Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 136

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 136
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 estimates for such companies published by Factset as of October 3, 2025
to derive a regression line reflecting a range of Price/TBV per share multiples at a range of 2026E ROATCE for the selected companies. Goldman Sachs observed that the 2026E ROATCE for Fifth Third on a standalone basis as reflected in the Forecasts
corresponded to an implied Price/TBV per share multiple of 1.96x on the regression line.

Based on this observation, Goldman Sachs applied implied
Price/TBV per share multiples ranging from 1.86x to 2.06x to the TBV per share as of June 30, 2025 for Fifth Third on a standalone basis, as reflected in its publicly available filings, to derive a range of implied values per share of Fifth
Third common stock on a standalone basis of $39.12 to $43.32.

Regression Analysis: Fifth Third Pro Forma

Goldman Sachs performed a regression analysis using the Price/TBV per share multiples for the Fifth Third selected companies calculated by Goldman Sachs as
described below in the section captioned “—Selected Public Companies Multiples” compared to the 2026E ROATCE for those selected companies using the median estimates for such companies published by Factset as of
October 3, 2025 to derive a regression line reflecting a range of Price/TBV per share multiples at a range of 2026E ROATCE for the selected companies. Goldman Sachs observed that the 2026E ROATCE for Fifth Third on a pro forma basis as
reflected in the Forecasts, taking into account the Synergies, corresponded to an implied Price/TBV per share multiple of 2.23x on the regression line.

Based on this observation, Goldman Sachs applied implied Price/TBV per share multiples ranging from 2.13x to 2.33x to the TBV per share as of June 30,
2025 for Fifth Third on a pro forma basis, as reflected in its publicly available filings, to derive a range of implied values per share of Fifth Third common stock on a pro forma basis of $44.66 to $48.86.

Selected Public Companies Multiples

For
reference purposes only, Goldman Sachs reviewed and compared certain financial information for Comerica and Fifth Third on a standalone basis to corresponding financial information, ratios and public market multiples for the selected publicly traded
companies in the banking industry listed below, which are referred