Comerica Incorporated Goldman Sachs US Financial Services Conference December 5, 2018 Ralph W. Babb, Jr. Chairman & Chief Executive Officer Muneera Carr Peter Sefzik Executive Vice President Executive Vice President Chief Financial Officer Business Bank Safe Harbor Statement Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “contemplates,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “on track,” “trend,” “objective,” “looks forward,” “projects,” “models” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, including the Growth in Efficiency and Revenue initiative (“GEAR Up”), and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of the economic benefits of the GEAR Up initiative, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in general economic, political or industry conditions, changes in monetary and fiscal policies; 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; operational difficulties, failure of technology infrastructure or information security incidents; reliance on other companies to provide certain key components of business infrastructure; 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; unfavorable developments concerning credit quality; changes in regulation or oversight; changes in the financial markets, including fluctuations in interest rates and their impact on deposit pricing; transitions away from LIBOR towards new interest rate benchmarks; reductions in Comerica's credit rating; 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; the interdependence of financial service companies; the implementation of Comerica's strategies and business initiatives; changes in customer behavior; management's ability to maintain and expand customer relationships; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods; the effects of recent tax reform and potential legislative, administrative or judicial changes or interpretations related to these and other tax regulations; any future strategic acquisitions or divestitures; management's ability to retain key officers and employees; the impact of legal and regulatory proceedings or determinations; the effects of terrorist activities and other hostilities; changes in accounting standards; the critical nature of Comerica's accounting policies and the volatility of Comerica’s stock price. Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 11 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2017 and “Item 1A. Risk Factors” beginning on page 59 of Comerica’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 2
Comerica: Key Strengths Diverse Geography LONG HISTORY Founded 169 years ago ($ in billons; 3Q18 average) California Texas LONG HISTORY $18.1 $9.7 NIMBLE SIZE Products & services of a large bank 37% 20% $71B IN ASSETS with the culture of a community bank NIMBLE SIZE Loans $74B IN ASSETS $48.6 ATTRACTIVE Strong presence in Texas, Other Markets FOOTPRINT California, & Michigan Michigan ATTRACTIVE $8.4 $12.4 FOOTPRINT 17% 26% PRIMARILY A Complemented by Retail Bank & BUSINESSPRIMARILY BANK A Wealth Management Texas BUSINESS BANK California $16.9 $8.9 30% 16% RELATIONSHIP BANKING Trusted Advisor approach Deposits STRATEGY $56.1 Other 1 $9.6 Michigan 17% CONSERVATIVE Strong capital position, CONSERVATIVE $20.7 Prudent credit underwriting 37% 9/30/18 ● 1Consists of Other Markets ($8.5B) & Finance/ Other ($1.1B) ● Totals shown above may not foot due to rounding 3 Fourth Quarter Loan & Deposit Update Positive trend for loans expected into end of year Loans: Oct & Nov Trends1 Deposits: Oct & Nov Trends1 ($ in billions; Average) ($ in billions; Average) 48.9 49.2 57.6 48.4 48.6 48.5 56.1 55.8 56.1 56.0 4Q17 1Q18 2Q18 3Q18 4Q18 thru 11/29 4Q17 1Q18 2Q18 3Q18 4Q18 thru 11/29 . Seasonal increase in National Dealer Services . Growth in Middle Market & Wealth Management . Increases in Energy, Entertainment & . Decrease in Large Corporate & Retail Environmental Services . Seasonal decrease in Mortgage Banker . Continue to carefully manage pricing . Decrease in Technology & Life Sciences 4Q18 average balances through 11/29/18 are preliminary and subject to change ● 1Comparisons of 4Q18 through 11/29/18 vs 3Q18 4
Relationship-based Deposits Tied to high caliber products & services; costs remain low Deposits Primarily Relationship-based Largest Component of Noninterest Deposits1 ($ in billions; 3Q18 Average) (Percentage of noninterest-bearing deposits to total deposits; 3Q18 average) 52 . ~85%+ of commercial balances are tied to 45 43 41 38 35 34 treasury management products users 31 29 27 26 . ~95% of retail customers use web banking 25 . ~60% of retail customers have direct deposit RF STI CFR BBT KEY FHN MTB FITB CMA ZION BOKF HBAN Retail Commercial 1,2 Noninterest-bearing Noninterest-bearing Lowest Deposit Cost 8% 44% (In basis points; 3Q18) 77 Total $56.1 53 55 55 44 45 48 Retail 32 34 Commercial 25 27 28 Interest-bearing Interest-bearing 28% 20% RF STI KEY FHN CFR BBT MTB FITB CMA ZION BOKF HBAN 1Source for peer group data: S&P Global Market Intelligence ● 2Interest costs on total deposits; CMA interest-bearing deposit rate for 3Q18 51 bps 5 Deposit Diversity Deposits increased gradually over time; Retail Bank large contributor Deposit History Diverse Business Mix ($ in billions; Average) ($ in billions; 3Q18 YTD Average) Municipalities Interest-bearing Other -$2.3B Small Noninterest-bearing 8% Business 6% 58.3 57.7 57.3 56.0 54.8 Corporate Retail Bank 49.5 51.7 Banking 37% 43.8 39.5 7% Total TLS $56.0 11% Wealth General Management Middle Market 7% 24% 2010 2011 2012 2013 2014 2015 2016 2017 YTD18 $16.5B Growth 3Q18 YTD vs. FY10 . Steady deposit growth which peaked in 2015 ($ in billions; Average) (2011 Sterling acquisition added ~$4B) Retail Bank 5.3 . Municipal deposits declined with liquidity & pricing General Middle Market 3.0 strategy Technology & Life Sciences 2.7 Small Business Banking 1.6 . Retail deposits have been a large driver of growth All Other 1.5 . Deposit mix remains diverse Wealth Management 1.3 Corporate Banking 1.1 9/30/18 6
Deposit Mix Shift Growth in interest-bearing deposits primarily new money Noninterest-bearing Deposits Total Deposits ($ in billions; Average) ($ in millions; Average 3Q18 vs. 3Q17) Noninterest-bearing Interest-bearing Prior Cycle Decline Current Cycle Stable -1,864 Total 1,463 28.6 29.2 -340 FSD -$3B Technology & Life Sciences 1,092 14.6 -675 Middle Market Lending 11.6 200 -535 Municipalities -424 -412 Commercial Real Estate -30 . Noninterest-bearing decrease 2Q04 2Q07 3Q15 3Q18 • Working capital usage (Middle Market) • Investment in projects (Commercial Real Estate) . Prior Cycle: 2Q04 Financial Services Division . Interest-bearing increase (FSD) noninterest-bearing deposits of $6B declined • New customers in Technology & Life Sciences as housing values & mortgage activity decreased . Decline in noninterest & interest-bearing Municipal . Current cycle: FSD balances steady at $1.8B deposits 9/30/18 7 Benefit from Rise in Interest Rates Balance sheet remains well-positioned for current rate environment Estimated Additional Net Interest Income Faster Loan Re-pricing/Maturity Date3 Y/Y Benefit from Rates1 (3Q18) Less Than 3 Months Greater Than 3 Months Total FY18 / FY17 ~$290MM 100% 80% 1Q18 - 3Q18 rate increases ~$90MM 60% 4Q18 rate increase ~$60MM 40% Total FY19 / FY18 ~$150MM 20% 0% Outcomes may differ due to many variables, including balance sheet movements RF STI CFR KEY FHN BBT MTB FITB (loan, deposit & wholesale funding levels), pace of LIBOR rise & deposit betas CMA BOKF HBAN Cumulative Impact of Rate Increases2 Greatest Increase in Net Interest Margin3 4.74 (3Q18 vs 3Q15; In basis points) - 106 2.01 3.17 74 Beta 89% Beta 21% 60 59 52 0.51 37 34 33 - 31 0.25 0.14 18 16 12 3Q15 3Q18 3Q15 3Q18 3Q15 3Q18 RF STI FHN KEY CFR BBT MTB FITB CMA Fed Funds Loan Yields Deposit Costs ZION BOKF HBAN 9/30/18 ● Outlook as of 12/3/18 ● 1Assumes increases in Fed Funds, Prime & LIBOR ● 2Beta: change in loan yields or interest-bearing deposit costs expressed as a percentage of the increase in the federal funds rate ● 3Source for peer group data: S&P Global Market Intelligence; Loan re-pricing/maturity date information excludes ZION as data was not available 8
Hedging Through the Last Interest Rate Cycle Reduced impact of asset sensitivity when rates declined Historical Hedging Impact Notional Swaps Outstanding (In percentage points; Average) ($ in billions; Average) NIM Fed Funds NIM ex. impact from swaps 11.0 10.6 9.8 6 9.3 8.8 9.2 4.61 4.63 4.61 4.55 5 7.0 4.06 3.95 3.86 3.79 6.2 4 3 2 1 1999 2000 2001 2002 2003 2004 2005 2006 1999 2000 2001 2002 2003 2004 2005 2006 Hedging Overview • Reduce impact when rates decline in order to maintain steady margin as rates move through typical cycle • Strategy is to add swaps as rates increase & let run off as rates decline • Provides income when rates are low & mutes upside when rates are peaking • Last hedges rolled off in 2010; so far this current interest rate cycle have not begun to hedge 9 Conservative Credit Culture Yielded Superior Results During Downturn Despite recent reserve releases, reserve remains strong Net Charge-offs as a % of Avg. Loans1 Largest Reserve as a % of NPAs1 (In basis points) (3Q18; In percentage points) 191 Total CMA 250 Peer Average 188 159 200 139 119 150 111 103 91 81 98 100 86 80 39 70 63 30 54 50 16 5 51 0 RF 2007 2008 2009 2010 2011 2012 2013 2014 STI CFR BBT KEY FHN MTB FITB CMA ZION BOKF HBAN NPLs as a % of Loans1 Largest Reserve as a % of Loans1 (In basis points) (3Q18; In percentage points) Total CMA 1.35 420 Peer Average 1.18 1.16 1.14 1.09 360 1.05 1.04 1.03 1.02 1.00 0.98 283 290 300 231 0.66 240 181 180 137 95 120 80 69 RF 60 STI BBT CFR KEY FHN MTB FITB CMA ZION 2007 2008 2009 2010 2011 2012 2013 2014 BOKF HBAN 1Source: S&P Global Market Intelligence 10
TechVision 2020 Preparing for a new age in banking Strengthening Our Core Examples of Initiatives . Platform & app modernization . 150+ applications migrated to cloud YTD . Cybersecurity, risk & compliance enhancement . 20+ Bots deployed for high volume tasks . Talent & culture development . Digitalizing entire commercial lending process Transforming Our Future . Intent recognition capabilities . Embrace emerging technologies . Customer Relationship Management platform . APIs1, data & advanced analytics . Wire transfer system upgrade . Agile & digital delivery . FX sales system upgrade . Data Lake platform . GEAR Up has helped position our systems & talent . AI/ML-Bot assisted human advice for the future . Blockchain-enabled computing . Technology savings are being reinvested which helps moderate rising investment demand . Teller platform replacement . Focus shifted to increasing capacity, driving revenue . Multi-factor biometric security across channels growth, reducing costs & improving efficiency . Real-time commercial payments 1API: Application Program Interface 11 Active Capital Management Significantly increased capital return 4Q18 share repurchase of $500MM Increasing Shareholder Payout . Solid performance & strong capital position ($ in millions) 600 600 Equity Repurchases Dividends2 enables continued meaningful return of capital 100 100 . ASR entered 10/18/18, to be completed in 4Q18 227 185 192 200 201 500 500 1 137 139 147 58 FYE19 CET1 Target: 9.5%-10.0% 46 53 52 52 40 40 42 . Continue to actively manage capital with careful 169 97 99 105 139 139 148 149 consideration given to: • Earnings generation 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 • Capital needs Strong Capital Generation (CET1) • Market conditions (In percentage points) . Remain agile . Simplify & tailor approach to internal stress 11.98 11.90 11.68 11.66 11.55 testing, while continuing to manage our business 11.51 11.51 prudently 11.09 10.69 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Outlook as of 12/3/18 ● 24Q18 estimated 12
Well Positioned for the Future Provided superior shareholder returns 1 Positioned in faster growing Return on Assets GROWING (3Q18 YTD; In percentage points) REVENUE markets & industries 1.75 RISING Managing loan & deposit pricing 1.63 1.57 LONG HISTORY 1.52 1.48 1.46 1.42 1.38 RATES in rising rate environment 1.35 1.35 1.33 1.32 NIMBLE SIZE Executing GEAR Up initiative, INCREASING $74B IN ASSETS RF including technology investments, STI KEY FHN BBT CFR MTB FITB EFFICIENCY CMA ZION BOKF to increase capacity & productivity HBAN Return on Equity1 MANAGING Strong, conservative credit culture (3Q18 YTD; In percentage points) RISK 15.64 14.16 13.62 Positive developments on 13.27 12.75 REGULATORY 12.70 12.25 11.64 11.64 11.64 11.53 legislative & supervisory fronts 11.52 RELIEF 11.02 CAPITAL Significantly increased share RF STI CFR FHN BBT repurchase & dividend during 2018 KEY MTB FITB MANAGEMENT CMA ZION BOKF HBAN 1Source for peer group data: S&P Global Market Intelligence 13 Appendix
3Q18 Results Continue to outperform peers Earnings Per Share1 Efficiency Ratio1 Return on Equity1 Return on Assets1 (Growth; YTD 3Q18 vs. YTD 3Q17) (3Q18) (3Q18) (3Q18) 59% 53% 52% 16.15% 37% 1.77% 13.77% 1.53% CMA Peer Average CMA Peer Average CMA Peer Average CMA Peer Average 1Source for peer average: S&P Global Market Intelligence; Efficiency Ratio for CFR not available; Return on Assets for RF per 3Q18 Press Release; See slide 13 for list of peer banks 15 Interest Rate Sensitivity Remain well positioned for rising rates 0.1 Standard Model Assumptions Estimated Net Interest Income: Annual (12 month) Sensitivities 200 bps gradual, Interest Rates Based on Various Assumptions non-parallel rise Additional Scenarios are Relative to 3Q18 Standard Model ($ in millions) Loan Balances Modest increase Deposit Balances Moderate decrease Historical price movements ~190 Deposit Pricing (Beta) ~180 with short-term rates ~165 Held flat with prepayment Securities Portfolio reinvestment ~110 Loan Spreads Held at current levels ~70 Third-party projections and MBS Prepayments historical experience No additions Hedging (Swaps) modeled Up 100 bps Addl. $2B Addl. 20% Standard Addl. ~3% Deposit Increase in Model Loan Growth Decline Beta 9/30/18 ● For methodology see the Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis. 16
Financial Summary ($ in millions, except per share data) 3Q18 2Q18 3Q17 Earnings per share1 $1.86 $1.87 $1.26 Adjusted earnings per share1,2 1.86 1.90 1.27 Net interest income 599 590 546 Provision for credit losses -0- (29) 24 Noninterest income 234 248 275 Adjusted noninterest income2,3 254 248 245 Noninterest expenses 452 448 463 Adjusted noninterest expenses2 440 437 426 Provision for income taxes 63 93 108 Adjusted provision for income taxes2 94 98 113 Net income 318 326 226 Adjusted net income2 319 332 228 Return on average common shareholders’ equity 16.15% 16.40% 11.17% Return on average assets 1.77 1.85 1.25 1Diluted earnings per common share ● 2See Reconciliation of Non-GAAP Financial Measures located on last slide ● 33Q18 adj. excludes $20MM loss related to repositioning of securities portfolio 17 Reconciliation of Adjusted Net Income 3Q18 2Q18 3Q17 Per Per Per ($ in millions, except per share data) $ Share1 $ Share1 $ Share1 Net income $318 $1.86 $326 $1.87 $226 $1.26 Securities repositioning2 15 0.09 - - - - Restructuring charges2 9 0.05 9 0.05 4 0.02 Discrete tax benefits (23) (0.14) (3) (0.02) (2) (0.01) Adjusted net income $319 $1.86 $332 $1.90 $228 $1.27 Efficiency Ratio4 52.93% 53.24% 56.33% Adjusted Efficiency Ratio3,4 51.59 51.90 53.71 1Based on diluted average common shares ● 2Net of tax ● 3See Reconciliation of Non-GAAP Financial Measures located on last slide ● 4Noninterest expenses as a percentage of net interest income & noninterest income excluding net gains (losses) from securities & a derivative contract tied to the conversion rate of Visa Class B shares 18
Third Quarter 2018 Results Revenue growth (ex. securities losses), strong credit metrics & tight expense management Change From ($ in millions, except per share data) 3Q18 2Q18 3Q17 Key QoQ Performance Drivers Average loans $48,584 $(641) $(79) . Loans impacted by seasonality Average deposits 56,093 $ 263 $(400) . Deposits increased . Net interest income reflects loan & deposit Net interest income $599 $ 9 $ 53 pricing control as rates rose; nonaccrual interest recoveries decreased $8MM Provision for credit losses -0- 29 (24) . Strong credit quality led to reserve release Noninterest income1 234 (14) (41) . Noninterest income grew 2.4% (ex. $20MM Noninterest expenses 452 4 (11) securities losses) Provision for income tax 63 (30) (45) . Noninterest expenses remain well- Net income 318 (8) 92 controlled Earnings per share2 $1.86 $(0.01) $0.60 . Tax benefits of $23MM primarily from 2017 Adjusted earnings per share2,3 1.86 (0.04) 0.59 tax reform law . Returned record $600MM to shareholders Equity repurchases4 $500 $331 $361 with increases in share buyback & dividend Dividend declared 0.60 0.26 0.30 3Q18 compared to 2Q18 ● 13Q18 includes $20MM loss related to repositioning of securities portfolio ● 2Diluted earnings per common share ● 3See Reconciliation of Non-GAAP Financial Measures located on last slide ● 43Q18 repurchases under the equity repurchase program 19 Average Loans Decline with Seasonality Loan yields increase 11 basis points Total Loans Average loans decrease $641MM ($ in billions; Average) Loan Yields - $400MM National Dealer Services 49.8 - $225MM General Middle Market 48.9 49.2 49.0 48.7 48.4 48.6 - $191MM Private Banking - $104MM Corporate Banking + $177MM Mortgage Banker Finance + $126MM Technology & Life Sciences (Equity Fund Services) 4.74 4.63 Period-end loans decrease $782MM 4.26 4.08 4.04 - $451MM National Dealer Services - $392MM Mortgage Banker Loan yield +11 bps + 15 bps increase in rates + 2 bps loan fees & other - 6 bps nonaccrual interest recoveries 3Q17 4Q17 1Q18 2Q18 3Q18 2Q18 3Q18 Average Balances Period-end 3Q18 compared to 2Q18 20
Average Loans by Business and Market By Line of Business 3Q18 2Q18 3Q17 By Market 3Q18 2Q18 3Q17 Middle Market Michigan $12.4 $12.6 $12.6 General $11.7 $12.0 $11.8 Energy 1.8 1.8 2.1 California 18.1 18.4 17.9 National Dealer Services 7.0 7.4 6.9 Entertainment 0.7 0.7 0.6 Texas 9.7 9.9 10.0 Tech. & Life Sciences 4.0 3.8 3.3 Other Markets1 8.4 8.3 8.2 Environmental Services 1.1 1.0 1.0 Total Middle Market $26.4 $26.8 $25.8 TOTAL $48.6 $49.2 $48.7 Corporate Banking US Banking 2.9 3.1 3.2 International 1.4 1.3 1.5 . Middle Market: Serving companies with Commercial Real Estate 5.3 5.3 5.1 revenues generally between $20-$500MM Mortgage Banker Finance 2.0 1.8 2.0 . Corporate Banking: Serving companies (and Small Business 3.7 3.7 3.8 their U.S. based subsidiaries) with revenues BUSINESS BANK $41.6 $42.0 $41.3 generally over $500MM Retail Banking 2.1 2.1 2.1 . Small Business: Serving companies with RETAIL BANK $2.1 $2.1 $2.1 revenues generally under $20MM Private Banking 4.9 5.1 5.3 WEALTH MANAGEMENT $4.9 $5.1 $5.3 TOTAL $48.6 $49.2 $48.7 $ in billions ● Totals shown above may not foot due to rounding ● 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets 21 Average Deposits Grew Deposit rates increase 9 basis points Total Deposits ($ in billions; Average) Deposit Rates1 Average deposits increase $263MM 57.6 57.2 56.5 56.1 55.8 56.1 56.0 + $386MM interest-bearing - $123MM noninterest-bearing Period-end deposits decrease $1.2B - $1.2B government prepaid card (timing) Loan to deposit ratio2 of 88% 3Q18 / 3Q17 average deposits 0.51 decrease $400MM 0.42 - $959MM Municipal deposits 0.25 0.16 0.19 3Q17 4Q17 1Q18 2Q18 3Q18 2Q18 3Q18 Average Balances Period-end 3Q18 compared to 2Q18 ● 1Interest costs on interest-bearing deposits ● 2At 9/30/18 22
Average Deposits by Business and Market By Line of Business 3Q18 2Q18 3Q17 By Market 3Q18 2Q18 3Q17 Middle Market Michigan $20.7 $20.9 $21.6 General $13.4 $13.3 $14.5 Energy 0.5 0.5 0.7 California 16.9 16.6 17.3 National Dealer Services 0.3 0.3 0.4 Texas 8.9 9.0 9.4 Entertainment 0.1 0.1 0.1 1 Tech. & Life Sciences 6.3 6.0 5.5 Other Markets 8.5 8.1 7.7 Environmental Services 0.1 0.1 0.1 Finance/Other2 1.1 1.2 0.4 Total Middle Market $20.8 $20.4 $21.3 TOTAL $56.1 $55.8 $56.5 Corporate Banking US Banking 2.1 2.1 1.9 International 2.0 1.9 2.1 . Middle Market: Serving companies with Commercial Real Estate 1.5 1.5 2.0 revenues generally between $20-$500MM Mortgage Banker Finance 0.7 0.7 0.8 Small Business 3.1 3.2 3.1 . Corporate Banking: Serving companies (and BUSINESS BANK $30.3 $29.7 $31.3 their U.S. based subsidiaries) with revenues Retail Banking 20.8 21.0 20.8 generally over $500MM RETAIL BANK $20.8 $21.0 $20.8 . Small Business: Serving companies with Private Banking 3.7 3.6 3.8 revenues generally under $20MM WEALTH MANAGEMENT $4.0 $3.9 $4.1 Finance/Other2 1.1 1.2 0.4 TOTAL $56.1 $55.8 $56.5 $ in billions ● Totals shown above may not foot due to rounding ● 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets ● 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments 23 Commercial Real Estate Line of Business Long history of working with well established, proven developers CRE by Property Type1 CRE by Market1 ($ in millions; Period-end) ($ in millions; Period-end, based on location of property) Single Office Michigan Family Multi use 7% 5% Commercial 7% 3% 10% Land Carry Other 5% 16% Retail California 11% Other Total 44% Total 6% $4,540 $4,540 Texas Multifamily 35% 51% Credit Quality CRE by Loan Type ($ in millions; Period-end) 3Q17 2Q18 3Q18 ($ in millions; Period-end) 2Q18 3Q18 Criticized2 $120 $ 84 $ 85 Real Estate Construction $2,888 54% $2,780 53% Ratio 2.3% 1.6% 1.6% Commercial Mortgages 1,746 33% 1,760 33% Nonaccrual 73 3 $4,634 87% $4,540 86% Ratio 0.14% 0.06% 0.05% Commercial & Other 682 13% 720 14% Net charge-offs (recoveries) -0- -0- -0- Total $5,316 100% $5,260 100% 9/30/18 ● 1Excludes CRE line of business loans not secured by real estate ● 2Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories 24
Energy Line of Business Credit quality continues to improve; balances stable Energy Line of Business Loans . Focus on full relationships with larger, ($ in millions; Period-end) sophisticated E&P companies (access to a Midstream Services Exploration & Production variety of capital sources, hedging & diverse geographic footprint) 2,077 . Expect to maintain portfolio at ~4% of total loans 1,836 1,848 1,832 1,734 . Robust analysis of Mixedcollateral (nearly all loans have security at 9/30)18% 1,530 Energy Line of Business 1 1,346 1,395 Criticized Loans 1,499 1,400 627 ($ in millions) NALs 508 468 319 269 239 195 152 91 100 308 295 301 243 233 167 108 102 60 53 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 9/30/18 ● 1Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories 25 Mortgage Banker Finance 50+ years experience with reputation for consistent, reliable approach . Provide warehouse financing: bridge from Average Loans ($ in millions) residential mortgage origination to sale to end Actual MBA Mortgage Origination Volumes 1,2 market 2,544 . Extensive backroom provides collateral monitoring 2,352 2,145 2,136 2,089 1,974 1,961 and customer service 1,861 1,784 1,780 1,742 1,674 1,605 1,595 1,450 1,435 1,399 1,397 1,319 886 . Focus on full banking relationships 1,109 . Granular portfolio with 100+ relationships 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 . Underlying mortgages are typically related to home 1 purchases as opposed to refinances MBA Mortgage Originations Forecast ($ in billions) As of 3Q18: Purchase Refinance • Comerica: 89% purchase 457 448 460 385 396 • Industry: 76% purchase1 326 . Strong credit quality • No charge-offs since 2010 . Period-end loans: $2.1B 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 9/30/18 ● 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 11/21/18; 3Q18 actuals shown ● 2$ in billions 26
National Dealer Services 65+ years of floor plan lending Franchise Distribution . Top tier strategy (Based on period-end loan outstandings) Honda/Acura . Focus on “Mega Dealer” (five or more 13% Ford dealerships in group) Toyota/Lexus 8% 15% . Strong credit quality GM 9% . Robust monitoring of company inventory and performance Other 1 Total 11% $7.0B Fiat/Chrysler 12% Average Loans ($ in billions) Floor Plan 7.3 7.4 7.1 7.1 7.0 6.9 Mercedes 6.8 6.6 6.5 Other Asian 6.3 6.2 6.2 6.0 6.0 3% 5.9 5.7 5.7 13% 5.5 5.3 5.3 Nissan/ Infiniti 4.9 Other European 5% 11% Geographic Dispersion 4.3 4.3 4.2 4.1 4.1 4.0 4.0 3.9 3.8 3.8 3.8 3.7 3.6 3.5 3.5 3.5 3.4 3.2 3.2 3.2 California 59% Texas 9% 2.9 Michigan 23% Other 9% 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 9/30/18 ● 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) 27 Technology and Life Sciences 20+ years experience provides competitive advantage Technology & Life Sciences Avg. Loans ($ in billions) . Strong relationships with top-tier investors Equity Fund Services 3.8 4.0 . Granular portfolio: ~770 customers (including 3.5 3.5 ~235 customers in Equity Fund Services) 3.3 . Manage concentration to numerous verticals to ensure widely diversified portfolio 2.6 1.9 2.0 2.1 2.4 . Closely monitor cash balances and maintain robust backroom operation 3Q17 4Q17 1Q18 2Q18 3Q18 . 11 offices throughout US & Canada Customer Segment Overview (based on period-end loans) . Recent growth driven by Equity Fund Services Growth • Commercial banking services for venture ~15% capital & private equity firms Leveraged Equity Fund Finance • Bridge financing for capital calls Total Services ~10% $4.2B ~65% • Strong credit profile Early Stage ~5% Late Stage ~5% 9/30/18 28
Securities Portfolio Stable Yields increase 5 basis points; Repositioned $1.3B in Treasuries at quarter end Securities Portfolio 1 ($ in billions) Duration of 3.4 years Treasury Securities & Other Mortgage-backed Securities (MBS) . Extends to 3.9 years under a 200 bps Securities Yields instantaneous rate increase1 2 12.2 12.1 11.9 11.8 11.8 11.9 11.9 Net unrealized pre-tax loss of $365MM Net unamortized premium of $15MM3 Typical quarterly paydown of $400MM - 9.4 9.3 9.2 9.1 9.1 9.2 9.2 $500MM being replaced at higher yield Repositioned $1.3B Treasuries (9/27/18) . Average yield increases ~$4MM per quarter 2.17 2.12 • 1.60% on securities sold 2.07 2.09 2.05 • 2.89% on securities purchased . 3 year duration on securities purchased1 3Q17 4Q17 1Q18 2Q18 3Q18 2Q18 3Q18 Average Balances Period-end 9/30/18 ● 1Estimated as of 9/30/18 ● 2Net unrealized pre-tax gain/loss on the available-for-sale (AFS) portfolio ● 3Net unamortized premium on the MBS portfolio 29 Net Interest Income Increase of $9MM NIM benefit from rising rates offset by lower nonaccrual interest & higher excess liquidity Net Interest Income $590MM 2Q18 3.62% ($ in millions) NIM + 13MM Loan impacts + 0.08 590 599 +$19MM Higher rates +0.12 546 545 549 + 6MM 1 additional day --- + 3MM Loan fees & other +0.02 - 8MM Nonaccrual interest -0.05 -7MMLoan activity -0.01 3.62 3.60 + 10MM Balances at Fed - 0.02 3.41 + 2MM Higher rates +0.01 3.28 3.27 + 8MM Higher balances -0.03 + 2MM Securities + 0.01 + 2MM Higher rates +0.01 - 7MM Deposit costs - 0.04 -6MM Higher rates -0.04 -1MM Deposit growth --- - 9MM Wholesale funding - 0.05 -4MM Higher rates -0.02 3Q17 4Q17 1Q18 2Q18 3Q18 -5MM Higher balances -0.03 Net Impact due to rates: $599MM 3Q18 3.60% $13MM & 8 bps on the NIM 3Q18 compared to 2Q18 30
Credit Quality Strong Positive credit migration resulted in reserve release Allowance for Credit Losses ($ in millions) Allowance for Loan Losses as a % of Total Loans $15MM in net charge-offs2 or 13 bps 753 754 738 711 697 . $25MM Gross Charge-offs (2Q18 $20MM) . $10MM Recoveries (2Q18 $23MM) 1.45 1.45 1.42 1.36 1.35 $95MM decrease in criticized loans . Energy criticized loans decreased $50MM 3Q17 4Q17 1Q18 2Q18 3Q18 Criticized Loans1 Allowance for Loan Losses / total NPLs ($ in millions) 2.8 x NALs Criticized as a % of Total Loans 2,434 2.6 x 2,231 2,120 2.1 x 1,765 1,670 1.6 x 1.7 x 5.0 4.5 4.3 3.5 3.4 444 402 326 254 230 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 9/30/18 ●1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories ● 2Net credit-related charge-offs 31 Noninterest Income Excluding securities losses, noninterest income grew 2.4% Noninterest Income1 ($ in millions) Securities losses due to repositioning Impact of accounting change - $20MM Securities losses 285 + $ 2MM Customer derivatives2 275 2 34 254 + $ 2MM Investment Banking 30 244 248 20 - $ 2MM Commercial lending (syndication fees) 245 251 234 - $ 2MM Letters of credit + $ 2MM Bank-owned life insurance + $ 2MM Deferred comp2 (offset in noninterest expense) + $ 2MM 2Q18 Visa derivative charge2 3Q17 4Q17 1Q18 2Q18 3Q18 3Q18 compared to 2Q18 ● 1See Reconciliation of Non-GAAP Financial Measures located on last slide ● 2 Included in other noninterest income 32
Noninterest Expense Well Controlled Efficiency ratio1 continues to improve, drops below 53% Noninterest Expenses2 ($ in millions) Impact of accounting change Restructuring + $4MM Salaries & benefits 1X employee bonus $5MM 4Q17 + Contract labor 483 + Deferred comp (offset in noninterest income) 463 + One extra day 34 446 448 452 30 12 - Workforce reduction 13 16 11 7 437 440 426 431 430 GEAR Up Remained on Track YoY (In percentage points) Efficiency Ratio1 Adj. Efficiency Ratio1,2 56.3 53.7 52.9 51.6 3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 3Q18 3Q17 3Q18 3Q18 compared to 2Q18 ● 1Noninterest expenses as a percentage of net interest income & noninterest income excluding net gains (losses) from securities & a derivative contract tied to the conversion rate of Visa Class B shares ● 2See Reconciliation of Non-GAAP Financial Measures located on last slide 33 Holding Company Debt Rating Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch BB&T A2 A- A+ Cullen Frost A3 A- -- M&T Bank A3 A- A Comerica A3 BBB+ A BOK Financial Corporation A3 BBB+ A Huntington Baa1 BBB+ A- Fifth Third Baa1 BBB+ A- Peer Banks KeyCorp Baa1 BBB+ A- SunTrust Baa1 BBB+ A- Regions Financial Baa2 BBB+ BBB+ First Horizon National Corp Baa3 BBB- BBB- Zions Bancorporation Baa3 BBB BBB U.S. Bancorp A1 A+ AA- Wells Fargo & Company A2 A- A+ PNC Financial Services Group A3 A- A+ JP Morgan A2 A- AA- Large Banks Bank of America A3 A- A+ As of 11/29/18 ● Source: S&P Global Market Intelligence ● Debt Ratings are not a recommendation to buy, sell, or hold securities 34
Reconciliation of Non-GAAP Financial Measures (dollar amounts in millions, except per share data) 3Q18 2Q18 3Q17 (dollar amounts in millions, except per share data) 3Q18 2Q18 3Q17 Noninterest Income: Net Income: Noninterest income $234 $248 $275 Net income $318 $326 $226 Securities repositioning 20 — — Securities repositioning, net of tax 15 — — Proforma effect of adopting new accounting standard — — (30) Restructuring charges, net of tax 9 9 4 Adjusted noninterest income $254 $248 $245 Discrete tax benefits (23) (3) (2) Noninterest Expenses: Adjusted net income $319 $332 $228 Noninterest expenses $452 $448 $463 Diluted Earnings per Common Share: Proforma effect of adopting new accounting standard — — (30) Diluted earnings per common share $1.86 $1.87 $1.26 Restructuring charges (12) (11) (7) Securities repositioning, net of tax 0.09 — — Adjusted noninterest expenses $440 $437 $426 Restructuring charges, net of tax 0.05 0.05 0.02 Pre-tax Income: Discrete tax benefits (0.14) (0.02) (0.01) Pre-tax income $381 $419 $334 Adjusted diluted earnings per common share $1.86 $1.90 $1.27 Securities repositioning 20 — — Efficiency ratio: Restructuring charges 12 11 7 Reported 52.93% 53.24% 56.33% Adjusted pre-tax income $413 $430 $341 Adjusted 51.59 51.90 53.71 Provision for Income Taxes: Provision for Income Taxes: $63 $93 $108 • Discrete tax benefits primarily includes to tax benefits from the review of tax Discrete tax benefits 23 3 2 capitalization and recovery positions on fixed assets and software on the 2017 tax Tax on securities repositioning 5 — — return and from employee stock transactions. Tax on restructuring charges 3 2 3 • Securities repositioning refers to losses on sale of securities resulting from repositioning $1.3 billion of treasury securities by purchasing securities yielding higher Adjusted provision for income taxes $94 $98 $113 interest while retaining a duration of 3 years. • Proforma effect of the adoption of accounting standard relates to the impact of the new revenue recognition standard that became effective January 1, 2018 and is not reflected in 2017 results. Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate our performance trends. Comerica believes the adjusted data shown above and in this presentation provides a greater understanding of ongoing operations and enhances comparability of results with prior periods. 35