Company: FITBI
Filing Date: 2025-10-06
Form Type: 425
Source: 0001193125-25-230874
Chunk: 23

Company: FIFTH THIRD BANCORP
Filing Date: 2025-10-06
Form: 425
Chunk 23
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 market banking • No tangible book value per share • More granular loan portfolio powerhouse with specialty verticals dilution — immediate “cash-on-cash” • Durable, recurring revenue from scaled return of investment • Two $1B+ high-growth, recurring revenue fee businesses • 22% IRR with identified and engines: Commercial Payments and achievable expense synergies — Wealth and Asset Management superior to organic alternatives We have the proven expertise and track record to deliver on this compelling strategic opportunity 1 Source: S&P Capital IQ, FactSet, FDIC, FITB filings and management and CMA filings. Branch and deposit data per June 2025 FDIC Summary of Deposits. Pro forma impact is presented for illustrative purposes only. Non-GAAP measure: see reconciliation and use of non-GAAP measures on pages 26-28 of the 2Q25 earnings release. Pro forma metrics are based on 2027E consensus estimates and incorporate all transaction adjustments; ²Rankings are on a capped basis (deposits per branch capped at $250MM); ³Location share based on June 2025 branch counts and management projections for de novo builds; ⁴MSAs 5 with populations greater than 500,000 ranked by percent population growth (2020-2024) per US Census Bureau.

ibdroot\projects\IBD-NY\burger2025\973442_1\Presentations\05. Investor Presentation\PPT\Express_2.0_v2 - From FITB_v01.pptx Key transaction terms • 100% common stock No TBV • Fixed exchange ratio of 1.8663 shares of Fifth Third for each Comerica share Structure and • Purchase price of $82.88 based on Fifth Third share price as of market close on October 3, consideration¹ dilution 2025, representing a 20% premium to Comerica’s 10-day VWAP • Pro forma ownership of 73% Fifth Third / 27% Comerica • Aggregate consideration of $10.9 billion 22% IRR Transaction metrics • Price/TBVPS of 1.73x – Price/Marked TBVPS of 1.75x² with no revenue • Price/2026E of 15.4x – Price/Synergized 2026E of 7.9x³ synergies • Expense synergies (pretax) of $850 million representing 35% of Comerica’s projected non