Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 137

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 137
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                      |     |                | 1.45x |
| Regions                      |     |                | 2.04x |
| Zions                        |     |                | 1.55x |
| First Horizons               |     |                | 1.66x |
| Comerica                     |     |                | 1.47x |

General The preparation of a fairness opinion is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting portions of the analyses or of the summary set forth above, without considering the analyses as a whole, could create an incomplete view of the processes underlying Goldman Sachs’ opinion. In arriving at its fairness determination, Goldman Sachs considered the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. Rather, Goldman Sachs made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of its analyses. No company or transaction used in the above analyses as a comparison is directly comparable to Fifth Third or Comerica or the mergers. Goldman Sachs prepared these analyses for purposes of Goldman Sachs’ providing its opinion to the Fifth Third board of directors as to the fairness from a financial point of view of the exchange ratio pursuant to the merger agreement. These analyses do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold. Analyses based upon forecasts of future results are not necessarily 94

indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses. Because these analyses are inherently subject to uncertainty, being based
upon numerous factors or events beyond the control of the parties or their respective advisors, none of Fifth Third, Comerica, Goldman Sachs or any other person assumes responsibility if future results are materially different from those forecast.

The exchange ratio was determined through arm’s-length negotiations between Fifth Third and Comerica and
was approved by the Fifth Third board of directors. Goldman Sachs provided advice to Fifth Third during these negotiations. Goldman Sachs did not, however, recommend any specific exchange ratio to Fifth Third or the Fifth Third board of directors or
that any specific exchange ratio constituted the only appropriate exchange ratio for the mergers.

As described above, Goldman Sachs’ opinion to the
Fifth Third board of directors was one of many factors taken into consideration by the Fifth Third board of directors in making its determination to approve the merger agreement. The foregoing summary does not purport to be a