Bank of America 3Q18 Financial Results October 15, 2018

Third Quarter 2018 Highlights (Comparisons to 3Q17) Earnings 1 Returns and Efficiency • Diluted earnings per share of $0.66, up 43% • Return on average assets of 1.23%, improved 28 bps • Record net income of $7.2B, up 32% • Return on average common shareholders’ equity of 11.0%, increased 310 bps • Pretax income of $9.0B, up 18% Return on average tangible common shareholders’ equity of • Total revenue of $22.8B, up 4% • 15.5%, improved 450 bps 2 ‒ Net interest income up 6% • Efficiency ratio of 57%, improved 396 bps ‒ Noninterest income up 2% • Noninterest expense of $13.1B, down 2% • Net charge-off ratio of 0.40%, up 1 bp Client Balances Capital and Liquidity • Average loans and leases in business segments grew 3% • $164B of Common Equity Tier 1 Capital (CET1) and CET1 ratio of 11.4% 3 – Consumer up 5% and commercial up 2% • $537B of average Global Liquidity Sources 4 • Average deposits increased 4% • Increased capital returned to shareholders • Merrill Edge brokerage assets increased 22%, crossing $200B ‒ Repurchased $14.9B of common shares and paid $4.0B in • Client balances within Global Wealth & Investment common dividends year-to-date; returned 96% of net Management increased to $2.8T income available to common shareholders 1 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. 2 Represents a non-GAAP financial measure. For important presentation information, see slide 28. 3 Regulatory capital ratios at September 30, 2018 are preliminary. The Company 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 for 3Q18. 2 4 See note A on slide 25 for definition of Global Liquidity Sources.

Operating Leverage Trend Positive Operating Leverage for 15 Consecutive Quarters 1 +22% +21% +29% +3% +8% +3% +5% +6% +8% +6% +3% +8% 2 +5% +4% +7% Reported revenue growth of 2% and operating leverage of 3% 7% 7% 7%2 4% 4% 3% 2% 2% 1% 1% 1% (1%) (1%) (1%) (2%) (2%) (1%) (1%) (2%) (3%) (2%) (2%) (4%) (5%) (5%) (7%) (25%) (10%) (29%) (31%) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 YoY revenue growth (decline) YoY expense growth (decline) Operating leverage Note: Amounts may not total due to rounding. 1 Operating leverage calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. Quarterly expense for 2017 and 2016 has been restated to reflect the accounting change for retirement-eligible equity incentives adopted in 4Q17; 2015 and 2014 periods are as reported. 2 Revenue growth and operating leverage adjusted to exclude the $0.9B noninterest income charge in 4Q17 from the Tax Act; represents a non-GAAP financial measure. 3

Investing for the Future Technology • Consistent $3B annual technology new initiative investment spend since 2012 1 • Enhanced CashPro Mobile (+180% users YoY) and CashPro Assistant AI and predictive • Launched industry’s only AI virtual assistant (Erica); 3.4MM users since 2Q18 rollout analytics capabilities; client logins and payment approvals both up 4x YoY • Launched Zelle P2P payments in 2017; 4.3MM users since 2Q17 launch • Reduced manual processes across Global Banking and Markets through the use of AI, • Deployed digital mortgage and auto shopping experiences within the only mobile Robotics and Automation, saving 84,000 hours annually banking app certified by J.D. Power • Migrated to new cross asset trading platform with enhanced functionality and reporting • Leveraging mobile digital identity including biometrics to provide access across all • Equities electronic trading platform upgraded to support 25x order volume and FX other channels starting with integration with our phone and call center platforms platform is now 50x faster than 2 years ago • Enhanced common Financial Wellness tools • Migrated 70% of BAC application workloads to our internal private cloud • Seamless mobile integration across banking and investment applications enabling • Reduced data centers to 25 from 65 since 2007 clients to easily navigate across all of their relationships • Replaced all major operating platforms over past several years, including deposits, card, • Enhanced self-directed investing; crossed $200B in Merrill Edge brokerage assets mortgage, investment advisory, trading, financial reporting, wholesale credit • Launched Merrill Edge Guided Investing in 1Q17, providing online investing and • Highest number of patents of any financial firm (~3,400 patents awarded or pending, professional portfolio management including 89 for Blockchain) • Rolled out industry-leading GWIM digital capabilities including document scan/upload and introduced client-to-advisor texting capabilities People Physical Footprint/Infrastructure Investments in Client-Facing Professionals • Opened 103 financial centers over the last 3 years with 53 over past 12 months; • Added 6,000 client professionals in Consumer Banking since 2015 with plans for Announced plans to open >500 new financial centers over next 4 years additional 5,000 to meet our clients’ life priorities over next 4 years • Expansion into new cities with existing wealth mgmt. / commercial presence • Invested in world-class Wealth Advisor Development programs; grew Merrill Lynch ‒ Denver, Minneapolis / St. Paul, Indianapolis, Pittsburgh, Cincinnati, Cleveland, FAs at 3% CAGR and U.S. Trust Private Client Advisors at 9% CAGR over last 3 years Columbus, Salt Lake City, Lexington • Hired >450 commercial and business bankers since 2015 to expand local coverage; • Redesigned ~700 financial centers with new technology / layouts over past 3 years adding regional investment bankers ‒ ~1,200 more redesigns planned, including: Great Place to Work . Opening 600 Merrill Edge investment centers by 2020 • Shared Success bonuses and stock grants (90% of employees), led the industry on . Opening 100 student centers by end of 2018 $15 minimum wage, parental leave of 16 weeks for both parents, sabbaticals for certain employees, wellness initiatives • 100% of ATMs cardless-enabled • Pathways Program: targeting hiring 10,000 associates from low- and moderate- ‒ Replaced 75% of ATM network since 2015; plan to complete all by mid-2019 income neighborhoods over next 5 years • Focused on diversity & inclusion: more than 50% of our global workforce is women and 40% of our U.S.-based workforce is racially or ethnically diverse Note: GWIM defined as Global Wealth and Investment Management. 1 $3B annual technology initiative investment spend is a component of 2018 total technology budget of ~$10B. 4

Financial Results Summary Income Statement ($B, except per share data) 3Q18 3Q17 % Inc / (Dec) Total revenue, net of interest expense $22.8 $21.8 4 % Noninterest expense 13.1 13.4 (2) Provision for credit losses 0.7 0.8 (14) Pretax income 9.0 7.6 18 Income tax expense 1.8 2.2 (16) Net income $7.2 $5.4 32 Diluted earnings per share $0.66 $0.46 43 Average diluted common shares (in millions) 10,171 10,747 (5) Return Metrics and Efficiency 3Q18 3Q17 Inc / (Dec) Return on average assets 1.23 % 0.95 % 28 bps Return on average common shareholders' equity 11.0 7.9 310 1 Return on average tangible common shareholders' equity 15.5 11.0 450 Efficiency ratio 57 61 (396) Note: Amounts may not total due to rounding. 1 Represents a non-GAAP financial measure. For important presentation information, see slide 28. 5

Balance Sheet, Liquidity and Capital (EOP basis unless noted) 3 Basel 3 Capital ($B) 3Q18 2Q18 3Q17 Balance Sheet ($B) 3Q18 2Q18 3Q17 Common equity tier 1 capital (CET1) $164.4 $164.9 $173.6 Total assets $2,338.8 $2,291.7 $2,284.2 Standardized approach Total loans and leases 929.8 935.8 927.1 Risk-weighted assets $1,440 $1,444 $1,420 Total loans and leases in business segments 1 874.8 874.6 854.3 CET1 ratio 11.4 % 11.4 % 12.2 % Total debt securities 446.1 438.3 439.2 Advanced approaches Risk-weighted assets $1,424 $1,437 $1,460 Funding & Liquidity ($B) CET1 ratio 11.5 % 11.5 % 11.9 % Total deposits $1,345.6 $1,309.7 $1,284.4 Supplementary leverage Long-term debt 234.1 226.6 228.7 Supplementary leverage ratio (SLR) 6.7 % 6.7 % n/a Global Liquidity Sources (average) 2 537 512 517 Liquidity coverage ratio (average) 2, 3 120 % 122 % 126 % Equity ($B) Common shareholders' equity $239.8 $241.0 $249.6 Common equity ratio 10.3 % 10.5 % 10.9 % Tangible common shareholders' equity 4 $169.9 $170.9 $179.7 Tangible common equity ratio 4 7.5 % 7.7 % 8.1 % Per Share Data Book value per common share $24.33 $24.07 $23.87 Tangible book value per common share 4 17.23 17.07 17.18 Common shares outstanding (in billions) 9.86 10.01 10.46 Note: n/a = not applicable. 1 Excludes loans and leases in All Other. 2 See notes A and B on slide 25 for definitions of Global Liquidity Sources and Liquidity Coverage Ratio, respectively. 3 Regulatory capital and liquidity ratios at September 30, 2018 are preliminary. The Company reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy. 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. 4 Represents a non-GAAP financial measure. For important presentation information, see slide 28. 6

Average Deposits Bank of America Ranked #1 in U.S. Deposit Market Share 1 Total Corporation ($B) Consumer Banking ($B) 3-yr CAGR 3-yr CAGR $1,500 $1,316 +4% +7% $1,272 $800 $688 $1,159 $1,227 $659 (0%) $606 $556 +8% 437 423 $600 181 194 $1,000 439 166 424 152 +7% $400 151 163 +11% 119 136 $500 894 +5% 735 789 835 $200 285 304 327 331 $0 $0 3Q15 3Q16 3Q17 3Q18 3Q15 3Q16 3Q17 3Q18 Interest-bearing Noninterest-bearing Money market, Savings, CD/IRA Interest checking Noninterest-bearing GWIM ($B) Global Banking ($B) 3-yr CAGR $400 $300 3-yr CAGR $254 (1%) $338 $244 $240 $238 $316 +4% $250 $296 $307 17 (0%) 17 17 16 $300 (5%) $200 198 $150 (1%) $200 221 231 235 227 237 $100 223 222 +29% $100 $50 140 94 65 72 $0 $0 3Q15 3Q16 3Q17 3Q18 3Q15 3Q16 3Q17 3Q18 Interest-bearing Noninterest-bearing Interest-bearing Noninterest-bearing Note: Amounts may not total due to rounding. Total corporation includes Global Markets & All Other. 1 Based on June 30, 2018 FDIC deposit data. 7

Average Loans and Leases Total Loans and Leases ($B) Total Loans and Leases in All Other ($B) YoY YoY +1% (22%) $1,000 $918 $928 $932 $935 $931 $100 $77 $800 $71 $68 $63 $60 15 14 $600 13 12 $50 12 $400 62 58 55 51 $200 48 $0 $0 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Residential mortgage Home equity Loans and Leases in Business Segments ($B) Year-over-Year Growth in Business Segments $864 $872 $871 YoY $900 $842 $857 +3% 10% 72 74 74 75 71 (2%) 8% $600 346 350 352 355 353 +2% 6% 6% 5% 5% 161 162 4% 154 157 159 +5% 8% 7% $300 6% 3% 2% 5% 4% 5% 5% 269 276 280 281 285 +6% 2% $0 0% 3Q17 4Q17 1Q18 2Q18 3Q18 4Q17 1Q18 2Q18 3Q18 Consumer Banking GWIM Global Banking Global Markets Consumer loans Commercial loans Total in business segments Note: Amounts may not total due to rounding. 8

Asset Quality Net Charge-offs ($MM) 1 • Total net charge-offs decreased $64MM from 2Q18; net charge- $1,500 1.0% $1,237 off ratio declined 3 bps to 0.40% $996 – Consumer net charge-offs decreased $54MM, reflecting $911 $932 $1,000 $900 seasonally lower losses in credit card 0.53% 0.5% . Net charge-off ratio of 0.69%, down 5 bps 0.39% 0.40% 0.43% 0.40% $500 – Commercial net charge-offs decreased $10MM . Net charge-off ratio of 0.13% (0.08% excl. small $0 0.0% business), down 1 bp 3Q17 4Q17 1Q18 2Q18 3Q18 Net charge-offs Net charge-off ratio • Provision expense decreased $111MM from 2Q18 – Net reserve release of $216MM in 3Q18, reflected improvements in consumer real estate and energy Provision for Credit Losses ($MM) • Allowance for loan and lease losses of $9.7B, represented 1.05% of total loans and leases 1 $1,500 • Nonperforming loans (NPLs) decreased $743MM from 2Q18, $1,001 driven by improvements in both consumer and commercial $1,000 $834 $834 $827 $716 – 48% of consumer NPLs are contractually current • Commercial reservable criticized utilized exposure decreased $500 $760MM from 2Q18, reflecting broad-based improvements $0 3Q17 4Q17 1Q18 2Q18 3Q18 1 Excludes loans measured at fair value. 9

Asset Quality – Consumer and Commercial Portfolios Consumer Net Charge-offs ($MM) Consumer Metrics ($MM) 3Q18 2Q18 3Q17 $1,000 2.0% Provision $710 $757 $730 $830 $830 $731 $769 $776 Nonperforming loans and leases 4,306 4,639 5,252 $750 1.5% % of loans and leases 1 0.97 % 1.03 % 1.17 % $500 1.0% Consumer 30+ days performing past due $7,158 $7,233 $9,244 2 0.75% Fully-insured 3,183 3,454 4,721 0.65% 0.68% 0.74% 0.69% $250 0.5% Non fully-insured 3,975 3,779 4,523 Allowance for loans and leases 4,980 5,140 5,582 $0 0.0% 1 3Q17 4Q17 1Q18 2Q18 3Q18 % of loans and leases 1.12 % 1.15 % 1.25 % # times annualized NCOs 1.62 x 1.54 x 1.93 x Credit card Other Consumer NCO ratio Commercial Net Charge-offs ($MM) Commercial Metrics ($MM) 3Q18 2Q18 3Q17 4Q17 included $0.3B $750 single-name non-US 2.0% Provision $6 $70 $104 C&I charge-off Reservable criticized utilized exposure 11,597 12,357 14,824 $468 1.5% $500 Nonperforming loans and leases 848 1,258 1,318 1.0% % of loans and leases 1 0.18 % 0.26 % 0.28 % $250 $169 $166 $156 Allowance for loans and leases $4,754 $4,910 $5,111 0.5% 0.39% $81 % of loans and leases 1 0.99 % 1.02 % 1.08 % 0.14% 0.14% 0.13% $0 0.07% 0.0% 3Q17 4Q17 1Q18 2Q18 3Q18 C&I Small business and other Commercial NCO ratio 1 Excludes loans measured at fair value. 2 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements. 10

Net Interest Income Net Interest Income (FTE, $B) 1 1 $15 • Net interest income of $11.9B ($12.0B FTE ) $11.4 $11.7 $11.8 $11.8 $12.0 – Increased $0.7B from 3Q17, reflecting the benefits from higher interest rates and loan and deposit growth, partially $10 offset by higher funding costs in Global Markets Increased $0.2B from 2Q18, driven by securities growth, $11.2 $11.5 $11.6 $11.7 $11.9 – $5 higher interest rates and one additional interest accrual day • Net interest yield of 2.42% increased 6 bps from 3Q17 $0 3Q17 4Q17 1Q18 2Q18 3Q18 – Reflected the benefits from spread improvement, partially offset by the impact of an increase in lower-yielding Global Net interest income (GAAP) FTE adjustment Markets assets – Excluding Global Markets, the net interest yield was 2.96%, up 13 bps from 3Q17 1 Net Interest Yield (FTE) 1 • Interest rate sensitivity as of September 30, 2018 2 3.5% – Remain positioned for NII to benefit as rates move higher 2.89% 2.93% 2.95% 2.96% – +100 bps parallel shift in interest rate yield curve is 3.0% 2.83% estimated to benefit NII by $2.9B over the next 12 months, driven primarily by sensitivity to short-end interest rates 2.5% 2.36% 2.39% 2.39% 2.38% 2.42% 2.0% 3Q17 4Q17 1Q18 2Q18 3Q18 Reported net interest yield Net interest yield excl. GM Notes: FTE defined as fully taxable-equivalent basis. GM defined as Global Markets. 1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $754MM, $801MM, $870MM, $932MM and $899MM, and average earning assets of $459B, $490B, $486B, $464B and $447B for 3Q18, 2Q18, 1Q18, 4Q17 and 3Q17, respectively. The Company believes the presentation of net interest yield excluding Global Markets provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 28. 11 2 NII asset sensitivity represents banking book positions.

Expense and Efficiency Total Noninterest Expense ($B) • Total noninterest expense of $13.1B declined $327MM, or 2%, $16 $13.4 $13.3 $13.9 $13.3 $13.1 from 3Q17, due to broad-based improvements in both personnel and non-personnel expense $12 5.4 5.6 5.7 5.3 5.3 – Noninterest expense declined $217MM from 2Q18, due $8 primarily to lower personnel expense • Efficiency ratio improved to 57% in 3Q18 $4 7.8 7.6 8.5 7.9 7.7 • Total headcount of 205K declined 2% from 3Q17, reflecting declines in non-sales professionals as well as continued $0 investments in primary sales professionals across Consumer 3Q17 4Q17 1Q18 2Q18 3Q18 Banking, GWIM and Global Banking Personnel Non-personnel Efficiency Ratio 70% 60% 65% 61% 60% 59% 50% 57% 40% 30% 3Q17 4Q17 1Q18 2Q18 3Q18 Note: Amounts may not total due to rounding. 12

Consumer Banking Inc / (Dec) • Net income of $3.1B increased 49% from 3Q17; ROAAC of 33% Summary Income Statement ($MM) 1 3Q18 2Q18 3Q17 – 10% operating leverage (19th consecutive quarter of positive Total revenue, net of interest expense $9,403 $192 $629 operating leverage) Provision for credit losses 870 (74) (97) • Revenue of $9.4B increased $0.6B, or 7%, from 3Q17 Noninterest expense 4,355 (40) (106) Strong NII growth, driven by higher interest rates and growth in Pretax income 4,178 306 832 – deposits and loans Income tax expense 1,065 77 (195) Net income $3,113 $229 $1,027 – Noninterest income decreased modestly, as higher card income and service charges were more than offset by lower mortgage Key Indicators ($B) 3Q18 2Q18 3Q17 banking income Average deposits $687.5 $687.8 $659.0 • Provision decreased $0.1B from 3Q17, due primarily to a smaller Rate paid on deposits 0.06 % 0.05 % 0.04 % reserve build in credit card Cost of deposits 2 1.52 1.55 1.59 – Net charge-offs increased $0.1B to $0.9B due to credit card Average loans and leases $285.0 $280.7 $268.8 portfolio seasoning and loan growth Net charge-off ratio 1.19 % 1.28 % 1.18 % • Noninterest expense declined $0.1B, or 2%, from 3Q17, as investments Client brokerage assets $203.9 $191.5 $167.3 for business growth were more than offset by improved productivity Active mobile banking users (MM) 25.9 25.3 23.6 – Efficiency ratio improved 455 bps to 46% % Consumer sales through digital channels 23 % 24 % 22 % – Continued investment in financial center builds/renovations and Number of financial centers 4,385 4,433 4,515 digital capabilities Combined credit / debit purchase volumes 3 $146.4 $147.5 $137.0 • Average deposits of $688B grew $29B, or 4%, from 3Q17 Total consumer credit card risk-adjusted margin 3 8.15 % 8.07 % 8.63 % 4 Return on average allocated capital 33 31 22 – 51% of deposits in checking accounts; 91% primary accounts 2 Allocated capital $37 $37 $37 – Average cost of deposits of 1.52% ; rate paid of 0.06% Efficiency ratio 1 46 % 48 % 51 % • Average loans and leases of $285B increased $16B, or 6%, from 3Q17, driven by growth in residential mortgage and credit card • Client brokerage assets of $204B grew $37B, or 22%, from 3Q17, driven by strong client flows and market performance • Combined card spend grew 7% from 3Q17 • Active mobile banking users of 25.9MM, up 10% from 3Q17, and mobile channel usage up 17% from 3Q17 Note: ROAAC defined as return on average allocated capital. 1 Revenue, pretax income, income tax expense and efficiency ratio shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate. 2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits subsegment. 3 Includes U.S. consumer credit card portfolios in Consumer Banking and GWIM. 13 4 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors (e.g., linked to their direct deposit).

Consumer Banking Trends Business Leadership 1 Total Revenue ($B) 2 Total Expense ($B) and Efficiency 2 • #1 Consumer Deposit Market Share A $9.4 • 2018 J.D. Power Certified Mobile App $10 $8.8 $9.0 $9.0 $9.2 $5 $4.5 $4.5 $4.5 $4.4 $4.4 70% • Named North America's Best Digital Bank B $8 2.6 2.5 $4 C 2.6 2.6 2.5 • #1 Online Banking and Mobile Banking Functionality 60% • #1 U.S. Checking Account Digital Sales Functionality D $6 $3 • 4-Star Rating by Barron’s 2018 Best Online Brokers $2 $4 51% • #1 Home Equity Originator and #2 bank for Retail 6.2 6.4 6.5 6.6 6.9 50% 50% 50% E 48% Mortgage Originations $2 $1 46% • #1 in Prime Auto Credit distribution of new originations among peers F $0 $0 40% • #2 Small Business Lender G 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 • Global Retail Bank of the Year H Net interest income 2 Noninterest income Noninterest expense Efficiency ratio 2 Average Deposits ($B) Average Loans and Leases ($B) Client Brokerage Assets (EOP, $B) $674 $688 $688 $285 $700 $659 $666 0.20% $300 $269 $276 $280 $281 $225 $204 19 $191 19 19 19 19 $177 $182 $600 $167 $500 51% 51% 51% 0.15% 68 73 77 81 86 50% 50% $200 $150 $400 42 41 39 38 37 0.10% $300 52 53 52 51 50 $100 $75 0.06% $200 0.05% 0.05% 0.05% 0.04% 0.04% $100 89 90 91 90 92 $0 0.00% $0 $0 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Consumer credit card Vehicle lending Other deposits Checking Home equity Residential mortgage Rate paid (%) Small business / other Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 FTE basis. 14

Consumer Banking Digital Usage Trends 1 Active Digital Banking Users (MM) Total Payments ($B) Person-to-Person Payments (Zelle) 4 CAGR 3.4MM Erica users since launch in April 2018 +6% $800 $698 50 $30 $612 $644 42.5 40 34.5 36.2 $592 40 31.0 32.8 $600 +1% 4.3MM users, up 323 2.1x since launch $20 30 316 30 25.9 313 in June 2017 23.6 $400 315 21.3 20 18.4 20 17.8 $12 +11% $10 $200 375 9.6 10 277 299 328 10 6.1 $6 $2 $3 0 $0 0 $0 3Q15 3Q16 3Q17 3Q18 3Q15 3Q16 3Q17 3Q18 3Q15 3Q16 3Q17 3Q18 Digital banking users Mobile banking users Digital Non-Digital Transactions (MM) Volume ($B) Mobile Channel Usage 2, 3 Digital Deposit Transactions Digital Sales 1,600 700 100% 23% 1,369 25% 22% 600 23% 1,166 80% 34% 20% 17% 18% 1,200 515 978 500 52% 413 400 60% 15% 59% 679 800 345 65% 300 40% 77% 10% 80% 66% 200 400 161 20% 5% 41% 48% 100 35% 20% 0 0 0% 0% 3Q15 3Q16 3Q17 3Q18 3Q15 3Q18 3Q15 3Q16 3Q17 3Q18 Mobile Channel Usage (MM) Digital (Mobile/ATM) Financial Center Digital Appointments (000's) Mobile Desktop 1 Digital users represent mobile and / or online users in consumer businesses. 2 Mobile channel usage represents the total number of application logins using a smartphone or tablet. 3 Digital appointments represent the number of appointments made via online, smartphone or tablet. 15 4 Includes Bank of America person-to-person payments sent and / or received through e-mail or mobile identification.

Global Wealth & Investment Management Inc / (Dec) Summary Income Statement ($MM) 1 3Q18 2Q18 3Q17 Net income of $1.0B increased 31% from 3Q17; ROAAC of 28% Total revenue, net of interest expense $4,783 $74 $163 • Provision for credit losses 13 1 (3) – Strong pretax margin of 28%, up from 27% in 3Q17 Noninterest expense 3,414 19 45 • Revenue of $4.8B increased 4% from 3Q17 as 9% higher asset Pretax income 1,356 54 121 management fees and net interest income were partially offset Income tax expense 346 14 (119) by lower transactional revenue Net income $1,010 $40 $240 – 85% of revenue from asset management fees and net interest income vs. 83% in 3Q17 Key Indicators ($B) 3Q18 2Q18 3Q17 Average deposits $238.3 $236.2 $239.6 • Noninterest expense increased 1% from 3Q17, as higher Average loans and leases 161.9 160.8 154.3 revenue-related incentives and investment in sales professionals were largely offset by continued expense discipline Net charge-off ratio 0.03 % 0.04 % 0.03 % AUM flows $7.6 $10.8 $20.7 • Client balances grew to a record $2.8T, up 6% from 3Q17, driven Pretax margin 28 % 28 % 27 % by higher market valuations and solid assets under management Return on average allocated capital 28 27 22 (AUM) flows Allocated capital $14.5 $14.5 $14.0 – AUM flows of $8B in 3Q18 reflected solid client activity and, compared to 3Q17, less of a shift from brokerage to AUM • Pace of year-to-date organic growth in net new Merrill Lynch households roughly four times 2017 level on annualized basis • Average deposits of $238B declined 1% from 3Q17 – Growth of 1% compared to 2Q18 • Average loans and leases of $162B increased $8B, or 5%, from 3Q17, driven by residential mortgage and custom lending • Wealth advisors grew 1% from 3Q17 to 19,344 2 1 Revenue, pretax income, income tax expense and efficiency ratio shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate. 2 Includes financial advisors in Consumer Banking of 2,618 and 2,267 in 3Q18 and 3Q17. 16

Global Wealth & Investment Management Trends Business Leadership 1 Average Deposits ($B) Average Loans and Leases ($B) • #1 U.S. wealth management market position $300 I $180 $159 $161 $162 across client assets, deposits and loans $240 $240 $243 $236 $238 $154 $157 $250 3 3 3 3 • #1 in personal trust assets under management J 3 35 36 38 39 40 • #1 in Barron’s U.S. high net worth client assets $200 $120 (2018) $150 42 42 42 41 41 • #1 in Barron’s Top 1,200 ranked Financial Advisors (2018) $100 $60 • #1 in Forbes’ Top 500 America’s Top Next $50 74 75 77 77 79 Generation Advisors (2018) • #1 in Financial Times Top 401K Retirement Plan $0 $0 Advisers (2018) 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 • #1 in Barron’s Top 100 Women Advisors (2018) Consumer real estate Securities-based lending Custom lending Credit card / Other Total Revenue ($B) 2 Client Balances (EOP, $B) 3 $4.7 $4.9 $4.7 $4.8 $2,841 $5 $4.6 $3,000 $2,676 $2,752 $2,725 $2,754 0.7 0.7 165 0.8 0.7 0.7 159 162 162 165 240 $4 $2,500 238 247 242 234 $2,000 $3 1,081 1,101 1,144 2.4 2.5 2.5 2.5 1,036 1,085 2.3 $1,500 $2 $1,000 $1 1,244 1,262 1,237 1,254 1,292 1.5 1.5 1.6 1.5 1.5 $500 $0 $0 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Net interest income 2 Asset management fees Brokerage / Other Brokerage / Other AUM Deposits Loans and leases Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 FTE basis. 3 Loans and leases include margin receivables which are classified in customer and other receivables on the consolidated balance sheet. 17

Global Banking Inc/(Dec) • Net income of $2.0B increased 13% from 3Q17; ROAAC of 19% Summary Income Statement ($MM) 1 3Q18 2Q18 3Q17 Total revenue, net of interest expense 2 $4,738 ($184) ($249) • Revenue of $4.7B decreased 5% from 3Q17 Provision (benefit) for credit losses (70) (47) (118) – Reflected lower investment banking fees and the impact of Noninterest expense 2,120 (36) 1 tax reform on certain tax-advantaged investments, partially Pretax income 2,688 (101) (132) offset by higher NII from the benefit of higher interest rates Income tax expense 699 (27) (363) and growth in deposits Net income $1,989 ($74) $231 • Total Corporation investment banking fees of $1.2B (excl. self- Selected Revenue Items ($MM) 3Q18 2Q18 3Q17 led) declined 18% from 3Q17 Total Corporation IB fees (excl. self-led) 2 $1,204 $1,422 $1,477 – Decline driven primarily by advisory and leveraged finance, Global Banking IB fees 2 643 743 806 partially offset by an increase in equity underwriting fees Business Lending revenue 2,084 2,166 2,318 • Provision improved $0.1B from 3Q17, driven primarily by Global Transaction Services revenue 1,972 1,960 1,815 continued improvements in energy and broader asset quality Key Indicators ($B) 3Q18 2Q18 3Q17 • Noninterest expense was flat compared to 3Q17, despite Average deposits $337.7 $323.2 $315.7 continued investment in the business, including sales Average loans and leases 352.7 355.1 346.1 professionals Net charge-off ratio 0.10 % 0.10 % 0.12 % • Average loans and leases of $353B increased 2% from 3Q17 Return on average allocated capital 19 20 17 Allocated capital $41 $41 $40 • Strong average deposit growth of $22B, or 7%, compared to 1 3Q17 Efficiency ratio 45 % 44 % 43 % 1 Revenue, pretax income, income tax expense and efficiency ratio shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 18

Global Banking Trends Business Leadership 1 Average Deposits ($B) Average Loans and Leases ($B) • North America’s Best Bank for Small to Medium-sized B $400 Enterprises $400 $346 $350 $352 $355 $353 $330 $324 $323 $338 • Most Innovative Investment Bank of the Year and Best $316 17 17 17 16 K 18 Bank for Global Payments $300 $300 • Best Transaction Bank in North America L 30% 32% 35% 41% 37% 159 162 162 164 162 • Best Bank for Transaction Services in Western Europe B $200 $200 • 2018 Quality, Share and Excellence Awards for U.S. Large Corporate Cash Management M • Best Global Debt Bank N 70% 68% $100 $100 65% 63% 59% 169 171 172 175 174 • Best Brand for Overall Middle Market Banking and Excellence Award for International Middle Market $0 Banking - Payments, FX, Trade Finance O $0 3Q17 4Q17 1Q18 2Q18 3Q18 • Relationships with 79% of the Global Fortune 500; 94% 3Q17 4Q17 1Q18 2Q18 3Q18 of the U.S. Fortune 1,000 (2018) Noninterest-bearing Interest-bearing Commercial Corporate Business Banking Total Revenue ($B) 2, 3 Total Corporation IB Fees ($MM) 2 $6 $1,477 $5.0 $5.0 $4.9 $4.9 $4.7 $1,418 $1,353 $1,422 0.8 0.7 $1,204 0.8 0.7 0.6 374 429 296 303 $4 0.8 0.8 0.8 0.8 0.8 193 262 204 314 290 0.8 0.8 0.7 0.7 0.6 307 $2 962 846 827 874 2.6 2.7 2.6 2.7 2.7 684 $0 (52) (61) (84) (45) (49) 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 Net interest income IB fees Service charges All other income Debt Equity Advisory 4 Self-led deals Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 3 FTE basis. 19 4 Advisory includes fees on debt and equity advisory and mergers and acquisitions.

Global Markets Inc/(Dec) • Net income of $0.9B increased 21% from 3Q17; ROAAC of 10% Summary Income Statement ($MM) 1 3Q18 2Q18 3Q17 2 – Excluding net DVA, net income of $1.0B increased 28% Total revenue, net of interest expense $3,843 ($378) ($58) • [ Bullets to come ] Net DVA (99) 80 (78) • Revenue declined 1% from 3Q17; excluding net DVA, revenue Total revenue (excl. net DVA) 2, 3 3,942 (458) 20 increased 1% Provision for credit losses (2) (1) 4 – Reflects lower sales and trading revenue and investment Noninterest expense 2,612 (103) (99) banking fees, mostly offset by a gain on sale of an equity Pretax income 1,233 (274) 37 investment (excluded from sales and trading revenue) Income tax expense 321 (70) (119) Sales and trading revenue of $3.0B declined 5% from 3Q17 Net income $912 ($204) $156 • Net income (excl. net DVA) 3 $987 ($265) $218 • Excluding net DVA, sales and trading revenue of $3.1B decreased 3% from 3Q17 3 Selected Revenue Items ($MM) 2 3Q18 2Q18 3Q17 FICC revenue of $2.1B decreased 5% from 3Q17, due Sales and trading revenue $2,972 $3,417 $3,129 – primarily to lower client activity in rates products as well as a Sales and trading revenue (excl. net DVA) 3 3,071 3,596 3,150 weaker environment for municipal bonds FICC (excl. net DVA) 2,062 2,290 2,166 Equities (excl. net DVA) 1,009 1,306 984 – Equities revenue of $1.0B increased 3% from 3Q17, driven Global Markets IB fees 523 651 624 by increased client activity in financing Key Indicators ($B) 3Q18 2Q18 3Q17 • Noninterest expense decreased 4% vs. 3Q17, driven by lower Average total assets $652.5 $678.5 $642.4 operating costs Average trading-related assets 460.3 473.1 442.3 • Average VaR remained low at $31MM in 3Q18 4 Average 99% VaR ($ in MM) 4 31 30 41 Average loans and leases 71.2 75.1 72.3 Return on average allocated capital 10 % 13 % 9 % Allocated capital $35 $35 $35 Efficiency ratio 1 68 % 64 % 69 % 1 Revenue, pretax income, income tax expense and efficiency ratio shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 3 Represents a non-GAAP financial measure; see note C on slide 25. 20 4 See note D on slide 25 for definition of VaR.

Global Markets Trends and Revenue Mix Business Leadership 1 2018 YTD Global Markets Revenue Mix 2018 YTD Total FICC S&T Revenue Mix (excl. net DVA) 2 (excl. net DVA) 2 • Best Bank for Markets in Asia P • European Trading House of the Year Q • Equity Derivatives House of the Year R • #1 Equity Portfolio Trading Share – North American Institutions O 62% 59% • #1 for U.S. FICC Overall Trading Quality and #1 38% 41% for U.S. FICC Overall Sales Quality M • 2018 Quality Leader in Global Top-Tier Foreign Exchange Sales and Corporate FX Sales M • 2017 U.S. Fixed Income Quality Leader in O Credit and Securitized Products 3 Credit / other Macro • #2 Global Research Firm S U.S. / Canada International YTD Sales & Trading Revenue (excl. net DVA) ($B) 2 YTD Average Trading-related Assets ($B) and VaR ($MM) 4 $466 $12 $10.7 $10.5 $10.7 $500 $439 $100 $411 $400 $9 3.1 3.2 3.8 $75 $300 $6 $50 $200 $43 $41 7.6 7.4 $34 6.9 $25 $3 $100 $0 $0 $0 2016 YTD 2017 YTD 2018 YTD 2016 YTD 2017 YTD 2018 YTD FICC Equities Avg. trading-related assets Avg. VaR Note: Amounts may not total due to rounding. 1 See slide 26 for business leadership sources. 2 Represents a non-GAAP financial measure. Reported sales & trading revenue was $10.5B, $10.2B and $10.6B for 2018 YTD, 2017 YTD and 2016 YTD, respectively. Reported FICC sales & trading revenue was $6.7B, $7.1B and $7.5B for 2018 YTD, 2017 YTD and 2016 YTD, respectively. Reported Equities sales & trading revenue was $3.8B, $3.2B and $3.1B for 2018 YTD, 2017 YTD and 2016 YTD, respectively. See note C on slide 25. 3 Macro includes G10 FX, rates and commodities products. 21 4 See note D on slide 25 for definition of VaR.

All Other 1 Inc/(Dec) Summary Income Statement ($MM) 2 3Q18 2Q18 3Q17 • Net income of $0.1B improved $0.1B from 3Q17 Total revenue, net of interest expense $161 $461 $364 • Revenue improved $0.4B from 3Q17, reflecting lower provision Provision (benefit) for credit losses (95) 10 96 for representations and warranties as well as a small gain from Noninterest expense 566 (57) (168) the sale of a non-core consumer real estate loan portfolio Pretax income (loss) (310) 508 436 Income tax expense (benefit) (453) 116 347 • Provision benefit declined $0.1B from 3Q17, due to a slower Net income (loss) $143 $392 $89 pace of portfolio improvement in non-core consumer real estate • Noninterest expense declined $0.2B from 3Q17, reflecting lower non-core mortgage costs and litigation expense 1 All Other consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the 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. 22 2 Revenue, pretax income and income tax expense shown on an FTE basis. Tax expense compared to prior year impacted by a lower U.S. corporate tax rate.

Third Quarter 2018 Key Takeaways • Record earnings while driving responsible growth; pretax earnings up 18% from 3Q17 • Continued investments in the franchise • Positive operating leverage for 15 consecutive quarters; grew revenue 4% and reduced expenses 2% from 3Q17 • Solid client activity drove growth in client balances • Asset quality remained strong • Increased capital returned to shareholders • Positioned to benefit from higher interest rates and an improving economic environment 23 Confidential Non-Public Information

Appendix

Notes A 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. It does 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. B The Liquidity Coverage Ratio (LCR) represents the consolidated average amount of high-quality liquid assets as a percent of the prescribed average net cash outflows over a 30 calendar-day period of significant liquidity stress, under the U.S. LCR final rule. C Revenue for all periods included net debit valuation adjustments (DVA) on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA on structured liabilities. Net DVA gains (losses) were ($99MM), ($179MM) and ($21MM) for 3Q18, 2Q18 and 3Q17, respectively, and ($214MM), ($310MM) and ($137MM) for 2018 YTD, 2017 YTD and 2016 YTD, respectively. Net DVA gains (losses) included in FICC revenue were ($80MM), ($184MM) and ($14MM) for 3Q18, 2Q18 and 3Q17, respectively, and ($186MM), ($282MM) and ($140MM) for 2018 YTD, 2017 YTD and 2016 YTD, respectively. Net DVA gains (losses) included in Equities revenue were ($19MM), $5MM and ($7MM) for 3Q18, 2Q18 and 3Q17, respectively, and ($28MM), ($28MM) and $3MM for 2018 YTD, 2017 YTD and 2016 YTD, respectively. D VaR model uses 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, $17MM and $19MM for 3Q18, 2Q18 and 3Q17, respectively. 25

Sources A Estimated retail consumer deposits based on June 30, 2018 FDIC deposit data. B Euromoney, 2018. C Dynatrace 2Q18 Online Banker Scorecard, Javelin 2018 Online Banking Scorecard, Dynatrace 3Q18 Mobile Banking Scorecard, and Javelin 2017 Mobile Banking Scorecard. D Forrester 2018 Banking Sales Wave: U.S. Mobile Sites, 3Q18. E Inside Mortgage Finance as of 1H18 and FY17, respectively. F Largest percentage of 740+ Vantage 3.0 customers among key competitors as of July 2018. G FDIC, 2Q18. H 2018 Global Retail Banking Awards. I U.S.-based full-service wirehouse peers based on 2Q18 earnings releases. J Industry 2Q18 call reports. K The Banker, 2017. L The Banker, 2018. M Greenwich, 2018. N Global Finance, 2018. O Greenwich, 2017. P Euromoney, 2017. Q Financial News, 2017. R Risk Magazine, 2017. S Institutional Investor, 2017. 26

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. 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. 27

Important Presentation Information • The information contained herein is preliminary and based on Company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying slides. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the information provided. • The Company may present certain key performance indicators and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) which result in non-GAAP financial measures. The Company believes the use of these non-GAAP financial measures provides additional clarity in understanding its results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the presentation of the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations in the earnings press release for the quarter ended September 30, 2018 and other earnings-related information available through the Bank of America Investor Relations website at: http://investor.bankofamerica.com. • The Company views net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis are non-GAAP financial measures. The Company believes managing the business with net interest income on an FTE basis provides investors with a more accurate picture of the interest margin for comparative purposes. The Company believes that the presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $151MM, $154MM, $150MM, $251MM and $240MM for 3Q18, 2Q18, 1Q18, 4Q17 and 3Q17 respectively. • The Company allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The Company's internal risk-based capital models use a risk-adjusted methodology incorporating each segment's credit, market, interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk profile, and strategic plans. As a result of this process, in the first quarter of 2018, the Company adjusted the amount of capital being allocated to its business segments. 28