Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 124

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 124
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 confirmed in writing by delivery of a written opinion, to the Fifth Third board of 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. In connection with rendering the opinion described above and performing its related financial analyses, Goldman Sachs reviewed, among other things:

| • |     | the merger agreement; |

| • |     | certain interim reports to shareholders or stockholders, as applicable, and Quarterly Reports on Form 10-Q of Fifth Third and Comerica; |

| • |     | certain other communications from Fifth Third and Comerica to their respective shareholders or stockholders, as 
 applicable;                                                                                                     |

| • |     | certain publicly available research analyst reports for Fifth Third and Comerica; |

| • |     | certain internal financial analyses and forecasts for Comerica prepared by its management; and |

| • |     | certain internal financial analyses and forecasts for Fifth Third standalone and pro forma for the mergers and                                                                                                                   
 certain financial analyses and forecasts for Comerica on a standalone basis and giving effect to the mergers, in each case, as prepared by the management of Fifth Third and approved for Goldman Sachs’ use by Fifth Third (the 
 “Forecasts” and which are summarized in the section entitled “The Mergers—Certain Unaudited Prospective Financial Information” beginning on page 103), including certain operating synergies projected by the                    
 management of Fifth Third to result from the mergers, as approved for Goldman Sachs’ use by Fifth Third (the “Synergies” and which are summarized in the section