Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 115

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 115
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 standalone basis utilizing estimates of the implied distributions to Cadence shareholders on a standalone basis over the period beginning September 30, 2025 through December 31, 2029, calculated using the Forecasts assuming at the direction of Huntington Management that Cadence would make distributions of capital in excess of the amount necessary to achieve a CET1 capital of 9.5% to 10.5%. Evercore calculated terminal values for Cadence on a standalone basis by applying illustrative range of terminal multiples of 10.5x to 11.5x, which range was selected based on Evercore’s professional judgment and experience, to an estimate of the adjusted net income that Cadence was forecasted to generate on a standalone basis in calendar year 2030 based on the Forecasts. The implied distributions and terminal values were then discounted to present value as of October 24, 2025 using discount rates ranging from ranging from 11.5% to 13.5%, representing an estimate of Cadence’s cost of equity, as estimated by Evercore based on its professional judgment and experience, to derive a range of implied values per share of Cadence common stock on a standalone basis of $41.21 to $46.80, compared to the closing price of Cadence common stock of $36.49 on October 24, 2025, and the Implied Exchange Ratio Value Per Share of $39.77. Selected Precedent Transaction Analysis Evercore reviewed, to the extent publicly available, financial information related to the following selected transactions involving target companies in the banking industry. The selected transactions reviewed by Evercore, and the date each was announced were as follows:

| Date Announced |     | Acquirer                               |     | Target                            |
| 10/6/2025      |     | Fifth Third Bancorp                    |     | Comerica Incorporated             |
| 9/8/2025       |     | The PNC Financial Services Group, Inc. |     | FirstBank Holding Company         |
| 4/23/2025      |     | Columbia Banking System, Inc.          |     | Pacific Premier Bancorp, Inc.     |
| 5/20/2024      |     | SouthState Corporation                 |     | Independent Bank Group, Inc.      |
| 4/29/2024      |     | UMB Financial Corporation              |     | Heartland Financial USA, Inc.     |
| 9/16/2021      |     | First