Bank of America : Fixed Income Investor Materials

Bank of America Review & Update

Third Quarter 2019

BAC Overview

Driving Responsible Growth

We live our values, deliver our purpose and drive responsible growth

		Values	Purpose	Responsible Growth
	•	Deliver together	• To help make financial lives better,	We must grow…
	•	Act responsibly	through the power of every connection	• And win in the market-no excuses
		• Within our customer-focused strategy
	• Realize the power of our people
		• Within our risk framework
	•	Trust the team		• In a sustainable manner

by focusing on the core financial needs of three groups of customers

People	Companies	Institutional
Investors

via four reported segments that encompass eight lines of business 1

Consumer Banking	Global Wealth &		Global Banking		Global
Investment Management			Markets
	Preferred &	Merrill Lynch	Bank of		Global	Global
	Business	Corporate &	Global
Retail	Small	Wealth	America	Commercial
Banking	Investment	Markets
	Business	Management	Private Bank	Banking
		Banking

1 All remaining results outside of the four segments are recorded in All Other.

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Strong Coast to Coast U.S. Footprint is Serving Consumers

U.S. Market Leader 1

Existing Deposit Market Share Rankings by State A

• No. 1 Consumer Deposit Market Share A
• Best Consumer Digital Bank in the U.S. N
• No. 1 in online banking functionality C
• • 38MM active digital banking users
  • Digital sales were 26% of Consumer Banking Sales
• No. 1 in mobile banking functionality C
• • 29MM mobile banking active users, up 10% from 3Q18
  • Customers logged in to the Bank of America mobile app 1.6 billion times in 3Q19, up 13% from 3Q18
  • 2018 and 2019 J.D. Power Certified Mobile App

Positive Growth Trends Reinforce BAC Strengths

• $2.9T of client balances in GWIM
• YTD 2019 net new Merrill Lynch households up 27% and net new Private Bank households up 64% from YTD 2018
• 4,302 financial centers, including 98 openings and 562 renovations in the last 12 months
• 16,626 ATMs with 100% contactless-enabled
• Well underway in opening 500 new centers and re-designing more than 2,500 centers through 2021
• • Focusing across our nationwide footprint on areas with existing GWIM and Commercial client presence

Select Expansion of Physical Presence

Current location

New financial center markets

Cincinnati	Columbus	Indianapolis	Minneapolis/	Pittsburgh
Cleveland	Denver	Lexington	St. Paul	Salt Lake City

1 Data is as of September 30, 2019, except as noted. See slide 38 for business leadership sources using letter referents.

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Leading Capabilities in Global Banking and Global Markets

International Market Leader

• Global footprint serving large corporate, institutional, and middle market clients with operations on six continents
• A leading provider of sales, trading, and research services to clients in all major markets
• • 650+ research analysts across Equity, Credit, Rates & FX, Commodities, Economics, Global Emerging Markets, Fixed Income, and Equity Strategy Research
  • In-depthanalysis on 3,000+ companies and 1,100+ corporate bond issuers
  • Economic forecasts for 54 economies and 25 industries
• Outstanding commercial and investment banking capabilities
• • Raised $527B in capital for clients globally YTD 2019
• Leading dealer in FX cash, derivatives, electronic trading and payment services in 148 currencies
• Relationships with 77% of the Global Fortune 500
• Relationships with 95% of the U.S. Fortune 1,000

Notable Accolades 1

• World's Best Bank for Diversity & Inclusion H
• North America's Best Bank for Small to Medium-sized Enterprises H
• Institutional Investor's Top Global Research Firm P
• • #1 in 2011-2016
  • #2 in 2017-2018
• 2018 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash Management M
• Best Transaction Bank in North America K
• Best Global Debt Bank N

International Coverage

1 See slide 38 for business leadership sources.

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