CHFC 2018 Annual Report

Shareholder Return The following line graph compares our cumulative total shareholder return on our common stock over the last five years, assuming the reinvestment of dividends, to the Standard and Poor's (S&P) 500 Stock Index and the KBWNasdaq Regional Banking Index (Ticker: KRX). Both of these indices 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. The line graph assumes $100 was invested on December 31, 2013. Chemical Financial Corporation KBW NASDAQ Regional Banking Index S&P 500 Stock Index Total Shareholder Return 200 150 100 50 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 The dollar values for total shareholder return plotted in the above graph are shown below: December 31, 2013 2014 2015 2016 2017 2018 Chemical Financial Corporation $ 100.00 $ 99.92 $ 115.31 $ 186.87 $ 188.56 $ 132.21 KBW NASDAQ Regional Banking Index 100 .00 102.42 108.48 150 .80 153.45 126.59 S&P 500 Stock Index 100 .00 113.69 115.26 129 .50 157.22 150.33 Equity Compensation Plans Information about our equity compensation plans as of December 31, 2018 is set forth in Part III, Item 12 of this Annual Report, and is here incorporated by reference. 35