227 $ 218 $ 5,647 $ 4,830 % of Loans 0.99 % 0.99 % 1.92 % 1.77 % 10.11 % 7.02 % 1.03 % 0.97 % 1.74 % 1.51 %

3

Criticized Utilized Exposure $ 11,875 $ 9,297 $ 9,208 $ 6,825 $ 1,003 $ 837 $ 647 $ 594 $ 22,733 $ 17,553 % of Total Exposure 3.60 % 2.98 % 13.36 % 10.35 % 4.96 % 4.25 % 2.92 % 2.63 % 5.15 % 4.17 %

Homebuilder utilized balances at 3/31/08, included in commercial real estate, were fairly flat with 4Q07 at $14 billion. These utilized balances are included in total binding exposure which was $21 billion.

– Criticized utilized exposure increased $1.3 billion, which now represents roughly half of the portfolio

– NPAs rose $500 million to $1.3 billion

– 1Q08 charge-offs of $107 million were driven by one large charge-off which made up half of the losses in the quarter

1 Does not include certain commercial loans measured at fair value in accordance with SFAS 159.

2 Includes Commercial – Domestic and Commercial – Foreign.

3 Excludes Assets Held for Sale.

Bank of America