Bank of America Corporation (“Bank of America”) announced today that it has completed its previously announced offer to purchase for cash (the “Tender Offer”) any and all of the outstanding 5.70% Senior Notes due 2034 (the “Notes”) which were issued by MBIA Inc., a Connecticut corporation (“MBIA”), under an indenture dated November 24, 2004 (the “Indenture”). Bank of America said that, as of the expiration of the Tender Offer, it received tenders from holders of approximately $136 million in aggregate principal amount of the Notes and that Blue Ridge Investments, L.L.C. (“Blue Ridge”), a wholly owned subsidiary of Bank of America, has accepted for purchase and paid for all such tendered Notes. Bank of America also announced that, in a letter to MBIA and the trustee for the Notes, Blue Ridge has issued a notice of default under the Indenture caused by MBIA’s violation of its covenants under the Indenture through, among other things, the purported adoption of a proposed amendment in violation of the terms of the Indenture. This news release shall not constitute a solicitation to buy or an offer to purchase any securities. The Tender Offer was made solely pursuant to, and in accordance with the terms and conditions specified in, the Offer to Purchase and the related Letter of Transmittal. No offer, solicitation, purchase or sale shall be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. None of Bank of America, its board of directors, officers or affiliates, the dealer manager, the information agent, or the trustee made any recommendation as to whether eligible holders should tender their notes in the Tender Offer. 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 55 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 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 more than 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.