Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 133

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 133
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7 and
2028, respectively, by applying a range of multiples of illustrative NTM Price/EPS of 9.75x to 12.75x to the estimates of the EPS of Fifth Third on a pro forma basis for each of the fiscal years 2027, 2028, 2029, respectively. Goldman Sachs derived
the range of illustrative NTM Price/EPS multiples based on its professional judgment and experience, taking into account current and historical NTM Price/EPS multiples for Fifth Third.

Goldman Sachs then discounted these implied future values per share and the estimated dividends to be paid per share of Fifth Third common stock on a pro
forma basis through the end of the applicable year as reflected in the Forecasts to June 30, 2025, using an illustrative discount rate of 12.50%, reflecting an estimate of Fifth Third’s cost of equity on a pro forma basis. Goldman Sachs
derived such discount rate by application of the CAPM. This analysis resulted in a range of implied present values of $41.55 to $54.47 per share of Fifth Third common stock on a pro forma basis.

Regression Analysis: Fifth Third Standalone

Goldman Sachs performed a regression analysis using the Price/TBV 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 standalone basis as reflected in the Forecasts
corresponded to an implied Price/TBV per share multiple of 1.96x on the regression line.

Based on this observation, Goldman Sachs applied implied
Price/TBV per share multiples ranging from 1.86x to 2.06x to the TBV per share as of June 30, 2025 for Fifth Third on a standalone basis, as reflected in its publicly available filings, to derive a range of implied values per share of Fifth
Third common stock on a standalone basis of $39.12 to $43.32.

Regression Analysis: Fifth Third Pro Forma

Goldman Sachs performed a regression analysis using the Price/TBV