Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 67

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 67
---
 portion of the fair value adjustment relates to assets classified as PCD.                                                                                                                                                                |

| D. | Adjustment to goodwill and intangible assets to eliminate Comerica’s existing goodwill and identifiable                                                                                                                    
 intangible assets of $635 million and $5 million, respectively, and to record preliminary estimated goodwill and identifiable intangible assets associated with the merger of $2.8 billion and $1.3 billion, respectively. |

| E. | Adjustments to other assets to reflect the effects of $30 million on deferred tax assets resulting from 
 the preliminary acquisition accounting adjustments.                                                     |

| F. | Adjustment to interest-bearing deposits of $4 million to eliminate Comerica’s discount on previously        
 acquired deposits and to record the preliminary estimated fair value of acquired interest-bearing deposits. |

| G. | Adjustment to other liabilities to recognize preliminary estimated merger costs of $1.3 billion incurred         
 by Fifth Third, and related deferred tax assets of $310 million, using an estimated effective tax rate of 24.5%. |

| H. | Adjustments to other liabilities to reflect the effects of $308 million on deferred tax liabilities 
 resulting from the preliminary acquisition accounting adjustments.                                  |

| I. | Adjustment to long-term debt to eliminate $4 million related to Comerica’s premiums and discounts on 
 previously acquired debt.                                                                            |

| J. | Adjustment to equity to eliminate Comerica’s remaining equity balances and record new equity amounts 
 based on the merger consideration.                                                                   |

| K. | Preferred stock reflects the conversion of Comerica’s Series B Preferred Stock into a newly issued series                                                                                                                                
 of Fifth Third preferred stock with terms not materially less favorable. The fair value of the newly issued Fifth Third preferred stock is preliminarily estimated to be equivalent to the carrying value of Comerica’s preferred stock. |

| L. | Adjustment to record the preliminary estimated merger costs of $955 million, net of tax, based on an 
 estimated effective tax rate of 24.5%.                                                               |

| 5. | Adjustments to the Pro Forma Condensed Combined Statements of Income |

The following pro forma adjustments have been reflected in the unaudited pro forma condensed combined statements of income. All adjustments are based on preliminary assumptions and valuations, which are subject to change.

| A. | Adjustments to interest income to eliminate $40 million and $55 million for the nine months ended                                                                                                                                      
 September 30, 2025 and the year ended December 31, 2024, respectively, related to Com