Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 132

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 132
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 values it derived for Fifth Third on a pro forma basis by the total number of fully diluted shares of Fifth Third common stock outstanding, increased by the number of shares of Comerica common stock
anticipated to be issued in the mergers, as provided by Fifth Third management, to derive a range of illustrative present values per share of Fifth Third common stock on a pro forma basis of $39.13 to $52.20.

Illustrative Present Value of Future Share Price Analysis: Fifth Third Standalone

Using the Forecasts, Goldman Sachs performed an illustrative analysis of the implied present value of an illustrative future value per share of Fifth Third
common stock on a standalone basis. For this analysis, Goldman Sachs derived a range of theoretical future values per share for the shares of Fifth Third common stock on a standalone basis as of December 31 for each of the fiscal years 2026
through 2028, by applying a range of multiples of illustrative NTM Price/EPS of 9.5x to 12.5x to the estimates of the EPS of Fifth Third on a standalone basis for each of the fiscal years 2027, 2028 and 2029. Goldman Sachs derived the range of
illustrative NTM Price/EPS multiples based on its professional judgment and experience, taking into account current and historical NTM Price/EPS multiples for Fifth Third.

Goldman Sachs then discounted these implied future values per share and the estimated dividends to be paid per share of Fifth Third common stock on a
standalone basis through the end of the applicable year as reflected in the Forecasts to June 30, 2025, using an illustrative discount rate of 12.50%, reflecting an estimate of Fifth Third’s cost of equity on a standalone basis. Goldman
Sachs derived such discount rate by application of the CAPM. This analysis resulted in a range of implied present values of $37.46 to $49.36 per share of Fifth Third common stock on a standalone basis.

Illustrative Present Value of Future Share Price Analyses: Fifth Third Pro Forma

Using the Forecasts, taking into account the Synergies, Goldman Sachs performed an illustrative analysis of the implied present value of an illustrative future
value per share of Fifth Third common stock on a pro forma basis.

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For this analysis, Goldman Sachs derived a range of theoretical future values per share for the shares of Fifth Third common stock on a pro forma basis as of December 31, 2026, 202