Comerica Annual Report 2003

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FY2003 Annual Report · Comerica

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WE KNOW you

A N N U A L R E P O R T 2 0 0 3

FastFacts
O N C O M E R I C A

318 full-service branch offices,
36 ComeriMARTs® (supermarket
locations) and 517 ATMs

No. 433 on the Fortune 500 list
of largest U.S. companies

Among the 20 largest banking
companies in the U.S., in terms
of assets

3rd largest SBA 7(a) lender in
the nation and among the top
20 banking companies in small
business loans

No. 1 and No.10 among the top
50 U.S. bank holding
companies in commercial loans
as a percent of total assets and
commercial loans, respectively

Among the top 10 EximBank
working capital lenders
in the U.S.

No. 1 among the best places to
work in Dallas/Fort Worth
(Dallas Business Journal)

One of the best places to work
in information technology
(Computerworld)

OURVISION

Comerica is in business to help people be successful. We are committed to delivering
the highest quality financial services by:

(cid:1)Providing outstanding value and building enduring customer relationships

(cid:1)Creating a positive environment for our colleagues, built on trust,

teamwork and respect

(cid:1)Demonstrating leadership in our communities

(cid:1)Ensuring a consistent, superior return for our owners

OUR CORE VALUES

(cid:1)Customer Service
(cid:1)Teamwork
(cid:1)Flexibility/Adapting to Change

(cid:1)Trust/Integrity
(cid:1)Ownership
(cid:1)Learning and Personal Growth

OUR ORGANIZATION

THE BUSINESS BANK
Middle Market Banking, National Business Finance (Commercial Real Estate,
National Dealer Services, Comerica Leasing Services), Global Corporate Banking
(International Finance & Trade Services, Treasury Management Services, U.S.
Banking, Corporate Finance), Financial Services, Technology & Life Sciences,
W.Y. Campbell & Company

SMALL BUSINESS & PERSONAL FINANCIAL SERVICES
Small Business Banking, Branch Banking, Consumer Deposits, Consumer and
Mortgage Lending, Merchant Services, Telephone Banking, Web Banking

WEALTH & INSTITUTIONAL MANAGEMENT
Private Banking, Institutional Trust, Comerica Securities, Inc., Munder
Capital Management, Wilson, Kemp & Associates, Inc., Comerica Insurance
Group, Inc., Retirement Services

C O N T E N T S

Financial Highlights

Letter to Shareholders

8 We Know You

Board of Directors

18 Management Policy Committee

Our Organization

Shareholder Information

Financial Review and Reports

C O R P O R AT E P R O F I L E
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in
Detroit, strategically aligned into three major lines of business: The Business Bank, Small
Business & Personal Financial Services, and Wealth & Institutional Management. Comerica’s
more than 11,000 employees focus on relationships, and helping people and businesses be
successful. Comerica Bank locations can be found in Michigan, California, Texas and
Florida, with select businesses operating in several other states. Comerica also has
commercial banking operations in Canada and Mexico. Munder Capital Management and
Comerica Securities are investment services affiliates. To receive e-mail alerts of breaking
Comerica news, go to www.comerica.com/newsalerts.

FINANCIAL HIGHLIGHTS

(dollar amounts in millions, except per share data)

Years Ended December 31

INCOME STATEMENT
Net interest income
Net income
Basic net income per common share
Diluted net income per common share
Cash dividends declared per common share
Book value per common share
Market value per common share

2003

2002

Amount

Percent

Change

$ 1,926
661
3.78
3.75
2.00
29.20
56.06

$ 2,132
601
3.43
3.40
1.92
28.31
43.24

$ (206)
60
0.35
0.35
0.08
0.89
12.82

(10) %
10
10
10
4
3
30

RATIOS
Return on average assets
Return on average common shareholders’ equity
Average common shareholders’ equity as a percentage of average assets
Tier 1 common capital as a percentage of risk-weighted assets

1.25 %
13.12
9.50
8.04

1.18 %
12.31
9.55
7.39

BALANCE SHEET (at December 31)
Total assets
Total earning assets
Total loans
Total deposits
Total common shareholders’ equity

$ 52,592
48,804
40,302
41,463
5,110

$ 53,301
47,780
42,281
41,775
4,947

$ (709)
1,024
(1,979)
(312)
163

(1)%
2
(5)
(1)
3

Annual Report 2003 C O M E R I C A

LETTER TO SHAREHOLDERS

At Comerica during 2003 we initiated a number of changes

that position us to grow our businesses as our nation’s economy
improves. We merged state bank charters, reorganized two major
divisions and are beginning to build new branches in our growing markets.
We fine-tuned our focus on relationship banking and significantly reduced
our exposure to purely transactional loans. And, despite the fact that our
customers were challenged by the economy, especially the manufacturing
sector, we steadily improved our credit quality, and I anticipate even more
improvement in 2004.

We experienced strong growth in our average deposits in 2003 primarily
because first, the mortgage refinancing boom boosted deposits in our
Financial Services group; and second, many companies chose not to
launch new capital expansion activities. Obviously, we expect this will
change as the economy improves this year and we anticipate deposits
will decrease somewhat.

However, we have plans in place to build branches in high-growth
markets and strategically grow deposits. I’ll discuss those details later
in this letter.

In 2003, we merged our individual state bank charters and they are
now one bank with a unified goal: provide quality customer service and
position Comerica for future growth. We’ve made key decisions regarding a
unified product line and multi-state banking capabilities, and expect all
our customers will be able to bank at any Comerica branch in the United
States beginning July 1.

C O M E R I C A 2003 Annual Report

We reorganized the former Individual
and Investment Banks into two
divisions: Small Business & Personal
Financial Services and Wealth &
Institutional Management. We also
created an External Affairs and
Community Relations Division to build
and sustain the Comerica brand, and
manage our corporate citizenship
activities, in all of our markets.

Enterprise-Wide Risk Management –
our program to monitor and control
risk on a consistent, coordinated
basis throughout the company –
is well on its way. In 2003, we took
major steps forward to build a strong,
effective risk management program.
We made changes to our credit
processes and technology, including
refining policies and guidelines, and
adding new credit risk-rating tools
and more sophisticated portfolio
monitoring capabilities to help us
better manage the credit risk of our
loan portfolio.

Annual Report 2003 C O M E R I C A

Ralph W. Babb Jr.
Chairman, President and Chief Executive Officer

So what’s ahead for Comerica in 2004? We’ve taken an inventory of our
strengths, and they are impressive: intelligent, hard-working colleagues;
excellent relationship banking skills; quality products and services;
a leadership position in Michigan; and tremendous growth potential in our
Western and Texas regions, and in the state of Florida, where our primary
business is private banking.

Our employees make it all happen. This
report features some of the 2003 winners
of our premier competitions: National
Quality Excellence Award, Brainstorm! and
Chairman’s Circle. The National Quality
Excellence Award is a peer-driven
competition that recognizes ten
employees’ commitment to quality and
contributions to the company. Brainstorm!
rewards employees who propose the most
valuable suggestions that enhance
revenue or reduce expenses. And, the
Chairman’s Circle rewards employees
who demonstrate Connectivity behaviors
by cross-selling and referring business to other departments.

These people are among the “best of the best” of our more
than 11,000 talented and dedicated employees.

Here at Comerica, our primary business is meeting the financial needs of
middle market and small business customers in large metropolitan areas.

C O M E R I C A 2003 Annual Report

Commercial lending is, over the economic cycle, a very attractive business,
and the last couple of bottom-of-the-cycle years haven’t changed that.

Commercial lending is at the heart of our customer relationships as it
pumps business into our personal financial services and wealth and
institutional management businesses. Simply put, who better to provide
personal financial services and wealth
management to the small business
owner or entrepreneur than the bank that
provides loans and other financial services
to their businesses?

We intend to capitalize on this revenue
potential and grow personal financial
services and wealth management to
provide for more consistent results
through the next economic cycle.

We offer our customers an array of quality
products and services, and our branches
play a strategic role in leveraging our
strong sales culture and providing
excellent customer service.

A recent survey showed that 83 percent of small businesses and
74 percent of middle market commercial customers visit a branch weekly.

That is why, over the next three years, we expect to open approximately
50 branches. Two-thirds of these branches will be in California and Texas,

Annual Report 2003 C O M E R I C A

to capture the under-served small business and wealth management
customers there. Our strategy is to create a branch network around our target
segments and core customer base by selectively grouping branches in areas
that give us the best combination of growth opportunities. For example, the
major metropolitan areas within California each contain more than two times
the number of small businesses than those found in the metropolitan
Detroit area.

This doesn’t mean Michigan is no longer important. Detroit has been our
hometown for more than 150 years, and we’re proud to serve the customers
and communities in Michigan. Now we will implement that winning formula in
our other, faster growing markets. We’ll do that by developing a standardized
product platform and delivery system, as well as national branding and
marketing programs. We’re implementing common sales and service models
for how we run our retail, small business and private banking businesses
across our footprint markets. The customer experience will be a seamless one
throughout all of our markets.

To increase our share of the high-net worth market, we will provide
comprehensive private banking services in all of our markets. About 40 percent
of Comerica’s Private Banking referrals come from the branches, so the new
branches in California and Texas will fuel the growth of Private Banking.

Faster growth in these markets outside of the Midwest will help reduce the
sensitivity to fluctuations in local economies and industry concentrations
within our lending portfolio.

C O M E R I C A 2003 Annual Report

Our leadership position in Michigan – both in terms of size and customer
satisfaction ratings – remains equally important as our growing markets
in the Western and Texas regions. Strong relationships are profitable
wherever they may be, and no one has better relationships than we do in
Michigan, where strong retail relationships also give us a stable source of
funds and fee income.

Meeting our objectives will provide market share gains and increased profit
contributions from markets outside of the Midwest, and increased deposits
and other products per customer. This translates into greater revenue
per customer.

Looking beyond 2004 to the longer term, our objective is to grow revenues
by 5 to 7 percent while holding expenses to a 2 to 3 percent growth rate, to
achieve a 50 percent efficiency ratio. We will continue to maintain a strong
capital base with Tier 1 common equity of 7 to 8 percent. Thus, our goal is
a return on equity of 15 to 18 percent.

I am confident we have a solid foundation now in place from which we can
grow profitably and provide attractive returns for our shareholders.

Ralph W. Babb Jr.

Chairman, President

and Chief Executive Officer

Annual Report 2003 C O M E R I C A

WE KNOW
WE KNOW

you
you

C O M E R I C A 2003 Annual Report

who

WE KNOW YOU are among our enduring
Comerica customers: middle market
companies, small businesses, owners
and managers, and other individuals
in the communities we serve,
who appreciate our brand of
relationship banking

WE KNOW YOU turn to Comerica

because we have knowledgeable, skilled
and caring people who are passionate
about helping you be successful

WE KNOW YOU expect us to utilize best
practices in the delivery of products and
services to you, and we do

WE KNOW YOU demand quality

customer service and we deliver; national surveys confirm it,
including the 2003 Phoenix-Hecht study – we received an “A”
or “A+” in 31 of 32 categories, including Internet services

The Chairman’s Circle is a Comerica competition that rewards employees for their cross-selling and referral efforts. Some

of the 125 winners of the 2003 competition are pictured here, including (opposite page, from left to right) Michael Korsak,

Treasury Management Services, Michigan; Melissa Pollard, Middle Market Banking, California; James Adkins, Institutional

Trust, Michigan; Suheil Shatara, Small Business Banking, Michigan; (this page, from left to right) Claudia Cassa, Middle

Market Banking, Michigan; and Kevin Crayton, Commercial Real Estate, Texas.

Annual Report 2003 C O M E R I C A

WE KNOW
WE KNOW

what WE NEED
what WE NEED
TO DO FOR you
TO DO FOR you

C O M E R I C A 2003 Annual Report

what

WE NEED TO continue to emphasize relationships over

transactions, because relationships are important to you,
and this singular focus sets us apart from the competition

WE NEED TO leverage our depth of
experience, industry knowledge and
local decision making, because these
attributes help you be successful and
serve your interests well

WE NEED TO proceed with our move

toward a standardized product platform
and delivery system, as well as national
branding and marketing programs in
all our markets, in order to deliver a
seamless experience for you

Other Chairman’s Circle winners include (opposite page, from left to right) Debi Schechtman, Private Banking, California;

BJ Hare, Small Business Banking, Michigan; Marci Chapin, Personal Financial Services, Michigan; Martin Ellis,

International Banking, Michigan; (this page, from left to right) Kurt Younker, Private Banking, Florida; and Tracy White,

Personal Financial Services, Texas.

Annual Report 2003 C O M E R I C A

WE KNOW
WE KNOW

how TO MAKE IT WORK
how TO MAKE IT WORK
FOR you
FOR you

C O M E R I C A 2003 Annual Report

how

WE KNOW how to solidify our relationship
with you, such as through our team
approach for small businesses, where
the branch manager and small business
banker jointly provide for your financial
services needs

WE KNOW how to maintain efficient and
effective technology platforms to deliver
state-of-the-art services, such as
Comerica NetVision® and Comerica
Web Banking®

WE KNOW that a strong and healthy

Comerica is in your best interests, and
that by building a process to manage
credit, market and operational risk, we are moving
toward our goal of being an industry leader in this area

WE KNOW the importance of being a responsible corporate

citizen, and demonstrate our commitment to the communities we
serve through employee volunteerism, financial contributions and
community partnerships

Chairman’s Circle winners also include (opposite page, from left to right) Enrique Carrillo, Corporate Public Affairs,

Michigan; Diana Freeburg, Comerica Securities, Michigan; Norris Blackledge, Municipalities, Michigan; Marisela

Hernandez, Vault Operations, Texas; (this page, from left to right) Michael McCoy, Private Banking, Michigan; and

Carol Huckleby, Private Banking, Michigan.

Annual Report 2003 C O M E R I C A

WE KNOW
WE KNOW

where IT ALL HAPPENS
where IT ALL HAPPENS
FOR you
FOR you

C O M E R I C A 2003 Annual Report

where

WE WILL invest in building approximately 50 new branches over
the next three years, as we know you like to visit them often

WE WILL focus our expansion efforts on California and Texas, as
these markets offer excellent opportunities for us to grow our
business with you

WE WILL continue to provide the high-
touch, relationship banking approach
you have come to expect from us in
Michigan, California, Texas, Florida and
other markets where we do business

WE WILL capitalize on our market

presence in Michigan, as we have with
our recent marketing campaign
showcasing the tenure of our employees
and you, our customers

WE WILL leverage our North American

platform to help fulfill your commercial
banking needs in the U.S., Canada
and Mexico.

Other Chairman’s Circle winners include (opposite page, from left to right) Diane Weinberger, Comerica Insurance

Services, Michigan; Vincent Guerra, Personal Financial Services, Texas; Steven Davis, Middle Market Banking, Michigan;

Eleanor Miller, Personal Financial Services, Michigan; (this page, from left to right) David Bird, U.S. Banking, Michigan;

and Mary Mac Kinney, Private Banking, California.

Annual Report 2003 C O M E R I C A

COMERICA INCORPORATED BOARD OF DIRECTORS & BOARD COMMITTEES

Ralph W. Babb Jr.
Chairman, President and
Chief Executive Officer
Comerica Incorporated
and Comerica Bank

Lillian Bauder, Ph.D.
Vice President
Corporate Affairs
Masco Corporation
(manufacturer of diversified
household and consumer
products and services)

Joseph J. Buttigieg III
Vice Chairman
Comerica Incorporated
and Comerica Bank

James F. Cordes
Retired Executive
Vice President
The Coastal Corporation
(diversified energy company)

Peter D. Cummings
Chairman
Ram Realty Services
(private real estate management
and development company)

BOARD COMMITTEES
❚ Audit & Legal
❚ Compensation
❚ Corporate Governance & Nominating
❚ Executive
❚ Public Responsibility
❚ Qualified Legal Compliance
❚ Risk Asset Quality Review
Trust & Investment
c Committee Chairperson

C O M E R I C A 2003 Annual Report

J. Philip DiNapoli
President
JP DiNapoli Companies, Inc.
(real estate investment,
development and
management company)

Anthony F. Earley Jr.
Chairman and
Chief Executive Officer
DTE Energy Company
(diversified energy company)

Max M. Fisher
Investor

Roger Fridholm
President
St. Clair Group
(private investment company)

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David Baker Lewis
Chairman
Lewis & Munday, PC
(law firm)

Todd W. Herrick
Chairman, President and
Chief Executive Officer
Tecumseh Products Company
(manufacturer of engines and
power train components for lawn
and garden applications)

Alfred A. Piergallini
Retired Chairman, President
and Chief Executive Officer
Novartis Consumer
Health Worldwide
Consultant
Desert Trail Consulting
(marketing consulting
organization)

Howard F. Sims
Chairman and
Chief Executive Officer
Sims Design Group, Inc.
(architectural and
planning business)

Robert S. Taubman
Chairman, President and
Chief Executive Officer
The Taubman Company
(shopping center management
company engaged in leasing,
management and construction
supervision)

c c

William P. Vititoe
Retired Chairman, President
and Chief Executive Officer
Washington Energy Company
(diversified energy company,
now Puget Sound, Inc.)

Patricia M. Wallington
President
CIO Associates
(consulting firm)

Gail L. Warden
President Emeritus
Henry Ford Health System
(not-for-profit healthcare
corporation)

Kenneth L. Way
Retired Chairman
Lear Corporation
(manufacturer of automotive
components)

Annual Report 2003 C O M E R I C A

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M A N A G E M E N T P O L I C Y C O M M I T T E E
M A N A G E M E N T P O L I C Y C O M M I T T E E

Ralph W. Babb Jr.
Chairman, President and
Chief Executive Officer

Joseph J. Buttigieg III
Vice Chairman,
Business Bank

John D. Lewis
Vice Chairman,
External Affairs and
Community Relations

C O M E R I C A 2003 Annual Report

Elizabeth S. Acton
Executive Vice President and
Chief Financial Officer

John R. Beran
Executive Vice President and
Chief Information Officer

Jon W. Bilstrom
Executive Vice President,
Governance, Regulatory Relations
and Legal Affairs

J. Michael Fulton
President and
Chief Executive Officer,
Western Division

Dale E. Greene
Executive Vice President and
Chief Credit Officer

Charles L. Gummer
President and
Chief Executive Officer,
Texas Division

James E. Lake
Senior Vice President,
Corporate Human Resources

11 Michael H. Michalak

Senior Vice President,
Corporate Planning, Development and
Risk Management

Dennis J. Mooradian
Executive Vice President,
Wealth and Institutional Management

Annual Report 2003 C O M E R I C A

O U R O R G A N I Z AT I O N

C O M M E R C I A L B A N K S

O T H E R C O M E R I C A U N I T S

COMERICA BANK
(cid:1)Ralph W. Babb Jr.

Chairman, President and
Chief Executive Officer

Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226
(313) 222-4000

Headquartered in Detroit with
offices in metropolitan Detroit and
greater Ann Arbor, Battle Creek,
Grand Rapids, Jackson, Kalamazoo,
Lansing, Midland and Muskegon.
Comerica is Michigan’s largest
hometown bank. Comerica also
is Michigan’s oldest banking
company (1849).

Branches: 258 (includes
35 ComeriMARTs®)
ATMs: 421

Florida Region
(cid:1)Randy B. Nobles

President – Florida Region

1800 Corporate Blvd., N.W.
Suite 100, MC 5172
Boca Raton, Florida 33431
(800) 777-7198

Headquartered in Boca Raton
with offices in Boca Raton, Fort
Lauderdale, Palm Beach Gardens,
Naples, Sarasota, Weston and
Tampa. Comerica entered the
Florida market in 1979.

Branches: 6
ATMs: 4

Canadian Region
(cid:1)Philip H. Buxton

Managing Director –
Canadian Region

Royal Bank Plaza, South Tower
200 Bay Street, Suite 2210
P.O. Box 61
Toronto, Ontario M5J2J2
(416) 367-3113

Headquartered in Toronto with
commercial banking offices in
Toronto and Windsor.

C O M E R I C A 2003 Annual Report

Western Division
(cid:1)J. Michael Fulton

President and Chief Executive
Officer – Western Division

333 W. Santa Clara Street, MC 4805
San Jose, California 95113-1713
(408) 556-5000

Headquartered in San Jose with
offices in Sacramento, Fresno, the
greater San Francisco Bay/San Jose
area, Santa Cruz Coastal, greater
Los Angeles/Orange County, and
San Diego. Additional regional
banking offices in Phoenix, Denver,
and Kirkland, Wash. SBA lending
offices are located around the
country, and Technology and Life
Sciences Division offices serve
technology centers nationwide.
Comerica entered the California
market in 1991.

Branches: 42
ATMs: 36

Texas Division
(cid:1)Charles L. Gummer

President and Chief Executive
Officer – Texas Division

1601 Elm Street, MC 6507
Dallas, Texas 75201
(214) 589-1400

Headquartered in Dallas with
offices in the Dallas/Fort Worth
Metroplex, Austin, and the greater
Houston area. Comerica entered
the Texas market in 1988.

Branches: 49 (includes
one ComeriMART)
ATMs: 56

COMERICA BANK-MEXICO, S.A.
(cid:1)Ian A. Hogan

Managing Director

Edificio Forum
Andres Bello No. 10, Piso 17
Col. Chapultepec Polanco
Mexico, D.F. 11560
(011) 525-279-7300

Headquartered in Mexico City
with commercial banking offices
in Guadalajara, Monterrey
and Querétaro.

COMERICA BANK & TRUST,
NATIONAL ASSOCIATION
Provides a national platform
for the delivery of trust,
investment management and
other banking services.

COMERICA INSURANCE
SERVICES, INC.
Offers life, disability, long-term
care, group benefits, and property
and casualty insurance to
businesses and individuals.

COMERICA LEASING CORPORATION
Provides equipment leasing and
financing services for businesses
throughout the United States.

COMERICA SECURITIES, INC.
A full-service broker-dealer that
offers stocks, bonds, mutual
funds and annuities to individual
investors, along with investment
banking services.

MUNDER CAPITAL MANAGEMENT
Provides investment advisory
services to institutions,

municipalities, unions, charitable
organizations and individuals
across North America. Also serves
as investment manager for The
Munder Funds. Framlington
Holdings Limited, a London-
based international investment
advisor, is a subsidiary
of Munder.

PROFESSIONAL LIFE UNDERWRITERS
SERVICES, INC. (PLUS)
Provides life insurance, annuities
and disability insurance products
to independent insurance agents.

WILSON, KEMP & ASSOCIATES, INC.
Provides account management
services to private investors,
corporations, municipalities and
charitable institutions throughout
the United States.

W.Y. CAMPBELL & COMPANY
Provides investment banking
and corporate finance services
to Fortune 500 companies and
middle-market firms.

O T H E R C O M E R I C A L O C A T I O N S

CITY
Atlanta
Barrington, IL
Boston
Chicago

Cincinnati
Cleveland

Denver
Kirkland, WA

Las Vegas
Memphis
Minneapolis
New York
Phoenix

Portland, OR
Princeton, NJ
Raleigh-Durham
Reston, VA
Rocky Mount, NC

BUSINESS
Technology & Life Sciences
SBA Lending
Private Banking, Technology & Life Sciences
Institutional Trust, International Finance,
National Dealer Services, U.S. Banking
Middle Market Banking
Middle Market Banking, Private Banking,
SBA Lending
National Dealer Services, Private Banking
Middle Market Banking, Technology &
Life Sciences
U.S. Banking
Private Banking
Private Banking
Private Banking, Technology & Life Sciences
Commercial Real Estate, Middle Market
Banking, Private Banking, SBA Lending
Middle Market Banking
Private Banking
SBA Lending
Technology & Life Sciences
Private Banking

Annual Report 2003 C O M E R I C A

S H A R E H O L D E R I N F O R M AT I O N

STOCK
Comerica’s stock trades on the New York Stock Exchange (NYSE)
under the symbol CMA.

SHAREHOLDER ASSISTANCE
Inquiries related to shareholder records, change of name, address
or ownership of stock, and lost or stolen stock certificates should be
directed to the transfer agent and registrar:

W R I T T E N R E Q U E S T S:
Wells Fargo Shareowner Services
P.O. Box 64854
St. Paul, MN 55164-0854
(877) 536-3551
stocktransfer@wellsfargo.com

C E R T I F I E D/ O V E R N I G H T M A I L:
Wells Fargo Shareowner Services
161 North Concord Exchange
South St. Paul, MN 55075-1139
(877) 536-3551

ELIMINATION OF DUPLICATE MATERIALS
If you receive duplicate mailings at one address, you may have
multiple shareholder accounts. You can consolidate your multiple
accounts into a single, more convenient account by contacting the
transfer agent shown above. In addition, if more than one member
of your household is receiving shareholder materials, you can
eliminate the duplicate mailings by contacting the transfer agent.

DIVIDEND REINVESTMENT PLAN
Comerica offers a dividend reinvestment plan which permits
participating shareholders of record to reinvest dividends in
Comerica common stock without paying brokerage commissions or
service charges. Participating shareholders also may invest up to
$3,000 in additional funds each quarter for the purchase of
additional shares. A brochure describing the plan in detail and an
authorization form can be requested from the transfer agent
shown above.

DIVIDEND DIRECT DEPOSIT
Common shareholders of Comerica may have their dividends
deposited into their savings or checking account at any bank that
is a member of the National Automated Clearing House (ACH)
system. Information describing this service and an authorization
form can be requested from the transfer agent shown above.

DIVIDEND PAYMENTS
Subject to approval of the board of directors, dividends customarily
are paid on Comerica’s common stock on or about January 1,
April 1, July 1 and October 1.

ANNUAL MEETING
The Annual Meeting of Shareholders of Comerica Incorporated will
be held at 9:30 a.m. on Tuesday, May 18, 2004, at the Max M.
Fisher Music Center, 3711 Woodward Avenue, Detroit, Michigan
48201-2444.

FORM 10-K
A copy of the Corporation’s Annual Report on Form 10-K, as filed
with the Securities and Exchange Commission, may be obtained
without charge upon written request to the Secretary of the
Corporation at the address listed at the bottom of this page.

C O M E R I C A 2003 Annual Report

STOCK PRICES, DIVIDENDS AND YIELDS

Quarter

2003
Fourth
Third
Second
First

2002
Fourth
Third
Second
First

High

Low

Dividends
Per Share

Dividend
Yield*

$56.34
49.75
53.58
46.74

$50.30
63.80
66.09
64.85

$46.38
45.28
37.79
37.10

$35.20
47.00
59.70
52.75

$0.50
0.50
0.50
0.50

$0.48
0.48
0.48
0.48

3.9%
4.2
4.4
4.8

4.5%
3.5
3.1
3.3

*Dividend yield is calculated by annualizing the quarterly dividend per share and
dividing by an average of the high and low price in the quarter.

At January 31, 2004, there were 16,089 holders of record of the
Corporation’s common stock.

INVESTOR RELATIONS ON THE INTERNET
Go to www.comerica.com to find the latest investor relations
information about Comerica, including stock quotes, news releases
and financial data.

COMMUNITY REINVESTMENT ACT (CRA) PERFORMANCE
Comerica is committed to meeting the credit needs of the
communities it serves. Following are the most recent CRA ratings in
each of the states in which Comerica operates which are subject
to CRA:

Michigan . . . . . Outstanding
California . . . . . Satisfactory
Texas . . . . . . . . Satisfactory

Florida . . . . . . . . Satisfactory
Arizona . . . . . . . . Satisfactory
Washington . . . . Satisfactory

EQUAL EMPLOYMENT OPPORTUNITY
Comerica is committed to its affirmative action program and
practices which ensure uniform treatment of employees without
regard to race, creed, color, age, national origin, religion,
handicap, marital status, sexual orientation, veteran status,
weight, height or sex.

PRODUCT INFORMATION CENTER
If you have any questions about Comerica’s products and services,
please contact our Product Information Center at (800) 292-1300.

CAREER OPPORTUNITIES
Go to www.comericajobs.com to find the latest information about
career opportunities at Comerica.

Comerica Incorporated
Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391, Detroit, Michigan 48226
(248) 371-5000 (metro Detroit)
(800) 521-1190 (outside Detroit area)
www.comerica.com
MEDIA CONTACT: Sharon R. McMurray (313) 222-4881
INVESTOR CONTACT: Helen L. Arsenault (313) 222-2840

on the cover

NATIONAL QUALITY EXCELLENCE AWARD WINNERS
Front row, left to right:

Jim Baubie Information Services
◗ Doug Serra Electronic Services
◗ Mary Snell Operations Services
◗ Anne McDougall Corporate Human Resources
◗ Mary Ann Condino Personal Financial Services
◗ Cheryl Enochs Quality Process
Judy Colling Trust Operations
Judy Martin Corporate Human Resources

◗ Tim Morehouse Information Services
◗ Paul Burns Information Services

BRAINSTORM! AWARD WINNERS
Back row, left to right:
◗ Kristy Manson Treasury Management Services
◗ Richard Moore Treasury Management Services
◗ Bruce Tackett Treasury Management Services
◗ Lakeisha Pierce Controller
◗ Robbie Sedgeman Treasury Management Services
◗ Michael Malewski Information Services
◗ Rashida Smith Controller
◗ Cynthia Reid Treasury Management Services
◗ Phyllis Kirk Controller
◗ Yolanda Mitchell Treasury Management Services

2 0 0 3
N A T I O N A L Q U A L I T Y
E X C E L L E N C E A W A R D
Congratulations to Judy Martin, Corporate Human Resources,
for being named Comerica’s 2003 National Quality Excellence
Award overall winner. In addition to Martin, nine finalists
were recognized in 2003 for their dedication to quality.
All 10 colleagues appear on the cover.

BEST of the BEST

2 0 0 3
B R A I N S T O R M ! W I N N E R S
Congratulations to Thomas Burger, Shannon Carlson, Pamela
Collins and Janet Warren, all of Comerica Securities, for being
named the overall winners of the 2003 Brainstorm! competition.
Other Brainstorm! winners, in addition to the Comerica Securities
colleagues and those featured on the cover, are:

◗ Deborah Baker Personal Financial Services
◗ Sherri Current Personal Financial Services
◗ Christine DiBartolomeo Treasury Management Services
◗ Terry Ennis Treasury Management Services
◗ Karen Gyde Controller
◗ Rhonda Henderson Personal Financial Services
◗ Paula Hernandez Personal Financial Services
◗ Lynn Hughes Retail Operations

John Kushner Controller

◗ Linda Landers Personal Financial Services
◗ Peter Miller Operations Services

John Outwater Treasury Management Services

◗ Larry Puma Operations Services

Janet Rajcevski Controller
Janice Ramirez Treasury Management Services

◗ Andrew Rogers Controller
◗ Gena Roth Treasury Management Services
◗ Kathleen Sidor Treasury Management Services
◗ Deborah Stevens Treasury Management Services
◗ Sharon Taylor Treasury Management Services
◗ Lyle Wallace Controller

John Weaver Personal Financial Services
Jerry Wright Treasury Management Services

◗ Sherry Youts Personal Financial Services

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Comerica Incorporated
Comerica Tower at Detroit Center
500 Woodward Avenue, MC 3391
Detroit, Michigan 48226