Company: CMA
Filing Date: 2025-12-22
Form Type: PX14A6G
Source: 0000921895-25-003378
Chunk: 2

Company: COMERICA INC
Filing Date: 2025-12-22
Form: PX14A6G
Chunk 2
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lacked specific details regarding the initial valuation ranges provided by FITB and Financial Institution A, the depth of the board’s
understanding of potential counterparties and their abilities to execute a transaction, and the extent of due diligence conducted by CMA
and FITB over a compressed timeline...”

“In certain cases, staged disclosure of key information through supplemental filings could provide shareholders with a reason to question other aspects of a transaction…”

“The dissident deserves credit for its
campaign. To begin with, a review of the timeline suggests that the dissident’s call for CMA to consider a sale and its intention
to run a proxy fight may have been catalysts that prompted the board to evaluate a transaction. In addition, the dissident rightly called for the board to provide additional disclosure, which CMA has since filed. This additional disclosure answered important
questions about the advisability of the transaction. All of this is to say that it appears the dissident’s campaign pushed an underperforming bank to explore a sale...”

Vik Ghei and Misha Zaitzeff further noted:

“While we believe ISS erred in recommending
the merger—placing excessive weight on headline share-price premium and insufficient weight on CMA’s clear undervaluation
based on standard merger metrics—we appreciate ISS’s acknowledgment that additional disclosure was required and, critically,
that HoldCo’s campaign was likely the reason the sale process occurred at all.

Accordingly, we continue to recommend a ‘NO’
vote—a decision with limited downside and a meaningful likelihood of achieving a substantially higher valuation for shareholders.
Our July analysis, using standard 3-year TBV earn back metrics from recent bank deals and updated for Fifth Third’s current stock
price, suggests fair value for Comerica in a sale could approach $120 per share, materially above today’s implied consideration.”

In the presentation, HoldCo disclosed that
it owns common stock of Comerica Inc. (NYSE: CMA) and consequently has an economic interest in the price of these securities.

About HoldCo Asset Management, LP

HoldCo Asset Management, LP is an investment
adviser located in Fort Lauderdale, Florida. HoldCo was founded by Vik Ghei and Misha Zaitzeff. HoldCo currently has approximately $2.6
billion of regulatory assets under management.

As of the publication date of this report,
a fund managed by HoldCo has a long position in Comerica Inc. through ownership of its common stock. HoldCo may change its views about
its