Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 382

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 382
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 with and into the Surviving Corporation, with the Surviving Corporation continuing as the surviving corporation and as a wholly-owned
subsidiary of the Acquiror, and (iii) each outstanding share of Company Common Stock, other than shares of Company Common Stock owned by the Company or the Acquiror (in each case other than shares of Company Common Stock (i) held in trust
accounts, managed accounts, mutual funds and the like, or otherwise held in a fiduciary or agency capacity that are beneficially owned by third parties or (ii) held, directly or indirectly, by the Company or the Acquiror in respect of debts
previously contracted), will be converted into the right to receive 1.8663 shares (the “Exchange Ratio”) of the Acquiror’s common stock, without par value (the “Acquiror Common Stock”) and (iv) each outstanding
share of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B, no par value (the “Company Preferred Stock”), of the Company will be converted into the right to receive a
share of a newly created series of preferred stock of the Acquiror having terms that are not materially less favorable than the terms of the Company Preferred Stock.

In connection with preparing our opinion, we have (i) reviewed a draft dated October 5, 2025 of the Agreement; (ii) reviewed certain publicly
available business and financial information concerning the Company and the Acquiror and the industries in which they operate; (iii) compared the financial and operating performance of the Company and the Acquiror with publicly available
information concerning certain other companies we deemed relevant and reviewed the current and historical market prices of the Company Common Stock and the Acquiror Common Stock and certain publicly traded securities of such other companies;
(iv) reviewed certain internal financial analyses and forecasts prepared by the managements of the Company and the Acquiror relating to their respective businesses, as well as the estimated amount and timing of the cost savings and related
expenses and synergies expected to result from the Transaction (the “Synergies”); and (v) performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of this
opinion.

In addition, we have held discussions with certain members of the management of the Company and the Acquiror with respect to certain aspects of
the Transaction, and the past and current business operations of the Company and the Acquiror