Company: CMA
Filing Date: 2025-12-18
Form Type: 425
Source: 0001193125-25-323441
Chunk: 9

Company: COMERICA INC
Filing Date: 2025-12-18
Form: 425
Chunk 9
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30, 2025, Mr. Spence communicated to Mr. Farmer Fifth Third’s final proposed exchange ratio which was consistent with the exchange ratio range initially proposed in Fifth Third’s September 23, 2025 indication of interest.

On September 30, 2025, the Comerica board of directors met with Mr. Spence.
Mr. Spence discussed with the Comerica board of directors his perspective on the strategic benefits of a potential acquisition of Comerica by Fifth Third and discussed Fifth Third’s business and prospects.

On October 2, 2025, the Fifth Third board of directors met in a specially called meeting to discuss Fifth Third’s due diligence of
Comerica to date. Senior management of Fifth Third provided the Fifth Third board of directors with a detailed summary of such due diligence, including with respect to Comerica’s businesses, operations and financial position, as well as Fifth
Third’s assessment of Comerica’s credit, operational, liquidity, interest rate, price, strategic, legal and compliance, and reputational risk. The Fifth Third board of directors also discussed the timeline for finalizing the negotiations
and the merger agreement and dates on which the potential transaction might be announced.

Also on October 2, 2025, Goldman Sachs
provided Fifth Third with a customary relationship disclosure letter that was subsequently provided to the Fifth Third board of directors. The Mergers—Interests of Certain Comerica Directors and Executive Officers in the First Merger—CEO Letter Agreement with Fifth Third”

On October 3, 2025, the Comerica board of directors
held a meeting. Representatives of J.P. Morgan, Wachtell Lipton and Keefe, Bruyette & Woods, Inc., financial advisor to Comerica, which we refer to as KBW, were present at the meeting. Representatives of Wachtell
Lipton reviewed the Comerica board of directors’ fiduciary duties and the terms of the merger agreement and other transaction documentation. Representatives of J.P. Morgan reviewed the financial aspects of the business combination with Fifth
Third at the proposed exchange ratio. Representatives of KBW reviewed market and industry dynamics and the potential market reaction to the proposed transaction. Following discussion, the Comerica board of directors authorized Comerica’s
senior management, financial advisor and legal advisor to seek to finalize the terms of the business combination with Fifth Third on the basis discussed at the meeting.

Subsequently, representatives of Comerica and Fifth Third,