Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 80

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 80
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 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%           |     | $    | 35.21 |     | $    | 38.96 |     | $     | 42.72 |     | $     | 46.47 |     | $     | 50.22 |