Bruce HammondsPresident

Bank of America Card ServicesGrowth through Market Leading Products and Distribution

Merrill Lynch Financial Services ConferenceNovember 15th, 2006

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Bank of America Card Services

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Card Services Profile

• $194.9 billion in Managed Loans– U.S Credit Card loans of $146.8 billion

– International card business $31.6 billion in loans in 4 countries

– Consumer Finance business with $16.5 billion

• $283 billion in Merchant sales volume

Card Services51%

GCSBB(excl Card services)

49%

GCSBB53%

Bank of America other Businesses

47%

Bank of AmericaCorporation

Global Consumer & Small Business Banking (GCSBB)

Based on 3Q06 Net Income

Note: US credit card includes Business Card; Consumer Finance include Practice Finance

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Top U.S. Credit Card Issuers 3Q06

$147$140

$110

$51 $50 $45

$0

$20

$40

$60

$80

$100

$120

$140

$160

Bank of

America

JP Morgan

Chase

Citigroup Capital

One

American

Express

Discover

$ i

n B

illi

ons

Source: Ending loans based on company reports (excludes international and private label)

Bank of America is the leading credit card issuer in the U.S. and has the highest return among the card portfolios of commercial banks with a 3.73% ROML compared to a peer group average of 3.07% in 3Q06.

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Card Services Growth in 2006 – Managed Basis

2006 2006September YTD YOY Growth (1)

Total Revenue $ 18.4 5%

Net Interest Income 12.2 0%

Non Interest Income 6.2 16%

Provision for Credit Losses 5.5 (21%)

Total Non-Interest Expense 5.8 (10%)

Net Income Before Tax 7.1 74%

Net Income $ 4.5 72%

3Q 2006 Chg vs. 3Q 2005

Risk Adjusted Margin 8.69% 4 bps

($ in billions)

(1) YOY growth is pro forma with MBNA

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Asset Quality

• Managed Credit Card loss rate rose to 4.23%, which is 56 basis points higher than 2Q 2006 but 55 basis points lower than 3Q 2005

• Managed Credit Card losses were $1.75 billion, down $159 million from 3Q 2005

$1,907

$1,474$1,748

$2,881

$1,246

3.12%3.67%

4.23%4.79%

7.07%

$1,000

$1,750

$2,500

$3,250

3Q05 4Q05 1Q06 2Q06 3Q06-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

Managed Credit Card Charge-offs Managed Credit Card Charge-off Ratio

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Payments – Positioned to Lead

#1 Share in Fastest Growing Payment Types

Customers & Clients

15.7% Share Debit Card

21.5% Share Credit Card

54.8% ShareOnline Bill Pay

• #1 Credit Card

• #1 Debit Card

• #1 Check Processor

• #1 Online Banking/Bill Pay

• #1 Cash Management

• #1 ACH Receiver

• #2 MerchantAcquiring

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Payments Market

Cards continue to grow market share…..

47%Check

20%Credit Cards

7%Debit

7%Other19%

Cash

36%Checks 26%

Credit Cards

15%Debit

10%Other

13%Cash

2000 2006

Source:Other includes ACH and other plastic including private label and gift cardsCredit = general purpose credit cards

100% = $6.8 trillion100% = $5.5 trillion

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Profitable Growth through Size and Scale• Distribution

– 5,700+ banking centers– 17,000 ATM’s– Leading Internet and Telephone

channels– 5,000 Affinity Groups

• Product Innovation– Unique Reward Programs –

WorldPoints, MLB Extra Bases, NFL Extra Points, NASCAR RacePoints

– PayPass– Keep The Change

• Data Management– Information-driven Customer life-

cycle management of 55 millions households

Bank of America Data Warehouse

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Diversifying Sales & Service Delivery Channels

Card Sales Mix By Channel

10%

46% 40%2%

10%12%

22%

14% 24%65%

31% 24%

2004 2005 Sept YTD 2006

Direct MailBanking CenterE-CommerceOther

Optimizing Origination Costs

$78

Note:2005 and 2006 Sales units incl. MBNA;Other includes Telesales, Event Marketing and Group Maximization channels

0.6MM

$113 $98

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Affinity Marketing

• “Success is Getting the Right Customers…and Keeping Them”

• To get the right customers, we developed affinity marketing—selling to people with a strong common interest.

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Affinity Customers

• Affinity customers have better credit experience.

• Use their cards more.

• Carry a larger balance.

• Will use other Bank of America endorsed products.

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Have a propensity to accept multiple endorsed products.Have a propensity to accept multiple endorsed products.

Example:

National Education Association

–More than one-third of teachers nationwide carry MBNA cards

– 3.1 million members

–$2.5 billion in credit card loans

–$900 million in other consumer loans

–$4.4 billion in deposit balances

Affinity Marketing Customers

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Dominance in Affinity Marketing

• More than 5,000 organizations endorse our products including:

– 1,400 professional organizations with $6.4B in loans

– 900 colleges and universities with $6.4B in loans

– 600 sports related organizations with $5.1B in loans

– 275 Financial Institutions with $17B in loans

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Leveraging Best of Both

Leveraging the BAC Franchise through Affinity Marketing: Leveraging the BAC Franchise through Affinity Marketing:

5,000 Endorsing Organizations24 Million Affinity Card Customers

Affinity Marketing Assets

5,700 Banking Centers17,000 ATMs21 Million On-Line Customers#1 Deposit Market Share#1 Small Business Lender#1 Home Equity Lender#1 Debit Card Share#1 Credit Card Lender

Bank of America Retail Product and Distribution

Leverage Customer PassionsManage Customer InformationCross-Sell Banking Products

New Affinity Banking Model+ =

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Affinity Banking Endorsements

• American Quarter Horse Assoc.

• Habitat for Humanity

• The Humane Society of the U.S.

• The University of Arizona Alumni Assoc.

• Defenders of Wildlife

• The Medical Society of the State of NY

• New York State Bar Assoc.

• Brown Alumni Assoc.

• Nat’l Trust for Historic Pres.

• National Wildlife Federation

• National Wild Turkey Fed.

• The D.C. Bar

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Marketing/Sales Highlights

– Signed new affinity groups, including Allegacy Credit Union, Philadelphia Federal Credit Union, American Academy of General Dentistry, and Merrimack College

– Renewed contracts with approximately 900 affinity organization, including NASCAR, New York Mets, Penn State Alumni Association, UCLA, and the University of Texas, and Merrill Lynch

– Received endorsement of unsecured loan products from AAA, one of our largest affinity

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New Products

KTC &Credit Bundle

Ownership Rewards

RF Pilot

In Market 4Q06-1Q07

Bank of America American Express

MLB Extra Bases

GWIM Amex VIP

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New Markets

Healthcare

Caremark Aetna

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New Segments

Student Emerging Credit

Hispanic

75% of students in BAC footprint

90% of Hispanics in BAC footprint

25% growth from last year

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Small Business

Growing credit share to match market penetration

8%

22%

Credit Share Market Penetration

Bank of America Small Business

Customer Penetration

18.2%20.8%

22.4%

2003 2004 2005

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International

• $31.6 billion in loans

• 20% growth in 2006

• #1 Market Share in the U.K.

• 1,500 endorsements

• Exploring opportunities in China, Italy, Portugal, Japan

Spain

United Kingdom Ireland

Canada

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• $15.1 billion of outstanding loans

• 25% growth in 2006

• Unsecured consumer loans cross-sold to existing customers

• Products endorsed by hundreds of our affinity partners

• Aircraft Lending

• Practice Finance

Consumer Finance

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Card Services Transition

• Transition on target

– Continuing to meet revenue and expense targets

– Affinity card sales now in all BAC channels

• October Conversion

– Completed the largest consumer card conversion in industry history

– On track to offer all our customers superior service from a single platform

• Leveraging judgmental lending and collections best practices

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Card Services – Our Unique Model

• Distribution diversity

• Efficiency

• Pricing

• Risk/reward – risk adjusted margin

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Forward Looking Statements

This presentation contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment reduce interest margins and impact funding sources; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.