Annex B October 31, 2024 Board of Directors William Penn Bancorporation 10 Canal Street, Suite 104 Bristol, PA 19007 Ladies and Gentlemen: William Penn Bancorporation (“William Penn”) and Mid Penn Bancorp, Inc. (“Mid Penn”) are proposing to enter into an Agreement and Plan of Merger (the “Agreement”) pursuant to which William Penn will, subject to the terms and conditions set forth therein, merge with and into Mid Penn (the “Merger”) so that Mid Penn is the surviving corporation in the Merger. As set forth in the Agreement, at the Effective Time, each share of William Penn Common Stock issued and outstanding immediately prior to the Effective Time, except for certain shares of William Penn Common Stock as specified in the Agreement, shall be converted into the right to receive 0.426 (the “Exchange Ratio”) of a share of Mid Penn Common Stock. Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Agreement. You have requested our opinion as to the fairness, from a financial point of view, of the Exchange Ratio to the holders of William Penn Common Stock. Piper Sandler & Co. (“Piper Sandler”, “we” or “our”), as part of its investment banking business, is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate transactions. In connection with this opinion, we have reviewed and considered, among other things: (i) an execution version of the Agreement; (ii) certain publicly available financial statements and other historical financial information of William Penn and its subsidiary, William Penn Bank, that we deemed relevant as well as certain preliminary financial information for William Penn Bank for the quarter ending September 30, 2024, as provided by the senior management of William Penn; (iii) certain publicly available financial statements and other historical financial information of Mid Penn and its subsidiary, Mid Penn Bank, that we deemed relevant; (iv) internal financial projections for William Penn for the years ending December 31, 2024 through December 31, 2027 with a long-term annual balance sheet and net income growth rate for the years thereafter and estimated dividends per share for William Penn for the years ending December 31, 2024 through December 31, 2028, as provided by the senior management of William Penn; (v) publicly available median analyst earnings per share estimates for Mid Penn for the years ending December 31, 2024 through December 31, 2026 as well as an estimated long-term annual earnings per share growth rate for the years thereafter and estimated dividends per share for Mid Penn for the years ending December 31, 2024 through December 31, 2028, as provided by the senior management of Mid Penn; (vi) the pro forma financial impact of the Merger on Mid Penn based on certain assumptions relating to transaction expenses, cost savings and purchase accounting adjustments, as well as estimated net income for William Penn for the years ending December 31, 2024 through December 31, 2028, as provided by the senior management of Mid Penn; (vii) the publicly reported historical price and trading activity for William Penn Common Stock and Mid Penn Common Stock, including a comparison of certain stock trading information for William Penn Common Stock and Mid Penn Common Stock and certain stock indices, as well as similar publicly available information B-1
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