Bank of America Reports Quarterly Earnings of $6.8 Billion, EPS $0.63 Record First-Half Net Income of $13.7 Billion Q2-18 Financial Highlights1 Q2-18 Business Segment Highlights1 • Net income up 33% to $6.8 billion, driven by Consumer Banking • Revenue rose 8% to $9.2 billion improved operating performance and the benefits • Loans up 7% to $281 billion of tax reform • Deposits up 5% to $688 billion • Diluted earnings per share up 43% to $0.63 • Merrill Edge brokerage assets up 20% • Revenue, net of interest expense, decreased 1% to $22.6 billion; Q2-17 revenue of $22.8 billion • 18th consecutive quarter of positive included a $793 million pretax gain on the sale of operating leverage our non-U.S. consumer card business; excluding • Combined debit/credit spend up 8% to 2 that gain, revenue up 3% $148 billion – Net interest income (NII) increased $664 Global Wealth and Investment • Record client balances of nearly $2.8 million, or 6%, to $11.7 billion, reflecting Management trillion benefits from higher interest rates, as well as loan and deposit growth(B) • Pretax margin remains strong at 28% – Noninterest income decreased $884 million, or • Loans increased 7% to $161 billion 7%, to $11.0 billion; prior period includes the • Organic growth of new Merrill Lynch $793 million gain referenced above households in 1H-18 up 70% over 1H-17 • Provision for credit losses increased $101 million Global Banking • Revenue of $4.9 billion to $827 million • – Net charge-off ratio remained low at 0.43% • Firmwide Investment Banking fees of $1.4 billion • Noninterest expense declined $698 million, or 5%, • Loans increased 3% to $355 billion to $13.3 billion • Deposits increased 8% to $323 billion – Q2-17 expense of $14.0 billion included a $295 million data center impairment charge; • Efficiency ratio remained low at 44% Global Markets • Sales and trading revenue of $3.4 billion, excluding that charge, noninterest expense including net debit valuation adjustment down 3%2 (DVA) of $(179) million • Average loan balances in business segments rose • Excluding net DVA, sales and trading $45 billion, or 5%, to $872 billion revenue up 7% to $3.6 billion(C) – Consumer up 6% and commercial up 5% – Equities up 17% to $1.3 billion(C) (C) • Average deposit balances rose $44 billion, or 3%, – FICC up 2% to $2.3 billion to $1.3 trillion • Returned $6.2 billion to shareholders in Q2-18 through common dividends and share repurchases CEO Commentary “Solid operating leverage and client activity drove earnings higher this quarter. Responsible growth continued to deliver as a driver for every area of the company. We grew consumer and commercial loans; we grew deposits; we grew assets within our Merrill Edge business; we generated more net new households in Merrill Lynch; and we supported more institutional client activity — all of this while we continued to invest in our businesses and began an additional $500 million technology investment, which we intend to spend over the next several quarters, due to the benefits we received from tax reform. Even while making investments in people, technology, new markets and real estate, we managed to lower expenses again this period.” - Brian Moynihan, Chairman and Chief Executive Officer Financial Highlights Three months ended ($ in billions, except per share data) 6/30/2018 3 3/31/2018 3 6/30/2017 Total revenue, net of interest expense $22.6 $23.1 $22.8 Net income $6.8 $6.9 $5.1 Diluted earnings per share $0.63 $0.62 $0.44 Return on average assets 1.17% 1.21% 0.90% Return on average common shareholders’ equity 10.75 10.85 7.75 Return on average tangible common shareholders’ equity4 15.15 15.26 10.87 Efficiency ratio 59 60 61 1 Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 2 Represents a non-GAAP financial measure. For additional information, see endnote A. 3 On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted, which included a lower U.S. corporate tax rate effective in 2018. 4 Represents a non-GAAP financial measure. For additional information (including reconciliation information), see endnote D. 1

CFO Commentary “This marks the 14th consecutive quarter of positive operating leverage, which drove the improvement in pretax income. In addition, a 5 percent reduction in diluted shares added to EPS growth. Thanks to the hard work and focus of teammates across the firm, we have eliminated or reduced expenses that don't directly contribute to responsible growth in our business lines. Our strong and consistent results have also allowed us to increase our dividend by 25 percent beginning in the third quarter. In the next 12 months, we plan to return $26 billion to shareholders through common dividends and share repurchases.” — Paul M. Donofrio, Chief Financial Officer Consumer Banking Three months ended Financial Results1 ($ in millions) 6/30/2018 3/31/2018 6/30/2017 Total revenue (FTE)2 $9,211 $9,032 $8,509 • Net income increased $852 million, or 42%, to $2.9 Provision for credit losses 944 935 834 billion, driven by solid operating leverage of 9% Noninterest expense 4,397 4,480 4,411 • Revenue increased $702 million, or 8%, to $9.2 billion – NII increased $659 million, or 11%, driven by Pretax income 3,870 3,617 3,264 higher interest rates and strong deposit and loan Income tax expense 987 922 1,233 growth Net income $2,883 $2,695 $2,031 – Noninterest income increased $43 million, or 2%, 1 Comparisons are to the year-ago quarter unless noted. as higher card income and service charges more 2 Revenue, net of interest expense. Revenue, pretax income and income tax expense are shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax than offset lower mortgage banking income rate. • Provision for credit losses increased $110 million to $944 million, driven by credit card portfolio seasoning and loan growth – Net charge-offs increased $105 million to $896 million; net charge-off ratio was 1.28% compared to 1.21% • Noninterest expense decreased modestly to $4.4 billion as improved productivity offset continued investment in primary sales professionals, financial center builds/renovations and digital capabilities Three months ended Business Highlights1,2 ($ in billions) 6/30/2018 3/31/2018 6/30/2017 Average deposits $687.8 $674.4 $652.8 • Average deposits grew $35 billion, or 5%; average loans grew $19 billion, or 7% Average loans and leases 280.7 279.6 261.5 • Merrill Edge brokerage assets grew $32 billion, or Brokerage assets (EOP) 191.5 182.1 159.1 20%, to $191 billion, driven by strong client flows Active mobile banking users 25.3 24.8 22.9 and market performance (MM) • Combined credit/debit card spending up 8% Number of financial centers 4,411 4,435 4,542 • 31 new financial center openings and 349 Efficiency ratio (FTE) 48% 50% 52% renovations during the past 12 months Return on average allocated 31 30 22 capital • Digital usage continued to grow 2 – Deposit transactions processed on mobile devices Total U.S. Consumer Credit Card exceeded transactions in financial centers for the Average credit card $93.5 $94.4 $89.5 first time outstanding balances – 25.3 million active mobile banking users, up 11% Total credit/debit spend 147.5 137.4 137.0 – Digital sales grew to 24% of all Consumer Risk-adjusted margin 8.1% 8.3% 8.4% Banking sales (see page 8 for more information) 1 Comparisons are to the year-ago quarter unless noted. – Customers logged in to the BAC mobile app 1.4 2 The U.S. consumer credit card portfolio includes Consumer Banking and GWIM. billion times – 35 million person-to-person payments through Zelle®, more than double the year-ago quarter. Users doubled to 4 million during past year • Efficiency ratio improved to 48% from 52% 2

Global Wealth and Investment Management Three months ended Financial Results1 ($ in millions) 6/30/2018 3/31/2018 6/30/2017 • Net income increased $164 million, or 20%, to $968 Total revenue (FTE)2 $4,709 $4,856 $4,695 million Provision for credit losses 12 38 11 • Revenue increased slightly to $4.7 billion Noninterest expense 3,399 3,428 3,392 – NII decreased $54 million, or 3%, driven by a Pretax income 1,298 1,390 1,292 decrease in average deposit balances and higher interest paid Income tax expense 330 355 488 – Noninterest income increased $68 million, or 2%, Net income $968 $1,035 $804 as 10% growth in asset management fees more 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Revenue, pretax income and income tax expense are shown than offset lower transactional revenue on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax • Noninterest expense was relatively flat from Q2-17 rate. as higher revenue-related incentives were largely offset by continued expense discipline Three months ended Business Highlights1 ($ in billions) 6/30/2018 3/31/2018 6/30/2017 • Total client balances increased $137 billion, or 5%, to Average deposits $236.2 $243.1 $245.3 nearly $2.8 trillion, driven by higher market valuations Average loans and leases 160.8 159.1 150.8 and strong AUM flows over the last year Total client balances (EOP) 2,754.2 2,725.5 2,617.4 • Average deposit balances declined $9 billion, or 4%, AUM flows 10.8 24.2 27.5 due primarily to clients continuing to shift balances into investments Pretax margin 28% 29% 28% Return on average allocated 27 29 23 • Average loans and leases grew $10 billion, or 7%, capital driven by mortgage and structured lending 1 • AUM balances up $110 billion in past 12 months with Comparisons are to the year-ago quarter unless noted. AUM flows of $74 billion 3

Global Banking Three months ended Financial Results1 ($ in millions) 6/30/2018 3/31/2018 6/30/2017 • Net income increased $278 million, or 16%, to $2.1 Total revenue (FTE)2, 3 $4,922 $4,934 $5,039 billion Provision for credit losses (23) 16 15 • Revenue decreased $117 million, or 2%, to $4.9 Noninterest expense 2,154 2,195 2,154 billion Pretax income 2,791 2,723 2,870 – NII increased $170 million, or 7%, reflecting the Income tax expense 727 707 1,084 benefits of higher interest rates, as well as deposit Net income $2,064 $2,016 $1,786 and loan growth 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, – Noninterest income decreased $287 million, or loan origination activities and sales and trading activities. 11%, due to lower investment banking fees and the 3 Revenue, net of interest expense. Revenue, pretax income and income tax expense are shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax impact of tax reform on certain tax-advantaged rate. investments • Provision improved to a benefit of $23 million, driven primarily by reduced reserves due to continued improvement in energy • Noninterest expense was flat compared to Q2-17 Three months ended Business Highlights1,2 ($ in billions) 6/30/2018 3/31/2018 6/30/2017 • Average deposits increased $23 billion, or 8%, to Average deposits $323.2 $324.4 $300.5 $323 billion Average loans and leases 355.1 351.7 345.1 Total Corp. IB fees (excl. self- 1.4 1.4 1.5 • Average loans and leases grew $10 billion, or 3%, to led)2 $355 billion, driven by growth in international and 2 domestic commercial and industrial lending Global Banking IB fees 0.7 0.7 0.9 Business Lending revenue 2.2 2.1 2.2 • Total firmwide investment banking fees (excluding Global Transaction Services 2.0 1.9 1.8 self-led deals) decreased 7% to $1.4 billion, driven by revenue lower advisory fees compared with a record year-ago quarter Efficiency ratio (FTE) 44% 44% 43% Return on average allocated 20 20 18 • Efficiency ratio remained low at 44% capital 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 4

Global Markets Three months ended Financial Results1 ($ in millions) 6/30/2018 3/31/2018 6/30/2017 2,3 • Net income increased $286 million, or 34%, to $1.1 Total revenue (FTE) $4,221 $4,786 $3,947 billion Net DVA4 (179) 64 (159) Total revenue $4,400 $4,722 $4,106 • Revenue increased $274 million, or 7%, to $4.2 2,3,4 billion, driven by higher sales and trading revenue (excl. net DVA) (FTE) • Noninterest expense increased $65 million, or 2%, to Provision for credit losses (1) (3) 25 $2.7 billion, reflecting higher revenue-related Noninterest expense 2,715 2,818 2,650 expenses and continued investment in technology Pretax income 1,507 1,971 1,272 • Average VaR of $30 million remained low5 Income tax expense 391 513 442 Net income $1,116 $1,458 $830 Net income (excl. net $1,252 $1,409 $929 DVA)4 1 Comparisons are to the year-ago quarter unless noted. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 3 Revenue, net of interest expense. Revenue, pretax income and income tax expense are shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate. 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote C for more information. 5 VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Using a 95% confidence level, average VaR was $17MM, $22MM and $23MM for Q2-18, Q1-18 and Q2-17, respectively. Three months ended Business Highlights1,2 ($ in billions) 6/30/2018 3/31/2018 6/30/2017 • Sales and trading revenue increased $207 million, or Average total assets $678.5 $678.4 $645.2 6%, to $3.4 billion Average trading-related 473.1 463.2 452.6 • Excluding net DVA, sales and trading revenue assets increased 7% to $3.6 billion(C) Average loans and leases 75.1 73.8 69.6 – FICC revenue of $2.3 billion increased 2%, Sales and trading revenue2 3.4 4.1 3.2 primarily due to improved performance in macro- Sales and trading revenue 3.6 4.1 3.4 related products, partially offset by weakness in (excl. net DVA)(C),2 credit products Global Markets IB fees2 0.7 0.6 0.6 – Equities revenue of $1.3 billion increased 17%, Efficiency ratio (FTE) 64% 59% 67% driven by increased client activity in financing and derivatives Return on average allocated 13 17 10 capital • Average total assets increased $33 billion, primarily 1 Comparisons are to the year-ago quarter unless noted. due to targeted investments to support clients in 2 Global Banking and Global Markets share in certain deal economics from investment banking, both Equities and FICC loan origination activities and sales and trading activities. 5

All Other Three months ended Financial Results1 ($ in millions) 6/30/2018 3/31/2018 6/30/2017 2 • Net loss of $247 million, compared to a net loss of Total revenue (FTE) $(300) $(333) $876 $345 million Provision for credit losses (105) (152) (159) • Revenue declined $1.2 billion, driven by a $1.0 billion Noninterest expense 619 976 1,375 reduction from select items Pretax loss (814) (1,157) (340) – Q2-18 results included a $729 million charge in Income tax expense (benefit) (567) (871) 5 other income related to the redemption of certain trust preferred securities, which was largely Net loss $(247) $(286) $(345) offset by a $572 million gain from the sale of 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Revenue, pretax loss and income tax expense (benefit) are non-core mortgage loans shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. – Q2-17 results included a pretax gain of $793 corporate tax rate. million from the sale of the non-U.S. consumer Note: All Other consists of asset and liability management (ALM) activities, equity investments, credit card business, which was mostly offset by non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for both core and non-core MSRs and the a $690 million related tax expense related economic hedge results, liquidating businesses and residual expense allocations. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign • Benefit in provision for credit losses declined $54 currency risk management activities, the impact of certain allocation methodologies and hedge million to $105 million due to a slowing pace of ineffectiveness. The results of certain ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio of equity, portfolio improvement in consumer real estate real estate and other alternative investments. During the second quarter of 2017, we sold our non-U.S. consumer credit card business. • Noninterest expense decreased $756 million to $619 million – Excluding a $295 million data center impairment charge in the year-ago quarter, expense declined $461 million, driven by lower non-core mortgage costs and reduced operational costs from sale of the non-U.S. consumer credit card business in the prior-year quarter 6

Credit Quality Three months ended Highlights1 ($ in millions) 6/30/2018 3/31/2018 6/30/2017 Provision for credit losses $827 $834 $726 • Overall credit quality remained strong across both 2 the consumer and commercial portfolios Net charge-offs 996 911 908 3 • Net charge-offs increased $88 million to $996 Net charge-off ratio 0.43% 0.40% 0.40% million, driven primarily by higher losses in the At period-end consumer credit card portfolio due to seasoning, Nonperforming assets $6,181 $6,694 $7,127 loan growth and storm-related losses Nonperforming assets ratio4 0.66% 0.72% 0.78% – The net charge-off ratio remained low at 0.43% Allowance for loan and lease $10,050 $10,260 $10,875 • The provision for credit losses increased $101 losses million to $827 million Allowance for loan and lease 1.08% 1.11% 1.20% 5 – The net reserve release decreased to $169 losses ratio million from $182 million. The reserve release 1 Comparisons are to the year-ago quarter unless noted. 2 Includes net charge-offs of $31 million in Q2-17 for the non-U.S. consumer credit card loan was driven by continued improvements in portfolio, which was sold during the second quarter of 2017. consumer real estate and energy exposures, 3 Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. partially offset by seasoning in the consumer 4 Nonperforming assets ratio is calculated as nonperforming loans, leases and foreclosed credit card portfolio and loan growth properties (nonperforming assets) divided by outstanding loans, leases and foreclosed properties at the end of the period. • Nonperforming assets declined $946 million to 5 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses $6.2 billion, driven primarily by loan sales and credit divided by loans and leases outstanding at the end of the period. quality improvement in energy exposures Note: Ratios do not include loans accounted for under the fair value option. • Commercial utilized reservable criticized exposure down $3.3 billion, or 21%, to $12.4 billion 7

Leadership in high-tech, high-touch (Figures are for Q2-18 unless otherwise specified) High-Tech High-Touch 4,411 financial centers No. 1 in online banking and digital sales ‑ 31 new openings in last 12 months functionality ‑ 349 renovations in last 12 months 35.7MM active digital banking users 24% of all Consumer sales through digital 16,050 ATMs $736B in total payments processed ‑ 10,125 newly replaced or upgraded ‑ 52% in digital payments ‑ 100% contactless enabled ~35MM P2P payments via Zelle®, up 143% YoY, representing $10B 460K digital appointments Expanding into new markets J.D. Power 2018 Certified Mobile App 25.3MM active mobile banking users 1.4B mobile channel logins ‑ 25% of deposit transactions via mobile device 2,400 auto dealers now participate in our auto digital shopping experience Launched Erica – digital AI assistant available in all 50 states Launched digital mortgage platform Current locations New financial center markets Cincinnati Denver Minneapolis/St. Paul Named North America's best digital bank Cleveland Indianapolis Pittsburgh and North America's top financial Columbus Lexington Salt Lake City innovator in GTS ~479K digital channel users across our commercial, large corporate and business banking businesses 47MM Consumer and Small Business relationships ~29MM Global Markets trades executed per day 19,350 Wealth advisors in Global Wealth and Investment Management Highest number of patents of any financial and Consumer Banking firm 3,200+ patents awarded or pending 72 Blockchain patents granted or pending Global footprint serving middle-market, large corporate and institutional clients Innovation in wealth management 35+ countries Merrill Lynch clients can now use their mobile 79% of the 2017 Global Fortune 500 and app to scan and send paper documents to their 95% of the U.S. Fortune 1,000 have a financial advisors relationship with us Increased client-facing professionals to further strengthen local market coverage 20% increase in active users of the Merrill Lynch mobile platform during past year 8

Balance Sheet, Liquidity and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted) Three months ended 6/30/2018 3/31/2018 6/30/2017 Ending Balance Sheet Total assets $2,291.7 $2,328.5 $2,254.7 Total loans and leases 935.8 934.1 916.7 Total loans and leases in business segments (excluding All Other) 874.6 869.5 837.8 Total deposits 1,309.7 1,328.7 1,263.0 Average Balance Sheet Average total assets $2,322.7 $2,325.9 $2,269.3 Average loans and leases1 934.8 931.9 914.7 Average deposits 1,300.7 1,297.3 1,256.8 Funding and Liquidity Long-term debt $226.6 $232.3 $223.9 Global Liquidity Sources, average(E) 512 522 513 Time to required funding (months)(E) 60 56 49 Liquidity coverage ratio(E) 122% 124% n/a Equity Common shareholders’ equity $241.0 $241.6 $245.4 Common equity ratio 10.5% 10.4% 10.9% Tangible common shareholders’ equity2 $170.9 $171.3 $175.3 Tangible common equity ratio2 7.7% 7.6% 8.0% Per Share Data3 Common shares outstanding (in billions) 10.01 10.18 9.88 Book value per common share $24.07 $23.74 $24.85 Tangible book value per common share2 17.07 16.84 17.75 Regulatory Capital(F) Basel 3 CET1 capital $164.9 $164.8 $168.7 Standardized approach Risk-weighted assets $1,444 $1,452 $1,405 CET1 ratio 11.4% 11.4% 12.0% Advanced approaches Risk-weighted assets $1,438 $1,458 $1,464 CET1 ratio 11.5% 11.3% 11.5% Supplementary leverage Supplementary leverage ratio (SLR) 6.7% 6.8% n/a 1 Includes $6.5 billion of non-U.S. consumer credit card loans in Q2-17. During the second quarter of 2017, we sold our non-U.S. consumer credit card business. 2 Represents a non-GAAP financial measure. For reconciliation, see pages 18-19 of this press release. 3 Berkshire Hathaway exercised its warrants to purchase 700 million shares of BAC common stock in Q3-17 using its Series T preferred shares, which resulted in an increase to common shares outstanding. n/a = not applicable 9

Endnotes A The Corporation has presented a year-over-year comparison of revenue change and noninterest expense change excluding selected items from the three months ended June 30, 2017. This presentation is a non-GAAP financial measure. The Corporation believes this presentation allows investors to compare revenue change and noninterest expense change for the periods presented to take into consideration a gain on the sale of our non-U.S. consumer credit card business and an impairment charge related to certain data centers in the three months ended June 30, 2017. B The Corporation also measures net interest income on an FTE basis, which is a non-GAAP financial measure. FTE basis is a performance measure used in operating the business that management believes provides investors a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources, and is consistent with industry practices. Net interest income on an FTE basis was $11.8 billion, $11.8 billion and $11.2 billion for the three months ended June 30, 2018, March 31, 2018 and June 30, 2017, respectively. For reconciliation to GAAP financial measures, refer to pages 18-19 of this press release. The FTE adjustment was $154 million, $150 million and $237 million for the three months ended June 30, 2018, March 31, 2018 and June 30, 2017, respectively. C Global Markets revenue and net income, excluding net debit valuation adjustments (DVA), and sales and trading revenue, excluding net DVA, are non- GAAP financial measures. Net DVA gains (losses) were $(179) million, $64 million and $(159) million for the three months ended June 30, 2018, March 31, 2018 and June 30, 2017, respectively. FICC net DVA gains (losses) were $(184) million, $78 million and $(148) million for the three months ended June 30, 2018, March 31, 2018 and June 30, 2017, respectively. Equities net DVA gains (losses) were $5 million, $(14) million and $(11) million for the three months ended June 30, 2018, March 31, 2018 and June 30, 2017, respectively. D Return on average tangible common shareholders’ equity is a non-GAAP financial measure. For reconciliation to GAAP financial measures, see pages 18– 19 of this press release. E Liquidity Coverage Ratio (LCR) at June 30, 2018 is preliminary. Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, limited to U.S. government securities, U.S. agency securities, U.S. agency MBS, and a select group of non-U.S. government and supranational securities, and are readily available to meet funding requirements as they arise. They do not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities may be subject to certain regulatory and other restrictions. The LCR represents the consolidated average amount of high-quality liquid assets as a percentage of the prescribed average net cash outflows over a 30-calendar-day period of significant liquidity stress, under the U.S. LCR final rule. Time to required funding (TTF) is a debt coverage measure and is expressed as the number of months unsecured holding company obligations of Bank of America Corporation can be met using only the Global Liquidity Sources held at the BAC parent company and NB Holdings without the BAC parent company issuing debt or sourcing additional liquidity. We define unsecured contractual obligations for purposes of this metric as maturities of senior or subordinated debt issued or guaranteed by Bank of America Corporation. F Regulatory capital ratios at June 30, 2018 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for CET1 is the Standardized approach at June 30, 2018 and the Advanced approaches at March 31, 2018 and June 30, 2017. Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased-in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. SLR requirements became effective January 1, 2018. 10

Contact Information and Investor Conference Call Invitation Note: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss second- quarter 2018 financial results in a conference call at 8:30 a.m. ET today. The presentation and supporting materials can be accessed on the Bank of America Investor Relations website at http://investor.bankofamerica.com. For a listen-only connection to the conference call, dial 1.877.200.4456 (U.S.) or 1.785.424.1732 (international). The conference ID is 79795. Please dial in 10 minutes prior to the start of the call. Investors Investor Call can access replays of the conference call by visiting the Investor Relations website or by calling Information 1.800.934.4850 (U.S.) or 1.402.220.1178 (international) from noon on July 16 through 11:59 p.m. ET on July 23. Investors May Contact: Reporters May Contact: Lee McEntire, Bank of America, 1.980.388.6780 Lawrence Grayson, Bank of America, 1.704.995.5825 lawrence.grayson@bankofamerica.com Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112 Bank of America Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange. Forward-Looking Statements Bank of America Corporation (the “Company”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Company’s current expectations, plans or forecasts of its future results, revenues, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Company’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. 11

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of the Company’s 2017 Annual Report on Form 10-K and in any of the Company’s subsequent Securities and Exchange Commission filings: the Company’s potential claims, damages, penalties, fines and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions, including inquiries into our retail sales practices, and the possibility that amounts may be in excess of the Company’s recorded liability and estimated range of possible loss for litigation exposures; the possibility that the Company could face increased servicing, securities, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, other parties involved in securitizations, monolines or private-label and other investors; the possibility that future representations and warranties losses may occur in excess of the Company’s recorded liability and estimated range of possible loss for its representations and warranties exposures; the Company’s ability to resolve representations and warranties repurchase and related claims, including claims brought by investors or trustees seeking to avoid the statute of limitations for repurchase claims; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Company’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global interest rates, currency exchange rates, economic conditions, trade policies and potential geopolitical instability; the impact on the Company’s business, financial condition and results of operations of a potential higher interest rate environment; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties; the Company’s ability to achieve its expense targets, net interest income expectations, or other projections; adverse changes to the Company’s credit ratings from the major credit rating agencies; estimates of the fair value of certain of the Company’s assets and liabilities; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the potential impact of total loss-absorbing capacity requirements; potential adverse changes to our global systemically important bank surcharge; the potential impact of Federal Reserve actions on the Company’s capital plans; the possible impact of the Company’s failure to remediate the shortcoming identified by banking regulators in the Company’s Resolution Plan; the effect of regulations, other guidance or additional information on our estimated impact of the Tax Act; the impact of implementation and compliance with U.S. and international laws, regulations and regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation (FDIC) assessments, the Volcker Rule, fiduciary standards and derivatives regulations; a failure in or breach of the Company’s operational or security systems or infrastructure, or those of third parties, including as a result of cyberattacks; the impact on the Company’s business, financial condition and results of operations from the planned exit of the United Kingdom from the European Union; and other similar matters. “Bank of America Merrill Lynch” is the marketing name for the Global Banking and Global Markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, financial advisory and other investment banking activities are performed by investment banking affiliates of Bank of America Corporation (Investment Banking Affiliates), including Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are registered broker-dealers and members of FINRA and SIPC. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. Bank of America Corporation’s broker-dealers are not banks and are separate legal entities from their bank affiliates. The obligations of the broker- dealers are not obligations of their bank affiliates (unless explicitly stated otherwise), and these bank affiliates are not responsible for securities sold, offered or recommended by the broker-dealers. The foregoing also applies to other non-bank affiliates. For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom at https://newsroom.bankofamerica.com. www.bankofamerica.com 12

13 Bank of America Corporation and Subsidiaries Selected Financial Data (In millions, except per share data) Six Months Ended Second First Second June 30 Quarter Quarter Quarter Summary Income Statement 2018 2017 2018 2018 2017 Net interest income $ 23,258 $ 22,044 $ 11,650 $ 11,608 $ 10,986 Noninterest income 22,476 23,033 10,959 11,517 11,843 Total revenue, net of interest expense 45,734 45,077 22,609 23,125 22,829 Provision for credit losses 1,661 1,561 827 834 726 Noninterest expense 27,181 28,075 13,284 13,897 13,982 Income before income taxes 16,892 15,441 8,498 8,394 8,121 Income tax expense 3,190 4,998 1,714 1,476 3,015 Net income $ 13,702 $ 10,443 $ 6,784 $ 6,918 $ 5,106 Preferred stock dividends 746 863 318 428 361 Net income applicable to common shareholders $ 12,956 $ 9,580 $ 6,466 $ 6,490 $ 4,745 Average common shares issued and outstanding 10,251.7 10,056.1 10,181.7 10,322.4 10,013.5 Average diluted common shares issued and outstanding 10,389.9 10,876.7 10,309.4 10,472.7 10,834.8 Summary Average Balance Sheet Total debt securities $ 431,133 $ 430,685 $ 429,191 $ 433,096 $ 431,132 Total loans and leases 933,375 914,432 934,818 931,915 914,717 Total earning assets 1,980,887 1,909,136 1,981,930 1,979,832 1,922,747 Total assets 2,324,269 2,250,575 2,322,678 2,325,878 2,269,293 Total deposits 1,298,973 1,256,735 1,300,659 1,297,268 1,256,838 Common shareholders’ equity 242,009 244,127 241,313 242,713 245,756 Total shareholders’ equity 265,330 269,347 265,181 265,480 270,977 Performance Ratios Return on average assets 1.19% 0.94% 1.17% 1.21% 0.90% Return on average common shareholders’ equity 10.80 7.91 10.75 10.85 7.75 Return on average tangible common shareholders’ equity (1) 15.21 11.15 15.15 15.26 10.87 Per common share information Earnings $ 1.26 $ 0.95 $ 0.64 $ 0.63 $ 0.47 Diluted earnings 1.25 0.89 0.63 0.62 0.44 Dividends paid 0.24 0.15 0.12 0.12 0.075 Book value 24.07 24.85 24.07 23.74 24.85 Tangible book value (1) 17.07 17.75 17.07 16.84 17.75 June 30 March 31 June 30 2018 2018 2017 Summary Period-End Balance Sheet Total debt securities $ 438,269 $ 426,837 $ 434,517 Total loans and leases 935,824 934,078 916,666 Total earning assets 1,948,663 2,002,678 1,909,192 Total assets 2,291,670 2,328,478 2,254,714 Total deposits 1,309,691 1,328,664 1,262,980 Common shareholders’ equity 241,035 241,552 245,440 Total shareholders’ equity 264,216 266,224 270,660 Common shares issued and outstanding 10,012.7 10,175.9 9,878.1 Six Months Ended Second First Second June 30 Quarter Quarter Quarter Credit Quality 2018 2017 2018 2018 2017 Total net charge-offs (2) $ 1,907 $ 1,842 $ 996 $ 911 $ 908 Net charge-offs as a percentage of average loans and leases outstanding (3) 0.41% 0.41% 0.43% 0.40% 0.40% Provision for credit losses $ 1,661 $ 1,561 $ 827 $ 834 $ 726 June 30 March 31 June 30 2018 2018 2017 Total nonperforming loans, leases and foreclosed properties (4) $ 6,181 $ 6,694 $ 7,127 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.66% 0.72% 0.78% Allowance for loan and lease losses $ 10,050 $ 10,260 $ 10,875 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (3) 1.08% 1.11% 1.20% For footnotes, see page 14. Current period information is preliminary and based on company data available at the time of the presentation.

14 Bank of America Corporation and Subsidiaries Selected Financial Data (continued) (Dollars in millions) Basel 3 Capital Management June 30 March 31 June 30 2018 2018 2017 Regulatory capital metrics (5): Common equity tier 1 capital $ 164,872 $ 164,828 $ 168,704 Common equity tier 1 capital ratio - Standardized approach 11.4% 11.4% 12.0% Common equity tier 1 capital ratio - Advanced approaches 11.5% 11.3% 11.5% Tier 1 leverage ratio 8.4 8.4 8.8 Tangible equity ratio (6) 8.7 8.7 9.2 Tangible common equity ratio (6) 7.7 7.6 8.0 (1) Return on average tangible common shareholders’ equity and tangible book value per share of common stock are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. Tangible book value per share provides additional useful information about the level of tangible assets in relation to outstanding shares of common stock. See Reconciliations to GAAP Financial Measures on pages 18-19. (2) Includes non-U.S. credit card net charge-offs of $75 million for the six months ended Q2-17, and $31 million and $44 million for Q2-17 and Q1-17. These net charge-offs represent net charge-offs of non-U.S. credit card loans, which were sold in the second quarter of 2017. (3) Ratios do not include loans accounted for under the fair value option. Charge-off ratios are annualized for the quarterly presentation. (4) Balances do not include past due consumer credit card loans, consumer loans secured by real estate where repayments are insured by the Federal Housing Administration and individually insured long-term stand-by agreements (fully insured home loans), and in general, other consumer and commercial loans not secured by real estate; purchased credit-impaired loans even though the customer may be contractually past due; and nonperforming loans held-for-sale or accounted for under the fair value option. (5) Regulatory capital ratios at June 30, 2018 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for CET1 is the Standardized approach at June 30, 2018 and the Advanced approaches at March 31, 2018 and June 30, 2017. Basel 3 transition provisions for regulatory capital adjustments and deductions were fully phased-in as of January 1, 2018. Prior periods are presented on a fully phased-in basis. (6) Tangible equity ratio equals period-end tangible shareholders’ equity divided by period-end tangible assets. Tangible common equity ratio equals period-end tangible common shareholders’ equity divided by period-end tangible assets. Tangible shareholders’ equity and tangible assets are non-GAAP financial measures. We believe the use of ratios that utilize tangible equity provides additional useful information because they present measures of those assets that can generate income. See Reconciliations to GAAP Financial Measures on pages 18-19. Current period information is preliminary and based on company data available at the time of the presentation.

15 Bank of America Corporation and Subsidiaries Quarterly Results by Business Segment and All Other (Dollars in millions) Second Quarter 2018 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 9,211 $ 4,709 $ 4,922 $ 4,221 $ (300) Provision for credit losses 944 12 (23) (1) (105) Noninterest expense 4,397 3,399 2,154 2,715 619 Net income (loss) 2,883 968 2,064 1,116 (247) Return on average allocated capital (2) 31% 27% 20% 13% n/m Balance Sheet Average Total loans and leases $ 280,689 $ 160,833 $ 355,088 $ 75,053 $ 63,155 Total deposits 687,812 236,214 323,215 30,736 22,682 Allocated capital (2) 37,000 14,500 41,000 35,000 n/m Period end Total loans and leases $ 283,565 $ 162,034 $ 355,473 $ 73,496 $ 61,256 Total deposits 695,530 233,925 326,029 31,450 22,757 First Quarter 2018 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 9,032 $ 4,856 $ 4,934 $ 4,786 $ (333) Provision for credit losses 935 38 16 (3) (152) Noninterest expense 4,480 3,428 2,195 2,818 976 Net income (loss) 2,695 1,035 2,016 1,458 (286) Return on average allocated capital (2) 30% 29% 20% 17% n/m Balance Sheet Average Total loans and leases $ 279,557 $ 159,095 $ 351,689 $ 73,763 $ 67,811 Total deposits 674,351 243,077 324,405 32,320 23,115 Allocated capital (2) 37,000 14,500 41,000 35,000 n/m Period end Total loans and leases $ 279,055 $ 159,636 $ 355,165 $ 75,638 $ 64,584 Total deposits 701,488 241,531 331,238 32,301 22,106 Second Quarter 2017 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 8,509 $ 4,695 $ 5,039 $ 3,947 $ 876 Provision for credit losses 834 11 15 25 (159) Noninterest expense 4,411 3,392 2,154 2,650 1,375 Net income (loss) 2,031 804 1,786 830 (345) Return on average allocated capital (2) 22% 23% 18% 10% n/m Balance Sheet Average Total loans and leases $ 261,537 $ 150,812 $ 345,063 $ 69,638 $ 87,667 Total deposits 652,787 245,329 300,483 31,919 26,320 Allocated capital (2) 37,000 14,000 40,000 35,000 n/m Period end Total loans and leases $ 265,938 $ 153,468 $ 344,457 $ 73,973 $ 78,830 Total deposits 662,678 237,131 303,205 33,363 26,603 (1) Fully taxable-equivalent (FTE) basis is a performance measure used by management in operating the business that management believes provides investors a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. (2) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently. n/m = not meaningful Certain prior period amounts have been reclassified among the segments to conform to current period presentation. Current period information is preliminary and based on company data available at the time of the presentation.

16 Bank of America Corporation and Subsidiaries Year-to-Date Results by Business Segment and All Other (Dollars in millions) Six Months Ended June 30, 2018 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 18,243 $ 9,565 $ 9,856 $ 9,007 $ (633) Provision for credit losses 1,879 50 (7) (4) (257) Noninterest expense 8,877 6,827 4,349 5,533 1,595 Net income (loss) 5,578 2,003 4,080 2,574 (533) Return on average allocated capital (2) 30% 28% 20% 15% n/m Balance Sheet Average Total loans and leases $ 280,126 $ 159,969 $ 353,398 $ 74,412 $ 65,470 Total deposits 681,119 239,627 323,807 31,524 22,896 Allocated capital (2) 37,000 14,500 41,000 35,000 n/m Period end Total loans and leases $ 283,565 $ 162,034 $ 355,473 $ 73,496 $ 61,256 Total deposits 695,530 233,925 326,029 31,450 22,757 Six Months Ended June 30, 2017 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 16,792 $ 9,287 $ 9,994 $ 8,654 $ 784 Provision for credit losses 1,672 34 32 8 (185) Noninterest expense 8,820 6,721 4,317 5,406 2,811 Net income (loss) 3,923 1,577 3,515 2,127 (699) Return on average allocated capital (2) 21% 23% 18% 12% n/m Balance Sheet Average Total loans and leases $ 259,751 $ 149,615 $ 343,966 $ 69,850 $ 91,250 Total deposits 644,238 251,324 302,827 32,535 25,811 Allocated capital (2) 37,000 14,000 40,000 35,000 n/m Period end Total loans and leases $ 265,938 $ 153,468 $ 344,457 $ 73,973 $ 78,830 Total deposits 662,678 237,131 303,205 33,363 26,603 (1) Fully taxable-equivalent (FTE) basis is a performance measure used by management in operating the business that management believes provides investors a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. (2) Return on average allocated capital is calculated as net income, adjusted for cost of funds and earnings credits and certain expenses related to intangibles, divided by average allocated capital. Other companies may define or calculate these measures differently. n/m = not meaningful Certain prior period amounts have been reclassified among the segments to conform to current period presentation. Current period information is preliminary and based on company data available at the time of the presentation.

17 Bank of America Corporation and Subsidiaries Supplemental Financial Data (Dollars in millions) Six Months Ended Second First Second Fully taxable-equivalent (FTE) basis data (1) June 30 Quarter Quarter Quarter 2018 2017 2018 2018 2017 Net interest income $ 23,562 $ 22,478 $ 11,804 $ 11,758 $ 11,223 Total revenue, net of interest expense 46,038 45,511 22,763 23,275 23,066 Net interest yield 2.38% 2.37% 2.38% 2.39% 2.34% Efficiency ratio 59.04 61.69 58.36 59.71 60.62 June 30 March 31 June 30 Other Data 2018 2018 2017 Number of financial centers - U.S. 4,411 4,435 4,542 Number of branded ATMs - U.S. 16,050 16,011 15,972 Headcount 207,992 207,953 210,904 (1) FTE basis is a non-GAAP financial measure. FTE basis is a performance measure used by management in operating the business that management believes provides investors a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. See Reconciliations to GAAP Financial Measures on pages 18-19. Certain prior period amounts have been reclassified to conform to current period presentation. Current period information is preliminary and based on company data available at the time of the presentation.

18 Bank of America Corporation and Subsidiaries Reconciliations to GAAP Financial Measures (Dollars in millions) The Corporation evaluates its business based on a fully taxable-equivalent basis, a non-GAAP financial measure. Total revenue, net of interest expense, on a fully taxable-equivalent basis includes net interest income on a fully taxable-equivalent basis and noninterest income. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax- exempt sources and is consistent with industry practices. The Corporation presents related ratios and analyses (i.e., efficiency ratios and net interest yield) on a fully taxable-equivalent basis. To derive the fully taxable-equivalent basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, the Corporation uses the federal statutory tax rate of 21 percent for the first and second quarters of 2018 and 35 percent for all prior periods. The efficiency ratio measures the costs expended to generate a dollar of revenue, and net interest yield measures the basis points the Corporation earns over the cost of funds. The Corporation also evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders’ equity or common shareholders’ equity amount which has been reduced by goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible common shareholders’ equity measures the Corporation’s earnings contribution as a percentage of adjusted average common shareholders’ equity. The tangible common equity ratio represents adjusted ending common shareholders’ equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Return on average tangible shareholders’ equity measures the Corporation’s earnings contribution as a percentage of adjusted average total shareholders’ equity. The tangible equity ratio represents adjusted ending shareholders’ equity divided by total assets less goodwill and intangible assets (excluding mortgage servicing rights), net of related deferred tax liabilities. Tangible book value per common share represents adjusted ending common shareholders’ equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation’s use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders’ equity as key measures to support our overall growth goals. See the tables below and on page 19 for reconciliations of these non-GAAP financial measures to financial measures defined by GAAP for the six months ended June 30, 2018 and 2017 and the three months ended June 30, 2018, March 31, 2018 and June 30, 2017. The Corporation believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. Other companies may define or calculate supplemental financial data differently. Six Months Ended Second First Second June 30 Quarter Quarter Quarter 2018 2017 2018 2018 2017 Reconciliation of net interest income to net interest income on a fully taxable-equivalent basis Net interest income $ 23,258 $ 22,044 $ 11,650 $ 11,608 $ 10,986 Fully taxable-equivalent adjustment 304 434 154 150 237 Net interest income on a fully taxable-equivalent basis $ 23,562 $ 22,478 $ 11,804 $ 11,758 $ 11,223 Reconciliation of total revenue, net of interest expense to total revenue, net of interest expense on a fully taxable-equivalent basis Total revenue, net of interest expense $ 45,734 $ 45,077 $ 22,609 $ 23,125 $ 22,829 Fully taxable-equivalent adjustment 304 434 154 150 237 Total revenue, net of interest expense on a fully taxable-equivalent basis $ 46,038 $ 45,511 $ 22,763 $ 23,275 $ 23,066 Reconciliation of income tax expense to income tax expense on a fully taxable-equivalent basis Income tax expense $ 3,190 $ 4,998 $ 1,714 $ 1,476 $ 3,015 Fully taxable-equivalent adjustment 304 434 154 150 237 Income tax expense on a fully taxable-equivalent basis $ 3,494 $ 5,432 $ 1,868 $ 1,626 $ 3,252 Reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity Common shareholders’ equity $ 242,009 $ 244,127 $ 241,313 $ 242,713 $ 245,756 Goodwill (68,951) (69,616) (68,951) (68,951) (69,489) Intangible assets (excluding mortgage servicing rights) (2,193) (2,833) (2,126) (2,261) (2,743) Related deferred tax liabilities 927 1,522 916 939 1,506 Tangible common shareholders’ equity $ 171,792 $ 173,200 $ 171,152 $ 172,440 $ 175,030 Reconciliation of average shareholders’ equity to average tangible shareholders’ equity Shareholders’ equity $ 265,330 $ 269,347 $ 265,181 $ 265,480 $ 270,977 Goodwill (68,951) (69,616) (68,951) (68,951) (69,489) Intangible assets (excluding mortgage servicing rights) (2,193) (2,833) (2,126) (2,261) (2,743) Related deferred tax liabilities 927 1,522 916 939 1,506 Tangible shareholders’ equity $ 195,113 $ 198,420 $ 195,020 $ 195,207 $ 200,251 Certain prior period amounts have been reclassified to conform to current period presentation. Current period information is preliminary and based on company data available at the time of the presentation.

19 Bank of America Corporation and Subsidiaries Reconciliations to GAAP Financial Measures (continued) (In millions, except per share data) Six Months Ended Second First Second June 30 Quarter Quarter Quarter 2018 2017 2018 2018 2017 Reconciliation of period-end common shareholders’ equity to period-end tangible common shareholders’ equity Common shareholders’ equity $ 241,035 $ 245,440 $ 241,035 $ 241,552 $ 245,440 Goodwill (68,951) (68,969) (68,951) (68,951) (68,969) Intangible assets (excluding mortgage servicing rights) (2,043) (2,610) (2,043) (2,177) (2,610) Related deferred tax liabilities 900 1,471 900 920 1,471 Tangible common shareholders’ equity $ 170,941 $ 175,332 $ 170,941 $ 171,344 $ 175,332 Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity Shareholders’ equity $ 264,216 $ 270,660 $ 264,216 $ 266,224 $ 270,660 Goodwill (68,951) (68,969) (68,951) (68,951) (68,969) Intangible assets (excluding mortgage servicing rights) (2,043) (2,610) (2,043) (2,177) (2,610) Related deferred tax liabilities 900 1,471 900 920 1,471 Tangible shareholders’ equity $ 194,122 $ 200,552 $ 194,122 $ 196,016 $ 200,552 Reconciliation of period-end assets to period-end tangible assets Assets $ 2,291,670 $ 2,254,714 $ 2,291,670 $ 2,328,478 $ 2,254,714 Goodwill (68,951) (68,969) (68,951) (68,951) (68,969) Intangible assets (excluding mortgage servicing rights) (2,043) (2,610) (2,043) (2,177) (2,610) Related deferred tax liabilities 900 1,471 900 920 1,471 Tangible assets $ 2,221,576 $ 2,184,606 $ 2,221,576 $ 2,258,270 $ 2,184,606 Book value per share of common stock Common shareholders’ equity $ 241,035 $ 245,440 $ 241,035 $ 241,552 $ 245,440 Ending common shares issued and outstanding 10,012.7 9,878.1 10,012.7 10,175.9 9,878.1 Book value per share of common stock $ 24.07 $ 24.85 $ 24.07 $ 23.74 $ 24.85 Tangible book value per share of common stock Tangible common shareholders’ equity $ 170,941 $ 175,332 $ 170,941 $ 171,344 $ 175,332 Ending common shares issued and outstanding 10,012.7 9,878.1 10,012.7 10,175.9 9,878.1 Tangible book value per share of common stock $ 17.07 $ 17.75 $ 17.07 $ 16.84 $ 17.75 Certain prior period amounts have been reclassified to conform to current period presentation. Current period information is preliminary and based on company data available at the time of the presentation.