Company: CMA
Filing Date: 2025-12-15
Form Type: PX14A6G
Source: 0000921895-25-003340
Chunk: 1

Company: COMERICA INC
Filing Date: 2025-12-15
Form: PX14A6G
Chunk 1
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 presentation to the shareholders of Comerica entitled “Why We
Recommend Voting AGAINST The Proposed Merger and Our Litigation Update.” Comerica’s special meeting of shareholders to vote
on the proposed transaction is scheduled to be held on January 6, 2026.

The presentation may be found at the following
link:

https://holdcoam.co/CMA_Dec15

Vik Ghei and Misha Zaitzeff, Co-Founders of
HoldCo, noted:

“We believe Comerica’s board of
directors approved an unusually rushed 17-day process in which CEO Curtis Farmer was effectively the sole negotiator on shareholders’
behalf, shortly following reports that the board, including Farmer, may face an election contest. That process produced a price at the
bottom of Fifth Third’s initial exchange-ratio range, despite at least one approach from another large bank and without a truly
independent committee or a genuine market check to address Mr. Farmer’s significant conflicts of interest.”

“Furthermore, while this year’s
four large-bank mergers have involved tangible book dilution and ~3-year stated earn-backs, Fifth Third suffers no dilution—highlighting
an objectively bargain price for Fifth Third.”

“We are confident Comerica shareholders
can do better by voting AGAINST this merger. The merger agreement does not permit Fifth Third simply to walk away; it requires both parties
to use their reasonable best efforts to restructure and re-submit the transaction.”

“In our view, shareholders should not
accept a deal that appears to reward a hand-picked ‘white knight’ acquirer with extremely CEO-friendly economics. Based on
Comerica’s own disclosures, Mr. Farmer could receive on the order of $140 million dollars over the next decade if this merger closes,
versus only a small fraction of that amount if he were removed following a proxy contest at Comerica’s 2026 Annual Meeting expected
to be held in April 2026. That misalignment is precisely why we believe shareholders should insist on a higher price or a superior alternative
transaction, rather than accepting a rushed deal that conveniently is expected to close at the end of the first quarter of 2026 and seems
to prioritize the CEO’s personal outcome over maximizing value for owners.”

In the presentation, HoldCo disclosed that
it owns common stock of Comerica and consequently has an economic interest in the price of these securities.

HoldCo’s prior presentations entitled
“To The Independent Directors of Comerica Inc