Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 144

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 144
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 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 any compensation to any officers, directors or employees of any party to the proposed mergers, or any class of such persons
relative to the exchange ratio applicable to the holders of the Comerica common stock in the proposed mergers or with respect to the fairness of any such compensation. J.P. Morgan expressed no opinion as to the price at which the Comerica common
stock or Fifth Third common stock will trade at any future time.

The terms of the merger agreement, including the exchange ratio, were determined through
arm’s length negotiations between Fifth Third and Comerica, and the decision to enter into the merger agreement was solely that of the Comerica board of directors and Fifth Third board of directors.

J.P. Morgan’s opinion and financial analyses were only one of the many factors considered by the Comerica board of directors in its evaluation of the
proposed mergers and should not be viewed as determinative of the views of the Comerica board of directors or Comerica’s management with respect to the proposed mergers or the exchange ratio.

In accordance with customary investment banking practice, J.P. Morgan employed generally accepted valuation methodologies in rendering its oral opinion to the
Comerica board of directors on October 5, 2025, which was

98

subsequently confirmed by delivery of its written opinion, dated October 5, 2025, and in the financial analyses presented to the Comerica board of directors on October 5, 2025 in