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Bank of America to Exercise Remainder of China Construction Bank Option

Posted by J.S.

November 17, 2008

CHARLOTTE, N.C., Nov. 17 /PRNewswire/ — Bank of America Corporation has given notice of its plan to exercise the remainder of its option to purchase ordinary shares of China Construction Bank Corporation from China SAFE Investments Limited (Huijin). Bank of America acquired the option from Huijin in connection with its investment in CCB in June 2005. Bank of America expects the purchase of the option shares will be completed by the end of November. Immediately following the purchase, Bank of America would hold about 44.7 billion H-shares of CCB, representing about 19.1 percent of CCB’s issued shares.

Bank of America currently holds approximately 10.75 percent of the issued shares. The shares being acquired under the option may not be sold until August 29, 2011 without CCB’s consent. Bank of America intends to remain a long-term and significant strategic investor in CCB. In addition, both companies intend to further their mutual cooperation and other initiatives under the 2005 Strategic Assistance Agreement.

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.
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SOURCE: Bank of America

CONTACT: Investors, Kevin Stitt, +1-704-386-5667, or Lee McEntire,
+1-704-388-6780; or Media, Scott Silvestri, +1-980-388-9921,
scott.silvestri@bankofamerica.com, all of Bank of America

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