Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 363

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 363
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 preceding the date of this opinion. Piper Sandler did not provide any investment banking services to ESSA or ESSA Bank in the two years preceding the date of this opinion. In the ordinary course of our business as a broker-dealer, we may purchase securities from and sell securities to CNB, ESSA and their respective affiliates. We may also actively trade the equity and debt securities of CNB and ESSA for our own account and for the accounts of our customers. Our opinion is directed to the Board of Directors of CNB in connection with its consideration of the Agreement and the Merger. Our opinion is directed only as to the fairness, from a financial point of view, of the Merger Consideration to CNB and does not address the underlying business decision of CNB to engage in the Merger, the form or structure of the Merger or any other transactions contemplated in the Agreement, the relative merits of the Merger as compared to any other alternative transactions or business strategies that might exist for CNB or the effect of any other transaction in which CNB might engage. We also do not express any opinion as to the fairness of the amount or nature of the compensation to be received in the Merger by any CNB officer, director or employee, or class of such persons, if any, relative to the amount of compensation to be received by any other shareholder, if any. This opinion has been approved by Piper Sandler’s fairness opinion committee. This opinion may not be reproduced without Piper Sandler’s prior written consent; provided, however, Piper Sandler will provide its consent for the opinion to be included in any regulatory filings, including the Merger Registration Statement and the Joint Proxy Statement/Prospectus to be filed with the SEC and mailed to shareholders in connection with the Merger. Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Merger Consideration is fair, from a financial point of view, to CNB.

| Very truly yours, |

B-4

ANNEX C

OPINION OF PNC FIG ADVISORY, PART OF PNC CAPITAL MARKETS LLC

C-1

January 9, 2025 Board of Directors ESSA Bancorp, Inc. 200 Palmer Street Stroudsburg, PA 18360 Dear Board of Directors: This letter sets forth the opinion of PNC FIG Advisory, part of PNC Capital Markets LLC (“PNC”) as to the fairness, from a financial point