Bank of America Announces Expiration and Final Results of Tender Offer for Certain Subordinated Notes

Bank of America Corporation and its wholly-owned subsidiary Merrill Lynch & Co., Inc. (the "Offerors") today announced the expiration of their tender offer (the "Offer") for certain subordinated notes listed in the table below (collectively, the "Notes") for aggregate cash consideration of up to $3.5 billion or its equivalent in the currencies in which certain of the Notes are denominated (the "Maximum Tender Consideration").

As of the "Expiration Date" for the Offer, which was midnight, New York City time, on February 15, 2012, a total of approximately $3.652 billion or its equivalent in aggregate principal amount of the Notes had been tendered and not withdrawn. The aggregate purchase price of the Notes that had been tendered and not withdrawn was $3.410 billion or its equivalent (excluding accrued interest). Accordingly, all such tendered Notes will be accepted for purchase.

The following table lists the series of Notes that were subject to the Offer and the aggregate principal amount of each series of Notes tendered and not withdrawn as of the Expiration Date:

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Payment for Notes of any series will be made in the same currency in which such series of Notes is denominated. Payment is expected to occur on February 17, 2012. Holders of Notes accepted for purchase will also receive accrued and unpaid interest on their purchased Notes from the last interest payment date applicable to such Notes to, but not including, the payment date.

The complete terms and conditions of the Offer are described in the Offer to Purchase, dated January 19, 2012 (the "Offer to Purchase"), and the related Letters of Transmittal (the "Letters of Transmittal").

D.F. King & Co., Inc. acted as tender agent and information agent for the Offer and BofA Merrill Lynch acted as dealer manager for the Offer.

This news release shall not constitute a solicitation to buy or an offer to purchase any securities. The Offer was made only pursuant to the Offer to Purchase and the related applicable Letter of Transmittal.

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 approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. 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 approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations 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.

Forward-Looking Statements

Certain statements in this news release represent the current expectations, plans or forecasts of Bank of America and are forward-looking. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like "expects," "anticipates," "believes," "estimates," "targets," "intends," "plans," "predict," "goal" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." The forward-looking statements made in this press release include, without limitation, statements concerning the expected timing of payment for the tendered Notes. Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed under Item 1A. "Risk Factors" of Bank of America's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, Item 1A. "Risk Factors" of Bank of America's Annual Report on Form 10-K for the year ended December 31, 2010 and in any of Bank of America's other subsequent Securities and Exchange Commission filings: the timing of the payment for the tendered Notes.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Contacts:

Investors May Contact:
Patricia Noneman, Bank of America, 1.980.388.3591
Jonathan G. Blum, Bank of America, 1.212.449.3112
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
jerome.f.dubrowski@bankofamerica.com