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Comerica Incorporated RBC Capital Markets Financial Institutions Conference March 5, 2025 Jim Herzog Chief Financial Officer Peter Sefzik Chief Banking Officer Kelly Gage Director of Investor Relations This presentation, & other Comerica written & oral communications, include statements that are not historical facts but rather are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as achieve, anticipate, aspire, assume, believe, can, confident, continue, could, designed, enhances, estimate, expect, feel, forecast, forward, future, goal, grow, guidance, guide, initiative, intend, look forward, maintain, may, might, mission, model, objective, opportunity, outcome, on track, outlook, plan, position, potential, project, propose, remain, risk, seek, should, signs, strategy, strive, target, trajectory, trend, until, well-positioned, will, would or similar expressions, as they relate to Comerica or its management, or to economic, market or other environmental conditions, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs & assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation & do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans & objectives of Comerica's management for future or past operations, products or services, & forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments & subsidiaries as well as estimates of credit trends & global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events & are subject to risks & uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; & declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary & fiscal policies & fluctuations in interest rates & their impact on deposit pricing); liquidity risks (Comerica's ability to maintain adequate sources of funding & liquidity; reductions in Comerica's credit rating; & the interdependence of financial service companies & their soundness); technology risks (cybersecurity risks & heightened legislative & regulatory focus on cybersecurity & data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal & regulatory proceedings or determinations; losses due to fraud; & controls & procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; & the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently & effectively develop, market & deliver new products & services; competitive product & pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies & business initiatives; management's ability to maintain & expand customer relationships; management's ability to retain key officers & employees; & any future strategic acquisitions or divestitures); & other general risks (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies, processes & management estimates; the volatility of Comerica’s stock price; & that an investment in Comerica’s equity securities is not insured or guaranteed by the FDIC). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to Comerica’s filings with the Securities & Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 16 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Safe Harbor Statement 2©2025, Comerica Inc. All rights reserved.
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Comerica Incorporated RBC Capital Markets Financial Institutions Conference March 5, 2025 Jim Herzog Chief Financial Officer Peter Sefzik Chief Banking Officer Kelly Gage Director of Investor Relations This presentation, & other Comerica written & oral communications, include statements that are not historical facts but rather are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as achieve, anticipate, aspire, assume, believe, can, confident, continue, could, designed, enhances, estimate, expect, feel, forecast, forward, future, goal, grow, guidance, guide, initiative, intend, look forward, maintain, may, might, mission, model, objective, opportunity, outcome, on track, outlook, plan, position, potential, project, propose, remain, risk, seek, should, signs, strategy, strive, target, trajectory, trend, until, well-positioned, will, would or similar expressions, as they relate to Comerica or its management, or to economic, market or other environmental conditions, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs & assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation & do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans & objectives of Comerica's management for future or past operations, products or services, & forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments & subsidiaries as well as estimates of credit trends & global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events & are subject to risks & uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (changes in customer behavior; unfavorable developments concerning credit quality; & declines or other changes in the businesses or industries of Comerica's customers); market risks (changes in monetary & fiscal policies & fluctuations in interest rates & their impact on deposit pricing); liquidity risks (Comerica's ability to maintain adequate sources of funding & liquidity; reductions in Comerica's credit rating; & the interdependence of financial service companies & their soundness); technology risks (cybersecurity risks & heightened legislative & regulatory focus on cybersecurity & data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal & regulatory proceedings or determinations; losses due to fraud; & controls & procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica’s status with respect to existing regulations or oversight; the effects of stringent capital requirements; & the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently & effectively develop, market & deliver new products & services; competitive product & pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies & business initiatives; management's ability to maintain & expand customer relationships; management's ability to retain key officers & employees; & any future strategic acquisitions or divestitures); & other general risks (changes in general economic, political or industry conditions; negative effects from inflation; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; physical or transition risks related to climate change; changes in accounting standards; the critical nature of Comerica's accounting policies, processes & management estimates; the volatility of Comerica’s stock price; & that an investment in Comerica’s equity securities is not insured or guaranteed by the FDIC). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to Comerica’s filings with the Securities & Exchange Commission. In particular, please refer to “Item 1A. Risk Factors” beginning on page 16 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this presentation or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Safe Harbor Statement 2©2025, Comerica Inc. All rights reserved.
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Comerica is well-positioned for growth ©2025, Comerica Inc. All rights reserved. Net Interest Income Favorable Customer Loan & Deposit Trends Strategic Revenue Investments • Structural benefit with maturing swaps & securities • Compelling 4Q24 deposit repricing • Improved customer sentiment, signaling projected loan demand • Expect continued growth in customer deposits • Targeted investments in people, markets & products to drive more sustainable revenue growth and improved returns STRONG CREDIT, CAPITAL & LIQUIDITY 3 Deep Dive: Strategic Revenue Investments Targeted initiatives, aligned with our core relationship model, designed to drive sustainable revenue growth & compelling returns over time 1 Middle Market Banking, Business Banking & Small Business Leveraging our distinctive relationship model, dedicated training program, compelling geographic strategy, proven credit approach & targeted products to drive GDP+ growth 2 Payments & Deposits Further modernizing our strong product set & onboarding process to anticipate & support evolving customer needs while driving fee income; executing on targeted deposit initiatives to enhance our attractive funding position 3 National & Specialty Businesses Utilizing deep, industry specific expertise to deliver unique value, resulting in market- leading positions, tenured customer relationships & strong opportunities for new customer acquisition 4 Capital Markets Delivering a cohesive capital markets platform, supporting the growth & ownership strategies of our blue-chip commercial customer base while enhancing our revenue mix 5 Wealth Management & Retail Combining modernized platforms with our unique understanding of the needs of business owners, executives & employees; supporting customer retention through a business owner lifecycle, delivering a professional grade experience & driving more consistent revenue streams ©2025, Comerica Inc. All rights reserved. To be discussed at future conferences 4
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Comerica is well-positioned for growth ©2025, Comerica Inc. All rights reserved. Net Interest Income Favorable Customer Loan & Deposit Trends Strategic Revenue Investments • Structural benefit with maturing swaps & securities • Compelling 4Q24 deposit repricing • Improved customer sentiment, signaling projected loan demand • Expect continued growth in customer deposits • Targeted investments in people, markets & products to drive more sustainable revenue growth and improved returns STRONG CREDIT, CAPITAL & LIQUIDITY 3 Deep Dive: Strategic Revenue Investments Targeted initiatives, aligned with our core relationship model, designed to drive sustainable revenue growth & compelling returns over time 1 Middle Market Banking, Business Banking & Small Business Leveraging our distinctive relationship model, dedicated training program, compelling geographic strategy, proven credit approach & targeted products to drive GDP+ growth 2 Payments & Deposits Further modernizing our strong product set & onboarding process to anticipate & support evolving customer needs while driving fee income; executing on targeted deposit initiatives to enhance our attractive funding position 3 National & Specialty Businesses Utilizing deep, industry specific expertise to deliver unique value, resulting in market- leading positions, tenured customer relationships & strong opportunities for new customer acquisition 4 Capital Markets Delivering a cohesive capital markets platform, supporting the growth & ownership strategies of our blue-chip commercial customer base while enhancing our revenue mix 5 Wealth Management & Retail Combining modernized platforms with our unique understanding of the needs of business owners, executives & employees; supporting customer retention through a business owner lifecycle, delivering a professional grade experience & driving more consistent revenue streams ©2025, Comerica Inc. All rights reserved. To be discussed at future conferences 4
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STRATEGIC INVESTMENTS DRIVING RESULTS & FUTURE OPPORTUNITIES Middle Market Banking1 & Business Banking AT A GLANCE: MIDDLE MARKET BANKING, BUSINESS BANKING & SMALL BUSINESS 1 BUSINESS BANKING & SMALL BUSINESS 2 3 4 5 MARKETS SERVED INDUSTRY FOCUS Manufacturers, distributors, wholesalers & service companies WHY MIDDLE MARKET BANKING & BUSINESS BANKING? Opportunity for full relationship & collaboration across divisions, strong product penetration, inherent industry diversification KEY METRICS2 AZ TX CA MI FL CUSTOMER PROFILE Small ($3 - 30MM) to medium-sized ($30 - 500MM) companies CO NC SC TARGETED MIDDLE MARKET BANKING & BUSINESS BANKING INVESTMENTS NESS BANKING INVESTM MENTS M BUSI N PLACES SOUTHEAST MARKET PEOPLE TALENT PIPELINE Added 17 bankers in 2024 & expected to add 70+ bankers over the next 5 years3 through our dedicated training program Driving strong retention results Added ~25 commercial bankers, various sales & support positions & 3 offices since initial expansion in 2021 Project 70%+ loan growth FY24 to FY253 Project 30%+ loan CAGR from FY253 to FY293 Continue to prioritize investment in other high growth markets Prioritizing automation & modernization of loan processing Designing scalable processes & operating models for growth Investing in embedded finance capabilities for customers PRODUCT ENHANCED PROCESS & SOLUTIONS TO DRIVE GROWTH LOANS EXPECTED TO OUTPACE GDP3 (avg.) GROWING RELATIONSHIP DEPOSITS3 (avg.) Noninterest income (FY) $152MM Colleagues (period-end) 398 Loans (FY avg.) $14.3B Deposits (FY avg.) $12.0B LTD Ratio (FY avg.) 119% 5 1Accounted for within Middle Market General, see slides 17 & 22 for details Ɣ 22024 Ɣ 3Outlook as of 3/5/25 $14.3 FY24 5 Year Goal 5 Year Stretch Goal with Incremental Investment 8+% CAGR6 to 8% CAGR $12.0 FY24 5 Year Goal 5 Year Stretch Goal with Incremental Investment 5 to 7% CAGR 10+% CAGR ©2025, Comerica Inc. All rights reserved. BB STRATEGIC INVESTMENTS DRIVING RESULTS & FUTURE OPPORTUNITIES Small Business1 AT A GLANCE: MIDDLE MARKET BANKING, BUSINESS BANKING & SMALL BUSINESS 1 2 3 4 5 MARKETS SERVED INDUSTRY FOCUS Manufacturers, distributors, wholesalers & service companies WHY SMALL BUSINESS? Aligned with our strategy & business expertise, source of granular, operational, noninterest bearing deposits (66%3 mix), pipeline for Business Banking & Middle Market Banking through business lifecycle KEY METRICS2 AZ TX CA MI FL CUSTOMER PROFILE Serving companies with revenues generally under $10MM Noninterest Income (FY) $52MM Colleagues (period-end) 110 Loans (FY avg.) $326MM Deposits (FY avg.) $5.5B LTD Ratio (FY avg.) 6% BUSINESS BANKING & SMALSMALLB UL BUSINESINESSSS SMALL BUSINESS INVESTMENTS DELIVERING RESULTS SATISFACTIONGROWTH 100+ bankers dedicated to Small Business Deposit portfolio outperformed the industry in 20244 Best net customer growth results since 2020 #1 in “getting things right the first time”6 #2 in overall satisfaction, bank loyalty & likelihood to repurchase6 Innovative value-added small business programs7 have been utilized ~8,000 times by our clients Strategic focus on Small Business earned Greenwich Best Bank recognition8: 9 Values Long-Term Relationships 9 Advisory Capabilities of RM 9 Satisfaction with RM 9 Trust Award-winning treasury products geared towards small business customers drove ~130% increase in treasury sales 9 2x origination volume since the launch of Convenient Capital 9; 10% YoY loan balance growth10 Improved customer experience & time to revenue with same day loan decisioning ~1 million transactions with ~$500 million in payment volume with Small Business customers since Zelle launch in 2023 PRODUCTS DEPOSIT GROWTH EXPECTED TO OUTPACE INDUSTRY5 (avg.) 6 1Accounted for within Retail Bank, see slides 17 & 22 for details Ɣ 22024 Ɣ 3FY24 average Ɣ 4Curinos Research’s 9/30/24 Small Business Deposit Report Ɣ 5Outlook as of 3/5/25 Ɣ 6Barlow Research’s Small Business Satisfaction Report as of Q424 Ɣ 7CoWork Spaces, Co-Op, & Marketing programs Ɣ 82025 Coalition Greenwich Awards: Building on Excellence Ɣ 9FY24 vs FY22 unit volumes Ɣ 10FY24 vs FY23 $5.5 FY24 5 Year Goal +10% CAGR ©2025, Comerica Inc. All rights reserved. B
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STRATEGIC INVESTMENTS DRIVING RESULTS & FUTURE OPPORTUNITIES Middle Market Banking1 & Business Banking AT A GLANCE: MIDDLE MARKET BANKING, BUSINESS BANKING & SMALL BUSINESS 1 BUSINESS BANKING & SMALL BUSINESS 2 3 4 5 MARKETS SERVED INDUSTRY FOCUS Manufacturers, distributors, wholesalers & service companies WHY MIDDLE MARKET BANKING & BUSINESS BANKING? Opportunity for full relationship & collaboration across divisions, strong product penetration, inherent industry diversification KEY METRICS2 AZ TX CA MI FL CUSTOMER PROFILE Small ($3 - 30MM) to medium-sized ($30 - 500MM) companies CO NC SC TARGETED MIDDLE MARKET BANKING & BUSINESS BANKING INVESTMENTS NESS BANKING INVESTM MENTS M BUSI N PLACES SOUTHEAST MARKET PEOPLE TALENT PIPELINE Added 17 bankers in 2024 & expected to add 70+ bankers over the next 5 years3 through our dedicated training program Driving strong retention results Added ~25 commercial bankers, various sales & support positions & 3 offices since initial expansion in 2021 Project 70%+ loan growth FY24 to FY253 Project 30%+ loan CAGR from FY253 to FY293 Continue to prioritize investment in other high growth markets Prioritizing automation & modernization of loan processing Designing scalable processes & operating models for growth Investing in embedded finance capabilities for customers PRODUCT ENHANCED PROCESS & SOLUTIONS TO DRIVE GROWTH LOANS EXPECTED TO OUTPACE GDP3 (avg.) GROWING RELATIONSHIP DEPOSITS3 (avg.) Noninterest income (FY) $152MM Colleagues (period-end) 398 Loans (FY avg.) $14.3B Deposits (FY avg.) $12.0B LTD Ratio (FY avg.) 119% 5 1Accounted for within Middle Market General, see slides 17 & 22 for details Ɣ 22024 Ɣ 3Outlook as of 3/5/25 $14.3 FY24 5 Year Goal 5 Year Stretch Goal with Incremental Investment 8+% CAGR6 to 8% CAGR $12.0 FY24 5 Year Goal 5 Year Stretch Goal with Incremental Investment 5 to 7% CAGR 10+% CAGR ©2025, Comerica Inc. All rights reserved. BB STRATEGIC INVESTMENTS DRIVING RESULTS & FUTURE OPPORTUNITIES Small Business1 AT A GLANCE: MIDDLE MARKET BANKING, BUSINESS BANKING & SMALL BUSINESS 1 2 3 4 5 MARKETS SERVED INDUSTRY FOCUS Manufacturers, distributors, wholesalers & service companies WHY SMALL BUSINESS? Aligned with our strategy & business expertise, source of granular, operational, noninterest bearing deposits (66%3 mix), pipeline for Business Banking & Middle Market Banking through business lifecycle KEY METRICS2 AZ TX CA MI FL CUSTOMER PROFILE Serving companies with revenues generally under $10MM Noninterest Income (FY) $52MM Colleagues (period-end) 110 Loans (FY avg.) $326MM Deposits (FY avg.) $5.5B LTD Ratio (FY avg.) 6% BUSINESS BANKING & SMALSMALLB UL BUSINESINESSSS SMALL BUSINESS INVESTMENTS DELIVERING RESULTS SATISFACTIONGROWTH 100+ bankers dedicated to Small Business Deposit portfolio outperformed the industry in 20244 Best net customer growth results since 2020 #1 in “getting things right the first time”6 #2 in overall satisfaction, bank loyalty & likelihood to repurchase6 Innovative value-added small business programs7 have been utilized ~8,000 times by our clients Strategic focus on Small Business earned Greenwich Best Bank recognition8: 9 Values Long-Term Relationships 9 Advisory Capabilities of RM 9 Satisfaction with RM 9 Trust Award-winning treasury products geared towards small business customers drove ~130% increase in treasury sales 9 2x origination volume since the launch of Convenient Capital 9; 10% YoY loan balance growth10 Improved customer experience & time to revenue with same day loan decisioning ~1 million transactions with ~$500 million in payment volume with Small Business customers since Zelle launch in 2023 PRODUCTS DEPOSIT GROWTH EXPECTED TO OUTPACE INDUSTRY5 (avg.) 6 1Accounted for within Retail Bank, see slides 17 & 22 for details Ɣ 22024 Ɣ 3FY24 average Ɣ 4Curinos Research’s 9/30/24 Small Business Deposit Report Ɣ 5Outlook as of 3/5/25 Ɣ 6Barlow Research’s Small Business Satisfaction Report as of Q424 Ɣ 7CoWork Spaces, Co-Op, & Marketing programs Ɣ 82025 Coalition Greenwich Awards: Building on Excellence Ɣ 9FY24 vs FY22 unit volumes Ɣ 10FY24 vs FY23 $5.5 FY24 5 Year Goal +10% CAGR ©2025, Comerica Inc. All rights reserved. B
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APPENDIX What Our Customers Say… “Working with Comerica has consistently been a fantastic experience for our small business.” – Small Business Customer “Comerica was there to have a conversation with us to ask one simple question: ‘how can we help?’” – TLS Customer “It was practically fireworks going off because it was exactly what we needed.” – New Payments Product User “I was pleasantly surprised by how seamless the process was! Comerica's offerings have exceeded my expectations.” – Retail Customer ©2025, Comerica Inc. All rights reserved. The Right Balance Positioned to effectively meet the unique needs of our target customers Experienced & tenured team delivering consistency to our relationships across markets & businesses Tailored solutions & customized product offerings to meet our customers’ needs Localized advice for our customers Industry expertise adding unique value to customers across core businesses & specialized verticals Comprehensive suite of products & services including credit capacity, treasury management, & capital market solutions Community engagement recognizing we all play a role in advancing the markets & communities we serve Large Bank Capabilities Small Bank Service 8
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APPENDIX What Our Customers Say… “Working with Comerica has consistently been a fantastic experience for our small business.” – Small Business Customer “Comerica was there to have a conversation with us to ask one simple question: ‘how can we help?’” – TLS Customer “It was practically fireworks going off because it was exactly what we needed.” – New Payments Product User “I was pleasantly surprised by how seamless the process was! Comerica's offerings have exceeded my expectations.” – Retail Customer ©2025, Comerica Inc. All rights reserved. The Right Balance Positioned to effectively meet the unique needs of our target customers Experienced & tenured team delivering consistency to our relationships across markets & businesses Tailored solutions & customized product offerings to meet our customers’ needs Localized advice for our customers Industry expertise adding unique value to customers across core businesses & specialized verticals Comprehensive suite of products & services including credit capacity, treasury management, & capital market solutions Community engagement recognizing we all play a role in advancing the markets & communities we serve Large Bank Capabilities Small Bank Service 8
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Commercial Bank 85% 10% 5% Commercial Bank Wealth Management Retail Bank 53% 6% 38% 3% Commercial Bank Wealth Management Retail Bank Other ©2025, Comerica Inc. All rights reserved. Diversified Businesses Unique & complementary model Loans1 Deposits1 1Average 4Q24 Loans & Deposits, respectively. See Quarterly Average Loans & Quarterly Average Deposits slides for more details. 9 Wealth Management Deliver a first-class commercial solution as a “Leading Bank for Business” including a robust digital suite Grow Middle Market, Business Banking & Specialty Businesses in which we have expertise Generate capital- efficient fee income Focus on organic & other strategic growth opportunities Deliver a high level of service to customers across all touchpoints Provide important funding source for the Corporation in terms of size, granularity & deposit diversification Retail Bank Cohesive relationship strategy across our divisions unlocks the value of our franchise Loan Update Signs of customer optimism support favorable loan trajectory 1Q25 metrics through 2/28/25 are preliminary & subject to change. Quarterly and other shorter-duration results may not be representative of longer-duration performance due to business seasonality or other circumstances Ɣ 1Comparisons of 1Q25 through 2/28/25 vs 4Q24 Ɣ 2Outlook as of 3/5/25 10©2025, Comerica Inc. All rights reserved. Quarter-to-Date Trends Through 2/28/25 • Loans relatively flat with ~$300MM decrease in QTD average loans 1 • Declines in National Dealer Services & Commercial Real Estate • 1Q25 Outlook2: Expect average balances generally in line with guidance Loan Trends ($ in billions; average) 51.4 51.1 50.9 50.6 50.3 50.4 50.2 1Q24 2Q24 3Q24 4Q24 1Q25 thru 2/28 Jan-25 Feb-25 MonthlyQuarterly Loan Commitments Relatively Stable Following 2023 Strategic Rationalization Efforts (period-end; $ in billions) 53.7 50.9 50.0 49.5 49.5 48% 49% 50% 50% 49% 4Q23 1Q24 2Q24 3Q24 4Q24 Utilization
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Commercial Bank 85% 10% 5% Commercial Bank Wealth Management Retail Bank 53% 6% 38% 3% Commercial Bank Wealth Management Retail Bank Other ©2025, Comerica Inc. All rights reserved. Diversified Businesses Unique & complementary model Loans1 Deposits1 1Average 4Q24 Loans & Deposits, respectively. See Quarterly Average Loans & Quarterly Average Deposits slides for more details. 9 Wealth Management Deliver a first-class commercial solution as a “Leading Bank for Business” including a robust digital suite Grow Middle Market, Business Banking & Specialty Businesses in which we have expertise Generate capital- efficient fee income Focus on organic & other strategic growth opportunities Deliver a high level of service to customers across all touchpoints Provide important funding source for the Corporation in terms of size, granularity & deposit diversification Retail Bank Cohesive relationship strategy across our divisions unlocks the value of our franchise Loan Update Signs of customer optimism support favorable loan trajectory 1Q25 metrics through 2/28/25 are preliminary & subject to change. Quarterly and other shorter-duration results may not be representative of longer-duration performance due to business seasonality or other circumstances Ɣ 1Comparisons of 1Q25 through 2/28/25 vs 4Q24 Ɣ 2Outlook as of 3/5/25 10©2025, Comerica Inc. All rights reserved. Quarter-to-Date Trends Through 2/28/25 • Loans relatively flat with ~$300MM decrease in QTD average loans 1 • Declines in National Dealer Services & Commercial Real Estate • 1Q25 Outlook2: Expect average balances generally in line with guidance Loan Trends ($ in billions; average) 51.4 51.1 50.9 50.6 50.3 50.4 50.2 1Q24 2Q24 3Q24 4Q24 1Q25 thru 2/28 Jan-25 Feb-25 MonthlyQuarterly Loan Commitments Relatively Stable Following 2023 Strategic Rationalization Efforts (period-end; $ in billions) 53.7 50.9 50.0 49.5 49.5 48% 49% 50% 50% 49% 4Q23 1Q24 2Q24 3Q24 4Q24 Utilization
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©2025, Comerica Inc. All rights reserved. 1Q25 metrics through 2/28/25 are preliminary & subject to change Ɣ Source for peer data: S&P Global Market Intelligence & company press releases; for a comprehensive list of our peer group please see our 2024 Proxy Statement Ɣ 1Comparisons of 1Q25 through 2/28/25 vs 4Q24 Ɣ 2Outlook as of 3/5/25 11 Deposits Update Quarter-to-Date Trends Through 2/28/25 • QTD average deposits down ~$1.5B compared to 4Q24 average 1, or down ~$1.2B on average excluding the $300MM decline in brokered time deposits • Largest decreases in Middle Market Banking, Retail, Wealth Management & TLS • Avg. QTD 1Q25 NIB balances down ~$700MM relative to 4Q24 • NIB average deposit mix 38% QTD; average loan to deposit ratio of 81% • 1Q25 Outlook 2: Expect average balances in line with guidance Seasonality & deliberate reduction in brokered time deposits impacting balances as expected Loan to Deposit Ratio Below Historical Average (period-end) Noninterest-bearing % of Total Deposits (avg.; %; 4Q24) 65.3 63.1 63.9 63.3 61.9 62.0 61.7 1Q24 2Q24 3Q24 4Q24 1Q25 thru 2/28 Jan Feb Average Balances Monthly Average Balances Noninterest-bearing (NIB) Interest-bearing (IB) Deposit Trends ($ in billions; avg.) 38% 38% 16 19 19 21 22 23 24 24 28 31 33 34 35 38 WBS HBAN KEY CFG BOKF SNV FITB FHN MTB RF ZION CFR WAL CMA Peer Average 79% 86% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 Primary Markets Other Markets Office Locations Diversified Geographic Footprint Texas • Established: 1988 • #2 largest state GDP • Business friendly environment • Dallas-Fort Worth, Houston, Austin, San Antonio California • Established: 1991 • #1 largest state GDP • Deep industry expertise • L.A., San Diego, San Jose, San Francisco Michigan • Established: 1849 • #14 largest state GDP • Large retail deposit base • Detroit, Ann Arbor, Grand Rapids, Lansing Offices Across U.S. Southeast • Strong population growth & manufacturing base • Commercial offices in Raleigh, Winston-Salem & Charlotte, & Fort Lauderdale • FL #4 & NC #12 largest state GDP • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 1 office in Denver • Serving customers in AZ & CO International Presence • Our North America platform enables us to fulfill the U.S., Mexican & Canadian dollar-based needs of our customers ©2025, Comerica Inc. All rights reserved. Large, higher growth urban markets Highly integrated, cost-effective platformPredominance of middle market companies & wealth management opportunities 35% 27% 15% 23% MI CA TX Other Markets / Finance 22% 36% 25% 17% MI CA TX Other Markets Loans1 Deposits1 1Average 4Q24 Loans & Deposits, respectively. See Quarterly Average Loans & Quarterly Average Deposits slides for more details. 12
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©2025, Comerica Inc. All rights reserved. 1Q25 metrics through 2/28/25 are preliminary & subject to change Ɣ Source for peer data: S&P Global Market Intelligence & company press releases; for a comprehensive list of our peer group please see our 2024 Proxy Statement Ɣ 1Comparisons of 1Q25 through 2/28/25 vs 4Q24 Ɣ 2Outlook as of 3/5/25 11 Deposits Update Quarter-to-Date Trends Through 2/28/25 • QTD average deposits down ~$1.5B compared to 4Q24 average 1, or down ~$1.2B on average excluding the $300MM decline in brokered time deposits • Largest decreases in Middle Market Banking, Retail, Wealth Management & TLS • Avg. QTD 1Q25 NIB balances down ~$700MM relative to 4Q24 • NIB average deposit mix 38% QTD; average loan to deposit ratio of 81% • 1Q25 Outlook 2: Expect average balances in line with guidance Seasonality & deliberate reduction in brokered time deposits impacting balances as expected Loan to Deposit Ratio Below Historical Average (period-end) Noninterest-bearing % of Total Deposits (avg.; %; 4Q24) 65.3 63.1 63.9 63.3 61.9 62.0 61.7 1Q24 2Q24 3Q24 4Q24 1Q25 thru 2/28 Jan Feb Average Balances Monthly Average Balances Noninterest-bearing (NIB) Interest-bearing (IB) Deposit Trends ($ in billions; avg.) 38% 38% 16 19 19 21 22 23 24 24 28 31 33 34 35 38 WBS HBAN KEY CFG BOKF SNV FITB FHN MTB RF ZION CFR WAL CMA Peer Average 79% 86% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 Primary Markets Other Markets Office Locations Diversified Geographic Footprint Texas • Established: 1988 • #2 largest state GDP • Business friendly environment • Dallas-Fort Worth, Houston, Austin, San Antonio California • Established: 1991 • #1 largest state GDP • Deep industry expertise • L.A., San Diego, San Jose, San Francisco Michigan • Established: 1849 • #14 largest state GDP • Large retail deposit base • Detroit, Ann Arbor, Grand Rapids, Lansing Offices Across U.S. Southeast • Strong population growth & manufacturing base • Commercial offices in Raleigh, Winston-Salem & Charlotte, & Fort Lauderdale • FL #4 & NC #12 largest state GDP • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 1 office in Denver • Serving customers in AZ & CO International Presence • Our North America platform enables us to fulfill the U.S., Mexican & Canadian dollar-based needs of our customers ©2025, Comerica Inc. All rights reserved. Large, higher growth urban markets Highly integrated, cost-effective platformPredominance of middle market companies & wealth management opportunities 35% 27% 15% 23% MI CA TX Other Markets / Finance 22% 36% 25% 17% MI CA TX Other Markets Loans1 Deposits1 1Average 4Q24 Loans & Deposits, respectively. See Quarterly Average Loans & Quarterly Average Deposits slides for more details. 12
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Enhanced Liquidity Significant Achievements 9 Invested in Talent: Hired sales colleagues aligned with growth strategies in Commercial Bank, Small Business, Comerica Financial Advisors, Payments & Capital Markets 9 Enabled Customer Success: Prioritized introduction of M&A advisory team to customer base & closed first deal 9 Returned Capital: Resumed share repurchases in 4Q24 & replenished authorization for future repurchases 9 Prioritized Efficiency: Executed on expense re-calibration initiatives 9 Enhanced Risk Strategy: Realized investments in Risk Management Framework 9 Advanced Technology: Continued progress in digital transformation with goal of migrating almost all apps to Cloud or SaaS platforms in FY25 9 Modernized Real Estate: Continued to transform real estate footprint with new Great Lakes Campus, our largest corporate office 9 Prepared for the Future: Advanced progress towards eventual Category IV compliance 9 Supported Communities: Launched capacity building program to assist nonprofits in scaling their businesses & supporting communities Strong Credit Performance Conservative Capitalization 2024 Review 13©2025, Comerica Inc. All rights reserved. Further improved our strong foundation & advanced strategic priorities Grew Book Value & Tangible Book Value1 (per share; period-end) Historically Low Net Charge-Offs (% of average total loans; YTD) CET1 Well Above Target Reduced Brokered Time Deposits ($ in billions; period-end) Repaid FHLB Advances ($ in billions; average) $4.6 $1.1 Dec-23 Dec-24 11.09% 11.89% Dec-23 Dec-24 0.04% 0.10% 0.15% 2023 2024 Past 10 years 1Refer to reconciliation of non-GAAP financial measures in appendix $40.70 $41.91 $45.58 $46.79 Dec-23 Dec-24 Tangible Book Value Book Value $10.4 $4.8 2023 2024 ©2025, Comerica Inc. All rights reserved. FY24 compared to FY23 Ɣ 1Includes gains/(losses) related to deferred comp asset returns of $11MM FY24 & $13MM FY23 in noninterest income $16MM FY24 & $15MM FY23 in noninterest expense Ɣ 2Diluted earnings per common share Ɣ 3Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 4Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Ɣ 5Return on common shareholders’ equity Key Performance Drivers Year over Year • Average loans down $2.9B, or 5%, with muted loan demand from persistently higher rate environment, general economic uncertainty & trailing impacts of strategic rationalization • Average deposits pressured YoY from elevated rates & deliberate reduction in brokered time deposits (other time deposits); customer deposits grew point to point • Cyclical pressure on noninterest-bearing deposits, deposit pricing & loan demand negatively impacted net interest income • Credit quality remained strong with historically low net charge- offs of 10 bps • Noninterest income impacted by noncustomer items including BSBY cessation & securities repositioning in addition to lower card fees due to regulatory changes & accounting impact from Ameriprise (offset in expenses) • Expenses benefitted from lower FDIC special assessments, pension, expense recalibration initiatives & Ameriprise accounting, partially offset by higher salaries & benefits FY24 Results Favorable customer deposit trends drove improved liquidity position; strong credit quality & capital position (in millions, except ratios & per share data) 2024 2023 Change Average loans $50,979 $53,903 $(2,924) Average deposits 63,901 66,018 (2,117) Other time deposits 2,617 3,577 (960) Net interest income 2,190 2,514 (324) Provision for credit losses 49 89 (40) Noninterest income1 1,054 1,078 (24) Noninterest expenses1 2,307 2,359 (52) Provision for income tax 190 263 (73) Net income 698 881 (183) Earnings per share2 $5.02 $6.44 $(1.42) Adjusted Earnings per share2,3 $5.39 $7.75 $(2.36) Efficiency Ratio4 70.68% 65.56% Return on Average Equity5 11.23% 16.50% Return on Average Assets 0.87% 1.01% CET1 11.89% 11.09% 14
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Enhanced Liquidity Significant Achievements 9 Invested in Talent: Hired sales colleagues aligned with growth strategies in Commercial Bank, Small Business, Comerica Financial Advisors, Payments & Capital Markets 9 Enabled Customer Success: Prioritized introduction of M&A advisory team to customer base & closed first deal 9 Returned Capital: Resumed share repurchases in 4Q24 & replenished authorization for future repurchases 9 Prioritized Efficiency: Executed on expense re-calibration initiatives 9 Enhanced Risk Strategy: Realized investments in Risk Management Framework 9 Advanced Technology: Continued progress in digital transformation with goal of migrating almost all apps to Cloud or SaaS platforms in FY25 9 Modernized Real Estate: Continued to transform real estate footprint with new Great Lakes Campus, our largest corporate office 9 Prepared for the Future: Advanced progress towards eventual Category IV compliance 9 Supported Communities: Launched capacity building program to assist nonprofits in scaling their businesses & supporting communities Strong Credit Performance Conservative Capitalization 2024 Review 13©2025, Comerica Inc. All rights reserved. Further improved our strong foundation & advanced strategic priorities Grew Book Value & Tangible Book Value1 (per share; period-end) Historically Low Net Charge-Offs (% of average total loans; YTD) CET1 Well Above Target Reduced Brokered Time Deposits ($ in billions; period-end) Repaid FHLB Advances ($ in billions; average) $4.6 $1.1 Dec-23 Dec-24 11.09% 11.89% Dec-23 Dec-24 0.04% 0.10% 0.15% 2023 2024 Past 10 years 1Refer to reconciliation of non-GAAP financial measures in appendix $40.70 $41.91 $45.58 $46.79 Dec-23 Dec-24 Tangible Book Value Book Value $10.4 $4.8 2023 2024 ©2025, Comerica Inc. All rights reserved. FY24 compared to FY23 Ɣ 1Includes gains/(losses) related to deferred comp asset returns of $11MM FY24 & $13MM FY23 in noninterest income $16MM FY24 & $15MM FY23 in noninterest expense Ɣ 2Diluted earnings per common share Ɣ 3Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 4Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Ɣ 5Return on common shareholders’ equity Key Performance Drivers Year over Year • Average loans down $2.9B, or 5%, with muted loan demand from persistently higher rate environment, general economic uncertainty & trailing impacts of strategic rationalization • Average deposits pressured YoY from elevated rates & deliberate reduction in brokered time deposits (other time deposits); customer deposits grew point to point • Cyclical pressure on noninterest-bearing deposits, deposit pricing & loan demand negatively impacted net interest income • Credit quality remained strong with historically low net charge- offs of 10 bps • Noninterest income impacted by noncustomer items including BSBY cessation & securities repositioning in addition to lower card fees due to regulatory changes & accounting impact from Ameriprise (offset in expenses) • Expenses benefitted from lower FDIC special assessments, pension, expense recalibration initiatives & Ameriprise accounting, partially offset by higher salaries & benefits FY24 Results Favorable customer deposit trends drove improved liquidity position; strong credit quality & capital position (in millions, except ratios & per share data) 2024 2023 Change Average loans $50,979 $53,903 $(2,924) Average deposits 63,901 66,018 (2,117) Other time deposits 2,617 3,577 (960) Net interest income 2,190 2,514 (324) Provision for credit losses 49 89 (40) Noninterest income1 1,054 1,078 (24) Noninterest expenses1 2,307 2,359 (52) Provision for income tax 190 263 (73) Net income 698 881 (183) Earnings per share2 $5.02 $6.44 $(1.42) Adjusted Earnings per share2,3 $5.39 $7.75 $(2.36) Efficiency Ratio4 70.68% 65.56% Return on Average Equity5 11.23% 16.50% Return on Average Assets 0.87% 1.01% CET1 11.89% 11.09% 14
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4Q24 Results Continued strong deposit, net interest income & credit results supported by conservative capital position 1Includes gains/(losses) related to deferred comp asset returns of $8MM 4Q23, $4MM 3Q24, $(0.2MM) 4Q24 in noninterest income & $8MM 4Q23, $6MM 3Q24, $1MM 4Q24 in noninterest expense Ɣ 2Diluted earnings per common share Ɣ 3Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 4Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Ɣ 5Reflects a $7MM benefit as a result of changes in the combined state income tax rate applicable to deferred tax assets (in millions, except ratios & per share data) 4Q24 3Q24 4Q23 Change From 3Q24 4Q23 Average loans $50,617 $50,861 $52,796 $(244) $(2,179) Average deposits 63,347 63,896 66,045 (549) (2,698) Other time deposits 1,371 2,739 4,557 (1,368) (3,186) Net interest income 575 534 584 41 (9) Provision for credit losses 21 14 12 79 Noninterest income1 250 277 198 (27) 52 Noninterest expenses1 587 562 718 25 (131) Provision for income tax 47 51 19 (4) 28 Net income 170 184 33 (14) 137 Earnings per share2 $1.22 $1.33 $0.20 $(0.11) $1.02 Adjusted Earnings per share2,3 $1.20 $1.37 $1.46 $(0.17) $(0.26) Efficiency Ratio4 69.51% 68.80% 91.86% CET1 11.89% 11.96% 11.09% Key Performance Drivers 4Q24 compared to 3Q24 • Slight decline in average loans driven primarily by expected Commercial Real Estate paydowns • Average deposits declined $0.5B or increased $0.9B excluding the deliberate $1.4B reduction in brokered time deposits (other time deposits) • Net interest income increased with favorable customer deposit trends, successful pricing strategy, lower headwind from swaps & BSBY cessation; net interest margin increased 26bps • Low net charge-offs of 13 bps with lower recoveries compared to 3Q; reserve ratio relatively flat at 1.44% reflecting expected normalization • Noninterest income negatively impacted by $19MM pre-tax loss related to modest 4Q24 securities repositioning, expect earn-back into net interest income in 2025 • Noninterest expenses increased as benefits from strategic sale of real estate were more than offset by higher legal related accruals & expenses, seasonally higher expenses & increased charitable contributions • Conservative approach to capital; maintained CET1 well above our 10% strategic target supporting resumption of share repurchases in 4Q • Taxes declined with lower pre-tax income partially & favorable discrete items 5 15©2025, Comerica Inc. All rights reserved. 7.00 7.20 CMA Peer Avg. CMA vs Peers 4Q24 Ɣ Source for peer data: S&P Global Market Intelligence & company press releases Ɣ 1Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 2Excluding CFR as data is not available ©2025, Comerica Inc. All rights reserved. 16 Tangible Common Equity Ratio (percentages; 4Q24 vs. 3Q24) 6 bps decrease QoQ CET1 (Capital) Ratio (percentages; 4Q24) Loan Yield (percentages; 4Q24) 6.25 6.12 CMA Peer Avg. Loan to Deposit Ratio (period-end; percentages; 4Q24) 47 63 70 72 76 78 79 80 80 81 81 83 84 95 CFR BOKF KEY FITB RF ZION CMA CFG HBAN WAL WBS SNV MTB FHN Peer Average Loan Growth (avg.; percentages; 4Q24) -0.48 0.34 CMA Peer Avg. 10.50 10.51 10.80 10.80 10.84 10.90 11.20 11.30 11.50 11.67 11.89 11.97 13.03 13.62 HBAN FITB CFG RF SNV ZION FHN WAL WBS MTB CMA KEY BOKF CFR Peer Average Yields inclusive of negative swap carry 12
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4Q24 Results Continued strong deposit, net interest income & credit results supported by conservative capital position 1Includes gains/(losses) related to deferred comp asset returns of $8MM 4Q23, $4MM 3Q24, $(0.2MM) 4Q24 in noninterest income & $8MM 4Q23, $6MM 3Q24, $1MM 4Q24 in noninterest expense Ɣ 2Diluted earnings per common share Ɣ 3Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 4Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Ɣ 5Reflects a $7MM benefit as a result of changes in the combined state income tax rate applicable to deferred tax assets (in millions, except ratios & per share data) 4Q24 3Q24 4Q23 Change From 3Q24 4Q23 Average loans $50,617 $50,861 $52,796 $(244) $(2,179) Average deposits 63,347 63,896 66,045 (549) (2,698) Other time deposits 1,371 2,739 4,557 (1,368) (3,186) Net interest income 575 534 584 41 (9) Provision for credit losses 21 14 12 79 Noninterest income1 250 277 198 (27) 52 Noninterest expenses1 587 562 718 25 (131) Provision for income tax 47 51 19 (4) 28 Net income 170 184 33 (14) 137 Earnings per share2 $1.22 $1.33 $0.20 $(0.11) $1.02 Adjusted Earnings per share2,3 $1.20 $1.37 $1.46 $(0.17) $(0.26) Efficiency Ratio4 69.51% 68.80% 91.86% CET1 11.89% 11.96% 11.09% Key Performance Drivers 4Q24 compared to 3Q24 • Slight decline in average loans driven primarily by expected Commercial Real Estate paydowns • Average deposits declined $0.5B or increased $0.9B excluding the deliberate $1.4B reduction in brokered time deposits (other time deposits) • Net interest income increased with favorable customer deposit trends, successful pricing strategy, lower headwind from swaps & BSBY cessation; net interest margin increased 26bps • Low net charge-offs of 13 bps with lower recoveries compared to 3Q; reserve ratio relatively flat at 1.44% reflecting expected normalization • Noninterest income negatively impacted by $19MM pre-tax loss related to modest 4Q24 securities repositioning, expect earn-back into net interest income in 2025 • Noninterest expenses increased as benefits from strategic sale of real estate were more than offset by higher legal related accruals & expenses, seasonally higher expenses & increased charitable contributions • Conservative approach to capital; maintained CET1 well above our 10% strategic target supporting resumption of share repurchases in 4Q • Taxes declined with lower pre-tax income partially & favorable discrete items 5 15©2025, Comerica Inc. All rights reserved. 7.00 7.20 CMA Peer Avg. CMA vs Peers 4Q24 Ɣ Source for peer data: S&P Global Market Intelligence & company press releases Ɣ 1Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 2Excluding CFR as data is not available ©2025, Comerica Inc. All rights reserved. 16 Tangible Common Equity Ratio (percentages; 4Q24 vs. 3Q24) 6 bps decrease QoQ CET1 (Capital) Ratio (percentages; 4Q24) Loan Yield (percentages; 4Q24) 6.25 6.12 CMA Peer Avg. Loan to Deposit Ratio (period-end; percentages; 4Q24) 47 63 70 72 76 78 79 80 80 81 81 83 84 95 CFR BOKF KEY FITB RF ZION CMA CFG HBAN WAL WBS SNV MTB FHN Peer Average Loan Growth (avg.; percentages; 4Q24) -0.48 0.34 CMA Peer Avg. 10.50 10.51 10.80 10.80 10.84 10.90 11.20 11.30 11.50 11.67 11.89 11.97 13.03 13.62 HBAN FITB CFG RF SNV ZION FHN WAL WBS MTB CMA KEY BOKF CFR Peer Average Yields inclusive of negative swap carry 12
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Business Line 2024 2023 Middle Market General1 $11.5 $12.6 Energy 1.5 1.5 National Dealer Services 5.6 5.8 Entertainment 1.2 1.2 Tech. & Life Sciences 0.7 0.9 Equity Fund Services 1.8 3.0 Environmental Services 2.5 2.4 Total Middle Market $24.8 $27.4 Corporate Banking US Banking 3.9 4.4 International 1.5 1.6 Commercial Real Estate 10.3 9.1 Mortgage Banker Finance -- 0.9 Business Banking 3.1 3.1 Commercial Bank $43.6 $46.5 Retail Bank $2.3 $2.2 Wealth Management $5.1 $5.2 TOTAL $51.0 $53.9 Full Year Average Loans $ in billions (except as otherwise noted) Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets By Market 2024 2023 Michigan $11.4 $12.3 California 18.2 18.7 Texas 12.7 12.3 Other Markets 2 8.7 10.6 TOTAL $51.0 $53.9 ©2025, Comerica Inc. All rights reserved. 17 • Middle Market Banking 1: Serving companies with revenues generally between $30-$500MM • Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM • Business Banking: Serving companies with revenues generally under $30MM • Small Business: Serving companies with revenues generally under $10MM = Total Fixed Rate (56%) Business Line 4Q24 3Q24 4Q23 Middle Market General1 $11.4 $11.5 $12.0 Energy 1.5 1.4 1.4 National Dealer Services 5.5 5.5 6.0 Entertainment 1.2 1.1 1.1 Tech. & Life Sciences 0.7 0.7 0.8 Equity Fund Services 1.6 1.7 2.5 Environmental Services 2.7 2.6 2.4 Total Middle Market $24.6 $24.5 $26.2 Corporate Banking US Banking 3.8 3.8 4.3 International 1.4 1.5 1.6 Commercial Real Estate 10.3 10.5 9.7 Mortgage Banker Finance -- -- 0.3 Business Banking 3.1 3.1 3.1 Commercial Bank $43.2 $43.4 $45.2 Retail Bank $2.4 $2.4 $2.4 Wealth Management $5.0 $5.1 $5.2 TOTAL $50.6 $50.9 $52.8 Quarterly Average Loans $ in billions Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Ɣ 3Fixed rate loans include $23.4B receive fixed/pay floating (30-day) SOFR interest rate swaps; Forward dated hedges are excluded Ɣ 4Includes ~3.2% of Daily SOFR Ɣ 5Over 70% of the underlying loan indices <30 day floating rate By Market 4Q24 3Q24 4Q23 Michigan $11.0 $11.3 $12.1 California 18.4 18.1 18.7 Texas 12.7 12.8 12.5 Other Markets2 8.5 8.7 9.5 TOTAL $50.6 $50.9 $52.8 ©2025, Comerica Inc. All rights reserved. 18 Fixed Rate 10% Synthetically fixed from swaps 46% -Day Rate 34% 90-Day+ Rate 7% Prime-based 3% 3 Loan Portfolio (4Q24 Period-end) 4 $50.5B 5
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Business Line 2024 2023 Middle Market General1 $11.5 $12.6 Energy 1.5 1.5 National Dealer Services 5.6 5.8 Entertainment 1.2 1.2 Tech. & Life Sciences 0.7 0.9 Equity Fund Services 1.8 3.0 Environmental Services 2.5 2.4 Total Middle Market $24.8 $27.4 Corporate Banking US Banking 3.9 4.4 International 1.5 1.6 Commercial Real Estate 10.3 9.1 Mortgage Banker Finance -- 0.9 Business Banking 3.1 3.1 Commercial Bank $43.6 $46.5 Retail Bank $2.3 $2.2 Wealth Management $5.1 $5.2 TOTAL $51.0 $53.9 Full Year Average Loans $ in billions (except as otherwise noted) Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets By Market 2024 2023 Michigan $11.4 $12.3 California 18.2 18.7 Texas 12.7 12.3 Other Markets 2 8.7 10.6 TOTAL $51.0 $53.9 ©2025, Comerica Inc. All rights reserved. 17 • Middle Market Banking 1: Serving companies with revenues generally between $30-$500MM • Corporate Banking: Serving companies (and their U.S. based subsidiaries) with revenues generally over $500MM • Business Banking: Serving companies with revenues generally under $30MM • Small Business: Serving companies with revenues generally under $10MM = Total Fixed Rate (56%) Business Line 4Q24 3Q24 4Q23 Middle Market General1 $11.4 $11.5 $12.0 Energy 1.5 1.4 1.4 National Dealer Services 5.5 5.5 6.0 Entertainment 1.2 1.1 1.1 Tech. & Life Sciences 0.7 0.7 0.8 Equity Fund Services 1.6 1.7 2.5 Environmental Services 2.7 2.6 2.4 Total Middle Market $24.6 $24.5 $26.2 Corporate Banking US Banking 3.8 3.8 4.3 International 1.4 1.5 1.6 Commercial Real Estate 10.3 10.5 9.7 Mortgage Banker Finance -- -- 0.3 Business Banking 3.1 3.1 3.1 Commercial Bank $43.2 $43.4 $45.2 Retail Bank $2.4 $2.4 $2.4 Wealth Management $5.0 $5.1 $5.2 TOTAL $50.6 $50.9 $52.8 Quarterly Average Loans $ in billions Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Ɣ 3Fixed rate loans include $23.4B receive fixed/pay floating (30-day) SOFR interest rate swaps; Forward dated hedges are excluded Ɣ 4Includes ~3.2% of Daily SOFR Ɣ 5Over 70% of the underlying loan indices <30 day floating rate By Market 4Q24 3Q24 4Q23 Michigan $11.0 $11.3 $12.1 California 18.4 18.1 18.7 Texas 12.7 12.8 12.5 Other Markets2 8.5 8.7 9.5 TOTAL $50.6 $50.9 $52.8 ©2025, Comerica Inc. All rights reserved. 18 Fixed Rate 10% Synthetically fixed from swaps 46% -Day Rate 34% 90-Day+ Rate 7% Prime-based 3% 3 Loan Portfolio (4Q24 Period-end) 4 $50.5B 5
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-0.6 1.1 CMA Peer Avg. Noninterest-bearing Deposit Change (avg.; percentages; 4Q24 vs 3Q24) Interest-bearing Deposit Change (avg.; percentages; 4Q24 vs 3Q24) -1.0 1.4 2.6 CMA Peer Avg. CMA Customer Deposits CMA vs Peers 4Q24 Ɣ Source for peer data: S&P Global Market Intelligence & company press releases Ɣ 1Excluding BOKF as data is not available Ɣ 2Peer data is not adjusted as data is not available Ɣ 3Excludes Brokered Time Deposits 19©2025, Comerica Inc. All rights reserved. Noninterest-bearing % of Total Deposits (avg.; percentages; 4Q24) Total Deposit Cost (avg.; percentages; 4Q24) 1.80 2.04 CMA Peer Avg. Total Deposit Change (avg.; percentages; 4Q24 vs 3Q24) -0.9 1.3 1.3 CMA Peer Avg. CMA Customer Deposits 16 19 19 21 22 23 24 24 28 31 33 34 35 38 WBS HBAN KEY CFG BOKF SNV FITB FHN MTB RF ZION CFR WAL CMA Peer Average Interest-bearing Deposit Cost Change (avg.; bps; 4Q24 vs 3Q24) -40 -28 CMA Peer Avg. 1 2 2 3 3 Commercial Bank 53% Retail Bank 38% Wealth Management 6% Other 3% Diversified Deposit Base (4Q24 average) 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation Ɣ 2As of 12/31/24 Ɣ 3Includes consumer & small business ©2025, Comerica Inc. All rights reserved. Attractive Deposit Profile Targeted focus on relationship deposits Stronger Profile than Pre-Pandemic ($ in billions) YE 2019 YE 2022 12/31/2024 Loan-to-Deposit Ratio 88% 75% 79% Total Deposits (Period-end) $57.3 $71.4 $63.8 % Uninsured Deposits Per Call Report Adjusted for Affiliate Deposits1 60% 54% 64% 57% 52% 46% Stable & Tenured Core Deposit Base2 Diversified Across Markets & Businesses • Highest concentrations in Retail Consumer (29%), Middle Market Banking (14%) & Small Business Banking (9%), inherently diversified business lines • Geographically dispersed Holistic, Connected Relationships • ~95% of Commercial Bank noninterest-bearing deposits utilize Treasury Management services; ~91% have ECA • Average Middle Market relationship has 8 Treasury Management products • ~89% Retail customers have checking account 3 Tenured • Average Middle Market relationship >15 years • Average Retail relationship ~16 years 3 Active Operating Accounts • Average Middle Market relationship deposit balances of ~$5MM (includes ~$2MM in noninterest-bearing) • Average Retail customer checking account balance of ~$28K3 20
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-0.6 1.1 CMA Peer Avg. Noninterest-bearing Deposit Change (avg.; percentages; 4Q24 vs 3Q24) Interest-bearing Deposit Change (avg.; percentages; 4Q24 vs 3Q24) -1.0 1.4 2.6 CMA Peer Avg. CMA Customer Deposits CMA vs Peers 4Q24 Ɣ Source for peer data: S&P Global Market Intelligence & company press releases Ɣ 1Excluding BOKF as data is not available Ɣ 2Peer data is not adjusted as data is not available Ɣ 3Excludes Brokered Time Deposits 19©2025, Comerica Inc. All rights reserved. Noninterest-bearing % of Total Deposits (avg.; percentages; 4Q24) Total Deposit Cost (avg.; percentages; 4Q24) 1.80 2.04 CMA Peer Avg. Total Deposit Change (avg.; percentages; 4Q24 vs 3Q24) -0.9 1.3 1.3 CMA Peer Avg. CMA Customer Deposits 16 19 19 21 22 23 24 24 28 31 33 34 35 38 WBS HBAN KEY CFG BOKF SNV FITB FHN MTB RF ZION CFR WAL CMA Peer Average Interest-bearing Deposit Cost Change (avg.; bps; 4Q24 vs 3Q24) -40 -28 CMA Peer Avg. 1 2 2 3 3 Commercial Bank 53% Retail Bank 38% Wealth Management 6% Other 3% Diversified Deposit Base (4Q24 average) 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation Ɣ 2As of 12/31/24 Ɣ 3Includes consumer & small business ©2025, Comerica Inc. All rights reserved. Attractive Deposit Profile Targeted focus on relationship deposits Stronger Profile than Pre-Pandemic ($ in billions) YE 2019 YE 2022 12/31/2024 Loan-to-Deposit Ratio 88% 75% 79% Total Deposits (Period-end) $57.3 $71.4 $63.8 % Uninsured Deposits Per Call Report Adjusted for Affiliate Deposits1 60% 54% 64% 57% 52% 46% Stable & Tenured Core Deposit Base2 Diversified Across Markets & Businesses • Highest concentrations in Retail Consumer (29%), Middle Market Banking (14%) & Small Business Banking (9%), inherently diversified business lines • Geographically dispersed Holistic, Connected Relationships • ~95% of Commercial Bank noninterest-bearing deposits utilize Treasury Management services; ~91% have ECA • Average Middle Market relationship has 8 Treasury Management products • ~89% Retail customers have checking account 3 Tenured • Average Middle Market relationship >15 years • Average Retail relationship ~16 years 3 Active Operating Accounts • Average Middle Market relationship deposit balances of ~$5MM (includes ~$2MM in noninterest-bearing) • Average Retail customer checking account balance of ~$28K3 20
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Deposit Initiatives: Prioritizing targeted efforts to drive balances aligned with core relationship strategy ©2025, Comerica Inc. All rights reserved. Small Business Investment Treasury Management & Payments Leveraging Card Capabilities Enhanced Online Deposit Capabilities Targeted Focus on Deposit-Rich Customers Full Year Average Deposits $ in billions Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments including brokered time deposits Ɣ 3Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Ɣ 4Source for peer data: S&P Global Market Intelligence Business Line 2024 2023 Middle Market General1 $17.3 $17.0 Energy 0.4 0.6 National Dealer Services 0.9 1.0 Entertainment 0.3 0.3 Tech. & Life Sciences 3.0 3.6 Equity Fund Services 0.9 1.0 Environmental Services 0.4 0.4 Total Middle Market $23.2 $23.9 Corporate Banking US Banking 2.1 1.9 International 2.0 1.9 Commercial Real Estate 1.5 1.5 Mortgage Banker Finance 0.0 0.3 Business Banking 3.5 3.5 Commercial Bank $32.3 $33.0 Retail Bank $24.3 $24.4 Wealth Management $3.9 $4.1 Finance / Other2 $3.4 $4.5 TOTAL $63.9 $66.0 By Market 2024 2023 Michigan $22.8 $22.9 California 16.5 16.8 Texas 9.3 9.8 Other Markets 3 11.9 12.0 Finance / Other2 3.4 4.5 TOTAL $63.9 $66.0 ©2025, Comerica Inc. All rights reserved. 22 Highest Noninterest-bearing Deposit Component4 (avg.; percentages; 4Q24) 16 19 19 21 22 23 24 24 28 31 33 34 35 38 WBS HBAN KEY CFG BOKF SNV FITB FHN MTB RF ZION CFR WAL CMA Peer Average
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Deposit Initiatives: Prioritizing targeted efforts to drive balances aligned with core relationship strategy ©2025, Comerica Inc. All rights reserved. Small Business Investment Treasury Management & Payments Leveraging Card Capabilities Enhanced Online Deposit Capabilities Targeted Focus on Deposit-Rich Customers Full Year Average Deposits $ in billions Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments including brokered time deposits Ɣ 3Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Ɣ 4Source for peer data: S&P Global Market Intelligence Business Line 2024 2023 Middle Market General1 $17.3 $17.0 Energy 0.4 0.6 National Dealer Services 0.9 1.0 Entertainment 0.3 0.3 Tech. & Life Sciences 3.0 3.6 Equity Fund Services 0.9 1.0 Environmental Services 0.4 0.4 Total Middle Market $23.2 $23.9 Corporate Banking US Banking 2.1 1.9 International 2.0 1.9 Commercial Real Estate 1.5 1.5 Mortgage Banker Finance 0.0 0.3 Business Banking 3.5 3.5 Commercial Bank $32.3 $33.0 Retail Bank $24.3 $24.4 Wealth Management $3.9 $4.1 Finance / Other2 $3.4 $4.5 TOTAL $63.9 $66.0 By Market 2024 2023 Michigan $22.8 $22.9 California 16.5 16.8 Texas 9.3 9.8 Other Markets 3 11.9 12.0 Finance / Other2 3.4 4.5 TOTAL $63.9 $66.0 ©2025, Comerica Inc. All rights reserved. 22 Highest Noninterest-bearing Deposit Component4 (avg.; percentages; 4Q24) 16 19 19 21 22 23 24 24 28 31 33 34 35 38 WBS HBAN KEY CFG BOKF SNV FITB FHN MTB RF ZION CFR WAL CMA Peer Average
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Quarterly Average Deposits $ in billions Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments including brokered time deposits Ɣ 3Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 4Q24 3Q24 4Q23 Middle Market General1* $17.9 $16.9 $17.2 Energy 0.4 0.4 0.3 National Dealer Services 0.9 0.9 0.9 Entertainment 0.3 0.4 0.2 Tech. & Life Sciences 3.0 3.0 3.3 Equity Fund Services 0.9 1.1 1.0 Environmental Services 0.5 0.4 0.4 Total Middle Market $23.9 $23.1 $23.3 Corporate Banking US Banking 2.2 2.2 2.1 International 2.0 1.9 1.9 Commercial Real Estate 1.7 1.6 1.5 Mortgage Banker Finance -- -- 0.1 Business Banking 3.5 3.5 3.6 Commercial Bank $33.3 $32.3 $32.5 Retail Bank $24.0 $24.2 $24.3 Wealth Management $3.9 $3.8 $3.9 Finance / Other2 $2.1 $3.6 $5.3 TOTAL $63.3 $63.9 $66.0 *Direct Express (included in Middle Market General balances above) $3.5 $3.4 $3.2 By Market 4Q24 3Q24 4Q23 Michigan $22.7 $22.6 $23.0 California 17.1 16.4 16.5 Texas 9.3 9.2 9.4 Other Markets3 12.1 12.1 11.8 Finance / Other2 2.1 3.6 5.3 TOTAL $63.3 $63.9 $66.0 ©2025, Comerica Inc. All rights reserved. 23 Commercial Noninterest- bearing 27% Commercial Interest- bearing 33% Retail Interest- bearing 28% Retail Noninterest- bearing 12% Strong Deposit Mix: 39% Noninterest-bearing (4Q24 Period-end) Total $63.8B ©2025, Comerica Inc. All rights reserved. Liquidity Abundant liquidity & funding capacity enhances flexibility 1Securities at the FHLB are incremental to Unencumbered Securities at Market Value Ɣ 2Total Liquidity Capacity amounts may not foot due to rounding 24 • Repaid $1.5B of wholesale funding (average) in 4Q24: • $0.1B in maturing FHLB advances • $1.4B in brokered time deposits • Scheduled FHLB maturities of $1.1B annually from 2025-2028 • Scheduled brokered time deposits maturities of $1B in 2025 • ~$900MM scheduled to mature in 2Q25 Source (12/31/24) $ in billions Amount or Total Capacity Remaining Capacity Cash 5.8 5.8 FHLB (securities1 & loan collateral) 17.0 13.0 Unencumbered Securities at Market Value 8.0 8.0 Discount Window (loan collateral) 16.8 16.8 Total Liquidity Capacity2 $43.7 Total Liquidity Capacity (ex. Discount Window)2 $26.9 Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 79% 86% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 0% Loan to Deposit Ratio Below Historical Average (period-end) 350 400 550 1,000 500 2025 2026 2027 2028 2029 2030 2033
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Quarterly Average Deposits $ in billions Ɣ Certain prior quarter amounts have been reclassified to conform to the current quarter presentation. Ɣ 1Middle Market General includes Middle Market Banking as depicted on slide 5 as well as Municipalities, Government Card, Financial Institutions, Leasing, Financial Services Division & Merchant Services Ɣ 2Finance/Other includes items not directly associated with the geographic markets or the three major business segments including brokered time deposits Ɣ 3Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets Business Line 4Q24 3Q24 4Q23 Middle Market General1* $17.9 $16.9 $17.2 Energy 0.4 0.4 0.3 National Dealer Services 0.9 0.9 0.9 Entertainment 0.3 0.4 0.2 Tech. & Life Sciences 3.0 3.0 3.3 Equity Fund Services 0.9 1.1 1.0 Environmental Services 0.5 0.4 0.4 Total Middle Market $23.9 $23.1 $23.3 Corporate Banking US Banking 2.2 2.2 2.1 International 2.0 1.9 1.9 Commercial Real Estate 1.7 1.6 1.5 Mortgage Banker Finance -- -- 0.1 Business Banking 3.5 3.5 3.6 Commercial Bank $33.3 $32.3 $32.5 Retail Bank $24.0 $24.2 $24.3 Wealth Management $3.9 $3.8 $3.9 Finance / Other2 $2.1 $3.6 $5.3 TOTAL $63.3 $63.9 $66.0 *Direct Express (included in Middle Market General balances above) $3.5 $3.4 $3.2 By Market 4Q24 3Q24 4Q23 Michigan $22.7 $22.6 $23.0 California 17.1 16.4 16.5 Texas 9.3 9.2 9.4 Other Markets3 12.1 12.1 11.8 Finance / Other2 2.1 3.6 5.3 TOTAL $63.3 $63.9 $66.0 ©2025, Comerica Inc. All rights reserved. 23 Commercial Noninterest- bearing 27% Commercial Interest- bearing 33% Retail Interest- bearing 28% Retail Noninterest- bearing 12% Strong Deposit Mix: 39% Noninterest-bearing (4Q24 Period-end) Total $63.8B ©2025, Comerica Inc. All rights reserved. Liquidity Abundant liquidity & funding capacity enhances flexibility 1Securities at the FHLB are incremental to Unencumbered Securities at Market Value Ɣ 2Total Liquidity Capacity amounts may not foot due to rounding 24 • Repaid $1.5B of wholesale funding (average) in 4Q24: • $0.1B in maturing FHLB advances • $1.4B in brokered time deposits • Scheduled FHLB maturities of $1.1B annually from 2025-2028 • Scheduled brokered time deposits maturities of $1B in 2025 • ~$900MM scheduled to mature in 2Q25 Source (12/31/24) $ in billions Amount or Total Capacity Remaining Capacity Cash 5.8 5.8 FHLB (securities1 & loan collateral) 17.0 13.0 Unencumbered Securities at Market Value 8.0 8.0 Discount Window (loan collateral) 16.8 16.8 Total Liquidity Capacity2 $43.7 Total Liquidity Capacity (ex. Discount Window)2 $26.9 Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 79% 86% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 2Q24 3Q24 4Q24 0% Loan to Deposit Ratio Below Historical Average (period-end) 350 400 550 1,000 500 2025 2026 2027 2028 2029 2030 2033
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Securities Portfolio Expect future maturities to enhance earnings power 12/31/24 Ɣ Totals shown in graph above may not foot due to rounding Ɣ 1Outlook for legacy portfolio as of 1/22/25 assuming 12/31/24 forward curve Ɣ 2Estimated as of 12/31/24 Period-end 4Q24 portfolio decreased $0.8B from 3Q24 - ~$300MM MBS payments + ~$100MM net treasury purchase - ~$600MM fair value change (pre-tax) & -$40MM net premium/amortization • Average 4Q24 portfolio decreased $486MM • 1Q25: Estimated repayments ~$260MM MBS 1 • Duration of 5.8 years 2 • Extends to 6.5 years under +200bps instantaneous rate increase2 • Net securities-related AOCI unrealized loss increased to $2.2B (after tax) Modest Securities Repositioning in 4Q24 • Sold ~$800MM in short-maturity Treasury securities in December resulting in $19MM pre-tax loss in noninterest income • Reinvested proceeds & expect to earn back the loss in net interest income in 2025 ©2025, Comerica Inc. All rights reserved. 25 Securities Portfolio (period-end; $ in billions) 12.4 16.2 15.7 15.9 15.0 0.1 2.9 3.0 2.3 2.9 4Q19 1Q24 2Q24 3Q24 4Q24 Fair Value (Reported on Balance Sheet) Valuation Adjustment 584 548 533 534 575 2.91 2.80 2.86 2.80 3.06 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income Favorable customer deposits, successful pricing strategy, BSBY cessation & nonaccrual interest benefitted income & margin 4Q24 compared to 3Q24 Ɣ 1See BSBY Cessation Impacts slide for more details Net Interest Income ($ in millions) $534MM 3Q24 2.80% - 3MM - 5 M M - 4 M M + 6MM Loans Lower balances Lower short-term rates Nonaccrual interest - 0.00 - 0.01 - 0.03 + 0.04 + 1MM + 3MM - 2MM Securities Portfolio Higher Rates Lower security balances + 0.02 + 0.02 + 0.00 - 13MM -1 0 M M - 3 M M Fed Deposits Lower short-term rates Lower deposits with FRB - 0.06 - 0.05 - 0.01 + 44MM + 29MM + 15MM Deposits Rates Interest-bearing balances & mix + 0.23 + 0.15 + 0.08 + 12MM + 11MM + 1MM Wholesale Funding Rates, incl. swaps Medium & long-term debt + 0.07 + 0.06 + 0.01 $575MM 4Q24 3.06% 26©2025, Comerica Inc. All rights reserved. Additional Variance Detail Relative to 3Q BSBY Cessation: $25MM positive impact to Net Interest Income1 & 14bps on the NIM with impacts of hedging program accounted for within loan rate impact Net impact due to rates: $29MM benefit to Net Interest Income & 15bps to NIM Net Interest Margin %
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Securities Portfolio Expect future maturities to enhance earnings power 12/31/24 Ɣ Totals shown in graph above may not foot due to rounding Ɣ 1Outlook for legacy portfolio as of 1/22/25 assuming 12/31/24 forward curve Ɣ 2Estimated as of 12/31/24 Period-end 4Q24 portfolio decreased $0.8B from 3Q24 - ~$300MM MBS payments + ~$100MM net treasury purchase - ~$600MM fair value change (pre-tax) & -$40MM net premium/amortization • Average 4Q24 portfolio decreased $486MM • 1Q25: Estimated repayments ~$260MM MBS 1 • Duration of 5.8 years 2 • Extends to 6.5 years under +200bps instantaneous rate increase2 • Net securities-related AOCI unrealized loss increased to $2.2B (after tax) Modest Securities Repositioning in 4Q24 • Sold ~$800MM in short-maturity Treasury securities in December resulting in $19MM pre-tax loss in noninterest income • Reinvested proceeds & expect to earn back the loss in net interest income in 2025 ©2025, Comerica Inc. All rights reserved. 25 Securities Portfolio (period-end; $ in billions) 12.4 16.2 15.7 15.9 15.0 0.1 2.9 3.0 2.3 2.9 4Q19 1Q24 2Q24 3Q24 4Q24 Fair Value (Reported on Balance Sheet) Valuation Adjustment 584 548 533 534 575 2.91 2.80 2.86 2.80 3.06 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income Favorable customer deposits, successful pricing strategy, BSBY cessation & nonaccrual interest benefitted income & margin 4Q24 compared to 3Q24 Ɣ 1See BSBY Cessation Impacts slide for more details Net Interest Income ($ in millions) $534MM 3Q24 2.80% - 3MM - 5 M M - 4 M M + 6MM Loans Lower balances Lower short-term rates Nonaccrual interest - 0.00 - 0.01 - 0.03 + 0.04 + 1MM + 3MM - 2MM Securities Portfolio Higher Rates Lower security balances + 0.02 + 0.02 + 0.00 - 13MM -1 0 M M - 3 M M Fed Deposits Lower short-term rates Lower deposits with FRB - 0.06 - 0.05 - 0.01 + 44MM + 29MM + 15MM Deposits Rates Interest-bearing balances & mix + 0.23 + 0.15 + 0.08 + 12MM + 11MM + 1MM Wholesale Funding Rates, incl. swaps Medium & long-term debt + 0.07 + 0.06 + 0.01 $575MM 4Q24 3.06% 26©2025, Comerica Inc. All rights reserved. Additional Variance Detail Relative to 3Q BSBY Cessation: $25MM positive impact to Net Interest Income1 & 14bps on the NIM with impacts of hedging program accounted for within loan rate impact Net impact due to rates: $29MM benefit to Net Interest Income & 15bps to NIM Net Interest Margin %
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©2025, Comerica Inc. All rights reserved. Net Interest Income Expected Securities Repayments & Maturities2 ($ in millions) 588 261 306 443 402 220 248 1.49% 2.13% 1.96% 2.87% 2.72% 2.11% 2.06% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Contractual Swap Notionals as of 12/31/241 ($ in billions; avg.; weighted average yield) Swap & securities attrition expected to create tailwind in 2025 & beyond Project 13 bps higher yield & $2.8B lower notional from 4Q24 to 2Q26; lessens pressure on NII Deployment of liquidity from repayment of lower yielding securities expected to benefit NII, only partially offset by reinvestment 12/31/24 Ɣ 1Received fix/pay floating swaps; maturities extend through 3Q30; Table assumes no future terminations or new swaps Ɣ 2Outlook as of 1/22/25 23.6 23.4 23.3 22.9 22.4 21.9 20.8 2.54% 2.55% 2.55% 2.57% 2.61% 2.64% 2.67% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 27 Interest Rate Sensitivity Well positioned to insulate income as rates decline 12/31/24 Ɣ 1Received fix/pay floating swaps; maturities extend through 3Q30; Table reflects the ultimate swaps average notional balances & weighted average yields post CME LIBOR & BSBY transitions for terms based on swap start date & assumes no future termination Ɣ 2See BSBY Cessation Impacts slide for more details Ɣ 3For methodology, see Comerica’s most recent Form 10-K for the year ended December 31, 2024, as filed with the SEC. Estimates are based on simulation modeling analysis from our base case, which utilizes December 2024 average balances 28©2025, Comerica Inc. All rights reserved. Swaps as of 12/31/241 ($ in billions; avg.; weighted average yield) • No new swaps added in 4Q24; $500MM forward starting swap went into effect 10/1/24 • Net unrealized swap losses in AOCI increased $354MM at 12/31/24 (after-tax) • BSBY cessation & swap re-designation does not impact above table 2 Estimated 12-Month Net Interest Income Impact Relative to Baseline 100 bps gradual decrease $12MM 100 bps gradual decrease & 60% incremental beta $35MM 100 bps gradual increase -$26MM 100 bps gradual increase & 60% incremental beta -$56MM Sensitivity Analysis as of 12/31/24 Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~47% per incremental change Securities Portfolio Partial reinvestment of cash flows Hedging (Swaps) No additions modeled 12/31/24 Model Assumptions3 100 bps (50 bps avg.) gradual, non-parallel rise 22.4 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.38% 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
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©2025, Comerica Inc. All rights reserved. Net Interest Income Expected Securities Repayments & Maturities2 ($ in millions) 588 261 306 443 402 220 248 1.49% 2.13% 1.96% 2.87% 2.72% 2.11% 2.06% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Contractual Swap Notionals as of 12/31/241 ($ in billions; avg.; weighted average yield) Swap & securities attrition expected to create tailwind in 2025 & beyond Project 13 bps higher yield & $2.8B lower notional from 4Q24 to 2Q26; lessens pressure on NII Deployment of liquidity from repayment of lower yielding securities expected to benefit NII, only partially offset by reinvestment 12/31/24 Ɣ 1Received fix/pay floating swaps; maturities extend through 3Q30; Table assumes no future terminations or new swaps Ɣ 2Outlook as of 1/22/25 23.6 23.4 23.3 22.9 22.4 21.9 20.8 2.54% 2.55% 2.55% 2.57% 2.61% 2.64% 2.67% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 27 Interest Rate Sensitivity Well positioned to insulate income as rates decline 12/31/24 Ɣ 1Received fix/pay floating swaps; maturities extend through 3Q30; Table reflects the ultimate swaps average notional balances & weighted average yields post CME LIBOR & BSBY transitions for terms based on swap start date & assumes no future termination Ɣ 2See BSBY Cessation Impacts slide for more details Ɣ 3For methodology, see Comerica’s most recent Form 10-K for the year ended December 31, 2024, as filed with the SEC. Estimates are based on simulation modeling analysis from our base case, which utilizes December 2024 average balances 28©2025, Comerica Inc. All rights reserved. Swaps as of 12/31/241 ($ in billions; avg.; weighted average yield) • No new swaps added in 4Q24; $500MM forward starting swap went into effect 10/1/24 • Net unrealized swap losses in AOCI increased $354MM at 12/31/24 (after-tax) • BSBY cessation & swap re-designation does not impact above table 2 Estimated 12-Month Net Interest Income Impact Relative to Baseline 100 bps gradual decrease $12MM 100 bps gradual decrease & 60% incremental beta $35MM 100 bps gradual increase -$26MM 100 bps gradual increase & 60% incremental beta -$56MM Sensitivity Analysis as of 12/31/24 Rates UP Rates DOWN Loan Balances Modest increase Modest decrease Deposit Balances Moderate decrease Moderate increase Deposit Beta ~47% per incremental change Securities Portfolio Partial reinvestment of cash flows Hedging (Swaps) No additions modeled 12/31/24 Model Assumptions3 100 bps (50 bps avg.) gradual, non-parallel rise 22.4 23.6 23.0 20.1 15.0 9.8 4.6 0.8 2.38% 2.50% 2.57% 2.68% 2.72% 2.85% 2.95% 2.97% FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30
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0.01 0.08 0.13 0.24 0.24 0.26 0.27 0.30 0.43 0.46 0.46 0.47 0.49 0.53 BOKF FHN CMA WAL ZION SNV CFR HBAN KEY FITB WBS MTB RF CFG CMA vs Peers 4Q24 Ɣ Source for peer data: S&P Global Market Intelligence & company press releases Ɣ 1Excluding CFR as data is not available ©2025, Comerica Inc. All rights reserved. 29 Net Charge-offs (recoveries) (as a % of avg. loans; 4Q24) Nonperforming Assets Ratio (as a % of total loans & foreclosed property; 4Q24) 0.20 0.38 0.50 0.61 0.63 0.65 0.71 0.73 0.74 0.88 0.96 0.97 1.20 1.25 BOKF CFR ZION CMA HBAN WAL FITB SNV KEY WBS FHN RF CFG MTB Allowance for Credit Losses (as a % of total loans; 4Q24) 0.77 1.25 1.27 1.31 1.31 1.38 1.43 1.44 1.61 1.62 1.63 1.79 1.88 2.08 WAL ZION SNV CFR WBS BOKF FHN CMA MTB CFG KEY RF HBAN FITB 0.04 0.08 CMA Peer Avg. Provision Expense1 (as a % of total loans; 4Q24) Credit Quality Strong credit quality with low net charge-offs & criticized loans & NPA below historical levels 4Q24 compared to 3Q24 Ɣ 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Ɣ 2A portion of the portfolio is also considered Leveraged & also reflected in the Leveraged data Nonperforming Assets Remained Below Historical Averages ($ in millions) Criticized Loan Balances1 Reflect Expected Migration ($ in millions) 728 728 717 720 725 1.40 1.43 1.38 1.43 1.44 - 1.00 2.00 3.00 4.00 5.00 6.00 4Q23 1Q24 2Q24 3Q24 4Q24 ACL/Loans % Allowance for Credit Losses as % of Loans Relatively Flat ($ in millions) 2,405 2,688 2,430 2,417 2,530 4.6 5.3 4.7 4.8 5.0 - 2.00 4.00 6.00 8.00 10.00 12.00 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized/Loans % 30©2025, Comerica Inc. All rights reserved. Low Net Charge-Offs ($ in millions) Portfolios with Incremental Monitoring (period-end) 4Q24 3Q24 Business Line or Portfolio 12/31 Loans % of Total Loans % Criticized 9/30 Loans % of Total Loans % Criticized Commercial Real Estate Business Line $10.0B 19.7% 4.4% $10.5B 20.8% 4.5% Leveraged $2.8B 5.6% 10.6% $2.6B 5.2% 10.0% Automotive Production2 $0.8B 1.5% 15.0% $0.9B 1.7% 10.7% Senior Housing $0.7B 1.3% 56.0% $0.7B 1.4% 44.3% TLS2 $0.8B 1.6% 17.8% $0.6B 1.2% 21.1% 20 14 11 11 16 0.15 0.10 0.09 0.08 0.13 (0.20) (0.15) (0.10) (0.05) - 0.05 0.10 0.15 0.20 0.25 0.30 4Q23 1Q24 2Q24 3Q24 4Q24 NCO/Avg. Loans % 178 217 226 250 308 0.34 0.43 0.44 0.50 0.61 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 4Q23 1Q24 2Q24 3Q24 4Q24 NPA/Loans %
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0.01 0.08 0.13 0.24 0.24 0.26 0.27 0.30 0.43 0.46 0.46 0.47 0.49 0.53 BOKF FHN CMA WAL ZION SNV CFR HBAN KEY FITB WBS MTB RF CFG CMA vs Peers 4Q24 Ɣ Source for peer data: S&P Global Market Intelligence & company press releases Ɣ 1Excluding CFR as data is not available ©2025, Comerica Inc. All rights reserved. 29 Net Charge-offs (recoveries) (as a % of avg. loans; 4Q24) Nonperforming Assets Ratio (as a % of total loans & foreclosed property; 4Q24) 0.20 0.38 0.50 0.61 0.63 0.65 0.71 0.73 0.74 0.88 0.96 0.97 1.20 1.25 BOKF CFR ZION CMA HBAN WAL FITB SNV KEY WBS FHN RF CFG MTB Allowance for Credit Losses (as a % of total loans; 4Q24) 0.77 1.25 1.27 1.31 1.31 1.38 1.43 1.44 1.61 1.62 1.63 1.79 1.88 2.08 WAL ZION SNV CFR WBS BOKF FHN CMA MTB CFG KEY RF HBAN FITB 0.04 0.08 CMA Peer Avg. Provision Expense1 (as a % of total loans; 4Q24) Credit Quality Strong credit quality with low net charge-offs & criticized loans & NPA below historical levels 4Q24 compared to 3Q24 Ɣ 1Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Ɣ 2A portion of the portfolio is also considered Leveraged & also reflected in the Leveraged data Nonperforming Assets Remained Below Historical Averages ($ in millions) Criticized Loan Balances1 Reflect Expected Migration ($ in millions) 728 728 717 720 725 1.40 1.43 1.38 1.43 1.44 - 1.00 2.00 3.00 4.00 5.00 6.00 4Q23 1Q24 2Q24 3Q24 4Q24 ACL/Loans % Allowance for Credit Losses as % of Loans Relatively Flat ($ in millions) 2,405 2,688 2,430 2,417 2,530 4.6 5.3 4.7 4.8 5.0 - 2.00 4.00 6.00 8.00 10.00 12.00 4Q23 1Q24 2Q24 3Q24 4Q24 Criticized/Loans % 30©2025, Comerica Inc. All rights reserved. Low Net Charge-Offs ($ in millions) Portfolios with Incremental Monitoring (period-end) 4Q24 3Q24 Business Line or Portfolio 12/31 Loans % of Total Loans % Criticized 9/30 Loans % of Total Loans % Criticized Commercial Real Estate Business Line $10.0B 19.7% 4.4% $10.5B 20.8% 4.5% Leveraged $2.8B 5.6% 10.6% $2.6B 5.2% 10.0% Automotive Production2 $0.8B 1.5% 15.0% $0.9B 1.7% 10.7% Senior Housing $0.7B 1.3% 56.0% $0.7B 1.4% 44.3% TLS2 $0.8B 1.6% 17.8% $0.6B 1.2% 21.1% 20 14 11 11 16 0.15 0.10 0.09 0.08 0.13 (0.20) (0.15) (0.10) (0.05) - 0.05 0.10 0.15 0.20 0.25 0.30 4Q23 1Q24 2Q24 3Q24 4Q24 NCO/Avg. Loans % 178 217 226 250 308 0.34 0.43 0.44 0.50 0.61 (0.10) 0.10 0.30 0.50 0.70 0.90 1.10 1.30 1.50 4Q23 1Q24 2Q24 3Q24 4Q24 NPA/Loans %
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Noninterest Income Lower non-customer income continued to pressure results 4Q24 compared to 3Q24 Ɣ 1Includes Risk management hedging income related to price alignment (PA) income received for Comerica’s centrally cleared risk management positions $18MM 4Q23, $13MM 1Q24, $17MM 2Q24, $8MM 3Q24, $8MM 4Q24; Includes Credit Valuation Adjustment (CVA) ($0.2MM) 4Q23, $0.4MM 1Q24, ($0.1MM) 2Q24, ($1MM) 3Q24, $2MM 4Q24; Includes gains/(losses) related to deferred comp asset returns of $8MM 4Q23, $6MM 1Q24, $0.5MM 2Q24, $4MM 3Q24, ($0.2MM) 4Q24 Noninterest Income1 ($ in millions) 198 236 291 277 250 4Q23 1Q24 2Q24 3Q24 4Q24 Decreased $27MM - $19MM realized losses from securities portfolio repositioning - $4MM deferred compensation asset returns (offset in noninterest expenses) - $3MM fiduciary income - $3MM capital markets income - $2MM card fees + $5MM Visa Class B shares related payment for dilutive adjustments in 3Q24 31©2025, Comerica Inc. All rights reserved. Notable Items in 4Q24 results • Securities Repositioning: $19MM realized losses from modest securities portfolio repositioning; expect earn-back in net interest income over 2025 718 603 555 562 587 91.9 76.9 67.8 68.8 69.5 4Q23 1Q24 2Q24 3Q24 4Q24 Efficiency Ratio % Noninterest Expenses1 ($ in millions) Noninterest Expenses Committed to driving efficiency 4Q24 compared to 3Q24 Ɣ 1Includes modernization & expense recalibration initiatives $21MM 4Q23; FY23 $31MM; $1MM 1Q24, $2MM 2Q24, $2MM 3Q24, ($5MM) 4Q24; Includes gains/(losses) related to deferred comp plan of $8MM 4Q23, $6MM 1Q24, $2MM 2Q24, $6MM 3Q24, $1MM 4Q24; Variance may not foot due to rounding Ɣ 2Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Increased $25MM + $17MM litigation-related expenses + $11MM salaries & benefits + $6MM salaries expense + $5MM benefits expense + $7MM charitable contributions - $15MM gains on sale of real estate - $4MM operational losses 32©2025, Comerica Inc. All rights reserved. Notable Items in 4Q24 results • FDIC: $2MM favorable accrual adjustment related to special FDIC assessment • Modernization: $5MM benefit related to modernization & expense recalibration initiatives 2
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Noninterest Income Lower non-customer income continued to pressure results 4Q24 compared to 3Q24 Ɣ 1Includes Risk management hedging income related to price alignment (PA) income received for Comerica’s centrally cleared risk management positions $18MM 4Q23, $13MM 1Q24, $17MM 2Q24, $8MM 3Q24, $8MM 4Q24; Includes Credit Valuation Adjustment (CVA) ($0.2MM) 4Q23, $0.4MM 1Q24, ($0.1MM) 2Q24, ($1MM) 3Q24, $2MM 4Q24; Includes gains/(losses) related to deferred comp asset returns of $8MM 4Q23, $6MM 1Q24, $0.5MM 2Q24, $4MM 3Q24, ($0.2MM) 4Q24 Noninterest Income1 ($ in millions) 198 236 291 277 250 4Q23 1Q24 2Q24 3Q24 4Q24 Decreased $27MM - $19MM realized losses from securities portfolio repositioning - $4MM deferred compensation asset returns (offset in noninterest expenses) - $3MM fiduciary income - $3MM capital markets income - $2MM card fees + $5MM Visa Class B shares related payment for dilutive adjustments in 3Q24 31©2025, Comerica Inc. All rights reserved. Notable Items in 4Q24 results • Securities Repositioning: $19MM realized losses from modest securities portfolio repositioning; expect earn-back in net interest income over 2025 718 603 555 562 587 91.9 76.9 67.8 68.8 69.5 4Q23 1Q24 2Q24 3Q24 4Q24 Efficiency Ratio % Noninterest Expenses1 ($ in millions) Noninterest Expenses Committed to driving efficiency 4Q24 compared to 3Q24 Ɣ 1Includes modernization & expense recalibration initiatives $21MM 4Q23; FY23 $31MM; $1MM 1Q24, $2MM 2Q24, $2MM 3Q24, ($5MM) 4Q24; Includes gains/(losses) related to deferred comp plan of $8MM 4Q23, $6MM 1Q24, $2MM 2Q24, $6MM 3Q24, $1MM 4Q24; Variance may not foot due to rounding Ɣ 2Noninterest expenses as a percentage of the sum of net interest income & noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares & changes in the value of shares obtained through monetization of warrants Increased $25MM + $17MM litigation-related expenses + $11MM salaries & benefits + $6MM salaries expense + $5MM benefits expense + $7MM charitable contributions - $15MM gains on sale of real estate - $4MM operational losses 32©2025, Comerica Inc. All rights reserved. Notable Items in 4Q24 results • FDIC: $2MM favorable accrual adjustment related to special FDIC assessment • Modernization: $5MM benefit related to modernization & expense recalibration initiatives 2
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(2.2) (2.3) (1.7) (2.2) (0.8) (0.8) (0.2) (0.6) (0.4) (0.4) (0.4) (0.4) 1Q24 2Q24 3Q24 4Q24 Securities Swaps Pension 8.01% 7.00% 3Q24 4Q24 Capital Management Conservative approach supported resumption of share repurchases & CET1 well above target 12/31/24 Ɣ 1Considers AOCI for securities & pension & related RWA benefit utilizing 12/31/24 risk weighting. Does not assume other potential Basel III Endgame impacts (such as market risk, operational risk & changes to standard counter-party risk). Ɣ 2Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 3Represents the impact of $3.2B in AOCI on common equity & $2.4B in corresponding impacts to total assets 11.96% 11.89% 7.0% 3Q24 4Q24 CET1 Tier 1 12.51% 12.43% 8.5% 3Q24 4Q24 Regulatory Minimum + Capital Conservation Buffer (CCB) 33©2025, Comerica Inc. All rights reserved. 7.0 6.1 3Q24 4Q24 Common Equity ($ in billions; period-end) Tangible Common Equity Ratio2 8.75% 7.75% 3Q24 4Q24 Common Equity Ratio Accumulated Other Comprehensive Income ($ in billions) 4Q24: AOCI impact3 of (365 bps) AOCI impact3 of (370 bps) AOCI impact of ($3.2B) Basel III Endgame Capital Considerations We are not subject to these proposed rules with ~$80B in assets as of 12/31/24. If subject to proposed Basel III Endgame capital requirements relating to AOCI opt-out changes, our estimated CET1 would exceed regulatory minimums & conservation buffer as of 12/31/241. 9.12% Estimated CET1 with AOCI opt-out1 8.44% ©2025, Comerica Inc. All rights reserved. Positioned for the Future Strong foundation & strategy create opportunity for enhanced returns over time • Proven credit results 9 Outperformance through cycles 9 Peer leading 3Q24 charge-off performance1 & strong 4Q24 results 9 Metrics below historical averages • Solid capital position 9 11.89% CET1, well above target 9 Adjusting for AOCI opt out, 4Q24 CET1 exceeded regulatory minimums & buffers • Abundant liquidity 9 Normalized cash position 9 Reduced wholesale funding significantly 9 Preserved substantial capacity • Attractive deposit franchise 9 Peer leading NIB mix1 9 Compelling Treasury Management cross- sell Leveraging strong foundation • Targeted market, MSA focused strategy 9 In 14 of the 15 largest2 & 8 of the 10 fastest growing markets3 9 Investments in TX & the southeast align with market growth trends • Diversified business 9 Leading bank for business with strong retail & wealth management capabilities 9 Selective business mix with specialized verticals where we demonstrate differentiated value proposition 9 Enhances opportunity for consistent & strong returns • Tenured colleagues 9 Experienced colleagues deliver value-add, industry expertise 9 Business leaders average 25 yrs, RMs 11 yrs, GMs 19 yrs 4 9 Reinforces consistency for our customers & high level of customer service Executing on differentiated strategy • Favorable earnings trajectory 9 Structural projected benefit to NII from maturing swaps & repayment of securities5 • Select strategic investments 9 Focus on noninterest income to drive capital efficient revenue (Payments, Capital Markets & Wealth Management) 9 Targeted market expansion to enhance growth 9 Granular Small Business deposit strategy 9 Continued focus on enhanced risk framework • Balance sheet expansion 9 Strong pipeline & initial signs of increased customer optimism following first rate cut 9 Focus on responsible, balanced growth Driving responsible growth 34 1Source for peer data: S&P Global Market Intelligence & company press releases; for a comprehensive list of our peer group please see our 2024 proxy statement Ɣ 2U.S. Census Bureau; by population 2023. Includes all locations with employees & offices Ɣ 32023 vs 2022 by number of people Ɣ 4As of 12/31/24 Ɣ 5Outlook as of 3/5/25
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(2.2) (2.3) (1.7) (2.2) (0.8) (0.8) (0.2) (0.6) (0.4) (0.4) (0.4) (0.4) 1Q24 2Q24 3Q24 4Q24 Securities Swaps Pension 8.01% 7.00% 3Q24 4Q24 Capital Management Conservative approach supported resumption of share repurchases & CET1 well above target 12/31/24 Ɣ 1Considers AOCI for securities & pension & related RWA benefit utilizing 12/31/24 risk weighting. Does not assume other potential Basel III Endgame impacts (such as market risk, operational risk & changes to standard counter-party risk). Ɣ 2Refer to reconciliation of non-GAAP financial measures in appendix Ɣ 3Represents the impact of $3.2B in AOCI on common equity & $2.4B in corresponding impacts to total assets 11.96% 11.89% 7.0% 3Q24 4Q24 CET1 Tier 1 12.51% 12.43% 8.5% 3Q24 4Q24 Regulatory Minimum + Capital Conservation Buffer (CCB) 33©2025, Comerica Inc. All rights reserved. 7.0 6.1 3Q24 4Q24 Common Equity ($ in billions; period-end) Tangible Common Equity Ratio2 8.75% 7.75% 3Q24 4Q24 Common Equity Ratio Accumulated Other Comprehensive Income ($ in billions) 4Q24: AOCI impact3 of (365 bps) AOCI impact3 of (370 bps) AOCI impact of ($3.2B) Basel III Endgame Capital Considerations We are not subject to these proposed rules with ~$80B in assets as of 12/31/24. If subject to proposed Basel III Endgame capital requirements relating to AOCI opt-out changes, our estimated CET1 would exceed regulatory minimums & conservation buffer as of 12/31/241. 9.12% Estimated CET1 with AOCI opt-out1 8.44% ©2025, Comerica Inc. All rights reserved. Positioned for the Future Strong foundation & strategy create opportunity for enhanced returns over time • Proven credit results 9 Outperformance through cycles 9 Peer leading 3Q24 charge-off performance1 & strong 4Q24 results 9 Metrics below historical averages • Solid capital position 9 11.89% CET1, well above target 9 Adjusting for AOCI opt out, 4Q24 CET1 exceeded regulatory minimums & buffers • Abundant liquidity 9 Normalized cash position 9 Reduced wholesale funding significantly 9 Preserved substantial capacity • Attractive deposit franchise 9 Peer leading NIB mix1 9 Compelling Treasury Management cross- sell Leveraging strong foundation • Targeted market, MSA focused strategy 9 In 14 of the 15 largest2 & 8 of the 10 fastest growing markets3 9 Investments in TX & the southeast align with market growth trends • Diversified business 9 Leading bank for business with strong retail & wealth management capabilities 9 Selective business mix with specialized verticals where we demonstrate differentiated value proposition 9 Enhances opportunity for consistent & strong returns • Tenured colleagues 9 Experienced colleagues deliver value-add, industry expertise 9 Business leaders average 25 yrs, RMs 11 yrs, GMs 19 yrs 4 9 Reinforces consistency for our customers & high level of customer service Executing on differentiated strategy • Favorable earnings trajectory 9 Structural projected benefit to NII from maturing swaps & repayment of securities5 • Select strategic investments 9 Focus on noninterest income to drive capital efficient revenue (Payments, Capital Markets & Wealth Management) 9 Targeted market expansion to enhance growth 9 Granular Small Business deposit strategy 9 Continued focus on enhanced risk framework • Balance sheet expansion 9 Strong pipeline & initial signs of increased customer optimism following first rate cut 9 Focus on responsible, balanced growth Driving responsible growth 34 1Source for peer data: S&P Global Market Intelligence & company press releases; for a comprehensive list of our peer group please see our 2024 proxy statement Ɣ 2U.S. Census Bureau; by population 2023. Includes all locations with employees & offices Ɣ 32023 vs 2022 by number of people Ɣ 4As of 12/31/24 Ɣ 5Outlook as of 3/5/25
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©2025, Comerica Inc. All rights reserved. BSBY Cessation Impacts Actual Projected2 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 FY26 FY27 FY28 Net Interest Income Impact $2.8MM $2.8MM ($3.1MM) ($9.0MM) $16.2MM $6.9MM $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM Gain / (Loss) in Other Noninterest Income ($91.3MM) $(38.8MM) - - - ($38.8MM) - - - - - - - - Pre-Tax Income Impact ($88.5MM) ($36.0MM) ($3.1MM) ($9.0MM) $16.2MM ($31.9MM) $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM • Accounting Impact: Temporary loss of hedge accounting due to pending cessation of BSBY caused the recognition of unrealized losses in 4Q23 & 1Q24 & impacts net interest income. AOCI losses recognized in earnings over 12 months but accreted back to income over original life of swap. • Financial Impact: • No economic impact as these losses are re-couped over time; ~90% of impact expected to accrete back by YE2026 • Pre-tax gains or losses related to this accounting treatment impact CET1, but not Tangible Common Equity • Normal pay / receive cash flows remain uninterrupted • Net-tax impact reflects adjustments to AOCI balance over the life of the re-designated swaps 1 Majority of losses expected to accrete back in 2025 & 2026 1Cessation impacts not expected to change & are not sensitive to market rates. 2Projected non-cash net impact of amortization & accretion; included in outlook unless otherwise indicated in an adjustment. 35 Shared National Credit (SNC) Relationships Credit quality of our SNC relationships better than portfolio average • SNC loans decreased $136MM compared to 3Q24 • SNC relationships included in business line balances; we do not have a dedicated SNC line of business • Approximately 700 borrowers • Comerica is agent for 26% of loans • Strategy: Pursue full relationships with ancillary business • Adhere to same credit underwriting standards as rest of loan book • Only 3% of SNCs were criticized • ~14% of SNCs were leveraged Period-end Loans ($ in billions) Commercial Real Estate $0.9 8% Corporate Banking $2.7 23% Equity Fund Services $0.6 5%Tech. & Life Sciences $0.1 1% General Middle Market $2.9 26% National Dealer Services $0.9 8% Energy $1.4 13% Entertainment $0.6 5% Environmental Services $1.3 11% = Total Middle Market (69%) Total $11.4 ©2025, Comerica Inc. All rights reserved. 12/31/24 Ɣ SNCs are facilities greater than $100 million shared by three or more federally supervised financial institutions, which are reviewed by regulatory authorities at the agent bank level 36
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©2025, Comerica Inc. All rights reserved. BSBY Cessation Impacts Actual Projected2 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 FY26 FY27 FY28 Net Interest Income Impact $2.8MM $2.8MM ($3.1MM) ($9.0MM) $16.2MM $6.9MM $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM Gain / (Loss) in Other Noninterest Income ($91.3MM) $(38.8MM) - - - ($38.8MM) - - - - - - - - Pre-Tax Income Impact ($88.5MM) ($36.0MM) ($3.1MM) ($9.0MM) $16.2MM ($31.9MM) $27.6MM $22.8MM $19.3MM $13.8MM $83.5MM $26.5MM $8.4MM $2.0MM • Accounting Impact: Temporary loss of hedge accounting due to pending cessation of BSBY caused the recognition of unrealized losses in 4Q23 & 1Q24 & impacts net interest income. AOCI losses recognized in earnings over 12 months but accreted back to income over original life of swap. • Financial Impact: • No economic impact as these losses are re-couped over time; ~90% of impact expected to accrete back by YE2026 • Pre-tax gains or losses related to this accounting treatment impact CET1, but not Tangible Common Equity • Normal pay / receive cash flows remain uninterrupted • Net-tax impact reflects adjustments to AOCI balance over the life of the re-designated swaps 1 Majority of losses expected to accrete back in 2025 & 2026 1Cessation impacts not expected to change & are not sensitive to market rates. 2Projected non-cash net impact of amortization & accretion; included in outlook unless otherwise indicated in an adjustment. 35 Shared National Credit (SNC) Relationships Credit quality of our SNC relationships better than portfolio average • SNC loans decreased $136MM compared to 3Q24 • SNC relationships included in business line balances; we do not have a dedicated SNC line of business • Approximately 700 borrowers • Comerica is agent for 26% of loans • Strategy: Pursue full relationships with ancillary business • Adhere to same credit underwriting standards as rest of loan book • Only 3% of SNCs were criticized • ~14% of SNCs were leveraged Period-end Loans ($ in billions) Commercial Real Estate $0.9 8% Corporate Banking $2.7 23% Equity Fund Services $0.6 5%Tech. & Life Sciences $0.1 1% General Middle Market $2.9 26% National Dealer Services $0.9 8% Energy $1.4 13% Entertainment $0.6 5% Environmental Services $1.3 11% = Total Middle Market (69%) Total $11.4 ©2025, Comerica Inc. All rights reserved. 12/31/24 Ɣ SNCs are facilities greater than $100 million shared by three or more federally supervised financial institutions, which are reviewed by regulatory authorities at the agent bank level 36
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Investing for Growth with Key Initiatives Transforming the Culture Redefine our culture through new roles, a renewed investment in our colleagues, a best-in-class mindset & consistent sales principles Reinventing the Customer Experience Redesign our network distribution model to rebuild the customer value proposition with an integrated omni-channel customer experience Accelerating Growth Prioritize growth to drive opportunities through generational banking, customer segments & Small Business expansion 89% 82% 16 Average Customer Tenure in Years Deposit Customers with Checking Accounts ©2025, Comerica Inc. All rights reserved. The Retail Bank Banking Retail & Small Business customers in growth markets across the US 12/31/24 Ɣ 112/31/23 Barlow Research’s Small Business (revenue $100M-$10MM data: 1Q23-4Q24): compared to Top 10 Banks by market share. Retail Banking: A granular deposit base of stable & long-tenured customers Small Business Banking: 6WUDWHJLFLQYHVWPHQWVWRGULYHVWURQJJURZWK VXSHULRUVDWLVIDFWLRQPHWULFV Customers with Deposits 5+ Years 40% %DQN¶V7RWDO'HSRVLWV at 12/31/24 5HWDLO&XVWRPHUV ~$28K Avg. Customer Deposits Small Business Customers 24% Noninterest-Bearing Deposit Mix Service Channels: •Banking Centers •Contact Center •ATM & Payments •Online & Mobile #1 #2 +10% Increase in Year-over-Year Small Business Lending Outstanding Small Business Study Ranked1 – Very Satisfied “Satisfied overall with their primary bank” Small Business Tools & Resources Deliver growth tools uniquely designed for Small Business customers to help them to manage & grow their own business Small Business Study Ranked1 – Agree Strongly “My primary bank gets things right the first time” 37 ©2025, Comerica Inc. All rights reserved. Wealth Management Leading the way to your business and personal success Fiduciary Services • Pioneer & industry leader in third-party fiduciary services space • Deep subject matter expertise in Specialty Wealth Services that exceed the capabilities offered by industry competitors • Charitable, Estate Settlement, Special Needs Trust Administration • Trust Real Estate & Specialty Assets • Institutional Trust capabilities to support businesses & business owners • >$160B in AUA • 5-year revenue CAGR of 6% in our third- party fiduciary business • 32 offices around the country Private Wealth Management • Differentiated & integrated wealth planning & business transition capabilities • Unique custom credit, mortgage & banking capabilities • Advice-driven tailored investment management & specialty fiduciary solutions • >$13B in AUA • 40% penetration into our Middle Market channel • Key source of referrals for our M&A advisory team Comerica Financial Advisors • Leveraging power of partnership for differentiated client & advisor experience • Recognized best in class platform and capabilities • Advice-driven approach to holistically serve business owners through collaboration & expertise • Uniquely positioned for growth • Building towards full coverage of our banking centers • Hub-based HNW Financial Advisors partnered with Private Wealth • >$25B in client assets: ~$17B assets on AMP platform; ~$8B in bank money market platform • Opportunity to double number of Financial Advisors over next 5 years 38 Total Wealth Management represents ~27% of Comerica’s Noninterest Income & has >$200B Assets Under Administration (AUA). Supported by 3 core businesses: Key Statistics: 12/31/24
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Investing for Growth with Key Initiatives Transforming the Culture Redefine our culture through new roles, a renewed investment in our colleagues, a best-in-class mindset & consistent sales principles Reinventing the Customer Experience Redesign our network distribution model to rebuild the customer value proposition with an integrated omni-channel customer experience Accelerating Growth Prioritize growth to drive opportunities through generational banking, customer segments & Small Business expansion 89% 82% 16 Average Customer Tenure in Years Deposit Customers with Checking Accounts ©2025, Comerica Inc. All rights reserved. The Retail Bank Banking Retail & Small Business customers in growth markets across the US 12/31/24 Ɣ 112/31/23 Barlow Research’s Small Business (revenue $100M-$10MM data: 1Q23-4Q24): compared to Top 10 Banks by market share. Retail Banking: A granular deposit base of stable & long-tenured customers Small Business Banking: 6WUDWHJLFLQYHVWPHQWVWRGULYHVWURQJJURZWK VXSHULRUVDWLVIDFWLRQPHWULFV Customers with Deposits 5+ Years 40% %DQN¶V7RWDO'HSRVLWV at 12/31/24 5HWDLO&XVWRPHUV ~$28K Avg. Customer Deposits Small Business Customers 24% Noninterest-Bearing Deposit Mix Service Channels: •Banking Centers •Contact Center •ATM & Payments •Online & Mobile #1 #2 +10% Increase in Year-over-Year Small Business Lending Outstanding Small Business Study Ranked1 – Very Satisfied “Satisfied overall with their primary bank” Small Business Tools & Resources Deliver growth tools uniquely designed for Small Business customers to help them to manage & grow their own business Small Business Study Ranked1 – Agree Strongly “My primary bank gets things right the first time” 37 ©2025, Comerica Inc. All rights reserved. Wealth Management Leading the way to your business and personal success Fiduciary Services • Pioneer & industry leader in third-party fiduciary services space • Deep subject matter expertise in Specialty Wealth Services that exceed the capabilities offered by industry competitors • Charitable, Estate Settlement, Special Needs Trust Administration • Trust Real Estate & Specialty Assets • Institutional Trust capabilities to support businesses & business owners • >$160B in AUA • 5-year revenue CAGR of 6% in our third- party fiduciary business • 32 offices around the country Private Wealth Management • Differentiated & integrated wealth planning & business transition capabilities • Unique custom credit, mortgage & banking capabilities • Advice-driven tailored investment management & specialty fiduciary solutions • >$13B in AUA • 40% penetration into our Middle Market channel • Key source of referrals for our M&A advisory team Comerica Financial Advisors • Leveraging power of partnership for differentiated client & advisor experience • Recognized best in class platform and capabilities • Advice-driven approach to holistically serve business owners through collaboration & expertise • Uniquely positioned for growth • Building towards full coverage of our banking centers • Hub-based HNW Financial Advisors partnered with Private Wealth • >$25B in client assets: ~$17B assets on AMP platform; ~$8B in bank money market platform • Opportunity to double number of Financial Advisors over next 5 years 38 Total Wealth Management represents ~27% of Comerica’s Noninterest Income & has >$200B Assets Under Administration (AUA). Supported by 3 core businesses: Key Statistics: 12/31/24
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Total CMA Office Exposure • Not primary strategy: Total CMA office loans of $681MM, or <1% of total loans; outstandings within CRE LOB of $402MM, or <1% of total CMA loans • Selective geography: Urban in-fill & suburban strategy • Majority recourse: Strong sponsors critical to underwriting • Monitoring credit: Criticized loans totaling ~$133MM (or ~20% of total office portfolio) Multi-family, 48% Industrial, 29% Self-Storage, 5% Retail, 4% Office, 4% Single Family / Land Development, 3% Land Carry, 3% Multi-use, 2% Other, 2% Commercial Real Estate Business Line Growth driven by multi-family & industrial projects; excellent credit quality 12/31/24 Ɣ 1Excludes CRE business line loans not secured by real estate Ɣ 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Primarily Lower Risk Multi-family & Industrial1 (4Q24 period-end) Total $9.4B Strong Credit Profile Driven by: • Long history of working with well-established, proven developers • Experienced relationship team; average tenure: • CRE line of business leadership: ~28 years • Relationship managers: ~19 years • CRE credit approval team: ~25 years • Significant up-front equity required (typical ly averaging 35-40%, often from institutional investors) • ~70% has recourse • Majority of commitments originate as construction • Primary strategy is financing development of Class A, urban infill multi-family & warehouse distribution in major sun belt metros (31% CA, 27% TX, 12% Southeast, 12% Southwest) • Credit marginally improved & remains manageable • ~75% of the portfolio maturing by the end of 2026 ©2025, Comerica Inc. All rights reserved. 39 Excellent Credit Quality in Commercial Real Estate Business No significant net charge-offs since 2014 ($ in millions) 4Q23 1Q24 2Q24 3Q24 4Q24 NAL 18 18 18 18 49 Criticized2 481 443 448 476 442 % Criticized 4.8% 4.3% 4.3% 4.5% 4.4% NCO (Recoveries) (0.38) (0.01) (0.26) (1.48) (0.30) ©2025, Comerica Inc. All rights reserved. Total Office Portfolio Not a primary strategy Geographic Diversification By State $ in millions 12/31/24 9/30/24 California $277.7 $289.3 Texas 201.2 227.3 Michigan 60.8 61.1 Washington 40.1 40.1 Arizona 20.5 36.2 Nevada 11.8 11.9 Georgia 4.7 4.7 Illinois 4.4 4.4 Florida 1.5 1.5 Subtotal 622.7 676.5 Other 1 58.5 59.1 Total Loans $681.2 $735.6 Key Office Portfolio Metrics $ in millions 12/31/24 9/30/24 Total Loans $681.2 $735.6 Avg. Loan Outstanding $4.7 $5.0 Net Charge-Offs 0.0% 0.0% Delinquencies 2 0.2% 0.7% Non-Performing Loans 4.7% 3.3% Criticized Loans3 19.6% 20.1% 12/31/24 Ɣ 1Other includes loans to funds secured by multiple properties Ɣ 2Loans 30 days or more past due Ɣ 3Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 40
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Total CMA Office Exposure • Not primary strategy: Total CMA office loans of $681MM, or <1% of total loans; outstandings within CRE LOB of $402MM, or <1% of total CMA loans • Selective geography: Urban in-fill & suburban strategy • Majority recourse: Strong sponsors critical to underwriting • Monitoring credit: Criticized loans totaling ~$133MM (or ~20% of total office portfolio) Multi-family, 48% Industrial, 29% Self-Storage, 5% Retail, 4% Office, 4% Single Family / Land Development, 3% Land Carry, 3% Multi-use, 2% Other, 2% Commercial Real Estate Business Line Growth driven by multi-family & industrial projects; excellent credit quality 12/31/24 Ɣ 1Excludes CRE business line loans not secured by real estate Ɣ 2Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories Primarily Lower Risk Multi-family & Industrial1 (4Q24 period-end) Total $9.4B Strong Credit Profile Driven by: • Long history of working with well-established, proven developers • Experienced relationship team; average tenure: • CRE line of business leadership: ~28 years • Relationship managers: ~19 years • CRE credit approval team: ~25 years • Significant up-front equity required (typical ly averaging 35-40%, often from institutional investors) • ~70% has recourse • Majority of commitments originate as construction • Primary strategy is financing development of Class A, urban infill multi-family & warehouse distribution in major sun belt metros (31% CA, 27% TX, 12% Southeast, 12% Southwest) • Credit marginally improved & remains manageable • ~75% of the portfolio maturing by the end of 2026 ©2025, Comerica Inc. All rights reserved. 39 Excellent Credit Quality in Commercial Real Estate Business No significant net charge-offs since 2014 ($ in millions) 4Q23 1Q24 2Q24 3Q24 4Q24 NAL 18 18 18 18 49 Criticized2 481 443 448 476 442 % Criticized 4.8% 4.3% 4.3% 4.5% 4.4% NCO (Recoveries) (0.38) (0.01) (0.26) (1.48) (0.30) ©2025, Comerica Inc. All rights reserved. Total Office Portfolio Not a primary strategy Geographic Diversification By State $ in millions 12/31/24 9/30/24 California $277.7 $289.3 Texas 201.2 227.3 Michigan 60.8 61.1 Washington 40.1 40.1 Arizona 20.5 36.2 Nevada 11.8 11.9 Georgia 4.7 4.7 Illinois 4.4 4.4 Florida 1.5 1.5 Subtotal 622.7 676.5 Other 1 58.5 59.1 Total Loans $681.2 $735.6 Key Office Portfolio Metrics $ in millions 12/31/24 9/30/24 Total Loans $681.2 $735.6 Avg. Loan Outstanding $4.7 $5.0 Net Charge-Offs 0.0% 0.0% Delinquencies 2 0.2% 0.7% Non-Performing Loans 4.7% 3.3% Criticized Loans3 19.6% 20.1% 12/31/24 Ɣ 1Other includes loans to funds secured by multiple properties Ɣ 2Loans 30 days or more past due Ɣ 3Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 40
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©2025, Comerica Inc. All rights reserved. Multi-family Portfolio Key Multi-family Portfolio Metrics $ in millions 12/31/24 9/30/24 Total Loans $4,815.3 $5,172.7 Avg. Loan Outstanding $16.3 $17.1 Net Charge-Offs 0.0% 0.0% Delinquencies2 0.0% 0.5% Non-Performing Loans 0.7% 0.0% Criticized Loans3 4.0% 4.8% 12/31/24 Ɣ 1Other includes various other states Ɣ 2Loans 30 days or more past due Ɣ 3Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 43% 26% 13% 8% 10% California LA County Bay Area Orange County Sacramento County Other 42% 33% 16% 9% Texas DFW Austin Houston San Antonio Geographic Diversification By State $ in millions 12/31/24 9/30/24 California $1,414.6 $1,667.4 Texas 1,405.6 1,499.1 Florida 409.0 412.9 Washington 228.0 241.2 Arizona 207.2 238.5 North Carolina 200.2 193.5 Colorado 193.1 168.3 Oregon 167.6 158.0 Michigan 135.8 103.7 Subtotal 4,361.1 4,682.6 Other 1 454.2 490.1 Total Loans $4,815.3 $5,172.7 41 Energy Primarily E&P exposure 12/31/24 Ɣ 1Includes Services of 4Q23 $11MM; 1Q24 $10MM; 2Q24 $8MM; 3Q24 $6MM; 4Q24 $3MM Period-end Loans ($ in millions) 1,070 1,048 1,109 1,084 1,188 312 310 300 228 298 1,382 1,358 1,409 1,312 1,486 4Q23 1Q24 2Q24 3Q24 4Q24 Midstream Exploration & Production1 ©2025, Comerica Inc. All rights reserved. 42 • Exposure $3.5B / 41% utilization • Hedged 50% or more of production: • At least one year: 71% of customers • At least two years: 48% of customers • Focus on larger, sophisticated E&P & Midstream companies • E&P: • 54% Oil-focused • 23% Natural Gas focused • 23% Oil/Gas balanced • Excellent credit quality in 4Q24 • <1% Criticized loans • $0.5MM Net recoveries
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©2025, Comerica Inc. All rights reserved. Multi-family Portfolio Key Multi-family Portfolio Metrics $ in millions 12/31/24 9/30/24 Total Loans $4,815.3 $5,172.7 Avg. Loan Outstanding $16.3 $17.1 Net Charge-Offs 0.0% 0.0% Delinquencies2 0.0% 0.5% Non-Performing Loans 0.7% 0.0% Criticized Loans3 4.0% 4.8% 12/31/24 Ɣ 1Other includes various other states Ɣ 2Loans 30 days or more past due Ɣ 3Criticized loans are consistent with regulatory defined Special Mention, Substandard, & Doubtful categories 43% 26% 13% 8% 10% California LA County Bay Area Orange County Sacramento County Other 42% 33% 16% 9% Texas DFW Austin Houston San Antonio Geographic Diversification By State $ in millions 12/31/24 9/30/24 California $1,414.6 $1,667.4 Texas 1,405.6 1,499.1 Florida 409.0 412.9 Washington 228.0 241.2 Arizona 207.2 238.5 North Carolina 200.2 193.5 Colorado 193.1 168.3 Oregon 167.6 158.0 Michigan 135.8 103.7 Subtotal 4,361.1 4,682.6 Other 1 454.2 490.1 Total Loans $4,815.3 $5,172.7 41 Energy Primarily E&P exposure 12/31/24 Ɣ 1Includes Services of 4Q23 $11MM; 1Q24 $10MM; 2Q24 $8MM; 3Q24 $6MM; 4Q24 $3MM Period-end Loans ($ in millions) 1,070 1,048 1,109 1,084 1,188 312 310 300 228 298 1,382 1,358 1,409 1,312 1,486 4Q23 1Q24 2Q24 3Q24 4Q24 Midstream Exploration & Production1 ©2025, Comerica Inc. All rights reserved. 42 • Exposure $3.5B / 41% utilization • Hedged 50% or more of production: • At least one year: 71% of customers • At least two years: 48% of customers • Focus on larger, sophisticated E&P & Midstream companies • E&P: • 54% Oil-focused • 23% Natural Gas focused • 23% Oil/Gas balanced • Excellent credit quality in 4Q24 • <1% Criticized loans • $0.5MM Net recoveries
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Toyota/Lexus 11% Honda/Acura 14% Ford 6% GM 7% Jaguar/Land Rover 8% Stellantis 6% Mercedes 3% Nissan/ Infiniti 3% Other European 12% Other Asian 10% Other 20% National Dealer Services 75+ years of floor plan lending 12/31/24 Ɣ 1Other includes obligations where a primary franchise is indeterminable (Multi-franchise, rental car & leasing companies, heavy truck, recreational vehicles, & non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) • Top-tier strategy • National in scope • Focus on “Mega Dealer” (five or more dealerships in group) • Strong credit quality; Robust monitoring of company inventory & performance • Floor Plan remained below historical averages 2.2 2.0 1.2 0.6 0.6 0.6 0.8 1.0 1.2 1.4 1.7 1.7 2.1 2.0 2.2 2.2 2.4 5.5 5.3 4.4 3.8 3.9 4.1 4.5 4.8 5.1 5.4 5.8 5.8 6.0 5.7 5.7 5.5 5.5 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Floor Plan Average Loans ($ in billions) Total $5.5B 1 ©2025, Comerica Inc. All rights reserved. 43 3,312 3,070 2,933 2,994 2,960 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4Q23 1Q24 2Q24 3Q24 4Q24 791 713 724 705 724 4Q23 1 Q24 2 Q24 3 Q24 4 Q24 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 12/31/24 Average Loans ($ in millions) • Manage concentration to numerous verticals to ensure widely diversified portfolio • Closely monitor cash balances & maintain robust backroom operation • 10 offices throughout US & Canada Strong Loan to Deposit Ratio Relative to Other Business Lines (Average Deposits; $ in millions) Growth 64% Early Stage 13% Late Stage 23% Customer Segment Overview (approximate; 4Q24 period-end loans) Total $786MM ©2025, Comerica Inc. All rights reserved. 44
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Toyota/Lexus 11% Honda/Acura 14% Ford 6% GM 7% Jaguar/Land Rover 8% Stellantis 6% Mercedes 3% Nissan/ Infiniti 3% Other European 12% Other Asian 10% Other 20% National Dealer Services 75+ years of floor plan lending 12/31/24 Ɣ 1Other includes obligations where a primary franchise is indeterminable (Multi-franchise, rental car & leasing companies, heavy truck, recreational vehicles, & non-floor plan loans) Franchise Distribution (Based on period-end loan outstandings) • Top-tier strategy • National in scope • Focus on “Mega Dealer” (five or more dealerships in group) • Strong credit quality; Robust monitoring of company inventory & performance • Floor Plan remained below historical averages 2.2 2.0 1.2 0.6 0.6 0.6 0.8 1.0 1.2 1.4 1.7 1.7 2.1 2.0 2.2 2.2 2.4 5.5 5.3 4.4 3.8 3.9 4.1 4.5 4.8 5.1 5.4 5.8 5.8 6.0 5.7 5.7 5.5 5.5 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Floor Plan Average Loans ($ in billions) Total $5.5B 1 ©2025, Comerica Inc. All rights reserved. 43 3,312 3,070 2,933 2,994 2,960 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4Q23 1Q24 2Q24 3Q24 4Q24 791 713 724 705 724 4Q23 1 Q24 2 Q24 3 Q24 4 Q24 Technology & Life Sciences ~30 years of deep expertise & strong relationships with top-tier investors 12/31/24 Average Loans ($ in millions) • Manage concentration to numerous verticals to ensure widely diversified portfolio • Closely monitor cash balances & maintain robust backroom operation • 10 offices throughout US & Canada Strong Loan to Deposit Ratio Relative to Other Business Lines (Average Deposits; $ in millions) Growth 64% Early Stage 13% Late Stage 23% Customer Segment Overview (approximate; 4Q24 period-end loans) Total $786MM ©2025, Comerica Inc. All rights reserved. 44
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Equity Fund Services Strong relationships with top-tier Private Equity firms 12/31/24 • Customized solutions for Private Equity & Venture Capital firms • Credit Facilities (Funds, General Partners, Management Companies) • Treasury Management • Capital Markets, including Syndication & Foreign Exchange • Customers in the US & Canada • Well-diversified across funds with various industry strategies • Drives connectivity with other teams • Middle Market • Commercial Real Estate • Environmental Services •E n e r g y • Technology & Life Sciences • Private Banking • Strong credit profile • No charge-offs • No criticized loans ©2025, Comerica Inc. All rights reserved. 45 Loans ($ in millions) 2,453 1,981 1,690 1,709 1,634 1,622 1,802 4Q23 1Q24 2Q24 3Q24 4Q24 3Q24 4Q24 Average Balances Period-end Balances Environmental Services Department Experienced team; specialized industry, committed to growth 12/31/24 Ɣ 1As of 1/15/25 • 15+ year experienced team with 20+ year management tenure • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality Waste Management & Recycling • Insight & expertise with: • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Financing for M&A & growth capital Renewable Energy Solutions • Formed group in 2022; active in the landfill-gas-to-energy & biomass industries for more than a decade • Expanded focus to also include solar, wind, anaerobic digestion, & battery energy standalone storage • Over 75% of the commitments are solar1 1,830 1,826 1,814 1,811 1,835 535 550 638 776 822 2,365 2,376 2,452 2,587 2,657 4Q23 1Q24 2Q24 3Q24 4Q24 Renewable EnergySolutions Waste Management & Recycling Average Loans ($ in millions) ©2025, Comerica Inc. All rights reserved. 46
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Equity Fund Services Strong relationships with top-tier Private Equity firms 12/31/24 • Customized solutions for Private Equity & Venture Capital firms • Credit Facilities (Funds, General Partners, Management Companies) • Treasury Management • Capital Markets, including Syndication & Foreign Exchange • Customers in the US & Canada • Well-diversified across funds with various industry strategies • Drives connectivity with other teams • Middle Market • Commercial Real Estate • Environmental Services •E n e r g y • Technology & Life Sciences • Private Banking • Strong credit profile • No charge-offs • No criticized loans ©2025, Comerica Inc. All rights reserved. 45 Loans ($ in millions) 2,453 1,981 1,690 1,709 1,634 1,622 1,802 4Q23 1Q24 2Q24 3Q24 4Q24 3Q24 4Q24 Average Balances Period-end Balances Environmental Services Department Experienced team; specialized industry, committed to growth 12/31/24 Ɣ 1As of 1/15/25 • 15+ year experienced team with 20+ year management tenure • Dedicated relationship managers advise & guide customers on profitably growing their business by providing banking solutions • Focus on middle market-sized companies with full banking relationships • Historically strong credit quality Waste Management & Recycling • Insight & expertise with: • Transfer stations, disposal & recycling facilities • Commercial & residential waste collection • Financing for M&A & growth capital Renewable Energy Solutions • Formed group in 2022; active in the landfill-gas-to-energy & biomass industries for more than a decade • Expanded focus to also include solar, wind, anaerobic digestion, & battery energy standalone storage • Over 75% of the commitments are solar1 1,830 1,826 1,814 1,811 1,835 535 550 638 776 822 2,365 2,376 2,452 2,587 2,657 4Q23 1Q24 2Q24 3Q24 4Q24 Renewable EnergySolutions Waste Management & Recycling Average Loans ($ in millions) ©2025, Comerica Inc. All rights reserved. 46
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©2025, Comerica Inc. All rights reserved. Comerica’s Core Values Trust Own Act To raise expectations of what a bank can be for our colleagues, customers & communities 47 ©2025, Comerica Inc. All rights reserved. Descriptions of Notable Items Subject Description Securities repositioning • Securities repositioning relates to losses incurred on the 4Q24 sale of $827MM of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years. Impact of BSBY cessation announcement • On November 15, 2023, Bloomberg Index Services Limited officially announced the future permanent cessation of Bloomberg Short-Term Bank Yield Index (“BSBY”) on November 15, 2024. • This announcement resulted in a temporary loss of hedge accounting for a portion of cash flow hedges, driving recognition of unrealized losses related to applicable swaps previously in AOCI in 4Q23 & 1Q24 & an impact to net interest income expected quarterly from 4Q23 through 2028. FDIC special assessment • CMA recorded an adjustment to lower the accrual related to the FDIC’s Deposit Insurance Fund (DIF) special assessment in 3Q24 & 4Q24 & an expense in 4Q23, 1Q24 & 2Q24. Modernization & expense recalibration initiatives • Actions taken to transform the retail banking delivery model, align corporate facilities, optimize technology platforms, enhance earnings power & create capacity for strategic & risk management investments resulted in severance charges. 48
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©2025, Comerica Inc. All rights reserved. Comerica’s Core Values Trust Own Act To raise expectations of what a bank can be for our colleagues, customers & communities 47 ©2025, Comerica Inc. All rights reserved. Descriptions of Notable Items Subject Description Securities repositioning • Securities repositioning relates to losses incurred on the 4Q24 sale of $827MM of Treasury securities that were replaced with higher-yielding Treasury securities with a duration of 1.9 years. Impact of BSBY cessation announcement • On November 15, 2023, Bloomberg Index Services Limited officially announced the future permanent cessation of Bloomberg Short-Term Bank Yield Index (“BSBY”) on November 15, 2024. • This announcement resulted in a temporary loss of hedge accounting for a portion of cash flow hedges, driving recognition of unrealized losses related to applicable swaps previously in AOCI in 4Q23 & 1Q24 & an impact to net interest income expected quarterly from 4Q23 through 2028. FDIC special assessment • CMA recorded an adjustment to lower the accrual related to the FDIC’s Deposit Insurance Fund (DIF) special assessment in 3Q24 & 4Q24 & an expense in 4Q23, 1Q24 & 2Q24. Modernization & expense recalibration initiatives • Actions taken to transform the retail banking delivery model, align corporate facilities, optimize technology platforms, enhance earnings power & create capacity for strategic & risk management investments resulted in severance charges. 48
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©2025, Comerica Inc. All rights reserved. Ameriprise Transition Accounting Impact Subject Description Ameriprise partnership accounting Based on the terms of our Ameriprise relationship, reallocation of certain items previously within noninterest income & noninterest expense now presented within noninterest income. No bottom-line impact as these changes fully offset one another. FY23 Comparative impacts of changes in accounting presentation -$22MM noninterest income Ǧ $24MM other noninterest income Ǧ $20MM fiduciary income + $22MM brokerage fees -$22MM noninterest expense Ǧ $21MM salaries & benefits Ǧ $1MM outside processing 49 Reconciliations ©2025, Comerica Inc. All rights reserved. 50 (period-end, millions, except per share data) 4Q24 3Q24 2Q24 1Q24 4Q23 Tangible Common Equity Total shareholders’ equity $6,543 $7,366 $6,161 $6,050 $6,406 Less fixed-rate non-cumulative perpetual preferred stock $394 $394 $394 $394 $394 Common shareholders’ equity $6,149 $6,972 $5,767 $5,656 $6,012 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $6 $7 $8 $8 Tangible common equity $5,508 $6,331 $5,125 $5,013 $5,369 Total assets $79,297 $79,663 $79,597 $79,444 $85,834 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $6 $7 $8 $8 Tangible assets $78,656 $79,022 $78,955 $78,801 $85,191 Common equity ratio 7.75% 8.75% 7.24% 7.12% 7.00% Tangible common equity ratio 7.00% 8.01% 6.49% 6.36% 6.30% Tangible Common Equity Tangible common equity is used by Comerica to measure the quality of capital & the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital & total assets. Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. (period-end, millions, except per share data) 4Q24 4Q23 Tangible Common Equity per Share of Common Stock (Tangible Book Value per Share of Common Stock) Common shareholders’ equity $6,149 $6,012 Tangible common equity $5,508 $5,369 Shares of common stock outstanding 131 132 Common shareholders' equity per share of common stock $46.79 $45.58 Tangible common equity per share of common stock $41.91 $40.70
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©2025, Comerica Inc. All rights reserved. Ameriprise Transition Accounting Impact Subject Description Ameriprise partnership accounting Based on the terms of our Ameriprise relationship, reallocation of certain items previously within noninterest income & noninterest expense now presented within noninterest income. No bottom-line impact as these changes fully offset one another. FY23 Comparative impacts of changes in accounting presentation -$22MM noninterest income Ǧ $24MM other noninterest income Ǧ $20MM fiduciary income + $22MM brokerage fees -$22MM noninterest expense Ǧ $21MM salaries & benefits Ǧ $1MM outside processing 49 Reconciliations ©2025, Comerica Inc. All rights reserved. 50 (period-end, millions, except per share data) 4Q24 3Q24 2Q24 1Q24 4Q23 Tangible Common Equity Total shareholders’ equity $6,543 $7,366 $6,161 $6,050 $6,406 Less fixed-rate non-cumulative perpetual preferred stock $394 $394 $394 $394 $394 Common shareholders’ equity $6,149 $6,972 $5,767 $5,656 $6,012 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $6 $7 $8 $8 Tangible common equity $5,508 $6,331 $5,125 $5,013 $5,369 Total assets $79,297 $79,663 $79,597 $79,444 $85,834 Less goodwill $635 $635 $635 $635 $635 Less other intangible assets $6 $6 $7 $8 $8 Tangible assets $78,656 $79,022 $78,955 $78,801 $85,191 Common equity ratio 7.75% 8.75% 7.24% 7.12% 7.00% Tangible common equity ratio 7.00% 8.01% 6.49% 6.36% 6.30% Tangible Common Equity Tangible common equity is used by Comerica to measure the quality of capital & the return relative to balance sheet risk. The tangible common equity ratio removes the effect of intangible assets from capital & total assets. Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. (period-end, millions, except per share data) 4Q24 4Q23 Tangible Common Equity per Share of Common Stock (Tangible Book Value per Share of Common Stock) Common shareholders’ equity $6,149 $6,012 Tangible common equity $5,508 $5,369 Shares of common stock outstanding 131 132 Common shareholders' equity per share of common stock $46.79 $45.58 Tangible common equity per share of common stock $41.91 $40.70
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©2025, Comerica Inc. All rights reserved. Uninsured Deposits Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk. Total uninsured deposits as calculated per regulatory guidance & reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Reconciliations Continued Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. Ɣ 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation Ɣ 2Diluted earnings per common share (period-end; millions) 4Q24 4Q22 4Q19 (A) Total uninsured deposits, as calculated per regulatory guidelines $33,387 $45,492 $34,341 (B) Affiliate deposits 1 $3,876 $4,458 $3,188 (A-B) Total uninsured deposits, excluding affiliate $29,511 $41,034 $31,153 51 Adjusted Earnings Per Common Share2 Comerica believes that the presentation of adjusted earnings per share provides a greater understanding of ongoing operations & financial results by removing the impact of notable items. Notable items are meaningful because they provide greater detail of how certain events or initiatives affect Comerica’s results for a more informed understanding of those results. (dollar amounts in millions, except per share data) 4Q24 3Q24 4Q23 FY24 FY23 Net income attributable to common shareholders $163 $177 $27 $671 $854 Securities repositioning $19 -- -- $19 -- Net BSBY cessation hedging losses (gains) ($16) $9 $88 $32 $88 FDIC special assessment ($2) ($4) $109 $13 $109 Modernization & expense recalibration initiatives ($5) $2 $21 -- $31 Income tax impact of above items $1 ($2) ($52) ($15) ($54) Adjusted net income attributable to common shareholders $160 $182 $193 $720 $1,028 Diluted average common shares (in millions) 133 134 133 134 133 Diluted earnings per common share: Reported $1.22 $1.33 $0.20 $5.02 $6.44 Adjusted $1.20 $1.37 $1.46 $5.39 $7.75 Holding Company Debt Rating As of 2/28/25 Ɣ Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A- - M&T Bank Baa1 BBB+ A BOK Financial Baa1 BBB+ A Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- Regions Financial Baa1 BBB+ A- Citizens Financial Group Baa1 BBB+ BBB+ Comerica Baa2 BBB A- KeyCorp Baa2 BBB BBB+ Webster Financial Baa2 BBB - First Horizon National Corp Baa3 - BBB+ Western Alliance Baa3 - BBB Synovus Financial - BBB- BBB ©2025, Comerica Inc. All rights reserved. 52
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©2025, Comerica Inc. All rights reserved. Uninsured Deposits Comerica believes that the presentation of uninsured deposits adjusted for the impact of affiliate deposits provides enhanced clarity of uninsured deposits at risk. Total uninsured deposits as calculated per regulatory guidance & reported on schedule RC-O of Comerica Bank’s Call Report include affiliate deposits, which by definition have a different risk profile than other uninsured deposits. The amounts presented below remove affiliate deposits from the total uninsured deposits number. Reconciliations Continued Comerica believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators & analysts to evaluate the adequacy of common equity & our performance trends. Ɣ 1Represents uninsured deposits using total deposits at the consolidated level for Comerica Inc. & subsidiaries, which is consistent with the presentation on the consolidated balance sheet, & excludes uninsured deposits eliminated in consolidation Ɣ 2Diluted earnings per common share (period-end; millions) 4Q24 4Q22 4Q19 (A) Total uninsured deposits, as calculated per regulatory guidelines $33,387 $45,492 $34,341 (B) Affiliate deposits 1 $3,876 $4,458 $3,188 (A-B) Total uninsured deposits, excluding affiliate $29,511 $41,034 $31,153 51 Adjusted Earnings Per Common Share2 Comerica believes that the presentation of adjusted earnings per share provides a greater understanding of ongoing operations & financial results by removing the impact of notable items. Notable items are meaningful because they provide greater detail of how certain events or initiatives affect Comerica’s results for a more informed understanding of those results. (dollar amounts in millions, except per share data) 4Q24 3Q24 4Q23 FY24 FY23 Net income attributable to common shareholders $163 $177 $27 $671 $854 Securities repositioning $19 -- -- $19 -- Net BSBY cessation hedging losses (gains) ($16) $9 $88 $32 $88 FDIC special assessment ($2) ($4) $109 $13 $109 Modernization & expense recalibration initiatives ($5) $2 $21 -- $31 Income tax impact of above items $1 ($2) ($52) ($15) ($54) Adjusted net income attributable to common shareholders $160 $182 $193 $720 $1,028 Diluted average common shares (in millions) 133 134 133 134 133 Diluted earnings per common share: Reported $1.22 $1.33 $0.20 $5.02 $6.44 Adjusted $1.20 $1.37 $1.46 $5.39 $7.75 Holding Company Debt Rating As of 2/28/25 Ɣ Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A- - M&T Bank Baa1 BBB+ A BOK Financial Baa1 BBB+ A Fifth Third Baa1 BBB+ A- Huntington Baa1 BBB+ A- Regions Financial Baa1 BBB+ A- Citizens Financial Group Baa1 BBB+ BBB+ Comerica Baa2 BBB A- KeyCorp Baa2 BBB BBB+ Webster Financial Baa2 BBB - First Horizon National Corp Baa3 - BBB+ Western Alliance Baa3 - BBB Synovus Financial - BBB- BBB ©2025, Comerica Inc. All rights reserved. 52
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Bank Debt Rating As of 2/28/25 Ɣ Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A - Fifth Third A3 A- A- Huntington A3 A- A- Citizens Financial Group A3 A- BBB+ M&T Bank A3 A- - BOK Financial Baa1 A- A Regions Financial Baa1 A- A- KeyCorp Baa1 BBB+ BBB+ Comerica Baa2 BBB+ A- Webster Bank Baa2 BBB+ - Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 - BBB+ Synovus Financial Baa3 BBB BBB Western Alliance Baa3 - BBB ©2025, Comerica Inc. All rights reserved. 53 Thank You Th k Y ©2025, Comerica Inc. All rights reserved.
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Bank Debt Rating As of 2/28/25 Ɣ Source: S&P Global Market Intelligence; Debt Ratings are not a recommendation to buy, sell, or hold securities Senior Unsecured/Long-Term Issuer Rating Moody’s S&P Fitch Cullen Frost A3 A - Fifth Third A3 A- A- Huntington A3 A- A- Citizens Financial Group A3 A- BBB+ M&T Bank A3 A- - BOK Financial Baa1 A- A Regions Financial Baa1 A- A- KeyCorp Baa1 BBB+ BBB+ Comerica Baa2 BBB+ A- Webster Bank Baa2 BBB+ - Zions Bancorporation Baa2 BBB+ BBB+ First Horizon National Corp Baa3 - BBB+ Synovus Financial Baa3 BBB BBB Western Alliance Baa3 - BBB ©2025, Comerica Inc. All rights reserved. 53 Thank You Th k Y ©2025, Comerica Inc. All rights reserved.