Company: NWBI
Filing Date: 2025-01-27
Form Type: S-4
Source: 0001193125-25-012768
Chunk: 231

Company: Northwest Bancshares, Inc.
Filing Date: 2025-01-27
Form: S-4
Chunk 231
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 as investment bankers as to whether the consideration to be received by the common stockholders of the Company (solely in their capacity as such, the “Shareholders”) in the Transaction is fair to them from a financial point of view. Pursuant to the Agreement and Plan of Merger (the “Agreement”) to be entered into by and between the Company and the Buyer, and subject to the terms, conditions and limitations set forth therein, we understand that, subject to potential adjustments as described in the Agreement, each outstanding share of the Company’s common stock will be converted into the right to receive 2.3850 shares of the Buyer’s common stock. The terms and conditions of the Transaction are more fully set forth in the Agreement. In connection with developing our Opinion we have:

| (i) | reviewed certain publicly available financial statements and reports regarding the Company and the Buyer; |

| (ii) | reviewed certain audited financial statements regarding the Company and the Buyer; |

| (iii) | reviewed certain internal financial statements, management reports and other financial and operating data             
 concerning the Company and the Buyer prepared by management of the Company and management of the Buyer, respectively; |

| (iv) | reviewed, on a pro forma basis, in reliance upon financial projections and other information and assumptions                                                                                                                                          
 concerning the Company and the Buyer provided by management of the Company and management of the Buyer, as applicable, and upon consensus research estimates concerning the Buyer, the effect of the Transaction on the balance sheet, capitalization 
 ratios, earnings and tangible book value both in the aggregate and, where applicable, on a per share basis of the Buyer;                                                                                                                              |

| (v) | reviewed the reported prices and trading activity for the common stock of the Company and the Buyer; |

| (vi) | compared the financial performance of the Company and the Buyer with that of certain other publicly-traded 
 companies and their securities that we deemed relevant to our analysis of the Transaction;                 |

| (vii) | reviewed the financial terms, to the extent publicly available, of certain merger or acquisition transactions 
 that we deemed relevant to our analysis of the Transaction;                                                   |

| (viii) | reviewed the most recent draft of the Agreement and related documents provided to us by the Company; |

B-1

| (ix) | discussed with management of the Company and management of the Buyer the operations of and future business                                                      
 prospects for the Company and the Buyer, respectively and the anticipated financial consequences of the Transaction to the Company and the