CHFC 2018 Proxy Statement

Continued Strong Loan Growth In 2017, we increased total loans by $1.2 billion, or 9.0%, from 2016. Total Loans $15 $10 $5 $0 Billions 2015 2016(1) 2017 $7.3 $7.3(1) $13.0 $13.0(1) $14.2 $14.2(1) (1) The increase in total loans in 2016 includes $4.88 billion of loans added in our merger with Talmer. Strong Long-term Total Shareholder Return Performance As our long-term business strategy and priorities have evolved, we have been able to continue to deliver strong returns to our shareholders. Our 1-year Total Shareholder Return slightly increased in 2017, rising 0.91%, which was in line with our peers. On a longer-term basis, we continue to outperform our peers, as is indicated by our outpacing of the NASDAQ Regional Banking Index over the five year period ended December 31, 2017. Chemical Financial Corporation KBW NASDAQ Regional Banking Index S&P 500 Stock Index Total Shareholder Return 300 250 200 150 100 50 0 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 The relative total shareholder return on a $100 investment in our common stock compared to other indices on December, 31 2012 (assuming all dividends are reinvested) is shown below: December 31, 2012 2013 2014 2015 2016 2017 Chemical Financial Corporation $ 100 $ 138 $ 138 $ 159 $ 257 $ 260 KBW NASDAQ Regional Banking Index 100 147 150 159 221 225 S&P 500 Stock Index 100 132 151 153 171 208 Both of the indices in the table above are based upon total return (including reinvestment of dividends) and are market-capitalization-weighted indices. The S&P 500 Stock Index is a broad equity market index published by S&P. The KBW NASDAQ Regional Banking Index is published by Keefe, Bruyette & Woods, Inc. (KBW), an investment banking firm that specializes in the banking industry. The KBW NASDAQ Regional Banking Index is composed of 50 small and mid-cap U.S. regional banks or thrifts that are publicly traded. Note: Historical performance information is not a guarantee of future performance. 25