Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 81

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 81
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 income for fiscal year 2029 at a NTM P/E multiple range of 10.0x to 12.0x;

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Cost of equity range of 8.50% to 10.50%; and

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TABLE OF CONTENTS

• Common Equity Tier 1 target ratio of 10.0%. These calculations resulted in a range of implied values of $21.64 to $26.01 per share of Old National common stock, as compared to closing price of Old National common stock of $21.65 on November 22, 2024. Other Analyses Cash-Adjusted Implied Relative Value Analysis J.P. Morgan compared the results for Bremer to the results for Old National with respect to the public trading multiples and dividend discount analyses described above. J.P. Morgan compared the lowest equity value per share for Bremer (adjusted to reflect Old National’s payment of fixed cash consideration equal to $26.22 per share of Bremer common stock, as contemplated by the merger agreement) to the highest equity value per share for Old National to derive the lowest exchange ratio implied by each pair of results. J.P. Morgan also compared the highest equity value per share for Bremer (adjusted to reflect Old National’s payment of fixed cash consideration equal to $26.22 per share of Bremer common stock, as contemplated by the merger agreement) to the lowest equity value per share for Old National to derive the highest exchange ratio implied by each pair of results. The ranges of implied exchange ratios resulting from this analysis were:

| ​                       | ​ | ​ | Implied Exchange Ratios |   |   |         | ​ |
| ​                       | ​ | ​ | Low                     | ​ | ​ | High    | ​ |
| Price/2025E EPS         | ​ | ​ | 3.2472x                 | ​ | ​ | 6.4818x | ​ |
| Dividend Discount Model | ​ | ​ | 3.4800x                 | ​ | ​ | 5.4090x | ​ |

The ranges of implied exchange ratios resulting from the foregoing analysis were compared to the Exchange Ratio of 4.182x contemplated by the merger agreement. Value Creation Analysis Based on the Bremer management projections and information J.P. Morgan obtained from FactSet Research Systems and S&P Global Market Intelligence, J.P. Morgan prepared a value creation analysis that compared the equity value of Bremer to the Bremer shareholders’ portion of the pro