Bank of America Increases Common Stock Repurchase Program

CHARLOTTE, N.C.–(BUSINESS WIRE)–Bank of America Corporation today announced an increase to its common
stock repurchase program by an additional $2.5 billion in common stock
to be repurchased by June 30, 2019.

The company previously announced plans on June 28, 2018 to repurchase
$20.0 billion in common stock from July 1, 2018 through June 30, 2019,
plus repurchases to offset shares awarded under equity-based
compensation plans during the same period, estimated to be approximately
$0.6 billion.

The company’s Board of Directors approved the additional repurchases,
which in aggregate offset an increase in regulatory capital resulting
from the sale of certain non-core assets in 2018. The Federal Reserve
Board has approved the additional repurchases.

Bank of America’s common stock repurchase program will be subject to
various factors, including the company’s capital position, liquidity,
financial performance and alternative uses of capital, stock trading
price, and general market conditions, and may be suspended at any time.
The common stock repurchases may be effected through open market
purchases or privately negotiated transactions, including Rule 10b5-1
plans.

Forward-Looking Statements
Certain statements contained in this
news release may constitute “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements represent the current expectations, plans or
forecasts of Bank of America Corporation (“Bank of America”) based on
available information. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts. These statements often use words like “expects,” “anticipates,”
“believes,” “estimates,” “targets,” “intends,” “plans,” “predict,”
“goal” and other similar expressions or future or conditional verbs such
as “will,” “may,” “might,” “should,” “would” and “could.”
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.

Forward-looking statements represent Bank of America’s current
expectations, plans or forecasts of its future results, revenues,
expenses, efficiency ratio, capital measures, and future business and
economic conditions more generally, and other future matters. These
statements are not guarantees of its future results or performance and
involve certain known and unknown risks, uncertainties and assumptions
that are difficult to predict and are often beyond Bank of America’s
control. Actual outcomes and results may differ materially from those
expressed in, or implied by, any forward-looking statements. You should
not place undue reliance on any forward-looking statement and should
consider all of the uncertainties and risks discussed under Item 1A.
“Risk Factors” of Bank of America’s Annual Report on Form 10-K for the
year ended December 31, 2017 and in any of Bank of America’s other
subsequent Securities and Exchange Commission filings.

Bank of America
Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 66 million
consumer and small business clients with approximately 4,300 retail
financial centers, including approximately 1,800 lending centers, 2,200
Merrill Edge investment centers and 1,500 business centers;
approximately 16,300 ATMs; and award-winning digital banking with more
than 36 million active users, including over 26 million mobile users.
Bank of America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to
approximately 3 million small business owners through a suite of
innovative, easy-to-use online products and services. The company serves
clients through operations across the United States, its territories and
more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is
listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and
other important information, visit the Bank
of America newsroom
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www.bankofamerica.com

Contacts

Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
Jonathan
Blum, Bank of America (Fixed Income), 1.212.449.3112

Reporters
May Contact:
Lawrence Grayson, Bank of America, 1.704.995.5825
lawrence.grayson@bankofamerica.com

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