Approval of proposal by Bank of America

The following press release was published by the Board of Governors of the Federal Reserve System on June 5, 2008. It is reproduced in full below.

The Federal Reserve Board on Thursday announced its approval of the notice of Bank of America Corporation, Charlotte, North Carolina, to acquire Countrywide Financial Corporation ("Countrywide"), Calabasas, California, and thereby indirectly acquire Countrywide Bank, FSB, Alexandria, Virginia, and certain other nonbanking subsidiaries of Countrywide.

Attached is the Board's Order relating to this action.

Source: Board of Governors of the Federal Reserve System