2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 210 ARAMARK BANK OF AMERICA CORPORATION Proposal1:ElectingDirectors Identifying and Evaluating Director Candidates Board Composition Thebusinessandaffairsofthecompanyare managedunderthedirectionoftheBoard.Our Boardprovidesactiveandindependentoversight ofmanagement.Tocarryoutitsresponsibilities andsettheappropriatetoneatthetop,ourBoard iskeenlyfocusedonthecharacter,integrity,and qualificationsofitsmembers,anditsleadership structureandcomposition. OurBoardbelievesourdirectorsbestserveour companyandstockholdersbypossessinghigh personalintegrityandcharacter,demonstrated managementandleadershipability,extensive experiencewithinourindustryandacrosssectors, andtheabilitytoexercisetheirsoundand independentjudgmentinacollegialmanner. Core Director Attributes HighPersonalIntegrity StrongBusinessJudgment DemonstratedAchievementinPublicorPrivateSectors ProvenLeadershipandManagementAbility Dedicated—AbletoDevoteNecessaryTimetoOversightDutiesand RepresentStockholders’Interests FreeofPotentialConflictsofInterests CollegialManner OurBoardseeksdirectorswhosecomplementaryknowledge,experience,andskillsprovideabroadrangeofperspectives andleadershipexpertiseinfinancialservicesandotherhighlycomplexandregulatedindustries,strategicplanningand businessdevelopment,businessoperations,marketinganddistribution,technology,riskmanagementandfinancialcontrols, corporategovernanceandpublicpolicy,andotherareasimportanttoourcompany’sstrategyandoversight.OurBoardalso assessesdirectorage,tenure,andBoardcontinuity,andstrivestoachieveabalancebetweentheperspectivesofnew directorsandthoseoflonger-servingdirectorswithindustryandinstitutionalinsights. OurBoardviewsdiversityasapriorityandseeksrepresentationacrossarangeofattributes,includingrace,gender,ethnicity, andprofessionalexperience,andregularlyassessesourBoard’sdiversitywhenidentifyingandevaluatingdirectorcandidates. Inaddition,ourCorporateGovernanceCommitteefollowsapplicableregulationsinconfirmingthatourBoardincludesmembers whoareindependent,possessfinancialliteracyandexpertise,andanunderstandingofriskmanagementprinciples,policies, andpractices,andhaveexperienceinidentifying,assessing,andmanagingriskexposures. OurcurrentBoard,comprisedofthe15directornominees,reflectstheBoard’scommitmenttoidentify,evaluate,andnominate candidateswhopossesspersonalqualities,qualifications,skills,anddiversityofbackgrounds,andprovideamixoftenures that,whentakentogether,bestserveourcompanyandourstockholders.See“OurDirectorNominees”onpage5. Succession Planning and the Director Recruitment Process OurBoardregularlyreviewsandrenewsitscomposition.OurCorporateGovernanceCommitteeisresponsibleforidentifyingand recommendingdirectorcandidatestoourBoardfornominationusingadirectorselectionprocessthathasbeenreviewedand acknowledgedbyourprimarybankregulators. Recommend Board recommends candidates to stockholders Identify Information provided to third-party search firms; potential candidates identified Evaluate CorporateGovernance Committee reviews available information on prospective nominees, regardless of recommending party Assess Thoughtful self-evaluation process to develop a list of qualifications and skills sought in new directors, guided by CorporateGovernance Committee BankofAmericaCorporation2018ProxyStatement 3 Total of 02 pages in section Board Refreshment TheBoardandtheNominatingCommitteeregularlyconsiderthelong-termmakeupofourBoardandhowthe membersofourBoardchangeovertime.TheBoardandNominatingCommitteealsoconsidertheskills,experience, andbackgroundsneededfortheBoardasourbusinessandtheindustriesandsectorsinwhichwedobusiness evolve.TheBoardandNominatingCommitteealsounderstandtheimportanceofBoardRefreshmentandaimto strikeabalancebetweentheknowledgethatcomesfromlonger-termserviceontheboardwiththenewexperience, ideasandenergythatcancomefromaddingdirectorstotheBoard.Assumingtheelectionofthisyear’sproposed directornominees,sinceMr.FossjoinedtheCompanyasChiefExecutiveOfficer,andinconnectionwiththeexitof theprivateequitysponsorsandtheCompany’sinitialpublicoffering,wewillhaveadded9newindependent directorstotheBoardandhavehad8directorsstepdownornotstandforre-election.Webelievetheaverage tenureforourdirectornomineesofapproximately3.6yearsreflectsthenewandindependentBoardthatiswell- positionedtocontinuetheCompany’sgrowthasapubliccompany. HOWWETHINKABOUT BOARDREFRESHMENT: +Skills,Expertise&Experience +RetirementAge +AnnualBoardEvaluation =BoardEvolution UnderEric J.Foss’s leadership BOARD REFRESHMENT New Directors Elected Women Directors Elected Ethnically DiverseDirectors Elected Independent Directors Added 9 3 2 9 23 HOWWETHINKABOUTBOARDREFRESHMENT:+Skills,Expertise&Experience+RetirementAge+AnnualBoardEvaluation=BoardEvolutionBOARDREFRESHMENTUnderEricJ.Foss’sleadership9NewDirectorsElected3WomenDirectorsElected2EthnicallyDiverseDirectorsElected9IndependentDirectorsAdded 2.15 Director recruitment & succession Board membership is not a lifetime appointment, and directors typically “roll off” the board after a number of years of service. Also, there is a greater focus on increasing board gender and other forms of diversity, as well as the strategic needs of companies whose strategies and business model may be evolving, requiring new skill sets to effectively oversee and support these evolving needs. Accomplishing this requires either continually expanding the board, or replacing some longer-tenured directors with often younger directors with new skill sets (i.e. board refreshment). Finding these new, often first-time directors increasingly requires companies to expand their searches beyond the traditional pool of former CEOs which due to historical reasons frustrates efforts to increase gender diversity. There are a variety of resources and databases to help companies “cast a wider net.” What investors want to understand in proxies is what the commitment is to refreshing the board and expanding diversity and skill sets. Over time they will see if and how this has been effective.