Prospectus excerpt:  Bank of America Corporation is offering 6,000,000 shares of 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, $0.01 par value, with a liquidation preference of $1,000 per share (the ÙPreferred Stockˆ).

We will pay dividends on the Preferred Stock, when, as, and if declared by our board of directors or a duly authorized committee of our board, quarterly, in arrears, on January 30, April 30, July 30, and October 30 of each year, beginning on April 30, 2008. For each quarterly dividend period from the issue date of the Preferred Stock, we will pay declared dividends at a rate of 7.25% per annum. Dividends on the Preferred Stock will not be cumulative.

Each share of the Preferred Stock may be converted at any time, at the option of the holder, into 20 shares of our common stock, $0.01 par value (the Ùcommon stockˆ) (which reflects an initial conversion price of $50.00 per share of common stock, which is approximately a 25% premium over the VWAP (as defined herein) of our common stock from 2:30 p.m. EST on January 23, 2008 to 4:00 p.m. on the pricing date for the offering), plus cash in lieu of fractional shares, subject to anti-dilution adjustments. The conversion rate will be adjusted as described herein upon the occurrence of certain other events.

The Preferred Stock is not redeemable by us at any time. On or after January 30, 2013, if the closing price of our common stock exceeds 130% of the then-applicable conversion price for 20 trading days during any period of 30 consecutive trading days, we may at our option cause some or all of the Preferred Stock to be automatically converted into common stock at the then prevailing conversion rate.