Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 141

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 141
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 prepared by the managements of Fifth Third and Comerica as discussed more fully in the sections entitled “Fifth Third Prospective Financial Information Used by J.P. Morgan” and “Comerica Prospective Financial Information Used by J.P. Morgan” beginning on pages 105 and 106, respectively, of this joint proxy statement/prospectus. Fifth Third and Comerica do not publicly disclose internal management projections of the type
provided to J.P. Morgan in connection with J.P. Morgan’s analysis of the proposed mergers, and such projections were not prepared with a view toward public disclosure. These projections were based on numerous variables and assumptions that are
inherently uncertain and may be beyond the control of Comerica’s management, including, without limitation, factors related to general economic and competitive conditions, prevailing interest rates, and other factors as set forth in the
section entitled “Cautionary Statement Regarding Forward-Looking Statements” beginning on page 48 of this joint proxy statement/prospectus. Accordingly, actual results could vary significantly from those set forth in such
projections. For more information regarding the use of projections and other forward-looking statements, please refer to the sections entitled “Fifth Third Prospective Financial Information Used by J.P. Morgan” and
“Comerica Prospective Financial Information Used by J.P. Morgan” beginning on pages 105 and 106, respectively, of this joint proxy statement/prospectus.

J.P. Morgan’s opinion was necessarily based on economic, market and other conditions as in effect on, and the information made available to J.P. Morgan
as of, the date of such opinion. J.P. Morgan’s opinion noted that subsequent developments may affect J.P. Morgan’s opinion and that J.P. Morgan does not have any obligation to update, revise or reaffirm such opinion. J.P. Morgan’s
opinion is limited to the fairness, from a financial point of view, to the holders of the Comerica common stock of the exchange ratio in the proposed mergers, and J.P. Morgan has expressed no opinion as to the fairness of any consideration paid in
connection with the proposed mergers to (i) the holders of any other class of securities, including Comerica preferred stock, or (ii) any other creditors or other constituencies of Comerica or as to the underlying decision by Comerica to
engage in the proposed mergers. Furthermore, J.P. Morgan expressed no opinion with respect to the amount or nature of