Bank of America Reports Quarterly Earnings of $5.8 Billion, EPS $0.56 Results Include Merchant Services Joint Venture Impairment Charge of $2.1 Billion (Pretax), or $0.19 per Diluted Share(A) 3Q19 Financial Highlights1 3Q19 Business Segment Highlights1,2 • Net income of $5.8 billion, or $0.56 per diluted Consumer Banking • Net income rose 5% to $3.3 billion share ($7.5 billion, or $0.75 excluding • Loans up 7% to $304 billion impairment charge), compared to $7.2 billion or $0.66(A) 3 • Deposits up 3% to $709 billion • Revenue, net of interest expense, increased • Consumer investment assets up 9% to modestly to $22.8 billion reflecting both higher $223 billion; flows of $23 billion investment banking fees and net interest income • Efficiency ratio remains low at 45% (NII) partially offset by an equity investment gain • 1.6 billion mobile logins, up 13% in the prior-year period   (B) • Net interest yield (FTE basis) of 2.41%, Global Wealth and Investment • Net income rose 8% to $1.1 billion declined 4 bps Management • Record pretax margin of 30% • Provision for credit losses of $779 million • Total client balances of $2.9 trillion • Noninterest expense of $15.2 billion compared • Loans up 5%; deposits up 7% to $13.0 billion; excluding impairment charge, noninterest expense of $13.1 billion up less than • Year-to-date, net new households up 1%(A) 64% for Private Bank; 27% for Merrill Lynch • Average loan and lease balances in business segments rose $52 billion, or 6%, to $923 billion Global Banking • Net income increased 3% to $2.1 billion – Consumer and commercial loans each up 6% • Firmwide investment banking fees of • Average deposit balances rose $59 billion, or 4%, $1.5 billion (excludes self-led) increased to $1.4 trillion 27% • Returned $9.3 billion of capital to shareholders • Loans increased 7% to $377 billion through common dividends and share • Deposits up 7% to $360 billion repurchases • • Book value per share increased 11% to $26.96 Sales and trading revenue of $3.2 billion, per share Global Markets including net debit valuation adjustment (DVA) losses of $15 million • Excluding net DVA, sales and trading revenue increased 4% to $3.2 billion(C) – Equities increased 13% to $1.1 billion(C) – FICC stable at $2.1 billion(C) Commentary from Chairman and CEO Brian Moynihan: “Our teammates delivered another strong quarter of earnings and returns for shareholders. In a moderately growing economy, we focused on driving those things that are controllable. We made continued strong investments in our capabilities to serve customers, more relationship management teammates, more and refurbished branches and offices, and more digital capabilities, all while core expenses are flat. Our client activity, the expansion of our client base, and our ability to gain market share across most of our businesses in the quarter, all reflect responsible growth.” Financial Highlights Three months ended ($ in billions, except per share data) 9/30/2019 6/30/2019 9/30/2018 JV Impairment Excluding JV (A) Reported Impact Impairment Reported Reported Total revenue, net of interest expense $22.8 $0.0 $22.8 $23.1 $22.7 Noninterest expense $15.2 $2.1 $13.1 $13.3 $13.0 Net income $5.8 $(1.7) $7.5 $7.3 $7.2 Diluted earnings per share $0.56 $(0.19) $0.75 $0.74 $0.66 Return on average assets 0.95% (0.28)% 1.23% 1.23% 1.23% Return on average common shareholders’ equity 8.48 (2.68) 11.16 11.62 10.99 Return on average tangible common shareholders’ equity3 11.84 (3.71) 15.55 16.24 15.48 Efficiency ratio 67 10 57 57 57 See page 10 for endnotes. 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 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 3 Represents a non-GAAP financial measure. For additional information, see endnotes A and D on page 10 and reconciliation on page 18. 1

Commentary from Chief Financial Officer Paul Donofrio: “We remained disciplined in managing expenses and responsible in our approach to underwriting, which led to continued low costs and strong asset quality. In the quarter, we returned more than $9 billion to our shareholders.” Consumer Banking Three months ended Financial Results1 ($ in millions) 9/30/2019 6/30/2019 9/30/2018 2 • Net income of $3.3 billion, up $0.2 billion, or 5% Total revenue $9,724 $9,717 $9,442 Provision for credit losses 917 947 870 • Revenue of $9.7 billion increased 3%, driven primarily by increased NII due to growth in deposits and loans Noninterest expense 4,393 4,408 4,325 • Provision for credit losses increased modestly to Pretax income 4,414 4,362 4,247 $917 million Income tax expense 1,081 1,069 1,082 – Net charge-off ratio improved to 1.18%, compared Net income $3,333 $3,293 $3,165 to 1.19% 1 Comparisons are to the year-ago quarter unless noted. 2 Revenue, net of interest expense. • Noninterest expense increased $68 million, or 2%, to $4.4 billion, as investments for business growth and higher compensation and benefits were largely offset by improved productivity and lower FDIC expense Three months ended Business Highlights1,2 ($ in billions) 9/30/2019 6/30/2019 9/30/2018 • Average deposits grew $22 billion, or 3%; average Average deposits $709.3 $707.0 $687.5 loans grew $19 billion, or 7% Average loans and leases 303.8 296.4 285.0 • Consumer investment assets grew $19 billion, or 9%, Consumer investment assets 223.2 219.7 203.9 to $223 billion, driven by strong client flows (EOP) Active mobile banking users 28.7 27.8 26.0 • 20 new financial centers opened and 117 renovated (MM) in 3Q19 Number of financial centers 4,302 4,349 4,385 • Digital usage continued to grow Efficiency ratio 45% 45% 46% – 28.7 million active mobile banking users, up 10% Return on average allocated 36 36 34 – Digital sales were 26% of all Consumer Banking capital sales Total U.S. Consumer Credit Card2 – 1.6 billion mobile logins in 3Q19 Average credit card $94.4 $93.6 $94.7 – 8.9 million active Zelle® users with 80.8 million outstanding balances transactions in 3Q19 Total credit/debit spend 162.0 161.5 152.0 • 5.9 million customers enrolled in Preferred Rewards Risk-adjusted margin 8.5% 7.9% 8.1% with 99% retention rate 1 Comparisons are to the year-ago quarter unless noted. 2 The U.S. consumer credit card portfolio includes Consumer Banking and GWIM. • Combined credit/debit card spend increased 7% • Efficiency ratio improved to 45% from 46% 2

Global Wealth and Investment Management Three months ended Financial Results1 ($ in millions) 9/30/2019 6/30/2019 9/30/2018 2 • Net income of $1.1 billion, up $84 million, or 8% Total revenue $4,904 $4,900 $4,817 • Revenue of $4.9 billion increased 2%, driven primarily Provision for credit losses 37 21 13 by higher net interest income and asset management Noninterest expense 3,413 3,459 3,443 fees, partially offset by a decline in transactional Pretax income 1,454 1,420 1,361 revenue Income tax expense 356 348 347 • Noninterest expense decreased 1% as investments Net income $1,098 $1,072 $1,014 for business growth were more than offset by lower 1 Comparisons are to the year-ago quarter unless noted. amortization of intangibles and FDIC expense 2 Revenue, net of interest expense. Three months ended Business Highlights1 ($ in billions) 9/30/2019 6/30/2019 9/30/2018 • Total client balances of $2.9 trillion up 2%, driven by Average deposits $254.4 $253.9 $238.3 positive net flows and higher market valuations Average loans and leases 170.4 166.3 161.9 • Average deposits of $254 billion increased 7% Total client balances (EOP) 2,906.0 2,898.8 2,841.4 • Average loans and leases grew $9 billion, or 5%, AUM flows 5.5 5.3 8.2 driven by residential mortgages and custom lending Pretax margin 30% 29% 28% • AUM flows of $5.5 billion in 3Q19 Return on average allocated 30 30 28 capital • Record pretax margin of 30% 1 Comparisons are to the year-ago quarter unless noted. • Strong wealth management household growth continues – YTD net new Private Bank households up 64% – YTD net new Merrill Lynch households up 27% • Digital usage continued to grow – Mobile channel usage among households increased 49% at Merrill Lynch and 47% at Private Bank 3

Global Banking Three months ended Financial Results1 ($ in millions) 9/30/2019 6/30/2019 9/30/2018 • Net income of $2.1 billion increased $60 million, Total revenue2,3 $5,212 $4,975 $4,823 or 3% Provision for credit losses 120 125 (70) • Revenue of $5.2 billion increased 8%, driven by Noninterest expense 2,220 2,211 2,142 growth in investment banking fees and leasing- Pretax income 2,872 2,639 2,751 related revenues Income tax expense 775 713 714 • Provision for credit losses increased $190 million to Net income $2,097 $1,926 $2,037 $120 million, driven by the absence of 3Q18 reserve 1 Comparisons are to the year-ago quarter unless noted. releases, primarily from energy exposures 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. • Noninterest expense increased 4%, primarily due to 3 Revenue, net of interest expense. continued investments in the business, including in technology and client-facing associates Three months ended Business Highlights1,2 ($ in billions) 9/30/2019 6/30/2019 9/30/2018 • Average deposits increased $23 billion, or 7%, to Average deposits $360.5 $362.6 $337.7 $360 billion Average loans and leases 377.1 372.5 352.7 • Average loans and leases grew $24 billion, or 7%, to Total Corp. IB fees (excl. self- 1.5 1.4 1.2 2 $377 billion led) 2 • Total Corporation investment banking fees of $1.5 Global Banking IB fees 0.9 0.7 0.6 billion (excl. self-led) increased 27%, driven by M&A Business Lending revenue 2.1 2.1 2.1 and debt underwriting fees Global Transaction Services 2.1 2.2 2.0 • Gained market share in investment banking fees, up revenue 3 80 bps Efficiency ratio 43% 44% 44% • Efficiency ratio improved to 43% Return on average allocated 20 19 20 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. 3 Per Dealogic as of October 1, 2019. 4

Global Markets Three months ended Financial Results1 ($ in millions) 9/30/2019 6/30/2019 9/30/2018 2,3 • Net income of $0.8 billion decreased $72 million, Total revenue $3,864 $4,144 $3,873 4 or 8% Net DVA (15) (31) (99) Total revenue $3,879 $4,175 $3,972 • Revenue of $3.9 billion relatively stable; excluding net 2,3,4 4 (excl. net DVA) DVA, revenue decreased 2% – Reflects higher sales and trading revenue and Provision for credit losses 0 5 (2) investment banking fees, more than offset by a Noninterest expense 2,679 2,675 2,633 gain on sale of an equity investment in 3Q18 Pretax income 1,185 1,464 1,242 (excluded from sales and trading revenue) Income tax expense 338 417 323 • Noninterest expense increased $46 million, or 2%, to Net income $847 $1,047 $919 $2.7 billion, driven primarily by higher revenue- Net income (excl. net $858 $1,071 $994 related expenses and continued investment in DVA)4 technology 1 Comparisons are to the year-ago quarter unless noted. • Average VaR of $34 million remained low5 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 3 Revenue, net of interest expense. 4 Revenue and net income, excluding net DVA, are non-GAAP financial measures. See endnote C on page 10 for more information. 5 VaR model uses a historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Average VaR was $34MM, $34MM and $31MM for 3Q19, 2Q19 and 3Q18, respectively. Three months ended Business Highlights1,2 ($ in billions) 9/30/2019 6/30/2019 9/30/2018 • Reported sales and trading revenue increased 7% Average total assets $687.4 $685.4 $652.5 to $3.2 billion Average trading-related 498.8 496.2 460.3 assets • Excluding net DVA, sales and trading revenue increased 4% to $3.2 billion(C) Average loans and leases 71.6 70.6 71.2 2 – FICC revenue of $2.1 billion remained flat driven by Sales and trading revenue 3.2 3.2 3.0 an improvement in mortgages and municipal Sales and trading revenue 3.2 3.3 3.1 products, offset by weaker trading in FX and credit (excl. net DVA)(C),2 products Global Markets IB fees2 0.6 0.6 0.5 – Equities revenue of $1.1 billion increased 13% Efficiency ratio 69% 65% 68% driven by growth in client financing activities Return on average allocated 10 12 10 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) 9/30/2019 6/30/2019 9/30/2018 2 • Net loss of $1.6 billion, compared to net income of Total revenue $(749) $(503) $(80) $32 million, primarily driven by the joint venture Provision for credit losses (295) (241) (95) impairment charge; excluding the impairment charge, Noninterest expense 2,464 515 471 net income of $0.1 billion(A) Pretax loss (2,918) (777) (456) • Noninterest expense included $2.1 billion pretax Income tax expense (benefit) (1,320) (787) (488) impairment charge related to the notice of termination of the merchant services joint venture at Net income (loss) $(1,598) $10 $32 1 Comparisons are to the year-ago quarter unless noted. the conclusion of its current term as well as higher 2 legacy mortgage-related litigation expense Revenue, net of interest expense. Note: All Other consists of asset and liability management (ALM) activities, equity investments, • Benefit in provision for credit losses of $295 million non-core mortgage loans and servicing activities, liquidating businesses and certain expenses included approximately $200 million of recoveries not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. from sales of previously charged-off non-core Substantially all of the results of ALM activities are allocated to our business segments. Equity consumer real estate loans investments include our merchant services joint venture, as well as a portfolio of equity, real estate and other alternative investments. • Total Corporate effective income tax rate was 16%, which included the resolution of several tax matters 6

Credit Quality Three months ended Highlights1 ($ in millions) 9/30/2019 6/30/2019 9/30/2018 • Overall credit quality remained strong across both Provision for credit losses $779 $857 $716 the consumer and commercial portfolios Net charge-offs 811 887 932 2 • Net charge-offs decreased $121 million to $811 Net charge-off ratio 0.34% 0.38% 0.40% million; excluding recoveries from sales of previously At period-end charged-off non-core consumer real estate loans, net Nonperforming assets $3,723 $4,452 $5,449 charge-offs increased $77 million Nonperforming assets ratio3 0.39% 0.47% 0.59% – The net charge-off ratio decreased 6 bps to 0.34%; Allowance for loan and lease $9,433 $9,527 $9,734 compared to 2Q19, excluding the impact of the losses loan sales in both periods, net charge-off ratio of 0.42% compared to 0.43% Allowance for loan and lease 0.98% 1.00% 1.05% losses ratio4 • The provision for credit losses increased $63 million 1 Comparisons are to the year-ago quarter unless noted. to $779 million 2 Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases during the period. • Nonperforming assets improved due to the non-core 3 Nonperforming assets ratio is calculated as nonperforming loans, leases and foreclosed loan sales and remained near historic lows properties (nonperforming assets) divided by outstanding loans, leases and foreclosed properties at the end of the period. 4 Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. Note: Ratios do not include loans accounted for under the fair value option. 7

Leadership in high-tech, high-touch (Figures are for 3Q19 unless otherwise specified) High-Tech High-Touch No. 1 in mobile banking, online banking and digital sales functionality 4,302 financial centers Digital banking has won 50+ awards in the last two years • 20 new openings - Online and Mobile certified by J.D. Power as providing • 117 renovations “Outstanding Customer Experience” - “Best in Class” in Javelin’s 2019 Mobile Banking Scorecard and 16,626 ATMs Online Banking Scorecard, 3rd consecutive win • 202 new ATMs - No. 1 Overall | No. 1 Ease of Use | No. 1 in Functionality in • 300 upgraded ATMs Dynatrace’s 2Q19 Online Banker Scorecard and 3Q19 Mobile • 100% contactless-enabled Banker Scorecard - "Best Consumer Digital Bank in the U.S." by Global Finance Expanded in 11 new and existing markets Consumer digital banking momentum 66MM Consumer and Small Business 38.0MM active digital banking users clients 28.7MM active mobile banking users 1.6B logins to consumer banking app 19,672 Wealth advisors in Global 26% of all Consumer sales through digital Wealth and Investment Management and Consumer Banking • 52% of all digital sales came from mobile • 40% of total consumer mortgage applications came from 77% of the 2019 Global Fortune 500 and digital 95% of the 2019 U.S. Fortune 1,000 have • 60% of total direct auto applications came from digital a relationship with us 80.8MM sent and received payments via Zelle®, representing $20.8B, up 76% YoY Added more than 1,700 primary sales 613K digital appointments professionals to further strengthen local 9MM total Erica® users since launch in April, 2018 market coverage Innovation in Global Banking Leading dealer in FX cash, derivatives, electronic trading and payments services • 500K CashPro® Online users (digital banking platform) across in 148 currencies our commercial, corporate and business banking businesses No. 2 Global Research firm (Institutional • CashPro Mobile Users up 107% and logins up 126%, rolling Investor magazine) 12 months, YoY – No. 2 U.S. Broker for StarMine Analyst • CashPro Mobile Payment Approvals value of $144B, up 95%, rolling 12 months, YoY Awards (Source: Refinitiv) • CashPro Mobile checks deposited up 150%, rolling 12 650+ analysts covering 3K+ companies, months, YoY 1.2K+ corporate bond issuers across 55 economies and 24 industries Innovation in Wealth Management Innovation in technology • 64% of Merrill Lynch clients actively using an online or mobile platform across Merrill and Bank of America • Most U.S.-granted patents in the financial services industry, as of • Ranked as No. 2 mobile app by J.D. Power Wealth June 30, 2019 Management Mobile App Satisfaction Study • Own 3.7K+ patents and applications • Client usage of MyMerrill Mobile app grew 33% YoY • 13% YoY growth in online platform users in Private Bank 8

Balance Sheet, Liquidity and Capital Highlights ($ in billions except per share data, end of period, unless otherwise noted) Three months ended 9/30/2019 6/30/2019 9/30/2018 Ending Balance Sheet Total assets $2,426.3 $2,395.9 $2,338.8 Total loans and leases 972.9 963.8 929.8 Total loans and leases in business segments (excluding All Other) 933.2 920.5 874.8 Total deposits 1,392.8 1,375.1 1,345.6 Average Balance Sheet Average total assets $2,412.2 $2,399.1 $2,317.8 Average loans and leases 964.7 950.5 930.7 Average deposits 1,375.1 1,375.5 1,316.3 Funding and Liquidity Long-term debt $243.4 $238.0 $234.2 Global Liquidity Sources, average(E) 552 552 537 Equity Common shareholders’ equity $244.8 $246.7 $239.8 Common equity ratio 10.1% 10.3% 10.3% Tangible common shareholders’ equity1 $174.9 $176.8 $169.9 Tangible common equity ratio1 7.4% 7.6% 7.5% Per Share Data Common shares outstanding (in billions) 9.08 9.34 9.86 Book value per common share $26.96 $26.41 $24.33 Tangible book value per common share1 19.26 18.92 17.23 Regulatory Capital(F) CET1 capital $169.2 $171.5 $164.4 Standardized approach Risk-weighted assets $1,486 $1,467 $1,439 CET1 ratio 11.4% 11.7% 11.4% Advanced approaches Risk-weighted assets $1,441 $1,431 $1,424 CET1 ratio 11.7% 12.0% 11.5% Supplementary leverage Supplementary leverage ratio (SLR) 6.6% 6.8% 6.7% 1 Represents a non-GAAP financial measure. For reconciliation, see page 18 of this press release. 9

Endnotes A Our financial results, after giving effect to the impact of the non-cash impairment charge related to the notice of termination of the merchant services joint venture at the conclusion of its current term, include non-GAAP financial measures. This impairment charge reduced 3Q19 net income by $1.7 billion, or $0.19 per diluted share, which included an increase in noninterest expense and a reduction in pretax income of $2.1 billion and a reduction in income tax expense of $373 million. The impairment charge negatively impacted 3Q19 return on average assets by 28 bps, return on average common shareholders’ equity by 268 bps, return on average tangible common shareholders’ equity by 371 bps and efficiency ratio by 909 bps. We believe the use of these non-GAAP measures provides additional clarity in understanding our results of operations and comparing our operational performance between periods. B 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 $12.3 billion, $12.3 billion and $12.2 billion for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively. The FTE adjustment was $148 million, $149 million and $151 million for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively. C Global Markets revenue and net income, excluding net debit valuation adjustments (DVA), and sales and trading revenue, excluding net DVA, are non- GAAP financial measures. Net DVA (losses) were $(15) million, $(31) million and $(99) million for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively. FICC net DVA (losses) were $(18) million, $(30) million and $(80) million for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively. Equities net DVA gains (losses) were $3 million, $(1) million and $(19) million for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively. D Return on average tangible common shareholders’ equity is a non-GAAP financial measure. See page 18 of this press release for reconciliation to GAAP financial measures. E 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. F Regulatory capital ratios at September 30, 2019 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 Common equity tier 1 (CET1) is the Standardized approach for all reporting dates presented. 10

Contact Information and Investor Conference Call Invitation Note: Chief Executive Officer Brian Moynihan and Chief Financial Officer Paul Donofrio will discuss third- quarter 2019 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 October 16 through October 23. Investors May Contact: Reporters May Contact: Lee McEntire, Bank of America, 1.980.388.6780 Lawrence Grayson, Bank of America, 1.704.995.5825 lee.mcentire@bofa.com lawrence.grayson@bofa.com Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112 jonathan.blum@bofa.com 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 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award- winning digital banking with nearly 38 million active users, including approximately 29 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 approximately 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 2018 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; the possibility that the Company’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, regulatory, and representations and warranties exposures; the possibility that the Company could face increased servicing, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, monolines, private-label and other investors, or other parties involved in securitizations; 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; the risks related to the discontinuation of the London InterBank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies; 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, inflation, currency exchange rates, economic conditions, trade policies, including tariffs, and potential geopolitical instability; the impact of the interest rate environment on the Company’s business, financial condition and results of operations; 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 and expectations regarding net interest income, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Company’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Company’s assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards, including the new credit loss accounting standard; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements and/or global systemically important bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Company’s capital plans; the effect of regulations, other guidance or additional information on the impact from the Tax Cuts and Jobs 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 assessments, the Volcker Rule, fiduciary standards and derivatives regulations; a failure or disruption 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; the impact of a federal government shutdown and uncertainty regarding the federal government’s debt limit; and other matters. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. “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 BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and members of FINRA and SIPC, and in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the U.S. Commodity Futures Trading Commission and are members of the National Futures Association. 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 2019 2018 2019 2019 2018 Net interest income $ 36,751 $ 35,658 $ 12,187 $ 12,189 $ 12,061 Noninterest income 32,144 32,685 10,620 10,895 10,663 Total revenue, net of interest expense 68,895 68,343 22,807 23,084 22,724 Provision for credit losses 2,649 2,377 779 857 716 Noninterest expense 41,661 40,080 15,169 13,268 13,014 Income before income taxes 24,585 25,886 6,859 8,959 8,994 Income tax expense 4,149 5,017 1,082 1,611 1,827 Net income $ 20,436 $ 20,869 $ 5,777 $ 7,348 $ 7,167 Preferred stock dividends 1,186 1,212 505 239 466 Net income applicable to common shareholders $ 19,250 $ 19,657 $ 5,272 $ 7,109 $ 6,701 Average common shares issued and outstanding 9,516.2 10,177.5 9,303.6 9,523.2 10,031.6 Average diluted common shares issued and outstanding 9,565.7 10,317.9 9,353.0 9,559.6 10,170.8 Summary Average Balance Sheet Total debt securities $ 445,104 $ 436,080 $ 447,126 $ 446,447 $ 445,813 Total loans and leases 953,169 932,485 964,733 950,525 930,736 Total earning assets 2,024,687 1,978,039 2,038,720 2,023,722 1,972,437 Total assets 2,390,943 2,322,099 2,412,223 2,399,051 2,317,829 Total deposits 1,370,178 1,304,827 1,375,052 1,375,450 1,316,345 Common shareholders’ equity 245,329 241,943 246,630 245,438 241,812 Total shareholders’ equity 268,223 265,102 270,430 267,975 264,653 Performance Ratios Return on average assets 1.14% 1.20% 0.95% 1.23% 1.23% Return on average common shareholders’ equity 10.49 10.86 8.48 11.62 10.99 Return on average tangible common shareholders’ equity (1) 14.67 15.30 11.84 16.24 15.48 Per Common Share Information Earnings $ 2.02 $ 1.93 $ 0.57 $ 0.75 $ 0.67 Diluted earnings 2.01 1.91 0.56 0.74 0.66 Dividends paid 0.48 0.39 0.18 0.15 0.15 Book value 26.96 24.33 26.96 26.41 24.33 Tangible book value (1) 19.26 17.23 19.26 18.92 17.23 September 30 June 30 September 30 Summary Period-End Balance Sheet 2019 2019 2018 Total debt securities $ 444,594 $ 446,075 $ 446,107 Total loans and leases 972,910 963,800 929,801 Total earning assets 2,051,511 2,027,935 1,982,338 Total assets 2,426,330 2,395,892 2,338,833 Total deposits 1,392,836 1,375,093 1,345,649 Common shareholders’ equity 244,781 246,719 239,832 Total shareholders’ equity 268,387 271,408 262,158 Common shares issued and outstanding 9,079.3 9,342.6 9,858.3 Nine Months Ended Third Second Third September 30 Quarter Quarter Quarter Credit Quality 2019 2018 2019 2019 2018 Total net charge-offs $ 2,689 $ 2,839 $ 811 $ 887 $ 932 Net charge-offs as a percentage of average loans and leases outstanding (2) 0.38% 0.41% 0.34% 0.38% 0.40% Provision for credit losses $ 2,649 $ 2,377 $ 779 $ 857 $ 716 September 30 June 30 September 30 2019 2019 2018 Total nonperforming loans, leases and foreclosed properties (3) $ 3,723 $ 4,452 $ 5,449 Nonperforming loans, leases and foreclosed properties as a percentage of total loans, leases and foreclosed properties (2) 0.39% 0.47% 0.59% Allowance for loan and lease losses $ 9,433 $ 9,527 $ 9,734 Allowance for loan and lease losses as a percentage of total loans and leases outstanding (2) 0.98% 1.00% 1.05% 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) Capital Management September 30 June 30 September 30 2019 2019 2018 Regulatory capital metrics (4): Common equity tier 1 capital $ 169,203 $ 171,498 $ 164,386 Common equity tier 1 capital ratio - Standardized approach 11.4% 11.7% 11.4% Common equity tier 1 capital ratio - Advanced approaches 11.7 12.0 11.5 Tier 1 leverage ratio 8.2 8.4 8.3 Tangible equity ratio (5) 8.4 8.7 8.5 Tangible common equity ratio (5) 7.4 7.6 7.5 (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 page 18. (2) Ratios do not include loans accounted for under the fair value option. Charge-off ratios are annualized for the quarterly presentation. (3) 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. (4) Regulatory capital ratios at September 30, 2019 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 Common equity tier 1 (CET1) is the Standardized approach for all periods presented. (5) 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 page 18. 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 2019 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 9,724 $ 4,904 $ 5,212 $ 3,864 $ (749) Provision for credit losses 917 37 120 — (295) Noninterest expense 4,393 3,413 2,220 2,679 2,464 Net income 3,333 1,098 2,097 847 (1,598) Return on average allocated capital (1) 36% 30% 20% 10% n/m Balance Sheet Average Total loans and leases $ 303,833 $ 170,414 $ 377,109 $ 71,589 $ 41,788 Total deposits 709,273 254,449 360,457 30,155 20,718 Allocated capital (1) 37,000 14,500 41,000 35,000 n/m Quarter end Total loans and leases $ 307,925 $ 172,677 $ 377,658 $ 74,979 $ 39,671 Total deposits 715,715 252,466 371,887 30,885 21,883 Second Quarter 2019 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 9,717 $ 4,900 $ 4,975 $ 4,144 $ (503) Provision for credit losses 947 21 125 5 (241) Noninterest expense 4,408 3,459 2,211 2,675 515 Net income 3,293 1,072 1,926 1,047 10 Return on average allocated capital (1) 36% 30% 19% 12% n/m Balance Sheet Average Total loans and leases $ 296,388 $ 166,324 $ 372,531 $ 70,587 $ 44,695 Total deposits 707,028 253,925 362,619 31,128 20,750 Allocated capital (1) 37,000 14,500 41,000 35,000 n/m Quarter end Total loans and leases $ 300,412 $ 168,993 $ 376,948 $ 74,136 $ 43,311 Total deposits 714,223 251,818 358,902 29,961 20,189 Third Quarter 2018 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 9,442 $ 4,817 $ 4,823 $ 3,873 $ (80) Provision for credit losses 870 13 (70) (2) (95) Noninterest expense 4,325 3,443 2,142 2,633 471 Net income 3,165 1,014 2,037 919 32 Return on average allocated capital (1) 34% 28% 20% 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 (1) 37,000 14,500 41,000 35,000 n/m Quarter 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 (1) 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. The Company reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 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, 2019 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 29,073 $ 14,624 $ 15,342 $ 12,189 $ (1,883) Provision for credit losses 2,838 63 356 (18) (590) Noninterest expense 13,157 10,300 6,697 8,109 3,398 Net income (loss) 9,874 3,217 6,051 2,930 (1,636) Return on average allocated capital (1) 36% 30% 20% 11% n/m Balance Sheet Average Total loans and leases $ 297,539 $ 167,069 $ 373,275 $ 70,757 $ 44,529 Total deposits 704,459 256,708 357,413 30,878 20,720 Allocated capital (1) 37,000 14,500 41,000 35,000 n/m Period end Total loans and leases $ 307,925 $ 172,677 $ 377,658 $ 74,979 $ 39,671 Total deposits 715,715 252,466 371,887 30,885 21,883 Nine Months Ended September 30, 2018 Consumer Global Global All Banking GWIM Banking Markets Other Total revenue, net of interest expense $ 27,656 $ 14,414 $ 14,832 $ 12,935 $ (1,039) Provision for credit losses 2,749 63 (77) (6) (352) Noninterest expense 13,241 10,451 6,618 8,283 1,487 Net income (loss) 8,691 2,906 6,137 3,447 (312) Return on average allocated capital (1) 31% 27% 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 (1) 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 (1) 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 September 30 Quarter Quarter Quarter FTE basis data (1) 2019 2018 2019 2019 2018 Net interest income $ 37,201 $ 36,113 $ 12,335 $ 12,338 $ 12,212 Total revenue, net of interest expense 69,345 68,798 22,955 23,233 22,875 Net interest yield 2.45% 2.43% 2.41% 2.44% 2.45% Efficiency ratio 60.08 58.26 66.08 57.11 56.89 September 30 June 30 September 30 Other Data 2019 2019 2018 Number of financial centers - U.S. 4,302 4,349 4,385 Number of branded ATMs - U.S. 16,626 16,561 16,089 Headcount 208,561 208,984 204,681 (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 with a more accurate picture of the interest margin for comparative purposes. The Corporation believes that this presentation allows for comparison of amounts from both taxable and tax-exempt sources and is consistent with industry practices. Net interest income includes FTE adjustments of $450 million and $455 million for the nine months ended September 30, 2019 and 2018, $148 million and $149 million for the third and second quarters of 2019, and $151 million for the third quarter of 2018. 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, except per share information) The Corporation 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 net income applicable to common shareholders 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 net income 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 for reconciliations of these non-GAAP financial measures to the most closely related financial measures defined by GAAP for the nine months ended September 30, 2019 and 2018 and the three months ended September 30, 2019, June 30, 2019 and September 30, 2018. 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 2019 2018 2019 2019 2018 Reconciliation of average shareholders’ equity to average tangible common shareholders’ equity and average tangible shareholders’ equity Shareholders’ equity $ 268,223 $ 265,102 $ 270,430 $ 267,975 $ 264,653 Goodwill (68,951) (68,951) (68,951) (68,951) (68,951) Intangible assets (excluding mortgage servicing rights) (1,735) (2,125) (1,707) (1,736) (1,992) Related deferred tax liabilities 787 917 752 770 896 Tangible shareholders’ equity $ 198,324 $ 194,943 $ 200,524 $ 198,058 $ 194,606 Preferred stock (22,894) (23,159) (23,800) (22,537) (22,841) Tangible common shareholders’ equity $ 175,430 $ 171,784 $ 176,724 $ 175,521 $ 171,765 Reconciliation of period-end shareholders’ equity to period-end tangible common shareholders’ equity and period-end tangible shareholders’ equity Shareholders’ equity $ 268,387 $ 262,158 $ 268,387 $ 271,408 $ 262,158 Goodwill (68,951) (68,951) (68,951) (68,951) (68,951) Intangible assets (excluding mortgage servicing rights) (1,690) (1,908) (1,690) (1,718) (1,908) Related deferred tax liabilities 734 878 734 756 878 Tangible shareholders’ equity $ 198,480 $ 192,177 $ 198,480 $ 201,495 $ 192,177 Preferred stock (23,606) (22,326) (23,606) (24,689) (22,326) Tangible common shareholders’ equity $ 174,874 $ 169,851 $ 174,874 $ 176,806 $ 169,851 Reconciliation of period-end assets to period-end tangible assets Assets $ 2,426,330 $ 2,338,833 $ 2,426,330 $ 2,395,892 $ 2,338,833 Goodwill (68,951) (68,951) (68,951) (68,951) (68,951) Intangible assets (excluding mortgage servicing rights) (1,690) (1,908) (1,690) (1,718) (1,908) Related deferred tax liabilities 734 878 734 756 878 Tangible assets $ 2,356,423 $ 2,268,852 $ 2,356,423 $ 2,325,979 $ 2,268,852 Book value per share of common stock Common shareholders’ equity $ 244,781 $ 239,832 $ 244,781 $ 246,719 $ 239,832 Ending common shares issued and outstanding 9,079.3 9,858.3 9,079.3 9,342.6 9,858.3 Book value per share of common stock $ 26.96 $ 24.33 $ 26.96 $ 26.41 $ 24.33 Tangible book value per share of common stock Tangible common shareholders’ equity $ 174,874 $ 169,851 $ 174,874 $ 176,806 $ 169,851 Ending common shares issued and outstanding 9,079.3 9,858.3 9,079.3 9,342.6 9,858.3 Tangible book value per share of common stock $ 19.26 $ 17.23 $ 19.26 $ 18.92 $ 17.23 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.