Bank of America to purchase China Construction shares

Source: Exec Digital USA

Date :5/27/2008 6:23:18 AM

Bank of America Corp., one of the world’s largest financial institutions, today announced its intention to purchase further China Construction Bank (CCB) common shares.

The option would be exercised under an agreement Bank of America has with Huijin, reached when it first invested in CCB in June 2005.

Agreement

The firm intends to purchase six billion H-shares on, or around, June 5, 2008 for approximately HK$2.42 per share under a formula in the agreement.

If the purchase proceeds, Bank of America will hold about 25.1 billion H-shares, representing about 10.75 percent of CCB’s issued shares.

The six billion shares purchased from Huijin using the call option may not be sold until August 29, 2011 without prior consent of CCB. Bank of America currently holds about 8.2 percent of the issued shares and will have the option to purchase additional shares after the agreement.

Bank of America serves individual consumers, small and middle market businesses and large companies, assisting them with banking, asset management and investment. The company currently serves clients in over 150 countries and provides its services to more than 59 million consumers and small businesses.

May 27, 2008