Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 395

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 395
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  |     | Title: Chairman, President and Chief Executive Officer |

A-76

TABLE OF CONTENTS

Annex B October 26, 2025 The Board of Directors Huntington Bancshares Incorporated 41 South High Street Columbus, OH 43287 Members of the Board of Directors: We understand that Huntington Bancshares Incorporated (“ Huntington”) proposes to enter into an Agreement and Plan of Merger (the “ Merger Agreement”) with Huntington National Bank (“ Huntington NB”), a wholly owned subsidiary of Huntington, and Cadence Bank (“ Cadence”). Pursuant to the Merger Agreement, Cadence will merge with and into Huntington NB, with Huntington NB being the surviving bank as a wholly owned subsidiary of Huntington (the “ Merger”). As a result of the Merger, each outstanding share of common stock, par value $2.50, of Cadence (“ Cadence Common Stock”), except for shares owned by Cadence, Huntington or Huntington NB (other than the Exception Shares (as defined in the Merger Agreement)), will be converted into the right to receive, without interest, 2.475 (the “ Exchange Ratio”) shares of common stock, $0.01 par value per share, of Huntington (“ Huntington Common Stock”). The terms and conditions of the Merger are more fully set forth in the Merger Agreement. The Board of Directors has asked us whether, in our opinion, the Exchange Ratio pursuant to the Merger Agreement is fair, from a financial point of view, to Huntington. In connection with rendering our opinion, we have, among other things:

| (i) | reviewed certain publicly available business and financial information relating to Cadence and Huntington that we deemed to be relevant, including publicly available research analysts’ estimates; |

| (ii) | reviewed certain internal projected financial data relating to Cadence and furnished to us by the management of Huntington and certain internal projected financial data relating to Huntington prepared and furnished to us by management of Huntington, each as approved for our use by Huntington (the “Forecasts”), including certain operating synergies prepared by the management of Huntington expected to result from the Merger, as approved for our use by Huntington (the “Synergies”); |

| (iii) | discussed with managements of Huntington and Cadence their assessment of the past and current operations of Cadence, the current financial condition and prospects of Cadence and the Forecasts relating to Cadence, and discussed with management of Huntington their assessment of the past and current operations of Huntington, the current financial condition and prospects of