Innovation Roadmap—Delivering Financial Life Benefits®

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Innovation roadmap GET STARTED Delivering Financial Life Benefits® Innovation roadmap Delivering Financial Life Benefits®

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Personal Retirement Strategy is an online investment advisory program sponsored by Merrill Lynch, Pierce, Fenner & Smith Inc. (“MLPF&S” or “Merrill”) that uses a probabilistic approach to determine the likelihood that participants in the program will accumulate sufficient total assets to achieve their annual retirement income goal. The recommendations provided by Personal Retirement Strategy may include a higher level of investment risk than a participant may be personally comfortable with. Participants are strongly advised to consider their personal goals, overall risk tolerance, and retirement horizon before accepting any recommendations made by Personal Retirement Strategy. Participants should carefully review the explanation of the methodology used, including key assumptions and limitations, as well as a description of services and related fees which is provided in the Personal Retirement Strategy Brochure (ADV Part 2A). It can be obtained through Benefits OnLine® or through the Retirement Benefits Contact Center. Merrill offers a broad range of brokerage, investment advisory and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select. IMPORTANT: The projections or other information shown in the Personal Retirement Strategy program regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.

For plan sponsor and consultant use only. The screen shots shown are intended to illustrate the functionality and services through Benefits OnLine®. They are not meant as exact representations of the screens available through your plan. The concept screens are for discussion purposes only and do not reflect any currently available product or service. Any new products, services, enhancements, and release dates are subject to change based solely on Bank of America decision, including not proceeding with a planned offering. Bank of America, Merrill, their affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. Asset Allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets. Bank of America is a marketing name for the Retirement Services business of Bank of America Corporation (“BofA Corp.”). Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., member FDIC. Brokerage and investment advisory services are provided by wholly owned nonbank affiliates of BofA Corp., including Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”), a dually registered broker-dealer and investment adviser and member SIPC. Mutual Fund investment offerings for the Bank of America HSA are made available by MLPF&S, a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp. Investments in mutual funds are held in an omnibus account at MLPF&S in the name of Bank of America, N.A. (“BANA”), for the benefit of all HSA account owners. Recommendations as to HSA investment menu options are provided to BANA by the Chief Investment Office (“CIO”), Global Wealth & Investment Management (“GWIM”), a division of BofA Corp. The CIO, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group of GWIM. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

Financial wellness is more important today than ever, and we are DUCATION AND L E GU CIA ID N AN A TIVE SER C committed to helping employees address their most urgent financial IN ECU VICE E F EX S priorities and keep their longer-term goals on track. Bank of ® NG² HE KI A America’s Financial Life Benefits is a holistic solution that can N LT A G¹ SO H B IN LU B E T T E E S I N help give employees what they need to move forward on their Y E O V N E O F N S L I I

P ² T & financial journeys. M E FINANCIAL Driven by personalized and actionable guidance, this powerful solution provides LIFE C O BENEFITS® seamless access to support and tools that make it easier for employees to M

P T E E N manage all aspects of their financial lives—whether budgeting for day-to-day N Q E S U M ¹ A I E S expenses, saving money to pay for health care, or planning for a steady stream T T R N IO Y TI A N RE L P P of income in retirement. LA NS¹ Financial Life Benefits is redefining workplace benefits, offering a more complete benefits package that can differentiate your company’s offering and help your employees live better financially.

SEE OUR LATEST INNOVATIONS

1 Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated. 2 Bank products are available from Bank of America, N.A., and affiliated banks. home FLB access guidance simplification overview

Delivering a high-tech, high-touch experience to help drive results

We continue to enhance the benefits experience for you and your employees—and we invite you to join us on the journey. It starts with our understanding of the financial needs and behaviors of today’s diverse workforce, through millions of customer interactions, proprietary research and your input and feedback. This knowledge helps us to be more effective innovators and catalysts in advancing financial wellness and supporting your workplace programs and goals. This innovation roadmap highlights our latest strategic vision. Explore

ACCESS GUIDANCE SIMPLIFICATION Seamless and secure digital access: Delivering education and guidance that Expanded capabilities: Streamlining Making it easy for employees to manage is personal and actionable. administration and driving plan health. their entire financial lives online. home FLB access guidance simplification overview access Elevating the digital experience

Convenient access, intuitive interfaces and expanded functionality are the starting points on our digital roadmap. And, we are taking our digital solutions to the next level, using smart technology to create highly personalized and interactive experiences that raise the bar on how we engage, inform and prompt action.

Key focus areas:

• Bank of America’s digital capabilities — like Erica®, our virtual financial assistant — are helping us expand our integration of artificial intelligence and voice technology to help make it easy for employees to understand and take their next steps toward their financial goals. • Service that gives employees the ability to aggregate account balances in one place — from accounts within Bank of America and Merrill and with other financial institutions — to provide a big picture view of their finances and help them make decisions in the context of their full financial lives. • App development and digital channel evolution ensure employees can continue to use their preferred medium — whether desktop, mobile or tablet. • Digital platforms reflect the highest standards of security and privacy.

learn more My Financial Picture> Additional digital interactions> home FLB access guidance simplification overview

access My Financial Picture: All accounts in one place

My Financial Picture is a free service that will allow employees to consolidate virtually all of their financial balances in one secure online location on Benefits OnLine®. In addition to Merrill and Bank of America accounts, participants can link account information from other financial institutions to help get a more complete picture of their financial status, plan a budget and understand their net worth. home FLB access guidance simplification overview

access Additional digital interactions planned in 2021

Defined contribution: Expand Spanish language support on Benefits OnLine We will be expanding Spanish language support on the Benefits OnLine website and app for defined contribution plans (currently available for Equity) to help make it easier for Spanish-speaking employees to manage their 401(k) account, as well as seamlessly access educational content in Spanish on the Better Money Habits® website.

Equity: Expanding ACH capabilities to allow employees quicker access to funds This enhancement will give participants the ability to request ACH electronic transfer of cash from their Limited Individual Investor Account (LIIA) to help them access their money when they need it.

Health Benefit Solutions: Online chatbot uses artificial intelligence to answer common questions A new AI-powered chatbot on the health benefit accounts website will help connect employees to answers to commonly asked questions through real-time online messaging. This capability will also be integrated into the contact center experience.

Health Benefit Solutions: Text messages keep employees informed on the go Health and benefit account holders will be able to elect to receive text messages to alert them to balance updates, recent transactions, debit card purchases, account contributions and distributions, and reminders for certain activities.

Health Benefit Solutions: Streamlining how employees manage investments online Redesigning the investment summary page on the health benefits accounts website to make it more intuitive and easier to take action.

Any new products, services or enhancements are subject to change based solely on Bank of America decision, including not proceeding with a planned offering. home FLB access guidance simplification overview guidance Advanced technology helps deliver personalized guidance and drive action

We will use Artificial intelligence (AI) to create powerful new tools, more personalized experiences and relevant messaging to help employees understand their suggested next step and take action. And, we continue to enhance our one-on-one support through our network of local financial professionals.

Key focus areas: • AI-driven technology intended to provide timely and relevant online nudges that prompt employees to take action or consider opportunities to move forward on their financial journeys. • Personal Retirement Strategy, a digital investment advisory program, will deliver personalized insights and guidance to help employees pursue their retirement income goals. • Expanded connectivity within Financial Wellness Tracker will link employees from their suggested next steps directly to resources that can help them learn more and take immediate action.

learn more AI-driven solutions > Personal Retirement Strategy > home FLB access guidance simplification overview guidance AI-driven solutions: Guiding employees to their next step

Artificial intelligence (AI) can help make financial wellness feel personal and approachable, relevant and attainable to all employees, no matter where they are on their financial journeys. It enables us to turn insights about individuals into personalized experiences that can help our financial wellness education resonate in context of employees’ own lives and goals. AI-driven capabilities can help us be more proactive and targeted in our You are earning more than outreach, meeting employees where they are, and delivering the right resources you did last year. at the right time to help get them where they want and need to be. Some of the ways we plan to use AI to guide employees to their next step include: It may be a good time to contribute a little more to your 401(k). > • Integration of the AI-enabled capabilities of Bank of America to help employees manage their full financial lives. • Proactive online nudges to help drive positive behaviors, and even uncover opportunities employees may not be thinking about. • Pushing out relevant educational content based upon behavior. • Tailoring the action plans generated by our Financial Wellness Tracker to include links to resources to help employees learn more and take immediate action. home FLB access guidance simplification overview

guidance Personal Retirement Strategy: Helping employees take charge of their financial futures

Our research1 shows that today’s workforce is especially concerned about retirement, but employees often lack guidance and tools to plan for their futures. With Personal Retirement Strategy, our new digital investment advisory program, we are connecting employees to the retirement income planning resources they need to take charge of their financial futures.

• Delivers personalized insights, guidance and tools to help employees create a retirement income plan aligned with their goals. • Can consider employees’ full financial picture including factors such as salary, anticipated savings, retirement age, potential sources of retirement income, and how taxes might impact their future savings. • Can account for every stage of life, including investing, planning, and generating a sustainable income throughout retirement. • Professionally constructed portfolios from our Chief Investment Office, using a goals-based asset allocation approach.

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1 Bank of America 2020 Workplace Benefits Report. home FLB access guidance simplification overview guidance Personal Retirement Strategy: Helping employees take charge of their financial futures (continued)

• Merrill will act as an ERISA Fiduciary1 All plan participants who use Personal Retirement Strategy receive: • Engages employees through an approachable, accessible digital experience seamlessly integrated into Benefits OnLine®. • Includes various planning illustrations and “try it now” feature GOAL FUNDING RETIREMENT RETIREMENT TAX ASSET MERRILL WILL that give participants the ability to explore different financial STATUS ANALYSIS INCOME PLANNING ILLUSTRATION ALLOCATION ACT AS AN ERISA RECOMMENDATION FIDUCIARY1 scenarios and how they could impact retirement outcomes. And if they elect, they can invest through:

MERRILL MANAGED

Optional service that participants can enroll in for a competitive, asset-based fee. This service allows plan participants to delegate the implementation and ongoing investment management duties to the professional investment management team at Merrill.

Professional investment Regularly Merrill will act as a management for rebalanced and discretionary investment participant portfolios reallocated by Merrill manager within the meaning of section 3(38) of ERISA1

1 3(21) ERISA Fiduciary for participants using Personal Retirement Strategy and 3(38) ERISA Fiduciary for participants utilizing Merrill Managed with respect to ongoing investment management. The screen shots shown are for illustrative purposes only. Any new products, services or enhancements are subject to change based solely on Bank of America decision, including not proceeding with a planned offering. home FLB access guidance simplification overview guidance The value of the Chief Investment Office

The Chief Investment Office (CIO) is comprised of 240 investment professionals1 with extensive industry experience across a variety of specialties, who have a shared mission to support our clients with insights, a disciplined investment process and a focus on fiduciary responsibility.

We are now bringing these resources to 401(k) plan participants, through our Personal Retirement Strategy and Merrill Managed discretionary management service. Leveraging the experience of the CIO, we can help participants make informed decisions at each step of the investment process and provide personalized support to put them on the path toward their long-term goals. The CIO offers:

• Market viewpoints and insights. • Due diligence and manager research. • Asset allocation recommendations based on individual retirement income goals. • A Goals-Based Asset Allocation (GBAA) approach, which puts participants, rather than the market, at the center of retirement planning. • Intellectual content across a wide range of topics applicable to plan participants.

1 As of November 30, 2020. Diversification and due diligence processes seek to mitigate, but cannot eliminate risk, nor do they imply low risk. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”). This information should not be construed as investment advice and is subject to change. It is provided for informational purposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available. home FLB access guidance simplification overview simplification Enhanced reporting and analytics to inform your workplace strategies

We continue to evolve our employer reporting platforms to provide easier access to key plan data and tools for in-depth analysis to give you insights to participant behavior and overall performance of your plans. These insights can help inform decisions about plan design and how to engage employees to help drive positive outcomes.

Key focus areas: • Intuitive dashboards offering quick and easy access to plan information with data visualization, year-over-year trends and other analytical views. • Flexible reporting features that allow you to drag and drop, sort, filter and search data, and generate drill-down reports will be launching for equity plans. • Expanded plan health analytics for defined contribution plans and health and benefit accounts that focus on key performance indicators and offer new benchmarking capabilities to help you compare your plan against others like it. • Digital engagement metrics that show how plan participants are interacting with their benefit accounts online. • Dashboard will also include Personal Retirement Strategy and Financial Wellness Tracker reporting. • Ongoing enhancements to Benefits OnLine and health benefit accounts employer websites to improve user experience and simplify day-to-day benefits administration. learn more Expanded plan health analytics> Digital engagement reporting> More new tools> home FLB access guidance simplification overview simplification Expanded plan health analytics offer deeper insights and opportunities

What is the financial health of my plan? In what funds are investments concentrated? Are participants contributing enough to maximize company match? How is my plan doing in comparison to others in the industry?

The answers to these questions and more will be at your fingertips with our new robust suite of plan health analytics, which will be conveniently located in the reporting tab of the Benefits OnLine plan sponsor portal. Benchmarking reports will also be introduced for health benefit accounts on the health and benefit account employer portal.

Intuitive dashboards, data visualization, trending reports and the ability to benchmark your plan against ones like it will arm you with insights to help you assess the overall health of your plan and participant financial wellness, and give you a deeper understanding of the opportunities to help drive better plan outcomes.

LEARN MORE home FLB access guidance simplification overview simplification Expanded plan health analytics offer deeper insights and opportunities (continued)

New plan health metrics include:

• New equity reporting platform with drag-and-drop capabilities and an interactive dashboard. • Expanded defined contribution reports to include but not limited to: – Plan balances by asset class and source – Distributions – Asset allocations and top funds – Various reports on loans – Participants contributing less than company match • Health benefits expanded analytics dashboard, offering the ability to drill down on key metrics, benchmarking, and identify opportunities to help with decision-making.

The screen shots shown are for illustrative purposes only. Any new products, services or enhancements are subject to change based solely on Bank of America decision, including not proceeding with a planned offering. home FLB access guidance simplification overview simplification Digital engagement reporting tracks how employees interact with their benefits

Benefits OnLine® is one of the primary ways employees manage their benefits, and the ability to view and analyze online activity can help provide insights to how employees engage with their accounts. Once the report launches, you will be able to access digital engagement reporting on the plan sponsor portal to see detailed data and trends related to employees’ online behavior in their defined contribution accounts.

Digital engagement reporting dashboard will include:

• Sessions and logins by plan and device • Total digital accounts • Percentage of digitally active participants by plan • Transactions • New accounts • Average sessions per user

The screen shots shown are for illustrative purposes only. Any new products, services or enhancements are subject to change based solely on Bank of America decision, including not proceeding with a planned offering. home FLB access guidance simplification overview simplification More new tools and solutions to help make your workday a little easier

Defined contribution: A more efficient loan payoff process We will enhance the current process to update the outbound interface file to include the re-instated loan payment amount to make processing of loan payments more efficient for plan sponsors.

Defined contribution: Enhanced participant search services to more easily manage “lost participants” Enhanced search techniques and proactive online alerts will help automate updates related to bad addresses or missing participants.

Defined contribution: Payroll manager helps maintain accurate data Our payroll manager solution will validate key employee and payroll data within our recordkeeping system to identify any required corrections.

Defined contribution: Reporting of validation results to help plan sponsors update records A report showing the results of our employee and payroll data validation process will be available on the Benefits OnLine plan sponsor website to help plan sponsors update information in their HR/payroll systems.

Continued >

simplification

More new tools and solutions to help make your workday a little easier (continued)

Equity: Streamlined process for filing SEC form to Edgar Plan sponsors are required to file any transactions with the SEC within 48 hours. This enhancement will streamline and significantly simplify the process through an aggregate feed to plan sponsors’ Certent dashboard that will enable them to review and submit the form to Edgar directly from the system.

Equity: Dual metric reporting Enhancing our AwardChoice Financial Reporting (ACFR) platform to support performance awards based on both a performance and market metric when calculating expense and reporting.

Equity: Tranche level reporting Supporting the industry’s growing trend to assign vesting levels by tranche of an award, we are introducing a new prorated calculation, giving plan sponsors award flexibility and transparency to help them plan.

Equity: China SAFE processing improvements A number of enhancements will be made to our China SAFE capabilities to further facilitate a plan sponsor’s compliance with these regulations, including automation of transactional and reporting requirements, processes to liquidate shares on vest or post-termination, and the ability to bulk proceeds from the sale of shares of an employee stock purchase program.

Continued >

simplification

More new tools and solutions to help make your workday a little easier (continued)

Health Benefit Solutions: Alternate label for employer contributions This enhancement will provide the flexibility for plan sponsors to label or classify certain employer contributions that help reward employees for key behaviors, such as wellness activities or other incentives, to help drive awareness of activities that qualify for the employer contribution.

Nonqualified defined contribution (NQDC): Support in tracking salary deferrals We are making records showing future payment obligations for each plan participant — even those who are off the payroll — accessible on the Benefits OnLine plan sponsor website to help plan sponsors more easily track future deferrals.

NQDC: Clarifying payment status for participants This enhancement simplifies participants’ elected payment streams on Benefits OnLine to help them better understand which payment elections are active and when they will be received.

Overview of what’s planned in 2021

Access Simplification

• Expanded integration of AI-driven and voice technology • Digital engagement reporting showing channel usage and • My Financial Picture behaviors for defined contribution plans • Limited Spanish translation of Benefits OnLine website and • Expanded plan health reporting for 401(k) and health accounts mobile app • More efficient loan payoff process for defined contribution plans • ACH transfers from equity plan participants’ Limited Individual • Participant search services for defined contribution plans Investor Accounts • Payroll manager for defined contribution plans • Simplified experience to manage HSA investments • Payroll data validation results available on Benefits OnLine for • Health Benefit Solutions online chatbot defined contribution plans • Text alerts and reminders for health and benefit account • New reporting platform for equity plans participants • SEC form filing to Edgar for equity plans • Ongoing enhancements to Benefits OnLine and health account • Tranche level reporting for equity plans websites and apps • Equity: ACFR Dual metric reporting • Equity China SAFE enhancements Guidance • HBS alternate label for employer contributions • Personal Retirement Strategy • NQDC support in tracking salary deferrals • AI-driven technology to provide timely nudges and insights • NQDC payment status clarification for participants • Financial Wellness Tracker expanded connectivity to solutions and resources

Completed in 2020 >

Completed in 2020

Access Simplification

• Consolidated app experience and ongoing enhancements to the • Custom defined contribution reporting capabilities and Benefits OnLine® and health account websites and apps (both dashboard employee and employer experiences) • Defined contribution auto re-enrollment solution for individuals • Connecting online equity and brokerage accounts who previously opted out • Expanded ability to sell equity share lots on the app • Equity Data Management Center with ongoing updates • Health Benefit Solutions commuter benefits offering • Equity Self Service Blackout setting tool • International and iPad Benefits OnLine app • Ability for equity mobile participants to retain the same brokerage account Guidance • Financial Wellness Tracker that provides a financial wellness assessment, score and suggested action plan • Educational emails with personalized information and calls to action with deep linking to single sign-on integration