Comerica Incorporated Morgan Stanley U.S. Financials, Payments and CRE Conference June 13, 2023 Curt Farmer Chairman & Chief Executive Officer Jim Herzog Chief Financial Officer Peter Sefzik Chief Banking Officer Kelly Gage Director of Investor Relations 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 the date of this presentation 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 (changes in customer behavior; unfavorable developments concerning credit quality; and declines or other changes in the businesses or industries of Comerica's customers); 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 (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, including pandemics; physical or transition risks related to climate change; changes in accounting standards; 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, 2022, as updated by “Item 1A. Risk Factors” beginning on page 60 of Comerica’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. 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. 2©2023, Comerica Inc. All rights reserved.

3©2023, Comerica Inc. All rights reserved. Our Differentiated Value Proposition A Leading Bank for Business complemented by strong Retail & Wealth Management Distinctive Commercial Franchise • Long-standing, trust-based customer relationships, averaging >15 years in Middle Market • Tenured, expert relationship & group managers with average 10 & 20 years at Comerica, respectively1 • Consistent, disciplined credit underwriting standards & a “through-the-cycle” mindset • Diversified business mix with attractive, growth & relationship-oriented business lines like Middle Market, Environmental Services & Small Business • Complimentary marketing services to help small businesses grow Complementary fee & relationship products • Distinctive Treasury Solutions used for 95% of Commercial noninterest- bearing deposits • Complementary Capital Markets business • Differentiated Wealth Management business specializing in the needs of business owners and executives, used by 36% of Commercial clients • Largest third-party fiduciary business in the country with Advisor Solutions serving some of the country’s largest Broker Dealers in Estate Settlement; Oil, Gas & Mineral Management; Special Needs Trusts & Philanthropic Robust, low-cost deposit base • Deep, sticky operating accounts with our C&I customers driving an 85% loan-to-deposit ratio, below our 15-year average • Expert bankers serving tenured customer relationships with average customer deposit balance exceeding industry • Growing small business segment of deposit rich relationships (99% have a deposit relationship) Efficient technology & operations • Lean, modern technology architecture & delivery model, including our “digital factory” • Investment spend focused only on areas of true competitive advantage • Solid efficiency ratio of 55.53% • Modernization journey to transform retail delivery to optimize experience & efficiency 3/31/23 1As of 3/2/23 ©2023, Comerica Inc. All rights reserved. Diversified Businesses Strategic diversification across geographies & business lines MI 23% CA 35% TX 22% Other Markets3 20% $53.5B Commercial Bank 54% Retail Bank 37% Wealth Management 7% Other 2% $67.8B Commercial Bank 86% Retail Bank 4% Wealth Management 10% $53.5B MI 36% CA 27% TX 16% Other Markets3 21% $67.8B Loans1 Deposits2 Markets Businesses Commercial Bank includes 12 different business lines, including Middle Market, Business Banking, CRE & other national & specialty businesses (see slide 21) 1Average 1Q23 loans 2Average 1Q23 deposits 3Other Markets includes FL, AZ, International Finance Division & businesses that have a significant presence outside of the three primary geographic markets 4

What our customers say… “We have not had any concerns about the recent news. We enjoy great service with Comerica & love having all our banking needs consolidated within one bank.” - Commercial Bank Customer “Thank you for all that you’re helping us with. It’s so refreshing to feel like we have experts on our side as we think through all of these issues. What you’re helping us with is the most important thing in all of our lives right now.” - Wealth Management Customer “Comerica’s responsiveness & patience throughout the process was amazing & appreciated. Of all the partners that we worked with throughout our transition, Comerica was BY FAR the one that was the most organized & on top of things” - New Comerica Customer “Comerica has earned our trust, the personnel is always exceptionally helpful, and we have only had good experiences.” - Retail Customer 5©2023, 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 our customers Full 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 ©2023, Comerica Inc. All rights reserved. 2Q23 Loan Update & Strategic Actions 50.0 51.1 52.4 53.5 55.3 30.0 40.0 50.0 60.0 2Q22 3Q22 4Q22 1Q23 2Q23 Thru 5/31 Loan Trends ($ in billions, average) • $1.8B increase in QTD average loans1 • Largest drivers were Commercial Real Estate, Large Corporate & National Dealer Services • FY23 outlook2: Average loans up ~8% vs. FY 2022 average • Expect mid 80’s loan to deposit ratio by year-end 20232 2Q23 metrics through 5/31/23 are preliminary & subject to change. 1Comparisons of 2Q23 through 5/31/23 vs 1Q23 2Outlook as of 6/12/23 6 Increasingly selective loan growth; enhancing the sustainability of our strong liquidity profile Strategic Actions to Enhance Core Business Focus Mortgage Banker Finance: Organically exit Mortgage Banker Finance business; expect to be largely complete by year-end 2023 • Benefits: • Smooths seasonality & cyclicality in loan portfolio • Improves capital efficiency • Enhances stability of our liquidity; expected to improve loan to deposit ratio by ~150 bps at year-end 20232 • Allows exit at full value compared to a sale of portfolio Increased Selectivity across Overall Portfolio: Prioritize relationships most aligned with our strategy, considering: • Pricing & return profile • Deposit contribution • Nature of relationship • Geography

©2023, Comerica Inc. All rights reserved. 2Q23 metrics through 6/7/23 are preliminary & subject to change. 1Comparisons of 2Q23 through 5/31/23 vs 1Q23 2Source for peer data: S&P Global Market Intelligence & company press releases 7 Deposits & Liquidity • QTD period-end deposits reflect1 - $3.5B noninterest-bearing deposits; $600MM of decline related to timing of Direct Express payments; largest other declines in Retail, Financial Institutions, Middle Market & Energy + $3.4B interest-bearing deposits • 1Q23 total funding cost of 1.25bps compared to peer average of 1.46bps2 • NIB average deposit mix 47% QTD; loan to deposit ratio of 85% Maintained deposit normalization trend & abundant liquidity Source (5/31/23) $ in billions Amount or Total Capacity Remaining Capacity Cash 7 7 FHLB (securities & loan collateral) 17 2 BTFP1 (securities collateral) 11 11 Discount Window (loan collateral) 21 21 Total Liquidity Capacity $41 billion Total Liquidity Capacity (ex. Discount Window) $20 billion Low Unsecured Debt Obligations (Debt Maturities, $ in millions) 850 500 350 400 550 500 20232024202520262027202820292033 Deposit Trends ($ in billions; Average) 33.2 29.7 77.6 74.0 71.4 67.8 64.4 64.7 64.6 2Q22 3Q22 4Q22 1Q23 2Q23 Thru 6/7 1Q23 2Q23 Thru 6/7 NIB IB Period-End Holding Company Cash ($ in billions) 1.1 1.3 1.4 1.7 1.8 1.8 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Proven Credit Quality 3/31/23 Source for peer data: S&P Global Market Intelligence & company press releases 1Much of the TLS portfolio is also considered Leveraged & also reflected in the Leveraged data 92 42 19 16 13 13 11 9 9 8 8 7 6 5 C M A W A L ZI O N B O K F H B A N C FR FH N M TB SN V FI TB K EY W B S C FG R F Loan Loss Reserve / LTM NCO (times; 1Q23 period-end) • Well-diversified, relationship-based portfolio • Experienced managers with deep expertise • Conservative, consistent underwriting standards • Proactive, frequent customer dialogue Net Charge-offs Through Cycle (as a % of average loans) ©2023, Comerica Inc. All rights reserved. 8 (0.01) - 0.01 0.04 0.11 0.15 0.17 0.19 0.20 0.20 0.21 0.25 0.34 0.34 C M A ZI O N B O K F W A L FH N K EY SN V H B A N W B S C FR M TB FI TB R F C FG Net Charge-offs (recoveries) (percentage of average total loans; 1Q23) -0.5 0.5 1.5 2.5 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 1Q 23 Total CMA Peer Average Portfolios with Incremental Monitoring Business Line or Portfolio 3/31 Loans % of Total Loans % Criticized Commercial Real Estate Business Line $8.6B 15.7% 2.5% TLS1 $0.9B 1.7% 28% Leveraged $3.3B 6.1% 11.4% Automotive Production $1.1B 1.9% 21%

Noninterest Income & Noninterest Expenses 1Q23 compared to 4Q22 1Modernization initiative $6MM 1Q22; $7MM 2Q22; $7MM 3Q22; $18MM 4Q22; FY22 $38MM; $16MM 1Q23 2Gains/(losses) related to deferred comp plan of ($7MM) 1Q22, ($14MM) 2Q22, ($3MM) 3Q22, $6MM 4Q22, $4MM 1Q23 3Comparisons of 2Q23 through 5/31/23 vs 1Q23 Noninterest Income ($ in millions) 9©2023, Comerica Inc. All rights reserved. Noninterest Expenses1,2 ($ in millions) Robust fee generation; continued focus on efficiency 244 268 278 278 282 1Q22 2Q22 3Q22 4Q22 1Q23 473 482 502 541 551 66.9 58.0 50.8 53.0 55.5 1Q22 2Q22 3Q22 4Q22 1Q23 Efficiency Ratio % • Legal & FDIC expenses impacting QTD results3• Strong performance QTD in capital markets, card fees, & trust fees partially offset by risk management income3 Projected2 (0.8) (1.5) (2.4) (2.3) (2.1) (1.5)(0.2) (0.3) (1.0) (0.9) (0.6) (0.2) (0.2) (0.2) (0.2) (0.5) (0.5) (0.5) 1Q22 2Q22 3Q22 4Q22 1Q23 4Q24 Securities Swaps Pension 3/31/23 Source for peer data: S&P Global Market Intelligence 1Refer to reconciliation of non-GAAP financial measures in appendix 2Outlook as of 6/12/23; various assumptions including, but not limited to 5/31/23 forward curve, no new hedges & constant tax rate; pension is not projected & held constant 10©2023, Comerica Inc. All rights reserved. Capital Management Strong capital position above target CET1 of 10%; expect continued recapture of AOCI 10.1 9.0 8.9 8.3 8.2 8.2 8.0 7.9 7.6 7.5 7.5 7.4 7.3 7.2 B O K F C M A FH N C FG SN V R F W B S M TB FI TB ZI O N C FR K EY W A L H B A N Tangible Common Equity Ratio Ex. AOCI1 (percentages; 1Q23) Accumulated Other Comprehensive Income ($ in billions) Scenarios Est. AOCI Increase / (Decrease) Rate shock + 100 bps Static balances ($1.6B) Rates shock - 100 bps Static balances $1.6B Estimated Change in AOCI Derived Simulated Sensitivity Analysis for Securities & Swap Portfolios 10.00% 10.12% 7.0% 4Q22 1Q23 CET1 Tier 1 10.50% 10.61% 8.5% 4Q22 1Q23 Regulatory Minimum + Capital Conservation Buffer (CCB) • FY2023 Outlook2: Expect to be > our 10% CET1 target, subject to final regulatory changes

©2023, Comerica Inc. All rights reserved. Proven Business Model Seamless Execution & Customer Support Even Better Positioned for Sustained Success Positioned for Sustained Success Solid foundation enabled effective execution of our strategy • Nearly 175-year history of perseverance through multiple financial & global crises • Proven relationship-model built on mutual trust • Experienced, transformational leadership team leveraging legacy of consistency & conservativism • Intentional, strategic diversification of business lines & markets • Effective liquidity strategy delivered strong funding position • Active customer engagement strategy employed by colleagues & executives • Utilization of targeted products & services aligned to customer needs • Agile onboarding system to support opening record number of accounts • Successfully protected core deposit relationships amidst deposit pressure • Enhanced attractive deposit risk profile with improved stability, relationships & insurance mix • Strong capital position enabled customer support • Proven approach to credit delivered excellent results 3/31/23 11 APPENDIX

Fundamental Strengths Tenured Customers & Colleagues Prudent Risk Management Proven Credit Results Diversified, but Collaborative Business Lines Conservative Capital Management Targeted Geographic Strategy ©2023, Comerica Inc. All rights reserved. Conservative legacy & unique relationship model 13 • Deeply embedded culture supports inclusion • Aiming to reflect customers & markets we serve • 42% of U.S. employees are racial/ethnic minorities1 • 53% of managers are female1 Long-tenured2 team provides consistency >25 years Business Leaders ~10 years Relationship Managers ~20 years Group Managers >20 years Credit Risk Management & Decisioning Leaders Specialized knowledge in industry verticals • Distinguished Commercial Banking Development Program delivers talent • Credit & frontline expertise balanced • Award winning leadership development programs Diverse 14©2023, Comerica Inc. All rights reserved. Skilled Experienced 2022 Greenwich Excellence Awards 9 Middle Market Banking Awards 8 Small Business Banking Awards Best Brand • Trust • Values Long-Term Relationships Cash Management • Customer Service • Overall Satisfaction • Product Capabilities Satisfaction • Overall • Midwest • With RM Best Brand • Values Long-Term Relationships Cash Management • Overall Satisfaction • Overall Satisfaction (West) Satisfaction • Overall • West • With RM Likelihood to Recommend (West) Industry Understanding RM Proactively Provides Advice Talent as our Competitive Advantage Our colleagues deliver differentiated value to our customers 1As of 12/31/22 2As of 3/2/23

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 • 3 commercial offices in Raleigh, Winston-Salem & Charlotte • 8 banking centers in FL • New offices in SC & GA • Serving customers in FL, GA, NC, TN, SC & VA Mountain West • Fast growing economy, attractive climate • 17 banking centers in Phoenix area • 1 office in Denver • Serving customers in AZ & CO 15©2023, Comerica Inc. All rights reserved. Large, higher growth urban markets Highly integrated, cost-effective platformPredominance of middle market companies & wealth management opportunities Impact of AOCI CMA vs Peers Expenses (percentages; 1Q23 vs 4Q22) 10.09 10.24 CMA Peer Avg. 24.20 13.93 CMA Peer Avg. Return on Equity2 (percentages; 1Q23) 55.9755.53 CMA Peer Avg. Efficiency Ratio3 (percentages; 1Q23) 1Q23 Source for peer data: S&P Global Market Intelligence & company press releases 11Q23 CFR not available as of 6/12/23, BOKF, MTB, WBS and SNV employee count as of 4Q22 2Return on average common shareholders’ equity 3Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversation rate of Visa Class B and changes in the value of shares obtained through monetization of warrants 4Return on average assets ©2023, Comerica Inc. All rights reserved. 1.8 1.4 CMA Peer Avg. CET1 (Capital) Ratio (percentages; 1Q23) -2.9 -4.3 CMA Peer Avg. Revenue (percentages; 1Q23 vs 4Q22) 1.54 1.19 CMA Peer Avg. Return on Assets4 (percentages; 1Q23) 16 Net Interest Margin (percentages; 1Q23) 3.57 3.52 CMA Peer Avg. 9.36 Revenue / Employee1 (1Q23; $ in thousands) 131 115 CMA Peer Avg.

-9.3 -9.5 CMA Peer Avg. Noninterest-bearing Deposit Change (Avg.; percentages; 1Q23 vs 4Q22) Interest-bearing Deposit Change (Avg.; percentages; 1Q23 vs 4Q22) 0.6 2.2 CMA Peer Avg. CMA vs Peers 1Q23 Source for peer data: S&P Global Market Intelligence & company press releases 1CMA 1Q22 vs. 4Q21 average deposit decline of 6% 2Excluding CFR as data is not available Interest-Bearing Deposit Cost (percentages; 1Q23) 17©2023, Comerica Inc. All rights reserved. 53 34 CMA Peer Avg. Noninterest-bearing % of Total Deposits (Avg; percentages; 1Q23) Total Deposit Change1 (Avg.; percentages; 1Q23 vs 4Q22) -4.9 -2.1 CMA Peer Avg. Total Deposit Change2 (PE; percentages; 1Q23 vs 4Q22) -9.4 -2.5 CMA Peer Avg. 1.52 1.62 CMA Peer Avg. Loan to Deposit Ratio (PE; percentages; 1Q23) 85 81 CMA Peer Avg. 2.1 1.5 CMA Peer Avg. Loan Growth (Avg.; percentages; 1Q23 vs 4Q22) 1Q23 Review Average Loans Noninterest Income Net Charge-Offs (Recoveries) 18©2023, Comerica Inc. All rights reserved. 1Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net gains (losses) from securities, a derivative contract tied to the conversion rate of Visa Class B shares and changes in the value of shares obtained through monetization of warrants 2Return on average common shareholders’ equity Successful execution; strategic investment in the future of our company & community -0.03% -0.01% 4Q22 1Q23 Efficiency Ratio1 Return on Equity2 Tier 1 Capital Ratio • Announced Ameriprise partnership to enhance our Wealth Management products & customer experience • Launched new Investment Banking Group focused on M&A advisory • Initiated Small Business Banking national expansion • Named one of America’s Most JUST Companies by Just Capital • Leadership rating by CDP for supplier engagement on climate change • Achieved $2.8B in Green Lending in 1Q; aligned with commitment to sustainability • Volunteerism of 66,270 hours for 2022 $278MM $282MM 4Q22 1Q23 $52B $53B 4Q22 1Q23 55.53% 24.20% 10.61% Strong Financial Results

1Q23 Results Strong loan growth, fee income & credit quality 1Includes gains/(losses) related to deferred comp asset returns of $(7MM) 1Q22, $6MM 4Q22, $4MM 1Q23 2Diluted earnings per common share (millions, except per share data) 1Q23 4Q22 1Q22 Change From 4Q22 1Q22 Average loans $53,468 $52,375 $48,273 $1,093 $5,195 Average loans, ex. PPP 53,435 52,335 47,938 1,100 5,497 Average deposits 67,833 71,355 79,103 (3,522) (11,270) Net interest income 708 742 456 (34) 252 Provision for credit losses 30 33 (11) (3) 41 Noninterest income1 282 278 244 4 38 Noninterest expenses1 551 541 473 10 78 Provision for income tax 85 96 49 (11) 36 Net income 324 350 189 (26) 135 Earnings per share2 $2.39 $2.58 $1.37 $(0.19) $1.02 Efficiency Ratio 55.53% 53.00% 66.91% CET1 10.12% 10.00% 9.93% Key Performance Drivers 1Q23 compared to 4Q22 • Revenue decreased 2.9% • Average loans up 2.1% driven by broad-based growth • Deposits declined from traditional seasonality, expected customer deployment of funds into businesses related to monetary policy & diversification efforts following industry disruption • Net interest income benefited from higher rates & loan growth; offset by impact of funding & fewer days • Net recoveries of 1 bp; reserve ratio rose to 1.26% • Noninterest income increase driven by Capital Markets & Fiduciary • Active expense management impacted by pension & non-recurring items • Strong CET1 as earnings-related capital generation offset impact of loan growth 19©2023, Comerica Inc. All rights reserved. 48.3 50.0 51.1 52.4 53.5 53.4 54.9 3.22 3.64 4.64 5.45 5.89 1Q22 2Q22 3Q22 4Q22 1Q23 4Q22 1Q23 Loans Continued broad-based growth delivered highest loan levels since PPP; Yields up 44 bps 1Q23 compared to 4Q22 1See Quarterly Average Loans slide for more details 2See Commercial Real Estate slide 33 for more details Loans ($ in billions) Average loans increased $1.1B1, or 2.1% + $642MM Commercial Real Estate2 • Multi-family & industrial accounted for almost all of the growth • Office only represents 7% of the total Commercial Real Estate portfolio + $361MM National Dealer Services + $97MM Wealth Management + $96MM General Middle Market - $184MM Mortgage Banker 20©2023, Comerica Inc. All rights reserved. Loan Yields % Average Balances Period-end 48.9 50.9 53.7 56.5 57.5 46% 46% 45% 45% 46% 1Q22 2Q22 3Q22 4Q22 1Q23 Utilization Loan Commitments Increased 2% Growth in most business lines (period-end: $ in billions)