Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 109

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 109
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 contained in Evercore’s analyses and reviews, and the ranges of valuations resulting from any particular analysis or review, are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than those suggested by Evercore’s analyses and reviews. In addition, analyses and reviews relating to the value of companies, businesses or securities do not purport to be appraisals or to reflect the prices at which companies, businesses or securities actually may be sold. Accordingly, the estimates used in, and the results derived from, Evercore’s analyses and reviews are inherently subject to substantial uncertainty. The following summary of Evercore’s financial analyses includes information presented in tabular format. In order to fully understand the analyses, the tables should be read together with the full text of each summary. The tables are not intended to stand alone and alone do not constitute a complete description of Evercore’s financial analyses. Considering the tables below without considering the full narrative description of Evercore’s financial analyses, including the methodologies and assumptions underlying such analyses, could create a misleading or incomplete view of such analyses . For purposes of the financial analyses described below, Evercore calculated an implied value of the exchange ratio (the “Implied Exchange Ratio Value Per Share”) of $39.77 per outstanding share of Cadence common stock by multiplying 2.475, the exchange ratio pursuant to the merger agreement, by $16.07, the closing price of Huntington common stock on October 24, 2025. Summary of Evercore’s Financial Analyses Huntington Standalone Analyses Selected Publicly Traded Companies Analysis Evercore reviewed and compared certain financial information of Huntington to corresponding financial multiples and ratios for the following selected publicly traded companies in the banking industry:

| • | U.S. Bancorp. |

| • | The PNC Financial Services Group, Inc. |

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| • | Truist Financial Corporation |

| • | Citizens Financial Group, Inc. |

| • | Fifth Third Bancorp |

| • | M&T Bank Corporation |

| • | KeyCorp |

| • | Regions Financial Corporation |

| • | Zions Bancorporation, National Association |

For each of the selected companies, Evercore calculated price per share as a multiple of each of: (i) estimated earnings per share (“EPS”) (based on consensus estimates) for the calendar year 2026 (which is referred to as “P / 2026E EPS”), and (ii) tangible book value (“TBV”)