Comerica Incorporated Barclays Global Financial Services Conference September 12, 2017 David Duprey Executive Vice President & Chief Financial Officer Ralph W. Babb, Jr. Chairman & Chief Executive Officer Pete Guilfoile Executive Vice President & Chief Credit Officer Safe Harbor Statement Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on track,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, including the Growth in Efficiency and Revenue initiative (“GEAR Up”), and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of the economic benefits of the GEAR Up initiative, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions; changes in monetary and fiscal policies, including changes in interest rates; whether Comerica may achieve opportunities for revenue enhancements and efficiency improvements under the GEAR Up initiative, or changes in the scope or assumptions underlying the GEAR Up initiative; Comerica's ability to maintain adequate sources of funding and liquidity; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; unfavorable developments concerning credit quality; operational difficulties, failure of technology infrastructure or information security incidents; changes in regulation or oversight; reliance on other companies to provide certain key components of business infrastructure; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; reductions in Comerica's credit rating; the interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; potential legislative, administrative or judicial changes or interpretations related to the tax treatment of corporations; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2016. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 2
Focused on Enhancing Shareholder Value 6/30/17 ? 13Q17 dividend of $0.30 (payable on 10/1/17) compared to 4Q16 dividend of $0.23 Comerica: A Brief Overview GROWING REVENUE Positioned in faster growing markets & industries REDUCING EXPENSES Executing GEAR Up initiative to increase efficiency MANAGING RISK Strong, conservative credit culture leads to solid credit metrics CAPITAL MANAGMENT Continued share buyback & increased dividend 30% in 20171 POSITIONED FOR RISING RATES Recent rate increases driving significant revenue increase Comerica’s Strengths LONG HISTORY NIMBLE SIZE $74B IN ASSETS ATTRACTIVE FOOTPRINT PRIMARILY A BUSINESS BANK RELATIONSHIP BANKING STRATEGY CONSERVATIVE LONG HISTORY NIMBLE SIZE $71 IN ASSETS ATTRACTIVE FOOTPRINT PRIMARILY A BUSINESS BANK CONSERVATIVE RELATI NSHIP BANKIN STRATE Y Founded 168 years ago Products & services of a large bank with the culture of a community bank Strong presence in Texas, California, & Michigan Complemented by Retail Bank & Wealth Management Trusted Advisor approach Strong capital position, Prudent credit underwriting 3 Michigan $21.7 38% California $17.3 30% Texas $9.6 17% Other $8.4 15% Footprint Balances Loan Portfolio, Reducing Risk Highly integrated, cost effective platform Texas ? Established: 1988 ? Business friendly state ? Navigating energy cycle ? Resilient economy ? 4.6% Unemployment1 ? 2017 Forecasted GDP5: 3.1% ? 2018 Forecasted GDP5: 2.8% California ? Established: 1991 ? Largest state economy2 ? Deep industry expertise ? Solid economic growth ? 4.7% Unemployment1 ? 2017 Forecasted GDP5: 2.5% ? 2018 Forecasted GDP5: 2.8% Michigan ? Established: 1849 ? 2nd in deposit market share3 ? Strong retail deposit base ? Steady economic growth ? 3.8% Unemployment1 ? 2017 Forecasted GDP5: 2.4% ? 2018 Forecasted GDP5: 2.5% 25 Years Average Deposits ($ in billions) Average Loans ($ in billions) 6/30/17 ? 1US Department of Labor, seasonally adjusted preliminary June 2017 ? 2Source: 1Q17 Gross Domestic Product by State; U.S. Bureau of Economic Analysis ? 3Source: FDIC deposit data as of 6/30/16 ? 4Consists of Other Markets ($8.1B) & Finance/ Other ($0.3B) ? 5Source: Comerica Economics Department; State Outlooks available on www.comerica.com ?Totals shown above may not foot due to rounding 4 168 Years 29 Years Michigan $12.7 26% California $18.2 37% Texas $10.0 21% Other Markets $7.8 16% Loans $48.7 Deposits $57.1 4
Retail Banking 5% Wealth Management 7% Middle Market 10% Commercial Real Estate 12% Small Business 18%US Banking 9% National Dealer Services 12% Energy 27% Houston Facts As of 6/30/17; Outlook as of 9/11/17 Houston Market Update Hurricane impact expected to be manageable ? Working closely with customers to address their needs ? 8% of total CMA loans managed in Houston ? 5% of total CMA loans with operations in Houston area ? 6% of total CMA deposits ? 48 banking centers & 50 ATMs ? 3 remain closed as of 9/11/17 ? Less than $1MM in expected cost to rebuild/repair Houston Portfolio ($ in billions; 2Q17 Average) Loans $4.1B Other 7% Middle Market 5% US Banking 10% Energy 11% Small Business 16% Retail Banking 51% Deposits $3.4B ~$2.5B Customer operations located in Houston area 5 Michigan Deposits ($ in billions; 2Q17 Period-end) Michigan Economy1 ? # 4 Per Capita Personal Income growth ? # 5 University R&D expenditures ? #11 ranked corporate tax climate ? #14 talent migration ? #17 in Per Capita GDP Growth ? Manufacturing is 20% of GDP, of which 44% is automotive2 Michigan Market Long history, market leader 1Source unless otherwise noted: Business Leaders for Michigan, 2016 Economic Competitiveness Benchmarking Report available at www.BusinessLeadersforMichigan.com; Michigan’s 2015 ranking among the 50 states ? 2Source: U.S. Bureau of Economic Analysis Michigan Portfolio ($ in billions; 2Q17 Average) General Middle Market 43% National Dealer 12% Corporate Banking 10% Commercial Real Estate 4% Small Business 10% Retail Banking 8% Private Banking 13% 12.5 12.7 21.5 21.7 2Q16 2Q17 Loans Deposits Interest- bearing 60% Noninterest- bearing 40% Commercial 45% Consumer 55% Loans $12.7 6
3Q17 average balances & yields/rates through 8/31/17 are preliminary and subject to change ? 1Comparisons of 3Q17 through 8/31/17 vs 2Q17 Third Quarter Update Loan yields increased 30 bps; Average loans stable Average Loans: July & Aug Trends1 ($ in billions) 49.5 49.2 48.9 47.9 48.7 48.6 3.31 3.33 3.36 3.57 3.74 4.04 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 thru 8/31 Loan Yields Average loans stable ? Seasonal increase in Mortgage Banker & decline in National Dealer ? Decrease in Commercial Real Estate ? Solid growth in Middle Market - CA Loan outlook for remainder of the year ? Loans expected to increase into end of year ? Pipeline remains strong ? Customers remain cautious with geopolitical tension & progress in DC stymied ? Remain selective in CRE ? Maintaining pricing & underwriting discipline Loan yields increased ? Benefit from rising rates +17 bps ? Nonaccrual interest recoveries +6 bps ? 2Q17 Lease adjustment +5 bps ? Other portfolio dynamics +2 bps 7 56.5 58.1 59.6 57.8 57.1 56.2 0.14 0.14 0.14 0.14 0.15 0.16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 thru 8/31 Deposit Rates Average Deposits: July & Aug Trends1 ($ in billions) 3Q17 average balances & yields/rates through 8/31/17 are preliminary and subject to change ? 1Comparisons of 3Q17 through 8/31/17 vs 2Q17 ? 2Interest costs on interest-bearing deposits ? 3At 8/31/17 Third Quarter Update Deposits reflect seasonality & customers funding working capital; Costs remain stable Average deposits ? Deposits began to rebound in mid-July, following typical seasonal pattern ? Noninterest-bearing deposits stable Continue to prudently manage pricing ? Deposit rates remain steady ? No change in standard rates Loan to deposit ratio: 85%3 2 8
Pre-tax $ ? Estimates and outlook as of 9/11/17 ? 1Relative to expectations prior to when we began the initiative in June 2016 GEAR Up: Growth in Efficiency And Revenue Careful execution driving 2019 savings & revenue opportunities Expense Reductions Revenue Enhancements 2016 $ 93MM $ 93MM 2017 ~$ 50MM ~$143MM 2018 ~$42-52MM ~$185-195MM 2017 ~$ 30MM ~$ 30MM 2016 ~$ 25MM+ ~$ 25MM+ 2017 ~$125MM ~$150MM 2018 ~$ 40MM ~$ 70MM 2019 ~$ 20MM ~$ 90MM 2018 ~$ 50MM ~$200MM 2019 ~$ 15MM ~$215MM Restructuring Expenses Incremental Total1 2019 Revenue enhancements ? Proven tactics to drive further growth & deeper customer relationships ? Training & new analytics ? Sales force productivity tools result in additional capacity 2019 Expense opportunities ? Rationalize & modernize IT applications ? Optimize infrastructure platforms ? Process automation ? Migrate certain applications to cloud ? Office & operational space consolidation Restructuring expense ? Revised estimates based on ? Refined calculations ? Additional benefits expected in 2019 & beyond ? Restructuring expenses will end at FYE18 9 GEAR Up: Growth in Efficiency And Revenue Helping drive revenue growth & expense reductions 49 51 2Q16 2Q17 Fiduciary Income ($ in millions) 76 80 2Q16 2Q17 Card Fee Income ($ in millions) 55 57 2Q16 2Q17 Service Charges on Deposit Accounts ($ in millions) +6% +4% +3% 247 219 2Q16 2Q17 Salaries & Benefits Expense ($ in millions) -11% 39 38 2Q16 2Q17 Net Occupancy Expense ($ in millions) -4% 14 11 2Q16 2Q17 Equipment Expense ($ in millions) -19% Efficiency Ratio1,2 (2Q17; In percentage points) 61.23 58.63 Peer Average CMA 9.82 10.28 Peer Average CMA Return on Equity1 (2Q17; In percentage points) 1Source for peer group data: SNL Financial; Peer group defined on p. 54 of the Company’s 2017 Proxy Statement ? 2Efficiency ratio metric for CFR not available 10
6/30/17 ? Comparisons 2Q17 vs. 2Q16 ? 1Source for peer group data: SNL Financial ? 2CFR not available ? 3HBAN & KEY 2Q17 results include effects of acquisitions closed during August 2016 (14) (5) (5) (4) (4) (3) (2) (2) (1) (1) 1 CM A KE Y ZI O N FH N BO KF HB AN M TB FI TB BB T RF ST I Change in Efficiency Ratio1,2 (In percentage points) 52 .7 4 58 .6 0 58 .6 3 59 .4 0 59 .8 0 61 .2 4 62 .9 0 63 .1 8 63 .4 0 64 .6 1 66 .4 4 M TB BB T CM A KE Y ZI O N ST I HB AN R F FI TB BO KF FH N Efficiency Ratio1,2 (In percentage points) GEAR Up: Growth in Efficiency And Revenue Efficiency ratio among the best with strong revenue growth & expense management 0 2 2 2 4 5 7 9 10 12 38 52 FI TB ST I FH N RF BB T BO KF M TB CM A CF R ZI O N HB AN KE Y Change in Total Revenue1,3 (In percentage points) (12) (2) (2) (0) 1 2 2 5 5 6 27 38 CM A BO KF FI TB FH N RF M TB BB T ST I CF R ZI O N HB AN KE Y Change in Noninterest Expenses1,3 (In percentage points) 11 Equity $8.0 12% Interest-bearing Deposits $25.6 36% Noninterest-bearing Deposits $31.2 44% Wholesale Debt $5.7 8% 6/30/17 ? Outlook as of 9/11/17 ? 1Assumes 25 bps increase in Fed Funds, Prime & LIBOR. For methodology see the Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis. FY17 Estimated Additional Net Interest Income1 Benefit from Rate Increases Balance sheet well positioned for rising rates Fed Funds +25 bps Deposit Beta -0- Fed Funds +25 bps Deposit Beta ~10% ~$85MM ~$65MM ~$40MM Fed Funds +25 bps Deposit Beta -0- June ‘17 Mar ‘17 Dec ’16 Outcome may also vary due to a number of other variables including balance sheet movements, such as loan & deposit levels, as well as incremental funding needs TOTAL FY17 ~10%+ increase over 2016 net interest income ~$190MM Fixed Rate ~10% 30-day LIBOR ~65% 60-day+ LIBOR ~10% Prime-Based ~15% Loan Portfolio ($ in billions; Average) Total $48.7 Funding Profile ($ in billions; Period-end) Total $70.5 12
Better Positioned for Rising Rates Maintaining low cost funding & asset sensitivity resulted in largest increase in NIM 6/30/17 ? Comparisons 2Q17 vs. 1Q17 ? 1Source for peer group data: SNL Financial ? 2Source: 2Q17 Press Releases/Financial supplements; CFR data per SNL Financial 6 15 20 24 30 30 31 32 36 38 40 47 CF R CM A ZI O N RF BB T M TB HB AN ST I KE Y FI TB BO KF FH N Interest-bearing Deposit Cost1 (In basis points) 22 5 6 8 10 12 14 15 17 17 24 29 FI TB BB T HB AN M TB RF FH N BO KF CF R CM A ST I ZI O N KE Y Change in Loan Yields2 (In basis points) 1 1 1 1 2 3 4 4 4 5 5 8 CM A CF R M TB ZI O N RF KE Y BB T FI TB ST I HB AN BO KF FH N Change in Interest-bearing Deposit Cost1 (In basis points) 15 (1) 1 1 5 6 7 8 11 14 17 17 FI TB BB T HB AN ST I CF R RF BO KF M TB ZI O N FH N KE Y CM A Change in Net Interest Margin1 (In basis points) 13 605 631 582 521 493 3,551 3,261 2,856 2,636 2,492 7.0 6.6 5.8 5.5 5.0 2Q16 3Q16 4Q16 1Q17 2Q17 NALs Criticized as a % of Total Loansa a o T Criticized Loans1 ($ in millions) Credit Quality Strong Criticized, nonaccrual & net charge-offs declined 6/30/17 ?1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories ? 2Net credit-related charge-offs ? 3“Normal” estimates are based on internal historical analysis & management judgement ? 4Net credit-related charge-offs (annualized) to average loans Nonaccrual Loans ($ in millions; 2Q17 Period-end) 47 16 36 33 18 38 13 29 28 15 2Q16 3Q16 4Q16 1Q17 2Q17 Ratio (bps)4 Normal Net Charge-Offs ~40 bps3 Net Charge-offs2 ($ in millions) ? Credit quality remains strong ? Metrics remain well below historical levels ? Allowance coverage: ? Allowance/loans 1.43% ? Allowance/NPLs 141% ? Allowance/LTM NCOs 7x Normal Criticized loans ~8%3 Energy 45% Middle Market (Ex. Energy) 26% Corporate Banking 2% Commercial Real Estate 2% Retail Bank 18% Wealth Management 7% Total $493 14
463 481 479 509 467 352 374 327 346 530 513 480 426 363 332 289 268 258 2,316 2,249 2,111 2,162 1,911 1,773 1,587 1,360 1,443 3,309 3,243 3,070 3,097 2,741 2,457 2,250 1,955 2,047 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Midstream Services Exploration & Production Criticized Loans1 ($ in millions) P Energy Line of Business Loans ($ in millions; Period-end) 346 378 328 266 225 1,552 1,473 1,155 871 769 2Q16 3Q16 4Q16 1Q17 2Q17 NALs Energy Line of Business Credit quality continues to improve; balances beginning to stabilize 6/30/17 ? 1Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories ? 2Bank's entire allowance is available to cover any & all losses. Allocation of allowance for Energy loans reflects our robust allowance methodology which contains quantitative and qualitative components. ? 3Source: U.S. Energy Information Administration ? 4Source: Baker Hughes, available at www.bakerhughes.com Mixed 18% ? Maintain granular portfolio: ~180 customers ? Loans decreased 38% since 6/30/15 ? Loans up slightly at period-end 2Q17 due to reduced asset sales & capital markets activity ? Fall redeterminations: borrowing bases expected to be flat to slightly increase ? 91% of nonaccrual loans current on interest Reserve2 ~6% Oil Price & Rig Count ($ per bbl) 45 46 42 37 32 30 38 41 47 49 45 45 45 50 46 52 53 53 49 51 48 45 47 300 500 700 900 1,100 Se p- 15 No v- 15 Ja n- 16 M ar -1 6 M ay -1 6 Ju l-1 6 Se p- 16 No v- 16 Ja n- 17 M ar -1 7 M ay -1 7 Ju l-1 7 WTI Price Total U.S. Rig Count 3 4 15 84 46 49 73 96 7.0% 6.6% 5.8% 5.5% 5.0% 1.5% 0.9% 0.9% 1.4% 1.9% 2Q16 3Q16 4Q16 1Q17 2Q17 % CMA Loans Criticized % CRE Criticized Other 23% California 45% Dallas 12% Houston 9% Austin 7% Other 4% Multifamily 48% Retail 11% Commercial 12% Office 8% Single Family 7% Multi use 3% Land Carry 4% Other 7% 6/30/17 ? 1Excludes CRE line of business loans not secured by real estate ? 2Includes CRE line of business loans not secured by real estate ? 3Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories 5.5 5.4 5.3 5.3 5.2 2Q16 3Q16 4Q16 1Q17 2Q17 Period-end Loans2 ($ in billions) C L C Criticized Loans3 ($ in millions) CRE by Property Type1 ($ in millions; Period-end) CRE by Market1 ($ in millions; Period-end, based on location of property) Commercial Real Estate Line of Business Long history of working with well established, proven developers $4,502 Total $4,387 Texas 32% Total $4,387 Net Charge-offs (Recoveries) ($ in millions) (1) 1 (2) - (2) 2Q16 3Q16 4Q16 1Q17 2Q17 16
97 99 105 139 139 40 40 42 46 53137 139 147 185 192 3Q16 4Q16 1Q17 2Q17 3Q17 Equity Repurchases Dividends 6/30/17 ? 1Shares repurchased under equity repurchase program ? 2Through 8/31/17 Active Capital Management Continue to return excess capital to shareholders 2017 CCAR Capital Plan (3Q17-2Q18) ? Equity repurchases up to $605 million1 ? Dividend payable 10/1 increased 15% to $0.30 per share Share Activity in 3Q17 ? Completed 3Q17 share repurchase ? 2.0MM shares repurchased ($139MM) ? 148K shares issued from employee stock activity2 ? $1.5MM tax benefit from employee stock transactions2 Dividends Per Share Growth 0.68 0.79 0.83 0.89 1.20 2013 2014 2015 2016 3Q17 Annualized Increasing Shareholder Payout ($ in millions) 17 REDUCING EXPENSES Executing GEAR Up initiative to increase efficiency BUILDING RELATIONSHIPS MAINTAINING ASSET QUALITY TALENT MANAGEMENT INVOLVEMENT Grow loans, deposits & fee income Attract, retain and motivate our most valuable asset Strong, conservative credit culture Commitment to community, diversity & sustainability CAPITAL MANAGEMENT MAXIMIZING GROWTH Positioned in faster growing markets & industries Provide a satisfactory return for our shareholders Strategy to Enhance Shareholder Value 18
Appendix Corporate Responsibility Committed to building sustainable value Data provided is for 2016 & all comparisons are to 2015, unless otherwise noted. Visit www.comerica.com/sustainability to view Comerica’s 2016 Corporate Sustainability Report, including the sources of data listed above. 20
Financial Summary 2Q17 1Q17 2Q16 Diluted income per common share $1.13 $1.11 $0.58 Adjusted earnings per share1 1.15 1.02 0.77 Net interest income $500 $470 $445 Net interest margin 3.03% 2.86% 2.74% Provision for credit losses 17 16 49 Net credit-related charge-offs to average loans 0.15% 0.28% 0.38% Noninterest income 276 271 268 Noninterest expenses 457 457 518 Restructuring expenses 14 11 53 Net income 203 202 104 Average loans $48,723 $47,900 $49,469 Average deposits 57,128 57,779 56,521 Efficiency ratio2 58.63% 61.63% 72.43% Return on average common shareholders’ equity 10.28% 10.42 5.47 Return on average assets 1.14 1.14 0.59 Common equity Tier 1 capital ratio 11.51% 11.55% 10.49% Average diluted shares (millions) 179 180 177 $ in millions, except per share data ? 1See Supplemental Financial Data slides for reconciliation of non-GAAP financial measures ? 2Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains (losses) 21 Second Quarter 2017 Results EPS increased 2%; adjusted EPS1 increased 13% Key QoQ Performance Drivers ? Solid loan growth of 2% ? Deposits decline due to seasonality & customers using funds in their businesses ? Net interest income increased 6% with higher interest rates & loan growth ? Credit quality continued to be strong ? Noninterest income grew 2% with higher card fees, commercial lending fees, customer derivative & fiduciary income ? Restructuring charges increased $3MM; ex-restructuring charges noninterest expenses decreased 1% ? Tax provision up with $19MM decrease in the credit for employee stock transactions ? Active capital management; Completed 2016 Capital Plan repurchasing $440MM in shares & increased dividend 2Q17 Change From 1Q17 2Q16 Average loans $48,723 $823 ($746) Average deposits 57,128 (651) 607 Net interest income 500 30 55 Provision for credit losses 17 1 (32) Net credit-related charge-offs 18 (15) (29) Noninterest income 276 5 8 Noninterest expenses2 457 -0- (61) Provision for income tax3 99 33 57 Net income 203 1 99 Earnings per share (EPS)4 1.13 0.02 0.55 Adjusted EPS1 1.15 0.13 0.38 Equity repurchases5 139 34 74 $ in millions, except per share data ? 2Q17 compared to 1Q17 ? 1See Supplemental Financial Data slides for reconciliation of non-GAAP financial measures ? 2Included restructuring charge of $14MM ($0.05 per share, after tax) in 2Q17, $11MM ($0.04 per share, after tax) in 1Q17 & $53MM ($0.19 per share, after tax) in 2Q16.? 3Included tax benefits of $5MM ($0.02 per share) and $24MM ($0.13 per share) from employee stock transactions for 2Q17 & 1Q17, respectively..? 4EPS based on diluted income per share ? 52Q17 repurchases under the equity repurchase program 22
Loans by Business and Market Average $ in billions ? Totals shown above may not foot due to rounding ? 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets ? Middle Market: Serving companies with revenues generally between $20-$500MM ? Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM ? Small Business: Serving companies with revenues generally under $20MM By Line of Business 2Q17 1Q17 2Q16 Middle Market General Energy National Dealer Services Entertainment Tech. & Life Sciences Environmental Services $12.1 2.0 7.1 0.7 3.2 0.9 $11.9 2.1 6.8 0.7 3.2 0.9 $12.1 2.9 6.5 0.7 3.3 0.9 Total Middle Market $25.9 $25.4 $26.4 Corporate Banking US Banking International 3.1 1.5 3.0 1.5 3.0 1.8 Mortgage Banker Finance 1.8 1.5 2.1 Commercial Real Estate 5.3 5.3 5.3 BUSINESS BANK $37.6 $36.8 $38.6 Small Business 3.8 3.8 3.9 Retail Banking 2.1 2.1 2.0 RETAIL BANK $5.9 $5.9 $5.9 Private Banking 5.3 5.3 5.0 WEALTH MANAGEMENT $5.3 $5.3 5.0 TOTAL $48.7 $47.9 $49.5 By Market 2Q17 1Q17 2Q16 Michigan $12.7 $12.6 $12.5 California 18.2 17.7 17.9 Texas 10.0 10.1 10.8 Other Markets1 7.8 7.5 8.3 TOTAL $48.7 $47.9 $49.5 23 By Market 2Q17 1Q17 2Q16 Michigan $21.7 $22.2 $21.5 California 17.3 17.2 17.0 Texas 9.6 10.1 10.1 Other Markets1 8.1 7.9 7.7 Finance/ Other2 0.3 0.4 0.3 TOTAL $57.1 $57.8 $56.5 Deposits by Business and Market Average $ in billions ? Totals shown above may not foot due to rounding ? 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets ? 2Finance/ Other includes items not directly associated with the geographic markets or the three major business segments ? Middle Market: Serving companies with revenues generally between $20-$500MM ? Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM ? Small Business: Serving companies with revenues generally under $20MM By Line of Business 2Q17 1Q17 2Q16 Middle Market General Energy National Dealer Services Entertainment Tech. & Life Sciences Environmental Services $14.0 0.7 0.3 0.2 5.7 0.1 $15.0 1.0 0.3 0.1 5.7 0.1 $14.0 0.6 0.3 0.1 6.2 0.1 Total Middle Market $21.0 $22.3 $21.4 Corporate Banking US Banking International 2.2 2.4 2.4 2.2 2.6 2.0 Mortgage Banker Finance 0.7 0.7 0.7 Commercial Real Estate 2.4 2.1 1.8 BUSINESS BANK $28.7 $29.6 $28.4 Small Business 3.2 3.2 3.2 Retail Banking 20.8 20.6 20.4 RETAIL BANK $23.9 $23.8 $23.5 Private Banking 4.1 4.0 4.2 WEALTH MANAGEMENT $4.1 $4.0 $4.2 Finance/ Other2 0.3 0.4 0.3 TOTAL $57.1 $57.8 $56.5 24
Retail & Automotive Production Loans Retail Loans1 ~$480MM Retail CRE loans ? ~60% neighborhood retail centers ? Primarily located in TX & CA ? ~$10MM average commitment per project ? Weighted average occupancy ~95% ~$700MM Retail Commercial loans ? Well diversified, granular portfolio ? Avg. outstanding per borrower ~$1MM ~$300MM Retail Investor Owned Real Estate ? Primarily Wealth Management (Private Banking) customers Automotive Production Loans (Period-end at 6/30/17) Michigan Middle Market 67% International 26% US Banking 5% Other 2% Total $1.3B ? ~150 borrowers ? Primarily Tier 1 & Tier 2 suppliers ? ~4% criticized with no nonaccrual loans 6/30/17 ? 1Includes loans to retailers (excluding auto dealers) or real estate developments where retailers are the primary tenants 25 1, 48 3 1, 50 7 1, 99 6 2, 09 4 1, 73 7 1, 81 5 1, 60 5 1, 10 9 88 6 1, 31 9 1, 59 5 1, 39 7 1, 39 9 2, 08 9 2, 13 6 1, 74 2 1, 67 4 2, 14 5 2, 54 4 2, 35 2 1, 45 0 1, 78 0 200 300 400 500 600 700 800 900 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 Actual MBA Mortgage Origination Volumes 6/30/17 ? 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 8/22/17 ? 2$ in billions Average Loans ($ in millions) Mortgage Banker Finance 50+ years experience with reputation for consistent, reliable approach MBA Mortgage Originations Forecast1 ($ in billions) 1? Provide warehouse financing: bridge from residential mortgage origination to sale to end market ? Extensive backroom provides collateral monitoring and customer service ? Focus on full banking relationships ? Granular portfolio with 100+ relationships ? Underlying mortgages are typically related to home purchases as opposed to refinances As of 2Q17: ? Comerica: 85% purchase ? Industry: 68% purchase1 ? Strong credit quality ? No charge-offs since 2010 463 455 348 345 445 443 2Q17 Actual 3Q17 4Q17 1Q18 2Q18 3Q18 Purchase Refinance 26
National Dealer Services 65+ years of floor plan lending Toyota/ Lexus 16% Honda/Acura 15% Ford 10% GM 9% Fiat/ Chrysler 9% Mercedes 3% Nissan/ Infiniti 6% Other European 10% Other Asian 11% Other1 11% Franchise Distribution (Based on period-end loan outstandings) Geographic Dispersion California 61% Texas 7% Michigan 21% Other 11% Average Loans ($ in billions) ? Top tier strategy ? Focus on “Mega Dealer” (five or more dealerships in group) ? Strong credit quality ? Robust monitoring of company inventory and performance 1. 9 2. 3 2. 3 2. 5 2. 8 3. 1 2. 9 3. 2 3. 2 3. 5 3. 2 3. 4 3. 5 3. 6 3. 5 3. 7 3. 8 4. 0 3. 8 4. 0 4. 1 4. 3 3. 8 4. 3 4. 3 4. 6 4. 9 5. 1 4. 9 5. 3 5. 3 5. 7 5. 5 5. 7 5. 9 6. 0 6. 0 6. 2 6. 2 6. 5 6. 3 6. 6 6. 8 7. 1 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 Floor Plan Total $7.2B 6/30/17 ? 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) 27 Customer Segment Overview (based on period-end loans) Early Stage ~12% Growth ~20% Late Stage ~10% Equity Fund Services ~52% Leveraged Finance ~6% Technology and Life Sciences 20+ years experience provides competitive advantage Technology & Life Sciences Avg. Loans ($ in billions) ? Strong relationships with top-tier investors ? Granular portfolio: ~800 customers (including ~200 customers in Equity Fund Services) ? Manage concentration to numerous verticals to ensure widely diversified portfolio ? Closely monitor cash balances and maintain robust backroom operation ? 15 offices throughout US & Canada ? Recent growth driven by Equity Fund Services ? Commercial banking services for venture capital & private equity firms ? Bridge financing for capital calls ? Strong credit profile Total $3.0B 6/30/17 0.6 1.1 1.4 1.6 1.7 2.5 3.1 3.2 3.2 3.2 2014 2015 2016 1Q17 2Q17 Equity Fund Services 28
Net Interest Income ($ in millions) Net Interest Income Increased $30MM, or 6% NIM increased 17 basis points with benefit from rising rates 2Q17 compared to 1Q17 445 450 455 470 500 2.74 2.66 2.65 2.86 3.03 2Q16 3Q16 4Q16 1Q17 2Q17 NIM $470MM 1Q17 2.86% +32MM Loan impacts + $22MM higher rates + $ 8MM higher balances + $ 4MM 1 more day + $ 2MM other portfolio dynamics - $ 4MM lease residual value adj. +0.13 + 1MM Fed balance impact + $ 4MM higher rates - $ 3MM lower balances +0.06 - 3MM Wholesale funding cost - $ 3MM higher rates -0.02 $500MM 2Q17 3.03% 29 Interest Rate Sensitivity Remain well positioned for rising rates 6/30/17 ? For methodology see the Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis. Estimated Net Interest Income: Annual (12 month) Sensitivities Based on Various Assumptions Additional Scenarios are Relative to 2Q17 Standard Model ($ in millions) 0.1 Interest Rates 200 bps gradual, non-parallel rise Loan Balances Modest increase Deposit Balances Moderate decrease Deposit Pricing (Beta) Historical price movements with short-term rates Securities Portfolio Held flat with prepayment reinvestment Loan Spreads Held at current levels MBS Prepayments Third-party projections and historical experience Hedging (Swaps) No additions modeled Standard Model Assumptions ~85 ~145 ~190 ~190 ~205 ~245 ~325 Up 100 bps Addl. $3B Deposit Decline Addl. 20% Increase in Beta Addl. $1B Deposit Decline Standard Model Addl. ~3% Loan Growth Up 300 bps 30
Securities Portfolio ($ in billions) Securities Portfolio Stable Average portfolio yield increased 4 basis points 9.3 9.4 9.4 9.3 9.3 9.4 9.4 12.3 12.4 12.3 12.2 12.2 12.3 12.4 2.03 2.01 2.01 2.02 2.06 2Q16 3Q16 4Q16 1Q17 2Q17 1Q17 2Q17 Treasury Securities & Other Mortgage-backed Securities (MBS) Securities Yields Average Balances Duration of 3.3 years1 ? Extends to 3.9 years under a 200 bps instantaneous rate increase1 Net unrealized pre-tax loss of $21MM2 Net unamortized premium of $25MM3 GNMA ~54% of MBS portfolio 6/30/17 ? 1Estimated as of 6/3017. Excludes auction rate securities (ARS). ? 2Net unrealized pre-tax gain/loss on the available-for-sale (AFS) portfolio ? 3Net unamortized premium on the MBS portfolio Period-end 31 Noninterest Income Increased $5MM, or 2% GEAR Up success evident in customer-driven fee growth 2Q17 compared to 1Q17 268 272 267 271 276 2Q16 3Q16 4Q16 1Q17 2Q17 Noninterest Income ($ in millions) + $3MM Card fees + $2MM Commercial lending + $2MM Fiduciary + $2MM Customer derivative income + $1MM Brokerage - $3MM Investment Banking - $1MM Letters of credit - $1MM Service charges on deposits + $3MM Principal investing & warrants - $2MM Net securities losses (related to Visa derivative) - $1MM Bank owned life insurance 32
Noninterest Expenses Well Controlled Expenses stable even with increase in restructuring charges 2Q17 compared to 1Q17 - $14MM Salaries & benefits - Annual stock compensation - Seasonal payroll taxes + Annual merit + One additional day + $3MM Restructuring + $ 3MM Advertising + $ 3MM Operational losses (other expense) + $ 2MM Software + $ 2MM Litigation-related expenses (1Q17 benefit from settlement) Noninterest Expenses ($ in millions) 33 53 20 20 11 14 518 493 461 457 457 2Q16 3Q16 4Q16 1Q17 2Q17 Restructuring Comerica believes these are meaningful measures, because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and our performance trends. Comerica believes adjusted earnings per share provides a greater understanding of ongoing operations and enhances comparability of results with prior periods. Supplemental Financial Data Reconciliation of non-GAAP financial measures with financial measures defined by GAAP Three Months Ended ($ in millions, except per share data) 6/30/17 3/31/17 6/30/16 Adjusted Earnings per Common Share: Net income available to common shareholders $202 $200 $103 Add: Restructuring charges, net of tax 9 7 34 Deduct: Tax benefits from employee stock transactions 5 24 — Adjusted net income available to common shareholders $206 $183 $137 Diluted average common shares 179 180 177 Diluted earnings per common share: Reported $1.13 $1.11 $0.58 Adjusted 1.15 1.02 0.77 34
