Comerica Reports Fourth Quarter and 2008 Earnings
Average Loans Grew $1.9 Billion from 2007 Credit Costs Stable Given Current Economic Environment Expense Controls Include Workforce Reductions New Preferred Stock Enhances Already Strong Capital Levels
EPS Impacts from Severance (12 Cents), Preferred Stock Dividends (11 Cents)

DALLAS, Jan. 22 /PRNewswire-FirstCall/ -- Comerica Incorporated (NYSE: CMA) today reported fourth quarter 2008 net income applicable to common stock of $3 million, or $0.02 per diluted share, compared to $28 million, or $0.19 per diluted share, for the third quarter 2008 and $119 million, or $0.79 per diluted share, for the fourth quarter 2007. Fourth quarter and full-year 2008 net income applicable to common stock were each net of $17 million of accumulated preferred stock dividends related to perpetual preferred shares issued to the U.S. Treasury as part of the Capital Purchase Program (the Purchase Program). Fourth quarter 2008 included a $192 million provision for loan losses, compared to $165 million for the third quarter 2008 and $108 million for the fourth quarter 2007. Fourth quarter 2008 also reflected $29 million ($18 million after-tax, or $0.12 per diluted share) of severance-related expenses.

    (Logo:  http://www.newscom.com/cgi-bin/prnh/20010807/CMALOGO)


    --------------------------------------------------------------------
                                                    4th     3rd     4th
    (dollar amounts in millions, except per         Qtr     Qtr     Qtr
     share data)                                    '08     '08     '07
    --------------------------------------------------------------------
    Net interest income                             $431    $466    $489
    Provision for loan losses                        192     165     108
    Noninterest income                               174     240     230
    Noninterest expenses                             411     514     450

    Net income                                        20      28     119
    Preferred stock dividends                         17       -       -
    Net income applicable to common stock              3      28     119

    Diluted earnings per common share               0.02    0.19    0.79

    Return on average common shareholders' equity   0.19%   2.25%   9.35%
    Tier 1 capital ratio                           10.67*   7.32    7.51
    Tangible common equity ratio                    7.21    7.60    7.97

    Net interest margin                             2.82    3.11    3.43

    *December 31, 2008 ratio is estimated.
    ====================================================================

Net income applicable to common stock for full-year 2008 was $196 million, or $1.29 per diluted share, compared to $686 million, or $4.43 per diluted share, for full-year 2007. The most significant items contributing to the decrease in net income applicable to common stock were an increase in the provision for credit losses of $493 million, a decrease in net interest income of $188 million, the net $84 million loss impact in 2008 related to auction-rate securities (ARS) and $34 million of 2008 severance-related expenses. These were partially offset by a $60 million increase in securities gains.

The following table illustrates the after-tax impact of certain items on net income applicable to common stock.

    -------------------------------------------------------------------------
    (dollar amounts in      4th Qtr '08     3rd Qtr '08   Full Year 2008
     millions, except per            Per            Per             Per
     share data)            Amount  Share  Amount   Share  Amount   Share
    -------------------------------------------------------------------------

    Net impact of ARS*         $8  $0.05    $(61) $(0.40)   $(53) $(0.35)
    Gains on sales of Visa
     and MasterCard shares      -      -      17    0.11      39    0.26
    Tax-related non-cash
     charges to lease income    -      -      (6)  (0.04)    (24)  (0.16)
    Severance-related
     expenses                 (18) (0.12)     (1)  (0.01)    (21)  (0.14)
    Reversal of Visa
     loss-sharing expense       -      -       -       -       8    0.05
    Other tax-related items     -      -      (1)      -      (9)  (0.06)
    Preferred stock dividends (17) (0.11)      -       -     (17)  (0.11)

    * Includes net loss on offer to repurchase ARS and gains on sales of ARS.
      Excludes impact of ARS on net interest margin.
    =========================================================================

"Mounting job losses and an economy headed deeper into recession have dampened business and consumer confidence," said Ralph W. Babb Jr., chairman and chief executive officer. "We have stayed close to our customers during this incredibly tumultuous phase of the economic cycle, a testament to the skill and experience of our people and our strong focus on relationships.

"Our capital position is strong. Our Tier 1 capital ratio is estimated to be 10.67 percent at December 31. In addition, the quality of our capital is solid, as evidenced by a Tier 1 common capital ratio of 7.08 percent and a tangible common equity ratio of 7.21 percent. Within this uncertain economic environment, we are working diligently to leverage our strong capital, which was enhanced by our participation in the U.S. Treasury Department's Capital Purchase Program.

"With the appropriate pricing and credit standards in place, we are focusing our lending efforts on new and existing relationship customers for whom we serve as trusted advisors. This includes small businesses, middle market companies and wealth management clients in Texas and California. The additional capital also enables us to support the battered housing market through our purchase of mortgage-backed government agency securities.

"We are focused on controlling expenses, as evidenced by several initiatives to streamline operations and leverage technology. We have reduced our workforce by about 5 percent since the end of 2007 and expect to reduce it another 5 percent, largely to be completed by the end of the first quarter. In addition, we are freezing salaries in 2009 for the top 20 percent of our workforce. We also plan to slow our banking center expansion program, and will continue to reduce our capital expenditures and discretionary expenses in this challenged environment."

    Fourth Quarter and Full Year 2008 Overview

    Fourth Quarter 2008 Compared to Third Quarter 2008
    --  On an annualized basis, average loans, excluding Financial Services
        Division (FSD) loans, declined one percent, with declines of seven
        percent in the Western market and two percent in the Midwest market
        partially offset by growth of 15 percent in the Texas market. The
        declines reflected reduced demand from customers in rapidly
        deteriorating economic environments.  Average loans, excluding
        Financial Services Division loans, increased three percent when
        compared to the fourth quarter 2007.
    --  On an annualized basis, excluding Financial Services Division
        deposits, average noninterest-bearing deposits increased seven
        percent.
    --  The net interest margin of 2.82 percent decreased from 3.11 percent in
        the third quarter 2008, and reflected the negative impact of three
        Federal Reserve rate cuts totaling 175 basis points in a challenging
        deposit pricing environment, partially offset by improved loan
        pricing.
    --  Net credit-related charge-offs were $133 million, or 104 basis points
        as a percent of average total loans, for the fourth quarter 2008,
        compared to $116 million, or 90 basis points as a percent of average
        total loans, for the third quarter 2008.  The provision for loan
        losses was $192 million for the fourth quarter 2008, compared to $165
        million for the third quarter 2008, and the period-end allowance to
        total loans ratio increased to 1.52 percent from 1.38 percent at
        September 30, 2008.
    --  Noninterest expenses decreased $103 million from the third quarter,
        primarily due to the third quarter $96 million charge related to the
        repurchase of ARS and an $11 million decrease in the provision for
        credit losses on lending-related commitments. This decrease was
        partially offset by severance-related expenses of $29 million in the
        fourth quarter 2008 related to the elimination of about five percent
        of the workforce.
    --  The estimated Tier 1 common and Tier 1 capital ratios were 7.08
        percent and 10.67 percent, respectively.


    Full Year 2008 Compared to Full Year 2007
    --  Average loan growth, excluding Financial Services Division loans, was
        six percent, with growth of 14 percent in the Texas market, six
        percent in the Western market and three percent in the Midwest market.
    --  Excluding Financial Services Division deposits, average
        noninterest-bearing deposits increased six percent.
    --  The net interest margin was 3.02 percent for 2008, compared to 3.66
        percent for 2007.  The 2008 average Federal Funds rate declined more
        than 300 basis points from the average rate for 2007.
    --  Net credit-related charge-offs were 91 basis points as a percent of
        average total loans for 2008, compared to 31 basis points for 2007,
        largely due to deterioration in the residential real estate
        development sector as housing prices continued to fall.
    --  Excluding the $88 million net charge related to the repurchase of ARS
        in 2008, noninterest expenses decreased $28 million, or two percent,
        from 2007.


    Net Interest Income and Net Interest Margin

    ------------------------------------------------------------------
    (dollar amounts                4th Qtr    3rd Qtr    4th Qtr
     in millions)                    '08        '08        '07
    ------------------------------------------------------------------
    Net interest income              $431       $466       $489

    Net interest margin              2.82%      3.11%      3.43%

    Selected average balances:
      Total earning assets        $61,134    $59,946    $56,621
      Total investment
       securities                   8,734      8,146      5,533
      Total loans                  51,338     51,508     50,699
      Total loans, excluding FSD
       loans (primarily low-
       rate)                       51,015     51,107     49,758

      Total core deposits*,
       excluding FSD               30,944     31,439     32,129
      Total noninterest-bearing
       deposits                    10,575     10,646     10,533
      Total noninterest-bearing
       deposits, excluding FSD      9,255      9,104      8,473

    * Core deposits exclude other time deposits and foreign office time
      deposits.
    ==================================================================
    --  The $35 million decrease in net interest income in the fourth quarter
        2008, when compared to third quarter 2008, reflected the negative
        impact of three Federal Reserve rate cuts totaling 175 basis points in
        a challenging deposit pricing environment, partially offset by
        improved loan spreads.
    --  December 31, 2008 core deposits, excluding the Financial Services
        Division, decreased $224 million compared to September 30, 2008, due
        to a decrease in money market investment accounts, partially offset by
        an increase in customer certificates of deposit.
    --  Total average Financial Services Division deposits decreased $295
        million from the third quarter 2008. This division serves title and
        escrow companies that facilitate residential mortgage transactions and
        benefits from customer deposits related to mortgage escrow balances.
        Deposits declined due to the impact of reduced home prices, as well as
        lower home mortgage financing and refinancing activity.

Noninterest Income

Noninterest income was $174 million for the fourth quarter 2008, compared to $240 million for the third quarter 2008 and $230 million for the fourth quarter 2007. Net securities gains in the fourth quarter 2008 included $4 million from the sale of ARS and net securities gains in the third quarter 2008 included $27 million from the sale of Comerica's remaining ownership of Visa shares. Decreases in deferred compensation asset returns of $12 million and net income (loss) from principal investing and warrants of $6 million also contributed to the decline in noninterest income. Certain categories of noninterest income are highlighted in the table below.

    -------------------------------------------------------------------------
                                                     4th   3rd   4th
                                                     Qtr   Qtr   Qtr
    (in millions)                                    '08   '08   '07
    -------------------------------------------------------------------------
    Net securities gains                              $4   $27    $3
    Other noninterest income
      Net income (loss) from principal investing
       and warrants                                   (5)    1     6
      Deferred compensation asset returns*           (18)   (6)    2

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

Noninterest expenses were $411 million for the fourth quarter 2008, compared to $514 million for the third quarter 2008 and $450 million for the fourth quarter 2007. The $103 million decrease in noninterest expenses in the fourth quarter 2008, compared to the third quarter 2008, reflected a fourth quarter reversal of $8 million of the third quarter $96 million charge related to the repurchase of ARS (included in "litigation and operational losses"), an $11 million decrease in the provision for credit losses on lending-related commitments and a $5 million decrease in salaries expense, partially offset by a $7 million increase in employee benefits, mostly due to severance-related expenses. The fourth quarter 2008 ARS reversal resulted from fewer than expected eligible securities submitted for repurchase by customers. The decrease in salaries expense was primarily due to decreases in incentives and deferred compensation plan costs (offset by a decrease in deferred compensation asset returns in noninterest income), partially offset by an increase in severance related to the elimination of approximately 570 positions, most to occur early in first quarter 2009. Severance-related expenses were $29 million in the fourth quarter 2008. Certain categories of noninterest expenses are highlighted in the following table.

    -------------------------------------------------------------
                                              4th     3rd     4th
                                              Qtr     Qtr     Qtr
                                              '08     '08     '07
    -------------------------------------------------------------
    Salaries
      Regular salaries                       $152    $155    $163
      Severance                                24       2       3
      Incentives                               19      31      36
      Deferred compensation plan costs        (18)     (6)      2
      Share-based compensation                 10      10      12
                                              ---     ---     ---
        Total salaries                        187     192     216
    Employee benefits
      Regular benefits                         48      46      48
      Severance-related benefits                5       -       -
                                              ---     ---     ---
        Total employee benefits                53      46      48

    Litigation and operational losses           3*    105*     18
    Provision for credit losses on
     lending-related commitments               (2)      9       3
    Other noninterest expenses FDIC insurance   7       6       1

    *  Fourth quarter 2008 litigation and operational losses were
       net of a reversal of $8 million of the $96 million charge
       related to the repurchase of auction-rate securities from
       customers recorded in the third quarter 2008.
    =============================================================
    Credit Quality

"Our credit costs remained stable, even as the economy deteriorated rapidly in the fourth quarter," said Babb. "We continue to monitor the performance of our customers very closely with credit quality reviews, risk rating migration analysis and stress testing. In addition, we are aggressively managing our problem loans by moving them to our workout area at the first sign of stress. We are working hard to stay ahead of the issues. Our strong focus on credit is evidenced by the continued reduction of exposure to California residential real estate development as well as the automotive industry, given the challenges that these sectors continue to face."

    --  The allowance to total loans ratio increased to 1.52 percent at
        December 31, 2008, from 1.38 percent at September 30, 2008 and 1.10
        percent at December 31, 2007.
    --  The provision for loan losses and loan quality reflected increasing
        challenges in the Midwest and the weakened economies in other markets.
    --  Net credit-related charge-offs in the Commercial Real Estate business
        line in the fourth quarter 2008 were $59 million, of which $37 million
        were from residential real estate developers in the Western market.
        Comparable numbers for the third quarter 2008 were $57 million in
        total, of which $39 million were from residential real estate
        developers in the Western market.
    --  Net loan charge-offs excluding the Commercial Real Estate business
        line were $74 million in the fourth quarter 2008, or 66 basis points
        of average non-Commercial Real Estate loans, compared to $59 million,
        or 52 basis points, in the third quarter 2008.
    --  Nonperforming assets increased to 1.94 percent of total loans and
        foreclosed property at December 31, 2008. During the fourth quarter,
        $258 million of loan relationships greater than $2 million were
        transferred to nonaccrual status, a decrease of $22 million from the
        third quarter 2008.  Of the transfers of loan relationships greater
        than $2 million to nonaccrual in the fourth quarter 2008, $163 million
        were in the Commercial Real Estate business line, an increase of $18
        million from the third quarter 2008.



    -----------------------------------------------------------------
                                                 4th     3rd     4th
                                                 Qtr     Qtr     Qtr
    (dollar amounts in millions)                 '08     '08     '07
    -----------------------------------------------------------------
    Net loan charge-offs                        $133    $116     $63
    Net lending-related commitment charge-offs     -       -       1
                                                ----    ----    ----
        Total net credit-related charge-offs     133     116      64
    Net loan charge-offs/Average total loans    1.04%   0.90%   0.50%
    Net credit-related charge-offs/Average
     total loans                                1.04    0.90    0.50

    Provision for loan losses                   $192    $165    $108
    Provision for credit losses on
     lending-related commitments                  (2)      9       3
                                                ----    ----    ----
        Total provision for credit losses        190     174     111

    Nonperforming loans                          916     863     404
    Nonperforming assets (NPAs)                  982     881     423
    NPAs/Total loans and foreclosed property    1.94%   1.71%   0.83%

    Allowance for loan losses                   $770    $712    $557
    Allowance for credit losses on
      lending-related commitments*                38      40      21
                                                ----    ----    ----
        Total allowance for credit losses        808     752     578
    Allowance for loan losses/Total loans       1.52%   1.38%   1.10%
    Allowance for loan losses/Nonperforming
     loans                                        84      82     138

    * Included in "Accrued expenses and other liabilities" on the
      consolidated balance sheets.
    =================================================================
    Balance Sheet and Capital Management

Total assets and common shareholders' equity were $67.5 billion and $5.0 billion, respectively, at December 31, 2008, compared to $65.2 billion and $5.1 billion, respectively, at September 30, 2008. To preserve and enhance balance sheet strength in this uncertain economic environment, Comerica lowered the quarterly cash dividend rate by 50 percent in the fourth quarter 2008, to $0.33 per common share. The preferred stock issued under the Purchase Program in the fourth quarter 2008 qualifies as Tier 1 capital and pays a cumulative dividend rate of five percent per annum on the face value of $2.25 billion. The cash dividend combined with the accretion of a related discount results in an effective preferred dividend rate of 6.3 percent. The related discount resulted from a difference between the fair value and the face value of the preferred stock at issuance. There were approximately 150 million common shares outstanding at December 31, 2008. No shares were repurchased in the open market in 2008.

Comerica's fourth quarter 2008 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 7.08 percent, 10.67 percent and 14.73 percent, respectively.

Full-Year 2009 Outlook Compared to Full-Year 2008

Management provides the following general comments with the observation that it is increasingly difficult to forecast in the current uncertain economic environment.

    --  Management expects to focus on new and expanding relationships,
        particularly in Small Business, Middle Market and Wealth Management in
        Texas and California with the appropriate pricing and credit
        standards.
    --  Management expects average full-year net interest margin pressure will
        continue. Management anticipates no change in the Federal Funds rate.
        Management also expects continued improvement in loan spreads,
        challenging deposit pricing and demand deposits that provide less
        value in an historically low interest rate environment.
    --  Management expects full-year net credit-related charge-offs to remain
        consistent with full-year 2008. The provision for credit losses is
        expected to exceed net charge-offs.
    --  Management expects a mid-single digit decrease in noninterest
        expenses, due to control of discretionary expenses and workforce.

Business Segments

Comerica's continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at December 31, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2008 results compared to third quarter 2008.

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



    ------------------------------------------------------------------------
                                     4th Qtr       3rd Qtr        4th Qtr
    (dollar amounts in millions)       '08           '08            '07
    ------------------------------------------------------------------------
    Business Bank                  $54   164%   $65      186%    $93   83%
    Retail Bank                    (34) (104)    21       57       5    5
    Wealth & Institutional
     Management                     13    40    (51)*   (143)     13   12
    ------------------------------------------------------------------------
                                    33   100%    35      100%    111  100%
    Finance                        (38)          (2)              (8)
    Other**                         25           (5)              16
    ------------------------------------------------------------------------
         Total                     $20          $28             $119
    ========================================================================

    *  Third quarter 2008 included a $96 million charge ($61 million,
       after-tax) related to an offer to repurchase auction-rate securities
       from customers.

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

    -------------------------------------------------------------------------
    (dollar amounts in millions)    4th Qtr '08    3rd Qtr '08    4th Qtr '07
    -------------------------------------------------------------------------
    Net interest income (FTE)           $329           $323           $331
    Provision for loan losses            139            135             88
    Noninterest income                    62             75             79
    Noninterest  expenses                172            175            186
    Net income                            54             65             93

    Net credit-related charge-offs       101             95             50

    Selected average balances:
    Assets                            41,364         41,357         41,327
    Loans                             40,244         40,506         40,285
       FSD loans                         323            401            941
    Deposits                          13,839         14,933         15,931
       FSD deposits                    2,154          2,449          3,181

    Net interest margin                 3.23%          3.17%          3.25%
    =========================================================================
    --  Average loans, excluding the Financial Services Division, decreased
        $184 million, led by declines in Middle Market and Commercial Real
        Estate, partially offset by an increase in Global Corporate. Financial
        Services Division loans decreased $78 million.
    --  Average deposits, excluding the Financial Services Division, decreased
        $799 million, primarily due to Middle Market, Technology and Life
        Sciences and Commercial Real Estate, partially offset by a
        reassignment of deposits from the Other category to the Business Bank.
        Financial Services Division deposits decreased $295 million.
    --  The net interest margin of 3.23 percent increased six basis points,
        mostly due to an $8 million non-cash charge to lease income in the
        third quarter 2008 (eight basis points) and an increase in loan
        spreads, partially offset by a decrease in deposit spreads.
    --  The provision for loan losses increased $4 million, primarily in
        Commercial Real Estate and Global Corporate, partially offset by a
        decrease in Middle Market.
    --  Noninterest income decreased $13 million, primarily due to declines in
        income from low income housing investments, income from principal
        investing and warrants and investment banking fees.
    --  Noninterest expenses decreased $3 million, due to decreases in the
        provision for credit losses on lending-related commitments and
        incentives, partially offset by increases in severance and related
        expenses, other real estate expenses, legal fees and the allocation of
        severance and related expenses of support units.


    Retail Bank

    -------------------------------------------------------------------------
    (dollar amounts in millions)    4th Qtr '08    3rd Qtr '08    4th Qtr '07
    -------------------------------------------------------------------------
    Net interest income (FTE)           $129           $142           $160
    Provision for loan losses             43             33             26
    Noninterest income                    49             80             55
    Noninterest expenses                 180            161            181
    Net income                           (34)            21              5

    Net credit-related charge-offs        23             17             14

    Selected average balances:
    Assets                             7,007          7,046          6,998
    Loans                              6,380          6,362          6,229
    Deposits                          17,065         16,596         17,254

    Net interest margin                 3.00%          3.40%          3.69%
    =========================================================================
    --  Average loans increased $18 million, or one percent on an annualized
        basis.
    --  Average deposits increased $469 million, primarily due to an increase
        in customer certificates of deposit, partially offset by a decrease in
        money market investment accounts.
    --  The net interest margin of 3.00 percent declined 40 basis points,
        primarily due to an increase in lower-spread customer certificates of
        deposit.
    --  The provision for loan losses increased $10 million, mostly due to
        Small Business and home equity lending.
    --  Noninterest income decreased $31 million, primarily due to the third
        quarter 2008 gain of $27 million on the sale of Visa shares and a
        decrease in service charges on deposit accounts.
    --  Noninterest expenses increased $19 million, primarily due to increases
        in severance and related expenses, occupancy expense and the
        allocation of severance and related expenses of support units.
    --  Fifteen new banking centers were opened in the fourth quarter 2008 (28
        new banking centers were opened in the full-year 2008).


    Wealth and Institutional Management

    -------------------------------------------------------------------------
    (dollar amounts in millions)    4th Qtr '08    3rd Qtr '08    4th Qtr '07
    -------------------------------------------------------------------------
    Net interest income (FTE)           $38            $37            $36
    Provision for loan losses            13              7              1
    Noninterest income                   73             71             73
    Noninterest expenses                 80            180             87
    Net income                           13            (51)            13

    Net credit-related charge-offs        9              4              -

    Selected average balances:
    Assets                            4,879          4,759          4,321
    Loans                             4,724          4,624          4,146
    Deposits                          2,255          2,351          2,552

    Net interest margin                3.13%          3.17%          3.43%
    =========================================================================
    --  Average loans increased $100 million, or nine percent on an annualized
        basis.
    --  Average deposits decreased $96 million, primarily due to declines in
        money market investment account balances and customer certificates of
        deposit, partially offset by an increase in noninterest-bearing
        transaction accounts.
    --  The net interest margin of 3.13 percent declined four basis points,
        primarily due to a decline in deposit spreads.
    --  The provision for loan losses increased $6 million due to an increase
        in Private Banking.
    --  Noninterest expenses decreased $100 million, mostly due to the $96
        million charge related to the offer to repurchase auction-rate
        securities (ARS) recorded in the third quarter 2008 and an $8 million
        reversal of the ARS charge recorded in the fourth quarter 2008,
        partially offset by an increase in severance and related expenses and
        the allocation of severance and related expenses of support units.

Geographic Market Segments

Comerica also provides market segment results for four primary geographic markets: Midwest, Western, Texas and Florida. In addition to the four primary geographic markets, Other Markets and International are also reported as market segments. The financial results below are based on methodologies in effect at December 31, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses fourth quarter 2008 results compared to third quarter 2008.

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



    ------------------------------------------------------------------------
                                   4th Qtr       3rd Qtr        4th Qtr
    (dollar amounts in millions)     '08           '08            '07
    ------------------------------------------------------------------------
    Midwest                       $16   45%   $52      146%    $60   53%
    Western                         2    7      9       25      (3)  (2)
    Texas                           4   13     13       36      14   13
    Florida                        (7) (22)    (1)      (3)     (1)  (1)
    Other Markets                  14   44    (45)*   (125)     30   27
    International                   4   13      7       21      11   10
    ------------------------------------------------------------------------
                                   33  100%    35      100%    111  100%
    Finance & Other Businesses**  (13)         (7)               8
    ------------------------------------------------------------------------
         Total                    $20         $28             $119
    ========================================================================
    *  Third quarter 2008 included a $96 million charge ($61 million,
       after-tax) related to an offer to repurchase auction-rate securities
       from customers.

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

    -------------------------------------------------------------------------
    (dollar amounts  in millions)     4th Qtr         3rd Qtr         4th Qtr
                                        '08             '08            '07
    -------------------------------------------------------------------------
    Net interest income (FTE)           $202           $196           $212
    Provision for loan losses             59             52             20
    Noninterest income                   109            142            120
    Noninterest expenses                 217            203            218
    Net income                            16             52             60

    Net credit-related charge-offs        38             44             38

    Selected average balances:
    Assets                            19,945         19,754         19,176
    Loans                             18,966         19,070         18,564
    Deposits                          16,204         15,858         16,056

    Net interest margin                 4.20%          4.08%          4.51%
    =========================================================================
    --  Average loans decreased $104 million, led by a decline in Middle
        Market, partially offset by growth in Global Corporate.
    --  Average deposits increased $346 million, primarily due to increases in
        Retail deposits and a reassignment of deposits from the Other category
        to the Business Bank, partially offset by a decrease in Global
        Corporate.
    --  The net interest margin of 4.20 percent increased 12 basis points due
        to an $8 million non-cash charge to lease income in the third quarter
        2008 (17 basis points) and an increase in loan spreads, partially
        offset by a decrease in deposit spreads.
    --  The provision for loan losses increased $7 million, due to Commercial
        Real Estate and home equity lending, partially offset by a decrease in
        Middle Market.
    --  Noninterest income decreased $33 million, primarily due to a $22
        million third quarter 2008 gain on the sale of Visa shares and a
        decrease in income from principal investing and warrants.
    --  Noninterest expenses increased $14 million, due to increases in
        severance and related expenses and the allocation of severance and
        related expenses of support units.


    Western Market

    -------------------------------------------------------------------------
    (dollar amounts in millions)    4th Qtr '08    3rd Qtr '08    4th Qtr '07
    -------------------------------------------------------------------------
    Net interest income (FTE)           $157           $169           $178
    Provision for loan losses             70             82             93
    Noninterest income                    34             38             35
    Noninterest expenses                 113            112            121
    Net income (loss)                      2              9             (3)

    Net credit-related charge-offs        65             51             22

    Selected average balances:
    Assets                            16,243         16,627         17,137
    Loans                             16,032         16,381         16,615
      FSD loans                          323            401            941
    Deposits                          10,762         11,729         13,012
      FSD deposits                     1,969          2,255          3,045

    Net interest margin                 3.87%          4.09%          4.24%
    =========================================================================
    --  Average loans, excluding Financial Services Division, decreased $271
        million, due to declines in Middle Market and Commercial Real Estate.
        Financial Services Division loans decreased $78 million.
    --  Average deposits, excluding the Financial Services Division, decreased
        $681 million, primarily due to decreases in Middle Market and
        Technology and Life Sciences.  Financial Services Division deposits
        decreased $286 million.
    --  The net interest margin of 3.87 percent decreased 22 basis points, due
        to declines in deposit spreads and deposit balances, partially offset
        by increasing loan spreads.
    --  The provision for loan losses decreased $12 million, primarily due an
        improvement in Middle Market, partially offset by Residential Real
        Estate.
    --  Noninterest income decreased $4 million, primarily due to a decrease
        in income from principal investing and warrants.
    --  Noninterest expenses increased $1 million. Increases in severance and
        related expenses and the allocation of severance and related expenses
        of support units were partially offset by decreases in incentives.
    --  Eight new banking centers were opened in the fourth quarter 2008 (18
        new banking centers were opened for the full-year 2008).


    Texas Market

    -------------------------------------------------------------------------
    (dollar amounts in millions)    4th Qtr '08    3rd Qtr '08    4th Qtr '07
    -------------------------------------------------------------------------
    Net interest income (FTE)            $72            $73            $74
    Provision for loan losses             19             18              7
    Noninterest income                    21             27             23
    Noninterest expenses                  64             61             67
    Net income                             4             13             14

    Total net credit-related
     charge-offs                           8              9              3

    Selected average balances:
    Assets                             8,215          7,945          7,677
    Loans                              7,974          7,691          7,381
    Deposits                           4,070          3,956          3,935

    Net interest margin                 3.56%          3.75%          3.95%
    =========================================================================
    --  Average loans increased $283 million, or 15 percent on an annualized
        basis, primarily due to increases in Energy Lending, Commercial Real
        Estate and Global Corporate.
    --  Average deposits increased $114 million, primarily due to increases in
        Global Corporate and Retail deposits, partially offset by a decline in
        Technology and Life Sciences.
    --  The net interest margin of 3.56 percent decreased 19 basis points,
        primarily due a decline in deposit spreads related to a shift from
        money market investment accounts to lower-spread customer certificates
        of deposit, partially offset by increasing loan spreads.
    --  Noninterest income decreased $6 million, primarily due to a $4 million
        gain on the sale of Visa shares in the third quarter 2008.
    --  Noninterest expenses increased $3 million, primarily from severance
        and related expenses and the allocation of severance and related
        expenses of support units.
    --  Seven new banking center were opened in the fourth quarter 2008 (nine
        new banking centers were opened in full-year 2008).


    Florida Market

    -------------------------------------------------------------------------
    (dollar amounts in millions)    4th Qtr '08    3rd Qtr '08    4th Qtr '07
    -------------------------------------------------------------------------
    Net interest income (FTE)            $11            $12            $11
    Provision for loan losses             14              7              5
    Noninterest income                     4              4              4
    Noninterest expenses                  11             10             11
    Net income (loss)                     (7)            (1)            (1)

    Net credit-related charge-offs         6              3              -

    Selected average balances:
    Assets                             1,938          1,900          1,732
    Loans                              1,942          1,900          1,719
    Deposits                             222            262            299

    Net interest margin                 2.25%          2.53%          2.67%
    =========================================================================
    --  Average loans increased $42 million, or nine percent on an annualized
        basis, primarily due to growth in Private Banking, National Dealer
        Services and Global Corporate.
    --  Average deposits decreased $40 million due to declines in Commercial
        Real Estate and Global Corporate.
    --  The net interest margin of 2.25 percent decreased 28 basis points,
        primarily due to a decline in loan spreads in part from a higher level
        of nonaccrual loans.
    --  The provision for loan losses increased $7 million.  The largest
        contributor to the increase was Private Banking.

Conference Call and Webcast

Comerica will host a conference call to review fourth quarter 2008 and full-year financial results at 7 a.m. CTThursday, January 22, 2009. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 76772081). The call and supplemental financial information can also be accessed on the Internet at www.comerica.com. A replay will be available approximately two hours following the conference call through January 31, 2009. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 76772081). A replay of the Webcast can also be accessed via Comerica's "Investor Relations" page at www.comerica.com.

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

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "feels," "expects," "estimates," "seeks," "strives," "plans," "intends," "outlook," "forecast," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "aspiration," "outcome," "continue," "remain," "maintain," "trend," "objective" and variations of such words and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica's management based on information known to Comerica's management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica's management for future or past operations, products or services, and forecasts of Comerica's revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica's management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica's actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are further economic downturns, changes in the pace of an economic recovery and related changes in employment levels, changes in real estate values, fuel prices, energy costs or other events that could affect customer income levels or general economic conditions, changes related to the headquarters relocation or to its underlying assumptions, the effects of recently enacted legislation, such as the Emergency Economic Stabilization Act of 2008, and actions taken by the U.S. Department of Treasury and the Federal Deposit Insurance Corporation, the effects of war and other armed conflicts or acts of terrorism, the effects of natural disasters including, but not limited to, hurricanes, tornadoes, earthquakes, fires, droughts and floods, the disruption of private or public utilities, the implementation of Comerica's strategies and business models, management's ability to maintain and expand customer relationships, changes in customer borrowing, repayment, investment and deposit practices, management's ability to retain key officers and employees, changes in the accounting treatment of any particular item, the impact of regulatory examinations, declines or other changes in the businesses or industries in which Comerica has a concentration of loans, including, but not limited to, the automotive production industry and the real estate business lines, the anticipated performance of any new banking centers, the entry of new competitors in Comerica's markets, changes in the level of fee income, changes in applicable laws and regulations, including those concerning taxes, banking, securities and insurance, changes in trade, monetary and fiscal policies, including the interest rate policies of the Board of Governors of the Federal Reserve System, fluctuations in inflation or interest rates, changes in general economic, political or industry conditions and related credit and market conditions, the interdependence of financial service companies and adverse conditions in the stock market. Comerica cautions that the foregoing list of factors is not exclusive. For discussion of these and other factors that may cause actual results to differ from expectations, please refer to our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Comerica does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    CONSOLIDATED FINANCIAL HIGHLIGHTS
    Comerica Incorporated and Subsidiaries

    ----------------------------------------------------------------
                                          Three Months Ended
                                 -----------------------------------
    (in millions, except per     December    September      December
     share data)                 31, 2008     30, 2008      31, 2007
    ----------------------------------------------------------------
    PER COMMON SHARE AND COMMON
     STOCK DATA
    Diluted net income              $0.02       $0.19        $0.79
    Cash dividends declared          0.33        0.66         0.64
    Common shareholders'
     equity (at period end)         33.31       33.89        34.12

    Average diluted shares (in
     thousands)                   150,834     150,795      150,943
    ----------------------------------------------------------------
    KEY RATIOS
    Return on average common
     shareholders' equity            0.19%       2.25%        9.35%
    Return on average assets         0.12        0.18         0.79
    Average common shareholders'
     equity as a percentage of
     average assets                  7.89        7.82         8.41
    Tier 1 common capital
     ratio *                         7.08        6.67         6.85
    Tier 1 risk-based capital
     ratio *                        10.67        7.32         7.51
    Total risk-based capital
     ratio *                        14.73       11.19        11.20
    Leverage ratio *                11.78        8.57         9.26
    Tangible common equity ratio     7.21        7.60         7.97
    ----------------------------------------------------------------
    AVERAGE BALANCES
    Commercial loans              $28,507     $28,521      $28,393
    Real estate
     construction loans             4,536       4,675        4,846
    Commercial mortgage loans      10,613      10,511        9,941
    Residential mortgage loans      1,851       1,870        1,891
    Consumer loans                  2,639       2,599        2,412
    Lease financing                 1,359       1,365        1,327
    International loans             1,833       1,967        1,889
                                   ------      ------       ------
    Total loans                    51,338      51,508       50,699

    Earning assets                 61,134      59,946       56,621
    Total assets                   65,981      64,863       60,507
    Noninterest-bearing deposits   10,575      10,646       10,533
    Interest-bearing core
     deposits                      22,523      23,244       24,777
    Total core deposits            33,098      33,890       35,310
    Common shareholders' equity     5,206       5,075        5,087
    Total shareholders' equity      6,301       5,075        5,087
    ----------------------------------------------------------------
    NET INTEREST INCOME
    Net interest income (fully
     taxable equivalent
     basis)**                        $434        $467         $489
    Fully taxable equivalent
     adjustment                         3           1            -
    Net interest margin**            2.82%       3.11%        3.43%
    ----------------------------------------------------------------
    CREDIT QUALITY
    Nonaccrual loans                 $916        $863         $391
    Reduced-rate loans                  -           -           13
                                   ------      ------       ------
    Total nonperforming loans         916         863          404
    Foreclosed property                66          18           19
                                   ------      ------       ------
    Total nonperforming assets        982         881          423

    Loans past due 90 days or
     more and still accruing          125          97           54

    Gross loan charge-offs            144         122           72
    Loan recoveries                    11           6            9
                                   ------      ------       ------
    Net loan charge-offs              133         116           63
    Lending-related commitment
     charge-offs                        -           -            1
                                   ------      ------       ------
    Total net credit-related
     charge-offs                      133         116           64

    Allowance for loan losses         770         712          557
    Allowance for credit losses
     on lending-related
     commitments                       38          40           21
                                   ------      ------       ------
    Total allowance for
     credit losses                    808         752          578

    Allowance for loan
     losses as a
     percentage of total
     loans                           1.52%       1.38%        1.10%
    Net loan charge-offs as a
     percentage of average total
     loans                           1.04        0.90         0.50
    Net credit-related charge-
     offs as a percentage of
     average total loans             1.04        0.90         0.50
    Nonperforming assets as a
     percentage of total loans
     and foreclosed property         1.94        1.71         0.83
    Allowance for loan losses
     as a percentage of total
     nonperforming loans               84          82          138
    ----------------------------------------------------------------
    *  December 31, 2008 ratios are estimated

    ** Third quarter and year-to-date 2008 net interest income declined
       $8 million and $38 million, respectively, due to tax-related non-cash
       lease income charges. Excluding these charges, the net interest margin
       would have been 3.17% and 3.08% for the third quarter 2008 and year
       ended December 31, 2008, respectively.


    ----------------------------------------------------------
                                                 Years Ended
                                               ---------------
                                                 December 31,
    (in millions, except per share data)       2008       2007
    ----------------------------------------------------------
    PER COMMON SHARE AND COMMON STOCK DATA
    Diluted net income                        $1.29      $4.43
    Cash dividends declared                    2.31       2.56
    Common shareholders' equity (at
     period end)

    Average diluted shares (in thousands)   151,035    154,809
    ----------------------------------------------------------
    KEY RATIOS
    Return on average common
     shareholders' equity                      3.79%     13.52%
    Return on average assets                   0.33       1.17
    Average common shareholders' equity as
     a percentage of average assets            7.93       8.66
    Tier 1 common capital ratio *
    Tier 1 risk-based capital ratio *
    Total risk-based capital ratio *
    Leverage ratio *
    Tangible common equity ratio
    ----------------------------------------------------------
    AVERAGE BALANCES
    Commercial loans                        $28,870    $28,132
    Real estate construction loans            4,715      4,552
    Commercial mortgage loans                10,411      9,771
    Residential mortgage loans                1,886      1,814
    Consumer loans                            2,559      2,367
    Lease financing                           1,356      1,302
    International loans                       1,968      1,883
                                             ------     ------
    Total loans                              51,765     49,821

    Earning assets                           60,422     54,688
    Total assets                             65,185     58,574
    Noninterest-bearing deposits             10,623     11,287
    Interest-bearing core deposits           23,739     24,013
    Total core deposits                      34,362     35,300
    Common shareholders' equity               5,166      5,070
    Total shareholders' equity                5,442      5,070
    ----------------------------------------------------------
    NET INTEREST INCOME
    Net interest income (fully taxable
     equivalent basis)**                     $1,821     $2,006
    Fully taxable equivalent adjustment           6          3
    Net interest margin**                      3.02%      3.66%
    ----------------------------------------------------------
    CREDIT QUALITY
    Nonaccrual loans
    Reduced-rate loans
    Total nonperforming loans
    Foreclosed property
    Total nonperforming assets

    Loans past due 90 days or more and
     still accruing

    Gross loan charge-offs                     $500       $196
    Loan recoveries                              29         47
                                             ------     ------
    Net loan charge-offs                        471        149
    Lending-related commitment charge-offs        1          4
                                             ------     ------
    Total net credit-related charge-offs        472        153

    Allowance for loan losses
    Allowance for credit losses on lending-
     related commitments
    Total allowance for credit losses

    Allowance for loan losses as a
     percentage of total loans
    Net loan charge-offs as a percentage of
     average total loans                       0.91%      0.30%
    Net credit-related charge-offs as a
     percentage of average total loans         0.91       0.31
    Nonperforming assets as a percentage of
     total loans and foreclosed property
    Allowance for loan losses as a
     percentage of total nonperforming
     loans
    ----------------------------------------------------------
    *  December 31, 2008 ratios are estimated

    ** Third quarter and year-to-date 2008 net interest income declined
       $8 million and $38 million, respectively, due to tax-related non-cash
       lease income charges. Excluding these charges, the net interest margin
       would have been 3.17% and 3.08% for the third quarter 2008 and year
       ended December 31, 2008, respectively.



        CONSOLIDATED BALANCE SHEETS
        Comerica Incorporated and Subsidiaries

    -------------------------------------------------------------------------
    (in millions, except share          December       September     December
     data)                              31, 2008       30, 2008      31, 2007
    -------------------------------------------------------------------------

    ASSETS
    Cash and due from banks                 $913         $1,404        $1,440

    Federal funds sold and
     securities purchased under
     agreements to resell                    202              3            36
    Interest-bearing deposits with
     Federal
     Reserve Bank                          2,266              -             -
    Interest-bearing deposits with
     other banks                              42             25            38
    Other short-term investments             158            222           335

    Investment securities
     available-for-sale                    9,201          8,158         6,296
    Commercial loans                      27,999         28,604        28,223
    Real estate construction loans         4,477          4,565         4,816
    Commercial mortgage loans             10,489         10,588        10,048
    Residential mortgage loans             1,852          1,863         1,915
    Consumer loans                         2,592          2,644         2,464
    Lease financing                        1,343          1,360         1,351
    International loans                    1,753          1,931         1,926
    -------------------------------------------------------------------------
      Total loans                         50,505         51,555        50,743
    Less allowance for loan losses          (770)          (712)         (557)
    -------------------------------------------------------------------------
      Net loans                           49,735         50,843        50,186

    Premises and equipment                   683            668           650
    Customers' liability on
     acceptances outstanding                  14             21            48
    Accrued income and other assets        4,334          3,809         3,302
    -------------------------------------------------------------------------
      Total assets                       $67,548        $65,153       $62,331
    =========================================================================

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Noninterest-bearing deposits         $11,701        $12,094       $11,920
    Money market and NOW deposits         12,437         13,553        15,261
    Savings deposits                       1,247          1,279         1,325
    Customer certificates of
     deposit                               8,807          8,147         8,357
    Other time deposits                    7,293          3,670         6,147
    Foreign office time deposits             470            802         1,268
    -------------------------------------------------------------------------
      Total interest-bearing
       deposits                           30,254         27,451        32,358
    -------------------------------------------------------------------------
      Total deposits                      41,955         39,545        44,278

    Short-term borrowings                  1,749          3,625         2,807
    Acceptances outstanding                   14             21            48
    Accrued expenses and other
     liabilities                           1,625          1,486         1,260
    Medium- and long-term debt            15,053         15,376         8,821
    -------------------------------------------------------------------------
      Total liabilities                   60,396         60,053        57,214

    Fixed rate cumulative perpetual
     preferred stock, series F, no
     par value, $1,000 liquidation
     value per share:
      Authorized - 2,250,000 shares
       Issued - 2,250,000 shares at
       12/31/08                            2,129              -             -
    Common stock - $5 par value:
      Authorized - 325,000,000 shares
       Issued - 178,735,252 shares at
       12/31/08, 9/30/08 and 12/31/07        894            894           894
    Capital surplus                          722            586           564
    Accumulated other
     comprehensive loss                     (309)          (129)         (177)
    Retained earnings                      5,345          5,379         5,497
    Less cost of common stock in
     treasury - 28,244,967 shares
     at 12/31/08, 28,249,360 shares
     at 9/30/08 and 28,747,097
     shares at 12/31/07                   (1,629)        (1,630)       (1,661)
    -------------------------------------------------------------------------
      Total shareholders' equity           7,152          5,100         5,117
    -------------------------------------------------------------------------
      Total liabilities and
       shareholders' equity              $67,548        $65,153       $62,331
    =========================================================================



        CONSOLIDATED STATEMENTS OF INCOME
        Comerica Incorporated and Subsidiaries

    ----------------------------------------------------------------------
                                               Three Months
                                                  Ended       Years Ended
                                               December 31,   December 31,
                                               ---------------------------
    (in millions, except per share data)        2008   2007   2008   2007
    ----------------------------------------------------------------------

    INTEREST INCOME
    Interest and fees on loans                  $612   $873 $2,649 $3,501
    Interest on investment securities            101     66    389    206
    Interest on short-term investments             3      5     13     23
    ----------------------------------------------------------------------
      Total interest income                      716    944  3,051  3,730

    INTEREST EXPENSE
    Interest on deposits                         158    303    734  1,167
    Interest on short-term borrowings              9     30     87    105
    Interest on medium- and long-term debt       118    122    415    455
    ----------------------------------------------------------------------
      Total interest expense                     285    455  1,236  1,727
    ----------------------------------------------------------------------
      Net interest income                        431    489  1,815  2,003
    Provision for loan losses                    192    108    686    212
    ----------------------------------------------------------------------
      Net interest income after provision
       for loan losses                           239    381  1,129  1,791

    NONINTEREST INCOME
    Service charges on deposit accounts           55     57    229    221
    Fiduciary income                              47     52    199    199
    Commercial lending fees                       16     23     69     75
    Letter of credit fees                         17     16     69     63
    Card fees                                     13     14     58     54
    Brokerage fees                                12     11     42     43
    Foreign exchange income                        7     10     40     40
    Bank-owned life insurance                      9      9     38     36
    Net securities gains                           4      3     67      7
    Net gain on sales of businesses                -      -      -      3
    Other noninterest income                      (6)    35     82    147
    ----------------------------------------------------------------------
      Total noninterest income                   174    230    893    888

    NONINTEREST EXPENSES
    Salaries                                     187    216    781    844
    Employee benefits                             53     48    194    193
    ----------------------------------------------------------------------
         Total salaries and employee benefits    240    264    975  1,037
    Net occupancy expense                         42     36    156    138
    Equipment expense                             16     15     62     60
    Outside processing fee expense                27     24    104     91
    Software expense                              19     17     76     63
    Customer services                              2      7     13     43
    Litigation and operational losses              3     18    103     18
    Provision for credit losses on lending-
     related commitments                          (2)     3     18     (1)
    Other noninterest expenses                    64     66    244    242
    ----------------------------------------------------------------------
      Total noninterest expenses                 411    450  1,751  1,691
    ----------------------------------------------------------------------
    Income from continuing operations before
     income taxes                                  2    161    271    988
    Provision (benefit) for income taxes         (17)    44     59    306
    ----------------------------------------------------------------------
    Income from continuing operations             19    117    212    682
    Income from discontinued
     operations, net of tax                        1      2      1      4
    ----------------------------------------------------------------------
    NET INCOME                                    20    119    213    686
    Preferred stock dividends                     17      -     17      -
    ----------------------------------------------------------------------
    Net income applicable to common stock         $3   $119   $196   $686
    =====================================================================

    Basic earnings per common share:
         Income from continuing operations     $0.01  $0.78  $1.30  $4.47
         Net income                             0.02   0.80   1.31   4.49

    Diluted earnings per common share:
         Income from continuing operations      0.01   0.77   1.29   4.40
         Net income                             0.02   0.79   1.29   4.43

    Cash dividends declared on common stock       50     97    348    393
    Cash dividends declared per common share    0.33   0.64   2.31   2.56
    =====================================================================



        CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
        Comerica Incorporated and Subsidiaries

    -----------------------------------------------------------------
     (in millions,            Fourth   Third   Second  First    Fourth
     except per share        Quarter  Quarter Quarter Quarter  Quarter
     data)                     2008     2008    2008    2008     2007
    -----------------------------------------------------------------

    INTEREST INCOME
    Interest and fees on
     loans                     $612     $634    $633    $770     $873
    Interest on investment
     securities                 101       99     101      88       66
    Interest on short-term
     investments                  3        2       3       5        5
    -----------------------------------------------------------------
      Total
       interest
       income                   716      735     737     863      944

    INTEREST EXPENSE
    Interest on deposits        158      141     182     253      303
    Interest on short-term
     borrowings                   9       30      19      29       30
    Interest on medium-
     and long-term debt         118       98      94     105      122
    -----------------------------------------------------------------
      Total interest expense    285      269     295     387      455
    -----------------------------------------------------------------
      Net interest
       income                   431      466     442     476      489
    Provision for loan
     losses                     192      165     170     159      108
    -----------------------------------------------------------------
      Net interest
       income after
       provision for loan
       losses                   239      301     272     317      381

    NONINTEREST INCOME
    Service charges on
     deposit accounts            55       57      59      58       57
    Fiduciary income             47       49      51      52       52
    Commercial lending fees      16       17      20      16       23
    Letter of credit fees        17       19      18      15       16
    Card fees                    13       15      16      14       14
    Brokerage fees               12       10      10      10       11
    Foreign exchange income       7       11      12      10       10
    Bank-owned life
     insurance                    9       11       8      10        9
    Net securities gains          4       27      14      22        3
    Other noninterest
     income                      (6)      24      34      30       35
    -----------------------------------------------------------------
      Total noninterest
       income                   174      240     242     237      230

    NONINTEREST EXPENSES
    Salaries                    187      192     202     200      216
    Employee benefits            53       46      48      47       48
    -----------------------------------------------------------------
         Total salaries and
          employee benefits     240      238     250     247      264
    Net occupancy expense        42       40      36      38       36
    Equipment expense            16       15      16      15       15
    Outside processing fee
     expense                     27       26      28      23       24
    Software expense             19       18      20      19       17
    Customer services             2        2       3       6        7
    Litigation and
     operational losses
     (recoveries)                 3      105       3      (8)      18
    Provision for credit
     losses on lending-
     related commitments         (2)       9       7       4        3
    Other noninterest
     expenses                    64       61      60      59       66
    -----------------------------------------------------------------
      Total noninterest
       expenses                 411      514     423     403      450
    -----------------------------------------------------------------
    Income from continuing
     operations before
     income taxes                 2       27      91     151      161
    Provision (benefit) for
     income taxes               (17)       -      35      41       44
    -----------------------------------------------------------------
    Income from continuing
     operations                  19       27      56     110      117
    Income (loss) from
     discontinued
     operations, net of tax       1        1       -      (1)       2
    -----------------------------------------------------------------
    NET INCOME                   20       28      56     109      119
    Preferred stock
     dividends                   17        -       -       -        -
    -----------------------------------------------------------------
    Net income applicable to
     common stock                $3      $28     $56    $109     $119
    =================================================================

    Basic earnings per
     common share:
         Income from
          continuing
          operations          $0.01    $0.18   $0.37   $0.74    $0.78
         Net income            0.02     0.19    0.37    0.73     0.80

    Diluted earnings per
     common share:
         Income from
          continuing
          operations           0.01     0.18    0.37    0.73     0.77
         Net income            0.02     0.19    0.37    0.73     0.79

    Cash dividends
     declared on common
     stock                       50       99     100      99       97
    Cash dividends
     declared per common
     share                     0.33     0.66    0.66    0.66     0.64
    =================================================================
    N/M - Not meaningful


    --------------------------------------------------------------------
    (in millions,                 Fourth Quarter 2008 Compared To:
     except per share        Third Quarter 2008     Fourth Quarter 2007
     data)                   Amount    Percent       Amount    Percent
    --------------------------------------------------------------------

    INTEREST INCOME
    Interest and fees on
     loans                     $(22)        (3)%      $(261)       (30)%
    Interest on investment
     securities                   2          2           35         53
    Interest on short-term
     investments                  1         16           (2)       (49)
    --------------------------------------------------------------------
      Total interest income     (19)        (3)        (228)       (24)

    INTEREST EXPENSE
    Interest on deposits         17         12         (145)       (48)
    Interest on short-term
     borrowings                 (21)       (70)         (21)       (70)
    Interest on medium-
     and long-term debt          20         21           (4)        (4)
    --------------------------------------------------------------------
      Total
       interest
       expense                   16          6         (170)       (37)
    --------------------------------------------------------------------
      Net interest
       income                   (35)        (8)         (58)       (12)
    Provision for loan
     losses                      27         16           84         78
    --------------------------------------------------------------------
      Net interest
       income after
       provision for loan
       losses                   (62)       (21)        (142)       (37)

    NONINTEREST INCOME
    Service charges on
     deposit accounts            (2)        (4)          (2)        (3)
    Fiduciary income             (2)        (6)          (5)       (10)
    Commercial lending fees      (1)        (6)          (7)       (30)
    Letter of credit fees        (2)        (5)           1         10
    Card fees                    (2)       (10)          (1)        (7)
    Brokerage fees                2         12            1          3
    Foreign exchange income      (4)       (28)          (3)       (26)
    Bank-owned life
     insurance                   (2)       (20)           -          3
    Net securities gains        (23)       (86)           1         26
    Other noninterest
     income                     (30)       N/M          (41)       N/M
    --------------------------------------------------------------------
      Total noninterest
       income                   (66)       (27)         (56)       (25)

    NONINTEREST EXPENSES
    Salaries                     (5)        (2)         (29)       (13)
    Employee benefits             7         14            5         11
    --------------------------------------------------------------------
         Total salaries and
          employee benefits       2          1          (24)        (9)
    Net occupancy expense         2          4            6         17
    Equipment expense             1          9            1          9
    Outside processing fee
     expense                      1          9            3         13
    Software expense              1          3            2         12
    Customer services             -        (27)          (5)       (72)
    Litigation and
     operational losses
     (recoveries)              (102)       (98)         (15)       (88)
    Provision for credit
     losses on lending-
     related commitments        (11)       N/M           (5)       N/M
    Other noninterest
     expenses                     3          7           (2)         -
    --------------------------------------------------------------------
      Total noninterest
       expenses                (103)       (20)         (39)        (9)
    --------------------------------------------------------------------
    Income from continuing
     operations before
     income taxes               (25)       (96)        (159)       (99)
    Provision (benefit) for
     income taxes               (17)       N/M          (61)       N/M
    --------------------------------------------------------------------
    Income from continuing
     operations                  (8)       (29)         (98)       (84)
    Income (loss) from
     discontinued
     operations, net of tax       -        (62)          (1)       (69)
    --------------------------------------------------------------------
    NET INCOME                   (8)       (31)         (99)       (83)
    Preferred stock
     dividends                   17        N/M           17        N/M
    --------------------------------------------------------------------
    Net income applicable to
     common stock              $(25)       (91)%      $(116)       (98)%
    ====================================================================

    Basic earnings per
     common share:
         Income from
          continuing
          operations         $(0.17)       (94)%     $(0.77)       (99)%
         Net income           (0.17)       (89)       (0.78)       (98)

    Diluted earnings per
     common share:
         Income from
          continuing
          operations          (0.17)       (94)       (0.76)       (99)
         Net income           (0.17)       (89)       (0.77)       (97)

    Cash dividends
     declared on common
     stock                      (49)       (50)         (47)       (48)
    Cash dividends
     declared per common
     share                    (0.33)     (50.0)       (0.31)       (48)
    ===================================================================
    N/M - Not meaningful



        ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
        Comerica Incorporated and Subsidiaries

    ------------------------------------------------------------    -------
                                          2008                        2007
    (in millions)       4th Qtr    3rd Qtr    2nd Qtr    1st Qtr    4th Qtr
    -----------------------------------------------------------------------

    Balance at
     beginning of period   $712       $663       $605       $557       $512

    Loan charge-offs:
        Commercial           66         48         36         33         27
        Real estate
         construction:
            Commercial
             Real
             Estate
             business
             line            35         40         57         52         24
            Other
             business
             lines            -          -          -          1          1
    -----------------------------------------------------------------------
              Total real
               estate
               construction  35         40         57         53         25
        Commercial
         mortgage:
            Commercial
             Real
             Estate
             business
             line            21         17         14         20          7
            Other
             business
             lines            8         11          7          2          9
    -----------------------------------------------------------------------
              Total
               commercial
               mortgage      29         28         21         22         16
        Residential
         mortgage             5          1          1          -          -
        Consumer              7          5          3          7          4
        Lease
         financing            1          -          -          -          -
        International         1          -          -          1          -
    -----------------------------------------------------------------------
            Total
             loan
             charge-
             offs           144        122        118        116         72

    Recoveries on
     loans
     previously
     charged-off:
        Commercial            6          3          5          3          7
        Real estate
         construction         1          1          -          1          -
        Commercial
         mortgage             2          -          1          1          1
        Residential
         mortgage             -          -          -          -          -
        Consumer              1          1          -          1          1
        Lease
         financing            -          1          -          -          -
        International         1          -          -          -          -
    -----------------------------------------------------------------------
            Total
             recoveries      11          6          6          6          9
    -----------------------------------------------------------------------
    Net loan charge-offs    133        116        112        110         63
    Provision for
     loan losses            192        165        170        159        108
    Foreign currency
     translation
     adjustment              (1)         -          -         (1)         -
    -----------------------------------------------------------------------
    Balance at
     end of period         $770       $712       $663       $605       $557
    =======================================================================

    Allowance for
     loan losses
     as a
     percentage of
     total loans           1.52%      1.38%      1.28%      1.16%      1.10%

    Net loan charge-
     offs as a
     percentage of
     average total
     loans                 1.04       0.90       0.86       0.85       0.50

    Net credit-
     related
     charge-offs
     as a
     percentage of
     average total
     loans                 1.04       0.90       0.86       0.85       0.50
    =======================================================================



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

    -----------------------------------------------------------------
                                             2008              2007
    -----------------------------------------------------------------
    (in millions)            4th Qtr  3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
    -----------------------------------------------------------------

    Balance at beginning of
     period                    $40      $31     $25     $21     $19
    Less: Charge-offs on
     lending-related
     commitments (1)             -        -       1       -       1
    Add: Provision
     for credit losses on
     lending-related
     commitments                (2)       9       7       4       3
    -----------------------------------------------------------------
    Balance at end of
     period                    $38      $40     $31     $25     $21
    =================================================================

    Unfunded lending-related
     commitments sold           $-       $-      $2      $3     $22
    =================================================================

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



        NONPERFORMING ASSETS
        Comerica Incorporated and Subsidiaries

    --------------------------------------------------------------------------
                                              2008                      2007
                             ----------------------------------------  ------
     (in millions)           4th Qtr   3rd Qtr     2nd Qtr    1st Qtr  4th Qtr
    --------------------------------------------------------------------------

    SUMMARY OF  NONPERFORMING ASSETS AND PAST DUE LOANS
    Nonaccrual loans:
        Commercial            $205       $206       $155        $87       $75
        Real estate
         construction:
            Commercial Real
             Estate business
             line              429        386        322        271       161
            Other business
             lines               5          5          4          4         6
    --------------------------------------------------------------------------
                Total real
                 estate
                 construction  434        391        326        275       167
        Commercial mortgage:
            Commercial Real
             Estate business
             line              132        137        143        105        66
            Other business
             lines             130        114         95         64        75
    --------------------------------------------------------------------------
                Total
                 commercial
                 mortgage      262        251        238        169       141
        Residential mortgage     7          8          4          1         1
        Consumer                 5          4          5          3         3
        Lease financing          1          -          -          -         -
        International            2          3          3          3         4
    --------------------------------------------------------------------------
                Total
                 nonaccrual
                 loans         916        863        731        538       391
    Reduced-rate loans           -          -          -          -        13
    --------------------------------------------------------------------------
                Total
                 nonperforming
                 loans         916        863        731        538       404
    Foreclosed property         66         18         17         22        19
    --------------------------------------------------------------------------
                Total
                 nonperforming
                 assets       $982       $881       $748       $560      $423
    ==========================================================================

    Nonperforming loans as a
     percentage of total
     loans                    1.81%      1.67%      1.41%      1.03%     0.80%
    Nonperforming assets as a
     percentage of total loans
     and foreclosed property  1.94       1.71       1.44       1.07      0.83
    Allowance for loan
     losses as a percentage
     of total nonperforming
     loans                      84         82         91        112       138
    Loans past due 90 days or
     more and still accruing  $125        $97       $112        $80       $54


    ANALYSIS OF NONACCRUAL LOANS
    Nonaccrual loans at
     beginning of period      $863       $731       $538       $391      $272
         Loans transferred to
          nonaccrual (1)       258        280        304        281       185
         Nonaccrual business
          loan gross charge-
          offs (2)            (132)      (116)      (113)      (108)      (68)
         Loans transferred to
          accrual status (1)   (11)         -          -          -         -
         Nonaccrual business
          loans sold (3)       (17)       (19)         -        (15)        -
         Payments/Other (4)    (45)       (13)         2        (11)        2
    --------------------------------------------------------------------------
    Nonaccrual loans at end
     of period                $916       $863       $731       $538      $391
    ==========================================================================

    (1) Based on an analysis of nonaccrual loans with book balances greater
        than $2 million.
    (2) Analysis of gross loan charge-offs:

          Nonaccrual business
           loans              $132       $116       $113       $108       $68
          Performing watch
           list loans            -          -          1          1         -
          Consumer and
           residential
           mortgage loans       12          6          4          7         4
                              ------------------------------------------------
             Total gross
              loan charge-
              offs            $144       $122       $118       $116       $72
                              ================================================
     (3) Analysis of loans sold:

          Nonaccrual
           business loans      $17        $19         $-        $15        $-
          Performing watch
           list loans            -          3          7          6        13
                              ------------------------------------------------
             Total loans sold  $17        $22         $7        $21       $13
                              ================================================

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



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

    --------------------------------------------------------------------
                                                     Years Ended
                                             ---------------------------
                                                   December 31, 2008
                                             ---------------------------
                                             Average             Average
    (dollar amounts in millions)             Balance  Interest    Rate
    --------------------------------------------------------------------

    Commercial loans (1) (2)                 $28,870    $1,468    5.08%
    Real estate construction loans             4,715       231    4.89
    Commercial mortgage loans                 10,411       580    5.57
    Residential mortgage loans                 1,886       112    5.94
    Consumer loans                             2,559       130    5.08
    Lease financing (3)                        1,356         8    0.59
    International loans                        1,968       101    5.13
    Business loan swap income (expense)            -        24       -
                                              ------------------------
      Total loans (2)                         51,765     2,654    5.13

    Auction-rate securities available-for-
     sale                                        193         6    2.95
    Other investment securities
     available-for-sale                        7,908       384    4.88
                                              ------------------------
      Total investment securities
       available-for-sale                      8,101       390    4.83

    Federal funds sold and securities purchased
      under agreements to resell                  93         2    2.08
    Interest-bearing deposits with banks         219         1    0.61
    Other short-term investments                 244        10    3.98
                                              ------------------------
      Total earning assets                    60,422     3,057    5.06

    Cash and due from banks                    1,185
    Allowance for loan losses                   (691)
    Accrued income and other assets            4,269
                                             -------
      Total assets                           $65,185
                                             =======

    Money market and NOW deposits (1)        $14,245       207    1.45
    Savings deposits                           1,344         6    0.45
    Customer certificates of deposit           8,150       263    3.23
                                              ------------------------
      Total interest-bearing core
       deposits                               23,739       476    2.01
    Other time deposits                        6,715       232    3.45
    Foreign office time deposits                 926        26    2.77
                                              ------------------------
      Total interest-bearing deposits         31,380       734    2.34

    Short-term borrowings                      3,763        87    2.30
    Medium- and long-term debt                12,457       415    3.33
                                              ------------------------
      Total interest-bearing sources          47,600     1,236    2.59
                                                         -------------

    Noninterest-bearing deposits (1)          10,623
    Accrued expenses and other liabilities     1,520
    Total shareholders' equity                 5,442
                                             -------
      Total liabilities and
       shareholders' equity                  $65,185
                                             =======

    Net interest income/rate spread (FTE)               $1,821    2.47
                                                        ======

    FTE adjustment                                          $6
                                                        ======

    Impact of net noninterest-bearing
     sources of funds                                             0.55
    --------------------------------------------------------------------
    Net interest margin (as a percentage
     of average earning assets) (FTE) (2) (3)                     3.02%
    ====================================================================
    N/M - Not meaningful

    (1) FSD balances included above:
          Loans (primarily low-rate)            $498        $7    1.40%
          Interest-bearing deposits              957        19    1.99
          Noninterest-bearing deposits         1,643
    (2) Impact of FSD loans (primarily
         low-rate) on the following:
          Commercial loans                                       (0.07)%
          Total loans                                            (0.03)
          Net interest margin (FTE)
           (assuming loans were
           funded by noninterest-bearing
           deposits)                                             (0.01)

    (3) 2008 net interest income declined $38 million and the net interest
        margin declined six basis points due to tax-related non-cash
        lease income charges.  Excluding these charges, the net interest
        margin would have been 3.08%.

    --------------------------------------------------------------------
                                                      Years Ended
                                             ---------------------------
                                                   December 31, 2007
                                             ---------------------------
                                             Average             Average
    (dollar amounts in millions)             Balance  Interest    Rate
    --------------------------------------------------------------------

    Commercial loans (1) (2)                 $28,132    $2,038    7.25%
    Real estate construction loans             4,552       374    8.21
    Commercial mortgage loans                  9,771       709    7.26
    Residential mortgage loans                 1,814       111    6.13
    Consumer loans                             2,367       166    7.00
    Lease financing (3)                        1,302        40    3.04
    International loans                        1,883       133    7.06
    Business loan swap income (expense)            -       (67)      -
                                              ------------------------
      Total loans (2)                         49,821     3,504    7.03

    Auction-rate securities available-for-
     sale                                          -         -       -
    Other investment securities
     available-for-sale                        4,447       206    4.56
                                              ------------------------
      Total investment securities
       available-for-sale                      4,447       206    4.56

    Federal funds sold and securities purchased
      under agreements to resell                 164         9    5.28
    Interest-bearing deposits with banks          15         1    4.00
    Other short-term investments                 241        13    5.75
                                              ------------------------
      Total earning assets                    54,688     3,733    6.82

    Cash and due from banks                    1,352
    Allowance for loan losses                   (520)
    Accrued income and other assets            3,054
                                             -------
      Total assets                           $58,574
                                             =======

    Money market and NOW deposits (1)        $14,937       460    3.08
    Savings deposits                           1,389        13    0.93
    Customer certificates of deposit           7,687       342    4.45
                                              ------------------------
      Total interest-bearing core
       deposits                               24,013       815    3.39
    Other time deposits                        5,563       300    5.39
    Foreign office time deposits               1,071        52    4.85
                                              ------------------------
      Total interest-bearing deposits         30,647     1,167    3.81

    Short-term borrowings                      2,080       105    5.06
    Medium- and long-term debt                 8,197       455    5.55
                                              ------------------------
      Total interest-bearing sources          40,924     1,727    4.22
                                                         -------------

    Noninterest-bearing deposits (1)          11,287
    Accrued expenses and other liabilities     1,293
    Total shareholders' equity                 5,070
                                             -------
      Total liabilities and
       shareholders' equity                  $58,574
                                             =======

    Net interest income/rate spread (FTE)               $2,006    2.60
                                                       =======

    FTE adjustment                                          $3
                                                       =======

    Impact of net noninterest-bearing
     sources of funds                                             1.06
    --------------------------------------------------------------------
    Net interest margin (as a percentage
     of average earning assets) (FTE) (2) (3)                     3.66%
    ====================================================================
    N/M - Not meaningful

    (1) FSD balances included above:
          Loans (primarily low-rate)          $1,318        $9    0.69%
          Interest-bearing deposits            1,202        47    3.91
          Noninterest-bearing deposits         2,836
    (2) Impact of FSD loans (primarily
         low-rate) on the following:
          Commercial loans                                       (0.32)%
          Total loans                                            (0.18)
          Net interest margin (FTE)
           (assuming loans were
           funded by noninterest-bearing
           deposits)                                             (0.08)

    (3) 2008 net interest income declined $38 million and the net interest
        margin declined six basis points due to tax-related non-cash
        lease income charges.  Excluding these charges, the net interest
        margin would have been 3.08%.



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

    ------------------------------------------------------------------------
                                                      Three Months Ended
                                                 ---------------------------
                                                       December 31, 2008
                                                 ---------------------------
                                                 Average             Average
    (dollar amounts in millions)                 Balance  Interest    Rate
    ------------------------------------------------------------------------

    Commercial loans (1) (2)                     $28,507      $334    4.65%
    Real estate construction loans                 4,536        46    4.08
    Commercial mortgage loans                     10,613       138    5.17
    Residential mortgage loans                     1,851        27    5.80
    Consumer loans                                 2,639        30    4.49
    Lease financing (3)                            1,359        12    3.63
    International loans                            1,833        22    4.78
    Business loan swap income (expense)                -         5       -
                                                  ------------------------
      Total loans (2)                             51,338       614    4.76

    Auction-rate securities available-for-sale       769         6    2.95
    Other investment securities available-for-
     sale                                          7,965        96    4.86
                                                  ------------------------
      Total investment securities available-for-
       sale                                        8,734       102    4.69

    Federal funds sold and securities purchased
      under agreements to resell                      75         -    0.83
    Interest-bearing deposits with banks             811         1    0.50
    Other short-term investments                     176         2    3.59
                                                  ------------------------
      Total earning assets                        61,134       719    4.68

    Cash and due from banks                        1,056
    Allowance for loan losses                       (780)
    Accrued income and other assets                4,571
                                                 -------
      Total assets                               $65,981
                                                 =======

    Money market and NOW deposits (1)            $12,670        37    1.16
    Savings deposits                               1,264         1    0.29
    Customer certificates of deposit               8,589        63    2.91
                                                  ------------------------
      Total interest-bearing core deposits        22,523       101    1.78
    Other time deposits                            6,702        56    3.35
    Foreign office time deposits                     516         1    0.81
                                                  ------------------------
      Total interest-bearing deposits             29,741       158    2.12

    Short-term borrowings                          2,808         9    1.27
    Medium- and long-term debt                    15,016       118    3.14
                                                  ------------------------
      Total interest-bearing sources              47,565       285    2.39
                                                               -----------

    Noninterest-bearing deposits (1)              10,575
    Accrued expenses and other liabilities         1,540
    Total shareholders' equity                     6,301
                                                 -------
      Total liabilities and shareholders'
       equity                                    $65,981
                                                 =======

    Net interest income/rate spread (FTE)                     $434    2.29
                                                            ======

    FTE adjustment                                              $3
                                                            ======

    Impact of net noninterest-bearing
     sources of funds                                                 0.53
    ------------------------------------------------------------------------
    Net interest margin (as a percentage
     of average earning assets) (FTE) (2) (3)                         2.82%
    ========================================================================
    N/M - Not meaningful

    (1) FSD balances included above:
          Loans (primarily low-rate)                $323        $1    1.60%
          Interest-bearing deposits                  834         3    1.55
          Noninterest-bearing deposits             1,320
    (2) Impact of FSD loans (primarily low-rate)
         on the following:
          Commercial loans                                           (0.03)%
          Total loans                                                (0.02)
          Net interest margin (FTE) (assuming
           loans were funded by
           noninterest-bearing deposits)                                 -

    (3) Third quarter 2008 net interest income declined $8 million and the
        net interest margin declined six basis points due to a tax-related
        non-cash lease income charge. Excluding this charge, the net
        interest margin would have been 3.17% in the third quarter 2008.


    ------------------------------------------------------------------------
                                                      Three Months Ended
                                                 ---------------------------
                                                      September 30, 2008
                                                 ---------------------------
                                                 Average             Average
    (dollar amounts in millions)                 Balance  Interest    Rate
    ------------------------------------------------------------------------

    Commercial loans (1) (2)                     $28,521      $347    4.85%
    Real estate construction loans                 4,675        55    4.65
    Commercial mortgage loans                     10,511       142    5.38
    Residential mortgage loans                     1,870        28    5.92
    Consumer loans                                 2,599        31    4.83
    Lease financing (3)                            1,365         4    1.07
    International loans                            1,967        24    4.85
    Business loan swap income (expense)                -         4       -
                                                  ------------------------
      Total loans (2)                             51,508       635    4.91

    Auction-rate securities available-for-sale         -         -       -
    Other investment securities available-for-
     sale                                          8,146        99    4.85
                                                  ------------------------
      Total investment securities available-for-
       sale                                        8,146        99    4.85

    Federal funds sold and securities purchased
      under agreements to resell                      70         -    1.87
    Interest-bearing deposits with banks              20         -    1.72
    Other short-term investments                     202         2    3.67
                                                  ------------------------
      Total earning assets                        59,946       736    4.89

    Cash and due from banks                        1,228
    Allowance for loan losses                       (723)
    Accrued income and other assets                4,412
                                                 -------
      Total assets                               $64,863
                                                 =======

    Money market and NOW deposits (1)            $14,204        45    1.26
    Savings deposits                               1,350         1    0.42
    Customer certificates of deposit               7,690        53    2.73
                                                  ------------------------
      Total interest-bearing core deposits        23,244        99    1.70
    Other time deposits                            5,209        37    2.81
    Foreign office time deposits                     814         5    2.51
                                                  ------------------------
      Total interest-bearing deposits             29,267       141    1.92

    Short-term borrowings                          5,413        30    2.20
    Medium- and long-term debt                    12,880        98    3.02
                                                  ------------------------
      Total interest-bearing sources              47,560       269    2.25
                                                               -----------

    Noninterest-bearing deposits (1)              10,646
    Accrued expenses and other liabilities         1,582
    Total shareholders' equity                     5,075
                                                 -------
      Total liabilities and shareholders'
       equity                                    $64,863
                                                 =======

    Net interest income/rate spread (FTE)                     $467    2.64
                                                            ======

    FTE adjustment                                              $1
                                                            ======

    Impact of net noninterest-bearing
     sources of funds                                                 0.47
    ------------------------------------------------------------------------
    Net interest margin (as a percentage
     of average earning assets) (FTE) (2) (3)                         3.11%
    ========================================================================
    N/M - Not meaningful

    (1) FSD balances included above:
          Loans (primarily low-rate)                $401        $2    1.74%
          Interest-bearing deposits                  907         4    1.65
          Noninterest-bearing deposits             1,542
    (2) Impact of FSD loans (primarily low-rate)
         on the following:
          Commercial loans                                           (0.05)%
          Total loans                                                (0.02)
          Net interest margin (FTE) (assuming
           loans were funded by
           noninterest-bearing deposits)                             (0.01)

    (3) Third quarter 2008 net interest income declined $8 million and the
        net interest margin declined six basis points due to a tax-related
        non-cash lease income charge. Excluding this charge, the net
        interest margin would have been 3.17% in the third quarter 2008.


    ------------------------------------------------------------------------
                                                      Three Months Ended
                                                 ---------------------------
                                                       December 31, 2007
                                                 ---------------------------
                                                 Average             Average
    (dollar amounts in millions)                 Balance  Interest    Rate
    ------------------------------------------------------------------------

    Commercial loans (1) (2)                     $28,393      $500    7.00%
    Real estate construction loans                 4,846        92    7.48
    Commercial mortgage loans                      9,941       175    7.01
    Residential mortgage loans                     1,891        29    6.16
    Consumer loans                                 2,412        41    6.64
    Lease financing (3)                            1,327         8    2.41
    International loans                            1,889        34    7.03
    Business loan swap income (expense)                -        (6)      -
                                                  ------------------------
      Total loans (2)                             50,699       873    6.84

    Auction-rate securities available-for-sale         -         -       -
    Other investment securities available-for-
     sale                                          5,533        66    4.76
                                                  ------------------------
      Total investment securities available-for-
       sale                                        5,533        66    4.76

    Federal funds sold and securities purchased
      under agreements to resell                      90         1    4.79
    Interest-bearing deposits with banks              25         -    2.57
    Other short-term investments                     274         4    5.70
                                                  ------------------------
      Total earning assets                        56,621       944    6.62

    Cash and due from banks                        1,241
    Allowance for loan losses                       (541)
    Accrued income and other assets                3,186
                                                 -------
      Total assets                               $60,507
                                                 =======

    Money market and NOW deposits (1)            $15,174       116    3.03
    Savings deposits                               1,374         4    1.00
    Customer certificates of deposit               8,229        92    4.44
                                                  ------------------------
      Total interest-bearing core deposits        24,777       212    3.39
    Other time deposits                            5,779        76    5.22
    Foreign office time deposits                   1,278        15    4.69
                                                  ------------------------
      Total interest-bearing deposits             31,834       303    3.77

    Short-term borrowings                          2,560        30    4.64
    Medium- and long-term debt                     9,180       122    5.31
                                                  ------------------------
      Total interest-bearing sources              43,574       455    4.15
                                                               -----------

    Noninterest-bearing deposits (1)              10,533
    Accrued expenses and other liabilities         1,313
    Total shareholders' equity                     5,087
                                                 -------
      Total liabilities and shareholders'
       equity                                    $60,507
                                                 =======

    Net interest income/rate spread (FTE)                     $489    2.47
                                                            ======

    FTE adjustment                                              $-
                                                            ======

    Impact of net noninterest-bearing
      sources of funds                                                0.96
    ------------------------------------------------------------------------
    Net interest margin (as a percentage
      of average earning assets) (FTE) (2) (3)                        3.43%
    ========================================================================
    N/M - Not meaningful

    (1) FSD balances included above:
          Loans (primarily low-rate)                $941        $2    0.98%
          Interest-bearing deposits                1,121        11    3.78
          Noninterest-bearing deposits             2,060
    (2) Impact of FSD loans (primarily low-rate)
         on the following:
          Commercial loans                                           (0.21)%
          Total loans                                                (0.11)
          Net interest margin (FTE) (assuming
           loans were funded by
           noninterest-bearing deposits)                             (0.04)

    (3) Third quarter 2008 net interest income declined $8 million and the net
        interest margin declined six basis points due to a tax-related
        non-cash lease income charge. Excluding this charge, the net interest
        margin would have been 3.17% in the third quarter 2008.



        CONSOLIDATED STATISTICAL DATA
        Comerica Incorporated and Subsidiaries

    ---------------------------------------------------------------
    (in millions, except per       December    September     June
     share data)                   31, 2008    30, 2008    30, 2008
    ---------------------------------------------------------------

    Commercial loans:
      Floor plan                    $2,341      $2,151      $2,645
      Other                         25,658      26,453      26,118
    ---------------------------------------------------------------
        Total commercial loans      27,999      28,604      28,763
    Real estate construction loans:
      Commercial Real Estate
       business line                 3,831       3,937       4,013
      Other business lines             646         628         671
    ---------------------------------------------------------------
        Total real estate
         construction loans          4,477       4,565       4,684
    Commercial mortgage loans:
      Commercial Real Estate
       business line                 1,619       1,668       1,620
      Other business lines           8,870       8,920       8,884
    ---------------------------------------------------------------
        Total commercial
         mortgage loans             10,489      10,588      10,504
    Residential mortgage loans       1,852       1,863       1,879
    Consumer loans:
      Home equity                    1,781       1,693       1,649
      Other consumer                   811         951         945
    ---------------------------------------------------------------
        Total consumer loans         2,592       2,644       2,594
    Lease financing                  1,343       1,360       1,351
    International loans              1,753       1,931       1,976
    ---------------------------------------------------------------
        Total loans                $50,505     $51,555     $51,751
    ===============================================================

    Goodwill                          $150        $150        $150
    Loan servicing rights               11          12          12

    Tier 1 common capital ratio*      7.08%       6.67%       6.79%
    Tier 1 risk-based capital
     ratio*                          10.67        7.32        7.45
    Total risk-based capital
     ratio *                         14.73       11.19       11.21
    Leverage ratio*                  11.78        8.57        8.53
    Tangible common equity ratio      7.21        7.60        7.47

    Book value per common share     $33.31      $33.89      $33.78
    Market value per share for
     the quarter:
         High                       $37.01      $54.00      $40.62
         Low                         15.05       19.31       25.61
         Close                       19.85       32.79       25.63

    Quarterly ratios:
         Return on average common
          shareholders' equity        0.19%       2.25%       4.25%
         Return on average assets     0.12        0.18        0.33
         Efficiency ratio            68.19       75.53       63.02

    Number of banking centers          439         424         416

    Number of employees - full
     time equivalent                10,186      10,347      10,530

    * December 31, 2008 ratios are estimated


    ----------------------------------------------------------------------
                                                  March 31,    December 31,
    (in millions, except per share data)            2008            2007
    ----------------------------------------------------------------------

    Commercial loans:
      Floor plan                                   $2,913          $2,878
      Other                                        26,562          25,345
    ----------------------------------------------------------------------
        Total commercial loans                     29,475          28,223
    Real estate construction loans:
      Commercial Real Estate business line          3,990           4,089
      Other business lines                            656             727
    ----------------------------------------------------------------------
        Total real estate construction loans        4,646           4,816
    Commercial mortgage loans:
      Commercial Real Estate business line          1,541           1,377
      Other business lines                          8,941           8,671
    ----------------------------------------------------------------------
        Total commercial mortgage loans            10,482          10,048
    Residential mortgage loans                      1,926           1,915
    Consumer loans:
      Home equity                                   1,619           1,616
      Other consumer                                  829             848
    ----------------------------------------------------------------------
        Total consumer loans                        2,448           2,464
    Lease financing                                 1,341           1,351
    International loans                             2,034           1,926
    ----------------------------------------------------------------------
        Total loans                               $52,352         $50,743
    ======================================================================

    Goodwill                                         $150            $150
    Loan servicing rights                              12              12

    Tier 1 common capital ratio*                     6.75%           6.85%
    Tier 1 risk-based capital ratio*                 7.40            7.51
    Total risk-based capital ratio *                11.06           11.20
    Leverage ratio*                                  8.82            9.26
    Tangible common equity ratio                     7.62            7.97

    Book value per common share                    $34.93          $34.12
    Market value per share for the quarter:
         High                                      $45.19          $54.88
         Low                                        34.51           39.62
         Close                                      35.08           43.53

    Quarterly ratios:
         Return on average common shareholders'
          equity                                     8.42%           9.35%
         Return on average assets                    0.68            0.79
         Efficiency ratio                           58.25           62.76

    Number of banking centers                         420             417

    Number of employees - full time equivalent     10,643          10,782

    * December 31, 2008 ratios are estimated



        PARENT COMPANY ONLY BALANCE SHEETS
        Comerica Incorporated

    -----------------------------------------------------------------------
    (in millions, except          December 31,  September 30,  December 31,
     share data)                       2008           2008          2007
    -----------------------------------------------------------------------

    ASSETS
    Cash and due from
     subsidiary bank                    $11            $16            $1
    Short-term investments with
     subsidiary bank                  2,329            158           224
    Other short-term
     investments                         80             99           102
    Investment in
     subsidiaries,
     principally banks                5,690          5,849         5,840
    Premises and equipment                5              5             4
    Other assets                        210            163           166
    -----------------------------------------------------------------------
          Total assets               $8,325         $6,290        $6,337
    =======================================================================

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Medium- and long-term debt       $1,002           $969          $968
    Other liabilities                   171            221           252
    -----------------------------------------------------------------------
          Total liabilities           1,173          1,190         1,220

    Fixed rate cumulative perpetual
     preferred stock, series F, no
     par value, $1,000 liquidation
     preference per share:
      Authorized - 2,250,000
       shares Issued - 2,250,000
       shares at 12/31/08             2,129              -             -
    Common stock - $5 par value:
      Authorized - 325,000,000 shares
       Issued - 178,735,252
       shares at 12/31/08, 9/30/08
       and 12/31/07                     894            894           894
    Capital surplus                     722            586           564
    Accumulated other
     comprehensive loss                (309)          (129)         (177)
    Retained earnings                 5,345          5,379         5,497
    Less cost of common stock
     in treasury - 28,244,967
     shares at 12/31/08,
     28,249,360 shares at 9/30/08
     and 28,747,097 shares
     at 12/31/07                     (1,629)        (1,630)       (1,661)
    -----------------------------------------------------------------------
          Total shareholders'
           equity                     7,152          5,100         5,117
    -----------------------------------------------------------------------
          Total liabilities
           and shareholders'
           equity                    $8,325         $6,290        $6,337
    =======================================================================



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

    --------------------------------------------------------------------------
    (in                                       Accum-
     millions,  Nonre-  Common Stock          ulated
     except    deemable -------------          Other                  Total
     per         Pre-   Shares                Compreh- Retai-  Treas- Share-
     share      ferred  Outst-        Capital  ensive   ned     ury   holders'
     data)      Stock   anding Amount Surplus  Loss   Earnings Stock  Equity
    --------------------------------------------------------------------------

    BALANCE AT
     JANUARY 1,
     2007         $-    157.6   $894   $520   $(324)  $5,230  $(1,219) $5,101
    Net income     -        -      -      -       -      686        -     686
    Other
     comprehensive
     income, net
     of tax        -        -      -      -     147        -        -     147
                                                                         ----
    Total
     comprehensive
     income                                                               833
    Cash dividends
     declared on
     common stock
     ($2.56 per
     share)        -        -      -      -      -      (393)       -    (393)
    Purchase of
     common stock  -    (10.0)     -      -      -         -     (580)   (580)
    Net
     issuance
     of common
     stock
     under
     employee
     stock plans   -      2.4      -    (16)     -       (26)     139      97
    Share-based
     compensation  -        -      -     59      -         -        -      59
    Employee
     deferred
     compensation
     obligations   -        -      -      1      -         -       (1)      -
    --------------------------------------------------------------------------
    BALANCE AT
     DECEMBER 31,
     2007         $-    150.0   $894   $564  $(177)   $5,497  $(1,661) $5,117

    Net income     -        -      -      -      -       213        -     213
    Other
     comprehensive
     loss, net of
     tax           -        -      -      -   (132)        -        -    (132)
                                                                         ----
    Total
     comprehensive
     income                                                                81
    Cash dividends
     declared on
     common stock
     ($2.31 per
     share)        -        -      -      -      -      (348)       -    (348)
    Purchase of
     common stock  -        -      -      -      -         -       (1)     (1)
    Issuance of
     preferred
     stock and
     related
     warrants  2,126        -      -    124      -         -        -   2,250
    Accretion
     of
     discount
     on
     preferred
     stock         3        -      -      -      -        (3)       -       -
    Net
     issuance
     of common
     stock
     under
     employee
     stock plans   -      0.5      -    (19)     -       (14)      33       -
    Share-based
     Compensation  -        -      -     53      -         -        -      53
    --------------------------------------------------------------------------
    BALANCE AT
     DECEMBER
     31, 2008 $2,129    150.5   $894   $722  $(309)   $5,345  $(1,629) $7,152
    ==========================================================================



        BUSINESS SEGMENT FINANCIAL RESULTS
        Comerica Incorporated and Subsidiaries

    =======================================================================
    (dollar amounts in millions)                                 Wealth &
    Three Months Ended                Business     Retail     Institutional
     December 31, 2008                  Bank        Bank        Management
    -----------------------------------------------------------------------
    Earnings summary:
    Net interest income (expense)
     (FTE)                               $329      $129               $38
    Provision for loan losses             139        43                13
    Noninterest income                     62        49                73
    Noninterest expenses                  172       180                80
    Provision (benefit) for income
     taxes (FTE)                           26       (11)                5
    Income from discontinued
     operations,
     net of tax                             -         -                 -
                                      -------------------------------------
    Net income (loss)                     $54      $(34)              $13
                                      =====================================
    Net credit-related charge-offs       $101       $23                $9

    Selected average balances:
    Assets                            $41,364    $7,007            $4,879
    Loans                              40,244     6,380             4,724
    Deposits                           13,839    17,065             2,255
    Liabilities                        14,417    17,053             2,300
    Attributed equity                   3,341       665               341

    Statistical data:
    Return on average assets (1)         0.51%    (0.76)%            1.05%
    Return on average attributed
     equity                              6.36    (20.18)            15.03
    Net interest margin (2)              3.23      3.00              3.13
    Efficiency ratio                    44.10    100.79             75.73
    =======================================================================
                                                                  Wealth &
    Three Months Ended September      Business      Retail     Institutional
     30, 2008                           Bank         Bank        Management
    -----------------------------------------------------------------------
    Earnings summary:
    Net interest income (expense)
     (FTE)                               $323      $142               $37
    Provision for loan losses             135        33                 7
    Noninterest income                     75        80                71
    Noninterest expenses                  175       161               180
    Provision (benefit) for income
     taxes (FTE)                           23         7               (28)
    Income from discontinued
     operations,
     net of tax                             -         -                 -
                                      -------------------------------------
    Net income (loss)                     $65       $21              $(51)
                                      =====================================
    Net credit-related charge-offs        $95       $17                $4

    Selected average balances:
    Assets                            $41,357    $7,046            $4,759
    Loans                              40,506     6,362             4,624
    Deposits                           14,933    16,596             2,351
    Liabilities                        15,633    16,583             2,359
    Attributed equity                   3,318       656               340

    Statistical data:
    Return on average assets (1)         0.64%     0.48%            (4.29)%
    Return on average attributed
     equity                              7.98     12.53            (60.04)
    Net interest margin (2)              3.17      3.40              3.17
    Efficiency ratio                    43.92     82.39               N/M
    =======================================================================
                                                                  Wealth &
    Three Months Ended                Business      Retail     Institutional
     December 31, 2007                   Bank        Bank        Management
    -----------------------------------------------------------------------
    Earnings summary:
    Net interest income (expense)
     (FTE)                               $331      $160               $36
    Provision for loan losses              88        26                 1
    Noninterest income                     79        55                73
    Noninterest expenses                  186       181                87
    Provision (benefit) for income
     taxes (FTE)                           43         3                 8
    Income from discontinued
     operations,
     net of tax                             -         -                 -
                                      -------------------------------------
    Net income (loss)                     $93        $5               $13
                                      =====================================
    Net credit-related charge-offs        $50       $14                $-

    Selected average balances:
    Assets                            $41,327    $6,998            $4,321
    Loans                              40,285     6,229             4,146
    Deposits                           15,931    17,254             2,552
    Liabilities                        16,765    17,266             2,561
    Attributed equity                   3,073       872               353

    Statistical data:
    Return on average assets (1)         0.89%     0.11%             1.21%
    Return on average attributed
     equity                             12.02      2.33             14.88
    Net interest margin (2)              3.25      3.69              3.43
    Efficiency ratio                    45.54     84.52             79.55
    =======================================================================
    (1) Return on average assets is calculated based on the greater of
        average assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful
    =======================================================================


    =======================================================================
    (dollar amounts in millions)
    Three Months Ended
     December 31, 2008                 Finance      Other           Total
    -----------------------------------------------------------------------
    Earnings summary:
    Net interest income (expense)
     (FTE)                               $(66)       $4              $434
    Provision for loan losses               -        (3)              192
    Noninterest income                     12       (22)              174
    Noninterest expenses                    3       (24)              411
    Provision (benefit) for income
     taxes (FTE)                          (19)      (15)              (14)
    Income from discontinued
     operations,
     net of tax                             -         1                 1
                                      -------------------------------------
    Net income (loss)                    $(38)      $25               $20
                                      =====================================
    Net credit-related charge-offs         $-        $-              $133

    Selected average balances:
    Assets                            $10,927    $1,804           $65,981
    Loans                                  (4)       (6)           51,338
    Deposits                            6,842       315            40,316
    Liabilities                        25,170       740            59,680
    Attributed equity                     975       979             6,301

    Statistical data:
    Return on average assets (1)          N/M       N/M              0.12%
    Return on average attributed
     equity                               N/M       N/M              0.19
    Net interest margin (2)               N/M       N/M              2.82
    Efficiency ratio                      N/M       N/M             68.19
    =======================================================================
    Three Months Ended September
     30, 2008                          Finance      Other           Total
    -----------------------------------------------------------------------
    Earnings summary:
    Net interest income (expense)
     (FTE)                               $(26)      $(9)             $467
    Provision for loan losses               -       (10)              165
    Noninterest income                     20        (6)              240
    Noninterest expenses                    3        (5)              514
    Provision (benefit) for income
     taxes (FTE)                           (7)        6                 1
    Income from discontinued
     operations,
     net of tax                             -         1                 1
                                      -------------------------------------
    Net income (loss)                     $(2)      $(5)              $28
                                      =====================================
    Net credit-related charge-offs         $-        $-              $116

    Selected average balances:
    Assets                            $10,096    $1,605           $64,863
    Loans                                  (3)       19            51,508
    Deposits                            5,588       445            39,913
    Liabilities                        24,359       854            59,788
    Attributed equity                     878      (117)            5,075

    Statistical data:
    Return on average assets (1)          N/M       N/M              0.18%
    Return on average attributed
     equity                               N/M       N/M              2.25
    Net interest margin (2)               N/M       N/M              3.11
    Efficiency ratio                      N/M       N/M             75.53
    =======================================================================
    Three Months Ended
     December 31, 2007                 Finance      Other           Total
    -----------------------------------------------------------------------
    Earnings summary:
    Net interest income (expense)
     (FTE)                               $(30)      $(8)             $489
    Provision for loan losses               -        (7)              108
    Noninterest income                     16         7               230
    Noninterest expenses                    3        (7)              450
    Provision (benefit) for income
     taxes (FTE)                           (9)       (1)               44
    Income from discontinued
     operations,
     net of tax                             -         2                 2
                                      -------------------------------------
    Net income (loss)                     $(8)      $16              $119
                                      =====================================
    Net credit-related charge-offs         $-        $-               $64

    Selected average balances:
    Assets                             $6,785    $1,076           $60,507
    Loans                                   5        34            50,699
    Deposits                            6,622         8            42,367
    Liabilities                        18,472       356            55,420
    Attributed equity                     724        65             5,087

    Statistical data:
    Return on average assets (1)          N/M       N/M              0.79%
    Return on average attributed
     equity                               N/M       N/M              9.35
    Net interest margin (2)               N/M       N/M              3.43
    Efficiency ratio                      N/M       N/M             62.76
    =======================================================================
    (1) Return on average assets is calculated based on the greater of
        average assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful
    =======================================================================



        MARKET SEGMENT FINANCIAL RESULTS
        Comerica Incorporated and Subsidiaries

    ====================================================================
    (dollar amounts
     in millions)
    Three Months
     Ended December
     31, 2008         Midwest          Western          Texas    Florida
    --------------------------------------------------------------------
    Earnings
     summary:
    Net interest
     income
     (expense) (FTE)    $202              $157            $72        $11
    Provision for
     loan losses          59                70             19         14
    Noninterest
     income              109                34             21          4
    Noninterest
     expenses            217               113             64         11
    Provision
     (benefit) for
     income taxes
     (FTE)                19                 6              6         (3)
    Income from
     discontinued
     operations,
      net of tax           -                 -              -          -
                         -----------------------------------------------
    Net income
     (loss)              $16                $2             $4        $(7)
                         ===============================================
    Net credit-
     related charge-
     offs                $38               $65             $8         $6

    Selected average
     balances:
    Assets           $19,945           $16,243         $8,215     $1,938
    Loans             18,966            16,032          7,974      1,942
    Deposits          16,204            10,762          4,070        222
    Liabilities       16,733            10,716          4,090        216
    Attributed
     equity            1,613             1,381            650        146

    Statistical
     data:
    Return on
     average
     assets (1)         0.30%             0.06%          0.20%     (1.47)%
    Return on
     average
     attributed
     equity             3.70              0.65           2.49     (19.50)
    Net interest
     margin (2)         4.20              3.87           3.56       2.25
    Efficiency ratio   70.07             59.48          68.41      72.92
    ====================================================================
    Three Months
     Ended
     September 30,
     2008             Midwest           Western          Texas   Florida
    --------------------------------------------------------------------
    Earnings
     summary:
    Net interest
     income
     (expense) (FTE)    $196              $169            $73        $12
    Provision for
     loan losses          52                82             18          7
    Noninterest
     income              142                38             27          4
    Noninterest
     expenses            203               112             61         10
    Provision
     (benefit) for
     income taxes
     (FTE)                31                 4              8          -
    Income from
     discontinued
     operations,
      net of tax           -                 -              -          -
                         -----------------------------------------------
    Net income
     (loss)              $52                $9            $13        $(1)
                         ===============================================
    Net credit-
     related charge-
     offs                $44               $51             $9         $3

    Selected average
     balances:
    Assets           $19,754           $16,627         $7,945     $1,900
    Loans             19,070            16,381          7,691      1,900
    Deposits          15,858            11,729          3,956        262
    Liabilities       16,475            11,698          3,973        258
    Attributed
     equity            1,631             1,367            623        131

    Statistical
     data:
    Return on
     average
     assets (1)         1.07%             0.21%          0.65%     (0.25)%
    Return on
     average
     attributed
     equity            12.91              2.61           8.22      (3.62)
    Net interest
     margin (2)         4.08              4.09           3.75       2.53
    Efficiency ratio   64.14             54.68          63.16      67.40
    ====================================================================
    Three Months
     Ended December
     31, 2007         Midwest          Western           Texas   Florida
    --------------------------------------------------------------------
    Earnings
     summary:
    Net interest
     income
     (expense) (FTE)    $212              $178            $74        $11
    Provision for
     loan losses          20                93              7          5
    Noninterest
     income              120                35             23          4
    Noninterest
     expenses            218               121             67         11
    Provision
     (benefit) for
     income taxes
     (FTE)                34                 2              9          -
    Income from
     discontinued
     operations,
      net of tax           -                 -              -          -
                         -----------------------------------------------
    Net income
     (loss)              $60               $(3)           $14        $(1)
                         ===============================================
    Net credit-
     related charge-
     offs                $38               $22             $3         $-

    Selected average
     balances:
    Assets           $19,176           $17,137         $7,677     $1,732
    Loans             18,564            16,615          7,381      1,719
    Deposits          16,056            13,012          3,935        299
    Liabilities       16,737            13,044          3,953        297
    Attributed
     equity            1,766             1,264            634        112

    Statistical
     data:
    Return on
     average
     assets (1)         1.24%            (0.06)%         0.73%     (0.21)%
    Return on
     average
     attributed
     equity            13.51             (0.81)          8.79      (3.29)
    Net interest
     margin (2)         4.51              4.24           3.95       2.67
    Efficiency ratio   65.68             56.97          69.30      73.50
    ====================================================================
    (1) Return on average assets is calculated based on the greater of
        average assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful
    ====================================================================


    (dollar amounts
     in millions)
    Three Months                                       Finance
     Ended December    Other                           & Other
     31, 2008         Markets       International     Businesses   Total
    --------------------------------------------------------------------
    Earnings
     summary:
    Net interest
     income
     (expense) (FTE)     $38               $16           $(62)      $434
    Provision for
     loan losses          27                 6             (3)       192
    Noninterest
     income                9                 7            (10)       174
    Noninterest
     expenses             17                10            (21)       411
    Provision
     (benefit) for
     income taxes
     (FTE)               (11)                3            (34)       (14)
    Income from
     discontinued
     operations,
      net of tax           -                 -              1          1
                         -----------------------------------------------
    Net income
     (loss)              $14                $4           $(13)       $20
                         ===============================================
    Net credit-
     related charge-
     offs                $16                $-             $-       $133

    Selected average
     balances:
    Assets            $4,608            $2,301        $12,731    $65,981
    Loans              4,248             2,186            (10)    51,338
    Deposits           1,206               695          7,157     40,316
    Liabilities        1,330               685         25,910     59,680
    Attributed
     equity              405               152          1,954      6,301

    Statistical
     data:
    Return on
     average
     assets (1)         1.22%             0.72%           N/M       0.12%
    Return on
     average
     attributed
     equity            13.93             10.96            N/M       0.19
    Net interest
     margin (2)         3.55              2.82            N/M       2.82
    Efficiency ratio   39.75             43.13            N/M      68.19
    ====================================================================
    Three Months
     Ended                                             Finance
     September 30,     Other                           & Other
     2008             Markets       International     Businesses   Total
    --------------------------------------------------------------------
    Earnings
     summary:
    Net interest
     income
     (expense) (FTE)     $37               $15           $(35)      $467
    Provision for
     loan losses          15                 1            (10)       165
    Noninterest
     income                7                 8             14        240
    Noninterest
     expenses            119                11             (2)       514
    Provision
     (benefit) for
     income taxes
     (FTE)               (45)                4             (1)         1
    Income from
     discontinued
     operations,
      net of tax           -                 -              1          1
                         -----------------------------------------------
    Net income
     (loss)             $(45)               $7            $(7)       $28
                         ===============================================
    Net credit-
     related charge-
     offs                 $9                $-             $-       $116

    Selected average
     balances:
    Assets            $4,559            $2,377        $11,701    $64,863
    Loans              4,189             2,261             16     51,508
    Deposits           1,299               776          6,033     39,913
    Liabilities        1,396               775         25,213     59,788
    Attributed
     equity              406               156            761      5,075

    Statistical
     data:
    Return on
     average
     assets (1)        (3.93)%            1.24%           N/M       0.18%
    Return on
     average
     attributed
     equity           (44.21)            18.83            N/M       2.25
    Net interest
     margin (2)         3.48              2.64            N/M       3.11
    Efficiency ratio     N/M             44.21            N/M      75.53
    ====================================================================
    Three Months                                      Finance
     Ended December    Other                          & Other
     31, 2007         Markets      International     Businesses    Total
    --------------------------------------------------------------------
    Earnings
     summary:
    Net interest
     income
     (expense) (FTE)     $36               $16           $(38)      $489
    Provision for
     loan losses          (7)               (3)            (7)       108
    Noninterest
     income               16                 9             23        230
    Noninterest
     expenses             26                11             (4)       450
    Provision
     (benefit) for
     income taxes
     (FTE)                 3                 6            (10)        44
    Income from
     discontinued
     operations,
      net of tax           -                 -              2          2
                         -----------------------------------------------
    Net income
     (loss)              $30               $11             $8       $119
                         ===============================================
    Net credit-
     related charge-
     offs                 $1                $-             $-        $64

    Selected average
     balances:
    Assets            $4,643            $2,281         $7,861    $60,507
    Loans              4,229             2,152             39     50,699
    Deposits           1,556               879          6,630     42,367
    Liabilities        1,673               888         18,828     55,420
    Attributed
     equity              369               153            789      5,087

    Statistical
     data:
    Return on
     average
     assets (1)         2.57%             1.87%           N/M       0.79%
    Return on
     average
     attributed
     equity            32.36             27.81            N/M       9.35
    Net interest
     margin (2)         3.38              2.80            N/M       3.43
    Efficiency ratio   50.04             47.13            N/M      62.76
    ====================================================================
    (1) Return on average assets is calculated based on the greater of
        average assets or average liabilities and attributed equity.
    (2) Net interest margin is calculated based on the greater of average
        earning assets or average deposits and purchased funds.
    FTE - Fully Taxable Equivalent
    N/M - Not Meaningful
    ====================================================================

SOURCE Comerica Incorporated -0- 01/22/2009 /CONTACT: Media, Wayne J. Mielke, +1-214-462-4463, or Investors, Darlene P. Persons, +1-214-462-6831, or Walter Galloway, +1-214-462-6834, all of Comerica Incorporated/

Press releases, archived webcasts/presentations/conference calls, and SEC filings speak only to the date they are issued, made or filed, respectively. Investors should not rely on such information as being unchanged in making investment decisions.

Press releases, archived webcasts/presentations/conference calls, and SEC filings speak only to the date they are issued, made or filed, respectively. Investors should not rely on such information as being unchanged in making investment decisions.