Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 117

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 117
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 and the Implied Exchange Ratio Value Per Share of $39.77.

| Multiple Reference Range                           |     | Implied Equity Values per 
 Share of Cadence          
 Common Stock              |
| Transaction Value / Forward Earnings 12.0x – 14.0x |     | $40.90 – $47.72           |
| Transaction Value / TBV 1.50x – 2.20x              |     | $34.23 – $50.20           |

Although none of the target companies or businesses reviewed in the selected transactions analysis is directly comparable to Cadence and none of the selected transactions is directly comparable to the merger, Evercore selected these transactions because they involve companies or businesses that Evercore, in its professional judgment and experience, considered generally relevant for purposes of its financial analyses. In evaluating the selected transactions, Evercore made judgments and assumptions with regard to general business, economic and market conditions and other factors existing at the time of the selected transactions, and other matters, as well as differences in financial, business and operating characteristics and other factors relevant to the target companies or businesses in the selected transactions. 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 the relative values of the target companies or businesses in the selected transactions and the multiples derived from the selected transactions. Mathematical analysis, such as determining the mean or median, is not in itself a meaningful method of using the data of the selected transactions. Other Factors Evercore also noted certain other factors, which were not considered material to its financial analyses with respect to its opinion, but were referenced for informational purposes only, including, among other things, the following: Equity Research Analysts’ Price Targets Evercore reviewed selected publicly available share price targets of research analysts’ estimates known to Evercore as of October 24, 2025, noting that the low and high share price targets for Cadence common stock ranged from $38.00 to $47.00, 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. Public market trading price targets published by equity research analysts do not necessarily reflect current market trading prices for the shares of Cadence common stock and these target prices and the analysts’ earnings estimates on which they were based are subject to risk and uncertainties, including factors affecting the financial performance of Cadence and future general