BANK OF AMERICA

Investor Relations

Bank of America, Merrill Lynch Declare Preferred Dividends

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CHARLOTTE, N.C., Jan. 21 /PRNewswire-FirstCall/ -- Bank of America Corporation and Merrill Lynch & Co., Inc. today announced their respective Boards of Directors declared preferred dividends.

The initial cash dividend of $125 per share, or a total of approximately $50 million, on the Fixed-Rate Cumulative Perpetual Preferred Stock, Series Q, is payable on February 17, 2009 to the shareholder of record as of January 31, 2009. This is the first quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, related to the federal government's $10 billion investment in Merrill Lynch & Co., Inc. made under the Capital Purchase Program of the Troubled Asset Relief Program (TARP) legislation.

The initial cash dividend of $161.11 per share, or a total of approximately $129 million, on the Fixed-Rate Cumulative Perpetual Preferred Stock, Series R, is payable on February 17, 2009 to the shareholder of record as of January 31, 2009. This is the first quarterly dividend payment to the U.S. Department of the Treasury, the shareholder of record, related to the federal government's $20 billion investment on January 16, 2009, in Bank of America made under TARP.

A quarterly cash dividend of $2,250 per share on the Merrill Lynch 9 Percent Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 2, is payable on March 2, 2009, to shareholders of record as of February 15, 2009.

A quarterly cash dividend of $2,250 per share on the Merrill Lynch 9 Percent Non-Voting Mandatory Convertible Non-Cumulative Preferred Stock, Series 3, is payable on March 2, 2009, to shareholders of record as of February 15, 2009.

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, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users. Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. 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 40 countries. 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.

www.bankofamerica.com

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