Company: CMA
Filing Date: 2025-11-25
Form Type: DEFM14A
Source: 0001193125-25-297173
Chunk: 138

Company: COMERICA INC
Filing Date: 2025-11-25
Form: DEFM14A
Chunk 138
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 the mergers, and the remainder of which is contingent upon consummation of the mergers. In addition, Fifth Third has agreed to reimburse Goldman Sachs for certain of its expenses, including
attorneys’ fees and disbursements, and to indemnify Goldman Sachs and related persons against various liabilities, including certain liabilities under the federal securities laws.

Opinion of Comerica’s Financial Advisor

Pursuant to an engagement letter, Comerica retained J.P. Morgan as its financial advisor in connection with the proposed mergers.

At the meeting of the Comerica board of directors on October 5, 2025, J.P. Morgan rendered its oral opinion to the Comerica board of directors to the
effect that, as of such date, and based upon and subject to the assumptions made, procedures followed, matters considered and limitations on the review undertaken by J.P. Morgan in preparing its opinion, the exchange ratio in the proposed first
merger was fair, from a financial point of view, to the holders of the Comerica common stock. J.P. Morgan confirmed its October 5, 2025 oral opinion by delivering its written opinion, dated October 5, 2025, to the Comerica board of
directors that, as of such date, the exchange ratio in the proposed first merger was fair, from a financial point of view, to the holders of the Comerica common stock.

The full text of the written opinion of J.P. Morgan, dated October 5, 2025, which sets forth, among other things, the assumptions made, procedures
followed, matters considered and limitations on the review undertaken by J.P. Morgan in preparing its opinion, is attached as Annex C to this joint proxy statement/prospectus and is incorporated herein by reference. The summary of the opinion
of J.P. Morgan set forth in this joint proxy

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statement/prospectus is qualified in its entirety by reference to the full text of such opinion. Comerica’s stockholders are urged to read the opinion in its entirety. J.P. Morgan’s opinion was addressed to the Comerica board of directors (in its capacity as such) in connection with and for the purposes of its evaluation of the proposed mergers, and was limited to the fairness, from a financial point of view, of the exchange ratio in the proposed mergers. J.P. Morgan expressed no opinion as to the fairness of any consideration to be paid in connection with the proposed mergers