Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 112

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 112
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 discussed with the Comerica board of directors his perspective on the strategic benefits of a potential acquisition of Comerica by Fifth Third and discussed Fifth Third’s business and
prospects.

On October 2, 2025, the Fifth Third board of directors met in a specially called meeting to discuss Fifth Third’s
due diligence of Comerica to date. Senior management of Fifth Third provided the Fifth Third board of

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directors with a detailed summary of such due diligence, including with respect to Comerica’s businesses, operations and financial position, as well as Fifth Third’s assessment of
Comerica’s credit, operational, liquidity, interest rate, price, strategic, legal and compliance, and reputational risk. The Fifth Third board of directors also discussed the timeline for finalizing the negotiations and the merger agreement
and dates on which the potential transaction might be announced.

Also on October 2, 2025, Goldman Sachs provided Fifth Third with a
customary relationship disclosure letter that was subsequently provided to the Fifth Third board of directors.

On October 3, 2025, the
Comerica board of directors held a meeting. Representatives of J.P. Morgan, Wachtell Lipton and Keefe, Bruyette & Woods, Inc., financial advisor to Comerica, which we refer to as KBW, were present at the meeting. Representatives of Wachtell
Lipton reviewed the Comerica board of directors’ fiduciary duties and the terms of the merger agreement and other transaction documentation. Representatives of J.P. Morgan reviewed the financial aspects of the business combination with Fifth
Third at the proposed exchange ratio. Representatives of KBW reviewed market and industry dynamics and the potential market reaction to the proposed transaction. Following discussion, the Comerica board of directors authorized Comerica’s
senior management, financial advisor and legal advisor to seek to finalize the terms of the business combination with Fifth Third on the basis discussed at the meeting.

Subsequently, representatives of Comerica and Fifth Third, together with their respective financial and legal advisors, finalized the terms of
the merger agreement and other transaction documentation.

On October 4, 2025, Fifth Third and Goldman Sachs entered into an
engagement letter to engage formally Goldman Sachs as Fifth Third’s financial advisor in connection with the proposed transaction.

On October 5, 2025, the Fifth Third board of directors met in a specially called meeting. Representatives of Goldman Sachs and Sullivan
& Cromwell were present