Bank of America Corporation Overview of Responsible Growth, Corporate Governance and Executive Compensation Practices, and Human Capital and ESG Initiatives 2020 Annual Meeting of Shareholders: Additional Soliciting MaterialsBank of America Corporation Overview of Responsible Growth, Corporate Governance and Executive Compensation Practices, and Human Capital and ESG Initiatives 2020 Annual Meeting of Shareholders: Additional Soliciting Materials

What would you like the power to do? At Bank of America, we ask this question every day of all those we serve. It is at the core of how we live our values, deliver our purpose, and achieve responsible growth. Our values Our purpose Responsible growth Eight lines of business • Deliver together • To help make financial • We must grow and win in the • Serving the core financial lives better, through the market – no excuses needs of people, • Act responsibly power of every companies and • We must grow with our • Realize the power connection institutional investors customer-focused strategy of our people through eight lines of • We must grow within our risk business • Trust the team framework • We must grow in a sustainable manner 2What would you like the power to do? At Bank of America, we ask this question every day of all those we serve. It is at the core of how we live our values, deliver our purpose, and achieve responsible growth. Our values Our purpose Responsible growth Eight lines of business • Deliver together • To help make financial • We must grow and win in the • Serving the core financial lives better, through the market – no excuses needs of people, • Act responsibly power of every companies and • We must grow with our • Realize the power connection institutional investors customer-focused strategy of our people through eight lines of • We must grow within our risk business • Trust the team framework • We must grow in a sustainable manner 2

Executive Summary • Our focus on Responsible Growth is delivering strong, consistent, high-quality results. We deliver on Responsible Growth by serving our clients with the best capabilities, investing in our teammates and our communities, and helping address important societal priorities • Our Board is comprised of highly-engaged members whose independence, expertise, experience, and diversity provide effective oversight of our business and long-term strategy • Our governance and human capital management practices are subject to ongoing review for alignment with shareholder interests and feedback • Our executive compensation program promotes Responsible Growth and encourages sustainable long-term focus by paying for performance and maintaining alignment with our risk framework and shareholders’ interests • Sustainable Responsible Growth means we share our success, including through our focus on environmental, social, and governance (ESG) leadership; we invest in our talent and capabilities by focusing on continuous improvement through operational excellence; and we focus on the resources and benefits needed to be a great place to work for our employees Our Board recommends voting for all management proposals and against all shareholder proposals 3Executive Summary • Our focus on Responsible Growth is delivering strong, consistent, high-quality results. We deliver on Responsible Growth by serving our clients with the best capabilities, investing in our teammates and our communities, and helping address important societal priorities • Our Board is comprised of highly-engaged members whose independence, expertise, experience, and diversity provide effective oversight of our business and long-term strategy • Our governance and human capital management practices are subject to ongoing review for alignment with shareholder interests and feedback • Our executive compensation program promotes Responsible Growth and encourages sustainable long-term focus by paying for performance and maintaining alignment with our risk framework and shareholders’ interests • Sustainable Responsible Growth means we share our success, including through our focus on environmental, social, and governance (ESG) leadership; we invest in our talent and capabilities by focusing on continuous improvement through operational excellence; and we focus on the resources and benefits needed to be a great place to work for our employees Our Board recommends voting for all management proposals and against all shareholder proposals 3

Continued dedication to Responsible Growth drove strong results in 2019 2 2019 Earnings per share 2019 Noninterest expense 2019 Net Income 2019 Revenue 5% 3% $27.4 billion $91.2 billion $29.1 billion excluding from 2018 from 2018 1 1 1 3Q impairment charge 12% excluding 3Q impairment charge 1% excluding 3Q impairment charge 1-Year TSR 2019 Performance Highlights: 46.2% 39.9% 35.6% 31.5% • Net income of $27.4 billion, or $2.75 per fully diluted share, compared with 21.3% $28.1 billion and $2.61 per diluted share in 2018. Excluding 3Q impairment charge, net income for 2019 was $29.1 billion, or $2.93 per fully diluted 1 share 3-Year TSR 68.6% • In 2019, book value per share increased to $27.32; tangible book value per 53.1% 1 share increased to $19.41 31.1% 30.8% 11.5% • Net charge-off ratios remained near historic lows • Noninterest expense of $54.9 billion; $52.8 billion excluding the third quarter 2019 impairment charge, continuing our focus on operating cost controls 114.1% 5-Year TSR 1 while increasing minimum hourly wage 73.8% • Common equity tier 1 ratio of 11.2% remained well above our 9.5% 60.5% 58.3% regulatory requirement 21.9% • Business referrals increased 10.9% to 7.8 million due to continued focus on customer-driven strategy • Returned $34 billion in capital to shareholders through common dividends and share repurchases while investing in our company, our employees, and the communities we live and work in across the globe 1 Represents a financial measure which is not a generally accepted accounting principle (GAAP) financial measure. See Appendix A for a reconciliation of GAAP and non-GAAP financial measures. 2 We report our results of operations, including total revenue, for each business segment and All Other (consists of asset and liability management activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment) on a fully-taxable equivalent (FTE) 4 basis. Our total revenue on an FTE basis was $91,840 million for 2019, which is a non-GAAP financial measure. FTE basis adjustments was $596 million in 2019. See Appendix A for more information.Continued dedication to Responsible Growth drove strong results in 2019 2 2019 Earnings per share 2019 Noninterest expense 2019 Net Income 2019 Revenue 5% 3% $27.4 billion $91.2 billion $29.1 billion excluding from 2018 from 2018 1 1 1 3Q impairment charge 12% excluding 3Q impairment charge 1% excluding 3Q impairment charge 1-Year TSR 2019 Performance Highlights: 46.2% 39.9% 35.6% 31.5% • Net income of $27.4 billion, or $2.75 per fully diluted share, compared with 21.3% $28.1 billion and $2.61 per diluted share in 2018. Excluding 3Q impairment charge, net income for 2019 was $29.1 billion, or $2.93 per fully diluted 1 share 3-Year TSR 68.6% • In 2019, book value per share increased to $27.32; tangible book value per 53.1% 1 share increased to $19.41 31.1% 30.8% 11.5% • Net charge-off ratios remained near historic lows • Noninterest expense of $54.9 billion; $52.8 billion excluding the third quarter 2019 impairment charge, continuing our focus on operating cost controls 114.1% 5-Year TSR 1 while increasing minimum hourly wage 73.8% • Common equity tier 1 ratio of 11.2% remained well above our 9.5% 60.5% 58.3% regulatory requirement 21.9% • Business referrals increased 10.9% to 7.8 million due to continued focus on customer-driven strategy • Returned $34 billion in capital to shareholders through common dividends and share repurchases while investing in our company, our employees, and the communities we live and work in across the globe 1 Represents a financial measure which is not a generally accepted accounting principle (GAAP) financial measure. See Appendix A for a reconciliation of GAAP and non-GAAP financial measures. 2 We report our results of operations, including total revenue, for each business segment and All Other (consists of asset and liability management activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment) on a fully-taxable equivalent (FTE) 4 basis. Our total revenue on an FTE basis was $91,840 million for 2019, which is a non-GAAP financial measure. FTE basis adjustments was $596 million in 2019. See Appendix A for more information.

1 Continued progress in driving financial performance Net Income ($B) Diluted Earnings per Share $7.3 $0.74 $7.0 $0.70 YoY YoY +6% (4%) $5.3 $4.5 $0.47 $0.39 $3.3 $0.27 4Q15 4Q16 4Q17 4Q18 4Q19 4Q15 4Q16 4Q17 4Q18 4Q19 Average Diluted Shares Outstanding (B) Expenses ($B) and Efficiency Ratio YoY YoY $14.0 $13.4 11.2 $13.2 $13.2 $13.1 11.0 (9%) +1% 10.6 10.0 71% 67% 62% 59% 58% 9.1 4Q15 4Q16 4Q17 4Q18 4Q19 4Q15 4Q16 4Q17 4Q18 4Q19 Expenses Efficiency Ratio 1 4Q17 results adjusted to exclude the impact of the Tax Cuts and Jobs Act (Tax Act), which represent non-GAAP financial measures. The Tax Act reduced 2017 net income by $2.9 billion, or $0.27 per diluted common share, which included a $0.9 billion pretax charge in other noninterest income, predominantly related to the revaluation of certain tax-advantaged energy investments, as well as $1.9 billion of tax expense principally associated with the revaluation of certain deferred tax assets and liabilities. 5 Reported 4Q17 net income, diluted earnings per share and efficiency ratio were $2.4B, $0.20 and 65%, respectively. For important presentation information see Appendix A.1 Continued progress in driving financial performance Net Income ($B) Diluted Earnings per Share $7.3 $0.74 $7.0 $0.70 YoY YoY +6% (4%) $5.3 $4.5 $0.47 $0.39 $3.3 $0.27 4Q15 4Q16 4Q17 4Q18 4Q19 4Q15 4Q16 4Q17 4Q18 4Q19 Average Diluted Shares Outstanding (B) Expenses ($B) and Efficiency Ratio YoY YoY $14.0 $13.4 11.2 $13.2 $13.2 $13.1 11.0 (9%) +1% 10.6 10.0 71% 67% 62% 59% 58% 9.1 4Q15 4Q16 4Q17 4Q18 4Q19 4Q15 4Q16 4Q17 4Q18 4Q19 Expenses Efficiency Ratio 1 4Q17 results adjusted to exclude the impact of the Tax Cuts and Jobs Act (Tax Act), which represent non-GAAP financial measures. The Tax Act reduced 2017 net income by $2.9 billion, or $0.27 per diluted common share, which included a $0.9 billion pretax charge in other noninterest income, predominantly related to the revaluation of certain tax-advantaged energy investments, as well as $1.9 billion of tax expense principally associated with the revaluation of certain deferred tax assets and liabilities. 5 Reported 4Q17 net income, diluted earnings per share and efficiency ratio were $2.4B, $0.20 and 65%, respectively. For important presentation information see Appendix A.

Deploying capital and driving Responsible Growth for long-term sustainability Infrastructure Community Environment & Innovation $5B in $125B Associates Lending Capital community 10-year $1.7B capital development environmental Committed to $39B Return investments in lending for business $20 per hour of additional office space and affordable initiative goal Returned minimum wage average loans new and renovated housing achieved six $34B to common in 1Q20 outstanding to financial centers years early clients shareholders via $250MM Three years $3B annual share buybacks of philanthropic Additional $694B of of special technology initiative contributions $28B and compensation $300B capital capital raised for spending awards totaling clients globally dividends of $6B 2MM commitment by over $1.6B volunteer hours 2030 6Deploying capital and driving Responsible Growth for long-term sustainability Infrastructure Community Environment & Innovation $5B in $125B Associates Lending Capital community 10-year $1.7B capital development environmental Committed to $39B Return investments in lending for business $20 per hour of additional office space and affordable initiative goal Returned minimum wage average loans new and renovated housing achieved six $34B to common in 1Q20 outstanding to financial centers years early clients shareholders via $250MM Three years $3B annual share buybacks of philanthropic Additional $694B of of special technology initiative contributions $28B and compensation $300B capital capital raised for spending awards totaling clients globally dividends of $6B 2MM commitment by over $1.6B volunteer hours 2030 6

Directors provide the right skills and experience to oversee our business and strategy Directors provide Our directors represent a diverse range of qualifications and skills: independent oversight: 16 Audit/Financial Reporting, enabling our 8 Financial Services Experience, providing our directors with deep insight into key directors to oversee our company’s audit function and preparation of financial issues affecting our company and industry statements 13 Global Perspective, giving our directors 13 Consumer, Corporate, Investment insight into the many factors involved in 16/17 are independent Businesses; Business Development, and overseeing management of our company’s global footprint Marketing, giving our directors experience Directors represent a range of tenures, across our business and its development with an average of 6.4 years: 12 Human Capital Management and 4 Cybersecurity, Technology, and Succession Planning, providing our directors 4 Information Security, enabling our directors with insight into our focus on robust talent 5 to oversee management’s efforts to development and our commitment to being maintain our customers’ trust and protect a great place to work their security information 8 10 Public Company Board Service and 12 0 - 5 years > 5 - 10 years 10+ years Environmental, Social, and Governance Corporate Governance, enabling directors to (ESG), which gives our directors insight into use their knowledge of public company Calculated by full years of completed service based on how these principles define how we deliver governance issues and policies to enhance date of initial election as of our annual meeting date. our Board practices Responsible Growth Directors are ethnically 16 Experience in Complex, Highly Risk Management, giving our directors 16 and gender diverse: Regulated Businesses; Government, Public the ability to oversee management in its Policy, and Regulatory Affairs, enabling our comprehensive and rigorous approach to risk directors to have a better understanding of management Women directors 6 the many factors involved in operating our African-American Strategic Planning, which enables our business and insight into the key role of 17 2 47% directors directors to oversee management’s regulatory issues and government affairs in diverse our business development and implementation of Hispanic director 1 strategic priorities 7Directors provide the right skills and experience to oversee our business and strategy Directors provide Our directors represent a diverse range of qualifications and skills: independent oversight: 16 Audit/Financial Reporting, enabling our 8 Financial Services Experience, providing our directors with deep insight into key directors to oversee our company’s audit function and preparation of financial issues affecting our company and industry statements 13 Global Perspective, giving our directors 13 Consumer, Corporate, Investment insight into the many factors involved in 16/17 are independent Businesses; Business Development, and overseeing management of our company’s global footprint Marketing, giving our directors experience Directors represent a range of tenures, across our business and its development with an average of 6.4 years: 12 Human Capital Management and 4 Cybersecurity, Technology, and Succession Planning, providing our directors 4 Information Security, enabling our directors with insight into our focus on robust talent 5 to oversee management’s efforts to development and our commitment to being maintain our customers’ trust and protect a great place to work their security information 8 10 Public Company Board Service and 12 0 - 5 years > 5 - 10 years 10+ years Environmental, Social, and Governance Corporate Governance, enabling directors to (ESG), which gives our directors insight into use their knowledge of public company Calculated by full years of completed service based on how these principles define how we deliver governance issues and policies to enhance date of initial election as of our annual meeting date. our Board practices Responsible Growth Directors are ethnically 16 Experience in Complex, Highly Risk Management, giving our directors 16 and gender diverse: Regulated Businesses; Government, Public the ability to oversee management in its Policy, and Regulatory Affairs, enabling our comprehensive and rigorous approach to risk directors to have a better understanding of management Women directors 6 the many factors involved in operating our African-American Strategic Planning, which enables our business and insight into the key role of 17 2 47% directors directors to oversee management’s regulatory issues and government affairs in diverse our business development and implementation of Hispanic director 1 strategic priorities 7

Denise Ramos named to the Board of Directors Ms. Ramos was appointed to Bank of America’s Board of Directors on July 25, 2019 She serves on the Audit Committee and the Compensation and Human Capital Committee • Ms. Ramos’s role as former Chief Executive Officer of ITT Inc. (ITT) enables her to bring senior leadership experience and an executive’s perspective to our Board • Ms. Ramos has held leadership positions in multiple industries – engineering, Arnold W. Donald aerospace and technology, energy, and sustainability – which brings additional diversity to our Board • Further, with her service as Chief Financial Officer at ITT, Furniture Brands International, and the U.S. KFC division of Yum! Brands, Ms. Ramos’s background provides her with financial expertise and extensive strategic planning experience Denise L. Ramos • Ms. Ramos’s public company board service provides her with experience in governance and insight into key issues facing public corporations Former CEO, President, and Director of ITT Inc. • Ms. Ramos has been appointed to the Audit Committee and the Compensation and Human Capital Committee of our Board • Ms. Ramos is our sixth female director, bringing female representation to 35% of our Board 8Denise Ramos named to the Board of Directors Ms. Ramos was appointed to Bank of America’s Board of Directors on July 25, 2019 She serves on the Audit Committee and the Compensation and Human Capital Committee • Ms. Ramos’s role as former Chief Executive Officer of ITT Inc. (ITT) enables her to bring senior leadership experience and an executive’s perspective to our Board • Ms. Ramos has held leadership positions in multiple industries – engineering, Arnold W. Donald aerospace and technology, energy, and sustainability – which brings additional diversity to our Board • Further, with her service as Chief Financial Officer at ITT, Furniture Brands International, and the U.S. KFC division of Yum! Brands, Ms. Ramos’s background provides her with financial expertise and extensive strategic planning experience Denise L. Ramos • Ms. Ramos’s public company board service provides her with experience in governance and insight into key issues facing public corporations Former CEO, President, and Director of ITT Inc. • Ms. Ramos has been appointed to the Audit Committee and the Compensation and Human Capital Committee of our Board • Ms. Ramos is our sixth female director, bringing female representation to 35% of our Board 8

Lead Independent Director with robust and well-defined responsibilities See page 19 of our 2020 Proxy Statement for the Jack Bovender well-defined duties of our Lead Independent Director Highly engaged Lead Independent Director • Regularly speaks with our CEO and holds bi-weekly calls to discuss Board meeting agendas and discussion topics, schedules, and other Board governance matters • Speaks with each independent Board member at least quarterly to receive input on Board agendas, Board planning matters, and related topics of management oversight • Holds quarterly calls with our primary bank regulators • Attends meetings of all Board committees • Meets at least quarterly with management members including officers responsible for enterprise and operational risk, and human resources • Plays a leading role in our shareholder engagement process; in 2019 and in early 2020, Mr. Bovender met with many of our largest shareholders, often in person, and in aggregate, personally met with investors who own approximately 28% or 2.4 billion of all outstanding shares Board leadership succession planning • Mr. Bovender turns 75 prior to our 2021 annual meeting of shareholders • Our Corporate Governance Guidelines provide that an individual who is 75 generally should not be nominated for election to the Board • Our Corporate Governance, ESG, and Sustainability Committee has a process for implementing an orderly independent director leadership transition for our Lead Independent Director; the Committee has devoted and is expected to continue to devote considerable time and attention to succession planning for the Lead Independent Director role in consideration of Mr. Bovender’s anticipated retirement 9Lead Independent Director with robust and well-defined responsibilities See page 19 of our 2020 Proxy Statement for the Jack Bovender well-defined duties of our Lead Independent Director Highly engaged Lead Independent Director • Regularly speaks with our CEO and holds bi-weekly calls to discuss Board meeting agendas and discussion topics, schedules, and other Board governance matters • Speaks with each independent Board member at least quarterly to receive input on Board agendas, Board planning matters, and related topics of management oversight • Holds quarterly calls with our primary bank regulators • Attends meetings of all Board committees • Meets at least quarterly with management members including officers responsible for enterprise and operational risk, and human resources • Plays a leading role in our shareholder engagement process; in 2019 and in early 2020, Mr. Bovender met with many of our largest shareholders, often in person, and in aggregate, personally met with investors who own approximately 28% or 2.4 billion of all outstanding shares Board leadership succession planning • Mr. Bovender turns 75 prior to our 2021 annual meeting of shareholders • Our Corporate Governance Guidelines provide that an individual who is 75 generally should not be nominated for election to the Board • Our Corporate Governance, ESG, and Sustainability Committee has a process for implementing an orderly independent director leadership transition for our Lead Independent Director; the Committee has devoted and is expected to continue to devote considerable time and attention to succession planning for the Lead Independent Director role in consideration of Mr. Bovender’s anticipated retirement 9

Leading governance practices continue to strengthen our Board’s effectiveness Active independent oversight • Lead Independent Director’s robust and well-defined duties are set forth in our Corporate Governance Guidelines; they extend beyond those of a traditional lead director • Independent directors, including the Lead Independent Director, and chairs of the Board’s committees, meet directly with our company’s primary regulators • Independent directors meet privately in executive session without our Chairman and CEO or other management present at each regularly scheduled Board meeting, and held 14 such sessions in 2019 • Board formally reviews CEO and senior management succession and development plans at least twice annually, and assesses candidates during Board and committee meetings and in less formal settings • Independent directors conduct the CEO’s annual performance review and set CEO compensation Enhanced director succession planning Year-round self-evaluations & recruitment • Board and committees conduct intensive and intertwined self-evaluations – directors provide feedback • Board is committed to orderly succession planning, on Board effectiveness, with emphasis on areas including regular renewal and refreshment, and diversity of Board composition, focus, culture, and process thought and experience • Lead Independent Director speaks individually with each • Board thoughtfulness in this area has resulted in an Board member at least quarterly experienced, diverse group of nominees • Directors routinely request presentations on topics of • Board has a deliberate process to assess candidates and interest, such as strategy, competitors, cybersecurity, and nominees, including review of independence, diversity, risks skills, experience, service on other boards, other time • Confirm the appropriate mix of Board skills to oversee commitments, and any potential conflicts the execution of our strategy and drive Responsible • Rigorous director on-boarding and director education Growth processes complement this enhanced recruitment process • Regular Board assessment of optimal leadership • Formal Lead Independent Director and Chairman structure emergency succession policy is part of overall Board • Board receives shareholder feedback on our governance leadership succession planning practices through extensive, year-round outreach 10Leading governance practices continue to strengthen our Board’s effectiveness Active independent oversight • Lead Independent Director’s robust and well-defined duties are set forth in our Corporate Governance Guidelines; they extend beyond those of a traditional lead director • Independent directors, including the Lead Independent Director, and chairs of the Board’s committees, meet directly with our company’s primary regulators • Independent directors meet privately in executive session without our Chairman and CEO or other management present at each regularly scheduled Board meeting, and held 14 such sessions in 2019 • Board formally reviews CEO and senior management succession and development plans at least twice annually, and assesses candidates during Board and committee meetings and in less formal settings • Independent directors conduct the CEO’s annual performance review and set CEO compensation Enhanced director succession planning Year-round self-evaluations & recruitment • Board and committees conduct intensive and intertwined self-evaluations – directors provide feedback • Board is committed to orderly succession planning, on Board effectiveness, with emphasis on areas including regular renewal and refreshment, and diversity of Board composition, focus, culture, and process thought and experience • Lead Independent Director speaks individually with each • Board thoughtfulness in this area has resulted in an Board member at least quarterly experienced, diverse group of nominees • Directors routinely request presentations on topics of • Board has a deliberate process to assess candidates and interest, such as strategy, competitors, cybersecurity, and nominees, including review of independence, diversity, risks skills, experience, service on other boards, other time • Confirm the appropriate mix of Board skills to oversee commitments, and any potential conflicts the execution of our strategy and drive Responsible • Rigorous director on-boarding and director education Growth processes complement this enhanced recruitment process • Regular Board assessment of optimal leadership • Formal Lead Independent Director and Chairman structure emergency succession policy is part of overall Board • Board receives shareholder feedback on our governance leadership succession planning practices through extensive, year-round outreach 10

Governance and compensation practices informed by shareholder feedback Governance and compensation practices reflect ongoing Board review of best practices and shareholder input What We Don’t Do What We Do û Discounting, reloading, or repricing stock options without ü Strong, well-defined Lead Independent Director role; formal shareholder approval Lead Independent Director (or Chairman, if independent) emergency succession policy û Severance or change-in-control agreements for executive ü Right to proxy access at a 3%/3 year ownership threshold officers ü Right to call special meeting at 10% ownership threshold û Multi-year guaranteed incentive awards ü Provided more clarity and transparency on Board committee- û Excessive severance benefits to our executive officers (i.e., not level oversight of human capital management, ESG, and exceeding two times salary and bonus without shareholder sustainability matters by changing the names of the Board’s approval) Compensation and Human Capital Committee and Corporate Governance, ESG, and Sustainability Committee in early 2020 û Accrual of additional retirement benefits under any ü Robust stock ownership and retention requirements supplemental executive retirement plans ü Apply clawback features to all executive officer variable pay û Excise tax gross-ups upon change-in-control and maintain Incentive Compensation Forfeiture & Recoupment Disclosure Policy û Single-trigger vesting of equity-based awards upon change-in- control ü Review feedback from independent control functions in performance evaluations and compensation decisions û Adjust PRSU results for the impact of litigation, fines, and ü Prohibition on hedging and speculative trading of company penalties, or impairment charges securities by directors and executive officers 11Governance and compensation practices informed by shareholder feedback Governance and compensation practices reflect ongoing Board review of best practices and shareholder input What We Don’t Do What We Do û Discounting, reloading, or repricing stock options without ü Strong, well-defined Lead Independent Director role; formal shareholder approval Lead Independent Director (or Chairman, if independent) emergency succession policy û Severance or change-in-control agreements for executive ü Right to proxy access at a 3%/3 year ownership threshold officers ü Right to call special meeting at 10% ownership threshold û Multi-year guaranteed incentive awards ü Provided more clarity and transparency on Board committee- û Excessive severance benefits to our executive officers (i.e., not level oversight of human capital management, ESG, and exceeding two times salary and bonus without shareholder sustainability matters by changing the names of the Board’s approval) Compensation and Human Capital Committee and Corporate Governance, ESG, and Sustainability Committee in early 2020 û Accrual of additional retirement benefits under any ü Robust stock ownership and retention requirements supplemental executive retirement plans ü Apply clawback features to all executive officer variable pay û Excise tax gross-ups upon change-in-control and maintain Incentive Compensation Forfeiture & Recoupment Disclosure Policy û Single-trigger vesting of equity-based awards upon change-in- control ü Review feedback from independent control functions in performance evaluations and compensation decisions û Adjust PRSU results for the impact of litigation, fines, and ü Prohibition on hedging and speculative trading of company penalties, or impairment charges securities by directors and executive officers 11

Executive compensation program aligns pay and performance Comprehensive Performance Evaluation Independent Review and Approval Pay for performance and Compensation and Human Capital Full year assessment of financial Scorecard assessment of performance Committee review, assess, and Independent compensation consultant risk management results and executive contributions to against the pillars of Responsible recommend compensation to the informs deliberations philosophy performance Growth 1 independent directors Compensation Elements 2019 CEO Pay Mix Base Salary• Reflects job scope, experience, and comparable positions 94.3% Cash-Settled Restricted Stock Units (CRSUs) variable pay For CEO• Tracks stock price performance over 1-year directly links to company Annual vesting period Base performance Incentive Salary Annual Cash Incentive For all other CRSUs 47.2% • Company and individual performance measured NEOs 28.3% linked to 3-yr performance over applicable performance year PRSUs against key metrics 47.2% (TBV and ROA) Time-based Restricted Stock Units (TRSUs) TRSUs • Aligned with sustained longer-term stock price performance; 50% 18.9% vest ratably over 3 years of shares earned must be held • 50% of net after tax shares must be held until retirement through 1-yr post-retirement (+1 year for CEO) (net of taxes) Performance Restricted Stock Units (RSUs) • PRSU standards are meaningful and aligned with strong company • PRSUs are “re-earned” (up to a maximum of 100%) by achieving results future performance and are forfeited if results are below Deferred • Following two consecutive years of increasing PRSU ROA standards, minimum targets Incentive the Committee did not change standards for 2019 awards • Performance metrics (50/50 weighting): average ROA and • PRSU results are not adjusted for the impact of litigation, fines, and average Growth in Adjusted Tangible Book Value (TBV) penalties, or impairment charges • 3-year performance period • PRSUs that have completed their performance periods since the • Encourage sustained earnings during the performance period; awards were introduced in 2011 have ranged in payouts, illustrating future adverse performance below standards will decrease the that pay is aligned with performance. 3 of the 7 awards earned amount paid, and no PRSUs will be re-earned if results are below 100% and 5 of the 7 earned below their maximum below the minimum standards • Maximum payout opportunity is 100% for all outstanding awards • 50% of net after tax shares earned must be held until retirement (+1 year for CEO) 12 1. CEO compensation requires approval from all independent directors; compensation for other NEOs is approved by the CommitteeExecutive compensation program aligns pay and performance Comprehensive Performance Evaluation Independent Review and Approval Pay for performance and Compensation and Human Capital Full year assessment of financial Scorecard assessment of performance Committee review, assess, and Independent compensation consultant risk management results and executive contributions to against the pillars of Responsible recommend compensation to the informs deliberations philosophy performance Growth 1 independent directors Compensation Elements 2019 CEO Pay Mix Base Salary• Reflects job scope, experience, and comparable positions 94.3% Cash-Settled Restricted Stock Units (CRSUs) variable pay For CEO• Tracks stock price performance over 1-year directly links to company Annual vesting period Base performance Incentive Salary Annual Cash Incentive For all other CRSUs 47.2% • Company and individual performance measured NEOs 28.3% linked to 3-yr performance over applicable performance year PRSUs against key metrics 47.2% (TBV and ROA) Time-based Restricted Stock Units (TRSUs) TRSUs • Aligned with sustained longer-term stock price performance; 50% 18.9% vest ratably over 3 years of shares earned must be held • 50% of net after tax shares must be held until retirement through 1-yr post-retirement (+1 year for CEO) (net of taxes) Performance Restricted Stock Units (RSUs) • PRSU standards are meaningful and aligned with strong company • PRSUs are “re-earned” (up to a maximum of 100%) by achieving results future performance and are forfeited if results are below Deferred • Following two consecutive years of increasing PRSU ROA standards, minimum targets Incentive the Committee did not change standards for 2019 awards • Performance metrics (50/50 weighting): average ROA and • PRSU results are not adjusted for the impact of litigation, fines, and average Growth in Adjusted Tangible Book Value (TBV) penalties, or impairment charges • 3-year performance period • PRSUs that have completed their performance periods since the • Encourage sustained earnings during the performance period; awards were introduced in 2011 have ranged in payouts, illustrating future adverse performance below standards will decrease the that pay is aligned with performance. 3 of the 7 awards earned amount paid, and no PRSUs will be re-earned if results are below 100% and 5 of the 7 earned below their maximum below the minimum standards • Maximum payout opportunity is 100% for all outstanding awards • 50% of net after tax shares earned must be held until retirement (+1 year for CEO) 12 1. CEO compensation requires approval from all independent directors; compensation for other NEOs is approved by the Committee

Our people are the foundation for Responsible Growth We believe that achieving strong operating results—the right way—starts with our employees. Our diversity makes us stronger, and the value we deliver as a company is strengthened when we bring broad perspectives together to meet the needs of our diverse stakeholders. Our Focus on Equal Pay for Equal Work • Our company compensates our of our of our of our U.S.- employees fairly and equitably, management global based Over Over Over team are with equal pay for equal work, workforce workforce 50% 50% 45% women or are regardless of race or gender are people people of color women of color • We maintain robust policies and practices and have had a Global & U.S. Diversity rigorous process and analysis from outside experts in place for Top 3 Levels of Management Managers Full Time Campus over a decade 48% 42% 42% 41% 41% 37% 36% 33% 32% 32%• In 2019, we continued to 18% enhance our efforts to 15% compensate our employees fairly and equitably. We Women People of Color Women People of Color Women People of Color expanded our review of total compensation from our regional 2015 2018 2015 2018 2009 2018 hubs (U.S., U.K., France, Ireland, Hong Kong, Singapore) to include U.S. Diversity India Executive/Senior Level First/Mid-Level Being a Great Place to Work • Results show that compensation Officials & Managers Officials & Managers Report may be found at our received by women is on Annual Meeting website: average greater than 99% of that 49% 49% https://about.bankofamerica. received by men and that in the 36% 33% 33% 32% com/annualmeeting U.S., compensation received by 18% 15% people of color is on average (Information contained on our website greater than 99% of that is not incorporated by reference) received by all other employees Women People of Color Women People of Color 2015 2018 2015 2018 13Our people are the foundation for Responsible Growth We believe that achieving strong operating results—the right way—starts with our employees. Our diversity makes us stronger, and the value we deliver as a company is strengthened when we bring broad perspectives together to meet the needs of our diverse stakeholders. Our Focus on Equal Pay for Equal Work • Our company compensates our of our of our of our U.S.- employees fairly and equitably, management global based Over Over Over team are with equal pay for equal work, workforce workforce 50% 50% 45% women or are regardless of race or gender are people people of color women of color • We maintain robust policies and practices and have had a Global & U.S. Diversity rigorous process and analysis from outside experts in place for Top 3 Levels of Management Managers Full Time Campus over a decade 48% 42% 42% 41% 41% 37% 36% 33% 32% 32%• In 2019, we continued to 18% enhance our efforts to 15% compensate our employees fairly and equitably. We Women People of Color Women People of Color Women People of Color expanded our review of total compensation from our regional 2015 2018 2015 2018 2009 2018 hubs (U.S., U.K., France, Ireland, Hong Kong, Singapore) to include U.S. Diversity India Executive/Senior Level First/Mid-Level Being a Great Place to Work • Results show that compensation Officials & Managers Officials & Managers Report may be found at our received by women is on Annual Meeting website: average greater than 99% of that 49% 49% https://about.bankofamerica. received by men and that in the 36% 33% 33% 32% com/annualmeeting U.S., compensation received by 18% 15% people of color is on average (Information contained on our website greater than 99% of that is not incorporated by reference) received by all other employees Women People of Color Women People of Color 2015 2018 2015 2018 13

Our people are the foundation for Responsible Growth (continued) We give our employees the support they need so they are able to make a genuine impact and contribute to sustainable growth of our business and the communities we serve We deliver on our promise of being a great place to work by: Being an inclusive workplace Creating opportunities for Supporting employees’ Recognizing and for our employees around employees to grow and physical, emotional and rewarding performance the world develop financial wellness Provide 16 weeks of paid maternity, Industry leader in employee Provide 401(k) contributions For U.S. employees making less than paternity, and adoption leave to survey participation and recent of up to 5% of eligible pay $50,000 in compensation, we reduced allow time for new parents to spend engagement scores at the after one year of service, annual family coverage medical with their child and 20 days of paid highest levels in company plus 2% or 3% in annual premiums by 50% in 2011 and have kept bereavement leave to mourn the history company contributions those premiums flat since 2012 loss of partner/spouse or a child Our Life Event Services Helped more than 17K employees Since 2018, we have hired more Industry leader in establishing internal group provides find new roles within the than 8,000 employees from low- minimum rate of pay for our U.S. hourly personalized support company in 2018. More than 86% and moderate-income employees. During the first quarter of 2020, for employees and their of eligible managers participated neighborhoods through our we will increase our U.S. minimum hourly families at moments in manager development training Pathways program – over 80% of rate of pay to $20, more than one year that matter the most in 2018 our 10,000 commitment by 2023 earlier than originally planned Regularly benchmark In 2019, approximately 95% of our In 2019, The Academy invested in the careers 11 Employee employees across the globe shared in our compensation against other of over 40,000 Consumer & Small Business Networks with success by receiving special compensation companies, both within and employees and our advisors in Merrill by over 300 outside our industry, to awards. We are a leader in providing this learning about their professional interests, chapters and type of award for three consecutive years confirm our pay is showing them potential career paths, and 160,000 competitive with comparable and have invested $1.6B in these awards exposing them to opportunities in other lines memberships over the time period roles in the market of business 14Our people are the foundation for Responsible Growth (continued) We give our employees the support they need so they are able to make a genuine impact and contribute to sustainable growth of our business and the communities we serve We deliver on our promise of being a great place to work by: Being an inclusive workplace Creating opportunities for Supporting employees’ Recognizing and for our employees around employees to grow and physical, emotional and rewarding performance the world develop financial wellness Provide 16 weeks of paid maternity, Industry leader in employee Provide 401(k) contributions For U.S. employees making less than paternity, and adoption leave to survey participation and recent of up to 5% of eligible pay $50,000 in compensation, we reduced allow time for new parents to spend engagement scores at the after one year of service, annual family coverage medical with their child and 20 days of paid highest levels in company plus 2% or 3% in annual premiums by 50% in 2011 and have kept bereavement leave to mourn the history company contributions those premiums flat since 2012 loss of partner/spouse or a child Our Life Event Services Helped more than 17K employees Since 2018, we have hired more Industry leader in establishing internal group provides find new roles within the than 8,000 employees from low- minimum rate of pay for our U.S. hourly personalized support company in 2018. More than 86% and moderate-income employees. During the first quarter of 2020, for employees and their of eligible managers participated neighborhoods through our we will increase our U.S. minimum hourly families at moments in manager development training Pathways program – over 80% of rate of pay to $20, more than one year that matter the most in 2018 our 10,000 commitment by 2023 earlier than originally planned Regularly benchmark In 2019, approximately 95% of our In 2019, The Academy invested in the careers 11 Employee employees across the globe shared in our compensation against other of over 40,000 Consumer & Small Business Networks with success by receiving special compensation companies, both within and employees and our advisors in Merrill by over 300 outside our industry, to awards. We are a leader in providing this learning about their professional interests, chapters and type of award for three consecutive years confirm our pay is showing them potential career paths, and 160,000 competitive with comparable and have invested $1.6B in these awards exposing them to opportunities in other lines memberships over the time period roles in the market of business 14

Making a global impact by deploying capital and driving Responsible Growth for long-term sustainability As a global financial institution, we recognize that we play a critical role in accelerating the deployment of capital to address the 17 United Nations Sustainable Development Goals (SDGs). Our enterprise-wide focus on sustainable finance taps the power and scale of the capital markets to deliver on both profitability and progress. Sustainable Finance and ESG Highlights Environment Social Governance Community Development Financial Institutions Environmental Business Commitment: Since Global ESG Committee: ESG Committee meets (CDFIs): We originated more than $325 million in 2007, deployed $158 billion and will direct an regularly to discuss issues central to our ESG loans as part of our more than $1.5 billion additional $300 billion to low-carbon, sustainable approach and engage in dialogue on social and investment in 255 CDFIs, also known as local loan business activities over the next 10 years environmental issues that are material to the centers business, with regular updates to our Board Green bonds: Underwrote more than $49 billion Community Development Banking: Provided a on behalf of more than 100 clients since 2007. We Risk Governance Structure: Our Board provides record $4.9 billion in loans, tax credit equity are the first U.S. financial institution to issue five objective, independent oversight of risk, and investments and other real estate development corporate green bonds oversees senior management’s development of solutions, and deployed $3.1 billion in debt our Risk Framework, our Risk Appetite Statement, commitments and $1.8 billion in investments to Blended Finance Catalyst Pool: Launched a $60 and our capital, strategic, and financial operating help build strong, sustainable communities million Blended Finance Catalyst Pool to support plans deals focused on energy access, affordable Military hiring goal: Surpassed our five-year goal housing, water and sanitation access, and climate National Community Advisory Council (NCAC): In to hire 10,000 veterans, National Guard, and resiliency UN Sustainably Development Goals 2005, we founded our NCAC, a forum made up of reservists senior leaders from social justice, consumer Carbon neutrality: Achieved carbon neutrality, advocacy, community development, Philanthropy: In 2019, we delivered approximately pending third party validation, by reducing Scope 1 environmental, research, and other advocacy $250 million in philanthropic investments to drive and 2 emissions from our facilities, purchasing organizations who provide external perspectives, economic mobility and social progress in the 100% renewable electricity, and buying carbon guidance and feedback on our business policies, communities we serve from the Bank of America credits for our remaining unavoidable emissions practices and products Charitable Foundation 15Making a global impact by deploying capital and driving Responsible Growth for long-term sustainability As a global financial institution, we recognize that we play a critical role in accelerating the deployment of capital to address the 17 United Nations Sustainable Development Goals (SDGs). Our enterprise-wide focus on sustainable finance taps the power and scale of the capital markets to deliver on both profitability and progress. Sustainable Finance and ESG Highlights Environment Social Governance Community Development Financial Institutions Environmental Business Commitment: Since Global ESG Committee: ESG Committee meets (CDFIs): We originated more than $325 million in 2007, deployed $158 billion and will direct an regularly to discuss issues central to our ESG loans as part of our more than $1.5 billion additional $300 billion to low-carbon, sustainable approach and engage in dialogue on social and investment in 255 CDFIs, also known as local loan business activities over the next 10 years environmental issues that are material to the centers business, with regular updates to our Board Green bonds: Underwrote more than $49 billion Community Development Banking: Provided a on behalf of more than 100 clients since 2007. We Risk Governance Structure: Our Board provides record $4.9 billion in loans, tax credit equity are the first U.S. financial institution to issue five objective, independent oversight of risk, and investments and other real estate development corporate green bonds oversees senior management’s development of solutions, and deployed $3.1 billion in debt our Risk Framework, our Risk Appetite Statement, commitments and $1.8 billion in investments to Blended Finance Catalyst Pool: Launched a $60 and our capital, strategic, and financial operating help build strong, sustainable communities million Blended Finance Catalyst Pool to support plans deals focused on energy access, affordable Military hiring goal: Surpassed our five-year goal housing, water and sanitation access, and climate National Community Advisory Council (NCAC): In to hire 10,000 veterans, National Guard, and resiliency UN Sustainably Development Goals 2005, we founded our NCAC, a forum made up of reservists senior leaders from social justice, consumer Carbon neutrality: Achieved carbon neutrality, advocacy, community development, Philanthropy: In 2019, we delivered approximately pending third party validation, by reducing Scope 1 environmental, research, and other advocacy $250 million in philanthropic investments to drive and 2 emissions from our facilities, purchasing organizations who provide external perspectives, economic mobility and social progress in the 100% renewable electricity, and buying carbon guidance and feedback on our business policies, communities we serve from the Bank of America credits for our remaining unavoidable emissions practices and products Charitable Foundation 15

Recognition for our Responsible Growth We are honored to be recognized by organizations and media around the world for our ESG commitments and initiatives and for our efforts to be a great place to work. Fortune Equileap Investing in Women Initiative 100 Best Companies to Work For (2019) U.S. and Global Gender Equality Reports (2019) Catalyst Award Winner (2019) Best Big Companies to Work For (2019) named the leading company in U.S. for gender Forbes Best Workplaces for Women (2019) equality World’s Best Employers (2019) Best Workplaces in Financial Services & Insurance Black Enterprise Bloomberg (2019) 50 Best Companies for Diversity (2018) Sector-Neutral Gender-Equality Index (2019) Best Workplaces for Diversity (2019) Dave Thomas Foundation for Adoption Financial Services Gender-Equality Index (2017) Best Workplaces for Parents (2019) 100 Best Adoption-Friendly Workplace (2019) Best Workplaces for Giving Back (2018) RateMyPlacement Disability:IN Change the World (2019) named the top global bank 100 Undergraduate Employers (2019-2020) Global Employer of the Year (2019) Euromoney PEOPLE Magazine National Association of Asian American World’s Best Bank for Diversity and Inclusion (2019) Companies that Care (2019) Professionals World’s Best Bank (2018) AnitaB.org Milestone Honor Award (Asian Leadership Network, World’s Best Bank for Corporate Social Responsibility Top Companies for Women Technologists (2019) 2016) (2017) Diversity MBA Magazine Global Finance Magazine Asia’s Best Bank for Corporate Social Responsibility 50 Out Front: Best Places for Women & Diverse Best Bank in the World (2019) (2019) Managers to Work (2019) LATINA Style LinkedIn Top 50 Best Companies for Latinas to Work for in the JUST Capital 50 Top Companies in the U.S. (2019) U.S. (20 consecutive years) America’s Most JUST Companies (2019) Working Mother Top 12 Companies of the Year (2019) Military Times 100 Best Companies (31 consecutive years) Top 12 Employee Resource Groups of the Year Best Companies for Multicultural Women (2019) Best for Vets: Employers (2019) (Hispanic-Latino Organization for Leadership & Best Companies for Dads (2019) Stonewall Advancement, 2019) Barron’s UK Workplace Equality Index (2019) National Association for Female Executives 100 Most Sustainable Companies (2020) Fatherly Top Companies for Executive Women (12 years) U.S. Environmental Protection Agency 50 Best Places to Work for New Dads (2018) PR News EPA Green Power Leadership Award for Excellence in American Council on Renewable Energy CSR Award for Employee Relations (2019) Green Power (2019) (ACORE) CDP The Banker Renewable Energy Leadership Award (2019) A list (2019) named for the ninth year Most Innovative Investment Bank of the Year for Dow Jones Sustainability Index Supplier Engagement Leaderboard (2019) Corporate Social Responsibility (2019) World Index (top 10% of banks) (2019) Center for Political Accountability Climate Leadership Awards North America Index (top 20% of banks) (2019) Trendsetter on CPA-Zicklin Index of Corporate Innovative Partnership Certificate (2019) Political Disclosure and Accountability (2016-2019) 16Recognition for our Responsible Growth We are honored to be recognized by organizations and media around the world for our ESG commitments and initiatives and for our efforts to be a great place to work. Fortune Equileap Investing in Women Initiative 100 Best Companies to Work For (2019) U.S. and Global Gender Equality Reports (2019) Catalyst Award Winner (2019) Best Big Companies to Work For (2019) named the leading company in U.S. for gender Forbes Best Workplaces for Women (2019) equality World’s Best Employers (2019) Best Workplaces in Financial Services & Insurance Black Enterprise Bloomberg (2019) 50 Best Companies for Diversity (2018) Sector-Neutral Gender-Equality Index (2019) Best Workplaces for Diversity (2019) Dave Thomas Foundation for Adoption Financial Services Gender-Equality Index (2017) Best Workplaces for Parents (2019) 100 Best Adoption-Friendly Workplace (2019) Best Workplaces for Giving Back (2018) RateMyPlacement Disability:IN Change the World (2019) named the top global bank 100 Undergraduate Employers (2019-2020) Global Employer of the Year (2019) Euromoney PEOPLE Magazine National Association of Asian American World’s Best Bank for Diversity and Inclusion (2019) Companies that Care (2019) Professionals World’s Best Bank (2018) AnitaB.org Milestone Honor Award (Asian Leadership Network, World’s Best Bank for Corporate Social Responsibility Top Companies for Women Technologists (2019) 2016) (2017) Diversity MBA Magazine Global Finance Magazine Asia’s Best Bank for Corporate Social Responsibility 50 Out Front: Best Places for Women & Diverse Best Bank in the World (2019) (2019) Managers to Work (2019) LATINA Style LinkedIn Top 50 Best Companies for Latinas to Work for in the JUST Capital 50 Top Companies in the U.S. (2019) U.S. (20 consecutive years) America’s Most JUST Companies (2019) Working Mother Top 12 Companies of the Year (2019) Military Times 100 Best Companies (31 consecutive years) Top 12 Employee Resource Groups of the Year Best Companies for Multicultural Women (2019) Best for Vets: Employers (2019) (Hispanic-Latino Organization for Leadership & Best Companies for Dads (2019) Stonewall Advancement, 2019) Barron’s UK Workplace Equality Index (2019) National Association for Female Executives 100 Most Sustainable Companies (2020) Fatherly Top Companies for Executive Women (12 years) U.S. Environmental Protection Agency 50 Best Places to Work for New Dads (2018) PR News EPA Green Power Leadership Award for Excellence in American Council on Renewable Energy CSR Award for Employee Relations (2019) Green Power (2019) (ACORE) CDP The Banker Renewable Energy Leadership Award (2019) A list (2019) named for the ninth year Most Innovative Investment Bank of the Year for Dow Jones Sustainability Index Supplier Engagement Leaderboard (2019) Corporate Social Responsibility (2019) World Index (top 10% of banks) (2019) Center for Political Accountability Climate Leadership Awards North America Index (top 20% of banks) (2019) Trendsetter on CPA-Zicklin Index of Corporate Innovative Partnership Certificate (2019) Political Disclosure and Accountability (2016-2019) 16

Our Board requests your support for the following proposals at our 2020 Annual Meeting of Shareholders No. 1 – FOR Election of 17 Directors • Our Board regularly reviews its composition through thoughtful evaluation, and has continually enhanced the director recruitment, selection, and succession planning process • Our nominees bring deep and diverse experience, and their mix of attributes strengthens effective and independent oversight of our company’s businesses, our industry’s operating environment, and our company’s long-term strategy No. 2 – FOR Advisory “Say on Pay” Vote • Our compensation program pays for performance over the long-term, as well as on an annual basis • Compensation considerations promote Responsible Growth and align executives with shareholder interests • Comprehensive performance evaluation based on multi-faceted performance assessment ensures that incentive compensation decisions reflect risk management and pay for performance philosophy No. 3 – FOR Ratifying the Appointment of our Independent Registered Public Accounting Firm for 2020 • Our Audit Committee has appointed PwC as our independent registered public accounting firm for 2020 • Our Board is seeking shareholders’ ratification of PwC’s appointment 17Our Board requests your support for the following proposals at our 2020 Annual Meeting of Shareholders No. 1 – FOR Election of 17 Directors • Our Board regularly reviews its composition through thoughtful evaluation, and has continually enhanced the director recruitment, selection, and succession planning process • Our nominees bring deep and diverse experience, and their mix of attributes strengthens effective and independent oversight of our company’s businesses, our industry’s operating environment, and our company’s long-term strategy No. 2 – FOR Advisory “Say on Pay” Vote • Our compensation program pays for performance over the long-term, as well as on an annual basis • Compensation considerations promote Responsible Growth and align executives with shareholder interests • Comprehensive performance evaluation based on multi-faceted performance assessment ensures that incentive compensation decisions reflect risk management and pay for performance philosophy No. 3 – FOR Ratifying the Appointment of our Independent Registered Public Accounting Firm for 2020 • Our Audit Committee has appointed PwC as our independent registered public accounting firm for 2020 • Our Board is seeking shareholders’ ratification of PwC’s appointment 17

Our Board recommends a vote against the following shareholder proposals No. 4 – AGAINST Make Shareholder Proxy Access More Accessible • Our existing proxy access Bylaw strikes the appropriate balance between promoting shareholder rights and protecting the interests of all our shareholders; • Our Bylaw’s limit on the size of a proxy access nominating group is in line with market practice, with the vast majority of companies that allow proxy access having imposed the same or a more restrictive limit; and • We have strong corporate governance policies and procedures that empower our shareholders and enable shareholders to provide on-going feedback to our Board. No. 5 – AGAINST Adopt a New Shareholder Right - Written Consent • Matters requiring shareholder approval should be presented to, and voted on, by all shareholders; • Shareholders owning 10% of our common shares already have the meaningful ability to call a special meeting of shareholders outside of the annual meeting cycle, and shareholders owning 3% of our common shares already have the ability to nominate a candidate for election to our Board through our proxy access Bylaw provision; and • Through our robust shareholder outreach and engagement program, our shareholders have multiple opportunities to provide on-going and constructive feedback to company management and our Board. 18Our Board recommends a vote against the following shareholder proposals No. 4 – AGAINST Make Shareholder Proxy Access More Accessible • Our existing proxy access Bylaw strikes the appropriate balance between promoting shareholder rights and protecting the interests of all our shareholders; • Our Bylaw’s limit on the size of a proxy access nominating group is in line with market practice, with the vast majority of companies that allow proxy access having imposed the same or a more restrictive limit; and • We have strong corporate governance policies and procedures that empower our shareholders and enable shareholders to provide on-going feedback to our Board. No. 5 – AGAINST Adopt a New Shareholder Right - Written Consent • Matters requiring shareholder approval should be presented to, and voted on, by all shareholders; • Shareholders owning 10% of our common shares already have the meaningful ability to call a special meeting of shareholders outside of the annual meeting cycle, and shareholders owning 3% of our common shares already have the ability to nominate a candidate for election to our Board through our proxy access Bylaw provision; and • Through our robust shareholder outreach and engagement program, our shareholders have multiple opportunities to provide on-going and constructive feedback to company management and our Board. 18

Our Board recommends a vote against the following shareholder proposals (continued) No. 6 – AGAINST Report Concerning Gender/Racial Pay Equity • Our company is committed to equal pay for equal work. Through our longstanding practices, we compensate all our employees fairly and equitably, with equal pay for equal work, regardless of race or gender. o We maintain robust policies and practices reinforcing our commitment, including analyses and reviews with oversight from our senior management and our Board o Outside experts also examine employee pay before year-end compensation decisions are finalized, and we adjust compensation where appropriate o We publicly disclose our gender and racial pay ratios and have done so for the last 3 years o For 2019, compensation received by female employees was more than 99% of that received by male employees in comparable positions, and compensation received by employees of color in the U.S. was more than 99% of that received by all other employees in comparable positions. This ratio is our equal pay for equal work disclosure • The request for median pay ratios conflates the distinct issues of representation and pay equity. o A median ratio compares the pay of two individuals whose earnings happen to fall at the midpoint of the pay range among those sharing the relevant gender or racial characteristic but who likely have different jobs, skills, experience, and work locations o As a result, the median pay ratios requested in the proposal provide no meaningful insights as they neither correlate with equal pay for equal work nor accurately depict gender or racial representation in our company • Our Human Capital Management Report provides detailed information on our actions and progress over time to recruit, develop, and support diverse talent throughout our company, including extensive statistical data on the gender and racial representation of our workforce. • As described in our Human Capital Management Report, we focus significant resources on bringing diverse talent to our company, and developing and supporting our female employees and employees of color. • Our company has received significant recognition and awards as a national and global leader in diverse workforce representation. 19Our Board recommends a vote against the following shareholder proposals (continued) No. 6 – AGAINST Report Concerning Gender/Racial Pay Equity • Our company is committed to equal pay for equal work. Through our longstanding practices, we compensate all our employees fairly and equitably, with equal pay for equal work, regardless of race or gender. o We maintain robust policies and practices reinforcing our commitment, including analyses and reviews with oversight from our senior management and our Board o Outside experts also examine employee pay before year-end compensation decisions are finalized, and we adjust compensation where appropriate o We publicly disclose our gender and racial pay ratios and have done so for the last 3 years o For 2019, compensation received by female employees was more than 99% of that received by male employees in comparable positions, and compensation received by employees of color in the U.S. was more than 99% of that received by all other employees in comparable positions. This ratio is our equal pay for equal work disclosure • The request for median pay ratios conflates the distinct issues of representation and pay equity. o A median ratio compares the pay of two individuals whose earnings happen to fall at the midpoint of the pay range among those sharing the relevant gender or racial characteristic but who likely have different jobs, skills, experience, and work locations o As a result, the median pay ratios requested in the proposal provide no meaningful insights as they neither correlate with equal pay for equal work nor accurately depict gender or racial representation in our company • Our Human Capital Management Report provides detailed information on our actions and progress over time to recruit, develop, and support diverse talent throughout our company, including extensive statistical data on the gender and racial representation of our workforce. • As described in our Human Capital Management Report, we focus significant resources on bringing diverse talent to our company, and developing and supporting our female employees and employees of color. • Our company has received significant recognition and awards as a national and global leader in diverse workforce representation. 19

Our Board recommends a vote against the following shareholder proposals (continued) No. 7 – AGAINST Review of Statement of the Purpose of a Corporation and Report on Changes to Governance Document, Policies, and Practices • Our company is proud to endorse the Business Roundtable’s Statement on the Purpose of a Corporation and our CEO’s decision to sign the statement, which we believe is consistent with our commitment to delivering long-term value for our shareholders through Responsible Growth; • Our company aligns its policies, practices, products, and programs to advance our purpose of making our customers’ financial lives better through the power of every connection; • Our Global Environmental, Social and Governance Committee (“ESG Committee”) is actively engaged in managing our ESG programs and strengthening our ESG practices to support Responsible Growth and help drive the global economy; and • Our Board and its committees play a key role in oversight of our company’s culture by setting the “tone at the top” and holding management accountable for maintaining high ethical standards and effective policies and practices, and encouraging growth within our risk framework. 20Our Board recommends a vote against the following shareholder proposals (continued) No. 7 – AGAINST Review of Statement of the Purpose of a Corporation and Report on Changes to Governance Document, Policies, and Practices • Our company is proud to endorse the Business Roundtable’s Statement on the Purpose of a Corporation and our CEO’s decision to sign the statement, which we believe is consistent with our commitment to delivering long-term value for our shareholders through Responsible Growth; • Our company aligns its policies, practices, products, and programs to advance our purpose of making our customers’ financial lives better through the power of every connection; • Our Global Environmental, Social and Governance Committee (“ESG Committee”) is actively engaged in managing our ESG programs and strengthening our ESG practices to support Responsible Growth and help drive the global economy; and • Our Board and its committees play a key role in oversight of our company’s culture by setting the “tone at the top” and holding management accountable for maintaining high ethical standards and effective policies and practices, and encouraging growth within our risk framework. 20

Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures Our company reports its financial results in accordance with accounting principles generally accepted in the United States of America (GAAP). However, we believe that certain non-GAAP financial measures provide additional clarity in understanding our results of operations and trends as follows: • Total revenue of the corporation on a fully-taxable equivalent basis allows for comparison of amounts from both taxable and tax- exempt sources and is consistent with industry practices. • Certain results excluding debit valuation adjustment (DVA) losses provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance. • Certain ratios that utilize tangible equity present measures of those assets that can generate income. Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average shareholders’ equity. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. • Certain results excluding the impact of the non-cash impairment charge related to the notice of termination of the merchant services joint venture (JV) at the conclusion of its current term, provide additional information for comparison of our operational performance between periods. The impairment charge was recorded in the third quarter of 2019. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our company’s reported results prepared in accordance with GAAP. For additional information about non-GAAP financial measures, see Supplemental Financial Data in Management’s Discussion and Analysis of Financial Condition and Results of Operations on page 27 of our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 19, 2020. Following is a reconciliation of GAAP and non-GAAP financial measures found on pages 4 and 5. 21Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures Our company reports its financial results in accordance with accounting principles generally accepted in the United States of America (GAAP). However, we believe that certain non-GAAP financial measures provide additional clarity in understanding our results of operations and trends as follows: • Total revenue of the corporation on a fully-taxable equivalent basis allows for comparison of amounts from both taxable and tax- exempt sources and is consistent with industry practices. • Certain results excluding debit valuation adjustment (DVA) losses provide additional information to assess the underlying operational performance and trends of our businesses and to allow better comparison of period-to-period operating performance. • Certain ratios that utilize tangible equity present measures of those assets that can generate income. Return on average tangible common shareholders’ equity measures our net income applicable to common shareholders as a percentage of adjusted average shareholders’ equity. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. • Certain results excluding the impact of the non-cash impairment charge related to the notice of termination of the merchant services joint venture (JV) at the conclusion of its current term, provide additional information for comparison of our operational performance between periods. The impairment charge was recorded in the third quarter of 2019. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our company’s reported results prepared in accordance with GAAP. For additional information about non-GAAP financial measures, see Supplemental Financial Data in Management’s Discussion and Analysis of Financial Condition and Results of Operations on page 27 of our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 19, 2020. Following is a reconciliation of GAAP and non-GAAP financial measures found on pages 4 and 5. 21

Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued) • The information contained on our “Continued Progress in Driving Financial Performance” slide is based on data available at the time of our 20194Q earnings presentation. The data speaks only as of the particular date or dates included in the slide. We do not undertake an obligation to, and disclaims any duty to, update any of the information provided. • In the Consolidated Statement of Income, amounts related to certain asset and liability management activities have been reclassified from Other income to Market making and similar activities, which was previously referred to as Trading account income. All prior periods presented reflect this change, which has no impact on our Total noninterest income or Net income, and has no impact on business segment results. The amounts included in Market making and similar activities related to this change in presentation are as follows: $930 million and $1.1 billion for the years ended December 31, 2019 and 2018, and $53 million, $411 million, $36 million, $430 million and $177 million in the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively. • We may present certain key performance indicators and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) which result in non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in understanding our results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations and other earnings-related information available through the our Investor Relations website (information contained on our website is not incorporated by reference). • We view net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis are non-GAAP financial measures. We believe managing the business with net interest income on an FTE basis provides investors with a more accurate picture of the interest margin for comparative purposes. We believe that the presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $145MM, $148MM, $149MM, $153MM and $155MM for 4Q19, 3Q19, 2Q19, 1Q19 and 4Q18, respectively. • We allocate capital to our business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Our internal risk-based capital models use a risk-adjusted methodology incorporating each segment's credit, market, interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. 22Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued) • The information contained on our “Continued Progress in Driving Financial Performance” slide is based on data available at the time of our 20194Q earnings presentation. The data speaks only as of the particular date or dates included in the slide. We do not undertake an obligation to, and disclaims any duty to, update any of the information provided. • In the Consolidated Statement of Income, amounts related to certain asset and liability management activities have been reclassified from Other income to Market making and similar activities, which was previously referred to as Trading account income. All prior periods presented reflect this change, which has no impact on our Total noninterest income or Net income, and has no impact on business segment results. The amounts included in Market making and similar activities related to this change in presentation are as follows: $930 million and $1.1 billion for the years ended December 31, 2019 and 2018, and $53 million, $411 million, $36 million, $430 million and $177 million in the fourth, third, second and first quarters of 2019 and the fourth quarter of 2018, respectively. • We may present certain key performance indicators and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) which result in non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides additional clarity in understanding our results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations and other earnings-related information available through the our Investor Relations website (information contained on our website is not incorporated by reference). • We view net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis are non-GAAP financial measures. We believe managing the business with net interest income on an FTE basis provides investors with a more accurate picture of the interest margin for comparative purposes. We believe that the presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $145MM, $148MM, $149MM, $153MM and $155MM for 4Q19, 3Q19, 2Q19, 1Q19 and 4Q18, respectively. • We allocate capital to our business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. Our internal risk-based capital models use a risk-adjusted methodology incorporating each segment's credit, market, interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. 22

Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued) 23Appendix A: Reconciliation of GAAP and Non-GAAP Financial Measures (continued) 23