Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 113

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 113
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orp |

| • | Cullen/Frost Bankers, Inc. |

| • | BOK Financial Corporation |

| • | F.N.B. Corporation |

| • | Associated Banc-Corp |

| • | Prosperity Bancshares, Inc. |

| • | Hancock Whitney Corporation |

| • | BankUnited, Inc. |

| • | Texas Capital Bancshares, Inc. |

For each of the selected companies, Evercore calculated price per share as a multiple of each of: (i) estimated EPS (based on consensus estimates) for the calendar year 2026 (which is referred to as “P / 2026E EPS”), and (ii) TBV per share as of the selected companies most recently completed fiscal quarter for which TBV per share information was publicly available as of October 24, 2025 (which is referred to as “P / TBVPS”), based on closing share prices as of October 24, 2025. Estimated financial data of the selected companies were based on publicly available research analysts’ estimates. This analysis indicated the following:

| Benchmark     |     | Median |
| P / 2026E EPS |     | 9.8x   |
| P / TBVPS     |     | 1.43x  |

Based on the multiples it derived for the selected companies and its professional judgment and experience, Evercore applied: (i) a P / 2026E EPS multiple reference range of 9.5x to 11.5x to an estimate of Cadence’s EPS in calendar year 2026, as reflected in the Forecasts, and (ii) a P / TBVPS multiple reference range of 1.40x to 1.70x to Cadence’s TBVPS, as of September 30, 2025, to derive implied share price value reference ranges for Cadence. Based on these ranges of implied share prices, this analysis indicated a range of implied equity values per share of Cadence common stock as set forth in the table below, 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.

| Multiple Reference Range   |     | Implied Equity Values per 
 Share of Cadence          
 Common Stock              |
| P / 2026E EPS 9.5x – 11.5x |     | $32.38 – $39.20