Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 79

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 79
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 $36.56 to $64.96 when applying multiples of tangible book value. 54

Earnings Per Share Multiples

| Discount Rate |     | 8.0x |       |     | 9.0x |       |     | 10.0x |       |     | 11.0x |       |     | 12.0x |       |     | 13.0x |       |
|:--------------|:----|:-----|------:|:----|:-----|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|
| 8.0%          |     | $    | 33.22 |     | $    | 36.68 |     | $     | 40.14 |     | $     | 43.61 |     | $     | 47.07 |     | $     | 50.53 |
| 9.0%          |     | $    | 31.96 |     | $    | 35.28 |     | $     | 38.61 |     | $     | 41.93 |     | $     | 45.24 |     | $     | 48.57 |
| 10.0%         |     | $    | 30.77 |     | $    | 33.95 |     | $     | 37.14 |     | $     | 40.33 |     | $     | 43.52 |     | $     | 46.70 |
| 11.0%         |     | $    | 29.63 |     | $    | 32.69 |     | $     | 35.75 |     | $     | 38.81 |     | $     | 41.87 |     | $     | 44.93 |
| 12.0%         |     | $    | 28.54 |     | $    | 31.48 |     | $     | 34.42 |     | $     | 37.36 |     | $     | 40.30 |     | $     | 43.24 |

Tangible Book Value Per Share Multiples

| Discount Rate |     | 125% |       |     |