CASH 2018 Special Proxy Statement

Board of Directors of Meta Financial Group, Inc. January 8, 2018 Page 4 Raymond James may provide investment banking, financial advisory and other financial services to the Company and/or Crestmark or their respective affiliates or other participants in the Transaction in the future, for which Raymond James may receive compensation. It is understood that this letter is for the information of the Board (solely in each directors capacity as such) in evaluating the proposed Transaction and does not constitute a recommendation to any shareholder of the Company regarding how said shareholder should vote on the proposed Transaction or any other matter. Furthermore, this letter should not be construed as creating any fiduciary duty on the part of Raymond James to any such party. This Opinion may not be reproduced, disclosed, referred to, published or otherwise used (in whole or in part) for any other purpose, nor shall any public references to Raymond James be made, without our prior written consent. The use of this Opinion and any description of our work and this Opinion in, or in connection with, a proxy statement used in connection with the Transaction that is required to be filed with the Securities and Exchange Commission, is subject to our prior review and written consent. Based upon and subject to the foregoing, it is our opinion that, 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. Very truly yours, /s/ Raymond James & Associates, Inc. RAYMOND JAMES & ASSOCIATES, INC. C-4