Company: NWBI
Filing Date: 2025-02-20
Form Type: S-4/A
Source: 0001193125-25-030716
Chunk: 58

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-20
Form: S-4/A
Chunk 58
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 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;                                   |

| (viii) | reviewed the then most recent draft of the Merger Agreement and related documents provided to Stephens by Penns 
 Woods;                                                                                                          |

| (ix) | discussed with management of Penns Woods and management of Northwest the operations of and future business                                                          
 prospects for Penns Woods and Northwest, respectively and the anticipated financial consequences of the proposed Merger to Penns Woods and Northwest, respectively; |

| (x) | assisted in Penns Woods’ deliberations regarding the material terms of the proposed Merger and Penns 
 Woods’ negotiations with Northwest; and                                                              |

| (xi) | performed such other analyses and provided such other services as Stephens deemed appropriate. |

Stephens relied on the accuracy and completeness of the information, financial data and financial forecasts provided to Stephens by Penns Woods and Northwest and of the other information reviewed by Stephens in 39

connection with the preparation of Stephens’ opinion, and its opinion was based upon such information. Stephens did not independently verify or undertake any responsibility to independently verify the accuracy or completeness of any of such information, data or forecasts. Management of Penns Woods and management of Northwest assured Stephens that they were not aware of any relevant information that had been omitted or remained undisclosed to Stephens. Stephens did not assume any responsibility for making or undertaking an independent evaluation or appraisal of any of the assets or liabilities of Penns Woods or of Northwest, and Stephens was not furnished with any such evaluations or appraisals; nor did Stephens evaluate the solvency or fair value of Penns Woods or of Northwest under any laws relating to bankruptcy, insolvency or similar matters. Stephens did not assume any obligation to conduct any