Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 56

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 56
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 related to the issuance of its opinion. Stephens’ opinion speaks only as of the date of the opinion, and Stephens has undertaken no obligation to update or revise its opinion. The opinion was directed to Penns Woods’ board of directors (solely in its capacity as such) in connection with, and for purposes of, its consideration of the proposed Merger. The opinion only addresses whether the consideration to be received by the common stockholders of Penns Woods (solely in their capacity as such) in the proposed Merger was fair to them from a financial point of view as of the date of the opinion. The opinion does not address the underlying business decision of Penns Woods to engage in the proposed Merger or any other term or aspect of the Merger Agreement or the transactions contemplated thereby. Stephens’ opinion does not constitute a recommendation to Penns Woods’ board of directors or any of Penns Woods’ shareholders as to how such person should vote or otherwise act with respect to the proposed Merger or any other matter. Penns Woods and Northwest determined the merger consideration through a negotiation process. In connection with developing its opinion, Stephens:

| (i) | reviewed certain publicly available financial statements and reports regarding Penns Woods and Northwest; |

| (ii) | reviewed certain audited financial statements regarding Penns Woods and Northwest; |

| (iii) | reviewed certain internal financial statements, management reports and other financial and operating data             
 concerning Penns Woods and Northwest prepared by management of Penns Woods and management of Northwest, respectively; |

| (iv) | reviewed, on a pro forma basis, in reliance upon financial projections and other information and assumptions                                                                                                                                              
 concerning Penns Woods and Northwest provided by management of Penns Woods and management of Northwest, as applicable, and upon consensus research estimates concerning Northwest, the effect of the proposed Merger on the balance sheet, capitalization 
 ratios, earnings and tangible book value both in the aggregate and, where applicable, on a per share basis of Northwest;                                                                                                                                  |

| (v) | reviewed the reported prices and trading activity for the common stock of Penns Woods and Northwest; |

| (vi) | compared the financial performance of Penns Woods and Northwest with that of certain other publicly-traded 
 companies and their securities that Stephens deemed relevant to Stephens’ analysis of the proposed Merger; |

| (vii) | reviewed the financial terms, to the extent publicly available, of certain merger or acquisition transactions 
 that Stephens deemed relevant to Stephens’ analysis of the proposed Merger;