Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 76

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 76
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 of any such compensation. J.P. Morgan expressed no opinion as to the price at which Old National common stock will trade at any future time.

The terms of the merger agreement, including the merger consideration, were determined through arm’s-length negotiations between Bremer and Old National, and the decision to enter into the merger agreement was solely that of Bremer’s board of directors. J.P. Morgan’s opinion and financial analyses were only one of the many factors considered by Bremer’s board of directors in its evaluation of the proposed mergers and should not be viewed as determinative of the views of Bremer’s board of directors or management with respect to the proposed mergers or the merger consideration.

In accordance with customary investment banking practice, J.P. Morgan employed generally accepted valuation methodology in rendering its opinion to Bremer’s board of directors on November 24, 2024 and contained in the presentation delivered to Bremer’s board of directors on such date in connection with the rendering of such opinion. The summary below does not purport to be a complete description of the analyses or data presented by J.P. Morgan. Some of the summaries of the financial analyses include information presented in tabular format in the section entitled “— Other Analyses — Cash-Adjusted Implied Relative Value Analysis.” The tables are not intended to stand alone, and in order to more fully understand the financial analyses used by J.P. Morgan, the tables must be read together with the full text of each summary. Considering the data set forth below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of J.P. Morgan’s analyses.

#### Bremer 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 Bremer with similar data for four selected publicly traded companies engaged in businesses that J.P. Morgan judged to be analogous to Bremer’s businesses. The companies selected by J.P. Morgan were:

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TABLE OF CONTENTS

1.

Brookline Bancorp, Inc.;

2.

Dime Community Bancshares, Inc.;

3.

Horizon Bancorp, Inc.; and

4.

Metropolitan Bank Holding Corp. (collectively, the “Bremer selected companies”).

The Bremer selected companies were selected by J.P. Morgan because of similarities to Bremer in one or more of their business characteristics and, in certain cases