Bank of America

May 6, 2015 Brian Moynihan Chairman and CEO

Agenda

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Where we started at the turn of the economic crisis

What we did to change the company, and

Where we are today and why the future is bright

BAC Transformation

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Where We Started (2010)

Product-focused company

Range of non-core activities

Legacy mortgage issues

High expense base

Bloated balance sheet

Challenging operating and economic environment

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Total Assets ($T) 1

$2.3

$2.1

4Q09 1Q15

Reduced The Balance Sheet

____________________ 1 4Q09 reflects 12/31/09 information adjusted to include the 1/1/10 adoption of FAS 166/167 as reported in the companys SEC filings, which represents a non-GAAP financial measure. For important presentation

information, see slide 30.

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Tangible Common Equity Ratio 1, 2

5.0%

7.5%

4Q09 1Q15

Strengthened Capital

____________________ 1 Represents a non-GAAP financial measure. For important presentation information, see slide 30. 2 4Q09 reflects 12/31/09 information adjusted to include the 1/1/10 adoption of FAS 166/167 as reported in the companys SEC filings, which represents a non-GAAP financial measure.

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$214

$478

4Q09 1Q15

Built Record Liquidity

Global Excess Liquidity Sources ($B) 1

____________________ 1 See note A on slide 28 for definition of Global Excess Liquidity Sources.

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$45.1

$4.4

4.3%

0.5% 0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

2009 2014

Net charge-offs Net charge-off ratio

Net Charge-offs ($B) 1

Improved Credit Quality

____________________ 1 4Q09 reflects 12/31/09 information adjusted to include the 1/1/10 adoption of FAS 166/167 as reported in the companys SEC filings, which represents a non-GAAP financial measure. For important presentation

information, see slide 30.

Lowered Expenses

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$77.1

$72.1 $69.2

$75.1

$71.5

$66.8

$63.1

$58.7

2011 2012 2013 2014

Noninterest expense Noninterest expense excl. litigation

____________________ 1 Represents a non-GAAP financial measure. For important presentation information, see slide 30. 2 Includes the $1.1B provision for IFR acceleration agreement in 4Q12.

Noninterest Expense Excl. Goodwill ($B) 1

2

13% 0%

13% 30%

11% 11%

(27%)

35% 37%

12%

(11%)

(58%)

109%

34%

15%

2010 2011 2012 2013 2014

S&P 500 US G-SIFI Peer Average BAC

Share Price Appreciation

9

10

$84B in net charge-offs 3

$36B in litigation expense 3

$46B in LAS expense (excl. litigation) 1, 3

$28B in representation and warranties provision 3

Increased Tangible Book Value While Absorbing Significant Legacy Costs

____________________ 1 Represents a non-GAAP financial measure. For important presentation information, see slide 30. 2 TBVPS reflects the 12/31/09 information adjusted to include the 1/1/10 adoption of FAS 166/167 as reported in the companys SEC filings, which represents a non-GAAP financial measure. 3 Cumulative amount from 1Q10 - 1Q15. Litigation expense includes the $1.1B provision for IFR acceleration agreement in 4Q12.

$11.31

$12.98 $12.95 $13.36 $13.79

$14.43 $14.79

1/1/10 2010 2011 2012 2013 2014 1Q15

Tangible Book Value Per Share 1

CAGR since 1/1/10: 5.2%

CAGR since 2011: 4.2%

YoY Growth (1Q15 vs. 1Q14):

7.1%

2

Historical Revenue

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$94.4

$84.2 $89.8

$85.1 $90.1 $92.3 $90.2

$86.4

$69.3

$77.4 $82.3 $82.1

2011 2012 2013 2014

Reported revenue Excluding net DVA/FVA and market-related NII adjustments Less net charge-offs (excl. net DVA/FVA and market-related NII adjustments)

Revenue (FTE, $B)

____________________ 1 Represents a non-GAAP financial measure, see notes B and C on slide 28. For important presentation information, see slide 30. 2 Represents a non-GAAP financial measure, see notes B, C and D on slide 28. For important presentation information, see slide 30.

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2

We Operate In a Strong U.S. Financial Services Industry

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Lower risk

Stronger capital

Implementing new regulations

Pursuing shared goal of a stronger financial system

BAC Transformation

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Where We Started (2010) Where We Are Today

Customer-focused company

Growing in our core businesses

Addressed significant legacy issues

Reduced expenses and enhancing culture of efficiency

Strengthened balance sheet and financial foundation

Improving economic environment

Product-focused company

Range of non-core activities

Legacy mortgage issues

High expense base

Bloated balance sheet

Challenging operating and economic environment

A Simple Operating Model Focused On Delivering For Our Customers

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Consumer Banking Global Wealth &

Investment Management

Global Banking Global Markets Legacy Assets &

Servicing

People Companies Institutional Investors

via five operating segments that comprise a leading global franchise 1

We are a premier financial institution committed to serving the core financial needs of three groups of customers

____________________ 1 All remaining results outside of the five operating business segments are recorded in All Other.

By Connecting Our Capabilities With Differentiated Customer Strategies

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Leading Consumer Franchise 1

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#1 in footprint with most efficient deposit gathering engine A

#1 in Card revenue per account B

#1 in Card profitability per account B

#3 in U.S. Credit Card balances C

#1 Home equity lender D

#1 Bank in mortgage origination customer satisfaction E

#1 in Investment asset growth F

Consumer Banking

____________________ 1 See slide 28 for sourcing information.

Top Wealth Manager 1

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#1 wealth management market position across client assets, deposits, loans, revenue and net income before taxes A

#1 in U.S. high net worth client assets B #1 in personal trust assets under management C

#1 in Barrons Top 1,200 ranked Financial Advisors and Top 100 Women Advisors

$2.5T in Wealth Management client balances

Global Wealth & Investment Management

____________________ 1 See slide 28 for sourcing information.

Leading Corporate and Commercial Lender 1

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#2 in 2014 Global Investment Banking Fees A

Best Global Investment Bank and Global Transaction Services House B Best Bank for Cash Management in North America for the 5th consecutive year C

Best Bank for Liquidity Management in North America for the 4th straight year C

One of the largest U.S. Commercial Banks Top 3 global player within Corporate and Investment Banking Relationships with 83% of the 2013 Global Fortune 500 and 98% of the 2013 U.S. Fortune 1,000

Global Banking

____________________ 1 See slide 28 for sourcing information.

Top Tier Capital Markets Solutions Provider 1

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#1 Global Research Firm for 4th consecutive year A

Nearly 700 analysts covering 3,400+ companies, 1,000+ corporate bond issuers across 60 countries and 36 commodities #1 U.S. Business Done for Fixed Income and FX 14 (Orion 14) #1 U.S. Swaps, ETFs and Futures Market Share (Greenwich 14) #3 U.S. Equities Trading Broker (Greenwich 15)

Global Markets

____________________ 1 See slide 28 for sourcing information.

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Integrated Model Delivers Significant Benefits for Our Clients and Shareholders

Consumer Banking

Global Banking and

Global Markets

Global Wealth &

Investment Management

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Client Benefits From Integrated Model

Efficient access to capital

Access to global investment banking, corporate advisory services and research expertise

Access to full suite of banking products and capabilities

Broad scale physical and digital delivery network

Retirement services available to corporate, commercial, and small business clients

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Shareholder Benefits From Integrated Model

Diversification of business mix

Supports stable earnings stream across business cycles

Expense synergies through shared infrastructure costs

Diversified funding advantages

Revenue synergies across businesses

Referrals drive increased business activity

Delivering One Company

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Driving referrals through 90 Market President Teams

2014 Results

Referral volume increased from 300K in 2010 to 4.2MM in 2014

Success rate at 20% YE 2014, up from 13% at year-end 2013

Revenue improved from $290MM in 2010 to $1.4B in 2014

2015 Goals

Reach 5 million referrals

Drive revenue to $1.6B

Continue to focus on success rate

$6.2

$3.0

$5.2

$3.0

($4.9)

$0.8

$6.4

$3.0

$5.8

$2.9

($13.1)

$0.1

Consumer Banking

Global Wealth & Investment Management

Global Banking

Global Markets

Legacy Assets & Servicing All Other

2013 2014

3% 11%

Excl. net DVA / FVA and U.K. tax charge 1, 2

2014 ROAAC 1

Primary Segments Delivering Solid Returns

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Net Income (Loss) ($B) and Return on Average Allocated Capital (ROAAC) (%) 1

25% 17% 8% 21%

____________________ 1 Represents a non-GAAP financial measure. For important presentation information, see slide 30. 2 See note C on slide 28.

Path to Higher Returns

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0.6%

0.8% 0.9%

1.0%

1Q15 ROA Market-related NII adjustment

Annual retirement eligible costs

(quarterly run rate)

Adjusted ROA Reduced LAS and litigation expense

Further adjusted ROA

Gap to ROA target ROA target

____________________ 1 See note B on slide 28 for definition of market-related NII adjustment. 2 All adjustments calculated using 37% tax rate.

Return on Assets (ROA) 1, 2

How We Support Our Communities

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Better Money Habits

Helping promote financial wellness

More than 10 million people helped

Volunteering

2 million volunteer hours in 2014

2015 Special Olympics sponsor

Environment

$70 billion climate change commitment

Invested $39 billion in renewable energy

Issued first ever Green Bond

Military

Hired 7,000 veterans in last five years

Commitment to hire 10,000

Donated nearly 2,000 homes

Key Focus Areas for 2015 and Beyond

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Drive responsible growth

Continue to simplify the company and reduce costs

Deliver increased shareholder returns

Notes and Sources

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Notes A. Global Excess Liquidity Sources include cash and high-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 from the bank or other regulated entities are subject to certain regulatory restrictions.

B. Market-related NII adjustments include retrospective changes to debt security premium or discount amortization resulting from changes in estimated prepayments, due primarily to changes in interest rates, and hedge ineffectiveness. Amortization of premiums and accretion of discounts is included in interest income. When a change is made to the estimated lives of the securities, primarily as a result of changes in interest rates, the related premium or discount is adjusted, with a corresponding charge or benefit to interest income, to the appropriate amount had the current estimated lives been applied since the purchase of the securities. For more information, see Note 1 Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporations 2014 Annual Report on Form 10-K. Market related NII adjustments were gains (losses) of $0, ($0.5B), $0.8B and ($1.1B) in 2011, 2012, 2013 and 2014, respectively.

C. In 4Q14, a funding valuation adjustment (FVA) on uncollateralized derivative transactions was implemented, and a transitional charge of $497MM related to the adoption was recorded. Net DVA / FVA represents the combined total of net DVA on derivatives and structured liabilities, and the FVA transitional charge recorded in 4Q14. Net DVA / FVA results were gains (losses) of $4.3B, ($7.6B), ($1.2B) and $0.2B in 2011, 2012, 2013 and 2014, respectively.

D. Net charge-offs were $34.3B, $20.8B, $14.9B, $7.9B, and $4.4B in 2010, 2011, 2012, 2013 and 2014, respectively. Sources Slide 16 A. Rank source: SNL branch data. U.S. retail deposit market share in BAC footprint based on June 2014 FDIC deposit data, adjusted to remove commercial balances. Efficiency comparison to large U.S. money

center peer group and estimated based on 1Q15 earnings information. B. Comparison to large U.S. money center peer group. Calculated as product revenue and pre-tax income to open accounts as reported in 1Q15 earnings information. BAC credit card revenue includes Consumer

Banking and GWIM portfolios. C. Source: Competitor 1Q15 earnings releases. Based on period-end credit card loan balances. D. Source: Competitor 1Q15 earnings releases. E. Source: J.D. Power 2014 U.S. Primary Mortgage Origination Satisfaction Rankings. F. Source: Competitor 1Q15 earnings releases; excludes WFC where like data is not publicly reported. Slide 17 A. Source: Competitor 1Q15 earnings releases. B. Source: Barrons Top 40 Wealth Manager report, June 30, 2014. C. Source: Industry 4Q14 call reports. Slide 18 A. Source: Dealogic as of March 31, 2015. B. Source: Euromoney 2014. C. Source: Global Finance Magazine 2015. Slide 19 A. Source: Institutional Investor 2014.

Forward-Looking Statements

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Bank of America 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. The forward-looking statements made in this presentation represent Bank of America's current expectations, plans or forecasts of its future results and revenues, and future business and economic conditions more generally, and other matters. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of Americas 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 Bank of America's 2014 Annual Report on Form 10-K, and in any of Bank of America's subsequent Securities and Exchange Commission filings: the Company's ability to resolve representations and warranties repurchase and related claims and the chance that the Company could face related servicing, securities, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of loans, underwriters, issuers, other parties involved in securitizations, monolines or private-label and other investors; the possibility that final court approval of negotiated settlements is not obtained, including the possibility that all of the conditions necessary to obtain final approval of the BNY Mellon Settlement do not occur; the possibility that future representations and warranties losses may occur in excess of the Company's recorded liability and estimated range of possible loss for its representations and warranties exposures; the possibility that the Company may not collect mortgage insurance claims; potential claims, damages, penalties, fines, and reputational damage resulting from pending or future litigation and regulatory proceedings, including the possibility that amounts may be in excess of the Companys recorded liability and estimated range of possible losses for litigation exposures; the possibility that the European Commission will impose remedial measures in relation to its investigation of the Company's competitive practices; the possible outcome of LIBOR, other reference rate and foreign exchange inquiries and investigations; 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 global interest rates, currency exchange rates and economic conditions; the impact on the Company's business, financial condition and results of operations of a potential higher interest rate environment; adverse changes to the Company's credit ratings from the major credit rating agencies; estimates of the fair value of certain of the Company's assets and liabilities; uncertainty regarding the content, timing and impact of regulatory capital and liquidity requirements, including but not limited to, any GSIB surcharge; the possibility that our internal analytical models will not be approved by U.S. banking regulators; the possibility that our risk-weighted assets may increase as a result of modifications to our internal analytical models in connection with an exit of parallel run; the possible impact of Federal Reserve actions on the Companys capital plans; the impact of implementation and compliance with new and evolving U.S. and international regulations, including but not limited to recovery and resolution planning requirements, the Volcker Rule and derivatives regulations; the impact of the U.K. tax law change limiting how much NOLs can offset annual profit; a failure in or breach of the Companys operational or security systems or infrastructure, or those of third parties, including as a result of cyber attacks; and other similar matters. Forward-looking statements speak only as of the date they are made, and Bank of America 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.

Important Presentation Information

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The information contained herein 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.

Certain prior period amounts have been reclassified to conform to current period presentation.

Certain financial measures contained herein represent non-GAAP financial measures. 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 March 31, 2015 and other earnings-related information available through the Bank of America Investor Relations web site at: http://investor.bankofamerica.com.

The Company allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal risk-based capital models. The Company's internal risk-based capital models use a risk-adjusted methodology incorporating each segment's credit, market, interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are made based on multiple considerations that include, but are not limited to, business segment exposures and risk profile, regulatory constraints and strategic plans. As part of this process, in the first quarter of 2015, the Company adjusted the amount of capital being allocated to its business segments.