COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION, OR $1.11 PER SHARE

Net Interest Income Increased $15 Million, or 3 Percent, Compared to Fourth Quarter 2016

March Increase in Federal Funds Rate Expected to Add More Than $50 Million to Full-Year 2017¹ 

Strong Credit Quality Resulted in a $19 Million Decrease in Provision for Credit Losses

Growth in Efficiency and Revenue Initiative (GEAR Up) Helped Drive Efficiency Ratio to 62 Percent

DALLAS/April 18, 2017 -- Comerica Incorporated (NYSE: CMA) today reported first quarter 2017 net income of $202 million, compared to $164 million for the fourth quarter 2016 and $60 million for the first quarter 2016, increases of 23 percent and 239 percent compared to each respective prior period. Earnings per diluted share were $1.11 for first quarter 2017 compared to 92 cents for fourth quarter 2016 and 34 cents for first quarter 2016. First quarter 2017 results included $24 million of tax benefits from employee stock transactions (13 cents per share), and the $7 million after-tax impact of restructuring charges associated with GEAR Up (4 cents per share).

(dollar amounts in millions, except per share data)	1st Qtr '17				4th Qtr '16				1st Qtr '16
Net interest income	$	470			$	455			$	447
Provision for credit losses	16				35				148
Noninterest income	271				267				244
Noninterest expenses	457			(a)	461			(a)	458
Pre-tax income	268				226				85
Provision for income taxes	66			(b)	62				25
Net income	$	202			$	164			$	60
Net income attributable to common shares	$	200			$	163			$	59
Diluted income per common share	1.11				0.92				0.34
Average diluted shares (in millions)	180				177				176
Return on average assets	1.14		%		0.88		%		0.35		%
Return on average common shareholders' equity	10.42				8.43				3.14
Net interest margin	2.86				2.65				2.81
Efficiency ratio (c)	61.63				63.58				65.99
Common equity Tier 1 capital ratio (d)	11.54				11.09				10.58
Common equity ratio	10.87				10.68				11.08
Tangible common equity ratio (e)	10.07				9.89				10.23

(a) Included restructuring charge of $11 million (4 cents per share, after tax) in the first quarter 2017 and $20 million (7 cents per share, after tax) in the fourth quarter 2016.

(b) Included tax benefit of $24 million (13 cents per share) from employee stock transactions.

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

(d) March 31, 2017 ratio is estimated.

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

¹ Estimated based on simulation modeling analysis, assuming a 25 percent deposit beta. Refer to page F-33 of Comerica's 2016 Annual Report for further information.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 2

“The year is off to a good start with first quarter 2017 net income increasing 23 percent over the fourth quarter,” said Ralph W. Babb, Jr., chairman and chief executive officer. “This reflects improved credit quality in our Energy portfolio and a meaningful benefit from higher interest rates, as well as continued execution of our GEAR Up initiatives. Our provision for credit losses declined to $16 million for the quarter primarily due to a drop in criticized Energy loans, particularly in the nonaccrual category. Our net interest income increased 3 percent, benefiting from the recent rise in interest rates partly offset by the impact of two fewer days and lower average loans. A seasonal decline in our Mortgage Banker Finance business and continued reduction in our Energy portfolio drove the decrease in average loans. We saw modest growth in the remainder of our loan book and our pipeline for new and expanded business increased substantially. A decrease in expenses and an increase in fee income demonstrate we are reaping significant expense savings from our enterprise-wide GEAR Up initiative and have begun to implement revenue opportunities to further enhance our profitability and shareholder value. Our success is further apparent in the 10.4 percent return on average equity and 1.14 percent return on average assets for the quarter. Finally, we have been steadily increasing our share buyback and repurchased $105 million under our equity repurchase program, reflecting our solid financial performance and strong capital position.”

First Quarter 2017 Compared to Fourth Quarter 2016

Average total loans decreased $1.0 billion to $47.9 billion.

• Primarily reflected a decrease of $902 million in Mortgage Banker Finance, resulting from slower home sales due to seasonality and, to a lesser extent, a decrease in refinancing activity due to higher rates. In addition, Energy loans declined $289 million as customers continued to deleverage. These decreases were partially offset by an increase of $144 million in National Dealer Services.

Average total deposits decreased $1.9 billion to $57.8 billion.

• Primarily driven by a $1.6 billion seasonal decrease in noninterest-bearing deposits.

• The largest declines were in Corporate Banking and Technology and Life Sciences.

Net interest income increased $15 million to $470 million, and the net interest margin increased 21 basis points to 2.86 percent.

• Primarily due to a benefit of approximately $24 million from increasing short-term rates, partially offset by two fewer days in first quarter 2017.

Provision for credit losses decreased $19 million to $16 million.

• Net credit-related charge-offs were $33 million, or 0.28 percent of average loans. Energy net credit-related charge-offs were $13 million.

• Total criticized loans declined $220 million, including a $283 million decline in criticized Energy loans.

• The allowance for loan losses was $708 million, or 1.47 percent of total loans. The reserve allocation for Energy decreased to approximately 7 percent of loans in the Energy business line.

Noninterest income increased $4 million to $271 million.

• Primarily reflected increases in service charges on deposit accounts, investment banking fees and fiduciary income, partially offset by a decrease in card fees.

Noninterest expenses decreased $4 million to $457 million.

• Restructuring charges declined $9 million to $11 million.

• Excluding restructuring charges, noninterest expenses increased $5 million, primarily due to a seasonal increase in salaries and benefits expense and the impact of fourth quarter gains on the early termination of certain leveraged lease transactions that were not repeated. These increases were partially offset by a favorable litigation-related settlement in first quarter 2017, a typical first quarter decrease in advertising expense, and decreases in most of the remaining expense categories, partly due to the continued execution of GEAR Up.

Provision for income taxes increased $4 million to $66 million.

• Primarily due to an increase in pretax earnings.

• Mostly offset by a $24 million tax benefit from employee stock transactions. Beginning January 1, 2017, tax impacts from employee stock transactions are recognized in the provision for income taxes rather than directly in equity as previously recorded.

• Fourth quarter 2016 included a $5 million tax benefit from the early termination of certain leveraged lease transactions.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 3

Capital position remained solid at March 31, 2017.

• Returned a total of $147 million to shareholders, including dividends and the repurchase of $105 million of common stock (1.5 million shares) under the equity repurchase program.

• Share count increased 4.1 million (2.4 million, net of repurchases noted above) due to warrant and employee option exercises, largely the result of the higher share price, as well as vesting of employee stock grants. The increase in share count, together with increased dilution from share equivalents (also due to the higher share price) resulted in the increase in average diluted shares.

First Quarter 2017 Compared to First Quarter 2016

Average total loans decreased $492 million.

• Excluding a $976 million decline in Energy, average loans increased $484 million, primarily reflecting increases in Commercial Real Estate and National Dealer Services, partially offset by a decrease in general Middle Market.

Average total deposits increased $1.1 billion.

• Reflected an increase of $2.4 billion in noninterest-bearing deposits, partially offset by a decrease of $1.3 billion in interest-bearing deposits.

Net interest income increased $23 million.

• Primarily due to increased short-term rates, partially offset by 1 fewer day in first quarter 2017.

Provision for credit losses decreased $132 million.

• Primarily due to an increase in reserves allocated to Energy loans recorded in the first quarter 2016 and improvements in credit quality in the portfolio.

Noninterest income increased $27 million.

• Excluding an $8 million increase in deferred compensation asset returns, noninterest income increased $19 million, primarily reflecting increases in card fees, fiduciary income and service charges on deposits accounts.

Noninterest expenses decreased $1 million.

• Noninterest expenses decreased $20 million excluding first quarter 2017 restructuring charges of $11 million and an $8 million increase in deferred compensation expense. This primarily reflected a decrease in salaries and benefits driven by the GEAR Up initiative, partially offset by an increase in outside processing fees tied to revenue-generating activities.

Provision for income taxes increased $41 million.

• Driven by higher pre-tax earnings, partially offset by the $24 million tax benefit from employee stock transactions as discussed above.

Net Interest Income

(dollar amounts in millions)	1st Qtr '17			4th Qtr '16			1st Qtr '16
Net interest income	$	470		$	455		$	447
Net interest margin	2.86		%	2.65		%	2.81		%
Selected average balances:
Total earning assets	$	66,648		$	68,774		$	64,123
Total loans	47,900			48,915			48,392
Total investment securities	12,198			12,329			12,357
Federal Reserve Bank deposits	6,249			7,245			3,071
Total deposits	57,779			59,645			56,708
Total noninterest-bearing deposits	30,459			32,091			28,052
Medium- and long-term debt	5,157			5,578			3,093

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 4

Net interest income increased $15 million to $470 million in the first quarter 2017, compared to the fourth quarter 2016.

• Interest on loans increased$9 million, primarily reflecting the benefit from increasing short-term rates(+$23 million) and a fourth quarter negative residual value adjustment to assets in the leasing portfolio that was not repeated (+$2 million), partially offset by the impact of a decrease in average loan balances (-$8 million) and two fewer days (-$8 million).

• Interest on short-term investments increased$3 million due to increases in the Federal Funds rate (+$4 million), partially offset by a decrease in average Federal Reserve Bank deposit balances (-$1 million).

• Interest expense on debt decreased $2 million, primarily due to the maturity of $650 million of debt during the fourth quarter 2016, partially offset by the impact of increased rates.

The net interest margin of 2.86 percent increased 21 basis points compared to the fourth quarter 2016, primarily due to higher loan yields (+17 basis points), a decrease in lower-yielding average Federal Reserve Bank deposit balances (+3 basis points) and lower debt expense (+1 basis point).

Credit Quality

“Credit quality remained strong with net charge-offs of 28 basis points and a reduction in criticized loans of over $200 million,” said Babb. “Energy criticized loans decreased $283 million, including a $62 million decrease in nonaccrual loans. Based on the continued improvement in credit metrics, we modestly reduced our reserve allocated to Energy loans to about 7 percent of Energy outstandings and our allowance for credit losses for our entire portfolio declined by $17 million. The lower net charge-offs coupled with the reduced reserves resulted in a $19 million decline in the provision, to $16 million in the first quarter. Assuming stable energy prices, we expect our strong credit metrics to persist for the remainder of the year. Therefore, our outlook is slightly better than what we had previously indicated.  We now expect the provision for credit losses for the full year to be between 20 and 30 basis points of total loans.”

(dollar amounts in millions)	1st Qtr '17			4th Qtr '16			1st Qtr '16
Credit-related charge-offs	$	44		$	48		$	83
Recoveries	11			12			25
Net credit-related charge-offs	33			36			58
Net credit-related charge-offs/Average total loans	0.28		%	0.29		%	0.49		%
Provision for credit losses	$	16		$	35		$	148
Nonperforming loans	529			590			689
Nonperforming assets (NPAs)	545			607			714
NPAs/Total loans and foreclosed property	1.13		%	1.24		%	1.45		%
Loans past due 90 days or more and still accruing	$	23		$	19		$	13
Allowance for loan losses	708			730			724
Allowance for credit losses on lending-related commitments (a)	46			41			46
Total allowance for credit losses	754			771			770
Allowance for loan losses/Period-end total loans	1.47		%	1.49		%	1.47		%
Allowance for loan losses/Nonperforming loans	134			124			105

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

• Energy business line loans were $2.0 billion atMarch 31, 2017compared to $2.3 billion at December 31, 2016.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 5

◦ Criticized Energy loans decreased $283 million, to $871 million.

◦ Energy net charge-offs were $13 million, compared to $15 million in the fourth quarter 2016.

◦ The reserve allocation for loans in the Energy business line declined to approximately 7 percent at March 31, 2017.

• Net charge-offs decreased $3 million to $33 million, or 0.28 percent of average loans, in the first quarter 2017, compared to $36 million, or 0.29 percent, in the fourth quarter 2016. Aside from Energy, net charge-offs were $20 million, or 18 basis points, for the remainder of the portfolio.

• Criticized loans decreased$220 millionto$2.6 billionatMarch 31, 2017, compared to$2.9 billionatDecember 31, 2016. Criticized loans are generally consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 6

Full-Year 2017 Outlook

Management expectations for 2017, compared to 2016, assuming a continuation of the current economic and low rate environment as well as contributions from the GEAR Up initiative of $30 million in revenue and $125 million in expense savings, are as follows:

• Growth in average loans of 1-2 percent. Excluding Mortgage Banker Finance and Energy, loan growth of 3-4 percent, reflecting increases in the remaining lines of business.

• Net interest income higher, reflecting the benefits from the rate increases in December 2016 ($85 million; no deposit beta) and March 2017 (more than $50 million for the remainder of 2017; 25 percent deposit beta), loan growth and debt maturities.

• Provision for credit losses lower, with continued solid performance of the overall portfolio.

◦ Provision of 20-30 basis points and net charge-offs in line with the first quarter 2017.

• Noninterest income higher, with the execution of GEAR Up opportunities of $30 million, modest growth in treasury management and card fees, as well as wealth management products such as fiduciary and brokerage services.

◦ Increase of 4-6 percent.

• Noninterest expenses lower, reflecting lower restructuring charges and an additional $125 million in GEAR Up savings, relative to 2016 GEAR Up savings of more than $25 million. Outside processing is expected to increase in line with growing revenue. Headwinds include increased technology costs and typical inflationary pressure. The gains of $13 million in 2016 from early terminations of certain leveraged lease transactions are not expected to repeat.

◦ Restructuring charges of $25 million to $50 million, compared to $93 million in 2016.

◦ Remaining noninterest expenses 1-2 percent lower.

◦ Decrease of 4-5 percent including restructuring charges.

• Income tax expense to approximate 31 percent of pre-tax income, reflecting 33 percent for the remaining quarters assuming no further tax impact from employee stock transactions.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 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 March 31, 2017. The accompanying narrative addresses first quarter 2017 results compared to fourth quarter 2016.

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

(dollar amounts in millions)	1st Qtr '17					4th Qtr '16					1st Qtr '16
Business Bank	$	177		84	%	$	205		92	%	$	92		74	%
Retail Bank	11			5		(4		)	(2	)	11			9
Wealth Management	23			11		22			10		21			17
	211			100	%	223			100	%	124			100	%
Finance	(35		)			(60		)			(63		)
Other (a)	26					1					(1		)
Total	$	202				$	164				$	60

(a) Includes the first quarter 2017 tax benefit of $24 million from employee stock transactions and items not directly associated with the three major business segments or the Finance Division.

Business Bank

(dollar amounts in millions)	1st Qtr '17			4th Qtr '16			1st Qtr '16
Net interest income	$	332		$	354		$	357
Provision for credit losses	10			17			151
Noninterest income	144			146			136
Noninterest expenses	197		(a)	196		(a)	206
Net income	177			205			92
Net credit-related charge-offs	30			33			57
Selected average balances:
Assets	38,091			39,220			39,166
Loans	36,754			37,893			37,561
Deposits	29,648			31,221			29,114

(a) Included restructuring charges of $6 million in the first quarter 2017 and $7 million in the fourth quarter 2016.

• Average loans decreased $1.1 billion, primarily reflecting decreases in Mortgage Banker Finance and Energy, partially offset by an increase in National Dealer Services.

• Average deposits decreased $1.6 billion, primarily reflecting decreases in Corporate Banking and Technology and Life Sciences.

• Net interest income decreased $22 million, primarily reflecting a decrease in average loan balances, a decrease in average deposits earning funds transfer pricing (FTP) credits and two fewer days.

• The provision for credit losses decreased $7 million, primarily reflecting decreases in Energy and Commercial Real Estate, partially offset by increases in general Middle Market and Technology and Life Sciences.

• Noninterest income decreased $2 million, primarily due to decreases in warrant income, commercial lending fees (primarily syndication agent fees) and card income, mostly offset by increases in service charges on deposit accounts and investment banking income.

• Noninterest expenses increased $1 million, primarily reflecting the impact of fourth quarter gains on the early termination of certain leveraged lease transactions that were not repeated and a seasonal increase in salaries and benefits expense, largely offset by a favorable litigation-related settlement and decreases in most remaining expense categories.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 8

Retail Bank

(dollar amounts in millions)	1st Qtr '17			4th Qtr '16				1st Qtr '16
Net interest income	$	160		$	155			$	155
Provision for credit losses	12			22				3
Noninterest income	48			48				44
Noninterest expenses	179		(a)	188			(a)	180
Net income (loss)	11			(4		)		11
Net credit-related charge-offs	5			5				2
Selected average balances:
Assets	6,525			6,559				6,544
Loans	5,895			5,906				5,867
Deposits	23,795			23,915				23,111

(a) Included restructuring charges of $4 million in the first quarter 2017 and $11 million in the fourth quarter 2016.

• Average deposits decreased $120 million, primarily reflecting a decrease in Small Business.

• Net interest income increased $5 million, primarily due to an increase in net FTP funding credits, largely due to an increase in the average deposit crediting rate, partially offset by two fewer days.

• The provision for credit losses decreased $10 million, primarily due to a decrease in Small Business.

• Noninterest expenses decreased $9 million, primarily reflecting a $7 million decrease in restructuring charges and a decrease in salaries and benefits expense.

Wealth Management

(dollar amounts in millions)	1st Qtr '17				4th Qtr '16				1st Qtr '16
Net interest income	$	41			$	41			$	43
Provision for credit losses	(1		)		(1		)		(5		)
Noninterest income	64				62				58
Noninterest expenses	70			(a)	72			(a)	73
Net income	23				22				21
Net credit-related recoveries	(2		)		(2		)		(1		)
Selected average balances:
Assets	5,406				5,268				5,162
Loans	5,251				5,116				4,964
Deposits	3,978				4,092				4,171

(a) Included restructuring charges of $1 million in the first quarter 2017 and $2 million in the fourth quarter 2016.

• Average loans increased $135 million, primarily reflecting an increase in Private Banking.

• Average deposits decreased $114 million, primarily reflecting decreases in money market and checking deposits.

• Noninterest income increased $2 million, primarily due to a increase in fiduciary income.

• Noninterest expenses decreased $2 million, primarily reflecting a $1 million decrease in restructuring charges.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 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 March 31, 2017.

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

(dollar amounts in millions)	1st Qtr '17					4th Qtr '16					1st Qtr '16
Michigan	$	68		32	%	$	69		31	%	$	70		57	%
California	59			28		74			33		72			58
Texas	38			18		22			10		(77		)	(63	)
Other Markets	46			22		58			26		59			48
	211			100	%	223			100	%	124			100	%
Finance & Other (a)	(9		)			(59		)			(64		)
Total	$	202				$	164				$	60

(a) Includes the first quarter 2017 tax benefit of $24 million from employee stock transactions and items not directly associated with the geographic markets.

• Average loans decreased $270 million in Texas, primarily due to a decrease in Energy, and $146 million in California, primarily due to a decrease in Technology and Life Sciences. These decreases were partially offset by an increase of $208 million in Michigan, primarily reflecting increases in Corporate Banking and National Dealer Services. The $902 million decrease in Mortgage Banker Finance was reflected in an $807 million decrease in average loans in Other Markets.

• Average deposits decreased $1.2 billion in California and $273 million in Texas, and increased $154 million in Michigan. The decreases in California and Texas reflected declines in most lines of business, with the largest declines in Corporate Banking and Technology and Life Sciences in California, and Energy in Texas. The increase in Michigan was primarily due to an increase in general Middle Market deposits.

• Net interest income decreased $10 million and $2 million in California and Texas, respectively, and increased $4 million in Michigan. The changes in all markets primarily reflected the impact of changes in average deposits earning FTP credits and two fewer days.

• The provision for credit losses decreased $35 million and $2 million in Texas and Michigan, respectively, and increased $9 million in California. Net charge-offs decreased $8 million in Texas and $6 million in Michigan, and increased $9 million in California.

• Noninterest expenses decreased $5 million in California, and increased $2 million and $1 million in Texas and Michigan, respectively. The changes in noninterest expenses included decreases in restructuring charges of $1 million each in California and Texas, and $2 million in Michigan. Excluding restructuring charges, the increase in Michigan primarily reflected gains on the early termination of certain leverage lease transactions in the fourth quarter that were not repeated.

Michigan Market

(dollar amounts in millions)	1st Qtr '17				4th Qtr '16			1st Qtr '16
Net interest income	$	170			$	166		$	174
Provision for credit losses	(2		)		—			(6		)
Noninterest income	83				81			76
Noninterest expenses	150			(a)	149		(a)	151
Net income	68				69			70
Net credit-related charge-offs (recoveries)	(3		)		3			5
Selected average balances:
Assets	13,413				13,175			13,402
Loans	12,746				12,538			12,774
Deposits	22,184				22,030			21,696

(a) Included restructuring charges of $2 million in the first quarter 2017 and $4 million in the fourth quarter 2016.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 10

California Market

(dollar amounts in millions)	1st Qtr '17			4th Qtr '16			1st Qtr '16
Net interest income	$	171		$	181		$	175
Provision for credit losses	21			12			(6		)
Noninterest income	41			41			38
Noninterest expenses	96		(a)	101		(a)	104
Net income	59			74			72
Net credit-related charge-offs	10			1			8
Selected average balances:
Assets	17,799			17,946			17,541
Loans	17,520			17,666			17,283
Deposits	17,209			18,359			16,654

(a) Included restructuring charges of $3 million in the first quarter 2017 and $4 million in the fourth quarter 2016.

Texas Market

(dollar amounts in millions)	1st Qtr '17				4th Qtr '16			1st Qtr '16
Net interest income	$	113			$	115		$	121
Provision for credit losses	(9		)		26			169
Noninterest income	32				34			30
Noninterest expenses	94			(a)	92		(a)	100
Net income (loss)	38				22			(77		)
Net credit-related charge-offs	22				30			47
Selected average balances:
Assets	10,555				10,810			11,295
Loans	10,111				10,381			10,763
Deposits	10,113				10,386			10,374

(a) Included restructuring charges of $5 million in the first quarter 2017 and $6 million in the fourth quarter 2016.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 11

Conference Call and Webcast

Comerica will host a conference call to review first quarter 2017 financial results at 7 a.m. CT Tuesday, April 18, 2017. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 82967679). 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.

-more-

COMERICA REPORTS FIRST QUARTER 2017 NET INCOME OF $202 MILLION - 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; whether Comerica may achieve opportunities for revenue enhancements and efficiency improvements under the GEAR Up initiative, or changes in the scope or assumptions underlying the GEAR Up initiative; Comerica's ability to maintain adequate sources of funding and liquidity; the effects of more stringent capital or liquidity requirements; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; unfavorable developments concerning credit quality; operational difficulties, failure of technology infrastructure or information security incidents; changes in regulation or oversight; reliance on other companies to provide certain key components of business infrastructure; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; reductions in Comerica's credit rating; the interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; changes in customer behavior; any future strategic acquisitions or divestitures; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effectiveness of methods of reducing risk exposures; the effects of terrorist activities and other hostilities; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; potential legislative, administrative or judicial changes or interpretations related to the tax treatment of corporations; changes in accounting standards and the critical nature of Comerica's accounting policies. Comerica cautions that the foregoing list of factors is not 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, 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
	March 31,			December 31,			March 31,
(in millions, except per share data)	2017			2016			2016
PER COMMON SHARE AND COMMON STOCK DATA
Diluted net income	$	1.11		$	0.92		$	0.34
Cash dividends declared	0.23			0.23			0.21
Average diluted shares (in thousands)	180,353			177,457			176,055
KEY RATIOS
Return on average common shareholders' equity	10.42		%	8.43		%	3.14		%
Return on average assets	1.14			0.88			0.35
Common equity tier 1 and tier 1 risk-based capital ratio (a)	11.54			11.09			10.58
Total risk-based capital ratio (a)	13.80			13.27			12.84
Leverage ratio (a)	10.67			10.18			10.60
Common equity ratio	10.87			10.68			11.08
Tangible common equity ratio (b)	10.07			9.89			10.23
AVERAGE BALANCES
Commercial loans	$	29,694		$	30,792		$	30,814
Real estate construction loans	2,958			2,837			2,114
Commercial mortgage loans	8,977			8,918			8,961
Lease financing	570			619			726
International loans	1,210			1,303			1,419
Residential mortgage loans	1,963			1,923			1,892
Consumer loans	2,528			2,523			2,466
Total loans	47,900			48,915			48,392
Earning assets	66,648			68,774			64,123
Total assets	71,819			74,126			69,228
Noninterest-bearing deposits	30,459			32,091			28,052
Interest-bearing deposits	27,320			27,554			28,656
Total deposits	57,779			59,645			56,708
Common shareholders' equity	7,865			7,734			7,632
NET INTEREST INCOME
Net interest income	$	470		$	455		$	447
Net interest margin (fully taxable equivalent)	2.86		%	2.65		%	2.81		%
CREDIT QUALITY
Total nonperforming assets	$	545		$	607		$	714
Loans past due 90 days or more and still accruing	23			19			13
Net credit-related charge-offs	33			36			58
Allowance for loan losses	708			730			724
Allowance for credit losses on lending-related commitments	46			41			46
Total allowance for credit losses	754			771			770
Allowance for loan losses as a percentage of total loans	1.47		%	1.49		%	1.47		%
Net credit-related charge-offs as a percentage of average total loans	0.28			0.29			0.49
Nonperforming assets as a percentage of total loans and foreclosed property	1.13			1.24			1.45
Allowance for loan losses as a percentage of total nonperforming loans	134			124			105

(a) March 31, 2017 ratios are estimated.

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

13

CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries
	March 31,			December 31,			March 31,
(in millions, except share data)	2017			2016			2016
	(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	1,176		$	1,249		$	977
Interest-bearing deposits with banks	7,143			5,969			2,025
Other short-term investments	92			92			94
Investment securities available-for-sale	10,830			10,787			10,607
Investment securities held-to-maturity	1,508			1,582			1,907
Commercial loans	30,215			30,994			31,562
Real estate construction loans	2,930			2,869			2,290
Commercial mortgage loans	9,021			8,931			8,982
Lease financing	550			572			731
International loans	1,106			1,258			1,455
Residential mortgage loans	1,944			1,942			1,874
Consumer loans	2,537			2,522			2,483
Total loans	48,303			49,088			49,377
Less allowance for loan losses	(708		)	(730		)	(724		)
Net loans	47,595			48,358			48,653
Premises and equipment	488			501			541
Accrued income and other assets	4,144			4,440			4,203
Total assets	$	72,976		$	72,978		$	69,007
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	31,892		$	31,540		$	28,025
Money market and interest-bearing checking deposits	22,177			22,556			22,872
Savings deposits	2,138			2,064			2,006
Customer certificates of deposit	2,597			2,806			3,401
Foreign office time deposits	59			19			47
Total interest-bearing deposits	26,971			27,445			28,326
Total deposits	58,863			58,985			56,351
Short-term borrowings	41			25			514
Accrued expenses and other liabilities	989			1,012			1,389
Medium- and long-term debt	5,153			5,160			3,109
Total liabilities	65,046			65,182			61,363
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141
Capital surplus	2,106			2,135			2,158
Accumulated other comprehensive loss	(379		)	(383		)	(328		)
Retained earnings	7,431			7,331			7,097
Less cost of common stock in treasury - 50,732,795 shares at 3/31/17, 52,851,156 shares at 12/31/16, and 53,086,733 shares at 3/31/16	(2,369		)	(2,428		)	(2,424		)
Total shareholders' equity	7,930			7,796			7,644
Total liabilities and shareholders' equity	$	72,976		$	72,978		$	69,007

14

CONSOLIDATED QUARTERLY STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	First			Fourth			Third		Second			First			First Quarter 2017
	Quarter			Quarter			Quarter		Quarter			Quarter			Fourth Quarter 2016					First Quarter 2016
(in millions, except per share data)	2017			2016			2016		2016			2016			Amount			Percent		Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	421		$	412		$	411	$	406		$	406		$	9		2	%	$	15		4	%
Interest on investment securities	62			62			61		62			62			—			—		—			—
Interest on short-term investments	13			10			8		5			4			3			35		9			n/m
Total interest income	496			484			480		473			472			12			3		24			5
INTEREST EXPENSE
Interest on deposits	9			10			10		10			10			(1		)	(2	)	(1		)	(5	)
Interest on medium- and long-term debt	17			19			20		18			15			(2		)	(9	)	2			11
Total interest expense	26			29			30		28			25			(3		)	(6	)	1			3
Net interest income	470			455			450		445			447			15			3		23			5
Provision for credit losses	16			35			16		49			148			(19		)	(55	)	(132		)	(89	)
Net interest income after provision for credit losses	454			420			434		396			299			34			8		155			52
NONINTEREST INCOME
Card fees	77			79			76		76			72			(2		)	(3	)	5			6
Service charges on deposit accounts	58			54			55		55			55			4			7		3			4
Fiduciary income	49			48			47		49			46			1			4		3			7
Commercial lending fees	20			21			26		22			20			(1		)	(7	)	—			—
Letter of credit fees	12			12			12		13			13			—			—		(1		)	(4	)
Bank-owned life insurance	10			12			12		9			9			(2		)	(12	)	1			11
Foreign exchange income	11			11			10		11			10			—			—		1			6
Brokerage fees	5			5			5		5			4			—			—		1			41
Net securities losses	—			(2		)	—		(1		)	(2		)	2			84		2			88
Other noninterest income	29			27			29		29			17			2			9		12			72
Total noninterest income	271			267			272		268			244			4			2		27			11
NONINTEREST EXPENSES
Salaries and benefits expense	233			219			247		247			248			14			7		(15		)	(6	)
Outside processing fee expense	87			89			86		83			78			(2		)	(2	)	9			12
Net occupancy expense	38			40			40		39			38			(2		)	(6	)	—			—
Equipment expense	11			13			13		14			13			(2		)	(12	)	(2		)	(12	)
Restructuring charges	11			20			20		53			—			(9		)	(48	)	11			n/m
Software expense	29			29			31		30			29			—			—		—			—
FDIC insurance expense	13			15			14		14			11			(2		)	(13	)	2			14
Advertising expense	4			6			5		6			4			(2		)	(26	)	—			—
Litigation-related expense	(2		)	1			—		—			—			(3		)	n/m		(2		)	n/m
Other noninterest expenses	33			29			37		32			37			4			12		(4		)	(14	)
Total noninterest expenses	457			461			493		518			458			(4		)	(1	)	(1		)	—
Income before income taxes	268			226			213		146			85			42			18		183			n/m
Provision for income taxes	66			62			64		42			25			4			6		41			n/m
NET INCOME	202			164			149		104			60			38			23		142			n/m
Less income allocated to participating securities	2			1			1		1			1			1			4		1			n/m
Net income attributable to common shares	$	200		$	163		$	148	$	103		$	59		$	37		23	%	$	141		n/m%
Earnings per common share:
Basic	$	1.15		$	0.95		$	0.87	$	0.60		$	0.34		$	0.20		21	%	$	0.81		n/m%
Diluted	1.11			0.92			0.84		0.58			0.34			0.19			21		0.77			n/m
Comprehensive income	206			73			152		137			161			133			n/m		45			28
Cash dividends declared on common stock	42			40			40		38			37			2			7		5			12
Cash dividends declared per common share	0.23			0.23			0.23		0.22			0.21			—			—		0.02			10

n/m - not meaningful

15

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES (unaudited)
Comerica Incorporated and Subsidiaries
	2017			2016
(in millions)	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
Balance at beginning of period	$	730		$	727		$	729		$	724		$	634
Loan charge-offs:
Commercial	38			37			24			48			72
Commercial mortgage	1			1			2			—			—
International	3			8			8			4			3
Consumer	2			2			1			2			2
Total loan charge-offs	44			48			35			54			77
Recoveries on loans previously charged-off:
Commercial	7			7			15			9			12
Commercial mortgage	2			3			3			2			12
Residential mortgage	—			1			—			—			—
Consumer	2			1			1			1			1
Total recoveries	11			12			19			12			25
Net loan charge-offs	33			36			16			42			52
Provision for loan losses	11			39			14			47			141
Foreign currency translation adjustment	—			—			—			—			1
Balance at end of period	$	708		$	730		$	727		$	729		$	724
Allowance for loan losses as a percentage of total loans	1.47		%	1.49		%	1.48		%	1.45		%	1.47		%
Net loan charge-offs as a percentage of average total loans	0.28			0.29			0.13			0.34			0.43

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS (unaudited)
Comerica Incorporated and Subsidiaries
	2017		2016
(in millions)	1st Qtr		4th Qtr			3rd Qtr		2nd Qtr			1st Qtr
Balance at beginning of period	$	41	$	45		$	43	$	46		$	45
Charge-offs on lending-related commitments (a)	—		—			—		(5		)	(6		)
Provision for credit losses on lending-related commitments	5		(4		)	2		2			7
Balance at end of period	$	46	$	41		$	45	$	53		$	46
Unfunded lending-related commitments sold	$	—	$	—		$	—	$	12		$	11

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

16

NONPERFORMING ASSETS (unaudited)
Comerica Incorporated and Subsidiaries
	2017			2016
(in millions)	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Business loans:
Commercial	$	400		$	445		$	508		$	482		$	547
Commercial mortgage	41			46			44			44			47
Lease financing	6			6			6			6			6
International	8			14			19			18			27
Total nonaccrual business loans	455			511			577			550			627
Retail loans:
Residential mortgage	39			39			23			26			26
Consumer:
Home equity	26			28			27			28			27
Other consumer	1			4			4			1			1
Total consumer	27			32			31			29			28
Total nonaccrual retail loans	66			71			54			55			54
Total nonaccrual loans	521			582			631			605			681
Reduced-rate loans	8			8			8			8			8
Total nonperforming loans	529			590			639			613			689
Foreclosed property	16			17			21			22			25
Total nonperforming assets	$	545		$	607		$	660		$	635		$	714
Nonperforming loans as a percentage of total loans	1.10		%	1.20		%	1.30		%	1.22		%	1.40		%
Nonperforming assets as a percentage of total loans  and foreclosed property	1.13			1.24			1.34			1.26			1.45
Allowance for loan losses as a percentage of total nonperforming loans	134			124			114			119			105
Loans past due 90 days or more and still accruing	$	23		$	19		$	48		$	35		$	13
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	582		$	631		$	605		$	681		$	367
Loans transferred to nonaccrual (a)	104			60			105			107			446
Nonaccrual business loan gross charge-offs (b)	(42		)	(46		)	(34		)	(52		)	(75		)
Nonaccrual business loans sold	(8		)	(10		)	(2		)	(40		)	(21		)
Payments/Other (c)	(115		)	(53		)	(43		)	(91		)	(36		)
Nonaccrual loans at end of period	$	521		$	582		$	631		$	605		$	681
(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	$	42		$	46		$	34		$	52		$	75
Consumer and residential mortgage loans	2			2			1			2			2
Total gross loan charge-offs	$	44		$	48		$	35		$	54		$	77
(c) 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.

17

ANALYSIS OF NET INTEREST INCOME (unaudited)
Comerica Incorporated and Subsidiaries
	Three Months Ended
	March 31, 2017							December 31, 2016							March 31, 2016
	Average					Average		Average					Average		Average					Average
(dollar amounts in millions)	Balance			Interest		Rate (a)		Balance			Interest		Rate (a)		Balance			Interest		Rate (a)
Commercial loans	$	29,694		$	256	3.51	%	$	30,792		$	255	3.30	%	$	30,814		$	249	3.25	%
Real estate construction loans	2,958			28		3.82		2,837			26		3.65		2,114			19		3.66
Commercial mortgage loans	8,977			83		3.73		8,918			78		3.49		8,961			80		3.59
Lease financing	570			5		3.30		619			3		1.95		726			6		3.33
International loans	1,210			11		3.77		1,303			12		3.70		1,419			13		3.65
Residential mortgage loans	1,963			17		3.57		1,923			17		3.60		1,892			19		3.94
Consumer loans	2,528			21		3.42		2,523			21		3.28		2,466			20		3.33
Total loans	47,900			421		3.57		48,915			412		3.36		48,392			406		3.38
Mortgage-backed securities (b)	9,306			51		2.14		9,386			51		2.16		9,356			51		2.22
Other investment securities	2,892			11		1.60		2,943			11		1.54		3,001			11		1.50
Total investment securities (b)	12,198			62		2.02		12,329			62		2.01		12,357			62		2.05
Interest-bearing deposits with banks	6,458			13		0.83		7,438			10		0.52		3,265			4		0.50
Other short-term investments	92			—		0.67		92			—		0.47		109			—		0.93
Total earning assets	66,648			496		3.02		68,774			484		2.81		64,123			472		2.97
Cash and due from banks	1,180							1,290							1,068
Allowance for loan losses	(741		)					(740		)					(680		)
Accrued income and other assets	4,732							4,802							4,717
Total assets	$	71,819						$	74,126						$	69,228
Money market and interest-bearing checking deposits	$	22,477		7		0.12		$	22,585		7		0.12		$	23,193		6		0.11
Savings deposits	2,085			—		0.02		2,064			—		0.02		1,936			—		0.02
Customer certificates of deposit	2,715			2		0.38		2,878			3		0.39		3,477			4		0.40
Foreign office time deposits	43			—		0.49		27			—		0.36		50			—		0.33
Total interest-bearing deposits	27,320			9		0.14		27,554			10		0.14		28,656			10		0.14
Short-term borrowings	22			—		0.73		13			—		0.50		365			—		0.45
Medium- and long-term debt	5,157			17		1.30		5,578			19		1.30		3,093			15		1.94
Total interest-bearing sources	32,499			26		0.33		33,145			29		0.33		32,114			25		0.32
Noninterest-bearing deposits	30,459							32,091							28,052
Accrued expenses and other liabilities	996							1,156							1,430
Total shareholders' equity	7,865							7,734							7,632
Total liabilities and shareholders' equity	$	71,819						$	74,126						$	69,228
Net interest income/rate spread				$	470	2.69					$	455	2.48					$	447	2.65
Impact of net noninterest-bearing sources of funds						0.17							0.17							0.16
Net interest margin (as a percentage of average earning assets)						2.86	%						2.65	%						2.81	%

(a) Fully taxable equivalent.

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

18

CONSOLIDATED STATISTICAL DATA (unaudited)
Comerica Incorporated and Subsidiaries
	March 31,			December 31,			September 30,			June 30,			March 31,
(in millions, except per share data)	2017			2016			2016			2016			2016
Commercial loans:
Floor plan	$	4,191		$	4,269		$	3,778		$	4,120		$	3,902
Other	26,024			26,725			27,374			28,240			27,660
Total commercial loans	30,215			30,994			31,152			32,360			31,562
Real estate construction loans	2,930			2,869			2,743			2,553			2,290
Commercial mortgage loans	9,021			8,931			9,013			9,038			8,982
Lease financing	550			572			648			684			731
International loans	1,106			1,258			1,303			1,365			1,455
Residential mortgage loans	1,944			1,942			1,874			1,856			1,874
Consumer loans:
Home equity	1,790			1,800			1,792			1,779			1,738
Other consumer	747			722			749			745			745
Total consumer loans	2,537			2,522			2,541			2,524			2,483
Total loans	$	48,303		$	49,088		$	49,274		$	50,380		$	49,377
Goodwill	$	635		$	635		$	635		$	635		$	635
Core deposit intangible	7			7			8			9			9
Other intangibles	3			3			3			3			4
Common equity tier 1 capital (a)	7,667			7,540			7,378			7,346			7,331
Risk-weighted assets (a)	66,449			67,966			69,018			70,056			69,319
Common equity tier 1 and tier 1 risk-based capital ratio (a)	11.54		%	11.09		%	10.69		%	10.49		%	10.58		%
Total risk-based capital ratio (a)	13.80			13.27			12.84			12.74			12.84
Leverage ratio (a)	10.67			10.18			10.14			10.39			10.60
Common equity ratio	10.87			10.68			10.42			10.79			11.08
Tangible common equity ratio (b)	10.07			9.89			9.64			9.98			10.23
Common shareholders' equity per share of common stock	$	44.69		$	44.47		$	44.91		$	44.24		$	43.66
Tangible common equity per share of common stock (b)	41.05			40.79			41.15			40.52			39.96
Market value per share for the quarter:
High	75.00			70.44			47.81			47.55			41.74
Low	64.27			46.75			38.39			36.27			30.48
Close	68.58			68.11			47.32			41.13			37.87
Quarterly ratios:
Return on average common shareholders' equity	10.42		%	8.43		%	7.76		%	5.47		%	3.14		%
Return on average assets	1.14			0.88			0.82			0.59			0.35
Efficiency ratio (c)	61.63			63.58			68.15			72.43			65.99
Number of banking centers	458			458			473			473			477
Number of employees - full time equivalent	8,044			7,960			8,476			8,792			8,869

(a) March 31, 2017 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).

19

PARENT COMPANY ONLY BALANCE SHEETS (unaudited)
Comerica Incorporated
	March 31,			December 31,			March 31,
(in millions, except share data)	2017			2016			2016
ASSETS
Cash and due from subsidiary bank	$	817		$	761		$	5
Short-term investments with subsidiary bank	—			—			546
Other short-term investments	89			87			84
Investment in subsidiaries, principally banks	7,633			7,561			7,612
Premises and equipment	—			2			2
Other assets	159			150			172
Total assets	$	8,698		$	8,561		$	8,421
LIABILITIES AND SHAREHOLDERS' EQUITY
Medium- and long-term debt	$	603		$	604		$	626
Other liabilities	165			161			151
Total liabilities	768			765			777
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141			1,141
Capital surplus	2,106			2,135			2,158
Accumulated other comprehensive loss	(379		)	(383		)	(328		)
Retained earnings	7,431			7,331			7,097
Less cost of common stock in treasury - 50,732,795 shares at 3/31/17, 52,851,156 shares at 12/31/16 and 53,086,733 shares at 3/31/16	(2,369		)	(2,428		)	(2,424		)
Total shareholders' equity	7,930			7,796			7,644
Total liabilities and shareholders' equity	$	8,698		$	8,561		$	8,421

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, 2015	175.7		$	1,141	$	2,173		$	(429	)	$	7,084		$	(2,409	)	$	7,560
Net income	—		—		—			—			60			—			60
Other comprehensive income, net of tax	—		—		—			101			—			—			101
Cash dividends declared on common stock ($0.21 per share)	—		—		—			—			(37		)	—			(37		)
Purchase of common stock	(1.4	)	—		—			—			—			(49		)	(49		)
Net issuance of common stock under employee stock plans	0.8		—		(35		)	—			(10		)	34			(11		)
Share-based compensation	—		—		20			—			—			—			20
BALANCE AT MARCH 31, 2016	175.1		$	1,141	$	2,158		$	(328	)	$	7,097		$	(2,424	)	$	7,644
BALANCE AT DECEMBER 31, 2016	175.3		$	1,141	$	2,135		$	(383	)	$	7,331		$	(2,428	)	$	7,796
Cumulative effect of change in accounting principle	—		—		3			—			(2		)	—			1
Net income	—		—		—			—			202			—			202
Other comprehensive income, net of tax	—		—		—			4			—			—			4
Cash dividends declared on common stock ($0.23 per share)	—		—		—			—			(42		)	—			(42		)
Purchase of common stock	(1.7	)	—		—			—			—			(118		)	(118		)
Net issuance of common stock under employee stock plans	2.3		—		(25		)	—			(14		)	108			69
Net issuance of common stock for warrants	1.5		—		(24		)	—			(44		)	68			—
Share-based compensation	—		—		18			—			—			—			18
Other	—		—		(1		)	—			—			1			—
BALANCE AT MARCH 31, 2017	177.4		$	1,141	$	2,106		$	(379	)	$	7,431		$	(2,369	)	$	7,930

20

BUSINESS SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar amounts in millions)	Business			Retail			Wealth
Three Months Ended March 31, 2017	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense)	$	332		$	160		$	41		$	(71	)	$	8		$	470
Provision for credit losses	10			12			(1		)	—			(5		)	16
Noninterest income	144			48			64			11			4			271
Noninterest expenses	197			179			70			(1		)	12			457
Provision (benefit) for income taxes	92			6			13			(24		)	(21		)	66
Net income (loss)	$	177		$	11		$	23		$	(35	)	$	26		$	202
Net credit-related charge-offs (recoveries)	$	30		$	5		$	(2	)	$	—		$	—		$	33
Selected average balances:
Assets	$	38,091		$	6,525		$	5,406		$	13,944		$	7,853		$	71,819
Loans	36,754			5,895			5,251			—			—			47,900
Deposits	29,648			23,795			3,978			142			216			57,779
Statistical data:
Return on average assets (a)	1.87		%	0.17		%	1.69		%	N/M			N/M			1.14		%
Efficiency ratio (b)	41.33			86.00			67.17			N/M			N/M			61.63
	Business			Retail			Wealth
Three Months Ended December 31, 2016	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense)	$	354		$	155		$	41		$	(101	)	$	6		$	455
Provision for credit losses	17			22			(1		)	—			(3		)	35
Noninterest income	146			48			62			10			1			267
Noninterest expenses	196			188			72			(1		)	6			461
Provision (benefit) for income taxes	82			(3		)	10			(30		)	3			62
Net income (loss)	$	205		$	(4	)	$	22		$	(60	)	$	1		$	164
Net credit-related charge-offs (recoveries)	$	33		$	5		$	(2	)	$	—		$	—		$	36
Selected average balances:
Assets	$	39,220		$	6,559		$	5,268		$	14,109		$	8,970		$	74,126
Loans	37,893			5,906			5,116			—			—			48,915
Deposits	31,221			23,915			4,092			107			310			59,645
Statistical data:
Return on average assets (a)	2.09		%	(0.07		)%	1.68		%	N/M			N/M			0.88		%
Efficiency ratio (b)	39.15			91.54			70.03			N/M			N/M			63.58
	Business			Retail			Wealth
Three Months Ended March 31, 2016	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense)	$	357		$	155		$	43		$	(113	)	$	5		$	447
Provision for credit losses	151			3			(5		)	—			(1		)	148
Noninterest income	136			44			58			11			(5		)	244
Noninterest expenses	206			180			73			(1		)	—			458
Provision (benefit) for income taxes	44			5			12			(38		)	2			25
Net income (loss)	$	92		$	11		$	21		$	(63	)	$	(1	)	$	60
Net credit-related charge-offs (recoveries)	$	57		$	2		$	(1	)	$	—		$	—		$	58
Selected average balances:
Assets	$	39,166		$	6,544		$	5,162		$	13,789		$	4,567		$	69,228
Loans	37,561			5,867			4,964			—			—			48,392
Deposits	29,114			23,111			4,171			96			216			56,708
Statistical data:
Return on average assets (a)	0.94		%	0.18		%	1.66		%	N/M			N/M			0.35		%
Efficiency ratio (b)	41.81			89.24			72.00			N/M			N/M			65.99

(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

21

MARKET SEGMENT FINANCIAL RESULTS (unaudited)
Comerica Incorporated and Subsidiaries
(dollar amounts in millions)										Other			Finance
Three Months Ended March 31, 2017	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense)	$	170		$	171		$	113		$	79		$	(63	)	$	470
Provision for credit losses	(2		)	21			(9		)	11			(5		)	16
Noninterest income	83			41			32			100			15			271
Noninterest expenses	150			96			94			106			11			457
Provision (benefit) for income taxes	37			36			22			16			(45		)	66
Net income (loss)	$	68		$	59		$	38		$	46		$	(9	)	$	202
Net credit-related charge-offs (recoveries)	$	(3	)	$	10		$	22		$	4		$	—		$	33
Selected average balances:
Assets	$	13,413		$	17,799		$	10,555		$	8,255		$	21,797		$	71,819
Loans	12,746			17,520			10,111			7,523			—			47,900
Deposits	22,184			17,209			10,113			7,915			358			57,779
Statistical data:
Return on average assets (a)	1.19		%	1.30		%	1.34		%	2.10		%	N/M			1.14		%
Efficiency ratio (b)	59.17			45.35			64.78			59.31			N/M			61.63
										Other			Finance
Three Months Ended December 31, 2016	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense)	$	166		$	181		$	115		$	88		$	(95	)	$	455
Provision for credit losses	—			12			26			—			(3		)	35
Noninterest income	81			41			34			100			11			267
Noninterest expenses	149			101			92			114			5			461
Provision (benefit) for income taxes	29			35			9			16			(27		)	62
Net income (loss)	$	69		$	74		$	22		$	58		$	(59	)	$	164
Net credit-related charge-offs	$	3		$	1		$	30		$	2		$	—		$	36
Selected average balances:
Assets	$	13,175		$	17,946		$	10,810		$	9,116		$	23,079		$	74,126
Loans	12,538			17,666			10,381			8,330			—			48,915
Deposits	22,030			18,359			10,386			8,453			417			59,645
Statistical data:
Return on average assets (a)	1.22		%	1.52		%	0.73		%	2.49		%	N/M			0.88		%
Efficiency ratio (b)	59.83			45.38			61.71			60.39			N/M			63.58
										Other			Finance
Three Months Ended March 31, 2016	Michigan			California			Texas			Markets			& Other			Total
Earnings summary:
Net interest income (expense)	$	174		$	175		$	121		$	85		$	(108	)	$	447
Provision for credit losses	(6		)	(6		)	169			(8		)	(1		)	148
Noninterest income	76			38			30			94			6			244
Noninterest expenses	151			104			100			104			(1		)	458
Provision (benefit) for income taxes	35			43			(41		)	24			(36		)	25
Net income (loss)	$	70		$	72		$	(77	)	$	59		$	(64	)	$	60
Net credit-related charge-offs (recoveries)	$	5		$	8		$	47		$	(2	)	$	—		$	58
Selected average balances:
Assets	$	13,402		$	17,541		$	11,295		$	8,634		$	18,356		$	69,228
Loans	12,774			17,283			10,763			7,572			—			48,392
Deposits	21,696			16,654			10,374			7,672			312			56,708
Statistical data:
Return on average assets (a)	1.24		%	1.63		%	(2.58		)%	2.68		%	N/M			0.35		%
Efficiency ratio (b)	59.88			48.57			66.10			58.06			N/M			65.99

(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

22

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited)
Comerica Incorporated and Subsidiaries
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2017			2016			2016			2016			2016
Tangible Common Equity Ratio:
Common shareholders' equity	$	7,930		$	7,796		$	7,727		$	7,694		$	7,644
Less:
Goodwill	635			635			635			635			635
Other intangible assets	10			10			11			12			13
Tangible common equity	$	7,285		$	7,151		$	7,081		$	7,047		$	6,996
Total assets	$	72,976		$	72,978		$	74,124		$	71,280		$	69,007
Less:
Goodwill	635			635			635			635			635
Other intangible assets	10			10			11			12			13
Tangible assets	$	72,331		$	72,333		$	73,478		$	70,633		$	68,359
Common equity ratio	10.87		%	10.68		%	10.42		%	10.79		%	11.08		%
Tangible common equity ratio	10.07			9.89			9.64			9.98			10.23
Tangible Common Equity per Share of Common Stock:
Common shareholders' equity	$	7,930		$	7,796		$	7,727		$	7,694		$	7,644
Tangible common equity	7,285			7,151			7,081			7,047			6,996
Shares of common stock outstanding (in millions)	177			175			172			174			175
Common shareholders' equity per share of common stock	$	44.69		$	44.47		$	44.91		$	44.24		$	43.66
Tangible common equity per share of common stock	41.05			40.79			41.15			40.52			39.96

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.

23