Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 75

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 75
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 Value Analyses. Piper Sandler performed an analysis that estimated the net present value of a share of First Savings common stock assuming First Savings performed in accordance with certain internal financial projections for First Savings for the quarter ending December 31, 2025 and the years ending December 31, 2025 through December 31, 2029, as provided by the senior management of First Savings. To approximate the terminal value of a share of First Savings common stock at September 19, 2025, Piper Sandler applied price to 2029 earnings multiples ranging from 9.0x to 14.0x and multiples of 2029 tangible book value ranging from 95% to 145%. The terminal values were then discounted to present values using 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 |     | $     |