BANK OF AMERICA

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Countrywide to Voluntarily Delist, Deregister Securities

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Bank of America to Relist Securities

CHARLOTTE, N.C., Oct. 16 /PRNewswire/ -- Bank of America announced today its wholly-owned subsidiaries, Countrywide Financial Corporation and Countrywide Home Loans, Inc., together with Countrywide Capital IV and Countrywide Capital V, have notified the New York Stock Exchange of their intention to voluntarily delist certain securities.

Those securities are the Countrywide Capital IV 6.75 percent Trust Preferred Securities (NYSE: CFCPRA) and the related guarantees of Countrywide Financial Corporation and Countrywide Home Loans, Inc., and the Countrywide Capital V 7 percent Capital Securities (NYSE: CFCPRB) and the related guarantees of Countrywide Financial Corporation.

Following the delisting, the Countrywide issuers intend to withdraw the securities from registration with the Securities and Exchange Commission and Countrywide intends to suspend its reporting obligations under the Securities Exchange Act of 1934.

The Countrywide issuers intend to withdraw the trust preferred securities and related Countrywide guarantees from listing and deregistration in connection with the previously announced intention of Bank of America to assume the obligations of Countrywide Financial Corporation and Countrywide Home Loans, Inc. under their debt securities and related guarantees, including these Countrywide guarantees, as part of the consideration for the transfer of substantially all of the assets and operations of Countrywide Financial Corporation and Countrywide Home Loans, Inc. to other subsidiaries of Bank of America.

Separately, Bank of America intends to apply to the New York Stock Exchange for the listing of the trust preferred securities and related Bank of America guarantees following the assumption once in effect.

The Countrywide issuers will file Form(s) 25 with the SEC on or about October 27, 2008 and expect the delisting to become effective and Countrywide's reporting obligations to be suspended 10 days after the filing. Bank of America expects the sale of Countrywide assets and the related assumption of Countrywide debt securities and related guarantees to occur around November 7, 2008, subject to receipt of necessary approvals and negotiation of appropriate agreements.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Forward Looking Statements

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws. These forward looking statements are based upon Bank of America's present expectations, but these statements and the implications of theses statements are not guaranteed. Investors should not place undue reliance upon forward looking statements.

http://www.bankofamerica.com

SOURCE Bank of America