Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 129

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 129
---
 a standalone basis and on a standalone basis taking into account the effect of the mergers.

Using discount rates ranging from 12.0% to 14.0%, reflecting estimates of the cost of equity for Comerica, Goldman Sachs derived a range of illustrative
equity values for Comerica by discounting to present value as of June 30, 2025, (a) the implied distributions to/infusions from Comerica’s stockholders over the period beginning June 30, 2025 through December 31, 2029,
calculated using the Forecasts for Comerica, on a standalone basis as well as on a standalone basis but taking into account the effect of the mergers, assuming in each case, at the direction of Fifth Third management, that Comerica would make
distributions of capital in excess of the amount necessary to achieve a target common equity tier 1 capital of 9.5%, and (b) a range of illustrative terminal values for Comerica, on a standalone basis as well as on a standalone basis but taking
into account the effect of the mergers, as of December 31, 2029, calculated by applying illustrative next 12 months (“NTM”) estimated earnings per share (“EPS”) multiples (such multiples, “NTM Price/EPS”)
ranging from 10.0x to 13.0x to the estimate of Comerica’s terminal year 2030 net income, as reflected in the Forecasts for Comerica on a standalone basis as well as the Forecasts for Comerica on a standalone basis but taking into account the
effect of the mergers. Goldman Sachs derived the range of discount rates by application of the capital asset pricing model (“CAPM”), which requires certain company-specific inputs, including a beta for Comerica, as well as certain
financial metrics for the United States financial markets generally. Goldman Sachs derived the range of illustrative NTM Price/EPS multiples based on its professional judgment and experience, taking into account current and historical multiples NTM
Price/EPS for Comerica.

Goldman Sachs divided the ranges of illustrative equity values it derived for Comerica on a standalone basis as well as the
ranges of those values taking into account the effect of the mergers by the total number of fully diluted shares of Comerica outstanding as provided by Fifth Third management to derive illustrative ranges of present values per share of Comerica
common stock on