Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 134

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 134
---
 per share multiples for the Fifth Third selected companies calculated by Goldman Sachs as
described below in the section captioned “—Selected Public Companies Multiples” compared to the 2026E ROATCE for those selected companies using the median estimates for such companies published by Factset as of
October 3, 2025 to derive a regression line reflecting a range of Price/TBV per share multiples at a range of 2026E ROATCE for the selected companies. Goldman Sachs observed that the 2026E ROATCE for Fifth Third on a pro forma basis as
reflected in the Forecasts, taking into account the Synergies, corresponded to an implied Price/TBV per share multiple of 2.23x on the regression line.

Based on this observation, Goldman Sachs applied implied Price/TBV per share multiples ranging from 2.13x to 2.33x to the TBV per share as of June 30,
2025 for Fifth Third on a pro forma basis, as reflected in its publicly available filings, to derive a range of implied values per share of Fifth Third common stock on a pro forma basis of $44.66 to $48.86.

Selected Public Companies Multiples

For
reference purposes only, Goldman Sachs reviewed and compared certain financial information for Comerica and Fifth Third on a standalone basis to corresponding financial information, ratios and public market multiples for the selected publicly traded
companies in the banking industry listed below, which are referred to, respectively, as the “Comerica selected companies” and the “Fifth Third selected companies”. Although none of the selected companies is directly
comparable to Comerica or Fifth Third, respectively, the selected companies

were chosen because they are publicly traded companies with operations that,
for purposes of analysis, may be considered similar to certain operations of Fifth Third and Comerica, respectively.

93

For each of Comerica and Fifth Third on a standalone basis and the selected companies, Goldman Sachs calculated and compared its closing price per share as of October 3, 2025 as a multiple of stated TBV per share as of its most recently completed fiscal quarter for which TBV per share information was publicly available as of October 3, 2025. The multiples calculated by Goldman Sachs for the selected companies and for Comerica and Fifth Third are as follows:

| Comerica Selected Company |     | Price/TBV per  
 Share (Stated) |       |
| Citizens Bank             |     |