Bank of America Corporation 2005 Shareholders Meeting - Final FD (Fair Disclosure) Wire May 11, 2005

there's a broader scenario (ph). Yes? RICHARD DAVIT, STOCKHOLDER: Yes, Mr. Chairman, Richard Davit (ph), shareholder and stakeholder. As you're aware, investors worldwide cannot help but pickup the frightening news on a daily basis about the gross irregularities at Fannie Mae. As recently as April 6, 2005, Mr. Armando Falcon, Director of the Office of Federal Housing Oversight or OFHO, testified before Congress before a House Financial Service subcommittee citing numerous violations by Fannie Mae of the generally accepted accounting practices or GAAP. These GAAP violations undermine the confidence in the safety and soundness of Fannie Mae activity. As you know, Bank of America is a loan servicer for Fannie Mae and Fannie Mae, therefore, could require Bank of America to repurchase its portion of the $1.5 trillion in notes that their portion serviced by Bank of America. If Bank of America fails to follow the very strict guidelines proffered by Fannie Mae as part of its charter bestowing Fannie Mae with the full faith and credit of the U.S. Treasury. Consequently, Bank of America stockholders face a huge liability if Bank of America is found not to be in full compliance with Fannie Mae guidelines. Recent reports indicate many problems with the loan servicing industry with predatory lending legislation sweeping the country. Consumers are demanding that mortgage servicers be stripped of any exemptions previously enjoyed by banks making them subject to all debt collection statutes, which they claim is the essence of the business. Predating Enron, I've been in contact with the management of Bank of America, as well as Mr. Guinn, the Chair of the Audit Committee and its members calling to their attention the numerous violations by Bank of America to Fannie Mae Guidelines. For years, when possible, I've attended these annual meetings to attest to these violations. To date, Mr. Guinn and the other members of the Audit Committee have been derelict in their duty to respond pursuant to their fiduciary responsibility to all shareholders and stakeholders. I have basically three interrelated questions. One, so that Bank of America stockholders around the world can gauge their potential liability, how can Bank of America assure its stockholders that Bank of America is in full compliance with all of the Fannie Mae guidelines with respect to the millions in loans Bank of America services for Fannie Mae? What specific policies and procedures followed on a daily basis are in place to ensure full compliance? And what methods are in place to audit for that compliance? And how can shareholders acquire a report of that audit of compliance? Two, in light of Sarbanes-Oxley, can Bank of America Audit Committee, management and legal counsel and members of the accounting firm be personally and criminally liable for the failure to comply with the Fannie Mae guidelines? And three, will it be necessary for me to again raise these issues at the next year's stockholder meetings or should I go elsewhere to take action?

KEN LEWIS: Elsewhere would be fine. I don't recall the issues that you've had before being issues. It seemed to be more about your mortgage, I thought, than what you're talking about now. RICHARD DAVIT: The mortgage activity gave me a window of opportunity to look into this situation. And if you have consulted with your Audit Committee, it's clear that I've brought these issues to their attention. KEN LEWIS: And the Audit Committee has looked into every single issue and have looked at them in depth and have said that we feel that we are complying with all of the issues that would arise around Fannie Mae or Freddie Mac and we're in compliance. And we have looked very - in great detail and we do have audits of our procedures. And we think that you're incorrect with your assessments. RICHARD DAVIT: So, you say that you are in compliance with all the Fannie Mae guidelines? KEN LEWIS: Yes, to the best of my knowledge. RICHARD DAVIT: Your Audit Committee has evidence to the contrary, sir. Thank you.

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