Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 77

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 77
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 27.90 |     | $    | 30.34 |     | $    | 32.77 |     | $    | 35.20 |     | $    | 37.64 |
| 14.0%         |     | $   | 24.52 |     | $    | 26.86 |     | $    | 29.20 |     | $    | 31.53 |     | $    | 33.87 |     | $    | 36.21 |

Piper Sandler also considered and discussed with First Savings’ board of directors how this analysis would be affected by changes in the underlying assumptions, including variations with respect to earnings. To illustrate this impact, Piper Sandler performed a similar analysis, assuming First Savings’ earnings varied from 20.0% above projections to 20.0% below projections. This analysis resulted in the following range of per share values for First Savings’ common stock, applying the price to 2029 earnings multiples range of 9.0x to 14.0x referred to above and a discount rate of 11.37%. Earnings Per Share Multiples

| Annual            
 Estimate Variance |     | 9.0x |       |     | 10.0x |       |     | 11.0x |       |     | 12.0x |       |     | 13.0x |       |     | 14.0x |       |
|:------------------|:----|:-----|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|
| (20.0%)           |     | $    | 22.19 |     | $     | 24.38 |     | $     | 26.58 |     | $     | 28.78 |     | $     | 30.98 |     | $     | 33.18 |
| (10.0%)           |     | $    | 24.66 |     | $     | 27.13 |     | $     | 29.61 |     | $     | 32.08 |     | $     | 34.55 |     | $     | 37.02 |
| 0.0%