Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 223

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 223
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 the amount or nature of the compensation to be received in the Merger by any First Savings officer, director or employee, or class of such persons, if any, relative to the amount of compensation to be received by any other shareholder. This opinion has been approved by Piper Sandler’s fairness opinion committee. This opinion may not be reproduced without Piper Sandler’s prior written consent; provided,however, Piper Sandler will provide its consent for the opinion to be included in any regulatory filings, including the proxy statement and the registration statement, to be filed with the SEC and mailed to shareholders in connection with the Merger. Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Exchange Ratio is fair to the holders of First Savings Common Stock from a financial point of view.

| Very truly yours, |

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