Comerica Incorporated : 2022 Quarterly Earnings Q4 4Q22 Infographic

Fourth quarter 2022 overview

Record revenue, robust loan growth & exceptional credit quality

Earnings Per Share

$2.58

	Record Revenue		Record Net		Noninterest Expense
+4%	Growth in net interest	+5%	Interest Income	+8%	Supporting revenue
Benefit from higher
income & continued	growth & strategic
rates & loan growth
	strong fee generation			modernization initiatives

Net Income

$350MM

Excellent

Credit Quality

• $4MM of net recoveries
• Criticized & nonperforming loans decreased from already low levels

Strong	51.1	52.4	Strategic Deposit	74.0	71.4
Loan Growth			Management
Broad-based			Customers deploying cash;
growth in loans &			Began seeing positive trends
commitments	3Q22	4Q22	from pricing actions	3Q22	4Q22
	($ in billions; Average)		($ in billions; Average)

"We ended the year strong with fourth quarter net income of $350 million or $2.58 per share. Average loans grew $1.3 billion, or over 2%, and we modestly increased

Strong Capital (CET1)

Return on Assets

Efficiency Ratio

reserves consistent with loan growth and the softening economic outlook. Average deposits decreased; however, we began to see positive trends resulting from pricing actions. Expenses reflected investments in our business that support our revenue- generating activities, and credit quality remained exceptional."

9.93% 10.02%

1.63%

1.65%

51% 53%

Curtis C. Farmer, Comerica Chairman, President & CEO

Strong Fundamentals
Targeted Business Strategy	Revenue Growth
• Weighted to Commercial as a leading	• Strong net interest income, loan
bank for business with industry expertise	& fee income
• Fee-generating Wealth Management	• Robust product suite to support
capabilities deepening relationships	Payments strategy
• Granular, deposit-gathering Retail Bank	• Footprint includes faster growth
servicing customers across divisions	markets

4Q22 vs. 3Q22 • This document is only a summary and is not intended to be complete.

3Q22 4Q22 Estimate

Relationship Focused

• Expertise across core & specialty businesses
• Long-tenured,experienced team
• Collaboration between 3 revenue divisions
• Strong deposit base & mix

3Q22 4Q22

Efficient Operations

• Continuous improvement culture
• Investing in modernization

3Q22 4Q22

Credit Discipline

• Consistent, conservative underwriting standards
• Superior credit performance through last recession
• Balanced exposure to a wide variety of industries

For additional information on Comerica Incorporated, please refer to our public filings made with the Securities and Exchange Commission ("SEC"), which can be found at www.sec.gov, including, without limitation, our Current Report on Form 8-K, filed with the SEC on Jan. 19, 2023.

Full Year 2022 overview

Superior financial results & achievements aligned with refreshed core values

Record Earnings Per Share

$8.47

Record Revenue

($ in billions, Average) 3.5

3.0

19%

ONE	• Delivered enhanced employee benefits
•	Announced Collaboration & Innovation hubs
COMERICA	•	Achieved colleague Sustainable Engagement

score of 84%

Net Income

$1.15B

"Today we reported record annual earnings per share of $8.47. We generated 8% growth in average loans, excluding PPP loan activity (3% growth with PPP), our highest rate of organic growth in well over a decade, as we expanded relationships and won new customers. Our revenue increased 19% to $3.5 billion, supporting strategic investments in our business while lowering our efficiency ratio to 56%. Credit quality remained excellent. In summary, a successful performance resulting in our ROE increasing to 18.6% and ROA to 1.3%."

Curtis C. Farmer

Comerica Chairman, President & CEO

20212022

Loan Growth

($ in billions, Average)

49.150.5

3%

20212022

Efficiency Ratio

62%56%

20212022

THE CUSTOMER COMES FIRST

THE BIGGER POSSIBLE

1. FORCE FOR GOOD

• Launched Digital Journeys to further elevate customer experience beginning with Treasury Management
• Enhanced Voice of Customer program
• Invested in transformative strategy for Payments
• Re-imaginedretail delivery model
• Prioritized cloud-first approach to data
• Achieved ~85% of $5B Small Business Financing Commitment (runs 2021-2023)
• Developed BusinessHQ
• Published Inaugural TCFD report
• Recognized by Newsweek for Commitment to Corporate Responsibility & Diversity

TRUST. ACT. OWN.

2022 vs. 2021 • This document is only a summary and is not intended to be complete.

For additional information on Comerica Incorporated, please refer to our public filings made with the Securities and Exchange Commission ("SEC"), which can be found at www.sec.gov, including, without limitation, our Current Report on Form 8-K, filed with the SEC on Jan. 19, 2023.

Safe Harbor Statement

Any statements in this presentation that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "contemplates," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "opportunity," "initiative," "outcome," "continue," "remain," "maintain," "on track," "trend," "objective," "looks forward," "projects," "models" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this presentation and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries as well as estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include credit risks (unfavorable developments concerning credit quality; declines or other changes in the businesses or industries of Comerica's customers, and changes in customer behavior); market risks (changes in monetary and fiscal policies; fluctuations in interest rates and their impact on deposit pricing; and transitions away from LIBOR towards new interest rate benchmarks); liquidity risks (Comerica's ability to maintain adequate sources of funding and liquidity; reductions in Comerica's credit rating; and the interdependence of financial service companies); technology risks (cybersecurity risks and heightened legislative and regulatory focus on cybersecurity and data privacy); operational risks (operational, systems or infrastructure failures; reliance on other companies to provide certain key components of business infrastructure; the impact of legal and regulatory proceedings or determinations; losses due to fraud; and controls and procedures failures); compliance risks (changes in regulation or oversight, or changes in Comerica's status with respect to existing regulations or oversight; the effects of stringent capital requirements; and the impacts of future legislative, administrative or judicial changes to tax regulations); strategic risks (damage to Comerica's reputation; Comerica's ability to utilize technology to efficiently and effectively develop, market and deliver new products and services; competitive product and pricing pressures among financial institutions within Comerica's markets; the implementation of Comerica's strategies and business initiatives; management's ability to maintain and expand customer relationships; management's ability to retain key officers and employees; and any future strategic acquisitions or divestitures); and other general risks (impacts from the COVID-19 global pandemic; changes in general economic, political or industry conditions; the effectiveness of methods of reducing risk exposures; the effects of catastrophic events; changes in accounting standards and the critical nature of Comerica's accounting policies; and the volatility of Comerica's stock price). Comerica cautions that the foregoing list of factors is not all-inclusive. For discussion of factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. In particular, please refer to "Item 1A. Risk Factors" beginning on page 13 of Comerica's Annual Report on Form 10-K for the year ended December 31, 2021. 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.

FOR MORE INFORMATION:

Kelly Gage, Director of Investor Relations 214.462.6831 |[e-mail]