Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 73

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 73
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TABLE OF CONTENTS

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compared the financial and operating performance of Bremer and Old National with publicly available information concerning certain other companies J.P. Morgan deemed relevant and reviewed the current and historical market prices of Old National common stock and certain publicly traded securities of such other companies;

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reviewed certain internal financial analyses and forecasts prepared by the management of Bremer relating to the business of Bremer, certain financial analyses and forecasts relating to the business of Old National, which were approved by Bremer for use in connection with J.P. Morgan’s opinion, as well as the estimated amount and timing of the cost savings and related expenses and synergies expected to result from the mergers (the “Synergies”); and

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performed such other financial studies and analyses and considered such other information as J.P. Morgan deemed appropriate for the purposes of its opinion.

In addition, J.P. Morgan held discussions with certain members of the management of Bremer and Old National with respect to certain aspects of the mergers, and the past and current business operations of Bremer and Old National, the financial condition and future prospects and operations of Bremer and Old National, the effects of the mergers on the financial condition and future prospects of Bremer and Old National and certain other matters J.P. Morgan believed necessary or appropriate to its inquiry.

In giving its opinion, J.P. Morgan relied upon and assumed the accuracy and completeness of all information that was publicly available or was furnished to or discussed with J.P. Morgan by Bremer and Old National or otherwise reviewed by or for J.P. Morgan. J.P. Morgan did not independently verify any such information or its accuracy or completeness and, pursuant to its engagement letter with Bremer, did not assume any obligation to undertake any such independent verification. J.P. Morgan did not conduct and was not provided with any valuation or appraisal of any assets, liabilities or allowances for loan and lease losses, nor did J.P. Morgan evaluate the solvency of Bremer, Old National or ONB Merger Sub under any state or federal laws relating to bankruptcy, insolvency or similar matters. J.P. Morgan is not an expert in evaluating the adequacy of allowances for loan and lease losses of Bremer or Old National with respect to their loan and lease portfolios and, accordingly J.P. Morgan did not make an independent evaluation of the adequacy of allowances for loan and lease losses of Bremer or Old National with respect to their loan and lease portfolios and assumed, with