Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 401

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 401
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 of Cadence or Huntington for our and their own respective accounts and for the accounts of our and their respective customers and clients. We have acted exclusively for the board of directors of Cadence (the “Board”) in rendering this opinion and will receive a fee from Cadence for our services. A portion of our fee is payable upon the rendering of this opinion, and a significant portion is contingent upon the successful completion of the Merger. In addition, Cadence has agreed to indemnify us for certain liabilities arising out of our engagement.

Other than in connection with this present engagement, KBW has not provided investment banking or financial advisory services to Cadence during the past two years. In the past two years, KBW has provided investment banking and financial advisory services to Huntington and received compensation for such services. KBW acted as (i) co-manager for Huntington’s January 2024 offering of senior notes, Huntington’s November 2024 offering of senior and subordinated notes and Huntington’s September 2025 offering of preferred stock and (ii) co-manager for Huntington Bank’s February 2025 offering of senior notes. We may in the future provide investment banking and financial advisory services to Cadence or Huntington and receive compensation for such services.

In connection with this opinion, we have reviewed, analyzed and relied upon material bearing upon the financial and operating condition of Cadence and Huntington and bearing upon the Merger, including among other things, the following: (i) a draft of the Agreement dated October 25, 2025 (the most recent draft made

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available to us); (ii) the audited financial statements and the Annual Reports on Form 10-K for the three fiscal years ended December 31, 2024 of Cadence; (iii) the unaudited quarterly financial statements and the Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025 and June 30, 2025 of Cadence; (iv) certain unaudited financial results for the fiscal quarter ended September 30, 2025 of Cadence (contained in the Current Report on Form 8-K filed by Cadence on October 20, 2025); (v) the audited financial statements and the Annual Reports on Form 10-K for the three fiscal years ended December 31, 2024 of Huntington; (vi) the unaudited quarterly financial statements and the Quarterly Reports on Form 10-Q