Bank of America

Cynthia Fornelli joins bank from SEC

Will head Securities Regulation & Conflicts Management

CHARLOTTE, N.C. - Bank of America announced today the appointment of Cynthia Fornelli to the newly created role of Securities Regulation & Conflicts Management Executive in Compliance Risk Management.

Fornelli joins the bank from the U.S. Securities and Exchange Commission (SEC) where she has been Deputy Director of the Division of Investment Management. She will report directly to Charles Bowman, Principal Compliance Executive for the bank.

"Cindy will provide high level expertise and add tremendous depth to the organization in all of its securities activities, and will play a front-line role in addressing any conflicts that arise as the bank delivers products across multiple lines of business," Bowman said. "We are pleased to have someone with such knowledge and experience in compliance and regulatory issues join our team in this important new role."

Fornelli joined the SEC in June 1999 as a senior adviser to the director of the Division of Investment Management and in January 2001 was promoted to Deputy Director of that division.

Prior to joining the SEC she was associated with Dechert Price & Rhoads in Washington D.C. as part of its Investment Management Practice Group, working with clients on compliance issues. From 1991 to 1997 she was an associate in the Corporate Securities and Transaction practice with Fried, Frank, Harris, Shriver & Jacobsen, also in Washington, D.C.

Fornelli is a graduate of Purdue University and taught Russian there for a year after graduation. She received her JD, magna cum laude, from George Washington University National Law Center.

She will join the bank on September 27 and plans to relocate to Charlotte.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small 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 33 million consumer relationships with 5,700 retail banking offices, more than 16,000 ATMs and award-winning online banking with more than ten million active users. Bank of America is the #1 Small Business Administration lender in the United States. The company serves clients in 150 countries and has relationships with 96 percent of the U.S. Fortune 500 companies and 82 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.

August 19, 2004