Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 381

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 381
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 viability of
the Company or Comerica or the ability of the Company or Comerica to pay their respective obligations when they come due. Our opinion is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made
available to us as of, the date hereof and

B-3

Board of Directors Fifth Third Bancorp October 5, 2025 Page Three we assume no responsibility for updating, revising or reaffirming this opinion based on circumstances, developments or events occurring after the date hereof. Our advisory services and the opinion expressed herein are provided for the information and assistance of the Board of Directors of the Company in connection with its consideration of the Transaction and such opinion does not constitute a recommendation as to how any holder of Company Common Stock should vote with respect to such Transaction or any other matter. This opinion has been approved by a fairness committee of Goldman Sachs & Co. LLC. Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Exchange Ratio pursuant to the Agreement is fair from a financial point of view to the Company. Very truly yours,

| /s/ Goldman Sachs & Co. LLC |
| (GOLDMAN SACHS & CO. LLC)   |

B-4

ANNEX C

October 5, 2025

The
Board of Directors

Comerica Incorporated

1717 Main Street,
MC 6404

Dallas, Texas 75201

Members of the Board of
Directors:

You have requested our opinion as to the fairness, from a financial point of view, to the holders of common stock, par value $5.00 per share
(the “Company Common Stock”), of Comerica Incorporated (the “Company”) of the Exchange Ratio (as defined below) in the proposed merger (the “Transaction”) of the Company with a wholly-owned subsidiary of Fifth
Third Bancorp (the “Acquiror”). Pursuant to the Agreement and Plan of Merger (the “Agreement”), among the Company, its wholly owned subsidiary, Comerica Holdings Incorporated (“Comerica Holdings”), Acquiror and
its wholly owned subsidiary, Fifth Third Financial Corporation (“Merger Sub”), (i) the Company will merge with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “Surviving Corporation”) and as
a wholly-owned subsidiary of the Acquiror, (ii) immediately thereafter, Comerica Holdings will merge