In addition to the net tax benefit of the above items, results are also expected to be positively impacted by a benefit of $1.3 billion, primarily related to an income tax benefit from the recognition of foreign tax credits made available from the restructuring of certain non-U.S. subsidiaries. The aforementioned tax effects have no net impact on regulatory capital during the fourth quarter of 2012.

Taking into account the effects of all the items above, Bank of America expects earnings per share to be modestly positive for the fourth quarter of 2012. Bank of America is scheduled to report fourth-quarter 2012 financial results on January 17, 2013.

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.

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 agreements with Fannie Mae, the expected timing and amounts of payments to be made, sources of those payments and repurchases to be completed thereunder; statements regarding the expected materiality of certain exceptions in the agreements; expectations regarding the impact of the agreements with Fannie Mae on pretax income for the fourth quarter of 2012; claims to be extinguished by the agreements with Fannie Mae; estimates of the range of possible loss for representations and warranties exposures at December 31, 2012; expectations regarding loan levels in the servicing portfolio following completion of the contemplated servicing transfer transactions and the impact of such transactions on the company’s financial results in the fourth quarter of 2012 and in future periods as servicing is transferred; the anticipated schedule for servicing transfers; statements regarding expense control measures; the company’s commitment to work closely with its customers, buyers and the investors who own the loans to ensure that customers receive service attentive to their needs; the impact of certain items that are expected to affect the company’s fourth-quarter 2012 financial results, including mortgage-related matters, litigation expense, DVA and FVO adjustments, and recognition of foreign tax credits; general expectations regarding EPS for the fourth quarter of 2012; and other similar matters. 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.

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