2018 Annual Meeting of Stockholders. Brian Moynihan, Chairman and CEO April 25, 2018

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1 2018 Annual Meeting of Stockholders Brian Moynihan, Chairman and CEO April 25, 2018

2 Strong 2017 Financial Results Delivered For Our Stockholders 2017 Results Compared to 2016 Grew Earnings Increased Capital Returned Outperformed Benchmarks Net Income (adjusted) 1 Total Capital Returned 2017 Total Stockholder Return 2 $21.1B 18% $15.9B 142% 35.7% 20.3% 22.6% 17.5% 21.8% Diluted Earnings Per Share (adjusted) 1 $ % Net Common Shares Repurchased $11.9B 197% Dividends Paid BAC Peer avg. U.S. G-SIB avg. BAC Market Cap All G-SIB avg. S&P 500 Index $4.0B 57% $304B $82B 1 Represents a non-gaap financial measure. Reported net income and diluted earnings per share of $18.2B and $1.56 have been adjusted to exclude the $2.9B charge recorded in 4Q17 related to the Tax Cuts and Jobs Act (the Tax Act ). For important presentation information, see slide Total stockholder return includes stock price appreciation and dividends paid. Peer bank average includes C, JPM, MS, GS and WFC. G-SIB represents Globally Systemically Important Banks as defined by the FSB. 2

3 Momentum Continued in 1Q18 Net Income Grew Earnings $6.9B 30% Delivered For Our Stockholders 1Q18 Results Compared to 1Q17 Increased Capital Returned Total Capital Returned $5.8B 92% Outperformed Benchmarks 1Q18 Total Stockholder Return 1 2.0% Diluted Earnings Per Share $ % Net Common Shares Repurchased $4.6B 102% BAC (1.9%) (3.2%) Peer avg. U.S. G-SIB avg. (2.4%) All G-SIB avg. (0.8%) S&P 500 Index Pretax Income $8.4B 15% Dividends Paid $1.2B 64% BAC Market Cap $305B $70B 1 Total stockholder return includes stock price appreciation and dividends paid. Peer bank average includes C, JPM, MS, GS and WFC. G-SIB represents Globally Systemically Important Banks as defined by the FSB. 3

4 Financial Metrics Have Significantly Improved Return on Avg. Assets Return on Avg. Tangible Common Equity % Efficiency Ratio 1.21% 69% 66% 0.74% 0.81% 0.93% 9.2% 9.5% 11.0% 62% 60% 10.9% 6.3% 6.7% 7.9% (adjusted) 1Q (adjusted) Return on Average Common Equity 1Q (adjusted) 1 Represents a non-gaap financial measure. See slide 28 for important presentation information. 2 Represents a non-gaap financial measure. Reported return on average assets of 0.80%, return on average common equity of 6.7%, return on average tangible common equity of 9.4% and efficiency ratio of 63% have ben adjusted to exclude the 4Q17 charges related to the Tax Act. For important presentation information, see slide Q18 4

5 Market Recognition Total Stockholder Return 1 2.0% 1Q18 (12/31/17 3/31/18) 35.7% 1 Year (12/31/16 12/31/17) 72.2% 3 Year (12/31/14 12/31/17) 168.1% 5 Year (12/31/12 12/31/17) 137.2%138.9% (0.8%) 20.3% 22.6% 17.5% 21.8% 45.4% 46.4% 23.9% 38.3% 74.9% 108.1% (1.9%) (2.4%) (3.2%) BAC Peer avg. U.S. G- All G- SIB avg. SIB avg. S&P 500 Index BAC Peer avg. U.S. G- All G- SIB avg. SIB avg. S&P 500 Index BAC Peer avg. U.S. G- All G- SIB avg. SIB avg. S&P 500 Index BAC Peer avg. U.S. G- All G- SIB avg. SIB avg. S&P 500 Index Note: Peer bank average includes C, JPM, MS, GS and WFC. G-SIB represents Globally Systemically Important Banks as defined by the FSB. 1 Total stockholder return includes stock price appreciation and dividends paid. 5

6 % 100 % 80% 60% 40% 20% 0% Market Recognition Sell-side Equity Ratings 1 5 Year CDS Levels % 73% 3% 3% 28% 47% 69% 50% 23% 35% 42% 7% 4% 30% 44% 67% 48% % 38% 45% Positive Momentum in BAC s Credit Ratings BAC's Current Long- Term Senior Debt Rating 22% Current Outlook 42% 41% BAC JPM C WFC GS MS CDS (bps) % YoY Improvement Rating Action During 2017 BAC JPM C WFC GS MS Buy Hold Sell Moody's A3 Stable Upgraded on 12/06/17 S&P A- Stable Upgraded on 11/22/17 Fitch A Stable Affirmed on 09/28/17 1 Source: Nasdaq s IR Insights as of April 23, Please note that any opinions, estimates or forecasts regarding Bank of America Corporation s performance made by the analysts represented in such metric are theirs alone and do not represent opinions, forecasts or predictions of Bank of America Corporation or its management. Bank of America Corporation does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. 2 Data as of December 31,

7 Recognized For Our Capabilities Mobile Banking is first app to ever receive J.D. Power Mobile App Certification Javelin ranked Bank of America Best in Class in their annual 2017 Online Banking Scorecard Merrill Lynch placed No. 1 in both Barron s Top 1,200 financial advisors and the Financial Times 400 Top financial advisors Bank of America Merrill Lynch is the Best Bank for Cash & Liquidity Management Bank of America honored with Best Branch Experience award Bank of America Merrill Lynch recognized as Most Innovative Investment Bank of the Year Merrill Edge recognized as Best online broker for mutual funds Euromoney named Bank of America the World s Best Bank in Advisory BofA Merrill Lynch Global Research ranked No. 2 in Institutional Investor s annual survey 7

8 Recognized For Being A Great Place to Work Fortune s Best Workplaces for Diversity, Parents and Giving Back Ranked #2 in Top 50 Best Workplaces for Giving Back, #26 in Top 100 Best Workplaces for Diversity and #46 in Top 50 Best Workplaces for Parents for 2017 Working Mother Ranked in Top 10 Best Companies for 2017 Fatherly.com 50 Best Places for New Dads to Work for 2017 Out &Equal Out & Equal s Workplace Excellence Outie Award for our programs, policies, and actions to support our LGBT teammates and equality Bloomberg Gender Equality Index Leader in financial services all three years of GEI U.S. Veterans Magazine Best of the Best top Veteran- Friendly Company for 2017 U.S. Business Leadership Network Named a Best Place to Work for Disability Inclusion Black Enterprise 50 Best companies for diversity for 2017 Latina Style For the 18th time, named among LATINA Style Magazine s Top 50 best companies for Latinas to work DiversityMBA Recognized among top 10 Best Places for Diverse and Women Managers to Work 8

9 Recognized for Supporting the Communities We Serve Euromoney named Bank of America the World s Best Bank in Corporate Social Responsibility (CSR) Named Best ESG Bank in Asia for second year in a row Listed as one of America s Top 50 Organizations for Multicultural Business Opportunities for our commitment to inclusion throughout the U.S. business community by OMNIKAL International Association for Volunteer Effort recognized us with the Global Corporate Volunteer Award the only global award to formally celebrate excellence in corporate volunteering Bank of America Merrill Lynch and Place2Be, our UK charity partner, were awarded the prestigious Charity Times Corporate National Partnership of the Year with a Financial Institution Recycle Now employee campaign received two honorable mentions in PR News 2016 Corporate Social Responsibility Awards 9

10 At Bank of America, we live our values, deliver our purpose and drive responsible growth through our eight lines of business Our values Our purpose Responsible growth Eight lines of business Deliver together To help make financial lives We must grow and win in the Serving the core financial Act responsibly Realize the power of our people better, through the power of every connection market no excuses We must grow with our customer-focused strategy needs of people, companies and institutional investors through eight lines of business Trust the team We must grow within our risk framework We must grow in a sustainable manner We re better when we re connected 10

11 Leading Global Footprint # 1 Consumer Deposit Market Share 1 Operations in more than 35 Countries Global footprint serving middle market, large corporate, and institutional clients Relationships with 79% of the 2017 Global Fortune 500 and 95% of the 2017 U.S. Fortune 1, analysts covering 3,000+ companies, 970+ corporate bond issuers across 55 economies 140+ currencies handled by GTS global platforms and gateways processing $1.4T in avg. daily payment volumes 47MM Consumer and small business relationships 36MM Digital users and 25MM Mobile banking users ~4,400 Financial centers ~16,000 ATMs with 94% cardless-enabled (accessible via mobile) 1 Deposit share ranking sourced from June 2017 FDIC deposit data. 11

12 Pillars of Responsible Growth We must grow and win in the market no excuses We must grow with our customer-focused strategy We must grow within our risk framework We must grow in a sustainable manner

13 Average Deposit and Loan Growth Total Deposits ($B) Total Loans & Leases ($B) $1,118 $1, $1, $41B (+3%) $1,257 $1, $45B (+5%) $914 $867 $893 $914 $ Q14 1Q15 1Q16 1Q17 1Q18 Noninterest-bearing Interest-bearing (excl. CDs/IRAs) Consumer CDs/IRAs 1Q14 1Q15 1Q16 1Q17 1Q18 Business Segments All Other 13

14 Expanding Our Digital and Physical Footprint More Digital Capabilities Leverage technology to engage more clients Adding to Our Physical Presence Increasing sales specialists in growth markets Advise Transact Open an account Meet a client rep Conduct business Deposit Withdrawal Manage accounts 4,435 financial centers new openings in last 12 months renovations in last 12 months 16,011 total ATMs -- 8,979 newly replaced or upgraded -- 15,125 contactless enabled Pay Current location New financial center markets Erica Borrow & invest Auto Mortgage Investment Cincinnati Cleveland Columbus Denver Indianapolis Lexington Minneapolis/St. Paul Pittsburgh Salt Lake City 14

15 Digital Banking Trends Active Digital Banking Users (MM) 1 Total Payments ($B) Person-to-Person Payments (Zelle) Q15 1Q16 1Q17 1Q18 Digital banking users Mobile banking users $800 $600 $400 $200 $0 $572 $592 $ $ Q15 1Q16 1Q17 1Q18 Digital Non-Digital CAGR 6% 1% 11% $1 7.6 $2 Zelle integrated into BAC mobile app in $ $9 1Q15 1Q16 1Q17 1Q18 Transactions (MM) Volume ($B) $10 $8 $6 $4 $2 $0 1,500 1, Mobile Channel Usage (MM) , , Q15 1Q16 1Q17 1Q18 Mobile Channel Usage Digital Appointments (000's) Digital users represent mobile and / or online users in consumer businesses. 2 Includes person-to-person payments sent and / or received through or mobile identification. 3 Represents the total number of application logins using a smartphone or tablet. Digital appointments represent the number of appointments made using a smartphone or tablet. 30% 25% 20% 15% 10% 5% 0% 13% % Mobile Deposit Transactions 16% 20% 24% 1Q15 1Q16 1Q17 1Q18 30% 20% 10% 0% % Digital Sales 26% 22% 19% 16% 1Q15 1Q16 1Q17 1Q18 15

16 Pillars of Responsible Growth We must grow and win in the market no excuses We must grow with our customer-focused strategy We must grow within our risk framework We must grow in a sustainable manner

17 Industry Leading Rankings Across Our Businesses Consumer Banking GWIM Global Banking Global Markets Retail Preferred Merrill Lynch U.S. Trust Business Banking Global Commercial Banking Global Corporate & Investment Banking Global Markets #1 Consumer Deposit Market Share JD Power Certified Mobile App #1 Online Banking and Mobile Banking Functionality 2 #1 Digital U.S. Credit Card Sales Functionality 3 #1 Online Broker 4 #1 Home Equity Lender and #2 bank for Retail Mortgage Originations 5 #1 in Prime Auto Credit distribution of new originations among peers 6 #2 Small Business Lender 7 #1 U.S. wealth management market position across client assets, deposits and loans 8 #1 in personal trust assets under management 9 #1 in Barron s U.S. high net worth client assets (2017) #1 in Barron s Top 1,200 ranked Financial Advisors (2018) #1 in Forbes Top 500 America s Top Next Generation Advisors (2017) #1 in Financial Times Top 401K Retirement Plan Advisers (2017) #2 in Barron s Top 100 Women Advisors (2017) World s Best Bank for Advisory and North America s Best Bank for Small to Medium-sized Enterprises 10 Most Innovative Investment Bank of the Year and Best Bank for Global Payments 11 Best Global Debt Bank Share and Quality Leader in U.S. Large Corporate Banking & U.S. Cash Management 13 Best Brand for Overall Middle Market Banking and Excellence Award for International Middle Market Banking -Payments, FX, Trade Finance 13 Best Bank for Markets in Asia 10 European Trading House of the Year 14 Equity Derivatives House of the Year 15 #1 Equity Portfolio Trading Share North American Institutions U.S. Fixed Income Quality Leader in Credit and Securitized Products Quality Leader in Global Top-Tier Foreign Exchange Service and Sales 13 #2 Global Research Firm 16 Note: See notes on slide 26 for sources. 17

18 All Businesses Contributing to Improved Results Business Segment Net Income ($B) Consumer Banking GWIM Global Banking Global Markets $8.2 $7.2 $6.6 $7.0 $5.7 $ Business Highlights (4Q17 compared to 4Q16) We grew average deposits by 3% and loans in business segments by 6% We originated $51B in mortgages and $17B in home equity loans We increased Merrill Edge brokerage assets 22% to a record $177B We increased assets under management 22% to a record $1.1T $3.1 $2.6 $2.8 $2.4 $3.8 $3.3 We maintained our #3 global investment banking fee ranking and recorded our best year for advisory fees since the Merrill Lynch merger We raised $864B in capital on behalf of clients We recorded positive trading revenue every day in 2017 We improved consumer satisfaction to record levels Note: Business highlights as of December 31,

19 Pillars of Responsible Growth We must grow and win in the market no excuses We must grow with our customer-focused strategy We must grow within our risk framework We must grow in a sustainable manner

20 Responsible Growth and Improved Economy Drove Strong Asset Quality Results Consumer Net Charge-Offs ($B) Commercial Net Charge-Offs ($B) $ % $18.5 $ % $ % 2.36% $ % $4.1 $3.9 $3.3 $ % 0.84% 0.74% 0.68% Net charge-offs Net charge-off ratio $ % $ % $0.7 $0.9 $0.3 $0.4 $ % 0.08% 0.10% 0.11% 0.20% Net charge-offs Net charge-off ratio 20

21 Lowest Loss Rate in FRB Stress Test Cumulative 9-Quarter Loss Rate in FRB Stress Test (%) 9.2% 7.7% 7.1% 6.9% 6.8% 5.7% 5.0% % BAC JPM C WFC 21

22 Pillars of Responsible Growth We must grow and win in the market no excuses We must grow with our customer-focused strategy We must grow within our risk framework We must grow in a sustainable manner

23 Significantly Reduced Cost Base Total Noninterest Expense ($B) $83.1 $80.3 $72.1 $69.2 $75.7 $57.6 $55.1 $

24 Operating Leverage Driving Profitability (operating leverage = revenue change exceeding expense change) Positive YoY Operating Leverage for 13 Consecutive Quarters 1 +22% +21% +29% +3% +8% +3% +5% +6% +8% +6% +3% 7% 7% +8% 2 Reported revenue growth of 2% and operating leverage of 3% 7% +5% 1% 1% 3% 2% 2% 1% 4% (5%) (2%) (2%) (3%) (2%) (1%) (4%) (1%) (2%) (1%) (1%) (7%) (29%) (25%) (31%) (10%) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 YoY revenue growth (decline) YoY expense growth (decline) Operating leverage Note: Amounts may not total due to rounding. 1 Operating leverage calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. Quarterly expense for 2017 and 2016 has been restated to reflect the accounting change for retirement-eligible equity incentives adopted in 4Q17; 2015 and 2014 periods are as reported. 2 Revenue growth and operating leverage adjusted to exclude the $0.9B noninterest income charge in 4Q17 from the Tax Act; represents a non-gaap financial measure. 24

25 Driving Results The Right Way Integrated ESG Approach Our ESG focus reflects our values, presents tremendous business opportunity and allows us to create shared success with our clients and communities FOCUS AREAS PROGRESS / KEY INITIATIVES Environment Investing in the transition to a low carbon economy Financing sustainable projects, energy efficiency, greenhouse gas emissions Reducing our environmental footprint Nearly $66 billion delivered towards our goal of investing $125 billion by 2025 for lowcarbon and sustainable businesses Leading underwriter of green bonds in the industry since 2007 and the leading provider of tax-equity investment in solar and wind power since 2015 Our 2020 environmental goals: 100% carbon neutral; 100% renewable electricity; 50% reduction in greenhouse gas emissions Social Governance Advancing economic and social progress Offering responsible products and services Creating a supportive and inclusive workplace Holding ourselves accountable Managing risk well Providing transparency More than $4 billion in loans, tax credit equity investments and other real estate development solutions to create housing in low- and moderate-income communities Provided more than $1.5 billion in 260 community development financial institutions in all 50 states, Puerto Rico, and the District of Columbia Delivered nearly $200 million in philanthropic investments in 2017 Hold quarterly management ESG Committee meetings to discuss issues central to our ESG approach with regular updates to our Board Convened the National Community Advisory Council twice in 2017 to receive input on business practices, products and risks Conducted stakeholder review of our Environmental and Social Risk Policy Framework which provides a view of how our company manages environmental and social risks most relevant to our business Note: Company goals are aspirational and not guarantees or promises that all goals will be met. Certain statistics and metrics included in this document are estimates and may be based on assumptions or developing standards. 25

26 Notes 1 Source: June 2017 FDIC deposit data. 2 Source: Dynatrace4Q17 Online Banker Scorecard and Javelin 2017 Mobile Banking Scorecard. 3 Source: Forrester 2017 Credit Card Functionality. 4 Source: Kiplinger s 2017 Best Online Brokers Review. 5 Source: Inside Mortgage Finance (YTD 3Q17 and YTD 4Q17). 6 Source: Experian. Largest percentage of 740+ Scorex customers among key competitors as of January Source: FDIC (4Q17). 8 Source:U.S.-based full-service wirehouse peers based on 4Q17 earnings releases. 9 Source: Industry 4Q17 call reports. 10 Source: Euromoney, Source: The Banker, Source: Global Finance, Source: Greenwich, Source: Financial News, Source: Risk Magazine, Source: Institutional Investor,

27 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 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 2017 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, including inquiries into our retail sales practices, and the possibility that amounts may be in excess of the Company s recorded liability and estimated range of possible loss for litigation exposures; the possibility that the Company could face increased servicing, securities, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, other parties involved in securitizations, monolines or private-label and other investors; the possibility that future representations and warranties losses may occur in excess of the Company's recorded liability and estimated range of possible loss for its representations and warranties exposures; 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; 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, currency exchange rates, economic conditions, trade policies, and potential geopolitical instability; the impact on the Company s business, financial condition and results of operations of a potential higher interest rate environment; 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, net interest income expectations, or other projections; adverse changes to the Company's credit ratings from the major credit rating agencies; estimates of the fair value of certain of the Company's assets and liabilities; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the potential impact of total loss absorbing capacity requirements; potential adverse changes to our global systemically important bank surcharge; the potential impact of Federal Reserve actions on the Company's capital plans; the possible impact of the Company's failure to remediate the shortcoming identified by banking regulators in the Company's Resolution Plan; the effect of regulations, other guidance or additional information on our estimated impact of the Tax 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 (FDIC) assessments, the Volcker Rule, fiduciary standards and derivatives regulations; a failure 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; and other similar matters. 27

28 Important Presentation Information The information contained herein is preliminary and based on Company data available at the time of this 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. The Company may present certain key performance indicators and ratios excluding certain items (e.g., DVA) which result 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 releases for the quarter ended March 31, 2018 and the quarter ended December 31, 2017, the Company s 2017 Annual Report on Form 10-K and other earningsrelated information available through the Bank of America Investor Relations website at: 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 $150MM, $251MM, $240MM, $237MM and $197MM for 1Q18, 4Q17, 3Q17, 2Q17 and 1Q17 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 2018, the Company adjusted the amount of capital being allocated to its business segments. 28

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