Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 79

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 79
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 earnings. To illustrate this impact, Piper Sandler performed a similar analysis assuming First Merchants’ earnings varied from 20.0% above estimates to 20.0% below estimates. This analysis resulted in the following range of per share values for First Merchants common stock, applying the price to 2029 earnings multiples range of 8.0x to 13.0x referred to above and a discount rate of 10.48%. Earnings Per Share Multiples

| Annual Estimate 
 Variance        |     | 8.0x |       |     | 9.0x |       |     | 10.0x |       |     | 11.0x |       |     | 12.0x |       |     | 13.0x |       |
|:----------------|:----|:-----|------:|:----|:-----|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|:----|:------|------:|
| (20.0%)         |     | $    | 25.21 |     | $    | 27.71 |     | $     | 30.21 |     | $     | 32.71 |     | $     | 35.21 |     | $     | 37.71 |
| (10.0%)         |     | $    | 27.71 |     | $    | 30.52 |     | $     | 33.34 |     | $     | 36.15 |     | $     | 38.96 |     | $     | 41.78 |
| 0.0%            |     | $    | 30.21 |     | $    | 33.34 |     | $     | 36.46 |     | $     | 39.59 |     | $     | 42.72 |     | $     | 45.84 |
| 10.0%           |     | $    | 32.71 |     | $    | 36.15 |     | $     | 39.59 |     | $     | 40.03 |     | $     | 46.47 |     | $     | 49.90 |
| 20.0%           |     | $    | 35.