Bank of America Announces Third-Quarter Net Loss of US$1.0 Billion (y 8)

    
    -- Managed net interest income includes Global Card Services' 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 Card Services'
       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 Card Services.                
    -- 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 Card Services                                                
                                                                    
                                                      
                          Nine Months Ended          Nine Months Ended
                          September 30, 2009         September 30, 2008    
                          ------------------         ------------------
                               Securit-                    Securit-      
                     Managed   ization     Held   Managed  ization    Held
                     Basis(1)  Impact(2)   Basis  Basis(1) Impact(2)  Basis
                     -------   --------    -----  -------  --------   -----
    Net interest      
     income(3)       $15,312   $(7,024)   $8,288  $14,279   $(6,402)  $7,877
    Noninterest
     income:                                                  
      Card income      6,462    (1,355)    5,107    7,564     1,768    9,332
      All other income   407       (94)      313    1,359      (179)   1,180
                      ------   -------    ------   ------    ------   ------
        Total
         noninterest                              
         income        6,869    (1,449)    5,420    8,923     1,589   10,512
                      ------   -------    ------   ------    ------   ------
        Total revenue,                                                    
         net of
         interest
         expense      22,181    (8,473)   13,708   23,202    (4,813)  18,389
                                                                    
    Provision for
     credit losses    23,157    (8,473)   14,684   14,314    (4,813)   9,501
                                                                    
    Noninterest
     expense           6,024         -     6,024    6,980         -    6,980
                      ------   -------    ------   ------    ------   ------
        Income (loss)                                                      
         before income
         taxes        (7,000)        -    (7,000)   1,908         -    1,908
                                                                    
    Income tax expense                                            
     (benefit)(3)     (2,473)        -    (2,473)     664         -      664
                      ------   -------    ------   ------    ------   ------
    Net income  
     (loss)          $(4,527)       $-   $(4,527)  $1,244        $-   $1,244
                      ======   =======    ======   ======    ======   ======
                                                                    
    Average - total                                                    
     loans and                                                      
     leases         $220,666 $(100,727) $119,939 $237,817 $(106,177) $131,640

    
    All Other
                       Nine Months Ended             Nine Months Ended    
                       September 30, 2009            September 30, 2008    
                       ------------------            ------------------
                              Securiti-                    Securiti-
                    Reported   zation     As     Reported   zation      As  
                     Basis     Offset  Adjusted   Basis     Offset   Adjusted
                      (4)        (2)               (4)       (2)        
                    --------  -------- --------  --------  --------- --------
    Net interest                                                        
     income                                                  
     (loss) (3)    $(5,399)    $7,024    $1,625   $(6,143)    $6,402    $259
    Noninterest                                                          
     income:                                                            
        Card income                                                      
        (loss)       (464)     1,355       891     1,797     (1,768)     29
        Equity                                                          
         investment                                                      
         income     8,191          -     8,191       651          -     651
        Gains on                                                        
         sales of                                                        
         debt
         securities 3,584          -     3,584       349          -     349
        All other                                                        
         income                                                    
        (loss)     (4,165)        94    (4,071)     (380)       179    (201)
                   ------    -------    ------    ------     ------  ------
        Total                                                        
         noninterest                                              
         income     7,146      1,449     8,595     2,417     (1,589)    828
                   ------    -------    ------    ------     ------  ------
        Total                                                        
         revenue,
         net of                                                      
         interest                                                  
         expense    1,747      8,473    10,220    (3,726)     4,813   1,087
                                                                    
    Provision for                                                        
     credit                                                        
     losses        (1,908)     8,473     6,565    (3,158)     4,813   1,655
    Merger and                                                          
     restructuring                                                        
     charges        2,188          -     2,188       629          -     629
    All other                                                            
     noninterest                                                        
     expense        1,439          -     1,439        48          -      48
                   ------    -------    ------    ------     ------  ------
         Income                                                      
         (loss)                                                      
          before
          income                                            
          taxes        28          -        28    (1,245)         -  (1,245)
    Income tax                                                          
     expense                                                      
     (benefit)(3)   (1,975)         -    (1,975)     (534)         -    (534)
                    ------    -------    ------    ------     ------  ------
          Net                                                        
           income                                                
          (loss)   $2,003         $-    $2,003     $(711)        $-   $(711)
                   ======    =======    ======    ======     ======  ======
                                                                    
     Average -                                                          
      total                                                              
      loans and                              
      leases     $158,721   $100,727  $259,448  $132,615   $106,177 $238,792
                                                                    
    (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 basis                                                        
    (4) Provision for credit losses represents provision for credit losses in
        All Other combined with the Global Card Services securitization
        offset.  

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

Information for periods beginning July 1, 2008 include the Countrywide acquisition. Information for the period beginning January 1, 2009 includes the Merrill Lynch acquisition. Prior periods have not been restated. This information is preliminary and based on company data available at the time of the presentation.

Investors, Kevin Stitt, +1-704-386-5667, Lee McEntire, +1-704-388-6780, Grace Yoon, +1-212-449-7323, or Reporters, Scott Silvestri, +1-980-388-9921, scott.silvestri@bankofamerica.com, all of Bank of America