ADP Retirement Services Teams With Bank of America To Expand 401K Services to Small and Medium-Sized Businesses.

ROSELAND, N.J.--(BUSINESS WIRE)--November 15, 1999--

Automatic Data Processing, Inc. (ADP (R)) and the Bank of America announced today an alliance to offer a comprehensive 401(k) program designed specifically to serve the needs of growing businesses. This offering combines ADP Retirement Services' industry leading 401(k) administrative services with the respected investment management capabilities of Banc of America Advisors, Inc., the investment advisor to the Nations Funds family of mutual funds.

The Bank of America 401(k) is ultimately designed to provide small and medium-sized businesses or commercial clients of the bank with a cost-effective vehicle to attract and retain top-quality employees through highly valued retirement benefits. The new Bank of America 401(k) builds upon an existing payroll processing referral agreement between the two industry leaders.

"When ADP Retirement Services formed its Alliance Group, we envisioned relationships with leading financial service organizations, like Bank of America, that would allow us to broaden the array of investment programs available to ADP payroll clients and, as well, to expand the availability of our 401(k) administrative and recordkeeping services beyond ADP's payroll client base," said Mark Phillips, ADP Retirement Services Division Vice President. "Our expanded relationship with Bank of America is consistent with that vision. Similarly, we see in Bank of America, and its subsidiaries, a dynamic, forward-thinking organization that is focused on delivering high-quality services to their clients that complement their core products and services and build on their unique strengths, particularly in the area of investment products and services."

"We are pleased to be working with an industry leader such as ADP," said Sherri L. Hartnett, Senior Vice President and Business Manager for the 401(k) product at Bank of America. "ADP's recordkeeping and plan administration services, provide us with a best-in-class partner that clearly complements our capabilities and enables us to offer a superior product and service to our clients."

The new Bank of America 401(k) is available through Bank of America's banking centers and Banc of America Investment Services, Inc.'s, more than 700 professional investment consultants. The Bank of America 401(k) includes quality investment choices from Nations Funds, advised by Banc of America Advisors, Inc., and distributed by Stephens, Inc. member NYSE, SIPC, as well as other select well-known mutual fund families. ADP Retirement Services oversees enrollment, employee education and communications, recordkeeping, and regulatory compliance testing and reporting. ADP's specialized knowledge and support of payroll processing and data communications creates a streamlined 401(k) program, which frees the business owners to concentrate on profitably growing their businesses.

Small and medium-sized companies can learn more about the benefits and client services this new product has to offer by contacting Sherri Hartnett at 213-345-7442.

About ADP

ADP (NYSE:AUD), is one of the largest independent computing services firms in the world with more than $5 billion in revenues and over 450,000 clients. ADP provides computerized transaction processing, data communications, software, and information services to companies in virtually every industry. ADP Employer Services is the world's leading provider of payroll services and human resource administration systems. It offers a comprehensive range of benefits, payroll and business tax deposit and reporting, time and labor management, unemployment compensation management, and retirement plan services.

In addition, ADP provides securities transaction processing and investor communications services to the brokerage and financial communities; industry-specific computing and consulting services to auto and truck dealers; and computerized, automated auto-repair estimating and auto parts availability services to the auto-repair industry. For more information about ADP, or to contact a local ADP sales office, reach us at 1-800-225-5237, Extension 5091 or visit our Web site at www.adp.com.

About Bank of America

Bank of America, with $621 billion in assets, is the largest bank in the United States. Currently the Bank of America and its affiliates have more than $230 billion in assets under management with $69 billion in mutual fund assets under management. The company serves more than 30 million households and 2 million businesses across the country, offering customers the largest and most convenient delivery network from offices and ATMs to telephone and internet access. It also provides comprehensive international corporate financial services for clients doing business around the world. The corporation and its subsidiaries create financial relationships featuring an array of financial services, from traditional banking products to investments and capital raising within the securities markets. Bank of America stock (BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange.