Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 126

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 126
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 mergers will be consummated on the terms set forth in the merger agreement, without the waiver or modification of any term or condition the effect of which would be in any way meaningful to its analysis.

Goldman Sachs’ opinion does not address the underlying business decision of Fifth Third to engage in the mergers or the relative merits of the
mergers as compared to any strategic alternatives that may be available to Fifth Third; nor does it address any legal, regulatory, tax or accounting matters. Goldman Sachs’ opinion addresses only the fairness from a financial point of view to
Fifth Third, as of the date of the opinion, of the exchange ratio pursuant to the merger agreement. Goldman Sachs’ opinion does not express any view on, and does not address, any other term or aspect of the merger agreement or the mergers or
any term or aspect of any other agreement or instrument contemplated by the merger agreement or entered into or amended in connection with the mergers, including the fairness of the mergers to, or any consideration received in connection therewith
by, the holders of any other class of securities, creditors, or other constituencies of Fifth Third; nor as to the fairness of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of Fifth
Third or Comerica, or any class of such persons in connection with the mergers, whether relative to the exchange ratio pursuant to the merger agreement or otherwise. Goldman Sachs’ opinion is necessarily based on economic, monetary market and
other condition as in effect on, and the information made available to Goldman Sachs as of, the date of its opinion and Goldman Sachs assumes no responsibility for updating, revising or reaffirming its opinion based on circumstances, developments or
events occurring after the date of its opinion. In addition, Goldman Sachs does not express any opinion as to the prices at which shares of Comerica common stock or Fifth Third common stock will trade at any time, as to the potential effects of
volatility in the credit, financial and stock markets on Fifth Third, Comerica or the mergers, or as to the impact of the mergers on the solvency or viability of Fifth Third or Comerica or the ability of Fifth Third or Comerica to pay their
respective obligations when they come due. Goldman Sachs’ opinion was approved by a fairness committee of Goldman Sachs.

88

Summary of Financial Analyses

The following is a summary of the material financial analyses delivered by Goldman Sachs to