Market Overview

Monarch Private Capital Launches New Historic Preservation Fund

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Helping Create New Futures for Historically Significant Buildings

Monarch Private Capital (MPC), the most diversified investor in tax
credit projects, is pleased to announce the launch of Monarch Federal
Historic Preservation Fund I ("Fund I")
as a vehicle to promote
investment in federal historic tax credits in 2019 and 2020. MPC's
expertise is in the creation, operation and management of a variety of
different tax credit funds for many types of investors and a part of its
mission is to help create new futures for historically significant
buildings. The new fund will target investment in single year federal
historic tax credits and the planned size of the fund is $25 - $30
million.

Investors in Fund I will include financial institutions and corporations
interested in stimulating economic growth, seeking returns over eight
years and managing their effective tax rate. Fund I, the first of
several planned funds, will target properties that generate federal
historic tax credits of $1 million - $5 million and that qualify for
one-year credits under the 2017 Tax Cuts and Jobs Act. The footprint of
Fund I will be largely Midwestern and Southeastern properties.

ONB Community Equity LLC, a wholly owned subsidiary of Old National Bank
("ONB"), will enter as the lead investor in Fund I and will also apply
its tax credit expertise to provide origination, underwriting, and
monitoring services to a portion of Fund I's projects. MPC has partnered
with ONB Community Equity on previous investment in historic and state
tax credit transactions and shares in the mission of preserving historic
assets in the communities in which they serve.

"The launch of the Monarch Federal Historic Preservation Fund I is the
result of a shared vision and commitment together with ONB Community
Equity LLC to help transform under-occupied and vacant properties," says Rick
Chukas
, Managing Director of Federal Historic Tax Credits for
Monarch Private Capital. "I am pleased to welcome the commitment of ONB
Community Equity LLC as the lead institutional investor and I look
forward to welcoming additional institutional investors in the coming
months."

Chris Wolking, Senior Executive Vice President of Old National Bank
said, "Our relationship with Monarch Private Capital will allow Old
National Bank to leverage our existing expertise in tax credits and
community development finance to further support the rehabilitation of
important historic buildings. We believe these creative investments have
a tremendous impact on our communities, and ONB Community Equity LLC is
proud to be the lead institutional investor in Fund I."

The new fund will seek diversity among various real estate asset classes
and plans to encompass multifamily, commercial, retail, mixed use,
hospitality and special-purpose properties. The geographic footprint
will comprise 13 states including Georgia, Illinois, Indiana, Iowa,
Kentucky, Michigan, Minnesota, Missouri, North Carolina, Ohio, South
Carolina, Tennessee and Wisconsin.

For more information about Fund I or other MPC programs and services,
please contact Rick
Chukas
at 615-373-5155 or rchukas@monarchprivate.com.
Additional information is also available by visiting www.monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in
tax credit supported industries. The company is a nationally recognized
tax equity investor providing innovative capital solutions for
affordable housing, historic rehabilitations, renewable energy, film and
other qualified projects. Monarch has long term relationships with
institutional and individual investors, developers, and lenders that
participate in these types of federal and state programs. Headquartered
in Atlanta, Monarch has offices and tax credit professionals located
throughout the U.S. Please visit monarchprivate.com
to learn more.

About Old National Bank

Old National Bancorp (NASDAQ:ONB) is the holding company of Old National
Bank. Headquartered in Evansville with $17.5 billion in assets, it is a
top 100 U.S. bank, the largest Indiana-based bank and has been
recognized as a World's Most Ethical Company by the Ethisphere Institute
for seven consecutive years. For nearly 185 years, Old National has been
a community bank committed to building long-term, highly valued
relationships with clients. With locations in Indiana, Kentucky,
Michigan, Minnesota and Wisconsin, Old National provides retail and
commercial banking services along with comprehensive wealth management,
investment and capital markets services. For information and financial
data, please visit Investor Relations at oldnational.com.

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