Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 114

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 114
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 $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 Interstate BancSystem, Inc.      |     | Great Western Bancorp, Inc.       |
| 7/28/2021      |     | Citizens Financial Group, Inc.         |     | Investors Bancorp, Inc.           |
| 2/22/2021      |     | M&T Bank Corporation                   |     | People’s United Financial, Inc.   |
| 12/13/2020     |     | Huntington Bancshares Incorporated     |     | TCF Financial Corporation         |
| 6/17/2019      |     | Prosperity Bancshares, Inc.            |     | LegacyTexas Financial Group, Inc. |
| 7/24/2018      |     | Synovus Financial Corp.                |     | FCB Financial Holdings, Inc.      |

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TABLE OF CONTENTS

| Date Announced |     | Acquirer            |     | Target             |
| 5/21/2018      |     | Fifth Third Bancorp |     | MB Financial, Inc. |

For each selected transaction, Evercore calculated the equity value implied by the selected transaction (“Transaction Value”) as a multiple of each of: (i) estimated earnings of the target company in the fiscal year following the announcement date, calendarized to