Press Release

Opportunity Knocks for Bank of Opportunity

1/25/2008

Morrison & Foerster advised the underwriters in Bank of America Corporation's two securities offerings that will provide the bank and financial holding company with gross proceeds of $12.9 billion.

The first, an offering of $6 billion of Depositary Shares, each representing a 1/25th interest in a share of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, was underwritten by Banc of America Securities LLC, Morgan Stanley, UBS Investment Bank, Loop Capital Markets, LLC and The Williams Capital Group, L.P.  The second, an offering of $6.9 billion of 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, was underwritten by Banc of America Securities LLC.

The Morrison & Foerster team for the Depositary Shares included capital markets lawyers Jim Tanenbaum, Anna Pinedo, Mara Goldsmith and Elise Kim, and tax lawyers Tom Humphreys, Shamir Merali and Remmelt Reigersman.  The Morrison & Foerster team for the Preferred Stock included capital markets lawyers Jim Tanenbaum, Anna Pinedo, Mara Goldsmith and Anna Lau, and tax lawyers Tom Humphreys, Shamir Merali and Remmelt Reigersman.  Morrison & Foerster LLP also advised the Corporation with respect to tax matters.  The proceeds of both offerings will be included in Bank of America's Tier 1 capital.

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