additional authorization increased the Company’s stock repurchase program to a total of $20,000,000 in Company Common Stock (the “Repurchase Program”).

This letter is to advise you that Medallion Financial Corp. (the “Company”) has extended the terms of its Repurchase Program. Purchases will commence no earlier than the thirtieth (30 th ) calendar day following the mailing date of this notice, and are expected to conclude on the one hundred eightieth (180 th ) calendar day following the commencement of the purchases.

Under the terms of the Company’s Repurchase Program, the Company is permitted to repurchase its Common Stock in the open market from time-to-time pursuant to applicable securities laws and regulations. If the Company has not repurchased the additional $10,000,000 of Common Stock by the end of the period set forth above, the Company is permitted to extend the term of the Repurchase Program for an additional period or periods, until the Company has repurchased up to the total amount authorized under the Repurchase Program.

The Company and its Board of Directors believe the Repurchase Program is a productive and valuable use of capital. Thank you for your continued and steadfast support of our Company.


Sincerely,

/s/ Alvin Murstein
Alvin Murstein

Chairman of the Board of Directors

and Chief Executive Officer