Bank of America Announces Expiration of Exchange Offers

CHARLOTTE, North Carolina, December 14 /PRNewswire/ --

Bank of America Corporation today announced the expiration of its offers to exchange a portion of its outstanding subordinated debt securities listed in the table below (collectively, the "Old Notes"), for both cash and the choice of either:

    
    - up to US$2,000,000,000 aggregate principal amount of its 5.42%
      Subordinated Notes due March 15, 2017 (the "2017 Notes"); or
    - up to US$2,000,000,000 aggregate principal amount of its 5.49%
      Subordinated Notes due March 15, 2019 (the "2019 Notes").

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The 2017 Notes and the 2019 Notes are collectively referred to as the "New Notes." The offers to exchange Old Notes for cash and New Notes are collectively referred to as the "Exchange Offers." The Exchange Offers commenced on November 13, 2006 and expired at 5:00 p.m., New York City time, on December 13, 2006.

Bank of America expects to deliver an aggregate principal amount of approximately US$1.7 billion of 2017 Notes and approximately US$500 million of 2019 Notes, together with cash consideration and accrued interest, in exchange for the Old Notes accepted in the Exchange Offers.

The table below provides the aggregate principal amount of each series of Old Notes validly tendered and not withdrawn in the Exchange Offers. This information is preliminary and may change.

    
    (All currency in US dollars)

                                                   Original    
                                                   Aggregate     Aggregate
                                       Maturity    Principal     Principal
                                       Date of     Amount        Amount
    CUSIP      Common Code  Series     Old Notes   Outstanding   Tendered  
    
    060505AD6  010786428    7.80%      2/15/10  $1,900,000,000   $733,418,000
                          Subordinated
                           Notes due
                             2010        

    060505AG9  012365349    7.40%      1/15/11  $3,000,000,000 $1,370,724,000  
                          Subordinated
                           Notes due
                             2011

    638585BD0  012469446    6.375%     2/15/08  $350,000,000      $58,878,000
                          Subordinated
                           Notes due  
                             2008        

    066050CU7  014442251    6.25%      4/1/08   $250,000,000      $14,192,000
                          Subordinated
                           Notes due  
                             2008        

    066050CP8     --        7.125%     3/1/09   $300,000,000      $26,932,000
                          Subordinated
                           Notes due  
                             2009        

Based on the aggregate amount of Old Notes validly tendered in the Exchange Offers, and pursuant to the terms of the Exchange Offers, Bank of America will accept all Old Notes validly tendered without proration in accordance with the primary choice of each tendering holder of Old Notes.

As previously announced, the settlement date for the Exchange Offers is scheduled for December 18, 2006, or as soon as practicable thereafter.

The New Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. In addition, Bank of America has not taken any action to permit a public offering of the New Notes outside the United States and persons outside the United States must inform themselves about and observe any restrictions relating to the offering of the New Notes outside the United States.

Bank of America Corporation is a bank holding company and a financial holding company. The company provides a diversified range of banking and nonbanking financial services and products in 30 states, the District of Columbia, and 44 foreign countries. The company provides these services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. Bank of America Corporation common stock (NYSE: BAC) is listed on the New York Stock Exchange.

This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The Exchange Offers have been made only pursuant to an offering memorandum and related letter of transmittal and only to such persons who have completed an eligibility certification and in such jurisdictions as is permitted under applicable law.

Web site: http://www.bankofamerica.com

Eloise Hale of Bank of America, +1-704-387-0013, or eloise.hale@bankofamerica.com; Photo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b AP Archive: http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com