Comerica Incorporated : 2020 Q1 Presentation

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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, 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 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 include credit risks (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); financial reporting risks (changes in accounting standards and the critical nature of Comerica's accounting policies); strategic risks (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 implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events, including the COVID-19 global pandemic; 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 12 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2019. 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.

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Building enduring relationships

Helping our customers & communities navigate challenging times is at the

heart of Comerica's relationship banking strategy

EMPLOYEES	>65% of colleagues are working from home
	Monetary assistance with dependent/elder care
	Promise Pay: Colleagues who cannot work remotely receive up to an extra $175/week
	Fully cover cost of COVID-19 testing & online healthcare visits

Hardship relief assistance, including consideration of:

• Fee waivers for overdraft, check order, ATM, late payment, credit card over limit, CD early

CUSTOMERS		withdrawal & HELOC subordination requests
ƒ	Waive overdraft balances to ensure customers receive full amount of consumer stimulus payment
	ƒ Disaster Assistance for Consumer loan & HELOC customers
	ƒ Loan deferrals & amendments
	As a SBA preferred lender, assisted customers in accessing Paycheck Protection Program

• $1.8B loans approved
• >5,000 applications received

Banking Center drive-throughs remain open / lobby hours by appointment

COMMUNITY	Investing $4MM1 to support community programming & businesses
	ƒ	Community Development Financial Institutions: support needs of small & micro businesses
	ƒ	Community service organizations: provide services to youth, seniors and other vulnerable
		populations (particularly organizations addressing food insecurities & access to health care)

• Expediting $500,000 of planned funding to several local United Way organizations

4/21/20 Ⴠ 1Support from Comerica Bank & Comerica Charitable Foundation

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Increased allowance for loan losses ratio to 1.71% to reflect economic outlook

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Average loans	$49,604	$50,505	$49,677	$(901)	$(73)	ƒ	$YHUDJHORDQVUHIOHFW
Period-end loans	53,458	50,369	50,302	3,089	3,156			GHFUHDVHVLQ0RUWJDJH%DQNHU
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Average deposits	56,768	57,178	53,996	(410)	2,772
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Period-end deposits	57,366	57,295	54,091	71	3,275		ƒ 'HSRVLWVUHODWLYHOVWDEOH
Net interest income	$513	$544	$606	$(31)	$(93)
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Provision for credit losses	411	8	(13)	403	424
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Noninterest income1	237	266	238	(29)	(1)		ƒ 3URYLVLRQLQFOXGHVVWUHVVLQ
Noninterest expenses	425	451	433	(26)	(8)			(QHUJ H[SHFWHG
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Provision for income tax	(21)	82	85	(103)	(106)
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Net income	(65)	269	339	(334)	(404)	ƒ
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Earnings per share2	$(0.46)	$1.85	$2.11	$(2.31)	$(2.57)
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Average diluted shares	140.6	144.6	159.5	(4.0)	(18.9)	ƒ	([SHQVHVZHOOFRQWUROOHG
Efficiency ratio3	56.57%	55.46%	50.81%
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CET14	9.51	10.13	10.78

1Includes gain(loss) related to deferred comp plan of $2MM 1Q19, $3MM 4Q19 & ($3MM) 1Q20 (offset in noninterest expense) Ⴠ 2Diluted
earnings per common share Ⴠ 3Noninterest expenses as a percentage of net interest income & noninterest income excluding net gains
(losses) from securities & derivative contract tied to conversion rate of Visa Class B shares Ⴠ 41Q20 Common Equity Tier 1 capital ratio estimated	4

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Appropriately supporting customers' liquidity needs

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1Q20 compared to 4Q19

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Deposit rates decreased 16 basis points as prudently adjust pricing

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1Q20 compared to 4Q19 Ⴠ 1Interest costs on interest-bearing deposits Ⴠ 2At 3/31/2020 Ⴠ 3Interest incurred on liabilities as a percent of average noninterest-bearing deposits and interest-bearing liabilities

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Yields stable

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3/31/20 ● 1Estimated as of 3/31/20 ● 2Net unamortized premium on the MBS portfolio ● 3Outlook as of 4/21/20

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Impacted by lower interest rates

	1HW,QWHUHVW,QFRPH			$544MM			4Q19	3.20%
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					- 47MM	Loans:		- 0.21
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							- 27MM	Lower rates	- 0.16
606	603
586						-	8MM	Lower balances	- 0.02
			544					-	6MM	One less day	---
			513				-	2MM	Loan Fees	- 0.01
								-	4MM	Nonaccrual/Other	- 0.02
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						-	2MM	Fed Deposits:	- 0.04
3.79	3.67							-	4MM	Lower yield	- 0.02
3.52						+ 2MM	Higher balances	- 0.02
	3.20
			3.06		+ 14MM	Deposits:	+ 0.08
								+ 12MM	Lower rates	+ 0.07
								+ 1MM	Lower balances	+ 0.01
								+ 1MM	One less day	---
						+ 5MM	Wholesale funding:	+ 0.03
								+ 5MM	Lower rates	+0.03
						$513MM			1Q20	3.06%
1Q19	2Q19	3Q19	4Q19	1Q20

1Q20 compared to 4Q19

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Provision reflects increase in reserves for Energy & COVID-19 related stress

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$ in millions	Energy	Ex-Energy	Total
Total PE loans	$2,114	$51,344	$53,458
% of total	4%	96%	100%
Criticized1	493	1,964	2,457
Ratio	23.34%	3.83%	4.60%
Nonperforming loans	65	174	239
Ratio	3.09%	0.34%	0.45%
Net charge-offs2	67	17	84
Allowance Ratio	10.5%	1.3%	1.7%

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3/31/20 ● 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories ● 2Net credit-relatedcharge-offs

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Exposure to "at risk" industries well reserved

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	Hotels/Casinos	$736	1.4%	1.4%	Strong liquidity; Well capitalized
	Retail CRE	$560	1.0%	0.0%	Well capitalized developers (low LTV)
	Arts / Recreation	$377	0.7%	1.7%	Larger, well-established entities
	Retail goods & services	$357	0.7%	9.3%	Granular portfolio
	Sports franchises	$320	0.6%	0.2%	Primarily professional league teams
	Total all Other2	$1,320	2.5%	6.1%	13 distinct categories
	Social Distancing Total	$3,670	6.9%	3.6%
	Energy	$2,114	4.0%	23.2%	See Energy slide 10
	Auto Production3	$1,278	2.4%	16.5%	Primarily Tier 1 & Tier 2 suppliers; $9MM nonaccrual loans
	Leveraged Loans4	$2,107	3.9%	10.5%	83% are middle market companies
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3/31/20; in millions categories Ⴠ 1Period-end category criticized loans / category loans Ⴠ 2Includes airlines, restaurants/bars,
childcare, coffee shops, cruise lines, education, gasoline/C stores, religious organizations, senior living, freight, travel arrangement,
wineries/breweries Ⴠ 3Auto production is as of 2/29/20 Ⴠ 4Higher-risk commercial & industry total $2.5B, eliminated overlap with other categories	11

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Impacted by noncustomer-related activity

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1Q20 compared to 4Q19 ● 1Losses related to repositioning of securities portfolio of $(8)MM in 2Q19

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Declined $26MM with careful control of expenses

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(losses) from securities & derivative contract tied to conversion rate of Visa Class B shares Ⴠ 2Reclassification from Outside Processing to
Software for certain costs related to hosting arrangements (new accounting standard)	13

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Multiple funding sources

Available Liquidity Sources (in billions; Period-end)					/RDQWR'HSRVLW5DWLR
	30%			43HULRGHQG
Federal Reserve Deposit	$ 3.8	120%
120%
FHLB Unused Funding Capacity1	9.9
110%
Unpledged Investment Securities (of $13B portfolio)	6.9
100%				93%
Discount Window Borrowing Capacity (undrawn)	17.2
90%
Total	$37.8	80%
ƒ	,QDGGLWLRQUHDGDFFHVVWREURNHUHGGHSRVLWV	70%
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		Subordinated Notes			Equity,	Total	bearing
		FHLB Advance			Deposits,
			3,800	10%	Liabilities
					39%
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						Other	$76,337	Noninterest
					876
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675			524	642	& Debt,		Deposits,
2020	2021	2022	2023	2024	2025+	15%		36%
3/31/20 Ⴠ 1$4.6B drawn at Federal Home Loan Bank Ⴠ 2FHLB Advance & Overnight Fed Funds

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Maintain solid capital base through recessionary environment

&DSLWDOPDQDJHPHQWREMHFWLYHV	($ in millions)	CET1/ Tier 1	RWA	%
4Q19 Tier 1 Capital		6,919	68,273	10.13
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Net loss		(65)		(0.10)
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	CECL adjustment3		69		0.10
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Dividends		(94)		(0.14)
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	Share Repurchase Program1		(189)		(0.28)
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ƒ	+LJKTXDOLWRIFDSLWDOFRPPRQHTXLW	1Q20 Tier 1 Capital3		6,654	69,996	9.51
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Tier 1 Capital

Total Capital

3/31/20 Ⴠ Outlook as of 4/21/20 Ⴠ 1Shares repurchased under the share repurchase program Ⴠ 2Includes $13MM from CECL Day 1 adoption Ⴠ 3Estimates

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2Q20 expectation based on recessionary conditions

Loan	+	Mortgage Banker, supporting customer liquidity needs, funding Paycheck Protection Program
Growth	-	Partly offset by reduced working capital & capex needs
Deposit	+	Customers conserving liquidity, economic stimulus programs
Growth	-	Partly offset by customers meeting operating needs
Net Interest	-	2Q20 net impact of lower rates ~$55MM (assumes average 1-Month LIBOR of 78 bps)1
Income	+	Partly offset by loan growth
Credit	•	Reflective of environment: duration/severity of COVID-19 & resulting economic effects
Quality	•	Current reserve is appropriate based on expected recessionary conditions as of 3/31/20
Noninterest	+	Higher card fees
Income2	-	Reduced economic activity1, lower market based fees
Noninterest	+	Outside processing, COVID-19 related costs & merit
Expenses2	-	Partly offset by continued expense discipline
Capital	• Share repurchase program suspended
•	Focus on supporting customers & providing attractive dividend

Outlook as of 4/21/20 ● 2Q20 outlook compared to 1Q20; Comerica is withdrawing its full year financial outlook for fiscal 2020 ● 1Source: Comerica economic forecast as of 4/14/20 ● 2Assumes no deferred comp asset returns (1Q20 -$3MM)

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3/31/20 Ⴠ 1Estimates Ⴠ 2Holding company debt ratings as of 4/15/20; Debt Ratings are not a recommendation to buy, sell, or hold securities

17

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%/LQHRI%XVLQHVV	4	4	4				%DUNHW	4	4	4
Middle Market							Michigan	$12.2	$12.4	$12.6
General	$12.0	$12.0	$12.0
Energy	2.2	2.5	2.3				California	18.0	17.9	18.7
National Dealer Services	6.8	7.3	7.8				Texas	10.6	10.7	10.3
Entertainment	0.7	0.7	0.8
Tech. & Life Sciences	1.2	1.2	1.3				Other Markets1	8.8	9.5	8.2
Equity Fund Services	2.6	2.5	2.6
			TOTAL	$49.6	$50.5	$49.7
Environmental Services	1.3	1.3	1.2
Total Middle Market	$26.7	$27.4	$28.0
Corporate Banking								/RDQ3RUWIROLR
US Banking	3.0	2.9	3.0
			LQELOOLRQV43HULRGHQG
International	1.2	1.3	1.3
Commercial Real Estate	6.2	5.9	5.3				Fixed Rate2
Mortgage Banker Finance	2.0	2.7	1.3				Prime-	18%
Small Business	3.4	3.4	3.5
			based
BUSINESS BANK	$42.6	$43.5	$42.5		6%	Total	30-Day
Retail Banking	2.1	2.1	2.1				60-Day+	$53.5
			LIBOR
RETAIL BANK	$2.1	$2.1	$2.1				LIBOR			70%
	6%
Private Banking	4.9	4.9	5.0
WEALTH MANAGEMENT	$4.9	$4.9	$5.0
TOTAL	$49.6	$50.5	$49.7

$ in billions Ⴠ Totals shown above may not foot due to rounding Ⴠ 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets Ⴠ 2Fixed rate loans include

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9/30/19

12/31/19

3/31/20

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60,000

60%

50,000

40,000

50%

30,000

40%

20,000

30%

10,000

-$10.4B

-

20%

1Q08

1Q09

1Q10

1Q11

1Q12

1Q13

1Q14

1Q15

1Q16

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1Q19

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3/31/20

20

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%/LQHRI%XVLQHVV	4	4	4
Middle Market	$14.3	$14.1	$13.3
General
Energy	0.5	0.4	0.5
National Dealer Services	0.3	0.3	0.3
Entertainment	0.1	0.1	0.1
Tech. & Life Sciences	5.1	5.1	5.0
Equity Fund Services	0.9	0.8	0.8
Environmental Services	0.1	0.1	0.2
Total Middle Market	$21.4	$21.1	$20.1
Corporate Banking	2.0	2.3	1.8
US Banking
International	1.5	1.6	1.6
Commercial Real Estate	1.7	1.8	1.5
Mortgage Banker Finance	0.6	0.7	0.6
Small Business	3.0	3.1	2.9
BUSINESS BANK
$30.2	$30.5	$28.5
Retail Banking	21.2	21.1	20.5
RETAIL BANK
$21.2	$21.1	$20.5
Private Banking	3.7	3.7	3.5
WEALTH MANAGEMENT
$4.0	$4.0	$3.8
Finance/Other2	1.3	1.5	1.3
TOTAL	$56.8	$57.2	$54.0

%DUNHW	4	4	4
Michigan	$20.7	$20.4	$19.9
California	17.5	18.1	16.2
Texas	9.2	9.0	8.7
Other Markets1	8.0	8.0	7.9
Finance/Other2	1.3	1.5	1.3
TOTAL	$56.8	$57.2	$54.0

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Retail		Commercial
Noninterest-		Noninterest-
bearing		bearing
8%	Total	39%
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bearing		23%
30%

$ in billions Ⴠ Totals shown above may not foot due to rounding Ⴠ 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets Ⴠ 2Finance/Other includes

items not directly associated with the geographic markets or the three major business segments	21

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Actual MBA Mortgage Origination Volumes

																																													2,681
								2,544																																	2,521
					2,145	2,352						1,974																			2,044	2,042
		1,674	1,450	1,780	1,861	1,435	1,784	1,961	1,677	1,335
		1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20
					0%$0RUWJDJH2ULJLQDWLRQV)RUHFDVW
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																768		Purchase		Refinance
					563																	600							495							420
					1Q20					2Q20							3Q20					4Q20						1Q21

3/31/20 ● 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 4/2/20; estimated

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	Office	Single					Michigan
	Family	Other
	Retail	8%				5%
	5%	5%
	10%
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			Multi use			19%	California
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	19%	$5,525	3%				$5,525	44%
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						32%
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	Ratio		1.5%	1.4%	1.3%		ƒ	6XEVWDQWLDOXSIURQWHTXLWUHTXLUHG
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	Nonaccrual		$2	$2	$3
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3/31/20 Ⴠ 1Excludes CRE line of business loans not secured by real estate Ⴠ 2Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories Ⴠ 3Period-end loans

23

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Honda/Acura

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Toyota/Lexus

15%Ford

10%

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$7.2B	7%
10%

Fiat/Chrysler

10%

Other Asian				Mercedes
			3%
13%
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		5%
		11%
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California	55%	Texas	8%
Michigan	27%	Other	10%

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								Floor Plan			7.8	7.9	7.5
6.2	6.5	6.3	6.6	6.8	7.1	6.9	7.1	7.3	7.4	7.0	7.4	7.3	6.8
3.7	4.0	3.8	4.0	4.1	4.3	3.9	4.1	4.1	4.2	3.8	4.0	4.4	4.5	4.1	4.0	3.6
1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20

3/31/20 ● 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans)

24

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Deep expertise & strong relationships with top-tier investors
		$YHUDJH/RDQV				$YHUDJH'HSRVLWV
			LQPLOOLRQV					LQPLOOLRQV
	1,323	1,305				4,992	4,652	4,637	5,149	5,126
	1,251	1,181	1,193
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ƒ	&ORVHOPRQLWRUFDVKEDODQFHV		14%
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							20%
3/31/20
										25
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Deep expertise & strong relationships with top-tier investors

	$YHUDJH/RDQV
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	2,408

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1,421

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2015

2016

2017

2018

2019

1Q20

3/31/20

26

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	6HQLRU8QVHFXUHG/RQJ7HUP,VVXHU5DWLQJ	0RRGbV	6 3
	Cullen Frost	A3	A-
	M&T Bank	A3	A-
	Comerica	A3	BBB+
3HHU%DQNV	BOK Financial	A3	BBB+
Fifth Third	Baa1	BBB+
	Huntington	Baa1	BBB+
	KeyCorp	Baa1	BBB+
	Regions Financial	Baa2	BBB+
	Zions Bancorporation	Baa2	BBB+
	First Horizon National Corp	Baa3	BBB-
	Citizens Financial Group	-	BBB+
	Synovus Financial	-	BBB-
/DUJH%DQNV	U.S. Bancorp	A1	A+
Bank of America	A2	A-
	Wells Fargo & Company	A2	A-
	JP Morgan	A2	A-
	PNC Financial Services Group, Inc.	A3	A-
	Truist Financial Corp	A3	A-

As of 4/15/20 Ⴠ Source: S&P Global Market Intelligence Ⴠ Debt Ratings are not a recommendation to buy, sell, or hold securities

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27