Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-202354
Pricing Supplement No. 208
(To Prospectus dated
May 1, 2015
and Series L Prospectus Supplement dated January 20, 2016)
August 16, 2016
$15,000,000
Step Up Callable Notes, due August 19, 2031
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The
notes are senior unsecured debt securities issued by Bank of America Corporation (“BAC”).
All payments and the return of the principal amount on the notes are subject to our credit
risk.
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The
notes will mature on August 19, 2031. At maturity, if the notes have not been previously
redeemed, you will receive a cash payment equal to 100% of the principal amount of the
notes, plus any accrued and unpaid interest.
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Interest
will be paid on February 19 and August 19 of each year, commencing on February 19, 2017,
with the final interest payment date occurring on the maturity date.
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The
notes will accrue interest at the following rates per annum during the indicated year
of their term:
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o
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Years
1-7:
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3.00%;
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o
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Years 8-10:
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3.25%;
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o
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Years 11-12:
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3.50%;
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o
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Years 13-14:
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4.00%; and
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o
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Year 15:
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5.25%
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We
have the right to redeem all, but not less than all, of the notes on August 19, 2019,
and on each subsequent interest payment date (other than the maturity date). The redemption
price will be 100% of the principal amount of the notes, plus any accrued and unpaid
interest.
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The
notes are issued in minimum denominations of $
1,000
and whole multiples of $
1,000.
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The
notes will not be listed on any securities exchange.
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The
CUSIP number for the notes is 06048WTB6.
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The notes:
Are
Not FDIC Insured
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Are
Not Bank Guaranteed
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May
Lose Value
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Per Note
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Total
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Public
Offering Price
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100.00%
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$15,000,000
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Underwriting
Discount
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1.90%
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$ 285,000
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Proceeds
(before expenses) to Bank of America Corporation
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98.10%
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$14,715,000
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The
notes are unsecured and are not savings accounts, deposits, or other obligations of a bank. The notes are not guaranteed by Bank
of America, N.A. or any other bank, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency,
and involve investment risks. Potential purchasers of the notes should consider the information in “Risk Factors”
beginning on page PS-4 of this pricing supplement, page S-5 of the attached prospectus supplement, and page 9 of the attached
prospectus.
None of
the Securities and Exchange Commission, any state securities commission, or any other regulatory body has approved or disapproved
of these notes or passed upon the adequacy or accuracy of this pricing supplement, the accompanying prospectus supplement, or
the accompanying prospectus. Any representation to the contrary is a criminal offense.
We will
deliver the notes in book-entry form only through The Depository Trust Company on
August 19,
2016
against payment in immediately available funds.
Series
L MTN prospectus supplement dated January 20, 2016 and prospectus dated May 1, 2015
BofA Merrill Lynch
SUMMARY OF TERMS
This pricing supplement supplements
the terms and conditions in the prospectus, dated May 1, 2015, as supplemented by the Series L prospectus supplement, dated January
20, 2016 (as so supplemented, together with all documents incorporated by reference, the “prospectus”), and should
be read with the prospectus. Unless otherwise defined in this pricing supplement, terms used herein have the same meanings as
are given to them in the prospectus.
• Title
of the Series:
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Step
Up Callable Notes, due August 19, 2031
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• Aggregate
Principal Amount
Initially Being Issued:
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$15,000,000
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• Issue
Date:
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August
19, 2016
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• CUSIP
No.:
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06048WTB6
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• Maturity
Date:
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August 19, 2031
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• Minimum
Denominations:
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$1,000 and multiples
of $1,000 in excess of $1,000
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• Ranking:
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Senior, unsecured
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• Day
Count Fraction:
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30/360
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• Interest
Periods:
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Semi-annually.
Each interest period (other than the first interest period, which will begin on the issue date) will begin on, and will include,
an interest payment date, and will extend to, but will exclude, the next succeeding interest payment date (or the maturity
date, as applicable).
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• Interest
Payment Dates:
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February 19 and
August 19 of each year, beginning on February 19, 2017, with the final interest payment date occurring on the maturity date.
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• Interest
Rates:
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The notes will
accrue interest during the following periods at the following rates per annum:
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Dates:
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Annual
Rate:
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August
19, 2016 to but excluding August 19, 2023
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3.00%
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August
19, 2023 to but excluding August 19, 2026
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3.25%
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August
19, 2026 to but excluding August 19, 2028
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3.50%
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August
19, 2028 to but excluding August 19, 2030
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4.00%
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August
19, 2030 to but excluding August 19, 2031
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5.25%
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• Optional
Early Redemption:
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We
have the right to redeem all, but not less than all, of the notes on August 19, 2019, and on each subsequent interest payment
date (other than the maturity date). The redemption price will be 100% of the principal amount of the notes, plus any accrued
and unpaid interest. In order to call the notes, we will give notice to the senior trustee at least five business days but
not more than 60 calendar days before the specified early redemption date.
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• Business
Days:
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If any interest
payment date, any early redemption date, or the maturity date occurs on a day that is not a business day in New York, New
York, then the payment will be postponed until the next business day in New York, New York. No additional interest will accrue
on the notes as a result of such postponement, and no adjustment will be made to the length of the relevant interest period.
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• Repayment
at Option of Holder:
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None
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• Record
Dates for Interest Payments:
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For book-entry
only notes, one business day in New York, New York prior to the payment date. If notes are not held in book-entry only form,
the record dates will be the first day of the month in which the applicable interest payment is due.
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• Calculation
Agent:
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Merrill Lynch
Capital Services, Inc.
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• Listing:
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None
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RISK FACTORS
Your investment in the notes entails
significant risks, many of which differ from those of a conventional security. Your decision to purchase the notes should be made
only after carefully considering the risks of an investment in the notes, including those discussed below, with your advisors
in light of your particular circumstances. The notes are not an appropriate investment for you if you are not knowledgeable about
significant elements of the notes or financial matters in general.
The notes are subject to our early
redemption.
We may redeem all, but not less than all, of the notes on any interest payment date on or after August 19, 2019.
You should expect to receive less than five business days’ notice of that redemption, and if you intend to purchase the
notes, you must be willing to have your notes redeemed as early as that date. We are generally more likely to elect to redeem
the notes during periods when the remaining interest to be accrued on the notes is to accrue at a rate that is greater than that
which we would pay on our traditional interest bearing debt securities having a maturity equal to the remaining term of the notes.
If we redeem the notes prior to the
maturity date, you may not be able to reinvest your proceeds from the redemption in an investment with a return that is as high
as the return on the notes would have been if they had not been redeemed.
Payments on the notes are subject
to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes.
The notes are our senior unsecured debt securities. As a result, your receipt of all payments of interest and principal on the
notes is dependent upon our ability to repay our obligations on the applicable payment date. No assurance can be given as to what
our financial condition will be at any time during the term of the notes or on the maturity date. If we default on our financial
obligations, you may not receive the amounts payable under the terms of the notes.
Our credit ratings are an assessment
by ratings agencies of our ability to pay our obligations. Consequently, our perceived creditworthiness and actual or anticipated
decreases in our credit ratings or increases in our credit spreads prior to the maturity date of the notes may adversely affect
the market value of the notes. However, because your return on the notes depends upon factors in addition to our ability to pay
our obligations, such as the difference between the interest rates accruing on the notes and current market interest rates, an
improvement in our credit ratings will not reduce the other investment risks related to the notes.
We have included in the terms of the notes
the costs of developing, hedging, and distributing them, and the price, if any, at which you may sell the notes in any secondary
market transaction will likely be lower than the public offering price due to, among other things, the inclusion of these costs.
In determining the economic terms of the notes, and consequently the potential return on the notes to you, a number of factors
are taken into account. Among these factors are certain costs associated with developing, hedging, and offering the notes.
Assuming there is no change in market conditions
or any other relevant factors, the price, if any, at which the selling agent or another purchaser might be willing to purchase
the notes in a secondary market transaction is expected to be lower than the price that you paid for them. This is due to, among
other things, the inclusion of these costs, and the costs of unwinding any relating hedging.
The quoted price of any of our affiliates
for the notes could be higher or lower than the price that you paid for them.
We cannot assure you that a trading
market for the notes will ever develop or be maintained.
We will not list the notes on any securities exchange. We cannot
predict how the notes will trade in any secondary market, or whether that market will be liquid or illiquid.
The development of a trading market
for the notes will depend on our financial performance and other factors. The number of potential buyers of the notes in any secondary
market may be limited. We anticipate that Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) will
act as a market-maker for the notes, but neither MLPF&S nor any of our other affiliates is required to do so. MLPF&S may
discontinue its market-making activities as to the notes at any time. To the extent that MLPF&S engages in any market-making
activities, it may bid for or offer the notes. Any price at which MLPF&S may bid for, offer, purchase, or sell any notes may
differ from the values determined by pricing models that it may use, whether as a result of dealer discounts, mark-ups, or other
transaction costs. These bids, offers, or completed transactions may affect the prices, if any, at which the notes might otherwise
trade in the market.
In addition, if at any time MLPF&S
were to cease acting as a market-maker for the notes, it is likely that there would be significantly less liquidity in the secondary
market. In such a case, the price at which the notes could be sold likely would be lower than if an active market existed.
Many economic and other factors
will impact the market value of the notes
. The market for, and the market value of, the notes may be affected by a number
of factors that may either offset or magnify each other, including:
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the time remaining
to maturity of the notes;
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the aggregate
amount outstanding of the notes;
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our right to
redeem the notes on the dates set forth above;
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the level, direction,
and volatility of market interest rates generally;
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general economic
conditions of the capital markets in the United States;
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geopolitical
conditions and other financial, political, regulatory, and judicial events that affect
the capital markets generally;
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our financial
condition and creditworthiness; and
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any market-making
activities with respect to the notes.
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Our trading and hedging activities may
create conflicts of interest with you.
We or one or more of our affiliates, including MLPF&S, may engage in trading activities
related to the notes that are not for your account or on your behalf. We expect to enter into arrangements to hedge the market
risks associated with our obligation to pay the amounts due under the notes. We may seek competitive terms in entering into the
hedging arrangements for the notes, but are not required to do so, and we may enter into such hedging arrangements with one of
our subsidiaries or affiliates. This hedging activity is expected to result in a profit to those engaging in the hedging activity,
which could be more or less than initially expected, but which could also result in a loss for the hedging counterparty. These
trading and hedging activities may present a conflict of interest between your interest in the notes and the interests we and
our affiliates may have in our proprietary accounts, in facilitating transactions for our other customers, and in accounts under
our management.
U.S.
FEDERAL INCOME TAX SUMMARY
The following summary of the material
U.S. federal income tax considerations of the acquisition, ownership, and disposition of the notes is based upon the advice of
Morrison & Foerster LLP, our tax counsel. The following discussion is not exhaustive of all possible tax considerations. This
summary is based upon the Internal Revenue Code of 1986, as amended (the “Code”), regulations promulgated under the
Code by the U.S. Treasury Department (including proposed and temporary regulations), rulings, current administrative interpretations
and official pronouncements of the Internal Revenue Service (the “IRS”), and judicial decisions, all as currently
in effect and all of which are subject to differing interpretations or to change, possibly with retroactive effect. No assurance
can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax consequences
described below.
The following discussion supplements,
is subject to the same qualifications and limitations as, and should be read in conjunction with the discussion in the prospectus
supplement under the caption “U.S. Federal Income Tax Considerations,” and in the prospectus under the caption “U.S.
Federal Income Tax Considerations.” To the extent inconsistent, the following discussion supersedes the discussion in the
prospectus supplement and the prospectus.
This discussion only applies to U.S.
holders (as defined in the accompanying prospectus) that are not excluded from the discussion of U.S. federal income taxation
in the accompanying prospectus. In particular, this summary is directed solely to U.S. holders that will purchase the notes upon
original issuance and will hold the notes as capital assets within the meaning of Section 1221 of the Code, which generally means
as property held for investment. This summary assumes that the issue price of the notes, as determined for U.S. federal income
tax purposes, equals the principal amount thereof.
The notes will be treated as debt
instruments for U.S. federal income tax purposes. The notes provide for an initial fixed rate of interest that increases in subsequent
periods. In addition, the notes provide us with the right to redeem the notes on August 19, 2019 and on each subsequent interest
payment date at a redemption price equal to 100% of the principal amount of the notes, plus any accrued and unpaid interest. Solely
for purposes of computing the yield and maturity of a debt instrument, applicable Treasury regulations generally deem an issuer
to exercise a call option in a manner that minimizes the yield on the debt instrument. This assumption is made solely for U.S.
federal income tax purposes of determining whether the notes are issued with original issue discount (“OID”) and is
not an indication of our intention to call or not to call the notes at any time. The yield on the notes would be minimized if
we call the notes on August 19, 2023. Accordingly, solely for purposes of determining the yield and maturity of the notes we are
deemed to exercise our right to redeem the notes on such date and the notes should be treated as maturing on that date. Therefore,
the notes should not be treated as having been issued with OID. If we do not call the notes on such date, solely for purposes
of determining the yield and maturity of the notes, the notes should be deemed to be retired and reissued for an amount equal
to their adjusted issue price on that date. This deemed retirement and reissuance should not result in any taxable gain or loss
to you. Solely for purposes of determining yield and maturity, the deemed reissued notes should be subject to the rules discussed
above. By application of those rules, the deemed reissued notes should be treated as fixed rate debt instruments not bearing OID.
The same analysis would apply to each subsequent interest rate step up date.
You should consult the discussion
under “U.S. Federal Income Tax Considerations—Taxation of Debt Securities—Consequences to U.S. Holders”
as it relates to fixed rate debt instruments not bearing OID in the accompanying prospectus for a description of the consequences
to you of the ownership and disposition of the notes.
Upon the sale, exchange, retirement,
or other disposition of a note, a U.S. holder will recognize gain or loss equal to the difference between the amount realized
upon the sale,
exchange, retirement, or other disposition (less an amount
equal to any accrued interest not previously included in income if the note is disposed of between interest payment dates, which
will be included in income as interest income for U.S. federal income tax purposes) and the U.S. holder’s adjusted
tax basis in the note. A U.S. holder’s adjusted tax basis in a note generally will be the cost of the note to such
U.S. holder, increased by any OID, market discount, de minimis OID, or de minimis market discount previously included in income
with respect to the note, and decreased by the amount of any premium previously amortized to reduce interest on the note and the
amount of any payment (other than a payment of qualified stated interest) received in respect of the note.
Except as discussed in the prospectus
with respect to market discount, gain or loss realized on the sale, exchange, retirement, or other disposition of a note generally
will be capital gain or loss and will be long-term capital gain or loss if the note has been held for more than one year. The
ability of U.S. holders to deduct capital losses is subject to limitations under the Code.
You should consult your own tax
advisor concerning the U.S. federal income tax consequences to you of acquiring, owning, and disposing of the notes, as well as
any tax consequences arising under the laws of any state, local, foreign, or other tax jurisdiction and the possible effects of
changes in U.S. federal or other tax laws.
VALIDITY OF THE NOTES
In the opinion of McGuireWoods LLP, as counsel
to BAC, when the trustee has made an appropriate entry on Schedule 1 to the Master Registered Global Senior Note, dated May 1,
2015 (the “Master Note”) identifying the notes offered hereby as supplemental obligations thereunder in accordance
with the instructions of BAC and the notes have been delivered against payment therefor as contemplated in this pricing supplement
and the related prospectus supplement and prospectus, all in accordance with the provisions of the indenture governing the notes,
such notes will be legal, valid and binding obligations of BAC, subject to the effect of applicable bankruptcy, insolvency (including
laws relating to preferences, fraudulent transfers and equitable subordination), reorganization, moratorium and other similar
laws affecting creditors’ rights generally, and to general principles of equity. This opinion is given as of the date hereof
and is limited to the laws of the State of New York and the Delaware General Corporation Law (including the statutory provisions,
all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting the foregoing). In addition,
this opinion is subject to the assumption that the trustee’s certificate of authentication of the Master Note has been manually
signed by one of the trustee’s authorized officers and to customary assumptions about the trustee’s authorization,
execution and delivery of the indenture governing the notes, the validity, binding nature and enforceability of the indenture
governing the notes with respect to the trustee, the legal capacity of natural persons, the genuineness of signatures, the authenticity
of all documents submitted to McGuireWoods LLP as originals, the conformity to original documents of all documents submitted to
McGuireWoods LLP as copies thereof, the authenticity of the originals of such copies and certain factual matters, all as stated
in the letter of McGuireWoods LLP dated February 27, 2015, which has been filed as an exhibit to BAC’s Registration Statement
relating to the notes filed with the SEC on February 27, 2015.
SUPPLEMENTAL
PLAN OF DISTRIBUTION—Conflicts of interest
Our broker-dealer subsidiary, MLPF&S,
will act as our selling agent in connection with the offering of the notes. The selling agent is a party to the Distribution Agreement
described in the “Supplemental Plan of Distribution (Conflicts of Interest)” beginning on page S-15 of the accompanying
prospectus supplement.
The selling agent will receive the
compensation set forth on the cover page of this pricing supplement as to the notes sold through its efforts. The selling agent
is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Accordingly, the offering of the notes
will conform to the requirements of FINRA Rule 5121.
The selling agent is not acting as
your fiduciary or advisor solely as a result of the offering of the notes, and you should not rely upon any communication from
the selling agent in connection with the notes as investment advice or a recommendation to purchase the notes. You should make
your own investment decision regarding the notes after consulting with your legal, tax, and other advisors.
Under the terms of our distribution
agreement with MLPF&S, MLPF&S will purchase the notes from us on the issue date as principal at the purchase price indicated
on the cover of this pricing supplement, less the indicated underwriting discount.
MLPF&S may sell the notes to other
broker-dealers that will participate in the offering and that are not affiliated with us, at an agreed discount to the principal
amount. Each of those broker-dealers may sell the notes to one or more additional broker-dealers. MLPF&S has informed us that
these discounts may vary from dealer to dealer and that not all dealers will purchase or repurchase the notes at the same discount.
MLPF&S and any of our other broker-dealer
affiliates may use this pricing supplement, and the accompanying prospectus supplement and prospectus for offers and sales in
secondary market transactions and market-making transactions in the notes. However, they are not obligated to engage in such secondary
market transactions and/or market-making transactions. Our affiliates may act as principal or agent in these transactions, and
any such sales will be made at prices related to prevailing market prices at the time of the sale.
ERISA
CONSIDERATIONS
Each fiduciary of a pension, profit-sharing,
or other employee benefit plan subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) (a “Plan”),
should consider the fiduciary standards of ERISA in the context of the Plan’s particular circumstances before authorizing
an investment in the notes. Accordingly, among other factors, the fiduciary should consider whether the investment would satisfy
the prudence and diversification requirements of ERISA and would be consistent with the documents and instruments governing the
Plan.
In addition, we and certain of our
subsidiaries and affiliates, may be each considered a party in interest within the meaning of ERISA, or a disqualified person
(within the meaning of the Code), with respect to many Plans, as well as many individual retirement accounts and Keogh plans (also
“Plans”). Prohibited transactions within the meaning of ERISA or the Code would likely arise, for example, if the
notes are acquired by or with the assets of a Plan with respect to which we or any of our affiliates is a party in interest, unless
the notes are acquired under an exemption from the prohibited transaction rules. A violation of these prohibited transaction rules
could result in an excise tax or other liabilities under ERISA and/or Section 4975 of the Code for such persons, unless exemptive
relief is available under an applicable statutory or administrative exemption.
Under ERISA and various prohibited
transaction class exemptions (“PTCEs”) issued by the U.S. Department of Labor, exemptive relief may be available for
direct or indirect prohibited transactions resulting from the purchase, holding, or disposition of the notes. Those exemptions
are PTCE 96-23 (for certain transactions determined by in-house asset managers), PTCE 95-60 (for certain transactions involving
insurance company general accounts), PTCE 91-38 (for certain transactions involving bank collective investment funds), PTCE 90-1
(for certain transactions involving insurance company separate accounts), PTCE 84-14 (for certain transactions determined by independent
qualified asset managers), and the exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code for certain
arm’s-length transactions with a person that is a party in interest solely by reason of providing services to Plans or being
an affiliate of such a service provider (the “Service Provider Exemption”).
Because we may be considered a party
in interest with respect to many Plans, the notes may not be purchased, held, or disposed of by any Plan, any entity whose underlying
assets include plan assets by reason of any Plan’s investment in the entity (a “Plan Asset Entity”) or any person
investing plan assets of any Plan, unless such purchase, holding, or disposition is eligible for exemptive relief, including relief
available under PTCE 96-23, 95-60, 91-38, 90-1, or 84-14 or the Service Provider Exemption, or such purchase, holding, or disposition
is otherwise not prohibited. Any purchaser, including any fiduciary purchasing on behalf of a Plan, transferee or holder of the
notes will be deemed to have represented, in its corporate and its fiduciary capacity, by its purchase and holding of the notes
that either (a) it is not a Plan or a Plan Asset Entity and is not purchasing such notes on behalf of or with plan assets of any
Plan or any plan subject to similar laws or (b) its purchase, holding, and disposition are eligible for exemptive relief or such
purchase, holding, and disposition are not prohibited by ERISA or Section 4975 of the Code or similar laws.
Further, any person acquiring or holding
the notes on behalf of any plan or with any plan assets shall be deemed to represent on behalf of itself and such plan that (x)
the plan is paying no more than, and is receiving no less than, adequate consideration within the meaning of Section 408(b)(17)
of ERISA in connection with the transaction or any redemption of the notes, (y) none of us, MLPF&S, or any other selling agent
directly or indirectly exercises any discretionary authority or control or renders investment advice or otherwise acts in a fiduciary
capacity with respect to the assets of the plan within the meaning of ERISA and (z) in making the foregoing representations and
warranties, such person has applied sound business principles in determining whether fair market value will be paid, and has made
such determination acting in good faith.
The fiduciary investment considerations
summarized above generally apply to employee benefit plans maintained by private-sector employers and to individual retirement
accounts and other arrangements subject to Section 4975 of the Code, but generally do not apply to governmental plans (as defined
in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA), and foreign plans (as described in Section
4(b)(4) of ERISA). However, these other plans may be subject to similar provisions under applicable federal, state, local, foreign,
or other regulations, rules, or laws (“similar laws”). The fiduciaries of plans subject to similar laws should also
consider the foregoing issues in general terms as well as any further issues arising under the applicable similar laws.
In addition, any purchaser, that is
a Plan or a Plan Asset Entity or that is acquiring the notes on behalf of a Plan or a Plan Asset Entity, including any fiduciary
purchasing on behalf of a Plan or Plan Asset entity, will be deemed to have represented, in its corporate and its fiduciary capacity,
by its purchase and holding of the notes that (a) none of us, MLPF&S, or any of our other affiliates is a “fiduciary”
(under Section 3(21) of ERISA, or under any final or proposed regulations thereunder, or with respect to a governmental, church,
or foreign plan under any similar laws) with respect to the acquisition, holding or disposition of the notes, or as a result of
any exercise by us or our affiliates of any rights in connection with the notes, (b) no advice provided by us or any of our affiliates
has formed a primary basis for any investment decision by or on behalf of such purchaser in connection with the notes and the
transactions contemplated with respect to the notes, and (c) such purchaser recognizes and agrees that any communication from
us or any of our affiliates to the purchaser with respect to the notes is not intended by us or any of our affiliates to be impartial
investment advice and is rendered in its capacity as a seller of such notes and not a fiduciary to such purchaser. Purchasers
of the notes have exclusive responsibility for ensuring that their purchase, holding, and disposition of the notes do not violate
the prohibited transaction rules of ERISA or the Code or any similar regulations applicable to governmental or church plans, as
described above.
This discussion is a general summary
of some of the rules which apply to benefit plans and their related investment vehicles. This summary does not include all of
the investment considerations relevant to Plans and other benefit plan investors such as governmental, church, and foreign plans
and should not be construed as legal advice or a legal opinion. Due to the complexity of these rules and the penalties that may
be imposed upon persons involved in non-exempt prohibited transactions, it is particularly important that fiduciaries or other
persons considering purchasing the notes on behalf of or with “plan assets” of any Plan or other benefit plan investor
consult with their legal counsel prior to directing any such purchase.
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