Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 55

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 55
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 capacity as such) in the proposed Merger was fair to them from a financial point of view, based upon and subject to the qualifications, assumptions and other matters considered by Stephens in connection with the preparation of its opinion. The full text of Stephens’ written opinion letter (the “Opinion Letter”) is attached as Annex Bto this proxy statement/prospectus. The Opinion Letter outlines the procedures followed, assumptions made, matters 38

considered and qualifications and limitations on the review undertaken by Stephens in rendering its opinion. The summary of the opinion set forth in this document is qualified in its entirety by reference to the full text of such written Opinion Letter. Investors are urged to read the entire Opinion Letter carefully in connection with their consideration of the proposed Merger. Penns Woods did not give any instruction to or impose any limitations on Stephens as it 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