2022 Gender Equality Index Report, France

Central to Bank of America’s strategy of sustainable Responsible Growth are the actions we take to be a great place to work for our teammates.

Our leadership team is held accountable for driving positive progress in female representation, culture, inclusivity and Being a great place to work. We set out D&I goals for the company which are cascaded down at all levels ensuring commitment, accountability and support to drive Diversity & inclusion in the workplace across the company.

Our company is committed to equal pay for equal work, including gender pay equity, by fairly and equitably compensating all of our employees. We maintain robust policies and practices that reinforce equal pay for equal work, including review and oversight from our Board and senior leaders.

We conduct annual analyses to examine individual employee pay before year-end compensation decisions are finalised, and we adjust compensation where appropriate. We believe our pay-for-performance approach, combined with our focus on workplace representation, will continue driving the advancement and representation of women in our company. Our strategy, programmes and actions are guided by our commitment to be part of a broader solution for gender equality, contributing to the advancement of women both within our workforce and in society as a whole. The results of our 2021 enterprise review of equal pay for equal workfootnote1 showed that compensation received by women was on average more than 99% of that received by men.

Bank of America Securities Europe S.A. (“BofA SE”) and Bank of America Europe Designated Activity Company, Paris branchfootnote2 (“BofA Europe, Paris Branch”) are required to calculate and publish a Gender Equality Index for 2021. This has been achieved by reference to mandatory indicators (outlined below), performance against each of which leads to the attainment of points, adding up to an overall score out of 100.

For 2021, the Gender Equality Index results, calculated in accordance with the requirements mandated under the Avenir law (Sept 2018) are as below:

1. BofASE (number of points)

  • Pay gap between men and womenfootnote2:    39 out of 40 points
  • Difference in non-promotional pay increasesfootnote3:    20 out of 20 points
  • Difference in promotion related pay increasesfootnote3:    15 out of 15 points
  • Percentage of employees who receive a pay increase upon returning from maternity leave:  15 out of 15 points
  • Gender representation amongst employees in the top 10 highest paid positions:    5 out of 10 points
  • Final Index Results:  94 out of 100 points

2. BofA Europe DAC, Paris Branch (number of points)

  • Pay gap between men and womenfootnote2:    25 out of 40 points
  • Difference in pay increasesfootnote3:    35 out of 35 points
  • Percentage of employees who receive a pay increase upon returning from maternity leave:  15 out of 15 points
  • Gender representation amongst employees in the top 10 highest paid positions:    0 out of 10 points
  • Final Index Results:    75 out of 100 points

In accordance with the Decree that came into force on 25 February 2022, we confirm that the following actions are being taken to improve performance against the first and last index indicators above particularly within BofA Europe, Paris branch. These steps are in line with the Bank’s Gender Equality Action Plans signed in France.

Remuneration

We maintain robust remuneration policies and practices, including analyses and reviews with oversight from our Board and senior leaders. We believe our pay‐for‐performance approach combined with our focus on workforce representation will continue to drive the advancement and representation of women.

We pay our teammates fairly based on market rates for their roles, experience and how they perform, and we regularly benchmark against other companies both within and outside our industry to help ensure our pay is competitive and gender neutral. We conduct an annual equal pay review to ensure equal pay for equal work.

Recruitment

Through recruitment efforts and collaborative partnerships, we are attracting some of the best and most diverse talent from around the world offering a variety of opportunities from early careers (internships, graduates) to experienced hires. Our focus is aimed around recruiting a proportionate number of men and women with an emphasis on increasing female senior management representation. We are also targeting equal representation of new hires within the junior talent space. Our quarterly workforce diversity metric reporting provided to the management teams ensures accountability and support of our commitment on delivering against our D&I goals.

Advancement in Organisation

We have introduced programmes and tools to specifically help navigate, advance and develop key executive female talent with their careers, including our Women’s Executive Development Programme, Diverse Leaders Sponsorship Programme, Next Level Leadership Programme and other career development programmes such as Manager Excellence and Personal Effectiveness pathways. We are committed to empower our female population to further strengthen their knowledge and skills to provide increased opportunities of promotion.

We remain focussed on hiring, retaining and promoting female talent in areas of the business where they have historically been underrepresented. We expect that changes made will be reflected in Gender Equality Index results over time.

In our 2022 Proxy Statement you can learn more about our initiatives that help make Bank of America a great place to work, as well as additional steps we are taking to continue to build on our progress.

Find out more on how we are Investing in Women and promoting a diverse and inclusive workforce to support our employees and better serve customers, clients and shareholders. Read about our commitment to gender equality in our Women in Finance Charter statement.

Third party analysis covering our regional leadership hubs (U.S., U.K., France, Ireland, Hong Kong, and Singapore) and India

1

Indexed formulaic calculation based on the difference in pay between men and women. This calculation does not take all pay drivers into consideration (e.g. differences in role or experience) and is not an “equal pay for equal work” analysis

2

As BofA Europe, Paris Branch has less than 250 employees, these 2 indicators are replaced with a single measure comparing pay increases between men and women

3

8/31/2022