INVESTOR SUMMARY stock performance return on assets return on equity efficiency ratio loan losses earnings growth A purchase of 100 shares in September 1982, when the holding company was organized, would have cost $4,200. Through three 2-for-1 stock splits, three 3-for-2 splits, and three five percent (5%) stock dividends, the number of shares held as of December 31, 2003, would be approximately 3,126 with a market value of $79,744. In addition, dividends in the amount of $29,434 would have been paid on the initial investment of $4,200. TRADING HISTORY LISTED ON NASDAQ/NMS ON JUNE 20, 1989 CURRENT BID PRICE AS OF 12/31/03: $25.51 2003 NASDAQ TRADING VOLUME: 4,832,381 SHARES DECEMBER 31, 2003 SHARES OUTSTANDING: 18,512,834 TRADING SYMBOL: FRME 2003 STOCK PRICE RANGE: HIGH $27.25 LOW $21.29 n FIRST MERCHANTS n SNL SECURITIES PEER GROUP  (1) $^{(1)}$ Bank holding companies with assets from $1 billion to $5 billion. 2003 peer data reflects results through September 30, 2003. 01 02 03 1.21% .93% 1.31% 1.11% 1.16% 1.18% 9.39% 13.36% 11.72% 01 02 03 14.11% 14.25% 13.79% (indicates the cost to produce a dollar of revenue) (as a percent of average loans) .44 .24 .24 .23 01 02 03 .37 .28 64.5 58.5 52.9 57.8 57.7 57.8 01 02 03 Initial Investment (9-82) $29,434 $79,744 $4,200 MARKET VALUE (bid) DIVIDENDS RECEIVED (through 12-31-03) INITIAL INVESTMENT (9/82) 1975 $1,537,000 2003 $27,571,000 6