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): January 17, 2008

COMERICA INCORPORATED

(Exact name of registrant as specified in its charter)

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

Comerica Bank Tower
1717 Main Street, MC 6404
Dallas, Texas 75201

(Address of principal executive offices) (zip code)

(214) 969-6476

(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

	ITEMS 2.02 and 7.01 RESULTS OF OPERATIONS AND FINANCIAL CONDITION AND REGULATION FD DISCLOSURE
	ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURE
EXHIBIT INDEX
Press Release
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 and year ended December 31, 2007. 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.

The information in this report (including Exhibits 99.1 and 99.2 hereto) is being is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1993, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS

     (c) Exhibits

99.1	Press Release dated January 17, 2008
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

January 17, 2008

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated January 17, 2008
99.2	Earnings Presentation Slides

EX-99.1

COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS

Loan Growth Continues in High Growth Markets

DALLAS/January 17, 2008 — Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2007 income from continuing operations of $117 million, or $0.77 per diluted share, compared to $180 million, or $1.17 per diluted share, for the third quarter 2007 and $185 million, or $1.16 per diluted share, for the fourth quarter 2006. Fourth quarter 2007 included a $108 million provision for loan losses, compared to $45 million for the third quarter 2007 and $22 million for the fourth quarter 2006. Fourth quarter 2007 also included $13 million of noninterest expense related to Comerica’s membership in Visa, Inc. (Visa) and fourth quarter 2006 included $47 million of noninterest income from a lawsuit settlement.

(dollar amounts in millions, except per share data)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income	$	489		$	503		$	502
Provision for loan losses		108			45			22
Noninterest income		230			230			262
Noninterest expenses		450			423			457
Income from continuing operations, net of tax		117			180			185
Net income		119			181			299
Diluted EPS from continuing operations		0.77			1.17			1.16
Diluted EPS from discontinued operations*		0.02			0.01			0.71
Diluted EPS		0.79			1.18			1.87
Return on average common shareholders’ equity from continuing operations		9.18	%		14.24	%		14.03	%
Return on average common shareholders’ equity		9.34			14.38			22.63
Net interest margin		3.43			3.66			3.75

* In the fourth quarter 2006, Comerica sold its stake in Munder Capital Management (Munder) and reports Munder as a discontinued operation in all periods presented.

Income from continuing operations for 2007 was $682 million, or $4.40 per diluted share, compared to $782 million, or $4.81 per diluted share, for 2006. The provision for loan losses was $212 million for 2007, compared to $37 million for 2006. Return on average common shareholders’ equity from continuing operations was 13.41 percent for 2007 and 15.11 percent for 2006.

“2007 was a challenging year for the banking industry, including Comerica,” said Ralph W. Babb Jr., chairman and chief executive officer. “While we continued to execute our strategy, reflected by strong loan growth, particularly in our high growth markets, challenges in the residential real estate development portfolio affected our performance. Our fourth quarter earnings were largely impacted by an increase in the provision for loan losses and a decline in the net interest margin, driven in part by a decision to increase the securities portfolio and a competitive funding environment. Our fourth quarter expenses were impacted by a $13 million charge related to Visa and $2 million of moving costs related to our previously announced headquarters relocation.

“We opened 30 new banking centers in 2007, 28 of them in our high-growth markets of Texas, California and Arizona. We also relocated our corporate headquarters from Detroit to Dallas, positioning our company in a more central location with greater accessibility to all of our markets. Our capital position remains solid and provides us with a cushion to weather continued challenges in the economic environment and the flexibility to continue to invest in our growth markets.”

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 2

Fourth Quarter and Full Year 2007 Highlights

Fourth Quarter 2007 Compared to Third Quarter 2007

• On an annualized basis, excluding Financial Services Division (FSD) loans, average loans increased nine percent, led by growth of 28 percent in the Texas market, eight percent in the Western market, six percent in the Florida market and two percent in the Midwest market

• The net interest margin was 3.43 percent in the fourth quarter 2007, a decrease of 23 basis points from 3.66 percent in the third quarter 2007, largely due to securities purchases, competitive loan pricing, interest reversals on new nonaccrual loans, a competitive deposit pricing environment that had a muted reaction to recent Federal Reserve rate cuts and an increase in borrowings at higher market-driven costs due to disruptions in financial markets

• Net credit-related charge-offs were $64 million, or 50 basis points as a percent of average total loans, for the fourth quarter 2007, compared to $40 million, or 32 basis points as a percent of average total loans, for the third quarter 2007

• Noninterest income remained flat at $230 million and included positive trends in fiduciary income, service charges on deposit accounts and commercial lending fees, offset by a decrease in net income from principal investing and warrants

• Noninterest expenses increased $27 million from the third quarter 2007, mostly due to the recording of a $13 million estimated liability related to membership in Visa and a $9 million increase in salaries expense, primarily due to increases in severance and deferred compensation plan costs (offset by an increase in deferred compensation asset returns in noninterest income)

• Open market share repurchases in the fourth quarter 2007 totaled 1.0 million shares, or one percent of total shares outstanding at September 30, 2007

Full Year 2007 Compared to Full Year 2006

• Excluding Financial Services Division loans, average loan growth was seven percent, with 16 percent growth in the Texas market, 13 percent in the Western market and 11 percent in the Florida market, with the Midwest market down one percent

• The net interest margin was 3.66 percent

• Total revenue increased two percent, including four percent growth in noninterest income. Excluding a $47 million Financial Services Division-related lawsuit settlement and the $12 million loss on the sale of the Mexican bank charter in 2006, total revenue growth was three percent, and noninterest income growth was eight percent

• Net credit-related charge-offs were 31 basis points as a percent of average total loans for 2007, compared to 15 basis points for 2006

• Noninterest expenses increased $17 million, or one percent, from 2006. 2007 included incremental expenses related to new banking centers ($23 million), the Visa charge discussed above ($13 million) and costs associated with the previously announced headquarters move to Dallas, Texas ($6 million). 2006 included interest on tax liabilities ($38 million), which was classified in the “provision for income taxes” in 2007 (see “Tax-related items” below). Full time equivalent employees increased less than one percent from December 31, 2006, to December 31, 2007, even with the addition of 30 new banking centers during the period

• Open market share repurchases in 2007 totaled 10.0 million shares, or six percent of total shares outstanding at December 31, 2006

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 3

Net Interest Income and Net Interest Margin

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income	$	489		$	503		$	502
Net interest margin		3.43	%		3.66	%		3.75	%
Selected average balances:
Total earning assets	$	56,621		$	54,641		$	53,289
Total loans		50,699			49,874			48,568
Total loans, excluding FSD loans (primarily low-rate)		49,758			48,683			46,659
Total interest-bearing deposits		31,834			30,276			30,554
Total noninterest-bearing deposits		10,533			10,840			12,649
Total noninterest-bearing deposits, excluding FSD		8,473			8,265			8,696

• The $14 million decrease in net interest income in the fourth quarter 2007, when compared to third quarter 2007, resulted primarily from competitive loan pricing and a competitive deposit pricing environment that had a muted reaction to recent Federal Reserve rate cuts, partially offset by growth in earning assets.

• The net interest margin of 3.43 percent declined 23 basis points, reflecting securities purchases, competitive loan pricing, a competitive deposit pricing environment, interest reversals on new nonaccrual loans and an increase in borrowings at higher market-driven costs due to disruptions in financial markets. The impact of a decline in average Financial Services Division noninterest bearing deposits was largely offset by a decline in average Financial Services Division loans (primarily low-rate).

Noninterest Income

Noninterest income was $230 million for the fourth quarter 2007, compared to $230 million for the third quarter 2007 and $262 million for the fourth quarter 2006. Noninterest income in the fourth quarter 2007, compared to the third quarter 2007, included positive trends in fiduciary income, service charges on deposit accounts, commercial lending fees and an increase in deferred compensation asset returns, offset by a decrease in net income from principal investing and warrants. Fourth quarter 2006 noninterest income included $47 million from the settlement of a Financial Services Division-related lawsuit. Certain categories of noninterest income are highlighted in the table below.

(in millions)	4th Qtr ’07		3rd Qtr ’07			4th Qtr ’06
Net income from principal investing and warrants	$	6	$	11		$	3
Net securities gains		3		4			1
Income from lawsuit settlement		—		—			47
Other noninterest income
Deferred compensation asset returns*		2		(2	)		3
Investment banking fees		3		4			10

* Compensation deferred by Comerica officers is invested in stocks and bonds to reflect the investment selections of the officers. Income (loss) earned on these assets is reported in noninterest income and the offsetting increase (decrease) in the liability is reported in salaries expense.

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 4

Noninterest Expenses

Noninterest expenses were $450 million for the fourth quarter 2007, compared to $423 million for the third quarter 2007 and $457 million for the fourth quarter 2006. The $27 million increase in noninterest expenses in the fourth quarter 2007, compared to the third quarter 2007, reflected $13 million to record an estimated liability related to membership in Visa (discussed below), a $9 million increase in salaries expense and a $3 million increase in the provision for credit losses on lending-related commitments, partially offset by a $4 million decrease in customer services expense. The increase in salaries expense was primarily due to increases in severance and deferred compensation plan costs (offset by an increase in deferred compensation asset returns in noninterest income). Customer services expense varies from period to period as a result of changes in the level of noninterest-bearing deposits in the Corporation’s Financial Services Division, the earnings credit allowance provided on these deposits and a competitive environment. In addition, noninterest expenses included approximately $2 million of costs related to the previously announced relocation of Comerica’s headquarters to Dallas, Texas, in both the fourth quarter and third quarters of 2007, reflected in salaries and other noninterest expenses.

Members of the Visa card association participate in a loss sharing arrangement to allocate financial responsibilities arising from any potential adverse resolution of certain antitrust lawsuits challenging the practices of the association. Comerica recorded a $13 million expense in the fourth quarter 2007 (in “litigation and operational losses”) related to this loss sharing arrangement. Comerica believes that its share of the proceeds from the expected initial public offering of Visa, anticipated in the first quarter 2008, will exceed its share of recorded losses.

Certain categories of noninterest expenses are highlighted in the table below.

	4th Qtr ’07		3rd Qtr ’07			4th Qtr ’06
Salaries
Regular salaries	$	163	$	162		$	162
Severance		3		—			5
Incentives		36		35			48
Deferred compensation plan costs		2		(2	)		4
Share-based compensation		12		12			12
Total salaries		216		207			231
Employee benefits		48		49			42
Customer services		7		11			14
Litigation and operational losses		18		6			4
Provision for credit losses on lending-related commitments		3		—			(4	)
Other noninterest expenses
Interest on tax liabilities*		n/a		n/a			15
Charitable Foundation contribution		2		—			10
Other real estate expense		3		3			(2	)
Redemption premium on trust preferred securities		—		—			3

* Effective with the adoption of FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109,” Comerica changed its accounting policy and prospectively began to classify interest on tax liabilities in the “provision for income taxes.” Prior to January 1, 2007, interest on tax liabilities was classified in “other noninterest expenses.”

n/a — not applicable

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 5

Tax-related Items

Interest on tax liabilities was classified in the “provision for income taxes” in 2007 and in “other noninterest expenses” in 2006. Fourth quarter 2007 interest on tax liabilities reflected a $9 million reduction ($6 million after-tax) of interest resulting from a settlement with the Internal Revenue Service on asset depreciation.

Fourth quarter 2006 reflected a charge of $31 million after-tax to Comerica’s combined tax and related interest reserves for disallowed loan benefits related to a series of loans to foreign borrowers based on settlements discussed with the Internal Revenue Service. Of the total, $22 million was included in the provision for income taxes and $14 million ($9 million after-tax) was for tax-related interest included in other noninterest expenses.

Credit Quality

“We increased the provision for loan losses by $63 million from the third quarter, due to the continued residential real estate development challenges in Michigan and California,” said Babb.

• The allowance to loan ratio increased to 1.10 percent at December 31, 2007, from 1.03 percent at September 30, 2007

• The provision for loan losses and loan quality reflected ongoing challenges to the residential real estate development industry located in Michigan (Midwest market) and both northern and southern California (Western market)

• Nonperforming assets increased to 83 basis points of total loans and foreclosed property for the fourth quarter 2007. During the fourth quarter 2007, $185 million of loan relationships greater than $2 million were transferred to nonaccrual status, an increase of $91 million from the third quarter 2007. Of the transfers of loan relationships greater than $2 million to nonaccrual in the fourth quarter 2007, $143 million were in the real estate industry, $60 million were from the Midwest market and $103 million were from the Western market

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net loan charge-offs	$	63		$	40		$	22
Net lending-related commitment charge-offs		1			—			1
Total net credit-related charge-offs		64			40			23
Net loan charge-offs/Average total loans		0.50	%		0.32	%		0.18	%
Net credit-related charge-offs/Average total loans		0.50			0.32			0.19
Provision for loan losses	$	108		$	45		$	22
Provision for credit losses on lending-related commitments		3			—			(4	)
Total provision for credit losses		111			45			18
Nonperforming assets (NPAs)		423			291			232
NPAs/Total loans and foreclosed property		0.83	%		0.59	%		0.49	%
Allowance for loan losses	$	557		$	512		$	493
Allowance for credit losses on lending-related commitments*		21			19			26
Total allowance for credit losses		578			531			519
Allowance for loan losses/Total loans		1.10	%		1.03	%		1.04	%
Allowance for loan losses/Nonperforming loans		138			188			231

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

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 6

Balance Sheet and Capital Management

Total assets and common shareholders’ equity were $62.3 billion and $5.1 billion, respectively, at December 31, 2007, compared to $60.0 billion and $5.1 billion, respectively, at September 30, 2007. There were approximately 150 million shares outstanding at December 31, 2007, compared to 151 million shares outstanding at September 30, 2007. Open market share repurchases for the current and prior quarter and full year 2007 are shown in the following table:

4th Qtr ’07

3rd Qtr ’07

Full Year 2007

Number

Number

Number

(in millions)

of Shares

Amount

of Shares

Amount

of Shares

Amount

Open market share repurchases

1.0

$

47

2.0

$

109

10.0

$

580

Comerica’s fourth quarter 2007 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 6.80 percent, 7.46 percent and 11.11 percent, respectively.

Full Year 2008 Outlook Compared to Full Year 2007 from Continuing Operations

• Mid to high single-digit average loan growth, excluding Financial Services Division loans, with flat growth in the Midwest market, high single-digit growth in the Western market and low double-digit growth in the Texas market

• Average earning asset growth in excess of average loan growth

• Average Financial Services Division noninterest-bearing deposits of $1.2 billion to $1.4 billion. Financial Services Division loans will fluctuate in tandem with the level of noninterest-bearing deposits

• Based on a 50 basis point Federal Reserve rate cut in January and a 25 basis point cut in March 2008, average full year net interest margin between 3.20 and 3.25 percent, including the effects of higher levels of securities, lower value of noninterest-bearing deposits, absence of the benefit of maturing swaps with negative spreads (10 basis points in 2007) and the 2008 FAS 91 impact discussed below

• Average net credit-related charge-offs between 40 and 50 basis points of average loans, with a provision for credit losses exceeding net charge-offs

• Low single-digit growth in noninterest income

• Low single-digit decline in noninterest expenses, excluding the provision for credit losses on lending-related commitments and including the 2008 FAS 91 impact discussed below

• Effective tax rate of about 32 percent

• Maintain a Tier one common capital ratio similar to year-end 2007

• Statement of Financial Accounting Standards No. 91 (FAS 91) — Accounting for Loan Origination Fees and Costs. Beginning in 2008, a change in the application of FAS 91 will result in deferral and amortization (over the loan life) to net interest income of more fees and costs. Based on assumptions for loan growth, loan fees and average loan life, the estimated impact on 2008, compared to 2007, will be to lower the net interest margin by about 3-4 basis points (approximately $20 million), lower noninterest expenses by about 3-4 percent (approximately $60 million) and increase earnings per share by about four cents per quarter

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 7

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 December 31, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2007 results compared to third quarter 2007.

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

(dollar amounts in millions)	4th Qtr ’07					3rd Qtr ’07					4th Qtr ’06
Business Bank	$	90		88	%	$	134		72	%	$	154		80	%
Retail Bank		(1	)	(1	)		32		17			27		14
Wealth & Institutional Management		13		13			20		11			11		6
		102		100	%		186		100	%		192		100	%
Finance		1					2					(4	)
Other*		16					(7	)				111
Total	$	119				$	181				$	299

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

Business Bank

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income (FTE)	$	327		$	332		$	335
Provision for loan losses		88			43			15
Noninterest income		80			82			116
Noninterest expenses		186			177			194
Net income		90			134			154
Net credit-related charge-offs		50			30			6
Selected average balances:
Assets		41,327			40,796			39,872
Loans		40,285			39,746			38,766
FSD loans		941			1,191			1,909
Deposits		15,931			15,948			17,110
FSD deposits		3,181			3,789			5,291
Net interest margin		3.22	%		3.31	%		3.43	%

• Average loans, excluding the Financial Services Division, increased $789 million, or eight percent on an annualized basis, with strong growth in Energy, Middle Market and Technology and Life Sciences

• Average deposits increased $591 million, excluding the $608 million decline in the Financial Services Division, primarily due to growth in Technology and Life Sciences, Global Corporate and Middle Market, partially offset by a decrease in Commercial Real Estate

• The net interest margin of 3.22 percent decreased nine basis points, primarily due to narrowing loan and deposit spreads resulting from competitive loan and deposit pricing

• The provision for loan losses increased $45 million, primarily due to declining credit quality in Commercial Real Estate (residential real estate developers) and increased reserves in Technology and Life Sciences primarily related to a single customer, partially offset by a decline in reserves related to the automotive supplier portfolio, which continued to reduce in size and exhibited stable credit quality metrics

• Noninterest expenses increased $9 million, primarily due to an increase in net corporate overhead expenses resulting from year end adjustments to allocation rates

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 8

Retail Bank

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income (FTE)	$	151		$	159		$	159
Provision for loan losses		26			7			6
Noninterest income		55			56			53
Noninterest expenses		182			160			164
Net income		(1	)		32			27
Net credit-related charge-offs		14			9			16
Selected average balances:
Assets		6,998			6,854			6,810
Loans		6,229			6,111			6,100
Deposits		17,254			17,144			16,969
Net interest margin		3.47	%		3.68	%		3.71	%

• Average loans increased $118 million, or eight percent on an annualized basis, primarily due to growth in the Small Business Banking portfolio in the Texas and Western markets

• Average deposits increased $110 million, primarily due to growth in the Western and Texas markets

• The net interest margin of 3.47 percent decreased 21 basis points, primarily due to a decline in deposit spreads resulting from competitive pricing

• The provision for loan losses increased $19 million, primarily due to a modest increase in charge-offs related to Small Business Banking

• Noninterest expenses increased $22 million, primarily due to the Visa-related expense discussed above, an increase in net corporate overhead expenses for the same reason noted in the Business Bank and an increase in expenses related to the opening of 17 new banking centers in the fourth quarter

Wealth and Institutional Management

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income (FTE)	$	36		$	36		$	36
Provision for loan losses		1			(5	)		2
Noninterest income		72			70			67
Noninterest expenses		86			81			86
Net income		13			20			11
Net credit-related charge-offs		—			1			1
Selected average balances:
Assets		4,321			4,152			3,794
Loans		4,146			3,989			3,646
Deposits		2,552			2,378			2,351
Net interest margin		3.41	%		3.58	%		3.90	%

• Average loans increased $157 million, or 16 percent on an annualized basis

• Average deposits increased $174 million, primarily due to an increase money market investment deposits in the Western market

• The net interest margin of 3.41 percent declined 17 basis points, primarily due to lower loan and deposit spreads resulting from competitive pricing

• The provision for loan losses increased $6 million. The third quarter negative provision included a large improvement related to a single customer in the Midwest market

• Noninterest income increased $2 million, primarily in fiduciary income

• Noninterest expenses increased $5 million, partially due to an increase in net corporate overhead expenses, for the same reason noted in the Business Bank

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 9

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida. In addition to the four primary geographic markets, Other Markets and International are also reported as market segments. In the fourth quarter 2007, Comerica revised the definition of Other Markets to include businesses with a national perspective, which were previously included primarily in the Midwest market. The financial results below are based on methodologies in effect at December 31, 2007 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2007 results compared to third quarter 2007.

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

(dollar amounts in millions)	4th Qtr ’07					3rd Qtr ’07					4th Qtr ’06
Midwest	$	55		55	%	$	75		41	%	$	58	30	%
Western		(5	)	(5	)		50		27			83	44
Texas		12		12			26		14			17	9
Florida		(1	)	(1	)		3		1			3	1
Other Markets		30		29			17		9			24	12
International		11		10			15		8			7	4
		102		100	%		186		100	%		192	100	%
Finance & Other*		17					(5	)				107
Total	$	119				$	181				$	299

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

Midwest

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income (FTE)	$	206		$	216		$	224
Provision for loan losses		20			15			40
Noninterest income		120			119			116
Noninterest expenses		218			206			215
Net income		55			75			58
Net credit-related charge-offs		38			23			12
Selected average balances:
Assets		19,228			19,131			19,297
Loans		18,602			18,526			18,671
Deposits		16,117			15,636			15,860
Net interest margin		4.38	%		4.60	%		4.74	%

• Average loans increased $76 million, or two percent on an annualized basis, primarily due to increases in the Global Corporate, Private Banking, National Dealer Services and Small Business Banking lines of business, partially offset by a decrease in Middle Market Banking

• Average deposits increased $481 million, primarily in the Global Corporate and Small Business Banking lines of business

• The net interest margin of 4.38 percent declined 22 basis points, primarily due to a decline in loan and deposit spreads resulting from competitive loan and deposit pricing

• The provision for loan losses increased $5 million, primarily due to an increase in credit risk in the Commercial Real Estate line of business (residential real estate developers) and a modest increase in charge-offs related to Small Business Banking, partially offset by a decline in reserves related to the automotive supplier portfolio, which continued to reduce in size and exhibited stable credit quality metrics

• Noninterest expenses increased $12 million, partially due to the Visa-related expense as discussed above, the provision for credit losses on lending-related commitments and net corporate overhead expenses, for the same reason noted in the Business Bank

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 10

Western Market

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income (FTE)	$	173		$	177		$	178
Provision for loan losses		92			23			(15	)
Noninterest income		35			36			74
Noninterest expenses		121			110			122
Net income		(5	)		50			83
Net credit-related charge-offs		22			7			(2	)
Selected average balances:
Assets		17,137			17,095			16,572
Loans		16,615			16,543			16,037
FSD loans		941			1,191			1,909
Deposits		13,012			13,009			14,145
FSD deposits		3,045			3,607			5,130
Net interest margin		4.13	%		4.24	%		4.40	%

• Excluding the Financial Services Division, average loans increased $322 million, or eight percent on an annualized basis, primarily due to growth in the Middle Market Banking, Technology and Life Sciences and Private Banking lines of business

• Excluding the Financial Services Division, average deposits increased $565 million, primarily due to growth in the Middle Market Banking, Private Banking, Retail Banking, Technology and Life Sciences and Entertainment Lending lines of business

• The net interest margin of 4.13 percent declined 11 basis points due to a decline in deposits spreads resulting from competitive pricing

• The provision for loan losses increased $69 million, primarily due to a decline in credit quality in Commercial Real Estate (residential real estate developers), a modestly higher level of charge-offs related to Small Business Banking and increased reserves in Technology and Life Sciences primarily related to a single customer

• Noninterest expenses increased $11 million, primarily due to banking center expansion, the Visa-related expense discussed above, advertising expenses and net corporate overhead expenses, for the same reason noted in the Business Bank, partially offset by a decrease in customer service expenses

• Eleven new banking centers were opened in the fourth quarter, eight in California and three in Arizona. In 2007, a total of 13 new banking centers were opened in California and three in Arizona

Texas Market

(dollar amounts in millions)	4th Qtr ’07			3rd Qtr ’07			4th Qtr ’06
Net interest income (FTE)	$	72		$	71		$	69
Provision for loan losses		8			(2	)		3
Noninterest income		23			24			20
Noninterest expenses		67			58			59
Net income		12			26			17
Total net credit-related charge-offs		3			1			2
Selected average balances:
Assets		7,678			7,172			6,631
Loans		7,382			6,902			6,360
Deposits		3,935			3,920			3,794
Net interest margin		3.85	%		4.08	%		4.27	%

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 11

• Average loans increased $480 million, or 28 percent on an annualized basis, primarily in Energy, Small Business Banking and Global Corporate

• Average deposits increased $15 million

• The net interest margin of 3.85 percent decreased 23 basis points, primarily due to narrowing deposit spreads resulting from competitive pricing

• The provision for loan losses increased $10 million, primarily due to a modestly higher level of charge-offs related to Small Business Banking

• Noninterest expenses increased $9 million, primarily due to an increase in advertising expenses, the Visa-related expense discussed above and an increase in net corporate overhead expenses, for the same reason noted in the Business Bank

• Six new banking centers were opened in the fourth quarter, and a total of 12 new banking centers were opened in 2007

Florida Market

(dollar amounts in millions)	4th Qtr '07			3rd Qtr '07			4th Qtr '06
Net interest income (FTE)	$	12		$	13		$	11
Provision for loan losses		5			3			1
Noninterest income		4			4			4
Noninterest expenses		12			10			10
Net income		(1	)		3			3
Net credit-related charge-offs		—			1			—
Selected average balances:
Assets		1,731			1,706			1,631
Loans		1,717			1,692			1,611
Deposits		299			271			292
Net interest margin		2.70	%		2.97	%		2.80	%

• Average loans increased $25 million, or six percent on an annualized basis

• Average deposits increased $28 million

• The net interest margin of 2.70 percent decreased 27 basis points, primarily due to a decrease in loan spreads resulting from competitive pricing

• The provision for loan losses increased $2 million, primarily due to a decline in credit quality in the Commercial Real Estate line of business

Conference Call and Webcast

Comerica will host a conference call to review fourth quarter 2007 financial results at 7 a.m. CT Thursday, January 17, 2008. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 28504995). 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 until January 31, 2008. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 28504995). A replay of the Webcast can also be accessed via Comerica’s “Investor Relations” page at www.comerica.com.

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

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COMERICA REPORTS FOURTH QUARTER AND 2007 EARNINGS — 12

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, changes related to the headquarters relocation or to its underlying assumptions, 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, changes in customer borrowing, repayment, investment and deposit practices, 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, the automotive production industry and the real estate business lines, 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, political or industry 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
(214) 462-4463	(313) 222-2840
	Paul Jaremski
	(214) 969-6476

CONSOLIDATED FINANCIAL HIGHLIGHTS
Comerica Incorporated and Subsidiaries

	Three Months Ended									Years Ended
	December 31,			September 30,			December 31,			December 31,
(in millions, except per share data)	2007			2007			2006			2007			2006
PER SHARE AND COMMON STOCK DATA
Diluted income from continuing operations	$	0.77		$	1.17		$	1.16		$	4.40		$	4.81
Diluted net income		0.79			1.18			1.87			4.43			5.49
Cash dividends declared		0.64			0.64			0.59			2.56			2.36
Common shareholders’ equity (at period end)		34.18			33.62			32.70
Average diluted shares (in thousands)		150,943			153,096			160,063			154,809			162,488
KEY RATIOS
Return on average common shareholders’ equity from continuing operations		9.18	%		14.24	%		14.03	%		13.41	%		15.11	%
Return on average common shareholders’ equity		9.34			14.38			22.63			13.50			17.24
Return on average assets from continuing operations		0.77			1.22			1.29			1.16			1.38
Return on average assets		0.79			1.23			2.07			1.17			1.58
Average common shareholders’ equity as a percentage of average assets		8.42			8.58			9.16			8.67			9.15
Tier 1 common capital ratio *		6.80			7.01			7.54
Tier 1 risk-based capital ratio *		7.46			7.68			8.03
Total risk-based capital ratio *		11.11			11.44			11.64
Leverage ratio *		9.30			9.60			9.77
AVERAGE BALANCES
Commercial loans	$	28,393		$	28,052		$	27,609		$	28,132		$	27,341
Real estate construction loans		4,846			4,607			4,204			4,552			3,905
Commercial mortgage loans		9,941			9,829			9,515			9,771			9,278
Residential mortgage loans		1,891			1,865			1,647			1,814			1,570
Consumer loans		2,412			2,320			2,468			2,367			2,533
Lease financing		1,327			1,319			1,335			1,302			1,314
International loans		1,889			1,882			1,790			1,883			1,809
Total loans		50,699			49,874			48,568			49,821			47,750
Earning assets		56,621			54,641			53,289			54,688			52,291
Total assets		60,507			58,546			57,612			58,574			56,579
Interest-bearing deposits		31,834			30,276			30,554			30,647			28,939
Total interest-bearing liabilities		43,574			41,406			38,334			40,924			37,000
Noninterest-bearing deposits		10,533			10,840			12,649			11,287			13,135
Common shareholders’ equity		5,096			5,024			5,280			5,079			5,176
NET INTEREST INCOME
Net interest income (fully taxable equivalent basis)	$	489		$	504		$	503		$	2,006		$	1,986
Fully taxable equivalent adjustment		—			1			1			3			3
Net interest margin		3.43	%		3.66	%		3.75	%		3.66	%		3.79	%
CREDIT QUALITY
Nonaccrual loans	$	391		$	272		$	214
Reduced-rate loans		13			—			—
Total nonperforming loans		404			272			214
Foreclosed property		19			19			18
Total nonperforming assets		423			291			232
Loans past due 90 days or more and still accruing		53			56			14
Gross loan charge-offs		72			47			31			196			98
Loan recoveries		9			7			9			47			38
Net loan charge-offs		63			40			22			149			60
Lending-related commitment charge-offs		1			—			1			4			12
Total net credit-related charge-offs		64			40			23			153			72
Allowance for loan losses		557			512			493
Allowance for credit losses on lending-related commitments		21			19			26
Total allowance for credit losses		578			531			519
Allowance for loan losses as a percentage of total loans		1.10	%		1.03	%		1.04	%
Net loan charge-offs as a percentage of average total loans		0.50			0.32			0.18			0.30	%		0.13	%
Net credit-related charge-offs as a percentage of average total loans		0.50			0.32			0.19			0.31			0.15
Nonperforming assets as a percentage of total loans and foreclosed property		0.83			0.59			0.49
Allowance for loan losses as a percentage of total nonperforming loans		138			188			231

* December 31, 2007 ratios are estimated

-13-

CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries

	December 31,			September 30,			December 31,
(in millions, except share data)	2007			2007			2006
ASSETS
Cash and due from banks	$	1,440		$	1,271		$	1,434
Federal funds sold and securities purchased under agreements to resell		36			129			2,632
Other short-term investments		373			293			327
Investment securities available-for-sale		6,296			4,942			3,662
Commercial loans		28,223			27,392			26,265
Real estate construction loans		4,816			4,759			4,203
Commercial mortgage loans		10,048			9,994			9,659
Residential mortgage loans		1,915			1,892			1,677
Consumer loans		2,464			2,397			2,423
Lease financing		1,351			1,319			1,353
International loans		1,926			1,843			1,851
Total loans		50,743			49,596			47,431
Less allowance for loan losses		(557	)		(512	)		(493	)
Net loans		50,186			49,084			46,938
Premises and equipment		650			635			568
Customers’ liability on acceptances outstanding		48			39			56
Accrued income and other assets		3,302			3,629			2,384
Total assets	$	62,331		$	60,022		$	58,001
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	11,920		$	11,290		$	13,901
Money market and NOW deposits		15,261			14,814			15,250
Savings deposits		1,325			1,402			1,365
Customer certificates of deposit		8,357			8,010			7,223
Institutional certificates of deposit		6,147			5,049			5,783
Foreign office time deposits		1,268			1,355			1,405
Total interest-bearing deposits		32,358			30,630			31,026
Total deposits		44,278			41,920			44,927
Short-term borrowings		2,807			2,813			635
Acceptances outstanding		48			39			56
Accrued expenses and other liabilities		1,251			1,267			1,281
Medium- and long-term debt		8,821			8,906			5,949
Total liabilities		57,205			54,945			52,848
Common stock — $5 par value:
Authorized - 325,000,000 shares
Issued — 178,735,252 shares at 12/31/07, 9/30/07 and 12/31/06		894			894			894
Capital surplus		564			551			520
Accumulated other comprehensive loss		(177	)		(238	)		(324	)
Retained earnings		5,506			5,484			5,282
Less cost of common stock in treasury — 28,747,097 shares at 12/31/07, 27,725,572 shares at 9/30/07 and 21,161,161 shares at 12/31/06		(1,661	)		(1,614	)		(1,219	)
Total shareholders’ equity		5,126			5,077			5,153
Total liabilities and shareholders’ equity	$	62,331		$	60,022		$	58,001

-14-

CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Three Months Ended					Years Ended
	December 31,					December 31,
(in millions, except per share data)	2007		2006			2007			2006
INTEREST INCOME
Interest and fees on loans	$	873	$	858		$	3,501		$	3,216
Interest on investment securities		66		42			206			174
Interest on short-term investments		5		12			23			32
Total interest income		944		912			3,730			3,422
INTEREST EXPENSE
Interest on deposits		303		298			1,167			1,005
Interest on short-term borrowings		30		15			105			130
Interest on medium- and long-term debt		122		97			455			304
Total interest expense		455		410			1,727			1,439
Net interest income		489		502			2,003			1,983
Provision for loan losses		108		22			212			37
Net interest income after provision for loan losses		381		480			1,791			1,946
NONINTEREST INCOME
Service charges on deposit accounts		57		54			221			218
Fiduciary income		52		47			199			180
Commercial lending fees		23		19			75			65
Letter of credit fees		16		16			63			64
Foreign exchange income		10		10			40			38
Brokerage fees		11		10			43			40
Card fees		14		12			54			46
Bank-owned life insurance		9		9			36			40
Net income from principal investing and warrants		6		3			19			10
Net securities gains		3		1			7			—
Net gain (loss) on sales of businesses		—		—			3			(12	)
Income from lawsuit settlement		—		47			—			47
Other noninterest income		29		34			128			119
Total noninterest income		230		262			888			855
NONINTEREST EXPENSES
Salaries		216		231			844			823
Employee benefits		48		42			193			184
Total salaries and employee benefits		264		273			1,037			1,007
Net occupancy expense		36		34			138			125
Equipment expense		15		14			60			55
Outside processing fee expense		24		21			91			85
Software expense		17		15			63			56
Customer services		7		14			43			47
Litigation and operational losses		18		4			18			11
Provision for credit losses on lending-related commitments		3		(4	)		(1	)		5
Other noninterest expenses		66		86			242			283
Total noninterest expenses		450		457			1,691			1,674
Income from continuing operations before income taxes		161		285			988			1,127
Provision for income taxes		44		100			306			345
Income from continuing operations		117		185			682			782
Income from discontinued operations, net of tax		2		114			4			111
NET INCOME	$	119	$	299		$	686		$	893
Basic earnings per common share:
Income from continuing operations	$	0.78	$	1.17		$	4.47		$	4.88
Net income		0.80		1.89			4.49			5.57
Diluted earnings per common share:
Income from continuing operations		0.77		1.16			4.40			4.81
Net income		0.79		1.87			4.43			5.49
Cash dividends declared on common stock		97		94			393			380
Dividends per common share		0.64		0.59			2.56			2.36

-15-

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Fourth		Third		Second			First			Fourth			Fourth Quarter 2007 Compared To:
	Quarter		Quarter		Quarter			Quarter			Quarter			Third Quarter 2007						Fourth Quarter 2006
(in millions, except per share data)	2007		2007		2007			2007			2006			Amount			Percent			Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	873	$	895	$	882		$	851		$	858		$	(22	)		(2.5	)%	$	15			1.7
Interest on investment securities		66		52		46			42			42			14			27.8			24			57.0
Interest on short-term investments		5		5		5			8			12			—			7.5			(7	)		(58.9	)
Total interest income		944		952		933			901			912			(8	)		(0.8	)		32			3.4
INTEREST EXPENSE
Interest on deposits		303		294		284			286			298			9			3.2			5			1.7
Interest on short-term borrowings		30		29		24			22			15			1			1.4			15			112.8
Interest on medium- and long-term debt		122		126		116			91			97			(4	)		(1.9	)		25			25.8
Total interest expense		455		449		424			399			410			6			1.6			45			11.2
Net interest income		489		503		509			502			502			(14	)		(3.0	)		(13	)		(2.9	)
Provision for loan losses		108		45		36			23			22			63			N/M			86			N/M
Net interest income after provision for loan losses		381		458		473			479			480			(77	)		(17.1	)		(99	)		(20.9	)
NONINTEREST INCOME
Service charges on deposit accounts		57		55		55			54			54			2			2.8			3			4.6
Fiduciary income		52		49		49			49			47			3			5.5			5			10.5
Commercial lending fees		23		19		17			16			19			4			23.0			4			19.9
Letter of credit fees		16		16		15			16			16			—			1.4			—			(1.9	)
Foreign exchange income		10		11		10			9			10			(1	)		(1.6	)		—			5.3
Brokerage fees		11		11		10			11			10			—			(5.4	)		1			6.4
Card fees		14		14		14			12			12			—			2.6			2			19.0
Bank-owned life insurance		9		8		9			10			9			1			1.7			—			1.7
Net income (loss) from principal investing and warrants		6		11		6			(4	)		3			(5	)		N/M			3			N/M
Net securities gains		3		4		—			—			1			(1	)		N/M			2			N/M
Net gain (loss) on sales of businesses		—		—		2			1			—			—			N/M			—			N/M
Income from lawsuit settlement		—		—		—			—			47			—			N/M			(47	)		N/M
Other noninterest income		29		32		38			29			34			(3	)		(4.7	)		(5	)		(10.3	)
Total noninterest income		230		230		225			203			262			—			0.5			(32	)		(11.8	)
NONINTEREST EXPENSES
Salaries		216		207		215			206			231			9			4.7			(15	)		(6.0	)
Employee benefits		48		49		50			46			42			(1	)		(2.5	)		6			11.4
Total salaries and employee benefits		264		256		265			252			273			8			3.4			(9	)		(3.2	)
Net occupancy expense		36		34		33			35			34			2			2.9			2			4.8
Equipment expense		15		15		15			15			14			—			(1.8	)		1			9.3
Outside processing fee expense		24		23		24			20			21			1			4.6			3			12.7
Software expense		17		16		15			15			15			1			7.4			2			13.0
Customer services		7		11		11			14			14			(4	)		(30.0	)		(7	)		(43.3	)
Litigation and operational losses (recoveries)		18		6		(9	)		3			4			12			N/M			14			N/M
Provision for credit losses on lending-related commitments		3		—		(2	)		(2	)		(4	)		3			N/M			7			N/M
Other noninterest expenses		66		62		59			55			86			4			3.9			(20	)		(24.4	)
Total noninterest expenses		450		423		411			407			457			27			6.2			(7	)		(1.6	)
Income from continuing operations before income taxes		161		265		287			275			285			(104	)		(39.1	)		(124	)		(43.5	)
Provision for income taxes		44		85		91			86			100			(41	)		(48.4	)		(56	)		(55.9	)
Income from continuing operations		117		180		196			189			185			(63	)		(34.6	)		(68	)		(36.8	)
Income from discontinued operations, net of tax		2		1		—			1			114			1			N/M			(112	)		N/M
NET INCOME	$	119	$	181	$	196		$	190		$	299		$	(62	)		(34.2	)%	$	(180	)		(60.2	)
Basic earnings per common share:
Income from continuing operations	$	0.78	$	1.18	$	1.28		$	1.21		$	1.17		$	(0.40	)		(33.9	)%	$	(0.39	)		(33.3	)
Net income		0.80		1.20		1.28			1.21			1.89			(0.40	)		(33.3	)		(1.09	)		(57.7	)
Diluted earnings per common share:
Income from continuing operations		0.77		1.17		1.25			1.19			1.16			(0.40	)		(34.2	)		(0.39	)		(33.6	)
Net income		0.79		1.18		1.25			1.19			1.87			(0.39	)		(33.1	)		(1.08	)		(57.8	)
Cash dividends declared on common stock		97		97		98			101			94			—			(0.9	)		3			3.0
Dividends per common share		0.64		0.64		0.64			0.64			0.59			—			—			0.05			8.5

N/M — Not meaningful                    

-16-

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
Comerica Incorporated and Subsidiaries

	2007												2006
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
Balance at beginning of period	$	512		$	507		$	500		$	493		$	493
Loan charge-offs:
Commercial		27			30			19			13			7
Real estate construction:
Commercial Real Estate business line		24			6			6			1			—
Other business lines		1			2			2			—			—
Total real estate construction		25			8			8			1			—
Commercial mortgage:
Commercial Real Estate business line		7			2			3			3			3
Other business lines		9			4			10			14			4
Total commercial mortgage		16			6			13			17			7
Residential mortgage		—			—			—			—			—
Consumer		4			3			3			3			13
Lease financing		—			—			—			—			3
International		—			—			—			—			1
Total loan charge-offs		72			47			43			34			31
Recoveries on loans previously charged-off:
Commercial		7			5			5			10			5
Real estate construction		—			—			—			—			—
Commercial mortgage		1			1			2			—			1
Residential mortgage		—			—			—			—			—
Consumer		1			1			1			1			1
Lease financing		—			—			—			4			—
International		—			—			5			3			2
Total recoveries		9			7			13			18			9
Net loan charge-offs		63			40			30			16			22
Provision for loan losses		108			45			36			23			22
Foreign currency translation adjustment		—			—			1			—			—
Balance at end of period	$	557		$	512		$	507		$	500		$	493
Allowance for loan losses as a percentage of total loans		1.10	%		1.03	%		1.04	%		1.04	%		1.04	%
Net loan charge-offs as a percentage of average total loans		0.50			0.32			0.24			0.13			0.18
Net credit-related charge-offs as a percentage of average total loans		0.50			0.32			0.24			0.16			0.19

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

	2007										2006
(in millions)	4th Qtr		3rd Qtr		2nd Qtr			1st Qtr			4th Qtr
Balance at beginning of period	$	19	$	19	$	21		$	26		$	31
Less: Charge-offs on lending-related commitments (1)		1		—		—			3			1
Add: Provision for credit losses on lending-related commitments		3		—		(2	)		(2	)		(4	)
Balance at end of period	$	21	$	19	$	19		$	21		$	26
Unfunded lending-related commitments sold	$	22	$	—	$	—		$	60		$	20

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

-17-

NONPERFORMING ASSETS
Comerica Incorporated and Subsidiaries

	2007												2006
(in millions)	4th Qtr			3rd Qtr			2nd Qtr			1st Qtr			4th Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial	$	75		$	64		$	88		$	73		$	97
Real estate construction:
Commercial Real Estate business line		161			55			37			21			18
Other business lines		6			4			7			4			2
Total real estate construction		167			59			44			25			20
Commercial mortgage:
Commercial Real Estate business line		66			63			20			17			18
Other business lines		75			77			84			84			54
Total commercial mortgage		141			140			104			101			72
Residential mortgage		1			1			1			1			1
Consumer		3			4			3			4			4
Lease financing		—			—			—			4			8
International		4			4			4			10			12
Total nonaccrual loans		391			272			244			218			214
Reduced-rate loans		13			—			—			—			—
Total nonperforming loans		404			272			244			218			214
Foreclosed property		19			19			15			15			18
Total nonperforming assets	$	423		$	291		$	259		$	233		$	232
Nonperforming loans as a percentage of total loans		0.80	%		0.55	%		0.50	%		0.45	%		0.45	%
Nonperforming assets as a percentage of total loans and foreclosed property		0.83			0.59			0.53			0.49			0.49
Allowance for loan losses as a percentage of total nonperforming loans		138			188			207			229			231
Loans past due 90 days or more and still accruing	$	53		$	56		$	29		$	15		$	14
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	272		$	244		$	218		$	214		$	174
Loans transferred to nonaccrual (1)		185			94			107			69			66
Nonaccrual business loan gross charge-offs (2)		(68	)		(44	)		(40	)		(31	)		(16	)
Loans transferred to accrual status (1)		—			(5	)		(8	)		—			—
Nonaccrual business loans sold (3)		—			(11	)		—			(4	)		—
Payments/Other (4)		2			(6	)		(33	)		(30	)		(10	)
Nonaccrual loans at end of period	$	391		$	272		$	244		$	218		$	214

(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	$	68	$	44	$	40	$	31	$	16
Performing watch list loans		—		—		—		—		2
Consumer and residential mortgage loans		4		3		3		3		13
Total gross loan charge-offs	$	72	$	47	$	43	$	34	$	31

(3) Analysis of loans sold:

Nonaccrual business loans	$	—	$	11	$	—	$	4	$	—
Performing watch list loans		13		—		—		—		25
Total loans sold	$	13	$	11	$	—	$	4	$	25

(4) Includes net changes related to nonaccrual loans with balances less than $2 million, other than business loan gross charge-offs and nonaccrual loans sold, and payments on nonaccrual loans with book balances greater than $2 million.

-18-

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

	Years Ended
	December 31, 2007									December 31, 2006
	Average						Average			Average						Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest			Rate
Commercial loans (1) (2)	$	28,132		$	2,038			7.25	%	$	27,341		$	1,877			6.87	%
Real estate construction loans		4,552			374			8.21			3,905			336			8.61
Commercial mortgage loans		9,771			709			7.26			9,278			675			7.27
Residential mortgage loans		1,814			111			6.13			1,570			95			6.02
Consumer loans		2,367			166			7.00			2,533			181			7.13
Lease financing		1,302			40			3.04			1,314			52			4.00
International loans		1,883			133			7.06			1,809			127			7.01
Business loan swap expense		—			(67	)		—			—			(124	)		—
Total loans (2)		49,821			3,504			7.03			47,750			3,219			6.74
Investment securities available-for-sale		4,447			206			4.56			3,992			174			4.22
Federal funds sold and securities purchased under agreements to resell		164			9			5.28			283			14			5.15
Other short-term investments		256			14			5.65			266			18			6.69
Total earning assets		54,688			3,733			6.82			52,291			3,425			6.53
Cash and due from banks		1,352									1,557
Allowance for loan losses		(520	)								(499	)
Accrued income and other assets		3,054									3,230
Total assets	$	58,574								$	56,579
Money market and NOW deposits (1)	$	14,937			460			3.08		$	15,373			443			2.88
Savings deposits		1,389			13			0.93			1,441			11			0.79
Customer certificates of deposit		7,687			342			4.45			6,505			261			4.01
Institutional certificates of deposit		5,563			300			5.39			4,489			235			5.23
Foreign office time deposits		1,071			52			4.85			1,131			55			4.82
Total interest-bearing deposits		30,647			1,167			3.81			28,939			1,005			3.47
Short-term borrowings		2,080			105			5.06			2,654			130			4.89
Medium- and long-term debt		8,197			455			5.55			5,407			304			5.63
Total interest-bearing sources		40,924			1,727			4.22			37,000			1,439			3.89
Noninterest-bearing deposits (1)		11,287									13,135
Accrued expenses and other liabilities		1,284									1,268
Shareholders’ equity		5,079									5,176
Total liabilities and shareholders’ equity	$	58,574								$	56,579
Net interest income/rate spread (FTE)				$	2,006			2.60					$	1,986			2.64
FTE adjustment				$	3								$	3
Impact of net noninterest-bearing sources of funds								1.06									1.15
Net interest margin (as a percentage of average earning assets) (FTE) (2)								3.66	%								3.79	%
(1) FSD balances included above:
Loans (primarily low-rate)	$	1,318		$	9			0.69	%	$	2,363		$	13			0.57	%
Interest-bearing deposits		1,202			47			3.91			1,710			66			3.86
Noninterest-bearing deposits		2,836									4,374
(2) Impact of FSD loans (primarily low-rate) on the following:
Commercial loans								(0.32	)%								(0.59	)%
Total loans								(0.18	)								(0.32	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.08	)								(0.16	)

-19-

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

	Three Months Ended
	December 31, 2007									September 30, 2007									December 31, 2006
	Average						Average			Average						Average			Average						Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest			Rate			Balance			Interest			Rate
Commercial loans (1) (2)	$	28,393		$	500			7.00	%	$	28,052		$	520			7.37	%	$	27,609		$	502			7.21	%
Real estate construction loans		4,846			92			7.48			4,607			97			8.33			4,204			92			8.72
Commercial mortgage loans		9,941			175			7.01			9,829			181			7.30			9,515			178			7.43
Residential mortgage loans		1,891			29			6.16			1,865			29			6.12			1,647			25			6.11
Consumer loans		2,412			41			6.64			2,320			41			7.06			2,468			46			7.34
Lease financing		1,327			8			2.41			1,319			11			3.25			1,335			13			3.88
International loans		1,889			34			7.03			1,882			33			6.98			1,790			33			7.25
Business loan swap expense		—			(6	)		—			—			(16	)		—			—			(30	)		—
Total loans (2)		50,699			873			6.84			49,874			896			7.13			48,568			859			7.02
Investment securities available-for-sale		5,533			66			4.76			4,405			52			4.60			3,842			42			4.27
Federal funds sold and securities purchased under agreements to resell		90			1			4.79			99			1			5.25			325			4			5.38
Other short-term investments		299			4			5.44			263			4			5.27			554			8			5.80
Total earning assets		56,621			944			6.62			54,641			953			6.91			53,289			913			6.79
Cash and due from banks		1,241									1,351									1,460
Allowance for loan losses		(541	)								(521	)								(504	)
Accrued income and other assets		3,186									3,075									3,367
Total assets	$	60,507								$	58,546								$	57,612
Money market and NOW deposits (1)	$	15,174			116			3.03		$	14,996			119			3.14		$	14,705			117			3.15
Savings deposits		1,374			4			1.00			1,380			3			0.97			1,376			3			0.90
Customer certificates of deposit		8,229			92			4.44			7,702			87			4.48			7,191			80			4.39
Institutional certificates of deposit		5,779			76			5.22			5,170			72			5.49			5,783			79			5.44
Foreign office time deposits		1,278			15			4.69			1,028			13			4.96			1,499			19			5.06
Total interest-bearing deposits		31,834			303			3.77			30,276			294			3.85			30,554			298			3.87
Short-term borrowings		2,560			30			4.64			2,278			29			5.15			1,053			15			5.30
Medium- and long-term debt		9,180			122			5.31			8,852			126			5.61			6,727			97			5.76
Total interest-bearing sources		43,574			455			4.15			41,406			449			4.29			38,334			410			4.24
																						-
Noninterest-bearing deposits (1)		10,533									10,840									12,649
Accrued expenses and other liabilities		1,304									1,276									1,349
Shareholders’ equity		5,096									5,024									5,280
Total liabilities and shareholders’ equity	$	60,507								$	58,546								$	57,612
Net interest income/rate spread (FTE)				$	489			2.47					$	504			2.62					$	503			2.55
FTE adjustment				$	—								$	1								$	1
Impact of net noninterest-bearing sources of funds								0.96									1.04									1.20
Net interest margin (as a percentage of average earning assets) (FTE) (2)								3.43	%								3.66	%								3.75	%
(1) FSD balances included above:
Loans (primarily low-rate)	$	941		$	2			0.98	%	$	1,191		$	2			0.71	%	$	1,909		$	3			0.66	%
Interest-bearing deposits		1,121			11			3.78			1,214			12			4.06			1,338			13			3.94
Noninterest-bearing deposits		2,060									2,575									3,953
(2) Impact of FSD loans (primarily low-rate) on the following:
Commercial loans								(0.21	)%								(0.30	)%								(0.49	)%
Total loans								(0.11	)								(0.16	)								(0.25	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.04	)								(0.07	)								(0.11	)

-20-

CONSOLIDATED STATISTICAL DATA
Comerica Incorporated and Subsidiaries

	December 31,			September 30,			June 30,			March 31,			December 31,
(in millions, except per share data)	2007			2007			2007			2007			2006
Commercial loans:
Floor plan	$	2,878		$	2,601		$	3,012		$	2,970		$	3,198
Other		25,345			24,791			24,134			23,711			23,067
Total commercial loans		28,223			27,392			27,146			26,681			26,265
Real estate construction loans:
Commercial Real Estate business line		4,089			4,007			3,777			3,708			3,449
Other business lines		727			752			736			754			754
Total real estate construction loans		4,816			4,759			4,513			4,462			4,203
Commercial mortgage loans:
Commercial Real Estate business line		1,377			1,467			1,344			1,286			1,534
Other business lines		8,671			8,527			8,384			8,306			8,125
Total commercial mortgage loans		10,048			9,994			9,728			9,592			9,659
Residential mortgage loans		1,915			1,892			1,839			1,741			1,677
Consumer loans:
Home equity		1,616			1,582			1,585			1,570			1,591
Other consumer		848			815			736			822			832
Total consumer loans		2,464			2,397			2,321			2,392			2,423
Lease financing		1,351			1,319			1,314			1,273			1,353
International loans		1,926			1,843			1,904			1,848			1,851
Total loans	$	50,743		$	49,596		$	48,765		$	47,989		$	47,431
Goodwill	$	150		$	150		$	150		$	150		$	150
Loan servicing rights		12			13			13			14			14
Tier 1 common capital ratio*		6.80	%		7.01	%		7.18	%		7.49	%		7.54	%
Tier 1 risk-based capital ratio*		7.46			7.68			7.87			8.19			8.03
Total risk-based capital ratio *		11.11			11.44			11.71			12.15			11.64
Leverage ratio*		9.30			9.60			9.68			10.00			9.77
Book value per share	$	34.18		$	33.62		$	32.80		$	32.84		$	32.70
Market value per share for the quarter:
High	$	54.88		$	61.34		$	63.89		$	63.39		$	59.72
Low		39.62			50.26			58.18			56.77			55.82
Close		43.53			51.28			59.47			59.12			58.68
Quarterly ratios:
Return on average common shareholders’ equity from continuing operations		9.18	%		14.24	%		15.41	%		14.83	%		14.03	%
Return on average common shareholders’ equity		9.34			14.38			15.41			14.86			22.63
Return on average assets from continuing operations		0.77			1.22			1.35			1.33			1.29
Return on average assets		0.79			1.23			1.35			1.33			2.07
Efficiency ratio		62.76			58.00			55.97			57.66			59.81
Number of banking centers		417			403			402			402			393
Number of employees — full time equivalent		10,782			10,683			10,687			10,661			10,700

* December 31, 2007 ratios are estimated

-21-

PARENT COMPANY ONLY BALANCE SHEETS
Comerica Incorporated

	December 31,			September 30,			December 31,
(in millions, except share data)	2007			2007			2006
ASSETS
Cash and due from subsidiary bank	$	1		$	5		$	122
Short-term investments with subsidiary bank		224			222			246
Other short-term investments		102			101			92
Investment in subsidiaries, principally banks		5,849			5,799			5,586
Premises and equipment		4			4			4
Other assets		156			152			152
Total assets	$	6,336		$	6,283		$	6,202
LIABILITIES AND SHAREHOLDERS’ EQUITY
Medium- and long-term debt	$	968		$	956		$	806
Other liabilities		242			250			243
Total liabilities		1,210			1,206			1,049
Common stock — $5 par value:
Authorized — 325,000,000 shares
Issued — 178,735,252 shares at 12/31/07, 9/30/07, and 12/31/06		894			894			894
Capital surplus		564			551			520
Accumulated other comprehensive loss		(177	)		(238	)		(324	)
Retained earnings		5,506			5,484			5,282
Less cost of common stock in treasury — 28,747,097 shares at 12/31/07, 27,725,572 shares at 9/30/07 and 21,161,161 shares at 12/31/06		(1,661	)		(1,614	)		(1,219	)
Total shareholders’ equity		5,126			5,077			5,153
Total liabilities and shareholders’ equity	$	6,336		$	6,283		$	6,202

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, 2006		162.9		$	894	$	461		$	(170	)	$	4,796		$	(913	)	$	5,068
Net income		—			—		—			—			893			—			893
Other comprehensive income, net of tax		—			—		—			55			—			—			55
Total comprehensive income																			948
Cash dividends declared on common stock ($2.36 per share)		—			—		—			—			(380	)		—			(380	)
Purchase of common stock		(6.7	)		—		—			—			—			(384	)		(384	)
Net issuance of common stock under employee stock plans		1.7			—		(15	)		—			(27	)		95			53
Recognition of share-based compensation expense		—			—		57			—			—			—			57
Employee deferred compensation obligations		(0.3	)		—		17			—			—			(17	)		—
SFAS 158 transition adjustment, net of tax		—			—		—			(209	)		—			—			(209	)
BALANCE AT DECEMBER 31, 2006		157.6		$	894	$	520		$	(324	)	$	5,282		$	(1,219	)	$	5,153
FSP 13-2 transition adjustment, net of tax		—			—		—			—			(46	)		—			(46	)
FIN 48 transition adjustment, net of tax		—			—		—			—			3			—			3
BALANCE AT JANUARY 1, 2007		157.6			894		520			(324	)		5,239			(1,219	)		5,110
Net income		—			—		—			—			686			—			686
Other comprehensive income, net of tax		—			—		—			147			—			—			147
Total comprehensive income		—			—		—			—			—			—			833
Cash dividends declared on common stock ($2.56 per share)		—			—		—			—			(393	)		—			(393	)
Purchase of common stock		(10.0	)		—		—			—			—			(580	)		(580	)
Net issuance of common stock under employee stock plans		2.4			—		(16	)		—			(26	)		139			97
Recognition of share-based compensation expense		—			—		59			—			—			—			59
Employee deferred compensation obligations		—			—		1			—			—			(1	)		—
BALANCE AT DECEMBER 31, 2007		150.0		$	894	$	564		$	(177	)	$	5,506		$	(1,661	)	$	5,126

-22-

BUSINESS SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

							Wealth &
(dollar amounts in millions)	Business			Retail			Institutional
Three Months Ended December 31, 2007	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	327		$	151		$	36		$	(17	)	$	(8	)	$	489
Provision for loan losses		88			26			1			—			(7	)		108
Noninterest income		80			55			72			16			7			230
Noninterest expenses		186			182			86			3			(7	)		450
Provision (benefit) for income taxes (FTE)		43			(1	)		8			(5	)		(1	)		44
Income from discontinued operations, net of tax		—			—			—			—			2			2
Net income (loss)	$	90		$	(1	)	$	13		$	1		$	16		$	119
Net credit-related charge-offs	$	50		$	14		$	—		$	—		$	—		$	64
Selected average balances:
Assets	$	41,327		$	6,998		$	4,321		$	6,785		$	1,076		$	60,507
Loans		40,285			6,229			4,146			5			34			50,699
Deposits		15,931			17,254			2,552			6,622			8			42,367
Liabilities		16,765			17,266			2,561			18,472			347			55,411
Attributed equity		3,073			872			353			724			74			5,096
Statistical data:
Return on average assets (1)		0.88	%		(0.02	)%		1.21	%		N/M			N/M			0.79	%
Return on average attributed equity		11.80			(0.44	)		14.78			N/M			N/M			9.34
Net interest margin (2)		3.22			3.47			3.41			N/M			N/M			3.43
Efficiency ratio		45.87			88.52			79.66			N/M			N/M			62.76

							Wealth &
	Business			Retail			Institutional
Three Months Ended September 30, 2007	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	332		$	159		$	36		$	(16	)	$	(7	)	$	504
Provision for loan losses		43			7			(5	)		—			—			45
Noninterest income		82			56			70			17			5			230
Noninterest expenses		177			160			81			2			3			423
Provision (benefit) for income taxes (FTE)		60			16			10			(3	)		3			86
Income from discontinued operations, net of tax		—			—			—			—			1			1
Net income (loss)	$	134		$	32		$	20		$	2		$	(7	)	$	181
Net credit-related charge-offs	$	30		$	9		$	1		$	—		$	—		$	40
Selected average balances:
Assets	$	40,796		$	6,854		$	4,152		$	5,564		$	1,180		$	58,546
Loans		39,746			6,111			3,989			2			26			49,874
Deposits		15,948			17,144			2,378			5,748			(102	)		41,116
Liabilities		16,783			17,158			2,385			16,971			225			53,522
Attributed equity		2,902			848			338			615			321			5,024
Statistical data:
Return on average assets (1)		1.32	%		0.71	%		1.90	%		N/M			N/M			1.23	%
Return on average attributed equity		18.52			15.05			23.39			N/M			N/M			14.38
Net interest margin (2)		3.31			3.68			3.58			N/M			N/M			3.66
Efficiency ratio		43.47			74.31			75.95			N/M			N/M			58.00

							Wealth &
	Business			Retail			Institutional
Three Months Ended December 31, 2006	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	335		$	159		$	36		$	(23	)	$	(4	)	$	503
Provision for loan losses		15			6			2			—			(1	)		22
Noninterest income		116			53			67			16			10			262
Noninterest expenses		194			164			86			7			6			457
Provision (benefit) for income taxes (FTE)		88			15			4			(10	)		4			101
Income from discontinued operations, net of tax		—			—			—			—			114			114
Net income (loss)	$	154		$	27		$	11		$	(4	)	$	111		$	299
Net credit-related charge-offs	$	6		$	16		$	1		$	—		$	—		$	23
Selected average balances:
Assets	$	39,872		$	6,810		$	3,794		$	5,515		$	1,621		$	57,612
Loans		38,766			6,100			3,646			25			31			48,568
Deposits		17,110			16,969			2,351			6,817			(44	)		43,203
Liabilities		17,993			16,978			2,348			14,623			390			52,332
Attributed equity		2,748			833			307			568			824			5,280
Statistical data:
Return on average assets (1)		1.54	%		0.61	%		1.17	%		N/M			N/M			2.07	%
Return on average attributed equity		22.32			13.00			14.43			N/M			N/M			22.63
Net interest margin (2)		3.43			3.71			3.90			N/M			N/M			3.75
Efficiency ratio		43.11			77.81			82.90			N/M			N/M			59.81

(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

-23-

MARKET SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

																			Finance
(dollar amounts in millions)													Other						& Other
Three Months Ended December 31, 2007	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	206		$	173		$	72		$	12		$	35		$	16		$	(25	)	$	489
Provision for loan losses		20			92			8			5			(7	)		(3	)		(7	)		108
Noninterest income		120			35			23			4			16			9			23			230
Noninterest expenses		218			121			67			12			25			11			(4	)		450
Provision (benefit) for income taxes (FTE)		33			—			8			—			3			6			(6	)		44
Income from discontinued operations, net of tax		—			—			—			—			—			—			2			2
Net income (loss)	$	55		$	(5	)	$	12		$	(1	)	$	30		$	11		$	17		$	119
Net credit-related charge-offs (recoveries)	$	38		$	22		$	3		$	—		$	1		$	—		$	—		$	64
Selected average balances:
Assets	$	19,228		$	17,137		$	7,678		$	1,731		$	4,591		$	2,281		$	7,861		$	60,507
Loans		18,602			16,615			7,382			1,717			4,192			2,152			39			50,699
Deposits		16,117			13,012			3,935			299			1,495			879			6,630			42,367
Liabilities		16,797			13,044			3,953			297			1,613			888			18,819			55,411
Attributed equity		1,766			1,264			635			111			369			153			798			5,096
Statistical data:
Return on average assets (1)		1.15	%		(0.12	)%		0.65	%		(0.15	)%		2.61	%		1.85	%		N/M			0.79	%
Return on average attributed equity		12.56			(1.65	)		7.91			(2.32	)		32.55			27.60			N/M			9.34
Net interest margin (2)		4.38			4.13			3.85			2.70			3.36			2.77			N/M			3.43
Efficiency ratio		67.03			58.21			70.71			72.82			49.56			47.39			N/M			62.76

																			Finance
													Other						& Other
Three Months Ended September 30, 2007	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	216		$	177		$	71		$	13		$	33		$	17		$	(23	)	$	504
Provision for loan losses		15			23			(2	)		3			12			(6	)		—			45
Noninterest income		119			36			24			4			14			11			22			230
Noninterest expenses		206			110			58			10			23			11			5			423
Provision (benefit) for income taxes (FTE)		39			30			13			1			(5	)		8			—			86
Income from discontinued operations, net of tax		—			—			—			—			—			—			1			1
Net income (loss)	$	75		$	50		$	26		$	3		$	17		$	15		$	(5	)	$	181
Net credit-related charge-offs (recoveries)	$	23		$	7		$	1		$	1		$	9		$	(1	)	$	—		$	40
Selected average balances:
Assets	$	19,131		$	17,095		$	7,172		$	1,706		$	4,428		$	2,270		$	6,744		$	58,546
Loans		18,526			16,543			6,902			1,692			4,047			2,136			28			49,874
Deposits		15,636			13,009			3,920			271			1,475			1,159			5,646			41,116
Liabilities		16,307			13,044			3,937			273			1,591			1,174			17,196			53,522
Attributed equity		1,699			1,201			597			97			343			151			936			5,024
Statistical data:
Return on average assets (1)		1.57	%		1.17	%		1.44	%		0.58	%		1.59	%		2.66	%		N/M			1.23	%
Return on average attributed equity		17.61			16.69			17.36			10.19			20.50			40.10			N/M			14.38
Net interest margin (2)		4.60			4.24			4.08			2.97			3.33			3.02			N/M			3.66
Efficiency ratio		61.94			51.84			60.91			58.59			48.92			43.17			N/M			58.00
																			Finance
													Other						& Other
Three Months Ended December 31, 2006	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	224		$	178		$	69		$	11		$	32		$	16		$	(27	)	$	503
Provision for loan losses		40			(15	)		3			1			(4	)		(2	)		(1	)		22
Noninterest income		116			74			20			4			14			8			26			262
Noninterest expenses		215			122			59			10			26			12			13			457
Provision (benefit) for income taxes (FTE)		27			62			10			1			—			7			(6	)		101
Income from discontinued operations, net of tax		—			—			—			—			—			—			114			114
Net income (loss)	$	58		$	83		$	17		$	3		$	24		$	7		$	107		$	299
Net credit-related charge-offs (recoveries)	$	12		$	(2	)	$	2		$	—		$	11		$	—		$	—		$	23
Selected average balances:
Assets	$	19,297		$	16,572		$	6,631		$	1,631		$	4,251		$	2,094		$	7,136		$	57,612
Loans		18,671			16,037			6,360			1,611			3,863			1,970			56			48,568
Deposits		15,860			14,145			3,794			292			1,292			1,047			6,773			43,203
Liabilities		16,530			14,180			3,807			296			1,428			1,078			15,013			52,332
Attributed equity		1,650			1,140			559			87			307			145			1,392			5,280
Statistical data:
Return on average assets (1)		1.19	%		2.01	%		1.03	%		0.70	%		2.24	%		1.37	%		N/M			2.07	%
Return on average attributed equity		13.96			29.14			12.20			13.03			31.03			19.74			N/M			22.63
Net interest margin (2)		4.74			4.40			4.27			2.80			3.30			3.25			N/M			3.75
Efficiency ratio		63.32			48.59			66.36			66.69			56.21			50.47			N/M			59.81

(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

-24-

BUSINESS SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

							Wealth &
(dollar amounts in millions)	Business			Retail			Institutional
Year Ended December 31, 2007	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	1,326		$	627		$	145		$	(69	)	$	(23	)	$	2,006
Provision for loan losses		178			41			(3	)		—			(4	)		212
Noninterest income		291			220			283			65			29			888
Noninterest expenses		708			655			322			10			(4	)		1,691
Provision (benefit) for income taxes (FTE)		228			52			39			(18	)		8			309
Income from discontinued operations, net of tax		—			—			—			—			4			4
Net income	$	503		$	99		$	70		$	4		$	10		$	686
Net credit-related charge-offs	$	117		$	34		$	2		$	—		$	—		$	153
Selected average balances:
Assets	$	40,762		$	6,880		$	4,096		$	5,669		$	1,167		$	58,574
Loans		39,721			6,134			3,937			7			22			49,821
Deposits		16,253			17,156			2,386			6,174			(35	)		41,934
Liabilities		17,091			17,169			2,392			16,531			312			53,495
Attributed equity		2,935			850			332			628			334			5,079
Statistical data:
Return on average assets (1)		1.23	%		0.55	%		1.70	%		N/M			N/M			1.17	%
Return on average attributed equity		17.11			11.68			21.03			N/M			N/M			13.50
Net interest margin (2)		3.33			3.65			3.64			N/M			N/M			3.66
Efficiency ratio		44.10			77.29			75.29			N/M			N/M			58.58

							Wealth &
	Business			Retail			Institutional
Year Ended December 31, 2006	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	1,315		$	637		$	147		$	(100	)	$	(13	)	$	1,986
Provision for loan losses		14			23			1			—			(1	)		37
Noninterest income		305			210			259			64			17			855
Noninterest expenses		741			608			313			14			(2	)		1,674
Provision (benefit) for income taxes (FTE)		276			72			31			(32	)		1			348
Income from discontinued operations, net of tax		—			—			—			—			111			111
Net income (loss)	$	589		$	144		$	61		$	(18	)	$	117		$	893
Net credit-related charge-offs	$	37		$	35		$	—		$	—		$	—		$	72
Selected average balances:
Assets	$	39,263		$	6,786		$	3,677		$	5,271		$	1,582		$	56,579
Loans		38,081			6,084			3,534			18			33			47,750
Deposits		17,775			16,807			2,394			5,186			(88	)		42,074
Liabilities		18,677			16,810			2,392			13,198			326			51,403
Attributed equity		2,639			831			299			499			908			5,176
Statistical data:
Return on average assets (1)		1.50	%		0.81	%		1.67	%		N/M			N/M			1.58	%
Return on average attributed equity		22.30			17.30			20.49			N/M			N/M			17.24
Net interest margin (2)		3.45			3.79			4.15			N/M			N/M			3.79
Efficiency ratio		45.78			71.75			77.10			N/M			N/M			58.92

							Wealth &
	Business			Retail			Institutional
Year Ended December 31, 2005	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	1,395		$	612		$	147		$	(183	)	$	(11	)	$	1,960
Provision for loan losses		(42	)		4			(3	)		—			(6	)		(47	)
Noninterest income		284			208			253			63			11			819
Noninterest expenses		728			546			304			10			25			1,613
Provision (benefit) for income taxes (FTE)		335			96			36			(59	)		(11	)		397
Income from discontinued operations, net of tax		—			—			—			—			45			45
Net income (loss)	$	658		$	174		$	63		$	(71	)	$	37		$	861
Net credit-related charge-offs	$	86		$	25		$	6		$	—		$	(1	)	$	116
Selected average balances:
Assets	$	35,708		$	6,554		$	3,487		$	5,218		$	1,539		$	52,506
Loans		34,561			5,882			3,338			(15	)		50			43,816
Deposits		20,424			16,841			2,458			896			21			40,640
Liabilities		21,160			16,832			2,453			6,510			454			47,409
Attributed equity		2,528			805			300			510			954			5,097
Statistical data:
Return on average assets (1)		1.84	%		0.99	%		1.81	%		N/M			N/M			1.64	%
Return on average attributed equity		26.02			21.64			21.07			N/M			N/M			16.90
Net interest margin (2)		4.02			3.63			4.39			N/M			N/M			4.06
Efficiency ratio		43.37			66.54			76.13			N/M			N/M			58.01

(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

-25-

MARKET SEGMENT FINANCIAL RESULTS
Comerica Incorporated and Subsidiaries

																			Finance
(dollar amounts in millions)													Other						& Other
Year Ended December 31, 2007	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	863		$	706		$	279		$	47		$	136		$	67		$	(92	)	$	2,006
Provision for loan losses		88			108			8			11			16			(15	)		(4	)		212
Noninterest income		471			131			86			14			54			38			94			888
Noninterest expenses		821			455			235			39			92			43			6			1,691
Provision (benefit) for income taxes (FTE)		148			104			43			4			(7	)		27			(10	)		309
Income from discontinued operations, net of tax		—			—			—			—			—			—			4			4
Net income	$	277		$	170		$	79		$	7		$	89		$	50		$	14		$	686
Net credit-related charge-offs	$	110		$	28		$	9		$	2		$	10		$	(6	)	$	—		$	153
Selected average balances:
Assets	$	19,189		$	17,069		$	7,106		$	1,687		$	4,435		$	2,252		$	6,836		$	58,574
Loans		18,598			16,530			6,827			1,672			4,041			2,124			29			49,821
Deposits		15,819			13,325			3,884			286			1,386			1,095			6,139			41,934
Liabilities		16,484			13,361			3,900			288			1,503			1,116			16,843			53,495
Attributed equity		1,722			1,212			596			96			335			156			962			5,079
Statistical data:
Return on average assets (1)		1.44	%		0.99	%		1.12	%		0.43	%		2.01	%		2.20	%		N/M			1.17	%
Return on average attributed equity		16.02			13.99			13.40			7.51			26.61			31.86			N/M			13.50
Net interest margin (2)		4.62			4.26			4.08			2.80			3.36			3.08			N/M			3.66
Efficiency ratio		61.76			54.45			64.32			63.65			48.42			43.12			N/M			58.58

																			Finance
													Other						& Other
Year Ended December 31, 2006	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	908		$	701		$	261		$	43		$	118		$	68		$	(113	)	$	1,986
Provision for loan losses		77			(32	)		(2	)		3			6			(14	)		(1	)		37
Noninterest income		452			160			76			14			52			20			81			855
Noninterest expenses		811			450			216			34			101			50			12			1,674
Provision (benefit) for income taxes (FTE)		153			170			41			6			(9	)		18			(31	)		348
Income from discontinued operations, net of tax		—			—			—			—			—			—			111			111
Net income	$	319		$	273		$	82		$	14		$	72		$	34		$	99		$	893
Net credit-related charge-offs	$	48		$	1		$	7		$	2		$	13		$	1		$	—		$	72
Selected average balances:
Assets	$	19,407		$	16,445		$	6,174		$	1,528		$	3,971		$	2,201		$	6,853		$	56,579
Loans		18,737			15,882			5,911			1,508			3,598			2,063			51			47,750
Deposits		16,061			14,592			3,699			306			1,253			1,065			5,098			42,074
Liabilities		16,734			14,658			3,709			308			1,378			1,092			13,524			51,403
Attributed equity		1,623			1,102			529			80			278			157			1,407			5,176
Statistical data:
Return on average assets (1)		1.64	%		1.66	%		1.33	%		0.88	%		1.81	%		1.52	%		N/M			1.58	%
Return on average attributed equity		19.67			24.79			15.56			16.81			25.81			21.37			N/M			17.24
Net interest margin (2)		4.83			4.41			4.39			2.84			3.29			3.17			N/M			3.79
Efficiency ratio		59.57			52.29			64.14			60.34			59.32			57.73			N/M			58.92

																			Finance
													Other						& Other
Year Ended December 31, 2005	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	923		$	784		$	242		$	39		$	89		$	77		$	(194	)	$	1,960
Provision for loan losses		46			(68	)		(8	)		1			2			(14	)		(6	)		(47	)
Noninterest income		460			122			75			13			40			35			74			819
Noninterest expenses		794			434			189			28			75			58			35			1,613
Provision (benefit) for income taxes (FTE)		192			202			47			8			(10	)		28			(70	)		397
Income from discontinued operations, net of tax		—			—			—			—			—			—			45			45
Net income (loss)	$	351		$	338		$	89		$	15		$	62		$	40		$	(34	)	$	861
Net credit-related charge-offs	$	79		$	14		$	6		$	7		$	5		$	6		$	(1	)	$	116
Selected average balances:
Assets	$	19,502		$	14,219		$	5,176		$	1,301		$	2,827		$	2,724		$	6,757		$	52,506
Loans		18,796			13,638			4,998			1,288			2,596			2,465			35			43,816
Deposits		16,781			16,852			3,655			299			996			1,140			917			40,640
Liabilities		17,396			16,865			3,651			297			1,089			1,147			6,964			47,409
Attributed equity		1,646			1,046			471			66			206			198			1,464			5,097
Statistical data:
Return on average assets (1)		1.80	%		1.89	%		1.72	%		1.15	%		2.18	%		1.46	%		N/M			1.64	%
Return on average attributed equity		21.39			32.30			18.87			22.72			29.89			20.11			N/M			16.90
Net interest margin (2)		4.90			4.65			4.82			3.06			3.44			2.92			N/M			4.06
Efficiency ratio		57.40			47.92			59.76			54.77			57.72			51.74			N/M			58.01

(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

-26-

EX-99.2

Fourth Quarter and Full Year 2007 Financial Review Comerica Incorporated January 17, 2008

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, changes related to the headquarters relocation or to its underlying assumptions, 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, changes in customer borrowing, repayment, investment and deposit practices, 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, the automotive production industry and the real estate business lines, 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, political or industry 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.

Financial Results 4Q07 3Q07 FY07 FY06 Net Income $119 $181 $686 $893 Diluted EPS from continuing operations Diluted EPS $0.77 $0.79 $1.17 $1.18 $4.40 $4.43 $4.81 $5.49 Return on Equity 9.34% 14.38% 13.50% 17.24% Net Interest Income $489 $503 $2,003 $1,983 Net Interest Margin 3.43% 3.66% 3.66% 3.79% Provision for Loan Losses $108 $45 $212 $37 Noninterest Income $230 $230 $888 $855 Noninterest Expenses $450 $423 $1,691 $1,674 $ in millions, except per share data Data has been restated to reflect the results of Munder Capital Management as a discontinued operation N/M - Not meaningful

Fourth Quarter 2007 Results * Loan growth figures exclude Financial Services Division; Analysis of 4Q07 compared to 3Q07 Annualized average loan growth of 9%* Texas: 28% Florida: 6% Net interest margin of 3.43% Sound credit quality Nonperforming assets of 0.83% of total loans and foreclosed property Net credit-related charge-offs as a percentage of average total loans of 50 bps Noninterest fee income continues positive trend Expenses well controlled Active capital management: 1 million shares repurchased Western: 8% Midwest: 2%

Full Year 2007 Results Average loan growth of 7%* Texas: 16% Western: 13% Noninterest income increased 8%** Expenses well controlled Solid credit quality FY07 FY06 Net credit-related charge-offs to avg. total loans 31 bps 15 bps Total net credit-related charge-offs (in millions) $153 $72 Total provision for credit losses (in millions) $211 $42 Active capital management: 10 million shares repurchased *Loan growth figures exclude the Financial Services Division **Excluding a $47 million Financial Services Division-related lawsuit settlement and the $12 million loss on the sale of the Mexican bank charter in 2006 Analysis of full year 2007 compared to full year 2006 Florida: 11% Midwest: (1)%

Fourth Quarter 2007 Net Interest Income Net Interest Income of $489 million Net Interest Margin of 3.43% Continued growth of securities portfolio: managing interest rate risk and additional liquidity Rate reductions on deposits did not keep pace with Fed Funds rate cuts Higher wholesale funding costs industry wide as a result of tenuous financial markets Higher nonaccrual loans Competitive loan pricing Swaps matured at a negative spread $ in millions

3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 Average Investment Securities Available-for-Sale 3887 3842 3745 4085 4405 5533 % of Average Earning Assets 0.074 0.0721 0.0705 0.0752 0.0806 0.0977 Increasing Investment Securities Portfolio Consists primarily of AAA mortgage backed Freddie Mac and Fannie Mae securities Average life of approximately 4.15 years Increase in portfolio lowers net interest margin Assists in managing interest rate risk and provides additional liquidity $ in millions

Positive Trends in Fee Income Growth in fee income: Commercial lending fees Fiduciary income Deposit service charges Returned to more normal principal investing and warrants income 4Q07 vs. 3Q07 $ in millions * Excludes FSD settlement proceeds 3Q06* 4Q06* 1Q07 2Q07 3Q07 4Q07 Noninterest Income 202 215 215 225 230 230 FSD Settlement Proceeds

Midwest Western Texas Florida International Other Markets 4Q07 Avg Loans Outstanding 18.6 15.7 7.4 1.7 2.2 4.2 Midwest Western Texas Florida International Other Markets 4Q06 Average Loans Outstanding 18.7 14.1 6.4 1.6 2 3.9 Achieving Geographic Loan Growth 4Q07: $49.8 billion* 4Q06: $46.7 billion* *Excludes average Financial Services Division loans of $1.9B in 4Q06 and $0.9B in 4Q07 Geography based on office of origination; Midwest includes: MI, OH, IL; Western includes: CA, AZ, NV, CO, WA Other Markets include markets not separately identified above in addition to businesses with a national perspective Year-over-Year Average Loan Outstandings up 7%*

Middle Market CRE Global Corp Bankings National Dealer Specialty Businesses* Personal Banking Small Business Banking Private Banking 4Q06 Avg Loans Outstanding 15.8 6.6 5 5 4.5 2.2 3.9 3.7 Middle Market Commercial Real Estate Global Corporate Banking National Dealer Services Specialty Businesses Personal Banking Small Business Banking Private Banking 4Q07 Average Loans Outstanding 16.4 6.9 5.7 5.1 5.3 2.1 4.1 4.2 Balanced Line of Business Loan Portfolio Year-over-Year Average Loan Outstandings up 7%* * Excludes average Financial Services Division loans of $1.9B in 4Q06 and $0.9B in 4Q07 ** Specialty Businesses include: Entertainment, Energy, Leasing, and Technology and Life Sciences 4Q07: $49.8 billion* 4Q06: $46.7 billion*

Credit Quality *Includes net loan charge-offs and net charge-offs on lending related commitments Nonperforming Assets to Total Loans and Foreclosed Property Net Credit-related* Charge-offs to Average Total Loans 4Q06 1Q07 2Q07 3Q07 4Q07 0.0049 0.0049 0.0053 0.0059 0.0083 4Q06 1Q07 2Q07 3Q07 4Q07 0.0019 0.0016 0.0024 0.0032 0.005

Credit Quality Allowance for Loan Losses to Total Loans Allowance for Loan Losses to Nonperforming Loans 4Q06 1Q07 2Q07 3Q07 4Q07 0.0104 0.0104 0.0104 0.0103 0.011 4Q06 1Q07 2Q07 3Q07 4Q07 2.31 2.29 2.07 1.88 1.38

Thorough Loan Loss Reserve Methodology Analysis of Key Components: Results: Standard and individual Increased commercial reserves Increased reserves for home equity portfolio Standard incremental Increased reserves: SBA California and Michigan residential real estate development Decreased and/or eliminated select other industry segments due to better performance New business migration risk Slightly lower reserves Imprecision of risk rating Slightly higher reserves

Commercial Real Estate Middle Market Small Business Banking Private Banking Other Business Lines 234.378596 97.840217 39.974094 8.092536 10.832443 Granular Nonaccrual Loans December 31, 2007: $391 million By Line of Business Period-end balances in $millions Six loans over $10 million transferred to nonaccrual in the fourth quarter 61% of nonaccrual loans located in Midwest Average write-down to nonaccrual loans: 29% Granularity of commercial nonaccrual loans: Outstanding # of Relationships Under $5M $148 369 $5 - $10M 71 11 $10 - $25M 116 7 Over $25M 54 2 Total $389 389

Commercial Real Estate Loan Portfolio Owner Occupied/Other* Real Estate Construction Commercial Mortgage 2Q07 9321 4087 1379 4Q07: $14.8 billion 4Q07 averages in $billions *Included in Commercial Real Estate line of business Commercial Real Estate line of business: Loan outstandings were flat 12/31/07 over 9/30/07 Nonaccrual loans of $234 million Loans over $2 million transferred to nonaccrual totaled $143 million Net loan charge-offs of $36 million

Western Michigan Texas Florida Other Markets 2.4 0.878 0.955 0.64 0.609 Single Family Land Development Land Carry Retail Multi-family Commercial Office Multi-use 1.67 0.718 0.811 0.67 0.598 0.249 0.348 0.386 Commercial Real Estate Line of Business December 31, 2007 Loan Outstandings: $5.5 billion* By Project Type By Geography Period-end balances in $billions; Geography reflects location of property; additional CRE information can be found in the appendix * Excludes $1.4B in Commercial Real Estate line of business loans not secured by real estate

Robust Credit Process: Commercial Real Estate Line of Business Conservative initial loan-to-cost and loan-to-value requirements (80% max LTV for homes, 60% for land carry) Personal guarantees obtained Limits on speculative building Limitations on loan exposure for any one project Stringent draw requirements Regular project reviews for sales, prices, sufficiency of interest reserve, construction status Quarterly Credit Quality Reviews Proactive problem resolution and restructuring Reallocation of personnel, as needed Disciplined Underwriting Standards Consistent underwriting standards throughout the cycles Long-tenured relationships Projects located within Comerica's footprint Interest reserve requirements Thorough analysis of project feasibility Robust Monitoring Practices Portfolio stress testing Periodic appraisal updates Portfolio statistic monitoring Macro economic variables monitoring Experienced Special Assets Group Secondary market debt sales

Consumer Loan Portfolio 8% of total outstandings No sub-prime mortgage programs Self-originated & relationship oriented 1% of total nonaccrual loans Net loan charge-offs of $3 million Consumer loans-Other Consumer Loans-HELOC Residential Mortgages 19 37 44 4Q07: $4.3 billion 4Q07 averages in $billions Residential mortgages we hold on our balance sheet are primarily associated with our Private Banking customers. The residential mortgages we originate through our banking centers are typically sold to a third party. (2) The "other" category includes automobile, personal watercraft, student and recreational vehicle loans. Consumer Loans - Home Equity $1.6B 37% Consumer Loans - Other (2) $0.8B 19% Residential Mortgage Loans (1) $1.9B 44%

Home Equity Portfolio Other Markets Midwest Western Texas Florida 1 74 14 9 2 75% Home Equity Lines and 25% Home Equity Loans Avg. FICO score of 747 at origination* 85% have CLTV ^ 80%* Average loan vintage is 2.9 years* Geographic Breakdown Midwest 74% Texas 9% Western 14% *Data on loans booked through our Consumer Loan Center which encompasses about 85% of our Home Equity Lines and Loans 4Q07 averages in $billions Geography based on office of origination Other Markets 1% 4Q07: $1.6 billion Florida 2%

Automotive Manufacturer Exposure Declining 12/05 12/06 12/07 Exposure: Dealer $ 6.6 $ 7.4 $ 7.3 Other Automotive: Domestic Ownership $ 3.3 $ 2.9 $ 2.6 Foreign Ownership 1.5 1.3 1.1 Total Other Automotive $ 4.8 $ 4.2 $ 3.7 (12)% Outstandings: Dealer $ 4.8 $ 5.6 $ 5.4 Other Automotive: Domestic Ownership $ 2.0 $ 1.7 $ 1.4 Foreign Ownership 0.7 0.5 0.4 Total Other Automotive $ 2.7 $ 2.2 $ 1.8 (18)% 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 NPA's 43 49 46 39 20 17 16 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 Net Loan Charge-offs 3 3 2 7 -6 -0.1 -0.1 Period-end in $ billions Exposure includes committed and discretionary facilities (undrawn and outstanding)

Deposits in a Competitive Environment Total deposits of $42.4 billion Average noninterest-bearing deposits* grew 3% Global Corporate Banking, Middle Market, Technology & Life Sciences and Private Banking grew deposits Average core deposits* increased (3Q07 vs 4Q07): 6% in the West 3% in the Midwest 1% in Texas $ in billions *Excludes Finance/Institutional CDs, Foreign Office Time Deposits, and Financial Services Division balances 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 Money Market & NOW 13.583 13.447 13.383 13.517 13.614 13.799 14.071 Savings Deposits 1.479 1.433 1.375 1.38 1.419 1.378 1.373 Customer CDs 6.199 6.685 7.175 7.329 7.447 7.687 8.212 Noninterest-bearing 8.782 8.644 8.696 8.712 8.355 8.264 8.473 Average Core Deposits*

Financial Services Division Data 4Q07 3Q07 FY07 FY06 Average Balance Sheet Noninterest-bearing $2.1 $2.6 $2.8 $4.4 Interest-bearing 1.1 1.2 1.2 1.7 Total Deposits $3.2 $3.8 $4.0 $6.1 Total Loans $0.9 $1.2 $1.3 $2.4 Noninterest Expenses Customer Services $7 $11 $43 $47 Average Rates FSD Loans (Primarily Low-rate) 0.98% 0.71% 0.69% 0.57% FSD Interest-bearing Deposits 3.78% 4.06% 3.91% 3.86% Balance Sheet data in $billions; Noninterest Expense data in $millions 2008 Full Year Outlook: Average noninterest-bearing deposits are expected to be about $1.2 to $1.4 billion Average loans are expected to fluctuate with the level of noninterest-bearing deposits

Investing to Accelerate Growth and Balance: Banking Center Expansion Plan to open about 32 new banking centers in 2008, all in high growth markets Location of New Banking Centers Full Year 2008 2007 2006 2005 2004 Total 12/07 California 14 13 12 8 9 83 Arizona 5 3 2 2 0 8 Texas 12 12 7 7 3 79 Florida 1 0 3 0 0 9 Michigan 0 2 1 1 5 238 Total 32 30 25 18 17 417

New Banking Center Deposits 3/05 6/05 9/05 12/05 3/06 6/06 9/06 12/06 3/07 6/07 9/07 12/07 Deposits ($) 236.410856 379.041293 413.658248 460.366727 500.44724 533.898426 610.573174 826.07435 890.275364 1127.348288 1526.135 619.146 555.62 256.516 340.057 Month Average CAGR: 20% Personal Bkg - 31% Business Bank - 35% Small Business - 15% WIM - 19% Millions

Stable Headcount Despite Increasing Expenses From Banking Center Expansion Program New Banking Center Expense in $millions, actual headcount (FTE) data 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 New Banking Center Expense 6.397 6.889 8.345 11.317 12.044 13.258 13.686 16.816591 Headcount (FTE) 10517 10549 10568 10700 10661 10687 10683 10782 Headcount (FTE) Excluding New Banking Center Employees 10285 10282 10233 10303 10264 10272 10260 10284

Solid Capital Position Tier One Common Capital Ratio History *Tier One Common = (Tier 1 Capital - Preferred Stock) / Risk-adjusted Assets; estimated at 12/31/07 **Peer Group consists of: BBT, FITB, HBAN, KEY, MI, MTB, NCC, PNC, RF, STI, UB, USB, ZION 12/31/05 12/31/06 3/31/07 6/30/07 9/30/07 12/31/07 Comerica 0.0778 0.0754 0.0749 0.0718 0.0701 0.068 Peer Group Median** 0.07 0.0734 0.067 0.0655 0.0639 Tier One Common Capital Ratio* of 6.80% within target range of 6.50% - 7.50% 38 consecutive years of dividend increases 10 million shares repurchased in 2007 Strong capital position relative to Peer Group

2008 Full Year Outlook* % Change over 2007 Loan growth (excluding the Financial Services Division) Mid to high single-digit Texas Low double-digit West High single-digit Midwest Flat Average earning asset growth in excess of average loan growth Net interest margin in range of 3.20% - 3.25%* Net credit-related charge-offs of between 40 and 50 bps** Noninterest income Low single-digit increase Noninterest expense* Low single-digit decrease Maintain Tier one common ratio similar to year-end 2007 This outlook is provided as of January 17, 2008 *The 2008 full year outlook incorporates a change in the application of FAS 91 (Accounting for Loan Origination Fees and Costs) which we expect will have the impact of lowering the net interest margin by 3-4 bps, lowering noninterest expenses by about 3-4 percent and increasing earnings per share by about four cents per quarter **Provision for credit losses exceeding net credit-related charge-offs

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 FY 2007 % FY 2006 % Business Bank $503 75% $589 74% Retail Bank 99 15 144 18 Wealth & Institutional Management 70 10 61 8 672 100% 794 100% Finance 4 (18) Other* 10 117 TOTAL $686 $893 $ 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 FY 2007 % FY 2006 % Midwest $277 41% $319 40% Western 170 25 273 35 Texas 79 12 82 10 Florida 7 1 14 2 Other Markets 89 13 72 9 International 50 8 34 4 672 100% 794 100% Finance and Other* 14 99 TOTAL $686 $893 $ in millions * Includes discontinued operations and items not directly associated with the geographic markets

Loan Momentum Continues in Growth Markets 4Q07 3Q07 Q - Q% Chg FY07 FY06 Y - Y% Chg Midwest $18.6 $18.6 0% $18.6 $18.8 -1% Western > Excluding FSD 16.6 15.7 16.5 15.3 0% 2% 16.5 15.2 15.9 13.5 4% 13% Texas 7.4 6.9 7% 6.8 5.9 16% Florida 1.7 1.7 2% 1.7 1.5 11% Other Markets 4.2 4.1 4% 4.1 3.6 12% International 2.2 2.1 1% 2.1 2.1 3% TOTAL $50.7 $49.9 2% $49.8 $47.8 4% > EXCLUDING FSD $49.8 $48.7 2% $48.5 $45.4 7% 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 4Q07 3Q07 Q - Q% Change FY07 FY06 Y - Y% Change Middle Market $16.4 $16.3 1% $16.2 $15.4 5% Commercial Real Estate 6.9 6.8 1% 6.7 6.4 5% Global Corporate Banking 5.7 5.6 3% 5.5 4.9 12% National Dealer Services 5.1 5.0 0% 5.2 4.9 5% Specialty Businesses* > Excluding FSD 6.2 5.3 6.1 4.9 2% 7% 6.1 4.8 6.5 4.1 -5% 17% SUBTOTAL - BUSINESS BANK $40.3 $39.8 1% $39.7 $38.1 4% Small Business Banking 4.1 4.0 2% 4.0 3.8 5% Personal Banking 2.1 2.1 1% 2.1 2.3 -6% SUBTOTAL - RETAIL BANK $6.2 $6.1 2% $6.1 $6.1 1% Private Banking 4.2 4.0 4% 4.0 3.6 11% SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $4.2 $4.0 4% $4.0 $3.6 11% TOTAL > EXCLUDING FSD $50.7 $49.8 $49.9 $48.7 2% 2% $49.8 $48.5 $47.8 $45.4 4% 7% Average loans in $billions; % change based on full dollar amount * Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS

Fourth Quarter 2007 Average Loans Detail Midwest Western Texas Florida Other Markets International TOTAL Middle Market $8.2 $4.9 $1.9 $0.2 $1.2 $-- $16.4 Commercial Real Estate 1.4 2.7 1.1 0.5 1.2 -- 6.9 Global Corporate Banking 1.4 1.0 0.4 -- 0.7 2.2 5.7 National Dealer Services 0.7 3.3 0.2 0.5 0.4 -- 5.1 Specialty Businesses* 1.1 2.4 2.1 0.0 0.6 -- 6.2 SUBTOTAL - BUSINESS BANK $12.8 $14.3 $5.7 $1.2 $4.1 $2.2 $40.3 Small Business Banking 2.1 1.0 1.0 -- -- -- 4.1 Personal Banking 1.8 0.0 0.2 -- 0.1 -- 2.1 SUBTOTAL - RETAIL BANK $3.9 $1.0 $1.2 $-- $0.1 $-- $6.2 Private Banking 1.9 1.3 0.5 0.5 -- -- 4.2 SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $1.9 $1.3 $0.5 $0.5 $-- $-- $4.2 TOTAL $18.6 $16.6 $7.4 $1.7 $4.2 $2.2 $50.7 $ in billions; geography based on office of origination. * Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS

Real Estate Construction Loans: Commercial Real Estate Line of Business Western Michigan Texas Florida Other Markets TOTAL Single Family $1.0 $0.1 $0.1 $0.3 $0.1 $1.6 Land Development 0.3 0.1 0.2 0.1 0.0 0.7 Retail 0.2 0.1 0.2 0.0 0.1 0.6 Multi-family 0.1 0.0 0.1 0.1 0.1 0.4 Multi-use 0.1 0.0 0.1 0.0 0.1 0.3 Office 0.1 0.0 0.1 -- 0.0 0.2 Commercial 0.1 0.1 0.0 0.0 0.0 0.2 Land Carry 0.1 -- -- -- -- 0.1 TOTAL $2.0 $0.4 $0.8 $0.5 $0.4 $4.1 4Q07 period-end $ in billions Geography reflects location of property

Commercial Mortgage Loans: Commercial Real Estate Line of Business Western Michigan Texas Florida Other Markets TOTAL Land Carry $0.3 $0.2 $0.1 $0.1 $0.0 $0.7 Multi-family 0.0 0.1 0.1 0.0 0.0 0.2 Office 0.1 0.0 0.0 0.0 0.0 0.1 Commercial 0.0 0.0 0.0 -- 0.1 0.1 Retail 0.0 0.1 0.0 0.0 0.0 0.1 Multi-use 0.0 0.1 0.0 0.0 0.0 0.1 Single Family 0.0 0.0 0.0 0.0 0.1 0.1 TOTAL $0.4 $0.5 $0.2 $0.1 $0.2 $1.4 4Q07 period-end $ in billions Geography reflects location of property

Full Year 2007 Average Loans Detail Midwest Western Texas Florida Other Markets International TOTAL Middle Market $8.3 $4.7 $1.8 $0.3 $1.1 $-- $16.2 Commercial Real Estate 1.3 2.7 1.1 0.4 1.2 -- 6.7 Global Corporate Banking 1.4 1.0 0.3 -- 0.7 2.1 5.5 National Dealer Services 0.8 3.3 0.2 0.5 0.4 -- 5.2 Specialty Businesses* 1.1 2.6 1.8 0.0 0.6 -- 6.1 SUBTOTAL - BUSINESS BANK $12.9 $14.3 $5.2 $1.2 $4.0 $2.1 $39.7 Small Business Banking 2.1 0.9 1.0 -- -- -- 4.0 Personal Banking 1.8 0.1 0.1 -- 0.1 -- 2.1 SUBTOTAL - RETAIL BANK $3.9 $1.0 $1.1 $-- $0.1 $-- $6.1 Private Banking 1.8 1.2 0.5 0.5 0.0 -- 4.0 SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $1.8 $1.2 $0.5 $0.5 $0.0 $-- $4.0 TOTAL $18.6 $16.5 $6.8 $1.7 $4.1 $2.1 $49.8 $ in billions; geography based on office of origination. * Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS

Full Year 2007 Net Loan Charge-offs Net Loan Charge-offs FY 2007 Net Loan Charge-offs / Avg Loans (bps) Net Loan Charge-offs FY 2006 Net Loan Charge-offs / Avg Loans (bps) Middle Market $54 33 $11 7 Commercial Real Estate 72 107 2 2 Global Corporate Banking (6) -12 2 3 National Dealer Services 0 0 -- -- Specialty Businesses1 (7) -11 10 16 SUBTOTAL - BUSINESS BANK $113 29 $25 6 Small Business Banking 26 66 16 41 Personal Banking* 8 37 19 85 SUBTOTAL - RETAIL BANK $34 56 $35 57 Private Banking 2 5 0 1 SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $2 5 $0 1 TOTAL $149 30 $60 13 $ in millions 1 Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS * Full year 2006 includes $9 million (40 bps) related to the pending sale of the manufactured housing portfolio

Full Year 2007 Net Loan Charge-offs Net Loan Charge-offs FY 2007 Net Loan Charge-offs / Avg Loans (bps) Net Loan Charge-offs FY 2006 Net Loan Charge-offs / Avg Loans (bps) Midwest* $107 57 $41 22 Western 28 17 1 0 Texas 9 13 7 12 Florida 2 11 2 12 Other Markets 9 24 8 23 International (6) -30 1 3 TOTAL $149 30 $60 13 $ in million * Full year 2006 includes $9 million (4 bps) related to the pending sale of the manufactured housing portfolio

Line of Business Deposits 4Q07 3Q07 Q - Q% Change FY07 FY06 Y - Y% Change Middle Market $4.2 $4.0 7% $4.1 $4.2 -2% Commercial Real Estate 0.9 1.0 -11% 1.0 1.2 -16% Global Corporate Banking 3.7 3.4 8% 3.4 3.2 6% National Dealer Services 0.1 0.1 -8% 0.1 0.1 8% Specialty Businesses1 > Excluding FSD 7.0 3.8 7.4 3.6 -6% 5% 7.6 3.6 9.1 3.0 -16% 19% SUBTOTAL - BUSINESS BANK >Excluding FSD $15.9 $12.7 $15.9 $12.1 0% 5% $16.2 $12.2 $17.8 $11.7 -9% 4% Small Business Banking 4.0 3.9 2% 4.0 3.9 1% Personal Banking 13.3 13.2 0% 13.2 12.9 2% SUBTOTAL - RETAIL BANK $17.3 $17.1 1% $17.2 $16.8 2% Private Banking 2.6 2.4 7% 2.4 2.4 0% SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $2.6 $2.4 7% $2.4 $2.4 0% Finance/Other2 6.6 5.7 N/M 6.1 5.1 N/M TOTAL > EXCLUDING FSD $42.4 $39.2 $41.1 $37.3 3% 5% $41.9 $37.9 $42.1 $36.0 0% 5% Average deposits in $billions; % change based on full dollar amount 1 Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS 2 Finance/Other includes Institutional CD's: 4Q07 - $5.8B; 3Q07 - $5.2B; FY07 - $5.6B; FY06 - $4.5B

Fourth Quarter 2007 Average Deposits Detail Midwest Western Texas Florida Other Markets International TOTAL Middle Market $0.8 $3.1 $0.2 $0.0 $0.1 $-- $4.2 Commercial Real Estate 0.1 0.3 0.1 0.1 0.3 -- 0.9 Global Corporate Banking 1.7 0.4 0.2 -- 0.5 0.9 3.7 National Dealer Services 0.0 0.1 0.0 0.0 -- -- 0.1 Specialty Businesses1 0.1 5.8 0.5 -- 0.6 -- 7.0 SUBTOTAL - BUSINESS BANK $2.7 $9.7 $1.0 $0.1 $1.5 $0.9 $15.9 Small Business Banking 2.0 1.0 1.0 -- -- -- 4.0 Personal Banking 10.6 1.0 1.7 -- 0.0 -- 13.3 SUBTOTAL - RETAIL BANK $12.6 $2.0 $2.7 $-- $0.0 $-- $17.3 Private Banking 0.8 1.3 0.3 0.2 0.0 -- $2.6 SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $0.8 $1.3 $0.3 $0.2 $0.0 $-- $2.6 Finance/Other2 6.6 -- -- -- -- -- 6.6 TOTAL $22.7 $13.0 $4.0 $0.3 $1.5 $0.9 $42.4 $ in billions 1 Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS 2 Finance/Other includes $5.8B in Institutional CD's; included in Finance Division segment

Full Year 2007 Average Deposits Detail Midwest Western Texas Florida Other Markets International TOTAL Middle Market $0.8 $3.0 $0.2 $0.0 $0.1 $-- $4.1 Commercial Real Estate 0.1 0.3 0.1 0.1 0.4 -- 1.0 Global Corporate Banking 1.4 0.4 0.2 -- 0.3 1.1 3.4 National Dealer Services 0.0 0.1 0.0 0.0 -- -- 0.1 Specialty Businesses1 0.1 6.4 0.5 -- 0.6 -- 7.6 SUBTOTAL - BUSINESS BANK $2.4 $10.2 $1.0 $0.1 $1.4 $1.1 $16.2 Small Business Banking 2.0 1.0 1.0 -- -- -- 4.0 Personal Banking 10.7 0.9 1.6 -- 0.0 -- 13.2 SUBTOTAL - RETAIL BANK $12.7 $1.9 $2.6 $-- $0.0 $-- $17.2 Private Banking 0.7 1.2 0.3 0.2 0.0 -- 2.4 SUBTOTAL - WEALTH & INSTITUTIONAL MANAGEMENT $0.7 $1.2 $0.3 $0.2 $0.0 $-- $2.4 Finance/Other2 6.1 -- -- -- -- -- 6.1 TOTAL $21.9 $13.3 $3.9 $0.3 $1.4 $1.1 $41.9 $ in billions 1 Specialty Businesses includes: Entertainment, Energy, FSD, Leasing and TLS 2 Finance/Other includes $5.6B in Institutional CD's; included in Finance Division segment