Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 122

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 122
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 is incorporated herein by reference, and describes the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by KBW in rendering its opinion.

KBW’s opinion speaks only as of the date of the opinion. The opinion was for the information of, and was directed to, the Cadence board of directors (in its capacity as such) in connection with its consideration of the financial terms of the merger. The opinion addressed only the fairness, from a**

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financial point of view, of the exchange ratio in the merger to the holders of Cadence common stock. It did not address the underlying business decision of Cadence to engage in the merger or enter into the merger agreement or constitute a recommendation to the Cadence board of directors in connection with the merger, and it does not constitute a recommendation to any holder of Cadence common stock or any shareholder of any other entity as to how to vote in connection with the merger or any other matter. KBW’s opinion was reviewed and approved by KBW’s Fairness Opinion Committee in conformity with its policies and procedures established under the requirements of Rule 5150 of the Financial Industry Regulatory Authority. In connection with this opinion, KBW 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:

| • | certain other interim reports and other communications of Cadence and Huntington to their respective shareholders; and |

| • | other financial information concerning the businesses and operations of Cadence and Huntington furnished to KBW by Cadence and Huntington or which KBW was otherwise directed to use for purposes of KBW’s analyses. |

KBW’s consideration of financial information and other factors that it deemed appropriate under the circumstances or relevant to its analyses included, among others, the following:

| • | the historical and current financial position and results of operations of Cadence and Huntington; |

| • | the assets and liabilities of Cadence and Huntington; |

| • | the nature and terms of certain other merger transactions and business combinations in the banking industry; |

| • | a comparison of certain financial and stock market information for Cadence and Huntington with similar information for certain other companies, the securities of which were publicly traded; |

| • | publicly available consensus “street estimates” of Cadence, as well as assumed Cadence long-term growth rates provided to KBW by Cadence management, all of which information was discussed with