Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 131

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 131
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erica as reflected in the Forecasts corresponded to an implied Price/TBV per share multiple of 1.34x on the regression line. Based on this observation, Goldman Sachs applied implied Price/TBV per share multiples ranging from 1.24x to 1.44x to the TBV per share as of June 30, 2025 for Comerica, as reflected in its publicly available filings, to derive a range of implied values per share of Comerica common stock of $59.64 to $69.24. Selected Precedent Transactions Analysis Goldman Sachs analyzed certain publicly available information relating to certain acquisition transactions announced since January 1, 2015 involving target companies in the banking industry in the United States in which the implied transaction value was greater than $2 billion (excluding mergers of equals). While none of the target companies in the selected transactions are directly comparable to Comerica and none of the selected transactions are directly comparable to the mergers, the target companies in the selected transactions are companies with certain operations that, for the purposes of analysis, may be considered similar to certain operations of Comerica, and as such, for purposes of the analysis, the selected transactions may be considered similar to the mergers. Using publicly available information, for each of the selected transactions, Goldman Sachs calculated (i) Price/TBV per share multiples as of the last full reported quarter prior to the announcement of the applicable transaction, and (ii) Price/EPS for its second full fiscal year following the announcement of the applicable transaction (referred as “Price/FY2 EPS”), in each case using information disclosed in public company filings, estimates published by Factset, S&P Global databases and public company filings. The selected transactions and the implied multiples calculated for the transactions are set forth below.

| Announcement Date |     | Target           |     | Acquiror      |     | Price/TBV 
 per Share |       |     | Price/FY2 
 EPS       |       |
| September 2025    |     | FirstBank        |     | PNC           |     |           | 2.39x |     |           | —     |
| May 2024          |     | Independent      |     | SouthState    |     |           | 1.48x |     |           | 12.0x |
| December 2021     |     | Bank of the West |     | BMO           |     |           | 1.72x |     |