Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 82

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 82
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 creditors and Fifth Third’s shareholders. For example, it could limit Fifth Third’s ability to obtain additional financing for working capital, capital expenditures, debt service requirements,
acquisitions and general corporate or other purposes and require a substantial portion of cash flow from operations to be dedicated to the payment of principal and interest on Fifth Third’s indebtedness and dividends on the preferred stock,
thereby reducing Fifth Third’s ability to use cash flows to fund its operations, capital expenditures and future business opportunities.

Following
completion of the first merger, holders of Fifth Third common stock will be subject to the prior dividend and liquidation rights of the holders of the new Fifth Third preferred stock and depositary shares that Fifth Third will issue upon completion
of the first merger. Holders of new Fifth Third preferred stock and depositary shares and any shares of preferred stock that Fifth Third may issue in the future, would receive, upon the combined company’s voluntary or involuntary liquidation,
dissolution or winding up, before any payment is made to holders of Fifth Third common stock, their liquidation preferences as well as any accrued and unpaid distributions. These payments would reduce the remaining amount of the combined
company’s assets, if any, available for distribution to holders of its common stock.

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Holders of Fifth Third and Comerica common stock will have a reduced ownership and voting interest in Fifth Third after the first merger and will exercise less influence over management.

Holders of Fifth Third and Comerica common stock currently
have the right to vote in the election of the board of directors and on other matters affecting Fifth Third and Comerica, respectively. When the first merger is completed, each Comerica stockholder will become a shareholder of Fifth Third, with a
percentage ownership of Fifth Third that is smaller than the stockholder’s percentage ownership of Comerica individually, as applicable, prior to the consummation of the first merger. Based on the number of shares of Fifth Third and Comerica
common stock outstanding as of the close of business on the respective record date, and based on the number of shares of Fifth Third common stock expected to be issued in the first merger, the former holders of Comerica common stock, as a group, are
estimated to own approximately twenty-seven percent (27%) of the outstanding shares of Fifth Third common stock immediately after the first merger and the former holders of Fifth Third common stock as a group are estimated to own approximately
seventy-three percent (73%) of the outstanding shares of Fifth Third common stock immediately after