Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 118

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 118
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| • |     | the risk that, because the exchange ratio under the merger agreement would not be adjusted for changes in the                                                                                                                                            
 market price of Fifth Third common stock or Comerica common stock, the value of the shares of Fifth Third common stock to be issued to Comerica stockholders at the effective time could be significantly more than the value of such shares immediately 
 prior to the announcement of the parties’ entry into the merger agreement;                                                                                                                                                                               |

| • |     | the potential for legal claims challenging the mergers; |

| • |     | the risk that Fifth Third’s transition to Category III status as a result of crossing 
 $250 billion in assets may be more difficult or costly than anticipated;              |

| • |     | the mergers’ effect on the combined company’s regulatory capital levels, including an evaluation of 
 market risk to the estimated capital ratios at completion of the mergers; and                       |

| • |     | the other risks described under the sections entitled “Risk Factors” and “Cautionary 
 Statement Regarding Forward-Looking Statements.”                                     |

The foregoing discussion of the information and factors considered by the Fifth Third board of directors is not intended to be exhaustive but includes the material factors considered by the board. In reaching its decision to approve the merger agreement, the first merger, and the other transactions contemplated by the merger agreement, the Fifth Third board of directors did not quantify or assign any relative weights to the factors considered, and individual directors may have given different weights to different factors. The board of directors considered all these factors as a whole, including discussions with, and questioning of, Fifth Third’s management and Fifth Third’s independent financial and legal advisors, and overall considered the factors to support its determination. For the reasons set forth above, the Fifth Third board of directors unanimously determined that the merger agreement and the transactions contemplated thereby (including the mergers, the bank mergers and the Fifth Third stock issuance), were consistent with, and would further, the business strategies of Fifth Third and were advisable and fair and in the best interests of Fifth Third and its shareholders; and it was in the best interests of Fifth Third and its shareholders to enter into and to consummate the transactions set forth in the merger agreement and adopted and approved the merger agreement and the transactions contemplated thereby (including the mergers, the bank mergers and the Fifth Third stock issuance). In addition, for the reasons set forth above, the Fifth Third board of directors unanimously, authorized management to execute the merger agreement, to submit the Fifth