Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 123

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 123
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 KBW by Cadence management and used and relied upon by KBW at the direction of Cadence management and with the consent of the Cadence board of directors; |

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TABLE OF CONTENTS

| • | financial and operating forecasts and projections of Huntington that were prepared by Huntington management, provided to and discussed with KBW by Huntington management and used and relied upon by KBW based on such discussions, at the direction of Cadence management and with the consent of the Cadence board of directors; |

| • | estimates regarding certain pro forma financial effects of the merger on Huntington (including, without limitation, the cost savings expected to result or be derived from the merger) that were prepared by Huntington management, provided to and discussed with KBW by such management and used and relied upon by KBW based on such discussions, at the direction of Cadence management and with the consent of the Cadence board of directors. |

KBW also performed such other studies and analyses as it considered appropriate and took into account its assessment of general economic, market and financial conditions and its experience in other transactions, as well as its experience in securities valuation and knowledge of the banking industry generally. KBW was not requested to assist, and did not assist, Cadence with soliciting indications of interest from third parties regarding a potential transaction with Cadence. In conducting its review and arriving at its opinion, KBW relied upon and assumed the accuracy and completeness of all of the financial and other information that was provided to or discussed with KBW or that was publicly available and KBW did not independently verify the accuracy or completeness of any such information or assume any responsibility or liability for such verification, accuracy or completeness. KBW relied upon the management of Cadence as to the reasonableness and achievability of the publicly available consensus “street estimates” of Cadence and the assumed Cadence long-term growth rates referred to above (and the assumptions and bases therefor), and KBW assumed that all such information was reasonably prepared and represented, or in the case of the Cadence “street estimates” referred to above that such estimates were consistent with, the best currently available estimates and judgments of Cadence management and that the forecasts, projections and estimates reflected in such information would be realized in the amounts and in the time periods estimated. KBW further relied, with the consent of Cadence, upon Huntington management as to the reasonableness and achievability of the financial and operating forecasts and projections of Huntington and the estimates regarding certain pro forma financial effects of the merger on Huntington