Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 78

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 78
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 others, the following assumptions, which were reviewed and approved (and, in certain cases, provided) by Bremer management:

•

The Bremer management projections;

•

Terminal value based on estimated net income for fiscal year 2029 at a price to next-twelve-months earnings (NTM P/E) multiple range of 9.0x to 11.0x;

•

Cost of equity range of 9.25% to 11.25%; and

•

Common Equity Tier 1 target ratio of 12.5%.

These calculations resulted in a range of implied values of $116.74 to $143.28 per share of Bremer common stock, as compared to the implied value of the consideration per share of Bremer common stock of $116.76 based on the closing price of Old National common stock of $21.65 on November 22, 2024.

#### Old National Analyses
Public Trading Multiples Analysis

For purposes of its public trading multiples analysis, and using publicly available information, J.P. Morgan compared selected financial data of Old National with similar data for nine selected publicly

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TABLE OF CONTENTS

traded companies engaged in businesses that J.P. Morgan judged to be analogous to Old National’s businesses (collectively, referred to in this section as the “Old National selected companies”). The companies selected by J.P. Morgan were:

1.

Associated Banc-Corp;

2.

Banc of California, Inc.;

3.

Cadence Bank;

4.

Columbia Banking System, Inc.;

5.

F.N.B. Corporation;

6.

Fulton Financial Corporation;

7.

Hancock Whitney Corporation;

8.

Prosperity Bancshares, Inc.; and

9.

Synovus Financial Corp.

The Old National selected companies were selected by J.P. Morgan because of similarities to Old National in one or more of their business characteristics and, in certain cases, similarities to Old National based on certain operational characteristics and/or certain financial metrics. However, none of the Old National selected companies is identical or directly comparable to Old National, and certain of the companies may have characteristics that are materially different from those of Old National. Accordingly, a complete analysis of the results of the following calculations cannot be limited to a quantitative review of such results and involves complex considerations and judgments concerning the differences in the financial and operating characteristics of the Old National selected companies compared to Old National and other factors that could affect the public trading value of the Old National selected companies and Old