8/14/2019 Bank of America-Merrill Lynch Merger Investigation - Exhibit B

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MINUTES OF SPECIAL MEETING OF BOARD OF DIRECTORSOF

BANK OF AMERICA CORPORATION

D ~ c e m b e r 2 2 , 2 0 0 8

Pursuant torlue n o t i ~ e . a special me-eting oftha I ? < > ~ f : q qf PirectO(1) of Bani< ofAmeiiCa COfPoratiQn (the ~ C o r p o r a t i o n " ) was. held b telephone atA:{}Q P;Ili. EST' on Monday,D e c e . r r l p e i ~ 2 . 2 Q 0 8 .

The follpWing D i r e c : ~ o r ~ were p r ~ e o l c c m s t i t u t i ~ a , ~ , q u o r u m : Messrs. WilliamB ~ r t l e t . ! HI_, Frank P. Bramble, Sr., Johl) T. C o l l i . m ~ . Ga.ry'L Countryman, Tommy'R. Franks,C t 1 a r ~ s . .15..' Giff.0rd.J

8/14/2019 Bank of America-Merrill Lynch Merger Investigation - Exhibit B

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Mr. Lewis reported that a series of calls had occurred between management ofthe Corporation and federal regulators as welt as individual calls with Mr. PaUlsen, Secretary ofthe Treasury ( "TreasuryQ) and Mr. Bernanke. Chairman of the B o ~ r d {)f G o ~ ~ n o r s : o f the FederalR ~ ~ e r v e {"Fed">, He reported the ~ e points ottf\e cCiRs to qe: (i) fir$t a ~ ( o r e m o s t , t h e T r ~ a s u F V and Fed are unified in theJ view that the failure Of the Corpora,tion t o c o m p l e t e t h ~ acql,Jisition of Merrill LYl1ch wolild r e s ~ I t H 1 systfi!mic r l ~ k , t o t h e financialservjcessystem inA m e r t ~ al1d wOl,Jld have a d v e r s ~ corisequeripesfOf t p o r p o r a t i o n ~ (ii) sePOrlo. the TreasYJYanti feet stated strongly that w e H ~ Jhe C ~ r p o r a t t o n 10-_ .inYOke tne -matet;ial ~ d v e f $ e _c h c l n g ~ cMACwr clause in the merger a . g r e e m e r i ~ ' ' t ' \ I i t h M e r r : n ~ L Y T l ~ n and faa to dQse t h ~ l f a , n s a c t i o n . the_. .n e ~ s u r y and Fed w.ouldrernove the 8 9 ~ t l : 1 andrn.cfnag.ef!lE!nt (j f the Corpprati()ni(ili) lhir(;j. theTreasl!fY and Fed-have confirmed t h C : ! l t h $ y - w i l t . J ? ~ o V l d e a ~ ~ t i s t a ~ ~ t o t n ~ C 9 t p o C l l t j o n to restorec a p i ~ a ] a n d J o p r o t ~ c t t t l e C o r p o r ~ t l o n a S a . ~ A s t t h ~ ' a t l V e t s ~ 1 t n p a c t o f c:ertain:Merril1 Lynch assets;an;d . ( i v ) f ~ , .the Fed and T r e a $ Y J Y ~ t a t ~ trClt t t i ~ j n " e ~ . m e n t a n d a $ S ~ l p r o t e c l i o n promised~ \ J J g o o t ~ e proii!dedOi" c o i n p l e ~ e Q by. ~ h S C h ~ d u l e d c 1 o s i n g dateoLthe r T \ ~ r . Janua'}' 1,2 ( } Q 9 ~ l h ~ t l h e m e t g , ~ s t l O u t d c l o s e C l ~ s ~ h ~ d u l e d ~ a n d that the Corporation can rely on the Feda.lid 1"reaS\Jry locOWPleteandde1iver the ptornisedsupport b.yJanuary 20.2009. the date$ ~ l 1 g u l e d f o r th! releCl5eof earninQsbyttie COflloratiOn;

Mr; Lewis relterated tllat be had discussed iO detail the (;

8/14/2019 Bank of America-Merrill Lynch Merger Investigation - Exhibit B

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Mr. LewiS stated further that the Corporation will proceed diligently with the workrequired to document the commitment from the Fed. Treasury and otherS to facilitate anannouncement of the commitment in conjunction with the Corporation's earnings release onJanuary 40. 2 0 0 9 ~

. r v 1 r . ~ L e V ( j ~ r ~ s t a t e c l that m a n a g e n i e n t ' ~ r ~ c o m m e n d a t i < 3 n is'1)ased on the followingfacts: instryctlon fr

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After discussion, the E30ard requested that management bbtaih furtherc1ar{fication of certain potential terms,conditions and assurances regarding the. commitrilen' ~ . ".... ' . . . _ : . .. o. . . . ~ . . . _ . .- , . . . '. .. . . - . - '-." _,. . _. . . .. . . _ __.. .. . ..fromthe federat r ~ g u l a t Q f s ,

There b ~ i f ) g . nqfurther I:>usiness to .come before the Bbant . ~ meeting wasadj()urned.

/;/ . / ' . r , ~ . Z 2 . Kenneth D. L e w i ~ Cli;;iirwan ofllie B o

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FOIL Confidential Treatment Requested By Bank Of BAC-ML-NYAG0000America Corporation