Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 128

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 128
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, 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 a standalone basis of $56.38 to $70.45 and on a standalone basis but taking into account the effect of the mergers of $90.28 to $120.43.

Illustrative Present Value of Future Share Price Analysis: Comerica

Using the Forecasts, Goldman Sachs performed an illustrative analysis of the implied present value of an illustrative future value per share of Comerica common
stock on a standalone basis. For this analysis, Goldman Sachs derived a range of theoretical future values per share for the shares of Comerica common stock on a

89

standalone basis as of December 31 2026, 2027 and 2028, by applying a range of multiples of illustrative NTM Price/EPS of 10.0x to 13.0x to the estimates of the EPS of Comerica for each of the fiscal years 2027, 2028 and 2029, respectively, as set forth in the Forecasts. Goldman Sachs derived the range of