• Medallion Financial Corp. stock price is down 40% over the last 10 years.
• ZimCal seeks changes in leadership and governance and believes the current Board lacks independence and has rewarded management at the expense of stockholders.
• ZimCal sees heightened near-term risk factors given Medallion’s material subprime exposure, worsening charge-offs and poor history of loss mitigation.
• ZimCal sees tremendous growth and long-term profit potential for the Company with the right governance, management and business strategy in place.
• ZimCal launches campaign website www.restoretheshine.com.

ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and Stephen Hodges (collectively “ZimCal”) one of the largest investors in Medallion Financial Corp. (the “Company” or “MFIN”) with over $15.5 million in debt and equity investment exposure, filed a preliminary proxy statement with the Securities and Exchange Commission (“SEC”) in connection with its nomination of two independent Board candidates for election to the Company’s Board of Directors (the “Board”) at the 2024 Annual Meeting of Stockholders.

ZimCal’s nominees have a combined 40 years of financial experience in areas including banking, consumer lending, securitization, credit analysis and capital markets. Their experience directly overlaps with, and will enhance, the Company’s core business. The nominees bring a fresh perspective, are unafraid to challenge the status quo and will work tirelessly to help create shareholder value.

ZimCal will issue ongoing press releases with updates and details on its plan to “Restore the Shine” to Medallion Financial Corp. All releases will also be at www.restoretheshine.com.

Visit https://restoretheshine.com/home#Nominees to learn about our nominees.

Visit www.restoretheshine.com to view important details and updates, and to sign-up.

About ZimCal Asset Management, LLC

ZimCal Asset Management is an alternative investment firm focused primarily on niche, illiquid and complex credit investment opportunities.

ZimCal Asset Management partners with both healthy and distressed borrowers or issuers and provides customized solutions that meet their unique needs and circumstances. Over the last 15 years, the founder of ZimCal Asset Management has developed a specialization investing in FDIC-insured institutions and has partnered with over 120 bank lenders through investments on both sides of the balance sheet.

ZimCal usually works in collaboration with bank leadership teams if required, but on very rare occasions, must insert itself more forcefully if it believes that leadership is underwhelming and threatens to undermine stakeholder investments. ZimCal prides itself on performing extensive, rigorous financial analysis and research to fully understand the risks of any investment.

Solicitation Information

This press release is not a solicitation of a proxy from any security holder of Medallion Financial Corp. Stockholders are urged to read the definitive proxy statement and WHITE proxy card when they become available, because they will contain important information about the ZimCal nominees and related matters. Shareholders may obtain a free copy of the definitive proxy statement and WHITE proxy card (when available) and other documents filed by ZimCal on the web site of the Securities and Exchange Commission (SEC) at www.sec.gov. Shareholders may also direct a request to ZimCal’s proxy solicitor, Saratoga, 520 8th Avenue, 14th Floor, New York, NY 10018 (shareholders can e-mail at info@saratogaproxy.com or call toll-free at (888) 368-0379).

Participants in Solicitation

The identity of the participants in the solicitation and a description of their direct or indirect interests, by security holdings or otherwise is contained in ZimCal’s preliminary proxy statement filed with the SEC on April 10, 2024.

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