Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 128

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 128
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 agreement was solely that of the Cadence board of directors. The following is a summary of the material financial analyses presented by KBW to the Cadence board of directors in connection with its opinion. The summary is not a complete description of the financial analyses underlying the opinion or the presentation made by KBW to the Cadence board of directors, but summarizes the material analyses performed and presented in connection with such opinion. The financial analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the financial analyses. The preparation of a fairness opinion is a complex analytic process involving various determinations as to appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to partial analysis or summary description. In arriving at its opinion, KBW did not attribute any particular weight to any analysis or factor that it considered, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, KBW believes that its analyses and the summary of its analyses must be

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considered as a whole and that selecting portions of its analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. For purposes of the financial analyses described below, KBW utilized an implied transaction value for the merger of $39.77 per outstanding share of Cadence common stock, or approximately $7,608 million in the aggregate (inclusive of unvested Cadence equity awards), based on the 2.475x exchange ratio provided for in the merger agreement and the closing price of Huntington common stock on October 24, 2025. In addition to the financial analyses described below, KBW reviewed with the Cadence board of directors for informational purposes, among other things, an implied transaction multiple for the proposed merger (based on the implied transaction value for the merger of $39.77 per outstanding share of Cadence common stock) of 14.0x Cadence’s estimated calendar year 2025 earnings per share (“EPS”) using publicly available consensus “street estimates” of Cadence. Cadence Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Cadence to 13 selected major exchange-traded banks headquartered in the Southeast region of the