Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 388

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 388
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 large diversified financial services company. PNC Financial and its affiliates are engaged in a broad range of financial services and securities activities. PNC Financial or an affiliate (other than PNC FIG Advisory) provides, or has provided, certain financial services to ESSA Bank & Trust, CNB and CNB Bank, including, among other things, providing various commercial banking services to ESSA Bank & Trust and CNB Bank and providing a 364-day revolving credit facility to CNB which has been renewed annually. We and our affiliates may from time to time purchase securities from, and sell securities to, ESSA Bank & Trust and CNB Bank. In the future, PNC Financial may pursue opportunities to provide financial services to ESSA or CNB, including the provision of investment banking or other consulting services by PNC Capital Markets LLC.

Our opinion is for the benefit of the Board of Directors of ESSA (in its capacity as such) and our opinion is rendered to the Board of Directors of ESSA in connection with its evaluation of the Merger. Our opinion is not intended to and does not constitute a recommendation to any shareholder as to how such shareholder should vote or act with respect to the Merger or any matter relating thereto.

#### PNC Capital Markets LLC

### Member of The PNC Financial Services Group
The Tower at PNC Plaza 300 Fifth Avenue Pittsburgh Pennsylvania 15222-2724

www.pnc.com

Products and services are offered through PNC Capital Markets LLC, a registered broker dealer, member FINRA and SIPC a subsidiary of PNC Bank, N.A.: Not FDIC Insured. No Bank or Federal Government Guarantee. May Lose Value.

<div align='center'>C-4</div>

Based on the foregoing, our experience, and other factors we deemed relevant, it is our opinion that, as of the date hereof, that the Exchange Ratio provided for in the Merger Agreement in connection with the Merger is fair to the holders of ESSA Common Stock from a financial point of view.

| Respectfully submitted, |
| /s/ PNC FIG Advisory    |
| PNC FIG Advisory        |

PNC Capital Markets LLC Member of The PNC Financial Services Group The Tower at PNC Plaza 300 Fifth Avenue Pittsburgh Pennsylvania 15222-2724 www.pnc.com Products and services are offered through PNC Capital Markets LLC, a registered broker dealer, member FINRA and SIPC a subsidiary of PNC Bank, N.A.: Not FD