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

The following information was filed by Bank Of America Corp (BAC) on Monday, July 16, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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