Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 110

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 110
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 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 |     | 9.9x   |
| P / TBVPS     |     | 1.61x  |

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 10.0x to 11.0x to an estimate of Huntington’s EPS in calendar year 2026, as reflected in the Forecasts, and (ii) a P / TBVPS multiple reference range of 1.50x to 1.80x to Huntington’s TBVPS as September 30, 2025, to derive implied share price value reference ranges for Huntington. Based on these ranges of implied share prices, this analysis indicated a range of implied equity values per share of Huntington common stock as set forth in the table below, compared to the closing price of Huntington common stock of $16.07 on October 24, 2025.

| Multiple Reference Range    |     | Implied Equity Values per 
 Share of Huntington       
 Common Stock              |
| P / 2026E EPS 10.0x – 11.0x |     | $16.53 – $18.19           |
| P / TBVPS 1.50x – 1.80x     |     | $14.31 – $17.17           |

Although none of these companies is directly comparable to Huntington, Evercore selected these companies because they are publicly traded companies in the banking industry with business characteristics that Evercore, in its professional judgment and experience, considered generally relevant for purposes of its financial analyses. In evaluating the selected companies, Evercore made judgments and assumptions with regard to general business, economic and market conditions affecting the selected companies and other matters, as well as differences in the selected companies’ financial, business and operating characteristics. Accordingly, an evaluation of the results of this analysis is not entirely mathematical. Rather, this analysis involves complex considerations and judgments regarding many factors that could affect