Subject to Completion
Preliminary Term Sheet dated
June 6, 2019
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-213265
(To Prospectus dated November 4, 2016,
Prospectus Supplement dated November 4, 2016 and
Product Supplement EQUITY INDICES SUN-1 dated November 28, 2016)
    Units
$10 principal amount per unit
CUSIP No.    
Pricing Date*
Settlement Date*
Maturity Date*
June  , 2019
July  , 2019
May  , 2022
*Subject to change based on the actual date the notes are priced for initial sale to the public (the  “pricing date” )

BofA Finance LLC
Autocallable Market-Linked Step Up Notes Linked to the  Hang Seng China Enterprises Index
Fully and Unconditionally Guaranteed by Bank of America Corporation
   
Maturity of approximately  three  years, if not called prior to maturity
   
Automatic call of the notes per unit at $10 plus the applicable Call Premium  ( $ 1.20  on the first Observation Date   and  $2.40  on the  final Observation  Date) if the Index is flat or increases above 100% of the Starting Value  on the relevant Observation Date
   
The Observation Dates wil l occur approximately one year and  two years after the pricing date
   
If the notes are not called, at maturity:
   
a return  of   [ 28% to 34%]  if the Index is flat or increases up to the Step Up Value
   
a return equal to the percentage increase in the Index if the Index increases above the Step Up Value
   
1-to-1 downside exposure to decreases in the Index , with up to  100 % of your principal at risk
   
All payments are subject to the credit risk of BofA Finance LLC, as issuer of the notes, and the credit risk of Bank of America Corporation, as guarantor of the notes
   
No periodic interest payments
   
In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.075 per un it. See “Structuring the Notes”
   
Limited secondary market liquidity, with no exchange listing
The notes are being issued by BofA Finance LLC (“BofA  Finance ”) and are fully and unconditionally guaranteed by Bank of America Corporation ( “BAC” ). There are important differences between the notes and a conventional debt security, including different investment risks and certain additiona l costs. See “Risk Factors”  and  Additional Risk Factor  beginning on page TS- 8  of this term sheet and  Risk Factors ,”  beginning on page PS-7 of product supplement EQUITY INDICES SUN-1 , page S-4 of the accompanying Series A MTN prospectus supplement and  page  7 of the  accompanying  prospectus.
The initial estimated value of the notes as of the pricing date is expected to be between $ 9.37   and $ 9.82   per unit, which is less than the public offering price listed below.  See “Summary” on the following page, “Risk Factors” beginning on page TS- 8  of this term sheet and “Structuring the Notes” on page TS- 16  of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.  
_________________________
None of the Securities and Exchange Commission (the “SEC”), any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.
_________________________
Per Unit
Total
Public offering price (1)
$ 10.00
$   
Underwriting discount (1)
$ 0.20
$   
Proceeds, before expenses, to  BofA Finance
$ 9.80
$  
(1)    
For any purchase of 500,000 units or more in a single transaction by an individual investor or in combined transactions with the investor s household in this offering, the public offering price and the underwriting discount will be $9.95 per unit and $0.15 per unit, respectively. See “Supplement to the Plan of Distribution; Conflicts of Interest” below.
The notes  and the related guarantee :
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value
BofA  Merrill Lynch
June     , 2019

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Summary
The Autocallable Market-Linked Step Up Notes Linked to the  Hang Seng China Enterprises Index , due  May   , 2022  (the “notes”) are our senior unsecured debt securities. Payments o n  the notes are fully and unconditionally guaranteed  by BAC.  The  notes and the related guarantee are not insured by the  Federal Deposit Insurance Corporation or secured by collateral.  The notes will rank e qually with all of BofA Finance’ s other unsecured and unsubordinated debt, and the related guarantee will ra nk equally with all of BAC’ s other unsecured and  un subordinated obligations. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of BofA Finance, as  issuer, and BAC, as guarantor.    The notes will be automatically called at the applicable Call Amount if the Observation Level of the Market Measure, which is the  Hang Seng China Enterprises Index  (the “Index”), is equal to or greater than the Call Level on the  applicable  Observation Date. If the notes are not called, at maturity, the notes provide you with a Step Up Payment if the Ending Value of the Index is equal to or greater than its Starting Value, but is not greater than the Step Up Value. If the Ending Value is greater than the Step Up Value, you will participate on a 1-for-1 basis in the increase in the level of the Index above the Starting Value.  If the Ending Value is less than the  Starting  Value, you will lose  all or  a portion of the principal amount of your notes . Any payments on the notes, will be calculated based on the $10 principal amount per unit and will depend on the performance of th e Index, subject to our and BAC’ s credit risk. See “Terms of the Notes” below.
The  economic terms of the notes (including the  Call Premiums and Call Amounts ) are based on  BAC’s internal funding rate, which is  the rate  it  would pay to borrow funds through the issuance of market-linked notes and the economic terms of certain related hedging arrangements.  BAC’s internal funding rate  is  typically lower than the rate it would pay when it  issue s  conventional fixed or floating rate debt securities.  This difference in  funding  rate, as well as the underwriting discount and the hedging related charge described below, will reduce the economic terms of the notes to you and the initial estimated value of the  notes on the pricing date. Due to these factors, the public offering price you pay to purchase the notes will be greater than the initial estimated value of the notes.  
On the cover page of this term sheet, we have provided the initial estimated value range   for the notes.  This initial estimated value range was determined based on our , BAC’s  and our  other  affiliates’ pricing models, which take into consideration  BAC’s   internal funding rate  and the market prices for the hedging arrangements related to the notes.  The notes are subject to an automatic call, and the initial estimated value is based on an assumed tenor of the notes.  The initial estimated value of the notes calculated on the pricing date will be set forth in the final term sheet made available to investors in the notes. For more information about the initial estimated value and the  structuring of the notes, see “ Structuring the Notes  on page TS- 16 .
Terms of the Notes
Issuer:
BofA Finance LLC (“BofA Finance”)
Call Settlement Dates :
Approximately the fifth business day following the applicable Observation Date, subject to postponement if the related Observation Date is postponed, as described on page PS-21 of product supplement EQUITY INDICES SUN-1.
Guarantor:
B ank  of   A merica   Corporation  (“B AC ”)
Principal Amount :
$10.00 per unit
Call Premiums :
$ 1.20  per unit if called on the first Observation Date  (which represents a return of   12.00%  over the principal amount ) and  $2.40  per unit if called on the  final  Observation Date ( which represents a return of   24.00%  over the principal amount ) .
The actual Call Premiums will be determined on the pricing date.
Term:
Approximately  three  years, if not called
Ending Value:
The closing level of the Market Measure on the scheduled calculation day. The calculation day is subject to postponement in the event of Market Disruption Events, as described beginning on page PS-21 of product supplement EQUITY INDICES SUN-1.
Market Measure:
The  Hang Seng China Enterprises Index  (Bloomberg symbol:  HSCEI ), a price return index
Step Up Value:
[ 128% to 134 % ]  of the Starting Value.  The actual Step Up Value will be determined on the pricing date.
Starting Value:
The closing level of the Market Measure on the pricing date
Step Up Payment:
[$ 2.80 to $3.40 ]  per unit ,  which represents a return of  [ 28% to 34%]   over the principal amount.  The actual Step Up Payment will be determined on the pricing date. 
Observation Level:
The closing level of the Market Measure on the applicable Observation Date.
Threshold Value:
100 % of the Starting Value.
Observation Dates :
On or about  July  , 2020 and June  , 2021 , subject to postponement in the event of Market Disruption Events, as described  beginning  on page  PS-21 of product supplement EQUITY INDICES SUN-1.
Calculation Day:
Approximately the fifth scheduled Market Measure Business Day immediately preceding the maturity date.
Call Level:
100% of the Starting Value
Fees and Charges :
The underwriting discount of $0.20 per unit listed on the cover page and the hedging related charge of $0.075 per unit described in “Structuring the Notes” on page TS- 16 .
Call Amounts (per Unit) :
$ 11.20  if called  on the f irst Observation Date and $12.40  if called on the  final  Observation Date .
Calculation Agent :
BofA Securities, Inc.  (“ BofAS ), an  affiliate  of BofA Finance.
Autocallable Market-Linked Step Up Notes
TS- 2

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Determining Payment on the Notes
Automatic Call Provision
The notes will be called automatically on an Observation Date if the Observation Level on that Observation Date is equal to or greater than the Call Level. If the notes are called, you will receive $10 per unit plus the applicable Call Premium.
Redemption Amount Determination
If the notes are not automatically called, on the maturity date, you will receive a cash payment per unit determined as follows:

Autocallable Market-Linked Step Up Notes
TS- 3

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
The terms and risks of the notes are contained in this term sheet and in the following:
    
Product supplement EQUITY INDICES SUN-1 dated November 28, 2016:
https://www.sec.gov/Archives/edgar/data/70858/000119312516778291/d301449d424b5.htm
    
Series A MTN prospectus supplement dated November 4, 2016 and prospectus dated November 4, 2016:
https://www.sec.gov/Archives/edgar/data/70858/000119312516760144/d266649d424b3.htm  
As a result of the completion of the reorganization of Bank of America’s U.S .  broker-dealer business, references to Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) in the accompanying product supplement EQUITY INDICES SUN-1, prospectus supplement and prospectus, as such references relate to MLPF&S’s institutional services, should be read as references to BofAS.
These documents (together, the “Note Prospectus”) have been filed as part of a registration sta tement with the SEC, which may,  without cost, be accessed on the SEC website as indicated above or obtained from MLPF&S  or BofAS  by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us , BAC  and this offering.  Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY INDICES SUN-1. Unless otherwise indicated or unless the context requires otherwise, all references in this document to “we,” “us,” “our,” or similar references are to BofA  Finance, and not to BAC .  
To the extent the determination of the Redemption Amount and other terms described in this term sheet are inconsistent with those described in the accompanying product supplement, prospectus supplement or prospectus, the determination of the Redemption Amount and other terms described in this term sheet shall control.
Investor Considerations
You may wish to consider an investment in the notes if:
The notes may not be an appropriate investment for you if:
    
You are willing to receive a return on your investment capped at the return represented by the Call Premium if the Observation Level is equal to or greater than the Call Level.
   
You anticipate that the notes will be automatically called or the  Ending Value  will not  be less than t he St arting Value .
    
You are willing to risk a loss of principal and return if the notes are not automatically called and the Index decrease s from the Starting Value to an  Ending Value  that is below the Starting Value.
   
You are willing to forgo the interest payments that are paid on conventional interest bearing debt securities.
   
You are willing to forgo dividends or other benefits of owning the stocks included in the Index.
   
You are willing to accept a limited or no market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various  factors, including our and BAC’ s actual and perceived creditworthiness, BAC s internal funding rate and fees and charges on the notes.
   
You are willing to assume our credit risk,  as issuer of the notes, and BAC’ s credit risk, as guarantor of the notes,   for all payments under the notes, including the Call Amount or the Redemption Amount, as applicable.
    
You want to hold your notes for the full term.
    
You believe that the notes will not be automatically called and the Index will decrease from the Starting Value to the Ending Value.
    
You seek principal repayment or preservation of capital.
   
You seek interest payments or other current income on your investment.
    
You want to receive dividends or other distributions paid on the stocks included in the Index.
    
You seek an investment for which there will be a liquid secondary market.
    
You are unwilling or are unable to take market risk on the notes ,  to take our credit risk as issuer of the notes or to take BAC's credit risk, as guarantor of the notes.
We urge you to consu lt your investment, legal, tax,  accounting, and other advisors before you invest in the notes.

Autocallable Market-Linked Step Up Notes
TS- 4

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Hypothetical Payout Profile and Examples of Payments at Maturity
The  graph  below is based on  hypothetical  numbers and values.  The  graph  below shows a payout profile at maturity, which would only apply if the notes are not called on any Observation Date.
Autocallable Market-Linked Step Up Notes
This graph reflects the  returns on the notes, based on the  Threshold Value of 100 % of the Starting Value, the Step Up Payment  of $ 3.10  per unit (the midpoint of the Step Up Payment range of [$ 2.80 to $3.40 ])  and the Step Up Value of  128% of the Starting Value (the midpoint of the Step Up Value range of [ 128% to 134 %]) . The green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the stocks included in the Index, excluding dividends.
This graph has been prepared for purposes of illustration only.
The following table and examples are for purposes of illustration only.  They are based on  hypothetical  values and show  hypothetical  returns on the notes, assuming the notes are not called on any Observation Date. They illustrate the calculation of the Redemption Amount and total rate of return based on a hypothetical Starting Value  of 100, the  hypothetical  Threshold Value of 100 the  hypothetical  Step Up Value of 1 31 , the Step Up Payment of $ 3.10  per unit and a range of hypothetical Ending Values.  The actual amount you receive and the resulting total rate of return will depend on the actual Starting Value,  Ending Value Threshold Value, Step Up Value,  whether the notes are called on an Observation Date, and whether you hold the notes until maturity.  The following examples do not take into account any tax consequences from investing in the notes.
For recent actual levels of the Market Measure, see “The Index” section below. The Index is a price return index and as such the Ending Value will not include any income generated by dividends paid on the stocks included in the Index, which you would otherwise be entitled to receive if you invested in those stocks directly. In addition, all payments on the notes are subject to issuer  and guarantor  credit risk.

Autocallable Market-Linked Step Up Notes
TS- 5

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Ending Value
Percentage Change from the Starting Value to the Ending Value
Redemption Amount per Unit
Total Rate of Return on the Notes
0.00
-100.00%
$0.00
-100.00%
50.00
-50.00%
$5.00
-50.00%
75.00
-25.00%
$7.50
-25.00%
80.00
-20.00%
$8.00
-20.00%
90.00
-10.00%
$9.00
-10.00%
95.00
-5.00%
$9.50
-5.00%
97.00
-3.00%
$9.70
-3.00%
      100.00 (1) (2 )
0.00%
    $13.10 (3)
31.00%
102.00
2.00%
$13.10
31.00%
105.00
5.00%
$13.10
31.00%
110.00
10.00%
$13.10
31.00%
120.00
20.00%
$13.10
31.00%
130.00
30.00%
$13.10
31.00%
    131.00 (4)
31.00%
$13.10
31.00%
143.00
43.00%
$14.30
43.00%
150.00
50.00%
$15.00
50.00%
160.00
60.00%
$16.00
60.00%
(1)    
The  hypothetical  Starting Value of 100 used in these examples has been chosen for illustrative purposes only, and does not represent a likely actual Starting Value for the Market Measure.
(2)    
This is the  hypothetical   Threshold Value.
(3)    
This amount represents the sum of the principal amount  and the Step Up Payment of $ 3.10 .
(4)    
This is the  hypothetical  Step Up Value.
Autocallable Market-Linked Step Up Notes
TS- 6

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Example 1
The Ending Value is 90.00, or 90 .00% of the Starting Value:
Starting Value:     100.00
Threshold Value:    100 .00
Ending  Value:        90 .00
 Redemption Amount per unit
Example 2
The Ending Value is 110.00, or 110.00% of the Starting Value:
Starting Value:          100.00
Step Up Value:          1 31 .00
Ending Value:            110.00
Redemption Amount per unit,  the principal amount plus the Step Up Payment, since the Ending Value is equal to or greater than the Starting Value, but less than the Step Up Value.
Example 3
The Ending Value is 143.00, or 143.00% of the Starting Value:
Starting Value:          100.00
Step  Up Value:             1 31 .00
Ending Value:         143.00
Redemption Amount per unit
Autocallable Market-Linked Step Up Notes
TS- 7

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Risk Factors
There are important differences between the notes and a conventional debt security.  An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the “Risk Factors” sections beginning on page PS-7 of product supplemen t EQUITY INDICES SUN-1, page S-4 of the Series A  MTN p rospectus supplement, and page 7  of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.
   
If the notes are not automatically called, depending on the performance of the Index as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.
   
Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.
   
Payments on the notes are subject to our credit risk, and the credit risk of BAC, and actual or perceived changes in our or BAC’s creditworthiness are expected to affect the value of the notes. If we and BAC become insolvent or are unable to pay our  respective  obligations, you may lose your entire investment.
   
If the notes are  called, your investment return  is limited to the return represented by the applicable Call Premium.
   
Your investment return may be less than a comparable investment directly in the s tocks included in the Index.
   
We are a finance subsidiary and, as such, will have limited assets and operations.
   
BAC’s obligations under its guarantee of the notes will be structurally subordinated to liabilities of its subsidiaries .
   
The notes issued by us will not have the benefit of any cross-default or cross-acceleration with other indebtedness of BofA Finance or BAC ;  events of bankruptcy or insolvency or resolution proceedings relating to BAC and covenant breach by BAC will not constitute an event of default with respect to the notes .
   
The initial estimated value of the notes  considers  certain  assumptions and variables and relies in part on certain forecasts about future events, which may prove to be incorrect. The initial estimate d  value of the notes  is an estimate only, determined as of a particular point in time by reference to our and our affiliates’ pricing models. These pricing models consider certain assumptions and variables,   including our credit spreads  and those of BAC, BAC’s internal funding  rate on the pricing date, mid-market terms on hedging transactions, expectations on interest rates and volatility, price-sensitivity analysis, and the expected term of the notes.  These pricing models rely in part on certain forecasts about future events, which may prove to be incorrect.
   
The public offering price you pay for the notes will exceed the initial estimated value. If you attempt to sell the notes prior to maturity, their market value may be lower than the price you paid for them and lower than the initial estimated value.  This is due to, among other things, changes in the  level of the Index BAC’s internal funding rate , and the inclusion in the public offering price of the underwriting discount and the hedging related charge, all as further described in “Structuring the Notes”  beginning  on page TS- 16 . These factors, together with various credit, market and economic factors over the term of the notes, are expected to reduce the price at which you may be able to sell the notes in any secondary market and will affect the value of the notes in complex and unpredictable ways.
   
The initial estimated value does not represent a minimum or maximum price at which we,  BAC,  MLPF&S , BofAS,  or any of our  other   affiliates would be willing to purchase your notes in any secondary market (if any exists) at any time. The value of your notes at any time after issuance will vary based on many factors that cannot be predicted with accuracy, including the performance of the  Index , our  and BAC’s  creditworthiness and changes in market conditions.
   
A trading market is not expected to develop for the notes.  None of us, BAC ,  MLPF&  or BofA S is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market.
   
BAC and its affiliates’ hedging and trading activities (including trades in shares of companies included in the Index) and any hedging and trading activities BAC or its affiliates engage in that are not for your account or on your behalf, may affect the market value and return of the notes and may create conflicts of interest with you.  
   
The Index sponsor may adjust the Index in a way that affects its level, and has no obligation to consider your interests.  
   
You will have no rights of a holder of the securities represented by the Index, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities. 
   
While BAC and our other affiliates may from time to time own securities of companies included in the Index , except to the extent that BAC’s common stock is included in the Index , we, BAC and our other affiliates do not control any company included in the Index, and have not verified any disclosure made by any other company.    
   
There may be potential conflicts of interest involving the calculation agent, which is an affiliate of ours.  We have the right to appoint and remove the calculation agent.
Autocallable Market-Linked Step Up Notes
TS- 8

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
   
The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes.  See “Summary Tax Consequences” below and “U.S. Federal Income Tax Summary” beginning on page PS-28 of product supplement EQUITY INDICES SUN-1.
Addi tional Risk Factor
An investment in the notes will involve risks that are associated with investments that are linked to the equity securities of issuers from an emerging market.
The stocks included in the Index have been issued by companies incorporated in the People’s Republic of China, some of which are owned by the Chinese government. Many emerging nations, including the People’s Republic of China, are undergoing rapid change, involving the restructuring of economic, political, financial and legal systems. Regulatory and tax environments may be subject to change without review or appeal, and many emerging markets suffer from underdevelopment of capital markets and tax systems. In addition, in countries with emerging markets, such as the People’s Republic of China, issuers of securities face the threat of expropriation of their assets, restrictions on foreign ownership and/or nationalization of their businesses. The economic and financial data about emerging market countries may also be unreliable. Any of the above factors may have an adverse impact on the level of the Index, and therefore, the value of your notes.
Other Terms of the Notes
The provisions of this section supersede and replace the definition of “Market Measure Business Day” set forth in product supplement EQUITY INDICES ARN-1.
Market Measure Business Day
A “Market Measure Business Day” means a day on which:
(A) the  Hong Kong   Stock Exchange  (or any successor) is open for trading; and
(B) the Index or any successor thereto is calculated and published.

Autocallable Market-Linked Step Up Notes
TS- 9

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
The Index
All disclosures contained in this term sheet regarding the Index, includin g, without limitation, its make- up, method of calculation, and changes in its components, have been derived from publicly available sources. The information reflects the policies of, and is subject to change by,  HIS Services Limited  ( “HIS” or  the “Index sponsor”). The Index sponsor, which licenses the copyright and all other rights to the Index, has no obligation to continue to publish, and may discontinue publication of, the Index. The consequences of the Index sponsor discontinuing publication of the Index are discussed in the  section  entitled “Description of  the Notes— Discontin uance of an Index” on page PS-22  of product supplement EQUITY INDICES  SUN -1 .  None of us,  BAC,  the calculation agent, MLPF&S  or BofAS  accepts any responsibility for the calculation, maintenance or publication of the Index or any successor index.
The Hang Seng China Enterprises Index
The Hang Seng China Enterprises Index (the  HSCEI ) is compiled, published and managed by Hang Seng Indexes Company Limited ( HSIL ), a wholly-owned subsidiary of the Hang Seng Bank. The HSCEI is a free float-adjusted market capitalization weighted index with a 10% cap on individual constituent weightings. The HSCEI is calculated and disseminated in real-time at 2-second intervals during the trading of the Stock Exchange of Hong Kong. Launched on August 8, 1994, the HSCEI is comprised of H-shares, which are Hong Kong listed shares of Chinese mainland enterprises ( H-share companies ); Red-chips, which are securities with a minimum of 30% of shareholdings held by Mainland entities (including state-owned organizations); and P-chips, which are companies that have more than 50% of their sales revenue (or profits or assets, if more appropriate) derived from mainland China, but which are not H-shares or Red-chips.
The HSCEI had a base value of 1,000 at launch, but was rebased as of January 3, 2000 with a value of 2,000. The HSCEI is reviewed quarterly with data cut-off dates of the end of March, June, September and December of each year. The number of constituents of the HSCEI is fixed at 50, broken down into a fixed number of 40 H-shares and a total of 10 Red-chips and P-chips. 
Implementation of Adding 10 Red-chip and P-chip constituents
In May 2017, HSIL announced that Red-chips and P-chips would begin to be included in the HSCEI in March 2018. HSIL announced in August 2017 that the Red-chips and P-chips constituents will be added to the HSCEI in five phases over a 12-month period by applying the following inclusion factor and adjusted cap level in each phase:
Phase
Month
Inclusion Factor
Adjusted Cap Level
1
March 2018
0.2
2%
2
June 2018
0.4
4%
3
September 2018
0.6
6%
4
December 2018
0.8
8%
5
March 2019
1.0
10%
Eligibility Criteria
A component stock is selected or removed from the HSCEI quarterly based on the following selection criteria and process: 
Stocks should be listed for at least one month, starting from the listing date to the review cut-off date (both dates inclusive), in order to be considered in the index review. 
The turnover velocity in each of the past 12 months is calculated by observing the quotient of the (i) median of daily traded shares in such calendar month and (ii) free float-adjusted issued shares at such calendar month end. In order to meet the turnover requirement, a stock should have ( a ) minimum turnover velocity of 0.1% for at least 10 out of the past 12 months, and ( b ) for the latest three months, minimum turnover velocity of 0.1% for all three months. For an existing constituent, only (a) needs to be fulfilled.
However, if an existing constituent fails to meet the turnover requirement in (a), then a supplementary turnover test is applied for those months in which the turnover velocity is less than 0.1%. The monthly aggregate turnover is calculated, and if that turnover is among the top 90th percentile of the total market which includes securities primarily listed on the Main Board of the Stock Exchange of Hong Kong, excluding securities that are secondary listings, foreign companies, preference shares, debt securities, mutual funds or other derivatives then the constituent passes the monthly turnover test for that month. The constituent will meet the turnover requirement if (a) is fulfilled after applying the supplementary test.

Autocallable Market-Linked Step Up Notes
TS- 10

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
   
For a stock with a trading history of less than 12 months or a stock that has transferred from the Growth Enterprise Market to the Main Board in the past 12 months before the data review cut-off date the following requirements apply with respect to turnover velocity:
o    
If less than 6 months, the minimum turnover velocity must be 0.1% for all trading months.
o    
If greater than or equal to 6 months, (i) the stock cannot have more than one month in which it has failed to obtain a turnover velocity of at least 0.1% and (ii) for the latest three months, a stock needs to have attained a turnover velocity of at least 0.1% for all three  months if it is not an existing constituent.
   
For a stock which has been suspended for any of the complete month(s) during the past 12 months before the review cut-off date, the relevant month(s) will be excluded from the velocity calculation. The stock should meet the requirements as described above.
There are additional eligibility criteria for Red-chips and P-chips namely, such stocks are subject to listing history requirements, price volatility requirements, and financial requirements. In terms of the listing history requirements, for stocks listed through an initial public offering, such stocks should have been listed for at least three years, starting from the listing date to the review cut-off date (inclusive of both dates). For stocks listed through a backdoor listing, such stocks should have been listed for at least six years, starting from the listing date to the review cut-off date (inclusive of both dates).
Regarding the price volatility requirements, the past one-month, three-month and 12-month historical price volatility of a stock should not be greater than three times the historical price volatility of the HSCEI for the respective period. The stock will not be eligible if its trading has been suspended for a complete month in the past one month before the review cut-off date.
Regarding the financial requirements, the following parameters recorded in the annual reports of a stock should be greater than zero for three consecutive fiscal years: (a) net profit attributable to equity holders of the company; (b) net cash generated from operating activities; and (c) cash dividends.
Constituent Selection
H-Shares
All eligible H-share stocks are ranked in terms of Combined Market Value ( MV ) Score, calculated from MV rank and Free float-adjusted Market Value ( FFMV ) rank using the below formula. The  MV  of an individual stock refers to the average of month-end H-share MVs for the past 12 months ( 12-month-average MV ) of any review period and  FFMV  of an individual stock refers to the 12-month-average MV after free float adjustment.
(1) 0.5 MV Rank + 0.5 FFMV Rank = Combined MV Score
(2) rank of the Combined MV Score = Combined MV Rank
If two H-share constituents have the same Combined MV Score, a higher rank will be assigned to the stock with the higher MV Rank. The top 40 eligible H-share stocks with the highest Combined MV Rank will be selected as constituents of the HSCEI subject to a buffer zone where existing constituents ranked 49th or lower will be removed from the HSCEI while non-constituent stocks ranked 32nd or above will be included. In case the number of incoming stocks is greater than the number of outgoing constituents, constituents with the lowest Combined MV Rank will be removed from the index in order to maintain the number of constituents at 40. If the number of incoming stocks is smaller than the number of outgoing constituents, stocks with the highest Combined MV Rank will be added to the index in order to maintain the number of H-share constituents at 40.
Red-chip and P-chip
Throughout the Red-chip and P-chip transition period (from the March 2018 rebalancing to the March 2019 rebalancing), constituent selection for Red-chips and P-chips will only be performed once at the beginning of the transition period, with the data cut-off date being December 31, 2017.
All eligible Red-chip and P-chip stocks are ranked in terms of Combined MV Score, calculated from MV rank and FFMV rank using the below formula The  MV  of an individual stock refers to the average of month-end H-share MVs for the past 12 months ( 12-month-average MV ) of any review period and  FFMV  of an individual stock refers to the 12-month-average MV after free float adjustment: 
(1) 0.5 MV Rank + 0.5 FFMV Rank = Combined MV Score
(2) rank of the Combined MV Score = Combined MV Rank
If two Red-chip and P-chip constituents have the same Combined MV Score, a higher rank will be assigned to the stock with the higher MV Rank. Throughout the Red-chip and P-chip transition period (from the March 2018 rebalancing to the March 2019 rebalancing), constituent selection for Red-chips and P-chips will only be performed once at the beginning of the transition period, with the data cut-off date being December 31, 2017.
The top 10 eligible Red-chip and P-chip stocks with the highest Combined MV Rank will be selected as constituents of the HSCEI, with no buffer zone applied for these 10 constituents.

Autocallable Market-Linked Step Up Notes
TS- 11

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Calculation Methodology
The HSCEI is calculated using the following formula:
The FAF represents the proportion of shares that are free floated as a percentage of the issued shares. The FAF is between 0 and 1 and is rounded up to the nearest multiple of 5% for index calculation. The CF is calculated so that no constituent stock has a weighting that exceeds 10%. The FAF, CF and IS are adjusted quarterly.

Autocallable Market-Linked Step Up Notes
TS- 12

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
The following graph shows the daily historical performance of the Index in the period from  January 1, 2008 through  May 31 , 2019 .  We obtained this historical data from Bloomberg L.P.  We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On   May 31 , 2019 , the  closing level of the Index was  10,387.17.
Historical Performance of the Index
This historical data on the Index is not necessarily indicative of the future performance of the Index or what the value of the notes may be. Any historical upward or downward trend in the level of the Index during any period set forth above is not an indication that the level of the Index is more or less likely to increase or decrease at any time over the term of the notes.
Before investing in the notes, you should consult publicly available sources for the levels of the Index.

Autocallable Market-Linked Step Up Notes
TS- 13

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
License Agreement
We will enter into an agreement with HSCEI providing us and certain of our affiliates or subsidiaries with a non-exclusive license and, for a fee, with the right to use the HSCEI, which is owned and published by HSCEI, in connection with certain securities, including the notes.
 
THE HSCEI IS PUBLISHED AND COMPILED BY HSCEI SERVICES LIMITED PURSUANT TO A LICENSE FROM HANG SENG DATA SERVICES LIMITED. THE MARK AND NAME OF THE HANG SENG CHINA ENTERPRISES INDEX ARE PROPRIETARY TO HANG SENG DATA SERVICES LIMITED. HSCEI SERVICES LIMITED AND HANG SENG DATA SERVICES LIMITED HAVE AGREED TO THE USE OF, AND REFERENCE TO, THE HANG SENG CHINA ENTERPRISES INDEX BY THE ISSUER IN CONNECTION WITH THE NOTES, BUT NEITHER HSCEI SERVICES LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE NOTES, OR ANY OTHER PERSON, (i) THE ACCURACY OR COMPLETENESS OF THE HSCEI AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF THE HSCEI OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF THE HANG SENG CHINA ENTERPRISES INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO THE HSCEI IS GIVEN OR MAY BE IMPLIED. THE PROCESS AND BASIS OF COMPUTATION AND COMPILATION OF THE HANG SENG CHINA ENTERPRISES INDEX AND ANY OF THE RELATED FORMULA OR FORMULAE, CONSTITUENT STOCKS AND FACTORS MAY AT ANY TIME BE CHANGED OR ALTERED BY HSCEI SERVICES LIMITED WITHOUT NOTICE.
 
TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HSCEI SERVICES LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO THE HSCEI BY THE ISSUER IN CONNECTION WITH THE NOTES; OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HSCEI SERVICES LIMITED IN THE COMPUTATION OF THE HSCEI; OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF THE HSCEI WHICH IS SUPPLIED BY ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE NOTES, OR ANY OTHER PERSON DEALING WITH THE NOTES AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HSCEI SERVICES LIMITED AND/OR HANG SENG DATA SERVICES LIMITED IN CONNECTION WITH THE NOTES IN ANY MANNER WHATSOEVER BY ANY BROKER, HOLDER OR OTHER PERSON DEALING WITH THE NOTES. ANY BROKER, HOLDER OR OTHER PERSON DEALING WITH THE NOTES DOES SO THEREFORE IN FULL KNOWLEDGE OF THIS DISCLAIMER AND CAN PLACE NO RELIANCE WHATSOEVER ON HSCEI SERVICES LIMITED AND HANG SENG DATA SERVICES LIMITED. FOR THE AVOIDANCE OF DOUBT, THIS DISCLAIMER DOES NOT CREATE ANY CONTRACTUAL OR QUASI- CONTRACTUAL RELATIONSHIP BETWEEN ANY BROKER, HOLDER OR OTHER PERSON AND HSCEI SERVICES LIMITED AND/OR HANG SENG DATA SERVICES LIMITED AND MUST NOT BE CONSTRUED TO HAVE CREATED SUCH RELATIONSHIP.

Autocallable Market-Linked Step Up Notes
TS- 14

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Supplement to the Plan of Distribution; Conflicts of Interest
Under our distribution agreement with  BofAS BofAS   will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount.
MLPF&S will  purchase the notes from  BofA S  for resale, and will receive a selling concession in connection with the sale of the notes in an  amount up to  the full amount of underwriting discount set forth on the cover of this term sheet.
MLPF&S  and BofAS each  a broker-dealer subsidiary of BAC,  are  member s  of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and will participate as selling agent  in the case of BofAS and as dealer in the case of MLPF&S  in the distribution of the notes.   Accordingly, offerings of the notes will conform to the requirements of Rule 5121 applicable to FINRA members.   Neither  MLPF&S  nor BofAS  may make sales in this offering to any of its discretionary accounts without the prior written approval of the account holder.
We may deliver the notes against payment therefor in New York, New York on a date that is greater than  two  business days following the pricing date.   Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in  two  business days, unless the parties to any such trade expressly agree otherwise.   Accordingly, if the initial settlement of the notes occurs more than  two  business days from the pricing date, purchasers who wish to trade the notes more than  two  business days prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.
The notes will not be listed on any securities exchange.   In the original offering of the notes, the notes will be sold in minimum investment amounts of 100 units.   If you place an order to purchase the notes, you are consenting to MLPF&S  and/or one of its affiliates  acting as a principal in effecting the transaction for your account .
MLPF&S  and BofAS  may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices or at negotiated prices , and these will  include MLPF&S’s  and BofAS’s  trading commissions and mark-ups.   MLPF&S  and BofAS  may act as principal or agent in these market-making transactions; however ,   neither is  obligated to engage in any such transactions.  At  their  discretion ,  for a short undetermined   initial period after the issuance of the notes, MLPF&S   and BofAS  may offer to buy the notes  in the secondary market  at a price that may exceed  the  initial estimated value  of the notes. Any price offered by MLPF&S  or  BofAS  for the notes will be based on then-prevailing market conditions and other considerations, including the performance of the  Index  and the remaining term of the notes.  However, neither we nor any of our   affiliates is obligated to purc hase your notes at any price, or at any time, and we cannot assure you that we or any of our affiliates will purchase your notes  at a price that  equals or  exceeds the  initial estimated value  of the notes.
The value of the notes shown on your account statement   will be based on   BofAS ’s   estimate of the value of the notes if  BofAS  or another of our affiliates were to make a market in the notes, which it is not obligated t o do.  That estimate will be based upon the price that  BofAS  may pay  for the notes in light of then-prevailing market conditions   and other considerations, as mentioned above, and will include transaction costs.  At certain times, this price may b e higher than or lower than the  initial estimated value  of the notes .  
   
the investor’s spouse (including a domestic partner), siblings, parents, grandparents, spouse’s parents, children and grandchildren, but excluding accounts held by aunts, uncles, cousins, nieces, nephews or any other family relationship not directly above or below the individual investor;
   
a family investment vehicle, including foundations, limited partnerships and personal holding companies, but only if the beneficial owners of the vehicle consist solely of the investor or members of the investor’s household as described above;  and
   
a trust where the grantors and/or beneficiaries of the trust consist solely of the investor or members of the investor’s household as described above; provided that, purchases of the notes by a trust generally cannot be aggregated together with any purchases made by a trustee’s personal account.        

Autocallable Market-Linked Step Up Notes
TS- 15

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Structuring the Notes
The notes are our debt securities, the return on which is linked to the  performance  of the Index.   The related guarantees are BAC’s obligations.  As is the case for all of our  and BAC’s respective  debt securities, including our market-linked notes, the economic terms of the notes reflect our  and BAC’s  actual or perceived creditworthiness at the time of pricing.  In addition, because market-linked notes result in increased operational, funding and liability management costs to us  and BAC, BAC  typically borrow s  the funds under these  types of  notes at a rate that is more favorable to  BAC  than the rate that  it  might pay for a conventional fixed or floating rate debt security.  This   rate, which we refer to in this term sheet as BAC’s internal funding rate, is typically lower than the rate BAC would pay when it issues conventional fixed or floating rate debt securities.  This ge nerally relatively lower internal funding  rate, which is reflected in the economic terms of the notes, along with the fees and charges associated with market- linked notes, typically  results in the initial estimated value of the notes on the pricing date being less than their public offering price .
Payments on the notes, including the amount you receive at maturity or upon an automatic call, will be calculated based on  the  $10 per unit  principal amount and will depend on the performance of the Index In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with  BofAS  or one of  our other  affiliates.  The terms of these hedging arrangements are determined by seeking bids from market participants,  including   BofAS  and its affiliates , and take into account a number of factors, including our  and BAC’s  creditworthiness, interest rate movements, the volatility of the Index, the tenor of the note s  and the tenor of the hedging arrangements.  The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.
BofAS  has advised us that the hedging arrangements will include a hedging related charge of approximately $0.075 per unit, reflecting an estimated profit to be credited to  BofAS  from these transactions.  Since hedging entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be realized by  BofAS  or any third party hedge providers.
For further information, see “Risk Factors—General Risks Relating to the Notes” beginning on page PS-7 and “Use of Proceeds” on page PS-16 of product supplement EQUITY INDICES SUN-1.  

Autocallable Market-Linked Step Up Notes
TS- 16

Autocallable Market-Linked Step Up Notes
Linked to the Hang Seng China Enterprises   Index, due  May  , 2022
Summary Tax Consequences
  You should consider the U.S. federal income tax consequences of an investment in the notes, including the following: 
   
There is no statutory, judicial, or administrative authority directly addressing the characterization of the notes.
   
You agree with us (in the absence of an administrative determination, or judicial ruling to the contrary) to characterize and treat the notes for all tax purposes as a callable single financial contract with respect to the  Index.
   
Under this characterization and tax treatment of the notes, a U.S. Holder (as defined beginning  on page 50  of the prospectus ) generally will recognize capital gain or loss upon maturity or upon a sale, exchange, or redemption of the notes prior to maturity. This capital gain or loss generally will be long-term capital gain or loss if you held the notes for more than one year.
   
No assurance can be given that the  Internal Revenue Service (“ IRS ”)  or any court will agree with this characterization and tax treatment.
   
Under current  IRS  guidance, withholding on “dividend equivalent” payments (as discussed in the product supplement), if any, will not apply to notes that are issued as of the date of this term sheet unless such notes are “delta-one” instruments .
   
The discussion in the accompanying prospectus under “U.S. Federal Income Tax Considerations — Foreign Account Tax Compliance Act” is hereby modified to reflect regulations proposed by the U.S. Department of Treasury indicating its intent to eliminate the requirements under FATCA of withholding on gross proceeds from the sale, exchange,  settlement at  maturity or other disposition of relevant financial instruments. The U.S. Department of Treasury has indicated that taxpayers may rely on these proposed regulations pending their finalization.
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.  You should  review carefully the discussion  under the section entitled  “U.S. Federal Income Tax Summary” beginning on page PS-28 of product supplement EQUITY INDICES SUN-1 .  In addition, any reference to  “Morrison & Foerster LLP” in the aforementioned tax discussions in produ ct supplement EQUITY INDICES SUN -1 should be read as a reference to “Sidley Austin LLP.”
Where You Can Find More Information
We  and BAC  have filed a registration statement (including a product   suppl ement, a prospectus supplement,  and a prospectus) with the SEC for the offering to which this term sheet relates.  Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents  relating to this offering  that  w e  and BAC  have filed with the SEC, for more complete information about  us, BAC  and this offering.  You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, we, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by c alling MLPF&S  or BofAS  toll-free at 1-800-294-1322 .
Autocallable Market-Linked Step Up Notes
TS- 17

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