For purposes of extrapolating William Penn’s financial results, Mid Penn management directed KBW to use and rely on estimated long-term annual growth rates of 5.0% for William Penn’s total assets and net income to common shareholders, beginning in 2027 for purposes of performing KBW’s financial analyses in connection with its opinion as described in the section entitled “The Merger — Opinion of Keefe, Bruyette & Woods, Inc. to Mid Penn’s Board of Directors.” Consensus “Street Estimates” for Mid Penn used by Mid Penn The following table presents certain publicly available median analyst consensus “street estimates” for Mid Penn’s total assets and net income available to Mid Penn common shareholders as of, or for the quarter ending, December 31, 2024 and as of, or for the fiscal years ending, December 31, 2025 and December 31, 2026 (collectively referred to as the “street estimates used by Mid Penn”). The street estimates used by Mid Penn were approved by Mid Penn for KBW’s use and reliance, and were used by KBW at the direction of Mid Penn in financial analyses performed in connection with KBW’s opinion as described in the section entitled “The Merger — Opinion of Keefe, Bruyette & Woods, Inc. to Mid Penn’s Board of Directors.” As of or for the quarter ending December 31, As of or for the year ending December 31, 2024 2025 2026 Total assets ($ in billions) . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.58 $5.78 $6.02 Net income to common ($ in millions) . . . . . . . . . . . . . . . . . $11.8 $52.3 $56.1 Long-term Annual Growth Rate Assumptions for Mid Penn provided by Mid Penn For purposes of extrapolating Mid Penn’s financial results beginning in 2026, Mid Penn management directed KBW to use and rely on long-term annual growth rates of 4.0% for Mid Penn’s net income available to common shareholders and total assets for the purposes of performing KBW’s financial analyses in connection with its opinion as described in the section entitled “The Merger — Opinion of Keefe, Bruyette & Woods, Inc. to Mid Penn’s Board of Directors.” Estimates for William Penn used by William Penn The following table presents certain estimates for William Penn’s net income available to common shareholders and earnings per share for the years ending December 31, 2024, December 31, 2025, December 31, 2026 and December 31, 2027. The estimates were prepared by William Penn and were approved by William Penn for Piper Sandler’s use and reliance and were used by Piper Sandler at the direction of William Penn in the financial analyses performed in connection with Piper Sandler’s opinion as described in the section entitled “Opinion of William Penn’s Financial Advisor.” ($ Millions) As of or for the year ending December 31, 2024 2025 2026 2027 Net Income to Common Shareholders ............ ($0.01) $1.0 $3.2 $4.5 Earnings Per Share ........................... ($0.00) $0.12 $0.37 $0.52 For purposes of extrapolating William Penn’s financial results, William Penn management directed Piper Sandler to use and rely on an estimated long-term annual growth rate of 5.0% for William Penn’s net income to common shareholders, beginning in 2028 for purposes of performing Piper Sandler’s financial analyses in connection with its opinion as described in the section entitled “Opinion of William Penn’s Financial Advisor.” 86
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