Consensus “Street Estimates” for Mid Penn used by William Penn The following table presents certain publicly available median analyst consensus “street estimates” for Mid Penn’s net income available to Mid Penn shareholders and earnings per share for the fiscal years ending December 31, 2024, 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 Piper Sandler’s use and reliance, and were used by Piper Sandler at the direction of Mid Penn, in financial analyses performed in connection with Piper Sandler’s respective opinions as described in the section entitled “Opinion of William Penn’s Financial Advisor.” Fiscal Year Ended December 31, 2024E 2025E 2026E Net income to common ($ in millions) . . . . . . . . . . . . . . . . . . . . . $48.6 $52.3 $56.1 Earnings Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.92 $3.14 $3.37 Long-term Annual Growth Rate Assumptions for Mid Penn provided by Mid Penn For purposes of extrapolating Mid Penn’s financial results beginning in 2027, Mid Penn management directed Piper Sandler to use and rely on a long-term annual growth rate of 4.0% for Mid Penn’s earnings per share. You are strongly cautioned not to place undue reliance on the prospective financial information set forth above. The inclusion of the prospective financial information in this joint proxy statement/prospectus should not be regarded as an indication that any of Mid Penn, William Penn, KBW, Piper Sandler, or their affiliates, advisors or representatives considered or considers such information to be necessarily predictive of actual future events, and the prospective financial information should not be relied upon as such. None of Mid Penn, William Penn, KBW, Piper Sandler or their respective affiliates, advisors, officers, directors or representatives can give any assurance that actual results will not differ from the assumptions, and none of them undertakes any obligation to update or otherwise revise or reconcile the assumptions to reflect circumstances existing after the date such information was generated or to reflect the occurrence of future events even in the event that any or all of the underlying assumptions are shown to be in error. None of Mid Penn, William Penn, KBW, Piper Sandler or their respective affiliates, advisors or representatives makes any representation to any shareholder regarding the prospective financial information. The prospective financial information is not being included in this joint proxy statement/prospectus to influence a shareholder’s decision regarding how to vote on any given proposal. In light of the foregoing, and considering that the parties’ special meetings will be held several months after the unaudited prospective financial information was prepared, as well as the uncertainties inherent in any forecasted information, Mid Penn shareholders and William Penn shareholders are cautioned not to place unwarranted reliance on such information. Board of Directors and Management of Mid Penn Following Completion of the Merger Following completion of the merger, the then current directors and executive officers of Mid Penn and Mid Penn Bank will continue in office. In addition, Kenneth J. Stephon, the current Chairman, President and Chief Executive Officer of William Penn, has entered into a three-year employment agreement with Mid Penn Bank, Mid Penn, William Penn Bank and Wiliam Penn under which Mr. Stephon will serve as Chief Corporate Development Officer of Mid Penn and Mid Penn Bank following the completion of the merger and will serve on the board of directors of Mid Penn and Mid Penn Bank and as Vice Chair of Mid Penn Bank. The remaining directors of William Penn then serving on the William Penn board of directors at the effective time of the merger will be appointed to a paid three-year advisory board of Mid Penn following completion of the merger. Appraisal Rights Pursuant to Maryland law, holders of William Penn common stock do not have the right to receive the appraised value of their shares in connection with the merger. 87
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