Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 126

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 126
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 and all other applicable federal and state statutes, rules and regulations. KBW was further advised by representatives of Cadence that Cadence relied upon advice from its advisors (other than KBW) or other appropriate sources as to all legal, financial reporting, tax, accounting and regulatory matters with respect to Cadence, Huntington, the merger and any related transaction, and the merger agreement. KBW did not provide advice with respect to any such matters. KBW’s opinion addressed only the fairness, from a financial point of view, as of the date of the opinion, of the exchange ratio in the merger to the holders of Cadence common stock. KBW expressed no view or opinion as to any other terms or aspects of the merger or any term or aspect of any related transaction, including, without limitation, the form or structure of the merger or any such related transaction, the treatment of the outstanding preferred stock of Cadence in the merger, any consequences of the merger or any such related transaction to Cadence, its shareholders, creditors or otherwise, or any terms, aspects, merits or implications of any charitable foundation, employment, consulting, voting, support, shareholder or other agreements, arrangements or understandings contemplated or entered into in connection with the merger, any such related transaction, or otherwise. KBW’s opinion was necessarily based upon conditions as they existed and could be evaluated on the date of such opinion and the information made available to KBW through the date of such opinion. There has been significant volatility in the stock and other financial markets arising from global tensions and political division, economic uncertainty, recently announced actual

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or threatened imposition of tariff increases, inflation, and prolonged higher interest rates. Developments subsequent to the date of KBW’s opinion may have affected, and may affect, the conclusion reached in KBW’s opinion, and KBW did not and does not have an obligation to update, revise or reaffirm its opinion. KBW’s opinion did not address, and KBW expressed no view or opinion with respect to:

| • | the underlying business decision of Cadence to engage in the merger or enter into the merger agreement; |

| • | the relative merits of the merger as compared to any strategic alternatives that are, have been or may be available to or contemplated by Cadence or the Cadence board of directors; |

| • | the fairness of the amount or nature of any compensation to any of Cadence’s officers, directors or employees, or any class of such persons, relative to the compensation to