Company: FITBI
Filing Date: 2025-11-05
Form Type: S-4
Source: 0001193125-25-267273
Chunk: 132

Company: FIFTH THIRD BANCORP
Filing Date: 2025-11-05
Form: S-4
Chunk 132
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     | City National  |     | RBC           |     |           | 2.63x |     |           | —     |

Based on the results of the foregoing calculations and Goldman Sachs’ analyses of the various transactions and its professional judgment and experience, Goldman Sachs applied a reference range of (i) Price/TBV per share multiples of 1.28x to 2.76x, and (ii) Price/FY2 EPS multiples of 10.9x to 19.1x to Comerica’s estimated EPS in 2026, as reflected in the Forecasts, in each case to derive a range of implied values per share of Comerica common stock of $61.17 to $132.38 based on Price/TBV per share multiples, and $58.77 to $102.98 based on Price/FY2 EPS multiples. Premia Paid Analysis Goldman Sachs reviewed and analyzed, using publicly available data obtained from S&P Global databases and publicly available information, the acquisition premia paid in all-stockacquisition transactions announced during the period since January 1, 2015 through October 5, 2025 involving a publicly traded banks based in the United States as the target, where the disclosed transaction value was greater than $500 million (excluding mergers of equals). For the entire period, using publicly available information, Goldman Sachs calculated the 25th percentile and 75th percentile premiums of the price paid in such transactions relative to the target’s last undisturbed closing stock price prior to announcement of the transaction. This analysis indicated a 25th percentile premium of 7.0% and 75th percentile premium of 22.0% across the entire period. Using this analysis, Goldman Sachs applied a reference range of illustrative premiums of 7.0% to 22.0% to the undisturbed closing price per share of Comerica common stock of $70.55 as of October 3, 2025 and calculated a range of implied price per share of Comerica common stock of $75.57 to $86.09. Illustrative Discounted Dividend Analysis: Fifth Third Standalone Using the Forecasts, Goldman Sachs performed an illustrative discounted dividend analysis for Fifth Third on a standalone basis, to derive a range of illustrative present values per share of Fifth Third common stock on a standalone basis. Using discount rates ranging from 11.5% to 13.5%, reflecting estimates of the cost of equity for Fifth Third on