Bank of America 1Q20 Financial Results April 15, 2020

1Q20 Financial Results 1 Summary Income Statement $ Inc / 1Q20 1Q19 (Dec) % Inc / (Dec) ($B, except per share data) Total revenue, net of interest expense $22.8 $23.0 ($0.2) (1) % Provision for credit losses 4.8 1.0 3.7 N/M Net charge-offs 1.1 1.0 0.1 13 Reserve build 2 3.6 0.0 3.6 N/M Noninterest expense 13.5 13.2 0.3 2 Pretax income 4.5 8.8 (4.2) (48) Pretax, pre-provision income 2 9.3 9.8 (0.5) (5) Income tax expense 0.5 1.5 (0.9) (64) Net income $4.0 $7.3 ($3.3) (45) Diluted earnings per share $0.40 $0.70 ($0.30) (43) Average diluted common shares (in millions) 8,863 9,787 (925) (9) Return Metrics and Efficiency Ratio Return on average assets 0.65 % 1.26 % Return on average common shareholders' equity 5.9 11.4 2 Return on average tangible common shareholders' equity 8.3 16.0 Efficiency ratio 59 57 Note: Amounts may not total due to rounding. N/M = not meaningful. 1 1Q20 provision for credit losses, allowance for credit losses and related credit metrics in this presentation reflect the Company’s adoption of the new accounting standard on current expected credit losses (CECL). For more information, see important presentation information on slide 32. 2 Represent non-GAAP financial measures. For more information on reserve build, see note A on slide 29. For more information and a reconciliation to GAAP of pretax, pre-provision 2 income, see note B on slide 29. For important presentation information about these measures as well as return on average tangible common shareholders’ equity, see slide 32.

1Q20 Highlights (Comparisons are to 1Q19 unless otherwise noted) • Diluted earnings per share of $0.40, down 43% • Net income of $4.0B declined $3.3B – Provision increased $3.7B to $4.8B and included $3.6B reserve build 1 – Pretax income declined $4.2B – Pretax, pre-provision income declined $0.5B, or 5% 2 • Maintained strong balance sheet – Common shareholders’ equity ended the quarter at $241B – Common Equity Tier 1 Capital ratio of 10.8% (minimum requirement of 9.5%), down 41 bps from 4Q19 – Book value per share of $27.84 improved 2% from year-end – End of period loans and leases increased $67B from year-end, primarily through drawn funding by Commercial clients – End of period deposits increased $149B from year-end, with significant increases in all lines of business – Global Markets balance sheet increased as much as $130B intra-quarter as we supplied liquidity to clients but ended modestly up compared to year-end – Returned $7.9B in capital to shareholders in 1Q; suspended share repurchase program in March to provide additional support to the economy • Net interest income of $12.1B ($12.3B FTE 3), down 2%, driven primarily by lower interest rates, partially offset by loan and deposit growth – Steady NII compared to 4Q19 • Noninterest expense of $13.5B increased $0.3B, or 2%, as investment spending was mitigated by cost saving initiatives • Net charge-offs of $1.1B increased $163MM from 4Q19, driven primarily by Commercial losses Note: FTE stands for fully taxable-equivalent basis. 1 Represents a non-GAAP financial measure. For more information, see slide 2, which includes a reconciliation to GAAP, note A on slide 29, and slide 32 for important presentation information. 3 2 Represents a non-GAAP financial measure. For a reconciliation to GAAP, see note B on slide 29. For important presentation information, see slide 32. 3 Represents a non-GAAP financial measure. For important presentation information, see slide 32.

Supporting Employees, Clients and Communities through COVID-19 Employees Individual and Family Clients • Committed to no COVID-19 related layoffs in 2020 • Clients can request refunds including overdraft fees, non-sufficient funds fees and monthly maintenance fees • Hired 2,000 new employees in March and shifted 3,000 current employees to Consumer and Small Business • Clients can request to defer credit card payments, refunds on late fees • Special compensation incentives for teammates serving clients in U.S. • Clients can request to defer auto loan payments with payments added to financial centers, call centers and operation centers the end of the loan • Specific actions to protect and support employees working in our offices • Clients can request to defer mortgage and home equity payments with payments added to the end of the loan • Expanded employee benefits (no-cost COVID-19 testing, no fee Teledoc, back-up childcare, transportation reimbursement) • Paused foreclosure sales, evictions and repossessions • Moved to $20 minimum hourly rate of pay this quarter in the U.S. as • No negative credit bureau reporting for previously up-to-date clients previously announced Small Businesses and Commercial Clients Institutional Investors • Small business clients can request to defer small business loan and credit • Seamlessly supported clients by providing liquidity as well as a strong and card payments, and refunds on late fees resilient trading platform during period of record-breaking market activity with Global Markets balance sheet temporarily increasing by • Providing support to small business owners through the Paycheck $130 billion in early March versus year-end Protection Program (as of April 8, 2020: 279,000 apps processed, $43B) • Extended $67B net funding to commercial clients through committed loan draws in 1Q20 Communities and Other • Helping clients manage operations through digital channels • Connecting Global Commercial Banking and Business Banking client • Pledged $100 million to local communities to purchase medical supplies, company employees with payment deferral programs available to bank food and other priorities customers • Announced commitment of $250 million in capital and $10 million in • Global Research producing insight and guidance for clients philanthropic grants to Community Development Financial Institutions (CDFIs) • Raised $224B in capital for clients across debt & equity markets in 1Q20 4

Supporting Consumer Clients Through Payment Deferrals • Starting March 16th, enacted Client Assistance Program – offering assistance to 66MM Consumer and Small Business clients in response to the unprecedented challenges of COVID-19; allowing clients to defer payments • No negative credit bureau reporting for previously up-to-date clients; paused foreclosure sales, evictions, repossessions and bankruptcy collections activities • Nearly 1MM payment deferrals through April 8th; ~80% of requests are credit card ‒ 65% requested through Digital payment deferral form % of Accounts % of Balances with General program details 1 with Deferrals Payment Deferral Deferral of 60 days for Consumer, 90 days for Small Business; interest continues to Consumer and small business card 3% 5% accrue and added to principal balance when deferral ends Deferral of 90 days; for loans, interest continues to accrue and deferred payment added Small business loans and lines 16% 32% to end of loan; for lines, interest continues to accrue and added to principal balance when deferral ends Deferral of up to 90 days; interest continues to accrue and deferred payment added to Mortgage 5% 7% end of loan Deferral of up to 90 days; interest continues to accrue and deferred payment added to HELOC 3% 6% end of loan Deferral of 60 days for Consumer, 90 days for Small Business; interest continues to Consumer vehicle lending 3% 3% accrue and deferred payment added to end of loan Total 3% 7% Note: Data as of April 8, 2020. 5 1 Mortgage and HELOC include loans that are held for investment (BAC owned) and those we service for others. Vehicle lending includes both consumer and small business and loans.

Consumer Payments and Spending Trend Year-over-Year % Cumulative Growth – 7 Day Moving Average Total Payments 1 12% Credit/Debit End of 1Q20 10% 8% 6% 4% 2% 0% 1/6/2020 1/13/2020 1/20/2020 1/27/2020 2/3/2020 2/10/2020 2/17/2020 2/24/2020 3/2/2020 3/9/2020 3/16/2020 3/23/2020 3/30/2020 4/6/2020 • 1Q20 total payments increased 9% over 1Q19, with softening in credit and debit spend that began mid-February and accelerated in late March as stay-at-home orders affected a majority of Americans 1,2 • Card spend for non-essentials declined, even for those not impacted by the pandemic from a cash flow or employment perspective, and purchases of essentials such as groceries increased • Consumers and Small Businesses paying expenses with other payment types slowed consistently as the stay-at-home orders expanded • Combined Credit and Debit Spend increased 4% year-over-year in 1Q20 despite the sharp decline in late March 2 1 Total payments include total credit card, debit card, ACH, wires, bill pay, person-to-person, cash and checks. 6 2 Includes consumer and small business credit card portfolios in Consumer Banking and GWIM.

Record Breaking Customer Loan and Deposit Activity Weekly Commercial Funding Activity Trend ($B) • Commercial loans increased $67B from 4Q19, driven primarily $34 by commitment funding activity • ~90% of commercial loan growth related to revolver draws on existing lines $21 ‒ ~90% of loan increase was either investment grade or collateralized ‒ Fundings were highly diversified across industries, but $11 heavily concentrated in U.S. companies $4 ‒ Spiked in mid-March, and continued decline in fundings in $2 $2 April 2/28/2020 3/6/2020 3/13/2020 3/20/2020 3/27/2020 4/3/2020 Deposit Growth in Every Line of Business ($B, Ending) • Total Corporation deposits increased $149B from 4Q19, as BAC 1,600 1,583 provided safety and soundness for customers and supported 4 corporate clients 1,550 94 • Global Banking deposits grew $94B, driven by client flight to 1,500 safety as well as placements from draws on credit facilities for 19 liquidity purposes 1,450 1,435 32 • Consumer and GWIM deposits increased $51B, as customers moved to higher cash levels in the uncertain environment 1,400 1,350 4Q19 Consumer GWIM Global GM and 1Q20 Ending Banking Banking All Other Ending Deposits Deposits 7

Balance Sheet, Liquidity and Capital (EOP basis unless noted) 4 Balance Sheet ($B) 1Q20 4Q19 1Q19 Basel 3 Capital ($B) 1Q20 4Q19 1Q19 Total assets $2,620.0 $2,434.1 $2,377.2 Common equity tier 1 capital (CET1) $168.1 $166.8 $169.2 Total loans and leases 1,050.8 983.4 945.6 Standardized approach Total loans and leases in business segments 1 1,014.7 946.3 900.0 Risk-weighted assets $1,564 $1,493 $1,455 Total debt securities 475.9 472.2 440.7 CET1 ratio 10.8 % 11.2 % 11.6 % Advanced approaches Funding & Liquidity ($B) Risk-weighted assets $1,515 $1,447 $1,423 Total deposits $1,583.3 $1,434.8 $1,379.3 CET1 ratio 11.1 % 11.5 % 11.9 % Long-term debt 256.7 240.9 233.9 Supplementary leverage Global Liquidity Sources (average) 2 565 576 546 Supplementary leverage ratio (SLR) 6.4 % 6.4 % 6.8 % Global Liquidity Sources (ending) 2 699 579 556 • CET1 ratio of 10.8% 4 declined 41 bps from 4Q19 Equity ($B) CET1 capital of $168.1B was up $1.4B Common shareholders' equity $241.5 $241.4 $244.7 – Common equity ratio 9.2 % 9.9 % 10.3 % – Standardized RWA of $1,564B increased $70B Tangible common shareholders' equity 3 $171.7 $171.5 $174.8 3 • Capital returned to shareholders Tangible common equity ratio 6.7 % 7.3 % 7.6 % – Repurchased $6.4B of common shares and paid $1.6B in Per Share Data common dividends in 1Q20; repurchases suspended in Book value per common share $27.84 $27.32 $25.57 March Tangible book value per common share 3 19.79 19.41 18.26 – Common shares outstanding down 9% from 1Q19 to 8.7B Common shares outstanding (in billions) 8.68 8.84 9.57 • Book value per share increased 9% from 1Q19 to $27.84 • $565B of average Global Liquidity Sources 2 – $699B of ending Global Liquidity Sources 2 1 Excludes loans and leases in All Other. 2 See Note D on slide 29 for definition of Global Liquidity Sources. 3 Represents a non-GAAP financial measure. For important presentation information, see slide 32. 4 Regulatory capital metrics at March 31, 2020 are preliminary. The Company reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that 8 yields the lower ratio is used to assess capital adequacy, which for CET1 is the Standardized approach for all reporting periods presented.

Average Deposits Bank of America Ranked #1 in U.S. Deposit Market Share 1 Total Corporation ($B) Consumer Banking ($B) $1,439 YoY YoY $1,500 $1,297 $1,360 +6% $800 $737 +6% $1,257 $674 $697 $1,198 $636 419 401 +5% $578 214 431 $600 197 $1,000 444 172 186 429 157 +8% $400 158 171 184 128 147 $500 959 1,020 +6% 770 812 866 $200 293 317 330 329 339 +3% $0 $0 1Q16 1Q17 1Q18 1Q19 1Q20 1Q16 1Q17 1Q18 1Q19 1Q20 Interest-bearing Noninterest-bearing Money market, Savings, CD/IRA Interest checking Noninterest-bearing GWIM ($B) Global Banking ($B) $382 $300 YoY $400 YoY $260 $257 $262 $263 $349 $243 +1% $324 +10% 18 17 15 16 $297 $305 17 +0% $300 176 +1% $200 174 211 $200 231 234 243 240 226 246 248 +1% $100 $100 207 +18% 175 113 66 71 $0 $0 1Q16 1Q17 1Q18 1Q19 1Q20 1Q16 1Q17 1Q18 1Q19 1Q20 Interest-bearing Noninterest-bearing Interest-bearing Noninterest-bearing Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other. 1 Based on June 30, 2019 FDIC deposit data. 9

Average Loans and Leases Total Loans and Leases ($B) Total Loans and Leases in All Other ($B) YoY $944 $990 +5% $1,000 $893 $914 $932 $150 $118 $750 10 $95 $100 21 9 $68 $500 17 13 $47 $50 $37 87 8 $250 69 5 55 39 32 $0 $0 1Q16 1Q17 1Q18 1Q19 1Q20 1Q16 1Q17 1Q18 1Q19 1Q20 Residential mortgage Home equity Other Loans and Leases in Business Segments ($B) Year-Over-Year Growth in Business Segments YoY $954 $1,000 $864 $897 +6% 9% $819 72 +2% $775 74 70 $750 69 70 386 370 +4% 6% 6% 6% 343 352 6% $500 329 179 +9% 4% 4% 8% 159 164 7% 139 148 3% 6% 6% 6% $250 4% 4% 5% 3% 4% 238 258 280 292 317 +8% $0 0% 1Q16 1Q17 1Q18 1Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Consumer Banking GWIM Global Banking Global Markets Consumer loans Commercial loans Total in business segments Note: Amounts may not total due to rounding. 10

Net Interest Income 1 Net Interest Income (FTE, $B) • Net interest income of $12.1B ($12.3B FTE 1) $15 – Decreased $0.2B, or 2%, from 1Q19, driven primarily by $12.5 $12.3 $12.3 $12.3 $12.3 lower interest rates, partially offset by loan and deposit growth $10 – Stable from 4Q19, as lower asset yields and one less interest $12.4 $12.2 $12.2 $12.1 $12.1 accrual day were partially offset by lower funding costs as $5 well as benefits of loan and deposit growth • Net interest yield of 2.33% decreased 18 bps from 1Q19 and $0 decreased 2 bps from 4Q19 1 1Q19 2Q19 3Q19 4Q19 1Q20 Net interest income (GAAP) FTE adjustment – Average rate paid on interest-bearing deposits declined 14 bps from 4Q19 to 0.47% • Asset sensitivity position increased compared to 4Q19 Net Interest Yield (FTE) 1 3.5% 3.03% 2.98% 2.89% 3.0% 2.77% 2.77% 2.5% 2.51% 2.44% 2.41% 2.35% 2.33% 2.0% 1Q19 2Q19 3Q19 4Q19 1Q20 Reported net interest yield Net interest yield excl. GM Notes: FTE stands for fully taxable-equivalent basis. GM stands for Global Markets. 1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $1.2B, $1.1B, $1.0B, $0.8B and $1.0B and average earning assets of $501.6B, $481.4B, $476.9B, $474.1B and $472.4B for 1Q20, 4Q19, 3Q19, 2Q19 and 1Q19, respectively. The Company believes the presentation of net interest yield excluding Global Markets 11 provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 32.

Expense and Efficiency Total Noninterest Expense ($B) $15.2 $15 $13.8 $13.3 $13.5 $13.2 $13.2 $13.0 $13.1 $13.2 2.1 $13.2 5.4 $10 5.6 5.3 5.3 5.3 5.0 5.3 5.3 5.3 5.1 $5 7.6 8.5 7.9 7.7 7.7 8.2 8.0 7.8 8.0 8.3 $0 1 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Compensation and benefits Other JV impairment charge Efficiency Ratio 65% 65% 60% 60% 59% 59% 59% 55% 57% 58% 57% 57% 57% 50% 1 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 • Noninterest expense of $13.5B increased $0.3B from 1Q19, as investments across the franchise including in client-facing associates, employee compensation programs, technology and real estate were partially offset by efficiency savings • Noninterest expense increased $0.2B from 4Q19,1 driven primarily by seasonally elevated payroll tax costs of $0.4B • No significant COVID-19 impacts in 1Q20 noninterest expense Note: Amounts may not total due to rounding. 1 3Q19 efficiency ratio is adjusted to exclude the 3Q19 impairment charge of $2.1B for the notice of termination of the merchant services joint venture (JV) at the conclusion of its 12 current term, which represents a non-GAAP financial measure. Reported 3Q19 efficiency ratio was 67%. See Note C on slide 29 for reconciliations.

Asset Quality 1 Net Charge-offs ($MM) • Total net charge-offs of $1.1B increased $163MM from 4Q19, $1,200 $1,122 1.0% driven by an increase in commercial losses $991 $959 $887 • Net charge-off (NCO) ratio of 46 bps increased 7 bps from 4Q19 $811 $800 • Provision expense of $4.8B increased $3.8B from 4Q19 0.5% 0.43% 0.46% • Allowance for loan and lease losses of $15.8B increased $6.4B 0.38% 0.39% $400 0.34% from 12/31/19 and represented 1.51% of total loans and leases 1 – 1/1/20 CECL adoption impact of $3.3B includes $2.9B $0 0.0% increase in allowance for loan and lease losses and $0.3B 1Q19 2Q19 3Q19 4Q19 1Q20 increase in the reserve for unfunded lending commitments Net charge-offs Net charge-off ratio – 1Q20 included a reserve build of $3.6B due primarily to 3Q19 and 2Q19 included recoveries from the sale of previously charged-off non-core consumer real estate loans of $198MM and $118MM; NCO ratio of 0.42% and 0.43% deteriorating economic outlook related to COVID-19 excluding these sales; impact of sales on other periods presented was immaterial • Nonperforming loans increased $0.5B from 4Q19 driven by Provision for Credit Losses ($MM) increase in commercial loans • Commercial reservable criticized utilized exposure of $17.4B $5,000 $4,761 increased $5.9B, or 75 bps of commercial reservable utilized $4,000 exposure, from 4Q19 – Increase was broad-based across industries $3,000 $2,000 $1,013 $857 $941 $1,000 $779 $0 1Q19 2Q19 3Q19 4Q19 1Q20 13 1 Excludes loans measured at fair value.

Asset Quality – Consumer and Commercial Portfolios Consumer Net Charge-offs ($MM) Consumer Metrics ($MM) 1Q20 4Q19 1Q19 $1,000 $835 $838 $872 1.5% Provision $2,093 $798 $830 $691 1 $800 $622 Nonperforming loans and leases 2,204 2,053 3,578 2 $600 1.0% % of loans and leases 0.47 % 0.44 % 0.81 % Consumer 30+ days performing past due 1 $5,437 $5,776 $6,030 $400 0.77% 0.72% 0.75% 0.62% Fully-insured 3 1,598 1,811 2,390 $200 0.55% 0.5% Non fully-insured 3,839 3,965 3,640 $0 Allowance for loans and leases 9,066 4,542 4,756 1Q19 2Q19 3Q19 4Q19 1Q20 ($200) 0.0% % of loans and leases 2 1.95 % 0.98 % 1.08 % Credit card Other Consumer NCO ratio # times annualized NCOs 2.59 x 1.37 x 1.40 x Commercial Net Charge-offs ($MM) Commercial Metrics ($MM) 1Q20 4Q19 1Q19 $300 0.3% $250 Provision $2,668 $143 $183 $250 Reservable criticized utilized exposure 17,400 11,452 11,821 $196 $189 $200 $156 0.19% 0.2% Nonperforming loans and leases 1,852 1,499 1,272 $150 0.16% 0.15% $121 % of loans and leases 2 0.32 % 0.29 % 0.26 % 0.13% Allowance for loans and leases $6,700 $4,874 $4,821 $100 0.09% 0.1% 2 $50 % of loans and leases 1.16 % 0.96 % 0.97 % $0 0.0% 1Q19 2Q19 3Q19 4Q19 1Q20 C&I Small business and other Commercial NCO ratio 1 Includes $64MM 30+ days performing past due and $150MM Nonperforming loans that were previously classified as credit impaired. 14 2 Excludes loans measured at fair value. 3 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements.

Allocation of Allowance by Product Type • Allowance for Credit Losses Increased $6.9B, or 67%, since 12/31/19, due to CECL implementation and reserve build driven by deteriorating economic outlook due to COVID-19 4Q19 Probable Incurred January 1, 2020 March 31, 2020 ($MM) Losses CECL Adoption CECL % of Loans % of Loans % of Loans Allowance for loan and lease losses Amount and Leases Amount and Leases Amount and Leases Outstanding Outstanding Outstanding Residential mortgage $325 0.14% $212 0.09% $430 0.18% Home equity 221 0.55% 228 0.57% 378 0.96% Credit Card 3,710 3.80% 6,809 6.98% 7,583 8.25% Direct/Indirect/other consumer 286 0.31% 621 0.68% 675 0.75% Total consumer $4,542 0.98% $7,870 1.69% $9,066 1.95% U.S. Commercial 1 3,015 0.94% 2,723 0.84% 4,135 1.11% Non-U.S. commercial 658 0.63% 668 0.64% 1,041 0.89% Commercial real estate 1,042 1.66% 1,036 1.65% 1,439 2.16% Commercial lease financing 159 0.80% 61 0.31% 85 0.45% Total commercial $4,874 0.96% $4,488 0.88% $6,700 1.16% Allowance for loan and lease losses $9,416 0.97% $12,358 1.27% $15,766 1.51% Reserve for unfunded lending commitments 813 1,123 1,360 Allowance for credit losses $10,229 $13,481 $17,126 15 1 Includes allowance for loan and lease losses for U.S. small business commercial loans.

Consumer Banking Inc / (Dec) Summary Income Statement ($MM) 1Q20 4Q19 1Q19 • Net income of $1.8B decreased from 1Q19, as solid client activity Total revenue, net of interest expense $9,129 ($385) ($503) was partially offset by reserve build and the impact of lower Provision for credit losses 2,258 1,324 1,284 interest rates Net charge-offs 963 39 38 • Revenue of $9.1B decreased $0.5B, or 5%, from 1Q19, driven by 1 Reserve build 1,295 1,285 1,246 lower noninterest income as well as lower net interest income Noninterest expense 4,495 27 128 Pretax income 2,376 (1,736) (1,915) • Provision increased from 1Q19 due primarily to the reserve build associated with COVID-19 Pretax, pre-provision income 1 4,634 (412) (631) Income tax expense 582 (425) (469) • Noninterest expense increased 3% from 1Q19, driven by the cost of Net income $1,794 ($1,311) ($1,446) increased client activity and investments for business growth, largely offset by improved productivity and lower support costs Key Indicators ($B) 1Q20 4Q19 1Q19 – Continued investment in financial center and ATM builds / Average deposits $736.7 $719.7 $697.0 renovations, sales professionals, digital capabilities and Rate paid on deposits 0.11 % 0.11 % 0.09 % minimum wage increases Cost of deposits 2 1.50 1.52 1.55 – Digital usage increased for sales, service and appointments Average loans and leases $316.9 $311.0 $292.3 • Average deposits of $737B grew $40B, or 6%, from 1Q19 Net charge-off ratio 1.22 % 1.18 % 1.28 % 54% of deposits in checking accounts; 91% primary accounts 5 Consumer investment assets 3 $212.2 $240.1 $210.9 – 2 Active mobile banking users (MM) 29.8 29.2 27.1 – Average cost of deposits of 1.50% ; rate paid of 11 bps % Consumer sales through digital channels 33 % 32 % 30 % • Average loans and leases of $317B increased $25B, or 8%, from Number of financial centers 4,297 4,300 4,353 1Q19, driven by growth in residential mortgages Combined credit / debit purchase volumes 4 $153.0 $167.2 $147.8 • Consumer investment assets of $212B grew $1B, or 1%, from 1Q19, Total consumer credit card risk-adjusted margin 4 7.94 % 8.68 % 8.03 % driven by client flows, partially offset by market performance Return on average allocated capital 19 33 36 – $22B of client flows since 1Q19 Allocated capital $38.5 $37.0 $37.0 Efficiency ratio 49 % 47 % 45 % – 2.8MM client accounts, up 9% • Combined credit / debit card spend increased 4% from 1Q19 • 6.3MM consumer clients enrolled in Preferred Rewards; 99% retention 1 Represent non-GAAP financial measures. For more information on reserve build, see note A on slide 29. For more information and a reconciliation to GAAP of pretax, pre-provision income, see note B on slide 29. For important presentation information about these measures, see slide 32. 2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits subsegment. 3 Consumer investment assets include client brokerage assets, deposit sweep balances and assets under management in Consumer Banking. 4 Includes consumer credit card portfolios in Consumer Banking and GWIM. 16 5 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 ($B) Total Expense ($B) and Efficiency • #1 Consumer Deposit Market Share A • #1 Small Business Lender B $12 $5 $4.4 $4.4 $4.4 $4.5 $4.5 55% • #1 Online Banking and Mobile Banking $9.6 $9.7 $9.7 $9.5 $9.1 $4 Functionality C $9 50% 2.5 2.6 2.7 2.6 2.3 49% • #1 Home Equity Originator D $3 47% • #1 in Prime Auto Credit distribution of new $6 45% 45% 45% 45% originations among peers E $2 F $3 7.1 7.1 7.0 6.9 6.9 40% • #1 Digital Checking Account Sales Functionality $1 • Named North America's Best Digital Bank G • Best Mortgage Lender for First Time Home Buyers H $0 $0 35% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 • 5 Star Ranking Overall – Named a Top Online Stock Broker H Net interest income Noninterest income Noninterest expense Efficiency ratio Average Deposits ($B) Average Loans and Leases ($B) Consumer Investment Assets (EOP, $B) 2 $737 0.20% $800 $697 $707 $709 $720 $350 $311 $317 $250 $240 $292 $296 $304 $211 $220 $223 $212 $300 21 20 20 21 $600 0.15% 20 34 32 32 $200 342 $250 36 35 332 333 332 335 51 51 50 51 51 0.11% 0.11% 0.11% $200 $150 $400 0.10% 0.10% 92 0.09% $150 92 92 92 91 $100 $100 $200 384 395 0.05% 365 374 377 $50 $50 94 100 108 115 122 $0 0.00% $0 $0 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Residential mortgage Consumer credit card Checking Other Rate paid (%) Vehicle lending Home equity Small business / other Note: Amounts may not total due to rounding. 1 See slide 30 for business leadership sources. 2 Consumer investment assets include client brokerage assets, deposit sweep balances and assets under management in Consumer Banking. 17

Consumer Banking Digital Usage Trends 1 Active Digital Banking Users (MM) Total Payments ($B) Person-to-Person Payments (Zelle) 4 YoY YoY 12.2MM Erica users 10.4MM users $900 +9% 39.1 +6% $775 102.3 40 35.5 37.0 $687 $711 105 $60 33.7 $626 312 +0% 30 29.8 $600 27.1 +10% 318 311 70 $40 24.8 309 58.2 20 22.2 $300 $27 +16% 35 28.6 $20 10 400 463 317 369 12.4 $16 $9 0 $4 $0 0 $0 1Q17 1Q18 1Q19 1Q20 1Q17 1Q18 1Q19 1Q20 Digital banking users 1Q17 1Q18 1Q19 1Q20 Digital Non-Digital Mobile banking users Transactions (MM) Volume ($B) 2, 3 Mobile Channel Usage YoY Deposit Transactions by Channel Digital % of Total Sales 1,800 1,000 +11% 100% 35% 33% 1,637 30% 30% 1,600 25% 23% 21% 26% 1,475 29% 28% 1,381 750 75% 1,400 +12% 48% 21% 49% 1,200 586 57% 1,048 523 500 50% 61% 1,000 445 14% 355 71% 75% 77% 79% 800 25% 250 7% 51% 52% 600 39% 43% 400 0 0% 0% 1Q17 1Q18 1Q19 1Q20 1Q17 1Q18 1Q19 1Q20 1Q17 1Q18 1Q19 1Q20 Mobile Channel Usage (MM) Digital/ATM Financial Center Mobile Desktop Digital Appointments (000's) Note: Amounts may not total due to rounding. 1 Digital users represent mobile and/or online users. 2 Mobile channel usage represents the total number of mobile banking sessions. 3 Digital appointments represent the number of client-scheduled appointments made via online, smartphone or tablet. 18 4 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle users represent 90-day active users.

Global Wealth & Investment Management Inc / (Dec) Summary Income Statement ($MM) 1Q20 4Q19 1Q19 • Net income of $0.9B decreased 17% from 1Q19; ROAAC of 23% Total revenue, net of interest expense $4,936 $23 $116 – Pretax margin of 23% Provision for credit losses 189 170 184 Net charge-offs 9 (8) (3) • Revenue of $4.9B increased 2% from 1Q19 Reserve build 1 180 178 187 – Asset management fees increased 10%, driven by higher Noninterest expense 3,600 77 166 market valuations and the impact of positive AUM flows Pretax income 1,147 (224) (234) – Brokerage revenue up 10% on higher transactional activity 1 1,336 (54) (50) Pretax, pre-provision income – Net interest income declined, as the benefit of strong loan Income tax expense 281 (55) (57) growth was more than offset by the impact from lower Net income $866 ($169) ($177) interest rates • Provision increased from 1Q19 due primarily to the reserve build Key Indicators ($B) 1Q20 4Q19 1Q19 associated with COVID-19 Average deposits $263.4 $255.9 $261.8 Average loans and leases 178.6 174.4 164.4 • Noninterest expense increased 5% from 1Q19, primarily driven by revenue-related incentives and investments for business Net charge-off ratio 0.02 % 0.04 % 0.03 % growth AUM flows 2 $7.0 $8.1 $5.9 Pretax margin 23 % 28 % 29 % • Client balances of $2.7T, down 6% from 1Q19, driven by lower Return on average allocated capital 23 28 29 end-of-period market valuations Allocated capital $15.0 $14.5 $14.5 – AUM flows of $7B in 1Q20 2 – Average deposits of $263B increased $2B, or 1%, from 1Q19 – Average loans and leases of $179B increased $14B, or 9%, from 1Q19, driven by residential mortgage and custom lending • 1Q20 net new households of more than 7,500 in Merrill Lynch and more than 600 net new relationships in Private Bank • Household mobile channel usage increased 40% in Merrill Lynch and 32% in Private Bank from 1Q19 • Wealth advisors grew 1% from 1Q19 to 19,628 1 Represent non-GAAP financial measures. For more information on reserve build, see note A on slide 29. For more information and a reconciliation to GAAP of pretax, pre-provision income, see note B on slide 29. For important presentation information about these measures, see slide 32. 19 2 Starting in 2Q19, AUM flows include managed deposits in investment accounts.

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 $263 across client assets, deposits and loans $262 $254 $254 $256 $200 $174 $179 $164 $166 $170 • #1 in personal trust assets under management J $150 47 • #1 in Barron’s Top 1,200 ranked Financial $200 42 43 44 45 Advisors (2020) 39 40 • #1 in Forbes’ Top Next Generation Advisors $100 39 39 39 (2019) and Best-in-State Wealth Advisors (2020) $100 • #1 in Financial Times Top 401K Retirement Plan $50 80 82 84 87 90 Advisers (2019) • #1 in Barron’s Top 100 Women Advisors (2019) $0 $0 • #1 in Forbes’ Top Women Advisors (2019) 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Consumer real estate Securities-based lending Custom lending Credit card / Other Total Revenue ($B) Client Balances (EOP, $B) 2, 3 $3,048 $6 $3,250 $2,837 $2,899 $2,906 $4.8 $4.9 $4.9 $4.9 $4.9 179 $2,659 167 172 176 263 0.7 $2,600 261 252 252 184 0.7 0.8 0.7 0.7 282 $4 $1,950 1,170 1,204 1,212 1,276 2.4 2.5 2.6 2.6 2.7 1,092 $1,300 $2 $650 1,282 1,314 1,306 1,373 1.7 1.6 1.6 1.6 1.6 1,155 $0 $0 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Net interest income Asset management fees Brokerage / Other Brokerage / Other AUM Deposits Loans and leases Note: Amounts may not total due to rounding. 1 See slide 30 for business leadership sources. 2 Loans and leases include margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet. 3 Managed deposits in investment accounts of $56B, $43B, $40B, $44B and $43B for 1Q20, 4Q19, 3Q19, 2Q19 and 1Q19, respectively, are included in both AUM and Deposits. Total 20 client balances only include these balances once.

Global Banking Inc/(Dec) Summary Income Statement ($MM) 1Q20 4Q19 1Q19 • Net income of $0.1B decreased $1.9B from 1Q19; ROAAC of 1% Total revenue, net of interest expense 1 $4,600 ($541) ($555) • Revenue of $4.6B decreased 11% from 1Q19, as markdowns in Provision (benefit) for credit losses 2,093 2,035 1,982 capital markets and the Fair Value Option loan portfolio, as well Net charge-offs 160 120 78 as spread compression, were partly mitigated by loan and Reserve build 2 1,933 1,915 1,904 deposit balance growth and higher investment banking fees Noninterest expense 2,321 1 55 • Total Corporation investment banking fees of $1.4B (excl. self- Pretax income 186 (2,577) (2,592) 2 led) increased 10% from 1Q19, driven by higher debt and equity Pretax, pre-provision income 2,279 (542) (610) underwriting fees Income tax expense 50 (696) (700) 3 Net income $136 ($1,881) ($1,892) – Ranked #3 in global investment banking fees – 6.7% investment banking fee market share, up 60 bps 3 Selected Revenue Items ($MM) 1Q20 4Q19 1Q19 1 • Provision for credit losses increased $2.0B due primarily to the Total Corporation IB fees (excl. self-led) $1,388 $1,474 $1,264 reserve build associated with COVID-19 Global Banking IB fees 1 761 809 709 Business Lending revenue 2,014 2,122 2,173 • Noninterest expense increased 2% from 1Q19, due primarily to Global Transaction Services revenue 2,005 2,136 2,164 continued investments in the business, partially offset by lower revenue-related incentives Key Indicators ($B) 1Q20 4Q19 1Q19 • Average deposits of $382B increased 10% from 1Q19, driven by Average deposits $382.4 $378.5 $349.0 increased client coverage Average loans and leases 386.5 377.4 370.1 Ending deposits increased $94B from 4Q19, reflecting client Net charge-off ratio – 0.17 % 0.04 % 0.09 % flight to safety and placement of credit draws in the latter Return on average allocated capital 1 20 20 part of the quarter Allocated capital $42.5 $41.0 $41.0 Efficiency ratio 50 % 45 % 44 % • Average loans and leases of $386B increased 4% from 1Q19, driven by broad-based growth across corporate and commercial clients – Ending loans and leases increased $58B from 4Q19 due to increased draw activity as clients secured liquidity 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities. 2 Represent non-GAAP financial measures. For more information on reserve build, see note A on slide 29. For more information and a reconciliation to GAAP of pretax, pre-provision income, see note B on slide 29. For important presentation information about these measures, see slide 32. 21 3 Per Dealogic as of April 1, 2020 for the quarter ended March 31, 2020; excludes self-led deals.

Global Banking Trends Business Leadership 1 Average Deposits ($B) Average Loans and Leases ($B) • North America’s Best Bank for Small to $382 $386 G $379 $373 $377 $377 Medium-sized Enterprises $400 $349 $363 $360 $400 $370 15 15 15 15 • Best Overall Brand Middle Market Banking M 15 • North America’s Best Bank for Financing G $300 54% $300 50% 54% 55% 55% 176 176 179 180 183 • 2019 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash $200 $200 Management M $100 46% $100 • Best Investment Bank for Debt in Western 50% 46% 45% 45% 178 182 183 183 189 Europe N • Relationships with 77% of the Global Fortune $0 $0 500; 95% of the U.S. Fortune 1,000 (2019) 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Noninterest-bearing Interest-bearing Commercial Corporate Business Banking Total Revenue ($B) 2 Total Corporation IB Fees ($MM) 2 $6 $5.2 $1,533 $5.2 $5.0 $5.1 $1,371 $1,474 $1,388 $4.6 $1,264 0.9 0.9 0.8 1.0 0.4 288 452 377 269 $4 0.7 0.7 0.8 0.8 0.8 343 283 395 308 322 0.7 0.7 0.9 0.8 0.8 234 $2 816 927 2.8 2.7 2.6 2.6 2.6 748 746 797 $0 (61) (58) (43) (22) (91) 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Net interest income IB fees Service charges All other income Debt Equity Advisory 3 Self-led deals Note: Amounts may not total due to rounding. 1 See slide 30 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. 22 3 Advisory includes fees on debt and equity advisory and mergers and acquisitions.

Global Banking Digital Update 1 CashPro® Online Users CashPro® Mobile CashPro® Mobile across commercial, corporate and business App Logins Payment Approvals Value banking clients +107% $175B ~500K Rolling 12 mos. YoY up 67% Rolling 12 mos. YoY CashPro® Mobile Incoming receivables digitally matched with Commercial Prepaid Cards Checks Deposited Intelligent Receivables Added to App +121% 11MM 2 +160% Rolling 12 mos. YoY In last 12 months YoY, the highest since launch Supporting, Advising and Investing in Our Clients’ Business Continuity, and Anytime, Anywhere with Digital Solutions that are: FAST SMART SECURE CashPro Mobile Notifications Automatic Fraud Monitoring Expanding access and capabilities For added visibility Smart and secure Mobile Wallet Intelligent Receivables Mobile Token For Commercial Card Bringing AI to Receivables with award- Expanding access winning solution Real Time Payments For U.S. payments Email Assist Document Exchange Intelligently casing service requests Online and Mobile CashPro API Supporting real-time access CashPro Assistant Paperless Statements Driving a fast, smart, secure experience For commercial card Digitizing KYC refreshes Faster and easier through CashPro eSignature Biometrics Assistant Also on CashPro Mobile For CashPro Mobile Improving Leveraging Data and Confidently doing business Connectivity and Access Intelligence anytime, anywhere 1 Metrics as of March 31, 2020 unless otherwise indicated. 2 As of February 2020. 23

Global Markets Inc/(Dec) Summary Income Statement ($MM) 1Q20 4Q19 1Q19 • Net income of $1.7B increased 65% from 1Q19; ROAAC of 19% 1 [ Bullets to come ] Total revenue, net of interest expense $5,225 $1,800 $1,044 • – Excluding net DVA, net income of $1.5B increased 34% 2 Net DVA 300 386 390 1,2 Revenue of $5.2B increased 25% from 1Q19; excluding net DVA, Total revenue (excl. net DVA) 4,925 1,414 654 • 2 Provision for credit losses 107 98 130 revenue increased 15% Net charge-offs 7 (2) 7 • Excluding net DVA, sales and trading revenue of $4.3B increased Reserve build 3 100 100 123 22% from 1Q19 2 Noninterest expense 2,813 200 58 – FICC revenue of $2.7B increased 13%, driven by increased Pretax income 2,305 1,502 856 client activity and improved market making conditions across 3 Pretax, pre-provision income 2,412 1,600 986 all macro products (in particular Rates), more than offsetting Income tax expense 599 370 186 weaker performances in the credit-sensitive businesses Net income $1,706 $1,132 $670 – Equities revenue of $1.7B increased 39%, driven by Net income (excl. net DVA) 2 $1,478 $839 $374 increased client activity and a strong trading performance in the more volatile market environment Selected Revenue Items ($MM) 1 1Q20 4Q19 1Q19 Sales and trading revenue $4,635 $2,769 $3,463 • Provision increased from 1Q19 due primarily to the reserve build Sales and trading revenue (excl. net DVA) 2 4,335 2,855 3,553 associated with COVID-19 FICC (excl. net DVA) 2 2,671 1,835 2,360 • Noninterest expense increased 2% vs. 1Q19, driven by higher Equities (excl. net DVA) 2 1,664 1,020 1,193 revenue-related expenses Global Markets IB fees 602 581 537 • Average VaR was $48MM in 1Q20 4 Key Indicators ($B) 1Q20 4Q19 1Q19 Average total assets $713.0 $680.1 $664.1 Average trading-related assets 503.0 489.3 474.3 Average 99% VaR ($MM) 4 48 35 37 Average loans and leases 71.7 73.0 70.1 Return on average allocated capital 19 % 7 % 12 % Allocated capital $36.0 $35.0 $35.0 Efficiency ratio 54 % 76 % 66 % 1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 2 Represents a non-GAAP financial measure. See Note E on slide 29 and slide 32 for important presentation information. 3 Represent non-GAAP financial measures. For more information on reserve build, see note A on slide 29. For more information and a reconciliation to GAAP of pretax, pre-provision income, see note B on slide 29. For important presentation information about these measures, see slide 32. 24 4 See Note F on slide 29 for the definition of VaR.

Global Markets Trends and Revenue Mix Business Leadership 1 1Q20 Global Markets Revenue Mix 1Q20 Total FICC S&T Revenue Mix • Derivatives House of the Year L, Q, R (excl. net DVA) 2 (excl. net DVA) 2 • Most Innovative Bank for Equity Derivatives K • #1 Global Research Firm P P • #1 Global Fixed Income Research Team 77% • #1 Quality Leader for U.S. FICC Overall 72% Trading Quality and #1 for U.S. FICC Overall Service Quality M 28% 23% • Quality Leader in Global Foreign Exchange Sales and Corporate FX Sales M • Share Leader in U.S. Fixed Income Market M 3 Share U.S. / Canada International Credit / Other Macro • #1 Municipal Bonds Underwriter O Total Sales and Trading Revenue (excl. net DVA) ($B) 2 Average Trading-related Assets ($B) and VaR ($MM) 4 $5 $4.3 $600 $100 $4.1 $503 $4 $3.6 $463 $474 1.7 $75 1.5 $400 $3 1.2 $48 $50 $2 $40 $200 $37 2.6 2.7 $1 2.4 $25 $0 $0 $0 1Q18 1Q19 1Q20 1Q18 1Q19 1Q20 FICC Equities Avg. trading-related assets Avg. VaR Note: Amounts may not total due to rounding. 1 See slide 30 for business leadership sources. 2 Represents a non-GAAP financial measure. Reported sales and trading revenue was $4.6B, $3.5B and $4.1B for 1Q20, 1Q19 and 1Q18, respectively. Reported FICC sales and trading revenue was $2.9B, $2.3B and $2.6B for 1Q20, 1Q19 and 1Q18, respectively. Reported Equities sales and trading revenue was $1.7B, $1.2B and $1.5B for 1Q20, 1Q19 and 1Q18, respectively. See Note E on slide 29 and slide 32 for important presentation information. 25 3 Macro includes currencies, interest rates and commodities products. 4 See Note F on slide 29 for definition of VaR.

All Other 1 Inc/(Dec) • Net loss of $492MM in 1Q20 compared to net loss of $36MM in Summary Income Statement ($MM) 1Q20 4Q19 1Q19 1Q19, driven by certain valuation adjustments and, to a lesser Total revenue, net of interest expense ($979) ($480) ($348) extent, increased provision expense related to COVID-19 on the Provision (benefit) for credit losses 114 193 168 non-core mortgage portfolio Net charge-offs (17) 14 11 • Total Corporation effective tax rate of 11.5% reflected: Reserve build 2 131 179 157 Noninterest expense 246 (69) (156) – $0.1B benefit related to stock-based compensation Pretax income (loss) (1,339) (604) (360) – The greater impact of tax credits related to tax-advantaged Pretax, pre-provision income 2 (1,225) (411) (192) investments on lower pretax income Income tax expense (benefit) (847) 151 96 Net income (loss) ($492) ($755) ($456) 1 All Other consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management activities. Substantially all of the results of 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. 26 2 Represent non-GAAP financial measures. For more information on reserve build, see note A on slide 29. For more information and a reconciliation to GAAP of pretax, pre-provision income, see note B on slide 29. For important presentation information about these measures, see slide 32.

Appendix

BAC’s Transformation Over a Decade • Transformational changes allow us to be prepared to support our clients. Responsible growth has been embedded in how we run the company for years; we are focused on core, relationship customers and strong client selection • We have strengthened our capital level and more than doubled our liquidity since 12/31/09 as well as significantly enhanced the way we fund the company • In addition, we managed the loan portfolio to a more balanced and higher quality credit profile from 67% consumer / 33% commercial in 4Q09 to 44% consumer / 56% commercial today with a ~60% reduction in unsecured consumer credit and home equity • Further, in the Federal Reserve’s CCAR tests, we have had the lowest loss rate vs. peers in the annual exam in six of the last seven years Strengthened Capital 1,2 Built Strong Liquidity 2 Enhanced Funding Structure 2 Tangible Common Equity ($B) & Tangible Book Value per Share Ending Global Liquidity Sources ($B) 3 Ending Deposits and Long-term Debt ($B) $200 $20 $699 $172 $1,583 $112 $19.79 $992 $100 $10 $11.31 $214 $523 0.59% $257 3.01% 0.33% $0 $0 2.54% 4Q09 1Q20 4Q09 1Q20 Tangible book value per share 4Q09 1Q20 Tangible common equity Deposits Long-term Debt Funding Costs Improved Portfolio Balance 2 Improved Credit Quality 2 CCAR Results 4 Ending Loans and Leases ($B) Quarterly Net Charge-offs ($B) FRB Stress Test Loss Rate (%) $1,003 $1,051 $11.3 9.2% 33% 56% 7.7% 7.1% 6.9% 6.6% 5.9% 67% $1.1 44% 4.5% 4.4% 2013 2014 2015 2016 2017 2018 2019 4Q09 1Q20 4Q09 1Q20 Consumer Commercial BAC JPM Citi WFC 1 Represents a non-GAAP financial measure. Tangible common equity is calculated as common shareholders’ equity of $241.5B and $207.2B less goodwill and other intangibles (excluding MSRs), net of related deferred tax liabilities, of $69.8B and $94.8B at 1Q20 and 4Q09. Tangible book value per share is calculated as tangible common equity divided by common shares outstanding of 8.7B and 9.9B at 1Q20 and 4Q09. We believe metrics that use tangible equity provide additional useful information because they present measures of those assets that can generate income. Reported book value per share was $27.84 and $20.85 at 1Q20 and 4Q09. For important presentation information, see slide 32. 2 4Q09 reflects 12/31/09 information adjusted to include the 1/1/10 adoption of FAS 166/167 as reported in our SEC filings. 28 3 See note D on slide 29 for definition of Global Liquidity Sources. 4 9-quarter loss rate from CCAR test.

Notes A Reserve Build (or Release) is a non-GAAP financial measure, calculated by subtracting net charge offs for the period from the provision for credit losses recognized in that period. For GAAP purposes, the period-end allowance, or reserve, for credit losses reflects the beginning of the period allowance adjusted for net charge- offs recorded in that period plus the provision for credit losses recognized in that period. The Company believes that disclosing reserve build is a useful measure that enables investors and others to assess the effect of the provision for credit losses on the allowance for credit losses in the period. B Pretax, pre-provision income (PTPI) at the consolidated level is a non-GAAP financial measure calculated by adjusting consolidated pretax income to add back provision for credit losses. Similarly, PTPI at the segment level is a non-GAAP financial measure calculated by adjusting pretax income of such segment to add back provision for credit losses for such segment. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Company’s ability to generate earnings to cover credit losses through a credit cycle as well as provides an additional basis for comparing the Company's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. See reconciliation below. 1Q20 4Q19 1Q19 Provision for Pretax, Pre- Provision for Pretax, Pre- Provision for Pretax, Pre- $ Millions Pretax Income Credit Losses provision Income Pretax Income Credit Losses provision Income Pretax Income Credit Losses provision Income Consumer Banking $ 2,376 $ 2,258 $ 4,634 $ 4,112 $ 934 $ 5,046 $ 4,291 $ 974 $ 5,265 Global Wealth & Investment Management 1,147 189 1,336 1,371 19 1,390 1,381 5 1,386 Global Banking 186 2,093 2,279 2,763 58 2,821 2,778 111 2,889 Global Markets 2,305 107 2,412 803 9 812 1,449 (23) 1,426 All Other (1,339) 114 (1,225) (735) (79) (814) (979) (54) (1,033) Total Corporation (GAAP) $ 4,531 $ 4,761 $ 9,292 $ 8,169 $ 941 $ 9,110 $ 8,767 $ 1,013 $ 9,780 C The non-cash impairment charge related to the notice of termination of the merchant services joint venture at the conclusion of its current term reduced 3Q19 net income by $1.7B, which included an increase in noninterest expense and a reduction in pretax income of $2.1B and a reduction in income tax expense of $373MM. The impairment charge negatively impacted the Company’s 3Q19 efficiency ratio by 909 bps. D 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. E 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 $300MM, ($86MM), ($90MM) and $64MM for 1Q20, 4Q19, 1Q19 and 1Q18, respectively. Net DVA gains (losses) included in FICC revenue were $274MM, ($81MM), ($79MM) and $77MM for 1Q20, 4Q19, 1Q19 and 1Q18, respectively. Net DVA gains (losses) included in Equities revenue were $26MM, ($5MM), ($11MM) and ($13MM) for 1Q20, 4Q19, 1Q19 and 1Q18 respectively. F 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 $27MM, $20MM, $21MM and $21MM for 1Q20, 4Q19, 1Q19 and 1Q18 respectively. 29

Sources A Estimated retail consumer deposits based on June 30, 2019 FDIC deposit data. B FDIC, 4Q19. C Dynatrace 4Q19 Online Banker Scorecard and 1Q20 Mobile Banker Scorecard; Javelin 2019 Online and Mobile Banking Scorecards. D Inside Mortgage Finance, Home Equity new HELOC commitments, 4Q19. E Experian Autocount; Franchised Dealers; Largest percentage of 680+ Vantage 3.0 originations among key competitors as of January 2020. F Forrester, Jan 2020. G Euromoney, July 2019. H Nerdwallet, 2020. I U.S.-based full-service wirehouse peers based on 4Q19 earnings releases. J Industry 4Q19 FDIC call reports. K The Banker, 2019. L Global Capital, 2019. M Greenwich, 2019. N Global Finance, 2019. O Refinitiv, 2019. P Institutional Investor, 2019. Q Risk Awards, 2020. R IFR Awards, 2019. 30

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 2019 Annual Report on Form 10-K and in any of the Company’s subsequent Securities and Exchange Commission filings: the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions, including as a result of our participation in and execution of government programs related to the COVID-19 pandemic; 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 and tensions, 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, provision for credit losses, 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; 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, derivatives regulations and the Coronavirus Relief and Economic Security Act and any similar or related rules and 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 or campaigns; the impact on the Company’s business, financial condition and results of operations from the United Kingdom's exit from the European Union; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the impact of natural disasters, the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations and financial condition, military conflict, terrorism or other geopolitical events; 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. 31

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. • Effective January 1, 2020, the Company adopted the new current expected credit losses (CECL) accounting standard that measures the allowance based on management’s best estimate of lifetime expected credit losses inherent in the Company’s lending activities. Prior periods included in this presentation reflect measurement of the allowance based on management’s estimate of probable incurred credit losses. • The Company may present certain metrics and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding certain items (e.g., DVA) that are 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 March 31, 2020, and other earnings-related information available through the Bank of America Investor Relations website at: http://investor.bankofamerica.com. • The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and trends. KPIs are presented in 1Q20 Financial Results on slide 2 and on the Summary Income Statement for each segment. • 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 $144MM, $145MM, $148MM, $149MM and $153MM for 1Q20, 4Q19, 3Q19, 2Q19 and 1Q19, 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 2020, the Company adjusted the amount of capital being allocated to its business segments. 32