Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 381

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 381
---
Members of the Board of
Directors:

You have requested our opinion as to the fairness, from a financial point of view, to the holders of common stock, par value $5.00 per share
(the “Company Common Stock”), of Comerica Incorporated (the “Company”) of the Exchange Ratio (as defined below) in the proposed merger (the “Transaction”) of the Company with a wholly-owned subsidiary of Fifth
Third Bancorp (the “Acquiror”). Pursuant to the Agreement and Plan of Merger (the “Agreement”), among the Company, its wholly owned subsidiary, Comerica Holdings Incorporated (“Comerica Holdings”), Acquiror and
its wholly owned subsidiary, Fifth Third Financial Corporation (“Merger Sub”), (i) the Company will merge with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “Surviving Corporation”) and as
a wholly-owned subsidiary of the Acquiror, (ii) immediately thereafter, Comerica Holdings will merge with and into the Surviving Corporation, with the Surviving Corporation continuing as the surviving corporation and as a wholly-owned
subsidiary of the Acquiror, and (iii) each outstanding share of Company Common Stock, other than shares of Company Common Stock owned by the Company or the Acquiror (in each case other than shares of Company Common Stock (i) held in trust
accounts, managed accounts, mutual funds and the like, or otherwise held in a fiduciary or agency capacity that are beneficially owned by third parties or (ii) held, directly or indirectly, by the Company or the Acquiror in respect of debts
previously contracted), will be converted into the right to receive 1.8663 shares (the “Exchange Ratio”) of the Acquiror’s common stock, without par value (the “Acquiror Common Stock”) and (iv) each outstanding
share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, no par value (the “Company Preferred Stock”), of the Company will be converted into the right to receive a
share of a newly created series of preferred stock of the Acquiror having terms that are not materially less favorable than the terms of the Company Preferred Stock.

In connection with preparing our opinion, we have (i) reviewed a draft dated October 5, 2025 of the Agreement; (ii) reviewed certain publicly
available business and financial information concerning the Company and