Bank of America Reports Record Quarterly Earnings of $7.3 Billion, EPS $0.70 17th Consecutive Quarter of Positive Operating Leverage 1Q19 Financial Highlights1 1Q19 Business Segment Highlights1,2 • Net income of $7.3 billion rose 6%, driven by Consumer Banking • Net income rose 25% to $3.2 billion continued strong operating leverage • Loans up 5% to $292 billion • Diluted earnings per share of $0.70 rose 13% • Deposits up 3% to $697 billion • Pretax income of $8.8 billion rose 4% • Consumer Investment Assets up 16% to • Revenue, net of interest expense, remained $211 billion relatively stable at $23.0 billion • Efficiency ratio improved to 45% – Higher net interest income (NII) from • 27.1 million active mobile banking users increased interest rates and loan and deposit • growth, more than offset by lower noninterest Global Wealth & Investment Net income rose 14% to $1.0 billion income(A) Management • Pretax margin increased to 29% • Net interest yield (FTE basis) of 2.51%, up • Total client balances of $2.8 trillion (A) 9 bps • Loans up 3%; deposits up 8% • Provision for credit losses increased $179 • Record net new Merrill Lynch households, million to $1.0 billion up 85% – Net charge-off ratio increased 3 bps to 0.43% Global Banking • Net income rose 2% to $2.0 billion • Noninterest expense declined $618 million, or • Firmwide investment banking fees of 4%, to $13.2 billion; efficiency ratio improved to $1.3 billion (excludes self-led) 57% • Loans increased 5% to $370 billion • Average loan and lease balances in business • Deposits increased 8% to $349 billion segments rose $33 billion, or 4%, to $897 billion • – Consumer loans up 3%; commercial loans up Efficiency ratio improved to 44% 4% Global Markets • Sales and trading revenue of $3.5 billion, • Average deposit balances rose $63 billion, or 5%, including net debit valuation adjustment to $1.4 trillion (DVA) losses of $90 million • Excluding net DVA, sales and trading • Repurchased $6.3 billion in common stock and (B) paid $1.5 billion in common dividends revenue down 13% to $3.6 billion – Equities down 22% to $1.2 billion(B) – Returned 112% of net income available to (B) common shareholders – FICC down 8% to $2.4 billion CEO Commentary: “Our diverse business mix and commitment to responsible growth drove record quarterly earnings. Economic growth and consumer activity in the U.S. continue to be solid, businesses of every size are borrowing and driving the economy, and asset quality is strong. It was a challenging capital markets environment but our team and platform are optimized to serve clients and generate stable revenues across a range of market conditions over time. We reduced expenses by four percent from the first quarter of 2018, contributing to the seventeenth consecutive quarter of positive operating leverage. We are well positioned for continued solid results the right way. And we are building on that. We’ll add 350 financial centers in new and existing markets by 2021. Our network will provide coverage for more than 90 percent of the U.S. population. We continue to share success: We will raise the minimum starting pay in our company to $20 over the next twenty-four months; we’ll help 20,000 low-to-moderate income clients become homeowners; and we extended our Environmental Business Initiative to $300 billion over 10 years to help create a low-carbon sustainable future. We serve by asking the simple question to customers, employees, and communities: ‘What would you like the power to do?’. We listen to them and serve them with a team that is second to none.” — Brian Moynihan, Chairman and Chief Executive Officer Financial Highlights3 Three months ended ($ in billions, except per share data) 3/31/2019 12/31/2018 3/31/2018 Total revenue, net of interest expense $23.0 $22.7 $23.1 Net income $7.3 $7.3 $6.9 Diluted earnings per share $0.70 $0.70 $0.62 Return on average assets 1.26% 1.24% 1.21% Return on average common shareholders’ equity 11.42 11.57 10.85 Return on average tangible common shareholders’ equity4 16.01 16.29 15.26 Efficiency ratio 57 58 60 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 Results for 1Q19 presented in this release reflect certain financial reporting changes and reclassifications that were effective January 1, 2019, as disclosed in a Current Report on Form 8-K filed on April 1, 2019. Results for 2018 periods presented in this release have been updated to reflect the changes and reclassifications to conform to current period presentation. 4 Represents a non-GAAP financial measure. For additional information, see endnote C on page 10 and reconciliation on page 17. 1

The following information was filed by Bank Of America Corp (BAC) on Tuesday, April 16, 2019 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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