Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 385

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 385
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 of ESSA and CNB regarding ESSA and CNB (including financial projections and forecasts for ESSA provided to us by the management of ESSA and long-term growth rate and other assumptions for CNB provided to us by the management of CNB) and projected cost savings anticipated by the management of CNB to be realized from the Merger; |

| • |     | Reviewed recently reported stock prices and trading activity of ESSA Common Stock and CNB Common Stock; |

| • |     | Discussed the past and current operations, financial condition and future prospects of ESSA and CNB with senior executives of ESSA and CNB, respectively; |

PNC Capital Markets LLC Member of The PNC Financial Services Group The Tower at PNC Plaza 300 Fifth Avenue Pittsburgh Pennsylvania 15222-2724 www.pnc.com Products and services are offered through PNC Capital Markets LLC, a registered broker dealer, member FINRA and SIPC a subsidiary of PNC Bank, N.A.: Not FDIC Insured. No Bank or Federal Government Guarantee. May Lose Value. C-2

| • |     | Reviewed and analyzed certain publicly available financial and stock market data of banking companies that we selected as relevant to our analysis of ESSA and CNB; |

| • |     | Reviewed and analyzed certain publicly available financial data of transactions that we selected as relevant to our analysis of ESSA; |

| • |     | Considered CNB’s financial and capital position and certain potential pro forma financial effects of the Merger on CNB; |

| • |     | Conducted other analyses and reviewed other information we considered necessary or appropriate; and |

| • |     | Incorporated our assessment of the overall economic environment and market conditions, as well as our experience in mergers and acquisitions, bank stock valuations and other transactions. |

In rendering our opinion, we also relied upon and assumed, without independent verification, the accuracy, reasonableness and completeness of the information provided to us by or on behalf of ESSA and CNB (“Materials Received”) and publicly available information used in our analyses. PNC does not assume any responsibility for the accuracy, reasonableness and completeness of any of the foregoing Materials Received and publicly available information or for the independent verification thereof. Further, we have relied on the assurances of managements of ESSA and CNB that they are not aware of any facts or circumstances that would make any of the Materials Received inaccurate or misleading. With respect