BankAmerica declares dividend, announces redemption of all outstanding depositary shares of 8.16% Cumulative Preferred Stock, Series L.

SAN FRANCISCO--(BUSINESS WIRE)--April 28, 1997--BankAmerica Corporation (NYSE:BAC) today announced that its Board of Directors has declared a quarterly common stock dividend of $0.61 per share, unchanged from the previous quarter. The dividend is payable on June 12, 1997 to shareholders of record on May 20, 1997.

The Board also announced that it will redeem all 15,960,392 outstanding depositary shares of the corporation's 8.16% Cumulative Preferred Stock, Series L, on July 13, 1997, in accordance with the terms under which they were issued.

The Series L depositary shares will be redeemed at a redemption price of $25 per share, plus accrued and unpaid dividends ($0.238 per share) to the redemption date. Dividends will cease to accrue from and after July 13, 1997. Each Series L depositary share represents a one-twentieth interest in a share of Series L preferred stock. Notices of redemption will be published in a newspaper of general circulation in San Francisco and mailed with letters of transmittal to the holders of record.

Depositary share receipts for the Series L depositary shares, together with completed letters of transmittal, may be submitted for redemption to ChaseMellon Shareholder Services: -0-

by mail:   ChaseMellon Shareholder Services, L.L.C.
           Reorganization Department
           P.O. Box 3302
           South Hackensack, N.J. 07606

by hand or    ChaseMellon Shareholder Services, L.L.C.
overnight     120 Broadway, 13th Floor
delivery:     New York, NY 10271
              ATTN: Reorganization Department

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The ticker symbol for the Series L depositary shares is BAC Preferred L.

The directors also declared the following quarterly dividends on BankAmerica's preferred stock, payable on May 31, 1997 to shareholders of record on May 15, 1997:

$0.8125 per share for Series A preferred stock;

$1.50 per share for Series B preferred stock;

$10.20 per share for Series L preferred stock;

$9.84375 per share for Series M preferred stock;

$10.625 per share for Series N preferred stock.

Each holder of a depositary share of Preferred Series L, M, or N is entitled to receive one-twentieth of the declared dividend.

CONTACT: BankAmerica Corp.

Peter Magnani, 415/953-2418