Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 148

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 148
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 support its opinion. Rather, J.P. Morgan considered the totality of the factors and analyses performed in determining its opinion.

Analyses based upon forecasts of future results are inherently uncertain, as they are subject to numerous factors or events beyond the control of the parties
and their advisors. Accordingly, forecasts and analyses used or made by J.P. Morgan are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by those analyses. Moreover, J.P.
Morgan’s analyses are not and do not purport to be appraisals or otherwise reflective of the prices at which businesses actually could be acquired or sold. None of the selected companies reviewed as described in the above summary is identical
to Comerica or Fifth Third, as applicable. However, the companies selected were chosen by J.P. Morgan because they are publicly traded companies with operations and businesses that, for purposes of J.P. Morgan’s analysis, may be considered
similar to those of Comerica or Fifth Third, as applicable. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that
could affect the companies compared to Comerica or Fifth Third, as applicable.

As a part of its investment banking business, J.P. Morgan and its
affiliates are continually engaged in the valuation of businesses and their securities in connection with mergers and acquisitions, investments for passive and control purposes, negotiated underwritings, secondary distributions of listed and
unlisted securities, private placements, and valuations for corporate and other purposes. J.P. Morgan was selected to advise Comerica with respect to the proposed mergers and deliver an opinion to the Comerica board of directors with respect to the
proposed mergers on the basis of, among other things, such experience and its qualifications and reputation in connection with such matters and its familiarity with Comerica and the industries in which it operates.

For financial advisory services rendered in connection with the proposed mergers, Comerica has agreed to pay J.P. Morgan an estimated fee of approximately
$75,000,000, $7,500,000 of which became payable to J.P. Morgan at the time J.P. Morgan delivered its opinion and the remainder of which is contingent and payable upon the consummation of the proposed mergers. In addition, Comerica has agreed to
reimburse J.P. Morgan for certain of its expenses incurred in connection with its services, including the fees and dis