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BankofAmerica ~ ~;.. Nations Reserves Investment Selection Form Concentration - Liquidity Shares lecking Account Number: ........... Initial Target Balance: e Investment selected by the Client is (check one, only): ~ D Nations Government Reserves Fund - Liquidity Class Shares D Nations Treasury Reserves Fund - Liquidity Class Shares [8J Nations Cash Reserves Fund - Liquidity Class Shares D Nations Money Market Reserves Fund - Liquidity Class Shares D Nations Municipal Reserves Fund - Liquidity Class Shares $0 [n-k{?(\~.e l:Olf~5DS~ 3~lp tonS ~h. lX:14 y<f SD6\4 Dl.o Nations Reserves Funds: . are NOT insured or guaranteed by the U.S. government, the FDIC, or any other government agency; . are NOT deposits or other obligations of Bank of America; . are NOT issued, endorsed or guaranteed by Bank of America; and . involve investment risk, including the possible loss of principal. Client should review the prospectus for any Money Market Fund carefully before investing through the Investment Account. 1. This Investment Selection Form contains terms and conditions which relate to the purchase by the Client, under the Client Agreement for Commercial Automated Investment Account dated March , 200Q, of the Investment. The Investment is shares of the mutual fund portfolio referenced above ("Money Market Fund"). A separate Investment Selection Form must be completed for each Money Market Fund in which the Client wishes to make an Investment. The terms and conditions contained in this Investment Selection Form are part of the Agreement, and capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Agreement. 1 The Investment is more fully described in its Prospectus delivered to the Client by Bank of America. By signing the Agreement, the Client acknowledges that Client has received and reviewed the Prospectus. The Client acknowledges that the Investment has been made after review of the Prospectus. The Client acknowledges that Bank of America is entitled to a fee, paid by the Money Market Fund, not to exceed .15% of the daily net asset value of the shares, for providing certain distribution and shareholder support services. The Client also acknowledges and understands that BACAP Distributors, LLC and Banc of America Capital Management, LLC are the distributor and investment adviser to Nations Funds, respectively. They and other affiliates of Bank of America provide services to Nations Funds and receive fees for such services. BACAP Distributors, LLC, member NASD, SIPC. Expenses of the Money Market Fund are disclosed in the Prospectus and may change from time to time. 3. The Client authorizes Bank of America to purchase and redeem shares of the Money Market Fund in accordance with the Client Agreement for Commercial Automated Investment Account. The redemption proceeds shall be transferred to the listed Checking Accounts. The Investment will be made in the name of Bank of America which acts hereunder as agent for the Client. The Client understands that the Investment may only be accessed through the Client's respective Checking Account. 4. In connection with shareholder services, Bank of America will send to the Client all Money Market Fund proxy solicitation material and proxies. The Client understands that the Client is expected to vote them in such manner as the Client considers desirable and then return them in accordance with the instructions received. The Client understands that, if the Client's written proxy instructions have not been received by Bank of America by the fifth business day prior to the meeting at which the proxy is to be voted, Bank of America is authorized pursuant to applicable agreements with the Money Market Fund to vote the Client's outstanding shares in the same proportion as the proxies received from the other Clients. The Client relieves Bank of America of liability if proxies inadvertently do not reach the Client. 5. Earnings and distributions on the Investment will be credited to the Checking Account on the first banking day of the month following the month in which the Investment is made. 6. The Client shall reimburse Bank of America immediately for any items paid by Bank of America in excess of collected funds on deposit in the Checking Account through redemption of Money Market Fund shares or otherwise. The Client agrees that Bank of America shall have the right, without prior notice to the Client, to set off any funds received from the Money Market Fund against indebtedness owed to Bank of America. If items drawn on the Checking Account are dishonored by Bank of America because of insufficient collected funds deposited in the Checking Account or available for credit to the Checking Account pursuant to the terms hereof, the Client shall be fully responsible therefor and shall indemnify and hold Bank of America harmless on account of such dishonor. 1 00-35- 2512NSBW 10-2004 5 @ 2004 Bank of America Corporation