Bank of America

3Q19 Financial Results

October 16, 2019

3Q19 Financial Results

3Q19

3Q18

3Q19 vs. 3Q18

3Q19 ex-JV vs.

Summary Income Statement

3Q18 1

($B, except per share data)

Reported

Ex-JV

% Inc / (Dec)

% Inc / (Dec)

impairment 1

Total revenue, net of interest expense

$22.8

$22.8

$22.7

0 %

0

%

Noninterest expense

15.2

13.1

13.0

17

1

Provision for credit losses

0.8

0.8

0.7

9

9

Pretax income

6.9

8.9

9.0

(24)

(1)

Income tax expense

1.1

1.5

1.8

(41)

(20)

Net income

$5.8

$7.5

$7.2

(19)

4

Diluted earnings per share

$0.56

$0.75

$0.66

(15)

14

Average diluted common shares (in millions)

9,353

9,353

10,171

(8)

(8)

Return Metrics and Efficiency Ratio

Return on average assets

0.95

%

1.23

%

1.23

%

(28) bps

0

bps

Return on average common shareholders' equity

8.5

11.2

11.0

(251)

17

Return on average tangible common shareholders' equity 2

11.8

15.6

15.5

(364)

7

Efficiency ratio

67

57

57

924

(15)

  • As previously announced, 3Q19 included anon-cash, pretax impairment charge of $2.1B related to the notice of termination of the merchant services joint venture at the conclusion of its current term, which reduced results by $0.19 per diluted common share 1

Note: Amounts may not total due to rounding.

1Amounts in this column represent non-GAAP financial measures. For a reconciliation to GAAP of the presented financial metrics, see note A on slide 24. For important presentation 2information, see slide 27.

2Represents a non-GAAP financial measure. For important presentation information, see slide 27.

Strong Client Activity Across our Franchise

(Comparisons are YTD 2019 to YTD 2018 unless noted)

Supporting Consumer and Wealth Clients

Serving Companies and Institutional Clients

Consumer checking accounts

New credit cardaccounts 1

Consumer Investment accounts1

Net newMerrill / Private Bank households

First MortgageOriginations 2/ AutoOriginations

+2.3%; highest total in last 10 years

+5%

+7%

+27% / +64%

+58% / +18%

Small Business core clients /

loan growth 1

New clients / solutions per relationship growth

New clients / solutions per relationship growth

Investment banking fee market share 1,4

Equities new clients / Financing balances 5

+4% / +6%

#1 Small Business Lender

Business Banking

+~1,250 / +3%

Commercial Banking

+~500 / +3%

+80 bps

+120 / +17%

New markets / New Financial Centers opened 3

3 New Markets /

98 New FC's

Paris office opened and new European institutional broker-dealer operational

Driving new capabilities for 38MM digital banking users; Erica,

Zelle transactions increasing

  1. 3Q19 vs. 3Q18.
  2. Includes Consumer and GWIM originations.
  3. Last 12 months. New markets = Salt Lake City, Cincinnati and Columbus.
  4. Per Dealogic as of October 1, 2019.
  5. Financing balance growth shown as 3Q19 vs. 4Q18 on ending basis.

Driving new digital capabilitiesto make business easier for clients

3

Average Deposits

Bank of America Ranked #1 in U.S. Deposit Market Share 1

Total Corporation ($B)

$1,500

$1,375

YoY

$1,227

$1,272

$1,316

+4%

396

$1,000

439

437

423

(6%)

$500

979

789

835

894

+10%

$0

3Q16

3Q17

3Q18

3Q19

Interest-bearing

Noninterest-bearing

GWIM ($B)

$300

$254

$254

YoY

$240

$238

+7%

17

15

(10%)

$200

17

16

237

240

$100

223

222

+8%

$0

3Q16

3Q17

3Q18

3Q19

Interest-bearing

Noninterest-bearing

Consumer Banking ($B)

YoY

$800

$606

$659

$688

$709

+3%

$600

194

206

166

181

+6%

163

174

$400

136

151

$200

304

327

331

330

(0%)

$0

3Q16

3Q17

3Q18

3Q19

Money market, Savings, CD/IRA

Interest checking

Noninterest-bearing

Global Banking ($B)

$400

$360

$338

YoY

$307

$316

+7%

$300

163

198

(18%)

$200

235

221

$100

198

94

140

+41%

72

$0

3Q16

3Q17

3Q18

3Q19

Interest-bearing

Noninterest-bearing

Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other.

4

1Based on June 30, 2019 FDIC deposit data.

Average Loans and Leases

Total Loans and Leases ($B)

Total Loans and Leases in All Other ($B)

$965

YoY

$1,000

$901

$918

$931

+4%

$150

$105

$750

$100

9

$77

$500

19

$60

15

$42

$50

12

$250

77

62

48

6

36

$0

$0

3Q16

3Q17

3Q18

3Q19

3Q16

3Q17

3Q18

3Q19

Residential mortgage

Home equity

Other

Loans and Leases in Business Segments ($B)

$923

YoY

$1,000

$795

$842

$871

+6%

72

72

71

+1%

$750

69

377

334

346

353

+7%

$500

170

143

154

162

+5%

$250

285

304

249

269

+7%

$0

3Q16

3Q17

3Q18

3Q19

Consumer Banking

GWIM

Global Banking

Global Markets

Note: Amounts may not total due to rounding.

Year-Over-Year Growth in Business Segments

8%

6%

6%

6%

4%

7%

3%

6%

6%

2%

5%

5%

2%

0%

3Q17

3Q18

3Q19

Consumer loans Commercial loans Total in business segments

5

Expense and Efficiency

Total Noninterest Expense ($B)

$15

$13.3

$13.2

$13.8

$13.2

$13.0

$13.1

$13.2

$13.3

$15.2

2.1

$10

5.5

5.6

5.4

5.3

5.3

5.3

5.0

5.3

5.3

$5

+$13.1B 1

7.8

7.6

8.5

7.9

7.7

7.7

8.2

8.0

7.8

$0

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

Compensation and benefits

Other

JV impairment charge

Efficiency Ratio

65%

60%

65%

61%

60%

59%

55%

57%

58%

57%

57%

57%

50%

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19 1

Expense and efficiency comparisons excluding 3Q19 impairment charge of $2.1B1

  • Noninterest expense of $13.1B increased $0.1B from 3Q18 as investments across the franchise as well as higher legacymortgage-related litigation expense were partially offset by efficiency savings enabled by operational excellence work, lower FDIC costs and lower amortization of intangibles
  • Noninterest expense declined $0.2B from 2Q19 as efficiency savings and lower spend due to timing of investments more than offset higher legacymortgage-related litigation expense
  • Efficiency ratio remained steady compared with 3Q18 and 2Q19 at 57%

Note: Amounts may not total due to rounding.

1Noninterest expense and efficiency ratio as adjusted for 3Q19 represent non-GAAP financial measures which exclude 3Q19 impairment charge of $2.1B for the notice of termination

of the merchant services joint venture at the conclusion of its current term. Reported 3Q19 efficiency ratio was 67%. See slide 2 for the percentages calculated using GAAP financial

6

measures and note A on slide 24 for reconciliations.

Operating Leverage Trend 1

+22%

+21%

+29%

+3%

+8%

+3%

+5%

+6%

+8%

+6%

+4%

+8% 2

+5%

+4%

+7%

+7% 2

+4%

+2%

0% 3

3Q19 reported

expense growth

7%

7%

7%

of +17% and

6%

operating

leverage of

4%

4%

(16%) 3

3%

2%

2%

1%

1%

1%

1%

0% 1%

0%

(2%)

(1%)

(1%)

(1%)

(1%)

(1%)

(1%)

(0%)

(2%)

(2%)

(3%)

(2%)

(4%)

(3%)

(4%)

(5%)

(5%)

(7%)

(25%)

(10%)

(29%)

(31%)

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

YoY revenue growth (decline)

YoY expense growth (decline)

Operating leverage

Note: Amounts may not total due to rounding.

  1. Operating leverage calculated as theyear-over-year percentage change in revenue, net of interest expense, less the percentage change in noninterest expense.
  2. Operating leverage calculated after adjusting 4Q17 revenue for the impact of the Tax Cuts and Jobs Act (Tax Act) is anon-GAAP financial measure. Reported revenue growth and operating leverage were 11% and 12% for 4Q18, and 2% and 3% for 4Q17. Reported revenue was $22.7B, $20.4B and $20.0B for 4Q18, 4Q17 and 4Q16, respectively. Excluding a $0.9B noninterest income charge from enactment of the Tax Act, 4Q17 revenue was $21.4B. For important presentation information, see slide 27.
  3. Operating leverage calculated after adjusting 3Q19 expenses for the $2.1B impairment charge for the notice of termination of the merchant services joint venture at the conclusion

of its current term is a non-GAAP financial measure. Reported expenses were $15.2B for 3Q19, and excluding the $2.1B noninterest expense charge, 3Q19 expenses were $13.1B

7

compared to 3Q18 expenses of $13.0B. See slide 2 for the percentages calculated using GAAP financial measures. For important presentation information, see slide 27.

Balance Sheet, Liquidity and Capital

(EOP basis unless noted)

Balance Sheet ($B)

3Q19

2Q19

3Q18

Total assets

$2,426.3

$2,395.9

$2,338.8

Total loans and leases

972.9

963.8

929.8

Total loans and leases in business segments 1

933.2

920.5

874.8

Total debt securities

444.6

446.1

446.1

Funding & Liquidity ($B)

Total deposits

$1,392.8

$1,375.1

$1,345.6

Long-term debt

243.4

238.0

234.2

Global Liquidity Sources (average) 2

552

552

537

Equity ($B)

Common shareholders' equity

$244.8

$246.7

$239.8

Common equity ratio

10.1

%

10.3

%

10.3

%

Tangible common shareholders' equity 3

$174.9

$176.8

$169.9

Tangible common equity ratio 3

7.4

%

7.6

%

7.5

%

Per Share Data

Book value per common share

$26.96

$26.41

$24.33

Tangible book value per common share 3

19.26

18.92

17.23

Common shares outstanding (in billions)

9.08

9.34

9.86

Basel 3 Capital ($B) 4

3Q19

2Q19

3Q18

Common equity tier 1 capital (CET1)

$169.2

$171.5

$164.4

Standardized approach

Risk-weighted assets

$1,486

$1,467

$1,439

CET1 ratio

11.4

%

11.7

%

11.4

%

Advanced approaches

Risk-weighted assets

$1,441

$1,431

$1,424

CET1 ratio

11.7

%

12.0

%

11.5

%

Supplementary leverage

Supplementary leverage ratio (SLR)

6.6

%

6.8

%

6.7

%

  • CET1 ratio of 11.4% declined 30 bps from 2Q19
    • CET1 capital of $169.2B, down $2.3B
    • Standardized RWA of $1,486B, increased $19B
  • Increased capital returned to shareholders
    • Repurchased $7.6B of common shares and paid $1.7B in common dividends in 3Q19
    • Common shares outstanding down 8% from 3Q18 to 9.1B
  • Book value per share increased 11% from 3Q18 to $26.96
  • $552B of average Global Liquidity Sources2
  1. Excludes loans and leases in All Other.
  2. See note B on slide 24 for definition of Global Liquidity Sources.
  3. Represents anon-GAAP financial measure. For important presentation information, see slide 27.
  4. Regulatory capital metrics at September 30, 2019 are preliminary. The Company 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 3Q19.

8

Net Interest Income

Net Interest Income (FTE, $B) 1

$15

$12.2

$12.7

$12.5

$12.3

$12.3

$10

$5

$12.1

$12.5

$12.4

$12.2

$12.2

$0

3Q18

4Q18

1Q19

2Q19

3Q19

Net interest income (GAAP)

FTE adjustment

Net Interest Yield (FTE) 1

  • Net interest income of $12.2B ($12.3B FTE1)
    • Increased $0.1B from 3Q18, or 1%, driven primarily by loan and deposit growth, partially offset by impact of lower long- end interest rates
    • Stable from 2Q19 as the benefits from loan and deposit growth, highertrading-related NII, and one additional accrual day were offset by impact of lower short-end and long-end rates
  • Net interest yield of 2.41% decreased 4 bps from 3Q18 and decreased 3 bps from 2Q191
    • Excluding Global Markets, the net interest yield was 2.89%, down 6 bps from 3Q181
    • Average rate paid oninterest-bearing deposits declined 5 bps from 2Q19 to 0.76%

3.5%

•

2.95%

3.03%

3.03%

2.98%

2.89%

3.0%

2.5%

2.52%

2.51%

2.45%

2.44%

2.41%

2.0%

3Q18

4Q18

1Q19

2Q19

3Q19

Asset sensitivity position increased, primarily driven by lower long-end rates

Reported net interest yield

Net interest yield excl. GM

Notes: FTE stands for fully taxable-equivalent basis. GM stands for Global Markets.

1Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $1,016MM, $811MM, $953MM, $935MM and $933MM, and average earning

9

assets of $477B, $474B, $472B, $458B and $459B for 3Q19, 2Q19, 1Q19, 4Q18 and 3Q18, respectively. The Company 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 27.

Asset Quality

Net Charge-offs ($MM) 1

•Total net charge-offs of $0.8B decreased $76MM from 2Q19;

$1,200

$991

1.0%

excluding recoveries from sales of previously charged-off non-

$932

$924

core consumer real estate loans of $198MM and $118MM in

$887

$811

3Q19 and 2Q19, net charge-offs were stable from 2Q19 at $1.0B

$800

•Net charge-off ratio of 34 bps decreased 4 bps from 2Q19

0.5%

0.40%

0.39%

0.43%

-Loan sales positively impacted 3Q19 net charge-off ratio

$400

0.38%

0.34%

by 8 bps

$0

0.0%

-Excluding the loan sales in both periods, net charge-off ratio

3Q18

4Q18

1Q19

2Q19

3Q19

would have decreased 1 bp to 42 bps

Net charge-offs

Net charge-off ratio

•Provision expense of $0.8B decreased $78MM from 2Q19

-3Q19 included a small reserve release of $32MM, similar to

3Q19 and 2Q19 included

recoveries from sales of

2Q19

previously charged-off non-

Provision for Credit Losses ($MM)

core consumer real estate

•Allowance for loan and lease losses of $9.4B represented 0.98%

$118MM; NCO ratio of

loans of $198MM and

$1,200

0.42% and 0.43% excluding

of total loans and leases 1

$905

$1,013

these sales

•Nonperforming loans (NPLs) of $3.5B decreased $0.7B from

$857

$716

$779

2Q19, driven by the loan sales

$800

-41% of consumer NPLs are contractually current

$400

•Commercial reservable criticized utilized exposure of $11.8B was

stable from 2Q19 and reservable criticized ratio remains near

historic lows

$0

3Q18

4Q18

1Q19

2Q19

3Q19

1Excludes loans measured at fair value.

10

Asset Quality - Consumer and Commercial Portfolios

Consumer Net Charge-offs ($MM)

$900

$776

$804

$835

$691

2.0%

$622

$700

1.5%

$500

1.0%

$300

0.69%

0.71%

0.77%

0.62%

0.55%

0.5%

$100

($100)

3Q18

4Q18

1Q19

2Q19

3Q19

0.0%

Credit card

Other

Consumer NCO ratio

Consumer Metrics ($MM)

3Q19

2Q19

3Q18

Provision

$564

$640

$710

Nonperforming loans and leases

2,189

3,027

4,306

% of loans and leases 1

0.48

%

0.67

%

0.97

%

Consumer 30+ days performing past due

$5,530

$5,699

$7,158

Fully-insured2

1,919

2,155

3,183

Non fully-insured

3,611

3,544

3,975

Allowance for loans and leases

4,576

4,689

4,980

% of loans and leases 1

1.01

%

1.04

%

1.12

%

# times annualized NCOs

1.86

x

1.69

x

1.62

x

Commercial Net Charge-offs ($MM)

$200

$196

$189

0.3%

$156

$156

$150

$120

0.2%

$100

0.13%

0.13%

0.16%

0.15%

0.10%

0.1%

$50

$0

3Q18

4Q18

1Q19

2Q19

3Q19

0.0%

C&I

Small business and other

Commercial NCO ratio

Commercial Metrics ($MM)

3Q19

2Q19

3Q18

Provision

$215

$217

$6

Reservable criticized utilized exposure

11,835

11,834

11,597

Nonperforming loans and leases

1,287

1,160

848

% of loans and leases 1

0.25

%

0.23

%

0.18

%

Allowance for loans and leases

$4,857

$4,838

$4,754

% of loans and leases 1

0.95

%

0.95

%

0.99

%

1Excludes loans measured at fair value.

2Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements.

11

Consumer Banking

Inc / (Dec)

Summary Income Statement ($MM)

3Q19

2Q19

3Q18

Total revenue, net of interest expense

$9,724

$7

$282

Provision for credit losses

917

(30)

47

Noninterest expense

4,393

(15)

68

Pretax income

4,414

52

167

Income tax expense

1,081

12

(1)

Net income

$3,333

$40

$168

Key Indicators ($B)

3Q19

2Q19

3Q18

Average deposits

$709.3

$707.0

$687.5

Rate paid on deposits

0.11

%

0.10

%

0.06

%

Cost of deposits 1

1.50

1.52

1.53

Average loans and leases

$303.8

$296.4

$285.0

Net charge-off ratio

1.18

%

1.24

%

1.19

%

Consumer investment assets 2

$223.2

$219.7

$203.9

Active mobile banking users (MM)

28.7

27.8

26.0

% Consumer sales through digital channels

26

%

25

%

23

%

Number of financial centers

4,302

4,349

4,385

Combined credit / debit purchase volumes 3

$162.0

$161.5

$152.0

Total consumer credit card risk-adjusted margin 3

8.46

%

7.93

%

8.08

%

Return on average allocated capital

36

36

34

Allocated capital

$37

$37

$37

Efficiency ratio

45

%

45

%

46

%

  • Net income of $3.3B increased 5% from 3Q18; ROAAC of 36%
  • Revenue of $9.7B increased $0.3B, or 3%, from 3Q18, driven primarily by NII due to growth in deposits and loans
  • Provision increased modestly from 3Q18
  • Noninterest expense increased 2% from 3Q18, driven by investments for business growth, including higher compensation and benefits expense, largely offset by improved productivity and lower FDIC expense
    • Efficiency ratio improved 63 bps to 45%
    • Continued investment in financial center builds/renovations, sales professionals, digital capabilities, minimum wage and Shared Success programs
    • Digital usage increased for sales, service and appointments
  • Average deposits of $709B grew $22B, or 3%, from 3Q18
    • 53% of deposits in checking accounts; 92% primary accounts4
    • Average cost of deposits of 1.50%1; rate paid of 11 bps
  • Average loans and leases of $304B increased $19B, or 7%, from 3Q18, driven by growth in residential mortgages
  • Consumer investment assets of $223B grew $19B, or 9%, from 3Q18, driven by strong client flows, partially offset by market performance
    • $23B of client flows since 3Q18
    • Client accounts of 2.7MM, up 7%
  • Combined credit / debit card spend increased 7% from 3Q18
  • 5.9MM clients enrolled in Preferred Rewards; 99% retention

Note: ROAAC stands for return on average allocated capital.

  1. Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits subsegment.
  2. Consumer investment assets include client brokerage assets, certain deposit sweep balances and assets under management in Consumer Banking.

3

Includes U.S. consumer credit card portfolios in Consumer Banking and GWIM.

12

4

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).

Consumer Banking Trends

Business Leadership 1

  • #1 Consumer Deposit Market ShareA
  • #1 Small Business LenderB
  • #1 Online Banking and Mobile Banking FunctionalityC
  • #1 U.S. Checking Account Digital Sales FunctionalityD
  • #1 Home Equity OriginatorE
  • #1 in Prime Auto Credit distribution of new originations among peersF
  • #1 Customer Satisfaction for Retail Banking AdviceG
  • 4-StarRating by Barron's 2019 Best Online Brokers
  • Named North America's Best Digital BankH
  • 2019 J.D. Power Certified Mobile App
  • 2019 J.D. Power Certified Website

Total Revenue ($B)

$12

$9.4

$10.0

$9.6

$9.7

$9.7

$9

2.6

2.9

2.5

2.6

2.7

$6

6.8

7.1

7.1

7.1

7.0

$3

$0

3Q18

4Q18

1Q19

2Q19

3Q19

Net interest income

Noninterest income

Total Expense ($B) and Efficiency

$5

$4.3

$4.4

$4.4

$4.4

$4.4

60%

$4

$3

50%

46%

45%

45%

45%

$2

45%

40%

$1

$0

3Q18

4Q18

1Q19

2Q19

3Q19

30%

Noninterest expense

Efficiency ratio

Average Deposits ($B)

Average Loans and Leases ($B)

$800

$688

$687

$697

$707

$709

0.20%

$350

$285

$290

$292

$296

$304

$300

19

20

20

20

20

$600

0.15%

$250

34

354

365

374

377

37

37

36

35

51

357

$200

50

50

50

51

$400

0.09%

0.10%

0.11%

0.10%

$150

92

93

92

91

92

0.07%

$200

0.06%

0.05%

$100

$50

86

90

94

100

108

$0

0.00%

$0

3Q18

4Q18

1Q19

2Q19

3Q19

3Q18

4Q18

1Q19

2Q19

3Q19

Residential mortgage

Consumer credit card

Other

Checking

Rate paid (%)

Vehicle lending

Home equity

Small business / other

Consumer Investment Assets (EOP, $B) 2

$250

$204

$186

$211

$220

$223

$200

$150

$100

$50

$0

3Q18

4Q18

1Q19

2Q19

3Q19

Note: Amounts may not total due to rounding.

1

See slide 25 for business leadership sources.

13

2

Consumer investment assets include client brokerage assets, certain deposit sweep balances and assets under management in Consumer Banking.

Consumer Banking Digital Usage Trends 1

Active Digital Banking Users (MM)

Total Payments ($B)

YoY

YoY

9.0MM Erica users

$800

$755

+8%

$702

38.0

+5%

$612

$644

40

34.5

36.2

32.8

$600

331

+2%

324

316

30

28.7

+10%

313

23.6

26.0

$400

20

21.3

+12%

10

$200

299

328

378

424

0

$0

3Q16

3Q17

3Q18

3Q19

3Q16

3Q17

3Q18

3Q19

Digital banking users

Mobile banking users

Digital

Non-Digital

Person-to-Person Payments (Zelle) 4

8.9MM users

90

80.8

$60

60

$40

42.5

30

17.8

$21

$20

9.6

$12

$6

0

$3

$0

3Q16

3Q17

3Q18

3Q19

Transactions (MM)

Volume ($B)

Mobile Channel Usage 2, 3

YoY

Deposit Transactions

1,600

1,551

1,000 +13%

100%

27%

23%

22%

1,400

1,369

30%

1,166

750

+19%

75%

1,200

613

1,000

978

515

500

50%

78%

414

70%

73%

77%

800

345

250

25%

600

400

0

0%

3Q16

3Q17

3Q18

3Q19

3Q16

3Q17

3Q18

3Q19

Mobile Channel Usage (MM)

Mobile/ATM

Financial Center

Digital Appointments (000's)

Digital % of Total Sales

30%

22%

23%

26%

25%

18%

48%

20%

59%

52%

15%

65%

10%

48%

52%

5%

35%

41%

0%

3Q16

3Q17

3Q18

3Q19

Mobile

Desktop

  1. Digital users represent mobile and/or online users.
  2. Mobile channel usage represents the total number of mobile banking sessions.

3

Digital appointments represent the number of client-scheduled appointments made via online, smartphone or tablet.

14

4

Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle users represent 90-day active users.

-Average loans and leases of $170B increased $9B, or 5%, from 3Q18, driven by residential mortgage and custom lending
•YTD 2019 net new Private Bank households increased 64% and Merrill Lynch increased 27% vs. YTD 2018
•Mobile channel usage among households increased 49% in Merrill Lynch and 47% in Private Bank from 3Q18

Global Wealth & Investment Management

Inc / (Dec)

Summary Income Statement ($MM)

3Q19

2Q19

3Q18

Total revenue, net of interest expense

$4,904

$4

$87

Provision for credit losses

37

16

24

Noninterest expense

3,413

(46)

(30)

Pretax income

1,454

34

93

Income tax expense

356

8

9

Net income

$1,098

$26

$84

Key Indicators ($B)

3Q19

2Q19

3Q18

Average deposits

$254.4

$253.9

$238.3

Average loans and leases

170.4

166.3

161.9

Net charge-off ratio

0.09

%

0.03

%

0.03

%

AUM flows 1

$5.5

$5.3

$8.2

Pretax margin

30

%

29

%

28

%

Return on average allocated capital

30

30

28

Allocated capital

$14.5

$14.5

$14.5

  • Net income of $1.1B increased 8% from 3Q18; ROAAC of 30%
    • Record pretax margin of 30%
  • Revenue of $4.9B increased 2% from 3Q18, driven primarily by higher NII due to growth in deposits and loans
    • Asset management fees increased driven by the impact of positive AUM flows and higher market valuations, while transactional revenue declined
  • Noninterest expense decreased 1% from 3Q18, as investments for business growth were more than offset by lower amortization of intangibles and FDIC expense
  • Client balances of $2.9T, up 2% from 3Q18, driven by positive net flows and higher market valuations
    • AUM flows of $5.5B in 3Q191
    • Average deposits of $254B increased $16B, or 7%, from 3Q18; included $8B impact due to money market fund conversion last year

1Starting in 2Q19, AUM flows include managed deposits in investment accounts.

15

Global Wealth & Investment Management Trends

Business Leadership 1

  • #1 U.S. wealth management market position across client assets, deposits and loansI
  • #1 in personal trust assets under managementJ
  • #1 in Barron's Top 1,200 ranked Financial Advisors (2019)
  • #1 in Forbes' Top Next Generation Advisors (2019) andBest-in-State Wealth Advisors (2019)
  • #1 in Financial Times Top 401K Retirement Plan Advisers (2018)
  • #1 in Barron's Top 100 Women Advisors (2019)
  • #1 in Forbes' Top Women Advisors (2019)

Average Deposits ($B)

Average Loans and Leases ($B)

$300

$238

$247

$262

$254

$254

$200

$162

$164

$164

$166

$170

$200

$150

40

41

42

43

44

$100

41

40

39

39

39

$100

$50

79

80

80

82

84

$0

$0

3Q18

4Q18

1Q19

2Q19

3Q19

3Q18

4Q18

1Q19

2Q19

3Q19

Consumer real estate

Securities-based lending

Custom lending

Credit card / Other

Total Revenue ($B)

Client Balances (EOP, $B) 2,3

$6

$5.0

$3,000

$2,841

$2,621

$2,837

$2,899

$2,906

$4.8

$4.8

$4.9

$4.9

165

167

172

176

168

240

261

252

252

$4

0.7

0.9

0.7

0.8

0.7

$2,000

269

1,183

1,072

1,170

1,204

1,212

2.5

2.5

2.4

2.5

2.6

$2

$1,000

1.6

1.7

1.6

1,292

1,163

1,282

1,314

1,306

1.5

1.6

$0

$0

3Q18

4Q18

1Q19

2Q19

3Q19

3Q18

4Q18

1Q19

2Q19

3Q19

Net interest income

Asset management fees

Brokerage / Other

Brokerage / Other

AUM

Deposits

Loans and leases

Note: Amounts may not total due to rounding.

1See slide 25 for business leadership sources.

2Loans and leases include margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.

16

3Managed deposits in investment accounts of $40B, $44B, $43B, $51B and $38B for 3Q19, 2Q19, 1Q19, 4Q18 and 3Q18, respectively, are included in both AUM and Deposits. Total

client balances only include these balances once.

Global Banking

Inc/(Dec)

Summary Income Statement ($MM)

3Q19

2Q19

3Q18

Total revenue, net of interest expense 1

$5,212

$237

$389

Provision (benefit) for credit losses

120

(5)

190

Noninterest expense

2,220

9

78

Pretax income

2,872

233

121

Income tax expense

775

62

61

Net income

$2,097

$171

$60

Selected Revenue Items ($MM)

3Q19

2Q19

3Q18

Total Corporation IB fees (excl. self-led)1

$1,533

$1,371

$1,204

Global Banking IB fees 1

902

717

644

Business Lending revenue

2,135

2,059

2,111

Global Transaction Services revenue

2,096

2,161

2,031

Key Indicators ($B)

3Q19

2Q19

3Q18

Average deposits

$360.5

$362.6

$337.7

Average loans and leases

377.1

372.5

352.7

Net charge-off ratio

0.12

%

0.14

%

0.10

%

Return on average allocated capital

20

19

20

Allocated capital

$41

$41

$41

Efficiency ratio

43

%

44

%

44

%

  • Net income of $2.1B increased 3% from 3Q18; ROAAC of 20%
  • Revenue of $5.2B increased 8% from 3Q18 largely driven by higher investment banking fees as well asleasing-related revenues
  • Total Corporation investment banking fees of $1.5B (excl. self- led) increased 27% from 3Q18 driven by higher M&A and debt underwriting fees
    • 6.5% investment banking fee market share, up 80 bps2
  • Provision increased $0.2B from 3Q18, driven by the absence of the prior year's reserve releases, primarily in energy
  • Noninterest expense increased 4% from 3Q18, primarily due to continued investments in the business, including technology spend andclient-facing associates
    • Efficiency ratio improved to 43%
  • Average loans and leases of $377B increased 7% from 3Q18, driven bybroad-based growth across corporate and commercial clients
  • Average deposits of $360B increased 7% from 3Q18, driven by domestic and international growth

1Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities.

2Per Dealogic as of October 1, 2019.

17

Global Banking Trends

Business Leadership 1

  • North America's Best Bank for Small toMedium-sized Enterprises H
  • Most Innovative Investment Bank of the Year from North AmericaK
  • Best Transaction Bank in North AmericaK
  • North America's Best Bank for FinancingH
  • 2018 Quality, Share and Excellence Awards for U.S. Large Corporate Banking and Cash ManagementM
  • Best Global Debt BankN
  • Relationships with 77% of the Global Fortune 500; 95% of the U.S. Fortune 1,000 (2019)

Average Deposits ($B)

Average Loans and Leases ($B)

$400

$338

$360

$349

$363

$360

$400

$353

$357

$370

$373

$377

15

16

16

15

15

$300

$300

41%

45%

50%

54%

55%

166

176

176

179

162

$200

$200

$100

59%

55%

50%

46%

45%

$100

174

176

178

182

183

$0

$0

3Q18

4Q18

1Q19

2Q19

3Q19

3Q18

4Q18

1Q19

2Q19

3Q19

Noninterest-bearing

Interest-bearing

Commercial

Corporate

Business Banking

Total Revenue ($B) 2

Total Corporation IB Fees ($MM) 2

$6

$5.2

$5.2

$5.0

$5.2

$1,371

$1,533

$4.8

0.8

0.9

0.8

0.9

$1,204

$1,348

$1,264

452

0.7

288

$4

397

0.8

0.7

0.7

0.7

0.8

262

343

395

308

0.6

0.8

0.7

0.7

0.9

307

234

272

$2

748

746

816

2.7

2.8

2.8

2.7

2.6

684

699

$0

(49)

(20)

(61)

(58)

(43)

3Q18

4Q18

1Q19

2Q19

3Q19

3Q18

4Q18

1Q19

2Q19

3Q19

Net interest income

IB fees

Service charges

All other income

Debt

Equity

Advisory 3

Self-led deals

Note: Amounts may not total due to rounding.

1See slide 25 for business leadership sources.

18

2Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities.

3Advisory includes fees on debt and equity advisory and mergers and acquisitions.

Global Banking Digital Update 1

CashPro® Online Users

CashPro® Mobile

CashPro® Mobile

across commercial, corporate, and business

App Logins

Payment Approvals

banking clients

+126%

$144B

500K

Rolling 12 mos. YoY

up 95% Rolling 12 mos. YoY

eSignature

CashPro® Mobile

CashPro® Assistant

Checks Deposited

Utilizing AI, Predictive

Documents e-Signed via CashPro Assistant

+150%

make it easier for clients

33K

Analytics and APIs to

Rolling 12 mos. YoY

to analyze info

YTD

Investing in Digital Technology to Develop Integrated Solutions for Our Clients that are:

FAST

SMART

SECURE

CashPro Mobile

Notifications

Automatic Fraud Monitoring

Expanding access and capabilities

For added visibility

Smart and secure

Mobile Wallet

Intelligent Receivables

Mobile Token

For Commercial Card

Bringing AI to Receivables with award-

Expanding access

Real Time Payments

winning solution

Email Assist

Document Exchange

For U.S. payments

CashPro API

Intelligently casing service requests

Online and Mobile

CashPro Assistant

Paperless Statements

Supporting real-time access

Digitizing KYC refreshes

Utilizing intelligence to make business easier

For commercial card

eSignature

Biometrics

Faster and easier through CashPro

Assistant

Also on CashPro Mobile

For CashPro Mobile

Improving

Leveraging Data and

Confidently doing business

Connectivity and Access

Intelligence

anytime, anywhere

1Metrics as of September 30, 2019 unless otherwise indicated.

19

Global Markets

Inc/(Dec)

Summary Income Statement ($MM)

3Q19

2Q19

3Q18

Total revenue, net of interest expense 1

$3,864

($280)

($9)

Net DVA

(15)

16

84

Total revenue (excl. net DVA) 1,2

3,879

(296)

(93)

Provision for credit losses

0

(5)

2

Noninterest expense

2,679

4

46

Pretax income

1,185

(279)

(57)

Income tax expense

338

(79)

15

Net income

$847

($200)

($72)

Net income (excl. net DVA) 2

$858

($213)

($136)

Selected Revenue Items ($MM) 1

3Q19

2Q19

3Q18

Sales and trading revenue

$3,204

$3,242

$2,987

Sales and trading revenue (excl. net DVA) 2

3,219

3,273

3,086

FICC (excl. net DVA) 2

2,074

2,128

2,069

Equities (excl. net DVA) 2

1,145

1,145

1,017

Global Markets IB fees

585

585

522

Key Indicators ($B)

3Q19

2Q19

3Q18

Average total assets

$687.4

$685.4

$652.5

Average trading-related assets

498.8

496.2

460.3

Average 99% VaR ($MM) 3

34

34

31

Average loans and leases

71.6

70.6

71.2

Return on average allocated capital

10

%

12

%

10

%

Allocated capital

$35

$35

$35

Efficiency ratio

69

%

65

%

68

%

  • Net income of $0.8B decreased 8% from 3Q18; ROAAC of 10%
    • Excluding net DVA, net income of $0.9B decreased 14%2
  • Revenue stable from 3Q18; excluding net DVA, revenue decreased 2%2
    • Reflects higher sales and trading revenue and investment banking fees, more than offset by a gain on sale of an equity investment in 3Q18 (excluded from sales and trading revenue)
  • Excluding net DVA, sales and trading revenue of $3.2B increased 4% from 3Q182
    • FICC revenue of $2.1B stable driven by an improvement in mortgages and municipal products, partially offset by weaker trading in FX and credit products
    • Equities revenue of $1.1B increased 13% driven by growth in client financing activities
  • Noninterest expense increased 2% vs. 3Q18, driven primarily by higherrevenue-related expenses and continued investment in technology
  • Average VaR remained low at $34MM in 3Q193

1Global 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; see note C on slide 24 and slide 27 for important presentation information.

20

3

See note D on slide 24 for the definition of VaR.

Global Markets Trends and Revenue Mix

Business Leadership 1

  • Derivatives House of the YearL
  • #1 Equity Portfolio Trading Share - North American InstitutionsM
  • #1 for U.S. FICC Overall Trading Quality and #1 for U.S. FICC Overall Sales QualityM
  • 2018 Quality Leader in GlobalTop-Tier Foreign Exchange Sales and Corporate FX Sales M
  • 2018 Share Leader in U.S. Fixed Income Market Share - #1 Securitized, #2 Emerging MarketsM
  • #1 Municipal Bonds UnderwriterO
  • #2 Global Research FirmP
  • #1 Global Fixed Income Research TeamQ

YTD Global Markets Revenue Mix

YTD Total FICC S&T Revenue Mix

(excl. net DVA) 2

(excl. net DVA) 2

65%61%

35%

39%

U.S. / Canada

International

Credit / Other

Macro3

Total Sales & Trading Revenue (excl. net DVA) ($B) 2

$4

$3.2

$3.1

$3.2

$3

1.0

1.0

1.1

$2

$1

2.2

2.1

2.1

$0

3Q17

3Q18

3Q19

FICC

Equities

Average Trading-related Assets ($B) and VaR ($MM) 4

$500

$442

$460

$499

$

41

$

34

$250

$

31

$0

3Q17

3Q18

3Q19

Avg. trading-related assets

Avg. VaR

$60

$30

$0

Note: Amounts may not total due to rounding.

  1. See slide 25 for business leadership sources.
  2. Represents anon-GAAP financial measure. Reported sales & trading revenue was $3.2B, $3.0B and $3.1B for 3Q19, 3Q18 and 3Q17, respectively. Reported FICC sales & trading revenue was $2.1B, $2.0B and $2.2B for 3Q19, 3Q18 and 3Q17, respectively. Reported Equities sales & trading revenue was $1.1B, $1.0B and $1.0B for 3Q19, 3Q18 and 3Q17, respectively. See note C on slide 24 and slide 27 for important

presentation information.

21

3

Macro includes G10 FX, rates and commodities products.

4

See note D on slide 24 for definition of VaR.

All Other 1

Inc/(Dec)

Summary Income Statement ($MM)

3Q19

2Q19

3Q18

Total revenue, net of interest expense

($749)

($246)

($669)

Provision (benefit) for credit losses

(295)

(54)

(200)

Noninterest expense

2,464

1,949

1,993

Pretax income (loss)

(2,918)

(2,141)

(2,462)

Income tax expense (benefit)

(1,320)

(533)

(832)

Net income (loss)

($1,598)

($1,608)

($1,630)

  • Net loss of $1.6B compared to net income of $32MM in 3Q18; excluding the impact of the joint venture impairment charge (described below), net income of $0.1B2
  • 3Q19 included the following items:
    • Noninterest expense impacted by an impairment charge of $2.1B related to the notice of termination of the merchant services joint venture at the conclusion of its current term
    • Total Corporation litigation expense of $352MM in 3Q19 compared to $90MM in 3Q18
    • Provision benefit included $0.2B of recoveries from 3Q19 sales of previouslycharged-offnon-core consumer real estate loans
    • Total Corporation effective tax rate of 16%; included benefit from the resolution of several discrete tax matters

1All Other consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses

not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management

activities. Substantially all of the results of ALM activities are allocated to our business segments. Equity investments include our merchant services joint venture, as well as a portfolio

22

of equity, real estate and other alternative investments.

2Represents a non-GAAP financial measure. For a reconciliation to GAAP of the presented financial metrics, see note A on slide 24. For important presentation information, see slide 27.

Appendix

Notes

  1. Thenon-cash impairment charge related to the notice of termination of the merchant services joint venture at the conclusion of its current term reduced 3Q19 net income by $1.7B, or $0.19 per diluted share, which included an increase in noninterest expense and a reduction in pretax income of $2.1B and a reduction in income tax expense of $373MM. The impairment charge negatively impacted 3Q19 return on average assets by 28 bps, return on average common shareholders' equity by 268 bps, return on average tangible common shareholders' equity by 371 bps, and efficiency ratio by 909 bps. Reported metrics are shown on slide 2.
  2. Global Liquidity Sources (GLS) include cash andhigh-quality, liquid, unencumbered securities, limited to 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 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.
  3. 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 (losses) were ($15MM), ($31MM), ($99MM) and ($22MM) for 3Q19, 2Q19, 3Q18 and 3Q17, respectively. Net DVA (losses) included in FICC revenue were ($18MM), ($30MM), ($80MM) and ($14MM) for 3Q19, 2Q19, 3Q18 and 3Q17, respectively. Net DVA gains (losses) included in Equities revenue were $3MM, ($1MM), ($19MM) and ($8MM) for 3Q19, 2Q19, 3Q18 and 3Q17, respectively.
  4. VaR model uses 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 $19MM, $19MM, $17MM and $19MM for 3Q19, 2Q19, 3Q18 and 3Q17, respectively.

24

Sources

  1. Estimated retail consumer deposits based on June 30, 2019 FDIC deposit data.
  2. FDIC, 2Q19.
  3. Dynatrace 2Q19 Online Banker Scorecard and 3Q19 Mobile Banker Scorecard; Javelin 2019 Online and Mobile Banking Scorecards.
  4. Forrester 2018 Banking Sales Wave: U.S. Mobile Sites.
  5. Inside Mortgage Finance, 2Q19.
  6. Experian Autocount; Franchised Dealers; Largest percentage of 680+ Vantage 3.0 originations among key competitors as of July 2019.
  7. J.D. Power, February 2019.
  8. Euromoney, July 2019.
  9. U.S.-basedfull-service wirehouse peers based on 2Q19 earnings releases.
  10. Industry 2Q19 FDIC call reports.
  11. The Banker, 2018.
  12. Global Capital, 2019.
  13. Greenwich, 2018.
  14. Global Finance, 2018.
  15. Refinitiv, 2018.
  16. Institutional Investor, 2018.
  17. Institutional Investor, 2019.

25

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 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 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 2018 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; the possibility that the Company's future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, regulatory, and representations and warranties exposures; the possibility that the Company could face increased servicing, fraud, indemnity, contribution, or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, monolines, private-label and other investors, or other parties involved in securitizations; 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; 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 Company'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, including tariffs, and potential geopolitical instability; the impact of the interest rate environment on the Company'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; the Company's ability to achieve its expense targets and expectations regarding net interest income, net charge-offs, effective tax rate, loan growth or other projections; adverse changes to the Company'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 Company's assets and liabilities; the estimated or actual impact of changes in accounting standards or assumptions in applying those standards, including the new credit loss accounting standard; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements; the impact of adverse changes to total loss- absorbing capacity 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 Company's capital plans; the effect of regulations, other guidance or additional information on the impact from the Tax Cuts and Jobs 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 assessments, the Volcker Rule, fiduciary standards and derivatives regulations; a failure or disruption 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; the impact of a federal government shutdown and uncertainty regarding the federal government's debt limit; and other matters.

Forward-looking statements speak only as of the date they are made, and the Company 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.

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Important Presentation Information

  • The information contained herein is preliminary and based on Company 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 Company may present certain key performance indicators and ratios, includingyear-over-year comparisons of revenue, noninterest expense and pretax income, 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 release for the quarter ended September 30, 2019 and other earnings-related information available through the Bank of America Investor Relations website at: http://investor.bankofamerica.com.
  • The Company views net interest income and related ratios and analyses on a fullytaxable-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 $148MM, $149MM, $153MM, $155MM and $151MM for 3Q19, 2Q19, 1Q19, 4Q18 and 3Q18, respectively.
  • The Company allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internalrisk-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.

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Bank of America Corporation published this content on 16 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2019 15:27:01 UTC