Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 124

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 124
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 this opinion, KBW reviewed, analyzed and relied upon material bearing upon the financial and operating condition of Cadence and Huntington and bearing upon the merger, including among other things, the following:

| • | certain other interim reports and other communications of Cadence and Huntington to their respective shareholders; and |

| • | other financial information concerning the businesses and operations of Cadence and Huntington furnished to KBW by Cadence and Huntington or which KBW was otherwise directed to use for purposes of KBW’s analyses. |

KBW’s consideration of financial information and other factors that it deemed appropriate under the circumstances or relevant to its analyses included, among others, the following:

| • | the historical and current financial position and results of operations of Cadence and Huntington; |

| • | the assets and liabilities of Cadence and Huntington; |

| • | the nature and terms of certain other merger transactions and business combinations in the banking industry; |

| • | a comparison of certain financial and stock market information for Cadence and Huntington with similar information for certain other companies, the securities of which were publicly traded; |

| • | publicly available consensus “street estimates” of Cadence, as well as assumed Cadence long-term growth rates provided to KBW by Cadence management, all of which information was discussed with 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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| • | 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, Cad