Comerica’s solid financial performance in 2006 underscores many positive
core operating trends. Loan growth in our fastest-growing markets continued
at a double-digit pace throughout the year, and credit quality remained solid.
We continued to return excess capital to shareholders through our share repurchase and dividend programs. We also increased our annual dividend for the 38th consecutive year.
Our strategy for success, first outlined three years ago, is focused on six key drivers, or pillars: growth, balance, relationships, risk management, accountability and diversity. I would like to focus on the first two – growth and balance – as these are areas of increasing emphasis at Comerica. I also will touch upon relationships – the key to our company’s strength and success. You can learn more about these and the other pillars of our strategy in the section immediately following this letter.
| Ralph
W. Babb, Jr Chairman and Chief Executive Officer |