Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 396

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 396
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 Huntington, and the Forecasts; |

| (iv) | reviewed the reported prices and the historical trading activity of Cadence Common Stock and Huntington Common Stock; |

| (v) | compared the financial performance of Cadence and Huntington and their respective stock market trading multiples with those of certain other publicly traded companies that we deemed relevant; |

| (vi) | compared the financial performance of Cadence and the valuation multiples relating to the Merger with the financial terms, to the extent publicly available, of certain other transactions that we deemed relevant; |

| (viii) | performed such other analyses and examinations and considered such other factors that we deemed appropriate. |

B-1

#### TABLE OF CONTENTS
For purposes of our analysis and opinion, we have assumed and relied upon the accuracy and completeness of the financial and other information publicly available, and all of the information supplied or otherwise made available to, discussed with, or reviewed by us, without any independent verification of such information (and have not assumed responsibility or liability for any independent verification of such information), and have further relied upon the assurances of the management of Huntington that they are not aware of any facts or circumstances that would make such information inaccurate or misleading. With respect to the Forecasts, including the Synergies, we have assumed with your consent that they have been reasonably prepared on bases reflecting the best currently available estimates and good faith judgments of the management of Huntington as to the future financial performance of Huntington and Cadence and the other matters covered thereby. We have relied, at the direction of Huntington, on the assessments of the management of Huntington as to Huntington’s ability to achieve the Synergies and have been advised by Huntington, and have assumed with your consent that the Synergies will be realized in the amounts and at the times projected. We express no view as to the Forecasts, including the Synergies, or the assumptions on which they are based.

For purposes of our analysis and opinion, we have assumed, in all respects material to our analysis, that the final executed Merger Agreement will not differ from the draft Merger Agreement reviewed by us, that the representations and warranties of each party contained in the Merger Agreement are true and correct, that each party will perform all of the covenants and agreements required to be performed by it under the Merger Agreement and that all conditions to the consummation of the Merger will be satisfied without waiver or modification thereof. We are not experts in the evaluation of loan and lease portfolios for purposes of assessing the adequacy