Accordingly, KBW believes that its analyses and the summary of its analyses must be considered as a whole and that selecting portions of its analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. For purposes of the financial analyses described below, KBW utilized an indicative transaction value for the proposed merger of $13.58 per share of outstanding William Penn common stock, or approximately $119 million in the aggregate, based on the 0.4260x exchange ratio in the proposed merger and the closing price of Mid Penn common stock on October 30, 2024. At the direction of Mid Penn management, KBW also used consensus “street estimates” for Mid Penn as of October 25, 2024 instead of October 30, 2024. In addition to the financial analyses described below, KBW reviewed with the Mid Penn board of directors for informational purposes, among other things, implied transaction multiples for the proposed merger (based on the implied transaction value for the proposed merger of $13.58 per share of outstanding William Penn common stock) of 79.9x William Penn’s estimated 2025 earnings per share (“EPS”) and 15.3x William Penn’s estimated 2026 EPS using financial forecasts and projections of William Penn provided by Mid Penn management (which gave effect to the realignment of the William Penn franchise). Mid Penn Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Mid Penn to 13 selected major exchangetraded banks headquartered in New Jersey or Pennsylvania with total assets between $2.5 billion and $8.0 billion. The selected companies were as follows (shown by column in descending order of total assets): Kearny Financial Corp. First Bank Peapack-Gladstone Financial Corporation BCB Bancorp, Inc. CNB Financial Corporation Citizens Financial Services, Inc. Northfield Bancorp, Inc. LINKBANCORP, Inc. Orrstown Financial Services, Inc. Citizens & Northern Corporation Peoples Financial Services Corp. Unity Bancorp, Inc. Fidelity D & D Bancorp, Inc. To perform this analysis, KBW used profitability and other financial information for the most recent completed fiscal quarter (“MRQ”) or latest twelve months (“LTM”) available or as of the end of such periods and market price information as of October 30, 2024. KBW also used 2024, 2025 and 2026 EPS estimates taken from publicly available consensus “street estimates” for Mid Penn as of October 25, 2024 and publicly available consensus “street estimates” for the selected companies to the extent publicly available (2024 and 2025 consensus “street estimates” were not publicly available for one of the selected companies and 2026 consensus “street estimates” were not publicly available for three of the selected companies). Where consolidated holding company level financial data for the selected companies was unreported, subsidiary bank level data was utilized to calculate ratios. Data necessary to calculate CET1 Ratio and Total Capital Ratio was not publicly available for one of the selected companies due to utilization of Community Bank Leverage Ratio (CBLR) framework. Certain financial data presented in the tables below may not correspond to the data presented in Mid Penn’s historical financial statements, or the data presented under the section “The Merger — Opinion of William Penn’s Financial Advisor,” as a result of the different periods, assumptions and methods used to compute the financial data presented. 77
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