Comerica Incorporated BancAnalysts Association of Boston, Inc.November 5, 2015 Pete GuilfoileExecutive Vice President and Chief Credit Officer Curt FarmerPresident Karen ParkhillVice Chairman and Chief Financial Officer 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 9/30/15 ● 1Consists of Other Markets ($7.5B) & Finance/ Other ($0.5B) 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$71B in Assets Founded 166 years ago LONG HISTORY Trusted Advisor approach RELATIONSHIP BANKING STRATEGY Loans by Geography($in billons; 3Q15 average) California$16.8 34% Other Markets$8.0 16%Michigan$13.2 27% Texas$11.0 23% Michigan$21.9 37% Deposits by Geography($ in billions; 3Q15 average) California$18.4 31% Texas$10.818% Other1$8.014% Total $49.0 Total $59.1 7.7 9 .6 10.0 11 .0 11.3 7.8 1 0.0 10.2 10. 8 10.9 2011 2012 2013 2014 YTD 3Q15 Loans Deposits 4 TexasDiverse economy, business friendly state 1Source: Comerica Economics ● 2Includes Sterling Bancshares from July 2011 acquisition. Average Loans and Deposits($ in billions) 88 95 99 103 106 95 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Aug-15 Economic Activity Index1(In percentage points; 2008 = 100) 2 Diverse Loan Portfolio($ in billions; 3Q15 average) = Total Middle Market - 61% General Middle Market22% Energy30% Environmental Services1% National Dealer4% Tech. & Life Sciences4% Corporate Banking4% Commercial Real Estate11% Small Business 14% Retail Banking4% Private Banking6% Total$11.0
11.8 12 .8 14.0 15 .4 16.5 12.7 14 .6 14.7 16 .1 17.5 2011 2012 2013 2014 YTD 3Q15 Loans Deposits 5 CaliforniaLarge, growing economy 1Source: Comerica Economics 97 99 102 111 119 120 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Aug-15 Economic Activity Index1(In percentage points; 2008 = 100) Average Loans and Deposits($ in billions) Diverse Loan Portfolio($ in billions; 3Q15 average) = Total Middle Market - 65% General Middle Market25% Entertainment4% Environmental Services1% National Dealer22% Tech. & Life Sciences13% Corporate Banking5% Commercial Real Estate12% Small Business4% Retail Banking2% Private Banking12% Total$16.8 6 MichiganEconomy continues to improve 1Source: Comerica Economics 95 103 111 115 121 127 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Aug-15 Economic Activity Index1(In percentage points; 2008 = 100) 13.9 13.6 13.5 13.3 13.2 18.5 19. 6 20.3 21. 0 21.8 2011 2012 2013 2014 YTD 3Q15 Loans Deposits Average Loans and Deposits($ in billions) Diverse Loan Portfolio($ in billions; 3Q15 average) = Total Middle Market - 58% General Middle Market50% National Dealer8% Corporate Banking7% Commercial Real Estate4% Small Business11% Retail Banking8% Private Banking12% Total$13.2
7 Strategic GrowthDeveloping new & expanded relationships Executethe strategy by focusing on relationship-based model Supportthe strategy by focusing on high-quality deposit growth as a means of funding Enhancethe strategy by focusing on developing & growing capital-friendly fee generating products BusinessBank WealthManagementRetailBank Markets & businesses we know & understand Maintaining pricing & risk management discipline Self-funding asset growth At 9/30/15 8 Retail BankHigh-quality deposit growth At 9/30/15 ● 1Includes Sterling Bancshares from July 2011 acquisition. Key Accomplishments Continued strong deposit growth Positive trends in consumer & small business loan growth Enhanced sales & service Areas of Focus New customer acquisition Investment in technology Omni-channel strategy Staffing efficiency & cost containment Average Loans ($ in billions) 19.1 20.9 21.5 22.0 22.7 2011 2012 2013 2014 YTD 3Q151 Average Deposits ($ in billions) 1 5.5 5.5 5.5 5.6 5.8 2011 2012 2013 2014 YTD 3Q15
Florida7 Michigan 214 Texas133 Arizona19 California103 9 Banking Centers Well-Positioned 1Count of U.S. CMA banking centers at 9/30/15. ● 2Source: SNL Financial at 2Q15. Excludes CFR and MTB as data was not available. Business Model Requires Fewer BranchesTotal Deposits per Banking Center2($ in millions) U.S. Banking Centers by Location1 Expert COnnect Smart ATMs Open Workstation Design After Hours Teller ServicesPaperless Account Opening Automated Concierge Video Teller Technology Bar Omni-Channel ModelMore options to meet changing needs of customers Total 476 60 70 71 73 79 101 107 108 122 137 RF BBT KEY HBA N FITB ST I FHN ZIO N CMA BOK F 10 Wealth ManagementEnhancing relationships At 9/30/15 ● 1Includes Sterling Bancshares from July 2011 acquisition. 4.7 4.5 4.6 4.8 4.9 2011 2012 2013 2014 YTD 3Q15 Average Loans ($ in billions) 2.9 3.5 3.5 3.8 4.1 2011 2012 2013 2014 YTD 3Q15 Average Deposits ($ in billions) Key Accomplishments Growth in fiduciary fees YoY Alignment of Comerica Securities with Retail Bank Strengthened Asset Management platform Areas of Focus Business Bank client penetration Operational efficiency & execution Continued development & enhancement of wealth planning tools 1 1
Business Owner Advisory Services Business Bank Wealth Management Business Owner Advisory Services 11 Collaborating to Deepen Relationships 1Internally reported. Since inception of program in 2012 ~ $3.9B Loans, Deposits & AUM1 2,200+ Referrals made1 Identifying opportunities to expand relationships between Wealth Management & Business Bank Providing integrated solutions to meet business and personal goals Demonstrated Success Examples of strategic services:• Wealth transfer planning• Business succession planning• Tax strategy planning 115 116 128 133 151 158 171 180 142 2011 2012 2013 2014 YTD 2015 YTD 3Q 12 Growing Advisory Services At 9/30/15 ● 1Based on noninterest income Fiduciary Income($ in millions) Advisory Services Comerica Securities Trust Services & Asset Management• Institutional & Personal• Professional Trust Alliance $143B in assets under management & administration Professional Trust Alliance Since 1995 Agreement with broker/dealers & RIAs to provide trust services to their clients 17 alliance partners Unique fee generating business Dedicated team with 14 offices in the US Personal Trust & Asset Mgmt.33% Institutional Trust & Asset Mgmt.21% Comerica Securities22% Alliance24% Wide Array of Advisory Services1
13 Business Bank166 years of building deep, enduring relationships At 9/30/15 ● 1Includes Sterling Bancshares from July 2011 acquisition. 29.9 33.3 34.3 36.2 38.0 2011 2012 2013 2014 YTD 3Q15 Average Loans ($ in billions) 21.4 24.8 26.1 28.5 30.6 2011 2012 2013 2014 YTD 3Q15 Average Deposits ($ in billions) Key Accomplishments Implemented Trusted Advisor training Expansion of card & merchant programs Increased cross-sell of Wealth Management services to business owners Areas of Focus Continued focus on cross-sell Resource allocation to growth opportunities Maintain pricing & underwriting discipline 1 1 14 Commercial Focus & Deep Industry Expertise 1Source: SNL Financial. Total loans less consumer loans. Excludes BBT as data was not available. Business Bank Diverse Loan Portfolio($ in billions; 3Q15 average) = Total Middle Market - 72% Highest % of Business Loans1(At 9/30/15) General Middle Market$13.335%Entertainment$0.72% Energy$3.39% Environmental Services$0.92% National Dealer$6.015% Tech. & Life Sciences$3.39% Corporate Banking$4.111% Mortgage Banker$2.16% Commercial Real Estate$4.411% 64 74 75 78 79 83 85 91 92 92 95 HBA N STI FITB KEY R F MTB FHN CFR ZIO N BOK F CMA Total $38.1
22 25 27 31 30 34 37 42 32 2011 2012 2013 2014 YTD 2015 YTD 3Q 15 Card Programs Generating fees & valuable deposits At 9/30/15 ● 1Source: the Nilson Report July 2015, based on 2014 data 720 948 1,221 1,444 1,669 2011 2012 2013 2014 YTD 2015 US Treasury ProgramState Card Programs Growing Average Noninterest-Bearing Deposits($ in millions) Commercial Cards used for:• Purchasing• Travel and entertainment• Online vendor payments• Fleet maintenance Merchant Services: • Enable businesses to accept card payments from their customers• Advanced security products and reporting tools• Robust pipeline & activations exceeding expectations Prepaid card: • #2 prepaid card issuer in US1• 49 distinct state & local government benefit programs• Exclusive provider of prepaid debit cards for US Treasury DirectExpressProgram since 2008 Growing Commercial Card Fees ($ in millions) 0 4 8 12 16 20 24 2007 2008 2009 2010 2011 2012 2013 2014 YTD2Q15 Total CMAPeer Average 16 Credit Quality Consistently Better Than PeersRemains well below historical levels At 9/30/15 ● Source: SNL Financial ● 2Excludes BOKF net recoveries reported for 2014 & YTD 2Q15 & ZION net recoveries for YTD 2Q15. ● 3End of period reserve amount divided by YTD net charge-off amount. NPLs as a % of Total Loans(In basis points) Reserves as a % of NPAs(In percentage points) 0 40 80 120 160 200 240 2007 2008 2009 2010 2011 2012 2013 2014 YTD2Q15 Total CMAPeer Average Net Charge-offs as % of Total Loans(In basis points) 1 60 140 220 300 380 460 2007 2008 2009 2010 2011 2012 2013 2014 YTD2Q15 Total CMAPeer Average 1,2 40 80 120 160 2007 2008 2009 2010 2011 2012 2013 2014 YTD2Q15 Total CMAPeer Average1 1 Reserves over Net Charge-offs3
17 Energy Performing as ExpectedNet charge-offs YTD have been nominal At 9/30/15 ● 1Exploration & Production Natural Gas 13% Oil40% Mixed17% 454 535 463 481566 535 530 513 2,539 2,496 2,316 2,249 3,559 3,566 3,309 3,243 4Q14 1Q15 2Q15 3Q15 Midstream Services EP Energy Business Line Loans ($ in millions; Period-end) 741 741 722 614 4Q14 1Q15 2Q15 3Q15 Energy-related Loans($ in millions; Period-end) 1 EP $62959% Services $21220% Midstream $525% Energy-related $16516% Energy & Energy-related Criticized($ in millions; Period-end) Total $1,058 EP $5745% Services $2318% Energy-related $46 37% Energy & Energy-related Nonaccrual($ in millions; Period-end) Total $126 18 Asset SensitivePoised to benefit when rates rise At 9/30/15 ● 1Period-end loan balances ● 2Growth calculated for YoY average balances; includes Sterling Bancshares from July 2011 acquisition. ● 3For methodology see the Company’s Forms 10-Q & 10-K for the respective periods, as filed with the SEC. Estimates are based on simulation modeling analysis. ● 4Interest costs on interest-bearing deposits. Deposit Growth in Excess of Loan Growth2(In percentage points) Deposit Value Cyclically Depressed(In percentage points) 8.5 6.9 6.8 7.3 6.4 10.3 9.7 9.6 10.2 9.3 23.9 29.5 29.1 31.1 33.3 42.7 46.1 45.5 48.6 49.0 2011 2012 2013 2014 3Q15 Fixed Prime LIBOR Growing Loans Tied to Floating Rate1($ in billions; Period-end) -20 24 68 1012 14 2011 2012 2013 2014 YTD 2015 Loans Deposits 01 23 45 6 20042005200620072008200920102011201220132014 YTD2015 Fed Funds Deposit Costs 4 ~160 ~180 ~210 ~220 ~220 4Q11 4Q12 4Q13 4Q14 3Q15 Standard Model3Estimated Increase to Net Interest Income($ in millions)
168 163 160 171 157 2011 2012 2013 2014 Annualized2015 4 6 8 10 12 2011 2012 2013 2014 YTD 2015 Comerica Peer Average (Avg. Loans + Deposits) / Employee1,2($ in millions) Expenses: Controlling What We Can ControlContinued focus on efficiency and sustainability 2 2.5 3 3.5 4 2011 2012 2013 2014 YTD 2015 Comerica Peer Average Total Noninterest Expenses / Average Assets1(In percentage points) At 9/30/15 ● 1Source: SNL ● 2Number of employees – full time equivalent; Excludes CFR & ZION as data was not available as of 11/3/15. ● 3Includes $10MM in lease termination charges related to real estate optimization. ● 4Annualized based on YTD 3Q15 Net occupancy expense. 19 Continuous review of processes in order to maximize efficiency Judiciously negotiate contract renewals Leverage use of technology Reallocate resources to faster growing businesses Declining Occupancy Expenses($ in millions) 3 4 20 Well Positioned for the Future As of 9/30/15 ● 1Estimated ● 2Analysis based on non-parallel gradual increase in interest rates over 12 months; For methodology see the Company’s Form 10-Q, 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: 10.58%1• Continue share buyback; Increased dividend in 3Q15 • 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 income2
Appendix 22 Financial Summary $ in millions, except per share data ● n/a – not applicable ● 1Including $48MM & $44MM impact of accounting presentation of a card program in 3Q15 & 2Q15, respectively. ● 2Reflects litigation reserves releases of $3MM, $30MM & $2MM in 3Q15, 2Q15 & 3Q14, respectively. ● 3Basel III capital rules (standardized approach) became effective for Comerica on 1/1/15. The ratio reflects transitional treatment for certain regulatory deductions and adjustments. Capital ratios for prior periods are based on Basel I rules. ● 4See slide #45 for a reconciliation of non-GAAP financial measures. ● 5Estimated 3Q15 2Q15 3Q14 Diluted income per common share $0.74 $0.73 $0.82 Net interest income $422 $421 $414 Provision for credit losses 26 47 5 Noninterest income1 264 261 215 Noninterest expenses1,2 461 436 397 Net income 136 135 154 Total average loans $48,972 $48,833 $47,159 Total average deposits 59,140 57,398 55,163 Basel III common equity Tier 1 capital ratio3 10.58%5 10.40% n/a Tier 1 common capital ratio3,4 n/a n/a 10.59% Average diluted shares (millions) 181 182 185
23 Third Quarter 2015 Results $ in millions, except per share data ● n/a – not applicable ● 3Q15 compared to 2Q15 ● 1Including the $48MM & $44MM impact of accounting presentation of a card program in 3Q15 & 2Q15, respectively. ● 2EPS based on diluted income per share. ● 3See slide #45 for a reconciliation of non-GAAP financial measures. ● 43Q15 repurchases under the equity repurchase program. 3Q15 Change From2Q15 3Q14Total average loans $48,972 $ 139 $1,813 Total average deposits 59,140 1,742 3,977 Net interest income $422 $ 1 $ 8 Provision for credit losses 26 (21) 21 Noninterest income1 264 3 49 Noninterest expenses1 461 25 64 Net income 136 1 (18) Earnings per share (EPS)2 $0.74 $0.01 $(0.08) Tangible Book Value Per Share3 $39.36 $0.83 $1.71 Equity repurchases4 1.2MM shares or $59MM Key QoQ Performance Drivers Pace of loan growth moderated, as expected, while deposits increased 3% Net interest income stable Provision reflected modest reserve build & increase in net charge-offs to 19 bps Noninterest income increase included growth in card fees Expenses remained well controlled & reflect litigation reserve release ($3MM in 3Q15 & $30MM in 2Q15) Equity repurchases4, combined with dividends of $0.21 per share, returned $96 million or 71% to shareholders 24 Loan Growth Moderated, as ExpectedAverage loans increased $1.8B or 4%, compared to 3Q14 3Q15 compared to 2Q15 ● 1Utilization of commercial commitments as a percentage of total commercial commitments at period-end. Total Loans($ in billions) 47.2 47.4 48.2 48.8 49.0 49.7 48.9 3.22 3.22 3.19 3.20 3.17 3Q14 4Q14 1Q15 2Q15 3Q15 2Q15 3Q15 Loan Yields Average Balances Period-end Total average loans increased $139MM + $367MM Technology and Life Sciences+ $124MM Commercial Real Estate + $ 72MM Entertainment+ $ 69MM Private Banking+ $ 47MM Mortgage Banker Finance- $231MM Corporate Banking- $214MM General Middle Market - $ 86MM Energy Period-end loans declined $799MM + $306MM Technology and Life Sciences + $208MM Commercial Real Estate- $515MM Mortgage Banker Finance- $364MM General Middle Market- $266MM Corporate Banking- $219MM National Dealer Services Commitments down $464MM to $56.6B Line utilization1 50%, down from 51% Loan pipeline increased Loan yields -3 bps due to portfolio mix shift
25 Loans by Business and Market Average $ in billions ● 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 3Q15 2Q15 3Q14 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $13.33.36.00.73.30.9 $13.53.46.00.63.00.9 $13.53.35.50.62.60.9 Total Middle Market $27.5 $27.4 $26.4 Corporate BankingUS BankingInternational 2.41.7 2.61.8 2.81.8 Mortgage Banker Finance 2.1 2.1 1.6 Commercial Real Estate 4.4 4.2 4.2 BUSINESS BANK $38.1 $38.1 $36.8 Small Business 4.0 3.9 3.8 Retail Banking 1.9 1.9 1.8 RETAIL BANK $5.9 $5.8 $5.6 Private Banking 5.0 4.9 4.8 WEALTH MANAGEMENT $5.0 $4.9 $4.8 TOTAL $49.0 $48.8 $47.2 By Market 3Q15 2Q15 3Q14 Michigan $13.2 $13.3 $13.3 California 16.8 16.4 15.5 Texas 11.0 11.2 11.1 Other Markets1 8.0 7.9 7.3 TOTAL $49.0 $48.8 $47.2 26 Robust, Broad-based Deposit GrowthAverage deposits increased $4.0B or 7%, compared to 3Q14 3Q15 compared to 2Q15 ● 1Interest costs on interest-bearing deposits ● 2At 9/30/15 Average Balances Period-end Strong Deposit Base($ in billions) 55.2 57.8 57.0 57.4 59.1 58.3 58.8 0.15 0.15 0.15 0.14 0.14 3Q14 4Q14 1Q15 2Q15 3Q15 2Q15 3Q15 Deposit Rates1 Total average deposits increased $1.7B or 3% + $538MM General Middle Market + $445MM Technology and Life Sciences+ $296MM Corporate Banking+ $181MM Small Business+ $151MM Retail Banking+ $128MM Private Banking Noninterest-bearing deposits increased $1.3B to $28.6B Interest-bearing deposits increased $484MM to $30.5B About 2/3 of total deposits are commercial Loan to Deposit Ratio2 of 83%
27 Deposits by Business and Market Average $ in billions ● 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 3Q15 2Q15 3Q14 Middle MarketGeneralEnergyNational Dealer ServicesEntertainmentTech. & Life SciencesEnvironmental Services $16.20.60.20.16.70.2 $15.70.70.20.16.20.2 $15.30.50.20.15.90.1 Total Middle Market $24.0 23.1 $22.1 Corporate BankingUS BankingInternational 2.72.2 2.62.0 2.71.8 Mortgage Banker Finance 0.7 0.6 0.5 Commercial Real Estate 1.8 1.9 1.7 BUSINESS BANK $31.4 $30.2 $28.8 Small Business 3.1 2.9 2.9 Retail Banking 19.9 19.8 19.2 RETAIL BANK $23.0 $22.7 $22.1 Private Banking 4.2 4.1 3.9 WEALTH MANAGEMENT $4.2 $4.1 $3.9 Finance/ Other2 0.5 0.4 0.4 TOTAL $59.1 $57.4 $55.2 By Market 3Q15 2Q15 3Q14 Michigan $21.9 $21.7 $21.2 California 18.4 17.3 16.4 Texas 10.8 11.0 10.6 Other Markets1 7.5 7.0 6.6 Finance/ Other2 0.5 0.4 0.4 TOTAL $59.1 $57.4 $55.2 28 Energy Line of Business30+ Years experience with strong performance through cycles At 9/30/15 ● 1Estimate as of 11/3/15 ● 2Source: U.S. Energy Information Administration Granular portfolio: ~200 customers 48% line utilization, unchanged from 2Q15 $3.2B in loans at period-end 9/30/15, decreased $66MM from 6/30/15 NALs 2.5% (last peak 3Q10 ~3%) Negative credit migration with manageable losses anticipated at this point1 Prudently increased reserves for energy loans for past 4 quarters 1,81 1 1,65 6 1,46 9 1,32 7 1,29 6 1,14 9 1,19 6 1,26 9 1,42 3 1,45 6 1,63 5 1,94 7 2,30 5 2,45 2 2,64 1 2,85 1 3,00 2 2,95 1 2,89 5 2,75 2 2,98 2 3,23 6 3,33 2 3,49 2 3,70 0 3,42 4 3,33 8 150 200 250 300 350 1Q0 9 2Q0 9 3Q0 9 4Q0 9 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 1Q1 4 2Q1 4 3Q1 4 4Q1 4 1Q1 5 2Q1 5 3Q1 5 U.S. OilProduction(MM bb/mo.) Average Loans($ in millions) 0 0 0 0 36 69 19 10 13 6 0 2 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 201 3 201 4 YTD 3Q 15 Strong Credit Quality(In basis points) Energy Net Charge-offs to Avg. Energy Loans Exploration & Production 69%Midstream15% Service16% Natural Gas 11% Oil40% Mixed18% Diverse Customer Base(Based on period-end outstandings) 2
29 At 9/30/15 ● 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 10/20/15 ● 2$ in billions; 3Q15 estimated ● 3Based on MBA annual mortgage origination estimates 566 614 923 1,53 5 1,48 3 1,50 7 1,9 96 2,09 4 1,73 7 1,81 5 1,60 5 1,10 9 886 1 ,319 1, 595 1,39 7 1,39 9 2 ,089 2,13 6 200 300 400 500 600 700 800 900 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 2Q1 5 3Q1 5 Actual MBAMortgageOriginationVolumes Average Loans($ in millions) Mortgage Banker Finance50 Years experience with reputation for consistent, reliable approach MBA Mortgage Originations Forecast1($ in billions) 330 395 381 345 293 360 355 312 1Q15Actual 2Q15Actual 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Purchase Refinance 1,2 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 Market share more than doubled over past five years3 Underlying mortgages are typically related to home purchases as opposed to refinancesAs of 3Q15: • Comerica: ~80% purchase • Industry: 65% purchase1 30 National Dealer Services65+ years of floor plan lending At 9/30/15 ● 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 9% GM 9% Chrysler 10% Mercedes 3% Nissan/ Infiniti 7%Other European 12% Other Asian 12% Other110% Franchise Distribution(Based on period-end loan outstandings) Geographic DispersionCalifornia 63% Texas 9%Michigan 18% Other 10% 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 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 3.6 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 6.0 6.0 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 2Q1 5 3Q1 5 Floor Plan
31 Technology and Life Sciences20+ Years experience provides competitive advantage At 9/30/15 National business headquartered in Palo Alto, CA, with 14 offices in U.S. & Toronto Products & services tailored to meet needs of companies throughout their lifecycle Equity Funds Services helps drive avg. loan growth (up ~$1B over past 4 years) Strong relationships with top-tier investors Granular portfolio Closely monitor cash balances Customer Segment Overview(% based on loan outstandings) ~15% Early Stage ~40%Growth ~10% Late Stage ~30%Equity Funds Services ~5%Leveraged Finance 1.3 1.8 2.0 2.5 2.9 3.0 3.3 4.1 5.0 5.1 5.8 6.1 6.2 6.7 2011 2012 2013 2014 1Q15 2Q15 3Q15 Average Loans Average Deposits Average Loans & Deposits ($ in billions) Net Charge-offs(In basis points) (27) 49 - 26 69 168 24 80 57 61 89 100 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 201 3 201 4 YTD 3Q 15 TLS Net Charge-offs to Avg. TLS Loans 32 Commercial Real Estate Line of Business160+ years experience At 9/30/15 ● 1Includes CRE line of business loans not secured by real estate. 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 4.2 4 .4 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 2Q1 5 3Q1 5 Commercial & OtherReal Estate ConstructionCommercial Mortgages Average Loans($ in billions) 6.1 6.4 6.4 6.6 6.9 3Q14 4Q14 1Q15 2Q15 3Q15 Commitments($ in billions; Based on period-end) 14% 1 Well-established developers Provide construction and mini-perm mortgage financing Focused on urban markets primarily within our footprint Conservative underwriting
Dallas 38% Houston 25% Austin 25% San Antonio7% Other 5% 33 Commercial Real Estate Line of Business At 9/30/15 ● 1Excludes CRE line of business loans not secured by real estate. CRE by Property Type1($ in millions; Period-end, based on location of property) Michigan $2487% California $1,63846% Texas $1,03029% Florida $1213% Other $54815% CRE by Market1($ in millions; Period-end, based on location of property) Multifamily $1,66146% Retail $39411% Commercial $3339% Office$2908% Single Family $2648% Multi-Use $1434% Land Carry $2798% Other $2216%Total$3,585 Total$3,585 34 Shared National Credit (SNC) Relationships At 9/30/15 ● SNCs are not a line of business. The balances shown above are included in the line of business balances. ●SNCs are facilities greater than $20 million shared by three or more federally supervised financial institutions which are reviewed by regulatory authorities at the agent bank level. SNC relationships included in business line balances Approximately 797 borrowers Comerica is agent for approx. 20% Strategy: Pursue full relationships with ancillary business Adhere to same credit underwriting standards as rest of loan book Period-end Loans($ in billions) Commercial Real Estate$0.77% Corporate $2.423% General$2.222%National Dealer $0.44% Energy$3.030% Entertainment$0.33% Tech. & Life Sciences$0.33% Environmental Services0.3 3% Mortgage Banker$0.44% Small Bus & Per Fin Svc$0.1 1% = Total Middle Market (65%) Total$10.1
35 Securities Portfolio GrewPositioned for LCR compliance At 9/30/15 ● LCR: Liquidity Coverage Ratio ● 1Estimated as of 9/30/15. Excludes auction rate securities (ARS). ● 2Net unrealized pre-tax gain on the available-for-sale (AFS) portfolio. ● 3Net unamortized premium on the MBS portfolio. Total average securities portfolio increased $300MM Purchased ~$200MM in Treasury Securities & ~$150MM MBS in 3Q15 • Subsequent to issuing $350MM in subordinated bank debt & $175MM in senior bank debt Duration of 3.6 years1 • Extends to 4.5 years under a 200 bps instantaneous rate increase1 Net unrealized pre-tax gain of $127MM2 Net unamortized premium of $40MM3 GNMA ~35% of MBS portfolio 9.0 9.0 9.1 9.1 9.1 9.2 9.4 9.4 9.4 9.9 9.9 10.2 10.2 10.6 2.22 2.19 2.16 2.13 2.11 3Q14 4Q14 1Q15 2Q15 3Q15 2Q15 3Q15 Other (Incl. Treasury Securities)Mortgage-backed Securities (MBS)Securities Yields Securities Portfolio($ in billions) Average Balances Period-end 36 Net Interest Income StableNIM compression mainly due to increased Fed deposits 13Q15 compared to 2Q15 ● 2For standard model assumptions see slide #37. Estimate is based on simulation modeling analysis. 414 415 413 421 422 2.67 2.57 2.64 2.65 2.54 3Q14 4Q14 1Q15 2Q15 3Q15 NIM Net Interest Income($ in millions) +200 bps rate rise = ~$220MM2 Estimated increase to net interest income over 12 months Net Interest Income and Rate NIM1 $421MM 2Q15 2.65% +2 Loan impacts:+$4MM One add’l day in 3Q15+$1MM loan growth- $3MM lower yields -0.02 -3 Higher debt expense -0.02 +1 Higher securities balance at lower yield -0.01 +1 Higher balances at Fed -0.06 $422MM 3Q15 2.54%
37 Interest Rate SensitivityRemain well positioned for rising rates At 9/30/15 ● For methodology see the Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis. Estimated Net Interest Income: Annual (12 month) SensitivitiesBased on Various AssumptionsAdditional Scenarios are Relative to 3Q15 Standard Model($ in millions) ~110 ~190 ~200 ~210 ~220 ~260 ~330 Up 100bps Addl. $3BDepositDecline Addl.20%Increasein Beta Addl. $1BDepositDecline 3Q15StandardModel Addl.~3%LoanGrowth Up 300bps 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 Increased for LCR compliance Loan Spreads Held at current levels MBS Prepayments Third-party projections and historical experience Hedging (Swaps) No additions modeled Standard Model Assumptions 3 1 8 18 23 3 1 7 15 19 3Q14 4Q14 1Q15 2Q15 3Q15 NCO Ratio 38 Credit Quality Remains StrongNet charge-offs well below normal at 19bps At 9/30/15 ● 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, Doubtful & Loss loan classifications. ● 2This information includes all loans related to energy at 9/30/15, ~$3.2B of loans in our Energy business line & ~$615MM loans in other businesses that have a sizable portion of their revenue related to energy or could be otherwise disproportionately negatively impacted by prolonged low oil and gas prices. ● 3“Normal” estimates are based on internal historical analysis & management judgement. Net Loan Charge-offs($ in millions) (bps) Normal Net Charge-Offs ~40 bps3 329 273 266 349 357 2,094 1,893 2,067 2,361 2,898 4.4 3.9 4.2 4.7 5.9 3Q14 4Q14 1Q15 2Q15 3Q15 NALsCriticized as a % of Total Loans Criticized Loans1($ in millions) Normal Criticized Loans of ~8.5% of Total Loans3 635 635 640 668 670 1.7 2.1 2.2 1.7 1.7 3Q14 4Q14 1Q15 2Q15 3Q15 Allowance for LoanLosses as a % of NPL's Allowance for Credit Losses($ in millions) Provision decreased to $26MM• $2MM Allowance increase• $23MM NCO mainly Technology & Life Sciences & energy-related2 Inflows to nonaccrual $69MM • Down from $145MM in 2Q15 Nonaccruals stable at 0.7% of total loans• Increased $8MM with energy2 increase of $7MM to $126MM Criticized loans increased $537MM• Energy2 increased $480M to $1.1B
39 Noninterest Income Increased 3Q15 compared to 2Q15 ● 1Including impact of accounting presentation of a card program of $48MM in 3Q15 & $44MM in both 2Q15 & 1Q15. ● 2Impact of changes in interest rate curve on the credit spread of debt that is swapped from fixed to floating interest rate. 215 225 255 261 264 3Q14 4Q14 1Q15 2Q15 3Q15 Noninterest Income1($ in millions) Noninterest income increased $3MM + $3MM Card fees + $1MM Foreign Exchange + $1MM Brokerage - $1MM Fiduciary - Other noninterest income+ $4MM Hedge ineffectiveness income2+ $3MM Warrant related income- $5MM Deferred comp (offset in expenses)- $4MM Investment banking 40 Noninterest Expenses Reflect Tight Control 3Q15 compared to 2Q15 ● 1Including impact of accounting presentation of a card program of $48MM in 3Q15 & $44MM in both 2Q15 & 1Q15. Noninterest expenses increased $25MM + $27MM Litigation-related release (Reserve release of $3MM in 3Q15 & $30MM in 2Q15) + $ 2MM Occupancy + $ 2MM Software - $ 8MM Salaries & benefits expense - Deferred comp - Stock comp forfeiture- Staff insurance+ Technology-related contract labor+ 1 additional day 397 419 459 436 461 3Q14 4Q14 1Q15 2Q15 3Q15 Noninterest Expenses1($ in millions)
41 Expenses Remain Well ControlledContinued focus on efficiency At 9/30/15 ● 1Number of employees – full time equivalent ● 2Goal as of 11/3/15 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 8,83 1 8,90 1 8,94 1 $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 $11 .9 $11 .9 $12 .1 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 200 8 200 9 201 0 201 1 201 2 201 3 201 4 1Q1 5 2Q1 5 3Q1 5 Employees Avg. Loans + Deposits/Employee Driving Efficiency While Growing Loans & Deposits($ in millions) 51.8 % 50.7 % 50.4 % 54.0 % 47.1 % 53. 2% 55.6 % 58.0 % 58.9 % 58.6 % 66 .4% 199 8 199 9 200 0 200 1 200 2 200 3 200 4 200 5 200 6 200 7 YTD 3Q1 5 Average: 53.8% 10-Years Prior to the Downturn Long-TermGoal: Below 60% Long-Term Efficiency Ratio Goal2: < 60% 1 42 19% 21% 23% 24% 28% 28% 58% 53% 42% 43%47% 79% 76% 66% 71% 2011 2012 2013 2014 3Q15 Dividends Equity Repurchases Active Capital Management 1Outlook as of 11/3/15 ● 2See Supplemental Financial Data slides for a reconciliation of non-GAAP financial measures ●3Shares & warrants repurchased under equity repurchase program ● 4Based on actual dividends declared in 1Q15, 2Q15 & 3Q15, and assuming no change in dividend per share for 4Q15. Shareholder Payout3($ in millions)2015 Capital Plan Target1: Up to $393MM equity repurchases over five quarters (2Q15 through 2Q16)• 2Q15: $59MM (1.0MM shares and 500,000 warrants) repurchased • 3Q15: $59MM (1.2MM shares) repurchased• Pace of buyback linked to financial performance, which is expected to improve as rates rise Dividends Per Share Growth 0.40 0.55 0.68 0.79 0.83 2011 2012 2013 2014 2015 +108% $31.40 $33.36 $35.64 $37.72 $39.36 2011 2012 2013 2014 3Q15 Tangible Book Value Per Share2 4
43 Funding and Maturity Profile At 9/30/15 ● 1Face value at maturity. Wholesale debt markets Federal Home Loan Bank of Dallas• $-0- outstanding • $5B borrowing capacity Brokered deposits• $-0-outstanding Fed funds/ Repo markets Multiple Funding Sources Debt Profile by Maturity1($ in millions) 650 500 350 1,425 2016 2017 2019 2020+ Subordinated NotesSenior Notes Equity$7.611% Interest-Bearing Deposits$30.143% Noninterest-Bearing Deposits$28.741% Wholesale Debt $3.25% Funding ProfileAt September 30, 2015($ in billions) 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 A- 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 44 Holding Company Debt Rating As of 10/30/15 ● 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) 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. 9/30/15 6/30/15 12/31/14 9/30/14 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 n/an/an/a 7,16968,26910.50% 7,10567,10610.59% 6,89564,82510.64% 6,70566,11510.14% Common shareholders’ equityLess: GoodwillLess: Other intangible assets $7,62263514 $7,52363515 $7,40263515 $7,43363515 $7,15063517 $6,93963522 $6,86563532 Tangible common equity 6,973 6,873 $6,752 $6,783 $6,498 $6,282 $6,198 Total assetsLess: GoodwillLess: Other intangible assets $71,01263514 $69,94563515 $69,18663515 $68,88363515 $65,22463517 $65,06663522 $61,00563532 Tangible assets 70,363 69,295 $68,536 $68,233 $64,572 $64,409 $60,338Common equity ratio 10.73% 10.76% 10.70% 10.79% 10.97% 10.67% 11.26%Tangible common equity ratio 9.91 9.92 9.85 9.94 10.07 9.76 10.27 Common shareholders’ equity $7,622 $7,523 $7,402 $7,433 $7,150 $6,939 $6,865Tangible common equity 6,973 6,873 $6,752 $6,783 $6,498 $6,282 $6,198Shares of common stock outstanding (in millions) 177 178 179 180 182 188 197 Common shareholders’ equity per share of common stock $43.02 $42.18 $41.35 $41.26 $39.22 $36.86 $34.79 Tangible common equity per share of common stock 39.36 38.53 37.72 37.65 35.64 33.36 31.40 45