Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 148

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 148
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 to 12.0x and (ii) a cost of equity range of 8.50% to 10.50%. These calculations resulted in a range of implied values (rounded to the nearest $0.01) of $64.32 to $78.45 per share of Comerica common stock, as compared to (i) the closing price of Comerica common stock of $70.55 per 100

share on October 3, 2025 and (ii) the implied value of the merger consideration of $82.88 per share of Comerica common stock based on the exchange ratio of 1.8663x and the closing price per share of Fifth Third common stock on October 3, 2025 of $44.41. Fifth Third Dividend Discount Analysis. J.P. Morgan calculated a range of implied values for Fifth Third common stock by discounting to present value estimates of Fifth Third’s future dividend stream and terminal value. In performing its analysis, J.P. Morgan utilized, among others, the following assumptions, which were reviewed and approved by Comerica’s management: (i) a terminal value based on 2031 estimated net income and a NTM P/E multiple range of 10.0x to 12.0x and (ii) a cost of equity range of 8.50% to 10.50%. These calculations resulted in a range of implied values (rounded to the nearest $0.01) of $44.37 to $54.82 per share of Fifth Third common stock, as compared to the closing price of Fifth Third common stock of $44.41 per share on October 3, 2025. Relative Value Analysis. J.P. Morgan compared the results for Comerica to the results for Fifth Third with respect to the public trading multiples and dividend discount analyses described above. J.P. Morgan compared the lowest equity value per share for Comerica to the highest equity value per share for Fifth Third to derive the lowest exchange ratio implied by each pair of results. J.P. Morgan also compared the highest equity value per share for Comerica to the lowest equity value per share for Fifth Third to derive the highest exchange ratio implied by each pair of results. The ranges of implied exchange ratios resulting from this analysis were:

|                            |     | Implied Exchange Ratios |         |     |      |         |
|                            |     | Low                     |         |     | High |         |
| Price/2026