New BofA Rewards™ Program to Reach Millions More Clients with Expanded Benefits

Through the expansion of the company's industry-leading loyalty program, all clients with an active Bank of America personal checking account can join BofA Rewards with no minimum balance. This includes more than 30 million existing clients now newly eligible for the program. BofA Rewards features four tiers based on a client's three-month average account balance across their qualifying² Bank of America and Merrill accounts:

• Member tier: <$30,000
• Preferred Plus tier: $30,000 to <$100,000
• Preferred Honors tier: $100,000 to <$1 million
• Premier tier: $1 million+

BofA Rewards unifies Bank of America's previously separate rewards offerings to recognize clients' goals at every life stage. Every member will enjoy valuable perks designed to make everyday banking - and life's major milestones - more rewarding, including:

• Credit card rewards bonuses of 10 to 75% on everyday purchases with eligible credit cards.
• Cash back deals from more than 15,000 popular national and local brands, plus members exclusives.
• Exclusive discounts on home and auto loans.
• Enhanced fraud and identity monitoring, including dark web monitoring, Social Security number monitoring, full-service identity restoration, and more, in addition to new My Credit tools offered to all clients.

Preferred Honors and Premier tier members can also get reimbursed for popular subscriptions from top streaming, entertainment, and news services. This benefit provides credits of up to $96 per year³ for Preferred Honors tier members and up to $180 per year⁴ for Premier tier members.

BofA Rewards will offer lifestyle benefits for Preferred Honors and Premier tier members. Through a continuously expanding suite of benefits, clients will enjoy curated offers and premium experiences across top lifestyle categories including travel, automotive, food and wine, sports and fitness, style and fashion, arts and entertainment, home, health and wellness, and personal services. For example:

• Preferred Honors tier: Automotive savings on brands like BMW, Lexus, Audi, Volvo; access to arts and entertainments moments, including major league sports, concerts, Broadway shows, and opera; and premium travel experiences with partners including Regent Seven Seas Cruises, Virgin Hotels, and Sixt.
• Premier tier: Tier-exclusive luxury offers with Backroads, The Eden Residence Club, Mercedes, Sollis Health, and Blacklane, as well as curated private events, such as the Food Network New York City Wine & Food Festival, Lamborghini, and CULTURED magazine.

BofA Rewards members will also enjoy a fully redesigned experience within the Bank of America Mobile App and Online Banking. The reimagined platform includes a modern, intuitive design with personalized offers and tier-specific features, making it easier than ever to activate and maximize the value of their benefits.

Since its launch in 2014, Bank of America's Preferred Rewards® program has grown to more than 11 million members. Building upon this success, BofA Rewards will replace Preferred Rewards on May 27. Previously, clients needed to maintain a three-month combined average account balance of $20,000 or more across their Bank of America and Merrill accounts to be eligible for enrollment. Current Preferred Rewards members will be automatically enrolled in BofA Rewards⁵. Bank of America clients enrolled in Preferred Rewards for Business will remain in their current program with additional details coming soon.

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Carolyn Batt, Bank of America
Phone: 1.646.983.1369
[email protected]