Comerica (CMA) 8-K Comerica Reports Second Quarter 2008 Earnings

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Exhibit 99.1

COMERICA REPORTS SECOND QUARTER 2008 EARNINGS

Net Loan Charge-offs Stable with First Quarter
Capital Ratios Stable and Within Targeted Ranges
Tax-Related Lease Charges of 21 Cents per Share

DALLAS/July 17, 2008— Comerica Incorporated (NYSE: CMA) today reported second quarter 2008 income from continuing operations of $56 million, or $0.37 per diluted share, compared to $110 million, or $0.73 per diluted share, for the first quarter 2008 and $196 million, or $1.25 per diluted share, for the second quarter 2007.

Second quarter 2008 included a $177 million provision for credit losses, compared to $163 million for the first quarter 2008 and $34 million for the second quarter 2007. Also during the second quarter of 2008, Comerica recorded combined pre-tax charges of $50 million ($32 million after-tax, or $0.21 per share) related to an updated assessment of the timing of tax deductions on certain structured lease transactions. The charges were recorded in net interest income ($0.13 per share) and the provision for income taxes ($0.08 per share).

First quarter 2008 included pre-tax income of $34 million ($22 million after-tax, or $0.14 per share) related to ownership in Visa.

(dollar amounts in millions, except per share data)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income	$	442	*	$	476		$	509
Provision for loan losses		170			159			36
Noninterest income		242			237			225
Noninterest expenses		423			403			411
Income from continuing operations, net of tax		56			110			196
Net income		56			109			196
Diluted EPS from continuing operations		0.37			0.73			1.25
Diluted EPS from discontinued operations**		—			—			—
Diluted EPS		0.37			0.73			1.25
Return on average common shareholders’ equity from continuing operations		4.26	%		8.51	%		15.44	%
Return on average common shareholders’ equity		4.25			8.42			15.44
Tier 1 capital ratio		7.36			7.40			7.87
Net interest margin		2.91	*		3.22			3.76

*	Second quarter 2008 net interest income declined $30 million and the net interest margin declined by 19 basis points due to a tax-related non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.10%, consistent with the full-year outlook.
**	In the fourth quarter 2006, Comerica sold its stake in Munder Capital Management (Munder) and reports Munder as a discontinued operation in all periods presented.

“In an environment that continued to be challenging and volatile, our core operating earnings were stable,” said Ralph W. Babb Jr., chairman and chief executive officer. “As expected, our net loan charge-offs were similar to the first quarter, as credit issues remained focused on our California residential real estate development portfolio. Excluding the effect of the tax-related charge to income on structured lease transactions, our net interest margin was consistent with our full-year outlook. Expenses remained well controlled with reduced personnel.

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 2

“Our capital ratios were stable and within our targeted ranges. We are optimizing our capital usage, with particular focus on rationalizing our loan portfolio with the appropriate credit standards, loan pricing and return hurdles.”

Second Quarter 2008 Compared to First Quarter 2008

• On an annualized basis, average loans increased four percent, with growth of eight percent in the Texas market, five percent in the Midwest market and one percent in the Western market. Period-end loans declined $601 million from March 31, 2008 to June 30, 2008.

• On an annualized basis, excluding Financial Services Division (FSD) deposits and institutional certificates of deposit, noninterest-bearing deposits increased four percent, while total deposits decreased seven percent, due to competitive and economic pressures, and attractive alternatives to bank deposits, such as in Comerica Securities, where there has been asset growth.

• The net interest margin was 2.91 percent in the second quarter 2008, a decrease of 31 basis points from 3.22 percent in the first quarter 2008, largely due to a charge to income on certain structured lease transactions (-19 basis points) discussed below and the reduced contribution of noninterest-bearing funds in a lower rate environment. Excluding the lease income charge, the net interest margin was 3.10 percent, consistent with the full-year outlook.

• Net credit-related charge-offs were $113 million, or 86 basis points as a percent of average total loans, for the second quarter 2008, compared to $110 million, or 85 basis points as a percent of average total loans, for the first quarter 2008. Of the second quarter credit-related charge-offs, $73 million were in the Commercial Real Estate business line, predominantly with residential real estate developers in the Western market. The remaining net credit-related charge-offs of $40 million were 35 basis points of average non-Commercial Real Estate loans. The provision for loan losses was $170 million for the second quarter 2008, compared to $159 million for the first quarter 2008, bringing the period-end allowance to total loans ratio to 1.28 percent from 1.16 percent at March 31, 2008.

• Excluding net securities gains, noninterest income increased $13 million, reflecting increases in commercial lending fees, letter of credit fees, foreign exchange income, card fees and deferred compensation asset returns.

• Excluding the first quarter 2008 reversal of the $13 million Visa loss sharing expense, noninterest expenses increased $7 million, reflecting increases in outside processing fees, the provision for credit losses on lending-related commitments and salaries expense, partially offset by a decrease in customer services expense.

• The estimated Tier 1 common and Tier 1 capital ratios were 6.72 and 7.36 percent, respectively, both within the targeted ranges.

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 3

Net Interest Income and Net Interest Margin

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income	$	442	*	$	476		$	509
Net interest margin		2.91	%*		3.22	%		3.76	%
Selected average balances:
Total earning assets	$	61,088		$	59,518		$	54,304
Total investment securities		8,296			7,222			4,085
Total loans		52,367			51,852			49,793
Total interest-bearing deposits		33,116			33,440			30,049
Total noninterest-bearing deposits		10,648			10,622			11,633
Total noninterest-bearing deposits, excluding FSD		8,825			8,728			8,356

* Second quarter 2008 net interest income declined $30 million and the net interest margin declined by 19 basis points due to a tax-related non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.10%, consistent with the full-year outlook.

• The $34 million decrease in net interest income in the second quarter 2008, when compared to first quarter 2008, resulted primarily from a $30 million non-cash charge to lease income and a decline in the net interest margin, partially offset by growth in securities and loans. The lease income charge reflected the reversal of previously recognized income. The reversal resulted from a projected change in the timing of income tax cash flows on certain structured lease transactions, which was caused by a reassessment of the likely resolution with the taxing authorities. The charge will fully reverse over the remaining lease terms (up to 20 years). Further information about the charge can be found in Tax-related Items below.

• The net interest margin of 2.91 percent declined 31 basis points, reflecting the charge to structured lease transactions discussed above (-19 basis points) and a decreased contribution of noninterest-bearing funds in a lower rate environment.

Noninterest Income

Noninterest income was $242 million for the second quarter 2008, compared to $237 million for the first quarter 2008 and $225 million for the second quarter 2007. Noninterest income in the second quarter 2008, compared to the first quarter 2008, reflected positive trends in commercial lending fees ($4 million), letter of credit fees ($3 million), foreign exchange income ($2 million) and card fees ($2 million), and higher deferred compensation asset returns ($9 million). Additionally, second quarter 2008 included a $14 million gain on sale of MasterCard shares and first quarter 2008 included a $21 million gain on sale of Visa shares (both included in “net securities gains”).

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 4

Noninterest Expenses

Noninterest expenses were $423 million for the second quarter 2008, compared to $403 million for the first quarter 2008 and $411 million for the second quarter 2007. The $20 million increase in noninterest expenses in the second quarter 2008, compared to the first quarter 2008, reflected the first quarter 2008 reversal of the $13 million Visa loss sharing expense (included in “litigation and operational losses”) and increases in outside processing fees ($5 million), the provision for credit losses on lending-related commitments ($3 million) and salaries expense ($2 million), partially offset by a decrease in customer services expense ($3 million). The increase in salaries expense included an increase in deferred compensation plan costs ($9 million), offset by a decrease of $9 million in share-based compensation, reflecting the annual award of restricted stock granted in the first quarter which for retirement eligible employees must be expensed in the period granted. The increase in deferred compensation plan costs was offset by an increase in deferred compensation plan asset returns in noninterest income. Certain categories of noninterest expenses are highlighted in the table below.

	2nd Qtr ’08		1st Qtr ’08			2nd Qtr ’07
Salaries
Regular salaries	$	151	$	151		$	156
Severance		1		2			1
Incentives		35		32			40
Deferred compensation plan costs		4		(5	)		6
Share-based compensation		11		20			12
Total salaries		202		200			215
Employee benefits		48		47			50
Customer services		3		6			11
Litigation and operational losses		3		(8	)		(9	)
Provision for credit losses on lending-related commitments		7		4			(2	)

Tax-related Items

During the second quarter 2008, several tax-related court decisions involving other financial institutions were announced on certain structured lease transactions. In light of these recent decisions, Comerica reassessed its position and recorded an after-tax charge of $13 million to increase previously established reserves for interest on tax liabilities in the second quarter 2008, included in the “provision for income taxes.” This reassessment of the size and timing of tax deductions also resulted in the lease income charge noted in Net Interest Income above.

The provision for income taxes in the first quarter 2008 reflected a benefit of $5 million resulting from an after-tax adjustment to deferred tax assets.

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 5

Credit Quality

“We have been proactive in managing problem loans, which remain largely focused in our California residential real estate development portfolio,” said Babb. “Virtually all of the problem loans in our California residential real estate development portfolio were independently appraised within the last six months with the appropriate charge-offs taken and additional reserves established. The balance of our loan portfolio continued to experience solid credit metrics.”

• The allowance to loan ratio increased to 1.28 percent at June 30, 2008, from 1.16 percent at March 31, 2008.

• The provision for loan losses and loan quality reflected continuing challenges primarily in residential real estate development located in the Western market (primarily California).

• Net credit-related charge-offs in the Commercial Real Estate business line in the second quarter 2008 were $73 million, of which $56 million were from residential real estate developers in the Western market. Comparable numbers for the first quarter 2008 were $75 million in total, of which $58 million were from residential real estate developers in the Western market. Excluding the Western market, other Commercial Real Estate net credit-related charge-offs in the second quarter 2008 totaled $17 million, compared to $17 million in the first quarter 2008.

• Net loan charge-offs, excluding the Commercial Real Estate business line, were $40 million in the second quarter 2008, or 35 basis points of average non-Commercial Real Estate loans, compared to $35 million, or 31 basis points, in the first quarter 2008.

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net loan charge-offs	$	112		$	110		$	30
Net lending-related commitment charge-offs		1			—			—
Total net credit-related charge-offs		113			110			30
Net loan charge-offs/Average total loans		0.86	%		0.85	%		0.24	%
Net credit-related charge-offs/Average total loans		0.86			0.85			0.24
Provision for loan losses	$	170		$	159		$	36
Provision for credit losses on lending-related commitments		7			4			(2	)
Total provision for credit losses		177			163			34
Nonperforming assets (NPAs)		747			560			259
NPAs/Total loans and foreclosed property		1.44	%		1.07	%		0.53	%
Allowance for loan losses	$	663		$	605		$	507
Allowance for credit losses on lending-related commitments*		31			25			19
Total allowance for credit losses		694			630			526
Allowance for loan losses/Total loans		1.28	%		1.16	%		1.04	%
Allowance for loan losses/Nonperforming loans		91			112			207

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

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 6

Balance Sheet and Capital Management

Total assets and common shareholders’ equity were $66.0 billion and $5.1 billion, respectively, at June 30, 2008, compared to $67.0 billion and $5.3 billion, respectively, at March 31, 2008. There were approximately 150 million shares outstanding at June 30, 2008. No shares were repurchased in the open market in the first six months of 2008.

Comerica’s second quarter 2008 estimated Tier 1 common, Tier 1 and total risk-based capital ratios were 6.72 percent, 7.36 percent and 11.11 percent, respectively.

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

• Low single-digit full-year loan growth, with loans declining over the remainder of 2008.

• Securities averaging about $8 billion for the remainder of the year.

• Average full-year net interest margin about 3.10 percent (3.15 percent excluding the lease income charge), based on no federal funds rate changes in the third and fourth quarters of 2008, with a net interest margin of about 3.10 percent for the remainder of 2008.

• Full-year net credit-related charge-offs of $425 million to $450 million. The provision for credit losses is expected to exceed net charge-offs.

• Low single-digit growth in noninterest income.

• Low single-digit decline in noninterest expenses.

• Effective tax rate of about 30 percent for the full year, with a rate of 28 percent for the remainder of 2008.

• Maintain a Tier 1 capital ratio within a target range of 7.25 to 8.25 percent.

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 7

Business Segments

Comerica’s continuing operations are strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. The Finance Division also is included as a segment. The financial results below are based on the internal business unit structure of the Corporation and methodologies in effect at June 30, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses second quarter 2008 results compared to first quarter 2008.

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

(dollar amounts in millions)	2nd Qtr ’08					1st Qtr ’08					2nd Qtr ’07
Business Bank	$	57		73	%	$	62		51	%	$	140		71	%
Retail Bank		7		9			40		33			42		21
Wealth & Institutional Management		14		18			20		16			16		8
		78		100	%		122		100	%		198		100	%
Finance		(5	)				(3	)				(11	)
Other*		(17	)				(10	)				9
Total	$	56				$	109				$	196

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

Business Bank

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income (FTE)	$	296		$	329		$	344
Provision for loan losses		123			147			32
Noninterest income		92			74			68
Noninterest expenses		185			176			176
Net income		57			62			140
Net credit-related charge-offs		96			99			24
Selected average balances:
Assets		42,335			42,129			40,847
Loans		41,510			41,219			39,824
FSD loans		469			802			1,580
Deposits		15,384			15,878			16,432
FSD deposits		2,817			2,988			4,505
Net interest margin		2.85	%		3.20	%		3.45	%

• Average loans increased $291 million, or three percent on an annualized basis, driven by growth in Middle Market, Commercial Real Estate, Global Corporate and International, partially offset by a decline in the Financial Services Division.

• Average deposits, excluding the Financial Services Division, decreased $323 million due to a decline in Technology & Life Sciences. Financial Services Division deposits decreased $171 million.

• The net interest margin of 2.85 percent decreased 35 basis points due to a $30 million (-29 basis point) non-cash charge to lease income, a decline in deposit balances and the lower value of noninterest-bearing deposits.

• The provision for loan losses decreased $24 million, primarily due a slower rate of change in Commercial Real Estate in the Midwest and a decrease in period-end loan balances.

• Noninterest income increased $18 million, primarily due to a $14 million gain on sale of MasterCard shares related to the commercial card business and an increase in commercial lending fees.

• Noninterest expenses increased $9 million, primarily due to an increase in allocated net corporate overhead expenses.

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 8

Retail Bank

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income (FTE)	$	146		$	148		$	171
Provision for loan losses		29			17			4
Noninterest income		54			74			57
Noninterest expenses		161			143			160
Net income		7			40			42
Net credit-related charge-offs		14			10			6
Selected average balances:
Assets		7,100			7,144			6,828
Loans		6,348			6,276			6,100
Deposits		17,043			17,162			17,191
Net interest margin		3.44	%		3.47	%		4.00	%

• Average loans increased $72 million, or five percent on an annualized basis, primarily due to the transfer of student loans from loans held-for-sale (other short-term investments) to consumer loans.

• Average deposits decreased $119 million, as a decrease in time deposits was partially offset by increases in all other deposit categories, particularly noninterest-bearing transaction accounts.

• The net interest margin of 3.44 percent declined three basis points, primarily due to the lower value of noninterest-bearing deposits in a declining rate environment and a decline in loan spreads.

• The provision for loan losses increased $12 million due to an increase in credit risk in both the small business and home equity loan portfolios.

• Noninterest income decreased $20 million, primarily due to a $21 million gain on the sale of Visa shares recorded in the first quarter.

• Noninterest expenses increased $18 million, primarily due to the first quarter reversal of a $13 million Visa loss sharing expense and an increase in allocated net corporate overhead expenses.

• Two new banking centers were opened and six were consolidated (four in the Midwest market) in the second quarter 2008.

Wealth and Institutional Management

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income (FTE)	$	37		$	36		$	36
Provision for loan losses		5			—			2
Noninterest income		74			75			70
Noninterest expenses		83			79			79
Net income		14			20			16
Net credit-related charge-offs		3			1			—
Selected average balances:
Assets		4,646			4,468			4,009
Loans		4,502			4,315			3,860
Deposits		2,493			2,637			2,295
Net interest margin		3.28	%		3.33	%		3.74	%

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 9

• Average loans increased $187 million, or 17 percent on an annualized basis.

• Average deposits decreased $144 million, primarily due to a decline in money market investment account balances.

• The net interest margin of 3.28 percent declined five basis points, primarily due to a decline in loan spreads and deposit balances, partially offset by an increase in deposit spreads.

• The provision for loan losses increased $5 million due to an increase in credit risk in the Private Banking loan portfolio.

• Noninterest expenses increased $4 million, primarily due to an increase in salaries and benefit expenses and allocated net corporate overhead expenses.

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 June 30, 2008 and are presented on a fully taxable equivalent (FTE) basis. The accompanying narrative addresses second quarter 2008 results compared to first quarter 2008.

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

(dollar amounts in millions)	2nd Qtr ’08					1st Qtr ’08					2nd Qtr ’07
Midwest	$	52		68	%	$	87		71	%	$	76		39	%
Western		(20	)	(26	)		(10	)	(8	)		64		33
Texas		17		21			20		16			21		10
Florida		(1	)	(2	)		(4	)	(3	)		2		1
Other Markets		23		29			19		15			20		10
International		7		10			10		9			15		7
		78		100	%		122		100	%		198		100	%
Finance & Other Businesses*		(22	)				(13	)				(2	)
Total	$	56				$	109				$	196

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

Midwest

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income (FTE)	$	172		$	205		$	227
Provision for loan losses		24			20			25
Noninterest income		136			136			117
Noninterest expenses		205			186			203
Net income		52			87			76
Net credit-related charge-offs		42			28			29
Selected average balances:
Assets		19,891			19,656			19,213
Loans		19,255			19,030			18,656
Deposits		16,056			16,127			15,651
Net interest margin		3.58	%		4.30	%		4.85	%

• Average loans increased $225 million, or five percent on an annualized basis, driven by growth in Global Corporate, Middle Market and Private Banking.

• Average deposits decreased $71 million, primarily due to a decrease in time deposits in Personal Banking.

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 10

• The net interest margin of 3.58 percent declined 72 basis points, primarily due to a $30 million (-62 basis point) non-cash charge to lease income and the lower value of noninterest-bearing deposits.

• The provision for loan losses increased $4 million due to an increase in Middle Market and Small Business, offset by a decline in Commercial Real Estate.

• Noninterest expenses increased $19 million, primarily due to the first quarter reversal of a $10 million Visa loss sharing expense and an increase in allocated net corporate overhead expenses.

• Four banking centers were consolidated in the second quarter 2008.

Western Market

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income (FTE)	$	171		$	172		$	188
Provision for loan losses		113			114			5
Noninterest income		34			33			32
Noninterest expenses		115			108			113
Net income (loss)		(20	)		(10	)		64
Net credit-related charge-offs		59			66			4
Selected average balances:
Assets		17,241			17,263			17,257
Loans		16,918			16,882			16,715
FSD loans		469			802			1,580
Deposits		12,345			12,848			13,595
FSD deposits		2,611			2,802			4,310
Net interest margin		4.04	%		4.07	%		4.53	%

• Average loans increased $36 million, or one percent on an annualized basis, as growth in Middle Market, Technology and Life Sciences, Private Banking and Global Corporate was substantially offset by a decline in the Financial Services Division.

• Average deposits, excluding the Financial Services Division, decreased $312 million, primarily due to decreases in Technology & Life Sciences and Private Banking. Financial Services Division deposits decreased $191 million.

• The net interest margin of 4.04 percent decreased three basis points, primarily due to lower deposit balances and the lower value of noninterest-bearing deposits.

• Noninterest expenses increased $7 million, primarily due to an increase in allocated net corporate overhead expenses and an increase in legal fees.

Texas Market

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income (FTE)	$	74		$	74		$	71
Provision for loan losses		6			8			3
Noninterest income		22			24			20
Noninterest expenses		63			58			56
Net income		17			20			21
Total net credit-related charge-offs		3			5			1
Selected average balances:
Assets		8,063			7,932			6,844
Loans		7,795			7,642			6,570
Deposits		4,061			4,005			3,836
Net interest margin		3.78	%		3.83	%		4.32	%

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 11

• Average loans increased $153 million, or eight percent on an annualized basis, primarily due to growth in Commercial Real Estate, Middle Market and National Dealer Services.

• Average deposits increased $56 million, or six percent on an annualized basis, primarily due to growth in Global Corporate, partially offset by declines in Technology & Life Sciences and Personal Banking.

• The net interest margin of 3.78% decreased five basis points, primarily due to the impact of the lower value of noninterest-bearing deposits.

• The provision for loan losses decreased $2 million primarily due to Middle Market.

• Noninterest income decreased $2 million due to a gain on the sale of the Visa shares recorded in the first quarter.

• Noninterest expenses increased $5 million, primarily due to the first quarter reversal of a $2 million Visa loss sharing expense.

Florida Market

(dollar amounts in millions)	2nd Qtr ’08			1st Qtr ’08			2nd Qtr ’07
Net interest income (FTE)	$	12		$	11		$	11
Provision for loan losses		7			12			2
Noninterest income		4			5			3
Noninterest expenses		11			10			9
Net income (loss)		(1	)		(4	)		2
Net credit-related charge-offs		8			10			1
Selected average balances:
Assets		1,854			1,891			1,666
Loans		1,851			1,877			1,649
Deposits		306			362			290
Net interest margin		2.50	%		2.55	%		2.64	%

• Average loans decreased $26 million, primarily due to Commercial Real Estate and National Dealer Services.

• Average deposits decreased $56 million due to a decline in Private Banking.

• The provision for loan losses decreased $5 million, primarily due to a single Middle Market customer.

Conference Call and Webcast

Comerica will host a conference call to review second quarter 2008 financial results at 7 a.m. CDT Thursday, July 17, 2008. Interested parties may access the conference call by calling (800) 309-2262 or (706) 679-5261 (event ID No. 51656449). 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 July 31, 2008. The conference call replay can be accessed by calling (800) 642-1687 or (706) 645-9291 (event ID No. 51656449). 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.

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COMERICA REPORTS SECOND QUARTER 2008 EARNINGS — 12

Forward-looking Statements

Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “outcome,” “continue,” “remain,” “maintain,” “trend,” “objective” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica or its management, are intended to identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of Comerica’s management based on information known to Comerica’s management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of plans and objectives of Comerica’s management for future or past operations, products or services, and forecasts of Comerica’s revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries, estimates of credit trends and global stability. Such statements reflect the view of Comerica’s management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, Comerica’s actual results could differ materially from those discussed. Factors that could cause or contribute to such differences are changes in the pace of an economic recovery and related changes in employment levels, changes 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 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, 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.

Media Contact: Wayne J. Mielke (214) 462-4463	Investor Contacts: Darlene P. Persons (214) 462-6831
	Paul Jaremski (214) 462-6834

CONSOLIDATED FINANCIAL HIGHLIGHTS
Comerica Incorporated and Subsidiaries

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,				June 30,
(in millions, except per share data)	2008			2008			2007				2008			2007
PER SHARE AND COMMON STOCK DATA
Diluted income from continuing operations	$	0.37		$	0.73		$	1.25			$	1.10		$	2.44
Diluted net income		0.37			0.73			1.25				1.09			2.45
Cash dividends declared		0.66			0.66			0.64				1.32			1.28
Common shareholders’ equity (at period end)		33.78			34.93			32.74
Average diluted shares (in thousands)		150,819			150,734			156,632				150,774			157,774
KEY RATIOS
Return on average common shareholders’ equity from continuing operations		4.26	%		8.51	%		15.44	%			6.38	%		15.15	%
Return on average common shareholders’ equity		4.25			8.42			15.44				6.34			15.16
Return on average assets from continuing operations		0.34			0.69			1.35				0.51			1.34
Return on average assets		0.33			0.68			1.35				0.51			1.34
Average common shareholders’ equity as a percentage of average assets		7.87			8.12			8.75				8.00			8.84
Tier 1 common capital ratio *		6.72			6.75			7.18
Tier 1 risk-based capital ratio *		7.36			7.40			7.87
Total risk-based capital ratio *		11.11			11.06			11.71
Leverage ratio *		8.55			8.82			9.68
AVERAGE BALANCES
Commercial loans	$	29,280		$	29,178		$	28,324			$	29,230		$	28,042
Real estate construction loans		4,843			4,811			4,501				4,827			4,376
Commercial mortgage loans		10,374			10,142			9,634				10,258			9,654
Residential mortgage loans		1,906			1,916			1,791				1,911			1,748
Consumer loans		2,549			2,449			2,331				2,499			2,368
Lease financing		1,352			1,347			1,287				1,349			1,280
International loans		2,063			2,009			1,925				2,036			1,879
Total loans		52,367			51,852			49,793				52,110			49,347
Earning assets		61,088			59,518			54,304				60,303			53,729
Total assets		65,963			63,927			58,118				64,945			57,606
Interest-bearing deposits		33,116			33,440			30,049				33,278			30,232
Total interest-bearing liabilities		48,483			46,793			40,157				47,638			39,332
Noninterest-bearing deposits		10,648			10,622			11,633				10,635			11,897
Common shareholders’ equity		5,193			5,192			5,088				5,193			5,090
NET INTEREST INCOME
Net interest income (fully taxable equivalent basis)**	$	443		$	477		$	510			$	920		$	1,013
Fully taxable equivalent adjustment		1			1			1				2			2
Net interest margin**		2.91	%		3.22	%		3.76	%			3.07	%		3.79	%
CREDIT QUALITY
Nonaccrual loans	$	730		$	538		$	244
Reduced-rate loans		—			—			—
Total nonperforming loans		730			538			244
Foreclosed property		17			22			15
Total nonperforming assets		747			560			259
Loans past due 90 days or more and still accruing		112			80			29
Gross loan charge-offs		118			116			43			$	234		$	77
Loan recoveries		6			6			13				12			31
Net loan charge-offs		112			110			30				222			46
Lending-related commitment charge-offs		1			—			—				1			3
Total net credit-related charge-offs		113			110			30				223			49
Allowance for loan losses		663			605			507
Allowance for credit losses on lending-related commitments		31			25			19
Total allowance for credit losses		694			630			526
Allowance for loan losses as a percentage of total loans		1.28	%		1.16	%		1.04	%
Net loan charge-offs as a percentage of average total loans		0.86			0.85			0.24				0.85	%		0.19	%
Net credit-related charge-offs as a percentage of average total loans		0.86			0.85			0.24				0.86			0.20
Nonperforming assets as a percentage of total loans and foreclosed property		1.44			1.07			0.53
Allowance for loan losses as a percentage of total nonperforming loans		91			112			207

*	June 30, 2008 ratios are estimated
**	Second quarter 2008 net interest income declined $30 million due to a tax-related non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.10% and 3.17% for the three- and six-month periods ended June 30, 2008.

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CONSOLIDATED BALANCE SHEETS
Comerica Incorporated and Subsidiaries

	June 30,			March 31,			December			June 30,
(in millions, except share data)	2008			2008			31, 2007			2007
ASSETS
Cash and due from banks	$	1,698		$	1,929		$	1,440		$	1,372
Federal funds sold and securities purchased under agreements to resell		77			45			36			1,217
Other short-term investments		249			356			373			251
Investment securities available-for-sale		8,243			8,563			6,296			4,368
Commercial loans		28,763			29,475			28,223			27,146
Real estate construction loans		4,684			4,646			4,816			4,513
Commercial mortgage loans		10,504			10,482			10,048			9,728
Residential mortgage loans		1,879			1,926			1,915			1,839
Consumer loans		2,594			2,448			2,464			2,321
Lease financing		1,351			1,341			1,351			1,314
International loans		1,976			2,034			1,926			1,904
Total loans		51,751			52,352			50,743			48,765
Less allowance for loan losses		(663	)		(605	)		(557	)		(507	)
Net loans		51,088			51,747			50,186			48,258
Premises and equipment		674			670			650			616
Customers’ liability on acceptances outstanding		15			28			48			40
Accrued income and other assets		3,959			3,679			3,302			2,448
Total assets	$	66,003		$	67,017		$	62,331		$	58,570
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	11,860		$	12,792		$	11,920		$	12,763
Money market and NOW deposits		14,506			15,601			15,261			15,212
Savings deposits		1,391			1,408			1,325			1,397
Customer certificates of deposit		7,746			8,191			8,357			7,567
Institutional certificates of deposit		5,940			7,752			6,147			5,479
Foreign office time deposits		879			1,075			1,268			789
Total interest-bearing deposits		30,462			34,027			32,358			30,444
Total deposits		42,322			46,819			44,278			43,207
Short-term borrowings		4,075			2,434			2,807			297
Acceptances outstanding		15			28			48			40
Accrued expenses and other liabilities		1,651			1,679			1,260			1,269
Medium- and long-term debt		12,858			10,800			8,821			8,748
Total liabilities		60,921			61,760			57,214			53,561
Common stock — $5 par value:
Authorized — 325,000,000 shares Issued — 178,735,252 shares at 6/30/08, 3/31/08, 12/31/07 and 6/30/07		894			894			894			894
Capital surplus		576			565			564			539
Accumulated other comprehensive loss		(207	)		(67	)		(177	)		(308	)
Retained earnings		5,451			5,496			5,497			5,391
Less cost of common stock in treasury — 28,281,490 shares at 6/30/08, 28,233,996 shares at 3/31/08, 28,747,097 shares at 12/31/07 and 25,725,671 shares at 6/30/07		(1,632	)		(1,631	)		(1,661	)		(1,507	)
Total shareholders’ equity		5,082			5,257			5,117			5,009
Total liabilities and shareholders’ equity	$	66,003		$	67,017		$	62,331		$	58,570

-14-

CONSOLIDATED STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in millions, except per share data)	2008		2007			2008			2007
INTEREST INCOME
Interest and fees on loans	$	633	$	882		$	1,403		$	1,733
Interest on investment securities		101		46			189			88
Interest on short-term investments		3		5			8			13
Total interest income		737		933			1,600			1,834
INTEREST EXPENSE
Interest on deposits		182		284		$	435			570
Interest on short-term borrowings		19		24			48			46
Interest on medium- and long-term debt		94		116			199			207
Total interest expense		295		424			682			823
Net interest income		442		509			918			1,011
Provision for loan losses		170		36			329			59
Net interest income after provision for loan losses		272		473			589			952
NONINTEREST INCOME
Service charges on deposit accounts		59		55			117			109
Fiduciary income		51		49			103			98
Commercial lending fees		21		17			38			33
Letter of credit fees		18		15			33			31
Foreign exchange income		12		10			22			19
Brokerage fees		10		10			20			21
Card fees		16		14			30			26
Bank-owned life insurance		8		9			18			19
Net securities gains		14		—			36			—
Net gain on sales of businesses		—		2			—			3
Other noninterest income		33		44			62			69
Total noninterest income		242		225			479			428
NONINTEREST EXPENSES
Salaries		202		215			402			421
Employee benefits		48		50			95			96
Total salaries and employee benefits		250		265			497			517
Net occupancy expense		36		33			74			68
Equipment expense		16		15			31			30
Outside processing fee expense		28		24			51			44
Software expense		20		15			39			30
Customer services		3		11			9			25
Litigation and operational losses (recoveries)		3		(9	)		(5	)		(6	)
Provision for credit losses on lending-related commitments		7		(2	)		11			(4	)
Other noninterest expenses		60		59			119			114
Total noninterest expenses		423		411			826			818
Income from continuing operations before income taxes		91		287			242			562
Provision for income taxes		35		91			76			177
Income from continuing operations		56		196			166			385
Income (loss) from discontinued operations, net of tax		—		—			(1	)		1
NET INCOME	$	56	$	196		$	165		$	386
Basic earnings per common share:
Income from continuing operations	$	0.37	$	1.28		$	1.11		$	2.49
Net income		0.37		1.28			1.10			2.49
Diluted earnings per common share:
Income from continuing operations		0.37		1.25			1.10			2.44
Net income		0.37		1.25			1.09			2.45
Cash dividends declared on common stock		100		98			199			199
Dividends per common share		0.66		0.64			1.32			1.28

-15-

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
Comerica Incorporated and Subsidiaries

													Second Quarter
													2008 Compared To:
	Second		First			Fourth		Third		Second			First						Second
	Quarter		Quarter			Quarter		Quarter		Quarter			Quarter 2008						Quarter 2007
(in millions, except per share data)	2008		2008			2007		2007		2007			Amount			Percent			Amount			Percent
INTEREST INCOME
Interest and fees on loans	$	633	$	770		$	873	$	895	$	882		$	(137	)		(18	)%	$	(249	)		(28	)%
Interest on investment securities		101		88			66		52		46			13			14			55			N/M
Interest on short-term investments		3		5			5		5		5			(2	)		(27	)		(2	)		(40	)
Total interest income		737		863			944		952		933			(126	)		(15	)		(196	)		(21	)
INTEREST EXPENSE
Interest on deposits		182		253			303		294		284			(71	)		(28	)		(102	)		(36	)
Interest on short-term borrowings		19		29			30		29		24			(10	)		(32	)		(5	)		(20	)
Interest on medium- and long-term debt		94		105			122		126		116			(11	)		(10	)		(22	)		(19	)
Total interest expense		295		387			455		449		424			(92	)		(24	)		(129	)		(31	)
Net interest income		442		476			489		503		509			(34	)		(7	)		(67	)		(13	)
Provision for loan losses		170		159			108		45		36			11			7			134			N/M
Net interest income after provision for loan losses		272		317			381		458		473			(45	)		(14	)		(201	)		(43	)
NONINTEREST INCOME
Service charges on deposit accounts		59		58			57		55		55			1			—			4			5
Fiduciary income		51		52			52		49		49			(1	)		(3	)		2			3
Commercial lending fees		21		17			23		19		17			4			30			4			28
Letter of credit fees		18		15			16		16		15			3			19			3			18
Foreign exchange income		12		10			10		11		10			2			20			2			22
Brokerage fees		10		10			11		11		10			—			1			—			2
Card fees		16		14			14		14		14			2			14			2			19
Bank-owned life insurance		8		10			9		8		9			(2	)		(12	)		(1	)		(8	)
Net securities gains		14		22			3		4		—			(8	)		N/M			14			N/M
Net gain on sales of businesses		—		—			—		—		2			—			N/M			(2	)		N/M
Other noninterest income		33		29			35		43		44			4			9			(11	)		(26	)
Total noninterest income		242		237			230		230		225			5			2			17			7
NONINTEREST EXPENSES
Salaries		202		200			216		207		215			2			1			(13	)		(6	)
Employee benefits		48		47			48		49		50			1			—			(2	)		(4	)
Total salaries and employee benefits		250		247			264		256		265			3			1			(15	)		(6	)
Net occupancy expense		36		38			36		34		33			(2	)		(4	)		3			11
Equipment expense		16		15			15		15		15			1			3			1			3
Outside processing fee expense		28		23			24		23		24			5			21			4			17
Software expense		20		19			17		16		15			1			4			5			37
Customer services		3		6			7		11		11			(3	)		(52	)		(8	)		(75	)
Litigation and operational losses (recoveries)		3		(8	)		18		6		(9	)		11			N/M			12			N/M
Provision for credit losses on lending-related commitments		7		4			3		—		(2	)		3			68			9			N/M
Other noninterest expenses		60		59			66		62		59			1			1			1			—
Total noninterest expenses		423		403			450		423		411			20			5			12			3
Income from continuing operations before income taxes		91		151			161		265		287			(60	)		(40	)		(196	)		(68	)
Provision for income taxes		35		41			44		85		91			(6	)		(13	)		(56	)		(61	)
Income from continuing operations		56		110			117		180		196			(54	)		(50	)		(140	)		(72	)
Income (loss) from discontinued operations, net of tax		—		(1	)		2		1		—			1			N/M			—			N/M
NET INCOME	$	56	$	109		$	119	$	181	$	196		$	(53	)		(49	)%	$	(140	)		(72	)%
Basic earnings per common share:
Income from continuing operations	$	0.37	$	0.74		$	0.78	$	1.18	$	1.28		$	(0.37	)		(50	)%	$	(0.91	)		(71	)%
Net income		0.37		0.73			0.80		1.20		1.28			(0.36	)		(49	)		(0.91	)		(71	)
Diluted earnings per common share:
Income from continuing operations		0.37		0.73			0.77		1.17		1.25			(0.36	)		(49	)		(0.88	)		(70	)
Net income		0.37		0.73			0.79		1.18		1.25			(0.36	)		(49	)		(0.88	)		(70	)
Cash dividends declared on common stock		100		99			97		97		98			1			—			2			1
Dividends per common share		0.66		0.66			0.64		0.64		0.64			—			—			0.02			3

N/M — Not meaningful

-16-

ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES
Comerica Incorporated and Subsidiaries

	2008					2007
(in millions)	2nd Qtr		1st Qtr			4th Qtr		3rd Qtr		2nd Qtr
Balance at beginning of period	$	605	$	557		$	512	$	507	$	500
Loan charge-offs:
Commercial		36		33			27		30		19
Real estate construction:
Commercial Real Estate business line		57		52			24		6		6
Other business lines		—		1			1		2		2
Total real estate construction		57		53			25		8		8
Commercial mortgage:
Commercial Real Estate business line		14		20			7		2		3
Other business lines		7		2			9		4		10
Total commercial mortgage		21		22			16		6		13
Residential mortgage		1		—			—		—		—
Consumer		3		7			4		3		3
Lease financing		—		—			—		—		—
International		—		1			—		—		—
Total loan charge-offs		118		116			72		47		43
Recoveries on loans previously charged-off:
Commercial		5		3			7		5		5
Real estate construction		—		1			—		—		—
Commercial mortgage		1		1			1		1		2
Residential mortgage		—		—			—		—		—
Consumer		—		1			1		1		1
Lease financing		—		—			—		—		—
International		—		—			—		—		5
Total recoveries		6		6			9		7		13
Net loan charge-offs		112		110			63		40		30
Provision for loan losses		170		159			108		45		36
Foreign currency translation adjustment		—		(1	)		—		—		1
Balance at end of period	$	663	$	605		$	557	$	512	$	507
Allowance for loan losses as a percentage of total loans		1.28		1.16			1.10		1.03		1.04
Net loan charge-offs as a percentage of average total loans		0.86		0.85			0.50		0.32		0.24
Net credit-related charge-offs as a percentage of average total loans		0.86		0.85			0.50		0.32		0.24

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

	2008				2007
(in millions)	2nd Qtr		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr
Balance at beginning of period	$	25	$	21	$	19	$	19	$	21
Less: Charge-offs on lending-related commitments (1)		1		—		1		—		—
Add: Provision for credit losses on lending-related commitments		7		4		3		—		(2	)
Balance at end of period	$	31	$	25	$	21	$	19	$	19
Unfunded lending-related commitments sold	$	2	$	3	$	22	$	—	$	—

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

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NONPERFORMING ASSETSComerica Incorporated and Subsidiaries

	2008						2007
(in millions)	2nd Qtr			1st Qtr			4th Qtr			3rd Qtr			2nd Qtr
SUMMARY OF NONPERFORMING ASSETS AND PAST DUE LOANS
Nonaccrual loans:
Commercial	$	155		$	87		$	75		$	64		$	88
Real estate construction:
Commercial Real Estate business line		322			271			161			55			37
Other business lines		4			4			6			4			7
Total real estate construction		326			275			167			59			44
Commercial mortgage:
Commercial Real Estate business line		143			105			66			63			20
Other business lines		95			64			75			77			84
Total commercial mortgage		238			169			141			140			104
Residential mortgage		4			1			1			1			1
Consumer		4			3			3			4			3
Lease financing		—			—			—			—			—
International		3			3			4			4			4
Total nonaccrual loans		730			538			391			272			244
Reduced-rate loans		—			—			13			—			—
Total nonperforming loans		730			538			404			272			244
Foreclosed property		17			22			19			19			15
Total nonperforming assets	$	747		$	560		$	423		$	291		$	259
Nonperforming loans as a percentage of total loans		1.41	%		1.03	%		0.80	%		0.55	%		0.50	%
Nonperforming assets as a percentage of total loans and foreclosed property		1.44			1.07			0.83			0.59			0.53
Allowance for loan losses as a percentage of total nonperforming loans		91			112			138			188			207
Loans past due 90 days or more and still accruing	$	112		$	80		$	54		$	56		$	29
ANALYSIS OF NONACCRUAL LOANS
Nonaccrual loans at beginning of period	$	538		$	391		$	272		$	244		$	218
Loans transferred to nonaccrual (1)		304			281			185			94			107
Nonaccrual business loan gross charge-offs (2)		(113	)		(108	)		(68	)		(44	)		(40	)
Loans transferred to accrual status (1)		—			—			—			(5	)		(8	)
Nonaccrual business loans sold (3)		—			(15	)		—			(11	)		—
Payments/Other (4)		1			(11	)		2			(6	)		(33	)
Nonaccrual loans at end of period	$	730		$	538		$	391		$	272		$	244

(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	$	113	$	108	$	68	$	44	$	40
Performing watch list loans		1		1		—		—		—
Consumer and residential mortgage loans		4		7		4		3		3
Total gross loan charge-offs	$	118	$	116	$	72	$	47	$	43

(3) Analysis of loans sold:

Nonaccrual business loans	$	—	$	15	$	—	$	11	$	—
Performing watch list loans		7		6		13		—		—
Total loans sold	$	7	$	21	$	13	$	11	$	—

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

-18-

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

	Six Months Ended
	June 30, 2008									June 30, 2007
	Average						Average			Average						Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest			Rate
Commercial loans (1) (2)	$	29,230		$	786			5.41	%	$	28,042		$	1,016			7.31	%
Real estate construction loans		4,827			130			5.40			4,376			186			8.55
Commercial mortgage loans		10,258			300			5.88			9,654			353			7.37
Residential mortgage loans		1,911			58			6.02			1,748			54			6.13
Consumer loans		2,499			69			5.53			2,368			84			7.15
Lease financing (3)		1,349			(8	)		N/M			1,280			21			3.26
International loans		2,036			55			5.42			1,879			66			7.12
Business loan swap income (expense)		—			15			—			—			(45	)		—
Total loans (2)		52,110			1,405			5.42			49,347			1,735			7.08
Investment securities available-for-sale		7,759			189			4.91			3,916			88			4.40
Federal funds sold and securities purchased under agreements to resell		115			1			2.56			235			6			5.38
Other short-term investments		319			7			4.08			231			7			6.00
Total earning assets		60,303			1,602			5.34			53,729			1,836			6.87
Cash and due from banks		1,229									1,410
Allowance for loan losses		(630	)								(509	)
Accrued income and other assets		4,043									2,976
Total assets	$	64,945								$	57,606
Money market and NOW deposits (1)	$	15,063			125			1.67		$	14,788			225			3.06
Savings deposits		1,382			4			0.54			1,400			6			0.88
Customer certificates of deposit		8,161			148			3.64			7,404			163			4.45
Institutional certificates of deposit		7,482			139			3.73			5,652			152			5.43
Foreign office time deposits		1,190			19			3.29			988			24			4.90
Total interest-bearing deposits		33,278			435			2.63			30,232			570			3.80
Short-term borrowings		3,411			48			2.82			1,736			46			5.31
Medium- and long-term debt		10,949			199			3.66			7,364			207			5.68
Total interest-bearing sources		47,638			682			2.88			39,332			823			4.22
Noninterest-bearing deposits (1)		10,635									11,897
Accrued expenses and other liabilities		1,479									1,287
Shareholders’ equity		5,193									5,090
Total liabilities and shareholders’ equity	$	64,945								$	57,606
Net interest income/rate spread (FTE)				$	920			2.46					$	1,013			2.65
FTE adjustment				$	2								$	2
Impact of net noninterest-bearing sources of funds								0.61									1.14
Net interest margin (as a percentage of average earning assets) (FTE) (2) (3)								3.07	%								3.79	%
N/M — Not meaningful
(1)   FSD balances included above:
Loans (primarily low-rate)	$	635		$	4			1.23	%	$	1,575		$	5			0.60	%
Interest-bearing deposits		1,044			12			2.31			1,238			24			3.90
Noninterest-bearing deposits		1,858									3,363
(2)   Impact of FSD loans (primarily low-      rate) on the following:
Commercial loans								(0.10	)%								(0.40	)%
Total loans								(0.05	)								(0.22	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.02	)								(0.11	)
(3)   2008 net interest income declined $30 million and the net interest margin declined by 10 basis points due to a tax-related non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.17%.

-19-

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

	Three Months Ended
	June 30, 2008									March 31, 2008								June 30, 2007
	Average						Average			Average					Average			Average						Average
(dollar amounts in millions)	Balance			Interest			Rate			Balance			Interest		Rate			Balance			Interest			Rate
Commercial loans (1) (2)	$	29,280		$	357			4.90	%	$	29,178		$	429		5.93	%	$	28,324		$	517			7.31	%
Real estate construction loans		4,843			59			4.89			4,811			71		5.92			4,501			95			8.45
Commercial mortgage loans		10,374			141			5.47			10,142			159		6.29			9,634			178			7.39
Residential mortgage loans		1,906			29			6.03			1,916			29		6.01			1,791			28			6.15
Consumer loans		2,549			32			5.06			2,449			37		6.02			2,331			41			7.15
Lease financing (3)		1,352			(19	)		N/M			1,347			11		3.22			1,287			11			3.33
International loans		2,063			25			4.86			2,009			30		6.01			1,925			34			7.17
Business loan swap income (expense)		—			10			—			—			5		—			—			(21	)		—
Total loans (2)		52,367			634			4.87			51,852			771		5.98			49,793			883			7.11
Investment securities available-for-sale		8,296			101			4.89			7,222			88		4.93			4,085			46			4.46
Federal funds sold and securities purchased under agreements to resell		150			1			2.17			80			1		3.28			195			2			5.37
Other short-term investments		275			2			3.73			364			4		4.34			231			3			5.21
Total earning assets		61,088			738			4.86			59,518			864		5.84			54,304			934			6.89
Cash and due from banks		1,217									1,240								1,341
Allowance for loan losses		(664	)								(596	)							(516	)
Accrued income and other assets		4,322									3,765								2,989
Total assets	$	65,963								$	63,927							$	58,118
Money market and NOW deposits (1)	$	14,784			46			1.26		$	15,341			79		2.06		$	14,825			114			3.08
Savings deposits		1,405			2			0.45			1,359			2		0.64			1,419			3			0.91
Customer certificates of deposit		8,037			64			3.20			8,286			84		4.07			7,463			83			4.46
Institutional certificates of deposit		7,707			61			3.21			7,257			77		4.28			5,484			74			5.43
Foreign office time deposits		1,183			8			2.77			1,197			11		3.81			858			10			4.81
Total interest-bearing deposits		33,116			181			2.20			33,440			253		3.05			30,049			284			3.80
Short-term borrowings		3,326			19			2.33			3,497			29		3.28			1,816			24			5.30
Medium- and long-term debt		12,041			95			3.15			9,856			105		4.27			8,292			116			5.63
Total interest-bearing sources		48,483			295			2.45			46,793			387		3.32			40,157			424			4.24
Noninterest-bearing deposits (1)		10,648									10,622								11,633
Accrued expenses and other liabilities		1,639									1,320								1,240
Shareholders’ equity		5,193									5,192								5,088
Total liabilities and shareholders’ equity	$	65,963								$	63,927							$	58,118
Net interest income/rate spread (FTE)				$	443			2.41					$	477		2.52					$	510			2.65
FTE adjustment				$	1								$	1							$	1
Impact of net noninterest-bearing sources of funds								0.50								0.70									1.11
Net interest margin (as a percentage of average earning assets) (FTE) (2) (3)								2.91	%							3.22	%								3.76	%
N/M — Not meaningful
(1)   FSD balances included above:
Loans(primarily low-rate)	$	469		$	2			1.42	%	$	802		$	2		1.12	%	$	1,580		$	2			0.52	%
Interest-bearing deposits		994			4			1.81			1,094			8		2.77			1,228			12			3.88
Noninterest-bearing deposits		1,823									1,894								3,277
(2)   Impact of FSD loans (primarily low-rate) on the following:
Commercial loans								(0.06	)%							(0.13	)%								(0.40	)%
Total loans								(0.03	)							(0.08	)								(0.21	)
Net interest margin (FTE) (assuming loans were funded by noninterest-bearing deposits)								(0.01	)							(0.03	)								(0.10	)
(3)   Second quarter 2008 net interest income declined $30 million and the net interest margin declined by 19 basis points due to a tax-related non-cash lease income charge. Excluding this charge, the net interest margin would have been 3.10%.

-20-

CONSOLIDATED STATISTICAL DATA
Comerica Incorporated and Subsidiaries

	June 30,			March 31,			December			September			June 30,
(in millions, except per share data)	2008			2008			31, 2007			30, 2007			2007
Commercial loans:
Floor plan	$	2,645		$	2,913		$	2,878		$	2,601		$	3,012
Other		26,118			26,562			25,345			24,791			24,134
Total commercial loans		28,763			29,475			28,223			27,392			27,146
Real estate construction loans:
Commercial Real Estate business line		4,013			3,990			4,089			4,007			3,777
Other business lines		671			656			727			752			736
Total real estate construction loans		4,684			4,646			4,816			4,759			4,513
Commercial mortgage loans:
Commercial Real Estate business line		1,620			1,541			1,377			1,467			1,344
Other business lines		8,884			8,941			8,671			8,527			8,384
Total commercial mortgage loans		10,504			10,482			10,048			9,994			9,728
Residential mortgage loans		1,879			1,926			1,915			1,892			1,839
Consumer loans:
Home equity		1,649			1,619			1,616			1,582			1,585
Other consumer		945			829			848			815			736
Total consumer loans		2,594			2,448			2,464			2,397			2,321
Lease financing		1,351			1,341			1,351			1,319			1,314
International loans		1,976			2,034			1,926			1,843			1,904
Total loans	$	51,751		$	52,352		$	50,743		$	49,596		$	48,765
Goodwill	$	150		$	150		$	150		$	150		$	150
Loan servicing rights		12			12			12			13			13
Tier 1 common capital ratio*		6.72	%		6.75	%		6.85	%		7.01	%		7.18	%
Tier 1 risk-based capital ratio*		7.36			7.40			7.51			7.68			7.87
Total risk-based capital ratio *		11.11			11.06			11.20			11.44			11.71
Leverage ratio*		8.55			8.82			9.26			9.60			9.68
Book value per share	$	33.78		$	34.93		$	34.12		$	33.56		$	32.74
Market value per share for the quarter:
High		40.62			45.19			54.88			61.34			63.89
Low		25.61			34.51			39.62			50.26			58.18
Close		25.63			35.08			43.53			51.28			59.47
Quarterly ratios:
Return on average common shareholders’ equity from continuing operations		4.26	%		8.51	%		9.20	%		14.27	%		15.44	%
Return on average common shareholders’ equity		4.25			8.42			9.35			14.41			15.44
Return on average assets from continuing operations		0.34			0.69			0.77			1.22			1.35
Return on average assets		0.33			0.68			0.79			1.23			1.35
Efficiency ratio		63.02			58.25			62.76			58.00			55.97
Number of banking centers		416			420			417			403			402
Number of employees — full time equivalent		10,530			10,643			10,782			10,683			10,687

* June 30, 2008 ratios are estimated

-21-

PARENT COMPANY ONLY BALANCE SHEETS

Comerica Incorporated

	June 30,			December 31,			June 30,
(in millions, except share data)	2008			2007			2007
ASSETS
Cash and due from subsidiary bank	$	4		$	1		$	9
Short-term investments with subsidiary bank		179			224			353
Other short-term investments		105			102			103
Investment in subsidiaries, principally banks		5,818			5,840			5,617
Premises and equipment		4			4			3
Other assets		169			166			147
Total assets	$	6,279		$	6,337		$	6,232
LIABILITIES AND SHAREHOLDERS’ EQUITY
Medium- and long-term debt	$	967		$	968		$	946
Other liabilities		230			252			277
Total liabilities		1,197			1,220			1,223
Common stock — $5 par value:
Authorized — 325,000,000 shares Issued — 178,735,252 shares at 6/30/08, 12/31/07 and 6/30/07		894			894			894
Capital surplus		576			564			539
Accumulated other comprehensive loss		(207	)		(177	)		(308	)
Retained earnings		5,451			5,497			5,391
Less cost of common stock in treasury — 28,281,490 shares at 6/30/08, 28,747,097 shares at 12/31/07 and 25,725,671 shares at 6/30/07		(1,632	)		(1,661	)		(1,507	)
Total shareholders’ equity		5,082			5,117			5,009
Total liabilities and shareholders’ equity	$	6,279		$	6,337		$	6,232

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Comerica Incorporated and Subsidiaries

									Accumulated
									Other									Total
	Common Stock					Capital			Comprehensive			Retained			Treasury			Shareholders’
(in millions, except per share data)	In Shares			Amount		Surplus			Loss			Earnings			Stock			Equity
BALANCE AT JANUARY 1, 2007		157.6		$	894	$	520		$	(324	)	$	5,230		$	(1,219	)	$	5,101
Net income		—			—		—			—			386			—			386
Other comprehensive income, net of tax		—			—		—			16			—			—			16
Total comprehensive income																			402
Cash dividends declared on common stock ($1.28 per share)		—			—		—			—			(199	)		—			(199	)
Purchase of common stock		(6.9	)		—		—			—			—			(425	)		(425	)
Net issuance of common stock under employee stock plans		2.3			—		(17	)		—			(26	)		138			95
Recognition of share-based compensation expense		—			—		35			—			—			—			35
Employee deferred compensation obligations		—			—		1			—			—			(1	)		—
BALANCE AT JUNE 30, 2007		153.0		$	894	$	539		$	(308	)	$	5,391		$	(1,507	)	$	5,009
BALANCE AT JANUARY 1, 2008		150.0		$	894	$	564		$	(177	)	$	5,497		$	(1,661	)	$	5,117
Net income		—			—		—			—			165			—			165
Other comprehensive income, net of tax		—			—		—			(30	)		—			—			(30	)
Total comprehensive income		—			—		—			—			—			—			135
Cash dividends declared on common stock ($1.32 per share)		—			—		—			—			(199	)		—			(199	)
Net issuance of common stock under employee stock plans		0.5			—		(19	)		—			(12	)		29			(2	)
Recognition of share-based compensation expense		—			—		31			—			—			—			31
BALANCE AT JUNE 30, 2008		150.5		$	894	$	576		$	(207	)	$	5,451		$	(1,632	)	$	5,082

-22-

BUSINESS SEGMENT FINANCIAL RESULTS

Comerica Incorporated and Subsidiaries

							Wealth &
(dollar amounts in millions)	Business			Retail			Institutional
Three Months Ended June 30, 2008	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	296		$	146		$	37		$	(28	)	$	(8	)	$	443
Provision for loan losses		123			29			5			—			13			170
Noninterest income		92			54			74			18			4			242
Noninterest expenses		185			161			83			2			(8	)		423
Provision (benefit) for income taxes (FTE)		23			3			9			(7	)		8			36
Loss from discontinued operations, net of tax		—			—			—			—			—			—
Net income (loss)	$	57		$	7		$	14		$	(5	)	$	(17	)	$	56
Net credit-related charge-offs	$	96		$	14		$	3		$	—		$	—		$	113
Selected average balances:
Assets	$	42,335		$	7,100		$	4,646		$	10,333		$	1,549		$	65,963
Loans		41,510			6,348			4,502			5			2			52,367
Deposits		15,384			17,043			2,493			8,409			435			43,764
Liabilities		16,156			17,041			2,501			24,334			738			60,770
Attributed equity		3,277			657			333			949			(23	)		5,193
Statistical data:
Return on average assets (1)		0.53	%		0.15	%		1.19	%		N/M			N/M			0.33	%
Return on average attributed equity		6.86			4.13			16.57			N/M			N/M			4.25
Net interest margin (2)		2.85			3.44			3.28			N/M			N/M			2.91
Efficiency ratio		49.26			80.61			75.20			N/M			N/M			63.02

							Wealth &
	Business			Retail			Institutional
Three Months Ended March 31, 2008	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	329		$	148		$	36		$	(26	)	$	(10	)	$	477
Provision for loan losses		147			17			—			—			(5	)		159
Noninterest income		74			74			75			18			(4	)		237
Noninterest expenses		176			143			79			3			2			403
Provision (benefit) for income taxes (FTE)		18			22			12			(8	)		(2	)		42
Income from discontinued operations, net of tax		—			—			—			—			(1	)		(1	)
Net income (loss)	$	62		$	40		$	20		$	(3	)	$	(10	)	$	109
Net credit-related charge-offs	$	99		$	10		$	1		$	—		$	—		$	110
Selected average balances:
Assets	$	42,129		$	7,144		$	4,468		$	8,644		$	1,542		$	63,927
Loans		41,219			6,276			4,315			5			37			51,852
Deposits		15,878			17,162			2,637			8,142			243			44,062
Liabilities		16,687			17,170			2,646			21,636			596			58,735
Attributed equity		3,168			725			331			902			66			5,192
Statistical data:
Return on average assets (1)		0.59	%		0.89	%		1.79	%		N/M			N/M			0.68	%
Return on average attributed equity		7.83			22.00			24.10			N/M			N/M			8.42
Net interest margin (2)		3.20			3.47			3.33			N/M			N/M			3.22
Efficiency ratio		44.05			70.99			70.95			N/M			N/M			58.25

							Wealth&
	Business			Retail			Institutional
Three Months Ended June 30, 2007	Bank			Bank			Management			Finance			Other			Total
Earnings summary:
Net interest income (expense) (FTE)	$	344		$	171		$	36		$	(35	)	$	(6	)	$	510
Provision for loan losses		32			4			2			—			(2	)		36
Noninterest income		68			57			70			16			14			225
Noninterest expenses		176			160			79			3			(7	)		411
Provision (benefit) for income taxes (FTE)		64			22			9			(11	)		8			92
Income from discontinued operations, net of tax		—			—			—			—			—			—
Net income (loss)	$	140		$	42		$	16		$	(11	)	$	9		$	196
Net credit-related charge-offs	$	24		$	6		$	—		$	—		$	—		$	30
Selected average balances:
Assets	$	40,847		$	6,828		$	4,009		$	5,297		$	1,137		$	58,118
Loans		39,824			6,100			3,860			2			7			49,793
Deposits		16,432			17,191			2,295			5,840			(76	)		41,682
Liabilities		17,262			17,204			2,303			16,033			228			53,030
Attributed equity		2,914			846			325			595			408			5,088
Statistical data:
Return on average assets (1)		1.37	%		0.94	%		1.59	%		N/M			N/M			1.35	%
Return on average attributed equity		19.23			20.09			19.65			N/M			N/M			15.44
Net interest margin (2)		3.45			4.00			3.74			N/M			N/M			3.76
Efficiency ratio		42.80			69.93			74.65			N/M			N/M			55.97

(1)	Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(2)	Net interest margin is calculated based on the greater of average earning assets or average deposits and purchased funds.
FTE	— Fully Taxable Equivalent
N/M	— Not Meaningful

-23-

MARKET SEGMENT FINANCIAL RESULTS

Comerica Incorporated and Subsidiaries

																			Finance
(dollar amounts in millions)													Other						& Other
Three Months Ended June 30, 2008	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	172		$	171		$	74		$	12		$	36		$	14		$	(36	)	$	443
Provision for loan losses		24			113			6			7			7			—			13			170
Noninterest income		136			34			22			4			16			8			22			242
Noninterest expenses		205			115			63			11			25			10			(6	)		423
Provision (benefit) for income taxes (FTE)		27			(3	)		10			(1	)		(3	)		5			1			36
Income from discontinued operations, net of tax		—			—			—			—			—			—			—			—
Net income (loss)	$	52		$	(20	)	$	17		$	(1	)	$	23		$	7		$	(22	)	$	56
Net credit-related charge-offs	$	42		$	59		$	3		$	8		$	1		$	—		$	—		$	113
Selected average balances:
Assets	$	19,891		$	17,241		$	8,063		$	1,854		$	4,589		$	2,443		$	11,882		$	65,963
Loans		19,255			16,918			7,795			1,851			4,212			2,329			7			52,367
Deposits		16,056			12,345			4,061			306			1,375			777			8,844			43,764
Liabilities		16,750			12,326			4,076			302			1,466			778			25,072			60,770
Attributed equity		1,649			1,336			614			118			389			161			926			5,193
Statistical data:
Return on average assets (1)		1.05	%		(0.46	)%		0.81	%		(0.37	)%		1.96	%		1.21	%		N/M			0.33	%
Return on average attributed equity		12.67			(5.97	)		10.66			(5.84	)		23.17			18.31			N/M			4.25
Net interest margin (2)		3.58			4.04			3.78			2.50			3.41			2.42			N/M			2.91
Efficiency ratio		69.48			56.09			65.55			72.21			48.61			45.61			N/M			63.02
																			Finance
													Other						& Other
Three Months Ended March 31, 2008	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	205		$	172		$	74		$	11		$	36		$	15		$	(36	)	$	477
Provision for loan losses		20			114			8			12			13			(3	)		(5	)		159
Noninterest income		136			33			24			5			17			8			14			237
Noninterest expenses		186			108			58			10			26			10			5			403
Provision (benefit) for income taxes (FTE)		48			(7	)		12			(2	)		(5	)		6			(10	)		42
Income from discontinued operations, net of tax		—			—			—			—			—			—			(1	)		(1	)
Net income (loss)	$	87		$	(10	)	$	20		$	(4	)	$	19		$	10		$	(13	)	$	109
Net credit-related charge-offs	$	28		$	66		$	5		$	10		$	—		$	1		$	—		$	110
Selected average balances:
Assets	$	19,656		$	17,263		$	7,932		$	1,891		$	4,633		$	2,366		$	10,186		$	63,927
Loans		19,030			16,882			7,642			1,877			4,140			2,239			42			51,852
Deposits		16,127			12,848			4,005			362			1,534			801			8,385			44,062
Liabilities		16,814			12,849			4,022			358			1,643			817			22,232			58,735
Attributed equity		1,663			1,270			619			125			384			163			968			5,192
Statistical data:
Return on average assets (1)		1.76	%		(0.23	)%		1.00	%		(0.76	)%		1.61	%		1.76	%		N/M			0.68	%
Return on average attributed equity		20.83			(3.19	)		12.88			(11.57	)		19.47			25.50			N/M			8.42
Net interest margin (2)		4.30			4.07			3.83			2.55			3.42			2.69			N/M			3.22
Efficiency ratio		57.48			52.99			61.28			61.24			50.41			44.09			N/M			58.25
																			Finance
													Other						& Other
Three Months Ended June 30, 2007	Midwest			Western			Texas			Florida			Markets			International			Businesses			Total
Earnings summary:
Net interest income (expense) (FTE)	$	227		$	188		$	71		$	11		$	35		$	19		$	(41	)	$	510
Provision for loan losses		25			5			3			2			9			(6	)		(2	)		36
Noninterest income		117			32			20			3			14			9			30			225
Noninterest expenses		203			113			56			9			23			11			(4	)		411
Provision (benefit) for income taxes (FTE)		40			38			11			1			(3	)		8			(3	)		92
Income from discontinued operations, net of tax		—			—			—			—			—			—			—			—
Net income (loss)	$	76		$	64		$	21		$	2		$	20		$	15		$	(2	)	$	196
Net credit-related charge-offs (recoveries)	$	29		$	4		$	1		$	1		$	—		$	(5	)	$	—		$	30
Selected average balances:
Assets	$	19,213		$	17,257		$	6,844		$	1,666		$	4,430		$	2,274		$	6,434		$	58,118
Loans		18,656			16,715			6,570			1,649			4,049			2,145			9			49,793
Deposits		15,651			13,595			3,836			290			1,299			1,247			5,764			41,682
Liabilities		16,309			13,633			3,852			293			1,416			1,266			16,261			53,030
Attributed equity		1,713			1,206			594			90			327			155			1,003			5,088
Statistical data:
Return on average assets (1)		1.58	%		1.51	%		1.20	%		0.50	%		1.79	%		2.61	%		N/M			1.35	%
Return on average attributed equity		17.78			21.59			13.87			9.33			24.18			38.38			N/M			15.44
Net interest margin (2)		4.85			4.53			4.32			2.64			3.48			3.35			N/M			3.76
Efficiency ratio		59.08			51.14			61.92			63.90			46.16			40.12			N/M			55.97

(1)	Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(2)	Net interest margin is calculated based on the greater of average earning assets or average deposits and purchased funds.
FTE	— Fully Taxable Equivalent
N/M	— Not Meaningful

-24-