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The weaker economy also drove higher levels of net losses across theCard Services portfolios as well as the commercial portfolios.Capital ManagementFor 2008, Bank of America recorded $10.26 billion in dividends to commonshareholders and $1.32 billion to preferred shareholders. The company alsoissued approximately 580 million common shares, including 455 million duringthe fourth quarter and 107 million related to the Countrywide acquisition. Inaddition, Bank of America obtained nearly $35 billion in Billy Currington additional capital inconnection with preferred stock issuances throughout the year.2008 Business Segment ResultsGlobal Consumer and Small Business Banking(1)(Dollars in millions) 20082007Total managed tickets for Billy Currington revenue, net of interest expense(2)$58,344 $47,855Provision for credit losses(3)26,84112,920Noninterest expense 24,93720,349Net income 4,234 9,362Efficiency ratio(2)42.7442.52Return on average equity5.78 14.81Managed loans(4)$350,264$294,030Deposits(4)370,961 330,661 At 12/31/08 At 12/31/07Period ending deposits$393,165$346,9081 Results shown on a managed basis.Managed basis assumes that loans thathave been securitized were not sold and presents earnings Chicago Cubs tickets on these loans in amanner similar to the way loans that have not been sold (i.e., held loans) arepresented.For more information and detailed reconciliation, please refer tothe data Billy Currington ticket pages supplied with this Press Release.2 Fully taxable-equivalent basis3 Represents provision for credit losses on held loans combined withrealized credit losses associated with the securitized loan portfolio4 Balances averaged for periodGlobal Consumer and Small Business Banking net income declined from a yearago as credit costs more than doubled. Expenses rose mostly on the addition ofCountrywide.Managed net revenue rose 22 percent due to the Countrywide acquisition andorganic loan and deposit growth.The provision for credit losses increased by $13.92 billion to $26.84billion. Net losses increased $8.38 billion to $19.18 billion as housingmarket deterioration and weak economic conditions impacted most consumerportfolios. Loan loss reserve additions related to deterioration and increaseddelinquencies contributed to higher credit costs. Deposits and Student Lending net income increased by 9 percent to $6.21billion, while net revenue increased 10 percent to $20.65 billion as netinterest income, service charges and debit card income all showed stronggrowth. Card Services net income fell 85 percent to $521 million as creditcosts rose.Managed net revenue grew 12 percent to $28.43 Chicago Cubs billion as higheraverage loan balances increased net interest income. Mortgage, Home Equity Concacaf Gold Cup tickets and Insurance Services reported a net loss of$2.50 billion as home equity credit costs rose.

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Expense and revenue increases are due to the addition ofCountrywide.Fourth-quarter net income for Global Consumer and Small Business Bankingdeclined 56 percent to $835 million from a year earlier. The provision forcredit losses rose 77 percent as the economy weakened, and expenses rose 28percent due to the addition of Countrywide. Net revenue increased 26 percentto $15.91 billion on higher net interest income, mortgage banking income andinsurance tickets for Concacaf Gold Cup premiums related to the addition of Countrywide and Concacaf Gold Cup ticket organic loan anddeposit growth.Global Corporate and Investment Banking(Dollars in millions)2008 2007Total revenue, net of interest expense(1)$13,440$13,651Provision for credit 658 losses 3,080Noninterest expense10,381 12,198Net income (loss) (14) 510Efficiency ratio(1) 77.24 89.36Return on average equity(0.02)1.12Loans and leases(2)$337,352 $274,725Trading-related assets(2) 341,544362,195Deposits(2) 239,097219,8911 Fully taxable-equivalent basis2 Balances averaged for periodGlobal Corporate and Investment Banking had a net loss of $14 million onsignificant writedowns, higher credit costs and lower net revenue. A 48percent increase in net interest income and higher service charges andinvestment banking income were more than Concacaf Gold Cup offset by market disruption chargesof $10.47 billion, which were $6.45 billion a year earlier.

Included in thosecharges were CDO-related writedowns of $4.78 billion, down from $5.65 billionduring 2007, and leveraged loan writedowns of $1.08 billion, compared with$196 million a year earlier.The provision for credit losses increased $2.42 billion to $3.08 billion.Net charge-offs rose from low 2007 levels and with tickets for Chicago Cubs the exception ofhomebuilders were across a broad range of borrowers and industries. Reserveswere increased due to deterioration in the homebuilder, commercial domesticand dealer-related portfolios. Business Lending net income decreased 14 percent to $1.72 billion asstrong revenue growth and lower expenses were offset by higher credit costs.Net revenue increased 29 percent to $7.82 billion on organic and merger-related average loan growth of more than $62 billion. Capital Markets and Advisory Services recorded a net loss of $4.95billion compared with a net loss of $3.39 billion a year earlier. Net revenue increased asfavorable pricing and increased volume drove deposits and service chargeshigher. The increase was offset bysupport to certain cash funds, writedowns related to auction rate securitiesand weaker equity markets.The provision for credit losses increased $650 million to $664 million asa result of additions to the reserve and higher net charge-offs reflectinghousing market deterioration and the slowing economy. U.S. Trust, Bank of America Private Wealth Management net incomedeclined 2 percent to $460 million. Trust and LaSalle, partially offset by theweaker equity markets. Columbia Management reported a net loss of $459 million compared withnet income of $21 million a year ago mainly due to an additional $725 millionin support provided to certain cash funds and weaker equity markets. Premier Banking and Investments net income fell 54 percent to $584million as credit costs increased by $534 million Billy Currington tickets on higher home equity loanlosses.

Net revenue decreased 15 percent to $3.20 billion on lower netinterest income as spread compression driven by deposit mix and competitivedeposit pricing more than offset deposit growth.Fourth-quarter net income for Global Wealth and Chicago Cubs ticket Investment Managementincreased 65 percent to $511 million compared with a year earlier due tohigher net revenue and lower expenses. Net revenue increased 12 percent to$1.98 billion as higher net interest income driven by growth in loans anddeposits was partially offset by weaker equity markets. Expenses declined 2percent on lower incentive compensation.All Other(1)(Dollars in millions) 20082007Total revenue net of interest expense(2) $(5,593)$(477)Provision for credit losses(3)(3,760) (5,207)Merger and restructuring charges 935 410All other noninterest expense 37287Net income (loss) (1,628)3,150Loans and leases(4) $135,671$133,9261 All Other consists primarily of equity investments, the residentialmortgage portfolio associated with asset and liability management activities,the residual impact of the cost allocation processes, merger and restructuringcharges, intersegment eliminations, and the results of certain consumerfinance, investment management and commercial lending businesses that arebeing liquidated. All Other also includes the offsetting securitization impactto present Card Services on a managed basis. For the fourth quarter, the net lossof $693 million compared with net income of $830 million a year earlier. Thedeclines are attributable to lower equity investment income, higher creditcosts and increased merger and restructuring charges, which more than offsetgains on the sales of debt securities.