Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 46

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 46
---
 the Comerica board of directors that, as of such date, the exchange ratio in the proposed first merger was fair, from a financial point of view, to the holders of Comerica common stock.

The full text of the written opinion of J.P. Morgan, dated October 5, 2025, which sets forth, among other things, the assumptions made, procedures
followed, matters considered and limitations on the review undertaken by J.P. Morgan in preparing its opinion, is attached as Annex C to this joint proxy statement/prospectus and is incorporated herein by reference. The summary of the opinion
of J.P. Morgan set forth in this joint proxy statement/prospectus is qualified in its entirety by reference to the full text of such opinion. Comerica’s stockholders are urged to read the opinion in its entirety. J.P. Morgan’s opinion
was addressed to the Comerica board of directors (in its capacity as such) in connection with and for the purposes of its evaluation of the proposed mergers, and was limited to the fairness, from a financial point of view, of the exchange ratio in
the proposed mergers. J.P. Morgan expressed no opinion as to the fairness of any consideration to be 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. The issuance of J.P. Morgan’s opinion was approved by a fairness opinion committee of J.P.
Morgan. The summary of the opinion of J.P. Morgan set forth in this joint proxy statement/prospectus is qualified in its entirety by reference to the full text of such opinion. The opinion does not constitute a recommendation to any stockholder of
Comerica as to how such stockholder should vote with respect to the proposed mergers or any other matter.

For financial advisory services rendered in
connection with the proposed mergers, Comerica has agreed to pay J.P. Morgan an estimated fee of approximately $75,000,000, $7,500,000 of which became payable to J.P.

23

Morgan at the time J.P. Morgan delivered its opinion, and the remainder of which is contingent upon consummation of the mergers. For a description of the opinion of J.P. Morgan, see “ The Mergers — Opinion of Comer