Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 172

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 172
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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%)                  |     | $14.41 |     | $15.78 |     | $17.15 |     | $18.52 |     | $19.89 |     | $21.26 |
| (10.0%)                  |     | $15.95 |     | $17.49 |     | $19.03 |     | $20.58 |     | $22.12 |     | $23.66 |
| 0.0%                     |     | $17.49 |     | $19.21 |     | $20.92 |     | $22.64 |     | $24.35 |     | $26.07 |
| 10.0%                    |     | $19.03 |     | $20.92 |     | $22.81 |     | $24.69 |     | $26.58 |     | $28.47 |
| 20.0%                    |     | $20.58 |     | $22.64 |     | $24.69 |     | $26.75 |     | $28.81 |     | $30.87 |

Piper Sandler noted that the net present value analysis is a widely used valuation methodology, but the results of such methodology are highly dependent upon the numerous assumptions that must be made, and the results thereof are not necessarily indicative of actual values or future results. 128

Pro Forma Transaction Analysis Piper Sandler analyzed certain potential pro forma effects of the merger on CNB assuming the transaction closes on September 30, 2025. Piper Sandler utilized the following information and assumptions: (i) publicly available mean analyst earnings per share estimates for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 and December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 and December 31, 2028 and estimated