Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 127

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 127
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 the Fifth Third board of directors in connection with rendering the
opinion described above. The following summary, however, does not purport to be a complete description of the financial analyses performed by Goldman Sachs, nor does the order of analyses described represent relative importance or weight given to
those analyses by Goldman Sachs. Some of the summaries of the financial analyses include information presented in tabular format. The tables must be read together with the full text of each summary and are alone not a complete description of Goldman
Sachs’ financial analyses. Except as otherwise noted, the following quantitative information, to the extent that it is based on market data, is based on market data as it existed on or before October 3, 2025, the last trading day before
the public announcement of the mergers, and is not necessarily indicative of current market conditions.

For purposes of its financial analyses, Goldman
Sachs calculated an implied value for the exchange ratio of $82.88 by multiplying the exchange ratio pursuant to the merger agreement by $44.41, the closing share price of Fifth Third common stock on October 3, 2025.

Illustrative Discounted Dividend Analysis: Comerica

Using the Forecasts, Goldman Sachs performed an illustrative discounted dividend analyses for Comerica, both on a standalone basis as well as on a standalone
basis but taking into account the effect of the mergers, to derive a range of illustrative present values per share of the Comerica common stock on a standalone basis and on a standalone basis taking into account the effect of the mergers.

Using discount rates ranging from 12.0% to 14.0%, reflecting estimates of the cost of equity for Comerica, Goldman Sachs derived a range of illustrative
equity values for Comerica by discounting to present value as of June 30, 2025, (a) the implied distributions to/infusions from Comerica’s stockholders over the period beginning June 30, 2025 through December 31, 2029,
calculated using the Forecasts for Comerica, on a standalone basis as well as on a standalone basis but taking into account the effect of the mergers, assuming in each case, at the direction of Fifth Third management, that Comerica would make
distributions of capital in excess of the amount necessary to achieve a target common equity tier 1 capital of 9.5%, and (b) a range of illustrative terminal values for Comerica