How to: open your brokerage account

How to: open your brokerage account

Long-Term Incentive Awards: Restricted Stock Units

Before you can receive payment from a Restricted Stock Unit (RSU) award, you will need to either: ? Establish a basic award account, also called a Limited Individual Investor Account (LIIA),* or ? If you are a U.S. participant, open and/or designate an existing Merrill brokerage account for use with your RSUs. To open your brokerage account, access Benefits OnLine? through Flagscape > Essential Links or HR Connect > Money > Incentive plans & awards.

Then follow these steps

1. If you clicked the link above, you can go directly to step 2.

Otherwise, on the Home page that appears after you log in,

select Bank of America Equity & LT Cash Plans, then

choose Brokerage Account from the top of the screen and

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select Open an Account. 1

2. On the Open an Account screen you have two options:

Option 1? for all employees1

Open a basic award account / Limited Individual Investor Account 2

? Once your award is paid, you can use your basic award account

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(LIIA) to sell your shares or transfer shares and/or cash to

another account.

? A basic award account (LIIA) is not a full-service brokerage

account. This means it is not an interest-bearing account, and

transactions that are available with retail brokerage accounts,

such as trading other company stocks, are not available.

? Transaction fees may apply when you sell shares or complete

certain transactions.

Note: Once you've opened a basic award account, you're done! Nothing further is needed for your award to be paid.

1All employees are eligible to open a basic award account. However, for employees working outside the U.S. or U.S. employees on a work visa, the basic award account is your only option. Option 2 on the next page does not apply to you.

*The Limited Individual Investor Account is a limited, self-directed, non-interest-bearing brokerage account.

The account you open to receive payments from your Bank of America awards is considered a personal brokerage account. Address updates you make through Workday will not be applied to your brokerage account. Please call the Employee Retirement Savings Center or your financial advisor to update the mailing address for your LIIA or your Merrill brokerage account.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, member SIPC, and a wholly owned subsidiary of BofA Corp.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Option 2? For U.S. and Puerto Rico employees only

Open a Merrill brokerage account to receive payments from your award. ? Depending on your personal investment needs, Merrill's

brokerage account options can provide the flexibility to complete transactions, like trading stocks, bonds or mutual funds, in addition to receiving payment of your award. Merrill brokerage accounts are available to bank employees at preferred fees. ? To designate an existing Merrill brokerage account, choose select your account. 3 ? Learn more: You can explore Merrill brokerage account offerings 4 on your own. Or, a designated employee specialist (or your current Merrill financial advisor) can provide personalized assistance to help you through the process of opening and/or selecting a Merrill brokerage account for payment of your award. To find a specialist, go to Employee Financial Services, or call 888.865.2550.

Note: If you open a Merrill brokerage account, you will need to take one additional step to select this account for payment of your award once the account is open. See below for information.

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Final step: Electing an alternative account

If you are a participant in the U.S. or Puerto Rico and want to use a Merrill Edge brokerage account or another existing Merrill brokerage account to receive payments from your RSUs, you will need to elect this account on Benefits OnLine. From the Home page select Bank of America Equity & LT Cash Plans, then Brokerage Account 1 in the navigation bar, and choose Elect Brokerage Account from the drop-down menu.

? The Elect Brokerage Account screen will display a list of available accounts that can be designated. 2

? Select the account you wish to designate, and then click Submit 3 . If you are using an LIIA, you do not need to complete the designation process.

? If you need assistance with the brokerage account designation process, please call the Employee Retirement Savings Center (see next page).

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The screen shots shown here are intended to illustrate the functionality and services available to participants on Benefits OnLine. They are not meant as exact representations of the screens available through your plan.

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We're here to help If you have questions about your RSUs, please call the Bank of America Employee Retirement Savings Center at 800.637.4015 (TTY: 800.637.1215). If you are outside the United States, Puerto Rico or Canada, please call 609.818.8817, or dial your country's toll-free AT&T USA Direct? access number and then dial 800.637.4015 to speak with a representative. From anywhere in the world, toll-free AT&T USA Direct access numbers are available online at go.directaccess or from your local operator. Accessing Benefits OnLine directly: If you cannot access Benefits OnLine through Flagscape or HR Connect, you can do so at benefits.. You will need your User ID and password to sign in to the site.

Bank of America Corporation's long-term incentive award programs are discretionary in nature and may be modified or terminated at any time. In the event of any conflict between the information in this communication and the governing plan document and/or award agreement, the governing plan document and/or award agreement will control. Awards are made at the sole discretion of Bank of America Corporation. Any benefits from awards will not be considered part of local compensation or salary for any purpose. These awards are governed by U.S. law. Bank of America Corporation is a financial company that, through its subsidiaries and affiliated companies, provides banking and nonbanking financial services. Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill") provides products and services to various employers, their employees and other individuals. In connection with providing these products and services, and at the request of the employer, Merrill makes available websites on the internet, mobile device applications, and written brochures in order to provide you with information regarding your plan. Under no circumstances should these websites, applications, and brochures, or any information included in these websites, applications, and brochures, be considered an offer to sell or a solicitation to buy any securities, products, or services from Merrill or any other person or entity. Unless otherwise noted, all trademarks and registered trademarks are the property of Bank of America Corporation. ? 2022 Bank of America Corporation. All rights reserved. | 20212227-4 | 01/2022 | ADA

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