Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 149

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 149
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E EPS            |     |                         | 0.9800x |     |      | 1.8617x |
| P/TBV                      |     |                         | 1.5794x |     |      | 1.9250x |
| Dividend Discount Analysis |     |                         | 1.1734x |     |      | 1.7683x |

The ranges of implied exchange ratios resulting from the foregoing analysis were compared to (i) the implied exchange ratio of 1.5886x on October 3, 2025, and (ii) the per share stock consideration of 1.8663x, as contemplated in the merger agreement. Value Creation Analysis. J.P. Morgan conducted an analysis of the theoretical value creation to the existing holders of Comerica common stock that compared the estimated implied equity value of Comerica common stock on a standalone basis, based on the midpoint value determined in J.P. Morgan’s dividend discount analysis described above, to the estimated implied equity value of the former holders of Comerica common stock’s ownership in the combined company, pro forma for the proposed mergers. J.P. Morgan calculated the pro forma implied equity value of Comerica common stock by (1) adding the sum of (a) the implied equity value of Fifth Third on a stand-alone basis using the midpoint value determined in J.P. Morgan’s dividend discount analysis of Fifth Third described above, (b) the implied equity value of Comerica on a stand-alone basis using the midpoint value determined in J.P. Morgan’s dividend discount analysis of Comerica described above, and (c) the estimated net present value of synergies, as reflected in estimates Comerica’s management provided to J.P. Morgan for use in connection with its analysis and (2) multiplying such result by the pro forma equity ownership of the combined company by the existing holders of Comerica common stock. This analysis indicated that the proposed mergers would create hypothetical incremental implied value of 36% for holders of Comerica common stock as compared to the implied equity value of Comerica on a stand-alone basis. There can be no assurance, however, that the synergies referred to above will not be substantially greater or less than those estimated by Comerica’s management and described above. Miscellaneous. The foregoing summary of certain material financial analyses does not purport to be a complete description of the analyses or data presented by J.P. Morgan. The preparation of a fairness opinion is