CASH 2018 Special Proxy Statement

Appendix C January 8, 2018 Board of Directors of Meta Financial Group, Inc. 5501 S. Broadband Lane Sioux Falls, SD 57108 Members of the Board of Directors: We understand that Meta Financial Group, Inc. (the “Company” or “Meta”) and Crestmark Bancorp, Inc. (“Crestmark”), propose to enter into the Agreement (defined below) pursuant to which, among other things, Crestmark will be merged with and into the Company and Crestmark Bank will be merged with and into MetaBank (the “Transaction”) and that, in connection with the Transaction, each outstanding share of common stock, no par value, of Crestmark, will be converted into the right to receive 2.65 (the “Exchange Ratio”) shares of the Company’s common stock (the “Common Shares”). The Board of Directors of the Company (the “Board”) has requested that Raymond James & Associates, Inc. (“Raymond James,” “us” or “we”) provide an opinion (the “Opinion”) to the Board as to whether, as of the date hereof, the Exchange Ratio in the Transaction pursuant to the Agreement is fair from a financial point of view to the Company. In connection with our review of the proposed Transaction and the preparation of this Opinion, we have, among other things: 1. reviewed the financial terms and conditions as stated in the draft dated January 5, 2018 of the Agreement and Plan of Merger among the Company and Crestmark (the “Agreement”); 2. reviewed certain information related to the historical, current and future operations, financial condition and prospects of the Company and Crestmark made available to us by the Company or Crestmark, including, but not limited to, financial projections prepared by the management of the Company relating to the Company and Crestmark for the periods ending December 31, 2017 through September 30, 2022, as approved for our use by the Company (the “Projections”); 3. reviewed the Company’s recent public filings and certain other publicly available information regarding the Company and Crestmark; 4. reviewed financial, operating and other information regarding the Company and Crestmark and the industry in which it operates; 5. compared the financial and operating performance of the Company and Crestmark with that of certain other public companies that we deemed to be relevant; 6. reviewed the current and historical market prices and trading volume for the Common Shares, and the current market prices of the publicly traded securities of certain other companies that we deemed to be comparable to the Company; 7. conducted such other financial studies, analyses and inquiries and considered such other information and factors as we deemed appropriate; 8. reviewed and considered the pro forma financial impact of the Transaction on the Company based on the Projections and certain pro forma adjustments, as provided by the management of the Company; 9. reviewed a certificate addressed to Raymond James from a member of senior management of the Company regarding, among other things, the accuracy of the information, data and other materials (financial or otherwise) provided to, or discussed with, Raymond James by or on behalf of the Company; and C-1