Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 134

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 134
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casts, taking into account
the Synergies, assuming at the direction of Fifth Third management that Fifth Third would on a pro forma basis make distributions as necessary to achieve a target common equity tier 1 capital of 9.5%, including AOCI, and (b) a range of
illustrative terminal values for Fifth Third on a pro forma basis as of December 31, 2030, calculated by applying illustrative NTM Price/EPS multiples ranging from 9.75x to 12.75x to the estimate of Fifth Third’s terminal year net income
on a pro forma basis, as reflected in the Forecasts, taking into account the Synergies. Goldman Sachs derived the discount rate used in the foregoing analysis by application of the CAPM. Goldman Sachs derived the range of illustrative NTM Price/EPS
multiples based on its professional judgment and experience, taking into account current and historical NTM Price/EPS multiples for Fifth Third.

Goldman
Sachs divided the range of illustrative equity values it derived for Fifth Third on a pro forma basis by the total number of fully diluted shares of Fifth Third common stock outstanding, increased by the number of shares of Comerica common stock
anticipated to be issued in the mergers, as provided by Fifth Third management, to derive a range of illustrative present values per share of Fifth Third common stock on a pro forma basis of $39.13 to $52.20.

Illustrative Present Value of Future Share Price Analysis: Fifth Third Standalone

Using the Forecasts, Goldman Sachs performed an illustrative analysis of the implied present value of an illustrative future value per share of Fifth Third
common stock on a standalone basis. For this analysis, Goldman Sachs derived a range of theoretical future values per share for the shares of Fifth Third common stock on a standalone basis as of December 31 for each of the fiscal years 2026
through 2028, by applying a range of multiples of illustrative NTM Price/EPS of 9.5x to 12.5x to the estimates of the EPS of Fifth Third on a standalone basis for each of the fiscal years 2027, 2028 and 2029. Goldman Sachs derived the range of
illustrative NTM Price/EPS multiples based on its professional judgment and experience, taking into account current and historical NTM Price/EPS multiples for Fifth Third.

Goldman Sachs then discounted these implied future values per share and the estimated dividends to be paid per share of Fifth