EX-99.2 3 comericainc4q23earningsp.htm EX-99.2
Comerica Incorporated Fourth Quarter 2023 Financial Review January 19, 2024 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 “anticipate, assume, believe, commit, confident, continue, designed, estimate, expect, feel, forecast, forward, future, goal, grow, initiative, intend, model, outlook, plan, position, potential, potential, project, propose, remain, seek, strategy, target, trend, trend, until, well-positioned, will,” 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, or to economic, market, or other environment conditions, 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 the date of this presentation 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, as updated by “Item 1A. Risk Factors” beginning on page 64 of Comerica’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. 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©2024, Comerica Inc. All rights reserved.

2023 Review 3©2024, Comerica Inc. All rights reserved. Advanced our corporate priorities while navigating industry disruption Awards & Recognition • 2023 Impact Award Winner from Datos Insights in Product Development for Maximize Product • Top Workplaces 2023 designation from Dallas-Fort Worth Metro Area Top Workplaces & Detroit Free Press • Volunteerism Initiative Received Recognition during American Bankers Association Community Impact Awards • Newsweek’s lists of America’s Most Responsible Companies, America’s Greenest Companies & America’s Greatest Workplaces • 2023 Noteworthy Company by DiversityInc • One of the 50 Most Community Minded Companies by Civic50 Significant Achievements Record average loan balances & net interest income Outstanding rating for CRA exam Launched Comerica Small Business Convenient Capital & Comerica Maximize products for small businesses Exceeded 3-year goal to lend $5B to Small Businesses Published Inaugural Financed Emissions Report Partnered with Ameriprise for Wealth Management Investment Platform Launched Investment Banking Group focused on M&A Advisory Initiated Small Business Banking national expansion 4©2024, Comerica Inc. All rights reserved. (millions, except per share data) 2023 2022 Change Average loans $53,903 $50,460 $3,443 Average deposits 66,018 75,481 (9,463) Net interest income 2,514 2,466 48 Provision for credit losses 89 60 29 Noninterest income1 1,078 1,068 10 Noninterest expenses1 2,359 1,998 361 Provision for income tax 263 325 (62) Net income 881 1,151 (270) Earnings per share2 $6.44 $8.47 $(2.03) Efficiency Ratio 66% 56% Return on Average Equity3 16.50% 18.63% Return on Average Assets 1.01% 1.32% FY23 compared to FY22 1Includes gains/(losses) related to deferred comp plan of $13MM FY23 & $(18)MM FY22 2Diluted earnings per common share 3Return on common shareholders’ equity Key Performance Drivers Year over Year • Loans up $3.4B or 7% driven by growth in Commercial Real Estate & National Dealer Services, partially offset by loan optimization 2H23 including exit of Mortgage Banker • Deposits impacted by diversification efforts related to industry disruption; stabilization & successful deposit recapture strategy in 2H23 • Record net interest income benefitted from higher rates offsetting impact of deposit & borrowing costs • Credit quality remained very strong with net charge offs of 4 bps • Noninterest income impacted by BSBY cessation, offsetting positive trends in noncustomer & customer fee income • Expenses reflect FDIC special assessment, investment- related pressures & costs associated with initiatives to enhance future earnings power FY23 Results Record average loan balances & net interest income; excellent credit quality

5©2024, Comerica Inc. All rights reserved. Notable 4Q23 Items Subject1 4Q23 Accounting Impact (pre-tax) 4Q23 EPS Impact (net of tax) FDIC special assessment +$109MM noninterest expense ($0.62) Impact of BSBY cessation announcement -$91MM other noninterest income +$3MM net interest income =$88MM net non-cash, pre-tax impact Note: The impact of this accounting change will accrete back over time. ($0.52) Expense re-calibration initiatives +$25MM noninterest expense ($0.14) Ameriprise partnership accounting -$2MM noninterest income $2MM fiduciary income $2MM other noninterest income + $2MM net increase in brokerage fees -$2MM noninterest expense None Additional Item (no bottom-line impact): 1See appendix for descriptions of notable items 4Q23 Results Impacted by notable items; strategic balance sheet management intended to support future growth 1Includes gains/(losses) related to deferred comp asset returns of $6MM 4Q22, ($3MM) 3Q23, $8MM 4Q23 2Diluted earnings per common share 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 44Q23 estimated (millions, except per share data) 4Q23 3Q23 4Q22 Change From 3Q23 4Q22 Average loans $52,796 $53,987 $52,375 $(1,191) $421 Average deposits 66,045 65,883 71,355 162 (5,310) Net interest income 584 601 742 (17) (158) Provision for credit losses 12 14 33 (2) (21) Noninterest income1 198 295 278 (97) (80) Noninterest expenses1 718 555 541 163 177 Provision for income tax 19 76 96 (57) (77) Net income 33 251 350 (218) (317) Earnings per share2 $0.20 $1.84 $2.58 $(1.64) $(2.38) Efficiency Ratio3 91.86% 61.86% 53.00% CET14 11.09% 10.80% 10.00% Key Performance Drivers 4Q23 compared to 3Q23 • Average loans declined 2.2% with the exit of Mortgage Banker Finance & continued selectivity prioritizing returns • Deposits remained stable despite impact from Mortgage Banker Finance exit • Net interest income impacted by lower excess cash, strategic management of loans & successful growth in interest bearing deposits • Modest net charge-offs of 15 bps; reserve ratio rose to 1.40% reflecting market normalization • Noninterest income impacted largely by BSBY cessation; investment in customer-related fee income remains a priority • Noninterest expense impacted by special one-time FDIC assessment & actions taken to enhance future earnings power • Strong CET1 continued to grow above our 10% strategic target despite notable items 6©2024, Comerica Inc. All rights reserved.

52.4 53.5 55.4 54.0 52.8 53.4 52.1 5.45 5.89 6.18 6.34 6.38 4Q22 1Q23 2Q23 3Q23 4Q23 3Q23 4Q23 Loans Strategic optimization efforts prioritized relationships; positioned for enhanced returns & growth 4Q23 compared to 3Q23 1See Quarterly Average Loans slide for more details 2See Commercial Real Estate slide for more details Loans ($ in billions) Average loans decreased $1.2B1, or 2.2% - $543MM Mortgage Banker (strategic exit) - $433MM General Middle Market - $361MM Equity Fund Services - $336MM Corporate Banking + $377MM Commercial Real Estate2 + $284MM National Dealer Services 7©2024, Comerica Inc. All rights reserved. Loan Yields % Average Balances Period-end 56.5 57.5 57.0 55.5 53.7 45% 46% 47% 47% 48% 4Q22 1Q23 2Q23 3Q23 4Q23 Utilization Loan Commitments Declined with Increased Selectivity (period-end: $ in billions) 71.4 67.8 64.3 65.9 66.0 0.97 1.52 2.37 2.90 3.12 4Q22 1Q23 2Q23 3Q23 4Q23 Deposits Trends reflect stability & strong customer relationships 4Q23 compared to 3Q23 1Interest costs on interest-bearing deposits 2Deposit growth calculated as the difference between ending deposit balances for the dates outlined using H.8 data Deposits ($ in billions) Deposit Rate1 % Average Balances Average deposits increased $0.2B, or 0.2% + $614MM General Middle Market + $240MM Retail Bank + $198MM Corporate Banking - $564MM brokered time deposits - $176MM Mortgage Banker Finance (strategic exit) - $129MM National Dealer Services • Interest-bearing increase of $1.4B; Noninterest-bearing decline of $1.2B • Cumulative interest-bearing deposit beta of 58% • 4Q23 average NIB at 42% of total deposits, impacted by success in growing interest-bearing deposits; NIB balances trending in line with expectation 8©2024, Comerica Inc. All rights reserved. Favorable Mix (period-end,$ in billions) 67.2 66.8 3Q23 4Q23 45% 42% NIB IB 7.39% 1.74% 1.14% CMA All Commercial Banks Large Commercial Banks Deposit Growth2 (period-end; 12/27/23 vs. 5/31/23)

©2024, Comerica Inc. All rights reserved. Liquidity Enabled wholesale funding repayments; maintain significant capacity 12/31/23 1Bank Term Funding Program 9 • Repaid $1.8B of wholesale funding: • $1.2B in maturing FHLB advances • $564MM in brokered time deposits • Scheduled FHLB Maturities of $3.6B in 2024 & $1B annually from 2025-2028 Source (12/31/23) $ in billions Amount or Total Capacity Remaining Capacity Cash 7.9 7.9 FHLB (securities & loan collateral) 17.1 9.5 BTFP1 (securities collateral) 9.3 9.3 Discount Window (loan collateral) 21.0 21.0 Total Liquidity Capacity $47.7 billion Total Liquidity Capacity (ex. Discount Window) $26.7 billion Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 78% 86% 50% 60% 70% 80% 90% 100% 110% 120% 130% 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 1Q 23 2Q 23 3Q 23 4Q 23 Loan to Deposit Ratio Below Historical Average (period-end) 500 350 400 550 500 2024 2025 2026 2027 2028 2029 2033 Securities Portfolio Rate movement accelerated unrealized loss recapture; expect future maturities to enhance earnings power 12/31/23 Totals shown in graph above may not foot due to rounding 1Outlook as of 1/19/24 assuming 12/31/23 forward curve 2Amortized cost reflects securities at par net of repayments and remaining unaccreted discount or premium 3Estimated as of 12/31/23 Period-end 4Q23 portfolio increased $0.6B - $324MM MBS payments & $100MM Treasury maturities + $975MM fair value change (pre-tax) • Average 4Q23 portfolio decreased $592MM • 1Q24: Estimated repayments ~$340MM MBS1 • Duration of 5.5 years3 • Extends to 6.1 years under +200bps instantaneous rate increase3 • Net securities-related AOCI unrealized loss decreased to $2.0B (after tax); expect unrealized loss to decline 25% over the next 2 years1 Portfolio Strategy • Utilize natural portfolio attrition as liquidity source • Pledge portfolio as collateral to access wholesale funding as needed • 100% of portfolio is available-for-sale • No current intention to sell or restructure Expected Repayments & Maturities1 ($ in millions) ©2024, Comerica Bank. All rights reserved. 10 Repayments created liquidity (period-end; $ in billions) 2 12.4 18.3 17.4 16.3 16.9 16.6 16.2 15.7 15.3 13.5 (0.1) 2.7 2.9 3.6 2.7 2.5 2.4 2.3 2.2 2.0 12.3 21.0 20.4 20.0 19.5 19.2 18.6 18.1 17.5 15.5 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 4Q25 Valuation Adjustment Fair Value (Reported on Balance Sheet) Amortized Cost Projected1 440 650 625 625 520 1.71 1.41 1.54 1.39 1.42 1Q24 2Q24 3Q24 4Q24 1Q25 Maturing Yield %Repayment & Maturity Estimate

Net Interest Income Remained effectively rate neutral; NIM benefited from wholesale funding repayments 4Q23 compared to 3Q23 Net Interest Income ($ in millions) $601MM 3Q23 2.84% - 13MM - 22MM + 6MM + 3MM Loans Lower balances Higher rates, incl. swaps BSBY Cessation - 0.02 - 0.07 + 0.04 + 0.01 - 1MM Securities Portfolio - 0.00 - 40MM - 42MM + 2MM Fed Deposits Lower balances Rates - 0.09 - 0.10 + 0.01 - 31MM - 20MM - 11MM Deposits Rates Interest-bearing balances & mix - 0.15 - 0.09 - 0.06 + 68MM + 70MM + 3MM - 5MM Wholesale Funding FHLB advances Medium & long-term debt Rates, incl. swaps + 0.33 + 0.35 + 0.01 - 0.03 $584MM 4Q23 2.91% 11©2024, Comerica Inc. All rights reserved. Net impact due to rates: ($17MM) on Net Interest Income & (7bps) on the NIM 742 708 621 601 584 3.74 3.57 2.93 2.84 2.91 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Margin % Interest Rate Sensitivity Well positioned to protect income as rates decline 12/31/23 1Received fix/pay floating swaps; maturities extend through 3Q30; Table reflects the ultimate swaps average notional balances & weighted average yields post CME LIBOR transition for terms of current & forward starting swaps currently under contract & assumes no future termination 2For methodology see Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis from our base case which utilizes December 2023 average balances & assume all loan hedges quality for hedge accounting 12©2024, Comerica Inc. All rights reserved. Swaps as of 12/31/231 ($ in billions; average; weighted average yield) • No new swaps added in 2023 • Net unrealized swap losses in AOCI decreased $672MM to $605MM at 12/31/23 (after-tax) • BSBY cessation & swap re-designation does not impact above table • Nov ‘23 announcement resulted in net $88MM non-cash loss & no change to ongoing swap cashflow recognition in earnings • Loss will accrete back & majority expected in ’25 & ’26 • Do not expect significant impact in ’24, but subject to mark-to-market volatility until remaining BSBY swaps re-designated to SOFR early 2024 Estimated 12-Month Net Interest Income Impact Relative to Baseline 100 bps gradual decrease $23MM 100 bps gradual decrease & 60% incremental beta $44MM 100 bps gradual increase -$36MM 100 bps gradual increase & 60% incremental beta -$65MM Sensitivity Analysis as of 12/31/23 Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~48% per incremental change Securities Portfolio Partial reinvestment of cash flows Hedging (Swaps) No additions modeled 12/31/23 Model Assumptions2 100 bps (50 bps avg) gradual, parallel rise 22.4 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.38% 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30

244 221 186 154 178 0.46 0.40 0.33 0.29 0.34 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 4Q22 1Q23 2Q23 3Q23 4Q23 NPA/Loans % Credit Quality Modest net charge-offs below historical levels; migration remains manageable 4Q23 compared to 3Q23 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 2A portion of the TLS portfolio is also considered Leveraged & also reflected in the Leveraged data Modest Increase in Nonperforming Assets ($ in millions) Criticized Loans1 Below Historical Level ($ in millions) 661 693 728 736 728 1.24 1.26 1.31 1.38 1.40 - 1.00 2.00 3.00 4.00 5.00 6.00 4Q22 1Q23 2Q23 3Q23 4Q23 ACL/Loans % Allowance for Credit Losses Decreased ($ in millions) 1,572 1,918 2,048 2,290 2,405 2.9 3.5 3.7 4.3 4.6 - 2.00 4.00 6.00 8.00 10.00 12.00 4Q22 1Q23 2Q23 3Q23 4Q23 Criticized/Loans % 13©2024, Comerica Inc. All rights reserved. (4) (2) (2) 6 20 - 2.00 4.00 6.00 8.00 10.00 12.00 4Q22 1Q23 2Q23 3Q23 4Q23 Net Charge-Offs (Recoveries) ($ in millions) Portfolios with Incremental Monitoring Business Line or Portfolio 12/31 Loans % of Total Loans % Criticized Commercial Real Estate Business Line $10.0B 19.2% 4.8% TLS2 $0.7B 1.4% 18.0% Leveraged $2.8B 5.4% 11.7% Automotive Production $0.9B 1.7% 18.3% Noninterest Income Impacted by BSBY cessation accounting; customer-related income growth remains a priority 4Q23 compared to 3Q23 1Risk management hedging income related to an increase in price alignment (PA) received for Comerica’s centrally cleared risk management positions $8MM 4Q22, $8MM 1Q23, $6MM 2Q23, $17MM 3Q23, $18MM 4Q23 2Includes Credit Valuation Adjustment (CVA) $1MM 4Q22, $1MM 1Q23, $1MM 2Q23, ($2MM) 3Q23, ($0.2MM) 4Q23; Includes gains/(losses) related to deferred comp asset returns of $6MM 4Q22, $4MM 1Q23, $4MM 2Q23, ($3MM) 3Q23, $8MM 4Q23 3BSBY to cease being published in November 2024; therefore, while swaps hedges of BSBY-indexed loans will be transitioned to a different index, temporary loss of hedge accounting resulted in $91 million in net hedging losses recorded in the fourth quarter. Losses are expected to accrete back into income over the life of the swaps (majority in 2025 and 2026), resulting in no impact to the economics of the swaps. Noninterest Income1 ($ in millions) 278 282 303 295 198 4Q22 1Q23 2Q23 3Q23 4Q23 Decreased $97MM 2 - $91MM hedge accounting loss3 - $3MM fiduciary income (includes Ameriprise, -$2MM) - $3MM card fees - $3MM securities trading income (includes Ameriprise, -$2MM) - $3MM FHLB stock dividends - $2MM service charges on deposit accounts - $2MM commercial lending fees - $2MM bank-owned life insurance + $11MM deferred compensation (offset in noninterest expenses) + $2MM brokerage fees (impact of Ameriprise) 14©2024, Comerica Inc. All rights reserved. Notable Items in 4Q results • BSBY: $91MM non-cash, net loss due to BSBY cessation • Ameriprise: $2MM decline in noninterest income due to reallocation of income & reclassification of salaries & benefits costs (all offset by decline in noninterest expense) - $2MM fiduciary - $2MM other income (includes securities trading income) + $2MM brokerage fees

541 551 535 555 718 53.0 55.5 57.7 61.9 91.9 4Q22 1Q23 2Q23 3Q23 4Q23 Efficiency Ratio % Noninterest Expenses1,2 ($ in millions) Noninterest Expenses Actions expected to enhance earnings power & drive efficiency 4Q23 compared to 3Q23 1Modernization initiative $7MM 3Q22; $18MM 4Q22; FY22 $38MM; $16MM 1Q23, $7MM 2Q23, ($14MM) 3Q23, ($4MM) 4Q23; FY23 $5MM 2Gains/(losses) related to deferred comp plan of $6MM 4Q22, $4MM 1Q23, $4MM 2Q23, ($3MM) 3Q23, $8MM 4Q23 Increased $163MM + $113MM FDIC insurance (includes special assessment, $109MM) + $44MM salaries & benefits (includes Ameriprise, -$2MM) + $23MM severance costs (includes expense initiatives, $25MM) + $11MM deferred compensation (offset in noninterest income) + $4MM temporary labor + $3MM staff insurance + $10MM other noninterest expense + $7MM lower gains on the sale of real estate + $6MM consulting + Smaller increases in various categories - $10MM litigation & regulatory-related expenses - $5MM outside processing 15©2024, Comerica Inc. All rights reserved. Notable Items in 4Q results • FDIC: $109MM expense related to special one-time FDIC assessment • Expense re-calibration initiatives: $25MM in severance from efficiency efforts intended to enhance earnings power & create investment capacity • Ameriprise: $2MM decline due to accounting for new partnership salaries & benefits costs, offset by decline in noninterest income ©2024, Comerica Inc. All rights reserved. Expense Re-Calibration Actions taken to enhance returns & position for sustainable success Optimizing… …to reinvest in & drive future 16 Banking center & real estate footprint Colleague efficiency & processes Strategic Growth Risk Management Earnings Power • Close 26 banking centers across MI, TX, CA & AZ • Continued re-alignment of corporate facilities • Streamline managerial layers • Organizational re-alignment • Other staffing efficiencies • Eliminated ~250 total positions • Product optimization • Review third party spend • $45MM reduction in 2024 expenses • $55MM reduction in 2025 expenses

Projected1 (2.1) (2.2) (2.8) (2.0) (1.7) (1.5) (0.6) (1.0) (1.3) (0.6) (0.2) (0.1) (0.5) (0.5) (0.5) (0.4) (0.4) (0.4) 1Q23 2Q23 3Q23 4Q23 4Q24 4Q25 Securities Swaps Pension 4.62% 6.30% 3Q23 4Q23 Tangible Common Equity Ratio Capital Management Maintained capital position above target CET1 of ~10%1 12/31/23 1Outlook as of 1/19/24 24Q23 estimated 3Various assumptions including, but not limited to 12/31/23 forward curve, no new hedges, no re-designation of previous swaps hedging BSBY loans & constant tax rate; pension is not projected & held constant 4Refer to reconciliation of non-GAAP financial measures in appendix 5Represents the impact of $3.0B in AOCI on common equity and $2.3B in corresponding impacts to total assets 6Considers AOCI for securities & pension & related RWA benefit utilizing 12/31/23 risk weighting. Does not assume other potential Basel III Endgame impacts (such as market risk, operational risk & changes to standard counter-party risk). 10.80% 11.09% 7.0% 3Q23 4Q23 CET12 Tier 12 11.30% 11.61% 8.5% 3Q23 4Q23 Regulatory Minimum + Capital Conservation Buffer (CCB) 17©2024, Comerica Inc. All rights reserved. 4.6 6.0 3Q23 4Q23 Common Equity Common Equity ($ in billions; period-end) Tangible Common Equity Ratio4 5.34% 7.00% 3Q23 4Q23 Common Equity Ratio Common Equity Ratio Accumulated Other Comprehensive Income3 ($ in billions) Scenarios Est. AOCI Increase / (Decrease) Rate shock + 100 bps Static balances ($1.4B) Rates shock - 100 bps Static balances $1.4B Estimated Change in AOCI Derived Simulated Sensitivity Analysis for Securities & Swap Portfolios 4Q23: AOCI impact5 of (328 bps) AOCI impact5 of (332 bps) AOCI impact of ($3.0) Basel III Endgame Capital Considerations We are not subject to these proposed rules with ~$86B in assets as of 12/31/23. If subject to proposed Basel III Endgame capital requirements relating to AOCI opt-out changes, we estimate an approximate 300 basis point decrease to CET1 based on 12/31/236. FY24 vs FY23 Average loans -1 to -2% full year average +5% point to point (Dec ‘23 to Dec ’24) driven by broad-based growth led by Middle Market Average deposits -1 to -2% full year average, assumes stable brokered deposits from Dec ‘23 Relatively stable point to point (Dec ’23 to Dec ‘24), assumes stable brokered deposits Net interest income1 -11%, driven by deposit mix Credit quality Continued credit normalization; expect NCOs to be in the lower half of our normal 20 to 40 bps range Noninterest income +6%, driven by notable items, pressures in noncustomer income & flat customer income, assumes deferred comp2 & CVA do not repeat; Relatively flat adjusting for BSBY & Ameriprise Noninterest expenses -4%, driven by notable items, assumes deferred comp2 does not repeat & lower pension ($19MM year over year benefit) +3% adjusting for FDIC special assessment, Ameriprise & expense re-calibration Tax FY tax rate ~23%, excluding discrete items Capital Expect to maintain capital well above our CET1 target of 10% through year-end 2024 Management Outlook Assumes no change in current economic environment 12/31/23 Outlook as of 1/19/24 & guidance compares to reported 2023 values unless otherwise indicated. 1Utilizing 12/31/23 forward curve 2Deferred comp FY23 $13MM 3Assumes 4Q23 deferred comp of $8MM does not repeat ©2024, Comerica Inc. All rights reserved. 18 1Q24 vs. 4Q23 Average loans -1 to -2%, selectivity & strategic actions offset momentum Average deposits -3 to -4%, first quarter seasonality Net interest income1 -9 to -10%, first quarter deposit seasonality & subject to BSBY re- designation volatility Noninterest income3 39%, or -3 to -4% adjusting for BSBY & Ameriprise; deferred comp, risk mgmt & FHLB income down Noninterest expense3 -19%, or flat adjusting FDIC, expense re-calibration & Ameriprise; seasonal comp

Long-standing, trust- based customer relationships, averaging >15 years in Middle Market Tenured, expert relationship & group managers with average 10 & 20 years at Comerica, respectively Consistent, disciplined credit underwriting standards & a “through- the-cycle” mindset Diversified business mix with attractive, growth & relationship-oriented business lines like Middle Market, Environmental Services & Small Business Complimentary marketing services to help small businesses grow Distinctive Treasury Solutions used for ~95% of Commercial noninterest- bearing deposits Complementary Capital Markets business Differentiated Wealth Management business specializing in the needs of business owners and executives, used by 39% of Commercial clients1 Largest third-party fiduciary business in the country with Advisor Solutions serving some of the country’s largest Broker Dealers in Estate Settlement; Oil, Gas & Mineral Management; Special Needs Trusts & Philanthropic Deep, sticky operating accounts with our C&I customers driving an 78% loan-to-deposit ratio, below our 15-year average Expert bankers serving tenured customer relationships with average customer deposit balance exceeding industry Growing small business segment of deposit rich relationships (97% have a deposit relationship) Lean, modern technology architecture & delivery model, including our “digital factory” ~75% of our business applications are Cloud & SAAS based Investment spend focused only on areas of true competitive advantage Modernization journey to transform retail delivery to optimize experience & efficiency Taking incremental actions to enhance efficiencies ©2024, Comerica Inc. All rights reserved. Our Differentiated Value Proposition A Leading Bank for Business complemented by strong Retail & Wealth Management Distinctive Commercial Franchise Complementary fee & relationship products Robust, low-cost deposit base Efficient technology & operations 12/31/23 1As of 9/30/23 19 APPENDIX

Recent Awards & Recognition Top Workplaces 2023 designation by Detroit Free Press America’s Most Responsible Companies America’s Greenest Companies America’s Greatest Workplaces Earned a score of 100 on the Human Rights Campaign Foundation’s 2023-2024 Corporate Equality Index (CEI) 21©2024, Comerica Inc. All rights reserved. The Right Balance Positioned to effectively meet the unique needs of our target customers Experienced & tenured team delivering consistency to our relationships across markets & businesses Tailored solutions & customized product offerings to meet our customers needs Localized advice for our customers Industry expertise adding unique value to our customers Full suite of products & services including credit capacity, treasury management, & capital market solutions Community engagement recognizing we all play a role in advancing the markets & communities we serve 2023 Newsweek Honors Commercial Bank 86% 10% 4% Commercial Bank Wealth Management Retail Bank 49% 6% 37% 8% Commercial Bank Wealth Management Retail Bank Other ©2024, Comerica Inc. All rights reserved. Diversified Businesses Unique & complementary model Loans1 Deposits2 1Average 4Q23 loans 2Average 4Q23 deposits 22 Wealth Management Deliver a first-class commercial solution as a “Leading Bank for Business” including a robust digital suite Grow Middle Market, Business Banking & Specialty Businesses in which we have expertise Generate capital- efficient fee income leveraging Focus on organic & other strategic growth opportunities Deliver a high level of service to customers across all touchpoints Provide important funding source for the Corporation in terms of size, granularity & deposit diversification Retail Bank Cohesive relationship strategy across our divisions unlocks the value of our franchise

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 • New offices in SC & GA • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 1 office in Denver • Serving customers in AZ & CO 23©2024, Comerica Inc. All rights reserved. Large, higher growth urban markets Highly integrated, cost-effective platformPredominance of middle market companies & wealth management opportunities 1Average 4Q23 loans 2Average 4Q23 deposits 3Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 35% 25% 14% 26% MI CA TX Other Markets 23% 36% 24% 18% MI CA TX Other Markets Loans1 Deposits2 3 3 24©2024, Comerica Inc. All rights reserved. Impact of BSBY Cessation BSBY swap losses as of 11/15/23 Amortized losses in NII Amortized losses in NII One time loss & partial amortization 4Q23 2024 2025-2028 Lo ss T re at m en t Recognition of losses back as income Accretion of income in NII Subject to rate movement until re- designation Accretion of income in NII Mark-to-market gain between 11/15 and 12/31 In co m e Tr ea tm en t Change in Fair Value in Noninterest income Subject to rate movement until re- designation Note: The above does not consider the normal settlements for swaps not impacted by this announcement that will continue to be recorded in net interest income. Periodic settlement of hedges impacted by the announcement will be recorded as part of noninterest income instead of net interest income until the hedges are ‘re-designated.’ Majority of hedges expected to be re-designated in early 2024. Majority expected to accrete into income in ‘25 & ‘26 $88MM net non-cash pre-tax loss Expect muted impact; +/- subject to market volatility until re-designation of remaining impacted swaps to SOFR Pre-Tax Income Impact Expect most of $88MM accretion back into income with majority in ‘25

Business Line 2023 2022 Middle Market General $12.6 $12.7 Energy 1.5 1.4 National Dealer Services 5.8 4.6 Entertainment 1.2 1.1 Tech. & Life Sciences 0.9 0.9 Equity Fund Services 3.0 3.3 Environmental Services 2.4 2.1 Total Middle Market $27.2 $26.2 Corporate Banking US Banking 4.4 4.0 International 1.6 1.5 Commercial Real Estate 9.1 6.9 Mortgage Banker Finance 0.9 1.6 Business Banking 3.2 3.3 Commercial Bank $46.4 $43.5 Retail Bank $2.2 $2.1 Wealth Management $5.2 $4.9 TOTAL $53.9 $50.5 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 3 primary geographic markets By Market 2023 2022 Michigan $12.3 $12.0 California 18.7 17.7 Texas 12.3 10.2 Other Markets1 10.6 10.6 TOTAL $53.9 $50.5 ©2024, Comerica Inc. All rights reserved. 25 • Middle Market: Serving companies with revenues generally between $30-$500MM • Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM • Business Banking: Serving companies with revenues generally under $30MM Business Line 4Q23 3Q23 4Q22 Middle Market General $12.0 $12.5 $12.8 Energy 1.4 1.5 1.4 National Dealer Services 6.0 5.8 5.1 Entertainment 1.1 1.1 1.3 Tech. & Life Sciences 0.8 0.8 0.9 Equity Fund Services 2.5 2.8 3.3 Environmental Services 2.4 2.4 2.2 Total Middle Market $26.2 $26.9 $27.0 Corporate Banking US Banking 4.3 4.6 4.3 International 1.6 1.6 1.6 Commercial Real Estate 9.7 9.4 7.7 Mortgage Banker Finance 0.3 0.9 1.3 Business Banking 3.1 3.1 3.2 Commercial Bank $45.4 $46.5 $45.1 Retail Bank $2.3 $2.3 $2.2 Wealth Management $5.2 $5.2 $5.1 TOTAL $52.8 $54.0 $52.4 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 2Fixed rate loans include $22.9B receive fixed/pay floating (30-day) SOFR, BSBY & Prime interest rate swaps; Forward dated swaps are excluded; Fixed Rate Loans were 8% of the portfolio excluding interest rate swaps, 3Includes ~2.7% of Daily SOFR By Market 4Q23 3Q23 4Q22 Michigan $12.1 $12.4 $12.2 California 18.8 18.6 18.4 Texas 12.5 12.6 10.9 Other Markets1 9.5 10.4 10.9 TOTAL $52.8 $54.0 $52.4 ©2024, Comerica Inc. All rights reserved. 26 Fixed Rate 40% -Day Rate 51% 90-Day+ Rate 6% Prime-based 3% 2 Loan Portfolio (4Q23 Period-end) 3 $52.1B

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 3 major business segments 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 3Source for peer data: S&P Global Market Intelligence Business Line 2023 2022 Middle Market General $17.0 $20.4 Energy 0.6 1.0 National Dealer Services 1.0 1.5 Entertainment 0.3 0.3 Tech. & Life Sciences 3.6 6.5 Equity Fund Services 1.0 1.2 Environmental Services 0.4 0.3 Total Middle Market $23.8 $31.2 Corporate Banking US Banking 1.9 2.2 International 1.9 2.1 Commercial Real Estate 1.6 2.2 Mortgage Banker Finance 0.3 0.5 Business Banking 3.6 4.3 Commercial Bank $33.0 $42.6 Retail Bank $24.4 $26.7 Wealth Management $4.1 $5.4 Finance / Other1 $4.5 $0.8 TOTAL $66.0 $75.5 By Market 2023 2022 Michigan $22.9 $26.6 California 16.8 22.5 Texas 9.8 11.5 Other Markets2 12.0 14.1 Finance / Other1 4.5 0.8 TOTAL $66.0 $75.5 ©2024, Comerica Inc. All rights reserved. 27 19.0 22.1 22.5 22.6 26.0 26.7 27.3 30.5 33.1 33.9 35.7 36.3 36.9 44.0 W B S H B A N C FG K EY SN V FI TB FH N B O K F M TB W A L R F C FR ZI O N C M A Peer Average Highest Noninterest-bearing Deposit Component3 (Avg; percentages; 3Q23) 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 4Q23 3Q23 4Q22 Middle Market General $17.2 $16.6 $18.7 Energy 0.3 0.3 1.3 National Dealer Services 0.9 1.0 1.2 Entertainment 0.2 0.3 0.3 Tech. & Life Sciences 3.3 3.3 5.2 Equity Fund Services 1.0 0.9 1.2 Environmental Services 0.4 0.4 0.4 Total Middle Market $23.3 $22.7 $28.4 Corporate Banking US Banking 2.1 2.0 1.9 International 1.9 1.8 2.1 Commercial Real Estate 1.5 1.4 2.3 Mortgage Banker Finance 0.1 0.3 0.4 Business Banking 3.6 3.6 4.1 Commercial Bank $32.5 $31.9 $39.2 Retail Bank $24.3 $24.0 $26.0 Wealth Management $3.9 $3.9 $5.2 Finance / Other1 $5.4 $6.0 $1.0 TOTAL $66.0 $65.9 $71.4 By Market 4Q23 3Q23 4Q22 Michigan $23.0 $22.5 $25.0 California 16.5 16.3 20.4 Texas 9.4 9.2 11.6 Other Markets2 11.8 11.9 13.3 Finance / Other1 5.4 6.0 1.0 TOTAL $66.0 $65.9 $71.4 ©2024, Comerica Inc. All rights reserved. 28 Commercial Noninterest- bearing 31% Commercial Interest- bearing 31% Retail Interest- bearing 27% Retail Noninterest- bearing 11% Strong Deposit Mix: 42% noninterest-bearing (4Q23 Average) Total $66.0B

4Q23 compared to 3Q23 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation 212/31/23 is estimated 3As of 12/31/23 4Includes consumer & small business ©2024, Comerica Inc. All rights reserved. Attractive Deposit Profile Further enhanced our strong deposit franchise Deposit portfolio has better risk characteristics • Less concentrated in more vulnerable businesses • Lower price sensitivity • Lower percent of uninsured & excess deposits • Retained strong mix of 42% noninterest-bearing Stronger Profile than Pre-Pandemic ($ in billions) YE 2019 YE 2022 12/31/2023 Loan-to-Deposit Ratio 88% 75% 78% Total Deposits (Period-end) $57.3 $71.4 $66.8 % Uninsured Deposits Per Call Report Adjusted for Affiliate Deposits1 60% 54% 64% 57% 47%2 41%2 Stable & Tenured Core Deposit Base3 Diversified Across Markets & Businesses • Highest concentrations in Retail Consumer (28%), Middle Market Lending (12%) & Small Business Banking (8%), inherently diversified business lines • Geographically dispersed Holistic, Connected Relationships • ~95% of Commercial Bank noninterest-bearing deposits utilize Treasury Management services; ~91% have ECA • Average Middle Market relationship has >7 Treasury Management products • ~90% Retail customers have checking account4 Tenured • Average Middle Market relationship >15 years • Average Retail relationship >15 years4 Active Operating Accounts • Average Middle Market relationship deposit balances of ~$8MM (includes ~$2MM in non-interest bearing) • Average Retail customer checking account balance of $27.7K4 Commercial Bank 49%Retail Bank 37% Wealth Management 6% Other 8% Diversified Deposit Base (4Q23 average) 29 Shared National Credit (SNC) Relationships Credit quality of our SNC relationships better than portfolio average • SNC loans decreased $472MM compared to 3Q23 • SNC relationships included in business line balances; we do not have a dedicated SNC line of business • Approximately 723 borrowers • Comerica is agent for approx. 27% of loans • Strategy: Pursue full relationships with ancillary business • Adhere to same credit underwriting standards as rest of loan book • Only 3% of SNCs were criticized • 11% of SNCs were leveraged Period-end Loans ($ in billions) Commercial Real Estate $1.1 9% Corporate Banking $2.8 23% Equity Fund Services $1.0 8% Tech. & Life Sciences $0.2 1% General Middle Market $2.5 22% National Dealer Services $1.1 9% Energy $1.3 11% Entertainment $0.7 6% Environmental Services $1.0 9% Mortgage Banker $0.2 2% = Total Middle Market (66%) Total $11.8B 30©2024, Comerica Inc. All rights reserved. 12/31/23 SNCs are facilities greater than $100 million shared by three or more federally supervised financial institutions which are reviewed by regulatory authorities at the agent bank level

Investing for Growth with 3 Key Initiatives Elevating Small Business Strategic investment in sales coverage, marketing and essential technology to enable growth. Enabling Performance Reimagined roles, expectations and behaviors drive consistency in customer engagement and experience. Modernizing for Growth Harness digital investments to transform experience, drive growth and expand into new markets. 11% Sustained Growth in Customers1 5X Small Business Bankers 24% YoY Loan Origination Growth1 Aspirational Target for Small Business: Top 10 market share in all major markets; currently 3rd in Michigan In 18 months, we’ve expanded coverage so that Small Business Bankers support 80% of our Banking Centers and 92% of our LMI locations Contemporary products such as Comerica Small Business Convenient Capital™, and Comerica Maximize contribute growth and access to capital across our retail footprint Newly-curated small business experiences have over 1,600 customers gaining access to Comerica resources or utilizing office space Small business bankers, Business HQ, and award-winning marketing, all contribute to sustained growth in the initial Dallas / Fort Worth pilot area 12% Productivity Growth1,2 Banking Centers completing Retail Reimagined transformation see an average lift in new deposit account productivity versus prior periods 37% of Bank’s Total Deposits 18% Small Business Customers ~400 Banking Centers 32 Districts 5 Regions Alternative Channels: • Contact Center • ATM / ITM • Online & Mobile 82% Personal Customers Avg. customer deposit ~$27.7K ©2024, Comerica Inc. All rights reserved. 31 The Retail Bank: More than a Leading Bank for Business Banking Personal and Small Business customers in growth markets across the US 12/31/23 112/31/23 compared to 12/31/22 2As of 10/31/23 Total CMA Office Exposure • Not primary strategy: Total CMA office loans of $824MM, or <2% of total loans; outstandings within CRE LOB of $552MM, or ~1% of total CMA loans • Selective geography: Urban in-fill & suburban strategy • Majority recourse: Strong sponsors critical to underwriting • Monitoring credit: Criticized loans totaling $154MM (or ~19% of total office portfolio) Multifamily 46% Industrial / Storage 34% Retail 5% Office 6% Single Family 2% Other 3% Land Carry 2% Multi use 2% Commercial Real Estate Business Line Growth driven by multifamily & industrial projects; excellent credit quality 12/31/23 1Excludes CRE business line loans not secured by real estate 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Primarily Lower Risk Multifamily & Industrial1 (4Q23 period-end) Total $9.4B Strong Credit Profile Driven by: • Long history of working with well-established, proven developers; >90% of new commitments from existing customers • Experienced relationship team; average tenure: • CRE line of business leadership: ~27 yrs • Relationship managers: ~18 yrs • CRE credit approval team: ~24 yrs • Significant up-front equity required (typically averaging 35-40%, often from institutional investors) • ~70% has recourse • Majority of commitments are construction • Primary strategy is financing development of Class A, urban infill multi-family & warehouse distribution in major sun belt metros (34% CA, 27% TX, 11% Southeast, 10% Southwest) • Modest credit migration driven by elevated rate environment, but remained very manageable • >60% of the portfolio maturing by the end of 2025 ©2024, Comerica Inc. All rights reserved. 32 Excellent Credit Quality in Commercial Real Estate Business No significant net charge-offs since 2014 ($ in millions) 4Q22 1Q23 2Q23 3Q23 4Q23 NAL 0.9 0.9 0.9 0.0 18 Criticized2 16 218 246 458 481 % Criticized 0.2% 2.5% 2.7% 4.8% 4.8% NCO (Recoveries) (0.01) (0.05) (0.13) (0.70) (0.38)

33©2024, Comerica Inc. All rights reserved. Total Office Portfolio Not a primary strategy Geographic Diversification By State $ millions 12/31/23 California $393.5 Texas 236.8 Washington 39.7 Michigan 37.9 Arizona 32.4 Nevada 12.0 Georgia 5.7 Illinois 4.5 Florida 1.5 Subtotal 764.1 Other1 59.7 Total Loans $823.7 Key Office Portfolio Metrics $ millions 12/31/23 9/30/23 Total Loans $823.7 $824.9 Avg Loan Outstanding $5.6 $5.6 Net Charge Offs 0.32% 0% Delinquencies 1.1% 0% Non-Performing Loans 2.2% 0% Criticized Loans 19% 10% 12/31/23 1Other includes 3 loans to funds secured by multiple properties 34©2024, Comerica Inc. All rights reserved. Multi-family Portfolio Geographic Diversification By State $ millions 12/31/23 California $1,612.9 Texas 1,304.0 Florida 295.9 Washington 189.6 Michigan 181.0 Arizona 171.7 North Carolina 162.7 Oregon 129.0 Nevada 99.2 Subtotal 4,145.9 Other1 446.5 Total Loans $4,592.5 Key Multi-family Portfolio Metrics $ millions 12/31/23 9/30/23 Total Loans $4,592.5 $4,355.1 Avg Loan Outstanding $15.0 $13.6 Net Charge Offs 0% 0% Delinquencies 0% 0.9% Non-Performing Loans 0% 0% Criticized Loans 5% 6% 12/31/23 1Other includes various other states 40% 32% 8% 5% 15% California LA County Bay Area Orange County Sacramento County Other 38% 29% 19% 8% 7% Texas DFW Austin Houston San Antonio Other

Energy Primarily E&P exposure 12/31/23 1Includes Services of 4Q22 $13MM,1Q23 $16MM; 2Q23 $21MM; 3Q23 $27MM; 4Q23 $11MM Period-end Loans ($ in millions) 1,162 1,126 1,168 1,127 1,070 253 276 312 310 312 1,415 1,402 1,480 1,437 1,382 4Q22 1Q23 2Q23 3Q23 4Q23 Midstream Exploration & Production1 ©2024, Comerica Inc. All rights reserved. 35 • Exposure $3.3B / 42% utilization • Hedged 50% or more of production • At least one year: 60% of customers • At least two years: 34% of customers • Focus on larger, sophisticated E&P and Midstream companies • E&P: • 49% Oil-focused • 26% Natural Gas focused • 25% Oil/Gas balanced • Excellent credit quality • <1% Criticized loans • $(144K) Net recoveries Toyota/Lexus 12% Honda/Acura 9% Ford 8% GM 6% Jaguar/Land Rover 7% Stellantis 10% Mercedes 6% Nissan/ Infiniti 3% Other European 13%Other Asian 6% Other 20% National Dealer Services 75+ years of floor plan lending 12/31/23 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) • Top tier strategy • National in scope • Focus on “Mega Dealer” (five or more dealerships in group) • Strong credit quality; Robust monitoring of company inventory & performance • Floor Plan remained below historical averages 4. 0 3. 6 2. 8 1. 9 2. 2 2. 0 1. 2 0. 6 0. 6 0. 6 0. 8 1. 0 1. 2 1. 4 1. 7 1. 7 2. 1 7. 3 6. 8 6. 2 5. 3 5. 5 5. 3 4. 4 3. 8 3. 9 4. 1 4. 5 4. 8 5. 1 5. 4 5. 8 5. 8 6. 0 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 Floor Plan Average Loans ($ in billions)Total $6.1B 1 ©2024, Comerica Inc. All rights reserved. 36

5,241 4,443 3,408 3,281 3,312 0 1,000 2,000 3,000 4,000 5,000 6,000 4Q22 1Q23 2Q23 3Q23 4Q23 943 931 909 832 791 4Q22 1Q23 2Q23 3Q23 4Q23 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 12/31/23 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 US & Canada Average Deposits Stable since mid-May ($ in millions) Growth 52% Early Stage 14% Late Stage 34% Customer Segment Overview (approximate; 4Q23 period-end loans) Total $727MM ©2024, Comerica Inc. All rights reserved. 37 Equity Fund Services Strong relationships with top-tier Private Equity firms 12/31/23 • Customized solutions for Private Equity firms • Credit Facilities (Funds, General Partners, Management Companies) • Treasury Management • Capital Markets, including Syndication • Customers in the US & Canada • Well-diversified across funds with various industry strategies • Drives connectivity with other teams • Middle Market • Commercial Real Estate • Environmental Services • Energy • TLS • Private Banking • Strong credit profile • No charge-offs • No criticized loans Average Loans ($ in millions) 3,317 3,371 3,378 2,815 2,453 4Q22 1Q23 2Q23 3Q23 4Q23 ©2024, Comerica Inc. All rights reserved. 38

Environmental Services Department Experienced team; Specialized industry, committed to growth 12/31/23 • 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 (~80% 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 (~20% 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 2,237 2,296 2,418 2,383 2,365 4Q22 1Q23 2Q23 3Q23 4Q23 Average Loans ($ in millions) ©2024, Comerica Inc. All rights reserved. 39 40©2024, Comerica Inc. All rights reserved. Direct Express An important program for CMA & the customers we serve 1Apple App Store as of 1/11/24 • Summary: Comerica is the exclusive issuer of the Direct Express debit card for 4.5 million federal benefit recipients. • Driving Financial Inclusion: Helping the U.S. Treasury provide recipients ready, safe access to their government benefits was the founding mission of the Direct Express Program. Not only does the innovative prepaid card program deliver benefits more cost effectively and securely, it is an on- ramp to financial inclusion for millions of unbanked Americans - giving recipients the tools they need to participate fully in the economy. • Renewal History: In 2008, 2014 and again in 2020, Comerica was selected by the U.S. Treasury as the Financial Agent for their Direct Express Debit MasterCard Program. Comerica’s contract with the U.S. Treasury expires early 2025. • Strong Customer Satisfaction: Comerica has achieved a 90% (or better) cardholder satisfaction rating • Prioritizing Security: Since 2013, the U.S. Treasury has required all federal benefit recipients (with a few grandfathered exceptions) to receive their monthly benefits electronically, either by direct deposit or through the Direct Express debit card. With 100% of cardholders using EMV chip and PIN, it can be considered one of the most secure prepaid cards in the industry. • Unique Skill-set: We have developed the unique infrastructure, compliance and operations to administer this important program. Program Overview Deposit Trends Investments • Balances: ~$3B in 4Q23 average deposit balances (large fluctuations throughout the quarter due to timing cause ending balances to vary) • Intra-month patterns: Comerica receives most of the deposit balances on the 1st and 3rd days of each month (subject to change based on weekends or holidays) • Peaks & troughs: In December 2023, highest balance of $5.4B on 1st business day, lowest balance of $2.7B • Enhanced Digital Experience: Developed a new Direct Express mobile application with a 4.7-star rating and over 113,000 reviews on the Apple App Store; over 1 million mobile app users1 • Meeting Cardholders Where They Are: Unique partnership with Walmart that allows cardholders to withdraw the full balance on their card (up to $1,000) at less than half the cost that Walmart charges other customers for the same service. Since 90 percent of Direct Express cardholders visit a Walmart at least once a year, this has proven to be a very popular service. 4.7 Stars1

©2024, 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 41 42©2024, Comerica Inc. All rights reserved. Descriptions of Notable Items Subject Description FDIC special assessment • CMA recorded expense related to the FDIC’s Deposit Insurance Fund (DIF) special assessment Impact of BSBY cessation announcement • On November 15, 2023, Bloomberg Index Services Limited (“BISL”) officially announced the future permanent cessation of Bloomberg Short-Term Bank Yield Index (“BSBY”) on November 15, 2024. • This announcement resulted in a temporary loss of hedge accounting for a portion of cash flow hedges, driving recognition of non-cash unrealized losses related to applicable swaps previously in AOCI & an impact to net interest income. Expense re-calibration initiatives • Actions taken to enhance earnings power & create capacity for strategic & risk management investments resulted in severance charges Ameriprise partnership accounting • Based on the terms of our Ameriprise relationship, reallocation of certain items previously within noninterest income & noninterest expense now presented within noninterest income. No bottom-line impact as these changes fully offset one another.

43©2024, Comerica Inc. All rights reserved. Details for Outlook Financial Metric Full Year 2023 + / - Adjustments Identified on Outlook Slide Noninterest Income • +$91MM non-cash BSBY cessation loss • -$23MM full-year salaries & commissions for Ameriprise partnership prior to presentation impact Noninterest Expense • -$109MM special one-time FDIC assessment • -$25MM expense recalibration initiative related charges • -$23MM full-year salaries & commissions for Ameriprise partnership prior to presentation impact Financial Metric Fourth Quarter 2023 + / - Adjustments Identified on Outlook Slide Noninterest Income • +$91MM non-cash BSBY cessation loss • -$3MM 4Q23 salaries & commissions for Ameriprise partnership prior to presentation impact Noninterest Expense • -$109MM special one-time FDIC assessment • -$25MM expense recalibration initiative related charges • -$3MM 4Q23 salaries & commissions for Ameriprise partnership prior to presentation impact Reconciliations ©2024, Comerica Inc. All rights reserved. 44 (period-end, millions, except per share data) 4Q23 3Q23 2Q23 1Q23 4Q22 Tangible Common Equity Total shareholders’ equity $6,406 $4,972 $5,595 $5,994 $5,181 Less fixed-rate non-cumulative perpetual preferred stock $394 $394 $394 $394 $394 Common shareholders’ equity $6,012 $4,578 $5,201 $5,600 $4,787 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $8 $8 $8 $9 $9 Tangible common equity $5,369 $3,935 $4,558 $4,956 $4,143 Total assets $85,834 $85,706 $90,761 $91,127 $85,406 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $8 $8 $8 $9 $9 Tangible assets $85,191 $85,063 $90,118 $90,483 $84,762 Common equity ratio 7.00% 5.34% 5.73% 6.15% 5.60% Tangible common equity ratio 6.30% 4.62% 5.06% 5.48% 4.89% Tangible Common Equity 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. 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.

©2024, Comerica Inc. All rights reserved. Uninsured Deposits Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk. Total uninsured deposits as calculated per regulatory guidance and reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Reconciliations Continued 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. (period-end; millions) 4Q23 3Q23 2Q23 4Q22 (A) Total uninsured deposits, as calculated per regulatory guidelines $31,485 $31,476 $31,626 $45,492 (B) Affiliate deposits -$4,064 -$4,088 -$4,412 -$4,458 (A+B) Total uninsured deposits, excluding affiliate $27,421 $27,388 $27,214 $41,034 45 Holding Company Debt Rating As of 1/11/24 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 Baa1 BBB+ A BOK Financial Baa1 BBB+ A Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- Regions Financial Baa1 BBB+ A- Citizens Financial Group Baa1 BBB+ BBB+ Comerica Baa1 BBB A- KeyCorp Baa2 BBB BBB+ Webster Financial Baa2 BBB First Horizon National Corp Baa3 - BBB Western Alliance Ba1 BBB- Synovus Financial - BBB- BBB ©2024, Comerica Inc. All rights reserved. 46

Bank Debt Rating As of 1/11/24 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 - Fifth Third A3 A- A- Huntington A3 A- A- M&T Bank Baa1 A- A BOK Financial Baa1 A- A Regions Financial Baa1 A- A- Citizens Financial Group Baa1 A- BBB+ Comerica Baa1 BBB+ A- KeyCorp Baa1 BBB+ BBB+ Webster Bank Baa2 BBB+ Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 - BBB Synovus Financial Baa3 BBB BBB Western Alliance Ba1 BBB- ©2024, Comerica Inc. All rights reserved. 47 Thank You ©2024, Comerica Inc. All rights reserved.