Comerica Incorporated Morgan Stanley Financials ConferenceJune 9, 2015 Karen ParkhillVice Chairman and Chief Financial OfficerLars AndersonVice Chairman, The Business Bank 2 Safe Harbor Statement Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities LitigationReform 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 course,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words andsimilar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as theyrelate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated onthe beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of thispresentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives ofComerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures ofeconomic performance, including statements of profitability, business segments and subsidiaries, 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 anduncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual resultscould differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, politicalor industry conditions; changes in monetary and fiscal policies, including changes in interest rates; changes in regulation or oversight; Comerica'sability to maintain adequate sources of funding and liquidity; the effects of more stringent capital or liquidity requirements; declines or otherchanges in the businesses or industries of Comerica's customers, including the energy industry; operational difficulties, failure of technologyinfrastructure or information security incidents; reliance on other companies to provide certain key components of business infrastructure; factorsimpacting noninterest expenses which are beyond Comerica's control; changes in the financial markets, including fluctuations in interest rates andtheir impact on deposit pricing; changes in Comerica's credit rating; unfavorable developments concerning credit quality; the interdependence offinancial service companies; the implementation of Comerica's strategies and business initiatives; Comerica's ability to utilize technology toefficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financialinstitutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability tomaintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatoryproceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; theeffects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; changes in accountingstandards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. Fordiscussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and ExchangeCommission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 12 of Comerica's Annual Report on Form 10-K for the yearended December 31, 2014. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to updateforward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements aremade. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor forforward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
3 Comerica: A Brief Overview At 3/31/15 Comerica Strengths Strong capital position,Prudent credit underwriting CONSERVATIVE Complemented by Retail Bank and Wealth Management PRIMARILY A BUSINESS BANK Strong presence in Texas, California, & Michigan ATTRACTIVE FOOTPRINT Products & services of a large bank with the culture of a community bank NIMBLE SIZE$69B in Assets Founded 165 years ago LONG HISTORY Trusted Advisor approach RELATIONSHIP BANKING STRATEGY Loans by Business Line(1Q15 average) Wealth Management$4.8B10% Business Bank$37.8B78% Retail Bank$5.6B12% Finance & Other$0.4B1% Deposits by Business Line(1Q15 average) Business Bank$30.2B53% Retail Bank$22.4B39% Wealth Management$4.0B7% Total$48.2B Total$57.0B 4 Attractive Footprint Provides Diversity & Important Counterbalances for Business Bank At 3/31/15 ● 1Source: US Census Bureau, released 2014. Comerica Located in 7 of the Top 10 Most Populous Cities1(Population in millions) 1.0 1.3 1.4 1.4 1.5 1.6 2.2 2.7 3.9 8.4 San Jose Dallas San Diego San Antonio Phoenix Philadelpia Houston Chicago Los Angeles New YorkNew York Los Angeles Chicago Houston P i l hia Phoenix San Antonio San Diego Dallas San Jose Business Bank Loans by Market(1Q15 average) Michigan$9.1B24% California$13.3B36% Texas$8.9B23% Michigan$7.1B24% Business Bank Deposits by Market(1Q15 average) California$11.9B39% Texas$5.1B17% Other Markets$6.1B20% Other Markets$6.5B17% Total$37.8B Total$30.2B
4.8% 1.7% 1.7% 1.6% 1.5% 1.5% 1.2% 1.0% 0.8% 0.5% -0.1 % -0.6 % BOK F KEY CMA FHN CFR HBA N MTB RF ZIO N BBT ST I FITB 5 Commercial Focus & Deep Industry Expertise Driving Growth 1Source: SNL Financial. Total Comerica loans less consumer loans. Excludes BBT and ZION as amounts were not available ● 2Source: SNL Financial. Total Comerica loans. Business Bank Diverse Loan Portfolio(1Q15 averages) = Total Middle Market - 73% Highest % of Business Loans1(At 3/31/15) General Middle Market$13.5B 35%Entertainment$0.6B 2% Energy$3.7B 10% Environmental Services$1.0B 2% National Dealer$5.9B 16% Tech. & Life Sciences$2.9B 8% Corporate Banking$4.6B 12% Mortgage Banker$1.4B 4% Commercial Real Estate$4.2B 11% 65 74 74 77 79 84 84 92 92 95 HBA N STI FITB KEY R F MTB FHN CFR BOK F CMA Total$37.8BAverage Loan Growth2(1Q15 vs. 4Q14) Peer Average: 1.3% 6 Long-Tenured, Experienced Business Bank Team At 3/31/15 ● Years = tenure with Comerica Director, Administration37 years Director,Business Finance27 years• International• National Dealer• Health & Education Director, Corporate Banking27 years• Mortgage Banker• Leasing• Captive Insurance• US Banking Director,Treasury Management16 years Director, Commercial Real Estate16 years• Local developer• National developer • Community Development Finance (LIHTC) President, Michigan Market24 years• Middle Market• Environmental Services President, California Market33 years• Middle Market • Tech & Life Sciences• Entertainment President, Texas Market31 years• Middle Market• Energy
7 Continued Focus on Efficient GrowthResulting in Deeper, More Satisfied Customer Relationships 1The Greenwich Excellence Awards for Middle Market Banking are based on nearly 13,000 market research interviews with U.S. companies with sales revenues of $10-500 million. The Greenwich Excellence Awards for Small Business Banking are based on more than 15,000 market research interviews with U.S. companies with annual revenues of $1-10 million. ● 2RM = Relationship Manager. Managed balance = commitments plus deposits. Anticipating customer needs Increasing cross-sell penetration Increasing customer loyalty Differentiating from competitors Identifying & sharing best practices Better management of resources Driving Results Trusted Advisor training High Performance Planning & Execution: analytical tool provides deeper insights into customers Business Owner Advisory Services: linking Business Bank with Wealth Management Initiatives to Facilitate Growth 14 National & Regional Excellence AwardsMiddle Market & Small Business Banking1 Average Managed Balances Per RM2($ in millions) 212 235 252 268 270 2011 2012 2013 2014 1Q15 Overall SatisfactionLikelihood to RecommendRelationship Manager capabilityCredit PolicyInternational ServiceFinancial StabilityOverall Satisfaction – WestSeveral Treasury Management Awards 8 TexasWeathered Many Cycles At 3/31/15 ●1Source Moody’s Analytics ● 2Primarily includes businesses with a national perspective ● 3Source SNL Financial Established presence: 1988 Business friendly state Texas April unemployment rate at 4.2%, well below U.S. rate of 5.4%1 Less than 15% of Texas GDP reliant on the energy sector1 Comerica’s strategy built to withstand economic cycles 040 80120 160200 240 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 201 3 201 4 1Q1 5 Total CMA Texas Energy Peer Average Net Charge-offs(In basis points) Texas Market Loans(1Q15 average) San Antonio$0.2B2% Dallas$4.8B42% Houston$4.0B35% Austin$0.5B4% Other2$2.0B17% Multifamily$499MM 55% Office$69MM 8% Other$23MM 3%Retail$121MM 13% Land $52MM 6%Single Family $48MM 5% Commercial$93MM 10% Texas Commercial Real Estate(Period-end, based on location of property) Total$11.5B Total$905MM 3
9 Energy Line of Business30+ Years Experience with Strong Performance Through Cycles At 3/31/15 ● 12Q15 balances though 5/31/15 are preliminary and subject to change . Granular portfolio: ~200 customers Represents 7% of average total loans1 $3.5B 2Q15 avg. loans thru 5/31/15, down $200MM from 1Q151 Loan commitments down ~5%; utilization declined to 48% (from 50% at 3/31/15) 1Credit Quality: Increased reserve allocations for energy in both 4Q14 & 1Q15 Avg. NCO 14 bps over the past 10 years -peaked at 69 bps in FY09 ~95% of loans have security Semi-annual borrowing base re-determinations ~85% complete at 5/31/15 Negative credit migration continues, particularly in Energy Services, but losses remain minimal thru 5/31/15 1,81 1 1,65 6 1,46 9 1,32 7 1,29 6 1,14 9 1,19 6 1,26 9 1,42 3 1,45 6 1,63 5 1,94 7 2,30 5 2,45 2 2,64 1 2,85 1 3,00 2 2,95 1 2,89 5 2,75 2 2,98 2 3,23 6 3,33 2 3,49 2 3,70 0 1Q0 9 2Q0 9 3Q0 9 4Q0 9 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 Average Loans($ in millions) Exploration & Production 70%Midstream15% Service15% Natural Gas 10% Oil42% Mixed18% Diverse Customer Base(Based on period-end outstandings) 10 At 3/31/15 ● 12Q15 average balance though 5/31/15 is preliminary and subject to change ● 2MBA Origination Volumes $ in billions. Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 5/18/15 $2.0B average loans in 2Q15 (thru 5/31)1• Ramping up with spring/summer home sale season • Refinance volume remains strong• Increasing market share Pipeline is strong & growing Provide short-term warehouse financing Focus on full banking relationships 566 61 4 923 1,53 5 1,48 3 1,50 7 1,99 6 2,09 4 1,73 7 1,81 5 1,60 5 1,10 9 886 1,31 9 1,59 5 1,39 7 1,39 9 200 300 400 500 600 700 800 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 MBA Mortgage Origination Volumes Average Loans($ in millions) Mortgage Banker Finance50 Years Experience With Excellent Reputation MBA Mortgage Originations Forecast2($ in billions) 313 378 318 272 251 319 316 284 1Q15Actual 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 2
11 Technology and Life Sciences20+ Years Experience Provides Competitive Advantage At 3/31/15 Products and services tailored to meet the needs of emerging companies throughout their lifecycle Strong relationships with top-tier investors National business headquartered in Palo Alto, CA, operating from 14 offices in the U.S. and Toronto Top notch relationship managers with extensive industry expertise TLS Average Loans and Deposits($ in billions) 1.3 1.8 2.0 2.5 4.1 5.0 5.1 5.8 2011 2012 2013 2014 Average Loans Average Deposits CAGR+12% CAGR+25% Customer Segment Overview(% based on loan outstandings) ~20% Early Stage ~40%Growth ~10% Late Stage ~25%Equity Funds Services ~5%Leveraged Finance 12 Second Quarter UpdateContinued, Steady Loan Growth 2Q15 average balances though 5/31/15 are preliminary and subject to change ● 1Comparisons to 1Q15 Average Loans($ in billions) 45.1 46.7 47.2 47.4 48.2 48.8 3.39 3.31 3.22 3.22 3.19 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15Thru 5/31 Loan Yields Loans Seasonal growth in Mortgage Banker Modest growth in general Middle Market, led by Michigan Decline in Energy with reduced loan demand Growth in MI & CA more than offsets slowdown in TX Maintaining credit underwriting and pricing disciplineDeposits Growth driven by increase in noninterest-bearing deposits April and May Trends1 Average Deposits($ in billions) 52.8 53.4 55.2 57.8 57.0 57.3 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15Thru 5/31
13 Interest Rate SensitivityRemain Well Positioned for Rising Rates At 3/31/15 ● 1NIB = Noninterest-bearing deposits ● For methodology see the Company’s Form 10Q, as filed with the SEC. Estimates are based on simulation modeling analysis. Noninterest-bearing47% Estimated Net Interest Income: Annual (12 month) SensitivitiesBased on Various AssumptionsAdditional Scenarios are Relative to 1Q15 Standard Model($ in millions) ~110 ~190 ~200 ~210 ~220 ~260 ~320 Up 100bps Addl. $3BDepositDecline Addl.20%Increasein Beta Addl. $1BDepositDecline 1Q15StandardModel Addl.~3%LoanGrowth Up 300bps ~160 ~180 ~210 ~220 ~220 4Q11 4Q12 4Q13 4Q14 1Q15 Increased as deposit growth outpaced loans Standard Model Estimated Increase to Net Interest Income($ in millions) Deposits: Large Proportion of NIB1Loan Portfolio: Primarily Floating Rate Noninterest-bearing47% Libor-Based~65% Prime-Based~20% Interest-bearing53% Fixed Rate~15% 14 Potential Impacts from LCR Manageable At 3/31/15 ● 1Estimate as of 6/5/15 ● 2Based on investment options in the current rate environment assuming matched term. ● 3Impact of issuance on asset sensitivity and earnings is expected not to be material. Issuance is already incorporated into our interest rate sensitivity model, as disclosed in our 3/31/15 10-Q, as filed with the SEC. Expect to reach compliance within the phased-in timeline by adding $1-3B in wholesale funding by FYE161 Manage fluidly: how much HQLA needed depends on loan & deposit growth Carefully balancing impact to asset sensitivity & earnings Modified rule = competitive advantage Liquidity Coverage Ratio (LCR) ~$7B unencumbered securities Loan to deposit ratio of 85% Access to wholesale debt markets Federal Home Loan Bank of Dallas• $-0- outstanding • $5B borrowing capacity Brokered deposits Multiple Funding Sources Funding Investment Interest Rate Sensitivity Earnings2 Floating Cash Neutral Floating Fixed Rate Securities Fixed Cash Fixed Fixed Rate Securities Neutral Near-Term Potential Impact Dependent on Type of Funding and Investment Recent Issuance: Relatively Neutral to Earnings & Asset Sensitivity3 Issued $500MM Senior Bank Debt swapped to floating Use of Proceeds: CashTreasuriesGNMAs
15 Managing Through Projected Near-Term Expense Increases In addition, face typical inflationary pressures such as merit raises, occupancy, T&E, etc. Expect $12-14MM annual run rate savings from actions taken in 3Q14 & 4Q14. $ in millions ● Estimated. Outlook as of 6/5/15 ● 1Excludes maintenance costs associated with projects; includes hardware/software depreciation and labor costs directly expensed associated with technology-related projects. ● 2Impact of change in accounting presentation of a card program contract (previously presented revenues net of expenses). 68 ~100 2014 2015 +~32MM Technology Projects1 - ~180 2014 2015 N/M Change in Card Presentation2 22 ~30 2014 2015 +~8MM Regulatory RelatedExcluding Technology 39 ~46 2014 2015 + ~7MM Pension Offset in Noninterest Income(No impact to bottom line) Primarily due to lower discount rate (set annually on 12/31) Added over 150 people since 2008Technology expense to ramp up second half of year 16 Expenses Remain Well ControlledContinued Focus on Efficiency At 3/31/15 ● 1Normal fed fund rate of 3-4% not necessary to reach long-term goal. ● 2Goal as of 6/5/15 11,4 44 11,3 50 11,2 87 11,2 09 10,8 92 10,8 16 10,7 00 10,7 82 10,1 86 9,40 2 9,07 3 9,46 8 9,03 5 8,94 8 8,87 6 $6.0 $6 .8 $7.1 $7 .5 $7.4 $7 .8 $8.4 $8.5 $9 .2 $9.2 $8.8 $8.9 $ 10.3 $10 .7 $11 .4 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 201 3 201 4 Employees Avg. Loans + Deposits/Employee Driving Efficiency While Growing Loans & Deposits($ in millions) Factors Expected to Drive Long-Term Efficiency Ratio Goal2 51.8 % 50.7 % 50.4 % 54.0 % 47.1 % 53.2 % 55.6 % 58.0 % 58.9 % 58.6 % 65.3 % 68.6 % 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 4Q1 4 1Q1 5 Average: 53.8% 10-Years Prior to the Downturn Long-TermGoal: Below 60% Long-Term Efficiency Ratio Goal2: < 60% 1Q15 Long-Term Goal Expense Growth Fee Income Growth Loan Growth ~2-3% Normal1(~3-4%) Fed Funds Rate 69% 2-3% 3-4% 3-4% Below 60%
17 Well Positioned for the Future As of 3/31/15 ● 1Analysis based on non-parallel gradual increase in interest rates over 12 months; For methodology see the Company’s Form 10Q, as filed with the SEC GROWING LOANS & FEE INCOME CONTROLLING EXPENSES MAINTAINING ASSET QUALITY MANAGING CAPITAL POSITIONED FOR RISING RATES • Positioned in faster growing markets and industries• Focus on cross-sell to drive fee income • Continued tight expense control while making necessary investments • Strong Capital base; Basel III Common Equity Tier 1 Capital: 10.40%• Continue share buyback; Increased dividend in 2Q15 • Strong credit culture leads to solid credit metrics• Weathered cycle well relative to peers • 200 bps increase in rates expected to result in >10% increase in net interest income1 Appendix
19 Financial Summary $ in millions, except per share data ● n/a – not applicable ● 1Basel III capital rules (standardized approach) became effective for Comerica on 1/1/15. The ratio reflects transitional treatment for certain regulatory deductions and adjustments. Capitalratios for prior periods are based on Basel I rules. ● 2See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures. ● 3Including the $44MM impact of accounting presentation of a card program. 1Q15 4Q14 1Q14 Diluted income per common share $0.73 $0.80 $0.73 Net interest income $413 $415 $410 Loan accretion 3 9 12 Provision for credit losses 14 2 9 Noninterest income3 256 225 208 Noninterest expenses3 460 419 406 Net income 134 149 139 Total average loans $48,151 $47,361 $45,075 Total average deposits 56,990 57,760 52,770 Basel III common equity Tier 1 capital ratio1 10.40% n/a n/a Tier 1 common capital ratio1,2 n/a 10.50% 10.58% Average diluted shares (millions) 182 184 187 1Q15 Change From4Q14 1Q14Total average loans 48,151 790 3,076 Total average deposits 56,990 (770) 4,220 Net interest income 413 (2) 3 Loan accretion 3 (6) (9) Provision for credit losses 14 12 5 Noninterest income 256 n/m n/m Excl. impact of acct. presentation1 212 (13) 4 Noninterest expenses 460 n/m n/m Excl. impact of acct. presentation1 416 (3) 10 Net income 134 (15) (5) Earnings per share (EPS)2 0.73 (0.07) -- Tangible Book Value Per Share3 38.47 0.75 1.97 Shares repurchased4 1.4MM shares or $59MM 20 First Quarter 2015 Results $ in millions, except per share data ● n/m – not meaningful ● 1Q15 compared to 4Q14 ● 1Excluding the $44MM impact of accounting presentation of a card program. The Corporation believes this information will assist investors, regulators, management and others in comparing results to prior quarters. ● 2EPS based on diluted income per share. ● 3See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures. ● 4Shares repurchased under the equity repurchase program. Key QoQ Performance Drivers Strong average loan growth across all markets & most businesses Net interest income relatively stable Credit quality remains strong Excluding $44MM impact of change in accounting presentation of a card program: • Noninterest income lower due to lower derivative activity & commercial lending fees • Expenses decline with lower occupancy expense offset by seasonally higher compensation Share repurchases4, combined with dividends, returned $95 million to shareholders
21 Diverse Footprint Drives Growth $ in billions 10.4 11.0 11.1 11.3 11.5 1Q14 2Q14 3Q14 4Q14 1Q15 Average Loans 10.9 10.7 10.6 10.8 11.1 1Q14 2Q14 3Q14 4Q14 1Q15 Average Deposits 14.8 15.4 15.5 15.8 16.2 1Q14 2Q14 3Q14 4Q14 1Q15 Average Loans 14.8 15.4 16.4 18.0 16.8 1Q14 2Q14 3Q14 4Q14 1Q15 Average Deposits 13.5 13.5 13.3 13.2 13.3 1Q14 2Q14 3Q14 4Q14 1Q15 Average Loans 20.6 20.7 21.2 21.6 21.7 1Q14 2Q14 3Q14 4Q14 1Q15 Average Deposits +11% +1% +9% +14% +5% -2% +2% +2% +3% -7% +1% +1% 22 Average Deposits Decline Following Robust 4Q14Period-end Balances Relatively Stable At 3/31/15● 1Interest costs on interest-bearing deposits ● 2Source: SNL Financial Average Balances Period-end Strong Deposit Base($ in billions) 52.8 53.4 55.2 57.8 57.0 57.5 57.6 0.15 0.15 0.15 0.15 0.15 1Q14 2Q14 3Q14 4Q14 1Q15 4Q14 1Q15 Deposit Rates1 27% 29% 30 % 32% 34 % 34% 37 % 38% 39% 42 % 43% 48 % FHN ST I HBA N BBT FITB R F MTB BOK F KEY CFR ZIO N CMA Noninterest-Bearing as aPercent of Total Deposits2(1Q15 average) 23 20 17 16 15 15 14 12 10 8 8 5 BOK F FITB BB T STI HBA N KEY FHN RF ZIO N MTB CMA CFR One of the Lowest Cost of Deposits2(In basis points)
23 Loans by Business and Market Average $ in billions ● 1Q15 compared to 4Q14 Total average loans increased $790MM, or 2% from 4Q14+ $208MM Energy+ $178MM Tech. & Life Sciences+ $145MM National Dealer+ $135MM General Middle Market+ $ 52MM Small Business By Line of Business 1Q15 4Q14 1Q14 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $13.53.75.90.62.91.0 $13.43.55.70.62.71.0 $13.53.05.30.52.30.9 Total Middle Market $27.6 $26.9 $25.5 Corporate BankingUS BankingInternational 2.71.9 2.71.8 2.71.8 Mortgage Banker Finance 1.4 1.4 0.9 Commercial Real Estate 4.2 4.2 4.0 BUSINESS BANK $37.8 $37.0 $34.9 Small Business 3.7 3.7 3.6 Retail Banking 1.9 1.8 1.8 RETAIL BANK $5.6 $5.5 $5.4 Private Banking 4.8 4.9 4.8 WEALTH MANAGEMENT $4.8 $4.9 $4.8 TOTAL $48.2 $47.4 $45.1 By Market 1Q15 4Q14 1Q14 Michigan $13.3 $13.2 $13.5 California 16.2 15.8 14.8 Texas 11.5 11.3 10.4 Other Markets 7.2 7.1 6.4 TOTAL $48.2 $47.4 $45.1 24 Deposits by Business and Market Average $ in billions 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 1Q15 4Q14 1Q14 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $15.60.70.20.16.10.2 $15.80.70.20.16.20.1 $14.10.50.20.15.70.1 Total Middle Market $22.9 $23.1 $20.7 Corporate BankingUS BankingInternational 2.62.0 3.31.9 2.51.7 Mortgage Banker Finance 0.6 0.5 0.6 Commercial Real Estate 2.1 2.1 1.5 BUSINESS BANK $30.2 $30.9 $27.0 Small Business 2.9 2.9 2.6 Retail Banking 19.5 19.4 19.0 RETAIL BANK $22.4 $22.3 $21.6 Private Banking 4.0 4.1 3.6 WEALTH MANAGEMENT $4.0 $4.1 $3.6 Finance/ Other 0.4 0.5 0.6 TOTAL $57.0 $57.8 $52.8 By Market 1Q15 4Q14 1Q14 Michigan $21.7 $21.6 $20.6 California 16.8 18.0 14.8 Texas 11.1 10.8 10.9 Other Markets 7.0 6.9 5.9 Finance/ Other 0.4 0.5 0.6 TOTAL $57.0 $57.8 $52.8
25 National Dealer Services At 3/31/15 ● 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) Toyota/Lexus15% Honda/Acura 13% Ford 8% GM 9% Chrysler 9% Mercedes 3% Nissan/ Infiniti 8%Other European 11% Other Asian 13% Other111% Franchise Distribution(Based on period-end loan outstandings) Geographic DispersionCalifornia 62% Texas 9%Michigan 18% Other 11% Average Loans($ in billions) 65+ years of Floor Plan lending, with 20+ years on a national basis 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 1.7 1.3 1.5 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 3.8 3.6 3.1 3.4 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 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 Floor Plan 26 Commercial Real Estate Line of Business At 3/31/15 ● 1Includes CRE line of business loans not secured by real estate. ● 2Excludes CRE line of business loans not secured by real estate. 5.7 5.4 5.1 4.8 4.4 4.0 4.4 4.6 4.4 4.3 3.9 3.7 3.7 3.8 3.8 3.8 4 .0 4.1 4.2 4.2 4.2 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 Commercial MortgagesReal Estate ConstructionCommercial & Other Average Loans($ in billions) 5.5 5.6 6.1 6.4 6.4 1Q14 2Q14 3Q14 4Q14 1Q15 Commitments($ in billions; Based on period-end) +16% 1 Michigan$243 7% California$1,765 52% Texas$905 27%Florida$115 3% Other$374 11% CRE by Market2($ in millions; Based on location of property)
27 Shared National Credit (SNC) Relationships At 3/31/15 ● SNCs are not a line of business. The balances shown above are included in the line of business balances. ●SNCs are facilities greater than $20 million shared by three or more federally supervised financial institutions which are reviewed by regulatory authorities at the agent bank level. SNC relationships included in business line balances Approximately 850 borrowers Strategy: Pursue full relationships with ancillary business Comerica is agent for approx. 19% Adhere to same credit underwriting standards as rest of loan book Credit quality mirrors total portfolio Period-end Loans of $10.8B Commercial Real Estate$0.7B 6% Corporate $2.7B 25% General$2.4B 22%National Dealer $0.4B 4% Energy$3.3B 30% Entertainment$0.3B 3% Tech. & Life Sciences$0.3B 3% Environmental Services $0.4B 4% Mortgage Banker$0.3B 3% = Total Middle Market (66%) 28 Government Card ProgramsGenerate Valuable Retail Deposits At 3/31/15 ● 1Source: the Nilson Report July 2014, based on 2013 data ● 2Based on a 2014 survey conducted by KRC Research ● 3Source: U.S. Department of the Treasury ● 4Source: Social Security Administration 720 948 1,221 1,444 1,592 2011 2012 2013 2014 YTD 2015 US Treasury ProgramState Card Programs Growing Average Noninterest-Bearing Deposits($ in millions) #1 prepaid card issuer in US1 State/ Local government benefit programs:• 49 distinct programs US Treasury Direct Express Program:• Exclusive provider of prepaid debit cards since 2008; contract extended to January 2020• ~80k new accounts per month• 95% of Direct Express card holders report they are satisfied2• Eliminating monthly benefit checks, resulting in significant taxpayer savings3 # of Social Security Beneficiaries4(in millions) 25 30 35 40 45 50 55 60 1970 1975 1980 1985 1990 1995 2000 2005 2010 Key Facts
29 Continued Strong Credit QualityProvision of $14MM At 3/31/15 ● 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, Doubtful and Loss loan classifications. ● 2Loans related to energy at 3/31/15 included approximately $3.6B of loans in our Energy business line & approximately $750MM loans in other businesses that have a sizable portion of their revenue related to energy or could be otherwise disproportionately negatively impacted by prolonged low oil and gas prices. 2,139 2,188 2,094 1,893 2,067 0.76 0.75 0.75 0.62 0.59 1Q14 2Q14 3Q14 4Q14 1Q15 NPAs as a Percentage of Total Loans + ORE Net Loan Charge-offs($ in millions) Criticized Loans1($ in millions) 594 591 592 594 601 1.8 1.7 1.7 2.1 2.2 1Q14 2Q14 3Q14 4Q14 1Q15 NPL Coverage 12 9 3 1 8 10 8 3 1 7 1Q14 2Q14 3Q14 4Q14 1Q15 NCO Ratio Closely monitoring Energy business line, as well as energy-related exposure2 At this point in the cycle, energy portfolio continues to perform well Increased reserve allocation for energy exposure (including qualitative component) Energy (In basis points) Allowance for Loan Losses($ in millions) 30 Securities Portfolio At 3/31/15 ● 1Estimated as of 3/31/15. Excludes auction rate securities (ARS). ● 2Net unrealized pre-tax gain on the available-for-sale (AFS) portfolio. Securities Portfolio: Duration of 3.6 years1 • Extends to 4.5 years under a 200 bps instantaneous rate increase1 Net unrealized pre-tax gain of $128MM2 Net unamortized premium of $45MM GNMA about 27% of MBS portfolio Purchased ~$500MM in Treasury Securities (late in 4Q14) 8.9 9.0 9.0 9.0 9.1 9.2 9.3 9.3 9.4 9.4 9.4 9.9 10.1 10.1 2.42 2.35 2.29 2.27 2.26 1Q14 2Q14 3Q14 4Q14 1Q15 4Q14 1Q15 Other (Incl. Treasury Securities)Mortgage-backed Securities (MBS)MBS Yield Securities Portfolio($ in billions) Average Balances Period-end
31 Net Interest Income Relatively StableLoan Volume Offset by 2 Fewer Days in 1Q15 11Q15 compared to 4Q14 ● 2For methodology see the Company’s Form 10Q, as filed with the SEC. Estimates are based on simulation modeling analysis. 12 10 3 9 3 410 416 414 415 413 2.77 2.78 2.67 2.57 2.64 1Q14 2Q14 3Q14 4Q14 1Q15 Accretion NIM Net Interest Income($ in millions) Net Interest Income and Rate NIM1: $415MM 4Q14 2.57% -7-6-4 +7+6 Loan impacts:Two fewer days in 1Q15Loan accretionLower prepayment fees &nonaccrual interest Lease residual value adj. (4Q)Loan growth ---0.04-0.02 +0.05-- +2 Securities impacts -0.01 +1 Deposit impacts -- -1 Lower balances at the Fed +0.09 $413MM 1Q15 2.64% +200 bps rate rise = ~$220MM2 Estimated increase to net interest income over 12 months 32 Noninterest IncomeImpacted by a Change in Accounting Presentation of a Card Program 1Q15 compared to 4Q14 ● Excluding the impact of a change in accounting presentation of a card program, noninterest income would have decreased by $13MM. 44208 220 215 225 256 1Q14 2Q14 3Q14 4Q14 1Q15 Impact of change in accountingpresentation of a card program Noninterest Income ($ in millions) Noninterest income: +$44MM Impact of a change in accounting presentation of a card program (previously presented revenues net of expenses) - $7MM Customer Derivative Income, reflecting a few large transactions in 4Q14 - $4MM Commercial Lending Fees, reflecting a seasonal decline post robust year-end activity
33 Noninterest ExpensesImpacted by a Change in Accounting Presentation of a Card Program 1Q15 compared to 4Q14 ● Excluding the impact of accounting presentation of a card program, noninterest expenses would have decreased by $3MM. Noninterest expenses: +$44MM Impact of a change in accounting presentation of a card program - $8MM Occupancy expense, primarily reflecting a real estate optimization charge taken in 4Q14 & several discrete 1Q15 items - $3MM Consulting expense +$8MM Salaries & benefits expense: + Annual stock compensation + Seasonally higher payroll taxes+ Pension- 2 Fewer days - Seasonally lower healthcare 44406 404 397 419 460 1Q14 2Q14 3Q14 4Q14 1Q15 Impact of change in accountingpresentation of a card program Noninterest Expenses($ in millions) 34 Active Capital Management 1Outlook as of 6/5/15 ● 2See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures ●3Shares repurchased under equity repurchase program 19% 21% 23% 24% 27% 28% 58% 53% 42% 44%47% 79% 76% 66% 71% 2011 2012 2013 2014 1Q15 Dividends Share Repurchases Shareholder Payout3($ in millions)2015 Capital Plan Target1: Up to $393MM equity repurchases over five quarters (2Q15 through 2Q16) Increased quarterly dividend 5% to $0.21 per share in 2Q15 Dividends Per Share Growth 0.40 0.55 0.68 0.79 2011 2012 2013 2014 +98% 3 $31.40 $33.36 $35.64 $37.72 $38.47 2011 2012 2013 2014 1Q15 Tangible Book Value Per Share2
35 Funding and Maturity Profile At 3/31/15 ● 1Face value at maturity ● 2$300MM of subordinated notes matured on 5/1/15; Issued $500MM 5-year senior debt on 6/2/15, maturing in 2020 which is not included in the chart above. Debt Profile by Maturity1($ in millions) 600 650 500 350 400 2015 2016 2017 2019 2020+ Subordinated Notes Senior Notes Equity$7.5B 11% Interest-Bearing Deposits$30.2B 45% Noninterest-Bearing Deposits$27.4B 40% Wholesale Debt $2.8B 4% Funding ProfileAt March 31, 2015 2 2 Senior Unsecured/Long-Term Issuer Rating S&P Moody’s Fitch Cullen Frost A A2 -- BB&T A- A2 A+ BOK Financial A- A2 A Comerica A- A3 A M&T Bank A- A3 A- KeyCorp BBB+ Baa1 A- Fifth Third BBB+ Baa1 A SunTrust BBB+ Baa1 BBB+ Huntington BBB Baa1 A- Regions Financial BBB Baa3 BBB Zions Bancorporation BBB- Ba1 BBB- First Horizon National Corp BB+ Baa3 BBB- Wells Fargo & Company A+ A2 AA- U.S. Bancorp A+ A1 AA- JP Morgan A A3 A+ PNC Financial Services Group A- A3 A+ Bank of America A- Baa1 A 36 Holding Company Debt Rating As of 6/3/15 ● Source: SNL Financial ● Debt Ratings are not a recommendation to buy, sell, or hold securities Pee r Ba nks Larg e Ba nks
Supplemental Financial DataReconciliation of non-GAAP financial measures with financial measures defined by GAAP ($ in millions) 37 The Tier 1 common capital ratio removes preferred stock and qualifying trust preferred securities from Tier 1 capital as defined by and calculated in conformity with Basel I risk-based capital rules in effect through 12/31/14. Effective 1/1/15, regulatory capital components and risk-weighted assets are defined by and calculated in conformity with Basel III risk-based capital rules. The tangible common equity ratio removes preferred stock and the effect of intangible assets from capital and the effect of intangible assets from total assets. Tangible common equity per share of common stock removes the effect of intangible assets from common shareholders equity per share of common stock.The Corporation believes these measurements are meaningful measures of capital adequacy used by investors, regulators, management and others to evaluate the adequacy of common equity and to compare against other companies in the industry.1Tier 1 Capital and risk-weighted assets as defined by Basel I risk-based capital rules.n/a – not applicable. 3/31/15 12/31/14 3/31/14 12/31/13 12/31/12 12/31/11 Tier 1 and Tier 1 common capital1Risk-weighted assets1Tier 1 and Tier 1 common capital ratio n/an/an/a 7,16968,27310.50% 6,96265,78810.58% 6,89564,82510.64% 6,70566,11510.14% Common shareholders’ equityLess: GoodwillLess: Other intangible assets $7,50063515 $7,40263515 $7,28363516 $7,15063517 $6,93963522 $6,86563532Tangible common equity $6,850 $6,752 $6,632 $6,498 $6,282 $6,198Total assetsLess: GoodwillLess: Other intangible assets $69,33663515 $69,19063515 $65,68163516 $65,22463517 $65,06663522 $61,00563532Tangible assets $68,686 $68,540 $65,030 $64,572 $64,409 $60,338Common equity ratio 10.82% 10.70% 11.09% 10.97% 10.67% 11.26%Tangible common equity ratio 9.97 9.85 10.20 10.07 9.76 10.27 Common shareholders’ equity $7,500 $7,402 $7,283 $7,150 $6,939 $6,865Tangible common equity $6,850 $6,752 $6,632 $6,498 $6,282 $6,198Shares of common stock outstanding (in millions) 178 179 182 182 188 197 Common shareholders’ equity per share of common stock $42.12 $41.35 $40.09 $39.22 $36.86 $34.79Tangible common equity per share of common stock 38.47 37.72 36.50 35.64 33.36 31.40