CTW CALLS ON NEW B OF A CHAIR TO ACCELERATE CEO SUCCESSION

Shareholders Take Necessary First Step by Removing Ken Lewis as Chair

FOR IMMEDIATE RELEASE
Thursday, April 30, 2009

CONTACT: Bill Patterson, 202-721-6028

WASHINGTON, DC – The following is a statement from the CtW Investment Group executive director William Patterson regarding the results of the shareholder vote at yesterday’s Bank of America annual meeting.

“Yesterday, shareholders delivered an unambiguous call for new leadership at Bank of America (NYSE:BAC). By removing Ken Lewis as Chairman and signaling strong opposition to his remaining on the board of directors, shareholders took the critical first steps. The onus is now on the board to act on the underlying management and board concerns that drove yesterday’s shareholder vote.

“At minimum, this includes accelerating the board’s CEO succession plan and initiating the longer process of reforming the board itself. Like RiskMetrics, we believe the entire board must be reconstituted if it is to both restore its credibility and demonstrate its independence.

“The independent directors failed to take these necessary steps under the leadership of Lead Director Temple Sloan, who barely received a majority shareholder vote yesterday. Overcoming their recalcitrance will now require strong leadership from Dr. Walter E. Massey, who the board named to be Independent Chairman. The wisdom of the board’s choice for its new leader rests on whether the board moves swiftly to initiate these reforms, with input from institutional shareholders, or continues business as usual.”

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**Note: Please contact CtW Investment Group Financial Initiatives Manager Per Olstad at 202-721-6027 or per.olstad@changetowin.org. For additional information, visit www.ctwinvestmentgroup.com **

Washington, DC

New York

CTW CALLS ON NEW B OF A CHAIR TO ACCELERATE CEO SUCCESSION

Shareholders Take Necessary First Step by Removing Ken Lewis as Chair