Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 125

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 125
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 entitled “The Mergers—Certain Unaudited Prospective             
 Financial Information” beginning on page 103).                                                                                                                                                                                   |

87

Goldman Sachs also held discussions with members of the senior managements of Fifth Third and Comerica
regarding their assessment of the past and current business operations, financial condition, and future prospects of Comerica and with the members of senior management of Fifth Third regarding their assessment of the past and current business
operations, financial condition and future prospects of Fifth Third and the strategic rationale for, and the potential benefits of, the mergers; reviewed the reported price and trading activity for the shares of Fifth Third common stock and the
shares of Comerica common stock; compared certain financial and stock market information for Fifth Third and Comerica with similar information for certain other companies the securities of which are publicly traded; reviewed the financial terms of
certain recent business combinations in the banking industry; and performed such other studies and analyses, and considered such other factors, as it deemed appropriate.

For purposes of rendering this opinion, Goldman Sachs, with the Fifth Third board of directors’ consent, relied upon and assumed the accuracy and
completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, it, without assuming any responsibility for independent verification thereof. In that regard, Goldman Sachs
assumed with Fifth Third’s consent that the Forecasts, including the Synergies, were reasonably prepared on a basis reflecting the best then available estimates and judgments of the management of Fifth Third. Goldman Sachs did not review
individual credit files nor did it make an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance-sheet assets and liabilities) of Fifth
Third or Comerica or any of their respective subsidiaries and it was not furnished with any such evaluation or appraisal. Goldman Sachs is not an expert in the evaluation of loan and lease portfolios for purposes of assessing the adequacy of the
allowances and marks for losses with respect thereto and, accordingly, Goldman Sachs assumed that such allowances for losses for Fifth Third and Comerica are in the aggregate adequate to cover such losses. Goldman Sachs assumed that all
governmental, regulatory or other consents and approvals necessary for the consummation of the mergers will be obtained without any adverse effect on Fifth Third or Comerica or on the expected benefits of the mergers in any way meaningful to its
analysis. Goldman Sachs also assumed that the