2018 Guide to Effective Proxies

2.17.6 CEO to median employee pay ratio | 391 6 TH EDITION | GUIDE TO EFFECTIVE PROXIES CEO Pay Ratio CEO Pay Ratio Below is (i) the 2017 annual total compensation of our CEO; (ii) the 2017 annual total compensation of our median employee; (iii) the ratio of the annual total compensation of our CEO to that of our median employee, and (iv) the methodology we used to calculate our CEO pay ratio: CEO Pay Ratio CEO Annual Total Compensation* $21,791,812 Median Employee Annual Total Compensation $87,115 CEO to Median Employee Pay Ratio 250:1 * This annual total compensation is the Summary Compensation Table amount, plus certain nondiscriminatory benefits (including health insurance). Methodology Our CEO pay ratio is a reasonable estimate calculated in a manner consistent with SEC rules. Our methodology and process is explained below: ‰ Determined Employee Population. We began with our global employee population as of October 1, 2017, including full-time, part-time, and seasonal or temporary workers, employed by our company or consolidated subsidiaries, but excluding our CEO. ‰ Identified the Median Employee. We calculated compensation for each employee using base salary as of October 1, 2017 and estimated overtime, plus performance year 2016 cash incentives paid and equity awards granted in 2017. We identified employees within $500 of the median compensation and removed those employees who had anomalous compensation characteristics. For each remaining employee, we estimated total compensation using a method similar to the Summary Compensation Table rules, but including employer health insurance contributions and the value of other benefits, and then identified the median employee. ‰ Calculated CEO Pay Ratio. We calculated our median employee’s annual total compensation for 2017 according to the SEC’s instructions for preparing the Summary Compensation Table, including employer health insurance contributions and the value of other benefits. We then calculated our CEO’s annual total compensation using the same approach to determine the pay ratio shown above. We invest in our employees at all levels in the company by rewarding performance that balances risk and reward, empowering professional growth and development, and by offering affordable benefits and programs that meet the diverse needs of our employees and their families. See “Being a Great Place to Work” on page 24 for additional details. Bank of America Corporation 2018 Proxy Statement 63 BANK OF AMERICA CORPORATION