Bank of America Corporation Non Cumulative Perpetual Preferred Convertible Preferred Stock Series L $1000

Shares are convertible, at the option of the holder any time into 20 shares of BAC (an initial conversion of $50). After 1/30/2013 if the common shares exceeds 130% of the conversion price for 20 of any 30 consecutive day period the company may force a conversion at the current conversion rate. These shares are not redeemable.