COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS

Launched Growth in Efficiency and Revenue Initiative

Actions Identified To-Date Expected to Drive an Additional $230 Million

in Annual Pre-Tax Income by Year-End 2018

Related Estimated Total Pre-Tax Restructuring Charges of $140 Million to $160 Million

Net Income of $104 Million or 58 Cents Per Share

Includes After-Tax Impact of Restructuring Charge of $34 Million, or 19 Cents Per Share

Average Loan Growth of $1.1 Billion, or 2 Percent, Compared to First Quarter 2016

DALLAS/July 19, 2016 -- Comerica Incorporated (NYSE: CMA) today reported second quarter 2016 net income of $104 million, compared to $60 million for the first quarter 2016 and $135 million for the second quarter 2015. Earnings per diluted share were 58 cents for second quarter 2016 compared to 34 cents for first quarter 2016 and 73 cents for second quarter 2015. Comerica also announced the implementation of its efficiency and revenue initiative ("GEAR Up"), which is expected to drive additional annual pre-tax income of approximately $230 million by year-end 2018 from the actions identified to-date. Second quarter results include after-tax restructuring charges of $34 million, or 19 cents per share, associated with the initial phase of this initiative.

"Our second quarter results were solid with a $1.1 billion increase in average loans, improved credit quality in our energy portfolio as well as increases in most fee-based noninterest income categories,” said Ralph W. Babb, Jr., chairman and chief executive officer.  "Noninterest expenses were well controlled. Through share repurchases of $65 million and an increase in our dividend, we returned $103 million to shareholders in the second quarter 2016, compared to $79 million in the first quarter.”

Growth in Efficiency and Revenue Initiative

"Based on our initial extensive review, we are announcing the actions we are taking through Gear Up that are expected to deliver additional annual pre-tax income of approximately $230 million by year-end 2018. This initiative fundamentally transforms the way we operate to drive further efficiency and revenue growth. We are confident the initiative will improve profitability, despite current market conditions and a tough banking environment," said Babb. "We expect our efficiency ratio to improve, declining to the low 60 percent range by the end of 2017, and at or below 60 percent by year-end 2018, without any increase in interest rates. The initial actions will take us a long way to achieving a double-digit return on equity and enhanced shareholder value. Management will continue to identify additional opportunities to further enhance profitability."

The initial GEAR Up initiative includes approximately $140 million in pre-tax benefits expected to be achieved by fiscal year-end 2017 and an anticipated annual run-rate benefit of approximately $230 million by year-end 2018.

• Revenue enhancements expected to be approximately $30 million by year-end 2017, which increase to approximately $70 million by year-end 2018, through expanded product offerings, enhanced sales tools and training, re-aligned employee incentives and enhanced customer analytics to drive opportunities.

• Expense reductions targeted to be approximately $110 million, which increases to approximately $160 million by year-end 2018. This is to be achieved through an approximately 9 percent reduction in workforce, streamlining operational processes, real estate optimization including consolidating about 40 banking centers, selective outsourcing of technology functions and reduction of technology system applications.

• Pre-tax restructuring charges of $140 million to $160 million in total are expected to be incurred through 2018.

• For further information, see the accompanying Fact Sheet.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 2

(dollar amounts in millions, except per share data)	2nd Qtr '16				1st Qtr '16			2nd Qtr '15
Net interest income	$	445			$	447		$	421
Provision for credit losses	49				148			47
Noninterest income	269				246			258
Noninterest expenses	519			(a)	460			433			(b)
Pre-tax income	146				85			199
Provision for income taxes	42				25			64
Net income	$	104			$	60		$	135
Net income attributable to common shares	$	103			$	59		$	134
Diluted income per common share	0.58				0.34			0.73
Average diluted shares (in millions)	177				176			182
Common equity Tier 1 capital ratio (c)	10.48		%		10.58		%	10.40		%
Common equity ratio	10.79				11.08			10.76
Tangible common equity ratio (d)	9.98				10.23			9.92

(a) Included restructuring charge of $53 million in the second quarter 2016.

(b) Included net release of litigation reserves of $30 million in the second quarter 2015.

(c) June 30, 2016 ratio is estimated.

(d) See Reconciliation of Non-GAAP Financial Measures.

Second Quarter 2016 Compared to First Quarter 2016

Average total loans increased $1.1 billion, or 2 percent, to $49.5 billion.

• Primarily reflected continued growth in Commercial Real Estate and seasonal increases in Mortgage Banker Finance and National Dealer Services; partially offset by an expected decline in Energy. The growth in Commercial Real Estate primarily reflected construction draws and term financing, mainly with existing customers who are proven developers on projects with favorable risk profiles.

• Period-end total loans increased $1.0 billion to $50.4 billion.

Average total deposits decreased $187 million to $56.5 billion.

• Driven by a $511 million decrease in interest-bearing deposits, partially offset by a $324 million increase in noninterest-bearing deposits.

• Average total deposits increased seasonally in the Retail Bank; this was more than offset by a seasonal decrease in Municipalities and purposeful pricing in Corporate Banking.

• Period-end deposits were unchanged at $56.4 billion.

Net interest income decreased $2 million to $445 million.

• Primarily the result of the impact of nonaccrual loans and higher funding costs, partially offset by the benefit from the increase in average loans.

The provision for credit losses decreased $99 million to $49 million.

• Net credit-related charge-offs were $47 million, or 0.38 percent of average loans, compared to $58 million, or 0.49 percent, in the first quarter 2016. Energy net credit-related charge-offs were $32 million compared to $42 million in the first quarter 2016.

• The allowance for loan losses increased $5 million to $729 million, or 1.45 percent of total loans. The reserve allocation for Energy exceeded 8 percent of loans in the Energy business line.

Noninterest income increased $23 million to $269 million.

• Noninterest income increased $13 million, or 5 percent, excluding a $10 million increase in deferred compensation asset returns (offset by an increase in deferred compensation plan expense in noninterest expense).

• Fee-based income increased $11 million, primarily attributed to increases of $3 million each in card fees, fiduciary income and customer derivative income, as well as a $2 million increase in commercial lending fees. The increase in commercial lending fees resulted primarily from higher syndication agent fees.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 3

Noninterest expenses increased $59 million to $519 million.

• Second quarter restructuring charges of $53 million related to the initiatives previously discussed included $46 million of severance-related expenses and $7 million of professional services and other charges.

• Excluding the $53 million restructuring charge, noninterest expenses increased $6 million, primarily including a $10 million increase in deferred compensation plan expense (offset by an increase in deferred compensation asset returns in noninterest income), partially offset by an $8 million gain from the sale of leased assets, as well as increases of $5 million in outside processing fees, $3 million in FDIC insurance premiums and $2 million in advertising expense.

• Salaries and benefits expense decreased $1 million, primarily reflecting seasonal decreases in share-based compensation and payroll taxes, partially offset by the $10 million increase in deferred compensation plan expense noted above, the impact of merit increases, a seasonal increase in 401(k) contributions and incentive compensation tied to revenue growth.

Capital position remained solid at June 30, 2016.

• Repurchased approximately 1.5 million shares of common stock under the equity repurchase program.

• Including dividends, returned a total of $103 million to shareholders.

• Dividend increased 5 percent to 22 cents per share.

• As announced on June 29, 2016, the Federal Reserve did not object to Comerica’s 2016 capital plan which includes equity repurchases up to $440 million for the four-quarter period ending in the second quarter 2017. The timing and ultimate amount of equity repurchases will be subject to various factors, including the Company’s capital position, financial performance and market conditions, including interest rates. Restructuring charges associated with the GEAR Up initiative are not expected to impact the pace of repurchases. In addition, at its meeting on July 26, 2016, Comerica's board of directors will consider increasing the quarterly dividend to 23 cents per common share.

Second Quarter 2016 Compared to Second Quarter 2015

Average total loans increased $636 million, or 1 percent.

• Primarily reflected continued growth in Commercial Real Estate and National Dealer Services, partially offset by declines in Energy and general Middle Market.

Average total deposits decreased $877 million, or 2 percent.

• Primarily driven by decreases in Municipalities, Corporate Banking and the Financial Services Division.

Net interest income increased $24 million, or 6 percent.

• Primarily due to higher yields on loans and Federal Reserve Bank deposits, as well as earning asset growth; partially offset by an increase in funding costs.

The provision for credit losses increased $2 million, or 5 percent.

Noninterest income increased $11 million, or 4 percent.

• Excluding a $4 million increase in deferred compensation asset returns, noninterest income increased $7 million, or 3 percent. Fee-based income increased $6 million, primarily reflecting an $8 million increase in card fees, mostly due to increased revenue from merchant payment processing services and government card programs, and smaller increases in most other fee-based categories; partially offset by a decrease of $4 million in investment banking fees.

Noninterest expense increased $86 million.

• Noninterest expense increased $3 million excluding the second quarter 2016 restructuring charges of $53 million and the impact of a $30 million net release of litigation reserves in second quarter 2015. The remaining increase primarily reflected increases of $6 million in software expense and $5 million in FDIC insurance premiums, partially offset by a decrease of $4 million in salaries and benefits and an $8 million benefit from the sale of leased assets in the second quarter 2016.

◦ Salaries and benefits expense primarily reflected decreases of $8 million in pension expense and $4 million in share-based compensation, partially offset by a $4 million increase in deferred compensation plan expense (offset by an increase in deferred compensation asset

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 4

returns in noninterest income) and an increase of $4 million in regular salaries, mostly due to the impact of merit raises.

Net Interest Income

(dollar amounts in millions)	2nd Qtr '16			1st Qtr '16			2nd Qtr '15
Net interest income	$	445		$	447		$	421
Net interest margin	2.74		%	2.81		%	2.65		%
Selected average balances:
Total earning assets	$	65,597		$	64,123		$	63,981
Total loans	49,469			48,392			48,833
Total investment securities	12,334			12,357			9,936
Federal Reserve Bank deposits	3,495			3,071			4,968
Total deposits	56,521			56,708			57,398
Total noninterest-bearing deposits	28,376			28,052			27,365
Medium- and long-term debt	5,072			3,093			2,661

Net interest income decreased $2 million to $445 million in the second quarter 2016, compared to the first quarter 2016.

• Interest on loans was unchanged, as the benefit from an increase in average loan balances (+$8 million) was offset by a decrease in yields. The decrease in loan yields primarily reflected lower nonaccrual interest recoveries in the second quarter 2016, the impact of a negative residual value adjustment to assets in the leasing portfolio and the full-quarter impact of loans transferred to nonaccrual in the first quarter 2016.

• Interest expense on debt increased $3 million, primarily due to higher funding costs from new Federal Home Loan Bank (FHLB) borrowings during the quarter.

The net interest margin of 2.74 percent decreased 7 basis points compared to the first quarter 2016, primarily due to the impact of increased FHLB borrowings (-2 basis points), lower loan yields (-4 basis points) and an increase in lower-yielding Federal Reserve Bank deposit balances (-1 basis point). The impact of lower loan yields included -3 basis points related to nonaccrual loans.

Credit Quality

“Energy loans continue to decline as expected, with a $356 million decrease since the end of the first quarter, as our customers continue to take the necessary actions to reduce their bank debt. We have completed 88 percent of the spring redeterminations for our E&P customers, and borrowing bases have come down about 22 percent on average. Criticized energy loans have declined $281 million to 57 percent of energy loans as of the end of the second quarter,” said Babb. “While oil and gas prices have improved, we remain cautious and believe with our reserve allocation at over 8 percent of energy loans as of June 30, we are adequately reserved. Credit quality in the remainder of the portfolio remains strong.”

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 5

(dollar amounts in millions)	2nd Qtr '16			1st Qtr '16			2nd Qtr '15
Credit-related charge-offs	$	59		$	83		$	35
Recoveries	12			25			17
Net credit-related charge-offs	47			58			18
Net credit-related charge-offs/Average total loans	0.38		%	0.49		%	0.15		%
Provision for credit losses	$	49		$	148		$	47
Nonperforming loans	613			689			361
Nonperforming assets (NPAs)	635			714			370
NPAs/Total loans and foreclosed property	1.26		%	1.45		%	0.74		%
Loans past due 90 days or more and still accruing	$	35		$	13		$	18
Allowance for loan losses	729			724			618
Allowance for credit losses on lending-related commitments (a)	43			46			50
Total allowance for credit losses	772			770			668
Allowance for loan losses/Period-end total loans	1.45		%	1.47		%	1.24		%
Allowance for loan losses/Nonperforming loans	119			105			171

(a) Included in "Accrued expenses and other liabilities" on the consolidated balance sheets.

• Energy business line loans were $2.7 billion at June 30, 2016 compared to $3.1 billion at March 31, 2016.

◦ Criticized Energy loans decreased $281 million, to $1.6 billion, including a $77 million decrease in nonaccrual loans.

◦ Energy net charge-offs were $32 million, compared to $42 million in the first quarter 2016.

◦ The reserve allocation for loans in the Energy business line exceeded 8 percent at June 30, 2016, up slightly compared to March 31, 2016.

• Net charge-offs decreased $11 million to $47 million, or 0.38 percent of average loans, in the second quarter 2016, compared to $58 million, or 0.49 percent, in the first quarter 2016. Aside from Energy, net charge-offs were $15 million, or 13 basis points, for the remainder of the portfolio.

• During the second quarter 2016, $107 million of borrower relationships over $2 million were transferred to nonaccrual status, a decrease of $339 million compared to $446 million transferred during the first quarter. Second quarter 2016 transfers to nonaccrual included $51 million from Energy, compared to $349 million in the first quarter.

• Criticized loans decreased $377 million to $3.6 billion at June 30, 2016, compared to $3.9 billion at March 31, 2016, primarily as a result of the decrease in criticized Energy loans. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 6

Full-Year 2016 Outlook

Management expectations for full-year 2016 compared to full-year 2015, assuming a continuation of the current economic and low-rate environment, are as follows.

• Average loans modestly higher, in line with Gross Domestic Product growth, reflecting a continued decline in Energy more than offset by increases in most other lines of business. Seasonality in National Dealer Services, Mortgage Banker and Middle Market to impact the second half of the year.

• Net interest income higher, primarily reflecting the benefits from the December 2015 short-term rate increase, loan growth and a larger securities portfolio.

• Provision for credit losses higher, reflecting the first quarter 2016 reserve build for Energy, with net charge-offs for the remainder of the year between 35 basis points and 45 basis points. Additional reserve changes dependent on developments in the oil and gas sector. Continued solid credit quality in the remainder of the portfolio, with metrics, absent Energy, better than historical norms.

• Noninterest income modestly higher, with continued focus on cross-sell opportunities, including card, fiduciary and brokerage services offset by lower market-driven fees, including commercial lending fees, investment banking fees, derivative income and warrant income. Benefits from GEAR Up expected to begin in early 2017.

• Noninterest expenses higher, with an estimated $90 million to $110 million in restructuring expense, related GEAR Up expense savings of approximately $20 million, increased outside processing in line with growing revenue, higher FDIC insurance expense in part due to regulatory surcharge, and typical inflationary pressures. Additionally, 2015 benefited from $33 million in legal reserve releases, which is offset by lower pension expense in 2016.

• Income tax expense to approximate 30 percent of pre-tax income.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 7

Business Segments

Comerica's operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank and Wealth Management. The Finance Division is also reported as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at June 30, 2016. The accompanying narrative addresses second quarter 2016 results compared to first quarter 2016.

The following table presents net income (loss) by business segment.

(dollar amounts in millions)	2nd Qtr '16					1st Qtr '16					2nd Qtr '15
Business Bank	$	154		93	%	$	94		74	%	$	181		81	%
Retail Bank	(2		)	(1	)	11			9		18			8
Wealth Management	13			8		22			17		26			11
	165			100	%	127			100	%	225			100	%
Finance	(62		)			(66		)			(89		)
Other (a)	1					(1		)			(1		)
Total	$	104				$	60				$	135

(a) Includes items not directly associated with the three major business segments or the Finance Division.

Business Bank

(dollar amounts in millions)	2nd Qtr '16			1st Qtr '16		2nd Qtr '15
Net interest income	$	355		$	362	$	373
Provision for credit losses	46			151		61
Noninterest income	142			135		138
Noninterest expenses	222		(a)	207		175
Net income	154			94		181
Net credit-related charge-offs	42			57		23
Selected average balances:
Assets	39,617			38,635		39,134
Loans	38,574			37,561		38,109
Deposits	28,429			29,108		30,229

(a) Included restructuring charge of $26 million in the second quarter 2016.

• Average loans increased $1.0 billion, primarily reflecting increases in Commercial Real Estate, Mortgage Banker Finance and National Dealer Services, partially offset by a decrease in Energy.

• Average deposits decreased $679 million, primarily reflecting decreases in Municipalities and Corporate Banking, partially offset by an increase in Mortgage Banker Finance.

• Net interest income decreased $7 million, primarily reflecting the impact of an increase in net funds transfer pricing (FTP) charges and lower loan yields, largely due to the impact of nonaccrual loans and a negative residual value adjustment to assets in the leasing portfolio, partially offset by the benefit from the increase in average loans. The increase in net FTP charges primarily reflected an increase in the cost of funds as well as lower funding credits due to the decrease in average deposits.

• The provision for credit losses decreased $105 million, primarily reflecting a decrease in Energy, partially offset by increases in Commercial Real Estate, National Dealer Services, and Technology and Life Sciences.

• Noninterest income increased $7 million, primarily due to increases in syndication agent fees, card fees and customer derivative income.

• Noninterest expenses increased $15 million, primarily due to second quarter 2016 restructuring charges. Excluding restructuring charges, noninterest expenses decreased $11 million, primarily reflecting an $8 million gain from the sale of leased assets and a decrease in salaries and benefits expense, partially offset by an increase in outside processing fees tied to revenue generating activities.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 8

Retail Bank

(dollar amounts in millions)	2nd Qtr '16				1st Qtr '16		2nd Qtr '15
Net interest income	$	155			$	156	$	155
Provision for credit losses	1				3		(8		)
Noninterest income	48				43		46
Noninterest expenses	205			(a)	179		181
Net income	(2		)		11		18
Net credit-related charge-offs	1				2		1
Selected average balances:
Assets	6,557				6,544		6,459
Loans	5,879				5,867		5,770
Deposits	23,546				23,110		22,747

(a) Included restructuring charge of $19 million in the second quarter 2016.

• Average deposits increased $436 million, primarily reflecting seasonal increases. Balances increased in both interest-bearing and noninterest-bearing deposits.

• Net interest income decreased $1 million, primarily due to lower loan yields, partially offset by the benefit provided by the increase in average deposits.

• The provision for credit losses decreased $2 million, primarily due to a decrease in Small Business.

• Noninterest income increased $5 million, primarily reflecting the impact of a securities loss in the first quarter 2016 and an increase in card fees.

• Noninterest expenses increased $26 million, primarily due to second quarter 2016 restructuring charges. Excluding restructuring charges, noninterest expenses increased $7 million, primarily reflecting an increase in outside processing expenses and smaller increases in several other categories.

Wealth Management

(dollar amounts in millions)	2nd Qtr '16			1st Qtr '16			2nd Qtr '15
Net interest income	$	42		$	43		$	45
Provision for credit losses	3			(5		)	(9		)
Noninterest income	62			59			60
Noninterest expenses	81		(a)	73			74
Net income	13			22			26
Net credit-related charge-offs (recoveries)	4			(1		)	(5		)
Selected average balances:
Assets	5,215			5,162			5,153
Loans	5,016			4,964			4,954
Deposits	4,213			4,171			4,060

(a) Included restructuring charge of $8 million in the second quarter 2016.

• Average loans increased $52 million, primarily reflecting an increase in Private Banking.

• Average deposits increased $42 million, primarily reflecting increases in money market and checking deposits as well as noninterest-bearing deposits.

• The provision for credit losses increased $8 million, from a negative provision of $5 millionin the first quarter 2016 to a provision of $3 million in the second quarter 2016.

• Noninterest income increased $3 million, primarily due to an increase in fiduciary income.

• Noninterest expenses increased $8 million, primarily due to second quarter 2016 restructuring charges. Excluding restructuring charges, noninterest expenses were stable.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 9

Geographic Market Segments

Comerica also provides market segment results for three primary geographic markets: Michigan, California and Texas. In addition to the three primary geographic markets, Other Markets is also reported as a market segment. Other Markets includes Florida, Arizona, the International Finance division and businesses that have a significant presence outside of the three primary geographic markets. The tables below present the geographic market results based on the methodologies in effect at June 30, 2016.

The following table presents net income (loss) by market segment.

(dollar amounts in millions)	2nd Qtr '16					1st Qtr '16					2nd Qtr '15
Michigan	$	57		34	%	$	71		56	%	$	98		44	%
California	50			30		73			58		71			31
Texas	3			2		(76		)	(60	)	14			6
Other Markets	55			34		59			46		42			19
	165			100	%	127			100	%	225			100	%
Finance & Other (a)	(61		)			(67		)			(90		)
Total	$	104				$	60				$	135

(a) Includes items not directly associated with the geographic markets.

• Average loans increased $689 million in Other Markets, primarily reflecting an increase in Mortgage Banker Finance; $425 million in California, primarily reflecting increases in Commercial Real Estate and National Dealer Services; and $77 million in Texas, mostly due to increases in Commercial Real Estate and Private Banking, partially offset by a decrease in Energy. Average loans decreased $114 million in Michigan.

• Average deposits decreased $322 million in Texas and $143 million in Michigan, with both markets primarily reflecting decreases in Municipalities and Corporate Banking, partially offset by an increase in Retail Banking. Average deposits increased $279 million in California, reflecting increases in most lines of business.

• Net interest income decreased $9 million in Michigan and $4 million in Texas, and increased $1 million in California. The decrease in Michigan primarily reflected a decrease in loan yields, largely due to the impact of the negative residual value adjustment to assets in the leasing portfolio and lower nonaccrual interest recoveries in the second quarter, lower FTP credits resulting from a decrease in average deposits, and the impact of a decrease in average loans. The decrease in Texas primarily reflected lower FTP credits resulting from a decrease in average deposits and lower loan yields, largely due to the full quarter impact of loans transferred to nonaccrual in the first quarter 2016 and a decrease in accretion on the acquired loan portfolio. In California, the benefit from an increase in average loans was partially offset by an increase in net FTP charges, reflecting an increase in the cost of funds and a decrease in the deposit crediting rate.

• The provision for credit losses decreased $137 million in Texas, and increased $23 million California and $9 million in Michigan. The decrease in Texas primarily reflected the impact of the reserve build for Energy in the first quarter 2016. In California, the increased provision primarily reflected increases in National Dealer Services, Private Banking and general Middle Market. The increase in Michigan primarily reflected an increased provision in Commercial Real Estate.

• Noninterest income increased $5 million in Michigan, $1 million in Texas and $1 million in California. The increase in Michigan was primarily due to the impact of a securities loss in the first quarter 2016, an increase in customer derivative income and smaller increases in several other categories.

• Noninterest expenses increased $16 million in California, $13 million in Texas and $8 million in Michigan. Excluding restructuring charges, noninterest expenses were unchanged in California, and decreased $2 million in Texas and $7 million in Michigan. The decrease in Michigan primarily reflected an $8 million gain from the sale of leased assets in the second quarter.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 10

Michigan Market

(dollar amounts in millions)	2nd Qtr '16			1st Qtr '16			2nd Qtr '15
Net interest income	$	166		$	175		$	178
Provision for credit losses	3			(6		)	(13		)
Noninterest income	81			76			86
Noninterest expenses	159		(a)	151			129
Net income	57			71			98
Net credit-related charge-offs (recoveries)	—			5			(1		)
Selected average balances:
Assets	13,299			13,402			13,851
Loans	12,660			12,774			13,290
Deposits	21,553			21,696			21,706

(a) Included restructuring charge of $15 million in the second quarter 2016.

California Market

(dollar amounts in millions)	2nd Qtr '16			1st Qtr '16			2nd Qtr '15
Net interest income	$	178		$	177		$	180
Provision for credit losses	17			(6		)	4
Noninterest income	39			38			36
Noninterest expenses	120		(a)	104			99
Net income	50			73			71
Net credit-related charge-offs	17			8			6
Selected average balances:
Assets	17,997			17,541			16,696
Loans	17,708			17,283			16,429
Deposits	16,933			16,654			17,275

(a) Included restructuring charge of $16 million in the second quarter 2016.

Texas Market

(dollar amounts in millions)	2nd Qtr '16			1st Qtr '16			2nd Qtr '15
Net interest income	$	119		$	123		$	130
Provision for credit losses	32			169			43
Noninterest income	31			30			30
Noninterest expenses	113		(a)	100			93
Net income (loss)	3			(76		)	14
Net credit-related charge-offs	31			47			5
Selected average balances:
Assets	11,287			11,295			11,878
Loans	10,840			10,763			11,254
Deposits	10,052			10,374			10,959

(a) Included restructuring charge of $15 million in the second quarter 2016.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 11

Conference Call and Webcast

Comerica will host a conference call to review second quarter 2016 financial results at 7 a.m. CT Tuesday, July 19, 2016. Interested parties may access the conference call by calling (877) 523-5249 or (210) 591-1147 (event ID No. 22809119). The call and supplemental financial information can also be accessed via Comerica's "Investor Relations" page at www.comerica.com. A replay of the Webcast can be accessed via Comerica's “Investor Relations” page at www.comerica.com.

Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three major business segments: The Business Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.

This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures, which are used where management believes it to be helpful in understanding Comerica's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

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COMERICA REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS - 12

Forward-looking Statements

Any statements in this news release 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 course,” “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 news release 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 GEAR Up initiative, 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; changes in regulation or oversight; 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; reliance on other companies to provide certain key components of business infrastructure; factors impacting noninterest expenses which are beyond Comerica's control; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; reductions in Comerica's credit rating; 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; 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; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not exclusive. 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, 2015 and “Item 1A. Risk Factors” beginning on page 54 of Comerica’s Quarterly Report on Form 10-Q for the quarter ended March 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 news release 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.

Media Contact:	Investor Contacts:
Wayne J. Mielke	Darlene P. Persons
(214) 462-4463	(214) 462-6831
	Chelsea R. Smith
	(214) 462-6834

CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
Comerica Incorporated and Subsidiaries
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(in millions, except per share data)	2016			2016			2015			2016			2015
PER COMMON SHARE AND COMMON STOCK DATA
Diluted net income	$	0.58		$	0.34		$	0.73		$	0.92		$	1.46
Cash dividends declared	0.22			0.21			0.21			0.43			0.41
Average diluted shares (in thousands)	177,240			176,055			182,422			176,614			182,281
KEY RATIOS
Return on average common shareholders' equity	5.44		%	3.13		%	7.21		%	4.28		%	7.20		%
Return on average assets	0.59			0.34			0.79			0.47			0.78
Common equity tier 1 and tier 1 risk-based capital ratio (a)	10.48			10.58			10.40
Total risk-based capital ratio (a)	12.73			12.84			12.38
Leverage ratio (a)	10.41			10.60			10.56
Common equity ratio	10.79			11.08			10.76
Tangible common equity ratio (b)	9.98			10.23			9.92
AVERAGE BALANCES
Commercial loans	$	31,511		$	30,814		$	31,788		$	31,162		$	31,442
Real estate construction loans	2,429			2,114			1,807			2,272			1,872
Commercial mortgage loans	9,033			8,961			8,672			8,997			8,627
Lease financing	730			726			795			728			796
International loans	1,396			1,419			1,453			1,408			1,482
Residential mortgage loans	1,880			1,892			1,877			1,886			1,866
Consumer loans	2,490			2,466			2,441			2,478			2,409
Total loans	49,469			48,392			48,833			48,931			48,494
Earning assets	65,597			64,123			63,981			64,860			63,732
Total assets	70,668			69,228			68,963			69,948			68,852
Noninterest-bearing deposits	28,376			28,052			27,365			28,214			27,033
Interest-bearing deposits	28,145			28,656			30,033			28,401			30,163
Total deposits	56,521			56,708			57,398			56,615			57,196
Common shareholders' equity	7,654			7,632			7,512			7,643			7,482
NET INTEREST INCOME
Net interest income	$	445		$	447		$	421		$	892		$	834
Net interest margin (fully taxable equivalent)	2.74		%	2.81		%	2.65		%	2.78		%	2.65		%
CREDIT QUALITY
Total nonperforming assets	$	635		$	714		$	370
Loans past due 90 days or more and still accruing	35			13			18
Net credit-related charge-offs	47			58			19			$	105		$	27
Allowance for loan losses	729			724			618
Allowance for credit losses on lending-related commitments	43			46			50
Total allowance for credit losses	772			770			668
Allowance for loan losses as a percentage of total loans	1.45		%	1.47		%	1.24		%
Net credit-related charge-offs as a percentage of average total loans	0.38			0.49			0.15			0.43		%	0.11		%
Nonperforming assets as a percentage of total loans and foreclosed property	1.26			1.45			0.74
Allowance for loan losses as a percentage of total nonperforming loans	119			105			171

(a) June 30, 2016 ratios are estimated.

(b) See Reconciliation of Non-GAAP Financial Measures.

13

CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
	June 30,			March 31,			December 31,			June 30,
(in millions, except share data)	2016			2016			2015			2015
	(unaudited)			(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	1,172		$	977		$	1,157		$	1,148
Interest-bearing deposits with banks	2,938			2,025			4,990			4,817
Other short-term investments	100			94			113			119
Investment securities available-for-sale	10,712			10,607			10,519			8,267
Investment securities held-to-maturity	1,807			1,907			1,981			1,952
Commercial loans	32,360			31,562			31,659			32,723
Real estate construction loans	2,553			2,290			2,001			1,795
Commercial mortgage loans	9,038			8,982			8,977			8,674
Lease financing	684			731			724			786
International loans	1,365			1,455			1,368			1,420
Residential mortgage loans	1,856			1,874			1,870			1,865
Consumer loans	2,524			2,483			2,485			2,478
Total loans	50,380			49,377			49,084			49,741
Less allowance for loan losses	(729		)	(724		)	(634		)	(618		)
Net loans	49,651			48,653			48,450			49,123
Premises and equipment	544			541			550			541
Accrued income and other assets	4,356			4,203			4,117			3,978
Total assets	$	71,280		$	69,007		$	71,877		$	69,945
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	28,559		$	28,025		$	30,839		$	28,167
Money market and interest-bearing checking deposits	22,539			22,872			23,532			23,786
Savings deposits	2,022			2,006			1,898			1,841
Customer certificates of deposit	3,230			3,401			3,552			4,367
Foreign office time deposits	24			47			32			99
Total interest-bearing deposits	27,815			28,326			29,014			30,093
Total deposits	56,374			56,351			59,853			58,260
Short-term borrowings	12			514			23			56
Accrued expenses and other liabilities	1,279			1,389			1,383			1,265
Medium- and long-term debt	5,921			3,109			3,058			2,841
Total liabilities	63,586			61,363			64,317			62,422
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141			1,141
Capital surplus	2,165			2,158			2,173			2,158
Accumulated other comprehensive loss	(295		)	(328		)	(429		)	(396		)
Retained earnings	7,157			7,097			7,084			6,908
Less cost of common stock in treasury - 54,247,325 shares at 6/30/16, 53,086,733 shares at 3/31/16, 52,457,113 shares at 12/31/15, and 49,803,515 shares at 6/30/15	(2,474		)	(2,424		)	(2,409		)	(2,288		)
Total shareholders' equity	7,694			7,644			7,560			7,523
Total liabilities and shareholders' equity	$	71,280		$	69,007		$	71,877		$	69,945

14

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions, except per share data)	2016			2015			2016			2015
INTEREST INCOME
Interest and fees on loans	$	406		$	388		$	812		$	766
Interest on investment securities	62			53			124			106
Interest on short-term investments	5			3			9			7
Total interest income	473			444			945			879
INTEREST EXPENSE
Interest on deposits	10			11			20			22
Interest on medium- and long-term debt	18			12			33			23
Total interest expense	28			23			53			45
Net interest income	445			421			892			834
Provision for credit losses	49			47			197			61
Net interest income after provision for credit losses	396			374			695			773
NONINTEREST INCOME
Card fees	77			69			151			132
Service charges on deposit accounts	55			56			110			111
Fiduciary income	49			48			95			95
Commercial lending fees	22			22			42			47
Letter of credit fees	13			13			26			26
Bank-owned life insurance	9			10			18			19
Foreign exchange income	11			9			21			19
Brokerage fees	5			4			9			8
Net securities losses	(1		)	—			(3		)	(2		)
Other noninterest income	29			27			46			54
Total noninterest income	269			258			515			509
NONINTEREST EXPENSES
Salaries and benefits expense	247			251			495			504
Outside processing fee expense	84			83			163			156
Net occupancy expense	39			39			77			77
Equipment expense	14			13			27			26
Restructuring charges	53			—			53			—
Software expense	30			24			59			47
FDIC insurance expense	14			9			25			18
Advertising expense	6			5			10			11
Litigation-related expense	—			(30		)	—			(29		)
Other noninterest expenses	32			39			70			78
Total noninterest expenses	519			433			979			888
Income before income taxes	146			199			231			394
Provision for income taxes	42			64			67			125
NET INCOME	104			135			164			269
Less income allocated to participating securities	1			1			2			3
Net income attributable to common shares	$	103		$	134		$	162		$	266
Earnings per common share:
Basic	$	0.60		$	0.76		$	0.94		$	1.51
Diluted	0.58			0.73			0.92			1.46
Comprehensive income	137			109			298			285
Cash dividends declared on common stock	38			37			75			73
Cash dividends declared per common share	0.22			0.21			0.43			0.41

15

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Second			First			Fourth		Third			Second			Second Quarter 2016 Compared To:
	Quarter			Quarter			Quarter		Quarter			Quarter			First Quarter 2016					Second Quarter 2015
(in millions, except per share data)	2016			2016			2015		2015			2015			Amount			Percent		Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	406		$	406		$	395	$	390		$	388		$	—		—	%	$	18		5	%
Interest on investment securities	62			62			56		54			53			—			—		9			18
Interest on short-term investments	5			4			6		4			3			1			10		2			44
Total interest income	473			472			457		448			444			1			—		29			7
INTEREST EXPENSE
Interest on deposits	10			10			10		11			11			—			—		(1		)	(11	)
Interest on medium- and long-term debt	18			15			14		15			12			3			20		6			49
Total interest expense	28			25			24		26			23			3			10		5			22
Net interest income	445			447			433		422			421			(2		)	—		24			6
Provision for credit losses	49			148			60		26			47			(99		)	(67	)	2			5
Net interest income after provision for credit losses	396			299			373		396			374			97			33		22			6
NONINTEREST INCOME
Card fees	77			74			75		72			69			3			4		8			11
Service charges on deposit accounts	55			55			55		57			56			—			—		(1		)	(3	)
Fiduciary income	49			46			45		47			48			3			6		1			1
Commercial lending fees	22			20			30		22			22			2			9		—			—
Letter of credit fees	13			13			14		13			13			—			—		—			—
Bank-owned life insurance	9			9			11		10			10			—			—		(1		)	(4	)
Foreign exchange income	11			10			11		10			9			1			3		2			16
Brokerage fees	5			4			4		5			4			1			16		1			6
Net securities losses	(1		)	(2		)	—		—			—			1			89		(1		)	n/m
Other noninterest income	29			17			23		26			27			12			70		2			12
Total noninterest income	269			246			268		262			258			23			9		11			4
NONINTEREST EXPENSES
Salaries and benefits expense	247			248			262		243			251			(1		)	(1	)	(4		)	(2	)
Outside processing fee expense	84			79			81		84			83			5			7		1			2
Net occupancy expense	39			38			41		41			39			1			4		—			—
Equipment expense	14			13			14		13			13			1			6		1			7
Restructuring charges	53			—			—		—			—			53			n/m		53			n/m
Software expense	30			29			26		26			24			1			7		6			28
FDIC insurance expense	14			11			10		9			9			3			14		5			55
Advertising expense	6			4			7		6			5			2			93		1			22
Litigation-related expense	—			—			—		(3		)	(30		)	—			—		30			n/m
Other noninterest expenses	32			38			43		40			39			(6		)	(17	)	(7		)	(19	)
Total noninterest expenses	519			460			484		459			433			59			13		86			20
Income before income taxes	146			85			157		199			199			61			73		(53		)	(27	)
Provision for income taxes	42			25			41		63			64			17			68		(22		)	(34	)
NET INCOME	104			60			116		136			135			44			74		(31		)	(23	)
Less income allocated to participating securities	1			1			1		2			1			—			—		—			—
Net income attributable to common shares	$	103		$	59		$	115	$	134		$	134		$	44		74	%	$	(31	)	(23	)%
Earnings per common share:
Basic	$	0.60		$	0.34		$	0.65	$	0.76		$	0.76		$	0.26		76	%	$	(0.16	)	(21	)%
Diluted	0.58			0.34			0.64		0.74			0.73			0.24			71		(0.15		)	(21	)
Comprehensive income	137			161			32		187			109			(24		)	(15	)	28			27
Cash dividends declared on common stock	38			37			37		37			37			1			4		1			7
Cash dividends declared per common share	0.22			0.21			0.21		0.21			0.21			0.01			5		0.01			5

n/m - not meaningful

16

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
	2016						2015
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
Balance at beginning of period	$	724		$	634		$	622		$	618		$	601
Loan charge-offs:
Commercial	48			72			73			30			17
Commercial mortgage	—			—			1			—			2
Lease financing	—			—			—			—			1
International	4			3			—			1			11
Residential mortgage	—			—			—			—			1
Consumer	2			2			2			3			3
Total loan charge-offs	54			77			76			34			35
Recoveries on loans previously charged-off:
Commercial	9			12			6			8			10
Real estate construction	—			—			—			—			1
Commercial mortgage	2			12			11			2			5
Residential mortgage	—			—			1			—			—
Consumer	1			1			7			1			1
Total recoveries	12			25			25			11			17
Net loan charge-offs	42			52			51			23			18
Provision for loan losses	47			141			63			28			35
Foreign currency translation adjustment	—			1			—			(1		)	—
Balance at end of period	$	729		$	724		$	634		$	622		$	618
Allowance for loan losses as a percentage of total loans	1.45		%	1.47		%	1.29		%	1.27		%	1.24		%
Net loan charge-offs as a percentage of average total loans	0.34			0.43			0.42			0.19			0.15

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS (unaudited)
Comerica Incorporated and Subsidiaries
	2016						2015
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
Balance at beginning of period	$	46		$	45		$	48		$	50		$	39
Charge-offs on lending-related commitments (a)	(5		)	(6		)	—			—			(1		)
Provision for credit losses on lending-related commitments	2			7			(3		)	(2		)	12
Balance at end of period	$	43		$	46		$	45		$	48		$	50
Unfunded lending-related commitments sold	$	12		$	11		$	—		$	—		$	12

(a) Charge-offs result from the sale of unfunded lending-related commitments.

17

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
	2016						2015
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial	$	482		$	547		$	238		$	214		$	186
Real estate construction	—			—			1			1			1
Commercial mortgage	44			47			60			66			77
Lease financing	6			6			6			8			11
International	18			27			8			8			9
Total nonaccrual business loans	550			627			313			297			284
Retail loans:
Residential mortgage	26			26			27			31			35
Consumer:
Home equity	28			27			27			28			29
Other consumer	1			1			—			1			1
Total consumer	29			28			27			29			30
Total nonaccrual retail loans	55			54			54			60			65
Total nonaccrual loans	605			681			367			357			349
Reduced-rate loans	8			8			12			12			12
Total nonperforming loans	613			689			379			369			361
Foreclosed property	22			25			12			12			9
Total nonperforming assets	$	635		$	714		$	391		$	381		$	370
Nonperforming loans as a percentage of total loans	1.22		%	1.40		%	0.77		%	0.75		%	0.72		%
Nonperforming assets as a percentage of total loans  and foreclosed property	1.26			1.45			0.80			0.78			0.74
Allowance for loan losses as a percentage of total nonperforming loans	119			105			167			169			171
Loans past due 90 days or more and still accruing	$	35		$	13		$	17		$	5		$	18
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	681		$	367		$	357		$	349		$	266
Loans transferred to nonaccrual (a)	107			446			105			69			145
Nonaccrual business loan gross charge-offs (b)	(52		)	(75		)	(49		)	(31		)	(31		)
Nonaccrual business loans sold (c)	(40		)	(21		)	—			—			(1		)
Payments/Other (d)	(91		)	(36		)	(46		)	(30		)	(30		)
Nonaccrual loans at end of period	$	605		$	681		$	367		$	357		$	349
(a) Based on an analysis of nonaccrual loans with book balances greater than $2 million.
(b) Analysis of gross loan charge-offs:
Nonaccrual business loans	$	52		$	75		$	49		$	31		$	31
Performing business loans	—			—			25			—			—
Consumer and residential mortgage loans	2			2			2			3			4
Total gross loan charge-offs	$	54		$	77		$	76		$	34		$	35
(c) Analysis of loans sold:
Nonaccrual business loans	$	40		$	21		$	—		$	—		$	1
Performing criticized loans	—			—			3			—			—
Total criticized loans sold	$	40		$	21		$	3		$	—		$	1
(d) Includes net changes related to nonaccrual loans with balances less than $2 million, payments on nonaccrual loans with book balances greater than $2 million and transfers of nonaccrual loans to foreclosed property. Excludes business loan gross charge-offs and business nonaccrual loans sold.

18

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Six Months Ended
	June 30, 2016							June 30, 2015
	Average					Average		Average					Average
(dollar amounts in millions)	Balance			Interest		Rate (a)		Balance			Interest		Rate (a)
Commercial loans	$	31,162		$	500	3.24	%	$	31,442		$	475	3.06	%
Real estate construction loans	2,272			41		3.64		1,872			32		3.43
Commercial mortgage loans	8,997			158		3.53		8,627			146		3.41
Lease financing	728			10		2.66		796			12		3.12
International loans	1,408			26		3.64		1,482			27		3.69
Residential mortgage loans	1,886			36		3.85		1,866			35		3.77
Consumer loans	2,478			41		3.35		2,409			39		3.23
Total loans	48,931			812		3.34		48,494			766		3.19
Mortgage-backed securities (b)	9,341			102		2.21		9,064			101		2.24
Other investment securities	3,004			22		1.50		858			5		1.13
Total investment securities (b)	12,345			124		2.04		9,922			106		2.15
Interest-bearing deposits with banks	3,478			9		0.50		5,216			7		0.25
Other short-term investments	106			—		0.76		100			—		0.75
Total earning assets	64,860			945		2.94		63,732			879		2.79
Cash and due from banks	1,071							1,034
Allowance for loan losses	(714		)					(607		)
Accrued income and other assets	4,731							4,693
Total assets	$	69,948						$	68,852
Money market and interest-bearing checking deposits	$	22,989		13		0.11		$	23,809		13		0.11
Savings deposits	1,973			—		0.02		1,810			—		0.02
Customer certificates of deposit	3,399			7		0.40		4,423			8		0.37
Foreign office time deposits	40			—		0.34		121			1		1.36
Total interest-bearing deposits	28,401			20		0.14		30,163			22		0.14
Short-term borrowings	262			—		0.45		94			—		0.05
Medium- and long-term debt	4,083			33		1.62		2,675			23		1.78
Total interest-bearing sources	32,746			53		0.32		32,932			45		0.28
Noninterest-bearing deposits	28,214							27,033
Accrued expenses and other liabilities	1,345							1,405
Total shareholders' equity	7,643							7,482
Total liabilities and shareholders' equity	$	69,948						$	68,852
Net interest income/rate spread				$	892	2.62					$	834	2.51
Impact of net noninterest-bearing sources of funds						0.16							0.14
Net interest margin (as a percentage of average earning assets)						2.78	%						2.65	%

(a) Fully taxable equivalent.

(b) Includes investment securities available-for-sale and investment securities held-to-maturity.

19

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Three Months Ended
	June 30, 2016							March 31, 2016							June 30, 2015
	Average					Average		Average					Average		Average					Average
(dollar amounts in millions)	Balance			Interest		Rate (a)		Balance			Interest		Rate (a)		Balance			Interest		Rate (a)
Commercial loans	$	31,511		$	251	3.23	%	$	30,814		$	249	3.25	%	$	31,788		$	242	3.07	%
Real estate construction loans	2,429			22		3.62		2,114			19		3.66		1,807			16		3.51
Commercial mortgage loans	9,033			78		3.47		8,961			80		3.59		8,672			73		3.38
Lease financing	730			4		1.98		726			6		3.33		795			6		3.19
International loans	1,396			13		3.63		1,419			13		3.65		1,453			13		3.68
Residential mortgage loans	1,880			17		3.76		1,892			19		3.94		1,877			18		3.78
Consumer loans	2,490			21		3.37		2,466			20		3.33		2,441			20		3.25
Total loans	49,469			406		3.31		48,392			406		3.38		48,833			388		3.20
Mortgage-backed securities (b)	9,326			51		2.21		9,356			51		2.22		9,057			50		2.23
Other investment securities	3,008			11		1.50		3,001			11		1.50		879			3		1.16
Total investment securities (b)	12,334			62		2.03		12,357			62		2.05		9,936			53		2.13
Interest-bearing deposits with banks	3,690			5		0.50		3,265			4		0.50		5,110			3		0.25
Other short-term investments	104			—		0.58		109			—		0.93		102			—		0.42
Total earning assets	65,597			473		2.91		64,123			472		2.97		63,981			444		2.79
Cash and due from banks	1,074							1,068							1,041
Allowance for loan losses	(749		)					(680		)					(613		)
Accrued income and other assets	4,746							4,717							4,554
Total assets	$	70,668						$	69,228						$	68,963
Money market and interest-bearing checking deposits	$	22,785		6		0.11		$	23,193		6		0.11		$	23,659		6		0.11
Savings deposits	2,010			—		0.02		1,936			—		0.02		1,834			—		0.02
Customer certificates of deposit	3,320			4		0.40		3,477			4		0.40		4,422			4		0.37
Foreign office time deposits	30			—		0.35		50			—		0.33		118			1		1.26
Total interest-bearing deposits	28,145			10		0.14		28,656			10		0.14		30,033			11		0.14
Short-term borrowings	159			—		0.45		365			—		0.45		78			—		0.04
Medium- and long-term debt	5,072			18		1.42		3,093			15		1.94		2,661			12		1.83
Total interest-bearing sources	33,376			28		0.33		32,114			25		0.32		32,772			23		0.28
Noninterest-bearing deposits	28,376							28,052							27,365
Accrued expenses and other liabilities	1,262							1,430							1,314
Total shareholders' equity	7,654							7,632							7,512
Total liabilities and shareholders' equity	$	70,668						$	69,228						$	68,963
Net interest income/rate spread				$	445	2.58					$	447	2.65					$	421	2.51
Impact of net noninterest-bearing sources of funds						0.16							0.16							0.14
Net interest margin (as a percentage of average earning assets)						2.74	%						2.81	%						2.65	%

(a) Fully taxable equivalent.

(b) Includes investment securities available-for-sale and investment securities held-to-maturity.

20

CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries
	June 30,			March 31,			December 31,			September 30,			June 30,
(in millions, except per share data)	2016			2016			2015			2015			2015
Commercial loans:
Floor plan	$	4,120		$	3,902		$	3,939		$	3,538		$	3,840
Other	28,240			27,660			27,720			28,239			28,883
Total commercial loans	32,360			31,562			31,659			31,777			32,723
Real estate construction loans	2,553			2,290			2,001			1,874			1,795
Commercial mortgage loans	9,038			8,982			8,977			8,787			8,674
Lease financing	684			731			724			751			786
International loans	1,365			1,455			1,368			1,382			1,420
Residential mortgage loans	1,856			1,874			1,870			1,880			1,865
Consumer loans:
Home equity	1,779			1,738			1,720			1,714			1,682
Other consumer	745			745			765			777			796
Total consumer loans	2,524			2,483			2,485			2,491			2,478
Total loans	$	50,380		$	49,377		$	49,084		$	48,942		$	49,741
Goodwill	$	635		$	635		$	635		$	635		$	635
Core deposit intangible	9			9			10			10			11
Other intangibles	3			4			4			4			4
Common equity tier 1 capital (a)	7,346			7,331			7,350			7,327			7,280
Risk-weighted assets (a)	70,097			69,319			69,731			69,718			69,967
Common equity tier 1 and tier 1 risk-based capital ratio (a)	10.48		%	10.58		%	10.54		%	10.51		%	10.40		%
Total risk-based capital ratio (a)	12.73			12.84			12.69			12.82			12.38
Leverage ratio (a)	10.41			10.60			10.22			10.28			10.56
Common equity ratio	10.79			11.08			10.52			10.73			10.76
Tangible common equity ratio (b)	9.98			10.23			9.70			9.91			9.92
Common shareholders' equity per share of common stock	$	44.24		$	43.66		$	43.03		$	43.02		$	42.18
Tangible common equity per share of common stock (b)	40.52			39.96			39.33			39.36			38.53
Market value per share for the quarter:
High	47.55			41.74			47.44			52.93			53.45
Low	36.27			30.48			39.52			40.01			44.38
Close	41.13			37.87			41.83			41.10			51.32
Quarterly ratios:
Return on average common shareholders' equity	5.44		%	3.13		%	6.08		%	7.19		%	7.21		%
Return on average assets	0.59			0.34			0.64			0.76			0.79
Efficiency ratio (c)	72.48			66.07			69.00			66.98			63.49
Number of banking centers	473			477			477			477			477
Number of employees - full time equivalent	8,792			8,869			8,880			8,941			8,901

(a) June 30, 2016 amounts and ratios are estimated.

(b) See Reconciliation of Non-GAAP Financial Measures.

(c) Noninterest expenses as a percentage of the sum of net interest income (FTE) and noninterest income excluding net securities gains (losses).

21

PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
Comerica Incorporated
	June 30,			December 31,			June 30,
(in millions, except share data)	2016			2015			2015
ASSETS
Cash and due from subsidiary bank	$	8		$	4		$	7
Short-term investments with subsidiary bank	563			569			861
Other short-term investments	87			89			94
Investment in subsidiaries, principally banks	7,666			7,523			7,500
Premises and equipment	2			3			2
Other assets	163			137			122
Total assets	$	8,489		$	8,325		$	8,586
LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt	$	632		$	608		$	903
Other liabilities	163			157			160
Total liabilities	795			765			1,063
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141
Capital surplus	2,165			2,173			2,158
Accumulated other comprehensive loss	(295		)	(429		)	(396		)
Retained earnings	7,157			7,084			6,908
Less cost of common stock in treasury - 54,247,325 shares at 6/30/16, 52,457,113 shares at 12/31/15 and 49,803,515 shares at 6/30/15	(2,474		)	(2,409		)	(2,288		)
Total shareholders' equity	7,694			7,560			7,523
Total liabilities and shareholders' equity	$	8,489		$	8,325		$	8,586

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Comerica Incorporated and Subsidiaries
								Accumulated
	Common Stock							Other									Total
	Shares				Capital			Comprehensive			Retained			Treasury			Shareholders'
(in millions, except per share data)	Outstanding		Amount		Surplus			Loss			Earnings			Stock			Equity
BALANCE AT DECEMBER 31, 2014	179.0		$	1,141	$	2,188		$	(412	)	$	6,744		$	(2,259	)	$	7,402
Net income	—		—		—			—			269			—			269
Other comprehensive income, net of tax	—		—		—			16			—			—			16
Cash dividends declared on common stock ($0.41 per share)	—		—		—			—			(73		)	—			(73		)
Purchase of common stock	(2.5	)	—		—			—			—			(115		)	(115		)
Purchase and retirement of warrants	—		—		(10		)	—			—			—			(10		)
Net issuance of common stock under employee stock plans	0.9		—		(23		)	—			(10		)	43			10
Net issuance of common stock for warrants	1.0		—		(21		)	—			(22		)	43			—
Share-based compensation	—		—		24			—			—			—			24
BALANCE AT JUNE 30, 2015	178.4		$	1,141	$	2,158		$	(396	)	$	6,908		$	(2,288	)	$	7,523
BALANCE AT DECEMBER 31, 2015	175.7		$	1,141	$	2,173		$	(429	)	$	7,084		$	(2,409	)	$	7,560
Net income	—		—		—			—			164			—			164
Other comprehensive income, net of tax	—		—		—			134			—			—			134
Cash dividends declared on common stock ($0.43 per share)	—		—		—			—			(75		)	—			(75		)
Purchase of common stock	(2.9	)	—		—			—			—			(114		)	(114		)
Net issuance of common stock under employee stock plans	1.1		—		(33		)	—			(16		)	49			—
Share-based compensation	—		—		25			—			—			—			25
BALANCE AT JUNE 30, 2016	173.9		$	1,141	$	2,165		$	(295	)	$	7,157		$	(2,474	)	$	7,694

22

BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar amounts in millions)	Business			Retail			Wealth
Three Months Ended June 30, 2016	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense)	$	355		$	155		$	42		$	(111	)	$	4		$	445
Provision for credit losses	46			1			3			—			(1		)	49
Noninterest income	142			48			62			13			4			269
Noninterest expenses	222			205			81			2			9			519
Provision (benefit) for income taxes	75			(1		)	7			(38		)	(1		)	42
Net income (loss)	$	154		$	(2	)	$	13		$	(62	)	$	1		$	104
Net credit-related charge-offs	$	42		$	1		$	4		$	—		$	—		$	47
Selected average balances:
Assets	$	39,617		$	6,557		$	5,215		$	14,135		$	5,144		$	70,668
Loans	38,574			5,879			5,016			—			—			49,469
Deposits	28,429			23,546			4,213			62			271			56,521
Statistical data:
Return on average assets (a)	1.55		%	(0.03		)%	1.02		%	N/M			N/M			0.59		%
Efficiency ratio (b)	44.46			101.12			77.65			N/M			N/M			72.48
	Business			Retail			Wealth
Three Months Ended March 31, 2016	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense)	$	362		$	156		$	43		$	(118	)	$	4		$	447
Provision for credit losses	151			3			(5		)	—			(1		)	148
Noninterest income	135			43			59			14			(5		)	246
Noninterest expenses	207			179			73			2			(1		)	460
Provision (benefit) for income taxes	45			6			12			(40		)	2			25
Net income (loss)	$	94		$	11		$	22		$	(66	)	$	(1	)	$	60
Net credit-related charge-offs (recoveries)	$	57		$	2		$	(1	)	$	—		$	—		$	58
Selected average balances:
Assets	$	38,635		$	6,544		$	5,162		$	14,162		$	4,725		$	69,228
Loans	37,561			5,867			4,964			—			—			48,392
Deposits	29,108			23,110			4,171			103			216			56,708
Statistical data:
Return on average assets (a)	0.97		%	0.19		%	1.69		%	N/M			N/M			0.34		%
Efficiency ratio (b)	41.62			88.91			71.47			N/M			N/M			66.07
	Business			Retail			Wealth
Three Months Ended June 30, 2015	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense)	$	373		$	155		$	45		$	(154	)	$	2		$	421
Provision for credit losses	61			(8		)	(9		)	—			3			47
Noninterest income	138			46			60			14			—			258
Noninterest expenses	175			181			74			2			1			433
Provision (benefit) for income taxes	94			10			14			(53		)	(1		)	64
Net income (loss)	$	181		$	18		$	26		$	(89	)	$	(1	)	$	135
Net credit-related charge-offs (recoveries)	$	23		$	1		$	(5	)	$	—		$	—		$	19
Selected average balances:
Assets	$	39,134		$	6,459		$	5,153		$	11,697		$	6,520		$	68,963
Loans	38,109			5,770			4,954			—			—			48,833
Deposits	30,229			22,747			4,060			93			269			57,398
Statistical data:
Return on average assets (a)	1.86		%	0.30		%	2.01		%	N/M			N/M			0.79		%
Efficiency ratio (b)	33.96			89.88			70.28			N/M			N/M			63.49

(a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.

(b) Noninterest expenses as a percentage of the sum of net interest income (fully taxable equivalent basis) and noninterest income excluding net securities gains.

N/M - Not Meaningful

23

MARKET SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar amounts in millions)										Other			Finance
Three Months Ended June 30, 2016	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense)	$	166		$	178		$	119		$	89		$	(107	)	$	445
Provision for credit losses	3			17			32			(2		)	(1		)	49
Noninterest income	81			39			31			101			17			269
Noninterest expenses	159			120			113			116			11			519
Provision (benefit) for income taxes	28			30			2			21			(39		)	42
Net income (loss)	$	57		$	50		$	3		$	55		$	(61	)	$	104
Net credit-related charge-offs (recoveries)	$	—		$	17		$	31		$	(1	)	$	—		$	47
Selected average balances:
Assets	$	13,299		$	17,997		$	11,287		$	8,806		$	19,279		$	70,668
Loans	12,660			17,708			10,840			8,261			—			49,469
Deposits	21,553			16,933			10,052			7,650			333			56,521
Statistical data:
Return on average assets (a)	1.01		%	1.10		%	0.11		%	2.52		%	N/M			0.59		%
Efficiency ratio (b)	64.13			55.30			74.91			60.98			N/M			72.48
										Other			Finance
Three Months Ended March 31, 2016	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense)	$	175		$	177		$	123		$	86		$	(114	)	$	447
Provision for credit losses	(6		)	(6		)	169			(8		)	(1		)	148
Noninterest income	76			38			30			93			9			246
Noninterest expenses	151			104			100			104			1			460
Provision (benefit) for income taxes	35			44			(40		)	24			(38		)	25
Net income (loss)	$	71		$	73		$	(76	)	$	59		$	(67	)	$	60
Net credit-related charge-offs (recoveries)	$	5		$	8		$	47		$	(2	)	$	—		$	58
Selected average balances:
Assets	$	13,402		$	17,541		$	11,295		$	8,103		$	18,887		$	69,228
Loans	12,774			17,283			10,763			7,572			—			48,392
Deposits	21,696			16,654			10,374			7,665			319			56,708
Statistical data:
Return on average assets (a)	1.26		%	1.66		%	(2.54		)%	2.84		%	N/M			0.34		%
Efficiency ratio (b)	59.59			48.10			65.37			58.36			N/M			66.07
										Other			Finance
Three Months Ended June 30, 2015	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense)	$	178		$	180		$	130		$	85		$	(152	)	$	421
Provision for credit losses	(13		)	4			43			10			3			47
Noninterest income	86			36			30			92			14			258
Noninterest expenses	129			99			93			109			3			433
Provision (benefit) for income taxes	50			42			10			16			(54		)	64
Net income (loss)	$	98		$	71		$	14		$	42		$	(90	)	$	135
Net credit-related charge-offs (recoveries)	$	(1	)	$	6		$	5		$	9		$	—		$	19
Selected average balances:
Assets	$	13,851		$	16,696		$	11,878		$	8,321		$	18,217		$	68,963
Loans	13,290			16,429			11,254			7,860			—			48,833
Deposits	21,706			17,275			10,959			7,096			362			57,398
Statistical data:
Return on average assets (a)	1.73		%	1.54		%	0.45		%	2.03		%	N/M			0.79		%
Efficiency ratio (b)	48.09			45.90			58.13			61.56			N/M			63.49

(a) Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.

(b) Noninterest expenses as a percentage of the sum of net interest income (fully taxable equivalent basis) and noninterest income excluding net securities gains.

N/M - Not Meaningful

24

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
Comerica Incorporated and Subsidiaries
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollar amounts in millions)	2016			2016			2015			2015			2015
Tangible Common Equity Ratio:
Common shareholders' equity	$	7,694		$	7,644		$	7,560		$	7,622		$	7,523
Less:
Goodwill	635			635			635			635			635
Other intangible assets	12			13			14			14			15
Tangible common equity	$	7,047		$	6,996		$	6,911		$	6,973		$	6,873
Total assets	$	71,280		$	69,007		$	71,877		$	71,012		$	69,945
Less:
Goodwill	635			635			635			635			635
Other intangible assets	12			13			14			14			15
Tangible assets	$	70,633		$	68,359		$	71,228		$	70,363		$	69,295
Common equity ratio	10.79		%	11.08		%	10.52		%	10.73		%	10.76		%
Tangible common equity ratio	9.98			10.23			9.70			9.91			9.92
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity	$	7,694		$	7,644		$	7,560		$	7,622		$	7,523
Tangible common equity	7,047			6,996			6,911			6,973			6,873
Shares of common stock outstanding (in millions)	174			175			176			177			178
Common shareholders' equity per share of common stock	$	44.24		$	43.66		$	43.03		$	43.02		$	42.18
Tangible common equity per share of common stock	40.52			39.96			39.33			39.36			38.53

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. Comerica 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.

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