Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 129

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 129
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 the reliability of such financial projections, forecasts or estimates or the assumptions upon which they were based. Stephens does not provide legal, accounting, regulatory, or tax advice or expertise, and Stephens relied solely, and without independent verification, on the assessments of PB Bankshares and its other advisors with respect to such matters. Stephens assumed, with PB Bankshares’s consent, that the proposed merger will not result in any materially adverse legal, regulatory, accounting or tax consequences for PB Bankshares or its shareholders and that any reviews of legal, accounting, regulatory or tax issues conducted as a result of the proposed merger will be resolved favorably to PB Bankshares and its shareholders. Stephens did not express any opinion as to any tax or other consequences that might result from the proposed merger. Stephens’ opinion was necessarily based upon market, economic and other conditions as they existed and could be evaluated on the date of the opinion, and on the information made available to Stephens as of the date of the opinion. Market price data used by Stephens in connection with its opinion was based on reported market closing prices as of July 3 rd, 2025. It should be understood that subsequent developments may affect the opinion and that Stephens did not undertake any obligation to update, revise or reaffirm the opinion or otherwise comment on events occurring after the date of the opinion. Stephens further noted that volatility or disruptions in the credit and financial markets relating to, among other things, potential future changes in the rate of inflation or prevailing rates of interest or other market developments or disruptions, or the effects of any global conflicts or hostilities or any other disaster or adversity, may or may not have an effect on PB Bankshares or Norwood, and Stephens did not express an opinion as to the effects of such volatility or disruptions on the proposed merger or any party to the proposed merger. Stephens further expressed no opinion as to the prices at which shares of PB Bankshares common stock or Norwood common stock may trade at any time subsequent to the announcement of the proposed merger. In connection with developing its opinion, Stephens assumed that, in all respects material to its analyses:

| (i) | the proposed merger and any related transactions will be consummated on the terms of the latest draft of the 
 merger agreement provided to Stephens, without material waiver or modification;                              |

| (ii) | the representations and warranties of each party in the merger agreement and in all related documents and 
 instruments referred to in the merger agreement are true and correct;                                     |

| (iii) | each party to the merger agreement and