Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 170

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 170
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28.65 |

Tangible Book Value Per Share Multiples

| Discount Rate |     |    90% |     |   100% |     |   110% |     |   120% |     |   130% |     |   140% |
| 10.0%         |     | $22.43 |     | $24.65 |     | $26.88 |     | $29.10 |     | $31.33 |     | $33.55 |
| 11.0%         |     | $21.62 |     | $23.76 |     | $25.90 |     | $28.04 |     | $30.18 |     | $32.33 |
| 12.0%         |     | $20.85 |     | $22.91 |     | $24.97 |     | $27.03 |     | $29.09 |     | $31.15 |
| 13.0%         |     | $20.11 |     | $22.10 |     | $24.08 |     | $26.07 |     | $28.05 |     | $30.04 |
| 14.0%         |     | $19.41 |     | $21.32 |     | $23.23 |     | $25.14 |     | $27.06 |     | $28.97 |

Piper Sandler also considered and discussed with the CNB Board of Directors how this analysis would be affected by changes in the underlying assumptions, including variations with respect to earnings. To illustrate this impact, Piper Sandler performed a similar analysis, assuming CNB’s earnings varied from 20.0% above estimates to 20.0% below estimates. This analysis resulted in the following range of per share values for CNB’s common stock, applying the price to 2028 earnings multiples range of 9.0x to 14.0x referred to above and a discount rate of 11.62%. Earnings Per Share Multiples

| Annual Estimate Variance |     |   9.0x |     |  10.0x |     |  11.0x |     |  12.0x |     |  13.0x |     |  14.0x |
| (20.0%)                  |     | $17