Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 143

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 143
---
 The companies selected by J.P. Morgan were:

| • |     | Old National Bancorp |

| • |     | Columbia Banking System, Inc. |

| • |     | UMB Financial Corporation |

| • |     | Webster Financial Corporation |

| • |     | SouthState Bank Corporation |

| • |     | Cullen/Frost Bankers, Inc. |

| • |     | Cadence Bancorporation |

| • |     | Zions Bancorporation, National Association |

| • |     | First Horizon Corporation |

| • |     | Wintrust Financial Corporation |

| • |     | BOK Financial Corp |

These companies were selected, among other reasons, by J.P. Morgan because they are publicly traded companies with operations and businesses that, for the purposes of J.P. Morgan’s analysis, J.P. Morgan considered to be similar to those of Comerica. However, none of the companies selected is identical or directly comparable to Comerica, and certain of the companies selected may have characteristics that are materially different from those of Comerica. 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 selected companies differently than they would affect Comerica. Using publicly available information, J.P. Morgan calculated for each selected company, (i) the multiple of price to estimated earnings per share for fiscal year 2026 (“Price/2026E EPS”), (ii) the multiple of price to tangible book value per share (“P/TBV”) and (iii) the 2026 estimated return on average tangible common equity (“2026E ROATCE”). J.P. Morgan also performed a regression analysis to review, for the selected companies identified above, the relationship between (i) P/TBV and (ii) 2026E ROATCE. Based on the results of the above analysis, J.P. Morgan then applied multiple reference ranges of 8.4x to 13.2x for Price/2026E EPS and 1.47x to 1.58x for P/TBV to estimates of Comerica’s earnings per share for fiscal year 2026 as provided in Comerica’s standalone prospective financial information and to Comerica’s tangible book value per share of Comerica common stock as of June 30, 2025, respectively. The analysis indicated a range of implied per share equity values for Comerica common stock (rounded to the nearest $0.