Bank of America Reports Quarterly Earnings of $7.0 Billion, EPS of $0.74 Full-Year 2019 Net Income of $27.4 Billion, or $2.75 Per Share Full-Year 2019 Net Income of $29.1 Billion, or $2.93 Per Share, Excluding 3Q19 Impairment Charge3 4Q19 Financial Highlights1 4Q19 Business Segment Highlights1,2 • Net income of $7.0 billion, or $0.74 per diluted • Net income of $3.1 billion Consumer Banking share, compared to $7.3 billion or $0.70 • Loans up 7% to $311 billion • Revenue, net of interest expense, of $22.3 billion • Deposits up 5% to $720 billion decreased 1% • Consumer investment assets up 29% to – Net interest income (NII)A declined 3%, driven $240 billion; flows of $20 billion by lower interest rates, partially offset by loan • Efficiency ratio remains low at 47% and deposit growth; noninterest income • 29 million active mobile users, up 10% remained stable • Net income of $1.0 billion • Provision for credit losses increased $36 million, Global Wealth and Investment • Pretax margin of 28% Management or 4%, to $941 million • Record total client balances exceed • Noninterest expense up modestly to $13.2 billion $3 trillion, up 16% as investments in the franchise continue; • Loans up 7%; deposits up 3% efficiency ratio of 59% • 2019 net new households up 64% in • Average loan and lease balances in the business Private Bank, 25% in Merrill Lynch vs. '18 segments rose $54 billion, or 6%, to $936 billion • Net income of $2.0 billion Global Banking – Consumer loans up 7% • Firmwide investment banking fees of $1.5 billion (excl. self-led) increased 9% – Commercial loans up 6% • Loans up 6% to $377 billion • Average deposit balances rose $65 billion, or 5%, • Deposits up 5% to $379 billion to $1.4 trillion • Returned $34 billion of capital to shareholders through common dividends and share • Sales and trading revenue of $2.8 billion, repurchases during 2019 Global Markets including net debit valuation adjustments (DVA) losses of $86 million • Book value per share increased 9% to $27.32 • Excluding net DVA, sales and trading revenue increased 13% to $2.9 billionB – FICC increased 25% to $1.8 billionB – Equities decreased 4% to $1.0 billionB Commentary from Chairman and CEO Brian Moynihan: “In a steadily growing economy marked by solid client activity, our teammates produced another strong quarter and year, allowing us to increase investments in our customers, communities, and employees, while keeping a close eye on expenses. We also delivered for shareholders in 2019 by returning a record $34 billion in excess capital through dividends and share repurchases. As evidenced by a quarter in which our customer deposits surpassed $1.4 trillion and client balances in our wealth management business topped $3 trillion, we enter 2020 with momentum.” Financial Highlights ($ in billions, except per share data) FY 2019 FY 2018 Excl. 3Q19C Q4-19 Q4-18 Reported 3Q19 JV Impact JV Impact Reported Total revenue, net of interest expense $22.3 $22.7 $91.2 $0.0 $91.2 $91.0 Noninterest expense 13.2 13.1 54.9 2.1 52.8 53.2 Net income 7.0 7.3 27.4 (1.7) 29.1 28.1 Diluted earnings per share $0.74 $0.70 $2.75 $(0.18) $2.93 $2.61 Return on average assets 1.13% 1.24% 1.14% (0.07)% 1.21% 1.21% Return on average common shareholders’ equity 11.00 11.57 10.62 (0.66) 11.28 11.04 Return on average tangible common shareholders’ equity3 15.43 16.29 14.86 (0.91) 15.77 15.55 Efficiency ratio 59 58 60 2 58 58 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 C and D on page 10 and reconciliation on page 18. 1

The following information was filed by Bank Of America Corp (BAC) on Wednesday, January 15, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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