Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 109

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 109
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. Morgan provided their views on the discussions with Financial
Institution A, including the implied valuation of Comerica, the consideration discussed, the rationale and strategy, the potential benefits and drawbacks of a business combination transaction with Financial Institution A as compared to
alternatives available to Comerica, including a potential transaction with Fifth Third, other potential counterparties to a business combination transaction and the potential benefits and drawbacks of pursuing a transaction with such alternative
parties. The Comerica board of directors concluded that such proposals made by Financial Institution A were preliminary and were not likely to be more attractive than the consideration that could be offered by another counterparty, including
Fifth Third. The Comerica board of directors discussed alternative potential counterparties to a business combination transaction and, following discussion, including based on the strategic factors outlined in the section entitled
“Comerica’s Reasons for the Merger; Recommendation of the Comerica Board of Directors”, determined that Fifth Third would be the optimal merger counterparty to a business combination transaction if Fifth Third were to make a
proposal which appropriately valued Comerica, and authorized senior management to engage with Fifth Third further.

On September 18,
2025, Mr. Farmer called Mr. Spence and indicated to Mr. Spence that the Comerica board of directors was exploring a potential strategic transaction and inquired as to whether Fifth Third would be prepared to pursue a potential transaction. The
following day, Mr. Spence and Mr. Farmer met in Dallas, Texas to discuss a potential strategic transaction, including the value creation opportunities in a potential transaction, the complementarity of the two companies’ lines of business and
the compatibility of the companies’ respective cultures. Mr. Farmer and Mr. Spence also discussed the relative growth of the largest U.S. banks compared to U.S. regional banks, the current bank regulatory environment and their views on their
respective businesses. At the conclusion of this meeting, Mr. Spence indicated to Mr. Farmer that he would update members of the Fifth Third board of directors on their discussions. Later that day Fifth Third asked Goldman Sachs to assist Fifth
Third in its evaluation of a potential acquisition of Comerica.

On September 22, 2025, Mr. Spence convened a special meeting of the
executive committee of the Fifth Third board of directors to consider Mr. Farmer’s outreach and Mr. Spence’s preliminary discussions with Mr. Farmer. During such meeting, Mr. Spence and the executive committee discussed the
potential