Bank of America Corp. (BAC) David Nest and Ajay Singh Wednesday, December 6, 2006

Corporate Profile Bank of America is one of the world's largest financial institutions. It was founded in 1874 and is headquartered in Charlotte, North Carolina No. 1 overall Small Business Administration (SBA) lender in the United States Operates in 31 countries

BAC Competitors and Industry Comparison StockBACCWBWFCIndustry Avg. Market Cap: B242.64B85.54B118.94B20.77B Quarterly Rev. Growth (yoy): 30.70%2.70%5.10%5.80%19.60% Revenue (ttm): 63.14B79.78B27.31B32.65B7.25B Net Income (ttm): 19.44B21.03B6.98B8.23B1.65B P/E (ttm): EPS (ttm): Price/Book (mrq):

Competitors BAC Passes C To become largest U.S. Bank By Market Cap Reinvesting Money In The Business, Spent 3.3B on Schwab's Private Banking Business (US Trust) Great Dividend Yield, Above Industry Avg. Solid Revenue growth compared to peers

Recent News 12/1/2006: Alvaro de Molina announced his intentions to resign from CFO position. Joe Price will take over de Molina’s position on January 1, /27/2006: BAC signs a 5 year deal as the official bank for NASCAR. 11/20/2006: BAC announced to buy U.S. Trust, the Wealth Mgt Subsidiary of Charles Schwab for a $3.3B cash deal. 10/11/06: BAC announces free online equity trades 9/11/06: BAC acquires HealthLogic Systems Corp. 7/26/06: BAC increases quarterly dividend by 12%

Major Institutions and Shareholders 1,376 Institutions currently hold shares of BAC Barclays Global Investors UK Holdings Ltd FMR CORPORATION (FIDELITY MANAGEMENT & RESEARCH CORP) JP MORGAN CHASE & COMPANY Major Mutual Fund Holders: Vangaurd 500 Index Fund Washington Mutual Investors Fund Fidelity Growth & Income Portfolio

Major Institutions and Shareholders

Two Sides of the Story: Positive Diverse product line and geographic presence Acquisition of MBNA Net interest margin to remain relatively stable Negative Significant credit quality deterioration Potential surge in bankruptcy filings Unlikely to make future M&A’s CFO resigns

According to our valuation, the 12 month price target for BAC should be $62.50 Volatility : Low (Beta round 0.47) Institutional Ownership around 60% Good Divided: Current Yield 4.19% compared to an Industry average of 3.7% As of today, BAC closed at 52.69