Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 72

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 72
---
 different discount rates ranging from 10.0% to 14.0%, which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of First Savings common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of First Savings common stock of $24.52 to $43.15 when applying multiples of earnings and $24.52 to $42.35 when applying multiples of tangible book value. 53

Earnings Per Share Multiples

| Discount Rate |     | 9.0x |       |     | 10.0x |       |     | 11.0x |       |     | 12.0x |       |     | 13.0x |       |     | 14.0x |       |
|:--------------|:----|:-----|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|
| 10.0%         |     | $    | 28.63 |     | $     | 31.53 |     | $     | 34.44 |     | $     | 37.34 |     | $     | 40.25 |     | $     | 43.15 |
| 11.0%         |     | $    | 27.53 |     | $     | 30.32 |     | $     | 33.11 |     | $     | 35.89 |     | $     | 38.68 |     | $     | 41.47 |
| 12.0%         |     | $    | 26.48 |     | $     | 29.16 |     | $     | 31.84 |     | $     | 34.51 |     | $     | 37.19 |     | $     | 39.87 |
| 13.0%         |     | $    | 25.48 |     | $     | 28.05 |     | $     | 30.63 |     | $     | 33.20 |     | $     | 35.77 |     | $     | 38.35 |
| 14.0%         |     | $    |