Company: CMA
Filing Date: 2025-12-18
Form Type: 425
Source: 0001193125-25-323441
Chunk: 15

Company: COMERICA INC
Filing Date: 2025-12-18
Form: 425
Chunk 15
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 merger consideration of $82.88 per share of Comerica common stock based on the exchange ratio of 1.8663x and the closing price per share of Fifth Third common stock on October 3, 2025 of $44.41. The Section entitled “ The Mergers—Opinion of Comerica Financial Advisor—Fifth Third Dividend Discount Analysis ” beginning on pg. 101 is amended and restated as follows: Fifth Third Dividend Discount Analysis.J.P. Morgan calculated a range of implied values for Fifth Third common stock by discounting to present value estimates of Fifth Third’s future dividend stream and terminal value. In performing its analysis, J.P. Morgan utilized, among others, the following assumptions, which were reviewed and approved by Comerica’s management: (i) a terminal value based on 2031 estimated net income and a NTM P/E multiple range of 10.0x to 12.0x, which range was selected by J.P. Morgan based on factors J.P. Morgan considered appropriate based on its experience and judgment,and (ii) a cost of equity range of 8.50% to 10.50%, which range was selected by J.P. Morgan based on factors J.P. Morgan considered appropriate based on its experience and judgment.

These calculations resulted in a range of implied values (rounded to the nearest $0.01) of $44.37 to $54.82
per share of Fifth Third common stock, as compared to the closing price of Fifth Third common stock of $44.41 per share on October 3, 2025.

The Section entitled “The Mergers—Interests of Certain Comerica Directors and Executive Officers in the First Merger—CEO Letter Agreement with Fifth Third” beginning on pg. 112 is amended and restated as follows:

Concurrently with the execution of the merger agreement, Fifth Third entered into a letter agreement with Mr. Farmer, which generally
supersedes his CIC Agreement (except for the modified make-whole payment) with Comerica and memorializes the terms of his employment and post-employment advisory service with Fifth Third following the completion of the mergers. The agreement will
automatically terminate if the mergers are not consummated or if Mr. Farmer’s employment terminates before the effective date.

Under the letter agreement, Mr. Farmer’s employment period with Fifth Third will begin on the effective date of the mergers and
continue until the later of the annual meeting