Company: NWBI
Filing Date: 2025-02-24
Form Type: 424B3
Source: 0001193125-25-033488
Chunk: 72

Company: Northwest Bancshares, Inc.
Filing Date: 2025-02-24
Form: 424B3
Chunk 72
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 |     |            |     4,413 |   |     |            |     4,149 |   |     |            |     7,343 |   |     |    |     6,498 |   |     |    |     5,749 |   |     |    |     5,087 |   |

Stephens considered discount rates from 12.0% to 14.0% for Penns Woods. Based on this analysis, Stephens derived a range for the implied equity value of Penns Woods from $27.90 per share to $35.22 per share. The discounted cash flow analysis is a widely used valuation methodology, but the results of this methodology are highly dependent on the assumptions that must be made, including asset and earnings growth rates, terminal values, capital levels, and discount rates. The analysis did not purport to be indicative of the actual values or expected values of Penns Woods. The actual results may vary from the projected results, any of these assumptions might not be realized in future operations and the variations may be material. 52

Miscellaneous:

The preparation of a fairness opinion is a complex process and is not susceptible to a partial analysis or summary description. Stephens
believes that its analyses must be considered as a whole and that selecting portions of its analyses, without considering the analyses taken as a whole, would create an incomplete view of the process underlying its opinion. In addition, Stephens
considered the results of all such analyses and did not assign relative weights to any of the analyses, but rather made qualitative judgments as to significance and relevance of each analysis and factor, so the results from any particular analysis
described above should not be taken to be the view of Stephens.

In performing its analyses, Stephens made numerous assumptions with
respect to industry performance, general business, economic and regulatory conditions and other matters, many of which are beyond the control of Penns Woods. The analyses performed by Stephens are not necessarily indicative of actual values, trading
values or actual future results which might be achieved, all of which may be significantly more or less favorable than suggested by such analyses. The analyses do not purport to be appraisals or to reflect the prices at which companies may actually
be sold, and such estimates are inherently subject to uncertainty.

Stephens is serving as financial adviser to Penns Woods in connection
with the proposed Merger and is entitled to receive from Penns Woods reimbursement of its expenses and a fee in the amount of