This is a summary of the second quarter fiscal 2007 earnings call conducted by Bank of America Corporation on July 19, 2007.

Executives:
Director of IR: Kevin Stitt
President and CEO: Ken Lewis
CFO: Joe Price

Key Investor Issues

- Net income rose 5% to $5.76 billion from $5.48 billion a year earlier.
- Diluted earnings per share rose 8% to $1.28 from $1.19.
- Investment banking income rose 26%.
- Return on average common shareholders'' equity was 17.55%.

Net interest income grew 1% from a year ago.

Non-interest income increased 21%, which more than offset the $1.3 billion increase in credit cost and the 4% increase in expense levels. Second-quarter results include a positive impact of approximately 9 cents from the sale of certain private equity fund investments, along with negative impacts of 2 cents from increased litigation reserves and 5 cents from building the allowance for long lease losses.

Managed total revenue for the company’s three businesses was up more than 7% to $1.2 billion.

Managed fee revenue from these three businesses was up 10% from a year ago. Average managed loans across the three business segments, excluding mortgage loans in the online portfolio growth combined an 11% or approximately $66 billion. Average retail deposit growth was approximately 2% higher than last year’s. However, that does include the impact of the roll off of higher price deposits at MBNA.

The sale of Washington Capital is expected to close in the fourth quarter and the gain on that transaction is anticipated to be around $1.4 billion pre-tax.

The U.S. Trust acquisition closed on July 1 and the actual financial impacts of the acquisition on third quarter results will be immaterial give its size the overall corporation.
The acquisition of the sale for ABN Amro is expected to be early in the fourth quarter.

In Global Consumer and small business banking, new customer generation continues with net new retail checking account openings of 717,000 up a bit from a year ago and still continuing the strong momentum the company experienced over the past two years.

New account growth within Card Services grew 6% to 3.5 million from a year ago.

- In consumer card the company’s lower cost delivery strategy helped increase sales coupled with e-commerce.
- Interchanged fees from debit and credit cards climbed 14% and 15% respectively from a year ago.
- Sales of small business products across the company including both loan and deposit products continued to set new heights and were up 41% from a year ago.
- First mortgage origination across the company rose 25% to $29.2 billion from last year.

The percentage of deposit customers who have originated a mortgage with Bank of America increased from 7.7% in the first quarter of 2006 to 10.3% in the first quarter of 2007, a 34% increase.

With the launch of No Fee Mortgage PLUS product, banking center application volume was up 36% versus the same period last year. Average home equity loans advanced 24% from last year and were 5% from the first quarter. Investment banking income was up 27% from a year ago while total sales and trading revenue was up 20%.

Within Global Wealth and Investment Management, investment brokerage services income was up 14% from last year.

Columbia Management had an 18% increase. In Premier Banking and Investments, Investments brokerage services jumped 24% reflecting a 38% increase in fee based brokerage assets and a 20% improvement in productivity at a sales force. Bank of America added more than 300 client managers or a 14% increase from a year ago. Total assets under management, AUM, increased 13% from a year ago or $66 billion with more than half of the increase due to equity and money market inflows.

Outside of the three business segments equity investment gains and other were $1.7 billion.

Included in these results was a gain of approximately $600 million associated with the sale of private equity funds with the market value of about $1.9 billion to Conversus Capital. Conversus Capital is a permanent capital vehicle to offer all its investors, both institution and retail long term capital appreciation through a season portfolio of private equity investments. Management of Conversus Capital portfolio is through a contract with Conversus Act at management and investment manager principally owned by Bank of America and Oak Hill Investment Management. After the sales of principle investing portfolio is approximately $4 billion in funded investments of which approximately two thirds are direct investment and the remaining third is investments in funds.

Consumer commercial credit quality remained sound in the second quarter.