1© 2021, Comerica Bank. All rights reserved. Goldman Sachs 2021 US Financial Services Conference December 8, 2021 Peter Sefzik Executive Director, Commercial Bank Jim Herzog Chief Financial Officer Curt Farmer Chairman, President & CEO 2© 2021, Comerica Bank. All rights reserved. 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 (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers, in particular the energy industry; and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); 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 (impacts from the COVID-19 global pandemic; changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; changes in accounting standards and 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, 2020. 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.
3© 2021, Comerica Bank. All rights reserved. Brief Overview We will raise your expectations of what a bank can be 9/30/21 1Source: S&P Global Market Intelligence as of 3Q21 2Commercial Banks 3Among the top 25 U.S. financial holding companies; as a % of assets 4U.S. Census Bureau; by population 2019. Includes all locations with employees & offices 52019 vs 2018 by number of people 63Q21 Average 7Other Markets & Finance/Other; includes items not directly associated with the geographic markets or the three major business segments Facts • 170+ year history • 16th largest U.S. bank1,2 • 7,459 employees Commercial Bank • >90% of total loans are commercial • Highest concentration of C&I loans1,3 Retail Bank • ~35% of total deposits • 433 banking centers & ~585 ATMs Wealth Management • $207B assets under administration • >25,700 personal & institutional clients Attractive Footprint • 13 of 15 largest metropolitan areas4 • 7 of 10 fastest growing metropolitan areas4,5 MI 24% CA 35% TX 20% Other Markets 21% Loans6 $48.1B MI 35% CA 29% TX 15% Other Markets 21% Deposits6 $79.1B 7 7 4© 2021, Comerica Bank. All rights reserved. 4Q21 Loan Update Commitments & pipeline continue to grow 4Q21 metrics through 11/30/21 are preliminary & subject to change. PPP – Paycheck Protection Program 1Comparisons of 4Q21 through 11/30/21 vs 3Q21 2Relative to 9/30/21 3Outlook as of 12/06/21 • QTD average loans increased $296MM, ex-PPP1 • As of 11/30, commitments up ~$500MM2 • 47% utilization, stable • Growth in most businesses • Pipeline remains very strong & increased2 • 4Q21 outlook ex. PPP3: stable at QTD level 51.4 50.6 49.8 48.1 47.5 0 1 2 3 4 5 6 7 8 9 10 0 10 20 30 40 50 60 70 4Q20 1Q21 2Q21 3Q21 4Q21 thru 11/30 General Middle Market 391 Corporate Banking 329 Commercial Real Estate (183) Mortgage Banker (261) PPP (887) Loan Trends ($ in billions, Average) Changes 3Q21 vs. 4Q21 thru 11/30 ($ in millions; Average; Businesses, ex. PPP)
5© 2021, Comerica Bank. All rights reserved. Loan Dynamics 4Q21 metrics through 11/30/21 are preliminary & subject to change. 10.6 11.5 0 1 2 3 4 5 6 7 8 9 10 3 13 4Q20 4Q21 thru 11/30 General Middle Market, ex PPP ($ in millions) 2.4 2.8 0 1 2 3 4 5 6 7 8 9 10 2 4Q20 4Q21 thru 11/30 1.4 1.8 0 1 2 3 4 5 6 7 8 9 10 0.50 4Q20 4Q21 thru 11/30 Equity Funds Services Environmental Services 3.7 0.8 0 1 2 3 4 5 6 7 8 9 10 0 4Q20 4Q21 thru 11/30 PPP ($ in millions) 5.5 3.8 0 1 2 3 4 5 6 7 8 9 10 1 4Q20 4Q21 thru 11/30 3.8 2.5 0 1 2 3 4 5 6 7 8 9 10 0 4Q20 4Q21 thru 11/30 National Dealer Services Mortgage Banker Finance Driving Growth ( i billions, Average) Headwinds Abating ($ in billions; Average) General Middle Market, ex. PPP PPP 0.7 1.2 4Q20 4Q21 thru 11/30 Entertainment 4.2 4.6 4Q20 4Q21 thru 11/30 Corporate Banking 9% -79% 15% 76% -30% -34%29% 11% 6© 2021, Comerica Bank. All rights reserved. 4Q21 Deposit Update Strong growth continues 4Q21 metrics through 11/30/21 are preliminary & subject to change 1Comparisons of 4Q21 through 11/30/21 vs 3Q21. 2Interest cost on interest-bearing deposits 3Outlook as of 12/06/21 4Source for peer data: S&P Global Market Intelligence 5HBAN excluded due to acquisition of TCF 70.2 71.4 75.5 79.1 84.3 0.000 0.100 0.200 0.300 0.400 0.500 0.600 0.700 0.800 0.900 1.000 0 10 20 30 40 50 60 70 80 90 4Q20 1Q21 2Q21 3Q21 4Q21 thru 11/30 • QTD average deposits reflect1 + $3.3B noninterest-bearing deposits + $1.9B interest-bearing deposits • QTD interest-bearing deposit costs2 declined to a record low 5 bps • 4Q21 outlook3: remain strong Deposit Trends ($ in billions, Average) 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.05 0.08 0.09 0.11 0.14 C M A F IT B H B A N M T B Z IO N C F R K E Y R F B O K F C F G F H N S N V Lowest Total Deposit Costs4 (percentages; 3Q21) 4.8 3.7 2.2 2.2 1.8 1.0 0.9 0.8 0.6 0.3 0.0 C M A Z IO N M T B C F R K E Y C F G B O K F F H N R F S N V F IT B Superior Average Deposit Growth4,5 (percentages; 3Q21 vs 2Q21)
7© 2021, Comerica Bank. All rights reserved. Securities Portfolio Impact on interest income of lower yields offset by larger portfolio size 9/30/21 Securities Portfolio ($ in billions; Average) 9.8 10.2 10.3 11.1 12.3 12.0 13.4 13.9 14.9 14.9 15.4 16.0 15.8 16.8 2.13 1.95 1.89 1.82 1.76 3Q20 4Q20 1Q21 2Q21 3Q21 2Q21 3Q21 Treasury Securities Mortgage-backed Securities (MBS) Securities Yields • Goal: Mitigate headwind from lower reinvestment yields by gradually deploying excess liquidity • Recent activity • Increase average balance by ~$500MM per quarter • ~$1.0B MBS payments per quarter • Replacing maturing treasuries ($400MM in 4Q21) Average Balances Period-end Cash / Assets (PE; percentages) 7.7 25.0 2010-2019 Average 3Q21 Securities / Assets (PE; percentages) 16.5 17.8 2010-2019 Average 3Q21 8© 2021, Comerica Bank. All rights reserved. Interest Rate Sensitivity Well-positioned for rising rates Fixed Rate 23% 30-Day LIBOR 59% 60-Day+ LIBOR 6% Prime-based 12% $48.1B Predominantly Floating Rate Loan Portfolio (3Q21 Period-end) LIBOR loans include $15.1B with floors 9/30/21 1Fixed rate loans include $5.25B receive fixed/pay floating (30-day) LIBOR interest rate swaps 2Source for peer data: S&P Global Market Intelligence 1 53 49 43 43 42 38 35 35 34 32 31 31 C M A Z IO N R F C F R M T B F IT B B O K F F H N K E Y S N V C F G H B A N Highest Component of Noninterest-bearing Deposits / Total Deposits2 (percentages; Average) Commercial Noninterest- bearing 43% Commercial Interest- bearing 23% Retail Interest- bearing 24% Retail Noninterest- bearing 10% Mostly Noninterest-bearing Deposits (3Q21 Average) $79.1B 0% 20% 40% 60% 80% 100% C M A B O K F C F R F IT B F H N K E Y R F C F G M T B S N V H B A N Z IO N Less Than 3 Months Greater Than 3 Months Faster Loan Re-pricing/Maturity Date2
9© 2021, Comerica Bank. All rights reserved. Interest Rate Sensitivity Estimated benefit under various scenarios Interest Rate Sensitivity Increased (Standard Model1,2; $ in millions; % increase in NII) 72 130 188 3Q19 3Q20 3Q21 0.1SSS Loan Balances Modest increase Loan Spreads Held at current levels Deposit Balances Moderate decrease Deposit Beta ~30% Securities Portfolio Held flat at current level Hedging (Swaps) No additions modeled Standard Model Assumptions1 100 bps (50 bps avg) linear, non-parallel rise Sensitivity Analysis Estimated Increase in Net Interest Income Over 12 months Additional Scenarios are Relative to 3Q21 Standard Model ($ in millions) ~95 ~155 ~180 188 ~220 ~377 25 bp Shock 50% Deposit Beta Add'l $5B Securities 3Q21 Standard Model 10% Deposit Beta 200 bps increase 11% 3% 9% 9/30/21 1For methodology see Company’s Form 10-Q, as filed with the SEC. Estimates are based on simulation modeling analysis 2Based on prevailing assumptions at a point in time, i.e., deposit beta 3Swap positions as of 11/30/21, plus historical position for 9/30/21; maturities extend through 2026 5.25 5.05 4.65 4.45 3.75 3.25 2.80 2.25 1.75 1.50 0.50 1.50 2.50 3.00 3.00 3.00 3.00 1.85% 1.84% 1.79% 1.72% 1.65% 1.57% 1.51% 1.44% 1.44% 1.44% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 $3,200 $3,400 $3,600 $3,800 $4,000 $4,200 $4,400 $4,600 $4,800 $5,000 $5,200 $5,400 $5,600 $5,800 $6,000 $6,200 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Existing Swaps New Swaps 4Q21 added $3B Forward Dated Swaps3 ($ in billions; period-end; blended yield %) 10© 2021, Comerica Bank. All rights reserved. 48 72 YTD 3Q20 YTD 3Q21 53 76 YTD 3Q20 YTD 3Q21 157 171 YTD 3Q20 YTD 3Q21 Strong Fee Income Broad-based growth 1$ in millions 2Includes CVA YTD3Q20 of $(19MM) & YTD3Q21 of $14MM 198 227 YTD 3Q20 YTD 3Q21 Card Fees1 Total Noninterest Income1 Fiduciary Income1 21 23 YTD 3Q20 YTD 3Q21 138 145 YTD 3Q20 YTD 3Q21 Deposit Service Charges1 Warrant-related Income1 Commercial Lending Fees1Derivative Income1,2 736 834 YTD 3Q20 YTD 3Q21 • High-caliber, robust product offering • Key component of relationship banking strategy • Skilled in assessing customer needs • Strong collaboration across divisions 13% 15% 9% 50% 43% 5% 10%
11© 2021, Comerica Bank. All rights reserved. Real Estate (Sq. ft in millions) 5.55 4.25 2012 3Q21 107 190 86 163 2012 3Q21 9,035 7,459 2012 3Q21 1.9 1.4 2.4 1.6 2012 3Q21 Expense Management Culture that drives efficiency 9/30/21 1Source for peer data: S&P Global Market Intelligence 2CFR employees are approximate as of 12/31/20 33Q21 BOKF not available as of 12/06/21; 3Q21 CFR, CFG, & MTB Banking Centers are approximate as of 12/31/20 17 17 16 16 15 14 13 13 12 12 12 11 S N V C M A F H N C F G K E Y F IT B M T B Z IO N B O K F H B A N C F R R F CMA Peer Avg. Average Loans + Deposits / Employee1,2 (3Q21; $ in millions) Employees (FTE) Deposits / Branch1,3 (Period-End; $ in millions) NIX / Loans + Deposits1 (Average LTM; percentages) • Carefully managing workforce • Reallocating resources, as needed • Supporting revenue generating activity • Optimizing footprint, reducing square footage • Consolidating or relocating banking centers • Continued investment in technology -17% -23% 12© 2021, Comerica Bank. All rights reserved. 3,723 13,098 20,741 2019 2020 QTD 3Q21 Technology Journey Real Time Payments among earliest adopters in U.S. Treasury Management ease of use DigiFi general ledger conversion Commercial Loan Servicing modernization Trust platform enhancements Enabling Business Enhance customer experience Modernizing Platforms Drive operational excellence Investing to support customers & colleagues in a digital world Real Time Payments (Avg. Monthly Volume) 685 953 1,073 2019 2020 2021 Mobile Deposits1 (thousands) 445 873 1,232 2019 2020 2021 Zelle Transactions1 (thousands) Cloud-first Strategy Greater speed & agility Cloud migration >60% of apps migrated Data Center Optimization consolidating hubs 12021 annualized through September
13© 2021, Comerica Bank. All rights reserved. Capital Management Repurchased1 $50MM in common shares in 4Q21 9/30/21 1Shares repurchased under share repurchase program 2Common shareholders’ equity per share of common stock 3Outlook as of 12/06/21 4See Holding Company Debt Rating slide 5Source for peer data: S&P Global Market Intelligence 10.35% 10.27% 7.0% 2Q21 3Q21 CET1 Tier 1 Book Value per Share2 (Period End) 10.93% 10.85% 8.5% 2Q21 3Q21 Capital management priorities • Support customers; drive growth • Provide attractive dividend • $0.68/share or $89MM in 3Q21 • Return excess capital to shareholders • CET1 Target ~10%3 • $720MM or 9.5MM shares repurchased YTD1 • Maintain strong debt ratings4 Regulatory Minimum + Capital Conservation Buffer (CCB) $53.78 $55.01 $55.58 $56.28 $56.55 3Q20 4Q20 1Q21 2Q21 3Q21 Attractive Dividend Yield5 (percentages; 12/3/21) 3.21 3.06 CMA Peer Avg. Shares Outstanding (millions) 139 131 12/31/20 9/30/21 -6% 14© 2021, Comerica Bank. All rights reserved. Key Strengths Poised to support growth 9/30/21 Relationship Focused • Expertise in specialty businesses • Long-tenured, experienced team Diversified • Footprint includes faster growth markets • Balanced exposure to a wide variety of industries Revenue Opportunities • High-caliber, robust Cash Management suite, including Card programs • Collaboration between 3 revenue divisions Credit Discipline • Consistent, conservative underwriting standards • Superior credit performance through last recession Expense Control • Continuous improvement culture • Invest for the future • Leveraging technology to drive productivity & growth Uniquely Positioned • Nimble asset size • Weighted to commercial banking • Strong deposit base
15© 2021, Comerica Bank. All rights reserved. Appendix 16© 2021, Comerica Bank. All rights reserved. Well-positioned to support customers 3Q21 Source for peer data: S&P Global Market Intelligence 1Return on average assets 2Return on common shareholders’ equity 3HBAN excluded due to acquisition of TCF Relationship Focused Diversified Revenue Opportunities Credit Discipline Expense Control Uniquely positioned ROE2 (percentages) 13.53 12.34 CMA Peer Avg. ROA1 (percentages) 1.14 1.23 CMA Peer Avg. Deposit Growth3 (percentages; 3Q21 vs 2Q21) 4.76 1.35 CMA Peer Avg. YTD Net Charge-offs (percentages) -0.02 0.17 CMA Peer Avg.
17© 2021, Comerica Bank. All rights reserved. ESG Platform Most impactful areas for our customers, colleagues & community Capital EducationWorkforce Climate Products Provide access to capital focused on underserved communities, women, minorities & small business • Partnering with Minority Depository Institutions • Supporting Community Development Financial Institutions • $5B commitment to small business (2021 – 2023) Promote a diverse, equitable & inclusive workforce • Working to increase representation for women & minorities in senior positions • Diversity dialogue series & allyship sessions • Executive diversity scorecard tied to compensation Invest in financial education for underserved communities • Small Business Bootcamps • Supporting community partnerships • Comerica $ense; financial education program Address climate change • Focus on greenhouse gas (GHG) reductions • Fostering an integrated approach to climate risks & opportunities • Partnership for Carbon Accounting Financials (PCAF) member Enhance ESG-related product & service solutions • Financing Green Loans • Pursuing diverse businesses • Targeting community & economic development lending 2021 Initiatives 18© 2021, Comerica Bank. All rights reserved. Primary Markets Other Markets Office Locations Diversified Geographic Footprint 9/30/21 Supporting customers with local presence Expanded Southeast Presence • Strong population growth & manufacturing base • Established 3 commercial offices in Raleigh, Winston-Salem & Charlotte • Serving customers in FL, GA, NC, TN, SC & VA • Led by 36-year banking veteran & NC native • Already have significant presence with >$5B in loan commitments • Serve businesses where they are located throughout US: • National Dealer Services: 8 offices • Technology & Life Sciences: 11 offices • Wealth Management: 36 offices • Also, offices in Monterey, Mexico & Ontario, Canada Texas • #2 largest state GDP • Dallas-Fort Worth, Houston, Austin, San Antonio • 124 Banking Centers California • #1 largest state GDP • L.A., San Diego, San Jose, San Francisco • 95 Banking Centers Michigan • #14 largest state GDP • Detroit, Ann Arbor, Grand Rapids, Lansing • 188 Banking Centers Offices Across U.S.
19© 2021, Comerica Bank. All rights reserved. 710 749 755 3Q20 2Q21 3Q21 3Q21 Review 9/30/21 1Recast 2020 results. See Pension Plan Reconciliation slide in appendix 2Return on average assets 3Return on common shareholders’ equity Received Leaders in Financial Education Award from Texas Bankers Foundation 5-Star recognition in Corporate Inclusion Index from Hispanic Association on Corporate Responsibility Launched national Asian & Pacific Islanders Employee Resource Group $1.8B PPP loans completed forgiveness process in 3Q21 $1.5B in green loans & commitments as of 9/30/21; up 34% over 9/30/20 Diversity, Equity & Inclusion Progress Report published; highlights strong commitment & strategy 13th consecutive Corporate Responsibility related report released, providing overview of ESG performance Submitted 2021 CDP Climate Change Questionnaire Environmental, Social & Governance (ESG) Financial Performance Revenue ($ in millions) Driving Shareholder Value by supporting our Customers, Employees & Communities ROA1,2 (percentages) 1.02 1.14 3Q20 3Q21 11.14 13.53 3Q20 3Q21 ROE1,3 (percentages) 20© 2021, Comerica Bank. All rights reserved. 3Q21 Results Revenue growth & strong credit quality 1Includes gains related to deferred comp plan of -0- 3Q21, $6MM 2Q21, & $8MM 3Q20 2Recast 2020 results. See Pension Plan Reconciliation slide 3Diluted earnings per common share 4Common shareholders’ equity per share of common stock 5Reflects deferral of CECL standard impact as calculated per regulatory guidance 6Shares repurchased under share repurchase program (millions, except per share data) 3Q21 2Q21 3Q20 Change From 2Q21 3Q20 Average loans $48,135 $49,828 $52,013 $(1,693) $(3,878) Average loans, ex. PPP 46,475 46,369 48,231 106 (1,756) Average deposits 79,115 75,520 68,763 3,595 10,352 Net interest income 475 465 458 10 17 Provision for credit losses (42) (135) 5 93 (47) Noninterest income1 280 284 252 (4) 28 Noninterest expenses1,2 465 463 438 2 27 Provision for income tax2 70 93 50 (23) 20 Net income2 262 328 217 (66) 45 Earnings per share2,3 $1.90 $2.32 $1.48 $(0.42) $0.42 Book Value per Share4 56.55 56.28 53.78 CET15 10.27% 10.35% 10.25% Key Performance Drivers 3Q21 compared to 2Q21 • Loans: growth in several businesses more than offset by PPP & Dealer • Deposits: up 5% • Net interest income: up 2%, with loan fees & liquidity deployment • Reserve release: Reserve ratio 1.33%; Net charge-offs 1 bp; Criticized & nonaccrual loans down • Noninterest income: remained robust; record warrant income & loan fees offset by card & deferred comp decline • Expenses: driven by revenue producing activity; efficiency ratio stable • Capital: repurchased 3MM shares6
21© 2021, Comerica Bank. All rights reserved. Loans Solid performance offset by PPP forgiveness & auto dealer supply issues 3Q21 compared to 2Q21 1See Average Loans slide in Appendix for more details Loans ($ in billions) Average loans declined $1.7B1 Ex. PPP, average loans grew $106MM + $357MM General Middle Market + $255MM Equity Fund Services + $192MM Environmental Services + $155MM Entertainment - $498MM National Dealer - $167MM Mortgage Banker Paycheck Protection Program (PPP) • $1.7B average loans, $1.8B decrease • $1.0B period-end loans, $1.8B decrease Line Utilization stable at 47% • Commitments increased ~$870MM Loan yields increased 14 bps + 14 bps net impact of PPP + 3 bps loan fees (ex-PPP) - 3 bps rates (including swap maturities) • $14.4B average loan floors at average rate of 71 bps 52.0 51.4 50.6 49.8 48.1 3.13 3.20 3.09 3.25 3.39 3Q20 4Q20 1Q21 2Q21 3Q21 Average Balances 50.2 48.2 2Q21 3Q21 Period-end Loan Yields 22© 2021, Comerica Bank. All rights reserved. Average Loans $ in billions Totals shown above may not foot due to rounding 1Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets 2Source for peer data: S&P Global Market Intelligence Business Line 3Q21 2Q21 3Q20 Middle Market General $11.8 $12.2 $12.3 Energy 1.3 1.4 2.0 National Dealer Services 3.8 4.4 5.3 Entertainment 1.0 0.9 0.7 Tech. & Life Sciences 0.8 0.9 1.3 Equity Fund Services 3.0 2.7 2.2 Environmental Services 1.8 1.7 1.4 Total Middle Market $23.6 $24.2 $25.3 Corporate Banking US Banking 3.0 3.0 3.1 International 1.4 1.4 1.4 Commercial Real Estate 6.8 6.9 6.7 Mortgage Banker Finance 2.8 2.9 3.6 Business Banking 3.6 4.0 4.2 Commercial Bank $41.0 $42.4 $44.3 Retail Bank $2.3 $2.5 $2.7 Wealth Management $4.8 $4.9 $5.1 TOTAL $48.1 $49.8 $52.0 By Market 3Q21 2Q21 3Q20 Michigan $11.4 $12.2 $12.7 California 17.0 17.5 17.8 Texas 9.7 10.0 10.9 Other Markets1 10.0 10.0 10.7 TOTAL $48.1 $49.8 $52.0 91 87 86 81 78 75 70 66 64 59 54 47 C M A C F R B O K F Z IO N F H N S N V K E Y R F M T B F IT B H B A N C F G Business Loans as a % of Total Loans2 (percentages; 3Q21)
23© 2021, Comerica Bank. All rights reserved. Deposits Broad-based growth drove deposits to another record 3Q21 compared to 2Q21 1Interest costs on interest-bearing deposits 2At 9/30/2021 3Interest incurred on liabilities as a percent of average noninterest–bearing deposits and interest- bearing liabilities 68.8 70.2 71.4 75.5 79.1 76.1 82.3 0.17 0.11 0.08 0.06 0.06 3Q20 4Q20 1Q21 2Q21 3Q21 2Q21 3Q21 Deposits ($ in billions) Deposit Rate1 Average Balances Period-end Average deposits increased $3.6B + $2.0B interest-bearing + $1.6B noninterest-bearing Loan to deposit ratio2 59% Total funding costs steady at 7 bps3 Commercial Noninterest- bearing 43% Commercial Interest-bearing 23% Retail Interest- bearing 24% Retail Noninterest- bearing 10% Total $79.1B Beneficial Deposit Mix (3Q21 Average) 24© 2021, Comerica Bank. All rights reserved. Average Deposits $ in billions Totals shown above may not foot due to rounding 1Finance/Other includes items not directly associated with the geographic markets or the three major business segments 2Other Markets includes Florida, Arizona, the International Finance Division and businesses that have a significant presence outside of the three primary geographic markets Business Line 3Q21 2Q21 3Q20 Middle Market General $22.4 $21.1 $20.0 Energy 0.6 0.5 0.5 National Dealer Services 1.7 1.1 0.5 Entertainment 0.2 0.2 0.2 Tech. & Life Sciences 7.4 7.1 5.9 Equity Fund Services 1.1 1.1 0.8 Environmental Services 0.3 0.2 0.2 Total Middle Market $33.8 $31.3 $28.1 Corporate Banking US Banking 3.5 3.2 2.9 International 2.3 2.2 1.8 Commercial Real Estate 1.9 1.9 1.7 Mortgage Banker Finance 0.8 0.8 0.9 Business Banking 4.4 4.3 4.1 Commercial Bank $46.6 $43.7 $39.5 Retail Bank $26.1 $25.6 $23.6 Wealth Management $5.2 $5.1 $4.4 Finance / Other1 $1.2 $1.2 $1.2 TOTAL $79.1 $75.5 $68.8 By Market 3Q21 2Q21 3Q20 Michigan $27.7 $26.7 $24.7 California 23.1 20.6 18.9 Texas 11.4 11.2 10.6 Other Markets2 15.7 15.9 13.4 Finance / Other1 1.2 1.2 1.2 TOTAL $79.1 $75.5 $68.8 • 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 $30MM
25© 2021, Comerica Bank. All rights reserved. Paycheck Protection Program (PPP) Supporting our customers 9/30/21 1Program to Date through 9/30/21 2Outlook as of 12/06/21 3,782 3,713 3,576 3,459 1,659 2,820 1,020 3Q20 4Q20 1Q21 2Q21 3Q21 2Q21 3Q21 PPP Loans ($ in millions) Average Balances Period-end PPP Loans Since Inception1 • $4.9B funded / >20,000 applications processed • $3.8B repaid, mostly forgiven • ~2% loan yield, excluding accelerated fees PPP Loan Outlook2 • Expect bulk to be repaid by YE21 PPP Income ($ in millions) 21.9 21.0 18.7 17.0 8.0 5.9 11.9 14.6 25.6 21.9 26.9 30.6 31.6 33.6 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 3Q20 4Q20 1Q21 2Q21 3Q21 Other Income Accelerated Fee Income 26© 2021, Comerica Bank. All rights reserved. Energy Business Line Credit quality continued to improve 9/30/21 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 2Net credit-related charge-offs (recoveries) Period-end Loans ($ in millions) 1,451 1,295 1,078 1,025 1,008 338 261 270 277 244 46 44 19 18 25 1,835 1,600 1,366 1,320 1,277 3Q20 4Q20 1Q21 2Q21 3Q21 Services Midstream Exploration & Production • Exposure $2.9B / 44% utilization • Decreases in Criticized, NALs; Net Recoveries • Fall redeterminations 17% completed • Modest increase to borrowing bases • Hedged 50% or more of production • At least one year: 82% of customers • At least two years: 45% of customers • Focus on larger, sophisticated E&P companies • E&P: 58% Oil, 20% Gas, 22% Oil/Gas ($ in millions; Period-end) 3Q21 2Q21 3Q20 Total PE loans $1,277 $1,320 $1,835 % of total CMA 2.7% 2.6% 3.5% Criticized1 $148 $223 $720 Ratio 11.6% 16.9% 39.2% Nonaccrual $28 $52 $141 Ratio 2.2% 4.0% 7.7% Net charge-offs (recoveries)2 $(16) $(12) $9
27© 2021, Comerica Bank. All rights reserved. Mortgage Banker Finance 55+ years experience with reputation for consistent, reliable approach 9/30/21 1Source: Mortgage Bankers Association (MBA) Mortgage Finance Forecast as of 11/22/2021 • Provide warehouse financing: bridge from residential mortgage origination to sale to end market • Extensive backroom provides collateral monitoring and customer service • Focus on full banking relationships • Granular portfolio with >100 relationships • As of 3Q21: • Comerica: 71% purchase • Industry: 46% purchase1 • Strong credit quality • No charge-offs since 2010 • Period-end loans: $3.5B (2Q21 $3.8B) Average Loans ($ in millions) 1 ,9 7 4 1 ,8 6 1 1 ,4 3 5 1 ,7 8 4 1 ,9 6 1 1 ,6 7 7 1 ,3 3 5 2 ,0 4 4 2 ,5 2 1 2 ,6 8 1 2 ,0 4 2 3 ,2 7 8 3 ,5 8 5 3 ,7 9 1 3 ,2 11 2 ,9 2 4 2 ,7 5 7 0 200 400 600 800 1000 1200 1400 3 Q 1 7 4 Q 1 7 1 Q 1 8 2 Q 1 8 3 Q 1 8 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 Actual MBA Mortgage Origination Volumes MBA Mortgage Originations Forecast1 ($ in billions) 917 785 653 697 625 3Q21 4Q21 1Q22 2Q22 3Q22 Purchase Refinance 1 28© 2021, Comerica Bank. All rights reserved. 5 ,1 3 3 5 ,1 8 5 5 ,2 5 9 5 ,3 4 9 5 ,3 1 6 5 ,2 2 3 5 ,3 1 5 5 ,5 1 7 5 ,6 5 8 5 ,8 8 3 6 ,2 1 0 6 ,6 5 9 6 ,6 8 3 6 ,6 9 9 6 ,6 9 0 6 ,8 8 3 6 ,7 9 7 3 Q 1 7 4 Q 1 7 1 Q 1 8 2 Q 1 8 3 Q 1 8 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 Multifamily 47% Industrial / Storage 23% Retail 9% Office 8% Single Family 3% Other 2% Land Carry 4% Multi use 4% Commercial Real Estate Business Line Very strong credit quality Primarily Lower Risk Multifamily1 (3Q21 Period-end) Total $5.9B 9/30/21 1Excludes CRE business line loans not secured by real estate 2Period-end loans 3Criticized loans are consistent with regulatory defined Special Mention, Substandard & Doubtful categories • Long history of working with well established, proven developers • >90% of new commitments from existing customers • Substantial upfront equity required • 48% of Multifamily & 53% of Industrial/ Storage are construction loans1,2 • Majority high growth markets within footprint: • 44% California • 28% Texas 4 3 3 2 2 119 100 100 99 99 1.8% 1.5% 1.5% 1.4% 1.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3Q20 4Q20 1Q21 2Q21 3Q21 NAL Criticized % Criticized/Loans Credit Quality No significant net charge-offs since 2014 ($ in millions) 3 Total CRE Business Line Average Loans ($ in millions)
29© 2021, Comerica Bank. All rights reserved. National Dealer Services 75+ years of floor plan lending Franchise Distribution (Based on period-end loans) Toyota/Lexus 15% Honda/Acura 11% Ford 9% GM 5% Fiat/Chrysler 9% Mercedes 6% Nissan/ Infiniti 3% Other European 11% Other Asian 13% Other 18% 9/30/21 1Other includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) • 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 decreased due to supply chain constraints 3 .9 4 .1 4 .1 4 .2 3 .8 4 .0 4 .4 4 .5 4 .1 4 .0 3 .6 2 .8 1 .9 2 .2 2 .0 1 .2 0 .6 6 .9 7 .1 7 .3 7 .4 7 .0 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 Q 1 7 4 Q 1 7 1 Q 1 8 2 Q 1 8 3 Q 1 8 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 Floor Plan Average Loans ($ in billions)Total $3.8B 1 30© 2021, Comerica Bank. All rights reserved. 5,946 5,888 6,216 7,093 7,448 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 3Q20 4Q20 1Q21 2Q21 3Q21 1,332 1,152 1,048 949 843 3Q20 4Q20 1Q21 2Q21 3Q21 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 9/30/21 1Includes estimated distribution of PPP loans Average Loans ($ in millions) • Manage concentration to numerous verticals to ensure widely diversified portfolio • Closely monitor cash balances & maintain robust backroom operation • 11 offices throughout US & Canada Average Deposits ($ in millions) Growth 48% Early Stage 21% Late Stage 31% Customer Segment Overview1 (Approximate; 3Q21 Period-end loans) Total $0.8B
31© 2021, Comerica Bank. All rights reserved. Equity Fund Services Strong relationships with top-tier venture capital & private equity firms 9/30/21 • Customized credit, treasury management & capital market solutions for venture capital & private equity firms • Customers in the US & Canada • Drives connectivity with other teams • Energy • Middle Market • TLS • Environmental Services • Private Banking • Commercial Real Estate • Strong credit profile • No charge-offs • No criticized loans Average Loans ($ in millions) 2,171 2,415 2,627 2,696 2,951 3Q20 4Q20 1Q21 2Q21 3Q21 32© 2021, Comerica Bank. All rights reserved. Environmental Services Department 15+ years experience; Specialized industry, committed to growth 9/30/21 • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Waste management firms which collect, transport, treat, recycle, process &/or dispose of waste • Recycling & renewable energy companies • Insight & expertise with • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Landfill gas to energy; waste to energy • Acquisitions • Growth capital expenditures • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality 1,446 1,419 1,476 1,683 1,844 0 3Q20 4Q20 1Q21 2Q21 3Q21 Average Loans ($ in millions)
33© 2021, Comerica Bank. All rights reserved. Credit Quality Reserve level reflects strong credit metrics & economic outlook 9/30/21 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 2Source for peer data: S&P Global Market Intelligence 3,406 2,947 2,581 2,176 1,8186.5 5.6 5.1 4.3 3.8 - 2.00 4.00 6.00 8.00 10.00 12.00 3Q20 4Q20 1Q21 2Q21 3Q21 Criticized/Loans % Criticized Loans1 below Historic Average ($ in millions) 1,038 992 807 683 639 1.98 1.90 1.59 1.36 1.33 - 1.00 2.00 3.00 4.00 5.00 6.00 3Q20 4Q20 1Q21 2Q21 3Q21 ACL/Loans % Reserve Continues to Decline ($ in millions) YTD 3Q21 NCO2 (percentages) -0.02 0.17 CMA Peer Avg. • Well-diversified, relationship-based portfolio • Experienced managers with deep expertise • Conservative underwriting standards • Day 1 CECL reserve 1.23% LLR / Trailing 4 Quarter NCO2 (times) 26.48 9.69 CMA Peer Avg. 34© 2021, Comerica Bank. All rights reserved. Credit “At risk” industries performing better than expected; remained well reserved 9/30/21; Period-End Loans. Excludes PPP loans 1Removed Casinos & Sports Franchise based on review of “at risk” segments in 3Q20 2Period-end category nonaccrual loans / category loans 3Excludes leveraged loans included in other “at risk” categories of $300MM 3Q20, $250MM 4Q20, $230MM 1Q21, $240MM 2Q21 & $275MM 3Q21 Social Distancing Loans1 ($ in millions) 301 296 333 295 235 0.1 0.9 1.1 1.8 1.6 2,881 2,830 2,827 2,910 2,844 3Q20 4Q20 1Q21 2Q21 3Q21 All Other Criticized NAL/Loans % Leveraged Loans3 ($ in millions) 400 349 342 234 201 0.8 0.7 0.6 0.5 0.9 2,177 2,188 2,269 2,296 2,219 3Q20 4Q20 1Q21 2Q21 3Q21 All Other Criticized NAL/Loans % Auto Production Loans ($ in millions) 301 263 233 206 136 0.4 0.6 0.8 2.0 -0- 1,228 1,093 1,102 1,084 1,137 3Q20 4Q20 1Q21 2Q21 3Q21 All Other Criticized NAL/Loans %2 2 2 Energy ($ in millions) 720 596 389 223 148 7.7 7.1 6.8 4.0 2.2 1,835 1,600 1,366 1,320 1,277 3Q20 4Q20 1Q21 2Q21 3Q21 All Other Criticized NAL/Loans %2
35© 2021, Comerica Bank. All rights reserved. (0.01) 0.01 0.02 0.05 0.07 0.14 0.14 0.15 0.17 0.20 0.21 Z IO N C M A F H N C F R F IT B C F G R F B O K F M T B H B A N S N V 0.67 1.52 1.71 1.81 2.06 2.12 2.36 2.42 2.62 2.86 3.49 M T B Z IO N B O K F K E Y C M A F H N H B A N C F G R F S N V F IT B Credit Quality Metrics remain strong 9/30/21 Source for peer data: S&P Global Market Intelligence 1CFR not available as of 12/06/21 • Well-diversified, relationship-based portfolio • Experienced managers with deep expertise • Conservative underwriting standards • Proactive, frequent customer dialogue • Social distancing related customers performing better than expected Loan Loss Reserve to NPAs1 (times; 3Q21) Net Charge-Offs (Recoveries) (As a % of Average Loans; 3Q21) 0.45 0.52 0.61 0.61 0.62 0.63 0.64 0.66 0.79 0.81 2.42 S N V F IT B K E Y C M A C F G F H N Z IO N R F B O K F H B A N M T B NPA / Total Loans1 (percentage; 3Q21) 3.63.95.15.55.65.97.27.7 13.0 24.524.626.5 K E Y C F G B O K F S N V R F M T B H B A N F IT B C F R F H N Z IO N C M A Loan Loss Reserve / Trailing 4 Quarters of NCO (times; 3Q21) 36© 2021, Comerica Bank. All rights reserved. Net Interest Income NII increased $10MM; NIM impacted by excess liquidity 3Q21 compared to 2Q21 1See Paycheck Protection Program (PPP) slide for more detail Net Interest Income ($ in millions) 458 469 443 465 475 2.33 2.36 2.29 2.29 2.23 3Q20 4Q20 1Q21 2Q21 3Q21 Net Interest Margin $465MM 2Q21 2.29% + 7MM + 4MM + 3MM + 2MM + 2MM - 4MM Loans 1 additional day Fees ex. PPP Balances ex. PPP Net Impact of PPP1 Rates + 0.06 -- + 0.02 -- + 0.05 - 0.01 -- + 4MM - 4MM Securities Balances Rates - 0.02 -- - 0.02 + 3MM + 2MM + 1MM Fed Balances Balances Rates - 0.10 - 0.11 + 0.01 $475MM 3Q21 2.23%
37© 2021, Comerica Bank. All rights reserved. Noninterest Income Strong activity continued 3Q21 compared to 2Q21 1Includes gains (losses) related to deferred comp plan of $8MM 3Q20, $9MM 4Q20, $3MM 1Q21, $6MM 2Q21, -0- 3Q21 (offset in noninterest expense) 2Combined customer derivative income and foreign exchange income. See 3Q21 press release for further detail Noninterest Income1 ($ in millions) 252 265 270 284 280 3Q20 4Q20 1Q21 2Q21 3Q21 Decreased $4MM + $ 7MM Warrant-related income (Other) + $ 4MM Commercial Lending Fees (Syndication) + $ 3MM Deposit Service Charges + $ 3MM BOLI $12MM Card Fees $ 6MM Deferred Comp (Other) (offset in noninterest expense) $ 2MM Derivative Income (includes CVA +$2MM)2 $ 2MM Fiduciary Income Increased $28MM, or 11%, over 3Q20 38© 2021, Comerica Bank. All rights reserved. 438 465 447 463 465 3Q20 4Q20 1Q21 2Q21 3Q21 Noninterest Expenses1,2 ($ in millions) Noninterest Expenses Costs controlled, supports revenue activity; Efficiency ratio stable 3Q21 compared to 2Q21 1Includes gains (losses) related to deferred comp plan of $8MM 3Q20, $9MM 4Q20, $3MM 1Q21, $6MM 2Q21, -0- 3Q21 (offset in noninterest income) 2Recast 2020 results. See Pension Plan Reconciliation slide in appendix Increased $2MM + $ 5MM Salaries & benefits + $12MM Performance-based incentives $ 6MM Deferred comp (offset in noninterest expense) + $ 4MM Consulting (Other) + $ 2MM Software + $ 2MM Occupancy (partially seasonal) $ 6MM Outside processing $ 5MM Litigation-related (Other) $ 3MM FDIC insurance Efficiency Ratio stable at 62%
39© 2021, Comerica Bank. All rights reserved. (5.8) (4.7) (4.6) (3.2) (2.4) (2.3) (1.2) (0.6) (0.2) 0.3 1.4 C M A K E Y Z IO N F IT B B O K F F H N S N V R F C F G M T B C F R Capital Management Maintaining strong capital base while returning excess to shareholders 3Q21 Source for peer data: S&P Global Market Intelligence 1HBAN excluded due to acquisition of TCF 2MTB not available as of 12/06/2021 CET1 (percentages) Capital Management: Change in Common Shares1 (3Q21 vs 3Q20; percentages) Tier 12 (percentages) 13.4 12.3 11.1 10.9 10.8 10.3 10.3 10.1 9.9 9.6 9.6 9.6 C F R B O K F M T B Z IO N R F C F G C M A F H N F IT B S N V K E Y H B A N 14.0 12.3 12.3 11.6 11.6 11.4 11.3 11.2 10.9 10.9 10.8 C F R R F B O K F C F G Z IO N H B A N F IT B F H N K E Y C M A S N V Total Capital Ratio2 (percentages) 12.512.612.713.013.413.413.613.613.914.1 15.9 C M A F H N K E Y S N V B O K F C F G Z IO N H B A N F IT B R F C F R 40© 2021, Comerica Bank. All rights reserved. Pension Plan Reconciliation (millions, except per share data) 4Q20 3Q20 2Q20 1Q20 Consolidated Statement of Comprehensive Income Other noninterest expenses: As reported Effect of accounting change Recast $23 (8) $15 $23 (8) $15 $25 (6) $19 $25 (8) $17 Provision (benefit) for income taxes: As reported Effect of accounting change Recast $63 2 $65 $48 2 $50 $27 1 $28 $(21) 2 $(19) Net income (loss): As reported Effect of accounting change Recast $215 6 $221 $211 6 $217 $113 5 $118 $(65) 6 $(59) Diluted earnings (losses) per common share: As reported Effect of accounting change Recast $1.49 0.04 $1.53 $1.44 0.04 $1.48 $0.80 0.04 $0.84 $(0.46) 0.04 $(0.42) Effective January 1, 2021, the Corporation elected to change the accounting methodology for determining the market-related value of assets for certain classes of assets in the qualified defined benefit pension plan. The change in accounting methodology is applied retrospectively to all prior periods presented in the consolidated financial statements. The following table reconciles the impact of the change to the qualified defined benefit plan. Decreased Other Comprehensive Income & increased Retained Earnings by $98MM for 3Q20
41© 2021, Comerica Bank. All rights reserved. Holding Company Debt Rating As of 12/02/2021 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 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+ BBB+ Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 BBB- BBB Citizens Financial Group - BBB+ BBB+ Synovus Financial - BBB- BBB