Bank of America to Sell Remaining Stake in China Construction Bank

  Bank of America to Sell Remaining Stake in China Construction Bank

                   Strategic Assistance Agreement Continues

Business Wire

CHARLOTTE, N.C. -- September 3, 2013

Bank of America Corporation today announced that it agreed to sell its
remaining equity investment in China Construction Bank Corporation (CCB),
representing approximately 2 billion shares, or 1 percent of all CCB shares
outstanding. The strategic assistance agreement (SAA) between Bank of America
and CCB, which was recently extended to 2016, will continue.

Under the SAA, Bank of America provides advice and assistance to CCB in
specified business areas, focusing on processes and systems including customer
service and sales models. Bank of America benefits through increased brand
recognition in China and enhanced international business experience for Bank
of America employees. Approximately 3,100 Bank of America employees and 5,000
CCB employees have participated in SAA exchanges since 2005.

"The Bank of America-CCB relationship continues to bring substantial benefits
to each company," said Bank of America Chief Executive Officer Brian Moynihan.
"We have built a strategic partnership based on shared operational expertise,
and our clients in China and Asia recognize Bank of America's ongoing
association with one of the world's leading financial institutions."

The transaction is expected to generate a pretax gain of approximately $750
million in the third quarter of 2013. This gain could be partially offset by
negative fair value option (FVO) adjustments and debit valuation adjustments
(DVA) if the company’s credit spreads, which have improved significantly
during the third quarter of 2013, remain at current levels when measured on
September 30, 2013.

Forward-looking statements
Certain statements in this news release represent the current expectations,
plans or forecasts of Bank of America based on available information and are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. 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 news release include, without limitation, statements concerning the
estimated pretax gain on the sale of CCB shares, expectations regarding the
possible impact to noninterest revenue of FVO and DVA, and assumptions
regarding the company’s credit spreads. 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 discussed under Item 1A. “Risk
Factors” of Bank of America’s Annual Report on Form 10-K for the year ended
December 31, 2012 and in any of Bank of America’s other subsequent Securities
and Exchange Commission filings.

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. We serve
approximately 51 million consumer and small business relationships with
approximately 5,300 retail banking offices and approximately 16,350 ATMs and
award-winning online banking with 30 million active users and more than 13
million mobile 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 3 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.

Visit the Bank of America newsroom for more Bank of America news.

                            www.bankofamerica.com

Contact:

Investors May Contact:
Anne Walker, Bank of America, 1.646.855.3644
Lee McEntire, Bank of America, 1.980.388.6780
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840
jerome.f.dubrowski@bankofamerica.com
 
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