#1Bank of America 3Q22 Financial Results October 17, 2022 BANK OF AMERICA#23Q22 Financial Results Summary Income Statement ($B, except per share data) Total Revenue, net of interest expense Provision (benefit) for credit losses Net charge-offs Reserve build (release)¹ Noninterest expense Pretax income Pretax, pre-provision income² Income tax expense Net income Diluted earnings per share Average diluted common shares (in millions) Return Metrics and Efficiency Ratio Return on average assets Return on average common shareholders' equity Return on average tangible common shareholders' equity² Efficiency ratio 3Q22 $24.5 0.9 0.5 0.4 15.3 8.3 9.2 1.2 $7.1 $0.81 8,161 0.90 % 10.8 15.2 62 2Q22 $22.7 0.5 0.6 15.3 6.9 7.4 0.6 $6.2 $0.73 8,163 0.79 % 9.9 14.1 67 Inc / (Dec) $1.8 0.4 (0.1) 0.4 1.4 1.8 0.6 $0.8 $0.08 (2) 8 % 72 (9) N/M 20 24 89 13 11 T 3Q21 $22.8 (0.6) 0.5 (1.1) 14.4 9.0 8.3 1.3 $7.7 $0.85 8,493 0.99 % 11.4 15.8 63 Inc / (Dec) $1.7 1.5 0.1 1.5 0.9 (0.6) 0.9 ($0.6) ($0.04) (332) 8% N/M 12 N/M 6 (7) 10 (3) (8) (5) (4) Note: Amounts may not total due to rounding. N/M stands for not meaningful. For more information on reserve build (release), see note A on slide 32. All 2 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note B on slide 32. For important presentation information about these measures, see slide 35. 2#3Continued Organic Growth in 3Q22 Consumer Banking Added 418K net new checking accounts; 15th consecutive quarter of growth and highest quarter since 3008 1.3MM new credit card accounts, up 20% YoY; 6th consecutive quarter of double-digit percentage growth Record 3.4MM consumer investment accounts Record 1.9 million digital sales, up 36% YoY 44% more Zelle transactions than checks written Global Banking Grew average loans and leases 18% YoY to $384B $2.8B Global Transaction Services revenue, up 44% YoY Increased headcount 9% vs. 3Q21 #3 in investment banking rankings'¹ for 3rd consecutive quarter Grew CashPro App active users and digital wallet enrollment All ¹Source. Dealogic as of October 1, 2022. 2 Macro products include currencies, interest rates and commodities products. Global Wealth & Investment Management Added over 18,000 net new relationships YTD 50th consecutive quarter of average loans and leases growth Custom and securities-based lending growth of 25% and 41%, respectively since 1Q20 Record number of bank accounts opened Global Markets Grew sales and trading revenue 13% YoY Highest 3rd quarter and September YTD sales and trading revenue since 2010 Macro trading business revenues² up 67% YoY 94% of trading days >$25MM revenue No trading loss days Average loans of $120B, up 24% YoY 3#4Consumer Spend Remained Strong; 2022 YTD up 12% YoY to $3.1T Payment Spend¹ ($ and Transaction Volume) Quarterly YoY % Growth $ Volume Payment Spend¹ ($ Volume) and YoY % Growth 2019 YTD 30% 20% $2.3T 10% 6% 0% 20% 12% Travel & Entertainment ill $2.3T 1% 3Q22 Credit and Debit2,3 ($ and Transaction Volume) YoY % Growth $ Volume 2020 YTD 23% 4% Gas $2.8T 10% 21% 2021 YTD Transaction # Food 6% 3% 2% $3.1T Retail 12% 2022 YTD 9% 4% Services 50% 25% 0% (25)% 6x 5x Average Consumer Deposit Balances Remain Above Pre-pandemic Levels4 4x 3x 2x 1x Transaction # 1Q-2Q-3Q-4Q-10-2Q-3Q-4Q-10-2Q-3Q-4Q-1Q-2Q-3Q- 19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 Jan-20 <$2K Pre-pandemic balance: 10% 6% $2K-$10K $10K-$20K 5x Note: Amounts may not total due to rounding. ¹Total payments include total credit card, debit card, ACH, wires, billpay, person-to-person (P2P), cash and checks. 2 Includes consumer and small business credit card portfolios in Consumer Banking and Global Wealth & Investment Management (GWIM). 3 Excludes credit and debit Money Transfers, Charitable Donations, and miscellaneous categories with immaterial volume. 4 Average monthly deposit (checking and savings) balances for a fixed group of households that had a consumer deposit account for all months in the period shown, indexed to their January 2020 12-month average deposit balances. 3x 2x Sep-22 4#5Credit Card Days Past Due Trend Credit Card 30+ Days Past Due ($MM) $2,500 $2,000 $1,500 $1,000 $500 $0 $2,000 $1,500 $1,000 5-29 Days ($MM) $2,500 $500 2.04% $0 Sep-19 2.08% Dec-19 ill Mar-20 w Jun-20 Sep-20 1.89% Dec-20 Mar-21 $700 $600 $500 $400 $300 $200 $100 $0 Jun-21 30-59 Days ($MM) Sep-19 Dec-19 Mar-20 Sep-21 Jun-20 Sep-20 Dec-20 Dec-21 Mar-21 Jun-21 Sep-21 Dec-21 Delinquency rate Mar-22 Mar-22 Jun-22 Sep-22 Jun-22 1.38% $500 $400 $300 60-89 Days ($MM) $200 $100 Sep-22 $0 Beginning in 4Q20, we saw early stage delinquencies recede below pre-pandemic levels as expired deferrals worked through the delinquency periods and payment rates increased, fueled by stimulus payments Sep-19 Dec-19 Late stage (90+ Days) credit card delinquencies remain near multi-year lows, resulting in 3Q22 net charge-offs 54% lower than 3Q19 • 5-29 days and 30 days+ past due delinquency rates are 19 bps and 66 bps lower than they were in 3Q19, respectively Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 90+ Days ($MM) $1,200 $1,000 $800 $600 $400 $200 $0 Jun-22 Sep-22 5#63Q22 Highlights (Comparisons to 3Q21, unless otherwise noted) . ● . · Net income of $7.1B; diluted earnings per share of $0.81; ROE¹ 10.8%, ROTCE¹.² 15.2% Revenue, net of interest expense, of $24.5B increased $1.7B, or 8% Net interest income (NII) of $13.8B ($13.9B FTE2) increased $2.7B, or 24%, driven by benefits from higher interest rates, including lower premium amortization expense, and solid loan growth Noninterest income of $10.7B decreased $0.9B, or 8%, as higher sales and trading revenue was more than offset by lower investment banking and asset management fees as well as lower service charges Provision for credit losses of $898MM vs. a benefit of $624MM in 3Q21; asset quality remains strong Reserve build of $378MM vs. release of $1.1B in 3Q21; release of $48MM in 2Q22³ Net charge-offs (NCOs) of $520MM up 12% vs. 3Q21 and down 9% vs. 2Q22 Net charge-off ratio of 20 bps remained flat vs. 3Q21 and declined 3 bps from 2Q22 Noninterest expense of $15.3B increased $0.9B, or 6%, vs. 3Q21 and remained flat QoQ Included $354MM for the settlement of legacy monoline insurance litigation Generated operating leverage for the 5th consecutive quarter (165 bps in 3Q22) Efficiency ratio improved to 62% Balance sheet remained strong - Average loans and leases grew $114B from 3Q21 - Average deposits increased $20B from 3Q21 Common Equity Tier 1 (CET1) ratio of 11.0% grew 49 bps from 2Q22; 58 bps over the new minimum requirement effective October 1, 2022 Average Global Liquidity Sources (GLS)5 of $941B Paid $1.8B in common dividends and repurchased $450MM of common stock, predominantly offsetting shares awarded under equity-based compensation plans ill Note: FTE stands for fully taxable-equivalent basis. ¹ROE stands for return on average common shareholders' equity; ROTCE stands for return on average tangible common shareholders' equity. 2 Represents a non-GAAP financial measure. For important presentation information about this measure, see slide 35. 3 For more information on reserve build (release), see note A on slide 32. 4 Operating leverage is calculated as the year-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense. 5 See note C on slide 32 for definition of Global Liquidity Sources. 6#7Balance Sheet, Liquidity and Capital (EOP¹ basis unless noted) Balance Sheet Metrics Assets ($B) Total assets Total loans and leases Total loans and leases in business segments² Total debt securities Funding & Liquidity ($B) Total deposits Long-term debt Global Liquidity Sources (average)³ Equity ($B) Common shareholders' equity Common equity ratio Tangible common shareholders' equity4 Tangible common equity ratio 3Q22 $3,073 1,032 1,022 880 ¹EOP stands for end of period. 2 Excludes loans and leases in All Other. $1,938 269 941 $240 7.8 % $170 5.7 % Per Share Data Book value per common share $29.96 Tangible book value per common share* 21.21 Common shares outstanding (in billions) 8.02 2Q22 $3,112 1,031 1,020 933 $1,984 276 984 $240 7.7 % $170 5.6 % $29.87 21.13 8.04 3Q21 $3,085 928 911 969 $1,965 279 1,120 $249 8.1 % $179 5.9 % $30.22 21.69 8.24 Basel 3 Capital ($B)5 Common equity tier 1 capital Standardized approach Risk-weighted assets (RWA) CET1 ratio Advanced approaches Risk-weighted assets CET1 ratio Supplementary leverage Supplementary Leverage Ratio ● 3Q22 $176 $1,599 11.0 % $1,391 12.6 % 5.8 % 2Q22 $172 $1,638 10.5 % $1,407 12.2 % 5.5 % 3Q21 $174 $1,568 11.1 % $1,380 12.6 % 5.6 % CET1 ratio of 11.0% increased 49 bps vs. 2Q225 CET1 capital of $176B rose $4B from 2022, driven by net income, partially offset by capital distributions to common shareholders and OCI on AFS debt securities Standardized RWA of $1,599B decreased $39B from 2Q22 Book value per share of $29.96 grew modestly from 2022 Average Global Liquidity Sources³ of $941B decreased $43B, or 4%, from 2Q22 3 See note C on slide 32 for definition of Global Liquidity Sources. All 4 Represent non-GAAP financial measures. For important presentation information, see slide 35. 5 Regulatory capital ratios at September 30, 2022 are preliminary. Bank of America Corporation ("the Corporation") reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for CET1 is the Standardized approach for all reporting periods presented. 6 OCI stands for other comprehensive income; AFS stands for available-for-sale. 7#8CET1 Ratio¹ Drivers 10.5% 2Q22 ill +40 bps $6.6B Net income applicable to common shareholders (11 bps) $1.8B Common dividends (3 bps) $0.4B Share repurchases² (7 bps) ($1.1B) OCI on AFS debt securities +26 bps ($38.6B) Risk-weighted assets +4 bps $0.6B Other 11.0% 3Q22 Note: Amounts may not total due to rounding. Dollar values indicate changes in CET1 capital, except for risk-weighted assets, which represents change in RWA. 1 Regulatory capital ratios at September 30, 2022 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. The approach that yields the lower ratio is used to assess capital adequacy, which for CET1 is the Standardized approach for all reporting periods presented. 2 Gross share repurchases, excluding shares awarded under equity-based compensation plans. 8#9Loan and Lease Trends Total Avg. Loans and Leases ($B) $1,250 $1,000 $750 $500 $250 $0 $1,000 $750 $500 $250 $921 $945 $0 419 501 3Q21 428 325 517 200 4Q21 $903 $929 97 103 281 2Q22 Commercial loans Consumer loans Avg. Loans and Leases in Business Segments ($B) $1,250 339 205 282 $1,015 $1,034 $978 435 3Q21 4Q21 Consumer Banking GWIM 543 1Q22 $962 109 359 446 211 569 284 377 219 $1,000 $1,024 114 120 290 449 2Q22 585 1Q22 Global Banking 3Q22 384 224 YOY +12% 295 3Q22 Global Markets +7% +17% YOY +13% +24% +18% +12% +5% Total Avg. Loans and Leases in All Other ($B) $25 $20 $15 $10 $5 $0 $18 4 14 3Q21 2Q22 $1,020 $16 3 13 4Q21 Includes -$3B card loan growth and -($1B) loan sales $15 Consumer 3 12 2Q22 Residential mortgage Home equity EOP Loans and Leases in Business Segments ($B)¹ +$2.7 1Q22 ($0.5) $14 Includes -($4B) FX impacts and -($3B) loan sales / syndication Commercial Note: Amounts may not total due to rounding. ¹Excludes end of period loans and leases in All Other of $10B in 3Q22 and $11B in 2Q22. Total end of period loans and leases were $1,032B in 3Q22 and $1,031B in 2Q22. 3 12 $11 3 8 3Q22 $1,022 YOY (40%) 3Q22 9#10Average Deposit Trends Bank of America Ranked #1 in U.S. Retail Deposit Market Share¹ Total Corporation ($B) $2,500 $2,000 $1,500 $1,000 $500 $0 $400 $300 $200 GWIM ($B) $100 $0 $2,017 $2,046 $2,012 $1,963 $1,943 ill 764 1,178 3Q21 $339 113 Interest-bearing 226 806 1,211 3Q21 4Q21 $361 127 234 799 4Q21 1,247 1Q22 2Q22 Noninterest-bearing $385 136 790 249 1,222 $364 132 232 738 3Q22 1,225 +4% $339 YOY +1% 214 (3%) 125 +11% 3Q22 YOY 0% 1Q22 2Q22 Sweep/Preferred deposits Bank deposits Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other. ¹Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. (5%) Consumer Banking ($B) $1,250 $1,000 $750 $500 $250 $0 $400 $1,001 $1,027 $1,056 $1,078 $1,069 $200 333 $0 232 435 3Q21 4Q21 Money market, Savings, CD/IRA Global Banking ($B) $600 $534 368 344 166 238 3Q21 445 $562 398 165 4Q21 Interest-bearing 352 247 458 $540 383 363 157 249 466 1Q22 3Q22 Interest checking Noninterest-bearing 2Q22 $509 367 359 142 245 466 $495 324 171 1Q22 2Q22 3Q22 Noninterest-bearing YOY +7% +7% +7% YOY (7%) (12%) +3% 10#11Net Interest Income Increased $2.7B, or 24% YoY Net Interest Income (FTE, $B)¹ $15.0 $10.0 $5.0 $0.0 3.00% 2.50% 2.00% 1.50% 1.00% $11.2 ill $11.1 Net Interest Yield (FTE)¹ 3Q21 $11.5 1.93% $11.4 1Q22 Net interest income (GAAP) 1.68% 4Q21 1.92% $11.7 1.67% $11.6 1.99% 1.69% $12.5 $12.4 1Q22 2Q22 FTE Adjustment 2.20% 1.86% $13.9 $13.8 3Q22 2.51% 2.06% 2Q22 Net interest yield excl. GM Net interest income of $13.8B ($13.9B FTE¹) increased $2.7B YoY and $1.3B from 2022, driven by benefits from higher interest rates, including lower premium amortization expense, and higher loan balances 3Q22 Premium amortization expense of $0.4B in 3Q22, $0.6B in 2Q22, and $1.4B in 3Q21 Net interest yield of 2.06% increased 38 bps YoY and 20 bps from 2Q22 3Q21 4Q21 Reported net interest yield Note: 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 $0.7B, $1.0B, $1.0B, $1.0B, and $1.0B and average earning assets of $591.9B, $598.8B, $610.9B, $580.8B, and $557.3B for 3Q22, 2022, 1022, 4021 and 3Q21, respectively. The Corporation believes the presentation of net interest yield excluding Global Markets provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 35. 2 NII asset sensitivity represents banking book positions. See note D on slide 32 for information on asset sensitivity assumptions. - Excluding Global Markets, net interest yield of 2.51%¹ • As of September 30, 2022,² a +100 bps parallel shift in the interest rate yield curve is estimated to benefit net interest income by $4.2B over the next 12 months 11#12Expense and Efficiency Total Noninterest Expense ($B) $20.0 $15.0 $10.0 $5.0 $0.0 70% 60% $14.4 50% 5.7 Efficiency Ratio 8.7 3Q21 63% 3Q21 $14.7 5.7 9.0 4Q21 67% 4Q21 $15.3 5.8 9.5 1Q22 Compensation and benefits 66% 1Q22 Other $15.3 6.4 8.9 2Q22¹ 67% 2Q22 $15.3 6.4 8.9 3Q22¹ 62% 3Q22 Noninterest expense of $15.3B in 3Q22 was relatively flat vs. 2Q22, as $354MM litigation expense for the legacy monoline insurance settlement was largely offset by the absence of expenses recognized for certain regulatory matters in 2Q22 3Q22 expenses increased $0.9B, or 6%, vs. 3Q21, reflecting higher litigation expense, higher compensation and benefits, investments in the business, and marketing expenses Note: Amounts may not total due to rounding. ¹Absent the $0.4B expense for the legacy monoline insurance settlement, reported 3Q22 noninterest expense would have been $14.98. Absent $0.4B in expense for certain regulatory matters, reported 2022 noninterest expense would have been $14.8B. For important presentation information, see slide 35. 12#13Asset Quality Net Charge-offs ($MM)¹ $800 $600 $400 $200 $0 $1,000 $500 $0 ($500) ($1,000) $463 ill 0.20% 3Q21 ($624) $362 Provision (Benefit) for Credit Losses ($MM) 3Q21 0.15% $392 ($489) 0.16% 4Q21 1Q22 4Q21 2Q22 Net charge-offs Net charge-off ratio $571 $30 0.23% 1Q22 $523 $520 2Q22 0.20% 3Q22 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% $898 3Q22 . Total net charge-offs of $520MM¹ decreased $51MM from 2022 - Consumer net charge-offs of $459MM decreased $66MM from 2Q22, primarily driven by the absence of charge-offs associated with non-core mortgage sales Net charge-off ratio of 0.20% decreased 3 bps from 2022; net charge-off ratio remained near historical lows - Commercial net charge-offs of $61MM remained low Provision for credit losses of $898MM Net reserve build of $378MM in 3Q22, primarily driven by credit card loan growth and a dampening macroeconomic outlook - Allowance for loan and lease losses of $12.3B represented 1.20% of total loans and leases¹ Total allowance of $13.8B included $1.5B for unfunded commitments Nonperforming loans (NPLs) decreased $0.2B from 2Q22 to $4.0B - 63% of Consumer NPLs are contractually current Commercial reservable criticized utilized exposure of $17.7B decreased $0.5B from 2022, driven by Commercial Real Estate ¹Excludes loans measured at fair value. Allowance for loan and lease losses ratio is calculated as allowance for loan and lease losses divided by loans and leases outstanding at the end of the period. 13#14Asset Quality - Consumer and Commercial Portfolios Consumer Net Charge-offs ($MM) Consumer Metrics ($MM) Provision $600 $450 $300 $150 $0 $200 $150 $100 $50 $0 ($50) $329 0.31% ill $312 0.29% $134 Commercial Net Charge-offs ($MM) $340 0.11% $50 0.32% 3Q21 4Q21 1Q22 2Q22 3Q22 Credit card Other $52 $525 0.04% 0.04% 4Q21 1Q22 3Q21 C&1³ Small business 0.47% $459 0.41% $46 10.03% $61 1.00% Consumer NCO ratio 0.04% 0.75% 0.50% 0.25% 0.00% 0.20% 0.15% 0.10% 0.05% 0.00% (0.05)% 2Q22 3Q22 Commercial NCO ratio Nonperforming loans and leases % of loans and leases¹ Consumer 30+ days performing past due Fully-insured² Non fully-insured Consumer 90+ days performing past due Allowance for loans and leases % of loans and leases¹ # times annualized NCOs Commercial Metrics ($MM) Provision Reservable criticized utilized exposure Nonperforming loans and leases % of loans and leases¹ Allowance for loans and leases % of loans and leases¹ ¹Excludes loans measured at fair value. 2 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements. ³ C&I includes commercial and industrial, commercial real estate and commercial lease financing. 3Q22 $722 2,760 0.61 % $2,949 672 2,277 1,001 6,880 1.53 % 3.77 x 3Q22 $176 17,659 1,223 0.21 % $5,422 0.94 % 2Q22 $410 2,866 0.64 % $2,806 734 2,072 1,000 6,612 1.48 % 3.14 Xx 2Q22 $113 18,114 1,298 0.22 % $5,361 0.93 % 3Q21 $81 3,017 0.71 % $3,001 930 2,071 1,106 7,194 1.70 % 5.52 x 3Q21 ($705) 24,142 1,697 0.34 % $5,961 1.20 % 14#15Consumer Banking Summary Income Statement ($MM) Total revenue, net of interest expense Provision (benefit) for credit losses Noninterest expense Pretax income Pretax, pre-provision income¹ Income tax expense Net income Key Indicators ($B) Average deposits Rate paid on deposits Cost of deposits² Average loans and leases Net charge-off ratio Net charge-offs ($MM) Reserve build (release) ($MM) Consumer investment assets³ Active mobile banking users (MM) % Consumer sales through digital channels Number of financial centers Combined credit/debit purchase volumes¹ Total consumer credit card risk-adjusted margin¹ Return on average allocated capital Allocated capital Efficiency ratio 3Q22 $9,904 738 5,097 4,069 4,807 997 $3,072 3Q22 $1,069.1 0.03 % 1.17 $295.2 0.69% $512 226 $302.4 34.9 48 % 3,932 $218.2 10.07 % 30 $40.0 51 % Inc / (Dec) 2Q22 $768 388 138 242 630 59 $183 2Q22 $1,078.0 0.02 % 1.14 $289.6 0.70% $502 (152) $315.2 34.2 48 % 3,984 $220.5 9.95 % 29 $40.0 54 % 3Q21 $1,066 491 539 36 527 9 $27 3Q21 $1,000.8 0.02 % 1.09 $281.4 0.69 % $489 (242) $353.3 32.5 43 % 4,215 $200.6 10.70 % 31 $38.5 52 % . . . Net income of $3.1B increased 1% from 3Q21, as revenue improvement was partially offset by business investments and higher provision for credit losses Pretax, pre-provision income¹ of $4.8B increased 12% from 3Q21 6th consecutive quarter of operating leverage; efficiency ratio improved to 51% Revenue of $9.9B improved 12% from 3Q21, due to increased NII driven by higher balances and interest rates, partially offset by the impact of reduced customer non- sufficient funds and overdraft fees Provision for credit losses was $738MM, primarily driven by loan growth, and increased $491MM from 3Q21 - The prior year benefited from a reserve release of $242MM Noninterest expense of $5.1B increased 12% from 3Q21, primarily driven by investments in the business, including marketing and technology, and compensation and benefits Average deposits exceeded $1T and were $68B, or 7%, higher than 3Q21 56% of deposits in checking accounts; 92% primary accounts5 Average loans and leases of $295B increased $14B, or 5%, from 3Q21 Combined credit/debit card spend of $218B increased 9% from 3Q21, with credit up 13% and debit up 6% Consumer investment assets³ of $302B declined $51B, or 14%, from 3Q21, driven by lower market valuations, partially offset by $24B of strong client flows from new and existing clients Record 3.4MM consumer investment accounts, up 6% 10.1 MM Total clients enrolled in Preferred Rewards, up 10% from 3Q21; 99% annualized retention rate ¹Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 32. For important presentation information, see slide 35. 2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits sub-segment. 3 All ³ Consumer investment assets includes client brokerage assets, deposit sweep balances and assets under management (AUM) in Consumer Banking. 4 Includes consumer credit card portfolios in Consumer Banking and GWIM. 5 Represents the percentage of consumer checking accounts that are estimated to be the customer's primary account based on multiple relationship factors (e.g., linked to their direct deposit). 6 As of August, 2022. Includes clients in Consumer, Small Business and GWIM. 15#16Global Wealth & Investment Management Summary Income Statement ($MM) Total revenue, net of interest expense Provision (benefit) for credit losses Noninterest expense Pretax income Pretax, pre-provision income¹ Income tax expense Net income Key Indicators ($B) Average deposits Rate paid on deposits Average loans and leases Net charge-off ratio Net charge-offs ($MM) Reserve build (release) ($MM) AUM flows Pretax margin Return on average allocated capital Allocated capital All 3Q22 $5,429 37 3,816 1,576 1,613 386 $1,190 3Q22 $339.5 0.57 % $223.7 0.01 % $5 32 $4.1 29 % 27 $17.5 Inc / (Dec) 2Q22 ($4) 4 (59) 51 55 12 $39 2Q22 $363.9 0.11 % $219.3 0.02 % $9 24 $1.0 28 % 26 $17.5 3Q21 $119 95 72 (48) 47 (12) ($36) 3Q21 $339.4 0.03 % $199.7 0.01 % $7 (65) $14.8 31 % 30 $16.5 . . . Net income of $1.2B decreased 3% from 3Q21 Pretax, pre-provision income of $1.6B increased 3% from 3Q21 6th consecutive quarter of operating leverage Pretax margin of 29% Revenue of $5.4B increased 2% compared to 3Q21, driven by higher NII, partially offset by the impact of lower market valuations on noninterest income Noninterest expense of $3.8B increased 2% vs. 3Q21, driven by investments in the business, partially offset by lower revenue-related incentives Client balances of $3.2T decreased 12% from 3Q21, driven by lower market valuations, partially offset by net client flows AUM flows of $42B since 3Q21 Average deposits of $339B were relatively flat compared to 3Q21 Record number of new bank accounts opened in 3Q22 Average loans and leases of $224B increased $24B, or 12%, from 3Q21, driven by residential mortgage lending, custom lending, and securities-based lending - 50th consecutive quarter of average loan and lease balance growth Added more than 5,700 net new relationships across Merrill and Private Bank in 3Q22 80% of GWIM households / relationships are digitally active across the enterprise, up from 78% in 3Q21 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 32. For important presentation information, see slide 35. 16#17Global Banking Summary Income Statement ($MM) Total revenue, net of interest expense¹ Provision (benefit) for credit losses Noninterest expense Pretax income Pretax, pre-provision income² Income tax expense Net income Selected Revenue Items ($MM) Total Corporation IB fees (excl. self-led)¹ Global Banking IB fees¹ Business Lending revenue Global Transaction Services revenue³ Key Indicators ($B) Average deposits Average loans and leases Net charge-off ratio Net charge-offs ($MM) Reserve build (release) ($MM) Return on average allocated capital Allocated capital Efficiency ratio 3Q22 $5,591 170 2,651 2,770 2,940 734 $2,036 3Q22 $1,167 726 2,079 2,803 3Q22 $495.2 384.3 0.03 % $26 144 18 % $44.5 47 % Inc / (Dec) 2Q22 $585 13 (148) 720 733 191 $529 2Q22 $1,128 692 2,032 2,381 2Q22 $509.3 377.2 0.01 % $14 143 14 % $44.5 56 % 3Q21 $346 951 117 (722) 229 (209) ($513) 3Q21 $2,168 1,297 1,862 1,945 3Q21 $534.2 324.7 0.01 % $8 (789) 24 % $42.5 48 % . . . . Net income of $2.0B decreased 20% from 3Q21 Pretax, pre-provision income2 of $2.9B increased 8% from 3Q21 Revenue of $5.6B increased $0.3B vs. 3Q21 NII of $3.3B increased $1.1B from 3Q21, driven by benefits from higher interest rates and strong loan growth Noninterest income of $2.3B decreased $0.8B from 3Q21, driven by lower investment banking fees and leasing-related revenue as well as lower treasury service charges due to higher earnings credit rates Total Corporation investment banking fees (excl. self- led) of $1.2B decreased $1.0B, or 46%, from 3Q21 Provision for credit losses was $170MM, primarily driven by a dampening macroeconomic outlook, and increased $951MM from 3Q21 The prior year benefited from a reserve release of $789MM Noninterest expense of $2.7B increased 5% from 3Q21, primarily reflecting continued investments in the business, including strategic hiring Average deposits of $495B decreased $39B, or 7%, from 3Q21 Average loans and leases of $384B increased 18% from 3Q21, reflecting strong client demand Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. ² Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 32. For important presentation information, see slide 35. 3 Prior periods have been revised to conform to current-period presentation. All 17#18Global Markets¹ Summary Income Statement ($MM) Total revenue, net of interest expense² Net DVA Total revenue (excl. net DVA)2.3 Provision (benefit) for credit losses Noninterest expense Pretax income Pretax, pre-provision income4 Income tax expense Net income Net income (excl. net DVA)³ Selected Revenue Items ($MM)² Sales and trading revenue Sales and trading revenue (excl. net DVA)³ FICC (excl. net DVA)³ Equities (excl. net DVA)³ Global Markets IB fees Key Indicators ($B) Average total assets Average trading-related assets Average 99% VaR ($MM)? Average loans and leases Net charge-offs ($MM) Reserve build (release) ($MM) Return on average allocated capital Allocated capital Efficiency ratio 3Q22 $4,483 (14) 4,497 11 3,023 1,449 1,460 384 $1,065 $1,076 3Q22 $4,092 4,106 2,567 1,539 430 3Q22 $847.9 592.4 117 120.4 (1) 12 10 % $42.5 Inc / (Dec) For more information on the liquidating business realignment, see note F on slide 32. See note G on slide 32 for the definition of VaR. 2Q22 ($19) (172) 153 3 (86) 64 67 17 $47 $178 2Q22 $4,153 3,995 2,340 1,655 461 2Q22 $866.7 606.1 118 114.4 (4) 12 10 % $42.5 3Q21 ($36) 6 (42) (5) (229) 198 193 59 $139 $135 3Q21 $3,614 3,634 2,025 1,609 844 3Q21 $804.9 563.7 78 97.1 16 10 % $38.0 . . Net income of $1.1B increased 15% from 3Q21 Excluding net DVA, net income of $1.1B increased 14%³ Revenue of $4.5B decreased 1% from 3Q21, primarily driven by lower investment banking fees, partially offset by higher sales and trading revenue Reported sales and trading revenue of $4.1B increased 13% from 3Q21 Fixed income, currencies, and commodities (FICC) revenue increased to $2.6B, driven by improved performance across all macro products,5 partially offset by a weaker trading performance for credit and mortgage products Equities revenue decreased to $1.5B, driven by lower client activity in Asia and a weaker trading performance in cash, partially offset by increased client activity in derivatives Excluding net DVA, sales and trading revenue of $4.1B increased 13% from 3Q21³ FICC revenue of $2.6B increased 27%³ Equities revenue of $1.5B decreased 4%³ Noninterest expense of $3.0B decreased 7% vs. 3Q21, primarily driven by the absence of expenses related to a liquidating business activity, which was realigned from Global Markets to All Other in 4Q21 Average VaR of $117MM in 3Q227 67 % 69 % 72 % The explanations for current period-over-period changes for Global Markets are the same for amounts including and excluding net DVA. 2 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. ³ Represents a non-GAAP financial measure. Reported FICC sales and trading revenue was $2.68, $2.5B and $2.0B for 3Q22, 2022 and 3Q21, respectively. Reported Equities sales and trading revenue was $1.5B, $1.7B and $1.6B for 3Q22, 2022 and 3Q21, respectively. See note E on slide 32 and slide 35 for important presentation information. *Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 32. For important presentation information, see slide 35. 5 Macro products include currencies, interest rates and commodities products. 18#19All Other¹ Summary Income Statement ($MM) Total revenue, net of interest expense Provision (benefit) for credit losses Noninterest expense Pretax income Pretax, pre-provision income² Income tax (benefit) Net income (loss) ill 3Q22 ($799) (58) 716 (1,457) (1,515) (1,176) ($281) Inc/(Dec) 2Q22 $487 (33) 185 335 302 298 $37 3Q21 $246 (10) 364 (108) (118) 118 ($226) Net loss of $281MM, compared to net loss of $55MM in 3Q21, driven primarily by higher litigation expense as a result of the legacy monoline insurance settlement and the realignment of a liquidating business activity from Global Markets to All Other³ in 4Q21 Total corporate effective tax rate (ETR) for the quarter was 14.7%, driven by recurring ESG tax credit benefits - ETR includes $152MM net reduction in tax credit benefits, as certain solar investment tax credits recognized in 1H22 were reversed and replaced with production tax credits, which are now available under the Inflation Reduction Act and are expected to be claimed Excluding ESG tax credits, the ETR would have been approximately 24% ¹ All Other primarily consists of asset and liability management (ALM) activities, liquidating businesses, and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to our business segments. 2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 32. For important presentation information, see slide 35. 3 For more information on the liquidating business realignment, see note F on slide 32. 19#20Supplemental Business Segment Trends#21Consumer Banking Trends Business Leadership¹ • No. 1 in estimated U.S. Retail Deposits(A) . • No. 1 Online Banking and Mobile Banking . Functionality (B) . . Best Bank in the U.S. (E) • Best Consumer Digital Bank in the U.S.(F) Certified by J.D. Power for providing outstanding client satisfaction for financial wellness support(G) No. 1 in customer satisfaction with Merchant Services by J.D. Power(C) No. 1 Small Business Lender (D) . Average Deposits ($B) $1,200 $900 $600 $300 $0 $1,001 $1,027 $1,056$1,078$1,069 439 449 463 472 470 562 578 593 606 599 3Q21 4Q21 1Q22 2Q22 3Q22 Checking Note: Amounts may not total due to rounding. 1 See slide 33 for business leadership sources. Other Total Revenue ($B) $10.0 $7.5 $5.0 $2.5 $0.0 $400 $300 $200 $100 $8.8 $8.9 $0 2.3 6.5 2.4 6.5 Net interest income 111 Average Loans and Leases ($B)² $8.8 33 49 76 2.1 113 6.7 3Q21 4Q21 Residential mortgage Vehicle lending Small business / other 3Q21 4Q21 1Q22 2Q22 3Q22 Noninterest income $9.1 2.0 33 50 76 7.1 $281 $282 $284 $290 $295 27 33 24 52 48 73 115 $9.9 2.1 33 51 78 7.8 82 117 118 1Q22 2Q22 3Q22 Consumer credit card Home equity 2 Average loans and leases includes PPP balances of $1B in 3Q22, $2B in 2022, $2B in 1Q22, $4B in 4Q21 and $8B in 3Q21. 3 End of period. Consumer investment assets includes client brokerage assets, deposit sweep balances, and AUM in Consumer Banking. Total Expense ($B) and Efficiency $6.0 $4.0 $2.0 $0.0 $300 $200 $100 $4.6 $4.7 $0 52% 53% $353 3Q21 4021 1022 Noninterest expense 3.2 $4.9 $5.0 $5.1 56% 3.3 Consumer Investment Assets ($B)³ and Accounts (MM) $400 $369 54% 51% $358 $315 ||| 3.3 3.4 2022 3Q22 Efficiency ratio $302 70% 3.4 60% 3Q21 4021 1022 2022 3Q22 Assets Accounts 50% 40% 4.5 4.0 3.5 3.0 2.5 2.0 21#22Record 56MM Verified and 43MM Active Digital Users¹ in 3Q22 Client Engagement Digital Adoption Digital Users¹ and Households² 60 50 40 30 20 40.0 30.0 20.0 10.0 38 0.0 49 66% 39 52 9.0 19.1 69% 15.9 41 34.3 54 3Q19 3Q20 Erica® users 70% 3Q19 3Q20 3Q21 3Q22 Active users (MM) Household adoption % 43 56 Total Erica® Users and Interactions (MM) 72% 22.9 104.6 100% 31.7 90% 133.6 80% 70% Verified users (MM) 60% 50% 250.0 200.0 150.0 100.0 50.0 0.0 Digital Channel Usage³,4 3,000 2,500 2,000 1,500 1,000 200 100 2,077 0 613 2,259 688 81 2,635 140 853 3Q19 3020 3021 3Q22 Digital channel usage (MM) Digital appointments (K) $39 Digital Volumes Person-to-Person Payments (Zelle®)6 Zelle 8.9 12.2 15.1 17.7 users (MM) 300 202 $60 2,954 $21 3Q19 3Q20 3Q21 923 Transactions (MM) 255 $77 1,250 1,000 750 2 Household adoption represents households with consumer bank login activities in a 90-day period, as of August, 2022. 3 Digital channel usage represents the total number of desktop and mobile banking sessions. 500 250 $100 $75 $50 $25 $0 3Q22 Volume ($B) Digital Sales 2,000 3Q21 3Q22 Erica® interactions Note: Amounts may not total due to rounding. ¹ Digital active users represents mobile and/or online 90-day active users; verified users represent those with a digital identification and password. 1,500 1,000 500 0 200 150 100 50 1,027 1,074 0 29% 3Q19 171 44% 56 3020 30Q21 Digital unit sales (K) Digital as a % of total sales 3Q19 Checks written 1,367 Checks vs. ZelleⓇ Sent Transactions (MM) 137 43% 94 1,855 48% 3Q22 127 133 100% 3Q20 3Q21 75% Digital appointments represent the number of client-scheduled appointments made via online, smartphone, or tablet. 53022 Erica® engagement represents activity across all platforms powered by Erica: BofA mobile app, online search, and Benefits OnLine mobile app. Prior periods represent activity on BofA mobile app only. Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle users represent 90-day active users. 50% 25% 0% 167 3Q22 Zelle® sent transactions 116 22#23Consumer Creditworthiness Remains Strong Consumer Credit Card¹ 1,500 1,000 500 0 $30.0 $20.0 1,049 $10.0 3Q21 Key Stats Average outstandings ($B) NCO ratio Risk-adjusted margin² Average line FICO $0.0 Residential Mortgage¹ New Accounts (000s) $21.2 940 3Q21 4Q21 4Q21 Key Stats Average outstandings ($B)³ NCO ratio³ 977 1Q22 Average FICO Average booked loan-to-value (LTV) 3Q21 75.6 1.69% 10.70% 768 New Originations ($B)4 $23.0 $16.4 1Q22 1,068 3Q21 110.5 0.01% 775 65% 2Q22 2Q22 81.0 1.60% 9.95% 771 $14.5 2Q22 2Q22 117.4 0.03% 771 70% 1,255 3Q22 3Q22 85.0 1.53% 10.07% 770 $8.7 3Q22 3Q22 118.2 0.01% 768 72% Consumer Vehicle Lending³ $10.0 $7.5 $5.0 $2.5 $0.0 $6.8 3Q21 $4.0 $3.0 $2.0 $1.0 $0.0 Home Equity¹ Key Stats Average outstandings ($B) NCO ratio Average booked FICO $1.5 3Q21 New Originations ($B) $6.8 4Q21 Represents Consumer Banking only. 4 Amounts represent the unpaid principal balance of loans and in the case of home equity, the principal amount of the total line of credit. $1.7 4Q21 Key Stats Average outstandings ($B)³ NCO ratio³ $7.1 Average FICO Average booked combined LTV 1Q22 3Q21 47.5 (0.15%) 783 New Originations ($B)4 $2.0 1Q22 3Q21 23.6 $7.1 (0.06%) 798 60% 2Q22 2Q22 51.2 0.02% 791 $2.5 (0.00%) 797 58% Includes loan production within Consumer Banking and GWIM. Consumer credit card balances include average balances of $2.9B, $2.8B and $2.6B in 3Q22, 2022 and 3Q21, respectively, within GWIM. 2 Calculated as the difference between total revenue, net of interest expense, and net credit losses divided by average loans. 2Q22 2Q22 21.8 $5.9 3Q22 3Q22 52.0 0.07% 789 $2.4 3Q22 3Q22 21.9 (0.04%) 792 58% 23#24Global Wealth & Investment Management Trends Business Leadership¹ • No. 1 on Forbes' Best-in-State Wealth Advisors (2022), Top Women Wealth Advisors (2022), Top Women Wealth Advisors Best-in State (2022), and Top Next Generation Advisors (2022) • No. 1 on Barron's Top 100 Women Financial Advisors List (2022) • No. 1 on Financial Planning's 'Top 40 Advisors Under 40' List (2022) • Celent Model Wealth Manager award for Client Experience (2022) • Aite-Novarica award for Digital Client Experience (2022) • No. 1 in personal trust AUM(H) • Best Private Bank in the U.S. by Family Wealth Report" and Global Private Banker) Best Philanthropy Offering in the U.S. by WealthBriefing(K) Total Revenue ($B) $6.0 $4.0 $2.0 $0.0 $5.3 0.6 3.2 1.5 $5.4 0.6 3.2 1.5 $5.5 0.6 4Q21 3.2 1.7 3Q21 1Q22 Net interest income Asset management fees Note: Amounts may not total due to rounding. ¹ See slide 33 for business leadership sources. Average Deposits ($B) $400 $300 $200 $100 $5.4 0.6 3.1 1.8 $0 2Q22 $339 $5.4 0.6 2.9 $361 2.0 3Q21 4Q21 1Q22 2Q22 3Q22 $385 3Q22 Brokerage / Other $364 $3,000 $2,000 $1,000 $339 $0 AUM Client Balances ($B)3,4 $4,000 $3,693 205 346 1,612 1,579 Average Loans and Leases ($B)² 3Q21 $250 $200 $150 $100 $50 $0 $3,840 212 390 1,655 $200 1,639 53 4Q21 Brokerage / Other 50 94 $205 $211 3Q21 4Q21 Consumer real estate Custom lending 54 53 96 $3,714 217 385 1,593 1,572 1Q22 Deposits 55 55 99 $3,367 225 348 1,438 $219 $224 1,411 2Q22 57 57 102 1022 2022 3Q22 Securities-based lending Credit card 60 56 105 $3,249 228 325 1,414 1,330 3Q22 Loans and leases 2 Average loans and leases includes PPP balances of $49MM in 3Q22, $81MM in 2Q22, $128MM in 1Q22, $244MM in 4Q21 and $527MM in 3Q21. 3 End of period. Loans and leases includes margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet. 4 Managed deposits in investment accounts of $48B, $55B, $53B, $56B and $49B for 3Q22, 2022, 1022, 4021 and 3Q21, respectively, are included in both AUM and Deposits. Total client balances only include these balances once. 24#25Global Wealth & Investment Management Digital Update¹ Advisor-led Client Interactions, Powered by Digital Digital Adoption GWIM² 80%, up from 78% 80% of Merrill households³ digitally active across the enterprise, up from 78% in 3Q21 86% of Private Bank* relationships digitally active across the enterprise, up from 83% in 3Q21 Client Engagement 57% 3Q GWIM Mobile Engagement5 up 314 bps YoY Merrill 56%, up 302 bps YoY Private Bank 71%, up 381 bps YoY ul +36% 3Q GWIM Erica® interactions YoY growth Merrill advisors received 1.2MM client insights Merrill 1.9MM, up 35% YoY Private Bank 145K, up 62% YoY Digital Volume 77% Merrill households enrolled in eDelivery Up from 74% last year 32K+ of eligible brokerage/bank accounts opened digitally through our Client Onboarding Experience (COBE) G Private Bank check-only deposit transactions through automated channels 152K+ Mobile Check Deposits Up 90 bps YoY Online Mobile 75% Except where otherwise noted, reflects figures for 3Q22. 2 GWIM digital adoption is Merrill digital households, plus digital Private Bank relationships out of total Merrill primary households, plus Private Bank core relationships as of August, 2022 vs. August, 2021. 3 Merrill households represent those households $250K+ as of September, 2022. 4 Private Banking core relationships reflect relationships $3MM+ and excludes: irrevocable trust-only relationships; institutional philanthropic relationships; exiting relationships as of August, 2022. 5 GWIM mobile engagement is Merrill mobile households, plus mobile Private Bank relationships out of total Merrill primary households, plus Private Bank core relationships as of August, 2022 vs. August, 2021. 25#26Global Banking Trends Business Leadership¹ . Global Most Innovative Financial Institution - 2022(¹) . . World's Best Bank, North America's Best Bank for Small to Medium-sized Enterprises, and Best Bank in the US(M) Best Global Bank for Payments & Collections (N) Model Bank for Corporate Digital Banking - For CashPro App(0) Best Bank for Cash Management in North America(N) Impact Awards in Cash Management and Payments Product Development for CashPro Forecasting (P) World's Best Bank for Payments and Treasury and North America's Best Bank for Transaction Services(M) Outstanding Global Leader in Social Bonds, Outstanding Leader in Social Bonds and Sustainable Loans for North America(Q) Relationships with 73% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2022) Total Revenue ($B)³ $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $0.0 $5.2 0.9 0.9 1.3 2.2 $5.9 1.2 0.9 1.5 2.4 3Q21 4Q21 Net interest income IB fees $5.2 1.1 0.9 0.9 2.3 Note: Amounts may not total due to rounding. ¹ See slide 33 for business leadership sources. Average Deposits ($B) 1Q22 Service charges $600 $500 $400 $300 $200 $100 $5.0 0.7 0.9 0.7 2.6 $0 2Q22 $534 31% 69% $5.6 0.8 0.8 0.7 $562 3.3 29% $540 29% 71% 71% 3Q22 All other income $509 28% 72% 3Q21 4Q21 1Q22 2Q22 3Q22 Noninterest-bearing Interest-bearing $2,000 $1,500 $1,000 $495 $500 35% $0 65% $2,168 654 637 933 Average Loans and Leases ($B)² Total Corporation IB Fees ($MM)4 $2,351 $2,500 3Q21 $400 $300 $200 $100 $0 850 545 984 $359 $325 $339 13 13 13 4Q21 Debt 148 160 3Q21 Commercial Corporate 156 167 $1,457 473 225 Equity 831 167 1Q22 177 4Q21 1Q22 2Q22 3Q22 Business Banking $1,128 392 139 662 $377 $384 13 13 2Q22 Advisory 5 177 186 177 2 Average loans and leases includes PPP balances of $0.6B in 3Q22, $0.9B in 2022, $1.5B in 1022, $2.4B in 4Q21 and $4.1B in 3Q21. 3 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 4 Self-led deals of $37MM, $65MM, $72MM, $28MM and $56MM for 3Q22, 2022, 1022, 4Q21 and 3Q21, respectively are embedded within Debt, Equity, and Advisory. Total Corporation IB fees excludes self-led deals. 5 Advisory includes fees on debt and equity advisory and mergers and acquisitions. 194 $1,167 432 156 616 3Q22 26#27Global Banking Digital Update 2.0MM C Sign-ins on the CashPro® App, rolling 12 months² 41% YoY Creating an innovative digital experience for our clients Digitally active clients across commercial, corporate, and business banking clients (CashPro® & BA360 platforms) 186 bps YOY¹ -43MM Intelligent Receivables® (digitally matched), rolling 12 months' 49% YoY As of August, 2022. 2 As of September, 2022. Digital Adoption 76% Client Engagement ~66MM (> Proactive alerts and insights from CashPro®, rolling 12 months² 11% YoY Digital Volumes 1.6MM Global payments to digital wallets, rolling 12 months' 16% YoY Online 8 F Mobile Connect API $602B C Payment approvals on the CashProⓇ App, rolling 12 months² 100% YoY 101K 瘦 Global digital wallet account enrollment for commercial cards 95% YOY¹ 27#28Global Markets Trends and Revenue Mix Business Leadership¹ • Americas Derivatives House of the Year and Americas House of the Year for Equity Derivatives, FX Derivatives, Interest Rate Derivatives, and Commodities Derivatives (R) Interest Rate Derivatives House of the Year(s) • Global Leader for Sustainable Project Finance() • Overall Leader for North America in Sustainable Finance(L) No. 2 Global Research Firm(™) • No. 2 Global Fixed Income Research Team(T) Securitization Research Team of the Year) • Most Impressive Corporate Bond House in Dollars(R) No. 1 Municipal Bonds Underwriter(U) $15.0 Total Sales and Trading Revenue (excl. net DVA) ($B)² $12.5 $10.0 $7.5 $5.0 $2.5 $0.0 $10.0 3.5 6.6 $12.1 2019 YTD 4.1 8.0 2020 YTD FICC $12.3 5.1 Note: Amounts may not total due to rounding. ¹ See slide 33 for business leadership sources. 7.2 2022 YTD Global Markets Revenue Mix (excl. net DVA)² 2021 YTD Equities 60% U.S. / Canada $12.8 5.2 7.6 40% 2022 YTD International $750 $500 ill 2 Represents a non-GAAP financial measure. Reported Global Markets revenue was $14.3B for 2022 YTD. Reported sales and trading revenue was $13.0B, $12.3B, $12.0B, and $9.9B for 2022 YTD, 2021 YTD, 2020 YTD, and 2019 YTD, respectively. Reported FICC sales and trading revenue was $7.8B, $7.28, $7.9B and $6.4B for 2022 YTD, 2021 YTD, 2020 YTD, and 2019 YTD, respectively. Reported Equities sales and trading revenue was $5.2B, $5.1B, $4.1B, and $3.5B for 2022 YTD, 2021 YTD, 2020 YTD, and 2019 YTD, respectively. See note E on slide 32 and slide 35 for important presentation information. $250 Average Trading-Related Assets ($B) and VaR ($MM)4 S&T stands for sales & trading. Macro products include currencies, interest rates and commodities products. 4 See note G on slide 32 for definition of VaR. $490 $0 2022 YTD Total FICC S&T³ Revenue Mix (excl. net DVA)² $35 2019 YTD $485 35% $79 Credit / Other 2020 YTD $544 $76 65% 2021 YTD Avg. trading-related assets Macro 3 $598 $105 2022 YTD Avg. VaR $150 $100 $50 $0 28#29Additional Presentation Information#30Credit Risk Transformation Reflects Responsible Growth (EOP) Loan Mix¹ 33% $600 $400 $200 4Q09 $0 $1,003B Commercial Loan Portfolio ($B)¹ 67% Commercial U.S. commercial $328 22 69 29 207 >4x 56% -2x Consumer 3Q22 $1,032B $582 13 68 125 376 3Q22 44% Commercial real estate Consumer Loan Portfolio ($B)¹ Other $750 $500 $250 $0 9.2% $675 46 44 161 7.7% 154 7:3% 257 Residential mortgage Consumer vehicle lending 4Q09 4Q09 Non-U.S. commercial Note: Amounts may not total due to rounding. ¹4009 reflects December 31, 2009 information adjusted to include the January 1, 2010 adoption of FAS 166/167 as reported in our Securities and Exchange Commission (SEC) filings. 2 Nine-quarter loss rate from Comprehensive Capital Analysis and Review (CCAR) severely adverse scenario. (46%) (82%) Home equity Securities based lending Federal Reserve Stress Test Loan Loss Rates (%)² Peer 1 $451 56 87 27 Peer 2 229 3Q22 Consumer credit card Other consumer 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 BAC 6.4% 6.0% Peer 3 5.2% 30#31Balance Sheet Transformation Highlights (EOP basis unless noted) Metric Total loans and leases¹ % consumer Consumer credit card Home equity GWIM loans Commercial real estate of which Construction (%) Nonperforming loans NCOS¹ Nine-quarter stressed net credit losses² Tangible common shareholders' equity¹,³ 4Q09 $1,003B 67% $161B $154B $100B $69B 39% 3.75% $11B $104B / 10.0% $112B 4Q19 $214B $983B 47% $98B $41B $177B $63B 12% 0.36% $959MM $44B / 4.4% $172B 3Q22 $576B $1,032B 44% $87B $27B $225B $68B 14% 0.39% $520MM $53B / 5.2% $170B $941B Transformation through Responsible Growth • Our loan portfolio is more balanced today and has less inherent risk - Lower concentration in the consumer portfolio - Less exposure to unsecured consumer credit and home equity loans - More than doubled GWIM loans Commercial Real Estate portfolio more balanced, with less concentration in construction loans - CCAR stress test results indicate significantly lower credit losses expected in a severe downturn Our capital base and liquidity have also increased significantly - Global Liquidity Sources* ¹4009 reflects December 31, 2009 information adjusted to include the January 1, 2010 adoption of FAS 166/167 as reported in our SEC filings. Amounts include loans accounted for under the fair value option (FVO). 2 Nine-quarter losses and loss rate for 4009 based on the 2009 Supervisory Capital Assessment Program; 4Q19 and 3Q22 represent 2019 and 2022 Federal Reserve CCAR stress test results, respectively. 3 Represent non-GAAP financial measures. Tangible common shareholders' equity is calculated as common shareholders' equity of $240.4B, $241.4B, and $207.2B for 3Q22, 4019, and 4Q09, which has been reduced by goodwill of $69.0B for 3Q22 and 4Q19 and $86.3B for 4009 and intangible assets (excluding mortgage servicing rights) of $2.1B, $1.7B, and 12.0B for 3Q22, 4Q19, and 4009, net of related deferred tax liabilities of $0.9B, $0.7B, and $3.5B for 3Q22, 4019, and 4Q09. For important presentation information, see slide 35. 44Q09 GLS shown on ending basis. The Corporation adopted the disclosure of average liquidity sources in 2017. See note C on slide 32 for definition of Global Liquidity Sources. - ~$60B higher tangible common equity³ Global Liquidity Sources are more than four times higher than 4Q09 31#32Notes A Reserve Build (or Release) is calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period. 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. 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 the segments' pretax income to add back provision for credit losses. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Corporation's ability to generate earnings to cover credit losses through a credit cycle as well as provides an additional basis for comparing the Corporation's results of operations between periods by isolating the impact of provision for credit losses, which can vary significantly between periods. See reconciliation below. $ Millions Consumer Banking Global Wealth & Investment Management Global Banking Global Markets All Other Pretax Income (GAAP) $ 3Q22 Provision for Credit Losses (GAAP) 4,069 $ 1,576 2,770 1,449 (1,457) 8,301 $ Pretax, Pre-provision Income 738 $ 37 170 11 (58) 898 $ Pretax Income (GAAP) 4,807 $ 1,613 2,940 1,460 (1,515) 9,199 $ Pretax, 2Q22 Provision for Credit Losses Pre-provision (GAAP) Income 3,827 $ 1,525 2,050 1,385 (1,792) 6,892 $ 350 $ 33 157 8 (25) 523 $ Pretax Income (GAAP) 4,177 $ 1,558 2,207 1,393 (1,817) 7,415 $ 3Q21 Provision for Credit Losses (GAAP) 4,033 $ 1,624 3,492 1,251 (1,349) 8,950 $ Pretax, Pre-provision Income 247 $ (58) (781) 16 (48) (624) $ 4,280 1,566 2,711 1,267 (1,397) 8,326 Total Corporation C Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of 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 other investment-grade 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. G VaR model uses a 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 $34MM, $36MM, $28MM, $22MM and $19MM for 3Q22, 2022, 3Q21, 3020 and 3Q19, respectively, and $33MM, $29MM, $23MM and $20MM for 2022 YTD, 2021 YTD, 2020 YTD and 2019 YTD, respectively. ill D Interest rate sensitivity as of September 30, 2022, reflects the pretax impact to forecasted net interest income over the next 12 months from September 30, 2022 resulting from an instantaneous parallel shock to the market-based forward curve. The sensitivity analysis assumes that we take no action in response to this rate shock and does not assume any change in other macroeconomic variables normally correlated with changes in interest rates. As part of our asset and liability management activities, we use securities, certain residential mortgages, and interest rate and foreign exchange derivatives in managing interest rate sensitivity. The behavior of our deposits portfolio in the forecast is a key assumption in our projected estimate of net interest income. The sensitivity analysis assumes no change in deposit portfolio size or mix from our baseline forecast to the alternate rate environment. In higher rate scenarios, any customer activity resulting in the replacement of low-cost or noninterest-bearing deposits with higher yielding deposits or market-based funding would reduce our benefit in those scenarios. 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 ($14MM), $158MM and ($20MM) for 3Q22, 2Q22 and 3Q21, respectively, and $213MM, ($56MM), ($77MM) and ($136MM) for 2022 YTD, 2021 YTD, 2020 YTD and 2019 YTD, respectively. Net DVA gains (losses) included in FICC revenue were ($15MM), $160MM and ($16MM) for 3Q22, 2022 and 3Q21, respectively, and $205MM, ($53MM), ($78MM) and ($127MM) for 2022 YTD, 2021 YTD, 2020 YTD and 2019 YTD, respectively. Net DVA gains (losses) included in Equities revenue were $1MM, ($2MM) and ($4MM) for 3Q22, 2022 and 3Q21, respectively, and $8MM, ($3MM), $1MM and ($9MM) for 2022 YTD, 2021 YTD, 2020 YTD and 2019 YTD, respectively. F Effective October 1, 2021, a business activity previously included in the Global Markets segment is being reported as a liquidating business in All Other, consistent with a realignment in performance reporting to senior management. The activity was not material to Global Market's results of operations and historical results for 3Q21 were not restated. 32#33Business Leadership Sources (A) Estimated U.S. retail deposits based on June 30, 2022 FDIC deposit data. (B) Javelin 2022 Online and Mobile Banking Scorecards. (C) Bank of America received the highest score in the J.D. Power 2022 Merchant Services Satisfaction Study of customers' satisfaction with credit card/debit payment processors among small business owners/operators. Visit jdpower.com/awards for more details. (D) FDIC, 2Q22. (E) Global Finance, May 2022. (F) Global Finance, August 2022. (G) J.D. Power 2022 Financial Health Support Certification SM is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards. (H) Industry Q2-22 FDIC call reports. (1) Family Wealth Report, 2022. (J) Global Private Banking, The Digital Banker, 2021. (K) WealthBriefing, 2022. (L) Global Finance, 2022. (M) Euromoney, 2022. (N) Global Finance Treasury & Cash Management Awards, 2022. (0) Celent, 2022. (P) Aite-Novarica Group, 2022. (Q) Global Finance, 2021. (R) GlobalCapital, 2022. (S) Risk.net, 2022. (T) Institutional Investor, 2021. (U) Refinitiv, 2022 YTD. ill 33#34Forward-Looking Statements Bank of America Corporation (the "Corporation") 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 Corporation's current expectations, plans or forecasts of its future results, revenues, provision for credit losses, 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 Corporation'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 Corporation's 2021 Annual Report on Form 10-K and in any of the Corporation's subsequent Securities and Exchange Commission filings: the Corporation's potential judgments, orders, settlements, penalties, fines and reputational damage resulting from pending or future litigation and regulatory investigations, proceedings and enforcement actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic, such as the processing of unemployment benefits for California and certain other states; the possibility that the Corporation's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the possibility that the Corporation could face increased claims from one or more parties involved in mortgage securitizations; the Corporation's ability to resolve representations and warranties repurchase and related 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 Corporation'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, inflationary and macroeconomic environment on the Corporation'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, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; potential losses related to the Corporation's concentration of credit risk; the Corporation's ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Corporation'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 Corporation'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, stress capital buffer 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 Corporation's capital plans; the effect of changes in or interpretations of income tax laws and regulations; 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 Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in or breach of the Corporation's operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns; the risks related to the transition and physical impacts of climate change; our ability to achieve environmental, social and governance goals and commitments or the impact of any changes in the Corporation's sustainability strategy or commitments generally; the impact of any future federal government shutdown and uncertainty regarding the federal government's debt limit or changes in fiscal, monetary or regulatory policy; the emergence of widespread health emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on U.S. and/or global financial market conditions and our business, results of operations, financial condition and prospects; the impact of natural disasters, extreme weather events, military conflict (including the Russia/ Ukraine conflict, the possible expansion of such conflict and potential geopolitical consequences), terrorism or other geopolitical events; and other matters. Forward-looking statements speak only as of the date they are made, and the Corporation 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. 34#35Important Presentation Information The information contained herein is preliminary and based on Corporation 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. . ● The Corporation 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 non-GAAP financial measures. The Corporation 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 September 30, 2022, and other earnings-related information available through the Bank of America Investor Relations website at: https://investor.bankofamerica.com/quarterly-earnings. 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 3Q22 Financial Results on slide 2 and on the Summary Income Statement for each segment. The Corporation 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 Corporation believes managing the business with net interest income on an FTE basis provides investors with meaningful information on the interest margin for comparative purposes. The Corporation 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 $106MM, $103MM, $106MM, $105MM and $101MM for 3Q22, 2022, 1022, 4Q21 and 3Q21, respectively. The Corporation 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 Corporation'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 2022, the Corporation adjusted the amount of capital being allocated to its business segments. ill 35#36BANK OF AMERICA ill