Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 119

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 119
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2.271x, the exchange ratio implied based on the closing prices of Huntington common stock and Cadence common stock on October 24, 2025 and (ii) 2.475x, the exchange ratio pursuant to the merger agreement:

| Methodology                             |     | Implied Exchange Ratio |
| Selected Publicly Traded Companies      |     |                        |
| P / 2026E EPS                           |     | 1.780x – 2.371x        |
| P / TBVPS                               |     | 1.860x – 2.711x        |
| Regression Analysis                     |     |                        |
| P / TBVPS vs. ROATCE Regression         |     | 1.860x – 2.623x        |
| Discounted Dividend                     |     |                        |
| Terminal Multiple Method                |     | 2.154x – 2.821x        |
| For Reference Only                      |     |                        |
| Selected Precedent Transaction          |     |                        |
| Transaction Value / Forward Earnings    |     | 2.249x – 2.886x        |
| Transaction Value / TBV                 |     | 1.993x – 3.508x        |
| Equity Research Analysts’ Price Targets |     | 1.857x – 2.733x        |
| 52-Week Trading Range                   |     | 1.902x – 2.434x        |

Has / Gets Analysis – Dividend Discount Analysis Evercore reviewed the implied aggregate equity value of Huntington attributable to holders of Huntington common stock on a pro forma basis giving effect to the merger based on a dividend discount analysis. The pro forma implied equity value attributable to holders of Huntington common stock was equal to the product obtained by multiplying approximately 77.0% (Huntington’s stockholders’ pro forma ownership of the combined company immediately following the completion of the merger based the exchange ratio of 2.475x set forth in the merger agreement) by an amount equal to the implied aggregate equity value of Huntington on a pro forma basis giving effect to the merger, calculated as (i) Huntington’s standalone implied aggregate equity value calculated using the dividend discount analysis summarized above under the caption “ —Huntington Standalone — Dividend

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#### TABLE OF CONTENTS
Discount Analysis ” (calculated using