Bank of America Reports Quarterly Earnings of $7.2 Billion, EPS $0.66 Record Quarterly Pretax Income of $9.0 Billion, up 18% on Strong Operating Leverage Q3-18 Financial Highlights1 Q3-18 Business Segment Highlights1 • Net income up 32% to $7.2 billion, driven by Consumer Banking • Net income rose 49% to $3.1 billion continuing strong operating leverage and asset • Loans up 6% to $285 billion quality, as well as the benefit of tax reform • Deposits up 4% to $688 billion • Diluted earnings per share up 43% to $0.66 • Merrill Edge brokerage assets exceeded • Pretax income up 18% to $9.0 billion $200 billion, up 22% • Revenue, net of interest expense, increased 4% to • 19th consecutive quarter of positive $22.8 billion operating leverage – Net interest income (NII) increased $709 • 25.9 million active mobile banking users million, or 6%, to $11.9 billion, reflecting benefits from higher interest rates, as well as Global Wealth and Investment • Net income rose 31% to $1.0 billion loan and deposit growth; net interest yield of Management • Pretax margin increased to 28% 2.42%, up 6 bps(A) • Record client balances of $2.8 trillion – Noninterest income increased $229 million, or 2%, to $10.9 billion • Loans increased 5% to $162 billion • Provision for credit losses decreased $118 million • Increased wealth advisors, U.S. Trust to $716 million Private Client Advisors, and household – Net charge-off ratio remained low at 0.40% relationships • Noninterest expense declined $327 million, or 2%, Global Banking • Net income rose 13% to $2.0 billion to $13.1 billion; efficiency ratio improved to 57% • Firmwide• investment banking fees of • Average loan and lease balances in business $1.2 billion segments rose $29 billion, or 3%, to $871 billion • Loans increased 2% to $353 billion – Consumer up 5% and commercial up 2% • Deposits increased 7% to $338 billion • Average deposit balances rose $45 billion, or 4%, • Efficiency ratio remained low at 45% to $1.3 trillion • Repurchased $14.9 billion in common stock and Global Markets • Net income rose 21% to $912 million paid $4.0 billion in common dividends YTD • Sales and trading revenue of $3.0 billion, CEO Commentary including net debit valuation adjustment “Responsible growth, backed by a solid U.S. economy and (DVA) of $(99) million a healthy U.S. consumer, combined to deliver the highest • Excluding net DVA, sales and trading quarterly pre-tax earnings in our company’s history. This revenue down 3% to $3.1 billion(B) marks the 15th consecutive quarter of positive operating (B) leverage, driven by continued growth in deposits, client – Equities up 3% to $1.0 billion (B balances in wealth management, solid loan growth, – FICC down 5% to $2.1 billion ) and disciplined expense management. Our strong balance sheet has allowed us to return $19 billion to shareholders so far this year in dividends and share buybacks. Our high-tech, high-touch approach continues to drive both client satisfaction and efficiencies. More than 3 million users have accessed Erica, the industry’s only AI virtual assistant, since its April rollout, and nearly a quarter of deposit transactions this quarter were performed via mobile device. We also have opened 53 financial centers and renovated more than 400 others in the last 12 months. We continue to expand into new markets, recently opening our first financial center in Pittsburgh, and we plan to open in Salt Lake City in the coming months, with additional markets to follow. In Global Banking, deposit growth reflects GTS investments, and Global Markets profitability improved. Bank of America is helping our clients address the straightforward question of what they would like the power to do, and delivering capabilities and solutions to help them reach their goals.” — Brian Moynihan, Chairman and Chief Executive Officer Financial Highlights2 Three months ended ($ in billions, except per share data) 9/30/2018 6/30/2018 9/30/2017 Total revenue, net of interest expense $22.8 $22.6 $21.8 Net income $7.2 $6.8 $5.4 Diluted earnings per share $0.66 $0.63 $0.46 Return on average assets 1.23% 1.17% 0.95% Return on average common shareholders’ equity 10.99 10.75 7.89 Return on average tangible common shareholders’ equity3 15.48 15.15 10.98 Efficiency ratio 57 59 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 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. 3 Represents a non-GAAP financial measure. For additional information (including reconciliation information), see endnote C. 1

CFO Commentary “Our earnings growth year-over-year was driven by operating leverage, asset quality, and a lower tax rate. Net income increased 32% to $7.2 billion, and diluted earnings per share improved by 43%. For 12 straight quarters, our average deposits have grown year-over- year by more than $40 billion, reflecting the value to customers of our deposit capabilities and franchise – and driving both growth of net interest income and improvement in net interest yield. Responsible growth is also reflected in our asset quality where we reported a net charge-off ratio near a decade-low, complemented by virtually all other credit metrics continuing to improve across both consumer and commercial loans.” — Paul M. Donofrio, Chief Financial Officer Consumer Banking Three months ended Financial Results1 ($ in millions) 9/30/2018 6/30/2018 9/30/2017 Total revenue (FTE)2 $9,403 $9,211 $8,774 • Net income increased $1.0 billion, or 49%, to $3.1 billion, driven by strong operating leverage of 10% Provision for credit losses 870 944 967 • Revenue increased $629 million, or 7%, to $9.4 billion Noninterest expense 4,355 4,395 4,461 – NII increased $651 million, or 10%, driven by Pretax income 4,178 3,872 3,346 higher interest rates and deposit and loan growth Income tax expense 1,065 988 1,260 – Noninterest income decreased modestly as higher Net income $3,113 $2,884 $2,086 card income and service charges were more than 1 Comparisons are to the year-ago quarter unless noted. offset by lower mortgage banking income 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 • Provision for credit losses decreased $97 million to rate. $870 million, due primarily to a smaller reserve build in credit card Investing for the future – Net charge-offs increased $53 million to $853 • Added 6,000 client-facing professionals since 2015; plans to add million due to credit card portfolio seasoning and 5,000 more over next four years loan growth • Launched industry’s only AI virtual assistant (Erica); 3.4 million users since April rollout – Net charge-off ratio was 1.19% compared to • 4,385 financial centers: 53 new openings and 404 renovations in 1.18% past 12 months • Noninterest expense decreased $106 million, or 2%, • Adding mobile digital identity functions, such as biometrics, that to $4.4 billion as investments for business growth will integrate across channels, including call centers were more than offset by improved productivity Three months ended Business Highlights1,2 ($ in billions) 9/30/2018 6/30/2018 9/30/2017 • Average deposits grew $29 billion, or 4%; average Average deposits $687.5 $687.8 $659.0 loans grew $16 billion, or 6% Average loans and leases 285.0 280.7 268.8 • Merrill Edge brokerage assets grew $37 billion, or Brokerage assets (EOP) 203.9 191.5 167.3 22%, to $204 billion, driven by strong client flows Active mobile banking users 25.9 25.3 23.6 and market performance (MM) • Combined credit/debit card spending up 7% Number of financial centers 4,385 4,433 4,515 • Digital usage continued to grow Efficiency ratio (FTE) 46% 48% 51% – 25.9 million active mobile banking users, up 10% Return on average allocated 33 31 22 capital – Digital sales were 23% of all Consumer 2 Banking sales Total U.S. Consumer Credit Card – Mobile channel usage up 17% Average credit card $94.7 $93.5 $91.6 outstanding balances – 42.5 million person-to-person payments through Zelle®, more than double the year-ago quarter Total credit/debit spend 146.4 147.5 137.0 • Efficiency ratio improved to 46% from 51% Risk-adjusted margin 8.2% 8.1% 8.6% 1 Comparisons are to the year-ago quarter unless noted. 2 The U.S. consumer credit card portfolio includes Consumer Banking and GWIM. 2

Global Wealth and Investment Management Three months ended Financial Results1 ($ in millions) 9/30/2018 6/30/2018 9/30/2017 • Net income increased $240 million, or 31%, to $1.0 Total revenue (FTE)2 $4,783 $4,709 $4,620 billion Provision for credit losses 13 12 16 • Revenue increased $163 million, or 4%, as 9% growth Noninterest expense 3,414 3,395 3,369 in asset management fees and higher net interest Pretax income 1,356 1,302 1,235 income were partially offset by lower transactional revenue Income tax expense 346 332 465 • Noninterest expense increased 1% as higher revenue- Net income $1,010 $970 $770 1 related incentives and investment in sales Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Revenue, pretax income and income tax expense are shown professionals were mostly offset by continued on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax expense discipline rate. Investing for the future • Improved GWIM digital capabilities to enhance integration between banking and investing, including seamless transition across mobile apps • Introduced low-cost investment portfolios centrally managed by Chief Investment Office (CIO), which powers Merrill Edge Guided Investing Three months ended Business Highlights1 ($ in billions) 9/30/2018 6/30/2018 9/30/2017 • Total client balances increased $165 billion, or 6%, to Average deposits $238.3 $236.2 $239.6 $2.8 trillion, driven by higher market valuations and Average loans and leases 161.9 160.8 154.3 solid AUM flows Total client balances (EOP) 2,841.4 2,754.2 2,676.2 • Average loans and leases grew $8 billion, or 5%, AUM flows 7.6 10.8 20.7 driven by mortgages and custom lending Pretax margin 28% 28% 27% • Record AUM balances over $1.1 trillion, up 10% Return on average allocated 28 27 22 • Pretax margin improved to 28% capital 2 • Wealth advisors up 1% to 19,344 1 Comparisons are to the year-ago quarter unless noted. 2 Includes financial advisors in Consumer Banking of 2,618 and 2,267 in Q3-18 and Q3-17. • Accelerated net new household growth – Pace of YTD organic growth in net new Merrill Lynch households roughly four times 2017 level (annualized basis) – YTD U.S. Trust organic net new high net worth relationships increased 7% from 2017 3

Global Banking Three months ended Financial Results1 ($ in millions) 9/30/2018 6/30/2018 9/30/2017 • Net income increased $231 million, or 13%, to $2.0 Total revenue (FTE)2, 3 $4,738 $4,922 $4,987 billion Provision for credit losses (70) (23) 48 • Revenue decreased $249 million, or 5%, to $4.7 Noninterest expense 2,120 2,156 2,119 billion Pretax income 2,688 2,789 2,820 – NII increased $64 million, or 2%, primarily due to Income tax expense 699 726 1,062 the benefit of higher interest rates and growth in deposits Net income $1,989 $2,063 $1,758 1 Comparisons are to the year-ago quarter unless noted. – Noninterest income decreased $313 million, or 2 Global Banking and Global Markets share in certain deal economics from investment banking, 13%, primarily due to lower 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 fees and the impact of tax reform on certain tax on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax advantaged investments rate. • Provision improved to a benefit of $70 million, driven primarily by continued improvements in energy Investing for the future and broader asset quality • Noninterest expense was flat despite continued • Hired more than 450 commercial and business bankers since investment in the business including sales 2015 to expand local coverage; adding regional investment professionals bankers • Enhanced CashPro Mobile (+180% users YoY) and CashPro Assistant AI and predictive analytics capabilities; client logins and payment approvals both up 4x YoY Three months ended Business Highlights1,2 ($ in billions) 9/30/2018 6/30/2018 9/30/2017 • Average deposits increased $22 billion, or 7%, to Average deposits $337.7 $323.2 $315.7 $338 billion Average loans and leases 352.7 355.1 346.1 • Average loans and leases grew $7 billion, or 2%, to Total Corp. IB fees (excl. self- 1.2 1.4 1.5 2 $353 billion led) 2 • Total firmwide investment banking fees (excluding Global Banking IB fees 0.6 0.7 0.8 self-led deals) decreased 18% to $1.2 billion, driven Business Lending revenue 2.1 2.2 2.3 primarily by declines in advisory and leveraged Global Transaction Services 2.0 2.0 1.8 finance, partially offset by an increase in equity revenue underwriting fees Efficiency ratio (FTE) 45% 44% 43% • Efficiency ratio remained low at 45% Return on average allocated 19 20 17 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) 9/30/2018 6/30/2018 9/30/2017 2,3 • Net income increased $156 million, or 21%, to $912 Total revenue (FTE) $3,843 $4,221 $3,901 4 million Net DVA (99) (179) (21) Total revenue $3,942 $4,400 $3,922 • Revenue decreased $58 million, or 1%, to $3.8 billion; 2,3,4 4 (excl. net DVA) (FTE) excluding net DVA, revenue increased 1% Provision for credit losses (2) (1) (6) – Reflects lower sales and trading revenue and investment banking fees, mostly offset by a gain Noninterest expense 2,612 2,715 2,711 on sale of an equity investment Pretax income 1,233 1,507 1,196 • Noninterest expense decreased $99 million, or 4%, to Income tax expense 321 391 440 $2.6 billion, driven by lower operating costs Net income $912 $1,116 $756 • Average VaR of $31 million remained low5 Net income (excl. net $987 $1,252 $769 DVA)4 Investing for the future 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. • Equities electronic trading platform upgraded to 3 Revenue, net of interest expense. Revenue, pretax income and income tax expense are shown support 25x order volume, and FX platform is on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate. now 50x faster than two years ago 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote B • Reduced manual processes across Global for more information. 5 VaR model uses a historical simulation approach based on three years of historical data and Banking and Markets through the use of AI, an expected shortfall methodology equivalent to a 99% confidence level. Average VaR was robotics and automation, saving 84,000 hours $31MM, $30MM and $41MM for Q3-18, Q2-18 and Q3-17, respectively. annually • Migrated to new cross-asset trading platform with enhanced functionality and reporting Three months ended Business Highlights1,2 ($ in billions) 9/30/2018 6/30/2018 9/30/2017 • Sales and trading revenue decreased $157 million, or Average total assets $652.5 $678.5 $642.4 5%, to $3.0 billion Average trading-related 460.3 473.1 442.3 assets • Excluding net DVA, sales and trading revenue decreased 3% to $3.1 billion(B) Average loans and leases 71.2 75.1 72.3 2 – FICC revenue of $2.1 billion decreased 5%, Sales and trading revenue 3.0 3.4 3.1 primarily due to lower client activity in rates Sales and trading revenue 3.1 3.6 3.2 products and a weaker environment for municipal (excl. net DVA)(B),2 bonds Global Markets IB fees2 0.5 0.7 0.6 – Equities revenue of $1.0 billion increased 3%, Efficiency ratio (FTE) 68% 64% 69% driven by increased client activity in financing Return on average allocated 10 13 9 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. 5

All Other Three months ended Financial Results1 ($ in millions) 9/30/2018 6/30/2018 9/30/2017 2 • Net income of $143 million compared to $54 million Total revenue (FTE) $161 $(300) $(203) • Revenue increased $364 million, reflecting lower Provision for credit losses (95) (105) (191) provision for representations and warranties, as well Noninterest expense 566 623 734 as a small gain from the sale of non-core consumer Pretax loss (310) (818) (746) real estate loans Income tax benefit (453) (569) (800) • Benefit in provision for credit losses declined $96 million to $95 million due to a slower pace of Net income (loss) $143 $(249) $54 portfolio improvement in non-core consumer real 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. Revenue, pretax loss and income tax benefit are shown on an estate FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate. • Noninterest expense decreased $168 million to $566 Note: All Other consists of asset and liability management (ALM) activities, equity investments, million reflecting lower non-core mortgage costs and non-core mortgage loans and servicing activities, the net impact of periodic revisions to the litigation expense mortgage servicing rights (MSR) valuation model for core and non-core MSRs and the related economic hedge results, liquidating businesses and residual expense allocations. ALM activities encompass certain residential mortgages, debt securities, interest rate and foreign currency risk management activities, the impact of certain allocation methodologies and hedge 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, real estate and other alternative investments. 6

Credit Quality Three months ended Highlights1 ($ in millions) 9/30/2018 6/30/2018 9/30/2017 • Overall credit quality remained strong across both Provision for credit losses $716 $827 $834 the consumer and commercial portfolios Net charge-offs 932 996 900 2 • Net charge-offs increased $32 million to $932 Net charge-off ratio 0.40% 0.43% 0.39% million, primarily driven by credit card portfolio At period-end seasoning and loan growth Nonperforming assets $5,449 $6,181 $6,869 – The net charge-off ratio remained low at 0.40% Nonperforming assets ratio3 0.59% 0.66% 0.75% • The provision for credit losses decreased $118 Allowance for loan and lease $9,734 $10,050 $10,693 million to $716 million losses – The net reserve release was $216 million, driven Allowance for loan and lease 1.05% 1.08% 1.16% by continued improvement in consumer real losses ratio4 estate and energy portfolios 1 Comparisons are to the year-ago quarter unless noted. 2 Net charge-off ratio is calculated as annualized net charge-offs divided by average • Nonperforming assets declined $1.4 billion to $5.4 outstanding loans and leases during the period. billion, driven by improvements in both consumer and 3 Nonperforming assets ratio is calculated as nonperforming loans, leases and foreclosed properties (nonperforming assets) divided by outstanding loans, leases and foreclosed commercial portfolios properties at the end of the period. 4 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses • Commercial reservable criticized utilized exposure divided by loans and leases outstanding at the end of the period. down $3.2 billion, or 22%, to $11.6 billion Note: Ratios do not include loans accounted for under the fair value option. 7

Leadership in high-tech, high-touch (Figures are for Q3-18 unless otherwise specified) High-Tech High-Touch 4,385 financial centers No. 1 in mobile banking, online banking and digital sales ‑ 53 new openings in last 12 months functionality ‑ 404 renovations in last 12 months “Best in Class” in Javelin’s 2018 Online Banking Scorecard “Best in Class” in Javelin’s 2018 Mobile Banking Scorecard 16,089 ATMs No. 1 Overall | No. 1 Mobile App | No.1 in Functionality in Dynatrace’s Q3-18 Mobile Banker Scorecard ‑ 12,105 newly replaced or upgraded Highest overall score in The Forrester Banking Sales Wave: U.S. ‑ 100% contactless enabled Mobile Sites, Q3 2018 Erica chosen as 2018 BAI Global Innovation Award winner for Expanding into new markets Customer Experience in the “People’s Choice” category Trends in Digital Banking 36.2MM active digital banking users 25.9MM active mobile banking users 1.4B logins to consumer banking app 23% of all Consumer sales through digital 2,700 auto dealers now participate in our auto digital shopping experience 20% of total consumer mortgage applications came from digital 42MM P2P payments via Zelle®, up 138% YoY, representing $12B 515,000 digital appointments l Current locations 3.4MM users have completed 11MM interactions with Erica since l New financial center markets full launch Cincinnati Denver Minneapolis/St. Paul Cleveland Indianapolis Pittsburgh Innovation in Global Banking and Markets Columbus Lexington Salt Lake City ~481K digital channel users across our commercial, large corporate and business banking businesses Enhanced CashPro Mobile to include streamlined navigation, 67MM Consumer and Small Business biometrics and embedded token functionality clients Market-leading cross-currency ACH solution in 101 countries Electronic signature and document exchange to improve client experience and simplify engagement 19,344 Wealth advisors in Global ~28MM Global Markets trades executed per day Wealth and Investment Management and Consumer Banking Highest number of patents of any financial firm ~3,400 patents awarded or pending 89 blockchain patents granted or pending Global footprint serving middle-market, large corporate and institutional clients Innovation in wealth management 35+ countries 24% increase in active users of the Merrill Lynch mobile platform 79% of the 2018 Global Fortune 500 and during past year 94% of the U.S. Fortune 1,000 have a relationship with us Implemented one of the largest-scale brokerage rollouts for texting capabilities between clients/advisors across mobile and Increased client-facing professionals to advisor workstations further strengthen local market coverage Industry leader in providing capability for clients to use mobile app to scan and send documents directly to their financial advisor 8

Balance Sheet, Liquidity and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted) Three months ended 9/30/2018 6/30/2018 9/30/2017 Ending Balance Sheet Total assets $2,338.8 $2,291.7 $2,284.2 Total loans and leases 929.8 935.8 927.1 Total loans and leases in business segments (excluding All Other) 874.8 874.6 854.3 Total deposits 1,345.6 1,309.7 1,284.4 Average Balance Sheet Average total assets $2,317.8 $2,322.7 $2,271.1 Average loans and leases 930.7 934.8 918.1 Average deposits 1,316.3 1,300.7 1,271.7 Funding and Liquidity Long-term debt $234.1 $226.6 $228.7 Global Liquidity Sources, average(D) 537 512 517 Liquidity coverage ratio, average(D) 120% 122% 126% Equity Common shareholders’ equity $239.8 $241.0 $249.6 Common equity ratio 10.3% 10.5% 10.9% Tangible common shareholders’ equity1 $169.9 $170.9 $179.7 Tangible common equity ratio1 7.5% 7.7% 8.1% Per Share Data Common shares outstanding (in billions) 9.86 10.01 10.46 Book value per common share $24.33 $24.07 $23.87 Tangible book value per common share1 17.23 17.07 17.18 Regulatory Capital(E) Basel 3 CET1 capital $164.4 $164.9 $173.6 Standardized approach Risk-weighted assets $1,440 $1,444 $1,420 CET1 ratio 11.4% 11.4% 12.2% Advanced approaches Risk-weighted assets $1,424 $1,437 $1,460 CET1 ratio 11.5% 11.5% 11.9% Supplementary leverage Supplementary leverage ratio (SLR) 6.7% 6.7% n/a 1 Represents a non-GAAP financial measure. For reconciliation, see pages 18-19 of this press release. n/a = not applicable 9

Endnotes A We also measure 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. We believe 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 $12.0 billion, $11.8 billion and $11.4 billion for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively. For reconciliation to GAAP financial measures, refer to pages 18-19 of this press release. The FTE adjustment was $151 million, $154 million and $240 million for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively. B 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 losses were $99 million, $179 million and $21 million for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively. FICC net DVA losses were $80 million, $184 million and $14 million for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively. Equities net DVA gains (losses) were $(19) million, $5 million and $(7) million for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively. C 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. D Liquidity Coverage Ratio (LCR) at September 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. E Regulatory capital ratios at September 30, 2018 are preliminary. We report 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 September 30, 2018 and June 30, 2018 and the Advanced approaches at September 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 third- 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 October 15 through 11:59 p.m. ET on October 22. 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 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 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, including tariffs, 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 cyber attacks; 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) Nine Months Ended Third Second Third September 30 Quarter Quarter Quarter Summary Income Statement 2018 2017 2018 2018 2017 Net interest income $ 35,128 $ 33,205 $ 11,870 $ 11,650 $ 11,161 Noninterest income 33,383 33,711 10,907 10,959 10,678 Total revenue, net of interest expense 68,511 66,916 22,777 22,609 21,839 Provision for credit losses 2,377 2,395 716 827 834 Noninterest expense 40,248 41,469 13,067 13,284 13,394 Income before income taxes 25,886 23,052 8,994 8,498 7,611 Income tax expense 5,017 7,185 1,827 1,714 2,187 Net income $ 20,869 $ 15,867 $ 7,167 $ 6,784 $ 5,424 Preferred stock dividends 1,212 1,328 466 318 465 Net income applicable to common shareholders $ 19,657 $ 14,539 $ 6,701 $ 6,466 $ 4,959 Average common shares issued and outstanding 10,177.5 10,103.4 10,031.6 10,181.7 10,197.9 Average diluted common shares issued and outstanding 10,317.9 10,832.1 10,170.8 10,309.4 10,746.7 Summary Average Balance Sheet Total debt securities $ 436,080 $ 432,775 $ 445,813 $ 429,191 $ 436,886 Total loans and leases 932,485 915,678 930,736 934,818 918,129 Total earning assets 1,978,039 1,912,629 1,972,437 1,981,930 1,919,502 Total assets 2,322,099 2,257,493 2,317,829 2,322,678 2,271,104 Total deposits 1,304,827 1,261,782 1,316,345 1,300,659 1,271,711 Common shareholders’ equity 241,943 245,841 241,812 241,313 249,214 Total shareholders’ equity 265,102 270,658 264,653 265,181 273,238 Performance Ratios Return on average assets 1.20% 0.94% 1.23% 1.17% 0.95% Return on average common shareholders’ equity 10.86 7.91 10.99 10.75 7.89 Return on average tangible common shareholders’ equity (1) 15.30 11.10 15.48 15.15 10.98 Per Common Share Information Earnings $ 1.93 $ 1.44 $ 0.67 $ 0.64 $ 0.49 Diluted earnings 1.91 1.36 0.66 0.63 0.46 Dividends paid 0.39 0.27 0.15 0.12 0.12 Book value 24.33 23.87 24.33 24.07 23.87 Tangible book value (1) 17.23 17.18 17.23 17.07 17.18 September 30 June 30 September 30 2018 2018 2017 Summary Period-End Balance Sheet Total debt securities $ 446,107 $ 438,269 $ 439,209 Total loans and leases 929,801 935,824 927,117 Total earning assets 1,982,338 1,948,663 1,938,821 Total assets 2,338,833 2,291,670 2,284,174 Total deposits 1,345,649 1,309,691 1,284,417 Common shareholders’ equity 239,832 241,035 249,646 Total shareholders’ equity 262,158 264,216 271,969 Common shares issued and outstanding 9,858.3 10,012.7 10,457.5 Nine Months Ended Third Second Third September 30 Quarter Quarter Quarter Credit Quality 2018 2017 2018 2018 2017 Total net charge-offs (2) $ 2,839 $ 2,742 $ 932 $ 996 $ 900 Net charge-offs as a percentage of average loans and leases outstanding (3) 0.41% 0.40% 0.40% 0.43% 0.39% Provision for credit losses $ 2,377 $ 2,395 $ 716 $ 827 $ 834 September 30 June 30 September 30 2018 2018 2017 Total nonperforming loans, leases and foreclosed properties (4) $ 5,449 $ 6,181 $ 6,869 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (3) 0.59% 0.66% 0.75% Allowance for loan and lease losses $ 9,734 $ 10,050 $ 10,693 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (3) 1.05% 1.08% 1.16% 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 September 30 June 30 September 30 2018 2018 2017 Regulatory capital metrics (5): Common equity tier 1 capital $ 164,386 $ 164,872 $ 173,568 Common equity tier 1 capital ratio - Standardized approach 11.4% 11.4% 12.2% Common equity tier 1 capital ratio - Advanced approaches 11.5 11.5 11.9 Tier 1 leverage ratio 8.3 8.4 8.9 Tangible equity ratio (6) 8.5 8.7 9.1 Tangible common equity ratio (6) 7.5 7.7 8.1 (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 nine months ended Q3-17. 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 September 30, 2018 are preliminary. Bank of America Corporation (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 September 30, 2018 and June 30, 2018 and the Advanced approaches at September 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) Third Quarter 2018 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 9,403 $ 4,783 $ 4,738 $ 3,843 $ 161 Provision for credit losses 870 13 (70) (2) (95) Noninterest expense 4,355 3,414 2,120 2,612 566 Net income 3,113 1,010 1,989 912 143 Return on average allocated capital (2) 33% 28% 19% 10% n/m Balance Sheet Average Total loans and leases $ 284,994 $ 161,869 $ 352,712 $ 71,231 $ 59,930 Total deposits 687,530 238,291 337,685 30,721 22,118 Allocated capital (2) 37,000 14,500 41,000 35,000 n/m Period end Total loans and leases $ 287,277 $ 162,191 $ 352,332 $ 73,023 $ 54,978 Total deposits 692,770 239,654 350,748 41,102 21,375 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 4,395 3,395 2,156 2,715 623 Net income (loss) 2,884 970 2,063 1,116 (249) 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 Third Quarter 2017 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 8,774 $ 4,620 $ 4,987 $ 3,901 $ (203) Provision for credit losses 967 16 48 (6) (191) Noninterest expense 4,461 3,369 2,119 2,711 734 Net income 2,086 770 1,758 756 54 Return on average allocated capital (2) 22% 22% 17% 9% n/m Balance Sheet Average Total loans and leases $ 268,810 $ 154,333 $ 346,093 $ 72,347 $ 76,546 Total deposits 658,974 239,647 315,692 32,125 25,273 Allocated capital (2) 37,000 14,000 40,000 35,000 n/m Period end Total loans and leases $ 272,360 $ 155,871 $ 349,838 $ 76,225 $ 72,823 Total deposits 669,647 237,771 319,545 33,382 24,072 (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) Nine Months Ended September 30, 2018 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 27,646 $ 14,348 $ 14,594 $ 12,850 $ (472) Provision for credit losses 2,749 63 (77) (6) (352) Noninterest expense 13,231 10,235 6,471 8,145 2,166 Net income (loss) 8,691 3,017 6,068 3,486 (393) Return on average allocated capital (2) 31% 28% 20% 13% n/m Balance Sheet Average Total loans and leases $ 281,767 $ 160,609 $ 353,167 $ 73,340 $ 63,602 Total deposits 683,279 239,176 328,484 31,253 22,635 Allocated capital (2) 37,000 14,500 41,000 35,000 n/m Period end Total loans and leases $ 287,277 $ 162,191 $ 352,332 $ 73,023 $ 54,978 Total deposits 692,770 239,654 350,748 41,102 21,375 Nine Months Ended September 30, 2017 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense (FTE basis) (1) $ 25,567 $ 13,907 $ 14,980 $ 12,555 $ 581 Provision for credit losses 2,639 50 80 2 (376) Noninterest expense 13,286 10,085 6,435 8,117 3,546 Net income (loss) 6,006 2,350 5,273 2,883 (645) Return on average allocated capital (2) 22% 23% 18% 11% n/m Balance Sheet Average Total loans and leases $ 262,804 $ 151,205 $ 344,683 $ 70,692 $ 86,294 Total deposits 649,204 247,389 307,163 32,397 25,629 Allocated capital (2) 37,000 14,000 40,000 35,000 n/m Period end Total loans and leases $ 272,360 $ 155,871 $ 349,838 $ 76,225 $ 72,823 Total deposits 669,647 237,771 319,545 33,382 24,072 (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) Nine Months Ended Third Second Third Fully taxable-equivalent (FTE) basis data (1) September 30 Quarter Quarter Quarter 2018 2017 2018 2018 2017 Net interest income $ 35,583 $ 33,879 $ 12,021 $ 11,804 $ 11,401 Total revenue, net of interest expense 68,966 67,590 22,928 22,763 22,079 Net interest yield 2.39% 2.36% 2.42% 2.38% 2.36% Efficiency ratio 58.36 61.35 56.99 58.36 60.67 September 30 June 30 September 30 Other Data 2018 2018 2017 Number of financial centers - U.S. 4,385 4,433 4,515 Number of branded ATMs - U.S. 16,089 16,050 15,973 Headcount 204,681 207,992 209,839 (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 2018 periods 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 nine months ended September 30, 2018 and 2017 and the three months ended September 30, 2018, June 30, 2018 and September 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. Nine Months Ended Third Second Third September 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 $ 35,128 $ 33,205 $ 11,870 $ 11,650 $ 11,161 Fully taxable-equivalent adjustment 455 674 151 154 240 Net interest income on a fully taxable-equivalent basis $ 35,583 $ 33,879 $ 12,021 $ 11,804 $ 11,401 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 $ 68,511 $ 66,916 $ 22,777 $ 22,609 $ 21,839 Fully taxable-equivalent adjustment 455 674 151 154 240 Total revenue, net of interest expense, on a fully taxable-equivalent basis $ 68,966 $ 67,590 $ 22,928 $ 22,763 $ 22,079 Reconciliation of income tax expense to income tax expense on a fully taxable-equivalent basis Income tax expense $ 5,017 $ 7,185 $ 1,827 $ 1,714 $ 2,187 Fully taxable-equivalent adjustment 455 674 151 154 240 Income tax expense on a fully taxable-equivalent basis $ 5,472 $ 7,859 $ 1,978 $ 1,868 $ 2,427 Reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity Common shareholders’ equity $ 241,943 $ 245,841 $ 241,812 $ 241,313 $ 249,214 Goodwill (68,951) (69,398) (68,951) (68,951) (68,969) Intangible assets (excluding mortgage servicing rights) (2,125) (2,737) (1,992) (2,126) (2,549) Related deferred tax liabilities 917 1,503 896 916 1,465 Tangible common shareholders’ equity $ 171,784 $ 175,209 $ 171,765 $ 171,152 $ 179,161 Reconciliation of average shareholders’ equity to average tangible shareholders’ equity Shareholders’ equity $ 265,102 $ 270,658 $ 264,653 $ 265,181 $ 273,238 Goodwill (68,951) (69,398) (68,951) (68,951) (68,969) Intangible assets (excluding mortgage servicing rights) (2,125) (2,737) (1,992) (2,126) (2,549) Related deferred tax liabilities 917 1,503 896 916 1,465 Tangible shareholders’ equity $ 194,943 $ 200,026 $ 194,606 $ 195,020 $ 203,185 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) Nine Months Ended Third Second Third September 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 $ 239,832 $ 249,646 $ 239,832 $ 241,035 $ 249,646 Goodwill (68,951) (68,968) (68,951) (68,951) (68,968) Intangible assets (excluding mortgage servicing rights) (1,908) (2,459) (1,908) (2,043) (2,459) Related deferred tax liabilities 878 1,435 878 900 1,435 Tangible common shareholders’ equity $ 169,851 $ 179,654 $ 169,851 $ 170,941 $ 179,654 Reconciliation of period-end shareholders’ equity to period-end tangible shareholders’ equity Shareholders’ equity $ 262,158 $ 271,969 $ 262,158 $ 264,216 $ 271,969 Goodwill (68,951) (68,968) (68,951) (68,951) (68,968) Intangible assets (excluding mortgage servicing rights) (1,908) (2,459) (1,908) (2,043) (2,459) Related deferred tax liabilities 878 1,435 878 900 1,435 Tangible shareholders’ equity $ 192,177 $ 201,977 $ 192,177 $ 194,122 $ 201,977 Reconciliation of period-end assets to period-end tangible assets Assets $ 2,338,833 $ 2,284,174 $ 2,338,833 $ 2,291,670 $ 2,284,174 Goodwill (68,951) (68,968) (68,951) (68,951) (68,968) Intangible assets (excluding mortgage servicing rights) (1,908) (2,459) (1,908) (2,043) (2,459) Related deferred tax liabilities 878 1,435 878 900 1,435 Tangible assets $ 2,268,852 $ 2,214,182 $ 2,268,852 $ 2,221,576 $ 2,214,182 Book value per share of common stock Common shareholders’ equity $ 239,832 $ 249,646 $ 239,832 $ 241,035 $ 249,646 Ending common shares issued and outstanding 9,858.3 10,457.5 9,858.3 10,012.7 10,457.5 Book value per share of common stock $ 24.33 $ 23.87 $ 24.33 $ 24.07 $ 23.87 Tangible book value per share of common stock Tangible common shareholders’ equity $ 169,851 $ 179,654 $ 169,851 $ 170,941 $ 179,654 Ending common shares issued and outstanding 9,858.3 10,457.5 9,858.3 10,012.7 10,457.5 Tangible book value per share of common stock $ 17.23 $ 17.18 $ 17.23 $ 17.07 $ 17.18 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.