Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 133

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 133
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 a standalone basis, Goldman Sachs derived a range of illustrative equity values for Fifth Third on a standalone basis by discounting to present value as of June 30, 2025, (a) the implied distributions to Fifth Third’s shareholders on a standalone basis over the period beginning June 30, 2025 through December 31, 2029, calculated using the Forecasts assuming at the direction of Fifth Third management that Fifth Third would make distributions of capital in excess of the amount necessary to achieve a target common equity tier 1 capital of 9.5%, including accumulated other comprehensive income (“AOCI”), and (b) a range of illustrative terminal values for Fifth Third on a standalone basis as of December 31, 2030, calculated by applying illustrative NTM Price/EPS multiples ranging from 9.5x to 12.5x to the estimate of Fifth Third’s terminal year net income on a standalone basis, as reflected in the Forecasts. Goldman Sachs derived the range of discount rates 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. 91

Goldman Sachs divided the range of illustrative equity values it derived for Fifth Third on a standalone
basis by the total number of fully diluted shares of Fifth Third common stock outstanding as provided by Fifth Third management to derive a range of illustrative present values per share of Fifth Third common stock on a standalone basis of $37.10 to
$48.92.

Illustrative Discounted Dividend Analysis: Fifth Third Pro Forma

Using the Forecasts, taking into account the Synergies, Goldman Sachs performed an illustrative discounted dividend analysis for Fifth Third on a pro forma
basis (giving effect to the mergers), to derive a range of illustrative present values per share of Fifth Third common stock on a pro forma basis.

Using
discount rates ranging from 11.5% to 13.5%, reflecting estimates of the cost of equity for Fifth Third on a pro forma basis, Goldman Sachs derived a range of illustrative equity values for Fifth Third on a pro forma basis by discounting to present
value as of June 30, 2025, (a) the implied distributions to Fifth Third’s shareholders on a pro forma basis over the period beginning June 30, 2025 through December 31, 2029, calculated using the Fore