8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported): October 19, 2006

COMERICA INCORPORATED

(Exact name of registrant as specified in its charter)

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

Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226

(Address of principal executive offices) (zip code)

(248) 371-5000

(Registrant’s telephone number, including area code)

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

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

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

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

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

TABLE OF CONTENTS

Press Release dated October 19, 2006

Earnings Presentation Slides

ITEMS 2.02 and 7.01 RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND REGULATION FD DISCLOSURE

Comerica Incorporated (“Comerica”) today released its earnings for the quarter ended September 30, 2006. A copy of the press release and the presentation slides which will be discussed in Comerica’s webcast earnings call are attached hereto as Exhibits 99.1 and 99.2, respectively.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

     (c) Exhibits

99.1	Press Release dated October 19, 2006
99.2	Earnings Presentation Slides

SIGNATURE

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

COMERICA INCORPORATED
By:	/s/ Jon W. Bilstrom
Name:	Jon W. Bilstrom
Title:	Executive Vice President — Governance, Regulatory Relations and Legal Affairs, and Secretary

October 19, 2006

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated October 19, 2006
99.2	Earnings Presentation Slides

EX-99.1

EXHIBIT 99.1

COMERICA REPORTS THIRD QUARTER 2006 EARNINGS

Double-Digit Increase in Loans Continues in High-Growth Markets

DETROIT/October 19, 2006 — Comerica Incorporated (NYSE: CMA) today reported third quarter 2006 earnings of $200 million, or $1.23 per diluted share, compared to $200 million, or $1.22 per diluted share, for the second quarter 2006 and $238 million, or $1.41 per diluted share, for the third quarter 2005. The third quarter 2005 earnings included a $30 million negative provision for loan losses and the positive net pre-tax effect of a $14 million warrant accounting adjustment. During the third quarter 2006, Comerica announced it had reached a definitive agreement to sell its stake in Munder Capital Management (Munder). The transaction is expected to close by year-end, with an initial after-tax gain in the range of $100 million to $110 million. Effective third quarter 2006, Comerica is accounting for Munder as a discontinued operation, and all periods presented have been restated to reflect this change.

(dollar amounts in millions, except per share data)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income	$	502		$	500		$	512
Provision for loan losses		15			27			(30	)
Noninterest income		196			205			215
Noninterest expenses		400			391			411
Net income		200			200			238
Diluted EPS from continuing operations		1.20			1.19			1.38
Diluted EPS from discontinued operations		0.03			0.03			0.03
Diluted EPS		1.23			1.22			1.41
Return on average common shareholders’ equity		15.38	%		15.50	%		18.59	%
Net interest margin		3.79			3.82			4.15

“Our third quarter results underscore many positive core operating trends, and reflect our emphasis on growth and balance,” said Ralph W. Babb Jr., chairman and chief executive officer. “Loan growth in our fastest-growing markets continued at a double-digit pace and credit quality in all markets remained excellent. Net charge-offs were at an historically low level, while nonperforming assets increased slightly from the second quarter but remained at a low level.”

Third Quarter and Nine-Month 2006 Highlights

Third Quarter 2006 Compared to Second Quarter 2006

• On an annualized basis, excluding Financial Services Division loans, average loans increased seven percent, with growth of 12 percent in the Western market, 24 percent in the Texas market and one percent in Midwest & Other Markets.

• The net interest margin was 3.79 percent in the third quarter 2006, a decrease of 3 basis points from 3.82 percent in the second quarter 2006.

• Total revenue decreased $7 million, or one percent. Excluding a mark-to-market loss on warrants of $5 million and an incremental loss on the sale of the Mexican bank charter of $7 million in the third quarter 2006, total revenue increased $5 million, or one percent.

• Net loan charge-offs as a percent of average total loans were 2 basis points for the third quarter of 2006, compared to 15 basis points for the second quarter of 2006, reflecting continued strong credit quality.

• Noninterest expenses, excluding the provision for credit losses on lending-related commitments, increased $15 million, or four percent, over the second quarter 2006, primarily due to salaries and employee benefits expense of $9 million and interest on tax liabilities of $8 million, largely reflecting a $6 million tax-related refund received in the second quarter.

• Open market share repurchases totaled 3.7 million shares, or two percent of total shares.

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 2

First Nine Months of 2006 Compared to First Nine Months of 2005

• Average loan growth was eight percent, excluding Financial Services Division loans, with 15 percent growth in the Western market, 18 percent growth in the Texas market and one percent growth in Midwest & Other Markets.

• Total revenue was unchanged while net interest income increased two percent. Total revenue increased $38 million, or two percent, excluding the 2006 loss on the sale of the Mexican bank charter of $12 million and the benefit of a warrant accounting change of $20 million in the third quarter 2005.

• Net loan charge-offs as a percent of average total loans were 11 basis points for the first nine months of 2006, down from 27 basis points in the same period in 2005. Nonperforming assets decreased 11 percent to $197 million at September 30, 2006, compared to $220 million at September 30, 2005.

• The provision for loan losses was $15 million for the first nine months of 2006, compared to a negative $27 million for the first nine months of 2005. The provision for credit losses on lending-related commitments was $9 million for the first nine months of 2006, compared to a negative $7 million for the first nine months of 2005.

• Noninterest expenses, excluding the provision for credit losses on lending-related commitments, increased $57 million, or five percent, largely due to interest on tax liabilities of $14 million, share-based compensation of $14 million and outside processing fees of $8 million.

Net Interest Income and Net Interest Margin in Line with Full-Year Outlook

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income	$	502		$	500		$	512
Net interest margin		3.79	%		3.82	%		4.15	%
Selected average balances:
Total earning assets	$	52,500		$	52,371		$	49,066
Total loans		48,125			47,802			44,582
FSD loans (primarily low-rate)		2,093			2,557			2,334
Total interest-bearing deposits		29,133			28,446			25,540
Total noninterest-bearing deposits		12,723			13,575			15,734
FSD noninterest-bearing deposits		4,079			4,793			6,430

• Net interest income in the third quarter 2006 benefited from earning asset growth and one more day in the quarter, when compared to the second quarter 2006, and was partially offset by a decline in noninterest-bearing deposits and funding loan growth with non-core deposits and purchased funds.

• When compared to the second quarter 2006, the third quarter 2006 net interest margin reflected competitive loan and deposit pricing, the decline in noninterest-bearing deposits and loan growth in excess of deposit growth. This decrease was partially offset by the positive impact of lower average Financial Services Division loans (primarily low-rate) and a higher benefit from noninterest-bearing sources of funds in a rising rate environment.

• Third quarter 2005 reflected a change in accounting for warrants, which increased net interest income and net interest margin by $20 million and 16 basis points, respectively.

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 3

Noninterest Income Reflects Stable Trends in Fee Income

Noninterest income was $196 million for the third quarter 2006, compared to $205 million for the second quarter 2006 and $215 million for the third quarter 2005. The $9 million decrease in noninterest income in the third quarter 2006, compared to the second quarter 2006, reflected a $9 million decline in warrant income and a $7 million incremental loss recognized on the sale of the Mexican bank charter in the third quarter 2006, included in “net loss on sales of businesses” on the consolidated statements of income. This decrease was partially offset by higher income from venture capital investments of $5 million, and higher fee income from several sources such as service charges on deposit accounts, letter of credit fees and commercial lending fees. Certain categories of noninterest income are highlighted in the table below.

(in millions)	3rd Qtr ‘06			2nd Qtr ‘06		3rd Qtr ‘05
Warrant income	$	(5	)	$	4	$	2
Net loss on sales of businesses		(7	)		—		—
Other noninterest income
Income (net of write-downs) from unconsolidated venture capital and private equity investments		5			—		13

Noninterest Expenses Remain Well Controlled

Noninterest expenses were $400 million for the third quarter 2006, compared to $391 million for the second quarter 2006 and $411 million for the third quarter 2005. The increase in noninterest expenses from the second quarter 2006 reflected increased salaries and employee benefits expense of $9 million and interest on tax liabilities of $8 million primarily reflecting a $6 million tax-related refund in the second quarter, partially offset by a decrease in the provision for credit losses on lending-related commitments of $6 million.

Certain categories of noninterest expenses are highlighted in the table below. Customer services expense varies from period-to-period due to changes in the level of noninterest-bearing deposits in the Financial Services Division, the earnings credit allowance provided on these deposits and a competitive environment.

(in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Salaries
Salaries — regular	$	157		$	153		$	148
Incentives		32			30			42
Share-based compensation		13			14			11
Total salaries		202			197			201
Employee benefits — pension expense		10			7			8
Customer services		11			9			29
Provision for credit losses on lending-related commitments		(5	)		1			(1	)
Other noninterest expenses
Interest on tax liabilities		2			(6	)		3

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 4

Munder Sale Expected to Close by Year-End

On August 4, 2006, Comerica announced it had reached a definitive agreement to sell its stake in Munder to an investor group. Completion of the closing, which is currently anticipated for late 2006, is subject to certain regulatory and third party approvals and the satisfaction of other customary conditions.

Comerica expects it will recognize an initial after-tax gain from the sale of Munder in the range of $100 million to $110 million upon closing. Effective with the third quarter 2006, Comerica is accounting for Munder as a discontinued operation, which means the after-tax earnings of Munder are reported as a single item at the bottom of the income statements. All periods presented have been restated to reflect this change.

Credit Quality Remained Excellent with Charge-offs at Historically Low Level

“Credit quality continues to be excellent, particularly in the West and Texas,” said Babb. “Net credit-related charge-offs remained very low, at 6 basis points of average total loans. We are fully aware of the issues facing the automotive and real estate segments, and we believe we have reflected that awareness in our loss reserves.”

During the third quarter 2006, $39 million of loans greater than $2 million were transferred to nonaccrual status, a decrease of $12 million from the second quarter 2006. The total provision for credit losses exceeded net credit-related charge-offs, reflecting trends in the automotive and real estate segments. While nonperforming assets increased by five basis points of total loans compared to the second quarter 2006, they remained at the low level of 42 basis points of total loans.

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net loan charge-offs	$	3		$	18		$	21
Net lending-related commitment charge-offs		5			1			—
Total net credit-related charge-offs		8			19			21
Net loan charge-offs/Average total loans		0.02	%		0.15	%		0.18	%
Net credit-related charge-offs/Average total loans		0.06			0.16			0.18
Provision for loan losses	$	15		$	27		$	(30	)
Provision for credit losses on lending-related commitments		(5	)		1			(1	)
Total provision for credit losses		10			28			(31	)
Nonperforming assets (NPAs)		197			174			220
NPAs/Total loans & other real estate		0.42	%		0.37	%		0.52	%
Allowance for loan losses	$	493		$	481		$	558
Allowance for credit losses on lending-related commitments*		31			41			14
Total allowance for credit losses		524			522			572
Allowance for loan losses/Total loans		1.06	%		1.04	%		1.33	%
Allowance for loan losses/NPAs		251			278			253

* Included in “Accrued expenses and other liabilities” on the consolidated balance sheets

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 5

Balance Sheet and Capital Management

Total assets and common shareholders’ equity were $58.5 billion and $5.2 billion, respectively, at September 30, 2006, compared to $57.1 billion and $5.2 billion, respectively, at June 30, 2006. There were approximately 159 million shares outstanding at September 30, 2006, compared to 162 million shares outstanding at June 30, 2006. Open market share repurchases for the current and prior quarter are shown in the following table:

	3rd Qtr ‘06		2nd Qtr ‘06
	Number		Number
(in millions)	of Shares	Amount	of Shares	Amount
Open market share repurchases	3.7	$210	—	$—

In anticipation of a potential announcement of a Munder sale, Comerica did not repurchase shares in the second quarter 2006.

Comerica’s third quarter 2006 estimated tier 1 common, tier 1 and total risk-based capital ratios were 7.49 percent, 8.05 percent and 11.26 percent, respectively.

Full Year 2006 Outlook Compared to Full Year 2005 For Continuing Operations

• High-single digit average loan growth excluding FSD loans

• Average full year net interest margin of about 3.80 percent

• Credit-related net charge-offs of about 15 basis points of average loans and, for the remainder of 2006, a provision for credit losses in excess of credit-related net charge-offs

• Stable noninterest income, excluding net gain on sales of businesses

• Low-single digit noninterest expense growth, excluding the provision for credit losses on lending-related commitments (included in above outlook for the provision for credit losses)

• Active capital management

Business Segments

Comerica’s continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at September 30, 2006 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses third quarter 2006 results compared to second quarter 2006.

The following table presents net income (loss) by business segment.

(dollar amounts in millions)	3rd Qtr ‘06					2nd Qtr ‘06					3rd Qtr ‘05
Business Bank	$	145		74	%	$	140		73	%	$	194		76	%
Retail Bank		36		19			37		19			44		17
Wealth & Institutional Management		15		7			16		8			18		7
		196		100	%		193		100	%		256		100	%
Finance		(5	)				(7	)				(20	)
Other*		9					14					2
Total	$	200				$	200				$	238

* Includes discontinued operations and items not directly associated with the three major business segments or the Finance Division

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 6

Business Bank

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income (FTE)	$	332		$	333		$	368
Provision for loan losses		15			22			(34	)
Noninterest income		55			71			72
Noninterest expenses		166			177			184
Net income		145			140			194
Net loan charge-offs		(3	)		11			16
Selected average balances:
Assets		39,722			39,401			36,506
Loans		38,473			38,175			35,273
Deposits		17,183			17,931			20,877
Net interest margin		3.41	%		3.48	%		4.17	%

• The net interest margin of 3.41 percent decreased seven basis points, primarily due to lower noninterest-bearing deposits in the Financial Services Division, a change in the deposit mix, and competitive loan pricing, partially offset by a decrease in Financial Services Division loans (primarily low-rate).

• Average loans increased $298 million, or three percent on an annualized basis. Excluding the Financial Services Division and the seasonably slow National Dealer Services business, average loans increased $952 million, or nine percent on an annualized basis, primarily due to growth in the Middle Market, Global Corporate Banking, and Commercial Real Estate businesses.

• Average deposits increased $252 million, excluding the $1.0 billion deposit decline in the Financial Services Division.

• The provision for loan losses declined $7 million, primarily due to lower net loan charge-offs.

• Noninterest income decreased $16 million, primarily due to a $9 million decline in warrant income and an incremental loss of $7 million on the sale of the Mexican bank charter.

• Noninterest expenses decreased $11 million, primarily due to a decrease in the provision for credit losses on lending-related commitments.

Retail Bank

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income (FTE)	$	160		$	161		$	153
Provision for loan losses		6			7			—
Noninterest income		53			54			54
Noninterest expenses		153			152			139
Net income		36			37			44
Net loan charge-offs		6			8			7
Selected average balances:
Assets		6,741			6,730			6,559
Loans		6,037			6,034			5,862
Deposits		16,742			16,742			16,774
Net interest margin		3.80	%		3.86	%		3.66	%

• The net interest margin of 3.80 percent decreased six basis points, primarily due to interest received on a nonaccrual loan in the second quarter 2006.

• Average loans and deposits were relatively unchanged.

• The provision for loan losses decreased $1 million, primarily due to lower net loan charge-offs.

• Opened seven new banking centers in growth markets in the third quarter 2006 and 14 year-to-date through September 30.

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 7

Wealth and Institutional Management

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income (FTE)	$	37		$	38		$	38
Provision for loan losses		—			(1	)		(4	)
Noninterest income		65			66			65
Noninterest expenses		80			80			78
Net income		15			16			18
Net loan charge-offs		—			—			(3	)
Selected average balances:
Assets		3,714			3,670			3,577
Loans		3,577			3,530			3,422
Deposits		2,327			2,491			2,550
Net interest margin		4.13	%		4.30	%		4.43	%

• The net interest margin of 4.13 percent decreased 17 basis points, primarily due to lower deposit balances.

• Average loans increased $47 million, or five percent on an annualized basis.

• Average deposits declined $164 million.

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest & Other Markets, Western, Texas and Florida. The financial results below are based on methodologies in effect at September 30, 2006 and are presented on a FTE basis. The accompanying narrative addresses third quarter 2006 results compared to second quarter 2006.

The following table presents net income (loss) by market segment.

(dollar amounts in millions)	3rd Qtr ‘06				2nd Qtr ‘06				3rd Qtr ‘05
Midwest & Other Markets	$	111	57	%	$	108	56	%	$	124		48	%
Western		56	29			64	33			108		42
Texas		22	11			20	10			17		7
Florida		7	3			1	1			7		3
		196	100	%		193	100	%		256		100	%
Finance & Other*		4				7				(18	)
Total	$	200			$	200			$	238

* Includes discontinued operations and items not directly associated with the four primary geographic markets

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 8

Midwest and Other Markets

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income (FTE)	$	274		$	275		$	273
Provision for loan losses		21			21			10
Noninterest income		127			135			139
Noninterest expenses		228			237			224
Net income		111			108			124
Net loan charge-offs		1			15			23
Selected average balances:
Assets		25,286			25,189			25,089
Loans		24,043			23,989			23,826
Deposits		18,243			18,271			18,857
Net interest margin		4.49	%		4.57	%		4.55	%

• The net interest margin of 4.49 percent decreased 8 basis points due to a decline in both loan and deposit spreads.

• Average loans increased $54 million, or one percent on an annualized basis.

• Noninterest income decreased $8 million, primarily due to an incremental loss of $7 million on the sale of the Mexican bank charter.

• Noninterest expenses decreased $9 million, primarily due to a decrease in the provision for credit losses on lending-related commitments.

Western Market

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income (FTE)	$	176		$	180		$	215
Provision for loan losses		4			2			(50	)
Noninterest income		23			34			29
Noninterest expenses		108			110			122
Net income		56			64			108
Net loan charge-offs		—			3			(2	)
Selected average balances:
Assets		16,557			16,644			14,853
Loans		16,000			16,067			14,227
FSD loans		2,093			2,557			2,334
Deposits		14,005			14,898			17,415
FSD deposits		5,408			6,449			8,863
Net interest margin		4.37	%		4.48	%		4.94	%

• The net interest margin of 4.37 percent declined 11 basis points, primarily due to lower noninterest-bearing deposits in the Financial Services Division, a change in the deposit mix, and competitive loan pricing, partially offset by a decrease in Financial Services Division loans (primarily low-rate).

• Average loans decreased $67 million, or two percent on an annualized basis. Excluding the Financial Services Division, average loans increased $397 million, or 12 percent on an annualized basis, primarily due to growth in the Global Corporate Banking, Middle Market, and Commercial Real Estate businesses.

• Average deposits decreased $893 million. Excluding the Financial Services Division, deposits increased $148 million, or seven percent on an annualized basis. Financial Services Division deposits decreased $1.0 billion.

• Noninterest income decreased $11 million, primarily due to a $9 million decline in warrant income.

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 9

Texas Market

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income (FTE)	$	67		$	65		$	60
Provision for loan losses		(1	)		—			6
Noninterest income		19			19			20
Noninterest expenses		54			54			48
Net income		22			20			17
Net loan charge-offs		2			1			(1	)
Selected average balances:
Assets		6,475			6,113			5,254
Loans		6,202			5,849			5,069
Deposits		3,691			3,683			3,611
Net interest margin		4.28	%		4.44	%		4.78	%

• The net interest margin of 4.28 percent decreased 16 basis points, primarily due to loan spread compression and a change in the deposit mix.

• Net interest income increased $2 million, primarily due to an increase in average loans.

• Average loans increased $353 million, or 24 percent on an annualized basis, primarily due to growth in the Energy Lending, Middle Market, and Commercial Real Estate businesses.

Florida Market

(dollar amounts in millions)	3rd Qtr ‘06			2nd Qtr ‘06			3rd Qtr ‘05
Net interest income (FTE)	$	12		$	12		$	11
Provision for loan losses		(3	)		5			(4	)
Noninterest income		4			3			3
Noninterest expenses		9			8			7
Net income		7			1			7
Net loan charge-offs		—			—			1
Selected average balances:
Assets		1,859			1,855			1,446
Loans		1,842			1,834			1,435
Deposits		313			312			318
Net interest margin		2.63	%		2.62	%		3.19	%

• The provision for loan losses decreased $8 million, primarily due to a decline in the credit quality of a specific customer in the second quarter 2006.

Conference Call and Webcast

Comerica will host a conference call to review third quarter 2006 financial results at 8 a.m. ET Thursday, October 19, 2006. Interested parties may access the conference call by calling (706) 679-5261 (event ID No. 6946724). The call and supplemental financial information can also be accessed on the Internet at www.comerica.com. A replay will be available approximately two hours following the conference call for a period of one year. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 6946724). A replay of the Webcast can also be accessed via Comerica’s “Investor Relations” page at www.comerica.com.

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COMERICA REPORTS THIRD QUARTER 2006 EARNINGS — 10

Comerica Incorporated is a financial services company headquartered in Detroit, strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people to be successful. Comerica Bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, and Canada and Mexico.

Forward-looking Statements

Any statements in this news release 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,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “outcome,” “continue,” “remain,” “maintain,” “trend,” “objective” 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 news release 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, 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 are changes in the pace of an economic recovery and related changes in employment levels, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes and floods, the disruption of private or public utilities, the implementation of Comerica’s strategies and business models, management’s ability to maintain and expand customer relationships, management’s ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, automotive production, the anticipated performance of any new banking centers, the entry of new competitors in Comerica’s markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic conditions and related credit and market conditions and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. 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 news release 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

Media Contact:	Investor Contacts:
Wayne J. Mielke	Darlene P. Persons
(313) 222-4732	(313) 222-2840
	Paul Jaremski
	(313) 222-6317

CONSOLIDATED FINANCIAL HIGHLIGHTS
Comerica Incorporated and Subsidiaries

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
(in millions, except per share data)	2006			2006			2005			2006			2005
PER SHARE AND COMMON STOCK DATA
Diluted income from continuing operations	$	1.20		$	1.19		$	1.38		$	3.65		$	3.80
Diluted net income		1.23			1.22			1.41			3.64			3.85
Cash dividends declared		0.59			0.59			0.55			1.77			1.65
Common shareholders’ equity (at period end)		32.79			31.99			30.81
Average diluted shares (in thousands)		162,438			163,439			168,387			163,299			169,687
KEY RATIOS
Return on average common shareholders’ equity		15.38	%		15.50	%		18.59	%		15.40	%		17.11	%
Return on average assets		1.41			1.41			1.78			1.41			1.68
Average common shareholders’ equity as a percentage of average assets		9.16			9.09			9.57			9.14			9.81
Tier 1 common capital ratio *		7.49			7.69			7.98
Tier 1 risk-based capital ratio *		8.05			8.26			8.60
Total risk-based capital ratio *		11.26			11.55			12.07
Leverage ratio *		9.66			9.83			10.07
AVERAGE BALANCES
Commercial loans	$	27,534		$	27,587		$	25,230		$	27,251		$	24,207
Real estate construction loans		4,064			3,816			3,202			3,805			3,119
Commercial mortgage loans		9,362			9,229			8,631			9,198			8,488
Residential mortgage loans		1,602			1,537			1,418			1,544			1,362
Consumer loans		2,474			2,533			2,703			2,555			2,703
Lease financing		1,323			1,299			1,300			1,307			1,281
International loans		1,766			1,801			2,098			1,815			2,173
Total loans		48,125			47,802			44,582			47,475			43,333
Earning assets		52,500			52,371			49,066			51,955			47,716
Total assets		56,790			56,611			53,462			56,231			51,959
Interest-bearing deposits		29,133			28,446			25,540			28,395			25,402
Total interest-bearing liabilities		37,555			36,704			31,488			36,551			30,794
Noninterest-bearing deposits		12,723			13,575			15,734			13,299			14,955
Common shareholders’ equity		5,203			5,146			5,116			5,141			5,096
NET INTEREST INCOME
Net interest income (fully taxable equivalent basis)	$	502		$	501		$	513		$	1,483		$	1,459
Fully taxable equivalent adjustment		—			1			1			2			3
Net interest margin		3.79	%		3.82	%		4.15	%		3.80	%		4.08	%
CREDIT QUALITY
Nonaccrual loans	$	174		$	157		$	186
Other real estate		23			17			34
Total nonperforming assets		197			174			220
Loans 90 days past due and still accruing		18			15			14
Gross loan charge-offs		17			25			47		$	67		$	136
Recoveries		14			7			26			29			48
Net loan charge-offs		3			18			21			38			88
Net lending-related commitment charge-offs		5			1			—			11			—
Total net credit-related charge-offs		8			19			21			49			88
Allowance for loan losses		493			481			558
Allowance for credit losses on lending-related commitments		31			41			14
Total allowance for credit losses		524			522			572
Allowance for loan losses as a percentage of total loans		1.06	%		1.04	%		1.33	%
Net loan charge-offs as a percentage of average total loans		0.02			0.15			0.18			0.11	%		0.27	%
Net credit-related charge-offs as a percentage of average total loans		0.06			0.16			0.18			0.13			0.27
Nonperforming assets as a percentage of total loans and other real estate		0.42			0.37			0.52
Allowance for loan losses as a percentage of total nonperforming assets		251			278			253
ADDITIONAL DATA
Goodwill	$	213		$	213		$	247
Other intangibles		1			1			1
Loan servicing rights		15			16			19
Deferred mutual fund distribution costs		6			6			7

* September 30, 2006 ratios are estimated

-11-

CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries

	September 30,			June 30,			December 31,			September 30,
(in millions, except share data)	2006			2006			2005			2005
ASSETS
Cash and due from banks	$	1,456		$	1,664		$	1,609		$	1,795
Short-term investments		3,732			2,381			1,159			3,619
Investment securities available-for-sale		3,931			3,980			4,240			4,088
Commercial loans		25,755			25,928			23,545			22,754
Real estate construction loans		4,122			3,958			3,482			3,289
Commercial mortgage loans		9,485			9,363			8,867			8,700
Residential mortgage loans		1,622			1,568			1,485			1,444
Consumer loans		2,498			2,493			2,697			2,696
Lease financing		1,321			1,325			1,295			1,286
International loans		1,712			1,764			1,876			1,972
Total loans		46,515			46,399			43,247			42,141
Less allowance for loan losses		(493	)		(481	)		(516	)		(558	)
Net loans		46,022			45,918			42,731			41,583
Premises and equipment		540			522			510			499
Customers’ liability on acceptances outstanding		64			74			59			39
Accrued income and other assets		2,729			2,541			2,705			2,726
Total assets	$	58,474		$	57,080		$	53,013		$	54,349
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	15,132		$	15,199		$	15,666		$	17,702
Money market and NOW deposits		14,711			15,342			17,064			17,199
Savings deposits		1,378			1,470			1,454			1,502
Customer certificates of deposit		7,057			6,322			5,679			5,583
Institutional certificates of deposit		5,783			4,629			1,750			700
Foreign office time deposits		869			1,164			818			984
Total interest-bearing deposits		29,798			28,927			26,765			25,968
Total deposits		44,930			44,126			42,431			43,670
Short-term borrowings		225			442			302			241
Acceptances outstanding		64			74			59			39
Accrued expenses and other liabilities		1,292			1,162			1,192			1,242
Medium- and long-term debt		6,755			6,087			3,961			4,066
Total liabilities		53,266			51,891			47,945			49,258
Common stock — $5 par value:
Authorized — 325,000,000 shares
Issued — 178,735,252 shares at 9/30/06, 6/30/06, 12/31/05 and 9/30/05		894			894			894			894
Capital surplus		507			494			461			448
Accumulated other comprehensive loss		(128	)		(226	)		(170	)		(158	)
Retained earnings		5,079			4,978			4,796			4,683
Less cost of common stock in treasury — 19,892,137 shares at 9/30/06, 16,534,470 shares at 6/30/06, 15,834,985 shares at 12/31/05 and 13,469,654 shares at 9/30/05		(1,144	)		(951	)		(913	)		(776	)
Total shareholders’ equity		5,208			5,189			5,068			5,091
Total liabilities and shareholders’ equity	$	58,474		$	57,080		$	53,013		$	54,349

-12-

CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions, except per share data)	2006			2005			2006			2005
INTEREST INCOME
Interest and fees on loans	$	843		$	674		$	2,358		$	1,857
Interest on investment securities		43			38			132			107
Interest on short-term investments		7			7			20			18
Total interest income		893			719			2,510			1,982
INTEREST EXPENSE
Interest on deposits		272			147			707			377
Interest on short-term borrowings		28			16			115			28
Interest on medium- and long-term debt		91			44			207			121
Total interest expense		391			207			1,029			526
Net interest income		502			512			1,481			1,456
Provision for loan losses		15			(30	)		15			(27	)
Net interest income after provision for loan losses		487			542			1,466			1,483
NONINTEREST INCOME
Service charges on deposit accounts		56			55			164			163
Fiduciary income		46			45			137			135
Commercial lending fees		16			16			46			44
Letter of credit fees		17			18			48			56
Foreign exchange income		9			9			28			27
Brokerage fees		10			10			30			27
Card fees		11			10			34			28
Bank-owned life insurance		8			9			31			28
Warrant income		(5	)		2			—			7
Net securities losses		—			—			(1	)		—
Net gain (loss) on sales of businesses		(7	)		—			(12	)		1
Other noninterest income		35			41			92			100
Total noninterest income		196			215			597			616
NONINTEREST EXPENSES
Salaries		202			201			592			574
Employee benefits		48			44			142			133
Total salaries and employee benefits		250			245			734			707
Net occupancy expense		31			29			91			88
Equipment expense		13			13			41			39
Outside processing fee expense		21			20			64			56
Software expense		13			12			41			35
Customer services		11			29			33			50
Litigation and operational losses		3			3			7			8
Provision for credit losses on lending-related commitments		(5	)		(1	)		9			(7	)
Other noninterest expenses		63			61			201			172
Total noninterest expenses		400			411			1,221			1,148
Income from continuing operations before income taxes		283			346			842			951
Provision for income taxes		88			113			245			306
Income from continuing operations		195			233			597			645
Income (loss) from discontinued operations, net of tax		5			5			(3	)		9
NET INCOME	$	200		$	238		$	594		$	654
Basic earnings per common share:
Income from continuing operations	$	1.22		$	1.40		$	3.70		$	3.85
Net income		1.25			1.43			3.69			3.90
Diluted earnings per common share:
Income from continuing operations		1.20			1.38			3.65			3.80
Net income		1.23			1.41			3.64			3.85
Cash dividends declared on common stock		94			92			286			277
Dividends per common share		0.59			0.55			1.77			1.65

-13-

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Third			Second		First			Fourth			Third			Third Quarter 2006 Compared To:
	Quarter			Quarter		Quarter			Quarter			Quarter			Second Quarter 2006						Third Quarter 2005
(in millions, except per share data)	2006			2006		2006			2005			2005			Amount			Percent			Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	843		$	792	$	723		$	697		$	674		$	51			6.4	%	$	169			25.0	%
Interest on investment securities		43			45		44			41			38			(2	)		(5.8	)		5			12.1
Interest on short-term investments		7			8		5			6			7			(1	)		(6.8	)		—			7.4
Total interest income		893			845		772			744			719			48			5.6			174			24.1
INTEREST EXPENSE
Interest on deposits		272			236		199			171			147			36			15.0			125			85.2
Interest on short-term borrowings		28			45		42			24			16			(17	)		(37.7	)		12			77.1
Interest on medium- and long-term debt		91			64		52			49			44			27			42.4			47			104.3
Total interest expense		391			345		293			244			207			46			13.2			184			88.7
Net interest income		502			500		479			500			512			2			0.4			(10	)		(2.0	)
Provision for loan losses		15			27		(27	)		(20	)		(30	)		(12	)		N/M			45			N/M
Net interest income after provision for loan losses		487			473		506			520			542			14			2.9			(55	)		(10.2	)
NONINTEREST INCOME
Service charges on deposit accounts		56			54		54			55			55			2			3.1			1			0.2
Fiduciary income		46			46		45			44			45			—			0.2			1			2.9
Commercial lending fees		16			15		15			19			16			1			4.0			—			(3.0	)
Letter of credit fees		17			15		16			14			18			2			6.8			(1	)		(6.4	)
Foreign exchange income		9			9		10			10			9			—			(5.3	)		—			(2.6	)
Brokerage fees		10			10		10			9			10			—			1.9			—			(0.4	)
Card fees		11			12		11			11			10			(1	)		(2.4	)		1			14.5
Bank-owned life insurance		8			10		13			10			9			(2	)		(11.6	)		(1	)		(5.9	)
Warrant income		(5	)		4		1			2			2			(9	)		N/M			(7	)		N/M
Net securities gains (losses)		—			1		(2	)		—			—			(1	)		N/M			—			N/M
Net loss on sales of businesses		(7	)		—		(5	)		—			—			(7	)		N/M			(7	)		N/M
Other noninterest income		35			29		28			34			41			6			19.8			(6	)		(15.1	)
Total noninterest income		196			205		196			208			215			(9	)		(4.2	)		(19	)		(8.6	)
NONINTEREST EXPENSES
Salaries		202			197		193			212			201			5			2.7			1			0.7
Employee benefits		48			44		50			45			44			4			7.5			4			6.9
Total salaries and employee benefits		250			241		243			257			245			9			3.6			5			1.9
Net occupancy expense		31			30		30			30			29			1			7.2			2			9.0
Equipment expense		13			15		13			14			13			(2	)		(10.0	)		—			1.6
Outside processing fee expense		21			22		21			21			20			(1	)		(5.5	)		1			8.6
Software expense		13			14		14			14			12			(1	)		(0.4	)		1			16.7
Customer services		11			9		13			19			29			2			23.4			(18	)		(62.0	)
Litigation and operational losses		3			3		1			6			3			—			(19.3	)		—			(28.5	)
Provision for credit losses on lending-related commitments		(5	)		1		13			25			(1	)		(6	)		N/M			(4	)		N/M
Other noninterest expenses		63			56		82			84			61			7			10.0			2			2.0
Total noninterest expenses		400			391		430			470			411			9			2.3			(11	)		(2.9	)
Income from continuing operations before income taxes		283			287		272			258			346			(4	)		(1.3	)		(63	)		(17.9	)
Provision for income taxes		88			92		65			87			113			(4	)		(4.3	)		(25	)		(21.2	)
Income from continuing operations		195			195		207			171			233			—			0.1			(38	)		(16.3	)
Income (loss) from discontinued operations, net of tax		5			5		(13	)		36			5			—			12.6			—			6.2
NET INCOME	$	200		$	200	$	194		$	207		$	238		$	—			0.4	%	$	(38	)		(15.8	)%
Basic earnings per common share:
Income from continuing operations	$	1.22		$	1.21	$	1.28		$	1.05		$	1.40		$	0.01			0.8	%	$	(0.18	)		(12.9	)%
Net income		1.25			1.24		1.20			1.27			1.43			0.01			0.8			(0.18	)		(12.6	)
Diluted earnings per common share:
Income from continuing operations		1.20			1.19		1.26			1.04			1.38			0.01			0.8			(0.18	)		(13.0	)
Net income		1.23			1.22		1.18			1.25			1.41			0.01			0.8			(0.18	)		(12.8	)
Cash dividends declared on common stock		94			96		96			90			92			(2	)		(1.4	)		2			2.5
Dividends per common share		0.59			0.59		0.59			0.55			0.55			—			—			0.04			7.3

N/M — Not meaningful

-14-

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
Comerica Incorporated and Subsidiaries

	2006									2005
(in millions)	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
Balance at beginning of period	$	481		$	472		$	516		$	558		$	609
Loan charge-offs:
Commercial		9			16			12			14			20
Real estate construction:
Real estate construction business line		—			—			—			1			1
Other		—			—			—			—			—
Total real estate construction		—			—			—			1			1
Commercial mortgage:
Commercial real estate business line		1			—			—			—			—
Other		4			3			2			1			4
Total commercial mortgage		5			3			2			1			4
Residential mortgage		—			—			—			1			—
Consumer		3			4			3			3			6
Lease financing		—			1			6			18			13
International		—			1			2			—			3
Total loan charge-offs		17			25			25			38			47
Recoveries on loans previously charged-off:
Commercial		13			5			4			13			23
Real estate construction		—			—			—			—			—
Commercial mortgage		1			—			2			1			1
Residential mortgage		—			—			—			—			—
Consumer		—			1			1			2			2
Lease financing		—			—			—			—			—
International		—			1			1			—			—
Total recoveries		14			7			8			16			26
Net loan charge-offs		3			18			17			22			21
Provision for loan losses		15			27			(27	)		(20	)		(30	)
Balance at end of period	$	493		$	481		$	472		$	516		$	558
Allowance for loan losses as a percentage of total loans		1.06	%		1.04	%		1.06	%		1.19	%		1.33	%
Net loan charge-offs as a percentage of average total loans		0.02			0.15			0.14			0.20			0.18
Net credit-related charge-offs as a percentage of average total loans		0.06			0.16			0.19			0.25			0.18

ANALYSIS OF THE ALLOWANCE FOR CREDIT LOSSES ON LENDING-RELATED COMMITMENTS
Comerica Incorporated and Subsidiaries

	2006							2005
(in millions)	3rd Qtr			2nd Qtr		1st Qtr		4th Qtr		3rd Qtr
Balance at beginning of period	$	41		$	41	$	33	$	14	$	15
Charge-offs on lending-related commitments (1)		5			1		5		6		—
Provision for credit losses on lending-related commitments		(5	)		1		13		25		(1	)
Balance at end of period	$	31		$	41	$	41	$	33	$	14
Unfunded lending-related commitments sold	$	28		$	16	$	52	$	20	$	—

(1)  Charge-offs result from the sale of unfunded lending-related commitments.

-15-

NONPERFORMING ASSETS
Comerica Incorporated and Subsidiaries

	2006									2005
(in millions)	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial	$	83		$	74		$	53		$	65		$	81
Real estate construction:
Real estate construction business line		4			5			2			3			4
Other		—			—			—			—			—
Total real estate construction		4			5			2			3			4
Commercial mortgage:
Commercial real estate business line		10			11			11			6			9
Other		46			35			29			29			35
Total commercial mortgage		56			46			40			35			44
Residential mortgage		1			1			1			2			1
Consumer		5			3			2			2			1
Lease financing		12			12			7			13			39
International		13			16			17			18			16
Total nonaccrual loans		174			157			122			138			186
Reduced-rate loans		—			—			—			—			—
Total nonperforming loans		174			157			122			138			186
Other real estate		23			17			19			24			34
Total nonperforming assets	$	197		$	174		$	141		$	162		$	220
Nonperforming loans as a percentage of total loans		0.37	%		0.34	%		0.27	%		0.32	%		0.44	%
Nonperforming assets as a percentage of total loans and other real estate		0.42			0.37			0.32			0.37			0.52
Allowance for loan losses as a percentage of total nonperforming assets		251			278			334			319			253
Loans past due 90 days or more and still accruing	$	18		$	15		$	16		$	16		$	14
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	157		$	122		$	138		$	186		$	212
Loans transferred to nonaccrual (1)		39			51			20			28			81
Nonaccrual business loan gross charge-offs (2)		(14	)		(21	)		(21	)		(34	)		(40	)
Loans transferred to accrual status (1)		—			—			—			(11	)		—
Nonaccrual business loans sold (3)		—			—			(9	)		(4	)		(19	)
Payments/Other (4)		(8	)		5			(6	)		(27	)		(48	)
Nonaccrual loans at end of period	$	174		$	157		$	122		$	138		$	186
(1) Based on an analysis of nonaccrual loans with book balances greater than $2 million.
(2) Analysis of gross loan charge-offs:
Nonaccrual business loans	$	14		$	21		$	21		$	34		$	40
Performing watch list loans		—			—			1			—			1
Consumer and residential mortgage loans		3			4			3			4			6
Total gross loan charge-offs	$	17		$	25		$	25		$	38		$	47
(3) Analysis of loans sold:
Nonaccrual business loans	$	—		$	—		$	9		$	4		$	19
Performing watch list loans		7			15			30			15			34
Total loans sold	$	7		$	15		$	39		$	19		$	53
(4) Net change related to nonaccrual loans with balances less than $2 million, other than business loan gross charge-offs and nonaccrual loans sold, are included in Payments/Other.

-16-

ANALYSIS OF NET INTEREST INCOME (FTE)
Comerica Incorporated and Subsidiaries

	Three Months Ended
	September 30, 2006									June 30, 2006									September 30, 2005
	Average						Average			Average						Average			Average						Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest			Rate			Balance			Interest			Rate
Commercial loans (1) (2) (3)	$	27,534		$	498			7.18	%	$	27,587		$	465			6.78	%	$	25,230		$	378			5.95	%
Real estate construction loans		4,064			90			8.79			3,816			82			8.63			3,202			60			7.40
Commercial mortgage loans (1)		9,362			175			7.42			9,229			166			7.24			8,631			138			6.37
Residential mortgage loans		1,602			24			6.08			1,537			23			6.02			1,418			20			5.76
Consumer loans		2,474			45			7.32			2,533			45			7.07			2,703			41			6.04
Lease financing		1,323			13			4.00			1,299			14			4.10			1,300			10			2.98
International loans		1,766			33			7.35			1,801			31			6.88			2,098			33			6.27
Business loan swap expense		—			(35	)		—			—			(33	)		—			—			(5	)		—
Total loans (2) (3)		48,125			843			6.96			47,802			793			6.66			44,582			675			6.01
Investment securities available-for-sale		3,887			43			4.22			4,088			45			4.27			3,935			38			3.80
Short-term investments		488			7			5.75			481			8			6.31			549			7			4.76
Total earning assets		52,500			893			6.74			52,371			846			6.46			49,066			720			5.82
Cash and due from banks		1,561									1,561									1,788
Allowance for loan losses		(495	)								(485	)								(601	)
Accrued income and other assets		3,224									3,164									3,209
Total assets	$	56,790								$	56,611								$	53,462
Money market and NOW deposits (1)	$	14,885			116			3.07		$	15,330			106			2.78		$	16,987			89			2.09
Savings deposits (1)		1,434			3			0.87			1,480			3			0.75			1,531			2			0.52
Customer certificates of deposit (1)		6,710			70			4.17			6,216			60			3.83			5,482			40			2.86
Institutional certificates of deposit		5,180			72			5.45			4,327			54			5.04			430			4			3.63
Foreign office time deposits		924			11			4.96			1,093			13			4.87			1,110			12			4.21
Total interest-bearing deposits		29,133			272			3.70			28,446			236			3.33			25,540			147			2.28
Short-term borrowings		2,125			28			5.29			3,720			45			4.90			1,804			16			3.52
Medium- and long-term debt		6,297			91			5.73			4,538			64			5.65			4,144			44			4.26
Total interest-bearing sources		37,555			391			4.13			36,704			345			3.77			31,488			207			2.61
Noninterest-bearing deposits (1)		12,723									13,575									15,734
Accrued expenses and other liabilities		1,309									1,186									1,124
Common shareholders’ equity		5,203									5,146									5,116
Total liabilities and shareholders’ equity	$	56,790								$	56,611								$	53,462
Net interest income/rate spread (FTE)				$	502			2.61					$	501			2.69					$	513			3.21
FTE adjustment				$	—								$	1								$	1
Impact of net noninterest-bearing sources of funds								1.18									1.13									0.94
Net interest margin (as a percentage of average earning assets) (FTE) (2) (3)								3.79	%								3.82	%								4.15	%
(1) FSD balances included above:
Loans (primarily low-rate)	$	2,093		$	3			0.64	%	$	2,557		$	4			0.60	%	$	2,334		$	2			0.42	%
Interest-bearing deposits		1,465			15			3.95			1,764			17			3.88			2,578			20			3.04
Noninterest-bearing deposits		4,079									4,793									6,430
(2) Impact of FSD loans (primarily low-rate) on the following:
Commerical loans								(0.54	)%								(0.63	)%								(0.56	)%
Total loans								(0.28	)								(0.34	)								(0.31	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.14	)								(0.18	)								(0.18	)
(3) Impact of third quarter 2005 warrant accounting change on the following:
Commerical loans																						$	20			0.32	%
Total loans																							20			0.18
Net interest margin (FTE)																							20			0.16

-17-

ANALYSIS OF NET INTEREST INCOME (FTE)
Comerica Incorporated and Subsidiaries

	Nine Months Ended
	September 30, 2006									September 30, 2005
	Average						Average			Average					Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest		Rate
Commercial loans (1) (2) (3)	$	27,251		$	1,375			6.75	%	$	24,207		$	994		5.49	%
Real estate construction loans		3,805			244			8.57			3,119			163		6.97
Commercial mortgage loans (1)		9,198			496			7.22			8,488			385		6.07
Residential mortgage loans		1,544			69			5.99			1,362			58		5.70
Consumer loans		2,555			135			7.07			2,703			115		5.70
Lease financing		1,307			40			4.04			1,281			36		3.72
International loans		1,815			94			6.93			2,173			95		5.82
Business loan swap income (expense)		—			(93	)		—			—			14		—
Total loans (2) (3)		47,475			2,360			6.65			43,333			1,860		5.74
Investment securities available-for-sale		4,042			132			4.20			3,802			107		3.69
Short-term investments		438			20			6.06			581			18		4.18
Total earning assets		51,955			2,512			6.44			47,716			1,985		5.55
Cash and due from banks		1,589									1,709
Allowance for loan losses		(497	)								(644	)
Accrued income and other assets		3,184									3,178
Total assets	$	56,231								$	51,959
Money market and NOW deposits (1)	$	15,597			327			2.80		$	17,326			235		1.81
Savings deposits (1)		1,463			8			0.76			1,560			6		0.45
Customer certificates of deposit (1)		6,275			181			3.86			5,362			103		2.57
Institutional certificates of deposit		4,053			156			5.13			299			7		3.14
Foreign office time deposits		1,007			35			4.70			855			26		4.08
Total interest-bearing deposits		28,395			707			3.33			25,402			377		1.98
Short-term borrowings		3,193			115			4.84			1,148			28		3.26
Medium- and long-term debt		4,963			207			5.57			4,244			121		3.82
Total interest-bearing sources		36,551			1,029			3.76			30,794			526		2.28
Noninterest-bearing deposits (1)		13,299									14,955
Accrued expenses and other liabilities		1,240									1,114
Common shareholders’ equity		5,141									5,096
Total liabilities and shareholders’ equity	$	56,231								$	51,959
Net interest income/rate spread (FTE)				$	1,483			2.68					$	1,459		3.27
FTE adjustment				$	2								$	3
Impact of net noninterest-bearing sources of funds								1.12								0.81
Net interest margin (as a percentage of average earning assets) (FTE) (2) (3)								3.80	%							4.08	%
(1) FSD balances included above:
Loans (primarily low-rate)	$	2,516		$	10			0.55	%	$	1,598		$	6		0.48	%
Interest-bearing deposits		1,835			53			3.84			2,596			53		2.75
Noninterest-bearing deposits		4,516									5,846
(2) Impact of FSD loans (primarily low-rate) on the following:
Commerical loans								(0.63	)%							(0.35	)%
Total loans								(0.34	)							(0.20	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.18	)							(0.13	)
(3) Impact of third quarter 2005 warrant accounting change on the following:
Commerical loans													$	20		0.11	%
Total loans														20		0.06
Net interest margin (FTE)														20		0.06

-18-

CONSOLIDATED STATISTICAL DATA
Comerica Incorporated and Subsidiaries

	September 30,			June 30,			March 31,			December 31,			September 30,
(in millions, except per share data)	2006			2006			2006			2005			2005
Commercial loans:
Floor plan	$	2,628		$	3,166		$	3,078		$	2,847		$	2,065
Other		23,127			22,762			21,660			20,698			20,689
Total commercial loans		25,755			25,928			24,738			23,545			22,754
Real estate construction loans:
Real estate construction business line		3,352			3,222			2,996			2,831			2,674
Other		770			736			683			651			615
Total real estate construction loans		4,122			3,958			3,679			3,482			3,289
Commercial mortgage loans:
Commercial real estate business line		1,529			1,537			1,483			1,450			1,440
Other		7,956			7,826			7,663			7,417			7,260
Total commercial mortgage loans		9,485			9,363			9,146			8,867			8,700
Residential mortgage loans		1,622			1,568			1,516			1,485			1,444
Consumer loans:
Home equity		1,668			1,740			1,748			1,775			1,818
Other consumer		830			753			859			922			878
Total consumer loans		2,498			2,493			2,607			2,697			2,696
Lease financing		1,321			1,325			1,292			1,295			1,286
International loans		1,712			1,764			1,761			1,876			1,972
Total loans	$	46,515		$	46,399		$	44,739		$	43,247		$	42,141
Goodwill	$	213		$	213		$	213		$	213		$	247
Other intangible assets		1			1			1			1			1
Loan servicing rights		15			16			17			19			19
Deferred mutual fund distribution costs		6			6			6			6			7
Tier 1 common capital ratio*		7.49	%		7.69	%		7.66	%		7.78	%		7.98	%
Tier 1 risk-based capital ratio*		8.05			8.26			8.24			8.38			8.60
Total risk-based capital ratio *		11.26			11.55			11.68			11.65			12.07
Leverage ratio*		9.66			9.83			9.84			9.97			10.07
Book value per share	$	32.79		$	31.99		$	31.39		$	31.11		$	30.81
Market value per share for the quarter:
High	$	58.95		$	60.10		$	58.62		$	60.25		$	63.38
Low		51.45			50.12			54.23			53.60			56.80
Close		56.92			51.99			57.97			56.76			58.90
Quarterly ratios:
Return on average common shareholders’ equity		15.38	%		15.50	%		15.33	%		16.28	%		18.59	%
Return on average assets		1.41			1.41			1.41			1.53			1.78
Efficiency ratio		57.23			55.50			63.47			66.19			56.59
Number of banking offices		382			378			374			383			372
Number of employees — full time equivalent		10,735			10,718			10,687			10,816			10,779

* September 30, 2006 ratios are estimated

-19-

PARENT COMPANY ONLY BALANCE SHEETS
Comerica Incorporated

	September 30,			December 31,			September 30,
(in millions, except share data)	2006			2005			2005
ASSETS
Cash and due from subsidiary bank	$	7		$	11		$	16
Short-term investments with subsidiary bank		294			264			289
Other short-term investments		88			—			—
Investment in subsidiaries, principally banks		5,719			5,587			5,597
Premises and equipment		4			3			3
Other assets		150			257			256
Total assets	$	6,262		$	6,122		$	6,161
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt	$	807		$	813		$	817
Other liabilities		247			241			253
Total liabilities		1,054			1,054			1,070
Common stock — $5 par value:
Authorized — 325,000,000 shares
Issued — 178,735,252 shares at 9/30/06, 12/31/05 and 9/30/05		894			894			894
Capital surplus		507			461			448
Accumulated other comprehensive loss		(128	)		(170	)		(158	)
Retained earnings		5,079			4,796			4,683
Less cost of common stock in treasury — 19,892,137 shares at 9/30/06, 15,834,985 shares at 12/31/05 and 13,469,654 shares at 9/30/05		(1,144	)		(913	)		(776	)
Total shareholders’ equity		5,208			5,068			5,091
Total liabilities and shareholders’ equity	$	6,262		$	6,122		$	6,161

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Comerica Incorporated and Subsidiaries

									Accumulated
									Other									Total
	Common Stock					Capital			Comprehensive			Retained			Treasury			Shareholders’
(in millions, except per share data)	In Shares			Amount		Surplus			Loss			Earnings			Stock			Equity
BALANCE AT JANUARY 1, 2005		170.5		$	894	$	421		$	(69	)	$	4,331		$	(472	)	$	5,105
Net income		—			—		—			—			654			—			654
Other comprehensive loss, net of tax		—			—		—			(89	)		—			—			(89	)
Total comprehensive income																			565
Cash dividends declared on common stock ($1.65 per share)		—			—		—			—			(277	)		—			(277	)
Purchase of common stock		(6.5	)		—		—			—			—			(379	)		(379	)
Net issuance of common stock under employee stock plans		1.3			—		(5	)		—			(25	)		75			45
Recognition of share-based compensation expense		—			—		32			—			—			—			32
BALANCE AT SEPTEMBER 30, 2005		165.3		$	894	$	448		$	(158	)	$	4,683		$	(776	)	$	5,091
BALANCE AT JANUARY 1, 2006		162.9		$	894	$	461		$	(170	)	$	4,796		$	(913	)	$	5,068
Net income		—			—		—			—			594			—			594
Other comprehensive income, net of tax		—			—		—			42			—			—			42
Total comprehensive income																			636
Cash dividends declared on common stock ($1.77 per share)		—			—		—			—			(286	)		—			(286	)
Purchase of common stock		(5.2	)		—		—			—			—			(299	)		(299	)
Net issuance of common stock under employee stock plans		1.4			—		(16	)		—			(25	)		85			44
Recognition of share-based compensation expense		—			—		45			—			—			—			45
Employee deferred compensation obligations		(0.3	)		—		17			—			—			(17	)		—
BALANCE AT SEPTEMBER 30, 2006		158.8		$	894	$	507		$	(128	)	$	5,079		$	(1,144	)	$	5,208

-20-

BUSINESS SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

(dollar amounts in millions)	Business Bank									Retail Bank									Wealth & Institutional Management
	September 30,			June 30,			September 30,			September 30,			June 30,			September 30,			September 30,			June 30,			September 30,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	332		$	333		$	368		$	160		$	161		$	153		$	37		$	38		$	38
Provision for loan losses		15			22			(34	)		6			7			—			—			(1	)		(4	)
Noninterest income		55			71			72			53			54			54			65			66			65
Noninterest expenses		166			177			184			153			152			139			80			80			78
Provision (benefit) for income taxes (FTE)		61			65			96			18			19			24			7			9			11
Income from discontinued operations, net of tax		—			—			—			—			—			—			—			—			—
Net income (loss)	$	145		$	140		$	194		$	36		$	37		$	44		$	15		$	16		$	18
Net loan charge-offs	$	(3	)	$	11		$	16		$	6		$	8		$	7		$	—		$	—		$	(3	)
Selected average balances:
Assets	$	39,722		$	39,401		$	36,506		$	6,741		$	6,730		$	6,559		$	3,714		$	3,670		$	3,577
Loans		38,473			38,175			35,273			6,037			6,034			5,862			3,577			3,530			3,422
Deposits		17,183			17,931			20,877			16,742			16,742			16,774			2,327			2,491			2,550
Liabilities		18,122			18,910			21,622			16,746			16,743			16,768			2,326			2,489			2,544
Attributed equity		2,639			2,608			2,548			825			836			805			295			298			300
Statistical data:
Return on average assets (1)		1.46	%		1.42	%		2.12	%		0.83	%		0.83	%		1.00	%		1.59	%		1.72	%		2.04	%
Return on average attributed equity		21.94			21.44			30.36			17.58			17.50			21.89			20.06			21.24			24.33
Net interest margin (2)		3.41			3.48			4.17			3.80			3.86			3.66			4.13			4.30			4.43
Efficiency ratio		42.81			43.95			42.01			71.81			70.76			66.93			78.27			77.45			75.86
	Finance									Other									Total
	September 30,			June 30,			September 30,			September 30,			June 30,			September 30,			September 30,			June 30,			September 30,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	(28	)	$	(30	)	$	(47	)	$	1		$	(1	)	$	1		$	502		$	501		$	513
Provision for loan losses		—			—			—			(6	)		(1	)		8			15			27			(30	)
Noninterest income		16			14			11			7			—			13			196			205			215
Noninterest expenses		—			—			(1	)		1			(18	)		11			400			391			411
Provision (benefit) for income taxes (FTE)		(7	)		(9	)		(15	)		9			9			(2	)		88			93			114
Income from discontinued operations, net of tax		—			—			—			5			5			5			5			5			5
Net income (loss)	$	(5	)	$	(7	)	$	(20	)	$	9		$	14		$	2		$	200		$	200		$	238
Net loan charge-offs	$	—		$	—		$	—		$	—		$	(1	)	$	1		$	3		$	18		$	21
Selected average balances:
Assets	$	5,277		$	5,481		$	5,525		$	1,336		$	1,329		$	1,295		$	56,790		$	56,611		$	53,462
Loans		18			26			(22	)		20			37			47			48,125			47,802			44,582
Deposits		5,682			4,987			1,008			(78	)		(130	)		65			41,856			42,021			41,274
Liabilities		14,072			13,114			6,995			321			209			417			51,587			51,465			48,346
Attributed equity		496			463			517			948			941			946			5,203			5,146			5,116
Statistical data:
Return on average assets (1)		N/M			N/M			N/M			N/M			N/M			N/M			1.41	%		1.41	%		1.78	%
Return on average attributed equity		N/M			N/M			N/M			N/M			N/M			N/M			15.38			15.50			18.59
Net interest margin (2)		N/M			N/M			N/M			N/M			N/M			N/M			3.79			3.82			4.15
Efficiency ratio		N/M			N/M			N/M			N/M			N/M			N/M			57.23			55.50			56.59

(1)	Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(2)	Net interest margin is calculated based on the greater of average earning assets or average deposits and purchased funds.
FTE — Fully Taxable Equivalent
N/M — Not Meaningful

-21-

MARKET SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

(dollar amounts in millions)	Midwest & Other Markets									Western									Texas
	September 30,			June 30,			September 30,			September 30,			June 30,			September 30,			September 30,			June 30,			September 30,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	274		$	275		$	273		$	176		$	180		$	215		$	67		$	65		$	60
Provision for loan losses		21			21			10			4			2			(50	)		(1	)		—			6
Noninterest income		127			135			139			23			34			29			19			19			20
Noninterest expenses		228			237			224			108			110			122			54			54			48
Provision (benefit) for income taxes (FTE)		41			44			54			31			38			64			11			10			9
Income from discontinued operations, net of tax		—			—			—			—			—			—			—			—			—
Net income (loss)	$	111		$	108		$	124		$	56		$	64		$	108		$	22		$	20		$	17
Net loan charge-offs	$	1		$	15		$	23		$	—		$	3		$	(2	)	$	2		$	1		$	(1	)
Selected average balances:
Assets	$	25,286		$	25,189		$	25,089		$	16,557		$	16,644		$	14,853		$	6,475		$	6,113		$	5,254
Loans		24,043			23,989			23,826			16,000			16,067			14,227			6,202			5,849			5,069
Deposits		18,243			18,271			18,857			14,005			14,898			17,415			3,691			3,683			3,611
Liabilities		19,095			19,106			19,575			14,075			15,034			17,433			3,707			3,690			3,610
Attributed equity		2,013			2,025			2,046			1,105			1,098			1,053			544			529			481
Statistical data:
Return on average assets (1)		1.75	%		1.71	%		1.97	%		1.35	%		1.52	%		2.33	%		1.39	%		1.30	%		1.32	%
Return on average attributed equity		21.99			21.27			24.16			20.24			23.04			40.86			16.51			15.03			14.47
Net interest margin (2)		4.49			4.57			4.55			4.37			4.48			4.94			4.28			4.44			4.78
Efficiency ratio		56.92			58.06			54.59			54.14			51.44			50.00			62.20			64.45			59.64
	Florida									Finance & Other Businesses									Total
	September 30,			June 30,			September 30,			September 30,			June 30,			September 30,			September 30,			June 30,			September 30,
Three Months Ended	2006			2006			2005			2006			2006			2005			2006			2006			2005
Earnings summary:
Net interest income (expense) (FTE)	$	12		$	12		$	11		$	(27	)	$	(31	)	$	(46	)	$	502		$	501		$	513
Provision for loan losses		(3	)		5			(4	)		(6	)		(1	)		8			15			27			(30	)
Noninterest income		4			3			3			23			14			24			196			205			215
Noninterest expenses		9			8			7			1			(18	)		10			400			391			411
Provision (benefit) for income taxes (FTE)		3			1			4			2			—			(17	)		88			93			114
Income from discontinued operations, net of tax		—			—			—			5			5			5			5			5			5
Net income (loss)	$	7		$	1		$	7		$	4		$	7		$	(18	)	$	200		$	200		$	238
Net loan charge-offs	$	—		$	—		$	1		$	—		$	(1	)	$	—		$	3		$	18		$	21
Selected average balances:
Assets	$	1,859		$	1,855		$	1,446		$	6,613		$	6,810		$	6,820		$	56,790		$	56,611		$	53,462
Loans		1,842			1,834			1,435			38			63			25			48,125			47,802			44,582
Deposits		313			312			318			5,604			4,857			1,073			41,856			42,021			41,274
Liabilities		317			312			316			14,393			13,323			7,412			51,587			51,465			48,346
Attributed equity		97			90			73			1,444			1,404			1,463			5,203			5,146			5,116
Statistical data:
Return on average assets (1)		1.46	%		0.29	%		1.99	%		N/M			N/M			N/M			1.41	%		1.41	%		1.78	%
Return on average attributed equity		27.91			6.05			39.17			N/M			N/M			N/M			15.38			15.50			18.59
Net interest margin (2)		2.63			2.62			3.19			N/M			N/M			N/M			3.79			3.82			4.15
Efficiency ratio		56.49			55.38			49.59			N/M			N/M			N/M			57.23			55.50			56.59

(1)	Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(2)	Net interest margin is calculated based on the greater of average earning assets or average deposits and purchased funds.
FTE	— Fully Taxable Equivalent
N/M	— Not Meaningful

-22-

SUPPLEMENTAL INFORMATION
Comerica Incorporated and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME
(Restated to reflect Munder Capital Management, Inc. as a discontinued operation)

Years Ended December 31	2005			2004			2003
(in millions, except per share data)
INTEREST INCOME
Interest and fees on loans	$	2,554		$	2,055		$	2,213
Interest on investment securities		148			147			165
Interest on short-term investments		24			36			36
Total interest income		2,726			2,238			2,414
INTEREST EXPENSE
Interest on deposits		548			315			370
Interest on short-term borrowings		52			4			7
Interest on medium— and long-term debt		170			108			109
Total interest expense		770			427			486
Net interest income		1,956			1,811			1,928
Provision for loan losses		(47	)		64			377
Net interest income after provision for loan losses		2,003			1,747			1,551
NONINTEREST INCOME
Service charges on deposit accounts		218			231			238
Fiduciary income		179			172			170
Commercial lending fees		63			55			63
Letter of credit fees		70			66			65
Foreign exchange income		37			37			36
Brokerage fees		36			36			34
Card fees		39			32			27
Bank-owned life insurance		38			34			42
Warrant income		9			7			4
Net securities gains		—			—			50
Net gain on sales of businesses		1			7			—
Other noninterest income		134			137			125
Total noninterest income		824			814			854
NONINTEREST EXPENSES
Salaries		786			736			713
Employee benefits		178			154			156
Total salaries and employee benefits		964			890			869
Net occupancy expense		118			122			126
Equipment expense		53			54			56
Outside processing fee expense		77			67			70
Software expense		49			43			37
Customer services		69			23			25
Litigation and operational losses		14			24			18
Provision for credit losses on lending-related commitments		18			(12	)		(2	)
Other noninterest expenses		256			253			257
Total noninterest expenses		1,618			1,464			1,456
Income from continuing operations before income taxes		1,209			1,097			949
Provision for income taxes		393			349			291
Income from continuing operations		816			748			658
Income from discontinued operations, net of tax		45			9			3
NET INCOME	$	861		$	757		$	661
Basic earnings per common share:
Income from continuing operations	$	4.90		$	4.36		$	3.76
Net income		5.17			4.41			3.78
Diluted earnings per common share:
Income from continuing operations		4.84			4.31			3.73
Net income		5.11			4.36			3.75
Cash dividends declared on common stock		367			356			350
Dividends per common share		2.20			2.08			2.00

-23-

EX-99.2

Exhibit 99.2

Third Quarter 2006 Financial Review Comerica Incorporated October 19, 2006

Safe Harbor Statement Any statements in this news release 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," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "outcome," "continue," "remain," "maintain," "trend," "objective" 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 news release 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, 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 are changes in the pace of an economic recovery and related changes in employment levels, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes and floods, the disruption of private or public utilities, the implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, management's ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, automotive production, the anticipated performance of any new banking centers, the entry of new competitors in Comerica's markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic conditions and related credit and market conditions and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. 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 news release 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.

Positive Core Operating Trends Highlight Third Quarter 2006 Results * Loan growth figures exclude Financial Services Division; Analysis of 3Q06 compared to 2Q06. Annualized average loan growth of 7%* Texas: 24% Western: 12% Midwest & Other: 1% Excellent credit quality Net loan charge-offs as a percentage of average total loans of 2 bps Nonperforming assets of 0.42% of total loans and other real estate Net interest margin of 3.79%, consistent with full year outlook Active capital management: 3.7 million shares repurchased Sale of Munder Capital Management expected to close by year-end

Positive Core Operating Trends Highlight Year-to-Date September 2006 Results Average loan growth of 8%* Texas: 18% Western: 15% Midwest & Other: 1% Total revenue increased 2% excluding the following: $12 million loss on the sale of the Mexican bank charter in 2006 $20 million benefit of the warrant accounting change in 2005 Excellent credit quality YTD06 YTD05 Net credit-related charge-offs to ave. total loans 13bps 27bps Total credit-related charge-offs (in millions) $49 $88 Total Provision for credit losses (in millions) $24 ($34) * Loan growth figures exclude Financial Services Division Analysis of year-to-date September 2006 compared to year-to-date September 2005

Financial Results 3Q06 2Q06 Q - Q% Change 3Q05 Y - Y% Change Net Income $200 $200 0% $238 -16% Diluted EPS from continuing operations Diluted EPS $1.20 $1.23 $1.19 $1.22 1% 1% $1.38 $1.41 -13% - -13% Return on Equity 15.38% 15.50% 18.59% Net Interest Income $502 $500 0% $512 -2% Net Interest Margin 3.79% 3.82% 4.15% Provision for Loan Losses $15 $27 N/M $(30) N/M Noninterest Income $196 $205 -4% $215 -9% Noninterest Expenses $400 $391 2% $411 -3% $ in millions, except per share data N/M = Not Meaningful Data has been restated to reflect the results of Munder Capital Management as a discontinued operation

3Q05 4Q05 1Q06 2Q06 3Q06 Net Interest Income * 512 500 479 500 502 Net Interest Margin * 0.0399 0.04 0.038 0.0382 0.0379 Warrant Accounting 20 Net Interest Margin 0.0415 Growing Net Interest Income Net Interest Income up $2 million to $502 million Net Interest Margin of 3.79%, down 3 bps, consistent with full year outlook of about 3.80% $ in millions * Excluding 3Q05 one-time warrant accounting benefit

Noninterest Income and Expense Highlights Noninterest Income included: Sale of Mexican bank charter for a $7 million loss, in addition to $5 million impairment charge recorded in the first quarter Warrant mark-to-market adjustment of negative $5 million compared to a positive adjustment of $4 million in the second quarter Excluding these items, noninterest income increased 3%, with fee income increases noted in service charges on deposit accounts, letters of credit and commercial lending fees Noninterest Expenses included: One additional day of salary expense in the quarter ($2 million) Decrease in provision for credit-related commitments of $6 million Second quarter benefited from a $6 million refund resulting in a reduction in interest on tax liabilities Total noninterest expenses increased 2% Analysis of 3Q06 compared to 2Q06

Midwest & Other Western Texas Florida International 3Q06 Avg Loans Outstanding 22.253841 13.907316 6.20206 1.841605 1.82698 Midwest & Other Western Texas Florida International 3Q05 Average Loans Outstanding 21.466368 11.892557 5.069554 1.434815 2.384779 Making Progress: Geographic Loan Growth 3Q06: $46.0 billion* 3Q05: $42.3 billion* *Excludes average Financial Services Division loans of $2.3B in 3Q05 and $2.1B in 3Q06, respectively Geography based on office of origination Western includes: CA, AZ, NV, CO, WA Year-over-Year Average Loan Outstandings up 9%*

Middle Market CRE Global Corp Bankings National Dealer Specialty Businesses* Personal Banking Small Business Banking Private Banking 3Q05 Avg Loans Outstanding 14.8 5.7 5 4 3.5 2.3 3.6 3.4 Middle Market Commercial Real Estate Global Corporate Banking National Dealer Services Specialty Businesses Personal Banking Small Business Banking Private Banking 3Q06 Average Loans Outstanding 15.6 6.7 4.9 4.9 4.2 2.2 3.9 3.6 Balanced Line of Business Loan Portfolio Year-over-Year Average Loan Outstandings up 9%* * Excludes average Financial Services Division loans of $2.3B in 3Q05 and $2.1B in 3Q06, respectively ** Specialty Businesses include: Entertainment, Energy, Leasing, and Technology and Life Sciences 3Q06: $46.0 billion* 3Q05: $42.3 billion*

Solid Credit Quality 3Q05 4Q05 1Q06 2Q06 3Q06 NPA's / Total Loans and ORE 0.0052 0.0037 0.0032 0.0037 0.0042 3Q05 4Q05 1Q06 2Q06 3Q06 Net Credit-Related Charge-offs to Average Total Loans * 0.0018 0.0025 0.0019 0.0016 0.0006 3Q05 4Q05 1Q06 2Q06 3Q06 ALLL / Total Loans 0.0133 0.0119 0.0106 0.0104 0.0106 3Q05 4Q05 1Q06 2Q06 3Q06 Net loan charge-offs to total average loans 2.53 3.19 3.34 2.78 2.51 *Includes net loan charge-offs and net lending related commitment charge-offs

Thorough Loan Loss Reserve Methodology Analysis of key components: Results: Allocated Reserve Standard and individual Largely unchanged due to stable metrics Standard incremental Increased automotive Established: Commercial Real Estate for Michigan Residential Real Estate for all markets Decreased in other industry segments due to better metrics Unallocated reserve New business migration risk Stable Imprecision of risk rating Improved risk rating accuracy

Automotive Manufacturer Exposure Declining 12/04 12/05 8/06 Exposure: Dealer $ 5.6 $ 6.6 $ 7.1 Other Automotive: Domestic Ownership $ 3.7 $ 3.3 $ 3.1 Foreign Ownership 1.8 1.5 1.3 Total Other Automotive $ 5.5 $ 4.8 $ 4.4 (10)% Outstandings: Dealer $ 4.2 $ 4.8 $ 4.9 Other Automotive: Domestic Ownership $ 2.1 $ 2.0 $ 1.7 Foreign Ownership 0.7 0.7 0.6 Total Other Automotive $ 2.8 $ 2.7 $ 2.3 (14)% 3Q05 4Q05 1Q06 2Q06 3Q06 NPA's 38 22 20 43 49 3Q05 4Q05 1Q06 2Q06 3Q06 Net Loan Charge-offs 7 4 8 3 3 Period-end dollars in $billions Exposure includes committed and discretionary facilities (undrawn and outstanding)

Commercial Real Estate Loan Portfolio 13% year-over-year average loan growth Adhere to conservative lending policies Owner Occupied/Other* Real Estate Construction Commercial Mortgage 3Q06 8615 3313 1497 3Q06: $13.4 billion Third quarter 2006 averages in $billions *Included in Commercial Real Estate line of business

Commercial Real Estate Line of Business 14% of total outstandings Geographically diverse 8% of total nonaccrual loans (21 bps of portfolio) YTD September 2006 net recoveries of $2 million Increase in standard incremental reserve Midwest & Other Western Texas Florida 06/30/2006 2907.891 2438.293 965.301 352.174 3Q06: $6.7 billion* Represents non-owner occupied CRE Third quarter 2006 averages in $billions *Includes $1.9 billion in loans not secured by Real Estate; geography reflects office of origination

Diversified Shared National Credit Portfolio Approx. 880 loans 18% of total outstanding Industry diversification mirrors total loan book 3% of total nonaccrual loans (6 bps of portfolio) YTD September 2006 net loan recoveries of $1 million Middle Market Commercial Real Estate Global Corporate Banking National Dealer Services Energy Other 06/30/2006 1713 2120 2462 396 1026 472 September 30, 2006: $8.2 billion Period-end outstandings as of September 30, 2006

Deposits in Competitive Environment Total deposits of $41.9 billion largely unchanged from the second quarter Average line of business deposits (excluding FSD and institutional CDs) stable 3Q06 2Q06 Q-Q Chg 3Q05 Y-Y Chg Business Bank (excluding FSD) $11.6 $11.3 2% $11.9 -2% Retail Bank 16.7 16.7 0% 16.7 0% Wealth & Institutional Management 2.4 2.5 -7% 2.6 -9% Total $30.7 $30.5 0% $31.2 -2% Average deposits (excluding FSD) are up in Texas and the West Deposit initiatives: New consumer relationship packages National On The Job Banking campaign Incentives for deposit gathering Building banking centers New Treasury Management products $ in billions; % change based on full dollar amount

Financial Services Division Data 3Q06 2Q06 1Q06 Balance Sheet Noninterest-Bearing $4.1 $4.8 $4.7 Interest-Bearing 1.4 1.8 2.3 Average Deposits $5.5 $6.6 $7.0 Average Loans $2.1 $2.6 $2.9 Noninterest Expenses Customer Services $11 $9 $13 Average Rates FSD Loans (Primarily Low-rate) 0.64% 0.60% 0.43% FSD Interest Bearing Deposits 3.95% 3.88% 3.74% Balance Sheet data in $billions; Non-interest Expense data in $millions

Banking Center Expansion Location of New Banking Centers Full Year 2006 YTD 2005 2004 California 12 8 8 9 Arizona 2 2 2 0 Texas 6 3 7 3 Florida 3 2 0 0 Michigan 1 1 1 5 Total 24 16 18 17 Meeting 18 month accretion goal Deposits at new banking centers are ahead of expectations

2006 Full Year Outlook Compared to 2005 Full Year for Continuing Operations High-single digit average loan growth excluding Financial Services Division loans Average full year net interest margin of about 3.80% Credit-related net charge-offs of about 15 basis points of average loans and, for the remainder of 2006, a provision for credit losses in excess of credit-related net charge-offs Stable noninterest income, excluding net gain on sales of businesses Low-single digit noninterest expense growth, excluding the provision for credit losses on lending-related commitments Active capital management Excludes Munder Capital Management, a discontinued operation.

Questions and Answers Ralph Babb, Chairman and CEO Beth Acton, EVP and Chief Financial Officer Dale Greene, EVP and Chief Credit Officer and Darlene Persons, Director of Investor Relations

Appendix

Business Segment Contribution to Net Income YTD 9/06 % YTD 9/05 % Business Bank $428 73% $535 73% Retail Bank 109 19 139 19 Wealth & Institutional Management 46 8 57 8 583 100% 731 100% Finance (14) (68) Other* 25 (9) TOTAL $594 $654 $ in millions * Includes discontinued operations and items not directly associated with the three major business segments or the Finance Division

Market Segment Contribution to Net Income YTD 9/06 % YTD 9/05 % Midwest & Other Markets $328 56% $369 51% Western 180 31 280 38 Texas 63 11 68 9 Florida 12 2 14 2 583 100% 731 100% Finance and Other* 11 (77) TOTAL $594 $654 $ in millions * Includes discontinued operations and items not directly associated with the three major business segments

Loan Momentum Continues in Growth Markets 3Q06 2Q06 Q - Q% Change 3Q05 Y - Y% Change Midwest & Other $22.3 $22.1 1% $21.5 4% Western > Excluding FSD 16.0 13.9 16.1 13.5 0% 3% 14.2 11.9 12% 17% Texas 6.2 5.9 6% 5.1 22% Florida 1.8 1.8 0% 1.4 28% International 1.8 1.9 -5% 2.4 -23% TOTAL $48.1 $47.8 1% $44.6 8% > EXCLUDING FSD $46.0 $45.2 2% $42.3 9% Average loans in $billions; % change based on full dollar amounts Geography based on location of loan office Western includes: CA, AZ, NV, CO, WA

Diverse Line of Business Loan Growth 3Q06 2Q06 Q - Q% Change 3Q05 Y - Y% Change Middle Market $15.6 $15.3 2% $14.8 5% Commercial Real Estate 6.7 6.4 4% 5.7 18% Global Corporate Banking 4.9 4.8 3% 4.9 0% National Dealer Services 4.9 5.1 -3% 4.0 24% Specialty Businesses* > Excluding FSD 6.3 4.2 6.6 4.0 -4% 5% 5.9 3.6 7% 19% SUBTOTAL - BUSINESS BANK $38.4 $38.2 1% $35.3 9% Small Business Banking 3.9 3.8 1% 3.6 7% Personal Banking 2.2 2.2 -1% 2.3 -3% SUBTOTAL - RETAIL BANK $6.1 $6.0 0% $5.9 3% Private Banking 3.6 3.6 1% 3.4 5% SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $3.6 $3.6 1% $3.4 5% TOTAL > EXCLUDING FSD $48.1 $46.0 $47.8 $45.2 1% 2% $44.6 $42.3 8% 9% Average loans in $billions; % change based on full dollar amount * Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS

Third Quarter 2006 Average Loans Detail Midwest & Other Western Texas Florida International TOTAL Middle Market $9.3 $4.4 $1.7 $0.2 $0.0 $15.6 Commercial Real Estate 2.9 2.4 1.0 0.4 0.0 6.7 Global Corporate Banking 1.9 0.9 0.3 0.0 1.8 4.9 National Dealer Services 0.7 3.2 0.2 0.8 0.0 4.9 Specialty Businesses* 1.7 3.1 1.5 0.0 0.0 6.3 SUBTOTAL - BUSINESS BANK $16.5 $14.0 $4.7 $1.4 $1.8 $38.4 Small Business Banking 2.1 1.0 0.8 0.0 0.0 3.9 Personal Banking 2.0 0.0 0.2 0.0 0.0 2.2 SUBTOTAL - RETAIL BANK $4.1 $1.0 $1.0 $0.0 $0.0 $6.1 Private Banking 1.7 1.0 0.5 0.4 0.0 3.6 SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $1.7 $1.0 $0.5 $0.4 $0.0 $3.6 TOTAL $22.3 $16.0 $6.2 $1.8 $1.8 $48.1 $ in billions * Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS

Western Florida Midwest & Other Texas FL 3Q06 Avg Dealer Loans 3.2 0.8 0.7 0.2 0.02 Franchise Distribution* Toyota / Lexus 18% Honda / Acura 16% Daimler Chrysler 14% Ford 14% General Motors 11% Nissan / Infinity 6% Other European 6% Other Asian 5% Other** 10% 3Q06 Average Loans Outstanding: $4.9 billion Midwest & Other $0.7B 14% Western $3.2B 66% Texas $0.2B 3% Florida $0.8B 17% Geographic Dispersion * Franchise distribution based on June 30, 2006 period-end outstandings ** "Other" includes obligations where a primary franchise is indeterminable (rental car and leasing companies, heavy truck, recreational vehicles, and non-floor plan loans) Diversified National Dealer Services Business

Core Line of Business Deposits 3Q06 2Q06 Q - Q% Change 3Q05 Y - Y% Change Middle Market $4.2 $4.0 4% $4.2 1% Commercial Real Estate 1.2 1.1 10% 1.1 12% Global Corporate Banking 3.1 3.1 0% 3.5 -11% National Dealer Services 0.1 0.1 6% 0.1 0% Specialty Businesses1 > Excluding FSD 8.6 3.0 9.6 3.0 -11% 0% 12.0 3.0 -29% -1% SUBTOTAL - BUSINESS BANK >Excluding FSD $17.2 $11.6 $17.9 $11.3 -4% 2% $20.9 $11.9 -18% -2% Small Business Banking 3.8 3.8 1% 3.8 0% Personal Banking 12.9 12.9 0% 12.9 0% SUBTOTAL - RETAIL BANK $16.7 $16.7 0% $16.7 0% Private Banking 2.4 2.5 -7% 2.6 -9% SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $2.4 $2.5 -7% $2.6 -9% Finance/Other2 5.6 4.9 N/M 1.1 N/M TOTAL > EXCLUDING FSD $41.9 $36.3 $42.0 $35.4 0% 2% $41.3 $32.3 1% 13% $ in billions; % change based on full dollar amount N/M = Not Meaningful 1 Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS 2 Finance/Other includes Institutional CD's: 3Q06 - $5.2B; 2Q06 - $4.3B; 3Q05 - $0.4B

Third Quarter 2006 Average Deposits Detail Midwest & Other Western Texas Florida TOTAL Middle Market $0.9 $3.1 $0.2 $0.0 $4.2 Commercial Real Estate 0.7 0.3 0.1 0.1 1.2 Global Corporate Banking 2.7 0.2 0.2 0.0 3.1 National Dealer Services 0.0 0.1 0.0 0.0 0.1 Specialty Businesses1 0.7 7.5 0.4 0.0 8.6 SUBTOTAL - BUSINESS BANK $5.0 $11.2 $0.9 $0.1 $17.2 Small Business Banking 2.0 0.9 0.9 0.0 3.8 Personal Banking 10.6 0.7 1.6 0.0 12.9 SUBTOTAL - RETAIL BANK $12.6 $1.6 $2.5 $0.0 $16.7 Private Banking 0.7 1.2 0.3 0.2 2.4 SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $0.7 $1.2 $0.3 $0.2 $2.4 Finance/Other2 5.6 0.0 0.0 0.0 5.6 TOTAL $23.9 $14.0 $3.7 $0.3 $41.9 $ in billions 1 Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS 2 Finance/Other includes $5.2B in Institutional CD's; included in Finance Division segment