BANK OF AMERICA

Investor Relations

Bank of America to Pay $713 Million in TARP Preferred Dividends

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CHARLOTTE, N.C., April 3 /PRNewswire/ -- Bank of America Corporation today said the Board of Directors has authorized approximately $713 million in dividend payments to the U.S. government under the Troubled Asset Relief Program (TARP).

As previously announced, Bank of America paid its first dividends totaling $402 million to the U.S. Department of the Treasury in February, reflecting the company's ongoing commitment to pay back taxpayers as quickly as possible.

Dividends related to the government's investment in the company under TARP include the following:

The cash dividend of $312.50 per share, or a total of approximately $188 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series N, is payable on May 15, 2009 to the Treasury Department, the shareholder of record as of April 30, 2009. This quarterly dividend payment relates to the government's $15 billion investment in Bank of America made under the Capital Purchase Program of TARP.

The cash dividend of $312.50 per share, or a total of approximately $125 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series Q, is payable on May 15, 2009 to the shareholder of record, the Treasury Department, as of April 30, 2009. This quarterly dividend payment relates to the government's $10 billion investment in Merrill Lynch & Co., Inc. made under the Capital Purchase Program of TARP.

The cash dividend of $500 per share, or a total of approximately $400 million, on the Fixed Rate Cumulative Perpetual Preferred Stock, Series R, is payable on May 15, 2009 to the shareholder of record, the Treasury Department, as of April 30, 2009. This quarterly dividend payment relates to the government's $20 billion investment in Bank of America on January 16, 2009 under TARP.

Separately, the Board of Directors also authorized the following dividends on preferred stock:

A quarterly cash dividend of $0.38775 per depositary share on the 6.204 percent Non-Cumulative Preferred Stock, Series D, is payable on June 15, 2009 to shareholders of record as of May 29, 2009.

A quarterly cash dividend of $0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series E, is payable on May 15, 2009 to shareholders of record as of April 30, 2009.

A quarterly cash dividend of $0.5125 per depositary share on the 8.20 percent Non-Cumulative Preferred Stock, Series H, is payable on May 1, 2009 to shareholders of record as of April 15, 2009.

A quarterly cash dividend of $0.4140625 per depositary share on the 6.625 percent Non-Cumulative Preferred Stock, Series I, is payable on July 1, 2009 to shareholders of record as of June 15, 2009.

A quarterly cash dividend of $0.453125 per depositary share on the 7.25 percent Non-Cumulative Preferred Stock, Series J, is payable on May 1, 2009 to shareholders of record as of April 15, 2009.

A semi-annual cash dividend of $40.625 per depositary share on the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series M, is payable May 15, 2009 to shareholders of record as of April 30, 2009.

A quarterly cash dividend of 0.18542 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 1, is payable on May 28, 2009, to shareholders of record as of May 15, 2009.

A quarterly cash dividend of 0.18542 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 2, is payable on May 28, 2009, to shareholders of record as of May 15, 2009.

A quarterly cash dividend of 0.3984375 per depositary share on the 6.375 percent Non-Cumulative Preferred Stock, Series 3, is payable on May 28, 2009, to shareholders of record as of May 15, 2009.

A quarterly cash dividend of 0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 4, is payable on May 28, 2009, to shareholders of record as of May 15, 2009.

A quarterly cash dividend of 0.24722 per depositary share on the Floating Rate Non-Cumulative Preferred Stock, Series 5, is payable on May 21, 2009, to shareholders of record as of May 1, 2009.

A quarterly cash dividend of 0.41875 per depositary share on the 6.70 percent Non-Cumulative Perpetual Preferred Stock, Series 6, is payable on June 30, 2009, to shareholders of record as of June 15, 2009.

A quarterly cash dividend of 0.390625 per depositary share on the 6.25 percent Non-Cumulative Perpetual Preferred Stock, Series 7, is payable on June 30, 2009, to shareholders of record as of June 15, 2009.

A quarterly cash dividend of 0.5390625 per depositary share on the 8.625 percent Non-Cumulative Preferred Stock, Series 8, is payable on May 28, 2009, to shareholders of record as of May 15, 2009.

The Merrill Lynch Board of Directors declared the following dividends:

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 May 28, 2009, to shareholders of record as of May 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 May 28, 2009, to shareholders of record as of May 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 150 countries. Bank of America Corporation stock 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

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