Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 379

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 379
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 the shares of Company Common Stock and the shares of Comerica Common
Stock; compared certain financial and stock market information for the Company and Comerica with similar information for certain other companies the securities of which are publicly traded; reviewed the financial terms of certain recent business
combinations in the banking industry; and performed such other studies and analyses, and considered such other factors, as we deemed appropriate.

For
purposes of rendering this opinion, we have, with your consent, relied upon and assumed the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, us,
without assuming any responsibility for independent verification thereof. In that regard, we have assumed with your consent that the Forecasts, including the Synergies, have been reasonably prepared on a basis reflecting the best currently available
estimates and judgments of the management of the Company. We have not reviewed individual credit files nor have we made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance-sheet assets and liabilities) of the Company or Comerica or any of their respective subsidiaries and we have not been furnished with any such evaluation or appraisal. We are not experts in the evaluation
of loan and lease portfolios for purposes of assessing the adequacy of the allowances and marks for losses with respect thereto and, accordingly, we have assumed that such allowances for losses for the Company and Comerica are in the aggregate
adequate to cover such losses. We have assumed that all governmental, regulatory or other consents and approvals necessary for the consummation of the Transaction will be obtained without any adverse effect on the Company or Comerica or on the
expected benefits of the Transaction in any way meaningful to our analysis. We also have assumed that the Transaction will be consummated on the terms set forth in the Agreement, without the waiver or modification of any term or condition the effect
of which would be in any way meaningful to our analysis.

Our opinion does not address the underlying business decision of the Company to engage in the
Transaction, or the relative merits of the Transaction as compared to any strategic alternatives that may be available to the Company; nor does it address any legal, regulatory, tax or accounting matters. This opinion addresses only the fairness
from a financial point of view to the Company, as of the date hereof, of the Exchange Ratio pursuant to the Agreement. We do not express any view on, and our opinion does not address