Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 45

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 45
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 subsequently
confirmed in writing by delivery of a written opinion, to the Fifth Third board of

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directors that, as of October 5, 2025, and based upon and subject to the factors and assumptions set forth in Goldman Sachs’ written opinion, the exchange ratio pursuant to the merger
agreement was fair from a financial point of view to Fifth Third.

The full text of the written opinion of Goldman Sachs, dated October 5, 2025,
which sets forth assumptions made, procedures followed, matters considered, qualifications and limitations on the review undertaken in connection with Goldman Sachs’ opinion, is attached as Annex B to this joint proxy statement/prospectus. The
summary of Goldman Sachs’ opinion contained in this joint proxy statement/prospectus is qualified in its entirety by reference to the full text of Goldman Sachs’ written opinion. Goldman Sachs provided advisory services and its opinion
for the information and assistance of the Fifth Third board of directors in connection with its consideration of the mergers. Goldman Sachs’ opinion is not a recommendation as to how any holder of Fifth Third common stock should vote with
respect to the mergers or any other matter.

Pursuant to an engagement letter between Fifth Third and Goldman Sachs, Fifth Third has agreed to pay Goldman
Sachs a transaction fee of $50,000,000, $5,000,000 of which became payable upon the announcement of the mergers, and the remainder of which is contingent upon consummation of the mergers.

For a description of the opinion of Goldman Sachs, see “The Mergers — Opinion of Fifth Third’s Financial Advisor” beginning on
page 87 and Annex B to this joint proxy statement/prospectus.

Opinion of Comerica’s Financial Advisor (page 96)

At the meeting of the Comerica board of directors on October 5, 2025, J.P. Morgan Securities LLC (“J.P. Morgan”)
rendered its oral opinion to the Comerica board of directors to the effect that, as of such date, and based upon and subject to the assumptions made, procedures followed, matters considered and limitations on the review undertaken by J.P. Morgan in
preparing its opinion, the exchange ratio in the proposed first merger was fair, from a financial point of view, to the holders of the Comerica common stock. J.P. Morgan confirmed its October 5, 2025 oral opinion by delivering its written
opinion, dated October 5, 2025, to