Bank of America : Factsheet

Bank of America Europe DAC

Overview and Structure

Overview

• Bank of America Europe DAC ("BofA Europe" or the "Company") is a licenced credit institution and Bank of America Corporation's primary European banking entity. BofA Europe is a wholly owned subsidiary of Bank of America, N.A. ("BANA") and the ultimate parent of the Company is Bank of America Corporation (NYSE:BAC) ("BAC").
• The Company provides a range of financial services and forms part of BAC's Global Banking and Global Markets operations in the EMEA region. The Company services corporate clients currently domiciled in the European Economic Area ("EEA"), UK and Central and Eastern Europe, Middle East and Africa region and institutional clients predominately domiciled in Europe.
• BofA Europe's client portfolio comprises large global Corporates and large regional Corporates as well as Financial Institutions, governments and government entities.
• As well as providing financial services to clients, the Company also provides support services (employees and infrastructure) to other companies in the BAC group.

Credit Ratings (long term / short-term)

• S&P: A+ (positive outlook) / A-1; Fitch: AA (stable outlook) / F1+

Regulator

• Authorised by the Central Bank of Ireland and is also supervised as a significant institution under the European Central Bank's ("ECB") Single Supervisory Mechanism.
• BofA Europe's parent, BANA, is a United States national banking association authorised and regulated by the Office of the Comptroller of the Currency ("OCC") while the Federal Reserve Bank ("FRB") supervises the ultimate parent company (BAC), with the head office for BANA and BAC in Charlotte, North Carolina.

Legal Structure

• Designated Activity Company ("DAC") incorporated in Ireland (Registered Number: 229165)
• Wholly-ownedindirect subsidiary of BAC, a regulated United States entity; and direct subsidiary of BANA. An organisational chart showing select major operating subsidiaries of BAC is available at http://investor.bankofamerica.com

Registered Address

• Two Park Place, Hatch Street, Dublin 2, Ireland

Financial Performance - for the year ended 31 December 2021

Total Revenue, Expenses and Profit

(IFRS in $ millions)1

				Profit
$611		after tax
Revenue

$1,992

Expenses

$1,243

• BofA Europe financial statements for 2021 show $1,992m of revenue and $611m profit after tax.
• Results are derived from the Company's core Global Banking and Global Markets activities and its Support Services activities. The primary driver for the increase in profit is the reduction in impairments associated with lending activities.
• Global Banking and Global Markets contributed $1,772m (2020: $1,413m) in revenue, with the increase driven by net trading income resulting from growth in global economic activity.
• The Support Services segment contributed $220m (2020: $348m) to total revenue. This has decreased from the prior year following the completion of the transfer of the Company's Preferred Service Provider responsibilities and its related Support Services activities to the London branch of BANA in April 2021.

(1) Source: 2021 Financial Statements	Page 1 of 2

Page 2 of 2

Bank of America Europe DAC

Financial Position - as of 31 December 2021

Balance Sheet

Total Assets and Liabilities

($ billions)1

Capital Adequacy and Leverage metrics

Key Metrics

($ billions)2

$67.4

Total

Capital

Resources

Total	Excess	CET 1	Risk	CET 1
Minimum	Capital	Weighted	Capital
Capital	Capital
Resources	Assets	Ratio
Required

Leverage

Ratio

$54.7

$14.4

$4.2

$10.2

$12.5

$52.9

23.51%

13.96%

Total		Total
Assets	Liabilities
(1) Source: 2021 Financial Statements	(2) Source: 2021 Pillar 3 Disclosure - converted from EUR to USD at FX Rate of 1.1326

Market Coverage and Primary Business Activity

• BofA Europe has the ability to conduct business with international clients and trade throughout Europe
• BofA Europe has established branch operations in Amsterdam, Athens, Brussels, London, Frankfurt, Madrid, Milan, Paris, Zurich and Stockholm

Primary Business Activity - Global Banking and Global Markets

• Global Banking: Global Loan Products, Investment Banking, Global Transaction Services, Global Leasing
• Global Markets: Global Credit, Mortgages (Asset-Baked Structure Finance, Commercial Real Estate, Subscription Finance), Rates & Currencies, Commercial Paper

Board Structure

Executive Directors

• Fernando Vicario (Chief Executive Officer)
• Jonathan Lee (Chief Financial Officer)
  Group Non-Executive Directors
• Paul Donofrio (Chair)
• Cathy Bessant
• Bernard Mensah

Non-Executive Directors

• Gerry Murphy

Independent Non-Executive Directors

• Oliver Bussmann
• Sally James
• Nick Jordan
• Rose McHugh

Additional Information

For further information please contact Investor Relations

Equity Investor Relations: Tel [phone] Email [e-mail]

Fixed Income Investor Relations: Tel [phone] Email [e-mail]

The information contained in this Factsheet is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities. The financial and other information contained in this Factsheet speaks only as of the particular dates referenced in the information or the dates the information was originally issued. This information may have become out of date as a result of later circumstances or events. None of BofA Europe, or its affiliates undertakes any obligation to, and each disclaims any duty to, update this information. The information in the factsheet reflects the entity as at 1 January 2023.