CASH 2018 Special Proxy Statement

Earnings Per Share Multiples Discount Rate 7.0x 8.4x 9.8x 11.2x 12.6x 14.0x 11.0% $226.60 $271.92 $317.24 $362.57 $407.89 $453.21 12.0% 218.62 262.34 306.07 349.79 393.51 437.24 13.0% 210.98 253.18 295.37 337.57 379.77 421.96 14.0% 203.68 244.41 285.15 325.88 366.62 407.35 15.0% 196.68 236.02 275.36 314.69 354.03 393.37 16.0% 189.99 227.99 265.98 303.98 341.98 379.98 17.0% 183.58 220.29 257.01 293.72 330.44 367.15 Tangible Book Value Per Share Multiples Discount Rate 125% 140% 155% 170% 185% 200% 11.0% $196.18 $219.72 $243.26 $266.80 $290.34 $313.89 12.0% 189.27 211.98 234.69 257.40 280.11 302.82 13.0% 182.65 204.57 226.49 248.41 270.33 292.25 14.0% 176.33 197.49 218.65 239.81 260.97 282.13 15.0% 170.28 190.71 211.14 231.57 252.01 272.44 16.0% 164.48 184.22 203.95 223.69 243.43 263.17 17.0% 158.93 178.00 197.07 216.14 235.21 254.28 Sandler O’Neill also considered and discussed with the Crestmark board of directors how this analysis would be affected by changes in the underlying assumptions, including variations with respect to net income. To illustrate this impact, Sandler O’Neill performed a similar analysis assuming Crestmark’s net income varied from 15% above projections to 15% below projections. This analysis resulted in the following range of per share values for Crestmark common stock, applying the implied transaction price to 2021 earnings per share multiples range of 7.0x to 14.0x referred to above and a discount rate of 13.09%: Earnings Per Share Multiples Variance to Net Income Forecast 7.0x 8.4x 9.8x 11.2x 12.6x 14.0x (15.0%) $178.76 $214.52 $250.27 $286.02 $321.78 $357.53 (10.0%) 189.28 227.14 264.99 302.85 340.70 378.56 (5.0%) 199.80 239.75 279.71 319.67 359.63 399.59 0.0% 210.31 252.37 294.44 336.50 378.56 420.62 5.0% 220.83 264.99 309.16 353.32 397.49 441.65 10.0% 231.34 277.61 323.88 370.15 416.42 462.68 15.0% 241.86 290.23 338.60 386.97 435.34 483.71 Sandler O’Neill noted that the net present value analysis is a widely used valuation methodology, but the results of such methodology are highly dependent upon the numerous assumptions that must be made, and the results thereof are not necessarily indicative of actual values or future results. Analysis of Selected Merger Transactions. Sandler O’Neill reviewed a group of selected merger and acquisition transactions involving U.S. banks (the “Nationwide Precedent Transactions”). The Nationwide 61