Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 378

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 378
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 fees for our services in connection with the Transaction, the principal portion of which is contingent upon
consummation of the Transaction, and the Company has agreed to reimburse certain of our expenses arising, and indemnify us against certain liabilities that may arise, out of our engagement. Goldman Sachs & Co. LLC and/or its affiliates have
provided certain financial advisory and/or underwriting services to the Company and/or its affiliates from time to time for which Goldman Sachs Investment Banking has received, and may receive, compensation, including having acted as bookrunner with
respect to the public offering of the Company’s senior notes, in January 2025. Goldman Sachs & Co. LLC and/or its affiliates may also in the future provide financial advisory and/or underwriting services to the Company, Comerica and
their respective affiliates for which Goldman Sachs Investment Banking may receive compensation.

In connection with this opinion, we have reviewed, among
other things, the Agreement; annual reports to stockholders and Annual Reports on Form 10-K of the Company and Comerica for the five years ended December 31, 2024; certain interim reports to stockholders
and Quarterly Reports on Form 10-Q of the Company and Comerica; certain other communications from the Company and Comerica to their respective stockholders; certain publicly available research analyst reports
for the Company and Comerica; certain internal financial analyses and forecasts for Comerica prepared by its management; and certain internal financial analyses and forecasts for the Company standalone and pro forma for the Transaction and certain
financial analyses and forecasts for Comerica on a stand-alone basis and giving effect to the Transaction, in each case, as prepared by

B-2

Board of Directors

Fifth Third Bancorp

October 5, 2025

Page Two

the management of the Company and approved for our use by the Company (the “Forecasts”), including certain operating synergies projected by the
management of the Company to result from the Transaction, as approved for our use by the Company (the “Synergies”). We have also held discussions with members of the senior managements of the Company and Comerica regarding their
assessment of the past and current business operations, financial condition and future prospects of Comerica and with the members of senior management of the Company regarding their assessment of the past and current business operations, financial
condition and future prospects of the Company and the strategic rationale for, and the potential benefits of, the Transaction; reviewed the reported price and trading activity for