Dec. 18, 2019-- Bank of America Corporation announced today that it will redeem all outstanding shares of its 6.500% Non-Cumulative Preferred Stock, Series Y and the corresponding depositary shares representing fractional interests in the Series Y Preferred Stock on January 27, 2020. All 44,000,000 Series Y Depositary Shares (NYSE: BAC PrY) (CUSIP No. 060505310), each representing a 1/1,000th interest in one share of the Series Y Preferred Stock, will be redeemed on the dividend payment date on January 27, 2020 simultaneously with the redemption of the Series Y Preferred Stock at a redemption price of $25 per depositary share. Declared dividends of $0.40625 per depositary share on the outstanding Series Y Depositary Shares for the full current quarterly dividend period will be paid separately on January 27, 2020 to holders of record on January 1, 2020, in the customary manner. Accordingly, the redemption price of $25 per depositary share does not include any accrued and unpaid dividends, and dividends on the redeemed depositary shares will cease to accrue on the redemption date. The Series Y Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series Y Depositary Shares will be made by Computershare Inc. and Computershare Trust Company, N.A., collectively, as redemption agent, in accordance with the Deposit Agreement governing the Series Y Depositary Shares. The address for the redemption agent is as follows: Computershare Trust Company, N.A. Attn: Corporate Actions 150 Royall St. Canton, MA 02021 Bank of America has received all necessary approvals for this redemption.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Bank of America Corp. 6.50% Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Preferred Stock, Series Y, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 1/27/2020 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.50% per annum ($1.6250 per annum or $0.40625 per quarter) will be paid quarterly on 1/27, 4/27, 7/27 & 10/27 to holders of record on the record date that will be the first day of the calendar month in which the payment date falls or such other record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-11 of the prospectus for further information). This security was rated as Ba3 by Moody’s and BB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NYSE Chart	6.50% $1.63	$25.00 $25.00	Called for 1/27/2020 None	Baa3 BBB- 9/17/2019	1/27, 4/27, 7/27 & 10/27 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

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Address:   100 North Tryon Street, Charlotte, NC 28255
Main Phone Number	704-386-5681
Fax Number	980-386-6699
Investor Relations   Jonathan G. Blum	212-449-3112
Toll Free Phone Number	800-299-2265

CEO - Brian T. Moynihan

CFO - Bruce R. Thompson