# EDGAR Filing Document

**Accession Number:** 0000028412
**File Stem:** 0000028412-23-000130
**Filing Date:** 2023-3
**Character Count:** 60226
**Document Hash:** 54e7eafca05661171d5e8ac6888fe4a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000028412-23-000130.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0000028412-23-000130

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20230306

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMERICA INC /NEW/
- **CENTRAL INDEX KEY:** 0000028412
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 000006021
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10706
- **FILM NUMBER:** 23709175

**BUSINESS ADDRESS:**
- **STREET 1:** 1717 MAIN STREET MC6404
- **STREET 2:** ATTN: KELLY GAGE
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-462-6831

**MAIL ADDRESS:**
- **STREET 1:** 1717 MAIN STREET MC6404
- **STREET 2:** ATTN: KELLY GAGE
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DETROITBANK CORP
- **DATE OF NAME CHANGE:** 19850311

?xml version="1.0" ? cma-20230306

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**---------------**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 6, 2023** 

**COMERICA INCORPORATED** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-10706** | **38-1998421** |
| **------------** | **------------** | **------------** |
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |

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**Comerica Bank Tower**

**1717 Main Street, MC 6404** 

**Dallas, Texas 75201** 

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(Address of principal executive offices) (zip code)

**(214) 462-6831** 

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(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $5 par value | CMA | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐

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**ITEM 7.01**&nbsp;&nbsp;&nbsp;&nbsp;**REGULATION FD DISCLOSURE.**

Comerica Incorporated ("Comerica") previously announced that James J. Herzog, Senior Executive Vice President and Chief Financial Officer, will make a presentation on behalf of Comerica at the 2023 RBC Capital Markets Financial Institutions Conference on Tuesday, March 7, 2023. Kelly A. Gage, Investor Relations, also will participate. Comerica's presentation will begin at 10:40 a.m. ET. To access the live audio webcast, visit the "Investor Relations" area of Comerica's website at www.comerica.com. Replays will be available at the same location following the conference. A copy of the presentation slides, which will be discussed at that conference, is attached hereto as Exhibit 99.1. From time to time, Comerica may also use this presentation in conversations with investors and analysts.

The information in Items 7.01 and 9.01 of this report (including Exhibit 99.1 hereto) is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

**ITEM 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL STATEMENTS AND EXHIBITS.**

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** &nbsp;&nbsp;&nbsp;&nbsp;**Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](comerica2023rbcconferenc.htm)[2023 RBC Capital Markets Financial Institutions Conference](comerica2023rbcconferenc.htm)[Presentation Slides](comerica2023rbcconferenc.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;104 The cover page from Comerica's Current Report on Form 8-K, formatted in Inline XBRL

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**COMERICA INCORPORATED**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Von E. Hays</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;Von E. Hays

Title:&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and

Chief Legal Officer

Date: March 6, 2023

## Exhibit 99.1

![](comerica2023rbcconferenc001.jpg)

Comerica Incorporated RBC Capital Markets Financial Institutions Conference March 7, 2023 Jim Herzog Chief Financial Officer Kelly Gage Director of Investor Relations 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, 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 (changes in customer behavior; unfavorable developments concerning credit quality; and declines or other changes in the businesses or industries of Comerica's customers); 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, or changes in Comerica's status with respect to existing regulations or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); 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; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events, including pandemics: physical or transition risks related to climate change; 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 13 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2022. 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, except to the extent required by law. 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©2023, Comerica Inc. All rights reserved.

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![](comerica2023rbcconferenc002.jpg)

Brief Overview We will raise your expectations of what a bank can be MI 24% CA 35% TX 21% Other Markets 20% Loans5 $52.4B MI 35% CA 30% TX 16% Other Markets 19% Deposits5 $71.4B 6 6 Facts • 170+ year history • 18th largest U.S. bank1,2 • 7,488 employees Wealth Management • 28% of total noninterest income • $193B assets under administration • ~24,000 personal & institutional clients Attractive Footprint • 14 of 15 largest metropolitan areas3 • 9 of 10 fastest growing metropolitan areas3,4 12/31/22 1Source: S&P Global Market Intelligence as of 3Q22 2Commercial Banks 3U.S. Census Bureau; by population 2021. Includes all locations with employees & offices 42021 vs 2020 by number of people 54Q22 Average 6Other Markets & Finance/Other; includes items not directly associated with the geographic markets or the three major business segments©2023, Comerica Inc. All rights reserved. 3 Retail Bank • Robust, low-cost deposit base (35% of total) • 410 banking centers & ~630 ATMs Commercial Bank • >90% of total loans are commercial • Highest concentration of C&I loans among peers1 • Middle Market focus with expertise in 9 specialty verticals Corporate Responsibility • One of America's Most Responsible Companies (Newsweek) • One of America's Most JUST Companies (JUST Capital & CNBC) • Forbes Best Employer for Women Relationship Focus • Long-tenured relationship managers • 17 Greenwich awards in Middle Market & Small Business Banking Primary Markets Other Markets Office Locations Diversified Geographic Footprint Texas • Established: 1988 • #2 largest state GDP • Business friendly environment • Dallas-Fort Worth, Houston, Austin, San Antonio California • Established: 1991 • #1 largest state GDP • Deep industry expertise • L.A., San Diego, San Jose, San Francisco Michigan • Established: 1849 • #14 largest state GDP • Large retail deposit base • Detroit, Ann Arbor, Grand Rapids, Lansing Offices Across U.S. Southeast • Strong population growth & manufacturing base • 3 commercial offices in Raleigh, Winston-Salem & Charlotte • 8 banking centers in FL • New offices in SC & GA • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 17 banking centers in Phoenix area • 1 office in Denver • Serving customers in AZ & CO Large, higher growth urban markets Highly integrated, cost-effective platform Predominance of middle market companies & wealth management opportunities©2023, Comerica Inc. All rights reserved. 4

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![](comerica2023rbcconferenc003.jpg)

• Deeply embedded culture supports inclusion • Aiming to reflect customers & markets we serve • 42% of U.S. employees are racial/ethnic minorities1 • 53% of managers are female1 Long-tenured2 team provides consistency >25 years Business Leaders ~10 years Relationship Managers ~20 years Group Managers Specialized knowledge in industry verticals • Distinguished Commercial Banking Development Program delivers talent • Credit & frontline expertise balanced • Award winning leadership development programs Diverse 5©2023, Comerica Inc. All rights reserved. Skilled Experienced 2022 Greenwich Excellence Awards 9 Middle Market Banking Awards 8 Small Business Banking Awards Best Brand • Trust • Values Long-Term Relationships Cash Management • Customer Service • Overall Satisfaction • Product Capabilities Satisfaction • Overall • Midwest • With RM Best Brand • Values Long-Term Relationships Cash Management • Overall Satisfaction • Overall Satisfaction (West) Satisfaction • Overall • West • With RM Likelihood to Recommend (West) Industry Understanding RM Proactively Provides Advice Talent as our Competitive Advantage Our colleagues deliver differentiated value to our customers 1As of 12/31/22 2As of 3/2/23 • Continuous improvement culture • Investing in modernization • Transform retail delivery • Align corporate facilities • Leveraging technology to drive productivity & growth • Consistent, conservative underwriting standards • Superior credit performance through last recession • Balanced exposure to a wide variety of industries • Weighted to Commercial as a leading bank for business with industry expertise • Fee-generating Wealth Management capabilities deepening relationships • Granular, deposit gathering Retail Bank servicing customers across divisions • Strong net interest income, loan & fee income results • Robust product suite to support Payments strategy • Footprint includes faster growth markets • Expect better predictability of earnings stream Strong Fundamentals • Expertise across core & specialty businesses • Long-tenured, experienced team • Collaboration between 3 revenue divisions • Strong deposit base & mix Revenue Growth Relationship Focus Efficient Operations Credit Discipline 12/31/22 1For methodology see Company's Form 10-K, as filed with the SEC. Estimates are based on simulation modeling analysis (100 bps change in rates point-to-point impact on NII) 2PPP balances FY21 $2.3B; FY22 $147MM 3Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants. 6©2023, Comerica Inc. All rights reserved. FY22 Superior Financial Results, Positioned to Manage Cycles Revenue Growth +19% NII Growth +34% Loan Growth +3%, +8% ex PPP2 Efficiency Ratio3 56% Net Charge-Offs 3bps Asset Sensitivity1 ~+$10MM +100 bps ~-$70MM -100 bps Unique strengths combine to deliver a compelling value proposition Targeted Business Strategy

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![](comerica2023rbcconferenc004.jpg)©2023, Comerica Inc. All rights reserved. 1Q23 Loan Update Strong momentum as broad-based growth continues 48.3 50.0 51.1 52.4 53.1 30.0 40.0 50.0 1Q22 2Q22 3Q22 4Q22 1Q23 Thru 2/28 Loan Trends ($ in billions, average) • $682MM increase in QTD average loans1 • Pipeline & commitments remain strong • 1Q23 outlook2: >1% growth from 4Q22 average Loan Growth Across Multiple Business Lines ($ in billions, average) 1Q23 metrics through 2/28/23 are preliminary & subject to change. 1Comparisons of 1Q23 through 2/28/23 vs 4Q22 2Outlook as of 3/6/23 7 12.8 12.9 0 1 2 3 4 5 6 7 8 9 10 0 10 20 4Q22 1Q23 Thru 2/28 7.7 8.2 0 1 2 3 4 5 6 7 8 9 10 3 4Q22 1Q23 Thru 2/28 5.1 5.4 0 1 2 3 4 5 6 7 8 9 10 0 10 4Q22 1Q23 Thru 2/28 Middle Market General Commercial Real Estate National Dealer Services • Adding new customers & deepening relationships • TX leading the other markets • Class A multi-family & industrial projects • Increasing utilization, pay-offs slowing • Funding acquisitions & refinance • Financing customer Dealer acquisitions, mortgages & term debt • Continued uptick in floorplan units, but still below historical levels 1Q23 Deposit Update Pricing strategy driving interest-bearing growth; mix remains favorable 1Q23 metrics through 2/28/23 are preliminary & subject to change 1Comparisons of 1Q23 through 2/28/23 vs 4Q22 2Outlook as of 3/6/23 3Source for peer data: S&P Global Market Intelligence 79.1 77.6 74.0 71.4 69.0 0 10 20 30 40 50 60 70 80 90 1Q22 2Q22 3Q22 4Q22 1Q23 Thru 2/28 • QTD average deposits reflect1 - $2.9B noninterest-bearing deposits + $589MM interest-bearing deposits • 1Q23 outlook2: 3% to 4% decline from 4Q22 average • Majority of commercial customers use Treasury Management Services • 4Q22 total funding cost of 71bps compared to peer average of 89bps3 Deposit Trends ($ in billions; Average) 8©2022, Comerica Inc. All rights reserved. Interest-Bearing Deposit Cost3 (percentages; 4Q22) 0.42 0.57 0.74 0.80 0.88 0.97 1.12 1.13 1.16 1.22 1.23 1.34 Z IO N R F K E Y M T B H B A N C M A F H N F IT B C F R B O K F C F G S N V 56% 51% 43% 40% 40% 40% 39% 34% 34% 32% 28% 27% C M A Z IO N M T B B O K F C F R R F F H N F IT B S N V K E Y C F G H B A N Highest Noninterest-bearing Deposit Component3 (percentages of total deposits; 4Q22 average)

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![](comerica2023rbcconferenc005.jpg)©2023, Comerica Inc. All rights reserved. Liquidity Position Significant sources of funding available to support business growth Wholesale Debt Maturities Excluding $3.2B FHLB Debt maturing 20231 ($ in millions) 5 4 3 10 18 17 10 5 4 12 12 12 13 16 17 19 21 19 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 4Q22 Cash at Fed Total Investment Securities Liquid Assets ($ in billions; 4Q22 average) 12/31/22 Source for peer data: S&P Global Market Intelligence & company press releases 1Remaining FHLB line capacity of $7.2B as of 12/31/22 9 39 65 73 73 75 77 79 80 83 86 89 91 C F R B O K F F IT B R F C M A Z IO N M T B H B A N K E Y C F G S N V F H N Loan to Deposit Ratio (percentages; 4Q22 period-end) 500 850 550350 500 250 1,032 500 350 400 1,050 2023 2024 2025 2026 2027+ Fed Funds Brokered Deposits Senior Bank Debt Senior Parent Debt Sub Bank Debt Sub Parent Debt 8 10 CMA Peer Avg. Low Wholesale Funding to Total Liabilities (percentages; 4Q22 period-end) Available liquidity sources to support growth as needed: • Securities portfolio repayments • Deposit pay rate adjustments • Brokered deposits • Federal Home Loan Bank lines • Wholesale debt Noninterest Income Investing to drive fee income growth Goal to grow fee component 10©2023, Comerica Inc. All rights reserved. New ways of real time money movement & rising rates are changing customers' needs Combined various functions into one team with consistent delivery across bank Customer journey approach to accelerate customer outcomes & reduce risk Focus on Treasury Management Enrollment & Onboarding Payments Digital Capabilities Capital MarketsWealth Management Market leader in 3rd party fiduciary services Strategic partnerships enhance solution set Uniquely positioned to serve business owners & execs Customer risk management products (foreign exchange, hedging) re-aligned to enhance customer focus Loan Syndications & Investment Banking staff increased Deliver more consistent, non-capital consuming revenue • Elevate digital experience • Invest selectively in new products • Collaborate across 3 revenue divisions Drive increased retention & acquisition of customers Fee Income Growth Strategy Net Interest Income 70% Noninterest Income 30% FY22 Revenue $3.5B

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![](comerica2023rbcconferenc006.jpg)©2023, Comerica Inc. All rights reserved. New Investment Banking Group Expanding our strong, existing Capital Markets solutions to add M&A advisory, supporting customers through their lifecycle • Newly formed Investment Banking Group leaders have deep industry experience averaging over 25 yearsExperienced Talent • Allows us to better support our customers' achievement of their growth and ownership strategies Supporting our Customers • Leverages collaboration between Wealth Management & Commercial Bank enhanced by organizational realignment Aligned Organizationally • Opportunity to increase fee income, support customer retention & better position Wealth ManagementDriving Results 11 Estimated 12-Month Net Interest Income Impact 100 bps gradual increase +$10MM 100 bps gradual increase, with 40% - 50% incremental beta -$5M to -$20MM 100 bps gradual decrease -$70MM Sensitivity Analysis from 12/31 Base Case Interest Rate Sensitivity Largely achieved strategic objective to reduce earnings volatility through the cycles 12/31/22 1Outlook as of 3/6/23 2For methodology see Company's Form 10-K, as filed with the SEC. Estimates are based on simulation modeling analysis from our base case which utilizes a static balance sheet as of 12/31/22 12©2023, Comerica Inc. All rights reserved. Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~30% per incremental change Securities Portfolio No reinvestment of cash flows Hedging (Swaps) No additions modeled 12/31/22 Standard Model Assumptions2 100 bps (50 bps avg) gradual, parallel rise • >33% increase to FY22 NII over FY21 (including PPP) • 4 - 5% increase in 4Q22 over 3Q22 (including PPP) Management Outlook for Net Interest Income1 • 17% to 20% increase to FY23 NII over FY22 • 3% to 6% decrease in 1Q23 compared to 4Q22 • Assuming • 2/28 forward rate curve • Loan & deposit outlook for remainder of year • No additional securities & swaps purchases beyond 2/28/23

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![](comerica2023rbcconferenc007.jpg)

Credit Quality 12/3122 Source for peer data: S&P Global Market Intelligence & company press releases 36 18 15 14 12 11 11 10 8 8 7 6 C M A H B A N Z IO N C F R M T B F H N B O K F F IT B S N V K E Y C F G R F Loan Loss Reserve / LTM NCO (times; 4Q22 period-end) • Well-diversified, relationship-based portfolio • Experienced managers with deep expertise • Conservative, consistent underwriting standards • Proactive, frequent customer dialogue -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2 00 7 2 00 8 2 00 9 2 01 0 2 01 1 2 01 2 2 01 3 2 01 4 2 01 5 2 01 6 2 01 7 2 01 8 2 01 9 2 02 0 2 02 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 Total CMA Peer Average Net Charge-offs Through Cycle (as a % of average loans)©2023, Comerica Inc. All rights reserved. 13 (0.03) (0.02) 0.09 0.12 0.12 0.14 0.17 0.18 0.22 0.22 0.28 0.29 C M A Z IO N C F R M T B S N V K E Y H B A N F H N F IT B C F G B O K F R F Net Charge-offs (as a percentage of total loans; 4Q22) Real Estate (sq. ft in millions) 5.55 4.20 2012 4Q22 107 174 86 170 2012 4Q22 9,035 7,488 2012 4Q22 Expense Management Disciplined approach to support our future & drive efficiency 12/31/22 Source for peer data: S&P Global Market Intelligence 1BOKF employee count as of 3Q22 24Q22 BOKF not available as of 3/6/23 CMA Peer Avg. Employees (FTE) Deposits / Branch2 (period-end; $ in millions) • Supporting revenue generating activity • Optimizing footprint, modernizing facilities • Consolidating or relocating banking centers • Continued investment in technology -17% -24% Average Loans + Deposits / Employee1 (4Q22; $ in millions) 14©2023, Comerica Inc. All rights reserved. 53 55 CMA Peer Avg. Efficiency Ratio (percentages; 4Q22) 17 14 CMA Peer Avg. Revenue / Employee1 (4Q22; $ in thousands) 136 108 CMA Peer Avg.

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![](comerica2023rbcconferenc008.jpg)

Capital Management 4% increase in common dividend1; strong capital position at target CET1 of 10%2 4Q22 1Payable 4/1/23 to common stock shareholders of record as of 3/15/23 2Outlook as of 3/6/23 3Refer to reconciliation of non-GAAP financial measures in appendix 4Source for peer data: S&P Global Market Intelligence & company press releases 9.93% 10.00% 7.0% 3Q22 4Q22 CET1 Tier 1 10.45% 10.50% 8.5% 3Q22 4Q22 Regulatory Minimum + Capital Conservation Buffer (CCB) 15©2023, Comerica Inc. All rights reserved. 57.41 50.80 46.19 35.70 36.55 59.03 59.78 61.13 63.11 65.12 4Q21 1Q22 2Q22 3Q22 4Q22 Common Equity Per Share Impact of AOCI Losses Common Equity Per Share3 ($ per share; period-end) 4.82% 4.89% 9.12% 9.30% 3Q22 4Q22 Impact of AOCI Losses Tangible Common Equity Ratio Tangible Common Equity Ratio3 5.55% 5.60% 9.82% 9.99% 3Q22 4Q22 Impact of AOCI Losses Common Equity Ratio Common Equity Ratio3 9.4% 9.3% 8.9% 8.3% 8.2% 7.8% 7.7% 7.6% 7.5% 7.4% 7.3% 7.1% B O K F C M A F H N S N V C F G R F K E Y M T B F IT B Z IO N H B A N C F R Tangible Common Equity Ratio Ex. AOCI3,4 (percentages; 4Q22) 34 23 FY22 v FY21 CMA FY22 v FY21 Peer Avg. Superior Performance 4Q22 Source for peer data: S&P Global Market Intelligence & company press releases 1Refer to reconciliation of non-GAAP financial measures in appendix 2Diluted earnings per common share 3Excluding BOKF as data is not available as of 3/6/23 16©2022, Comerica Inc. All rights reserved. 1.32 1.14 FY22 CMA FY22 Peer Avg. Return on Assets3 (percentages) 1 -3 FY22 v FY21 CMA FY22 v FY21 Peer Avg. EPS Growth2 (percentages) Key metrics demonstrate core business strength Net Interest Income Growth (percentages) 0.03 0.14 FY22 CMA FY22 Peer Avg. Net Charge-offs (as a percentage of total loans) 39 22 FY22 v. FY21 CMA FY22 v. FY21 Peer Avg. PPNR Growth1 (percentages) 19 14 FY22 v. FY21 CMA FY22 v. FY21 Peer Avg. Revenue Growth (percentages)

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APPENDIX©2023, Comerica Inc. All rights reserved. Positioned for the Bigger Possible Strategic investments enable delivery on the Comerica Promise 18

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CMA vs Peers 10.00 10.17 CMA Peer Avg. 27.92 17.68 CMA Peer Avg. Return on Equity1,2 (percentages; 4Q22) 4Q22 Source for peer data: S&P Global Market Intelligence & company press releases 1Peer ROE not adjusted for AOCI impact 2Return on average common shareholders' equity 3Return on average assets©2023, Comerica Inc. All rights reserved. CET1 (Capital) Ratio (percentages; 4Q22) 1.65 1.36 CMA Peer Avg. Return on Assets3 (percentages; 4Q22) 19 Net Interest Margin (percentages; 4Q22) 3.7 3.5 CMA Peer Avg. +11.72 0.16 -0.03 CMA Peer Avg. Net Charge-Offs (Recoveries) (as a percentage of total loans; 4Q22) Impact of AOCI -4.5 -5.0 CMA Peer Avg. Noninterest-bearing Deposit Change (Avg.; percentages; 4Q22 vs 3Q22) Interest-bearing Deposit Change (Avg.; percentages; 4Q22 vs 3Q22) -2.4 0.5 CMA Peer Avg. CMA vs Peers 4Q22 Source for peer data: S&P Global Market Intelligence & company press releases 1Data source: weekly H.8 reports through 3/25/20 for 1Q20 and 12/28/22 for 4Q22; CMA and All Commercial Banks derived from H.8 data in same manner to ensure comparability 0.42 0.57 0.74 0.80 0.88 0.97 1.12 1.13 1.16 1.22 1.23 1.34 Z IO N R F K E Y M T B H B A N C M A F H N F IT B C F R B O K F C F G S N V Interest-Bearing Deposit Cost (percentages; 4Q22) 20©2023, Comerica Inc. All rights reserved. 0.45 0.56 0.58 0.71 0.86 0.87 0.99 1.01 1.10 1.11 1.14 1.15 R F Z IO N M T B C M A F H N C F R H B A N B O K F F IT B K E Y C F G S N V Total Funding Cost (percentages; 4Q22) Total Increase in Deposits Through Covid1 (average 4Q22 vs.1Q20; percentages) 25 26 CMA All Commercial Banks

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$3.0B $3.5B 2021 2022 $8.35 $8.47 2021 2022 62% 56% 2021 2022 15.2% 18.6% 2021 2022 $49B $50B 2021 2022 1.30% 1.32% 2021 2022 FY22 Review Record EPS1 Record Revenue Average Loans 21©2023, Comerica Inc. All rights reserved. Efficiency RatioReturn on Equity3Return on Assets2 1Diluted earnings per common share 2Return on average assets 3Return on average common shareholders' equity 4Commitment runs from 2021-2023 • Delivered enhanced employee benefits • Announced Collaboration & Innovation hubs • Achieved colleague Sustainable Engagement score of 84% • Launched Digital Journeys to further elevate customer experience beginning with Treasury Management • Enhanced Voice of Customer program • Invested in transformative strategy for Payments • Re-imagined retail delivery model • Prioritized cloud-first approach to data • Achieved ~85% of $5B Small Business Financing Commitment4 • Developed BusinessHQ • Published Inaugural TCFD report • Recognized by Newsweek for Commitment to Corporate Responsibility & Diversity TRUST. ACT. OWN. Superior financial results & achievements aligned with refreshed core values©2023, Comerica Inc. All rights reserved. (millions, except per share data) 2022 2021 Change Average loans $50,460 $49,083 $1,377 Average loans, ex. PPP 50,313 46,747 3,566 Average deposits 75,481 77,681 (2,200) Net interest income 2,466 1,844 622 Provision for credit losses 60 (384) 444 Noninterest income1 1,068 1,123 (55) Noninterest expenses1 1,998 1,861 137 Provision for income tax 325 322 3 Net income 1,151 1,168 (17) Earnings per share2 $8.47 $8.35 $0.12 Efficiency Ratio 56% 62% Return on Average Equity3,4 18.63% 15.15% Return on Average Assets 1.32% 1.30% FY22 compared to FY21 1Includes gains/(losses) related to deferred comp plan of $(18)MM FY22 & $14MM FY21 2Diluted earnings per common share 3Return on common shareholders' equity 4Common shareholders' equity per share of common stock 5Refer to reconciliation of non-GAAP financial measures in appendix Key Performance Drivers Year over Year • Revenue increased $567MM or 19%. Pre-tax, pre- provision net revenue (PPNR)5 up $430MM, or 39% • Loans up 3%, or 8% ex-PPP. Broad-based growth partly offset by Mortgage Banker • Deposits reflect customers utilizing excess cash (following $13B, or 19%, FY21 growth) & strategic pricing initiatives • Net interest income driven by rates & loan growth • Credit quality excellent; Net charge-offs 3 bps • Noninterest income reflects growth in several products, more than offset by noncustomer-related categories • Expenses include strategic investments, higher performance & stock-based compensation, & revenue-related costs FY22 Results Record revenue, broad-based loan growth, improved efficiency ratio & excellent credit quality 22

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4Q22 Results Record revenue, continued expense management & exceptional credit quality 1Includes gains/(losses) related to deferred comp asset returns of $5MM 4Q21, ($3MM) 3Q22 & $6MM 4Q22 2Diluted earnings per common share (millions, except per share data) 4Q22 3Q22 4Q21 Change From 3Q22 4Q21 Average loans $52,375 $51,113 $47,825 $1,262 $4,550 Average loans, ex. PPP 52,335 51,046 47,136 1,289 5,199 Average deposits 71,355 73,976 84,537 (2,621) (13,182) Net interest income 742 707 461 35 281 Provision for credit losses 33 28 (25) 5 58 Noninterest income1 278 278 289 0 (11) Noninterest expenses1 541 502 486 39 55 Provision for income tax 96 104 61 (8) 35 Net income 350 351 228 (1) 122 Earnings per share2 $2.58 $2.60 $1.66 $(0.02) $0.92 Efficiency Ratio 53.00% 50.75% 64.24% CET1 10.00% 9.93% 10.13% Key Performance Drivers 4Q22 compared to 3Q22 • Revenue increased 4% • Loans up 2.5% driven by broad-based growth • Deposits declined due to customers deploying cash & prudent pricing management; Period-end interest- bearing deposits increased • Net interest income benefitted from higher rates & loan growth, partially offset by funding needs • Net recoveries of $4MM; Reserve ratio rises to 1.24% • Noninterest income remained strong • Prudent expense management, while supporting revenue growth & strategic modernization initiatives • CET1 increased as strong capital generation outpaced loan growth 23©2023, Comerica Inc. All rights reserved. 47.8 48.3 50.0 51.1 52.4 51.7 53.4 3.26 3.22 3.64 4.64 5.45 4Q21 1Q22 2Q22 3Q22 4Q22 3Q22 4Q22 Loans Continued broad-based growth in loans & commitments; Yields up 81 bps 4Q22 compared to 3Q22 1See Quarterly Average Loans slide for more details 2See Commercial Real Estate slide for more details Loans ($ in billions) Average loans increased $1.3B1, or 2.5% + $879MM Commercial Real Estate2 • Multi-family & industrial accounted for ~85% of growth + $331MM National Dealer Services + $193MM Corporate Banking + $131MM Wealth Management + $119MM Entertainment - $329MM Mortgage Banker 24©2023, Comerica Inc. All rights reserved. Loan Yields % Average Balances Period-end 48.7 48.9 50.9 53.7 56.5 47% 46% 46% 45% 45% 4Q21 1Q22 2Q22 3Q22 4Q22 Utilization Loan Commitments Increased 5% Growth in nearly every business line (period-end: $ in billions)

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Business Line 2022 2021 Middle Market General $12.7 $11.9 Energy 1.4 1.4 National Dealer Services 4.6 4.3 Entertainment 1.1 1.0 Tech. & Life Sciences 0.9 0.9 Equity Fund Services 3.3 2.8 Environmental Services 2.1 1.7 Total Middle Market $26.2 $24.1 Corporate Banking US Banking 4.0 3.1 International 1.5 1.4 Commercial Real Estate 6.9 6.7 Mortgage Banker Finance 1.6 2.8 Business Banking 3.3 3.7 Commercial Bank $43.5 $41.8 Retail Bank $2.1 $2.4 Wealth Management $4.9 $4.9 TOTAL $50.5 $49.1 Full Year Average Loans $ in billions Totals shown above may not foot due to rounding. Certain prior period amounts have been reclassified to conform to the current quarter presentation. 1Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 2Fixed rate loans include $22.1B receive fixed/pay floating (30-day) LIBOR, BSBY & SOFR interest rate swaps; Forward dated swaps are excluded 3Includes ~0.2% of Daily SOFR By Market 2022 2021 Michigan $12.1 $11.9 California 17.7 17.4 Texas 10.2 9.8 Other Markets1 10.4 10.0 TOTAL $50.5 $49.1©2023, Comerica Inc. All rights reserved. 25 Fixed Rate 50% -Day Rate 39% 60-Day+ Rate 6% Prime-based 5% 2 Loan Portfolio (4Q22 Period-end) 3 $53.4B Business Line 4Q22 3Q22 4Q21 Middle Market General $12.8 $12.8 $11.9 Energy 1.4 1.4 1.3 National Dealer Services 5.1 4.8 3.9 Entertainment 1.3 1.1 1.2 Tech. & Life Sciences 0.9 0.9 0.8 Equity Fund Services 3.3 3.3 2.8 Environmental Services 2.2 2.2 1.8 Total Middle Market $27.0 $26.7 $23.9 Corporate Banking US Banking 4.3 4.1 3.3 International 1.6 1.5 1.5 Commercial Real Estate 7.7 6.8 6.6 Mortgage Banker Finance 1.3 1.7 2.4 Business Banking 3.2 3.2 3.3 Commercial Bank $45.1 $44.0 $41.0 Retail Bank $2.2 $2.1 $2.1 Wealth Management $5.1 $5.0 $4.8 TOTAL $52.4 $51.1 $47.8 Quarterly Average Loans $ in billions Totals shown above may not foot due to rounding. Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 2Source for peer data: S&P Global Market Intelligence & company press releases By Market 4Q22 3Q22 4Q21 Michigan $12.3 $12.3 $11.4 California 18.4 17.8 17.1 Texas 10.9 10.2 9.5 Other Markets1 10.7 10.7 9.8 TOTAL $52.4 $51.1 $47.8©2023, Comerica Inc. All rights reserved. 26 2.5 1.8 CMA Peer Avg. Loan Growth2 (Avg.; percentages; 4Q22 vs 3Q22)

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30.7 31.5 42.3 39.9 84.5 79.1 77.6 74.0 71.4 73.0 71.4 0.05 0.05 0.05 0.20 0.97 4Q21 1Q22 2Q22 3Q22 4Q22 3Q22 4Q22 IB NIB Deposits Positive interest-bearing deposit trend reflects pricing actions, maintained favorable NIB mix 4Q22 compared to 3Q22 1Interest costs on interest-bearing deposits 2Cumulative deposit beta calculated using 4Q21 average Fed funds of 0.25% Deposits ($ in billions) Deposit Rate1 % Average Balances Period-end Strategic management of deposits & businesses utilizing excess liquidity Average deposits decreased $2.6B - $756MM interest-bearing - $1.9B noninterest-bearing • Cost of interest-bearing deposits increased to 97 bps, reflecting relationship-focused pricing • Cumulative interest-bearing deposit beta 26% (cycle-to-date)2 27©2023, Comerica Inc. All rights reserved. 120% 75% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2 00 8 2 00 9 2 01 0 2 01 1 2 01 2 2 01 3 2 01 4 2 01 5 2 01 6 2 01 7 2 01 8 2 01 9 2 02 0 2 02 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 Loan to Deposit Ratio Remains Low (period-end) Full Year Average Deposits $ in billions Totals shown above may not foot due to rounding. Certain prior period amounts have been reclassified to conform to the current quarter presentation. 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 2022 2021 Middle Market General $20.4 $22.2 Energy 1.0 0.6 National Dealer Services 1.5 1.3 Entertainment 0.3 0.2 Tech. & Life Sciences 6.5 7.3 Equity Fund Services 1.2 1.1 Environmental Services 0.3 0.3 Total Middle Market $31.2 $33.0 Corporate Banking US Banking 2.2 3.3 International 2.1 2.3 Commercial Real Estate 2.2 1.9 Mortgage Banker Finance 0.5 0.8 Business Banking 4.3 4.3 Commercial Bank $42.6 $45.6 Retail Bank $26.7 $25.7 Wealth Management $5.4 $5.2 Finance / Other1 $0.8 $1.2 TOTAL $75.5 $77.7 By Market 2022 2021 Michigan $26.6 $26.8 California 23.0 23.8 Texas 11.5 10.5 Other Markets2 13.6 15.4 Finance / Other1 0.8 1.2 TOTAL $75.5 $77.7©2023, Comerica Inc. All rights reserved. 28 Large, Relationship-oriented Deposit Base Majority noninterest-bearing Wholesale Funding 8% Shareholder Equity 6% Noninterest- bearing 48% Interest- bearing 38% Funding Sources 12/31/22

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Quarterly Average Deposits $ in billions Totals shown above may not foot due to rounding. Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 4Q22 3Q22 4Q21 Middle Market General $18.7 $19.6 $24.7 Energy 1.3 1.4 0.6 National Dealer Services 1.2 1.4 2.1 Entertainment 0.3 0.2 0.2 Tech. & Life Sciences 5.2 6.3 8.3 Equity Fund Services 1.2 1.1 1.5 Environmental Services 0.3 0.3 0.4 Total Middle Market $28.4 $30.5 $37.8 Corporate Banking US Banking 1.9 2.0 3.4 International 2.1 2.0 2.2 Commercial Real Estate 2.3 2.2 2.1 Mortgage Banker Finance 0.4 0.5 0.7 Business Banking 4.1 4.3 4.6 Commercial Bank $39.2 $41.5 $50.8 Retail Bank $26.0 $26.7 $26.7 Wealth Management $5.2 $5.3 $5.7 Finance / Other1 $1.0 $0.5 $1.3 TOTAL $71.4 $74.0 $84.5 By Market 4Q22 3Q22 4Q21 Michigan $25.1 $25.9 $28.1 California 21.0 22.4 28.0 Texas 11.6 12.0 11.1 Other Markets2 12.7 13.2 16.1 Finance / Other1 1.0 0.5 1.3 TOTAL $71.4 $74.0 $84.5©2023, Comerica Inc. All rights reserved. 29 Commercial Noninterest- bearing 45% Commercial Interest- bearing 17% Retail Interest- bearing 27% Retail Noninterest- bearing 11% Beneficial Deposit Mix: 56% noninterest-bearing (4Q22 Average) Total $71.4B 16.6 17.3 19.0 20.5 19.1 19.5 19.0 1.71 1.74 1.92 2.08 2.11 4Q21 1Q22 2Q22 3Q22 4Q22 3Q22 4Q22 Securities Portfolio Stable securities income despite paydowns 4Q22 compared to 3Q22 1Net unaccreted discount of $55MM 2Estimated as of 12/31/22 3Outlook as of 3/6/23 Securities Portfolio1 ($ in billions) Average portfolio decreased $1.4B • Period-end decreased $440MM - $413MM MBS & $100MM Treasury payments + $73MM fair value change • Duration of 5.25 years2 • Extends to 5.98 years under +200bps instantaneous rate increase2 • Net unrealized pre-tax loss decreased to $3.1B • Expect ~$350MM to $400MM in quarterly repayments in 20233 Average Balances Period-end 71 77 100 119 118 4Q21 1Q22 2Q22 3Q22 4Q22 Securities Income ($ in millions)©2023, Comerica Bank. All rights reserved. 30 Securities Yields %

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Net Interest Income Record NII, grew $35MM, or 5%; benefit from rates & loan growth; NIM 3.74%, up 24 bps 4Q22 compared to 3Q22 Net Interest Income ($ in millions) $707MM 3Q22 3.50% + 122MM + 102MM + 19MM + 1MM Loans Higher rates, incl. swaps Higher Balances Other dynamics + 0.56 + 0.52 + 0.03 + 0.01 - 1MM Securities Balances + 0.02 + 5MM + 24MM - 19MM Fed Deposits Higher rates Lower balances + 0.11 + 0.12 - 0.01 - 62MM - 63MM + 1MM Deposits Higher rates Lower balances - 0.30 - 0.31 + 0.01 - 29MM - 10MM - 19MM Wholesale Funding Higher rates Higher balances - 0.15 - 0.05 - 0.10 $742MM 4Q22 3.74% 31©2023, Comerica Inc. All rights reserved. Net impact due to rates: $53MM & 28bps on the NIM 461 456 561 707 742 2.04 2.19 2.70 3.50 3.74 4Q21 1Q22 2Q22 3Q22 4Q22 Net Interest Margin %©2023, Comerica Inc. All rights reserved. Swap Portfolio Utilized current & forward swaps to minimize interest rate risk 12/31/22 1Received fix/pay floating swaps; historical results 12/31/22; maturities extend through 3Q30 Swaps as of 2/28/231 ($ in billions; average; weighted average yield) 12.1 22.4 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.16% 2.38% 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Guiding Principles of Prudent Hedging Strategy1 • Provide a more consistent earnings trajectory through rate cycle by tempering asset sensitive position as rates rise • Hedging pulls forward market expectations, while reducing downside of potential decline in short-term interest rates over time • 1Q23 (through 2/28/23): No new swaps added • AOCI net unrealized loss increased $163MM to $1.1B at 2/28/23 32

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Tangible Common Equity (TCE) 33 Capital management decisions • Prioritize regulatory capital ratios High Quality Securities portfolio • Primarily government-backed MBS Mark-to-market valuation impact on securities portfolio recouped upon repayment©2023, Comerica Inc. All rights reserved. Accounting of available-for-sale (AFS) securities & impact on Accumulated Other Comprehensive Income (AOCI) • As market rates increase relative to rates on the existing instruments, the fair values of the AFS investments decrease with an offsetting adjustment to unrealized losses, recorded in AOCI • If security is sold, loss recognized in earnings; otherwise, AOCI loss gradually recoups as bonds are repaid or approach maturity with no impact to income. (Note, if sold, proceeds would likely be reinvested at market rates.) Scenarios Est. AOCI Increase / (Decrease) Rate shock + 100 bps Static balances ($0.8B) Rates shock - 100 bps Static balances $0.8B Forward curve1 Cumulative equity recapture with repayments & maturities over time Year 1: $300 - $400MM Year 2: $600 - $700MM Year 5: $1.1 - $1.2B Estimated Change in AOCI Derived from Securities Portfolio Simulated Sensitivity Analysis 12/31/22 1Based on the 12/31 forward curve 269 274 266 262 244 0.55 0.55 0.52 0.51 0.46 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 4Q21 1Q22 2Q22 3Q22 4Q22 NPA/Loans % Credit Quality Reserve reflects excellent credit metrics, loan growth & softening economic outlook 4Q22 compared to 3Q22 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Nonperforming Assets Decreased ($ in millions) Criticized Loans1 Well Below Historical Level ($ in millions) 618 599 609 624 661 1.26 1.21 1.18 1.21 1.24 - 1.00 2.00 3.00 4.00 5.00 6.00 4Q21 1Q22 2Q22 3Q22 4Q22 ACL/Loans % Allowance for Credit Losses Increased Moderately ($ in millions) 1,573 1,647 1,534 1,626 1,572 3.2 3.3 3.0 3.1 2.9 - 2.00 4.00 6.00 8.00 10.00 12.00 4Q21 1Q22 2Q22 3Q22 4Q22 Criticized/Loans % 34©2023, Comerica Inc. All rights reserved. (4) 8 0 13 (4) - 2.00 4.00 6.00 8.00 10.00 12.00 4Q21 1Q22 2Q22 3Q22 4Q22 Net Charge-Offs (Recoveries) ($ in millions)

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Noninterest Income Continued robust fee generation 4Q22 compared to 3Q22 1Gains/(losses) related to deferred comp asset returns of $5MM 4Q21, ($7MM) 1Q22, ($14MM) 2Q22, ($3MM) 3Q22, $6MM 4Q22 2Risk management hedging income related to an increase in price alignment (PA) received for Comerica's centrally cleared risk management positions 3Credit Valuation Adjustment (CVA) $4MM 4Q21, ($2MM) 1Q22, $3MM 2Q22, $5MM 3Q22, $1MM 4Q22 Noninterest Income ($ in millions) 289 244 268 278 278 4Q21 1Q22 2Q22 3Q22 4Q22 Remained Stable + $9MM Deferred compensation1 (Other noninterest income; offset in noninterest expense) + $8MM Risk management hedging interest (PA)2 (Other noninterest income) + $2MM Visa Class B Total Return Swap (Other noninterest income) + $1MM Card + $1MM Brokerage - $12MM Derivative Income3 (CVA -$4MM) - $3MM Service Charges on Deposit Accounts - $3MM Fiduciary Income - $2MM BOLI 35©2023, Comerica Inc. All rights reserved. 486 473 482 502 541 64.2 66.9 58.0 50.8 53.0 4Q21 1Q22 2Q22 3Q22 4Q22 Efficiency Ratio % Noninterest Expenses1 ($ in millions) Noninterest Expenses Efficiency ratio remained low at 53% 4Q22 compared to 3Q22 1Modernization initiative $6MM 1Q22; $7MM 2Q22; $7MM 3Q22; $18M 4Q22; FY22 $38MM 2Gains/(losses) related to deferred comp plan of $5MM 4Q21, ($7MM) 1Q22, ($14MM) 2Q22, ($3MM) 3Q22, $6MM 4Q22 Increased $39MM + $11MM Modernization initiatives1 • Completed consolidation of 22 banking centers to optimize network & deliver greater efficiency • Made tech investments to enhance digital capabilities & modernize core platforms; calibrated delivery model, cloud migration to improve scalability, efficiency & resilience • Progress on plan to reduce space & modernize facilities + $9MM Deferred compensation2 (offset in noninterest income) + $19MM All other • Growth initiatives & revenue related: • Key hires to drive market & business line growth • Enhanced products to further elevate customer experience (payments, capital markets) • Marketing, T&E, legal • Foundational enhancements for Compliance, ESG & Cyber • Merit & inflationary pressure • Seasonality 36©2023, Comerica Inc. All rights reserved.

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5 ,2 23 5 ,3 15 5 ,5 17 5 ,6 58 5 ,8 83 6 ,2 10 6 ,6 59 6 ,6 83 6 ,6 99 6 ,6 90 6 ,8 83 6 ,7 97 6 ,5 79 6 ,6 04 6 ,4 63 6 ,8 19 7 ,6 97 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 4 Q 1 9 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 Multifamily 45% Industrial / Storage 30% Retail 7% Office 8% Single Family 2% Other 3% Land Carry 3% Multi use 2% Commercial Real Estate Business Line Growth driven by multi-family & industrial projects; Excellent credit quality 12/31/22 1Excludes CRE business line loans not secured by real estate 24Q22 growth of $879MM; figures in graph are impacted by rounding 3Period-end loans 4Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories Primarily Lower Risk Multifamily & Industrial Storage1 (4Q22 period-end) Total $7.2B • Long history of working with well-established, proven developers • >90% of new commitments from existing customers • Significant up-front equity required (typically averaging 35-40%) • Utilization rate 47.6% • 45% of Industrial/Storage & 36% of Multifamily are construction loans1,3 • Majority high growth markets within footprint: • 37% California • 23% Texas Total CRE Business Line Average Loans2 ($ in millions)©2023, Comerica Inc. All rights reserved. 37 Excellent Credit Quality No significant net charge-offs since 2014 ($ in millions) 4Q21 1Q22 2Q22 3Q22 4Q22 NAL 0.9 0.9 0.9 0.9 0.9 Criticized4 28 26 18 17 16 % Criticized 0.4% 0.4% 0.3% 0.2% 0.2% Energy Primarily E&P exposure 12/31/22 1Includes Services of 4Q21 $21MM, 1Q22 $14MM, 2Q22 $15MM, 3Q22 $17MM, 4Q22 $13MM Period-end Loans ($ in millions) 992 1,060 1,155 1,081 1,162 212 203 218 259 2531,204 1,263 1,373 1,340 1,415 4Q21 1Q22 2Q22 3Q22 4Q22 Midstream Exploration & Production1 • Exposure $3.4B / 43% utilization • Hedged 50% or more of production • At least one year: 66% of customers • At least two years: 43% of customers • Focus on larger, sophisticated E&P and Midstream companies • E&P: • 48% Oil • 26% Natural Gas • 26% Oil/Gas • Excellent credit quality • ~1% Criticized loans • $0 Net charge-offs©2023, Comerica Inc. All rights reserved. 38

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Mortgage Banker Finance 55+ years experience with reputation for consistent, reliable approach 12/31/22 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 2/21/23 24Q22 actual • Provide warehouse financing: bridge from residential mortgage origination to sale to the end market • Extensive backroom provides collateral monitoring & customer service • Focus on full banking relationships • As of 4Q22: • Comerica: 92% purchase • Industry: 83% purchase1 • Strong credit quality • No charge-offs since 2010 • Period-end loans: $1.9B (3Q22 $1.8B) Average Loans ($ in millions) 1 ,6 77 1 ,3 35 2 ,0 44 2 ,5 21 2 ,6 81 2 ,0 42 3 ,2 78 3 ,5 85 3 ,7 91 3 ,2 11 2 ,9 24 2 ,7 57 2 ,4 50 1 ,5 97 1 ,7 24 1 ,6 63 1 ,3 34 0 500 1000 1500 2000 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 4 Q 1 9 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 Actual MBA Mortgage Origination Volumes1 MBA Mortgage Originations Forecast1,2 ($ in billions) 398 333 489 510 541 4Q22 1Q23 2Q23 3Q23 4Q23 Purchase Refinance©2023, Comerica Inc. All rights reserved. 39 National Dealer Services 75+ years of floor plan lending 12/31/22 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) Toyota/Lexus 10% Honda/Acura 8% Ford 8% GM 7% Fiat/Chrysler 8% Mercedes 6% Nissan/ Infiniti 3% Other European 13% Other Asian 14% Other 23% • Top tier strategy • National scope with customers in 42 states • Focus on "Mega Dealer" (five or more dealerships in group) • Strong credit quality; Robust monitoring of company inventory & performance • Floor Plan remained below historical averages 4 .0 4 .4 4 .5 4 .1 4 .0 3 .6 2 .8 1 .9 2 .2 2 .0 1 .2 0 .6 0 .6 0 .6 0 .8 1 .0 1 .2 7 .4 7 .8 7 .9 7 .5 7 .3 6 .8 6 .2 5 .3 5 .5 5 .3 4 .4 3 .8 3 .9 4 .1 4 .5 4 .8 5 .1 4 Q 1 8 1 Q 1 9 2 Q 1 9 3 Q 1 9 4 Q 1 9 1 Q 2 0 2 Q 2 0 3 Q 2 0 4 Q 2 0 1 Q 2 1 2 Q 2 1 3 Q 2 1 4 Q 2 1 1 Q 2 2 2 Q 2 2 3 Q 2 2 4 Q 2 2 Floor Plan Average Loans ($ in billions) Total $5.3B 1©2023, Comerica Inc. All rights reserved. 40

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8,290 7,341 7,036 6,339 5,241 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 4Q21 1Q22 2Q22 3Q22 4Q22 841 856 901 938 943 4Q21 1Q22 2Q22 3Q22 4Q22 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 12/31/22 Average Loans ($ in millions) • Manage concentration to numerous verticals to ensure widely diversified portfolio • Closely monitor cash balances & maintain robust backroom operation • 10 offices throughout U.S. & Canada Average Deposits ($ in millions) Growth 47% Early Stage 16% Late Stage 37% Customer Segment Overview (approximate; 4Q22 period-end loans) Total $941MM©2023, Comerica Inc. All rights reserved. 41 Equity Fund Services Strong relationships with top-tier Private Equity & Venture Capital firms 12/31/22 • Customized solutions for Private Equity & Venture Capital firms • Credit Facilities (Funds, General Partners, Management Companies) • Treasury Management • Capital Markets, including Syndication • Customers in the US & Canada • Drives connectivity with other teams • Middle Market • Commercial Real Estate • Environmental Services • Energy • TLS • Private Banking • Period-end balances were $3.2 billion • Strong credit profile • No charge-offs • No criticized loans Average Loans ($ in millions) 2,846 3,209 3,507 3,346 3,317 4Q21 1Q22 2Q22 3Q22 4Q22©2023, Comerica Inc. All rights reserved. 42

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Environmental Services Department Experienced team; Specialized industry, committed to growth 12/31/22 • 15+ year experienced team with 20+ year management tenure • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality Waste Management & Recycling (~85% of loan portfolio) • Insight & expertise with: • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Financing for M&A and growth capital Renewable Energy Solutions (~15% of loan portfolio) • Formed group in 2022; active in the landfill-gas-to-energy & biomass industries for more than a decade • Expanded focus to also include solar, wind, anaerobic digestion, & battery energy standalone storage 1,834 1,954 2,034 2,243 2,237 4Q21 1Q22 2Q22 3Q22 4Q22 Average Loans ($ in millions)©2023, Comerica Inc. All rights reserved. 43©2023, Comerica Inc. All rights reserved. Comerica's Core Values Trust OwnAct To raise expectations of what a bank can be for our colleagues, customers & communities 44

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Reconciliations (millions, except per share data) FY22 FY21 $ Change % Change (A) Net interest income before provision for credit loss (as reported) $2,466 $1,844 $622 34% (B) Noninterest income (as reported) $1,068 $1,123 ($55) -5% (C) Noninterest expenses (as reported) $1,998 $1,861 $137 7% (A+B-C) Pre-tax, pre-provision net revenue $1,536 $1,106 $430 39% Pre-tax, Pre-Provision Net Revenue (PPNR) Pre-tax pre-provision net revenue is a measure that Comerica uses to understand fundamental operating performance before credit-related and tax expenses©2023, Comerica Inc. All rights reserved. 45 (period-end, millions, except per share data) 4Q22 3Q22 2Q22 1Q22 4Q21 Tangible Common Equity Total shareholders' equity $5,181 $5,069 $6,435 $7,036 $7,897 Less fixed-rate non-cumulative perpetual preferred stock $394 $394 $394 $394 $394 Common Shareholders' equity $4,787 $4,675 $6,041 $6,642 $7,503 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $9 $10 $10 $11 $11 Tangible Common Equity $4,143 $4,030 $5,396 $5,996 $6,857 Total Assets $85,406 $84,143 $86,889 $89,165 $94,616 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $9 $10 $10 $11 $11 Tangible Assets $84,762 $83,498 $86,244 $88,519 $93,970 Common Equity Ratio 5.60% 5.55% 6.95% 7.45% 7.93% Tangible Common Equity Ratio 4.89% 4.82% 6.26% 6.77% 7.30% Impact of Accumulated Other Comprehensive Loss on Common Equity & Tangible Common Equity Comerica believes that the presentation of common equity adjusted for the impact of accumulated other comprehensive loss provides a greater understanding of ongoing operations and enhances comparability with prior periods. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital and 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.©2023, Comerica Inc. All rights reserved. Impact of Accumulated Other Comprehensive Loss on Common Equity & Tangible Common Equity Comerica believes that the presentation of common equity adjusted for the impact of accumulated other comprehensive loss provides a greater understanding of ongoing operations and enhances comparability with prior periods. Tangible common equity is used by Comerica to measure the quality of capital and the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital and 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. Reconciliations Continued (period-end, millions, except per share data) 4Q22 3Q22 2Q22 1Q22 4Q21 Common Equity & Tangible Common Equity per Share of Common Stock Common shareholders' equity $4,787 $4,675 $6,041 $6,642 $7,503 Tangible common equity $4,143 $4,030 $5,396 $5,996 $6,857 Shares of common stock outstanding 131 131 131 131 131 Common equity per share of common stock $36.55 $35.70 $46.19 $50.80 $57.41 Tangible equity per share of common stock $31.62 $30.77 $41.25 $45.86 $52.46 Impact of Accumulated Other Comprehensive Loss to Common Equity & Tangible Common Equity Accumulated other comprehensive loss (AOCI) $(3,742) $(3,587) $(1,954) $(1,173) $(212) Common equity, excluding AOCI $8,529 $8,262 $7,995 $7,815 $7,715 Common equity per share of common stock, excluding AOCI $65.12 $63.11 $61.13 $59.78 $59.03 Common equity ratio, excluding AOCI 9.99% 9.82% 9.20% 8.76% 8.15% Tangible Common equity, excluding AOCI $7,885 $7,617 $7,350 $7,169 $7,069 Tangible Common equity per share of common stock, excluding AOCI $60.19 $58.17 $56.19 $54.83 $54.08 Tangible common equity ratio, excluding AOCI 9.30% 9.12% 8.52% 8.10% 7.52% Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and our performance trends. 46

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Holding Company Debt Rating As of 3/1/23 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities; Zions Bancorporation excluded due to no holding company Senior Unsecured/Long-Term Issuer Rating Moody's S&P Fitch Cullen Frost A3 A- - M&T Bank A3 BBB+ A BOK Financial A3 BBB+ A Comerica A3 BBB+ A- Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- KeyCorp Baa1 BBB+ A- Regions Financial Baa2 BBB+ A- First Horizon National Corp Baa3 BBB- BBB Citizens Financial Group - BBB+ BBB+ Synovus Financial - BBB- BBB©2023, Comerica Inc. All rights reserved. 47 Bank Debt Rating As of 3/1/23 Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities; Zions Bancorporation ratings are for the bank Senior Unsecured/Long-Term Issuer Rating Moody's S&P Fitch Cullen Frost A3 A - M&T Bank A3 A- A BOK Financial A3 A- A Comerica A3 A- A- Fifth Third A3 A- A- Huntington A3 A- A- KeyCorp A3 A- A- Regions Financial Baa1 A- A- Citizens Financial Group Baa1 A- BBB+ Zions Bancorporation Baa1 BBB+ BBB+ First Horizon National Corp Baa3 BBB BBB Synovus Financial Baa3 BBB BBB©2023, Comerica Inc. All rights reserved. 48

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