BOSTON, April 12, 2004 - Fidelity Investments today announced that Bank of America Corporation has selected it to provide administrative services for its human resources operations, payrolls, and benefits programs covering about 250,000 employees and retirees.

As part of the seven-year contract, Fidelity will provide Bank of America with a wide range of human resources and benefits administration services: A full suite of integrated workforce effectiveness services including compensation planning, performance management, talent management, and learning management; payroll, timekeeping and attendance; personnel administration; employee records; HRIS management; health and welfare; defined benefit; defined contribution; and stock plans.

Fidelity said that as a result of this decision by Bank of America and services Fidelity began providing to FleetBoston Financial earlier this year, it expects to create about 375 new jobs in its Marlborough, Mass., and Merrimack, N.H., facilities as part of its resources to service this business.

"By working with Fidelity, our associates will have access to leading-edge technology that allows us to provide them with a more integrated service environment and eliminate many third-party providers," said Steele Alphin, chief personnel executive, Bank of America. "Additionally, this relationship provides improved capabilities coupled with the opportunity for significant operational and cost efficiencies."

"Bank of America's decision is great news for Fidelity and represents a significant milestone in the human resources and benefits outsourcing industry as more companies realize the economic and service gains associated with bundling all of their work and selecting a provider that delivers services on one scalable platform," said Peter J. Smail, president, Fidelity Employer Services Company. "This contract firmly establishes Fidelity as the leading provider of integrated HR and benefits services to employers.

"We look forward to applying the full complement of our world-class HR and benefits outsourcing services, innovative technology and service excellence to help Bank of America achieve its business vision," Smail said.

The transition of Bank of America programs to Fidelity's servicing platform is expected to be completed by January 2006, with most services being activated in 2005.

Fidelity will provide comprehensive communication and education to employees for all of its services. These services will be delivered through call center representatives and its NetBenefits^SM and eWorkplace^® Web sites, which offer self-service tools and capabilities. According to the agreement, services provided for Bank of America by Fidelity will include:

•		HR Administration and Workforce Effectiveness - Fidelity will support Bank of America's HR professionals with a full range of HR administration services and workforce effectiveness solutions. Fidelity's offering delivers a comprehensive suite of Web-based employee and manager self-service solutions, as well as decision support for HR professionals. Additionally, Fidelity offers global capabilities for HR reporting.
•		Health & Welfare - Beginning with annual enrollment for 2006, which will be conducted in October 2005, Fidelity will manage and provide administration services for Bank of America's health and welfare plans for about 250,000 active employees, retirees, and their dependents. Serving as the single interface between the bank and its vendors, Fidelity will deliver online tools and administration resources, such as full-service enrollment, regulatory compliance and life-event processing for all medical, dental and vision programs.
•		401(k) - Fidelity will provide investment management, recordkeeping, and employee communication and education services to about 170,000 plan participants in the U.S. Bank of America employees will have convenient online access to their defined contribution accounts for benefit statements, account transactions, retirement modeling, information about the bank's plan and investment options, and an array of retirement planning tools.
•		Defined Benefit - Fidelity will provide administration services for Bank of America's defined benefit pension plans, covering over 250,000 active employees and retirees. Defined benefit administration services include data management, event processing, benefit calculations, online retirement modeling, retiree check disbursements and post-retirement administration services.
•		Payroll - By April 2005, the conversion of the bank's payroll to Fidelity's service platform will be completed. Fidelity will provide total payroll administration services for Bank of America employees in the U.S., including timekeeping, gross-to-net payroll processing, tax reporting and banking services.
•		Stock Plans - Fidelity's service includes plan administration, recordkeeping, trade execution and custody, and modeling tools. Bank of America employees will have online access to exercise their company stock options.
•		Supplier Management of Third Parties -- Fidelity will provide supplier management for a number of Work/Life programs outsourced to third-party suppliers, including, where appropriate, supplier selection, management oversight, and overall service integration.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses and large corporations and institutions with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience for consumers in the United States, serving 1 in 3 American households. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.

About Fidelity Workplace Services^®

Through Fidelity Workplace Services^®, Fidelity Investments provides benefits and human resources administration, workforce effectiveness, payroll solutions and stock plan services to 16.7 million employees in the U.S. as of February 29, 2004. Additionally, through its HR Access acquisition, Fidelity provides HR and payroll applications for about 12 million employees in Europe.

About Fidelity

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.9 trillion, including managed assets of $1.02 trillion as of February 29, 2004. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.fidelity.com.

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Fidelity Employer Services Company LLC, 82 Devonshire Street, Boston, MA 02109. Defined contribution products and services are offered by Fidelity Investments Institutional Services Company, Inc.