8-K

As filed with the Securities and Exchange Commission on July 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):

July 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)

(704) 386-5681

(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 July 21, 2008, Bank of America Corporation (the “Registrant”) announced financial results for the second quarter ended June 30, 2008, reporting second quarter net income of $3.41 billion and diluted earnings per common share of $0.72. A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 2008 is attached hereto as Exhibit 99.1 and incorporated by reference herein.

ITEM 7.01. REGULATION FD DISCLOSURE.

On July 21, 2008, the Registrant held an investor conference call and webcast to disclose financial results for the second quarter ended June 30, 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 June 30, 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 July 21, 2008, the Registrant announced financial results for the second quarter ended June 30, 2008, reporting second quarter net income of $3.41 billion and diluted earnings per common share of $0.72. A copy of the press release announcing the Registrant’s results for the second quarter ended June 30, 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 July 21, 2008 with respect to the Registrant’s financial results for the second quarter ended June 30, 2008
99.2	Supplemental Information prepared for use on July 21, 2008 in connection with financial results for the second quarter ended June 30, 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: July 21, 2008

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
99.1	Press Release dated July 21, 2008 with respect to the Registrant’s financial results for the second quarter ended June 30, 2008
99.2	Supplemental Information prepared for use on July 21, 2008 in connection with financial results for the second quarter ended June 30, 2008

EX-99.1

Exhibit 99.1

July 21, 2008

Investors May Contact:

Kevin Stitt, Bank of America, 1.704.386.5667

Lee McEntire, Bank of America, 1.704.388.6780

Leyla Pakzad, Bank of America, 1.704.386.2024

Reporters May Contact:

Scott Silvestri, Bank of America, 1.980.388.9921

scott.silvestri@bankofamerica.com

Bank of America Earns $3.41 Billion or $0.72 Per Share in Second Quarter

Highest Quarterly Revenue in Company History

Second-Best Quarter in Investment Banking

Capital Markets Writedowns Decline Significantly

$2.2 Billion Added to Loan Loss Reserve

CHARLOTTE — Bank of America Corporation today reported second-quarter 2008 net income of $3.41 billion, down from a record $5.76 billion a year earlier. Diluted earnings per share decreased 44 percent to $0.72 from $1.28 in the same period in 2007. Net revenue rose to a record $20.32 billion. Earnings available to common shareholders totaled $3.22 billion.

Net income in the period rose from $1.21 billion, or $0.23 per share, in the first quarter of 2008. Second-quarter net income included pretax merger and restructuring costs of $212 million.

“We are pleased with these solid results in a difficult financial environment,” said Kenneth D. Lewis, chairman and chief executive officer. “Outside of real estate-related products, our operating results were quite good virtually across all business segments. This performance demonstrates not only the advantages of our company’s diversity and scale, but also the ability of our associates to differentiate Bank of America in the eyes of customers and clients.”

Second Quarter 2008 Business Highlights (vs. a year earlier)

• Record quarterly net revenue of $20.32 billion was driven by an expanded net interest yield, loan growth and higher income from service charges, mortgage banking and investment and brokerage services. These results also reflect the addition of LaSalle Bank.

• Investment banking income in Capital Markets and Advisory Services, a unit in Global Corporate and Investment Banking, was $765 million, the second-highest result ever.

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• Total retail sales increased 4 percent to 13 million products, helped by strong growth in deposits, debit and online banking. Net new checking accounts were 674,000 in the period.

• Total average retail deposits increased more than $56 billion, or 12 percent, with approximately half coming from organic growth and the balance from the acquisition of LaSalle and U.S. Trust. Debit card purchase volume increased 15 percent.

• Bank of America surpassed one million active Mobile Banking customers in the quarter. The service allows customers to check balances, pay bills, transfer funds, view posted and pending transactions and locate banking centers and ATMs, accompanied by maps and directions.

• Business Lending and Treasury Services, both within Global Corporate and Investment Banking, had organic loan and deposit growth of 16 percent and 7 percent, respectively, as client demand for these services rose as a result of recent market disruption.

• Service level improvements resulted in customer delight (9 or 10 on a 10-point scale) reaching a record 72 percent in the banking centers. Peak day wait times fell 12 percent from the previous quarter resulting in an all-time high in customer delight on this issue.

• Total assets under management (AUM) in Global Wealth and Investment Management increased to more than $589 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.

• Bank of America’s integration of U.S. Trust was successfully completed in the quarter.

Second Quarter 2008 Financial Summary

Revenue and Expense

Revenue net of interest expense on a fully taxable-equivalent basis rose 3 percent to a record $20.63 billion from $20.02 billion a year earlier and was $3.33 billion higher than the first quarter of 2008.

Net interest income on a fully taxable-equivalent basis rose 25 percent to $10.94 billion from $8.78 billion in the second quarter of 2007 driven by improved margins in the current rate environment combined with loan growth and the acquisition of LaSalle. The net interest yield improved 33 basis points to 2.92 percent.

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Noninterest income declined 14 percent to $9.69 billion from $11.24 billion a year earlier. Service charges, mortgage banking income and investment and brokerage services income increased. These increases were offset by writedowns of $1.22 billion related to market disruptions, which compared with $2.81 billion in writedowns during the first quarter, as well as lower equity investment income.

Noninterest expense rose 4 percent to $9.56 billion from a year earlier mainly because of the addition of LaSalle and U.S. Trust partially offset by lower personnel costs. Pretax merger and restructuring charges related to acquisitions were $212 million compared with $75 million a year earlier. The efficiency ratio was 47.08 percent.

Credit Quality

Credit quality continued to weaken, particularly in markets that experienced the most significant home price declines. The slowing economy resulted in credit deterioration concentrated in the domestic consumer, small business and homebuilder portfolios. Both net charge-offs and nonperforming assets continued to increase.

Provision expense rose $4.02 billion from a year ago to $5.83 billion, reflecting net charge-offs of $3.62 billion and additions to the allowance for loan and lease losses of $2.21 billion. The additions were mainly in consumer and commercial portfolios directly tied to housing, including home equity, residential mortgage and homebuilders. The company has added $7.29 billion to the reserve through increased provision over the past 12 months. Amounts shown below for the quarter ended or as of June 30, 2007 do not include LaSalle.

• Provision for credit losses was $5.83 billion, down from $6.01 billion in the first quarter but up from $1.81 billion in the second quarter of 2007.

• Net charge-offs were $3.62 billion, or 1.67 percent of total average loans and leases compared with $2.72 billion, or 1.25 percent, in the first quarter and $1.50 billion, or 0.81 percent, in the second quarter of 2007.

• Total managed net losses were $5.27 billion, or 2.15 percent, of total average managed loans and leases compared with $4.14 billion, or 1.69 percent, in the first quarter and $2.77 billion, or 1.31 percent, in the second quarter of 2007.

• Nonperforming assets were $9.75 billion or 1.13 percent of total loans, leases and foreclosed properties, compared with $7.83 billion, or 0.90 percent, at March 31 and $2.39 billion, or 0.32 percent, at June 30, 2007.

• The allowance for loan and lease losses was $17.13 billion, or 1.98 percent of loans and leases measured at historical cost compared with $14.89 billion, or 1.71 percent, at March 31, 2008 and $9.06 billion, or 1.20 percent, at June 30, 2007.

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Capital Management

Total shareholders’ equity was $162.69 billion at June 30. Period-end assets were $1.72 trillion. The Tier 1 capital ratio was 8.25 percent, up from 7.51 percent at March 31, 2008 after the company raised about $7 billion in capital through the issuance of preferred stock. The Tier 1 ratio was 8.52 percent a year earlier.

Bank of America paid a cash dividend of $0.64 per share in the quarter. The company also issued about 137,000 common shares mostly related to employee stock options and ownership plans and did not repurchase any shares. Period-end common shares issued and outstanding were 4.45 billion for the first and second quarters of 2008 and 4.44 billion in the year ago quarter.

Countrywide Financial Acquisition

(Results are not part of Bank of America second-quarter results)

Countrywide Financial Corporation, which was acquired on July 1, will make Bank of America the leader in providing home financing to American consumers.

Countrywide had a second-quarter net loss of $2.33 billion, including just under $4 billion in credit-related losses. Because purchase accounting records certain assets and liabilities at fair value, which includes an estimate of future credit costs, for those items recorded at fair value such costs would not generally run through future income statements.

The transaction immediately adds to Bank of America profit. It is now expected to be accretive in 2008. When the acquisition was announced in January, Bank of America estimated Countrywide’s addition would be neutral toward per-share earnings this year.

The estimated cost savings have been significantly increased from the after-tax $670 million projected in January. Management will provide details on adjustments being made under purchase accounting, the new cost savings targets and other financial issues on a teleconference later today. (See details below).

Bank of America is continuing the trend begun by Countrywide earlier this year to expand loan modification and workout resources to address foreclosure issues. Through June, Countrywide has worked out 119,000 loans, nearly twice the number of its completed foreclosures. Bank of America estimates it will restructure about $40 billion in home loans during the next two years, enabling more than 265,000 families to stay in their homes.

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The combined mortgage business will continue to offer conforming loans underwritten to standard guidelines of government-sponsored enterprises, including FHA and VA loans and other loans designed for low-and moderate-income borrowers. The company has discontinued originating subprime and certain other nontraditional home loans, including option-ARMs, and will generally use Bank of America’s product suite, which has performed much better in the current credit environment.

2008 Second Quarter Business Segment Results

Global Consumer and Small Business Banking¹

(Dollars in millions)	Q2 2008			Q2 2007
Total managed revenue, net of interest expense2	$	13,092		$	11,821
Provision for credit losses3		6,545			3,094
Noninterest expense		5,293			4,910
Net income		812			2,422
Efficiency ratio2		40.43	%		41.54	%
Return on average equity		4.89			15.76
Managed loans4	$	368,136		$	317,247
Deposits4		341,339			326,622
	At 06/30/08			At 06/30/07
Period ending deposits	$	339,098		$	326,878

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

⁴  Balances averaged for period

Net income fell 66 percent from a year ago, as credit costs rose.

Managed net revenue rose 11 percent. Net interest income increased 13 percent to $8.02 billion driven by growth in average loans and deposits and margin improvement. Noninterest income rose 8 percent to $5.08 billion on higher mortgage banking income and service charges.

The provision for credit losses increased by $3.45 billion to $6.55 billion compared with a year earlier. Net losses rose $2.06 billion to $4.72 billion, reflecting the impact of housing market deterioration and weakened economic conditions on consumer real estate, small business and other domestic consumer portfolios. Loan loss reserve additions for home equity and deterioration and seasoning of the consumer portfolios also contributed to higher credit costs.

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• Deposits net income fell 22 percent to $1.07 billion. Net revenue decreased 4 percent to $4.23 billion as spread compression impacting certain products more than offset deposit growth. The decline in net interest income was partially offset by growth in service charges and debit card income. Noninterest expense increased $250 million largely due to the acquisition of LaSalle.

• Card Services net income fell 55 percent to $402 million as credit costs rose by $1.21 billion. Managed net revenue increased 8 percent to $6.85 billion on net interest income growth of 17 percent driven by 14 percent average loan and lease growth, partially offset by a decrease in card income.

• Consumer Real Estate net income swung to a loss of $982 million compared with net income of $115 million a year earlier as higher net revenue was more than offset by higher credit costs. Net revenue rose 41 percent to $1.20 billion as average loans and leases increased 19 percent and mortgage banking income climbed 38 percent. Provision expense rose to $2.20 billion from $127 million a year earlier.

Global Corporate and Investment Banking

(Dollars in millions)	Q2 2008			Q2 2007
Total revenue, net of interest expense1	$	5,960		$	5,943
Provision for credit losses		363			42
Noninterest expense		2,801			3,227
Net income		1,746			1,692
Efficiency ratio1		46.99	%		54.31	%
Return on average equity		11.57			16.15
Loans and leases2	$	334,680		$	253,895
Trading-related assets2		337,059			377,171
Deposits2		234,605			220,180

¹  Fully taxable-equivalent basis

²  Balances averaged for period

Net income rose 3 percent on lower noninterest expense partially offset by higher credit costs.

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Net revenue rose slightly on a 47 percent increase in net interest income, offset by a 36 percent decline in noninterest income due mainly to writedowns related to market disruptions of $1.22 billion compared with $2.81 billion in the first quarter. Near-record investment banking income partially offset these writedowns. CDO-related writedowns were $645 million in the quarter, down significantly from $1.47 billion in the first quarter of 2008. Leveraged-loan writedowns were $64 million, lower than the $439 million in the first quarter.

The provision for credit losses increased $321 million to $363 million as deterioration in the housing market drove higher commercial real estate net charge-offs, mainly in homebuilders, and led to reserve additions. A modest increase in commercial domestic net charge-offs from lower levels a year earlier and increased net charge-offs in dealer-related retail portfolios due to deterioration and seasoning also contributed to the increased provision.

• Business Lending net income increased 12 percent to $651 million despite the impact of higher credit costs. Net revenue increased 36 percent to $2.03 billion driven by organic and merger-related average loan growth of nearly $77 billion.

• Capital Markets and Advisory Services net income was $449 million compared with $627 million a year earlier. Net revenue declined to $1.95 billion from $2.73 billion a year earlier as favorable sales and trading results in credit and liquid products were more than offset by CDO-related writedowns.

• Treasury Services net income increased 6 percent to $608 million. Net revenue increased 5 percent to $1.87 billion as favorable pricing and increased volume drove deposits and service charges higher.

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Global Wealth and Investment Management

(Dollars in millions)	Q2 2008			Q2 2007
Total revenue, net of interest expense 1	$	2,279		$	1,889
Provision for credit losses		119			(13	)
Noninterest expense		1,241			993
Net income		573			576
Efficiency ratio1		54.44	%		52.57	%
Return on average equity		19.58			26.35
Loans2	$	87,572		$	67,964
Deposits2		157,113			118,254
(in billions)	At 06/30/08			At 06/30/07
Assets under management	$	589.4		$	566.2

¹   Fully taxable-equivalent basis

²   Balances averaged for period

Net income was largely flat at $573 million.

Net revenue increased 21 percent from the addition of U.S. Trust and LaSalle, organic loan and deposit growth and an improving interest rate environment. The increase was partially offset by support to certain cash funds of $36 million, which declined from $220 million in the first quarter of 2008.

Provision for credit losses increased to $119 million compared with a benefit of $13 million a year ago as deterioration in the home equity portfolio from housing market weakness continued.

• U.S. Trust, Bank of America Private Wealth Management net income rose 25 percent to $152 million. Net revenue rose 43 percent to $706 million driven by the addition of U.S. Trust and LaSalle.

• Columbia Management net income declined 48 percent to $39 million from a year ago driven mainly by losses related to support for certain cash funds.

• Premier Banking and Investments net income fell 43 percent to $189 million as credit costs increased by $114 million reflecting higher home equity loan losses. Net revenue decreased 9 percent to $865 million on lower net interest income as spread compression, driven by deposit mix and competitive deposit pricing, more than offset deposit growth.

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All Other¹

(Dollars in millions)	Q2 2008			Q2 2007
Total revenue net of interest expense 2	$	(700	)	$	367
Provision for credit losses3		(1,197	)		(1,313	)
Merger and restructuring charges		212			75
All other noninterest expense		17			(50	)
Net income		279			1,071
Loans and leases4	$	88,251		$	101,093

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   Represents the provision for credit losses in All Other combined with the GCSBB securitization offset.

⁴   Balances averaged for period

All Other had net income of $279 million compared with $1.07 billion as equity investment income fell because of the absence of the gain recognized a year earlier from the sale of private equity funds to Conversus Capital, higher credit costs in the residential mortgage portfolio and higher merger and restructuring charges related to LaSalle and U.S. Trust. This was partially offset by a gain on the sale of debt securities.

Note: Chief Executive Officer Kenneth D. Lewis and Chief Financial Officer Joe L. Price will discuss second 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 Web site at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 800.895.1085 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, more than 18,500 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. 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.

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 June 30								Six Months Ended June 30
	2008				2007				2008			2007
Net interest income	$	10,621			$	8,389			$	20,612		$	16,659
Total noninterest income		9,694				11,236				16,706			21,181
Total revenue, net of interest expense		20,315				19,625				37,318			37,840
Provision for credit losses		5,830				1,810				11,840			3,045
Noninterest expense, before merger and restructuring charges		9,352				9,080				18,377			18,126
Merger and restructuring charges		212				75				382			186
Income before income taxes		4,921				8,660				6,719			16,483
Income tax expense		1,511				2,899				2,099			5,467
Net income	$	3,410			$	5,761			$	4,620		$	11,016
Earnings per common share	$	0.73			$	1.29			$	0.96		$	2.47
Diluted earnings per common share		0.72				1.28				0.95			2.44
Summary Average Balance Sheet	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008			2007
Total loans and leases	$	878,639			$	740,199			$	877,150		$	727,193
Debt securities		235,369				177,834				227,373			182,142
Total earning assets		1,500,234				1,358,199				1,505,265			1,340,172
Total assets		1,754,613				1,561,649				1,759,770			1,541,644
Total deposits		786,002				697,035				786,813			691,898
Shareholders’ equity		161,428				133,551				158,078			133,569
Common shareholders’ equity		140,243				130,700				140,849			130,718
Performance Ratios	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008			2007
Return on average assets		0.78		%		1.48		%		0.53	%		1.44		%
Return on average common shareholders’ equity		9.25				17.55				6.06			16.86
Credit Quality	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008			2007
Total net charge-offs	$	3,619			$	1,495			$	6,334		$	2,922
Annualized net charge-offs as a % of average loans and leases outstanding (1)		1.67		%		0.81		%		1.46	%		0.81		%
Provision for credit losses	$	5,830			$	1,810			$	11,840		$	3,045
Total consumer credit card managed net losses		2,751				2,099				5,123			4,052
Total consumer credit card managed net losses as a % of average managed credit card receivables		5.96		%		5.02		%		5.58	%		4.88		%
	June 30
	2008				2007
Total nonperforming assets (2)	$	9,749			$	2,392
Nonperforming assets as a % of total loans, leases and foreclosed properties (1, 2)		1.13		%		0.32		%
Allowance for loan and lease losses	$	17,130			$	9,060
Allowance for loan and lease losses as a % of total loans and leases measured at historical cost (1)		1.98		%		1.20		%
Capital Management	June 30
	2008				2007
Risk-based capital ratios:
Tier 1		8.25	*	%		8.52		%
Total		12.60	*			12.11
Tier 1 leverage ratio		6.09	*			6.33
Period-end common shares issued and outstanding		4,452,947				4,436,936
	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008			2007
Shares issued		137				11,316				15,062			40,235
Shares repurchased		—				(13,450	)			—			(61,450	)
Average common shares issued and outstanding		4,435,719				4,419,246				4,431,870			4,426,046
Average diluted common shares issued and outstanding		4,457,193				4,476,799				4,460,633			4,487,224
Dividends paid per common share	$	0.64			$	0.56			$	1.28		$	1.12
Summary Ending Balance Sheet	June 30
	2008				2007
Total loans and leases	$	870,464			$	758,635
Total debt securities		249,859				173,327
Total earning assets		1,458,796				1,328,402
Total assets		1,716,875				1,534,359
Total deposits		784,764				699,409
Total shareholders’ equity		162,691				135,751
Common shareholders’ equity		138,540				132,900
Book value per share of common stock	$	31.11			$	29.95

* Preliminary data

⁽¹⁾ Ratios do not include loans measured at fair value in accordance with SFAS 159 at and for the three and six months ended June 30, 2008 and 2007.

⁽²⁾ Balances and ratios do not include nonperforming available-for-sale debt securities (at fair value) of $676 million and $27 million at June 30, 2008 and 2007. Including nonperforming available-for-sale debt securities (at fair value), nonperforming assets as a percentage of total assets would have been 0.61 percent and 0.16 percent at June 30, 2008 and 2007.

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

Bank of America Corporation and Subsidiaries

Business Segment Results

(Dollars in millions)

Global Consumer and Small Business Banking (1)	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008				2007
Total revenue, net of interest expense (2)	$	13,092			$	11,821			$	26,398			$	23,152
Provision for credit losses (3)		6,545				3,094				13,000				5,505
Noninterest expense		5,293				4,910				10,426				9,593
Net income		812				2,422				1,904				5,089
Efficiency ratio (2)		40.43		%		41.54		%		39.50		%		41.43		%
Return on average equity		4.89				15.76				5.77				16.67
Average - total loans and leases	$	368,136			$	317,247			$	365,581			$	312,701
Average - total deposits		341,339				326,622				342,387				326,550
Deposits
Total revenue, net of interest expense (2)	$	4,231			$	4,402			$	8,320			$	8,641
Net income		1,065				1,366				2,059				2,681
Card Services (1)
Total revenue, net of interest expense (2)		6,848				6,336				14,181				12,385
Net income		402				888				1,072				1,983
Consumer Real Estate
Total revenue, net of interest expense (2)		1,199				851				2,506				1,684
Net income (loss)		(982	)			115				(1,755	)			321
Global Corporate and Investment Banking	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008				2007
Total revenue, net of interest expense (2)	$	5,960			$	5,943			$	9,119			$	11,386
Provision for credit losses		363				42				886				157
Noninterest expense		2,801				3,227				5,265				6,205
Net income		1,746				1,692				1,853				3,166
Efficiency ratio (2)		46.99		%		54.31		%		57.74		%		54.50		%
Return on average equity		11.57				16.15				6.23				15.28
Average - total loans and leases	$	334,680			$	253,895			$	329,714			$	250,913
Average - total deposits		234,605				220,180				235,202				214,402
Business Lending
Total revenue, net of interest expense (2)	$	2,027			$	1,487			$	3,663			$	2,822
Net income		651				581				975				1,038
Capital Markets and Advisory Services
Total revenue, net of interest expense (2)		1,950				2,732				1,331				5,156
Net income (loss)		449				627				(653	)			1,151
Treasury Services
Total revenue, net of interest expense (2)		1,865				1,784				3,991				3,492
Net income		608				571				1,488				1,099
Global Wealth and Investment Management	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008				2007
Total revenue, net of interest expense (2)	$	2,279			$	1,889			$	4,201			$	3,670
Provision for credit losses		119				(13	)			362				9
Noninterest expense		1,241				993				2,556				1,967
Net income		573				576				802				1,067
Efficiency ratio (2)		54.44		%		52.57		%		60.84		%		53.59		%
Return on average equity		19.58				26.35				13.82				24.51
Average - total loans and leases	$	87,572			$	67,964			$	86,607			$	66,907
Average - total deposits		157,113				118,254				152,807				116,614
U.S. Trust (4)
Total revenue, net of interest expense (2)	$	706			$	492			$	1,381			$	953
Net income		152				122				258				206
Columbia Management
Total revenue, net of interest expense (2)		365				360				544				681
Net income (loss)		39				75				(40	)			129
Premier Banking and Investments
Total revenue, net of interest expense (2)		865				948				1,706				1,861
Net income		189				333				291				647
All Other (1)	Three Months Ended June 30								Six Months Ended June 30
	2008				2007				2008				2007
Total revenue, net of interest expense (2)	$	(700	)		$	367			$	(1,784	)		$	356
Provision for credit losses (5)		(1,197	)			(1,313	)			(2,408	)			(2,626	)
Noninterest expense		229				25				512				547
Net income		279				1,071				61				1,694
Average - total loans and leases		88,251				101,093				95,248				96,672
Average - total deposits		52,945				31,979				56,417				34,332

⁽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 to create 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 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.

Bank of America Corporation and Subsidiaries

Supplemental Financial Data

(Dollars in millions)

Fully taxable-equivalent basis data	Three Months Ended June 30						Six Months Ended June 30
	2008			2007			2008			2007
Net interest income	$	10,937		$	8,784		$	21,228		$	17,383
Total revenue, net of interest expense		20,631			20,020			37,934			38,564
Net interest yield		2.92	%		2.59	%		2.83	%		2.60	%
Efficiency ratio		46.35			45.73			49.45			47.48
Other Data	June 30
	2008			2007
Full-time equivalent employees		206,587			195,675
Number of banking centers - domestic		6,131			5,749
Number of branded ATMs - domestic		18,531			17,183

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

Bank of America Corporation and Subsidiaries

Reconciliation - Managed to GAAP

(Dollars in millions)

The Corporation reports 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

	Six Months Ended June 30, 2008									Six Months Ended June 30, 2007
	Managed Basis (1)			Securitization Impact (2)			Held Basis			Managed Basis (1)			Securitization Impact (2)			Held Basis
Net interest income (3)	$	15,699		$	(4,195	)	$	11,504		$	14,113		$	(3,871	)	$	10,242
Noninterest income:
Card income		5,285			1,261			6,546			4,977			1,632			6,609
Service charges		3,309			—			3,309			2,865			—			2,865
Mortgage banking income		1,065			—			1,065			599			—			599
All other income		1,040			(126	)		914			598			(151	)		447
Total noninterest income		10,699			1,135			11,834			9,039			1,481			10,520
Total revenue, net of interest expense		26,398			(3,060	)		23,338			23,152			(2,390	)		20,762
Provision for credit losses		13,000			(3,060	)		9,940			5,505			(2,390	)		3,115
Noninterest expense		10,426			—			10,426			9,593			—			9,593
Income before income taxes		2,972			—			2,972			8,054			—			8,054
Income tax expense (3)		1,068			—			1,068			2,965			—			2,965
Net income	$	1,904		$	—		$	1,904		$	5,089		$	—		$	5,089
Average - total loans and leases	$	365,581		$	(106,307	)	$	259,274		$	312,701		$	(101,841	)	$	210,860
All Other
	Six Months Ended June 30, 2008									Six Months Ended June 30, 2007
	Reported Basis (4)			Securitization Offset (2)			As Adjusted			Reported Basis (4)			Securitization Offset (2)			As Adjusted
Net interest income (3)	$	(4,017	)	$	4,195		$	178		$	(3,618	)	$	3,871		$	253
Noninterest income:
Card income		1,259			(1,261	)		(2	)		1,397			(1,632	)		(235	)
Equity investment income		978			—			978			2,615			—			2,615
Gains on sales of debt securities		351			—			351			63			—			63
All other income (loss)		(355	)		126			(229	)		(101	)		151			50
Total noninterest income		2,233			(1,135	)		1,098			3,974			(1,481	)		2,493
Total revenue, net of interest expense		(1,784	)		3,060			1,276			356			2,390			2,746
Provision for credit losses		(2,408	)		3,060			652			(2,626	)		2,390			(236	)
Merger and restructuring charges		382			—			382			186			—			186
All other noninterest expense		130			—			130			361			—			361
Income before income taxes		112			—			112			2,435			—			2,435
Income tax expense (3)		51			—			51			741			—			741
Net income	$	61		$	—		$	61		$	1,694		$	—		$	1,694
Average - total loans and leases	$	95,248		$	106,307		$	201,555		$	96,672		$	101,841		$	198,513

⁽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 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.

EX-99.2

Exhibit 99.2

Supplemental Information

Second 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
Year-to-Date Average Balances and Interest Rates	10
Year-to-Date Average Balances and Interest Rates - Isolating Hedge Income/Expense	11
Business Segment View Graphs	12
Global Consumer and Small Business Banking
Total Segment Results	13
Quarter-to-Date Business Results	14
Year-to-Date Business Results	15
Key Indicators	16
E-commerce & BankofAmerica.com	17
Credit Card Data	18
Quarter-to-Date Mass Market Small Business Banking: Relationship View	19
Year-to-Date Mass Market Small Business Banking: Relationship View	20
Global Corporate and Investment Banking
Total Segment Results	21
Quarter-to-Date Business Results	22
Year-to-Date Business Results	23
Quarter-to-Date Customer Relationship View	24
Year-to-Date Customer Relationship View	25
Business Lending Key Indicators	26
Capital Markets and Advisory Services Key Indicators	27
Banc of America Securities U.S. Market Share and Product Ranking Graph	28
Special Purpose Entities Liquidity Exposure	29
Super Senior Collateralized Debt Obligation Exposure	30
Subprime Super Senior Collateralized Debt Obligation Carrying Values	31
Global Wealth and Investment Management
Total Segment Results	32
Quarter-to-Date Business Results	33
Year-to-Date Business Results	34
Key Indicators	35
All Other
Total Segment Results	36
Outstanding Loans and Leases	37
Quarterly Average Loans and Leases by Business Segment	38
Commercial Credit Exposure by Industry	39
Net Credit Default Protection by Maturity Profile and Credit Exposure Debt Rating	40
Selected Emerging Markets	41
Nonperforming Assets	42
Quarterly Net Charge-offs/Losses and Net Charge-off/Loss Ratios	43
Year-to-Date Net Charge-offs/Losses and Net Charge-off/Loss Ratios	44
Allocation of the Allowance for Credit Losses by Product Type	45
Exhibit A: Non - GAAP Reconciliations	46
Exhibit B: Countrywide Financial Corporation Selected Data	49
Appendix: Selected Slides from the Second Quarter 2008 Earnings Release Presentation	51

1

Bank of America Corporation and Subsidiaries

Consolidated Financial Highlights

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

	Six Months Ended June 30						Second Quarter 2008			First Quarter 2008			Fourth Quarter 2007				Third Quarter 2007			Second Quarter 2007
	2008			2007
Income statement
Net interest income	$	20,612		$	16,659		$	10,621		$	9,991		$	9,165			$	8,617		$	8,389
Noninterest income		16,706			21,181			9,694			7,012			3,564				7,383			11,236
Total revenue, net of interest expense		37,318			37,840			20,315			17,003			12,729				16,000			19,625
Provision for credit losses		11,840			3,045			5,830			6,010			3,310				2,030			1,810
Noninterest expense, before merger and restructuring charges		18,377			18,126			9,352			9,025			10,194				8,530			9,080
Merger and restructuring charges		382			186			212			170			140				84			75
Income tax expense (benefit)		2,099			5,467			1,511			588			(1,183	)			1,658			2,899
Net income		4,620			11,016			3,410			1,210			268				3,698			5,761
Diluted earnings per common share		0.95			2.44			0.72			0.23			0.05				0.82			1.28
Average diluted common shares issued and outstanding		4,460,633			4,487,224			4,457,193			4,461,201			4,470,108				4,475,917			4,476,799
Dividends paid per common share	$	1.28		$	1.12		$	0.64		$	0.64		$	0.64			$	0.64		$	0.56
Performance ratios
Return on average assets		0.53	%		1.44	%		0.78	%		0.28	%		0.06		%		0.93	%		1.48	%
Return on average common shareholders’ equity		6.06			16.86			9.25			2.90			0.60				11.02			17.55
At period end
Book value per share of common stock	$	31.11		$	29.95		$	31.11		$	31.22		$	32.09			$	30.45		$	29.95
Tangible book value per share of common stock (1)		13.65			15.11			13.65			13.73			14.62				15.25			15.11
Market price per share of common stock:
Closing price	$	23.87		$	48.89		$	23.87		$	37.91		$	41.26			$	50.27		$	48.89
High closing price for the period		45.03			54.05			40.86			45.03			52.71				51.87			51.82
Low closing price for the period		23.87			48.80			23.87			35.31			41.10				47.00			48.80
Market capitalization		106,292			216,922			106,292			168,806			183,107				223,041			216,922
Number of banking centers - domestic		6,131			5,749			6,131			6,148			6,149				5,748			5,749
Number of branded ATMs - domestic		18,531			17,183			18,531			18,491			18,753				17,231			17,183
Full-time equivalent employees		206,587			195,675			206,587			209,096			209,718				198,000			195,675

(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

	Six Months Ended June 30						Second Quarter 2008			First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007
	2008			2007
Net interest income	$	21,228		$	17,383		$	10,937		$	10,291		$	9,815		$	8,992		$	8,784
Total revenue, net of interest expense		37,934			38,564			20,631			17,303			13,379			16,375			20,020
Net interest yield		2.83	%		2.60	%		2.92	%		2.73	%		2.61	%		2.61	%		2.59	%
Efficiency ratio		49.45			47.48			46.35			53.14			77.24			52.61			45.73

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 three months ended June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, and the six months ended June 30, 2008 and 2007.

Reconciliation of net income to operating earnings

	Six Months Ended June 30								Second Quarter 2008				First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007
	2008				2007
Net income	$	4,620			$	11,016			$	3,410			$	1,210			$	268			$	3,698			$	5,761
Merger and restructuring charges		382				186				212				170				140				84				75
Related income tax benefit		(141	)			(69	)			(78	)			(63	)			(52	)			(31	)			(28	)
Operating earnings	$	4,861			$	11,133			$	3,544			$	1,317			$	356			$	3,751			$	5,808
Reconciliation of ending common shareholders’ equity to ending common tangible shareholders’ equity
Ending common shareholders’ equity	$	138,540			$	132,900			$	138,540			$	139,003			$	142,394			$	135,109			$	132,900
Ending goodwill		(77,760	)			(65,845	)			(77,760	)			(77,872	)			(77,530	)			(67,433	)			(65,845	)
Ending common tangible shareholders’ equity	$	60,780			$	67,055			$	60,780			$	61,131			$	64,864			$	67,676			$	67,055
Reconciliation of average shareholders’ equity to average tangible shareholders’ equity
Average shareholders’ equity	$	158,078			$	133,569			$	161,428			$	154,728			$	144,924			$	134,487			$	133,551
Average goodwill		(77,721	)			(65,703	)			(77,815	)			(77,628	)			(78,308	)			(67,499	)			(65,704	)
Average tangible shareholders’ equity	$	80,357			$	67,866			$	83,613			$	77,100			$	66,616			$	66,988			$	67,847
Operating basis
Return on average assets		0.56		%		1.46		%		0.81		%		0.30		%		0.08		%		0.94		%		1.49		%
Return on average common shareholders’ equity		6.40				17.04				9.63				3.20				0.85				11.18				17.70
Return on average tangible shareholders’ equity		12.17				33.08				17.05				6.87				2.12				22.21				34.34
Efficiency ratio (1)		48.44				47.00				45.32				52.16				76.19				52.10				45.35

(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)

	Six Months Ended June 30					Second Quarter 2008		First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007
	2008			2007
Interest income
Interest and fees on loans and leases	$	27,536		$	26,207	$	13,121	$	14,415		$	15,363		$	14,111		$	13,323
Interest on debt securities		5,674			4,712		2,900		2,774			2,738			2,334			2,332
Federal funds sold and securities purchased under agreements to resell		2,008			4,135		800		1,208			1,748			1,839			2,156
Trading account assets		4,593			4,540		2,229		2,364			2,358			2,519			2,267
Other interest income		2,075			2,198		977		1,098			1,272			1,230			1,154
Total interest income		41,886			41,792		20,027		21,859			23,479			22,033			21,232
Interest expense
Deposits		8,108			8,295		3,520		4,588			5,253			4,545			4,261
Short-term borrowings		7,229			10,850		3,087		4,142			5,598			5,519			5,534
Trading account liabilities		1,589			1,713		749		840			825			906			821
Long-term debt		4,348			4,275		2,050		2,298			2,638			2,446			2,227
Total interest expense		21,274			25,133		9,406		11,868			14,314			13,416			12,843
Net interest income		20,612			16,659		10,621		9,991			9,165			8,617			8,389
Noninterest income
Card income		7,090			6,891		3,451		3,639			3,591			3,595			3,558
Service charges		5,035			4,272		2,638		2,397			2,415			2,221			2,200
Investment and brokerage services		2,662			2,342		1,322		1,340			1,427			1,378			1,193
Investment banking income		1,171			1,412		695		476			544			389			774
Equity investment income		1,646			2,843		592		1,054			317			904			1,829
Trading account profits (losses)		(1,426	)		1,879		357		(1,783	)		(5,380	)		(1,388	)		949
Mortgage banking income		890			361		439		451			386			155			148
Gains on sales of debt securities		352			64		127		225			109			7			2
Other income (loss)		(714	)		1,117		73		(787	)		155			122			583
Total noninterest income		16,706			21,181		9,694		7,012			3,564			7,383			11,236
Total revenue, net of interest expense		37,318			37,840		20,315		17,003			12,729			16,000			19,625
Provision for credit losses		11,840			3,045		5,830		6,010			3,310			2,030			1,810
Noninterest expense
Personnel		9,146			9,762		4,420		4,726			4,822			4,169			4,737
Occupancy		1,697			1,457		848		849			827			754			744
Equipment		768			682		372		396			373			336			332
Marketing		1,208			1,092		571		637			712			552			537
Professional fees		647			512		362		285			404			258			283
Amortization of intangibles		893			780		447		446			467			429			391
Data processing		1,150			909		587		563			590			463			472
Telecommunications		526			495		266		260			263			255			244
Other general operating		2,342			2,437		1,479		863			1,736			1,314			1,340
Merger and restructuring charges		382			186		212		170			140			84			75
Total noninterest expense		18,759			18,312		9,564		9,195			10,334			8,614			9,155
Income (loss) before income taxes		6,719			16,483		4,921		1,798			(915	)		5,356			8,660
Income tax expense (benefit)		2,099			5,467		1,511		588			(1,183	)		1,658			2,899
Net income	$	4,620		$	11,016	$	3,410	$	1,210		$	268		$	3,698		$	5,761
Preferred stock dividends		376			86		186		190			53			43			40
Net income available to common shareholders	$	4,244		$	10,930	$	3,224	$	1,020		$	215		$	3,655		$	5,721
Per common share information
Earnings	$	0.96		$	2.47	$	0.73	$	0.23		$	0.05		$	0.83		$	1.29
Diluted earnings		0.95			2.44		0.72		0.23			0.05			0.82			1.28
Dividends paid		1.28			1.12		0.64		0.64			0.64			0.64			0.56
Average common shares issued and outstanding		4,431,870			4,426,046		4,435,719		4,427,823			4,421,554			4,420,616			4,419,246
Average diluted common shares issued and outstanding		4,460,633			4,487,224		4,457,193		4,461,201			4,470,108			4,475,917			4,476,799

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)

	June 30 2008			March 31 2008			June 30 2007
Assets
Cash and cash equivalents	$	39,127		$	40,512		$	35,499
Time deposits placed and other short-term investments		7,649			8,807			13,151
Federal funds sold and securities purchased under agreements to resell		107,070			120,289			131,658
Trading account assets		167,837			165,693			182,404
Derivative assets		42,039			50,925			29,810
Debt securities		249,859			223,000			173,327
Loans and leases, net of allowance:
Loans and leases		870,464			873,870			758,635
Allowance for loan and lease losses		(17,130	)		(14,891	)		(9,060	)
Total loans and leases, net of allowance		853,334			858,979			749,575
Premises and equipment, net		11,627			11,297			9,482
Mortgage servicing rights (includes $4,250, $3,163 and $3,269 measured at fair value)		4,577			3,470			3,508
Goodwill		77,760			77,872			65,845
Intangible assets		9,603			9,821			8,720
Other assets		146,393			165,837			131,380
Total assets	$	1,716,875		$	1,736,502		$	1,534,359
Liabilities
Deposits in domestic offices:
Noninterest-bearing	$	199,587		$	193,789		$	172,573
Interest-bearing		497,631			506,062			422,201
Deposits in foreign offices:
Noninterest-bearing		3,432			3,333			3,006
Interest-bearing		84,114			93,885			101,629
Total deposits		784,764			797,069			699,409
Federal funds purchased and securities sold under agreements to repurchase		238,123			219,738			221,064
Trading account liabilities		70,806			76,032			75,070
Derivative liabilities		21,095			29,170			25,141
Commercial paper and other short-term borrowings		177,753			190,856			159,542
Accrued expenses and other liabilities (includes $507, $507 and $376 of reserve for unfunded lending commitments)		55,038			64,528			49,065
Long-term debt		206,605			202,800			169,317
Total liabilities		1,554,184			1,580,193			1,398,608
Shareholders’ equity
Preferred stock, $0.01 par value; authorized - 100,000,000 shares; issued and outstanding - 7,602,067, 7,325,067 and 121,739 shares		24,151			17,306			2,851
Common stock and additional paid-in capital, $0.01 par value; authorized - 7,500,000,000 shares; issued and outstanding - 4,452,947,217, 4,452,810,412 and 4,436,935,963 shares		61,109			61,080			60,349
Retained earnings		79,920			79,554			83,223
Accumulated other comprehensive income (loss)		(1,864	)		(884	)		(9,957	)
Other		(625	)		(747	)		(715	)
Total shareholders’ equity		162,691			156,309			135,751
Total liabilities and shareholders’ equity	$	1,716,875		$	1,736,502		$	1,534,359

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)

	Second Quarter 2008 (1)			First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007
Risk-based capital:
Tier 1 capital	$	101,541		$	93,899		$	83,372		$	94,108		$	94,979
Total capital		155,090			146,531			133,720			135,786			135,059
Risk-weighted assets		1,230,421			1,250,942			1,212,905			1,145,069			1,115,150
Tier 1 capital ratio		8.25	%		7.51	%		6.87	%		8.22	%		8.52	%
Total capital ratio		12.60			11.71			11.02			11.86			12.11
Tangible equity ratio (2)		4.62			4.16			3.62			4.09			4.19
Tier 1 leverage ratio		6.09			5.59			5.04			6.20			6.33

(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 second quarter of 2008.

189.4 million shares remain outstanding under the 2007 authorized program.

137 thousand shares were issued in the second 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)

	Six Months Ended June 30								Second Quarter 2008				First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007
	2008				2007
Net interest income (1)
As reported	$	21,228			$	17,383			$	10,937			$	10,291			$	9,815			$	8,992			$	8,784
Impact of market-based net interest income (2)		(2,677	)			(1,119	)			(1,369	)			(1,308	)			(810	)			(789	)			(636	)
Core net interest income		18,551				16,264				9,568				8,983				9,005				8,203				8,148
Impact of securitizations (3)		4,344				3,811				2,254				2,090				2,021				2,009				1,952
Core net interest income - managed basis	$	22,895			$	20,075			$	11,822			$	11,073			$	11,026			$	10,212			$	10,100
Average earning assets
As reported	$	1,505,265			$	1,340,172			$	1,500,234			$	1,510,295			$	1,502,998			$	1,375,795			$	1,358,199
Impact of market-based earning assets (2)		(389,504	)			(418,073	)			(375,274	)			(403,733	)			(407,315	)			(407,066	)			(426,759	)
Core average earning assets		1,115,761				922,099				1,124,960				1,106,562				1,095,683				968,729				931,440
Impact of securitizations		102,854				102,442				103,131				102,577				104,385				104,181				102,357
Core average earning assets - managed basis	$	1,218,615			$	1,024,541			$	1,228,091			$	1,209,139			$	1,200,068			$	1,072,910			$	1,033,797
Net interest yield contribution (1, 4)
As reported		2.83		%		2.60		%		2.92		%		2.73		%		2.61		%		2.61		%		2.59		%
Impact of market-based activities (2)		0.51				0.94				0.49				0.52				0.67				0.77				0.91
Core net interest yield on earning assets		3.34				3.54				3.41				3.25				3.28				3.38				3.50
Impact of securitizations		0.43				0.39				0.45				0.42				0.38				0.42				0.41
Core net interest yield on earning assets - managed basis		3.77		%		3.93		%		3.86		%		3.67		%		3.66		%		3.80		%		3.91		%

(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. For the six months ended June 30, 2008 and 2007, the impact of market-based net interest income excludes $52 million and $22 million, and for the three months ended June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively, excludes $25 million, $27 million, $26 million, $22 million and $22 million, of net interest income on loans that are accounted for at fair value in accordance with Statement of Financial Accounting Standards (SFAS) No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (SFAS 159).

(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)

	Second Quarter 2008						First Quarter 2008							Second 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	$	10,310	$	87	3.40	%	$	10,596	$	94	3.56		%	$	15,310	$	188	4.92	%
Federal funds sold and securities purchased under agreements to resell		126,169		800	2.54			145,043		1,208	3.34				166,258		2,156	5.19
Trading account assets		184,547		2,282	4.95			192,410		2,417	5.04				188,287		2,364	5.03
Debt securities (1)		235,369		2,963	5.04			219,377		2,835	5.17				177,834		2,394	5.39
Loans and leases (2):
Residential mortgage		256,164		3,541	5.54			270,541		3,837	5.68				260,099		3,708	5.70
Credit card - domestic		61,655		1,603	10.45			63,277		1,774	11.28				56,235		1,777	12.67
Credit card - foreign		16,566		512	12.43			15,241		474	12.51				11,946		350	11.76
Home equity		120,265		1,627	5.44			116,562		1,872	6.46				94,267		1,779	7.57
Direct/Indirect consumer (3)		82,593		1,731	8.43			78,705		1,699	8.68				67,927		1,441	8.51
Other consumer (4)		3,953		84	8.36			4,049		87	8.61				4,401		100	9.16
Total consumer		541,196		9,098	6.75			548,375		9,743	7.13				494,875		9,155	7.41
Commercial - domestic		219,537		2,762	5.06			212,394		3,198	6.06				166,529		3,039	7.32
Commercial real estate (5)		62,810		737	4.72			62,202		887	5.74				36,788		687	7.49
Commercial lease financing		22,276		243	4.37			22,227		261	4.69				19,784		217	4.40
Commercial - foreign		32,820		366	4.48			30,463		387	5.11				22,223		319	5.75
Total commercial		337,443		4,108	4.89			327,286		4,733	5.81				245,324		4,262	6.97
Total loans and leases		878,639		13,206	6.04			875,661		14,476	6.64				740,199		13,417	7.26
Other earning assets		65,200		1,005	6.19			67,208		1,129	6.75				70,311		1,108	6.31
Total earning assets (6)		1,500,234		20,343	5.44			1,510,295		22,159	5.89				1,358,199		21,627	6.38
Cash and cash equivalents		33,799						33,949							33,689
Other assets, less allowance for loan and lease losses		220,580						220,683							169,761
Total assets	$	1,754,613					$	1,764,927						$	1,561,649
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	33,164	$	64	0.77	%	$	31,798	$	50	0.63	%		$	33,039	$	47	0.58	%
NOW and money market deposit accounts		258,104		856	1.33			248,949		1,139	1.84				212,330		987	1.86
Consumer CDs and IRAs		178,828		1,646	3.70			188,005		2,071	4.43				161,703		1,857	4.61
Negotiable CDs, public funds and other time deposits		24,216		195	3.25			32,201		320	4.00				16,256		191	4.70
Total domestic interest-bearing deposits		494,312		2,761	2.25			500,953		3,580	2.87				423,328		3,082	2.92
Foreign interest-bearing deposits:
Banks located in foreign countries		33,777		272	3.25			39,196		400	4.10				41,940		522	4.99
Governments and official institutions		11,789		77	2.62			14,650		132	3.62				17,868		224	5.02
Time, savings and other		55,403		410	2.97			53,064		476	3.61				40,335		433	4.31
Total foreign interest-bearing deposits		100,969		759	3.02			106,910		1,008	3.79				100,143		1,179	4.72
Total interest-bearing deposits		595,281		3,520	2.38			607,863		4,588	3.04				523,471		4,261	3.27
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		444,578		3,087	2.79			452,854		4,142	3.68				419,260		5,534	5.29
Trading account liabilities		70,546		749	4.27			82,432		840	4.10				85,550		821	3.85
Long-term debt		205,194		2,050	4.00			198,463		2,298	4.63				158,500		2,227	5.62
Total interest-bearing liabilities (6)		1,315,599		9,406	2.87			1,341,612		11,868	3.55				1,186,781		12,843	4.34
Noninterest-bearing sources:
Noninterest-bearing deposits		190,721						179,760							173,564
Other liabilities		86,865						88,827							67,753
Shareholders’ equity		161,428						154,728							133,551
Total liabilities and shareholders’ equity	$	1,754,613					$	1,764,927						$	1,561,649
Net interest spread					2.57	%					2.34		%					2.04	%
Impact of noninterest-bearing sources					0.35						0.39							0.55
Net interest income/yield on earning assets			$	10,937	2.92	%			$	10,291	2.73		%			$	8,784	2.59	%

(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 $3.0 billion and $3.3 billion in the second and first quarters of 2008, and $3.9 billion in the second quarter of 2007.

(4) Includes consumer finance loans of $2.8 billion and $3.0 billion in the second and first quarters of 2008, and $3.4 billion in the second quarter of 2007; and other foreign consumer loans of $862 million and $857 million in the second and first quarters of 2008, and $775 million in the second quarter of 2007.

(5) Includes domestic commercial real estate loans of $61.6 billion and $61.0 billion in the second and first quarters of 2008, and $36.2 billion in the second quarter of 2007.

(6) Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets $104 million and $103 million in the second and first quarters of 2008, and $117 million in the second quarter of 2007. Interest expense includes the impact of interest rate risk management contracts, which increased interest expense on the underlying liabilities $37 million and $49 million in the second and first quarters of 2008, and $207 million in the second quarter 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)

	Second Quarter 2008								First Quarter 2008								Second 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)	$	10,310	$	91		3.56		%	$	10,596	$	98		3.71		%	$	15,310	$	198		5.20		%
Federal funds sold and securities purchased under agreements to resell (2)		126,169		867		2.75				145,043		1,278		3.53				166,258		2,256		5.43
Trading account assets		184,547		2,282		4.95				192,410		2,417		5.04				188,287		2,364		5.03
Debt securities (2)		235,369		2,963		5.04				219,377		2,836		5.17				177,834		2,401		5.40
Loans and leases:
Residential mortgage		256,164		3,541		5.54				270,541		3,837		5.68				260,099		3,708		5.70
Credit card - domestic		61,655		1,603		10.45				63,277		1,774		11.28				56,235		1,777		12.67
Credit card - foreign		16,566		512		12.43				15,241		474		12.51				11,946		350		11.76
Home equity		120,265		1,627		5.44				116,562		1,872		6.46				94,267		1,779		7.57
Direct/Indirect consumer		82,593		1,731		8.43				78,705		1,699		8.68				67,927		1,441		8.51
Other consumer		3,953		84		8.36				4,049		87		8.61				4,401		100		9.16
Total consumer		541,196		9,098		6.75				548,375		9,743		7.13				494,875		9,155		7.41
Commercial - domestic (2)		219,537		2,795		5.12				212,394		3,225		6.11				166,529		3,048		7.34
Commercial real estate		62,810		737		4.72				62,202		887		5.74				36,788		687		7.49
Commercial lease financing		22,276		243		4.37				22,227		261		4.69				19,784		217		4.40
Commercial - foreign (2)		32,820		366		4.48				30,463		387		5.11				22,223		302		5.45
Total commercial		337,443		4,141		4.93				327,286		4,760		5.85				245,324		4,254		6.95
Total loans and leases		878,639		13,239		6.05				875,661		14,503		6.65				740,199		13,409		7.26
Other earning assets (2)		65,200		1,005		6.19				67,208		1,130		6.75				70,311		1,116		6.36
Total earning assets - excluding hedge impact		1,500,234		20,447		5.47				1,510,295		22,262		5.92				1,358,199		21,744		6.41
Net hedge income (expense) on assets				(104	)							(103	)							(117	)
Total earning assets - including hedge impact		1,500,234		20,343		5.44				1,510,295		22,159		5.89				1,358,199		21,627		6.38
Cash and cash equivalents		33,799								33,949								33,689
Other assets, less allowance for loan and lease losses		220,580								220,683								169,761
Total assets	$	1,754,613							$	1,764,927							$	1,561,649
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	33,164	$	64		0.77		%	$	31,798	$	50		0.63		%	$	33,039	$	47		0.58		%
NOW and money market deposit accounts (2)		258,104		851		1.33				248,949		1,134		1.83				212,330		983		1.86
Consumer CDs and IRAs (2)		178,828		1,535		3.45				188,005		1,950		4.17				161,703		1,699		4.22
Negotiable CDs, public funds and other time deposits (2)		24,216		193		3.21				32,201		318		3.97				16,256		188		4.64
Total domestic interest-bearing deposits		494,312		2,643		2.15				500,953		3,452		2.77				423,328		2,917		2.76
Foreign interest-bearing deposits:
Banks located in foreign countries (2)		33,777		272		3.25				39,196		398		4.08				41,940		520		4.97
Governments and official institutions		11,789		77		2.62				14,650		132		3.62				17,868		224		5.02
Time, savings and other		55,403		410		2.97				53,064		476		3.61				40,335		433		4.31
Total foreign interest-bearing deposits		100,969		759		3.02				106,910		1,006		3.79				100,143		1,177		4.71
Total interest-bearing deposits		595,281		3,402		2.30				607,863		4,458		2.95				523,471		4,094		3.14
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings (2)		444,578		2,980		2.70				452,854		4,134		3.67				419,260		5,647		5.40
Trading account liabilities		70,546		749		4.27				82,432		840		4.10				85,550		821		3.85
Long-term debt (2)		205,194		2,238		4.36				198,463		2,387		4.81				158,500		2,074		5.24
Total interest-bearing liabilities - excluding hedge impact		1,315,599		9,369		2.86				1,341,612		11,819		3.54				1,186,781		12,636		4.27
Net hedge (income) expense on liabilities				37								49								207
Total interest-bearing liabilities - including hedge impact		1,315,599		9,406		2.87				1,341,612		11,868		3.55				1,186,781		12,843		4.34
Noninterest-bearing sources:
Noninterest-bearing deposits		190,721								179,760								173,564
Other liabilities		86,865								88,827								67,753
Shareholders’ equity		161,428								154,728								133,551
Total liabilities and shareholders’ equity	$	1,754,613							$	1,764,927							$	1,561,649
Net interest spread						2.61								2.38								2.14
Impact of noninterest-bearing sources						0.35								0.39								0.54
Net interest income/yield on earning assets - excluding hedge impact			$	11,078		2.96		%			$	10,443		2.77		%			$	9,108		2.68		%
Net impact of hedge income (expense)				(141	)	(0.04	)					(152	)	(0.04	)					(324	)	(0.09	)
Net interest income/yield on earning assets			$	10,937		2.92		%			$	10,291		2.73		%			$	8,784		2.59		%

(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:

	Second Quarter 2008			First Quarter 2008			Second Quarter 2007
Time deposits placed and other short-term investments	$	(4	)	$	(4	)	$	(10	)
Federal funds sold and securities purchased under agreements to resell		(67	)		(70	)		(100	)
Debt securities		—			(1	)		(7	)
Commercial - domestic		(33	)		(27	)		(9	)
Commercial - foreign		—			—			17
Other earning assets		—			(1	)		(8	)
Net hedge income (expense) on assets	$	(104	)	$	(103	)	$	(117	)
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		$	4
Consumer CDs and IRAs		111			121			158
Negotiable CDs, public funds and other time deposits		2			2			3
Banks located in foreign countries		—			2			2
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		107			8			(113	)
Long-term debt		(188	)		(89	)		153
Net hedge (income) expense on liabilities	$	37		$	49		$	207

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

Year-to-Date Average Balances and Interest Rates - Fully Taxable-equivalent Basis

(Dollars in millions)

	Six Months Ended June 30
	2008						2007
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Earning assets
Time deposits placed and other short-term investments	$	10,453	$	181	3.48	%	$	15,167	$	357	4.75	%
Federal funds sold and securities purchased under agreements to resell		135,606		2,008	2.97			166,227		4,135	4.99
Trading account assets		188,478		4,699	5.00			181,804		4,721	5.21
Debt securities (1)		227,373		5,798	5.10			182,142		4,845	5.32
Loans and leases (2):
Residential mortgage		263,352		7,378	5.61			253,396		7,212	5.70
Credit card - domestic		62,466		3,377	10.87			56,973		3,664	12.97
Credit card - foreign		15,904		986	12.47			11,542		667	11.66
Home equity		118,413		3,499	5.94			91,926		3,458	7.59
Direct/Indirect consumer (3)		80,649		3,430	8.55			65,893		2,744	8.40
Other consumer (4)		4,001		171	8.49			4,763		222	9.36
Total consumer		544,785		18,841	6.94			484,493		17,967	7.46
Commercial - domestic		215,965		5,960	5.55			165,083		5,973	7.30
Commercial real estate (5)		62,506		1,624	5.22			36,454		1,359	7.52
Commercial lease financing		22,252		504	4.53			19,718		392	3.97
Commercial - foreign		31,642		753	4.78			21,445		649	6.10
Total commercial		332,365		8,841	5.35			242,700		8,373	6.95
Total loans and leases		877,150		27,682	6.34			727,193		26,340	7.29
Other earning assets		66,205		2,134	6.47			67,639		2,118	6.29
Total earning assets (6)		1,505,265		42,502	5.67			1,340,172		42,516	6.38
Cash and cash equivalents		33,874						33,656
Other assets, less allowance for loan and lease losses		220,631						167,816
Total assets	$	1,759,770					$	1,541,644
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	32,481	$	114	0.70	%	$	32,907	$	88	0.54	%
NOW and money market deposit accounts		253,526		1,995	1.58			212,290		1,923	1.83
Consumer CDs and IRAs		183,417		3,717	4.08			160,610		3,689	4.63
Negotiable CDs, public funds and other time deposits		28,208		515	3.68			14,824		327	4.44
Total domestic interest-bearing deposits		497,632		6,341	2.56			420,631		6,027	2.89
Foreign interest-bearing deposits:
Banks located in foreign countries		36,487		672	3.71			41,160		1,053	5.16
Governments and official institutions		13,219		209	3.17			16,184		402	5.00
Time, savings and other		54,234		886	3.28			39,937		813	4.11
Total foreign interest-bearing deposits		103,940		1,767	3.42			97,281		2,268	4.70
Total interest-bearing deposits		601,572		8,108	2.71			517,912		8,295	3.23
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		448,717		7,229	3.24			416,696		10,850	5.25
Trading account liabilities		76,489		1,589	4.18			81,615		1,713	4.23
Long-term debt		201,828		4,348	4.31			153,591		4,275	5.57
Total interest-bearing liabilities (6)		1,328,606		21,274	3.22			1,169,814		25,133	4.33
Noninterest-bearing sources:
Noninterest-bearing deposits		185,241						173,986
Other liabilities		87,845						64,275
Shareholders’ equity		158,078						133,569
Total liabilities and shareholders’ equity	$	1,759,770					$	1,541,644
Net interest spread					2.45	%					2.05	%
Impact of noninterest-bearing sources					0.38						0.55
Net interest income/yield on earning assets			$	21,228	2.83	%			$	17,383	2.60	%

(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 $3.1 billion and $3.9 billion for the six months ended June 30, 2008 and 2007.

(4) Includes consumer finance loans of $2.9 billion and $3.2 billion, and other foreign consumer loans of $859 million and $1.4 billion for the six months ended June 30, 2008 and 2007.

(5) Includes domestic commercial real estate loans of $61.3 billion and $35.8 billion for the six months ended June 30, 2008 and 2007.

(6) Interest income includes the impact of interest rate risk management contracts, which decreased interest income on the underlying assets $207 million and $238 million for the six months ended June 30, 2008 and 2007. Interest expense includes the impact of interest rate risk management contracts, which increased interest expense on the underlying liabilities $86 million and $386 million for the six months ended June 30, 2008 and 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. 10

Bank of America Corporation and Subsidiaries

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

(Dollars in millions)

	Six Months Ended June 30
	2008								2007
	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)	$	10,453	$	189		3.64		%	$	15,167	$	394		5.24		%
Federal funds sold and securities purchased under agreements to resell (2)		135,606		2,145		3.17				166,227		4,341		5.24
Trading account assets		188,478		4,699		5.00				181,804		4,721		5.21
Debt securities (2)		227,373		5,799		5.10				182,142		4,856		5.34
Loans and leases:
Residential mortgage		263,352		7,378		5.61				253,396		7,212		5.70
Credit card - domestic		62,466		3,377		10.87				56,973		3,664		12.97
Credit card - foreign		15,904		986		12.47				11,542		667		11.66
Home equity		118,413		3,499		5.94				91,926		3,458		7.59
Direct/Indirect consumer		80,649		3,430		8.55				65,893		2,744		8.40
Other consumer		4,001		171		8.49				4,763		222		9.36
Total consumer		544,785		18,841		6.94				484,493		17,967		7.46
Commercial - domestic (2)		215,965		6,020		5.60				165,083		5,981		7.31
Commercial real estate		62,506		1,624		5.22				36,454		1,359		7.52
Commercial lease financing		22,252		504		4.53				19,718		392		3.97
Commercial - foreign (2)		31,642		753		4.78				21,445		614		5.77
Total commercial		332,365		8,901		5.38				242,700		8,346		6.93
Total loans and leases		877,150		27,742		6.35				727,193		26,313		7.28
Other earning assets (2)		66,205		2,135		6.47				67,639		2,129		6.33
Total earning assets - excluding hedge impact		1,505,265		42,709		5.69				1,340,172		42,754		6.41
Net hedge income (expense) on assets				(207	)							(238	)
Total earning assets - including hedge impact		1,505,265		42,502		5.67				1,340,172		42,516		6.38
Cash and cash equivalents		33,874								33,656
Other assets, less allowance for loan and lease losses		220,631								167,816
Total assets	$	1,759,770							$	1,541,644
Interest-bearing liabilities
Domestic interest-bearing deposits:
Savings	$	32,481	$	114		0.70		%	$	32,907	$	88		0.54		%
NOW and money market deposit accounts (2)		253,526		1,985		1.57				212,290		1,914		1.82
Consumer CDs and IRAs (2)		183,417		3,485		3.82				160,610		3,337		4.19
Negotiable CDs, public funds and other time deposits (2)		28,208		511		3.65				14,824		322		4.38
Total domestic interest-bearing deposits		497,632		6,095		2.46				420,631		5,661		2.71
Foreign interest-bearing deposits:
Banks located in foreign countries (2)		36,487		670		3.69				41,160		1,049		5.14
Governments and official institutions		13,219		209		3.17				16,184		402		5.00
Time, savings and other		54,234		886		3.28				39,937		813		4.11
Total foreign interest-bearing deposits		103,940		1,765		3.41				97,281		2,264		4.69
Total interest-bearing deposits		601,572		7,860		2.63				517,912		7,925		3.09
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings (2)		448,717		7,114		3.19				416,696		11,111		5.27
Trading account liabilities		76,489		1,589		4.18				81,615		1,713		4.23
Long-term debt (2)		201,828		4,625		4.58				153,591		3,998		5.21
Total interest-bearing liabilities - excluding hedge impact		1,328,606		21,188		3.20				1,169,814		24,747		4.26
Net hedge (income) expense on liabilities				86								386
Total interest-bearing liabilities - including hedge impact		1,328,606		21,274		3.22				1,169,814		25,133		4.33
Noninterest-bearing sources:
Noninterest-bearing deposits		185,241								173,986
Other liabilities		87,845								64,275
Shareholders’ equity		158,078								133,569
Total liabilities and shareholders’ equity	$	1,759,770							$	1,541,644
Net interest spread						2.49								2.15
Impact of noninterest-bearing sources						0.38								0.54
Net interest income/yield on earning assets - excluding hedge impact			$	21,521		2.87		%			$	18,007		2.69		%
Net impact of hedge income (expense)				(293	)	(0.04	)					(624	)	(0.09	)
Net interest income/yield on earning assets			$	21,228		2.83		%			$	17,383		2.60		%

(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:

	Six Months Ended June 30
	2008			2007
Time deposits placed and other short-term investments	$	(8	)	$	(37	)
Federal funds sold and securities purchased under agreements to resell		(137	)		(206	)
Debt securities		(1	)		(11	)
Commercial - domestic		(60	)		(8	)
Commercial - foreign		—			35
Other earning assets		(1	)		(11	)
Net hedge income (expense) on assets	$	(207	)	$	(238	)
Interest expense excludes the impact of interest rate risk management contracts, which increased (decreased) interest expense on:
NOW and money market deposit accounts	$	10		$	9
Consumer CDs and IRAs		232			352
Negotiable CDs, public funds and other time deposits		4			5
Banks located in foreign countries		2			4
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings		115			(261	)
Long-term debt		(277	)		277
Net hedge (income) expense on liabilities	$	86		$	386

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. 11

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. 12

Bank of America Corporation and Subsidiaries

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

(Dollars in millions; except as noted)

	Six Months Ended June 30				Second Quarter 2008		First Quarter 2008		Fourth Quarter 2007		Third Quarter 2007		Second Quarter 2007
	2008		2007
Net interest income (3)	$  15,699		$  14,113		$    8,015		$    7,684		$    7,449		$    7,252		$    7,109
Noninterest income:
Card income	5,285		4,977		2,560		2,725		2,625		2,587		2,596
Service charges	3,309		2,865		1,743		1,566		1,624		1,519		1,488
Mortgage banking income	1,065		599		409		656		490		244		297
All other income	1,040		598		365		675		374		371		331
Total noninterest income	10,699		9,039		5,077		5,622		5,113		4,721		4,712
Total revenue, net of interest expense	26,398		23,152		13,092		13,306		12,562		11,973		11,821
Provision for credit losses (4)	13,000		5,505		6,545		6,455		4,296		3,122		3,094
Noninterest expense	10,426		9,593		5,293		5,133		5,509		4,969		4,910
Income before income taxes	2,972		8,054		1,254		1,718		2,757		3,882		3,817
Income tax expense (3)	1,068		2,965		442		626		861		1,437		1,395
Net income	$    1,904		$    5,089		$       812		$    1,092		$    1,896		$    2,445		$    2,422
Net interest yield (3)	8.40	%	8.13	%	8.52	%	8.25	%	8.03	%	8.31	%	8.14	%
Return on average equity	5.77		16.67		4.89		6.65		11.23		15.59		15.76
Efficiency ratio (3)	39.50		41.43		40.43		38.58		43.85		41.50		41.54
Balance sheet (2)
Average
Total loans and leases	$365,581		$312,701		$368,136		$363,026		$353,144		$331,656		$317,247
Total earning assets (5)	375,781		349,937		378,575		374,391		368,137		346,250		350,200
Total assets (5)	428,764		403,359		430,179		428,754		426,113		399,195		403,257
Total deposits	342,387		326,550		341,339		343,435		340,939		321,550		326,622
Allocated equity	66,409		61,578		66,835		65,983		66,988		62,222		61,661
Period end
Total loans and leases	$364,535		$324,452		$364,535		$364,316		$359,983		$337,784		$324,452
Total earning assets (5)	374,801		349,134		374,801		383,862		383,448		347,056		349,134
Total assets (5)	426,562		403,684		426,562		437,231		443,071		401,150		403,684
Total deposits	339,098		326,878		339,098		349,602		344,848		321,135		326,878
Period end (in billions)
Mortgage servicing portfolio	$    411.5		$    360.1		$    411.5		$    404.3		$    399.0		$    376.9		$    360.1

(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 46).

(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. 13

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking Business Results

(Dollars in millions)

	Three Months Ended June 30, 2008
	Total (1)			Deposits (2)				Card Services (1)			Consumer Real Estate				ALM/ Other
Net interest income (3)	$	8,015		$	1,873			$	4,727		$	686			$	729
Noninterest income:
Card income		2,560			617				1,940			3				—
Service charges		1,743			1,742				—			1				—
Mortgage banking income		409			—				—			409				—
All other income (loss)		365			(1	)			181			100				85
Total noninterest income		5,077			2,358				2,121			513				85
Total revenue, net of interest expense		13,092			4,231				6,848			1,199				814
Provision for credit losses (4)		6,545			86				4,071			2,198				190
Noninterest expense		5,293			2,446				2,149			598				100
Income (loss) before income taxes		1,254			1,699				628			(1,597	)			524
Income tax expense (benefit) (3)		442			634				226			(615	)			197
Net income (loss)	$	812		$	1,065			$	402		$	(982	)		$	327
Net interest yield (3)		8.52	%		2.30		%		8.12	%		2.13		%		n/m
Return on average equity		4.89			25.79				3.47			(74.43	)			n/m
Efficiency ratio (3)		40.43			57.82				31.39			50.01				n/m
Average - total loans and leases	$	368,136			n/m			$	233,593		$	121,531				n/m
Average - total deposits		341,339		$	334,762				n/m			n/m				n/m
Period end - total assets (5)		426,562			350,232				262,165			127,572				n/m
	Three Months Ended March 31, 2008
	Total (1)			Deposits (2)				Card Services (1)			Consumer Real Estate				ALM/ Other
Net interest income (3)	$	7,684		$	1,965			$	4,574		$	633			$	512
Noninterest income:
Card income		2,725			561				2,163			1				—
Service charges		1,566			1,565				—			1				—
Mortgage banking income		656			—				—			656				—
All other income (loss)		675			(2	)			596			16				65
Total noninterest income		5,622			2,124				2,759			674				65
Total revenue, net of interest expense		13,306			4,089				7,333			1,307				577
Provision for credit losses (4)		6,455			80				4,312			1,897				166
Noninterest expense		5,133			2,435				1,964			639				95
Income (loss) before income taxes		1,718			1,574				1,057			(1,229	)			316
Income tax expense (benefit) (3)		626			580				387			(456	)			115
Net income (loss)	$	1,092		$	994			$	670		$	(773	)		$	201
Net interest yield (3)		8.25	%		2.39		%		8.02	%		2.01		%		n/m
Return on average equity		6.65			24.07				5.87			(68.55	)			n/m
Efficiency ratio (3)		38.58			59.54				26.78			48.87				n/m
Average - total loans and leases	$	363,026			n/m			$	229,147		$	120,028				n/m
Average - total deposits		343,435		$	337,482				n/m			n/m				n/m
Period end - total assets (5)		437,231			360,453				256,829			133,109				n/m
	Three Months Ended June 30, 2007
	Total (1)			Deposits (2)				Card Services (1)			Consumer Real Estate				ALM/ Other
Net interest income (3)	$	7,109		$	2,376			$	4,026		$	547			$	160
Noninterest income:
Card income		2,596			540				2,055			1				—
Service charges		1,488			1,487				—			1				—
Mortgage banking income		297			—				—			297				—
All other income (loss)		331			(1	)			255			5				72
Total noninterest income		4,712			2,026				2,310			304				72
Total revenue, net of interest expense		11,821			4,402				6,336			851				232
Provision for credit losses (4)		3,094			55				2,857			127				55
Noninterest expense		4,910			2,196				2,079			541				94
Income before income taxes		3,817			2,151				1,400			183				83
Income tax expense (3)		1,395			785				512			68				30
Net income	$	2,422		$	1,366			$	888		$	115			$	53
Net interest yield (3)		8.14	%		3.03		%		7.87	%		2.07		%		n/m
Return on average equity		15.76			36.84				8.22			12.21				n/m
Efficiency ratio (3)		41.54			49.87				32.81			63.60				n/m
Average - total loans and leases	$	317,247			n/m			$	204,332		$	101,780				n/m
Average - total deposits		326,622		$	320,281				n/m			n/m				n/m
Period end - total assets (5)		403,684			336,371				238,861			113,215				n/m

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

(2) For the three months ended June 30, 2008, March 31, 2008 and June 30, 2007, a total of $5.6 billion, $7.0 billion and $2.9 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. 14

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking Business Results

(Dollars in millions)

	Six Months Ended June 30, 2008
	Total (1)			Deposits (2)				Card Services (1)			Consumer Real Estate				ALM/ Other
Net interest income (3)	$	15,699		$	3,838			$	9,301		$	1,319			$	1,241
Noninterest income:
Card income		5,285			1,178				4,103			4				—
Service charges		3,309			3,307				—			2				—
Mortgage banking income		1,065			—				—			1,065				—
All other income (loss)		1,040			(3	)			777			116				150
Total noninterest income		10,699			4,482				4,880			1,187				150
Total revenue, net of interest expense		26,398			8,320				14,181			2,506				1,391
Provision for credit losses (4)		13,000			166				8,383			4,095				356
Noninterest expense		10,426			4,881				4,113			1,237				195
Income (loss) before income taxes		2,972			3,273				1,685			(2,826	)			840
Income tax expense (benefit) (3)		1,068			1,214				613			(1,071	)			312
Net income (loss)	$	1,904		$	2,059			$	1,072		$	(1,755	)		$	528
Net interest yield (3)		8.40	%		2.35		%		8.07	%		2.07		%		n/m
Return on average equity		5.77			24.93				4.66			(71.72	)			n/m
Efficiency ratio (3)		39.50			58.67				29.00			49.41				n/m
Average - total loans and leases	$	365,581			n/m			$	231,370		$	120,780				n/m
Average - total deposits		342,387		$	336,122				n/m			n/m				n/m
Period end - total assets (5)		426,562			350,232				262,165			127,572				n/m
	Six Months Ended June 30, 2007
	Total (1)			Deposits (2)				Card Services (1)			Consumer Real Estate				ALM/ Other
Net interest income (3)	$	14,113		$	4,741			$	8,003		$	1,070			$	299
Noninterest income:
Card income		4,977			1,039				3,935			3				—
Service charges		2,865			2,863				—			2				—
Mortgage banking income		599			—				—			599				—
All other income (loss)		598			(2	)			447			10				143
Total noninterest income		9,039			3,900				4,382			614				143
Total revenue, net of interest expense		23,152			8,641				12,385			1,684				442
Provision for credit losses (4)		5,505			94				5,156			157				98
Noninterest expense		9,593			4,304				4,090			1,018				181
Income before income taxes		8,054			4,243				3,139			509				163
Income tax expense (3)		2,965			1,562				1,156			188				59
Net income	$	5,089		$	2,681			$	1,983		$	321			$	104
Net interest yield (3)		8.13	%		3.04		%		7.93	%		2.10		%		n/m
Return on average equity		16.67			36.35				9.23			17.58				n/m
Efficiency ratio (3)		41.43			49.81				33.03			60.44				n/m
Average - total loans and leases	$	312,701			n/m			$	202,758		$	98,721				n/m
Average - total deposits		326,550		$	320,610				n/m			n/m				n/m
Period end - total assets (5)		403,684			336,371				238,861			113,215				n/m

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

(2) For the six months ended June 30, 2008 and 2007, a total of $12.6 billion and $6.4 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. 15

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking - Key Indicators

(Dollars in millions; except as noted)

	Six Months Ended June 30						Second Quarter 2008			First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007
	2008			2007
Deposits Key Indicators
Average deposit balances
Checking	$	126,423		$	125,451		$	127,487		$	125,358		$	124,340		$	121,904		$	125,771
Savings		29,426			29,882			30,057			28,796			28,927			28,533			30,029
MMS		67,887			63,352			69,547			66,228			64,628			60,890			62,554
CD’s & IRA’s		110,157			99,555			105,277			115,038			114,538			101,358			99,546
Foreign and other		2,229			2,370			2,394			2,062			3,004			2,711			2,381
Total average deposit balances	$	336,122		$	320,610		$	334,762		$	337,482		$	335,437		$	315,396		$	320,281
Total balances migrated to
Premier Banking and Investments	$	12,627		$	6,408		$	5,598		$	7,029		$	2,443		$	2,560		$	2,857
Deposit spreads (excludes noninterest costs)
Checking		4.21	%		4.25	%		4.15	%		4.29	%		4.31	%		4.30	%		4.27	%
Savings		3.79			3.74			3.70			3.89			3.77			3.71			3.71
MMS		1.42			3.39			1.30			1.54			2.83			3.43			3.36
CD’s & IRA’s		0.47			1.11			0.40			0.53			0.89			1.06			1.10
Foreign and other		4.46			4.34			4.47			4.44			4.38			4.32			4.28
Total deposit spreads		2.36			3.05			2.32			2.41			2.79			3.02			3.04
Net new retail checking (units in thousands)		1,231			1,204			674			557			343			757			717
Debit purchase volumes	$	104,380		$	90,991		$	54,298		$	50,082		$	51,133		$	47,329		$	47,422
Online banking (end of period)
Active accounts (units in thousands)		25,299			22,190			25,299			24,949			23,791			23,057			22,190
Active billpay accounts (units in thousands)		13,269			11,567			13,269			13,081			12,552			11,928			11,567
Card Services Key Indicators
Managed Card—US Consumer and Business Card
Gross interest yield		11.43	%		12.82	%		11.13	%		11.74	%		12.32	%		12.71	%		12.80	%
Risk adjusted margin (1)		6.14			7.71			5.76			6.51			7.57			7.78			7.61
Loss rates		6.16			5.01			6.65			5.67			5.03			4.84			5.21
Average outstandings	$	162,197		$	146,838		$	162,709		$	161,685		$	156,329		$	151,405		$	146,693
Ending outstandings		163,315			148,746			163,315			161,353			161,373			153,039			148,746
New account growth (in thousands)		4,254			4,479			2,212			2,042			2,164			2,546			2,387
Purchase volumes	$	117,770		$	116,703		$	61,013		$	56,757		$	64,713		$	61,247		$	61,275
Delinquencies:
30 Day		5.88	%		5.29	%		5.88	%		5.93	%		5.70	%		5.42	%		5.29	%
90 Day		3.03			2.68			3.03			3.01			2.80			2.57			2.68
Consumer Real Estate Key Indicators
Mortgage servicing rights at fair value period end balance	$	4,250		$	3,269		$	4,250		$	3,163		$	3,053		$	3,179		$	3,269
Capitalized mortgage servicing rights (% of loans serviced)		145	bps		141	bps		145	bps		118	bps		118	bps		130	bps		141	bps
Mortgage loans serviced for investors (in billions)	$	292		$	232		$	292		$	268		$	259		$	245		$	232
Global Consumer and Small Business Banking
Mortgage production	$	36,559		$	46,401		$	18,515		$	18,044		$	22,370		$	24,533		$	25,755
Home equity production		22,818			35,873			8,997			13,821			16,001			17,352			18,552
Total Corporation
Mortgage production		44,360			52,621			22,438			21,922			24,834			26,930			29,172
Home equity production		28,141			43,779			11,500			16,641			19,299			21,105			22,746

(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. 16

Bank of America Corporation and Subsidiaries

E-Commerce & BankofAmerica.com

Bank of America has the largest active online banking customer base with 25.3 million subscribers.

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

13.3 million active bill pay users paid $72.9 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 398 companies are presenting 36.7 million e-bills per quarter.

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

Bank of America Corporation and Subsidiaries

Credit Card Data ⁽¹⁾

(Dollars in millions)

	Six Months Ended June 30							Second Quarter 2008			First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007				Second Quarter 2007
	2008			2007
Loans
Period end
Held credit card outstandings	$	78,642		$	69,241			$	78,642		$	75,911		$	80,724		$	71,702			$	69,241
Securitization impact		108,520			100,611				108,520			107,847			102,967			102,068				100,611
Managed credit card outstandings	$	187,162		$	169,852			$	187,162		$	183,758		$	183,691		$	173,770			$	169,852
Average
Held credit card outstandings	$	78,370		$	68,515			$	78,221		$	78,518		$	74,392		$	69,486			$	68,181
Securitization impact		106,306			98,966				107,438			105,176			104,019			102,516				99,388
Managed credit card outstandings	$	184,676		$	167,481			$	185,659		$	183,694		$	178,411		$	172,002			$	167,569
Credit Quality
Charge-Offs $
Held net charge-offs	$	2,064		$	1,787			$	1,108		$	956		$	846		$	808			$	893
Securitization impact		3,059			2,265				1,643			1,416			1,292			1,216				1,206
Managed credit card net losses	$	5,123		$	4,052			$	2,751		$	2,372		$	2,138		$	2,024			$	2,099
Charge-Offs %
Held net charge-offs		5.29	%		5.26		%		5.69	%		4.90	%		4.51	%		4.61		%		5.25		%
Securitization impact		0.29			(0.38	)			0.27			0.29			0.24			0.06				(0.23	)
Managed credit card net losses		5.58	%		4.88		%		5.96	%		5.19	%		4.75	%		4.67		%		5.02		%
30+ Delinquency $
Held delinquency	$	4,121		$	3,593			$	4,121		$	4,017		$	4,298		$	3,727			$	3,593
Securitization impact		6,226			5,034				6,226			6,288			5,710			5,381				5,034
Managed delinquency	$	10,347		$	8,627			$	10,347		$	10,305		$	10,008		$	9,108			$	8,627
30+ Delinquency %
Held delinquency		5.24	%		5.19		%		5.24	%		5.29	%		5.32	%		5.20		%		5.19		%
Securitization impact		0.29			(0.11	)			0.29			0.32			0.13			0.04				(0.11	)
Managed delinquency		5.53	%		5.08		%		5.53	%		5.61	%		5.45	%		5.24		%		5.08		%
90+ Delinquency $
Held delinquency	$	2,109		$	1,850			$	2,109		$	2,055		$	2,127		$	1,788			$	1,850
Securitization impact		3,169			2,480				3,169			3,137			2,757			2,514				2,480
Managed delinquency	$	5,278		$	4,330			$	5,278		$	5,192		$	4,884		$	4,302			$	4,330
90+ Delinquency %
Held delinquency		2.68	%		2.67		%		2.68	%		2.71	%		2.63	%		2.49		%		2.67		%
Securitization impact		0.14			(0.12	)			0.14			0.12			0.03			(0.01	)			(0.12	)
Managed delinquency		2.82	%		2.55		%		2.82	%		2.83	%		2.66	%		2.48		%		2.55		%

(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. 18

Bank of America Corporation and Subsidiaries

Mass Market Small Business Banking Results: Relationship View

(Dollars in millions)

	Three Months Ended June 30, 2008 (1)
	Total	Global Consumer and Small Business Banking	Other (2)
Net interest income (3)	$    922	$    853	$  69
Noninterest income	637	560	77
Total revenue, net of interest expense	1,559	1,413	146
Provision for credit losses	581	577	4
Noninterest expense	521	485	36
Income before income taxes	457	351	106
Income tax expense (3)	169	130	39
Net income	$    288	$   221	$  67
	Three Months Ended March 31, 2008 (1)
	Total	Global Consumer and Small Business Banking	Other (3)
Net interest income (3)	$    934	$    864	$  70
Noninterest income	597	524	73
Total revenue, net of interest expense	1,531	1,388	143
Provision for credit losses	983	978	5
Noninterest expense	499	462	37
Income (loss) before income taxes	49	(52)	101
Income tax expense (benefit) (3)	18	(19)	37
Net income (loss)	$      31	$    (33)	$  64
	Three Months Ended June 30, 2007
	Total	Global Consumer and Small Business Banking	Other (2)
Net interest income (3)	$    867	$    805	$  62
Noninterest income	579	458	121
Total revenue, net of interest expense	1,446	1,263	183
Provision for credit losses	463	460	3
Noninterest expense	458	417	41
Income before income taxes	525	386	139
Income tax expense (3)	194	143	51
Net income	$    331	$    243	$  88

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

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

(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. 19

Bank of America Corporation and Subsidiaries

Mass Market Small Business Banking Results: Relationship View

(Dollars in millions)

	Six Months Ended June 30, 2008 (1)
	Total	Global Consumer and Small Business Banking	Other (2)
Net interest income (3)	$1,856	$1,717	$139
Noninterest income	1,234	1,084	150
Total revenue, net of interest expense	3,090	2,801	289
Provision for credit losses	1,564	1,555	9
Noninterest expense	1,020	947	73
Income before income taxes	506	299	207
Income tax expense (3)	187	111	76
Net income	$   319	$   188	$131
	Six Months Ended June 30, 2007
	Total	Global Consumer and Small Business Banking	Other (2)
Net interest income (3)	$1,703	$1,581	$122
Noninterest income	1,115	881	234
Total revenue, net of interest expense	2,818	2,462	356
Provision for credit losses	749	743	6
Noninterest expense	923	812	111
Income before income taxes	1,146	907	239
Income tax expense (3)	424	335	89
Net income	$   722	$   572	$150

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

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

(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. 20

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Segment Results ⁽¹⁾

(Dollars in millions)

	Six Months Ended June 30							Second Quarter 2008				First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007
	2008				2007
Net interest income (2)	$	7,415			$	5,017		$	3,824			$	3,591			$	3,419			$	2,724			$	2,609
Noninterest income:
Service charges		1,644				1,337			856				788				760				673				683
Investment and brokerage services		455				454			210				245				223				236				221
Investment banking income		1,430				1,524			765				665				576				436				821
Trading account profits (losses)		(1,421	)			1,832			369				(1,790	)			(5,376	)			(1,376	)			937
All other income (loss)		(404	)			1,222			(64	)			(340	)			(315	)			238				672
Total noninterest income		1,704				6,369			2,136				(432	)			(4,132	)			207				3,334
Total revenue, net of interest expense		9,119				11,386			5,960				3,159				(713	)			2,931				5,943
Provision for credit losses		886				157			363				523				274				227				42
Noninterest expense		5,265				6,205			2,801				2,464				3,428				2,560				3,227
Income (loss) before income taxes		2,968				5,024			2,796				172				(4,415	)			144				2,674
Income tax expense (benefit) (2)		1,115				1,858			1,050				65				(1,648	)			60				982
Net income (loss)	$	1,853			$	3,166		$	1,746			$	107			$	(2,767	)		$	84			$	1,692
Net interest yield (2)		2.10		%		1.53	%		2.20		%		2.01		%		1.89		%		1.63		%		1.55	%
Return on average equity		6.23				15.28			11.57				0.73				(20.50	)			0.76				16.15
Efficiency ratio (2)		57.74				54.50			46.99				78.00				n/m				87.32				54.31
Balance sheet
Average
Total loans and leases	$	329,714			$	250,913		$	334,680			$	324,748			$	325,730			$	267,758			$	253,895
Total trading-related assets		349,490				368,896			337,059				361,921				354,334				356,867				377,171
Total market-based earning assets (3)		389,504				418,073			375,274				403,733				407,315				407,066				426,759
Total earning assets (4)		709,498				661,832			700,178				718,819				718,684				663,181				673,184
Total assets (4)		824,417				749,798			814,358				834,476				823,763				757,644				765,118
Total deposits		235,202				214,402			234,605				235,800				236,254				217,632				220,180
Allocated equity		59,831				41,783			60,702				58,959				53,552				44,028				42,010
Period end
Total loans and leases	$	344,628			$	257,537		$	344,628			$	325,774			$	324,181			$	275,427			$	257,537
Total trading-related assets		303,423				342,629			303,423				317,256				308,315				333,107				342,629
Total market-based earning assets (3)		335,207				386,958			335,207				347,877				360,276				375,100				386,958
Total earning assets (4)		668,348				637,880			668,348				668,959				673,536				636,794				637,880
Total assets (4)		779,138				731,377			779,138				791,954				776,202				738,631				731,377
Total deposits		228,817				221,866			228,817				233,778				246,788				211,577				221,866

(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 earning assets included in the Capital Markets and Advisory Services business but excludes loans that are accounted for at fair value in accordance with SFAS 159.

(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. 21

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Business Results

(Dollars in millions)

	Three Months Ended June 30, 2008
	Total			Business Lending			Capital Markets and Advisory Services (1)			Treasury Services		ALM/ Other
Net interest income (2)	$    3,824			$    1,452			$    1,394			$       863		$115
Noninterest income:
Service charges	856			154			31			670		1
Investment and brokerage services	210			—			200			10		—
Investment banking income	765			—			765			—		—
Trading account profits (losses)	369			151			200			19		(1	)
All other income (loss)	(64	)		270			(640	)		303		3
Total noninterest income	2,136			575			556			1,002		3
Total revenue, net of interest expense	5,960			2,027			1,950			1,865		118
Provision for credit losses	363			397			(38	)		4		—
Noninterest expense	2,801			563			1,280			896		62
Income before income taxes	2,796			1,067			708			965		56
Income tax expense (2)	1,050			416			259			357		18
Net income	$    1,746			$       651			$       449			$       608		$  38
Net interest yield (2)	2.20		%	1.89		%	n/m			2.10	%	n/m
Return on average equity	11.57			11.76			9.14		%	30.48		n/m
Efficiency ratio (2)	46.99			27.76			65.63			48.03		n/m
Average - total loans and leases	$334,680			$306,460			$  21,042			$    7,173		n/m
Average - total deposits	234,605			n/m			57,981			176,329		n/m
Period end - total assets (3)	779,138			321,263			393,564			195,554		n/m
	Three Months Ended March 31, 2008
	Total			Business Lending			Capital Markets and Advisory Services (1)			Treasury Services		ALM/ Other
Net interest income (2)	$    3,591			$    1,435			$    1,335			$       836		$(15)
Noninterest income:
Service charges	788			137			32			619		—
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)	(340	)		262			(1,265	)		642		21
Total noninterest income	(432	)		201			(1,954	)		1,290		31
Total revenue, net of interest expense	3,159			1,636			(619	)		2,126		16
Provision for credit losses	523			523			(1	)		1		—
Noninterest expense	2,464			597			1,131			728		8
Income (loss) before income taxes	172			516			(1,749	)		1,397		8
Income tax expense (benefit) (2)	65			192			(647	)		517		3
Net income (loss)	$       107			$       324			$  (1,102)			$       880		$    5
Net interest yield (2)	2.01		%	1.93		%	n/m			2.29	%	n/m
Return on average equity	0.73			6.12			(24.12	)	%	44.77		n/m
Efficiency ratio (2)	78.00			36.49			n/m			34.27		n/m
Average - total loans and leases	$324,748			$296,460			$  21,154			$    7,129		n/m
Average - total deposits	235,800			n/m			68,499			167,067		n/m
Period end - total assets (3)	791,954			310,348			422,803			181,124		n/m
	Three Months Ended June 30, 2007
	Total			Business Lending			Capital Markets and Advisory Services (1)			Treasury Services		ALM/ Other
Net interest income (2)	$    2,609			$    1,089			$       658			$       943		$(81)
Noninterest income:
Service charges	683			123			36			524		—
Investment and brokerage services	221			—			211			10		—
Investment banking income	821			—			821			—		—
Trading account profits	937			5			916			16		—
All other income	672			270			90			291		21
Total noninterest income	3,334			398			2,074			841		21
Total revenue, net of interest expense	5,943			1,487			2,732			1,784		(60	)
Provision for credit losses	42			33			(1	)		10		—
Noninterest expense	3,227			541			1,741			867		78
Income (loss) before income taxes	2,674			913			992			907		(138	)
Income tax expense (benefit) (2)	982			332			365			336		(51	)
Net income (loss)	$    1,692			$       581			$       627			$       571		$(87)
Net interest yield (2)	1.55		%	1.87		%	n/m			2.75	%	n/m
Return on average equity	16.15			15.83			20.57		%	29.60		n/m
Efficiency ratio (2)	54.31			36.47			63.74			48.59		n/m
Average - total loans and leases	$253,895			$229,756			$  18,572			$    5,555		n/m
Average - total deposits	220,180			n/m			66,801			153,218		n/m
Period end - total assets (3)	731,377			241,497			436,002			162,472		n/m

(1) Capital Markets and Advisory Services revenue of $1.95 billion, $(619) million and $2.73 billion for the three months ended June 30, 2008, March 31, 2008 and June 30, 2007, respectively, consists of $1.93 billion, $(646) million and $2.71 billion of market-based revenue, and $25 million, $27 million and $22 million of net interest income on loans that are accounted for at fair value in accordance with SFAS 159.

(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. 22

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Business Results

(Dollars in millions)

	Six Months Ended June 30, 2008
	Total				Business Lending				Capital Markets and Advisory Services (1)				Treasury Services			ALM/ Other
Net interest income (2)	$	7,415			$	2,887			$	2,729			$	1,699		$	100
Noninterest income:
Service charges		1,644				291				63				1,289			1
Investment and brokerage services		455				—				434				21			—
Investment banking income		1,430				—				1,430				—			—
Trading account profits (losses)		(1,421	)			(47	)			(1,420	)			37			9
All other income (loss)		(404	)			532				(1,905	)			945			24
Total noninterest income		1,704				776				(1,398	)			2,292			34
Total revenue, net of interest expense		9,119				3,663				1,331				3,991			134
Provision for credit losses		886				920				(39	)			5			—
Noninterest expense		5,265				1,160				2,411				1,624			70
Income (loss) before income taxes		2,968				1,583				(1,041	)			2,362			64
Income tax expense (benefit) (2)		1,115				608				(388	)			874			21
Net income (loss)	$	1,853			$	975			$	(653	)		$	1,488		$	43
Net interest yield (2)		2.10		%		1.91		%		n/m				2.19	%		n/m
Return on average equity		6.23				9.01				(6.88	)	%		37.57			n/m
Efficiency ratio (2)		57.74				31.66				n/m				40.70			n/m
Average - total loans and leases	$	329,714			$	301,460			$	21,098			$	7,151			n/m
Average - total deposits		235,202				n/m				63,240				171,698			n/m
Period end - total assets (3)		779,138				321,263				393,564				195,554			n/m
	Six Months Ended June 30, 2007
	Total				Business Lending				Capital Markets and Advisory Services (1)				Treasury Services			ALM/ Other
Net interest income (2)	$	5,017			$	2,148			$	1,141			$	1,893		$	(165	)
Noninterest income:
Service charges		1,337				248				63				1,026			—
Investment and brokerage services		454				1				432				21			—
Investment banking income		1,524				—				1,524				—			—
Trading account profits		1,832				2				1,801				28			1
All other income		1,222				423				195				524			80
Total noninterest income		6,369				674				4,015				1,599			81
Total revenue, net of interest expense		11,386				2,822				5,156				3,492			(84	)
Provision for credit losses		157				136				10				12			(1	)
Noninterest expense		6,205				1,039				3,319				1,736			111
Income (loss) before income taxes		5,024				1,647				1,827				1,744			(194	)
Income tax expense (benefit) (2)		1,858				609				676				645			(72	)
Net income (loss)	$	3,166			$	1,038			$	1,151			$	1,099		$	(122	)
Net interest yield (2)		1.53		%		1.86		%		n/m				2.79	%		n/m
Return on average equity		15.28				14.24				19.42		%		28.67			n/m
Efficiency ratio (2)		54.50				36.83				64.39				49.72			n/m
Average - total loans and leases	$	250,913			$	229,264			$	16,368			$	5,270			n/m
Average - total deposits		214,402				n/m				63,132				151,119			n/m
Period end - total assets (3)		731,377				241,497				436,002				162,472			n/m

(1) Capital Markets and Advisory Services revenue of $1.33 billion and $5.16 billion for the six months ended June 30, 2008 and 2007 consists of $1.28 billion and $5.13 billion of market-based revenue, and $52 million and $22 million of net interest income on loans that are accounted for at fair value in accordance with SFAS 159.

(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. 23

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Business Results: Customer Relationship View

(Dollars in millions)

	Three Months Ended June 30, 2008
	Total				Commercial				Corporate and Investment Bank				Other
Net interest income (1)	$	3,824			$	2,066			$	1,921			$	(163	)
Noninterest income:
Service charges		856				460				396				—
Investment and brokerage services		210				7				203				—
Investment banking income		765				22				743				—
Trading account profits		369				96				272				1
All other income (loss)		(64	)			589				(662	)			9
Total noninterest income		2,136				1,174				952				10
Total revenue, net of interest expense		5,960				3,240				2,873				(153	)
Provision for credit losses		363				415				(66	)			14
Noninterest expense		2,801				937				1,784				80
Income (loss) before income taxes		2,796				1,888				1,155				(247	)
Income tax expense (benefit) (1)		1,050				719				424				(93	)
Net income (loss)	$	1,746			$	1,169			$	731			$	(154	)
Net interest yield (1)		2.20		%		3.20		%		1.75		%		n/m
Return on average equity		11.57				20.07				11.03				n/m
Efficiency ratio (1)		46.99				28.92				62.13				n/m
Average - total loans and leases	$	334,680			$	255,838			$	78,838				n/m
Average - total deposits		234,605				102,437				132,168				n/m
Period end - total assets (2)		779,138				280,630				472,855				n/m
	Three Months Ended March 31, 2008
	Total				Commercial				Corporate and Investment Bank				Other
Net interest income (1)	$	3,591			$	1,948			$	1,795			$	(152	)
Noninterest income:
Service charges		788				416				372				—
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)		(340	)			773				(1,135	)			22
Total noninterest income		(432	)			1,042				(1,504	)			30
Total revenue, net of interest expense		3,159				2,990				291				(122	)
Provision for credit losses		523				516				8				(1	)
Noninterest expense		2,464				846				1,595				23
Income (loss) before income taxes		172				1,628				(1,312	)			(144	)
Income tax expense (benefit) (1)		65				604				(485	)			(54	)
Net income (loss)	$	107			$	1,024			$	(827	)		$	(90	)
Net interest yield (1)		2.01		%		3.09		%		1.55		%		n/m
Return on average equity		0.73				18.13				(13.39	)			n/m
Efficiency ratio (1)		78.00				28.30				n/m				n/m
Average - total loans and leases	$	324,748			$	248,973			$	75,770				n/m
Average - total deposits		235,800				96,394				139,405				n/m
Period end - total assets (2)		791,954				273,841				492,438				n/m
	Three Months Ended June 30, 2007
	Total				Commercial				Corporate and Investment Bank				Other
Net interest income (1)	$	2,609			$	1,645			$	1,071			$	(107	)
Noninterest income:
Service charges		683				322				361				—
Investment and brokerage services		221				8				213				—
Investment banking income		821				21				800				—
Trading account profits		937				8				929				—
All other income		672				519				131				22
Total noninterest income		3,334				878				2,434				22
Total revenue, net of interest expense		5,943				2,523				3,505				(85	)
Provision for credit losses		42				38				3				1
Noninterest expense		3,227				968				2,183				76
Income (loss) before income taxes		2,674				1,517				1,319				(162	)
Income tax expense (benefit) (1)		982				556				485				(59	)
Net income (loss)	$	1,692			$	961			$	834			$	(103	)
Net interest yield (1)		1.55		%		3.34		%		n/m				n/m
Return on average equity		16.15				22.85				18.77		%		n/m
Efficiency ratio (1)		54.31				38.36				62.28				n/m
Average - total loans and leases	$	253,895			$	193,081			$	60,802				n/m
Average - total deposits		220,180				86,560				133,620				n/m
Period end - total assets (2)		731,377				217,045				496,401				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. 24

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking Business Results: Customer Relationship View

(Dollars in millions)

	Six Months Ended June 30, 2008
	Total				Commercial				Corporate and Investment Bank				Other
Net interest income (1)	$	7,415			$	4,014			$	3,716			$	(315	)
Noninterest income:
Service charges		1,644				876				768				—
Investment and brokerage services		455				15				440				—
Investment banking income		1,430				43				1,387				—
Trading account profits (losses)		(1,421	)			(80	)			(1,350	)			9
All other income (loss)		(404	)			1,362				(1,797	)			31
Total noninterest income		1,704				2,216				(552	)			40
Total revenue, net of interest expense		9,119				6,230				3,164				(275	)
Provision for credit losses		886				931				(58	)			13
Noninterest expense		5,265				1,783				3,379				103
Income (loss) before income taxes		2,968				3,516				(157	)			(391	)
Income tax expense (benefit) (1)		1,115				1,323				(61	)			(147	)
Net income (loss)	$	1,853			$	2,193			$	(96	)		$	(244	)
Net interest yield (1)		2.10		%		3.15		%		1.65		%		n/m
Return on average equity		6.23				19.12				n/m				n/m
Efficiency ratio (1)		57.74				28.62				n/m				n/m
Average - total loans and leases	$	329,714			$	252,405			$	77,304				n/m
Average - total deposits		235,202				99,416				135,787				n/m
Period end - total assets (2)		779,138				280,630				472,855				n/m
	Six Months Ended June 30, 2007
	Total				Commercial				Corporate and Investment Bank				Other
Net interest income (1)	$	5,017			$	3,255			$	1,972			$	(210	)
Noninterest income:
Service charges		1,337				627				710				—
Investment and brokerage services		454				17				437				—
Investment banking income		1,524				36				1,488				—
Trading account profits		1,832				6				1,825				1
All other income		1,222				913				229				80
Total noninterest income		6,369				1,599				4,689				81
Total revenue, net of interest expense		11,386				4,854				6,661				(129	)
Provision for credit losses		157				134				20				3
Noninterest expense		6,205				1,903				4,193				109
Income (loss) before income taxes		5,024				2,817				2,448				(241	)
Income tax expense (benefit) (1)		1,858				1,042				905				(89	)
Net income (loss)	$	3,166			$	1,775			$	1,543			$	(152	)
Net interest yield (1)		1.53		%		3.35		%		n/m				n/m
Return on average equity		15.28				21.40				17.62		%		n/m
Efficiency ratio (1)		54.50				39.20				62.95				n/m
Average - total loans and leases		250,913			$	191,853			$	59,049				n/m
Average - total deposits		214,402				86,917				127,486				n/m
Period end - total assets (2)		731,377				217,045				496,401				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. 25

Bank of America Corporation and Subsidiaries

Global Corporate and Investment Banking - Business Lending Key Indicators

(Dollars in millions)

	Six Months Ended June 30							Second Quarter 2008				First Quarter 2008			Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007
	2008			2007
Business lending revenue, net of interest expense
Corporate       lending (1)	$	576		$	375			$	256			$	320		$	244			$	156			$	196
Commercial lending		2,753			2,067				1,461				1,292			1,593				1,033				1,090
Consumer indirect lending		334			380				310				24			64				170				201
Total revenue, net of interest expense	$	3,663		$	2,822			$	2,027			$	1,636		$	1,901			$	1,359			$	1,487
Business lending margin
Corporate lending		0.97	%		0.99		%		0.99		%		0.96	%		0.77		%		0.51		%		0.97		%
Commercial lending		1.55			1.49				1.50				1.60			2.18				1.49				1.52
Consumer indirect lending		1.83			1.69				1.85				1.81			1.65				1.71				1.72
Provision for credit losses
Corporate lending	$	(22)		$	2			$	(32	)		$	10		$	(26	)		$	66			$	(3	)
Commercial lending		618			(21	)			294				324			144				70				(5	)
Consumer indirect lending		324			155				135				189			162				102				41
Total provision for credit losses	$	920		$	136			$	397			$	523		$	280			$	238			$	33
Credit quality (2,3,4)
Utilized criticized exposure
Corporate lending	$	4,942		$	789			$	4,942			$	3,242		$	2,102			$	1,538			$	789
		4.98	%		1.02		%		4.98		%		3.28	%		2.44		%		1.98		%		1.02		%
Commercial lending	$	21,168		$	5,635			$	21,168			$	17,351		$	13,926			$	8,006			$	5,635
		7.98	%		3.12		%		7.98		%		6.75	%		5.40		%		4.23		%		3.12		%
Total utilized criticized exposure	$	26,110		$	6,424			$	26,110			$	20,593		$	16,028			$	9,544			$	6,424
		7.17	%		2.49		%		7.17		%		5.79	%		4.81		%		3.58		%		2.49		%
Nonperforming assets
Corporate lending	$	150		$	21			$	150			$	150		$	115			$	269			$	21
		0.28	%		0.06		%		0.28		%		0.30	%		0.24		%		0.62		%		0.06		%
Commercial lending	$	3,680		$	698			$	3,680			$	2,603		$	1,923			$	777			$	698
		1.42	%		0.36		%		1.42		%		1.02	%		0.78		%		0.39		%		0.36		%
Total nonperforming assets	$	3,830		$	719			$	3,830			$	2,753		$	2,038			$	1,046			$	719
		1.22	%		0.31		%		1.22		%		0.91	%		0.69		%		0.43		%		0.31		%
Average loans and leases by product
Commercial	$	155,167		$	116,511			$	157,743			$	152,591		$	149,862			$	120,355			$	115,814
Leases		24,276			21,590				24,287				24,264			24,273				22,051				21,725
Foreign		22,642			14,718				23,817				21,467			22,030				17,430				14,977
Real estate		57,968			34,230				58,448				57,488			55,175				36,120				34,476
Consumer		39,555			40,144				40,345				38,765			39,613				40,956				40,792
Other		1,852			2,071				1,820				1,885			1,988				1,940				1,972
Total average loans and leases	$	301,460		$	229,264			$	306,460			$	296,460		$	292,941			$	238,852			$	229,756
(1)       Total corporate       lending       revenue	$	576		$	375			$	256			$	320		$	244			$	156			$	196
Less: Impact of       credit       mitigation		64			(14	)			(5	)			69			7				(7	)			(3	)
Corporate lending revenues excluding credit mitigation	$	512		$	389			$	261			$	251		$	237			$	163			$	199

(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. 26

Bank of America Corporation and Subsidiaries

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

(Dollars in millions)

	Six Months Ended June 30					Second Quarter 2008			First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007
	2008			2007
Investment banking income
Advisory fees	$	117		$	240	$	51		$	66		$	112		$	94		$	110
Debt underwriting		963			1,114		604			359			377			281			611
Equity underwriting		350			170		110			240			88			61			100
Total investment banking income		1,430			1,524		765			665			577			436			821
Sales and trading revenue
Fixed income:
Liquid products		2,012			1,049		1,290			722			624			614			592
Credit products		(18	)		883		495			(513	)		(410	)		(824	)		362
Structured products		(2,776	)		811		(923	)		(1,853	)		(5,513	)		(617	)		494
Total fixed income		(782	)		2,743		862			(1,644	)		(5,299	)		(827	)		1,448
Equity income		631			867		298			333			205			252			441
Total sales and trading revenue		(151	)		3,610		1,160			(1,311	)		(5,094	)		(575	)		1,889
Total Capital Markets and Advisory Services market-based revenue (1)		$    1,279			$   5,134		$    1,925			$    (646)			$ (4,517)			$    (139)			$    2,710
Balance sheet (average)
Trading account securities		$186,983			$179,058		$183,119			$190,849			$188,925			$192,844			$185,839
Reverse repurchases		53,920			68,661		51,655			56,184			51,266			52,436			70,821
Securities borrowed		72,291			94,910		65,742			78,839			84,399			81,404			92,056
Derivative assets		35,245			24,366		35,537			34,953			28,282			28,611			26,644
Total trading-related assets		$348,439			$366,995		$336,053			$360,825			$352,872			$355,295			$375,360
Sales credits from secondary trading
Liquid products		1,152			953		557			595			534			577			501
Credit products		587			643		306			281			279			352			341
Structured products		368			467		202			166			133			161			243
Equities		541			587		259			282			262			277			303
Total sales credits		2,648			2,650		1,324			1,324			1,208			1,367			1,388
Volatility of product revenues - 1 std dev
Liquid products		$     26.5			$       9.1		$     23.6			$     28.7			$     10.4			$     16.3			$       9.0
Credit products		13.2			6.2		7.2			13.8			12.0			21.8			6.3
Structured products		11.3			7.5		8.8			13.4			408.1			33.5			7.2
Equities		9.4			5.6		8.7			10.7			7.3			16.3			6.3
Total volatility		58.6			15.6		44.3			64.6			405.5			54.9			16.2

(1) Market-based revenue excludes $52 million and $22 million for the six months ended June 30, 2008 and 2007, and $25 million, $27 million, $26 million, $22 million and $22 million, respectively, for the three months ended June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, of net interest income on loans that are accounted for at fair value in accordance with SFAS 159.

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

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:

Leveraged loans Convertible debt Syndicated loans High-yield debt Mortgage-backed securities Asset-backed securities 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 9.9%, 9.1% and 9.8%, respectively.

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

Bank of America Corporation and Subsidiaries

Special Purpose Entities Liquidity Exposure

(Dollars in millions)

	June 30, 2008
	VIEs (1)				QSPEs (2)
	Consolidated		Unconsolidated		Unconsolidated		Total
Corporation-sponsored multi-seller conduits	$	14,214	$	47,754	$	—	$	61,968
Municipal bond trusts and corporate SPEs		4,645		4,168		5,419		14,232
Asset acquisition conduits		1,157		4,116		—		5,273
Customer-sponsored conduits		—		1,231		—		1,231
Collateralized debt obligation vehicles		—		1,077		—		1,077
Total liquidity exposure	$	20,016	$	58,346	$	5,419	$	83,781
	March 31, 2008
	VIEs (1)				QSPEs (2)
	Consolidated		Unconsolidated		Unconsolidated		Total
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
Customer-sponsored conduits		—		1,688		—		1,688
Collateralized debt obligation vehicles		—		6,193		—		6,193
Total liquidity exposure	$	21,639	$	60,159	$	7,301	$	89,099

(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 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. 29

Bank of America Corporation and Subsidiaries

Super Senior Collateralized Debt Obligation Exposure Rollforward

(Dollars in millions)

	March 31, 2008 Net Exposure	Paydowns /Liquidations / Other		Second Quarter 2008 Net Writedowns (1)		Reclassifications (2)		June 30, 2008 Net Exposure
Super senior liquidity commitments
High grade	$  2,892	$      (51	)	$      (32	)	$  (2,095	)	$     714
Mezzanine	358	—		—		—		358
CDO-squared	414	—		(80	)	(334	)	—
Total super senior liquidity commitments	3,664	(51	)	(112	)	(2,429	)	1,072
Other super senior exposure
High grade	3,429	(1,842	)	(74	)	2,095		3,608
Mezzanine	495	(174	)	(44	)	—		277
CDO-squared	1,697	(13	)	(214	)	334		1,804
Total other super senior exposure	5,621	(2,029	)	(332	)	2,429		5,689
Total super senior exposure excluding retained securities on CDOs that have since been liquidated (3)	$  9,285	$  (2,080	)	$     (444	)	$     —		$  6,761

(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.

(3) At June 30, 2008 and March 31, 2008, the Corporation held $1.7 billion and $264 million in assets acquired from liquidated CDO vehicles. During the three months ended June 30, 2008 and March 31, 2008, the Corporation recognized $115 million and $25 million in impairment charges on these assets.

Super Senior Collateralized Debt Obligation Exposure

(Dollars in millions)

	Total CDO Exposure at June 30, 2008														Total CDO Net Exposure
	Subprime Exposure (1)							Non-Subprime Exposure (2)
	Gross	Insured		Net of Insured Amount	Cumulative Writedowns (3)		Net Exposure	Gross	Insured		Net of Insured Amount	Cumulative Writedowns (3)		Net Exposure	June 30 2008	March 31 2008
Super senior liquidity commitments
High grade	$      —	$      —		$     —	$      —		$     —	$     714	$     —		$     714	$   —		$     714	$     714	$  2,892
Mezzanine	363	—		363	(5	)	358	—	—		—	—		—	358	358
CDO-squared	—	—		—	—		—	—	—		—	—		—	—	414
Total super senior liquidity commitments	363	—		363	(5	)	358	714	—		714	—		714	1,072	3,664
Other super senior exposure
High grade	5,170	(3,741	)	1,429	(367	)	1,062	3,463	(735	)	2,728	(182	)	2,546	3,608	3,429
Mezzanine	1,019	—		1,019	(742	)	277	—	—		—	—		—	277	495
CDO-squared	5,107	—		5,107	(3,303	)	1,804	365	(365	)	—	—		—	1,804	1,697
Total other super senior exposure	11,296	(3,741	)	7,555	(4,412	)	3,143	3,828	(1,100	)	2,728	(182	)	2,546	5,689	5,621
Total super senior exposure excluding retained securities on CDOs that have since been liquidated	$  11,659	$  (3,741	)	$  7,918	$  (4,417	)	$  3,501	$  4,542	$  (1,100	)	$  3,442	$  (182	)	$  3,260	$  6,761	$  9,285
Retained securities on CDOs that have since been liquidated							$  1,667								$  1,667	$     264
Total super senior CDO exposure and retained securities							$  5,168								$  8,428	$  9,549

(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. Represents remaining CDOs.

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. 30

Bank of America Corporation and Subsidiaries

Subprime Super Senior Collateralized Debt Obligation Carrying Values

(Dollars in millions)

	June 30, 2008
	Subprime Net Exposure	Carrying Value as a Percent of Original Net Exposure		Subprime Content of Collateral (1)		Vintage of Subprime Collateral
						Percent in 2006/2007 Vintages		Percent in 2005/prior Vintages
Super senior liquidity commitments
High grade	$   —	—	%	—	%	—	%	—	%
Mezzanine	358	99		34		55		45
CDO-squared	—	—		—		—		—
Total super senior liquidity commitments	358	99
Other super senior exposure
High grade	1,062	73		53		13		87
Mezzanine	277	28		81		59		41
CDO-squared	1,804	33		23		71		29
Total other super senior exposure	3,143	39
Total super senior exposure excluding retained securities on CDOs that have since been liquidated	$3,501	42
Retained securities on CDOs that have since been liquidated	$1,667	44		51		43		57
Total super senior CDO exposure and retained securities	$5,168	43

(1) Based on current net exposure value.

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

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

(Dollars in millions, except as noted)

	Six Months Ended June 30								Second Quarter 2008				First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007
	2008				2007
Net interest income (3)	$	2,131			$	1,871			$	1,133			$	998			$	989			$	1,002			$	949
Noninterest income:
Investment and brokerage services		2,176				1,669				1,095				1,081				1,080				1,032				863
All other income (loss)		(106	)			130				51				(157	)			(319	)			44				77
Total noninterest income		2,070				1,799				1,146				924				761				1,076				940
Total revenue, net of interest expense		4,201				3,670				2,279				1,922				1,750				2,078				1,889
Provision for credit losses		362				9				119				243				34				(29	)			(13	)
Noninterest expense		2,556				1,967				1,241				1,315				1,278				1,233				993
Income before income taxes		1,283				1,694				919				364				438				874				909
Income tax expense (3)		481				627				346				135				127				326				333
Net income	$	802			$	1,067			$	573			$	229			$	311			$	548			$	576
Net interest yield (3)		2.82		%		3.16		%		2.91		%		2.73		%		2.86		%		3.10		%		3.14		%
Return on average equity		13.82				24.51				19.58				7.95				10.86				20.33				26.35
Efficiency ratio (3)		60.84				53.59				54.44				68.43				73.03				59.31				52.57
Balance sheet
Average
Total loans and leases	$	86,607			$	66,907			$	87,572			$	85,642			$	82,814			$	77,044			$	67,964
Total earning assets (4)		151,765				119,329				156,418				147,111				137,140				128,154				121,024
Total assets (4)		161,387				125,735				165,860				156,913				147,372				137,081				127,372
Total deposits		152,807				116,614				157,113				148,501				138,161				127,819				118,254
Allocated equity		11,672				8,782				11,774				11,570				11,345				10,700				8,766
Period end
Total loans and leases	$	88,171			$	69,217			$	88,171			$	87,308			$	84,600			$	78,324			$	69,217
Total earning assets (4)		157,333				121,806				157,333				153,745				145,052				130,172				121,806
Total assets (4)		167,187				128,388				167,187				163,011				155,666				138,576				128,388
Total deposits		158,227				118,972				158,227				154,174				144,865				130,533				118,972
Client assets (5)
Assets under management	$	589,459			$	566,267			$	589,459			$	607,521			$	643,531			$	709,955			$	566,267
Client brokerage assets (6)		210,701				213,711				210,701				213,743				222,661				217,916				213,711
Assets in custody		156,530				109,360				156,530				158,486				167,575				158,756				109,360
Less: Client brokerage assets and assets in custody included in     assets under management		(89,234	)			(80,784	)			(89,234	)			(88,755	)			(87,071	)			(87,386	)			(80,784	)
Total net client assets	$	867,456			$	808,554			$	867,456			$	890,995			$	946,696			$	999,241			$	808,554

(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 to create 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). Total assets under management for the third and second 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) and $53.7 billion (including $5.2 billion in eliminations). Prior period Marsico business results have been transferred to All Other to better facilitate period-over-period comparisons.

(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. 32

Bank of America Corporation and Subsidiaries

Global Wealth and Investment Management Business Results

(Dollars in millions)

	Three Months Ended June 30, 2008
	Total				U.S. Trust (1)				Columbia Management				Premier Banking and Investments (2)				ALM/ Other
Net interest income (3)	$	1,133			$	304			$	(5	)		$	536			$	298
Noninterest income:
Investment and brokerage services		1,095				387				403				263				42
All other income (loss)		51				15				(33	)			66				3
Total noninterest income		1,146				402				370				329				45
Total revenue, net of interest expense		2,279				706				365				865				343
Provision for credit losses		119				6				—				113				—
Noninterest expense		1,241				458				302				452				29
Income before income taxes		919				242				63				300				314
Income tax expense (3)		346				90				24				111				121
Net income	$	573			$	152			$	39			$	189			$	193
Net interest yield (3)		2.91		%		2.40		%		n/m				1.79		%		n/m
Return on average equity		19.58				12.95				23.54		%		39.03				n/m
Efficiency ratio (3)		54.44				64.79				82.63				52.30				n/m
Average - total loans and leases	$	87,572			$	51,051				n/m			$	36,507				n/m
Average - total deposits		157,113				36,452				n/m				120,339				n/m
Period end - total assets (4)		167,187				56,560			$	2,819				123,359				n/m
	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		1,315				504				305				439				67
Income (loss) before income taxes		364				168				(126	)			162				160
Income tax expense (benefit) (3)		135				62				(47	)			60				60
Net income (loss)	$	229			$	106			$	(79	)		$	102			$	100
Net interest yield (3)		2.73		%		2.33		%		n/m				1.90		%		n/m
Return on average equity		7.95				9.65				(44.72	)	%		20.87				n/m
Efficiency ratio (3)		68.43				74.65				n/m				52.21				n/m
Average - total loans and leases	$	85,642			$	47,929				n/m			$	37,679				n/m
Average - total deposits		148,501				34,634				n/m				113,351				n/m
Period end - total assets (4)		163,011				52,729			$	2,990				120,923				n/m
	Three Months Ended June 30, 2007
	Total				U.S. Trust (1)				Columbia Management				Premier Banking and Investments (2)				ALM/ Other
Net interest income (3)	$	949			$	226			$	1			$	672			$	50
Noninterest income:
Investment and brokerage services		863				253				335				240				35
All other income		77				13				24				36				4
Total noninterest income		940				266				359				276				39
Total revenue, net of interest expense		1,889				492				360				948				89
Provision for credit losses		(13	)			(12	)			—				(1	)			—
Noninterest expense		993				310				242				421				20
Income before income taxes		909				194				118				528				69
Income tax expense (3)		333				72				43				195				23
Net income	$	576			$	122			$	75			$	333			$	46
Net interest yield (3)		3.14		%		2.69		%		n/m				2.81		%		n/m
Return on average equity		26.35				34.39				66.93		%		83.24				n/m
Efficiency ratio (3)		52.57				62.93				67.11				44.46				n/m
Average - total loans and leases	$	67,964			$	33,666				n/m			$	34,287				n/m
Average - total deposits		118,254				21,970				n/m				96,256				n/m
Period end - total assets (4)		128,388				35,102			$	1,443				98,464				n/m

(1) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank to create 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 June 30, 2008, March 31, 2008 and June 30, 2007, a total of $5.6 billion, $7.0 billion and $2.9 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. 33

Bank of America Corporation and Subsidiaries

Global Wealth and Investment Management Business Results

(Dollars in millions)

	Six Months Ended June 30, 2008
	Total				U.S. Trust (1)			Columbia Management				Premier Banking and Investments (2)			ALM/ Other
Net interest income (3)	$	2,131			$	582		$	(3	)		$	1,071		$	481
Noninterest income:
Investment and brokerage services		2,176				766			801				521			88
All other income (loss)		(106	)			33			(254)				114			1
Total noninterest income		2,070				799			547				635			89
Total revenue, net of interest expense		4,201				1,381			544				1,706			570
Provision for credit losses		362				9			—				353			—
Noninterest expense		2,556				962			607				891			96
Income (loss) before income taxes		1,283				410			(63)				462			474
Income tax expense (benefit) (3)		481				152			(23)				171			181
Net income (loss)	$	802			$	258		$	(40	)		$	291		$	293
Net interest yield (3)		2.82		%		2.36	%		n/m				1.84	%		n/m
Return on average equity		13.82				11.36			(11.40	)	%		29.92			n/m
Efficiency ratio (3)		60.84				69.61			n/m				52.26			n/m
Average - total loans and leases	$	86,607			$	49,490			n/m			$	37,093			n/m
Average - total deposits		152,807				35,543			n/m				116,845			n/m
Period end - total assets (4)		167,187				56,560		$	2,819				123,359			n/m
	Six Months Ended June 30, 2007
	Total				U.S. Trust (1)			Columbia Management				Premier Banking and Investments (2)			ALM/ Other
Net interest income (3)	$	1,871			$	449		$	1			$	1,331		$	90
Noninterest income:
Investment and brokerage services		1,669				480			654				460			75
All other income		130				24			26				70			10
Total noninterest income		1,799				504			680				530			85
Total revenue, net of interest expense		3,670				953			681				1,861			175
Provision for credit losses		9				9			—				—			—
Noninterest expense		1,967				617			477				834			39
Income before income taxes		1,694				327			204				1,027			136
Income tax expense (3)		627				121			75				380			51
Net income	$	1,067			$	206		$	129			$	647		$	85
Net interest yield (3)		3.16		%		2.73	%		n/m				2.83	%		n/m
Return on average equity		24.51				28.33			54.66		%		81.05			n/m
Efficiency ratio (3)		53.59				64.83			70.05				44.79			n/m
Average - total loans and leases	$	66,907			$	33,192			n/m			$	33,703			n/m
Average - total deposits		116,614				21,673			n/m				94,908			n/m
Period end - total assets (4)		128,388				35,102		$	1,443				98,464			n/m

(1) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank to create 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 six months ended June 30, 2008 and 2007, a total of $12.6 billion and $6.4 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. 34

Bank of America Corporation and Subsidiaries

Global Wealth and Investment Management - Key Indicators

(Dollars in millions, except as noted)

	Six Months Ended June 30								Second Quarter 2008				First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007
	2008				2007
Investment and Brokerage Services
U.S. Trust (1)
Asset management fees	$	742			$	466			$	374			$	368			$	378			$	356			$	245
Brokerage income		24				14				13				11				8				8				8
Total	$	766			$	480			$	387			$	379			$	386			$	364			$	253
Columbia Management
Asset management fees	$	799			$	652			$	402			$	397			$	401			$	378			$	334
Brokerage income		2				2				1				1				—				1				1
Total	$	801			$	654			$	403			$	398			$	401			$	379			$	335
Premier Banking and Investments
Asset management fees	$	172			$	139			$	84			$	88			$	81			$	81			$	73
Brokerage income		349				321				179				170				165				162				167
Total	$	521			$	460			$	263			$	258			$	246			$	243			$	240
ALM/Other
Asset management fees	$	88			$	75			$	42			$	46			$	47			$	46			$	35
Brokerage income		—				—				—				—				—				—				—
Total	$	88			$	75			$	42			$	46			$	47			$	46			$	35
Total Global Wealth and Investment Management
Asset management fees	$	1,801			$	1,332			$	902			$	899			$	907			$	861			$	687
Brokerage income		375				337				193				182				173				171				176
Total investment and brokerage services	$	2,176			$	1,669			$	1,095			$	1,081			$	1,080			$	1,032			$	863
Assets Under Management (2,3)
Assets under management by business:
U.S. Trust (1)	$	210,969			$	144,054			$	210,969			$	214,526			$	225,209			$	225,297			$	144,054
Columbia Management		422,827				453,092				422,827				409,064				439,053				511,996				453,092
Retirement and GWIM Client Solutions		45,907				27,043				45,907				48,655				42,814				44,512				27,043
Premier Banking and Investments		22,404				22,183				22,404				21,600				22,915				21,392				22,183
Eliminations (4)		(113,001	)			(81,653	)			(113,001	)			(86,760	)			(87,085	)			(94,255	)			(81,653	)
International Wealth Management		353				1,548				353				436				625				1,013				1,548
Total assets under management	$	589,459			$	566,267			$	589,459			$	607,521			$	643,531			$	709,955			$	566,267
Assets under management rollforward:
Beginning balance	$	643,531			$	542,977			$	607,521			$	643,531			$	709,955			$	566,267			$	547,448
Net flows		(18,876	)			9,431				(12,611	)			(6,265	)			(2,226	)			18,066				7,763
Market valuation/other		(35,196	)			13,859				(5,451	)			(29,745	)			(64,198	)			125,622				11,056
Ending balance	$	589,459			$	566,267			$	589,459			$	607,521			$	643,531			$	709,955			$	566,267
Assets under management mix:
Money market/other	$	225,887			$	213,481			$	225,887			$	242,956			$	246,213			$	246,748			$	213,481
Fixed income		107,687				83,425				107,687				107,365				111,217				109,117				83,425
Equity		255,885				269,361				255,885				257,200				286,101				354,090				269,361
Total assets under management	$	589,459			$	566,267			$	589,459			$	607,521			$	643,531			$	709,955			$	566,267
Client Brokerage Assets	$	210,701			$	213,711			$	210,701			$	213,743			$	222,661			$	217,916			$	213,711
Premier Banking and Investments Metrics
Client facing associates
Number of client managers		2,538				2,498				2,538				2,572				2,548				2,505				2,498
Number of financial advisors		1,974				1,888				1,974				1,952				1,950				1,847				1,888
All other		1,086				1,094				1,086				1,157				1,079				1,020				1,094
Total client facing associates		5,598				5,480				5,598				5,681				5,577				5,372				5,480
Financial Advisor Productivity (5) (in thousands)	$	239			$	216			$	121			$	118			$	113			$	116			$	114
Total client balances (6)	$	308,174			$	292,455			$	308,174			$	309,687			$	309,190			$	299,275			$	292,455
Number of Households with Banking and Brokerage Relationships (in thousands)		288				256				288				283				277				267				256
U.S. Trust Metrics (1)
Client facing associates		3,882				2,031				3,882				3,922				3,989				3,776				2,031
Total client balances (6)	$	357,575			$	227,086			$	357,575			$	362,425			$	380,687			$	360,864			$	227,086
Columbia Management Performance Metrics
# of 4 or 5 Star Funds by Morningstar		50				40				50				50				48				47				40
% of Assets Under Management in 4 or 5 Star Rated Funds (7)		64		%		51		%		64		%		69		%		68		%		55		%		51		%

(1) In July 2007, the operations of the acquired U.S. Trust Corporation were combined with the former Private Bank to create 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 and second 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) and $53.7 billion (including $5.2 billion in eliminations). Prior period Marsico business results have been transferred to All Other to better facilitate period-over-period comparisons.

(4) The elimination of assets under management that are managed by two lines of business.

(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. 35

Bank of America Corporation and Subsidiaries

All Other Results ⁽¹⁾

(Dollars in millions)

	Six Months Ended June 30						Second Quarter 2008			First Quarter 2008			Fourth Quarter 2007			Third Quarter 2007			Second Quarter 2007
	2008			2007
Net interest income (2)	$	(4,017	)	$	(3,618	)	$	(2,035	)	$	(1,982	)	$	(2,042	)	$	(1,986	)	$	(1,883	)
Noninterest income:
Card income		1,259			1,397			595			664			680			739			676
Equity investment income		978			2,615			710			268			278			852			1,719
Gains on sales of debt securities		351			63			131			220			110			7			2
All other income (loss)		(355	)		(101	)		(101	)		(254	)		754			(219	)		(147	)
Total noninterest income		2,233			3,974			1,335			898			1,822			1,379			2,250
Total revenue, net of interest expense		(1,784	)		356			(700	)		(1,084	)		(220	)		(607	)		367
Provision for credit losses (3)		(2,408	)		(2,626	)		(1,197	)		(1,211	)		(1,294	)		(1,290	)		(1,313	)
Merger and restructuring charges		382			186			212			170			140			84			75
All other noninterest expense		130			361			17			113			(21	)		(232	)		(50	)
Income (loss) before income taxes		112			2,435			268			(156	)		955			831			1,655
Income tax expense (benefit) (2)		51			741			(11	)		62			127			210			584
Net income (loss)	$	61		$	1,694		$	279		$	(218	)	$	828		$	621		$	1,071
Balance sheet
Average
Total loans and leases	$	95,248		$	96,672		$	88,251		$	102,245		$	106,431		$	104,058		$	101,093
Total earning assets		268,221			209,074			265,063			269,974			279,037			238,210			213,791
Total assets		345,202			262,752			344,216			344,784			345,219			286,645			265,902
Total deposits		56,417			34,332			52,945			59,887			66,271			35,480			31,979
Period end
Total loans and leases	$	73,130		$	107,429		$	73,130		$	96,472		$	107,580		$	102,002		$	107,429
Total earning assets		258,314			219,582			258,314			251,451			261,534			248,521			219,582
Total assets		343,988			270,910			343,988			344,306			340,807			300,406			270,910
Total deposits		58,622			31,693			58,622			59,515			68,676			35,977			31,693

(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 47).

(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)

	Six Months Ended June 30				Second Quarter			First Quarter		Fourth Quarter			Third Quarter		Second Quarter
	2008		2007		2008			2008		2007			2007		2007
Principal Investing	$	308	$	1,825	$	296		$	12	$	117		$	275	$	1,250
Corporate Investments		144		340		112			32		(7	)		112		150
Strategic and other investments		526		450		302			224		168			465		319
Total equity investment income included in All Other		978		2,615		710			268		278			852		1,719
Total equity investment income included in the business segments		668		228		(118	)		786		39			52		110
Total consolidated equity investment income	$	1,646	$	2,843	$	592		$	1,054	$	317		$	904	$	1,829

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. 36

Bank of America Corporation and Subsidiaries

Outstanding Loans and Leases

(Dollars in millions)

	June 30 2008	March 31 2008		Increase (Decrease)
Consumer
Residential mortgage	$235,472	$	266,145	$	(30,673	)
Credit card - domestic	62,081		60,393		1,688
Credit card - foreign	16,561		15,518		1,043
Home equity	121,409		118,381		3,028
Direct/Indirect consumer (1)	84,907		80,219		4,688
Other consumer (2)	3,859		3,973		(114	)
Total consumer	524,289		544,629		(20,340	)
Commercial
Commercial - domestic (3)	220,610		208,212		12,398
Commercial real estate (4)	62,897		62,739		158
Commercial lease financing	22,815		22,132		683
Commercial - foreign	34,839		31,101		3,738
Total commercial loans measured at historical cost	341,161		324,184		16,977
Commercial loans measured at fair value (5)	5,014		5,057		(43	)
Total commercial	346,175		329,241		16,934
Total loans and leases	$870,464	$	873,870	$	(3,406	)

(1) Includes foreign consumer loans of $2.9 billion and $3.2 billion at June 30, 2008 and March 31, 2008.

(2) Includes consumer finance loans of $2.8 billion and $2.9 billion, and other foreign consumer loans of $839 million and $841 million at June 30, 2008 and March 31, 2008.

(3) Includes small business commercial - domestic loans of $19.9 billion and $20.1 billion at June 30, 2008 and March 31, 2008.

(4) Includes domestic commercial real estate loans of $61.8 billion and $61.4 billion, and foreign commercial real estate loans of $1.1 billion and $1.3 billion at June 30, 2008 and March 31, 2008.

(5) Certain commercial loans are measured at fair value in accordance with SFAS 159 and include commercial—domestic loans of $3.5 billion and $3.9 billion, commercial—foreign loans of $1.3 billion and $949 million, and commercial real estate loans of $176 million and $240 million at June 30, 2008 and March 31, 2008.

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. 37

Bank of America Corporation and Subsidiaries

Quarterly Average Loans and Leases by Business Segment

(Dollars in millions)

	Second 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	$256,164	$  30,454	$       621	$35,469	$189,620
Credit card - domestic	61,655	152,613	—	—	(90,958	)
Credit card - foreign	16,566	33,045	—	—	(16,479	)
Home equity	120,265	90,767	892	23,250	5,356
Direct/Indirect consumer	82,593	37,793	40,344	5,255	(799	)
Other consumer	3,953	1,060	20	30	2,843
Total consumer	541,196	345,732	41,877	64,004	89,583
Commercial
Commercial - domestic	219,537	20,134	178,031	21,922	(550	)
Commercial real estate	62,810	671	60,603	1,564	(28	)
Commercial lease financing	22,276	—	24,368	—	(2,092	)
Commercial - foreign	32,820	1,599	29,801	82	1,338
Total commercial	337,443	22,404	292,803	23,568	(1,332	)
Total loans and leases	$878,639	$368,136	$334,680	$87,572	$  88,251
	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	$  32,792	$       981	$34,338	$202,430
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	78,705	35,984	38,764	5,235	(1,278	)
Other consumer	4,049	1,049	15	24	2,961
Total consumer	548,375	340,373	40,658	63,722	103,622
Commercial
Commercial - domestic	212,394	20,035	172,541	20,442	(624	)
Commercial real estate	62,202	1,138	59,703	1,397	(36	)
Commercial lease financing	22,227	—	24,351	—	(2,124	)
Commercial - foreign	30,463	1,480	27,495	81	1,407
Total commercial	327,286	22,653	284,090	21,920	(1,377	)
Total loans and leases	$875,661	$363,026	$324,748	$85,642	$102,245
	Second 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	$260,099	$  32,564	$    1,314	$25,249	$200,972
Credit card - domestic	56,235	138,429	—	—	(82,194	)
Credit card - foreign	11,946	29,140	—	—	(17,194	)
Home equity	94,267	69,087	944	20,715	3,521
Direct/Indirect consumer	67,927	29,014	40,791	2,991	(4,869	)
Other consumer	4,401	989	13	19	3,380
Total consumer	494,875	299,223	43,062	48,974	103,616
Commercial
Commercial - domestic	166,529	16,619	133,080	17,896	(1,066	)
Commercial real estate	36,788	101	35,670	996	21
Commercial lease financing	19,784	—	21,845	—	(2,061	)
Commercial - foreign	22,223	1,304	20,238	98	583
Total commercial	245,324	18,024	210,833	18,990	(2,523	)
Total loans and leases	$740,199	$317,247	$253,895	$67,964	$101,093

(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. 38

Bank of America Corporation and Subsidiaries

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

(Dollars in millions)

	Commercial Utilized							Total Commercial Committed
	June 30 2008		March 31 2008		Increase (Decrease)			June 30 2008			March 31 2008			Increase (Decrease)
Real estate (4)	$	77,070	$	81,102	$	(4,032	)	$	106,265		$	112,698		$	(6,433	)
Diversified financials		44,603		43,065		1,538			95,325			92,839			2,486
Government and public education		34,620		30,219		4,401			56,727			52,203			4,524
Capital goods		29,764		28,168		1,596			55,730			53,897			1,833
Retailing		33,229		33,710		(481	)		54,336			54,195			141
Healthcare equipment and services		26,938		25,512		1,426			44,027			42,253			1,774
Consumer services		27,729		25,141		2,588			43,415			40,744			2,671
Materials		23,026		24,329		(1,303	)		38,508			39,695			(1,187	)
Banks		23,845		24,774		(929	)		35,349			38,339			(2,990	)
Individuals and trusts		23,661		22,676		985			34,467			33,046			1,421
Commercial services and supplies		22,874		21,744		1,130			32,878			31,578			1,300
Energy		15,628		13,276		2,352			27,790			24,461			3,329
Food, beverage and tobacco		15,727		14,170		1,557			27,087			27,210			(123	)
Media		8,105		8,092		13			20,166			20,024			142
Utilities		7,205		6,135		1,070			19,432			19,185			247
Transportation		12,667		13,020		(353	)		18,462			19,003			(541	)
Insurance		9,571		9,032		539			17,752			17,343			409
Religious and social organizations		8,717		8,462		255			11,944			11,187			757
Consumer durables and apparel		6,669		6,137		532			11,626			10,833			793
Technology hardware and equipment		4,384		4,427		(43	)		10,827			10,191			636
Pharmaceuticals and biotechnology		4,164		4,701		(537	)		10,226			9,561			665
Software and services		4,724		4,876		(152	)		9,795			10,069			(274	)
Telecommunication services		4,394		5,782		(1,388	)		9,305			10,618			(1,313	)
Automobiles and components		2,744		2,851		(107	)		6,253			6,519			(266	)
Food and staples retailing		3,004		2,638		366			5,223			4,943			280
Household and personal products		1,020		989		31			2,891			2,916			(25	)
Semiconductors and semiconductor equipment		1,180		986		194			1,920			1,657			263
Other		8,013		8,143		(130	)		8,681			8,763			(82	)
Total commercial credit exposure by industry	$	485,275	$	474,157	$	11,118		$	816,407		$	805,970		$	10,437
Net credit default protection purchased on total commitments (5)								$	(9,302	)	$	(9,006	)

(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 $16.5 billion and $20.3 billion at June 30, 2008 and March 31, 2008. In addition to cash collateral, derivative assets are also collateralized by $5.9 billion and $4.5 billion of primarily other marketable securities at June 30, 2008 and March 31, 2008 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 $5.0 billion and $5.1 billion and issued letters of credit at notional value of $1.4 billion and $1.3 billion at June 30, 2008 and March 31, 2008. In addition, total commercial committed exposure includes unfunded loan commitments at notional value of $17.3 billion and $19.0 billion at June 30, 2008 and March 31, 2008.

(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. 39

Bank of America Corporation and Subsidiaries

Net Credit Default Protection by Maturity Profile

	June 30     2008		March 31     2008
Less than or equal to one year (1)	(3	)  %	2	%
Greater than one year and less than or equal to five years	87		75
Greater than five years	16		23
Total net credit default protection	100	%	100	%

(1) In order to mitigate the cost of purchasing ideal levels of credit protection, credit exposure can be added by selling credit protection. In the table, the distribution of maturities for net credit default protection purchased is shown as positive percentages and the distribution of maturities for net credit protection sold as negative percentages.

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

(Dollars in millions)

	June 30, 2008					March 31, 2008
Ratings	Net Notional			Percent		Net Notional			Percent
AAA	$	4		—	%	$	(19	)	0.2	%
AA		(66	)	0.7			(109	)	1.2
A		(3,687	)	39.6			(2,986	)	33.2
BBB		(4,413	)	47.5			(3,989	)	44.3
BB		(1,388	)	14.9			(1,633	)	18.1
B		(175	)	1.9			(150	)	1.7
CCC and below		(85	)	0.9			(75	)	0.8
NR (2)		508		(5.5)			(45	)	0.5
Total net credit default protection	$	(9,302	)	100.0	%	$	(9,006	)	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” includes $550 million in net credit default swap index positions at June 30, 2008 and did not have positions at March 31, 2008. 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. 40

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 June 30, 2008		Increase (Decrease) from March 31, 2008
Region/Country
Asia Pacific
China (7)	$	354	$	284	$	323	$	15,999	$	16,960	$	—	$	16,960	$	1,526
South Korea		480		1,308		681		2,615		5,084		—		5,084		1,486
India		1,616		770		746		959		4,091		136		4,227		614
Taiwan		342		83		101		165		691		798		1,489		324
Singapore		414		29		231		386		1,060		—		1,060		(66	)
Hong Kong		465		76		78		92		711		—		711		(66	)
Other Asia Pacific (8)		157		110		25		333		625		—		625		(61	)
Total Asia Pacific		3,828		2,660		2,185		20,549		29,222		934		30,156		3,757
Latin America
Brazil (9)		708		219		68		4,624		5,619		249		5,868		2,075
Mexico (10)		1,361		430		43		3,257		5,091		—		5,091		447
Chile		541		36		7		12		596		6		602		(27	)
Other Latin America (8)		314		208		3		140		665		156		821		146
Total Latin America		2,924		893		121		8,033		11,971		411		12,382		2,641
Middle East and Africa (8)		896		248		191		472		1,807		—		1,807		(169	)
Central and Eastern Europe (8)		75		60		93		98		326		—		326		(156	)
Total emerging markets exposure	$	7,723	$	3,861	$	2,590	$	29,152	$	43,326	$	1,345	$	44,671	$	6,073

(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 June 30, 2008 and March 31, 2008.

(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 $77 million and $145 million at June 30, 2008 and March 31, 2008. At June 30, 2008 and March 31, 2008, there were $98 million and $10 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 June 30, 2008 was $16.9 billion compared to $22.3 billion at March 31, 2008. Local liabilities at June 30, 2008 in Asia Pacific and Latin America were $15.1 billion and $1.8 billion, of which $5.4 billion were in Hong Kong, $3.4 billion in Singapore, $2.7 billion in South Korea, $1.8 billion in Mexico, $1.2 billion in China, and $1.0 billion in India. 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 $15.6 billion in China Construction Bank (CCB).

(8) No country included in Other Asia Pacific, Other Latin America, 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 $4.5 billion in Banco Itau Holding Financeira S.A.

(10) Securities/Other Investments include an investment of $3.0 billion in Grupo Financiero Santander, 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. 41

Bank of America Corporation and Subsidiaries

Nonperforming Assets

(Dollars in millions)

	June 30 2008		March 31 2008		December 31 2007		September 30 2007		June 30 2007
Residential mortgage	$  3,269		$  2,576		$  1,999		$  1,176		$    867
Home equity	1,851		1,786		1,340		764		496
Direct/Indirect consumer	11		6		8		6		3
Other consumer	89		91		95		94		94
Total consumer	5,220		4,459		3,442		2,040		1,460
Commercial - domestic (1)	1,079		980		852		638		392
Commercial real estate	2,616		1,627		1,099		352		280
Commercial lease financing	40		44		33		29		27
Commercial - foreign	48		54		19		16		17
	3,783		2,705		2,003		1,035		716
Small business commercial - domestic	153		169		152		105		108
Total commercial	3,936		2,874		2,155		1,140		824
Total nonperforming loans and leases	9,156		7,333		5,597		3,180		2,284
Foreclosed properties	593		494		351		192		108
Total nonperforming assets (2, 3, 4)	$  9,749		$  7,827		$  5,948		$  3,372		$2,392
Loans past due 90 days or more and still accruing (3, 5)	$4,548		$  4,160		$  3,736		$  2,955		$2,798
Nonperforming assets/Total assets (4, 6)	0.57	%	0.45	%	0.35	%	0.21	%	0.16	%
Nonperforming assets/Total loans, leases and foreclosed properties (4, 6)	1.13		0.90		0.68		0.43		0.32
Nonperforming loans and leases/Total loans and leases outstanding measured at historical cost (6)	1.06		0.84		0.64		0.40		0.30
Allowance for credit losses:
Allowance for loan and lease losses	$17,130		$14,891		$11,588		$  9,535		$9,060
Reserve for unfunded lending commitments	507		507		518		392		376
Total allowance for credit losses	$17,637		$15,398		$12,106		$  9,927		$9,436
Allowance for loan and lease losses/Total loans and leases outstanding measured at historical cost (6)	1.98	%	1.71	%	1.33	%	1.21	%	1.20	%
Allowance for loan and lease losses/Total nonperforming loans and leases measured at historical cost	187		203		207		300		397
Commercial utilized criticized exposure (7)	$28,336		$22,733		$17,553		$10,820		$7,187
Commercial utilized criticized exposure/Commercial utilized exposure (7)	6.15	%	5.15	%	4.17	%	3.05	%	2.17	%

(1) Excludes small business commercial—domestic loans.

(2) Balances do not include nonperforming loans held-for-sale included in other assets of $388 million, $327 million, $188 million, $93 million and $73 million at June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively.

(3) Balances do not include loans measured at fair value in accordance with SFAS 159. At June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, there were no nonperforming loans measured at fair value in accordance with SFAS 159. At June 30, 2008, there were $81 million of loans past due 90 days or more and still accruing interest measured at fair value in accordance with SFAS 159. At March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, there were no loans past due 90 days or more and still accruing interest measured at fair value in accordance with SFAS 159.

(4) Balances and ratios do not include nonperforming available-for-sale debt securities (at fair value) of $676 million, $789 million, $180 million, $24 million and $27 million at June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively. Including nonperforming available-for-sale debt securities (at fair value), nonperforming assets as a percentage of total assets would have been 0.61 percent, 0.50 percent, 0.36 percent, 0.22 percent and 0.16 percent at June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively.

(5) Balances do not include loans held-for-sale past due 90 days or more and still accruing interest included in other assets of $32 million, $69 million, $79 million and $8 million at June 30, 2008, March 31, 2008, December 31, 2007 and September 30, 2007, respectively.

(6) Ratios do not include loans measured at fair value in accordance with SFAS 159 of $5.0 billion, $5.1 billion, $4.6 billion, $4.5 billion and $3.6 billion at June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 2007, respectively.

(7) 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 6.61 percent, 6.12 percent, 4.77 percent, 3.65 percent and 2.25 percent at June 30, 2008, March 31, 2008, December 31, 2007, September 30, 2007 and June 30, 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. 42

Bank of America Corporation and Subsidiaries

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

(Dollars in millions)

	Second Quarter 2008				First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007				Second Quarter 2007
Held Basis	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Residential mortgage	$  151		0.24	%	$     66		0.10	%	$     27		0.04	%	$     13		0.02	%	$     11		0.02	%
Credit card - domestic	976		6.36		847		5.39		738		4.87		712		4.91		807		5.76
Credit card - foreign	132		3.21		109		2.87		108		2.99		96		3.19		86		2.88
Home equity	923		3.09		496		1.71		179		0.63		50		0.20		28		0.12
Direct/Indirect consumer	660		3.22		555		2.84		456		2.41		353		1.92		285		1.68
Other consumer	83		8.47		86		8.61		96		9.08		78		7.18		56		5.14
Total consumer	2,925		2.17		2,159		1.58		1,604		1.17		1,302		0.99		1,273		1.03
Commercial - domestic (3)	70		0.14		77		0.16		64		0.13		11		0.03		29		0.08
Commercial real estate	136		0.88		107		0.70		17		0.12		28		0.28		(1	)	(0.01	)
Commercial lease financing	6		0.11		15		0.27		17		0.31		(3	)	(0.07	)	(11	)	(0.21	)
Commercial - foreign	5		0.06		(7	)	(0.10	)	2		0.03		(4	)	(0.06	)	6		0.10
	217		0.28		192		0.26		100		0.13		32		0.05		23		0.04
Small business commercial - domestic	477		9.53		364		7.31		281		5.82		239		5.38		199		4.80
Total commercial	694		0.84		556		0.69		381		0.47		271		0.42		222		0.37
Total net charge-offs	$3,619		1.67		$2,715		1.25		$1,985		0.91		$1,573		0.80		$1,495		0.81
By Business Segment
Global Consumer and Small Business Banking (4)	$4,721		5.16	%	$3,693		4.09	%	$3,033		3.41	%	$2,687		3.21	%	$2,662		3.37	%
Global Corporate and Investment Banking	318		0.39		328		0.41		214		0.26		114		0.17		74		0.12
Global Wealth and Investment Management	92		0.42		52		0.24		28		0.13		16		0.08		4		0.03
All Other (4)	(1,512	)	(6.89	)	(1,358	)	(5.34	)	(1,290	)	(4.81	)	(1,244	)	(4.74	)	(1,245	)	(4.94	)
Total net charge-offs	$3,619		1.67		$2,715		1.25		$1,985		0.91		$1,573		0.80		$1,495		0.81
Supplemental managed basis data
Credit card - domestic	$2,414		6.36	%	$2,068		5.48	%	$1,816		4.90	%	$1,707		4.76	%	$1,786		5.17	%
Credit card - foreign	337		4.11		304		3.84		322		4.06		317		4.24		313		4.31
Total credit card managed net losses	$2,751		5.96		$2,372		5.19		$2,138		4.75		$2,024		4.67		$2,099		5.02
Total commercial managed net losses	$   694		0.84	%	$   556		0.69	%	$   381		0.47	%	$   271		0.42	%	$   222		0.37	%
Total managed net losses	5,268		2.15		4,140		1.69		3,306		1.34		2,839		1.27		2,766		1.31

(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 $3 million, home equity $4 million, commercial - domestic $3 million, commercial real estate $8 million and small business commercial - domestic $2 million for the three months ended June 30, 2008; on residential mortgage $2 million, home equity $3 million, commercial - domestic $3 million, commercial real estate $8 million and small business commercial - domestic $3 million for the three months ended March 31, 2008; and on residential mortgage $2 million, home equity $8 million, direct/indirect consumer $2 million, commercial - domestic $29 million, commercial real estate $27 million, commercial lease financing $2 million and small business commercial - domestic $5 million for the three months ended December 31, 2007. The impact of SOP 03-3 was not material for the three months ended September 30, 2007 and June 30, 2007. Refer to Exhibit A on page 48 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. 43

Bank of America Corporation and Subsidiaries

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

(Dollars in millions)

	Six Months Ended June 30
	2008				2007
Held Basis	Amount		Percent		Amount		Percent
Residential mortgage	$  217		0.17	%	$     17		0.01	%
Credit card - domestic	1,823		5.87		1,613		5.71
Credit card - foreign	241		3.05		174		3.04
Home equity	1,419		2.41		45		0.10
Direct/Indirect consumer	1,215		3.03		564		1.72
Other consumer	169		8.54		104		4.42
Total consumer	5,084		1.88		2,517		1.05
Commercial - domestic (3)	147		0.15		53		0.07
Commercial real estate	243		0.79		2		0.01
Commercial lease financing	21		0.19		(12	)	(0.12	)
Commercial - foreign	(2	)	(0.02	)	3		0.03
	409		0.27		46		0.04
Small business commercial - domestic	841		8.42		359		4.51
Total commercial	1,250		0.77		405		0.34
Total net charge-offs	$6,334		1.46		$2,922		0.81
By Business Segment:
Global Consumer and Small Business Banking (4)	$8,414		4.63	%	$5,095		3.29	%
Global Corporate and Investment Banking	646		0.40		176		0.14
Global Wealth and Investment Management	144		0.33		22		0.07
All Other (4)	(2,870	)	(6.06	)	(2,371	)	(4.95	)
Total net charge-offs	$6,334		1.46		$2,922		0.81
Supplemental managed basis data
Credit card - domestic	$4,482		5.92	%	$3,437		4.99	%
Credit card - foreign	641		3.97		615		4.34
Total credit card managed net losses	$5,123		5.58		$4,052		4.88
Total commercial managed net losses	$1,250		0.77	%	$   405		0.34	%
Total managed net losses	9,408		1.92		5,338		1.29

(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 $5 million, home equity $7 million, commercial - domestic $6 million, commercial real estate $16 million and small business commercial-domestic $5 million for the six months ended June 30, 2008. The impact of SOP 03-3 was not material for the six months ended June 30, 2007. Refer to Exhibit A on page 48 for a 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.

(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. 44

Bank of America Corporation and Subsidiaries

Allocation of the Allowance for Credit Losses by Product Type

(Dollars in millions)

	June 30 2008			March 31 2008			June 30 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	$    792	0.34	%	$     394	0.15	%	$   201	0.07	%
Credit card - domestic	3,210	5.17		3,182	5.27		2,891	5.07
Credit card - foreign	474	2.86		472	3.04		354	2.90
Home equity	3,812	3.14		2,549	2.15		248	0.26
Direct/Indirect consumer	2,964	3.49		2,485	3.10		1,597	2.29
Other consumer	185	4.81		162	4.06		173	3.98
Total consumer	11,437	2.18		9,244	1.70		5,464	1.07
Commercial - domestic (2)	3,844	1.74		3,878	1.86		2,454	1.49
Commercial real estate	1,333	2.12		1,206	1.92		604	1.63
Commercial lease financing	199	0.87		227	1.03		190	0.95
Commercial - foreign	317	0.91		336	1.08		348	1.46
Total commercial (3)	5,693	1.67		5,647	1.74		3,596	1.47
Allowance for loan and lease losses	17,130	1.98		14,891	1.71		9,060	1.20
Reserve for unfunded lending commitments	507			507			376
Allowance for credit losses	$17,637			$15,398			$9,436

(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 $3.5 billion, $3.9 billion and $2.6 billion, commercial - foreign loans of $1.3 billion, $949 million and $795 million, and commercial real estate loans of $176 million, $240 million and $198 million at June 30, 2008, March 31, 2008 and June 30, 2007.

(2) Includes allowance for small business commercial - domestic loans of $2.1 billion, $2.0 billion and $917 million at June 30, 2008, March 31, 2008 and June 30, 2007.

(3) Includes allowance for loan and lease losses for impaired commercial loans of $417 million, $242 million and $56 million at June 30, 2008, March 31, 2008 and June 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. 45

Exhibit A: Non-GAAP Reconciliations

Bank of America Corporation and Subsidiaries

Global Consumer and Small Business Banking - Reconciliation

(Dollars in millions)

	Six Months Ended June 30, 2008				Six Months Ended June 30, 2007				Second Quarter 2008
	Managed Basis (1)	Securitization Impact (2)		Held Basis	Managed Basis (1)	Securitization Impact (2)		Held Basis	Managed Basis (1)	Securitization Impact (2)		Held Basis
Net interest income (3)	$  15,699	$    (4,195	)	$  11,504	$  14,113	$    (3,871	)	$10,242	$    8,015	$     (2,140	)	$    5,875
Noninterest income:
Card income	5,285	1,261		6,546	4,977	1,632		6,609	2,560	557		3,117
Service charges	3,309	—		3,309	2,865	—		2,865	1,743	—		1,743
Mortgage banking income	1,065	—		1,065	599	—		599	409	—		409
All other income	1,040	(126	)	914	598	(151	)	447	365	(61	)	304
Total noninterest income	10,699	1,135		11,834	9,039	1,481		10,520	5,077	496		5,573
Total revenue, net of interest expense	26,398	(3,060	)	23,338	23,152	(2,390	)	20,762	13,092	(1,644	)	11,448
Provision for credit losses	13,000	(3,060	)	9,940	5,505	(2,390	)	3,115	6,545	(1,644	)	4,901
Noninterest expense	10,426	—		10,426	9,593	—		9,593	5,293	—		5,293
Income before income taxes	2,972	—		2,972	8,054	—		8,054	1,254	—		1,254
Income tax expense (3)	1,068	—		1,068	2,965	—		2,965	442	—		442
Net income	$    1,904	$        —		$    1,904	$    5,089	$        —		$  5,089	$       812	$        —		$       812
Balance sheet
Average - total loans and leases	$365,581	$(106,307	)	$259,274	$312,701	$(101,841	)	$210,860	$368,136	$(107,438	)	$260,698
Period end - total loans and leases	364,535	(108,521	)	256,014	324,452	(102,752	)	221,700	364,535	(108,521	)	256,014
	First Quarter 2008				Fourth Quarter 2007				Third Quarter 2007
	Managed Basis (1)	Securitization Impact (2)		Held Basis	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	$    7,449	$    (2,071	)	$  5,378	$    7,252	$   (2,085	)	$    5,167
Noninterest income:
Card income	2,725	704		3,429	2,625	828		3,453	2,587	896		3,483
Service charges	1,566	—		1,566	1,624	—		1,624	1,519	—		1,519
Mortgage banking income	656	—		656	490	—		490	244	—		244
All other income	675	(65	)	610	374	(67	)	307	371	(70	)	301
Total noninterest income	5,622	639		6,261	5,113	761		5,874	4,721	826		5,547
Total revenue, net of interest expense	13,306	(1,416	)	11,890	12,562	(1,310	)	11,252	11,973	(1,259	)	10,714
Provision for credit losses	6,455	(1,416	)	5,039	4,296	(1,310	)	2,986	3,122	(1,259	)	1,863
Noninterest expense	5,133	—		5,133	5,509	—		5,509	4,969	—		4,969
Income before income taxes	1,718	—		1,718	2,757	—		2,757	3,882	—		3,882
Income tax expense (3)	626	—		626	861	—		861	1,437	—		1,437
Net income	$    1,092	$        —		$    1,092	$    1,896	$        —		$  1,896	$    2,445	$        —		$    2,445
Balance sheet
Average - total loans and leases	$363,026	$(105,176	)	$257,850	$353,144	$(105,091	)	$248,053	$331,656	$(104,317	)	$227,339
Period end - total loans and leases	364,316	(107,847	)	256,469	359,983	(102,967	)	257,016	337,784	(103,542	)	234,242
									Second Quarter 2007
									Managed Basis (1)	Securitization Impact (2)		Held Basis
Net interest income (3)									$    7,109	$    (1,981	)	$    5,128
Noninterest income:
Card income									2,596	793		3,389
Service charges									1,488	—		1,488
Mortgage banking income									297	—		297
All other income									331	(74	)	257
Total noninterest income									4,712	719		5,431
Total revenue, net of interest expense									11,821	(1,262	)	10,559
Provision for credit losses									3,094	(1,262	)	1,832
Noninterest expense									4,910	—		4,910
Income before income taxes									3,817	—		3,817
Income tax expense (3)									1,395	—		1,395
Net income									$    2,422	$        —		$    2,422
Balance sheet
Average - total loans and leases									$317,247	$(101,905	)	$215,342
Period end - total loans and leases									324,452	(102,752	)	221,700

(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 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. 46

Exhibit A: Non-GAAP Reconciliations - continued

Bank of America Corporation and Subsidiaries

All Other - Reconciliation

(Dollars in millions)

	Six Months Ended June 30, 2008						Six Months Ended June 30, 2007						Second Quarter 2008
	Reported Basis (1)		Securitization Offset (2)		As Adjusted		Reported Basis (1)		Securitization Offset (2)		As Adjusted		Reported Basis (1)		Securitization Offset (2)		As Adjusted
Net interest income (3)	$  (4,017)		$    4,195		$       178		$  (3,618)		$     3,871		$       253		$  (2,035)		$    2,140		$      105
Noninterest income:
Card income	1,259		(1,261	)	(2	)	1,397		(1,632	)	(235	)	595		(557	)	38
Equity investment income	978		—		978		2,615		—		2,615		710		—		710
Gains on sales of debt securities	351		—		351		63		—		63		131		—		131
All other income (loss)	(355	)	126		(229	)	(101	)	151		50		(101	)	61		(40	)
Total noninterest income	2,233		(1,135	)	1,098		3,974		(1,481	)	2,493		1,335		(496	)	839
Total revenue, net of interest expense	(1,784	)	3,060		1,276		356		2,390		2,746		(700	)	1,644		944
Provision for credit losses	(2,408	)	3,060		652		(2,626	)	2,390		(236	)	(1,197	)	1,644		447
Merger and restructuring charges	382		—		382		186		—		186		212		—		212
All other noninterest expense	130		—		130		361		—		361		17		—		17
Income before income taxes	112		—		112		2,435		—		2,435		268		—		268
Income tax expense (benefit) (3)	51		—		51		741		—		741		(11	)	—		(11	)
Net income	$         61		$       —		$         61		$    1,694		$       —		$    1,694		$       279		$       —		$       279
Balance sheet
Average - total loans and leases	$  95,248		$106,307		$201,555		$  96,672		$101,841		$198,513		$  88,251		$107,438		$195,689
Period end - total loans and leases	73,130		108,521		181,651		107,429		102,752		210,181		73,130		108,521		181,651
	First Quarter 2008						Fourth Quarter 2007						Third Quarter 2007
	Reported Basis (1)		Securitization Offset (2)		As Adjusted		Reported Basis (1)		Securitization Offset (2)		As Adjusted		Reported Basis (1)		Securitization Offset (2)		As Adjusted
Net interest income (3)	$  (1,982)		$    2,055		$         73		$  (2,042)		$    2,071		$         29		$  (1,986)		$    2,085		$         99
Noninterest income:
Card income	664		(704	)	(40	)	680		(828	)	(148	)	739		(896	)	(157	)
Equity investment income	268		—		268		278		—		278		852		—		852
Gains on sales of debt securities	220		—		220		110		—		110		7		—		7
All other income (loss)	(254	)	65		(189	)	754		67		821		(219	)	70		(149	)
Total noninterest income	898		(639	)	259		1,822		(761	)	1,061		1,379		(826	)	553
Total revenue, net of interest expense	(1,084	)	1,416		332		(220	)	1,310		1,090		(607	)	1,259		652
Provision for credit losses	(1,211	)	1,416		205		(1,294	)	1,310		16		(1,290	)	1,259		(31	)
Merger and restructuring charges	170		—		170		140		—		140		84		—		84
All other noninterest expense	113		—		113		(21	)	—		(21	)	(232	)	—		(232	)
Income (loss) before income taxes	(156	)	—		(156	)	955		—		955		831		—		831
Income tax expense (3)	62		—		62		127		—		127		210		—		210
Net income (loss)	$    (218)		$       —		$    (218)		$       828		$       —		$       828		$       621		$       —		$       621
Balance sheet
Average - total loans and leases	$102,245		$105,176		$207,421		$106,431		$105,091		$211,522		$104,058		$104,317		$208,375
Period end - total loans and leases	96,472		107,847		204,319		107,580		102,967		210,547		102,002		103,542		205,544
													Second Quarter 2007
													Reported Basis (1)		Securitization Offset (2)		As Adjusted
Net interest income (3)													$  (1,883)		$    1,981		$       98
Noninterest income:
Card income													676		(793	)	(117	)
Equity investment income													1,719		—		1,719
Gains on sales of debt securities													2		—		2
All other income (loss)													(147	)	74		(73	)
Total noninterest income													2,250		(719	)	1,531
Total revenue, net of interest expense													367		1,262		1,629
Provision for credit losses													(1,313	)	1,262		(51	)
Merger and restructuring charges													75		—		75
All other noninterest expense													(50	)	—		(50	)
Income before income taxes													1,655		—		1,655
Income tax expense (3)													584		—		584
Net income													$    1,071		$       —		$    1,071
Balance sheet
Average - total loans and leases													$101,093		$101,905		$202,998
Period end - total loans and leases													107,429		102,752		210,181

(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. 47

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

	Six Months Ended June 30, 2008				Second Quarter 2008			First Quarter 2008				Fourth Quarter 2007
(Dollars in millions)	Amount		Percent		Amount	Percent		Amount		Percent		Amount	Percent
Residential mortgage	$   217		0.17	%	$   151	0.24	%	$     66		0.10	%	$     27	0.04	%
Credit card - domestic	1,823		5.87		976	6.36		847		5.39		738	4.87
Credit card - foreign	241		3.05		132	3.21		109		2.87		108	2.99
Home equity	1,419		2.41		923	3.09		496		1.71		179	0.63
Direct/Indirect consumer	1,215		3.03		660	3.22		555		2.84		456	2.41
Other consumer	169		8.54		83	8.47		86		8.61		96	9.08
Total consumer	5,084		1.88		2,925	2.17		2,159		1.58		1,604	1.17
Commercial - domestic	147		0.15		70	0.14		77		0.16		64	0.13
Commercial real estate	243		0.79		136	0.88		107		0.70		17	0.12
Commercial lease financing	21		0.19		6	0.11		15		0.27		17	0.31
Commercial - foreign	(2	)	(0.02	)	5	0.06		(7	)	(0.10	)	2	0.03
	409		0.27		217	0.28		192		0.26		100	0.13
Small business commercial - domestic	841		8.42		477	9.53		364		7.31		281	5.82
Total commercial	1,250		0.77		694	0.84		556		0.69		381	0.47
Total net charge-offs	$6,334		1.46		$3,619	1.67		$2,715		1.25		$1,985	0.91
Impact of SOP 03-3
Residential mortgage	$       5				$       3			$       2				$       2
Credit card - domestic	—				—			—				—
Credit card - foreign	—				—			—				—
Home equity	7				4			3				8
Direct/Indirect consumer	—				—			—				2
Other consumer	—				—			—				—
Total consumer	12				7			5				12
Commercial - domestic	6				3			3				29
Commercial real estate	16				8			8				27
Commercial lease financing	—				—			—				2
Commercial - foreign	—				—			—				—
	22				11			11				58
Small business commercial - domestic	5				2			3				5
Total commercial	27				13			14				63
Total net charge-offs	$     39				$     20			$     19				$     75
Net Charge-offs and Net Charge-off Ratios Excluding the Impact of SOP 03-3
Residential mortgage	$   222		0.17	%	$   154	0.24	%	$     68		0.10	%	$     29	0.04	%
Credit card - domestic	1,823		5.87		976	6.36		847		5.39		738	4.87
Credit card - foreign	241		3.05		132	3.21		109		2.87		108	2.99
Home equity	1,426		2.42		927	3.10		499		1.72		187	0.66
Direct/Indirect consumer	1,215		3.03		660	3.22		555		2.84		458	2.41
Other consumer	169		8.54		83	8.47		86		8.61		96	9.08
Total consumer	5,096		1.88		2,932	2.18		2,164		1.59		1,616	1.18
Commercial - domestic	153		0.16		73	0.15		80		0.17		93	0.19
Commercial real estate	259		0.84		144	0.93		115		0.75		44	0.30
Commercial lease financing	21		0.19		6	0.11		15		0.27		19	0.34
Commercial - foreign	(2	)	(0.02	)	5	0.06		(7	)	(0.10	)	2	0.03
	431		0.28		228	0.29		203		0.27		158	0.21
Small business commercial - domestic	846		8.48		479	9.58		367		7.36		286	5.91
Total commercial	1,277		0.78		707	0.86		570		0.71		444	0.55
Total net charge-offs	$6,373		1.47		$3,639	1.67		$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 six months ended June 30, 2008, and the three months ended June 30, 2008, March 31, 2008 and December 31, 2007 was not material.

(2) The impact of SOP 03-3 was not material for the six months ended June 30, 2007, and the three months ended 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. 48

Exhibit B: Countrywide Financial Corporation Selected Data - (results are not part of Bank of America second quarter results)

COUNTRYWIDE FINANCIAL CORPORATION

MORTGAGE SERVICING RIGHTS

(in thousands)

	Six Months Ended June 30				% Change
	2008		2007
	(unaudited)
Mortgage Servicing Rights, at Estimated Fair Value
Balance at beginning of period	$18,958,180		$16,172,064		17	%
Additions:
Servicing resulting from transfers of financial assets	1,730,344		4,156,287		(58	)%
Purchases of servicing assets	7,420		184,511		(96	)%
Total additions	1,737,764		4,340,798		(60	)%
Less sale of MSRs	(1,307,571	)	—		n/m
Change in fair value:
Due to changes in valuation inputs or assumptions used in valuation model (1)	435,295		1,231,513		(65	)%
Other changes in fair value (2)	(1,421,278	)	(1,657,007	)	(14	)%
Balance at end of period	$18,402,390		$20,087,368		(8	)%

(1) Principally reflects changes in discount rates and prepayment speed assumptions, primarily due to changes in interest rates.

(2) Represents changes due to realization of expected cash flows.

n/m = not meaningful

This information is preliminary and based on company data available at the time of the presentation. 49

Exhibit B: Countrywide Financial Corporation Selected Data – continued (results are not part of Bank of America second quarter results)

COUNTRYWIDE FINANCIAL CORPORATION

SELECTED OPERATING DATA

(dollar amounts in millions)

	Three Months Ended June 30		%		Six Months Ended June 30		%
	2008	2007	Change		2008	2007	Change
	(unaudited)				(unaudited)
Production by segment:
Mortgage Banking	$  55,170	$123,068	(55	)%	$122,540	$   233,635	(48	)%
Banking Operations	3,646	4,461	(18	)%	9,286	7,029	32	%
Capital Markets - conduit acquisitions	196	2,634	(93	)%	199	4,463	(96	)%
Total Mortgage Loan Fundings	59,012	130,163	(55	)%	132,025	245,127	(46	)%
Commercial real estate	54	2,901	(98	)%	130	4,912	(97	)%
Total Loan Fundings	$  59,066	$133,064	(56	)%	$132,155	$   250,039	(47	)%
Number of loans produced	289,912	685,370	(58	)%	637,849	1,280,904	(50	)%
Mortgage Loan Fundings by Product:
Government Fundings	$  18,702	$    5,685	229	%	$  28,893	$       9,224	213	%
ARM Fundings	6,839	34,690	(80	)%	19,019	75,648	(75	)%
Home Equity Fundings	1,163	10,596	(89	)%	3,384	21,135	(84	)%
Nonprime Fundings	—	5,721	(100	)%	—	13,602	(100	)%
Mortgage Loan Fundings by Purpose:
Non-purchase	$  33,818	$  74,916	(55	)%	$  86,137	$   146,714	(41	)%
Purchase	25,194	55,247	(54	)%	45,888	98,413	(53	)%
	$  59,012	$130,163	(55	)%	$132,025	$   245,127	(46	)%
					June 30		%
					2008	2007	Change
Mortgage loan pipeline
(loans-in-process)					$     25,727	$     68,533	(62	)%
Loan servicing portfolio (1)					$1,485,285	$1,415,472	5	%
Number of loans serviced (1)					8,948,553	8,737,534	2	%
MSR portfolio (2)					$1,365,869	$1,304,250	5	%
Assets of Banking Operations					106,580	89,910	19	%
Workforce Head Count (3)					49,979	60,427	(17	)%

(1) Includes loans held for sale, loans held for investment and loans serviced for others, including those under subservicing agreements.

(2) Represents loan servicing portfolio reduced by loans held for sale, loans held for investment and subservicing.

(3) Workforce Head Count includes full-time employees, contract, and temporary help.

This information is preliminary and based on company data available at the time of the presentation. 50

Appendix: Selected Slides from the

Second Quarter 2008 Earnings Release Presentation

This information is preliminary and based on company data available at the time of the presentation. 51

Key Capital Markets Risk Exposures

($ in millions) Exposures

6/30/2008 3/31/2008

Leveraged lending related:

Net new commitments 3,207

Prior commitments – funded/terminated/changed (3,039)

EOP Unfunded commitments 4,061 3,893

Net new additions 122

Sold or syndicated (3,518)

EOP Funded commitments 6,154 9,550

Net writedown (64) (439)

Capital markets commercial mortgage related:

Unfunded commitments 717 877

Funded commitments 8,487 11,144

Net writedown (79) (191)

Other capital markets commercial mortgage writedowns (184)

Super Senior CDO and other subprime related:

Super senior subprime, net of insurance 3,501 5,935

Super senior nonsubprime, net of insurance 3,260 3,350

Retained positions from terminated deals 1,667 264

Net writedown (645) (1,465)

Consumer Asset Quality Key Indicators – Managed Basis

($ in millions)

Credit Card Home Equity Residential Mortgage Other 1 Total Consumer 2Q08 1Q08 2Q08 1Q08 2Q08 1Q08 2Q08 1Q08 2Q08 1Q08

Loans EOP $ 187,162 $183,758 $ 121,523 $118,505 $ 238,861 $269,727 $ 89,816 $ 85,430 $ 637,362 $657,420 Loans Avg 185,659 183,694 120,386 116,748 259,675 274,263 87,680 84,210 653,400 658,915

Net losses $ 2,751 $ 2,372 $ 923 $ 496 $ 151 $ 66 $ 749 $ 650 $ 4,574 $ 3,584 % of avg loans 5.96 % 5.19 % 3.08 % 1.71 % 0.23 % 0.10 % 3.43 % 3.10 % 2.82 % 2.19 %

90+ Performing DPD 2 $ 5,278 $ 5,192 N/A N/A $ 278 $ 248 $ 1,006 $ 869 $ 6,562 $ 6,309 % of Loans 2.82 % 2.83 % N/A N/A 0.12 % 0.09 % 1.12 % 1.02 % 1.03 % 0.96 %

Nonperforming loans 3 N/A N/A $ 1,851 $ 1,786 $ 3,269 $ 2,576 $ 100 $ 97 $ 5,220 $ 4,459 % of Loans 3 N/A N/A 1.52 % 1.51 % 1.39 % 0.97 % 0.11 % 0.11 % 1.00 % 0.82 %

Allowance for loan losses 3 $ 3,684 $ 3,654 $ 3,812 $ 2,549 $ 792 $ 394 $ 3,150 $ 2,647 $ 11,438 $ 9,244 % of Loans 3 4.68 % 4.81 % 3.14 % 2.15 % 0.34 % 0.15 % 3.55 % 3.14 % 2.18 % 1.70 %

Avg. refreshed (C)LTV N/A N/A 78 74 65 62 N/A N/A N/A N/A 90%+ refreshed (C)LTV N/A N/A 35 26 16 10 N/A N/A N/A N/A Avg. refreshed FICO 4 686 685 716 718 733 733 N/A N/A N/A N/A % below 620 FICO 4 16 % 16 % 10 % 10 % 6 % 6 % N/A N/A N/A N/A

1 Other primarily consists of the following portfolios of loans: Consumer lending and dealer financial services.

2 Includes loans delinquent more than 90 days old and still accruing interest.

3 Nonperforming loans and allowance for loan losses, as well as their corresponding ratios are presented on a held basis.

4 Credit card shown on a managed, domestic basis.

Consumer Real Estate Asset Quality – Managed Basis

Home Equity

• Net loss ratio climbed 137 basis points from 1Q08 to 3.08%

– Net losses of $923 million driven by high CLTV loans

– Loans with >90% CLTV represents 35% of portfolio

– 17% in first lien position, 27% have a first lien position with BAC in front of BAC second

– CA and FL represent 41% of the portfolio

• Allowance was increased to cover 3.14% of loans

• Nonperforming loans were largely unchanged at 1.52% of loans

• 30+ performing delinquencies improved 6 basis points to 1.27%

Residential Mortgage

• Net loss ratio climbed 13 basis points from 1Q08 to .23%

– Net losses of $151 million largely driven by CRA portfolio (8% of loans) and housing stressed states

– Loans with >90% CLTV represents 16% of portfolio

– CA and FL represent 41% of the portfolio

• Allowance was increased to cover .34% of loans

• Nonperforming loans increased $693 million to 1.39% of loans

• 30+ performing delinquencies increased to 2.07%

Other Consumer Lending Asset Quality – Managed Basis

Consumer Credit Card

• Net loss ratio climbed 77 basis points to 5.96%

– Increase centered in geographies of housing stress

• 30+ delinquencies improved 8 basis points to 5.53% of loans

• 90+ delinquencies improved 1 basis point to 2.82% of loans

• CA and FL represent 24% of the domestic card portfolio

Commercial Asset Quality Key Indicators 1

($ in millions)

Commercial Real Commercial Lease

Commercial 2 Estate Small Business Financing Total Commercial 2Q08 1Q08 2Q08 1Q08 2Q08 1Q08 2Q08 1Q08 2Q08 1Q08

Loans EOP $ 235,541 $219,171 $ 62,897 $ 62,739 $ 19,908 $ 20,142 $ 22,815 $ 22,132 $ 341,161 $324,184 Loans Avg 227,488 218,467 62,640 61,890 20,123 20,022 22,276 22,227 332,527 322,606

Net charge-offs $ 75 $ 70 $ 136 $ 107 $ 477 $ 364 $ 6 $ 15 $ 694 $ 556 % of avg loans 0.13 % 0.13 % 0.88 % 0.70 % 9.53 % 7.31 % 0.11 % 0.27 % 0.84 % 0.69 %

90+ Performing DPD $ 278 $ 191 $ 262 $ 223 $ 594 $ 547 $ 27 $ 32 $ 1,161 $ 993 % of Loans 0.12 % 0.09 % 0.42 % 0.36 % 2.98 % 2.72 % 0.12 % 0.14 % 0.34 % 0.31 %

Nonperforming loans $ 1,127 $ 1,034 $ 2,616 $ 1,627 $ 153 $ 169 $ 40 $ 44 $ 3,936 $ 2,874 % of Loans 0.48 % 0.47 % 4.16 % 2.59 % 0.77 % 0.84 % 0.18 % 0.20 % 1.15 % 0.89 %

Allowance for loan losses $ 2,083 $ 2,180 $ 1,333 $ 1,206 $ 2,078 $ 2,034 $ 199 $ 227 $ 5,693 $ 5,647 % of Loans 0.88 % 0.99 % 2.12 % 1.92 % 10.44 % 10.10 % 0.87 % 1.03 % 1.67 % 1.74 %

Criticized Utilized Exposure 3 $ 15,630 $ 11,857 $ 10,776 $ 9,208 $ 1,060 $ 1,021 $ 870 $ 647 $ 28,336 $ 22,733 % of Total Exposure 4.48 % 3.59 % 15.62 % 13.36 % 5.29 % 5.04 % 3.81 % 2.92 % 6.15 % 5.15 %

• Homebuilder utilized balances at 6/30/08, included in commercial real estate, down slightly from 1Q08 to $13 billion. These utilized balances are included in total binding exposure which was $19 billion.

– Criticized utilized exposure increased $863 million to $7.5 billion (57% of utilized exposure)

– NPAs rose $868 million to $2.2 billion

– 2Q08 charge-offs of $130 million (vs $107 million in 1Q08)

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.

Countrywide Operational Update

• Transaction closed July 1, 2008

• Consumer real estate headquarters will be in Calabasas

• Barbara Desoer named as consumer real estate executive based in California

• Management teams largely in place with balance between both legacy organizations

• Announced 7,500 positions to be reduced as a result of the acquisition

• Operational consolidation on track:

Consolidated many back office and risk management operational activities

Aligning deposit pricing with Bank of America processes

Consolidated much of the capital markets platforms immediately

Implementing management and sales routines across all products

Business model commitments

Reaffirmed commitment to Wholesale and Correspondent channels in mortgage

Will continue to offer Conforming loans underwritten to standard guidelines of government-sponsored enterprises and the government including CRA

No subprime mortgage origination

Discontinue certain nontraditional mortgages, including option-ARMs, and significantly curtail use of low documentation loans

Expect to modify or workout $40 billion in troubled mortgage loans over the next 2 years

Creating $35 million “Neighborhood Preservation Program” for counseling and foreclosure prevention

Countrywide 2Q08 Preliminary Results

• Recorded a $2.3 billion loss in 2Q08

• Countrywide 2Q08 charges include:

$2.3 billion provision for credit losses

$760 million provision for rep and warranties

$630 million losses from securities impairments and capital markets activities

• Production in the quarter of $59 billion down from 1Q08

Purchase volumes increased 22%

Refi volumes dropped 35%

• Servicing portfolio held steady at $1.485 trillion

Countrywide Cost Savings and Other Impacts Update

Expect to exceed original cost save target

Announcement - $670 million after tax, fully realized in 2011

Now expected to be $900 million after tax, fully realized in 2011

Cost saves equal 13% of combined legacy consumer real estate and insurance base

Merger related expense still targeted at $1.2 billion after tax

2/3rds expected to impact the income statement

1/3rd expected to be capitalized in purchase accounting

Incurred through 2010 with bulk in 2009

Preliminary Countrywide Results

($ in millions)

Quarters ended Six months ended

June 30, 2008 June 30, 2007 March 31, 2008 June 30, 2008 June 30, 2007

Net interest income $ 656 $ 728 $ 731 $ 1,387 $ 1,459

Noninterest income:

(Loss) gain on sale of loans (127) 1,494 289 162 2,727

Net loan servicing fees and other income (23) 100 456 433 199

Net insurance premiums 485 352 489 974 687

Loss on AFS securities (468) (5) (24) (492) (4)

Other 185 172 239 424 331

Total noninterest income 52 2,113 1,449 1,501 3,940

Total Revenue 708 2,841 2,180 2,888 5,399

Provision for loan losses 2,331 293 1,501 3,832 445

Noninterest expense 2,193 1,884 2,171 4,364 3,589

Pre - tax income (loss) (3,816) 664 (1,492) (5,308) 1,365

Income tax expense (1,486) 179 (599) (2,085) 446

Net Income (loss) $ (2,330) $ 485 $ (893) $ (3,223) $ 919

Mortgage loan fundings $ 59,012 $ 130,163 $ 73,013 $ 132,025 $ 245,127

Non-purchase 33,818 74,916 52,319 86,137 146,714

Purchase 25,194 55,247 20,694 45,888 98,413

Mortgage loan pipeline 25,727 68,533 45,529

Loan servicing portfolio (1) 1,485,285 1,415,472 1,484,157

MSR portfolio (2) 1,365,869 1,304,250 1,361,945

MSR Value 18,402 20,087 17,155

(1) Includes loans held for sale, loans held for investment and loans serviced for others, including those under subservicing agreements

(2) Represents loan servicing portfolio reduced for loans held for sale, loans held for investment and subservicing

Preliminary Countrywide Balance Sheet

($ in billions)

June 30, 2008 March 31, 2008

Loans:

Held for sale $ 11.8 $ 15.7

Held for investment 99.3 98.6

Total Loans 111.1 114.3

Allowance for loan losses (5.1) (3.4)

Securites purchased under agreement to

resell, securities borrowed and fed funds sold 6.6 7.8

Investments in other financial instruments 18.8 20.9

MSR, at estimated fair value 18.4 17.2

Other assets 22.3 42.2

Total assets $ 172.1 $ 199.0

Deposits $ 62.8 $ 63.3

Securities sold under agreement to repurchase 3.5 17.9

Notes payable 82.3 87.7

Other liabilities 13.1 16.9

Total liabilities 161.7 185.8

Shareholders’ equity 10.4 13.2

Total liabilities and shareholders’ equity $ 172.1 $ 199.0

\

Preliminary Countrywide Purchase Accounting Estimates

($ in billions, except per share amounts)

Purchase price

Countrywide common stock exchanged (in millions) 583

Exchange ratio 0.1822

Corporation’s common stock exchanged (in millions) 106

Purchase price per share of the corporation’s common stock (1) $

38.73

Total purchase price $4.1

Preliminary allocation of the purchase price

Countrywide stockholder’s equity (2) 8.4

Pretax adjustments to reflect assets acquired and liabilities assumed at fair value (3)

Loans (4) (8.1)

Mortgage servicing rights (1.7)

Deferred costs and currency adjustments on loans and debt 1.6

All other (4.6)

Pretax total adjustments (12.8)

Deferred income taxes 4.5

After tax total adjustments (8.3)

Fair value of net assets acquired 0.1

Preliminary goodwill resulting from the Countrywide merger $4.0

(1) The value of the shares of common stock exchanged with Countrywide shareholders was based upon the average of the closing prices of the corporation’s common stock for the period commencing two trading days before, and ending two trading days after January 11, 2008, the date of the Countrywide merger agreement.

(2) The value of the remaining Countrywide shareholder’s equity after the cancellation of the Series B convertible preferred shares owned by the corporation prior to the merger.

(3)Adjustments shown in the preliminary purchase price allocation are based on values within current estimated ranges.

(4) Loan portfolio credit adjustment of $14.3 billion less the allowance for loan and lease losses of $5.1 billion less $1.1 billion of loss exposure for non-impaired loans that will flow through consolidated earnings over time, if incurred.

Preliminary Countrywide Asset Quality – 2Q08

(Loans in billions, other $ in millions)

Mortgage and Home Equity Loans

30+ and

Loans % Loans Net C/O C/O Ratio performing NPL

Prime Firsts $ 29.6 32 % $ 107 1.45 % 3.8 % 6.3 %

Prime Pay Options 26.4 29 259 3.92 7.7 12.7

HELOCs 14.5 16 290 7.99 3.2 3.5

Fixed Rate Seconds 18.9 20 182 3.86 3.1 2.1

Sub-prime 2.4 3 91 14.92 18.4 26.7

Total $ 91.8 100 % $ 929 4.05 % 5.1 % 7.4 %

Mortgage and Home Equity Loans

Loans

Refreshed Refreshed Refreshed

Loans % Loans % CA /FL Avg. CLTV (1) >90 CLTV (1) Avg. FICO (1)

Prime Firsts $ 29.6 32 % 53 % 71 % 26 % 723

Prime Pay Options 26.4 29 66 95 62 680

HELOCs 14.5 16 45 88 50 697

Fixed Rate Seconds 18.9 20 29 91 66 716

Sub-prime 2.4 3 37 90 53 574

Total $ 91.8 100 % 50 % 85 % 48 % 703

Defaulted FHA-insured and VA-

guaranteed loans eligible for

repurchase from securities 2.8

Mortgage loans held in SPEs 3.4

Other 1.3

Total Loans Held for Investment $ 99.3

(1) Excludes $6 billion of loans serviced by others. CLTV computed off remaining balances. If computed from values after purchase accounting adjustments the average CLTV percentage for the portfolio would be in the low 70’s.