QUANTUMONLINE.COM SECURITY DESCRIPTION:  Bank of America, Depositary Shares each representing a 1/25th interest in a share of the Fixed-to-Floating Rate Non-cumulative Preferred Stock, Series U, liquidation preference $1000 per depositary share, redeemable at the issuer's option on or after 6/1/2023 at $1000 per depositary share plus declared and unpaid dividends, and with no stated maturity. Fixed non-cumulative distributions of 5.20% per annum ($52.00 per annum or $26.00 per semi-annual period) will be paid semi-annually through 6/1/2023 on 6/1 & 12/1 to holders of record on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After 6/1/2023 distributions will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 at a floating rate of the three-month LIBOR plus 3.135%. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-11 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as B1 by Moody’s and BB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
	FixFloat $52.00	$1,000.00 $1,000.00	6/01/2023 None	Baa2 BBB- 3/19/2024	6/1 & 12/1 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

Notes:  March 31, 2023 -- Bank of America Corporation ("BAC") (NYSE: BAC), BofA Finance LLC ("BofA Finance") and certain other BAC-affiliated issuers announce its expectation that, on the first London banking date after June 30, 2023 (the "LIBOR Replacement Date"), the CME Term SOFR Reference Rate published for the one- or three-month tenor (that corresponds to the applicable USD LIBOR tenor), as administered by CME Group Benchmark Administration, Ltd. (or any successor administrator thereof) ("CME Term SOFR"), The tenor spread adjustment for CME Term SOFR with respect to the following tenors of USD LIBOR, as set forth in the LIBOR Act and the LIBOR Rule, is: One Month 0.11448 %, Three Months 0.26161 % The company does not intend to list the depositary shares or the Preferred Stock on any securities exchange.

Company's Online Information Links

HOME PAGE:     https://www.bankofamerica.com
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Company's Email Address Links

Email Address

i_r@bankofamerica.com

Address and Phone Numbers

Address:   Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255
Main Phone Number	704-386-5681
Fax Number	980-386-6699
Investor Relations   Jonathan G. Blum	212-449-3112
Toll Free Phone Number	800-299-2265

CEO - Brian T. Moynihan

CFO - Alastair Borthwick