Exhibit (b)(1)

Confidential

April 3, 2020

Asta Finance Acquisition Inc.

210 Sylvan Ave
Englewood Cliffs, NJ 07632
Attention: Mr. Gary Stern

Dear Mr. Stern:

We are pleased to inform you that, subject to the terms and conditions set forth below, Bank Leumi USA (“Bank,” “we” or “us”) has committed to provide at the request of Asta Finance Acquisition Inc. (“Borrower” or “you”) loans and/or other credit accommodations in an aggregate amount not to exceed $35,000,000 (collectively, the “Facility”). Bank’s obligation to make the Facility available to Borrower is subject to and conditioned upon Borrower’s acceptance of this letter by April 8, 2020 in the manner described below, and the satisfaction of the terms and conditions set forth herein.

The principal terms and conditions of the Facility are set forth on the term sheet attached hereto as Exhibit A and made a part hereof. In addition to these terms and conditions, the Facility shall also be governed by such other terms as are customarily required by Bank in transactions of this type, all as set forth in the definitive loan documents to be executed in connection therewith (the “Loan Documents”).

If the terms and conditions of the Facility and this letter are acceptable, please have both copies of this letter signed and return one copy to the undersigned c/o Bank Leumi USA, 579 Fifth Avenue, New York, NY 10017, no later than 5:00 p.m. (New York City time) on April 8, 2020. Upon acceptance, this letter will constitute a binding commitment for Bank to make the Facility available in accordance with its terms and conditions. Bank acknowledges receipt from Borrower of Forty Thousand Dollars ($40,000) as a deposit (the “Deposit”). Upon the closing of the Facility, the Deposit shall be applied by Bank to the payment of its fees and expenses related thereto, including without limitation the origination and other fees described on Exhibit A hereto. If the Facility does not close (for any reason other than willful default hereunder by Bank), the Deposit will be deemed earned by Bank in consideration for processing Borrower’s application and will not be refunded. Notwithstanding the foregoing, the Deposit is not a maximum sum that will be required to be paid by Borrower for Bank’s costs and expenses, and Borrower’s obligation to reimburse Bank for all of its costs and expenses remains unconditional.

In addition to the Borrower’s acceptance of the terms of this letter in the manner described above, Bank’s obligation to close and fund the Facility is subject to the satisfaction of the other conditions set forth herein and compliance with the terms and provisions contained in Exhibit A, each of which is incorporated into this letter by this reference, including, without limitation, Borrower’s compliance with all reasonable and customary closing requirements of Bank and its counsel consistent with the terms hereof. Furthermore, Bank shall have no obligation to close and fund the Facility if (i) there is a material adverse change with respect to Borrower or Secured Guarantor or their respective business, financial status or properties (including the proposed collateral), or (ii) the making of the Facility would violate any law, rule or regulation applicable to Bank. Any of the following occurrences shall (without limitation) be deemed to be a “material adverse change” for the purposes of the foregoing sentence: (a) any bankruptcy, reorganization or insolvency proceeding involving Borrower or Secured Guarantor is commenced by the Borrower or Secured Guarantor, or any such involuntary proceeding is commenced and not stayed or dismissed within thirty (30) days; or (b) any sale, transfer, lien or encumbrance (other than in favor of Bank or as permitted in accordance with Exhibit A) of the proposed collateral results in the requirement set forth under “Advance Rate” in Exhibit A to not be met.

In addition to the Deposit provided for above, and regardless of whether or not the Facility is closed or funded, Borrower hereby agrees to pay on demand all costs and expenses of Bank incurred in connection with the closing, documentation, review, negotiation and approval of this letter or the Facility, including without limitation the fees and expenses of Bank’s legal counsel, and recording, stamp and/or filing fees or taxes for all documents required to be filed or recorded in connection with the Facility. The foregoing obligation is unconditional, and shall survive the termination or other expiration of this letter and the execution of the Loan Documents.

If all required Loan Documents are not executed and delivered and the other conditions to closing set forth herein or on Exhibit A are not satisfied by July 14, 2020 (for any reason other than Bank’s willful default hereunder), then Bank’s obligations under this commitment shall cease and Bank shall have no liability to Borrower hereunder, unless Bank has extended its commitment to grant the Facility in a writing delivered by Bank to Borrower.

This commitment shall be deemed to be construed under the laws of the State of New York. Upon acceptance by Borrower, this commitment shall contain the sole and entire agreement and understanding of Bank and Borrower with respect to the entire subject matter hereof. Any and all prior discussions, applications, commitments, writings and understandings relating thereto are merged into and replaced by this commitment. This commitment cannot be waived, changed, modified, amended, or supplemented in any manner except by an instrument in writing signed by Bank. No waiver or modification by Bank of any term or condition of this commitment shall affect or be deemed to waive or modify any other term or condition hereof. This commitment is made for the purpose of defining and setting forth certain obligations, rights and duties of Borrower and Bank in connection with the requested Facility, and Borrower may not assign all or any portion of this commitment without the prior written consent of Bank.

ACCEPTANCE AND AGREEMENT:

The undersigned, with the intent to be legally bound, hereby accepts and agrees to the terms and conditions of the foregoing letter agreement and Exhibit A thereto, this

   7    day of April, 2020:

BORROWER:

ASTA FINANCE ACQUISITION INC., a Delaware corporation

¹ This arrangement will be described in detail in Asta Funding. Inc.’s merger/proxy statement and the related 13e-3 filing.

EXHIBIT B

forms of merger agreement, Limited Guarantee, Rollover Financing Commitment, Voting Agreement and Company Disclosure Letter

[See attached.]

Exhibit (c)(2)

ru-lNCOLN INTERNATIONAL CONFIDENTIAL - DRAFT Preliminary Discussion Materials Presentation to: The Special Committee of the Board of Directors of Asta Funding, Inc. December 30, 2019  Sta 

Disclaimer and Confidentiality Statement This presentation, and any supplemental information (written or oral) or other documents prwided in connection therewith (collectives', the •Materials'), are provided to, and soles' for the information of, the Special Commttee of the Board of Directors (the •aoarff) of the Company (as defined herein) in connection with the Special Committee of the aoarffs consideration of  a Proposed Transaction (as defined herein L This praentation is incomplete without reference to, and should be considered in conjunction wth, any supplemental information provided by  and discussions held with Lincoln Partners Advisors, LLC CLincoInE) in connection therewtm  Any defined terms used hereinshall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the Materials The Materials are for  discussion purposes onbq  Lincoln expressb' disclaims any and all liability which may be based on the Materials and any errors therein or omissions therefrom  The Materials were prepared for specific persons familiar wth the business and affairs of the Company for use in a specific context and were not prepared wth a view toward public  disclosure or to conform with any disclosure standards under any state, federal or international securities or other laws, rug or regulations, and none of the Special Commttee of the  Board, the Company, or Lincoln takes any responsibilty for the use of the Materials by persons other than the Special Committee of the Board and the Compan•y The Materials are  provided on a confidential basis soles' for the information of the Special Commttee of the Board and the Company, other than as described in the Engagement Letter (defined herein), and  may not be disclosed, summarized, reproduced, disseminated, quoted, or otherwise reÉredto, in whole or in part, without Lincoln's express prior written consent  The Materials are nec—sarity based on financial, economic, market, and other conditions as in effect on, and the information available to Lincoln as of, the date of the Materials Although  subsequent developments may affect the contents of the Materials, Lincoln has not undertaken, and is under no obligation, to update, revise, or reaffirm the Materials The Materials are  not intended to provide the sole basis for evaluation of the Proposed Transaction and do not purport to contain all information that may be required to do sm The Materials do not address  the undertying business decision of the Company or any other party to proceed with or effect the Proposed Transactiom The Materials do not constitute any opinion, nor do the Materials  constitute a recommendation to the Special Committee of the Board, the Company, any security holder of the Company, or any other party as to how to vote or act with respect to any  matter relating to the Proposed Transaction or otherwise Lincoln's ons' opinion is the Opinion (asdefined herein), ifany, that isactualb' deliveredto the Special Committee of the Board  The Materials may not reflect information known to other professionals other business areas of Lincoln and its affiliates  The preparation of the Materials was a complex proc—s involving quantitative and qualitative judgments and deter minations with respect to the financial, comparative, and other anatytic  methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial anatysS or  summary descriptiom Furthermore, Lincoln did not attibute any particular weight to any anaysS or factor considered t, but rather made qualitative judgments as to the significance  and relevance of each anatysis and factor Each analytical technique has inherentstrengths and weakness—, and the nature of the available information may further affect the value of  particular techniqu— Accordingty, the anatys— contained in the Materials must be considered as a whole Selecting portions of the anatys—, anatytic methods and factors without  considering all anatyses and factors could create a misleading or incomplete viewt The Materials reflect judgments and assumptions with regard to industry performance, general  business, economic, regulatory, market, financial conditions, and other matters, many of which are beyondthe controlofthe participants in the Proposed Transactiom  Any estimates of value contained in the Materials are not necessarily fidicative of actual value or predictive of future resutts or values, whidl may be significantly more or less favorable  Any anatys— relating to the value of asseÉ, businesses, or securities do not purport to be appraisals or to reflect the prees at whCh any asseÉ, busin—s—, or securities may actually be  The Materials do not constitute a valuation opinion, fairness opinion, or credit The Materials do not address any other terms, aspects, or implications of the Proposed Transaction,  or any agreements, arrangements, or understandings entered into in connection with the Proposed Transaction or otherwisæ Furthermore, the Materials do not addr—s the fairnzs of  any portion or aspect of the Proposed Transaction to any party In preparing the Materials, Lincoln has not conducted any physical inspection or independent appraSaI or evaluation of any of the assets, properties, or liabilities (contingent or otherwise) of the Company or any other party A.,LINCOLN INTERNATIONAL Sta 

Disclaimer and Confidentiality Statement (cont'd) Except as other-wee noted in the Materials, all budgets, projections, estimates, financial anatys—, reports, and other information with respect to operations (including estimates of potential cost savings and expense reflected in the Materials have been liepared management of the Company CManaaementE) or are derived from such budgeB, projections, —timates, financial anatys—, reports and other information or from other sourc—, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable The budgets, projections and estimates contained in the Materials may or may not be achieved and differenc— between Injected resu& and those actualb' achieved may be material Lincoln has relied upon repr—entations made by Management and other participants in the Proposed Transaction that such budgets, Injections, and estimates have been reasonabty prepared in good faith on bases reflecting the best currents' available estimates and judgments of such management (or, with rapect to information obtained from public sources, repr—ent reasonable estimates), and Lincoln expr—ses no opinion wth respect to such budgets, Injections, or estimates or the assumptions on which they are based Lincoln has assumed and relied upon the accuracy and completeness of the financial and other information provided to, decussed with or reviewed by t without (and without assuming responsibilty for) independent verification of such information, makes no repr—entation or warranty (EKIyess or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company and other parttipants in the Proposed Transaction that they are not aware of any facts or circumstances that would make such information inaccurate or In addition, Lincoln has relied upon and assumed, without independent verification, that there has been no change in the business, asseÉ, liabilities, financial condition, resu& of operations, cash flows, or licspecÉ of the Company or any other participant in the Proposed Transaction since the respectVe dates of the most recent financial statements and other in formation, financial or otherwise, prodded to, discussed with or reviewed by Lincoln that would be material to ts anatyses, and that the final forms of any draft documents reviewed by Lincoln will not differ in any material respect from such draft documents The Materials do not constitute a commitment by Lincoln or any of ts affiliates to undewrite, for or place any securities, to extend or arrange credit, or to grovide any other services Lincoln provides mergers and acquisitions, restucturing, and other adv—ory servees to clients, which may have in the past included, or may currentb' or in the future include, one or more interested parti— in the Proposed Transaction Clnterested PartiesE), for whCh serves Lincoln has received, and may receive, compensatiom Although Lincoln in the course of such activities and relationships or otherwSe may have acquired, or may in the future acquire, information about one or more Interested Parties or the Proposed Transaction, or that othetwee may be of interest to the Company, Lincoln shall have no obligation to, and may not be contractualty permitted to, disclose such information, or the fact that Lincoln is in possession of such information, to the Company or to usesuch information on the Company's behalf Lincoln and ts affiliates provide a range of investment banking and financial servic— and, in that regard, Lincoln may in the future provide, investment banking and other financial servic—  to the Company or ts respective affiliates, for which Lincoln and our affiliates would expect to receive compensatiom THIS REPORT IS NOT INTENDED TO REPRESENT AND DOES NOT REPRESENT AN OPINION BY LINCOLN. A.,LINCOLN  INTERNATIONAL Sta 

Table of Contents Section 1 Appendix A Appendix B Appendix C Preliminary Financial Analysis Fully-Diluted Shares Outstanding Asta Trading Analysis Premiums Paid Analysis 5 12 14 17 

Preliminary Financial Analysis Section 1 

Proposed Transaction and Lincoln Valuation Methodology Proposed Transaction • It is Lincoln's understanding that the Proposed Transaction involves the offer made by Gary Stern, the Chairman and Chief Executive Officer (the 'CEO") of the Company to acquire the shares of common stock of the Company not owned by tha CEO or his family (tha 'Public Shares" and such holders, to 'Public Shareholders") through a merger transaction in which the Public Shares will be convened into the right to receive cash consideration of SIO_76 par share (the 'Consideration", and such transaction, the 'Proposed Transaction"). Lincoln Valuation Methodology • Lincoln palformed a sum-of-the-pats financial analysis for each of the four primary operating segments of Asta Funding, Inc. ('Asta" or the , including: (i) consumer receivables, (ii) personal injury claims, (iii) social security disability advocacy, and (iv) corporate overhead (each a 'Segment"). For each Segment's discounted cash flow ("DCF") analysis, Lincoln utilized projections provided and prepared by management of the Company (the "Management Projections"), and With respect to corporate overhead projections reflecting certain adjustments as reviewed and approved for Lincoln's use by the Special Committee (the "Adjusted Management Projections"). For each Segment DCF, Lincoln utilized a capital asset pricing model ("CAPM")-derived weighted average cost of capital ("WACC") to discount to present value the future cash flows in each of the Management Projections and the Adjusted Management Projections, respectively. Based on an analysis of the selected public companies and commensurate with the risks related to the Company, a WACC of 11.5% was utilized. • Lincoln's valuation analysis excludes any potential impact ofthe derivative lawsuit filed by Danial Litten in Delaware Chancery Court on November 4, 2019 (the "Derivative Lawsuit"). A.,LINCOLN INTERNATIONAL Sta 

Lincoln Valuation Methodology (continued) Segment Consumer Receivables Personal Injury Claims Social Security Disability Advocacy Corporate Overhead A.,LINCOLN INTERNATIONAL Entity Palisades Collection, LLC (United States) Palisades Collection, LLC (International: Colombia and Peru) Simia Capital, LLC ('Simia") Sylvave, LLC ('Sylvave") Arthur Funding, LLC ('Allhul GAR Disability Advocates, LLC (GAR") Methodology DCF using Management Projections DCF using Management Projections DCF using Management Projections DCF using Management Projections Selected Public Companies / Transactions Analysis using the Company's investment in Arthur Funding as the basis DCF using Management Projections Selected Public Companies Analysis using GARs FY2019 and estimated FY2020 EBITDA as the basis for Lincoln's valuation DCF using Adjusted Management Projections discussed With and authorized by the Committee; Refer to slide 11 Sta 

Preliminary Financial Analysis – Equity Value Waterfall at High-End of Lincoln’s Valuation Range Note: Lincoln’s valuation analysis excludes any potential impact of the Derivative LawsuitPreliminary Valuation Summary($ in Thousands, except per share values)Proposed Per ShareValue Per Share (1) Transaction Consideration (1)Liquid Financial AssetsCash And Cash Equivalents (2) $4,308.0 $0.64Investments (3) 8,044.6 1.19Available-For-Sale Securities (3) 56,271.1 8.35Total Liquid Financial Assets $68,623.6 $10.18Segment Enterprise Value (Sum-of-the-Parts Analysis)Consumer Receivables $19,423.0 $2.88Personal Injury Claims 2,559.0 0.38GAR 9,008.0 1.34Corporate Overhead (4) (24,553.0) (3.64)Total Segment Enterprise Value (Rounded) (5) $6,437.0 $0.95Other AssetsPresent Value of NOL Tax Benefits $1,230.5 $0.18Equity Method Investment (Serlefin) (2) (6) 280.0 0.04Settlements Receivable (2) (7) 1,558.0 0.23Other Assets (2) 1,135.0 0.17Total Other Assets $4,203.5 $0.62Preliminary Aggregate Equity Value $79,264.1 $11.76 $72,460.5 $10.75For Reference Only - Value of Public Company Cost Savings (8) $4,272.0 $0.63Preliminary Aggregate Equity Value + Public Company Cost Savings $83,536.1 $12.39Implied Equity Value Multiples2019A Book Value $89,169.0 0.89x 0.81x2019A Tangible Book Value 87,759.0 0.90x 0.83x2019A Earnings 7,175.0 11.0x 10.1x(1) Fully-diluted shares outstanding were calculated using the Treasury Stock Method and the Consideration; see Appendix A for more details(2) As of September 30, 2019, per Company filings(3) Reflects market value as of December 27, 2019(4) Corporate Overhead was calculated using the Adjusted Management Projections through FY2026(5) DCFs and Selected Public Companies Analyses for each Segment were based on the Management Projections(6) Relates to the Company's 49% owned joint venture with Serlefin Peru(7) Relates to a lawsuit filed by the Company against a third-party servicer arising from the servicer's failure to pay certain amounts due under a servicing agreement(8) For illustrative purposes only. Represents the variance in the value of the Corporate Overhead Segment including/excluding public company expenses

Book Value Methodologies - Balance Sheet as of September 30, 2019 Book Value Calculations – For Illustrative Purposes Note: The analyses presented above are not valuation methodologies, rather analyses presented tothe Special Committee for illustrative purposes($ in Thousands, except per share values)Book ValueTangibleBook ValueOperating AssetsConsumer receivables acquired for liquidation $1,668.0 $1,668.0Investment in personal injury claims, net 5,190.0 5,190.0Due from third party collection agencies and attorneys 596.0 596.0Accounts receivable, net 266.0 266.0Prepaid and income taxes receivable, net 264.0 264.0Furniture and equipment, net 120.0 120.0Total Operating Assets $8,104.0 $8,104.0Operating LiabilitiesAccounts payable and accrued expenses $941.0 $941.0Income taxes payable 575.0 575.0Total Operating Liabilities $1,516.0 $1,516.0Total Stockholders' Equity - Operating $6,588.0 $6,588.0Per Share Value (1) $0.98 $0.98Non-Operating AssetsCash and cash equivalents $4,308.0 $4,308.0Available-for-sale debt securities (at fair value) 56,123.0 56,123.0Investments in equity securities (at fair value) 8,136.0 8,136.0Equity method investment 280.0 280.0Settlement receivable 1,558.0 1,558.0Deferred income taxes 9,631.0 9,631.0Goodwill 1,410.0 0.0Other assets 1,135.0 1,135.0Total Non-Operating Assets $82,581.0 $81,171.0Total Stockholders' Equity - Non-Operating $82,581.0 $81,171.0Per Share Value (1) $12.25 $12.04Total Stockholders' Equity $89,169.0 $87,759.0Per Share Value (1) $13.23 $13.02(1) Fully-diluted shares outstanding were calculated using the Treasury Stock Method and the Consideration; see(1) Appendix A for more details

Illustrative Perspectives on Potential Negotiation Positions 514.00 511.76 S 12.00 510.00 54. oo 52.00 Lincoh (Includng PubCo Expenæs) 51239 Lincoh (Excludiæ Pino Expenses) 1m pas Consideration of Mr. Stern'sOffer 51±02 Tangbé 3cok V Sue so-Dav vwAP as of 10/30/19 51323 $510.75 5.72 Vail e A.,LINCOLN INTERNATIONAL Source: Company filings, Management Projections Note: October 30, 2019 represents thedate of Mm Stern'soffer; Lincoln'sAnatyses representthe high—endofLincoIn's valuation range; Tangible 300k Value and 300k Value indicationsare for reference ony Sta 

Corporate Overhead - Management Projections vs. Adjusted Management Projections Following the Special Committee’s review of the Management Projections, the Special Committee instructed Lincoln tomakecertainadjustments to the Company’s projected corporate overhead expenses. The Adjusted Management Projections, as displayed in the above chart, were subsequently reviewed by the Special Committee and approvedforusebyLincoln in its analysis.Source: Management Projections; Special Committee Adjusted Projections7,422.0$6,885.0 $6,899.0 $6,913.0 $6,928.0 $6,944.0 $6,961.0 $7,827.0 $6,095.0 $4,990.0 $4,156.4 $3,556.4 $2,593.3$2,105.1$0.0$1,000.0$2,000.0$3,000.0$4,000.0$5,000.0$6,000.0$7,000.0$8,000.07,422.0$6,885.0 $6,899.0 $6,913.0 $6,928.0 $6,944.0 $6,961.0 $7,827.0 $6,095.0 $4,990.0 $4,156.4 $3,556.4 $2,593.3 $2,105.1 $0.0$1,0 00.0$2,0 00.0$3,0 00.0$4,0 00.0$5,000.0 $6,000.0$7,000.0$8,000.0$9,000.0 Management Projections Adjusted Management ProjectionsFY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

Fully-Diluted Shares Outstanding Appendix A 

Fully-Diluted Shares Outstanding Fully-Diluted Shares Outstanding (1) Shares Outstanding (2) Options Outstanding (3) Fully-Diluted Shares Oustanding (1) Provided by Company Management (2) Shares outstanding as of September 30, 2019 172,749 (3) Dilution from outstanding options was calculated using the Treasury Stock Method and the Consideration A.,LINCOLN INTERNATIONAL Sta 

Asta Trading Analysis Appendix B

Asta Trading Analysis Ownership and Common Stock Overview Source: S&P Capital IQ and Company SEC filings “Insiders” in the pie chart above includes the shares of: (i) Ricky Stern, (ii) Gary Stern, (iii) GMS Family Investors LLC, and (iv) Asta Group, Inc. Shareholder Total Shares % of Total Stern, Ricky 1,659,250 25.3% Stern, Gary 1,407,345 21.4% GMS Family Investors LLC 871,500 13.3% Asta Group, Inc. 842,000 12.8% RBF Capital LLC 400,000 6.1% BlackRock, Inc. 278,175 4.2% Dimensional Fund Advisors L.P. 84,845 1.3% Bridgeway Capital Management, Inc. 83,600 1.3% Geode Capital Management, LLC 39,457 0.6% The Vanguard Group, Inc. 32,041 0.5% Top 10 Shareholders 5,698,213 86.8% All Other Shareholders 869,552 13.2% Total Shares Outstanding 6,567,765 100.0% Asta - Common Stock Overview Asta - Historical Daily Trading Volume Stock Price as of December 27, 2019 $10.38 One-Week Average 2,717 Two -Week Average 2,332 One-Month Average 2,543 Stock Price as of December 27, 2018 4.10 % of Shares Outstanding 0.0% % of Shares Outstanding 0.0% % of Shares Outstanding 0.0% Stock Price as of December 27, 2017 7.75 % of Float 0.2% % of Float 0.2% % of Float 0.2% 30-Day Volume Weighted Average Price ("VWAP") $10.37 Two-Month Average 5,666 Six-Month Average 4,439 One-Year Average 5,024 60-Day VWAP 9.95 % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% 90-Day VWAP 8.99 % of Float 0.4% % of Float 0.3% % of Float 0.4% 52-Week Average Closing Price $6.79 Two-Year Average 9,371 Three-Year Average 10,905 Four-Year Average 14,029 52-Week High Closing Price 10.43 % of Shares Outstanding 0.1% % of Shares Outstanding 0.2% % of Shares Outstanding 0.2% 52-Week Low Closing Price 4.06 % of Float 0.7% % of Float 0.8% % of Float 1.0% 104-Week Average Closing Price $5.63 Total Shares Outstanding 6,567,765 104-Week High Closing Price 11.25 Public Float Shares 1,365,170 104-Week Low Closing Price 2.85 Public Float % 20.8% Ins iders 72.8% Ins titutional Publ ic and Other 18.7%

Asta Trading Analysis 2-Year Trading History 514.00  Announcement / Completion  ot $5.30 per share  Special Dividend  512.00  510.00  goo  52.00  source: captai a  A.,LINCOLN  INTERNATIONAL  Gary Stern offer to take  the Company private on October  30, $10.75 per share  Consideration: $10.75  0.25 S  Sta 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Volume (thousands) Share Price Consideration: $10.75 Announcement / Completion of $5.30 per share Special Dividend Gary Stern offer to take the Company private on Octobe

Premiums Paid Analysis Appendix C

Illustrative Premiums Paid Analysis Source: Capital IQ (1) October 30, 2019 represents the date of filing for the Proposed Transaction  Premiums Paid Analysis Stock Price Premium (Median) Criteria Number of Transactions 1-Day Prior (%) 1-Week Prior (%) 1-Month Prior (%) All Diversified Financials Deals 41 20.7% 27.6% 21.5% All Deals with Enterprise Value < $500 million 217 17.8% 20.0% 18.8% All United States Deals 28 30.2% 31.6% 37.2% All Deals with Majority Shareholder Purchasing Remaining Shares 367 17.2% 18.8% 19.5% Asta - Stock Price as of October 30, 2019 (1) $6.79 $6.70 $7.00 Proposed Transaction @ $10.75 58.3% 60.4% 53.6% Asta - 1-Year Trailing VWAP as of October 30, 2019 (1) $5.77 Proposed Transaction @ $10.75 86.5% Asta - Stock Price as of December 27, 2019 $10.35 $10.38 $10.37 Proposed Transaction @ $10.75 3.9% 3.6% 3.7% Asta - 1-Year Trailing VWAP as of December 27, 2019 $6.80 Proposed Transaction @ $10.75 53.1% Notes: Data excludes negative premiums, includes only announced, effective, and closed deals over the prior five years, and includes Notes: transactions with a majority shareholder purchasing remaining shares

Exhibit (c)(3)

Disclaimer and Confidentiality Statement This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the “Materials”), are provided to, and solely for the information of, the Committee (as defined herein) of the Company (as defined herein) in connection with the Committee’s consideration of a Proposed Transaction (as defined herein). This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions held with Lincoln (as defined herein) in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the Materials. The Materials are for discussion purposes only. Lincoln expressly disclaims any and all liability which may be based on the Materials and any errors therein or omissions therefrom. The Materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view toward public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company, or Lincoln takes any responsibility for the use of the Materials by persons other than the Committee and the Company. The Materials are provided on a confidential basis solely for the information of the Committee and the Company, other than as described in the engagement letter between Lincoln and the Company, dated November 25, 2019 (the “Engagement Letter”), and may not be disclosed, summarized, reproduced, disseminated, quoted, or otherwise referred to, in whole or in part, without Lincoln’s express prior written consent. The Materials are necessarily based on financial, economic, market, and other conditions as in effect on, and the information available to Lincoln as of, the date of the Materials. Although subsequent developments may affect the contents of the Materials, Lincoln has not undertaken, and is under no obligation, to update, revise, or reaffirm the Materials. The Materials are not intended to provide the sole basis for evaluation of the Proposed Transaction and do not purport to contain all information that may be required to do so. The Materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Proposed Transaction. The Materials do not constitute any opinion, nor do the Materials constitute a recommendation to the Committee, the Company, any security holder of the Company, or any other party as to how to vote or act with respect to any matter relating to the Proposed Transaction or otherwise. Lincoln’s only opinion is the Opinion (as defined herein), if any, that is actually delivered to the Committee. The Materials may not reflect information known to other professionals in other business areas of Lincoln and its affiliates. The preparation of the Materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative, and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Lincoln did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the Materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The Materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market, financial conditions, and other matters, many of which are beyond the control of the participants in the Proposed Transaction. Any estimates of value contained in the Materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses, or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses, or securities may actually be sold. The Materials do not constitute a fairness opinion, solvency opinion, valuation opinion, credit rating, an analysis of the Company’s credit worthiness, as tax advice, or as accounting advice. The Materials do not address any other terms, aspects, or implications of the Proposed Transaction, or any agreements, arrangements, or understandings entered into in connection with the Proposed Transaction or otherwise. Furthermore, the Materials do not address the fairness of any portion or aspect of the Proposed Transaction to any party. In preparing the Materials, Lincoln has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties, or liabilities (contingent or otherwise) of the Company or any other party.

Disclaimer and Confidentiality Statement (cont’d) Except as otherwise noted in the Materials, all budgets, projections, estimates, financial analyses, reports, and other information with respect to operations (including estimates of potential cost savings and expenses) reflected in the Materials have been prepared by management of the Company (“Management”) or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates contained in the Materials may or may not be achieved and differences between projected results and those actually achieved may be material. Lincoln has relied upon representations made by Management and other participants in the Proposed Transaction that such budgets, projections, and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Lincoln expresses no opinion with respect to such budgets, projections, or estimates or the assumptions on which they are based. Lincoln has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company and other participants in the Proposed Transaction that they are not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Lincoln has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows, or prospects of the Company or any other participant in the Proposed Transaction since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Lincoln that would be material to its analyses, and that the final forms of any draft documents reviewed by Lincoln will not differ in any material respect from such draft documents. The Materials do not constitute a commitment by Lincoln or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. Lincoln provides mergers and acquisitions, restructuring, and other advisory services to clients, which may have in the past included, or may currently or in the future include, one or more interested parties to the Proposed Transaction (each an “Interested Party”), for which services Lincoln has received, and may receive, compensation. Although Lincoln in the course of such activities and relationships or otherwise may have acquired, or may in the future acquire, information about one or more Interested Parties or the Proposed Transaction, or that otherwise may be of interest to the Company, Lincoln shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Lincoln is in possession of such information, to the Company or to use such information on the Company’s behalf. Lincoln and its affiliates provide a range of investment banking and financial services and, in that regard, Lincoln may in the future provide, investment banking and other financial services to the Company or its respective affiliates, for which Lincoln and our affiliates would expect to receive compensation. THIS REPORT IS NOT INTENDED TO REPRESENT AND DOES NOT REPRESENT AN OPINION BY LINCOLN.

Table of Contents Section 1 Executive Summary 5 Section 2 Summary of Key Changes from December 30, 2019 Presentation 11 Section 3 Preliminary Valuation Analysis – Consumer Receivables 18 Section 4 Preliminary Valuation Analysis – Personal Injury Claims 22 Section 5 Preliminary Valuation Analysis – GAR 29 Section 6 Preliminary Valuation Analysis – Corporate Overhead 35 Appendix A Valuation Support 41 Appendix B Fully-Diluted Shares Outstanding 49 Appendix C Asta Trading Analysis 51 Appendix D Illustrative Premiums Paid Analysis 54 Appendix E Illustrative Minority Shareholder Consideration Sensitivities 56

Executive Summary Section 1

Executive Summary Engagement Overview, Proposed Transaction, and Determinations Engagement Overview Lincoln International LLC (“Lincoln”) has been engaged to serve as financial advisor to the Special Committee of the Board of Directors (the “Committee”) of Asta Funding, Inc. (“Asta” or the “Company”) to (i) provide customary financial and valuation advisory services to the Committee to assist it in evaluating and, if requested by the Committee, negotiating the Proposed Transaction (as described below), and (ii) upon request by the Committee, render to it a written opinion, as described below. Proposed Transaction It is Lincoln’s understanding that the Proposed Transaction involves the offer made by Gary Stern, the Chairman and Chief Executive Officer (the “CEO”) of the Company to acquire the shares of common stock of the Company not owned by the CEO or his family (the “Public Shares” and such holders, the “Public Shareholders”) through a merger transaction in which the Public Shares will be converted into the right to receive cash consideration of [$11.00] per share (the “Consideration”, and such transaction, the “Proposed Transaction”). The Opinion Upon request by the Committee, Lincoln will render a written opinion (the “Opinion”) as to whether the Consideration to be received by the Public Shareholders in connection with the Proposed Transaction is fair, from a financial point of view, to the Public Shareholders. Source: Mr. Stern’s proposal to the Board as of October 30, 2019; as verbally increased to [$11.00] per share on a Source: telephonic call with Mr. Stern and the Chairman of the Special Committee on December 31, 2019

Executive Summary Descriptions of the Three Sets of Projections “Original Management Projections” Represents the projections prepared and provided by Management of the Company to Lincoln on December 9, 2019. “Management Projections” Represents the projections prepared and provided by Management of the Company to Lincoln on January 6, 2020. “Adjusted Management Projections” Represents the projections prepared and provided by Management of the Company to Lincoln, and with respect to corporate overhead expense projections, reflecting certain adjustments as reviewed and approved for Lincoln’s use by the Special Committee on January 13, 2020.

Executive Summary Lincoln Valuation Methodology Lincoln performed a sum-of-the-parts financial analysis for each of the four primary operating segments of Asta: (i) consumer receivables, (ii) personal injury claims, (iii) social security disability advocacy, and (iv) corporate overhead (each a “Segment”, and collectively, the “Segments”). Segment    Entity    Valuation Methodology Consumer Receivables Palisades Collection, LLC (United States) Discounted cash flow analysis (“DCF”) using the Management Projections Palisades Collection, LLC (International: Colombia and Peru) DCF using the Management Projections Personal Injury Claims Simia Capital, LLC (“Simia”) DCF using the Management Projections Sylvave, LLC (“Sylvave”) DCF using the Management Projections Arthur Funding, LLC (“Arthur Funding”) Selected Public Companies / M&A Transactions Analysis using the Company’s investment in Arthur Funding as the basis Social Security Disability Advocacy GAR Disability Advocates, LLC (“GAR”) DCF using the Management Projections Selected Public Companies Analysis using GAR’s FY2019PF EBITDA as the basis for Lincoln’s preliminary valuation Corporate Overhead DCF using the Adjusted Management Projections discussed with and authorized by the Committee; see Section 6 for more details. For each Segment’s DCF analysis, Lincoln utilized the Management Projections, and with respect to corporate overhead, the Adjusted Management Projections, and a capital asset pricing model (“CAPM”)-derived weighted average cost of capital (“WACC”) to discount to present value the future cash flows in each of the Management Projections and the Adjusted Management Projections, respectively. Based on an analysis of the selected public companies used in Lincoln’s preliminary analysis and commensurate with the risks related to the Company and each of its Segments, Lincoln used a WACC range of 11.5% to 16.5%.

Executive Summary Preliminary Valuation Summary Notes: Lincoln’s valuation analysis excludes any potential impact of the derivative lawsuit filed by Daniel Litten in Notes: Delaware Chancery Court on November 4, 2019 (the “Derivative Lawsuit”); Notes: Proposed Transaction Aggregate Equity Value was implied from the Consideration and the midpoint of Notes: Lincoln’s fully-diluted shares outstanding Preliminary Valuation Summary ($ in Thousands, except per share values) Proposed Low Mid High Transaction Liquid Financial Assets Cash And Cash Equivalents (2) $4,308.0 $4,308.0 $4,308.0 Investments (3) 8,071.5 8,071.5 8,071.5 Available-For-Sale Securities (3) 56,279.9 56,279.9 56,279.9 A Total Liquid Financial Assets $68,659.4 $68,659.4 $68,659.4 Segment Enterprise Value (Sum-of-the-Parts Analysis) Consumer Receivables $16,800.0 $17,400.0 $18,000.0 Personal Injury Claims 2,245.0 2,376.0 2,456.0 GAR 5,000.0 5,950.0 7,250.0 Corporate Overhead (4) (22,700.0) (23,700.0) (24,800.0) B Total Segment Enterprise Value $1,345.0 $2,026.0 $2,906.0 Other Assets Present Value of NOL Tax Benefits $0.1 $0.1 $0.1 Equity Method Investment (Serlefin) (2) (5) 280.0 280.0 280.0 Settlements Receivable (2) (6) 1,558.0 1,558.0 1,558.0 Other Assets (2) (7) 389.0 389.0 389.0 C Total Other Assets $2,227.1 $2,227.1 $2,227.1 D = A + B + C Aggregate Equity Value $72,231.4 $72,912.5 $73,792.5 $74,179.1 E Fully-Diluted Shares Outstanding (1) 6,738,789 6,743,555 6,749,593 6,743,555 F = D / E Value Per Share $10.72 $10.81 $10.93 $11.00 Implied Aggregate Equity Value Multiples 2019A Book Value $89,169.0 0.81x 0.82x 0.83x 0.83x 2019A Tangible Book Value 87,759.0 0.82x 0.83x 0.84x 0.85x 2019A Earnings 7,175.0 10.1x 10.2x 10.3x 10.3x (1) Fully-diluted shares outstanding were calculated using the Treasury Stock Method and Lincoln's range of Value Per Share; see Appendix B for additional details (2) As of September 30, 2019, per Company filings (3) Reflects market value as of January 15, 2020 (4) Corporate Overhead was calculated using the Adjusted Management Projections through FY2026; see Section 6 for additional details (5) Relates to the Company's 49% owned joint venture with Serlefin Peru (6) Relates to a lawsuit filed by the Company against a third-party servicer arising from the servicer's failure to pay certain amounts due under a servicing agreement (7) Other Assets consists of (i) a Republic Bank Deposit of $215,000 and (ii) a Loan to Serlefin of $174,000

Executive Summary Book Value Reconciliation Book Value Reconciliation - Balance Sheet as of September 30, 2019 ($ in Thousands, except per share values) Book Value Tangible Book Value Lincoln Midpoint Valuation Analysis Operating Assets Consumer receivables acquired for liquidation $1,668.0 $1,668.0 Investment in personal injury claims, net 5,190.0 5,190.0 Due from third party collection agencies and attorneys 596.0 596.0 Accounts receivable, net 266.0 266.0 Prepaid and income taxes receivable, net 264.0 264.0 Furniture and equipment, net 120.0 120.0 Goodwill 1,410.0 0.0 Other Assets 746.0 746.0 A Total Operating Assets $10,260.0 $8,850.0 Operating Liabilities Accounts payable and accrued expenses $941.0 $941.0 Income taxes payable 575.0 575.0 B Total Operating Liabilities $1,516.0 $1,516.0 C = A - B Total Stockholders' Equity - Operating $8,744.0 $7,334.0 $2,026.0 Per Share Amount (1) $1.30 $1.09 $0.30 Non-Operating Assets Cash and cash equivalents $4,308.0 $4,308.0 $4,308.0 Available-for-sale debt securities (at fair value) 56,123.0 56,123.0 56,279.9 Investments in equity securities (at fair value) 8,136.0 8,136.0 8,071.5 Equity method investment 280.0 280.0 280.0 Settlement receivable 1,558.0 1,558.0 1,558.0 Deferred income taxes 9,631.0 9,631.0 0.1 Other assets 389.0 389.0 389.0 D Total Non-Operating Assets $80,425.0 $80,425.0 $70,886.5 Total Stockholders' Equity - Non-Operating $80,425.0 $80,425.0 $70,886.5 Per Share Amount (1) $11.93 $11.93 $10.51 E = C + D Total Stockholders' Equity $89,169.0 $87,759.0 $72,912.5 Per Share Amount (1) $13.22 $13.01 $10.81 (1) Fully-diluted shares outstanding of 6,743,555 were calculated using the Treasury Stock Method and Lincoln's midpoint per share value; see (1) Appendix B for additional details

Summary of Key Changes from December 30, 2019 Presentation Section 2

Summary of Key Changes from December 30, 2019 Presentation Historical and Projected Financial Statements – Comparison of Management Projections $20,000.0 $15,000.0 $10,000.0 $5,000.0 $0.0 (5,000.0) (10,000.0) $14,390.0 $12,512.0 $11,260.0 $10,365.0 $9,558.0 $8,450.0 $7,911.0 $13,142.0 $11,840.0 $10,368.0 $9,656.0 $9,040.0 $8,071.0 $7,628.0 $915.0 ($1,256.0) ($2,216.0) ($2,912.0) ($4,021.0) ($4,572.0) $1.0 ($414.0) ($1,917.0) ($2,720.0) ($3,250.0) ($4,246.0) ($4,745.0) $1.0 $0.9 $0.7 $0.6 $0.5 $0.4 $0.3

Summary of Key Changes from December 30, 2019 Presentation Historical and Projected Financial Statements – Original Management Projections Source: Original Management Projections, as provided to Lincoln by Management on December 9, 2019 Historical and Projected Financial Statements - Original Management Projections ($ in Thousands) Fiscal Year Ended September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,858.0 $4,743.0 $3,860.0 $2,671.0 $2,051.0 Personal Injury Claims Funding 1,754.0 2,202.0 84.0 151.0 202.0 422.0 498.0 579.0 660.0 GAR 4,598.0 4,861.0 5,200.0 5,200.0 5,200.0 5,200.0 5,200.0 5,200.0 5,200.0 Total Revenue $22,215.0 $21,113.0 $14,390.0 $12,512.0 $11,260.0 $10,365.0 $9,558.0 $8,450.0 $7,911.0 Growth NA (5.0%) (31.8%) (13.1%) (10.0%) (7.9%) (7.8%) (11.6%) (6.4%) (+) Other Income (1) 4,179.0 706.0 115.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $26,394.0 $21,819.0 $14,505.0 $12,539.0 $11,265.0 $10,370.0 $9,563.0 $8,455.0 $7,916.0 (-) General & Admini s trative Expenses (5,774.0) (5,385.0) (6,082.0) (5,622.0) (5,602.0) (5,653.0) (5,527.0) (5,512.0) (5,527.0) EBITDA (Pre-Corporate Overhead) $20,620.0 $16,434.0 $8,423.0 $6,917.0 $5,663.0 $4,717.0 $4,036.0 $2,943.0 $2,389.0 Growth NA (20.3%) (48.7%) (17.9%) (18.1%) (16.7%) (14.4%) (27.1%) (18.8%) Margin 78.1% 75.3% 58.1% 55.2% 50.3% 45.5% 42.2% 34.8% 30.2% (-) Corporate Overhead (9,311.0) (7,895.0) (7,508.0) (6,913.0) (6,919.0) (6,933.0) (6,948.0) (6,964.0) (6,961.0) Growth NA (15.2%) (4.9%) (7.9%) 0.1% 0.2% 0.2% 0.2% (0.0%) EBITDA (Pos t-Corporate Overhead) $11,309.0 $8,539.0 $915.0 $4.0 ($1,256.0) ($2,216.0) ($2,912.0) ($4,021.0) ($4,572.0) Growth NA (24.5%) (89.3%) (99.6%) NM NM NM NM NM Margin 42.8% 39.1% 6.3% 0.0% (11.1%) (21.4%) (30.5%) (47.6%) (57.8%) (1) Excludes interes t income attributable to U.S. Treasuries

Summary of Key Changes from December 30, 2019 Presentation Historical and Projected Financial Statements – Management Projections Historical and Projected Financial Statements - Management Projections ($ in Thousands) Fiscal Year Ended September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,624.0 $4,601.0 $3,816.0 $2,671.0 $2,051.0 Personal Injury Claims Funding 1,754.0 2,202.0 84.0 151.0 202.0 422.0 498.0 579.0 660.0 GAR 4,598.0 4,861.0 3,952.0 4,528.0 4,542.0 4,633.0 4,726.0 4,821.0 4,917.0 Total Revenue $22,215.0 $21,113.0 $13,142.0 $11,840.0 $10,368.0 $9,656.0 $9,040.0 $8,071.0 $7,628.0 Growth NA (5.0%) (37.8%) (9.9%) (12.4%) (6.9%) (6.4%) (10.7%) (5.5%) (+) Other Income (1) 4,179.0 862.0 115.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $26,394.0 $21,975.0 $13,257.0 $11,867.0 $10,373.0 $9,661.0 $9,045.0 $8,076.0 $7,633.0 (-) General & Admini s trative Expenses (5,774.0) (5,537.0) (5,834.0) (5,396.0) (5,391.0) (5,468.0) (5,367.0) (5,378.0) (5,417.0) EBITDA (Pre-Corporate Overhead) $20,620.0 $16,438.0 $7,423.0 $6,471.0 $4,982.0 $4,193.0 $3,678.0 $2,698.0 $2,216.0 Growth NA (20.3%) (54.8%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 78.1% 74.8% 56.0% 54.5% 48.0% 43.4% 40.7% 33.4% 29.0% (-) Corporate Overhead (9,292.0) (7,831.0) (7,422.0) (6,885.0) (6,899.0) (6,913.0) (6,928.0) (6,944.0) (6,961.0) Growth NA (15.7%) (5.2%) (7.2%) 0.2% 0.2% 0.2% 0.2% 0.2% EBITDA (Pos t-Corporate Overhead) $11,328.0 $8,607.0 $1.0 ($414.0) ($1,917.0) ($2,720.0) ($3,250.0) ($4,246.0) ($4,745.0) Growth NA (24.0%) (100.0%) NM NM NM NM NM NM Margin 42.9% 39.2% 0.0% (3.5%) (18.5%) (28.2%) (35.9%) (52.6%) (62.2%) (1) Excludes interes t income attributable to U.S. Treasuries Source: Management Projections, as provided to Lincoln by Management on January 6, 2020

Summary of Key Changes from December 30, 2019 Presentation Historical and Projected Financial Statements – Adjusted Management Projections Historical and Projected Financial Statements - Adjusted Management Projections ($ in Thousands) Fiscal Year Ended September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,624.0 $4,601.0 $3,816.0 $2,671.0 $2,051.0 Personal Injury Claims Funding 1,754.0 2,202.0 84.0 151.0 202.0 422.0 498.0 579.0 660.0 GAR 4,598.0 4,861.0 3,952.0 4,528.0 4,542.0 4,633.0 4,726.0 4,821.0 4,917.0 Total Revenue $22,215.0 $21,113.0 $13,142.0 $11,840.0 $10,368.0 $9,656.0 $9,040.0 $8,071.0 $7,628.0 Growth NA (5.0%) (37.8%) (9.9%) (12.4%) (6.9%) (6.4%) (10.7%) (5.5%) (+) Other Income (1) 4,179.0 862.0 115.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $26,394.0 $21,975.0 $13,257.0 $11,867.0 $10,373.0 $9,661.0 $9,045.0 $8,076.0 $7,633.0 (-) General & Admini s trative Expenses (5,774.0) (5,537.0) (5,834.0) (5,396.0) (5,391.0) (5,468.0) (5,367.0) (5,378.0) (5,417.0) EBITDA (Pre-Corporate Overhead) $20,620.0 $16,438.0 $7,423.0 $6,471.0 $4,982.0 $4,193.0 $3,678.0 $2,698.0 $2,216.0 Growth NA (20.3%) (54.8%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 78.1% 74.8% 56.0% 54.5% 48.0% 43.4% 40.7% 33.4% 29.0% (-) Corporate Overhead (9,292.0) (7,831.0) (7,422.0) (6,470.1) (4,981.3) (4,192.4) (3,677.5) (2,697.6) (2,215.7) Growth NA (15.7%) (5.2%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) EBITDA (Pos t-Corporate Overhead) $11,328.0 $8,607.0 $1.0 $0.9 $0.7 $0.6 $0.5 $0.4 $0.3 Growth NA (24.0%) (100.0%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 42.9% 39.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% (1) Excludes interes t income attributable to U.S. Treasuries Source: Adjusted Management Projections, as provided to the Special Committee by Lincoln on January 13, 2020

Summary of Key Changes from December 30, 2019 Presentation Source: Management Projections and Adjusted Management Projections Notes: Value (Prior) and Value (Current) represent the high-end of Lincoln’s preliminary valuation range Preliminary Valuation Summary - Variance to Prior Analysis ($ in Thousands, except per share values) High-End Value High-End Value Per Share Per Share (Prior) (Current) Variance (Prior) (Current) Variance Liquid Financial Assets Cash And Cash Equivalents (2) $4,308.0 $4,308.0 $0.0 $0.64 $0.64 ($0.00) Investments (3) 8,044.6 8,071.5 27.0 1.19 1.20 0.00 Available-For-Sale Securities (3) 56,271.1 56,279.9 8.8 8.35 8.34 (0.01) A Total Liquid Financial Assets $68,623.6 $68,659.4 $35.8 $10.18 $10.17 ($0.01) Segment Enterprise Value (Sum-of-the-Parts Analysis) Consumer Receivables $19,423.0 $18,000.0 ($1,423.0) $2.88 $2.67 ($0.21) Personal Injury Claims 2,559.0 2,456.0 (103.0) 0.38 0.36 (0.02) GAR 9,008.0 7,250.0 (1,758.0) 1.34 1.07 (0.26) Corporate Overhead (4) (24,553.0) (24,800.0) (247.0) (3.64) (3.67) (0.03) B Total Segment Enterprise Value $6,437.0 $2,906.0 ($3,531.0) $0.95 $0.43 ($0.52) Other Assets Present Value of NOL Tax Benefits $1,230.5 $0.1 ($1,230.4) $0.18 $0.00 ($0.18) Equity Method Investment (Serlefin) (2) (5) 280.0 280.0 0.0 0.04 0.04 (0.00) Settlements Receivable (2) (6) 1,558.0 1,558.0 0.0 0.23 0.23 (0.00) Other Assets (2) 1,135.0 389.0 (746.0) 0.17 0.06 (0.11) C Total Other Assets $4,203.5 $2,227.1 ($1,976.4) $0.62 $0.33 ($0.29) D = A + B + C Aggregate Equity Value $79,264.1 $73,792.5 ($5,471.6) $11.76 $10.93 ($0.83) Fully-Diluted Shares Outstanding (1) 6,740,514 6,749,703 Value Per Share $11.76 $10.93 Implied Equity Value Multiples 2019A Book Value $89,169.0 0.89x 0.83x 2019A Tangible Book Value 87,759.0 0.90x 0.84x 2019A As Reported Net Income 7,175.0 11.0x 10.3x (1) Fully-diluted shares outstanding of 6,740,514 and 6,749,703, respectively were calculated using the Treasury Stock Method and Lincoln's Value Per Share; see Appendix B for additional details (2) As of September 30, 2019, per Company filings (3) Reflects market value as of December 27, 2019 and January 15, 2020, respectively (4) Corporate Overhead was calculated using the Adjusted Management Projections through FY2026; see Section 6 for additional details (5) Relates to the Company's 49% owned joint venture with Serlefin Peru (6) Relates to a lawsuit filed by the Company against a third-party servicer arising from the servicer's failure to pay certain amounts due under a servicing agreement

Summary of Key Changes from December 30, 2019 Presentation Investments and Available-For-Sale Securities: Updated publicly-traded securities with market prices as of January 10, 2020. Segment Enterprise Values: Consumer Receivables: Incorporated the current Management Projections, in which Management corrected for a double counting of a portion of finance income vs. the Original Management Projections, which was already being accounted for as cash collections beyond FY2021. In addition, Lincoln allocated several accounts previously classified as “Other Assets” to working capital; Personal Injury Claims: Incorporated the latest Arthur Funding portfolio details through December 31, 2019, and updated Lincoln’s price / book value multiples range from 0.75x - 1.00x to 1.00x - 1.25x; GAR: Incorporated the current Management Projections, as provided by Management. Lincoln updated its EBITDA multiple selection from 4.5x – 5.5x to 4.0x – 5.5x. Lincoln also made pro forma adjustments to the FY2019 EBITDA to account for (i) the full amount of the GAR President’s salary of $330,000 (an incremental $220,000 vs. the Management Projections), as he is solely dedicated to GAR, per Management, and (ii) to remove the impact of Five Star cash collections, which is currently being wound down; allocated several accounts previously classified as “Other Assets” to working capital; and Corporate Overhead: Allocated several accounts previously classified as “Other Assets” to working capital. Minor changes to the Adjusted Management Projections, due to the incorporation of the current Management Projections. NOL Tax Benefits: Lower NOL value due to de minimis consolidated income throughout the forecast period as a result of the updated Management Projections. Other Assets: Allocated several accounts previously classified as “Other Assets” to the working capital balances of the applicable Segment. Fully-Diluted Shares Outstanding: Updated the Treasury Stock Method calculations, using Lincoln’s range of per share values; See Appendix B for more details. Source: Original Management Projections; Management Projections; Adjusted Management Projections; Market data Source: as of January 10, 2020; Company Management

Preliminary Valuation Analysis – Consumer Receivables Section 3

Preliminary Valuation Analysis – Consumer Receivables Historical and Projected Financial Statements Historical and Projected Financial Performance - Consumer Receivables ($ in Thousands) Management Projections Long-Term Projections '19A - '28P '20P - '28P FY Ending September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P CAGR Avg. Finance Income $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,624.0 $4,601.0 $3,816.0 $2,671.0 $2,051.0 $1,640.8 $1,312.6 (23.2%) Other Income $4,077.0 $773.0 $115.0 $27.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 (42.9%) Total Revenue $19,940.0 $14,823.0 $9,221.0 $7,188.0 $5,629.0 $4,606.0 $3,821.0 $2,676.0 $2,056.0 $1,645.8 $1,317.6 (23.6%) Growth NA (25.7%) (37.8%) (22.0%) (21.7%) (18.2%) (17.0%) (30.0%) (23.2%) (20.0%) (19.9%) (-) Total Operating Expenses ($1,722.0) ($2,155.0) ($1,289.0) ($1,231.0) ($1,185.0) ($1,154.0) ($1,130.0) ($1,096.0) ($1,078.0) ($1,078.0) ($1,078.0) (7.4%) EBITDA $18,218.0 $12,668.0 $7,932.0 $5,957.0 $4,444.0 $3,452.0 $2,691.0 $1,580.0 $978.0 $567.8 $239.6 (35.7%) Margin 91.4% 85.5% 86.0% 82.9% 78.9% 74.9% 70.4% 59.0% 47.6% 34.5% 18.2% 61.4% Growth NA (30.5%) (37.4%) (24.9%) (25.4%) (22.3%) (22.0%) (41.3%) (38.1%) (41.9%) (57.8%) Net Working Capital $4,504.0 $2,264.0 $1,341.0 $549.0 $285.0 $125.0 $66.0 $45.0 $35.0 $29.6 $25.3 (39.3%) as a % of Total Revenue 22.6% 15.3% 14.5% 7.6% 5.1% 2.7% 1.7% 1.7% 1.7% 1.8% 1.9% 4.3% Source: Management Projections Note: Net Working Capital includes (i) changes in operating assets and liabilities and (ii) principal collections from both Note: the U.S. and international consumer receivables portfolios

Preliminary Valuation Analysis – Consumer Receivables DCF Analysis - Key Assumptions As part of its preliminary valuation analysis, Lincoln performed a DCF utilizing the Management Projections for the fiscal years (“FY”) ended September 30, 2020 through September 30, 2026. Based on discussions with Management, there have not been any new consumer receivable portfolio purchases in several years, and there are no plans to restart consumer receivable portfolio purchases in the near future for either the domestic or international operations of the Company’s Consumer Receivables Segment. For the purposes of Lincoln’s preliminary analysis, and based on discussions with Management, Lincoln assumed that Consumer Receivables portfolio would be liquidated at the end of FY2028, after which point the Segment is projected to become unprofitable on a standalone EBITDA basis. As such, no terminal value was contemplated in Lincoln’s DCF analysis. The following is a summary of the key assumptions used in the DCF analysis, extrapolated through FY2028, based on discussions with Management, for the Company’s Consumer Receivables Segment: Total revenue and EBITDA are projected to decrease at a CAGR of 23.6% and 35.7%, respectively, over the FY2019 through FY2028 period; The Company’s Consumer Receivables Segment EBITDA margin is projected to decline from 85.5% in FY2019 to 18.2% in FY2028; Given the run-off nature of the portfolio, Lincoln assumed that the Company’s Consumer Receivables Segment would be liquidated at the end of FY2028, after which point the Segment is projected to become unprofitable on a standalone EBITDA basis; Net working capital, calculated on a cash-free, debt-free basis, and including principal collections on each of the U.S. and international consumer receivable portfolios, averages 4.3% of Segment revenue over the FY2020 through FY2028 period; Lincoln utilized a tax rate of 28.1%, per Management; and The resulting discrete cash flows were discounted at a WACC range of 11.5% to 16.5%. Source: Management Projections Notes: DCF analysis does not contain a terminal value as the Consumer Receivables Segment is assumed to cease Notes: operations at FY2028, after which point it is projected to become unprofitable on a standalone EBITDA basis. Notes: Net Working Capital includes changes in operating assets and liabilities and principal collection from both the Notes: U.S. and international consumer receivables portfolios

Preliminary Valuation Analysis – Consumer Receivables DCF Analysis - Summary DCF Analysis - Consumer Receivables ($ in Thousands) Management Projections Long-Term Projections '19A - '28P '20P - '28P FY Ending September 30, 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P CAGR Avg. Total Revenue $14,823.0 $9,221.0 $7,188.0 $5,629.0 $4,606.0 $3,821.0 $2,676.0 $2,056.0 $1,645.8 $1,317.6 (23.6%) % Growth (25.7%) (37.8%) (22.0%) (21.7%) (18.2%) (17.0%) (30.0%) (23.2%) (20.0%) (19.9%) EBITDA $12,668.0 $7,932.0 $5,957.0 $4,444.0 $3,452.0 $2,691.0 $1,580.0 $978.0 $567.8 $239.6 (35.7%) % Margin 85.5% 86.0% 82.9% 78.9% 74.9% 70.4% 59.0% 47.6% 34.5% 18.2% 61.4% % Growth (30.5%) (37.4%) (24.9%) (25.4%) (22.3%) (22.0%) (41.3%) (38.1%) (41.9%) (57.8%) EBIT $7,932.0 $5,957.0 $4,444.0 $3,452.0 $2,691.0 $1,580.0 $978.0 $567.8 $239.6 (-) Pro Forma Taxes @ 28.1% (2,229.7) (1,674.5) (1,249.2) (970.4) (756.4) (444.1) (274.9) (159.6) (67.4) NOPAT $5,702.3 $4,282.5 $3,194.8 $2,481.6 $1,934.6 $1,135.9 $703.1 $408.2 $172.3 (+/-) Net Working Capital 923.0 792.0 264.0 160.0 59.0 21.0 10.0 5.4 4.3 Free Cash Flow $6,625.3 $5,074.5 $3,458.8 $2,641.6 $1,993.6 $1,156.9 $713.1 $413.6 $176.6 Discount Period 0.21 1.21 2.21 3.21 4.21 5.21 6.21 7.21 8.21 Discount Factor @ 14.00% 0.9727 0.8533 0.7485 0.6566 0.5759 0.5052 0.4432 0.3887 0.3410 Present Value of Unlevered Free Cash Flow $6,444.6 $4,329.9 $2,588.8 $1,734.4 $1,148.1 $584.4 $316.0 $160.8 $60.2 Enterprise Value Low Mid High WACC 16.50% 14.00% 11.50% Present Value of Discrete Cash Flows $16,751.9 $17,367.2 $18,043.9 Indicated Enterprise Value (Rounded) $16,800.0 $17,400.0 $18,000.0 Source: Management Projections Notes: DCF analysis does not contain a terminal value as the Consumer Receivables Segment is assumed to cease Notes: operations at FY2028, after which point it is projected to become unprofitable on a standalone EBITDA basis. Notes: Net Working Capital includes changes in operating assets and liabilities and principal collection from both the Notes: U.S. and international consumer receivables portfolios

Preliminary Valuation Analysis – Personal Injury Claims Section 4

Preliminary Valuation Analysis – Personal Injury Claims Historical and Projected Financial Statements – Arthur Funding Historical and Projected Financial Performance - Arthur Funding ($ in Thousands) Management Projections FY Ending September 30, 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Personal Injury Claims Income $12.0 $84.0 $151.0 $202.0 $422.0 $498.0 $579.0 $660.0 Other Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Revenue $12.0 $84.0 $151.0 $202.0 $422.0 $498.0 $579.0 $660.0 Growth NA NM 79.8% 33.8% 108.9% 18.0% 16.3% 14.0% (-) Total Operating Expenses ($80.0) ($379.0) ($406.0) ($423.0) ($506.0) ($535.0) ($620.0) ($651.0) EBITDA ($68.0) ($295.0) ($255.0) ($221.0) ($84.0) ($37.0) ($41.0) $9.0 Margin (566.7%) (351.2%) (168.9%) (109.4%) (19.9%) (7.4%) (7.1%) 1.4% Growth NA NM NM NM NM NM NM NM Investment in Arthur Funding ($225.0) ($322.0) ($199.0) ($332.0) ($601.0) ($703.0) ($768.0) ($849.0) Free Cash Flow ($617.0) ($454.0) ($553.0) ($685.0) ($740.0) ($809.0) ($842.3) as a % of Total Revenue (734.5%) (300.7%) (273.8%) (162.3%) (148.6%) (139.7%) (127.6%) Source: Management Projections

Preliminary Valuation Analysis – Personal Injury Claims Projected Simia and Sylvave Book Value Rollforward and Remaining Portfolio Composition Simia and Sylvave Book Value Rollforward $665.0 $495.0 $325.0 $155.0 $2,300.0 $1,450.0 $600.0 $0.0 $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 2020P 2021P 2022P 2023P 2024P Simia Sylvave Remaining Portfolio Composition Simia Number of Loans 269 Total Balance ($ in thousands) $2,958.9 Average Interest Rate 21.5% Most Seasoned 11/12/2013 Most Recent 10/26/2017 Sylvave Number of Loans 1,960 Total Balance ($ thousands) $17,726.1 Average Upfront Fee Collected $716.8 Most Seasoned 8/9/2010 Most Recent 7/10/2017 Source: Management Projections

Preliminary Valuation Analysis – Personal Injury Claims DCF Analysis - Key Assumptions As part of its preliminary valuation analysis, Lincoln determined the indicated enterprise value of the Company’s Personal Injury Claims Segment by performing a DCF analysis utilizing the Management Projections, and a Selected Public Companies / M&A Transactions Analysis for Arthur Funding using the Company’s invested capital in Arthur Funding as of December 31, 2019 to which Lincoln applied a range of book value multiples. Based on discussions with Management, there have been no new personal injury claims portfolio fundings for either Simia and Sylvave in several years and all new personal injury claims fundings are expected to be completed by the Company’s Arthur Funding Segment. As such, no terminal value was contemplated in Lincoln’s DCF analysis for Simia and Sylvave. The following is a summary of the key assumptions used in the DCF analysis for Simia and Sylvave: Principal and interest cash collections for each of Simia and Sylvave, as displayed on the next page, were projected by Management based on historical realization rates, and are expected to decline to zero by FY2024 as the portfolios are fully-wound down; Operating expenses for Simia and Sylvave are correspondingly expected to decline throughout the projection period; Due to the projected pre-tax losses for Simia and Sylvave, Lincoln projected cash taxes to be zero; and The resulting discrete cash flows were discounted at a WACC range of 11.5% to 16.5%. Source: Management Projections

Preliminary Valuation Analysis – Personal Injury Claims Simia and Sylvave DCF Analysis – Summary DCF Analysis - Simia and Sylvave ($ in Thousands) Management Projections FY Ending September 30, 2020P 2021P 2022P 2023P 2024P Principal Collections - Simia $304.0 $76.0 $76.0 $76.0 $76.0 Interest Collections - Simia 96.0 24.0 24.0 24.0 24.0 Principal Collections - Sylvave 672.0 503.0 503.0 336.0 0.0 Interest Collections - Sylvave 328.0 247.0 247.0 164.0 0.0 Total Portfolio Cash Flows $1,400.0 $850.0 $850.0 $600.0 $100.0 (-) Total Operating Expenses ($628.0) ($197.0) ($197.0) ($197.0) ($66.0) (-) Pro Forma Taxes 0.0 0.0 0.0 0.0 0.0 Free Cash Flow $772.0 $653.0 $653.0 $403.0 $34.0 Discount Period 0.21 1.21 2.21 3.21 4.21 Discount Factor @ 14.00% 0.9727 0.8533 0.7485 0.6566 0.5759 Present Value of Unlevered Free Cash Flow $750.9 $557.2 $488.8 $264.6 $19.6 Enterprise Value Low Mid High WACC 16.50% 14.00% 11.50% Present Value of Discrete Cash Flows $2,020.8 $2,081.0 $2,145.7 Indicated Enterprise Value (Rounded) $2,000.0 $2,100.0 $2,150.0 Source: Management Projections Notes: Cash flows for each of Simia and Sylvave were projected based on historical realization rates, as provided by Notes: Management portfolios. DCF analysis for Simia and Sylvave does not contain a terminal value as the Notes: Segments are in wind-down and will cease operations at FY2024, per Management.

Preliminary Valuation Analysis – Personal Injury Claims Arthur Funding - Selected Public Companies / M&A Transactions Analysis - Summary Lincoln considered eight public companies and three selected M&A transactions in the specialty finance industry. Lincoln’s selected multiples for Arthur Funding were based on a comparative analysis that considered, among other things, certain quantitative and qualitative factors including the following: geographic footprint, relative size, historical and projected financial performance and profitability, the length of time Arthur Funding has been originating new business, and Arthur Funding’s revenue and earnings composition. Lincoln further notes that Arthur Funding represents an early stage investment for the Company, having launched in May 2019, and the Segment has not yet generated significant origination volumes. Appendix A contains additional details of Arthur Funding’s total originations through December 31, 2019. Selected Public Companies / M&A Transactions Analysis - Summary ($ in Thousands) Selected Public Companies M&A Selected Multiples Financial Equity Value Equity Value Multiple Low - High Median Median Low - High Statistic (1) Low Mid High LTM Book Value 0.66x - 3.51x 1.62x 1.43x 1.00x - 1.25x $245.1 $245.1 $275.7 $306.3 Indicated Equity Value Range (Rounded) $245.0 $276.0 $306.0 (1) Book Value for Arthur Funding represents the Company's investment in Arthur Funding as of December 31, 2019; see Appendix A for additional details Note: None of the selected public companies or the target companies in the M&A transactions analysis is identical to Arthur Funding and Lincoln does not have access to non-public information regarding those companies. Source: Investment in Arthur Funding as of December 31, 2019 was provided by Management. See Appendix A for Source: additional details of Arthur Funding’s total originations through December 31, 2019 Source: For purposes of Lincoln’s preliminary valuation analysis for Arthur Funding, Equity Value is equal to Source: Enterprise Value since there is no corresponding Segment-level leverage

Preliminary Valuation Analysis – Personal Injury Claims Preliminary Valuation Summary Preliminary Valuation Summary - Personal Injury Claims ($ in Thousands) Enterprise Value Low Mid High DCF Analysis - Simia and Sylvave $2,000.0 $2,100.0 $2,150.0 Selected Public Companies / M&A Transactions Analysis - Arthur Funding 245.0 276.0 306.0 Indicated Enterprise Value Range (Rounded) $2,245.0 $2,376.0 $2,456.0 Source: Management Projections Note: Indicated Enterprise Value Range represents the sum of the DCF Analysis – Simia and Sylvave and the Note: Selected Public Companies / M&A Transactions Analysis – Arthur Funding

Preliminary Valuation Analysis – GAR Section 5

Preliminary Valuation Analysis – GAR Historical and Projected Financial Statements Historical and Projected Financial Performance - GAR ($ in Thousands) Management Projections '19A - '26P '20P - '26P FY Ending September 30, 2018PF 2019PF 2020P 2021P 2022P 2023P 2024P 2025P 2026P CAGR Avg. Disability Fee Income $4,598.0 $4,861.0 $3,952.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.2% Other Income 8.0 48.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NM Total Revenue $4,606.0 $4,909.0 $3,952.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.0% Growth NA 6.6% (19.5%) 14.6% 0.3% 2.0% 2.0% 2.0% 2.0% (-) Total Operating Expenses ($3,721.0) ($3,549.0) ($3,538.0) ($3,562.0) ($3,586.0) ($3,611.0) ($3,636.0) ($3,662.0) ($3,688.0) 0.6% EBITDA $885.0 $1,360.0 $414.0 $966.0 $956.0 $1,022.0 $1,090.0 $1,159.0 $1,229.0 (1.4%) Margin 19.2% 27.7% 10.5% 21.3% 21.0% 22.1% 23.1% 24.0% 25.0% 21.0% Growth NA 53.7% (69.6%) 133.3% (1.0%) 6.9% 6.7% 6.3% 6.0% Net Working Capital $446.0 $446.0 $401.0 $401.0 $401.0 $401.0 $401.0 $401.0 (1.5%) as a % of Total Revenue 9.1% 11.3% 8.9% 8.8% 8.7% 8.5% 8.3% 8.2% 8.9% Note: 2018PF and 2019PF total operating expenses were adjusted to include the full amount of the GAR President's salary of $330,000 (an incremental $220,000 vs. the Management Note: Projections), as he is solely dedicated to GAR, per Management. Five Star Veterans Disability, LLC, a division of GAR (" Five Star"), represents a diminishing portfolio, in which Note: the Company is not actively investing going forward. Five Star future cash collections are projected to be $150,000 in 2020P, $75,000 in 2021P, and $0 in 2022P and thereafter. Source: Management Projections

Preliminary Valuation Analysis – GAR DCF Analysis - Key Assumptions As part of its valuation analysis, Lincoln performed a DCF utilizing the Management Projections for FY2020 through FY2026. Beyond the projection period, Lincoln estimated the continuing value of GAR (the “Terminal Value”) by using a terminal growth rate of 2.0%, based on discussions with Management, reflecting Management’s view of the long term growth rate. The following is a summary of the key assumptions used in the DCF analysis for GAR: Total revenue is projected to decrease (19.5%) in FY2020 followed by a recovery to approximately $4.9 million by FY2026; Total revenue decline in FY2020 is primarily driven by the Social Security Administration approving cases more quickly, which in turn reduces GAR’s revenue per case due to lower levels of retroactive benefits. Total revenue growth beyond FY2020 of approximately 2% per year approximates the growth rate of the overall economy, per Management. EBITDA is projected to decrease at a CAGR of 1.4% over the FY2019 through FY2026 period; GAR’s EBITDA margin is projected to average 21.0% over the FY2020 through FY2026 period; Net working capital, calculated on a cash-free, debt-free basis, is projected to average 8.9% of total revenue over the FY2020 through FY2026 period; Lincoln utilized a tax rate of 28.1%, per Management; and The resulting discrete cash flows and corresponding Terminal Value were discounted at a WACC range of 11.5% to 16.5%. Source: Management Projections

Preliminary Valuation Analysis – GAR DCF Analysis - Summary DCF Analysis - GAR ($ in Thousands) Management Projections '19A - '26P '20P - '26P FY Ending September 30, 2019PF 2020P 2021P 2022P 2023P 2024P 2025P 2026P CAGR Avg. Total Revenue $4,909.0 $3,952.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.0% % Growth 6.6% (19.5%) 14.6% 0.3% 2.0% 2.0% 2.0% 2.0% EBITDA $1,360.0 $414.0 $966.0 $956.0 $1,022.0 $1,090.0 $1,159.0 $1,229.0 (1.4%) % Margin 27.7% 10.5% 21.3% 21.0% 22.1% 23.1% 24.0% 25.0% 21.0% % Growth 53.7% (69.6%) 133.3% (1.0%) 6.9% 6.7% 6.3% 6.0% EBIT $414.0 $966.0 $956.0 $1,022.0 $1,090.0 $1,159.0 $1,229.0 (-) Pro Forma Taxes @ 28.1% (116.4) (271.5) (268.7) (287.3) (306.4) (325.8) (345.5) NOPAT $297.6 $694.5 $687.3 $734.7 $783.6 $833.2 $883.5 (+/-) Net Working Capital 0.0 45.0 0.0 0.0 0.0 0.0 0.0 Free Cash Flow $297.6 $739.5 $687.3 $734.7 $783.6 $833.2 $883.5 Discount Period 0.21 1.21 2.21 3.21 4.21 5.21 6.21 Discount Factor @ 14.00% 0.9727 0.8533 0.7485 0.6566 0.5759 0.5052 0.4432 Present Value of Unlevered Free Cash Flow $289.5 $631.0 $514.4 $482.4 $451.3 $420.9 $391.5 Terminal Value Calculations Low Mid High WACC 16.50% 14.00% 11.50% Terminal Growth Rate 2.00% 2.00% 2.00% Terminal Free Cash Flow * (1 + Terminal Growth Rate) $901.2 $901.2 $901.2 Capitalization Rate (WACC - Terminal Growth Rate) 14.5% 12.0% 9.5% Terminal Value (Gordon Growth) $6,215.2 $7,510.0 $9,486.3 Discount Factor 0.3873 0.4432 0.5086 Present Value of Terminal Value $2,407.1 $3,328.1 $4,824.7 Enterprise Value Low Mid High Present Value of Discrete Cash Flows $2,973.0 $3,181.0 $3,414.5 (+) Present Value of Terminal Value 2,407.1 3,328.1 4,824.7 Indicated Enterprise Value (Rounded) $5,400.0 $6,500.0 $8,200.0 Implied Enterprise Value Multiples 2019PF EBITDA (1) $1,360.0 4.0x 4.8x 6.0x 2020P EBITDA 414.0 13.0x 15.7x 19.8x 2021P EBITDA 966.0 5.6x 6.7x 8.5x 2019A Total Revenue 4,909.0 1.10x 1.32x 1.67x Source: Management Projections (1) 2019PF EBITDA was adjusted to include the full amount of the GAR President’s salary of $330,000 (an (1) incremental $220,000 vs. the Management Projections), as he is solely dedicated to GAR, per Management, and (1) approximately $215,140 of cash collections from Five Star

Preliminary Valuation Analysis – GAR Selected Public Companies Analysis - Summary Lincoln analyzed eight selected public companies in the specialty finance industry. Lincoln’s selected multiples for GAR were based on a comparative analysis that considered, among other things, certain quantitative and qualitative factors including the following: geographic footprint, relative size, historical and projected financial performance and profitability, and GAR’s revenue and earnings composition. Selected Public Companies Analysis - Summary ($ in Thousands) Selected Public Companies Selected Multiples Financial Enterprise Value Enterprise Value Multiple Low - High Median Low - High Statistic (1) Low Mid High 2019PF EBITDA 1.9x - 4.9x 4.4x 4.0x - 5.5x $1,144.9 $4,579.4 $5,438.1 $6,296.7 Indicated Enterprise Value Range (Rounded) $4,600.0 $5,400.0 $6,300.0 Implied Enterprise Value Multiples 2020P EBITDA 1.8x 4.4x 4.2x $414.0 11.1x 13.0x 15.2x 2021P EBITDA 1.8x 4.2x 3.6x $966.0 4.8x 5.6x 6.5x 2019A Total Revenue 1.90x 4.90x 4.36x $4,909.0 0.94x 1.10x 1.28x Note: None of the selected public companies is, of course, identical to GAR and Lincoln does not have access to non-public information regarding those companies. Source: Management Projections (1) 2019PF EBITDA was adjusted to include the full amount of the GAR President’s salary of $330,000 (an (1) incremental $220,000 vs. the Management Projections), as he is solely dedicated to GAR, per Management, and (1) approximately $215,140 of cash collections from Five Star

Preliminary Valuation Analysis – GAR Preliminary Valuation Summary Preliminary Valuation Summary - GAR ($ in Thousands) Enterprise Value Low Mid High DCF Analysis $5,400.0 $6,500.0 $8,200.0 Selected Public Companies Analysis 4,600.0 5,400.0 6,300.0 Indicated Enterprise Value Range $5,000.0 $5,950.0 $7,250.0 Implied Enterprise Value Multiples 2019PF EBITDA (1) $1,360.0 3.7x 4.4x 5.3x 2020P EBITDA 414.0 12.1x 14.4x 17.5x 2021P EBITDA 966.0 5.2x 6.2x 7.5x 2019A Total Revenue 4,909.0 1.02x 1.21x 1.48x Source: Management Projections Note: Indicated Enterprise Value Range represents the midpoint of the DCF and Selected Public Company Analyses (1) 2019PF EBITDA was adjusted to include the full amount of the GAR President’s salary of $330,000 (an (1) incremental $220,000 vs. the Management Projections), as he is solely dedicated to GAR, per Management, and (1) approximately $215,140 of cash collections from Five Star

Preliminary Valuation Analysis – Corporate Overhead Section 6

Preliminary Valuation Analysis – Corporate Overhead Adjustments to Management Projections Following the Special Committee’s review of the Management Projections and a discussion with Lincoln regarding such, the Special Committee instructed Lincoln to make certain adjustments to corporate overhead expenses. These adjustments included trending down the aggregate level of corporate overhead expenses to be in line with the Company’s consolidated, pre-corporate overhead EBITDA, over the 2021P through 2026P period, as displayed in the table below. Historical and Projected Financial Statements (Adjusted Management Projections, as presented to the Special Committee on January 13, 2020) ($ in Thousands) Fiscal Year Ended September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,624.0 $4,601.0 $3,816.0 $2,671.0 $2,051.0 Personal Injury Claims Funding 1,754.0 2,202.0 84.0 151.0 202.0 422.0 498.0 579.0 660.0 GAR 4,598.0 4,861.0 3,952.0 4,528.0 4,542.0 4,633.0 4,726.0 4,821.0 4,917.0 Total Revenue $22,215.0 $21,113.0 $13,142.0 $11,840.0 $10,368.0 $9,656.0 $9,040.0 $8,071.0 $7,628.0 Growth NA (5.0%) (37.8%) (9.9%) (12.4%) (6.9%) (6.4%) (10.7%) (5.5%) (+) Other Income (1) 4,179.0 862.0 115.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $26,394.0 $21,975.0 $13,257.0 $11,867.0 $10,373.0 $9,661.0 $9,045.0 $8,076.0 $7,633.0 (-) General & Admini s trative Expenses (5,774.0) (5,537.0) (5,834.0) (5,396.0) (5,391.0) (5,468.0) (5,367.0) (5,378.0) (5,417.0) EBITDA (Pre-Corporate Overhead) $20,620.0 $16,438.0 $7,423.0 $6,471.0 $4,982.0 $4,193.0 $3,678.0 $2,698.0 $2,216.0 Growth NA (20.3%) (54.8%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 78.1% 74.8% 56.0% 54.5% 48.0% 43.4% 40.7% 33.4% 29.0% (-) Corporate Overhead (9,292.0) (7,831.0) (7,422.0) (6,470.1) (4,981.3) (4,192.4) (3,677.5) (2,697.6) (2,215.7) Growth NA (15.7%) (5.2%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) EBITDA (Pos t-Corporate Overhead) $11,328.0 $8,607.0 $1.0 $0.9 $0.7 $0.6 $0.5 $0.4 $0.3 Growth NA (24.0%) (100.0%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 42.9% 39.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% (1) Excludes interes t income attributable to U.S. Treasuries The Adjusted Management Projections, as displayed below and on the following page, were subsequently reviewed by the Special Committee and approved for use by Lincoln in its analysis. Sources: Management Projections and Adjusted Management Projections

Preliminary Valuation Analysis – Corporate Overhead Adjustments to Management Projections $8,000.0 $7,422.0 $6,885.0 $6,899.0 $6,913.0 $6,928.0 $6,944.0 $6,961.0 $6,470.1 $4,981.3 $4,192.4 $3,677.5 $2,697.6 $2,215.7 $0.0 $1,000.0 $2,000.0 $3,000.0 $4,000.0 $5,000.0 $6,000.0 $7,000.0 Management Projections Adjusted Management Projections Sources: Management Projections and Adjusted Management Projections

Preliminary Valuation Analysis – Corporate Overhead Historical and Projected Financial Statements Historical and Projected Financial Performance - Corporate Overhead ($ in Thousands) Adjusted Management Projections FY Ending September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Corporate Overhead Expenses ($9,292.0) ($7,831.0) ($7,422.0) ($6,470.1) ($4,981.3) ($4,192.4) ($3,677.5) ($2,697.6) ($2,215.7) Growth NA (15.7%) (5.2%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Total Capital Expenditures $0.0 $119.0 $100.0 $100.0 $0.0 $0.0 $0.0 $0.0 $0.0 Net Working Capital $3,106.0 ($686.0) ($877.0) ($1,480.8) ($1,254.0) ($1,086.0) ($973.0) ($747.0) ($635.0) Source: Adjusted Management Projections Note: Net Working Capital includes (i) Prepaid and Income Taxes Receivable, (ii) Other Assets, (iii) Accounts Payable Note: and Accrued Expenses, and (iv) Income Tax Payable

Preliminary Valuation Analysis – Corporate Overhead DCF Analysis - Key Assumptions As part of its valuation analysis, Lincoln performed a DCF utilizing the Adjusted Management Projections for FY2020 through FY2026. Based on discussions with the Special Committee and with the Special Committee’s approval, Lincoln assumed that the Company would cease operating when each of the Company’s Consumer Receivables Segment, the Simia and Sylvave portfolios have liquidated, and the consolidated Company would be nearing a break-even point on a consolidated EBITDA basis. As such, no terminal value was contemplated in Lincoln’s DCF analysis for corporate overhead. The following is a summary of the key assumptions used in the DCF analysis for the Company’s corporate overhead: Corporate overhead expenses are expected to decrease at a rate corresponding to the consolidated company’s EBITDA margin (pre-corporate overhead) over the FY2019 through FY2026 period, based on discussions with the Special Committee, as detailed on page 27; Total capital expenditures of $100,000 are projected for each of FY2020 and FY2021; Net working capital, calculated on a cash-free, debt-free basis, is projected to decrease through FY2021 and then increase over the FY2022 through FY2026 period; Lincoln utilized a tax rate of 28.1%, per Management; and The resulting discrete cash flows were discounted at a WACC range of 11.5% to 16.5%. Source: Adjusted Management Projections

Preliminary Valuation Analysis – Corporate Overhead DCF Analysis - Summary DCF Analysis - Corporate Overhead ($ in Thousands) Adjusted Management Projections FY Ending September 30, 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Corporate Overhead Expenses ($7,831.0) ($7,422.0) ($6,470.1) ($4,981.3) ($4,192.4) ($3,677.5) ($2,697.6) ($2,215.7) EBIT ($7,539.1) ($6,587.3) ($4,998.5) ($4,209.6) ($3,694.6) ($2,714.8) ($2,232.8) (-) Pro Forma Taxes @ 28.1% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NOPAT ($7,539.1) ($6,587.3) ($4,998.5) ($4,209.6) ($3,694.6) ($2,714.8) ($2,232.8) (+) Tax Depreciation $117.1 $117.1 $17.1 $17.1 $17.1 $17.1 $17.1 (-) Capital Expenditures (100.0) (100.0) 0.0 0.0 0.0 0.0 0.0 (+/-) Net Working Capital 191.0 603.8 (226.8) (168.0) (113.0) (226.0) (112.0) Free Cash Flow ($7,331.0) ($5,966.4) ($5,208.1) ($4,360.4) ($3,790.5) ($2,923.6) ($2,327.7) Discount Period 0.21 1.21 2.21 3.21 4.21 5.21 6.21 Discount Factor @ 14.00% 0.9727 0.8533 0.7485 0.6566 0.5759 0.5052 0.4432 Present Value of Unlevered Free Cash Flow ($7,131.0) ($5,090.9) ($3,898.1) ($2,862.9) ($2,183.1) ($1,477.0) ($1,031.5) Enterprise Value Low Mid High WACC 16.50% 14.00% 11.50% Present Value of Discrete Cash Flows ($22,656.2) ($23,674.5) ($24,800.6) Indicated Enterprise Value (Rounded) ($22,700.0) ($23,700.0) ($24,800.0) Source: Adjusted Management Projections Note: Net Working Capital includes (i) Prepaid and Income Taxes Receivable, (ii) Other Assets, (iii) Accounts Payable Note: and Accrued Expenses, and (iv) Income Tax Payable

Valuation Support Appendix A

Preliminary Valuation Support Portfolio Overview - Consumer Receivables (U.S.) ($ in thousands) Receivable Type Credit Card Concentration Credit Card Phone Car Retail Other $6,997.2 $5,737.8 $4,727.3 $3,934.6 $3,268.3 $2,533.0 $2,051.0 $0.0 $1,000.0 $2,000.0 $3,000.0 $4,000.0 $5,000.0 $6,000.0 $7,000.0 $8,000.0 $9,000.0 2020P 2021P $393.7 $1,520.1 $4,788.5 $2,199.2 $402.3 $926.2 $8,193.5 $829.7 $811.0 $3,267.4 $45.4 $109.0  $2,392.0  American Express Bank One Chase Citibank Discover GE Capital Great Seneca HSBC First Financial Providian US Bank Finance Income Forecast Source: Management ($ in thousands) $25,878.1 $4,029.0 American Express Bank One Chase Citibank Discover GE Capital Great Seneca HSBC First Financial Providian US Bank Source: Management

Preliminary Valuation Support Historical and Projected Financial Statements - Consumer Receivables (U.S.) Historical and Projected Financial Performance - Consumer Receivables (U.S.) (1) ($ in Thousands) Consumer Receivables (U.S.) Projections Long-Term Projections '19A - '28P '20P - '28P FY Ending September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P CAGR Avg. Finance Income $12,190.4 $10,797.1 $6,997.2 $5,737.8 $4,727.3 $3,934.6 $3,268.3 $2,533.0 $2,051.0 $1,640.8 $1,312.6 (20.9%) Other Income $3,133.1 $594.0 $88.4 $20.7 $3.8 $3.8 $3.8 $3.8 $5.0 $5.0 $5.0 (41.2%) Total Revenue $15,323.4 $11,391.1 $7,085.6 $5,758.6 $4,731.2 $3,938.4 $3,272.2 $2,536.8 $2,056.0 $1,645.8 $1,317.6 (21.3%) Growth NA (25.7%) (37.8%) (18.7%) (17.8%) (16.8%) (16.9%) (22.5%) (19.0%) (20.0%) (19.9%) (-) Total Operating Expenses ($1,323.3) ($1,656.1) ($990.6) ($986.2) ($996.0) ($986.7) ($967.8) ($1,039.5) ($1,078.0) ($1,078.0) ($1,078.0) (4.7%) EBITDA $14,000.1 $9,735.1 $6,095.0 $4,772.3 $3,735.1 $2,951.7 $2,304.3 $1,497.4 $978.0 $567.8 $239.6 (33.7%) Margin 91.4% 85.5% 86.0% 82.9% 78.9% 74.9% 70.4% 59.0% 47.6% 34.5% 18.2% 61.4% Growth NA (30.5%) (37.4%) (21.7%) (21.7%) (21.0%) (21.9%) (35.0%) (34.7%) (41.9%) (57.8%) Net Working Capital $3,461.2 $1,739.8 $1,030.5 $421.9 $219.0 $96.1 $50.7 $34.6 $26.9 $21.5 $17.2 (40.1%) as a % of Total Revenue 22.6% 15.3% 14.5% 7.3% 4.6% 2.4% 1.6% 1.4% 1.3% 1.3% 1.3% 4.0% (1) Total operating expenses have been allocated between the U.S. and International Consumer Receivables Segments based on each of the U.S. and International Segment's respective total revenue contribution Source: Management Projections

Preliminary Valuation Support Portfolio Overview - Consumer Receivables (International) ($ in thousands) Receivable Type Credit Card Concentration Finance Income Forecast Source: Management $1,100.1 Credit Card Retail $14.0 $42.9 $123.7 $123.0 $4,070.5 $501.9 $143.1 Banco Popular Colombia BBVA Colombia BBVA Peru Corbanca Colombia Davivienda Colombia Interbank Peru Scotia Bank Peru $2,108.8 $1,423.2 $896.7 $666.4 $547.7 $138.0 $0.0 $0.0 $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 Colombia Peru 2020P 2021P 2022P 2023P 2024P 2025P 2026P

Preliminary Valuation Support Historical and Projected Financial Statements - Consumer Receivables (International) Historical and Projected Financial Performance - Consumer Receivables (International) ($ in Thousands) Consumer Receivables (International) Projections '19A - '26P '20P - '26P FY Ending September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P CAGR Avg. Finance Income $3,672.6 $3,252.9 $2,108.8 $1,423.2 $896.7 $666.4 $547.7 $138.0 $0.0 (100.0%) Other Income 943.9 179.0 26.6 6.3 1.2 1.2 1.2 1.2 0.0 (100.0%) Total Revenue $4,616.6 $3,431.9 $2,135.4 $1,429.4 $897.8 $667.6 $548.8 $139.2 $0.0 (100.0%) Growth NA (25.7%) (37.8%) (33.1%) (37.2%) (25.6%) (17.8%) (74.6%) (100.0%) (-) Total Operating Expenses ($398.7) ($498.9) ($298.4) ($244.8) ($189.0) ($167.3) ($162.2) ($56.5) $0.0 (100.0%) EBITDA $4,217.9 $2,932.9 $1,837.0 $1,184.7 $708.9 $500.3 $386.7 $82.6 $0.0 (100.0%) Margin 91.4% 85.5% 86.0% 82.9% 79.0% 74.9% 70.5% 59.4% NM 75.4% Growth NA (30.5%) (37.4%) (35.5%) (40.2%) (29.4%) (22.7%) (78.6%) (100.0%) Net Working Capital $1,042.8 $524.2 $310.5 $127.1 $66.0 $28.9 $15.3 $10.4 $8.1 (44.9%) as a % of Total Revenue 22.6% 15.3% 14.5% 8.9% 7.3% 4.3% 2.8% 7.5% NM 7.6% (1) Total operating expenses were allocated between the U.S. and International Consumer Receivables Segments based on each of the U.S. and International Segment's (1) respective total revenue contribution Source: Management Projections

Preliminary Valuation Support Portfolio Details - Arthur Funding Source: Management Arthur Funding - Portfolio Overview ($ actual) Date Funded Redacted Client Name Funded Amount 05/22/19 Client 1 $8,532.5 06/20/19 Client 1 2,000.0 07/25/19 Client 1 1,500.0 08/29/19 Client 1 2,500.0 09/30/19 Client 1 3,000.0 10/25/19 Client 1 5,000.0 12/23/19 Client 1 2,500.0 06/06/19 Client 2 35,604.0 07/05/19 Client 2 1,000.0 08/05/19 Client 2 1,000.0 09/05/19 Client 2 1,000.0 10/04/19 Client 2 1,000.0 11/05/19 Client 2 1,000.0 12/05/19 Client 2 1,000.0 06/06/19 Client 3 34,370.0 07/15/19 Client 3 4,000.0 08/15/19 Client 3 4,000.0 09/16/19 Client 3 4,000.0 10/15/19 Client 3 4,000.0 11/15/19 Client 3 4,000.0 12/11/19 Client 3 1,500.0 12/13/19 Client 3 4,000.0 06/11/19 Client 4 1,355.3 08/16/19 Client 4 10,000.0 08/28/19 Client 4 1,500.0 10/01/19 Client 4 1,500.0 11/01/19 Client 4 1,500.0 11/27/19 Client 4 1,500.0 06/13/19 Client 5 3,460.0 07/05/19 Client 5 1,000.0 07/25/19 Client 5 10,000.0 09/03/19 Client 5 2,000.0 10/15/19 Client 5 1,500.0 12/09/19 Client 5 2,500.0 06/17/19 Client 6 37,500.0 07/26/19 Client 7 17,245.5 09/09/19 Client 7 1,000.0 11/22/19 Client 7 1,000.0 07/30/19 Client 8 2,000.0 09/10/19 Client 8 2,000.0 10/04/19 Client 8 2,500.0 12/04/19 Client 8 2,500.0 09/05/19 Client 9 5,000.0 11/05/19 Client 10 10,000.0 Total $245,067.3 Arthur Funding - Portfolio Fundings by Client ($ actual) Date Funded Redacted Client Name Funded Amount Various Client 1 $25,032.5 Various Client 2 41,604.0 Various Client 3 59,870.0 Various Client 4 17,355.3 Various Client 5 20,460.0 06/17/19 Client 6 37,500.0 Various Client 7 19,245.5 Various Client 8 9,000.0 09/05/19 Client 9 5,000.0 11/05/19 Client 10 10,000.0 Total $245,067.3 Arthur Funding - Portfolio Fundings by Month ($ actual) Month Funded Funded Amount May 2019 $8,532.5 June 2019 114,289.3 July 2019 36,745.5 August 2019 19,000.0 September 2019 18,000.0 October 2019 15,500.0 November 2019 19,000.0 December 2019 14,000.0 Total $245,067.3

Preliminary Valuation Support Selected Public Companies - Valuation Multiples Selected Public Companies Analysis - Enterprise Valuation Multiples ($ in millions) Enterprise Value as a Multiple of Company Name Stock Price as of 1/15/20 % of 52 Week High Enterprise Value LTM EBITDA 2020 EBITDA 2021 EBITDA LTM Revenue PRA Group, Inc. $36.54 95.97% $4,293 4.4x 4.3x 4.0x 4.36x Encore Capital Group, Inc. 36.28 92.57% 4,477 3.3x 3.2x 3.1x 3.25x Credit Acceptance Corporation 444.65 87.19% NA NMF NMF NMF NMF Cembra Money Bank AG 118.38 100.18% NA NMF NMF NMF NMF Arrow Global Group PLC 3.61 95.52% NA NMF NMF NMF NMF KRUK Spólka Akcyjna 45.32 88.15% 1,492 4.9x 4.4x 4.2x 4.90x Axactor SE 2.09 77.08% 1,351 4.5x 4.2x 3.6x 4.45x Collection House Limited 0.75 73.65% 215 1.9x 1.8x 1.8x 1.90x Average 85.95 88.79% 2,366 3.8x 3.6x 3.3x 3.77x Median 36.41 90.36% 1,492 4.4x 4.2x 3.6x 4.36x  Selected Public Companies Analysis - Equity Valuation Multiples ($ in millions) Equity Value as a Multiple of Company Name Stock Price as of 1/15/20 % of 52 Week High Market Capitalization Book Value Tangible Book Value LTM Earnings PRA Group, Inc. $36.54 95.97% $1,659.1 1.52x 2.66x 22.5x Encore Capital Group, Inc. 36.28 92.57% 1,126.8 1.22x NMF 6.6x Credit Acceptance Corporation 444.65 87.19% 8,433.9 3.54x 3.54x 13.2x Cembra Money Bank AG 118.38 100.18% 3,477.8 3.59x 3.80x 21.0x Arrow Global Group PLC 3.61 95.52% 632.3 2.60x NMF 13.3x KRUK Spólka Akcyjna 45.32 88.15% 859.8 1.75x 1.86x 11.9x Axactor SE 2.09 77.08% 324.4 1.09x 1.52x 20.8x Collection House Limited 0.75 73.65% 106.5 0.65x 0.76x 4.9x Average $85.95 88.79% $2,077.6 1.99x 2.36x 14.3x Median $36.41 90.36% $993.3 1.63x 2.26x 13.2x Source: S&P Capital IQ and Public Filings

Preliminary Valuation Support Selected M&A Transactions Analysis Selected M&A Transactions Analysis ($ in millions) Closed Equity Equity Value / Date Target Acquirer Target Description Value Book Value LTM Earnings Jul-14 Aktiv Kapital ASA Portfolio Recovery Associates, Inc. (nka:PRA Group, Inc.) As of July 16, 2014, Aktiv Kapital ASA was acquired by PRA Group, Inc. Aktiv Kapital ASA, together with its subsidiaries, engages in the acquisition, collection, and management of unsecured non-performing loans. $872.6 2.02x 6.1x Jun-13 Asset Acceptance Capital Corp. Encore Capital Group, Inc. Asset Acceptance Capital Corp. engages in the purchase and collection of defaulted and charged-off accounts receivable portfolios from consumer credit originators in the United States. 215.2 1.43x 36.6x Mar-12 Aktiv Kapital ASA Geveran Trading Co., Ltd. As of July 16, 2014, Aktiv Kapital ASA was acquired by PRA Group, Inc. Aktiv Kapital ASA, together with its subsidiaries, engages in the acquisition, collection, and management of unsecured non-performing loans. 1,416.3 0.94x 5.4x Average $834.7 1.46x 16.0x Median 872.6 1.43x 6.1x Source: S&P Capital IQ and Public Filings

Fully-Diluted Shares Outstanding Appendix B

Fully-Diluted Shares Outstanding Fully-Diluted Shares Outstanding Low Mid High Shares Outstanding (1) 6,567,765 6,567,765 6,567,765 Options Outstanding (2) 171,137 175,902 181,938 Fully-Diluted Shares Oustanding 6,738,902 6,743,667 6,749,703 Source: Management (1) Shares outstanding as of September 30, 2019 (2) Dilution from outstanding options was calculated using the Treasury Stock Method and Lincoln’s range of per (2) share value indications ($10.72 / $10.81 / $10.93, respectively)

Asta Trading Analysis Appendix C

Asta Trading Analysis Ownership and Common Stock Overview Shareholder Total Shares % of Total Stern, Ricky 1,659,250 25.3% Stern, Gary 1,407,345 21.4% GMS Family Investors LLC 871,500 13.3% Asta Group, Inc. 842,000 12.8% RBF Capital LLC 400,000 6.1% BlackRock, Inc. 278,175 4.2% Dimensional Fund Advisors L.P. 84,845 1.3% Bridgeway Capital Management, Inc. 83,600 1.3% Geode Capital Management, LLC 39,457 0.6% The Vanguard Group, Inc. 32,041 0.5% Top 10 Shareholders 5,698,213 86.8% All Other Shareholders 869,552 13.2% Total Shares Outstanding 6,567,765 100.0% Publ ic and Other 18.7% Ins titutional 8.5% Ins iders 72.8% Asta - Common Stock Overview Asta - Historical Daily Trading Volume Stock Price as of January 15, 2020 $10.38 One-Week Average 3,198 Two -Week Average 3,119 One-Month Average 2,671 Stock Price as of January 15, 2019 4.16 % of Shares Outstanding 0.0% % of Shares Outstanding 0.0% % of Shares Outstanding 0.0% Stock Price as of January 15, 2018 7.28 % of Float 0.2% % of Float 0.2% % of Float 0.2% 30-Day Volume Weighted Average Price ("VWAP") $10.31 Two-Month Average 3,457 Six-Month Average 4,084 One-Year Average 4,877 60-Day VWAP 10.34 % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% 90-Day VWAP 9.67 % of Float 0.3% % of Float 0.3% % of Float 0.4% 52-Week Average Closing Price $7.08 Two-Year Average 9,299 Three-Year Average 10,631 Four-Year Average 13,839 52-Week High Closing Price 10.43 % of Shares Outstanding 0.1% % of Shares Outstanding 0.2% % of Shares Outstanding 0.2% 52-Week Low Closing Price 4.06 % of Float 0.7% % of Float 0.8% % of Float 1.0% 104-Week Average Closing Price $5.69 Total Shares Outstanding 6,567,765 104-Week High Closing Price 11.25 Public Float Shares 1,365,170 104-Week Low Closing Price 2.85 Public Float % 20.8% Source: S&P Capital IQ Source: S&P Capital IQ and Company SEC filings Notes: “Insiders” in the pie chart above includes the holdings of: (i) Ricky Stern, (ii) Gary Stern, (iii) GMS Family Notes: Investors LLC, and (iv) Asta Group, Inc.

Asta Trading Analysis 2-Year Trading History Announcement / Completion of $5.30 per share Special Dividend Source: S&P Capital IQ Gary Stern offer to take the Company private on October 30, 2019 at $10.75 per share Consideration: $11.00 0.35 0.40 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00

Illustrative Premiums Paid Analysis Appendix D

Illustrative Premiums Paid Analysis Illustrative Premiums Paid Analysis Stock Price Premium (Median) Criteria Number of Transactions 1-Day Prior (%) 1-Week Prior (%) 1-Month Prior (%) All Diversified Financials Deals 41 20.7% 27.6% 21.5% All Deals with Enterprise Value < $500 million 217 17.8% 20.0% 18.8% All United States Deals 28 30.2% 31.6% 37.2% All Deals with Majority Shareholder Purchasing Remaining Shares 367 17.2% 18.8% 19.5% Asta - Stock Price as of October 30, 2019 (1) $6.79 $6.70 $7.00 Proposed Transaction @ $11.00 62.0% 64.2% 57.1% Asta - 1-Year Trailing VWAP as of October 30, 2019 (1) $5.77 Proposed Transaction @ $11.00 90.8% Asta - Stock Price as of January 15, 2020 $10.32 $10.30 $10.40 Proposed Transaction @ $11.00 6.6% 6.8% 5.8% Asta - 1-Year Trailing VWAP as of January 15, 2020 $7.07 Proposed Transaction @ $11.00 45.3% Source: S&P Capital IQ Notes: Data excludes negative premiums, includes only announced, effective, and closed deals over the prior five years, and includes transactions with a majority shareholder purchasing remaining shares

Illustrative Minority Shareholder Consideration Sensitivities Appendix E

Illustrative Minority Shareholder Consideration Sensitivities Illustrative Minority Consideration Sensitivity Analysis ($ in thousands, except share counts and per share values) Initial Revised Consideration Consideration Per Share Consideration $10.75 $10.80 $10.85 $10.90 $10.95 $11.00 $11.05 $11.10 Premium to Original Offer 0.0% 0.5% 0.9% 1.4% 1.9% 2.3% 2.8% 3.3% Institutional 559,188 Public and Other 1,228,482 Total Minority Shares 1,787,670 Total Minority Consideration $19,217 $19,307 $19,396 $19,486 $19,575 $19,664 $19,754 $19,843 Variance to Original Offer ($) $0.0 $89.4 $178.8 $268.2 $357.5 $446.9 $536.3 $625.7 Variance to Original Offer (%) 0.0% 0.5% 0.9% 1.4% 1.9% 2.3% 2.8% 3.3% Per Share Consideration $11.15 $11.20 $11.25 $11.30 $11.35 $11.40 $11.45 $11.50 Premium to Original Offer 3.7% 4.2% 4.7% 5.1% 5.6% 6.0% 6.5% 7.0% Total Minority Consideration $19,933 $20,022 $20,111 $20,201 $20,290 $20,379 $20,469 $20,558 Variance to Original Offer ($) $715.1 $804.5 $893.8 $983.2 $1,072.6 $1,162.0 $1,251.4 $1,340.8 Variance to Original Offer (%) 3.7% 4.2% 4.7% 5.1% 5.6% 6.0% 6.5% 7.0% Source: S&P Capital IQ Notes: Illustrative range of value presented to the Special Committee for negotiating purposes only and is not Notes: indicative of Lincoln’s view of the value of the Company’s common stock

Exhibit (c)(4)

Disclaimer and Confidentiality Statement This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectives', the •Materials'), are provided to, and soleb' for the information of, the Committee (as defined herein) of the Company (as defined herein) in connection with the Committee's consideration of a Proposed Transaction (as defined herein) This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions held with Lincoln (as defined herein) in connection therewttm Any defined terms used hereinshall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the Materials The Materials are for discussion purposes onbq Lincoln expressb' disclaims any and all liability which may be based on the Materials and any errors therein or omissions therefrom The Materials were prepared for specific persons familiar wth the business and affairs of the Company for use in a specific context and were not prepared wth a view toward public disclosure or to conform with any dScIcsure standards under any state, federal or international securities or other Gws, rules or regulations, and none of the Committee, the Company, or Lincoln takes any raponsibilty for the use of the Materials persons other than the Committee and the Compan•y The Materials are provided on a confidential basissoleb' for the information of the Committee and the Company, other than as described in the engagement letter between Lincoln and the Company, dated November 22, 2019 (as amended on February 29, 2020, the •Enaaaement Letter'), and may not be dScIosed, summarized, reproduced, disseminated, quoted, or otherwee referred to, in whole or in part, without Lincoln's express prior written consent The Materials are nec—sarib' based on financial, economic, market, and other condtions as in effect on, and the information available to Lincoln as of, the date of the Materials Athough subsequent developments may affect the contents of the Materials, Lincoln has not undertaken, and is under no obligation, to update, revise, or reaffirm the Materials The Materials are not intended to provide the sole basis for evaluation of the Proposed Transaction and do not purport to contain all information that may be required to do sm The Materials do not address the underb'ing business decision of the Company or any other party to proceed with or effect the Proposed Transactiom The Materials do not constitute any opinion, nor do the Materials constitute a recommendation to the Commttee, the Company, any securty holder of the Company, or any other party as to how to vote or act with respect to any matter relating to the Proposed Transaction or otherwise Lincoln's ony opinion is the Opinion (as defined herein), if any, that is actualty delivered to the Committee The Materials may not reflect fiformation known to other professionals other business areas of Lincoln and ts affiliates The preparation of the Materials was a complex proc—s involving quantitative and qualitative judgments and deter minations with respect to the financial, comparative, and other anab'tic methods employed and the adaption and application of these methods to the unique facts and circumstanc— praented and, therefore, is not readib' susceptible to partial anatysS or summary descriptiom Furthermore, Lincoln did not attibute any particular weight to any anaysS or factor considered b,' t, but rather made qualitative judgments as to the significance and relevance of each anatysis and factor Each anatytical technique has inherent strengths and weakness—, and the nature of the available information may further affect the value of particular techniqu— Accordingb', the anatys— contained in the Materials must be considered as a whole Selecting portions of the anatys—, anatytic methods and factors without considering all anatyses and factors could create a misleading or incomplete viei% The Materials reflect judgments and assumptions with regard to industry pefformance, general business, economic, regulatory, market, financial conditions, and other matters, many of which are beyondthe controlofthe participants in the Proposed Transactiom Any estimates of value contained in the Materials are not necessarily indicative of actual value or predictive of future resuts or values, whidl may be significantly more or less favorable Any anatys— relating to the value of asseÉ, businesses, or securities do not purport to be appraisals or to reflect the prees at whizh any asseÉ, busin—s—, or securities may actually be The Materials do not constitute a fairness opinion, solvency opinion, valuaton opinion, credit rating, an anatysis of the Company's credit worthin—s, as tu advice, or as accounting advice The Materials do not ad&ess any other terms, aspects, or implications of the Proposed Transaction, or any agreements, arrangements, or understandin* entered into in connection with the Proposed Transaction or othewee Furthermore, the Materials do not addr—s the fairn—s of any portion or aspect of the Proposed Transaction to any party In preparing the Materials, Lincoln has not conducted any physeal inspection or independent appraisal or evaluation of any of the assets, properties, or liabilities (contingent or other-wee) of the Company or any other party A.,LINCOLN INTERNATIONAL Sta 

Disclaimer and Confidentiality Statement (cont'd) Except as other-wee noted in the Materials, all budgets, projections, estimates, financial anatys—, reports, and other information with respect to operations (including estimates of potential cost savings and expense reflected in the Materials have been liepared management of the Company CManaaementE) or are derived from such budgeB, projections, —timates,financial anatys—, reports and other information or from other sourc—, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable The budgets, projections and estimates contained in the Materials may or may not be achieved and differenc— between Injected resu& and those actualb' achieved may be material Lincoln has relied upon repr—entations made by Management and other participants in the Proposed Transaction that such budgets, Injections, and estimates have been reasonabty prepared in good faith on bases reflecting the best currents' available estimates and judgments of such Management (or, with rapect to information obtained from public sources, repr—ent reasonable estimates), and Lincoln expr—ses no opinion wth respect to such budgets, Injections, or estimates or the assumptions on which they are based Lincoln has assumed and relied upon the accuracy and completeness of the financial and other information provided to, decussed with or reviewed by t without (and without assuming responsibilty for) independent verification of such information, makes no repr—entation or warranty (EKIyess or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company and other parttipants in the Proposed Transaction that they are not aware of any facts or circumstances that would make such information inaccurate or In addition, Lincoln has relied upon and assumed, without independent verification, that there has been no change in the business, asseÉ, liabilities, financial condition, resu& of operations, cash flows, or licspecÉ of the Company or any other participant in the Proposed Transaction since the respectVe dates of the most recent financial statements and other in formation, financial or otherwise, prodded to, discussed with or reviewed by Lincoln that would be material to ts anatyses, and that the final forms of any draft documents reviewed by Lincoln will not differ in any material respect from such draft documents The Materials do not constitute a commitment by Lincoln or any of ts affiliates to undewrite, for or place any securities, to extend or arrange credit, or to grovide any other services Lincoln provides mergers and acquisitions, restucturing, and other adv—ory servees to clients, which may have in the past included, or may currentb' or in the future include, one or more interested parties to the Proposed Transaction (each an for whCh ser.'ic— Lincoln has receVed, and may receVe, compensatiom Although Lincoln in the course of such activities and relationships or othewee may have acquired, or may in the future acquire, information about one or more Interested Parties or the Proposed Transaction, or that otherwise may be of interest to the Company, Lincoln shall have no obligation to, and may not be contractualb' permitted to, disclose such information, or the fact that Lincoln is in possession ofsuch information, to the Company or to use such information on the Companys behalf Lincoln and ts affiliates provide a range of investment banking and financial servic— and, in that regard, Lincoln may in the future provide, investment banking and other financial servic— to the Company or ts respective affiliates, for which Lincoln and our affiliates would expect to receive compensatiom THIS REPORT IS NOT INTENDED TO REPRESENT AND DOES NOT REPRESENT AN OPINION BY LINCOLN. A.,LINCOLN INTERNATIONAL Sta 

Table of Contents Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Appendix A Appendix B Appendix C Appendix D Executive Summary Summary of Key Changes from January 16, 2020 Presentation Preliminary Valuation Analysis Consumer Receivables Preliminary Valuation Analysis — Personal Injury Claims Preliminary Valuation Analysis - GAR Preliminary Valuation Analysis Small Business Lending Preliminary Valuation Analysis Corporate Overhead Valuation Support Fully-Diluted Shares Outstanding Asta Trading Analysis Illustrative Premiums Paid Analysis 5 13 17 21 28 34 38 42 64 66 

Executive Summary Section 1 

Executive Summary Engagement Overview, Proposed Transaction, and Determinations Engagement Overview Lincoln International LLC ('Lincoln") has bean engaged to serve as financial advisor to the Special Committee of the Board of Directors (the 'Committee") of Asta Funding, Inc. ('Astar or the to (i) provide customary financial and valuation advisory services to the Committee to assist it in evaluating and, if requested by tha Committee, negotiating the Proposed Transaction (as described below), and (ii) upon request by the Committee, render to it a written opinion, as described below. Proposed Transaction It is Lincoln's understanding that the Proposed Transaction involves the offer made by Gary Stern, the Chairman and Chief Executive Officer (the 'CEO") of the Company to acquire the shares of common stock of the Company not owned by the CEO or his family (the 'Public Shares" and such holders, the 'Public Shareholders") through a merger transaction in which tha Public Shares will be converted into the right to receive cash consideration of [S11_06] per share (the 'Consideration", and such transaction, the 'Proposed Transaction"). The Opinion Upon request by the Committee, Lincoln will render a written opinion (the 'Opinion") as to whether the Consideration to be received by the Public Shareholders in connection with the Proposed Transaction is fair, from a financial point of View, totha Public Shareholders. A.,LINCOLN INTERNATIONAL Source: Mm Stern's proposalto the aoardas of October30, 2019; as verbally increasedto ISII 001 per shareon a telephonic call with Mm Stern and the Chairman of the Special Committee on December 31 2019 and further increasedtolSI I ISI per shareon a telephonic call with Mm Stern and the Chairman of the Special Committee on January 19, 2020 Sta 

Executive Summary Descriptions of the Four Sets of Projections • '"Original Management Proiections" Represents tha projections prepared and provided by Management ofthe Company to Lincoln on December g, 2019_ • "First Revised Management Proiections" Represents tha projections prepared and provided by Management of the Company to Lincoln on January 6, 2020. • '"Adiusted Management Proiections" Represents the projections prepared and provided by Management of the Company to Lincoln, and with respect to corporate overhead expense projections, reflecting certain adjustments as reviewed and approved for Lincoln's use by the Special Committee on January 13, 2020. '"Management Proiections" Represents the projections prepared and provided by Management of the Company to Lincoln on February 21, 2020. Key Changes Updated to include actual results through December 31, 2019 The forecasts for all business Segments, including corporate overhead, were revisited by Management of the Company The Management Projections now include a new Segment, Small Business Lending, which is expected to launch in FY2020 The Management Projections were approved by the Special Committee for use by Lincoln in its financial valuation analysis Source: Company Management A.,LINCOLN INTERNATIONAL Sta 

Executive Summary Lincoln Valuation Methodology • Lincoln performed a sum-of-the-parts financial analysis for each of the five primary operating segments of Asta: (i) consumer receivables, (Il) personal injury claims, (iii) social security disability advocacy, (iv) small business lending and (v) collectively. the 'Segments"). corporate overhead (each a 'Segment", and Segment Consumer Receivables Personal Injury Claims Social Security Disability Advocacy Small Business Lending Corporate Overhead Entity Palisades Collection, LLC (United States) Palisades Collection, LLC (International: Colombia and Peru) Simia Capital, LLC ('Simia") Sylvave, LLC ('Sylvave") Arthur Funding, LLC ('Althur Eundj_ng") GAR Disability Advocates, LLC ('GAR") Valuation Methodology (1) DCF DCF Selected Public Companies / M&A Transactions Analysis Selected Public Companies Analysis DCF DCF Cumulative FY2020-FY2026 Revenue EBITDA 2 Revenue: 13.1% • EBITDA: 26 Revenue: • EBITDA: Revenue: 361 • EBITDA: 691.0% Revenue: • EBITDA: 31.4% Revenue: n/a • EdiTDA: n/a Revenue: • EBITDA: n/a • For each Segment's DCF analysis, Lincoln utilized the Management Projections, and a capital asset pricing model weighted average costof capital ('WACC") todiscount to present value the future cash flows in the Management Projections. Based on an analysis of the selected public companies used in Lincoln's preliminary analysis and commensurate with the risks related to the Company and each of its Segments, Lincoln used a WACC range of 11 to for all segments with the exception of Small Business Lending, where Lincoln utilized a WACC range of 17_6% to 22.5%, as discussed in further detail herein. Note: Lincoln's valuation anatysisexcludesany potential impact of the derivative lawsuit filed byDanieI Ltten Delaware Chancery Court on November 4, 2019 (the •Derivative Lawsuit) L N L N (I ) Utilizes Management Projections (2) As compared to January 18, 2020 Presentation INTERNATIONAL Sta 

Preliminary Valuation Summary ($ in Thousands, except per share values) Per Share (1) Low Mid High Low Mid High Liquid Financial Assets Cash And Cash Equivalents (2) $3,156.0 $3,156.0 $3,156.0 $0.47 $0.47 $0.47 Investments (3) 8,000.3 8,000.3 8,000.3 1.18 1.18 1.18 Available-For-Sale Securities (3) 60,677.2 60,677.2 60,677.2 8.97 8.96 8.94 A Total Liquid Financial Assets $71,833.5 $71,833.5 $71,833.5 $10.62 $10.60 $10.59 Segment Enterprise Value (Sum-of-the-Parts Analysis) Consumer Receivables $17,900.0 $18,700.0 $19,600.0 $2.65 $2.76 $2.89 Personal Injury Claims 3,445.0 3,576.0 3,756.0 0.51 0.53 0.55 GAR 6,350.0 7,150.0 8,100.0 0.94 1.06 1.19 Small Business Lending 17.0 1,113.0 2,461.0 0.00 0.16 0.36 Corporate Overhead (26,500.0) (28,100.0) (30,000.0) (3.92) (4.15) (4.42) B Total Segment Enterprise Value $1,212.0 $2,439.0 $3,917.0 $0.18 $0.36 $0.58 Other Assets Present Value of NOL Tax Benefits $1,518.7 $1,613.7 $1,721.8 $0.22 $0.24 $0.25 Equity Method Investment (Serlefin) (2) (4) 278.0 278.0 278.0 0.04 0.04 0.04 Settlements Receivable (2) (5) 1,095.0 1,095.0 1,095.0 0.16 0.16 0.16 Other Assets (2) (6) 382.0 382.0 382.0 0.06 0.06 0.06 C Total Other Assets $3,273.7 $3,368.7 $3,476.8 $0.48 $0.50 $0.51 Proposed D = A + B + C Aggregate Equity Value $76,319.2 $77,641.3 $79,227.4 $11.28 $11.46 $11.68 Transaction E Fully-Diluted Shares Outstanding (1) 6,766,315 6,774,607 6,784,214 F = D / E Value Per Share $11.28 $11.46 $11.68 [11.05] Implied Aggregate Equity Value Multiples December 31, 2019 Book Value $89,618.0 0.85x 0.87x 0.88x December 31, 2019 Tangible Book Value 88,208.0 0.87x 0.88x 0.90x LTM December 31, 2019 Earnings 6,945.0 11.0x 11.2x 11.4x (1) Fully-diluted shares outstanding were calculated using the Treasury Stock Method and Lincoln's range of Value Per Share; see Appendix B for additional details (2) As of December 31, 2019, per Company filings (3) Reflects market value as of March 12, 2020 (4) Relates to the Company's 49% owned joint venture with Serlefin Peru (5) Relates to a lawsuit filed by the Company against a third-party servicer arising from the servicer's failure to pay certain amounts due under a servicing agreement (6) Other Assets consists of (i) a Republic Bank Deposit of $203,000 and (ii) a Loan to Serlefin of $179,000 Notes: Lincoln’s valuation analysis excludes any potential impact of the derivative lawsuit filed by Daniel Litten in Notes: Delaware Chancery Court on November 4, 2019 (the “Derivative Lawsuit”); Notes: Proposed Transaction Aggregate Equity Value was implied from the Consideration and the midpoint of Notes: Lincoln’s fully-diluted shares outstanding Executive Summary Lincoln Valuation Methodology

Per Share Value Bridge from January 16, 2020 Analysis Source: Adjusted Management Projections (prior) and Management Projections (current) Notes: Per Share (Prior) and Per Share (Current) represent the midpoint of Lincoln’s preliminary valuation range  DRAFT $10.81 $0.00 $0.61 $0.18 $0.18 $0.17 $0.16 $0.24 $0.00 $11.46 $0.17 $0.02 $0.63 $0.00 $0.07 $10.50 $10.70 $10.90 $11.10 $11.30 $11.50 $11.70 $11.90 Per Share (Pri or) Cash and Cash Equivalents Investments Available For-Sale Securities Consumer Receivables Personal Injury Claims GAR Small Business Lending Corpor ate Overhead Present Valu e of NOL Tax Benefits Equity Method Investment (Serlefin) Settlement Receivable Other Assets Per Share

Summary of Key Changes from January 16, 2020 Presentation • Liquid Financial Assets: Updated for December 31, 2019 balances; publicly-traded securities With market prices updated as of March 12, 2020. Segment Enterprise Values: Consumer Receivables: Incorporated current Management Projections; Lincoln extended DCF projections by an additional year, based on discussions with Management, given a longer run-off of the consumer receivables portfolio in the Management Projections; Personal Injury Claims: Incorporated current Management Projections for Simia and Sylvave and the latest Arthur Funding portfolio details through March 2, 2020; GAR: Incorporated the currant Management Projections; Lincoln utilized a range of FY2021P EBITDA multiples, based on an analysis of selected public companies, todatermina a range of enterprise values for the Segment; Small Business Landing: Incorporated the current Management Projections; Lincoln applied a terminal price / book value multiple of 1_60x and utilized a WACC range of 17.6% to 22.6% commensurate with venture-like rates of retum given the uncertainty and risk associated with this Segment; and Corporate Overhead: Incorporated the current Management Projections; Lincoln extended the DCF projections by two years, based on discussions with Management, and given the extension of the Consumer Receivables Segment cash flows and the introduction of Small ausiness Landing as a going concern. Corporate overhead expenses ware trended down on a straight-line basis to zero by FY2029, based on discussions with Management. NOL Tax Benefits: The value of the NOL Tax Benefit increased due to an increase in consolidated income throughout the Management Projections. • Other Assets: Updated for December 31, 2019 balances. Fully-Diluted Shares Outstanding: Updated the Treasury Stock Method calculations, using Lincoln's range of per share values; Sea Appendix B for more details. Source: Original Management Projections; First Revised Management Projections; Adjusted Management Projections; Management Projections; Market data as of March 12, 2020; Company Management A.,LINCOLN INTERNATIONAL Sta 

Book Value Reconciliation - Balance Sheet as of December 31, 2019 Executive Summary Book Value Reconciliation Source: Company filings ($ in Thousands, except per share values) Aggregate Per Share (1) Aggregate Per Share (1) Aggregate Per Share (1) Operating Assets Consumer receivables acquired for liquidation $1,448.0 $0.21 $1,448.0 $0.21 Investment in personal injury claims, net 4,533.0 0.67 4,533.0 0.67 Due from third party collection agencies and attorneys 421.0 0.06 421.0 0.06 Accounts receivable, net 203.0 0.03 203.0 0.03 Prepaid and income taxes receivable, net 68.0 0.01 68.0 0.01 Furniture and equipment, net 96.0 0.01 96.0 0.01 Goodwill 1,410.0 0.21 0.0 0.00 Other Assets 596.0 0.09 596.0 0.09 A Total Operating Assets $8,775.0 $1.30 $7,365.0 $1.09 Operating Liabilities Accounts payable and accrued expenses $1,597.0 $0.24 $1,597.0 $0.24 B Total Operating Liabilities $1,597.0 $0.24 $1,597.0 $0.24 C = A - B Total Stockholders' Equity - Operating $7,178.0 $1.06 $5,768.0 $0.85 $2,439.0 $0.36 Non-Operating Assets Cash and cash equivalents $3,156.0 $0.47 $3,156.0 $0.47 $3,156.0 $0.47 Available-for-sale debt securities (at fair value) 60,587.0 8.94 60,587.0 8.94 60,677.2 8.96 Investments in equity securities (at fair value) 8,234.0 1.22 8,234.0 1.22 8,000.3 1.18 Equity method investment 278.0 0.04 278.0 0.04 278.0 0.04 Settlement receivable 1,095.0 0.16 1,095.0 0.16 1,095.0 0.16 Deferred income taxes 9,457.0 1.40 9,457.0 1.40 1,613.7 0.24 Other assets 382.0 0.06 382.0 0.06 382.0 0.06 D Total Non-Operating Assets $83,189.0 $12.28 $83,189.0 $12.28 $75,202.3 $11.10 Total Stockholders' Equity - Non-Operating $83,189.0 $12.28 $83,189.0 $12.28 $75,202.3 $11.10 E = C + D Total Stockholders' Equity $90,367.0 $13.34 $88,957.0 $13.13 $77,641.3 $11.46 (1) Fully-diluted shares outstanding of 6,774,607 were calculated using the Treasury Stock Method and Lincoln's midpoint per share value; see Appendix B for additional details

Summary of Key Changes from January 16, 2020 Presentation Section 2 

Summary of Key Changes from January 16, 2020 Presentation Comparison of Management Projections – Total Revenue Sources: Original Management Projections; First Revised Management Projections; Adjusted Management Projections; Management Projections Note: Total Revenue for each of the First Revised Management Projections and the Adjusted Management Projections are identical $7.6 $15.0 $15.0 $15.0 $15.0 $15.0 $15.0 $14.0 $14.0 $14.0 $14.0 $14.0 $14.0 $14.8 $14.8 $14.8 $14.8 $14.8 $14.8 $16.1 $16.1 $16.1 $16.1 $16.1 $16.1 $16.9 $16.9 $16.9 $16.9 $16.9 $16.9 $16.0 $16.0 $16.0 $16.0 $16.0 $16.0 $15.7 $15.7 $15.7 $15.7 $15.7 $15.7 $0.0$0.0$0.0$0.0 $2.0$2.0$2.0$2.0 $4.0$4.0$4.0$4.0 $6.0$6.0$6.0$6.0 $8.0$8.0$8.0$8.0 $10.0$10.0$10.0$10.0$10.0 $12.0$12.0$12.0$12.0$12.0 $14.0$14.0$14.0$14.0$14.0 $16.0$16.0$16.0$16.0$16.0 $18.0$18.0$18.0$18.0$ $14.4 $14.4 $14.4 $14.4 $14.4 $14.4 $12.5 $12.5 $12.5 $12.5 $12.5 $12.5 $11.3 $11.3 $11.3 $11.3 $11.3 $11.3 $10.4 $10.4 $10.4 $10.4 $10.4 $10.4 $9.6 $9.6 $9.6 $9.6 $9.6 $8.5 $8.5 $8.5 $8.5 $8.5 $7.9 $7.9 $7.9 $7.9 $7.9 $13.1 $13.1 $13.1 $13.1 $13.1 $13.1 $11.8 $11.8 $11.8 $11.8 $11.8 $11.8 $10.4 $10.4 $10.4 $10.4 $10.4 $10.4 $9.7 $9.7 $9.7 $9.7 $9.7 $9.0 $9.0 $9.0 $9.0 $9.0 $8.1 $8.1 $8.1 $8.1 $8.1 $7.6 $7.6 $7.6 $7.6

Summary of Key Changes from January 16, 2020 Presentation Comparison of Management Projections – EBITDA Sources: Original Management Projections; First Revised Management Projections; Adjusted Management Projections; Management Projections Note: EBITDA for Adjusted Management Projections is de minimis throughout projection period 6.0) ($5.0) ($4.0) ($3.0) ($2.0)  ($1.0) $0.0 $1.0 $2.0 $3.0 $4.0 $0.9  $0.0  ($1.3) ($2.2) ($2.9) ($4.0) ($4.6) $0.0  ($0.4) ($1.9) ($2.7) ($3.3) ($4.2) ($4.7) $0.0  ($1.3) ($2.2) ($2.9) ($4.0) ($4.6) $0.0  ($0.4) ($1.9) ($2.7) ($3.3) ($4.2) ($4.7) $0.0  $0.0  $0.0  $0.0 $0.0  $0.0  $0.0  $3.1  $1.3 $1.6 $2.1  $3.1  $2.5  $2.1 

Preliminary Valuation Summary - Variance to Prior Analysis($ in Thousands, except per share values)Mid ValueMid ValuePer SharePer Share(Prior)(Current)Variance(Prior)(Current)VarianceLiquid Financial AssetsCash And Cash Equivalents (2)$4,308.0$3,156.0($1,152.0)$0.64$0.47($0.17)Investments (3)8,071.58,000.3(71.2)1.201.18(0.02)Available-For-Sale Securities (3)56,279.960,677.24,397.38.358.960.61ATotal Liquid Financial Asset $68,659.4$71,833.5$3,174.1$10.18$10.60$0.42Segment Enterprise Value (Sum-of-the-Parts Analysis)Consumer Receivables$17,400.0$18,700.0$1,300.0$2.58$2.76$0.18Personal Injury Claims2,376.03,576.01,200.00.350.530.18GAR5,950.07,150.01,200.00.881.060.17Small Business Lending0.01,113.01,113.00.000.160.16Corporate Overhead (4)(23,700.0)(28,100.0)(4,400.0)(3.51)(4.15)(0.63)BTotal Segment Enterprise Value$2,026.0$2,439.0$413.0$0.30$0.36$0.06Other AssetsPresent Value of NOL Tax Benefits$0.1$1,613.7$1,613.7$0.00$0.24$0.24Equity Method Investment (Serlefin) (2) (5)280.0278.0(2.0)0.040.0 (0.00)Settlements Receivable (2) (6)1,558.01,095.0(463.0)0.230.16(0.07)Other Assets (2)389.0382.0(7.0)0.060.06(0.00)CTotal Other Assets$2,227.1$3,368.7$1,141.7$0.33$0.50$0.17D = A + B + CAggregate Equity Valu $72,912.5$77,641.3$4,728.8$10.81$11.46$0.65Fully-Diluted Shares Outstanding (1)6,743,6676,774,607Value Per Share$10.81$11.46Implied Equity Value MultiplesDecember 31, 2019 Book Value$89,618.00.81x0.87xDecember 31, 2019 Tangible Book Value88,208.00.83x0.88xLTM December 31, 2019 Earnings6,945.010.5x11.2x(1) Fully-diluted shares outstanding of 6,743,667 and 6,774,607, respectively were calculated using the Treasury Stock Method and Lincoln's Value Per Share; see Appendix B for additional details(2) As of September 30, 2019, per company filings in prior presentation and as of December 31, 2019, per Company filings for current presentatio (3) Reflects market value as of January 15, 2020 (Prior) and March 12, 2020 (Current), respectively(4) Corporate Overhead (Prior) was calculated using the Adjusted Management Projections through FY2026; Corporate Overhead (Current) was calculated using the Management Projections(4) See Section 7 for additional details(5) Relates to the Company's 49% owned joint venture with Serlefin Peru(6) Relates to a lawsuit filed by the Company against a third-party servicer arising from the servicer's failure to pay certain amounts due under a servicing agreement Summary of Key Changes from January 16, 2020 Presentation Sources: Adjusted Management Projections (Prior) and Management Projections (Current) Note: Value (Prior) and Value (Current) represent the midpoint of Lincoln’s preliminary valuation range

Preliminary Valuation Analysis — Consumer Receivables Section 3 

Preliminary Valuation Analysis – Consumer Receivables Historical and Projected Financial Statements Source: Management Projections Note: Net Working Capital includes (i) changes in operating assets and liabilities and (ii) principal collections from both Note: the U.S. and international consumer receivables portfolios Historical and Projected Financial Performance - Consumer Receivables ($ in Thousands) Management Projections Long-Term Projections '19A - '29P '20P - '29P FY Ending September 30, 2018A 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P CAGR Avg. Finance Income $15,863.0 $14,050.0 $13,688.0 $10,498.0 $7,889.0 $6,138.0 $5,022.0 $4,214.0 $2,915.0 $2,239.0 $1,791.2 $1,433.0 $1,146.4 (22.2%) Other Income $4,077.0 $773.0 $739.0 $118.0 $27.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 (39.6%) Total Revenue $19,940.0 $14,823.0 $14,427.0 $10,616.0 $7,916.0 $6,143.0 $5,027.0 $4,219.0 $2,920.0 $2,244.0 $1,796.2 $1,438.0 $1,151.4 (22.5%) Growth NA (25.7%) (38.6%) (28.4%) (25.4%) (22.4%) (18.2%) (16.1%) (30.8%) (23.2%) (20.0%) (19.9%) (19.9%) (-) Total Operating Expenses ($1,722.0) ($2,155.0) ($1,687.0) ($1,197.0) ($1,137.0) ($1,032.0) ($877.0) ($767.0) ($659.0) ($584.0) ($584.0) ($584.0) ($584.0) (12.2%) EBITDA $18,218.0 $12,668.0 $12,740.0 $9,419.0 $6,779.0 $5,111.0 $4,150.0 $3,452.0 $2,261.0 $1,660.0 $1,212.2 $854.0 $567.4 (26.7%) Margin 91.4% 85.5% 88.3% 88.7% 85.6% 83.2% 82.6% 81.8% 77.4% 74.0% 67.5% 59.4% 49.3% 74.9% Growth NA (30.5%) (39.6%) (25.6%) (28.0%) (24.6%) (18.8%) (16.8%) (34.5%) (26.6%) (27.0%) (29.6%) (33.6%) Net Working Capital $4,504.0 $2,264.0 $1,869.0 $1,323.0 $446.0 $157.0 $88.0 $72.0 $49.0 $38.0 $32.2 $27.5 $23.8 (36.6%) as a % of Total Revenue 22.6% 15.3% 13.0% 12.5% 5.6% 2.6% 1.8% 1.7% 1.7% 1.7% 1.8% 1.9% 2.1% 3.3% (1) Latest twelve months ended December 31, 2019

Preliminary Valuation Analysis — Consumer Receivables DCF Analysis - Key Assumptions As part of its preliminary valuation analysis, Lincoln performed a DCF analysis utilizing the Management Projections for the fiscal years ('EYE) ended September 30, 2020 through September 30, 2026. Based on discussions With Management, there have not bean any new consumer receivable portfolio purchases in several years, and there are no plans to restat consumer receivables poltfolio purchases in the near future for either tha domestic or international operations of the Company's Consumer Receivables Segment. For the purposes of Lincoln's preliminary analysis, and based on discussions with Management, Lincoln assumed that tha Consumer Receivables portfolio would ba liquidated at the and of FY202g, after which point the Segment is projected to become unprofitable on a standalone EBITDA basis. As such, no terminal value was contemplated in Lincoln's DCF analysis. The following is a summary of the key assumptions used in the DCF analysis, extrapolated through FY2029, based on discussions With Management, for the Company's Consumer Receivables Segment: Total revenue and EBITDA are projected to decrease ata CAGR of and (26_7)%, respectively, over the FY2019 through FY2029 period; The Company's Consumer Receivables Segment EBITDA margin is projected to decline from 88.3% for the LTM period ended December 31, 2019 to 49.3% in Given the run-off nature of the portfolio, Lincoln assumed that the Company's Consumer Receivables Segment would be liquidated at the end of FY2029, after which point the Segment is projected to become unprofitable on a standalone EBITDA basis; Net working capital, calculated on a cash-free, debt-free basis, and including principal collections on each of the IJ_S_ and international consumer receivable potfolios, averages 3.3% of Segment revenue over the FY2020 through FY2029 period; Lincoln utilized a taxrate of 28.1%, per Management; and The resulting discrete cash flows were discounted at a WACC range of 11.6% to A.,LINCOLN INTERNATIONAL Source: Management Projections Notes: CCF anatysisdoes not containa terminal value asthe Consumer Receivables Segment is assumedto cease operations at the end of FY2029, after which point t is projectedto become unprofitableon a standalone EBITDA basis Net Working Capital includes changes in operating assetsand liabilities and principal collection from both the LCS and international consumer receivables portfolios Sta 

 CF Analysis - Consumer Receivables ($ in Thousands) Management Projections Long-Term Projections 19A - '29P '20P - '29P FY Ending September 30, LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P CAGR Avg. Total Revenue $14,427.0 $7,444.0 $7,916.0 $6,143.0 $5,027.0 $4,219.0 $2,920.0 $2,244.0 $1,796.2 $1,438.0 $1,151.4 (22.5%) % Growth (38.6%) (28.4%) (25.4%) (22.4%) (18.2%) (16.1%) (30.8%) (23.2%) (20.0%) (19.9%) (19.9%) EBITDA $12,740.0 $6,457.0 $6,779.0 $5,111.0 $4,150.0 $3,452.0 $2,261.0 $1,660.0 $1,212.2 $854.0 $567.4 (26.7%) % Margin 88.3% 86.7% 85.6% 83.2% 82.6% 81.8% 77.4% 74.0% 67.5% 59.4% 49.3% 74.9% % Growth (30.1%) (49.0%) 5.0% (24.6%) (18.8%) (16.8%) (34.5%) (26.6%) (27.0%) (29.6%) (33.6%) 1/20 - 9/20 EBIT $6,457.0 $6,779.0 $5,111.0 $4,150.0 $3,452.0 $2,261.0 $1,660.0 $1,212.2 $854.0 $567.4 (-) Pro Forma Taxes @ 28.1% (1,815.1) (1,905.6) (1,436.7) (1,166.6) (970.4) (635.6) (466.6) (340.7) (240.0) (159.5) NOPAT $4,641.9 $4,873.4 $3,674.3 $2,983.4 $2,481.6 $1,625.4 $1,193.4 $871.5 $613.9 $407.9 (+/-) Net Working Capital 546.0 877.0 289.0 69.0 16.0 23.0 11.0 5.8 4.7 3.7 Free Cash Flow $5,187.9 $5,750.4 $3,963.3 $3,052.4 $2,497.6 $1,648.4 $1,204.4 $877.3 $618.6 $411.6 Discount Period 0.18 1.05 2.05 3.05 4.05 5.05 6.05 7.05 8.05 9.05 Discount Factor @ 14.00% 0.9773 0.8715 0.7644 0.6706 0.5882 0.5160 0.4526 0.3970 0.3483 0.3055 Present Value of Unlevered Free Cash Flow $5,070.3 $5,011.3 $3,029.7 $2,046.9 $1,469.1 $850.6 $545.1 $348.3 $215.4 $125.7 Enterprise Value Low Mid High WACC 16.50% 14.00% 11.50% Present Value of Discrete Cash Flows $17,932.4 $18,712.5 $19,580.4 Indicated Enterprise Value (Rounded) $17,900.0 $18,700.0 $19,600.0 (1) Latest twelve months ended December 31, 2019 Source: Management Projections Notes: DCF analysis does not contain a terminal value as the Consumer Receivables Segment is assumed to cease Notes: operations at the end of FY2028, after which point it is projected to become unprofitable on a standalone Notes: EBITDA basis. Net Working Capital includes changes in operating assets and liabilities and principal collection Notes: from both the U.S. and international consumer receivables portfolios. Preliminary Valuation Analysis – Consumer Receivables DCF Analysis - Summary

Preliminary Valuation Analysis — Personal Injury Claims Section 4 

Preliminary Valuation Analysis – Personal Injury Claims Historical and Projected Financial Statements – Arthur Funding Source: Management Projections Historical and Projected Financial Performance - Arthur Funding ($ in Thousands) Management Projections FY Ending September 30, 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P Personal Injury Claims Income $12.0 $26.0 $145.0 $661.0 $1,739.0 $2,344.0 $2,370.0 $2,361.0 $2,361.0 Total Revenue $12.0 $26.0 $145.0 $661.0 $1,739.0 $2,344.0 $2,370.0 $2,361.0 $2,361.0 Growth NA NA NM 355.9% 163.1% 34.8% 1.1% (0.4%) 0.0% (-) Total Operating Expenses ($80.0) ($170.0) ($391.0) ($730.0) ($944.0) ($1,071.0) ($1,079.0) ($1,147.0) ($1,158.0) EBITDA ($68.0) ($144.0) ($246.0) ($69.0) $795.0 $1,273.0 $1,291.0 $1,214.0 $1,203.0 Margin (566.7%) (553.8%) (169.7%) (10.4%) 45.7% 54.3% 54.5% 51.4% 51.0% Growth NA NA NM NM NM 60.1% 1.4% (6.0%) (0.9%) Investment in Arthur Funding ($225.0) ($285.0) ($701.0) ($2,059.0) ($3,064.0) ($1,496.0) ($216.8) $48.6 $0.0 Free Cash Flow ($871.0) ($2,128.0) ($2,475.7) ($554.0) $738.5 $947.0 $890.2 as a % of Total Revenue (600.7%) (321.9%) (142.4%) (23.6%) 31.2% 40.1% 37.7% (1) Latest twelve months ended December 31, 2019

Preliminary Valuation Analysis – Personal Injury Claims Projected Simia and Sylvave Book Value Rollforward Source: Management Projections  $500.0 $375.0 $250.0 $125.0  $2,623.0 $1,873.0 $1,123.0 $456.0 $0.0 $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 $3,000.0 2020P 2021P 2022P 2023P 2024P Simia Sylvave

Preliminary Valuation Analysis — Personal Injury Claims DCF Analysis - Key Assumptions As part of its preliminary valuation analysis, Lincoln determined the indicated enterprise value of the Company's Personal Injury Claims Segment by performing a DCF analysis utilizing the Management Projections, and a Selected Public Companies / M&A Transactions Analysis for Althur Funding using the Company's invested capital in Arthur Funding as of March 2, 2020 to which Lincoln applied a range of book value multiples. Based on discussions with Management, there have bean no new personal injury claims portfolio fundings for either Simia and Sylvave in several years and all naw personal injury claims fundings are expected to be completed by the Company's Arthur Funding Segment. As such, no terminal value was contemplated in Lincoln's DCF analysis for Simia and Sylvava The following is a summary of the key assumptions used in the DCF analysis for Simia and Sylvave- Principal and interest cash collections for each of Simia and Sylvave, as displayed on the next page, were projected by Management based on historical realization rates, and are expected to decline to zero by FY2024 as the portfolios are fully-wound down; Operating expenses for Simia and Sylvave are correspondingly expected to decline throughout the projection period, per Management; Due to the projected pre-tax losses for Simia and Sylvave, Lincoln projected cash taxes to be zero, based on discussions With Management; and The resulting discrete cash flows were discounted at a WACC range of 11 to Source: Management Projections A.,LINCOLN INTERNATIONAL Sta 

DRAFT Preliminary Valuation Analysis – Personal Injury Claims Simia and Sylvave DCF Analysis – Summary Source: Management Projections Notes: Cash flows for each of Simia and Sylvave were projected based on historical realization rates, as provided by Notes: Management portfolios. DCF analysis for Simia and Sylvave does not contain a terminal value as the Notes: Segments are in wind-down and will cease operations at FY2024, per Management. DCF Analysis - Simia and Sylvave ($ in Thousands) Management Projections FY Ending September 30, 2020P 2021P 2022P 2023P 2024P 1/20 - 9/20 Principal Collections - Simia $303.0 $101.0 $101.0 $101.0 $101.0 Interest Collections - Simia 72.0 24.0 24.0 24.0 24.0 Principal Collections - Sylvave 504.0 503.0 503.0 503.0 456.0 Interest Collections - Sylvave 246.0 247.0 247.0 164.0 0.0 Total Portfolio Cash Flows $1,125.0 $875.0 $875.0 $792.0 $581.0 (-) Total Operating Expenses ($21.0) ($27.0) ($27.0) ($27.0) ($11.0) (-) Pro Forma Taxes 0.0 0.0 0.0 0.0 0.0 Free Cash Flow $1,104.0 $848.0 $848.0 $765.0 $570.0 Discount Period 0.18 1.05 2.05 3.05 4.05 Discount Factor @ 14.00% 0.9773 0.8715 0.7644 0.6706 0.5882 Present Value of Unlevered Free Cash Flow $1,079.0 $739.0 $648.2 $513.0 $335.3 Enterprise Value Low Mid High WACC 16.50% 14.00% 11.50% Present Value of Discrete Cash Flows $3,204.5 $3,314.5 $3,433.6 Indicated Enterprise Value (Rounded) $3,200.0 $3,300.0 $3,450.0(1) Latest twelve months ended December 31, 2019

DRAFT ‒ Lincoln considered eight public companies and three selected M&A transactions in the specialty finance industry. ‒ Lincoln’s selected multiples for Arthur Funding were based on a comparative analysis that considered, among other things, certain quantitative and qualitative factors including the following: geographic footprint, relative size, historical and projected financial performance and profitability, the length of time Arthur Funding has been originating new business, and Arthur Funding’s revenue and earnings composition. ‒ Lincoln further notes that Arthur Funding represents an early stage investment for the Company, having launched in May 2019, and the Segment has not yet generated significant origination volumes. Appendix A contains additional details of Arthur Funding’s total originations through March 2, 2020. Note: None of the selected public companies or the target companies in the M&A transactions analysis is identical to Arthur Funding and Lincoln does not have access to non-public information regarding those companies. Preliminary Valuation Analysis – Personal Injury Claims Arthur Funding - Selected Public Companies / M&A Transactions Analysis - Summary Source: Investment in Arthur Funding as of March 2, 2020 was provided by Management. See Appendix A for Source: additional details of Arthur Funding’s total originations through March 2, 2020 Source: For purposes of Lincoln’s preliminary valuation analysis for Arthur Funding, Equity Value is equal to Source: Enterprise Value since there is no corresponding Segment-level leverage Selected Public Companies / M&A Transactions Analysis - Summary ($ in Thousands) Selected Public Companies M&A Selected Multiples Financial Enterprise Value Enterprise Value Multiple Low - High Median Median Low - High Statistic (1) Low Mid High LTM Book Value 0.31x - 2.89x 1.12x 1.43x 1.00x - 1.25x $275.6 $275.6 $310.0 $344.5 Indicated Enterprise Value Range (Rounded) $276.0 $310.0 $344.0 (1) Book Value for Arthur Funding represents the Company's investment in Arthur Funding as of March 2, 2020; see Appendix A for additional details 2

DRAFT Preliminary Valuation Analysis – Personal Injury Claims Preliminary Valuation Summary Source: Management Projections Note: Indicated Enterprise Value Range represents the sum of the DCF Analysis – Simia and Sylvave and the Note: Selected Public Companies / M&A Transactions Analysis – Arthur Funding Valuation Summary - Personal Injury Funding ($ in Thousands) Enterprise Value Low Mid High DCF Analysis - Simia and Sylvave $3,200.0 $3,300.0 $3,450.0 Selected Public Companies / M&A Transactions Analysis - Arthur Funding 245.0 276.0 306.0 Indicated Enterprise Value Range (Rounded) $3,445.0 $3,576.0 $3,756.0 27

Preliminary Valuation Analysis — GAR Section 5 

DRAFT Preliminary Valuation Analysis – GAR Historical and Projected Financial Statements Source: Management Projections Historical and Projected Financial Performance - GAR ($ in Thousands) Management Projections '19A - '26P '20P - '26P FY Ending September 30, 2018A 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P CAGR Avg. Disability Fee Income $4,598.0 $4,861.0 $4,408.0 $3,772.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.2% Other Income 8.0 48.0 48.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NM Total Revenue $4,606.0 $4,909.0 $4,456.0 $3,772.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.0% Growth NA 6.6% (24.0%) (23.2%) 20.0% 0.3% 2.0% 2.0% 2.0% 2.0% (-) Total Operating Expenses ($3,511.0) ($3,339.0) ($3,267.0) ($3,243.0) ($3,263.0) ($3,287.0) ($3,312.0) ($3,337.0) ($3,243.0) ($3,269.0) (0.3%) EBITDA $1,095.0 $1,570.0 $1,189.0 $529.0 $1,265.0 $1,255.0 $1,321.0 $1,389.0 $1,578.0 $1,648.0 0.7% Margin 23.8% 32.0% 26.7% 14.0% 27.9% 27.6% 28.5% 29.4% 32.7% 33.5% 27.7% Growth NA 43.4% (21.7%) (66.3%) 139.1% (0.8%) 5.3% 5.1% 13.6% 4.4% Net Working Capital $446.0 $203.0 $361.0 $320.0 $320.0 $320.0 $320.0 $320.0 $320.0 (4.6%) as a % of Total Revenue 9.1% 4.6% 9.6% 7.1% 7.0% 6.9% 6.8% 6.6% 6.5% 7.2% (1) Latest twelve months ended December 31, 2019 Note: Five Star Veterans Disability, LLC, a division of GAR ("Five Star"), represents a diminishing portfolio, in which the Company is not actively investing going forward. Note: Five Star future cash collections are projected to be $150,000 in 2020P, $75,000 in 2021P, and $0 in 2022P and thereafter. 29

Preliminary Valuation Analysis — GAR DCF Analysis - Key Assumptions As pan of its preliminary valuation analysis, Lincoln pelformad a DCF analysis utilizing the Management Projections for FY2020 through FY2026_ Beyond the projection period, Lincoln estimated the continuing value of GAR (the 'Terminal Value") by using a terminal growth rate of 2.0%, based on discussions with Management, reflecting Management's View of the long-term growth rata of GAR The following is a summary of the key assumptions used in the DCF analysis for GAR: Total revenue is projected to decrease (23_2%) to $3.77 million in FY2020 followed by a recovery to approximately S4_g million by FY2026; Total revenue decline in FY2020 is primarily driven by the Social Security Administration approving cases more quickly, which in turn reduces GARs revenue par casa due to lower levels of retroactive benefits. Total revenue growth beyond FY2022 of approximately 2% per year approximates the growth rate of the overall economy, per Management. EBITDA is projected to increase ata CAGR of 0.7% over the FY2019 through FY2026 period; GARs EBITDA margin is projected to average 27.7% over the FY2020 through FY2026 period; Net working capital, calculated on a cash-free, debt-free basis, is projected to average 7.20/0 of total revenue over the FY2020 through FY2026 period; Lincoln utilized a tax rate of 28.1%, per Management; and The resulting discrete cash flows and corresponding Terminal Value were discounted ata WACC range of to Source: Management Projections A.,LINCOLN INTERNATIONAL Sta 

DRAFT Preliminary Valuation Analysis – GAR DCF Analysis - Summary Source: Management Projections DCF Analysis - GAR ($ in Thousands) Management Projections '19A - '26P '20P - '26P FY Ending September 30, LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P CAGR Avg. Total Revenue $4,456.0 $3,772.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.0% % Growth (24.0%) (23.2%) 20.0% 0.3% 2.0% 2.0% 2.0% 2.0% EBITDA $1,189.0 $529.0 $1,265.0 $1,255.0 $1,321.0 $1,389.0 $1,578.0 $1,648.0 0.7% % Margin 26.7% 14.0% 27.9% 27.6% 28.5% 29.4% 32.7% 33.5% 27.7% % Growth 8.6% (66.3%) 139.1% (0.8%) 5.3% 5.1% 13.6% 4.4% 1/20 - 9/20 EBIT $486.0 $1,265.0 $1,255.0 $1,321.0 $1,389.0 $1,578.0 $1,648.0 (-) Pro Forma Taxes @ 28.1% (136.6) (355.6) (352.8) (371.3) (390.4) (443.6) (463.3) NOPAT $349.4 $909.4 $902.2 $949.7 $998.6 $1,134.4 $1,184.7 (+/-) Net Working Capital (158.0) 41.0 0.0 0.0 0.0 0.0 0.0 Free Cash Flow $191.4 $950.4 $902.2 $949.7 $998.6 $1,134.4 $1,184.7 Discount Period 0.18 1.05 2.05 3.05 4.05 5.05 6.05 Discount Factor @ 14.00% 0.9773 0.8715 0.7644 0.6706 0.5882 0.5160 0.4526 Present Value of Unlevered Free Cash Flow $187.0 $828.2 $689.7 $636.8 $587.4 $585.3 $536.2 Terminal Value Calculations Low Mid High WACC 15.50% 14.00% 12.50% Terminal Growth Rate 2.00% 2.00% 2.00% Terminal Free Cash Flow * (1 + Terminal Growth Rate) $1,208.4 $1,208.4 $1,208.4 Capitalization Rate (WACC - Terminal Growth Rate) 13.5% 12.0% 10.5% Terminal Value (Gordon Growth) $8,951.4 $10,070.4 $11,509.0 Discount Factor 0.4182 0.4526 0.4904 Present Value of Terminal Value $3,743.4 $4,558.0 $5,643.7 Enterprise Value Low Mid High Present Value of Discrete Cash Flows $3,887.4 $4,050.7 $4,225.6 (+) Present Value of Terminal Value 3,743.4 4,558.0 5,643.7 Indicated Enterprise Value (Rounded) $7,600.0 $8,600.0 $9,900.0 Implied Enterprise Value Multiples LTM EBITDA (1) (2) $945.5 8.0x 9.1x 10.5x 2020P EBITDA 529.0 14.4x 16.3x 18.7x 2021P EBITDA 1,265.0 6.0x 6.8x 7.8x LTM Total Revenue (1) 4,456.0 1.71x 1.93x 2.22x (1) Latest twelve months ended December 31, 2019 (2) Adjusted to remove cash collections from Five Star of $243,466 31

DRAFT ▪ Lincoln analyzed eight selected public companies in the specialty finance industry. ▪ Lincoln’s selected multiples for GAR were based on a comparative analysis that considered, among other things, certain quantitative and qualitative factors including the following: geographic footprint, relative size, historical and projected financial performance and profitability, and GAR’s revenue and earnings composition. Note: None of the selected public companies is identical to GAR and Lincoln does not have access to non-public information regarding those companies. Preliminary Valuation Analysis – GAR Selected Public Companies Analysis - Summary Source: Management Projections Selected Public Companies Analysis - Summary ($ in Thousands) Selected Public Companies Selected Multiples Financial Enterprise Value Enterprise Value Multiple Low - High Median Low - High Statistic Low Mid High 2021P EBITDA 1.8x - 3.5x 2.8x 4.0x - 5.0x $1,265.0 $5,060.0 $5,692.5 $6,325.0 Indicated Enterprise Value Range (Rounded) $5,100.0 $5,700.0 $6,300.0 Implied Enterprise Value Multiples LTM EBITDA (1) (2) 1.7x 4.2x 3.2x $945.5 5.4x 6.0x 6.7x 2020P EBITDA 1.8x 3.8x 3.0x $529.0 9.6x 10.8x 11.9x LTM Total Revenue (1) 1.73x 4.20x 3.23x $4,456.0 1.14x 1.28x 1.41x (1) Latest twelve months ended December 31, 2019 (2) Adjusted to remove cash collections from Five Star of $243,466 32

DRAFT Preliminary Valuation Analysis – GAR Preliminary Valuation Summary Source: Management Projections Note: Indicated Enterprise Value Range represents the midpoint of the DCF and Selected Public Company Analyses Valuation Summary - GAR ($ in Thousands) Enterprise Value Low Mid High DCF Analysis $7,600.0 $8,600.0 $9,900.0 Selected Public Companies Analysis 5,100.0 5,700.0 6,300.0 Indicated Enterprise Value Range $6,350.0 $7,150.0 $8,100.0 Implied Enterprise Value Multiples LTM EBITDA (1) (2) $945.5 6.7x 7.6x 8.6x 2020P EBITDA 529.0 12.0x 13.5x 15.3x 2021P EBITDA 1,265.0 5.0x 5.7x 6.4x LTM Total Revenue (1) 4,456.0 1.43x 1.60x 1.82x (1) Latest twelve months ended December 31, 2019 (2) Adjusted to remove cash collections from Five Star of $243,466 33

Preliminary Valuation Analysis — Small Business Lending Section 6 

DRAFT Preliminary Valuation Analysis – Small Business Lending Historical and Projected Financial Statements Source: Management Projections  Historical and Projected Financial Performance - Small Business Lending ($ in Thousands) Management Projections FY Ending September 30, 2020P 2021P 2022P 2023P 2024P 2025P 2026P Small Business Lending Fee Income 0.0 923.0 2,407.0 4,087.0 5,549.0 5,857.0 6,197.0 Total Revenue $0.0 $923.0 $2,407.0 $4,087.0 $5,549.0 $5,857.0 $6,197.0 Growth NA 160.8% 69.8% 35.8% 5.6% 5.8% (-) Advertising $0.0 ($160.0) ($100.0) ($100.0) ($140.0) ($140.0) ($160.0) (-) Bad Debt Expenses 0.0 (413.0) (945.0) (1,598.0) (2,115.0) (2,316.0) (2,466.0) (-) Office Salaries 0.0 (317.0) (626.0) (801.0) (873.0) (949.0) (1,039.0) (-) Payroll Taxes 0.0 (32.0) (63.0) (80.0) (87.0) (95.0) (104.0) (-) Professional Fees 0.0 (69.0) (42.0) (42.0) (48.0) (48.0) (48.0) (-) Office Expense 0.0 (18.0) (18.0) (36.0) (36.0) (36.0) (60.0) (-) Total Operating Expenses $0.0 ($1,009.0) ($1,794.0) ($2,657.0) ($3,299.0) ($3,584.0) ($3,877.0) EBITDA $0.0 ($86.0) $613.0 $1,430.0 $2,250.0 $2,273.0 $2,320.0 Margin (9.3%) 25.5% 35.0% 40.5% 38.8% 37.4% Growth NM 133.3% 57.3% 1.0% 2.1% Net Income $0.0 ($60.0) $429.0 $1,001.0 $1,575.0 $1,591.0 $1,624.0 Margin (6.5%) 17.8% 24.5% 28.4% 27.2% 26.2% Growth NM 133.3% 57.3% 1.0% 2.1% Return on Equity 0.0% (2.4%) 5.6% 6.9% 6.9% 5.1% 4.2% Investment in Small Business Lending $0.0 ($2,485.0) ($7,673.0) ($14,508.0) ($22,752.0) ($30,991.0) ($39,096.0) (1) Latest twelve months ended December 31, 2019 35

Preliminary Valuation Analysis — Small Business Lending DCF Analysis - Key Assumptions As part of its preliminary valuation analysis, Lincoln performed a DCF analysis utilizing the Management Projections for FY2020 through FY2026. Based on discussions with Management, the Company's new Small Business Landing Segment is expected to begin generating revenue in FY2021  The opportunity was recently developed by a non-independent director of the Company, who was charged with finding new areas of growth for theCompany to deploy capital • Lincoln estimated the Terminal Value of Small ausiness Lending by using a terminal book multiple of 1_6x, based on an analysis of selected public companies _ The following is a summary of the key assumptions used in the DCF analysis for Small Business Lending: Total revenue is expected to grow to S6_2 million by FY2026 as the Segment grows Its loan portfolio; EBITDA margin is projected to increase from (9.3%) to 37.4% by FY2026, inclusive of bad debt expense which is forecasted to be 6% of advances; Lincoln utilized a taxrate of 28.1%, per Management; and The resulting discrete cash flows ware discounted at a WACC range of 17.6% to 22.6%, which is commensurate With venture-like rates of return given the uncertainty and risk associated with Small Business Lending. Source: Management Projections A.,LINCOLN INTERNATIONAL Sta 

DRAFT Preliminary Valuation Analysis – Small Business Lending DCF Analysis - Summary Source: Management Projections Discounted Cash Flow Analysis - Small Business Lending ($ in Thousands) Small Business Lending Projections FY Ending September 30, 2020P 2021P 2022P 2023P 2024P 2025P 2026P  Total Revenue $0.0 $923.0 $2,407.0 $4,087.0 $5,549.0 $5,857.0 $6,197.0 % Growth NA NA 160.8% 69.8% 35.8% 5.6% 5.8% EBITDA $0.0 ($86.0) $613.0 $1,430.0 $2,250.0 $2,273.0 $2,320.0 % Margin NA (9.3%) 25.5% 35.0% 40.5% 38.8% 37.4% % Growth NA NA (812.8%) 133.3% 57.3% 1.0% 2.1% 1/20 - 9/20 EBIT $0.0 ($86.0) $613.0 $1,430.0 $2,250.0 $2,273.0 $2,320.0 (-) Pro Forma Taxes @ 28.1% 0.0 0.0 (172.3) (401.8) (632.3) (638.7) (651.9) NOPAT $0.0 ($86.0) $440.7 $1,028.2 $1,617.8 $1,634.3 $1,668.1 (-) Investment in Small Business Lending 0.0 (2,485.0) (5,188.0) (6,835.0) (8,244.0) (8,239.0) (8,105.0) Free Cash Flow $0.0 ($2,571.0) ($4,747.3) ($5,806.8) ($6,626.3) ($6,604.7) ($6,436.9) Discount Period 0.18 1.05 2.05 3.05 4.05 5.05 6.05 Discount Factor @ 20.00% 0.9686 0.8258 0.6881 0.5735 0.4779 0.3982 0.3319 Present Value of Unlevered Free Cash Flow $0.0 ($2,123.1) ($3,266.8) ($3,329.9) ($3,166.5) ($2,630.2) ($2,136.1) Terminal Value Calculations Low Mid High Terminal Book Value $39,096.0 $39,096.0 $39,096.0 Terminal Book Multiple 1.50x 1.50x 1.50x Terminal Value (Terminal Multiple) $58,644.0 $58,644.0 $58,644.0 Discount Factor 0.2647 0.3029 0.3477 Present Value of Terminal Value $15,521.4 $17,765.9 $20,392.7 Enterprise Value Low Mid High Discount Rate 22.50% 20.00% 17.50% Present Value of Discrete Cash Flows ($15,504.7) ($16,652.7) ($17,932.1) (+) Present Value of Terminal Value 15,521.4 17,765.9 20,392.7 Indicated Enterprise Value (Rounded) $17.0 $1,113.0 $2,461.0 37

Preliminary Valuation Analysis — Corporate Overhead Section 7 

DRAFT Preliminary Valuation Analysis – Corporate Overhead Historical and Projected Financial Statements Source: Management Projections Note: Net Working Capital includes (i) Prepaid and Income Taxes Receivable, (ii) Other Assets, (iii) Accounts Payable Note: and Accrued Expenses, and (iv) Income Tax Payable Historical and Projected Financial Performance - Corporate Overhead ($ in Thousands) Management Projections FY Ending September 30, 2018A 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P Corporate Overhead Expenses ($9,292.0) ($7,831.0) ($8,055.0) ($7,490.0) ($6,546.0) ($6,182.0) ($6,012.0) ($5,258.0) ($4,837.0) ($4,713.0) Growth NA (15.7%) (29.9%) (4.4%) (12.6%) (5.6%) (2.7%) (12.5%) (8.0%) (2.6%) % of Total Company Revenue 41.8% 37.1% NA 49.9% 46.8% 41.7% 37.4% 31.2% 30.3% 30.0% Total Capital Expenditures $0.0 $119.0 $119.0 $0.0 $100.0 $0.0 $50.0 $50.0 $0.0 $0.0 Net Working Capital $4,109.0 ($686.0) ($616.0) ($1,127.0) ($1,668.0) ($1,615.0) ($1,601.0) ($1,671.0) ($1,655.0) ($1,690.0) (1) Latest twelve months ended December 31, 2019 39

Preliminary Valuation Analysis — Corporate Overhead DCF Analysis - Key Assumptions As pan of its preliminary valuation analysis, Lincoln pelformad a DCF analysis utilizing the Management Projections for FY2020 through FY2026_ Based on discussions With the Special Committee and with the Special Committee's approval, Lincoln assumed that the Company would cease operating when each of tha Company's Consumer Receivables Segment, the Simia and Sylvava portfolios have liquidated, and the Company's other Segments have matured and would be able to be sold to facilitate the wind down of the Company. As such, no terminal value was contemplated in Lincoln's DCF analysis for corporate overhead. The following is a summary of the key assumptions used in the DCF analysis, extrapolated through FY2028, based on discussions With Management, for the Company's corporate overhead: Corporate overhead expenses are expected to decrease period over period in consideration of the wind-down of Consumer Receivables and Simia / Slywave; Total capital expenditures are projected to be $100,000 for FY2021 and $60,000 for each of FY2023 and FY2024 Net working capital, calculated on a cash-free, debt-free basis, is projected to average (Sl _7) million over the FY2021 through FY2026 period; Lincoln utilized a tax rate of 28.1%, per Management; and The resulting discrete cash flows were discounted at a WACC range of 11 to Source: Management Projections A.,LINCOLN INTERNATIONAL Sta 

DRAFT Preliminary Valuation Analysis – Corporate Overhead DCF Analysis - Summary Source: Management Projections Note: Net Working Capital includes (i) Prepaid and Income Taxes Receivable, (ii) Other Assets, (iii) Accounts Payable Note: and Accrued Expenses, and (iv) Income Tax Payable DCF Analysis - Corporate Overhead ($ in Thousands) Management Projections Long-Term Projections FY Ending September 30, LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P Corporate Overhead Expenses ($8,055.0) ($7,490.0) ($6,546.0) ($6,182.0) ($6,012.0) ($5,258.0) ($4,837.0) ($4,713.0) ($3,142.0) ($1,571.0) 1/20 - 9/20 EBIT ($5,080.6) ($6,659.6) ($6,195.6) ($6,067.0) ($5,306.9) ($4,857.2) ($4,731.3) ($3,145.4) ($1,573.7) (-) Pro Forma Taxes @ 28.1% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NOPAT ($5,080.6) ($6,659.6) ($6,195.6) ($6,067.0) ($5,306.9) ($4,857.2) ($4,731.3) ($3,145.4) ($1,573.7) (+) Tax Depreciation $13.6 $113.6 $13.6 $55.0 $48.9 $20.2 $18.3 $3.4 $2.7 (-) Capital Expenditures 0.0 (100.0) 0.0 (50.0) (50.0) 0.0 0.0 0.0 0.0 (+/-) Net Working Capital 511.0 541.0 (53.0) (14.0) 70.0 (16.0) 35.0 0.0 0.0 Free Cash Flow ($4,556.0) ($6,105.0) ($6,235.0) ($6,076.0) ($5,238.0) ($4,853.0) ($4,678.0) ($3,142.0) ($1,571.0) Discount Period 0.18 1.05 2.05 3.05 4.05 5.05 6.05 7.05 8.05 Discount Factor @ 14.00% 0.9773 0.8715 0.7644 0.6706 0.5882 0.5160 0.4526 0.3970 0.3483 Present Value of Unlevered Free Cash Flow ($4,452.7) ($5,320.3) ($4,766.3) ($4,074.3) ($3,081.1) ($2,504.0) ($2,117.3) ($1,247.5) ($547.1) Enterprise Value Low Mid High WACC 16.50% 14.00% 11.50% Present Value of Discrete Cash Flows ($26,461.9) ($28,110.7) ($29,968.2) Indicated Enterprise Value (Rounded) ($26,500.0) ($28,100.0) ($30,000.0) (1) Latest twelve months ended December 31, 2019 41

Valuation Support Appendix A 

DRAFT Summary of Key Changes from January 16, 2020 Presentation Historical and Projected Financial Statements – Original Management Projections Source: Original Management Projections, as provided to Lincoln by Management on December 9, 2019 Historical and Projected Financial Statements - Original Management Projections ($ in Thousands) Fiscal Year Ended September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,858.0 $4,743.0 $3,860.0 $2,671.0 $2,051.0 Personal Injury Claims Funding 1,754.0 2,202.0 84.0 151.0 202.0 422.0 498.0 579.0 660.0 Smal l Bus ines s Lending Fee Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 GAR 4,598.0 4,861.0 5,200.0 5,200.0 5,200.0 5,200.0 5,200.0 5,200.0 5,200.0 Total Revenue $22,215.0 $21,113.0 $14,390.0 $12,512.0 $11,260.0 $10,365.0 $9,558.0 $8,450.0 $7,911.0 Growth NA (5.0%) (31.8%) (13.1%) (10.0%) (7.9%) (7.8%) (11.6%) (6.4%) (+) Other Income (1) 4,179.0 706.0 115.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $26,394.0 $21,819.0 $14,505.0 $12,539.0 $11,265.0 $10,370.0 $9,563.0 $8,455.0 $7,916.0 (-) General & Admini s trative Expenses (5,774.0) (5,385.0) (6,082.0) (5,622.0) (5,602.0) (5,653.0) (5,527.0) (5,512.0) (5,527.0) EBITDA (Pre-Corporate Overhead) $20,620.0 $16,434.0 $8,423.0 $6,917.0 $5,663.0 $4,717.0 $4,036.0 $2,943.0 $2,389.0 Growth NA (20.3%) (48.7%) (17.9%) (18.1%) (16.7%) (14.4%) (27.1%) (18.8%) Margin 78.1% 75.3% 58.1% 55.2% 50.3% 45.5% 42.2% 34.8% 30.2% (-) Corporate Overhead (9,311.0) (7,895.0) (7,508.0) (6,913.0) (6,919.0) (6,933.0) (6,948.0) (6,964.0) (6,961.0) Growth NA (15.2%) (4.9%) (7.9%) 0.1% 0.2% 0.2% 0.2% (0.0%) EBITDA (Pos t-Corporate Overhead) $11,309.0 $8,539.0 $915.0 $4.0 ($1,256.0) ($2,216.0) ($2,912.0) ($4,021.0) ($4,572.0) Growth NA (24.5%) (89.3%) (99.6%) NM NM NM NM NM Margin 42.8% 39.1% 6.3% 0.0% (11.1%) (21.4%) (30.5%) (47.6%) (57.8%) (1) Excludes interes t income attributable to U.S. Treasuries 43

DRAFT Source: First Revised Management Projections, as provided to Lincoln by Management on January 6, 2020 Summary of Key Changes from January 16, 2020 Presentation Historical and Projected Financial Statements – First Revised Management Projections Historical and Projected Financial Statements - First Revised Management Projections ($ in Thousands) Fiscal Year Ended September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,624.0 $4,601.0 $3,816.0 $2,671.0 $2,051.0 Personal Injury Claims Funding 1,754.0 2,202.0 84.0 151.0 202.0 422.0 498.0 579.0 660.0 Smal l Bus ines s Lending Fee Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 GAR 4,598.0 4,861.0 3,952.0 4,528.0 4,542.0 4,633.0 4,726.0 4,821.0 4,917.0 Total Revenue $22,215.0 $21,113.0 $13,142.0 $11,840.0 $10,368.0 $9,656.0 $9,040.0 $8,071.0 $7,628.0 Growth NA (5.0%) (37.8%) (9.9%) (12.4%) (6.9%) (6.4%) (10.7%) (5.5%) (+) Other Income (1) 4,179.0 862.0 115.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $26,394.0 $21,975.0 $13,257.0 $11,867.0 $10,373.0 $9,661.0 $9,045.0 $8,076.0 $7,633.0 (-) General & Admini s trative Expenses (5,774.0) (5,537.0) (5,834.0) (5,396.0) (5,391.0) (5,468.0) (5,367.0) (5,378.0) (5,417.0) EBITDA (Pre-Corporate Overhead) $20,620.0 $16,438.0 $7,423.0 $6,471.0 $4,982.0 $4,193.0 $3,678.0 $2,698.0 $2,216.0 Growth NA (20.3%) (54.8%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 78.1% 74.8% 56.0% 54.5% 48.0% 43.4% 40.7% 33.4% 29.0% (-) Corporate Overhead (9,292.0) (7,831.0) (7,422.0) (6,885.0) (6,899.0) (6,913.0) (6,928.0) (6,944.0) (6,961.0) Growth NA (15.7%) (5.2%) (7.2%) 0.2% 0.2% 0.2% 0.2% 0.2% EBITDA (Pos t-Corporate Overhead) $11,328.0 $8,607.0 $1.0 ($414.0) ($1,917.0) ($2,720.0) ($3,250.0) ($4,246.0) ($4,745.0) Growth NA (24.0%) (100.0%) NM NM NM NM NM NM Margin 42.9% 39.2% 0.0% (3.5%) (18.5%) (28.2%) (35.9%) (52.6%) (62.2%) (1) Excludes interes t income attributable to U.S. Treasuries 44

DRAFT Source: Adjusted Management Projections, as provided to the Special Committee by Lincoln on January 13, 2020 Summary of Key Changes from January 16, 2020 Presentation Historical and Projected Financial Statements – Adjusted Management Projections Historical and Projected Financial Statements - Adjusted Management Projections ($ in Thousands) Fiscal Year Ended September 30, 2018A 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $15,863.0 $14,050.0 $9,106.0 $7,161.0 $5,624.0 $4,601.0 $3,816.0 $2,671.0 $2,051.0 Personal Injury Claims Funding 1,754.0 2,202.0 84.0 151.0 202.0 422.0 498.0 579.0 660.0 Smal l Bus ines s Lending Fee Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 GAR 4,598.0 4,861.0 3,952.0 4,528.0 4,542.0 4,633.0 4,726.0 4,821.0 4,917.0 Total Revenue $22,215.0 $21,113.0 $13,142.0 $11,840.0 $10,368.0 $9,656.0 $9,040.0 $8,071.0 $7,628.0 Growth NA (5.0%) (37.8%) (9.9%) (12.4%) (6.9%) (6.4%) (10.7%) (5.5%) (+) Other Income (1) 4,179.0 862.0 115.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $26,394.0 $21,975.0 $13,257.0 $11,867.0 $10,373.0 $9,661.0 $9,045.0 $8,076.0 $7,633.0 (-) General & Admini s trative Expenses (5,774.0) (5,537.0) (5,834.0) (5,396.0) (5,391.0) (5,468.0) (5,367.0) (5,378.0) (5,417.0) EBITDA (Pre-Corporate Overhead) $20,620.0 $16,438.0 $7,423.0 $6,471.0 $4,982.0 $4,193.0 $3,678.0 $2,698.0 $2,216.0 Growth NA (20.3%) (54.8%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 78.1% 74.8% 56.0% 54.5% 48.0% 43.4% 40.7% 33.4% 29.0% (-) Corporate Overhead (9,292.0) (7,831.0) (7,422.0) (6,470.1) (4,981.3) (4,192.4) (3,677.5) (2,697.6) (2,215.7) Growth NA (15.7%) (5.2%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) EBITDA (Pos t-Corporate Overhead) $11,328.0 $8,607.0 $1.0 $0.9 $0.7 $0.6 $0.5 $0.4 $0.3 Growth NA (24.0%) (100.0%) (12.8%) (23.0%) (15.8%) (12.3%) (26.6%) (17.9%) Margin 42.9% 39.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% (1) Excludes interes t income attributable to U.S. Treasuries 45

DRAFT Summary of Key Changes from January 16, 2020 Presentation Historical and Projected Financial Statements – Management Projections Source: Management Projections, as provided to Lincoln by Management on February 21, 2020 Historical and Projected Financial Statements - Management Projections ($ in Thousands) Fiscal Year Ended September 30, 2019A 2020P 2021P 2022P 2023P 2024P 2025P 2026P Consumer Receivables $14,050.0 $10,498.0 $7,889.0 $6,138.0 $5,022.0 $4,214.0 $2,915.0 $2,239.0 Personal Injury Claims Funding 2,202.0 733.0 661.0 1,739.0 2,344.0 2,370.0 2,361.0 2,361.0 Smal l Bus ines s Lending Fee Income 0.0 0.0 923.0 2,407.0 4,087.0 5,549.0 5,857.0 6,197.0 GAR 4,861.0 3,772.0 4,528.0 4,542.0 4,633.0 4,726.0 4,821.0 4,917.0 Total Revenue $21,113.0 $15,003.0 $14,001.0 $14,826.0 $16,086.0 $16,859.0 $15,954.0 $15,714.0 Growth n/a (28.9%) -6.68% 5.89% 8.50% 4.81% (5.4%) (1.5%) (+) Other Income (1) 862.0 118.0 27.0 5.0 5.0 5.0 5.0 5.0 Total Income $21,975.0 $15,121.0 $14,028.0 $14,831.0 $16,091.0 $16,864.0 $15,959.0 $15,719.0 (-) General & Admini s trative Expenses (5,537.0) (4,531.0) (6,166.0) (7,084.0) (7,944.0) (8,493.0) (8,633.0) (8,888.0) EBITDA (Pre-Corporate Overhead) $16,438.0 $10,590.0 $7,862.0 $7,747.0 $8,147.0 $8,371.0 $7,326.0 $6,831.0 Growth n/a (35.6%) (25.8%) (1.5%) 5.2% 2.7% (12.5%) (6.8%) Margin 74.8% 70.0% 56.0% 52.2% 50.6% 49.6% 45.9% 43.5% (-) Corporate Overhead (7,831.0) (7,490.0) (6,546.0) (6,182.0) (6,012.0) (5,258.0) (4,837.0) (4,713.0) Growth n/a (4.4%) (12.6%) (5.6%) (2.7%) (12.5%) (8.0%) (2.6%) EBITDA (Pos t-Corporate Overhead) $8,607.0 $3,100.0 $1,316.0 $1,565.0 $2,135.0 $3,113.0 $2,489.0 $2,118.0 Growth n/a (64.0%) (57.5%) 18.9% 36.4% 45.8% (20.0%) (14.9%) Margin 39.2% 20.5% 9.4% 10.6% 13.3% 18.5% 15.6% 13.5% (1) Excludes interes t income attributable to U.S. Treasuries 46

DRAFT Preliminary Valuation Support Historical and Projected Financial Statements - Consumer Receivables (U.S.) Source: Management Projections Historical and Projected Financial Performance - Consumer Receivables (U.S.) (1) ($ in Thousands) Consumer Receivables (U.S.) Projections Long-Term Projections '19A - '29P '20P - '29P FY Ending September 30, 2018A 2019A LTM (2) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P CAGR Avg. Finance Income $12,190.4 $10,797.1 $10,518.9 $8,364.6 $6,465.9 $5,241.4 $4,355.6 $3,660.0 $2,777.0 $2,239.0 $1,791.2 $1,433.0 $1,146.4 (20.1%) Other Income $3,133.1 $594.0 $567.9 $90.7 $20.7 $3.8 $3.8 $3.8 $3.8 $5.0 $5.0 $5.0 $5.0 (38.0%) Total Revenue $15,323.4 $11,391.1 $11,086.8 $8,455.2 $6,486.7 $5,245.2 $4,359.4 $3,663.8 $2,780.8 $2,244.0 $1,796.2 $1,438.0 $1,151.4 (20.5%) Growth NA (25.7%) (38.6%) (25.8%) (23.3%) (19.1%) (16.9%) (16.0%) (24.1%) (19.3%) (20.0%) (19.9%) (19.9%) (-) Total Operating Expenses ($1,323.3) ($1,656.1) ($1,296.4) ($919.9) ($910.9) ($867.4) ($749.9) ($656.9) ($625.0) ($584.0) ($584.0) ($584.0) ($584.0) (9.9%) EBITDA $14,000.1 $9,735.1 $9,790.4 $7,535.4 $5,575.7 $4,377.8 $3,609.5 $3,006.9 $2,155.8 $1,660.0 $1,212.2 $854.0 $567.4 (24.7%) Margin 91.4% 85.5% 88.3% 89.1% 86.0% 83.5% 82.8% 82.1% 77.5% 74.0% 67.5% 59.4% 49.3% 75.1% Growth NA (30.5%) (39.6%) (22.6%) (26.0%) (21.5%) (17.5%) (16.7%) (28.3%) (23.0%) (27.0%) (29.6%) (33.6%) Net Working Capital $3,461.2 $1,739.8 $1,436.3 $1,016.7 $342.7 $120.7 $67.6 $55.3 $37.7 $29.2 $23.4 $18.7 $15.0 (37.8%) as a % of Total Revenue 22.6% 15.3% 13.0% 12.0% 5.3% 2.3% 1.6% 1.5% 1.4% 1.3% 1.3% 1.3% 1.3% 2.9% (1) Total operating expenses have been allocated between the U.S. and International Consumer Receivables Segments based on each of the U.S. and International Segment's respective total revenue contribution (2) Latest twelve months ended December 31, 2019 47

DRAFT Preliminary Valuation Support Historical and Projected Financial Statements - Consumer Receivables (International) Source: Management Projections Historical and Projected Financial Performance - Consumer Receivables (International) (1) ($ in Thousands) Consumer Receivables (International) Projections '19A - '25P '20P - '25P FY Ending September 30, 2018A 2019A LTM (2) 2020P 2021P 2022P 2023P 2024P 2025P CAGR Avg. Finance Income $3,672.6 $3,252.9 $3,169.1 $2,133.4 $1,423.1 $896.6 $666.4 $554.0 $138.0 (40.9%) Other Income 943.9 179.0 171.1 27.3 6.3 1.2 1.2 1.2 1.2 (56.8%) Total Revenue $4,616.6 $3,431.9 $3,340.2 $2,160.8 $1,429.3 $897.8 $667.6 $555.2 $139.2 (41.4%) Growth NA (25.7%) (38.6%) (37.0%) (33.9%) (37.2%) (25.6%) (16.8%) (74.9%) (-) Total Operating Expenses ($398.7) ($498.9) ($390.6) ($277.1) ($226.1) ($164.6) ($127.1) ($110.1) ($34.0) (36.1%) EBITDA $4,217.9 $2,932.9 $2,949.6 $1,883.6 $1,203.3 $733.2 $540.5 $445.1 $105.2 (42.6%) Margin 91.4% 85.5% 88.3% 87.2% 84.2% 81.7% 81.0% 80.2% 75.6% 81.6% Growth NA (30.5%) (39.6%) (35.8%) (36.1%) (39.1%) (26.3%) (17.7%) (76.4%) Net Working Capital $1,042.8 $524.2 $432.7 $306.3 $103.3 $36.3 $20.4 $16.7 $11.3 (47.2%) as a % of Total Revenue 22.6% 15.3% 13.0% 14.2% 7.2% 4.0% 3.1% 3.0% 8.2% 6.6% (1) Total operating expenses were allocated between the U.S. and International Consumer Receivables Segments based on each of the U.S. and International Segment's (1) respective total revenue contribution (2) Latest twelve months ended December 31, 2019 48

DRAFT Preliminary Valuation Support Portfolio Details - Arthur Funding Source: Management Arthur Funding - Portfolio Overview ($ actual)  Date Funded Redacted Client Name Funded Amount 05/22/19 Client 1 $ 8,532.50  06/20/19 Client 1 2,000.00 07/25/19 Client 1 1,500.00 08/29/19 Client 1 2,500.00 09/30/19 Client 1 3,000.00 10/25/19 Client 1 5,000.00 12/23/19 Client 1 2,500.00 02/19/20 Client 1 1,500.00 06/06/19 Client 2 35,604.00 07/05/19 Client 2 1,000.00 08/05/19 Client 2 1,000.00 09/05/19 Client 2 1,000.00 10/04/19 Client 2 1,000.00 11/05/19 Client 2 1,000.00 12/05/19 Client 2 1,000.00 01/06/20 Client 2 1,000.00 02/05/20 Client 2 1,000.00 06/06/19 Client 3 34,370.00 07/15/19 Client 3 4,000.00 08/15/19 Client 3 4,000.00 09/16/19 Client 3 4,000.00 10/15/19 Client 3 4,000.00 11/15/19 Client 3 4,000.00 12/11/19 Client 3 1,500.00 12/13/19 Client 3 4,000.00 01/21/20 Client 3 4,000.00 02/13/20 Client 3 4,500.00 06/11/19 Client 4 1,355.34 08/16/19 Client 4 10,000.00 08/28/19 Client 4 1,500.00 Arthur Funding - Portfolio Overview ($ actual) Date Funded Redacted Client Name Funded Amount  10/01/19 Client 4 1,500.00 11/01/19 Client 4 1,500.00 11/27/19 Client 4 1,500.00 01/06/20 Client 4 1,500.00 02/03/20 Client 4 1,500.00 06/13/19 Client 5 3,460.00 07/05/19 Client 5 1,000.00 07/25/19 Client 5 10,000.00 09/03/19 Client 5 2,000.00 10/15/19 Client 5 1,500.00 12/09/19 Client 5 2,500.00 01/16/20 Client 5 2,000.00 02/10/20 Client 5 1,500.00 06/17/19 Client 6 37,500.00 07/26/19 Client 7 17,245.50 09/09/19 Client 7 1,000.00 11/22/19 Client 7 1,000.00 02/03/20 Client 7 1,000.00 07/30/19 Client 8 2,000.00 09/10/19 Client 8 2,000.00 10/04/19 Client 8 2,500.00 12/04/19 Client 8 2,500.00 01/02/20 Client 8 1,000.00 09/05/19 Client 9 5,000.00 11/05/19 Client 10 10,000.00 02/24/20 Client 11 5,000.00 02/28/20 Client 12 5,000.00 Total $275,567.34 49

DRAFT Preliminary Valuation Support Portfolio Details - Arthur Funding (continued) Source: Management Arthur Funding - Portfolio Fundings by Client ($ actual) Date Funded Redacted Client Name Funded Amount Various Client 1 $26,532.50 Various Client 2 43,604.00 Various Client 3 68,370.00 Various Client 4 20,355.34 Various Client 5 23,960.00 6/17/2019 Client 6 37,500.00Various Client 7 20,245.50 Various Client 8 10,000.00 9/5/2019 Client 9 5,000.00 11/5/2019 Client 10 10,000.00 2/24/2020 Client 11 5,000.00 2/28/2020 Client 12 5,000.00 Total $275,567.34 Arthur Funding - Portfolio Fundings by Month ($ actual) Month Funded Funded Amount May-19 $8,532.50 Jun-19 114,289.34 Jul-19 36,745.50 Aug-19 19,000.00 Sep-19 18,000.00 Oct-19 15,500.00 Nov-19 19,000.00  Dec-19 14,000.00 Jan-20 9,500.00 Feb-20 21,000.00 Total $275,567.34 50

DRAFT Preliminary Valuation Support – GAR & Personal Injury Selected Public Companies - Valuation Multiples Source: S&P Capital IQ and Public Filings  Selected Public Companies Analysis - Enterprise Valuation Multiples ($ in millions) Enterprise Value as a Multiple of Company Name Stock Price as of 3/12/20 % of 52 Week High Enterprise Value LTM EBITDA 2020 EBITDA 2021 EBITDA LTM Revenue Arrow Global Group PLC $1.96 51.14% NA NMF NMF NMF NMF Axactor SE 0.63 26.87% $1,042 3.3x 2.3x 2.4x 3.26x Cembra Money Bank AG 94.36 72.58% NA NMF NMF NMF NMF Collection House Limited 0.68 79.49% 195 1.7x 1.8x 1.8x 1.73x Credit Acceptance Corporation 368.42 72.24% NA NMF NMF NMF NMF Encore Capital Group, Inc. 33.29 82.89% 4,460 3.2x 3.0x 2.8x 3.17x KRUK Spólka Akcyjna 22.23 45.15% 1,067 3.2x 3.1x 3.0x 3.23x PRA Group, Inc. 31.48 79.54% 4,267 4.2x 3.8x 3.5x 4.20x Average $69.13 63.74% $2,206 3.1x 2.8x 2.7x 3.12x Median 26.86 72.41% 1,067 3.2x 3.0x 2.8x 3.23x Selected Public Companies Analysis - Equity Valuation Multiples ($ in millions) Equity Value as a Multiple of Company Name Stock Price as of 3/12/20 % of 52 Week High Market Capitalization Book Value Tangible Book Value LTM Earnings Arrow Global Group PLC $1.96 51.14% $344 1.33x NMF 7.8x Axactor SE 0.63 26.87% 117 0.31x 0.43x 6.0x Cembra Money Bank AG 94.36 72.58% 2,772 2.46x 3.19x 16.5x Collection House Limited 0.68 79.49% 97 0.59x 0.69x 4.4x Credit Acceptance Corporation 368.42 72.24% 6,742 2.89x 2.89x 10.7x Encore Capital Group, Inc. 33.29 82.89% 1,035 1.01x NMF 6.2x KRUK Spólka Akcyjna 22.23 45.15% 422 0.82x 0.86x 5.9x PRA Group, Inc. 31.48 79.54% 1,430 1.22x 2.09x 16.7x Average $69.13 63.74% $1,620 1.33x 1.69x 9.3x Median 26.86 72.41% 729 1.12x 1.47x 7.0x 51

DRAFT Preliminary Valuation Support – Small Business Lending Selected Public Companies - Valuation Multiples  Source: S&P Capital IQ and Public Filings 52 Selected Public Companies Analysis - Equity Valuation Multiples ($ in millions) Equity Value as a Multiple of Company Name Stock Price as of 3/12/20 % of 52 Week High Market Capitalization Book Value Tangible Book Value LTM Earnings Atlanticus Holdings Corporation $7.80 42.67% $112 NMF NMF 2.5x Enova International, Inc. 15.24 47.70% 495 1.33x 7.34x 4.1x EZCORP, Inc. 3.83 34.04% 213 0.28x 0.56x 29.8x Marlin Business Services Corp. 12.08 47.48% 145 0.67x 0.72x 5.5x On Deck Capital, Inc. 1.44 24.32% 96 0.33x 0.33x 4.0x Regional Management Corp. 20.39 58.37% 225 0.74x 0.77x 5.4x World Acceptance Corporation 58.00 33.00% 419 1.07x 1.16x 10.8x Average $16.97 41.08% $243 0.74x 1.81x 8.9x Median 12.08 42.67% 213 0.71x 0.74x 5.4x Selected Public Companies Analysis - Enterprise Valuation Multiples ($ in millions) Enterprise Value as a Multiple of Company Name Stock Price as of 3/12/20 % of 52 Week High Enterprise Value LTM EBITDA 2020 EBITDA 2021 EBITDA LTM Revenue Atlanticus Holdings Corporation $7.80 42.67% NA NMF NMF NMF NMF Enova International, Inc. 15.24 47.70% NA NMF NMF NMF NMF EZCORP, Inc. 3.83 34.04% 546 0.6x 0.6x 0.6x 0.64x Marlin Business Services Corp. 12.08 47.48% NA NMF NMF NMF NMF On Deck Capital, Inc. 1.44 24.32% NA NMF NMF NMF NMF Regional Management Corp. 20.39 58.37% 1,049 3.1x 2.6x 2.3x 3.07x World Acceptance Corporation 58.00 33.00% 1,115 1.9x 1.9x 1.8x 1.91x Average 16.97 41.08% 903 1.9x 1.7x 1.5x 1.9x Median 12.08 42.67% 1,049 1.9x 1.9x 1.8x 1.9x

DRAFT Preliminary Valuation Support Selected M&A Transactions Analysis Source: S&P Capital IQ and Public Filings Selected M&A Transactions Analysis ($ in millions) Closed Equity Equity Value / Date Target Acquirer Target Description Value Book Value LTM Earnings Jul-14 Aktiv Kapital ASA Portfolio Recovery Associates, Inc. (nka:PRA Group, Inc.) As of July 16, 2014, Aktiv Kapital ASA was acquired by PRA Group, Inc. Aktiv Kapital ASA, together with its subsidiaries, engages in the acquisition, collection, and management of unsecured non-performing loans. $872.6 2.02x 6.1xJun-13 Asset Acceptance Capital Corp. Encore Capital Group, Inc. Asset Acceptance Capital Corp. engages in the purchase and collection of defaulted and charged-off  accounts receivable portfolios from consumer credit originators in the United States.215.2 1.43x 36.6x Mar-12 Aktiv Kapital ASA Geveran Trading Co., Ltd. As of July 16, 2014, Aktiv Kapital ASA was acquired by PRA Group, Inc. Aktiv Kapital ASA, together with its subsidiaries, engages in the acquisition, collection, and management of unsecured non-performing loans. 1,416.3 0.94x 5.4x Average $834.7 1.46x 16.0x Median 872.6 1.43x 6.1x 53

Fully-Diluted Shares Outstanding Appendix B

DRAFT Fully-Diluted Shares Outstanding Source: Management (1) Shares outstanding as of February 18, 2020 (2) Dilution from outstanding options was calculated using the Treasury Stock Method and Lincoln’s range of per (2) share value indications ($11.28 / $11.46 / $11.68, respectively) Fully-Diluted Shares Outstanding Low Mid High Shares Outstanding (1) 6,567,765 6,567,765 6,567,765 Options Outstanding (2) 198,550 206,842 216,449 Fully-Diluted Shares Oustanding 6,766,315 6,774,607 6,784,214 55

Asta Trading Analysis Appendix C

DRAFT Asta Trading Analysis Ownership and Common Stock Overview Source: S&P Capital IQ and Company SEC filings Notes: “Insiders” in the pie chart above includes the holdings of: (i) Ricky Stern, (ii) GMS Family Investors LLC, Notes: (iii) Asta Group, Inc., (iv) Gary Stern, and (v) Emily Stern 2012 Gst Trust Asta - Common Stock Overview Asta - Historical Daily Trading Volume Stock Price as of March 12, 2020 $10.38 One-Week Average 16,013 Two -Week Average 10,808 One-Month Average 6,827 Stock Price as of March 12, 2019 4.80 % of Shares Outstanding 0.2% % of Shares Outstanding 0.2% % of Shares Outstanding 0.1% Stock Price as of March 12, 2018 4.20 % of Float 0.7% % of Float 0.5% % of Float 0.3% 30-Day Volume Weighted Average Price ("VWAP") $9.94 Two-Month Average 5,019 Six-Month Average 4,223 One-Year Average 5,327 60-Day VWAP 10.09 % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% 90-Day VWAP 10.17 % of Float 0.2% % of Float 0.2% % of Float 0.2% 52-Week Average Closing Price $7.84 Two-Year Average 6,088 Three-Year Average 9,584 Four-Year Average 13,010 52-Week High Closing Price 10.43 % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% % of Shares Outstanding 0.2% 52-Week Low Closing Price 4.27 % of Float 0.3% % of Float 0.4% % of Float 0.5% 104-Week Average Closing Price $5.85 Total Shares Outstanding 6,567,765 104-Week High Closing Price 10.43 Public Float Shares 2,374,630 104-Week Low Closing Price 2.85 Public Float % 36.2% Source: S&P Capital IQ Shareholder Total Shares % of Total Stern, Ricky 1,178,382 17.9% GMS Family Investors LLC 871,500 13.3% Asta Group, Inc. 842,000 12.8% Stern, Gary 691,165 10.5% RBF Capital LLC 400,000 6.1% BlackRock, Inc. 278,304 4.2% Emily Stern 2012 Gst Trust 187,590 2.9% Dimensional Fund Advisors L.P. 84,433 1.3% Bridgeway Capital Management, Inc. 83,600 1.3% Geode Capital Management, LLC 39,457 0.6% Top 10 Shareholders 4,656,431 70.9% All Other Shareholders 1,911,334 29.1% Total Shares Outstanding 6,567,765 100.0% Institutional 8.5% Insiders 57.4% Public and Other 34.1% 57

DRAFT Asta Trading Analysis 2-Year Trading History Source: S&P Capital IQ 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Volume (thousands) Share Price Consideration: $11.05 Gary Stern offer to take the Company private on October 30, 2019 at $10.75 per share 58

Illustrative Premiums Paid Analysis Appendix D

DRAFT Illustrative Premiums Paid Analysis Source: S&P Capital IQ Notes: Data excludes negative premiums, includes only announced, effective, and closed deals over the prior five years, and includes transactions with a majority shareholder purchasing remaining shares Illustrative Premiums Paid Analysis Stock Price Premium (Median) Criteria Number of Transactions 1-Day Prior (%) 1-Week Prior (%) 1-Month Prior (%) All Diversified Financials Deals 41 20.7% 27.6% 21.5% All Deals with Enterprise Value < $500 million 217 17.8% 20.0% 18.8% All United States Deals 28 30.2% 31.6% 37.2% All Deals with Majority Shareholder Purchasing Remaining Shares 367 17.2% 18.8% 19.5% Asta - Stock Price as of October 30, 2019 (1) $6.79 $6.70 $7.00 Proposed Transaction @ $11.05 62.7% 64.9% 57.9% Asta - 1-Year Trailing VWAP as of October 30, 2019 (1) $5.77 Proposed Transaction @ $11.05 91.7% Asta - Stock Price as of March 12, 2020 $9.53 $9.97 $10.31 Proposed Transaction @ $11.05 15.9% 10.8% 7.1% Asta - 1-Year Trailing VWAP as of March 12, 2020 $7.84 Proposed Transaction @ $11.05 15.2% 60

Exhibit (c)(5)

Disclaimer and Confidentiality Statement This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectives', the •Materials'), are provided to, and soleb' for the information of, the Committee (as defined herein) of the Company (as defined herein) in connection with the Committee's consideration of a Proposed Transaction (as defined herein) This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions held with Lincoln (as defined herein) in connection therewttm Any defined terms used hereinshall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the Materials The Materials are for discussion purposes onbq Lincoln expressb' disclaims any and all liability which may be based on the Materials and any errors therein or omissions therefrom The Materials were prepared for specific persons familiar wth the business and affairs of the Company for use in a specific context and were not prepared wth a view toward public disclosure or to conform with any dScIcsure standards under any state, federal or international securities or other Gws, rules or regulations, and none of the Committee, the Company, or Lincoln takes any raponsibilty for the use of the Materials persons other than the Committee and the Compan•y The Materials are provided on a confidential basissoleb' for the information of the Committee and the Company, other than as described in the engagement letter between Lincoln and the Company, dated November 22, 2019 (as amended on February 29, 2020, the •Enaaaement Letter'), and may not be dScIosed, summarized, reproduced, disseminated, quoted, or otherwee referred to, in whole or in part, without Lincoln's express prior written consent The Materials are nec—sarib' based on financial, economic, market, and other condtions as in effect on, and the information available to Lincoln as of, the date of the Materials Athough subsequent developments may affect the contents of the Materials, Lincoln has not undertaken, and is under no obligation, to update, revise, or reaffirm the Materials The Materials are not intended to provide the sole basis for evaluation of the Proposed Transaction and do not purport to contain all information that may be required to do sm The Materials do not address the underb'ing business decision of the Company or any other party to proceed with or effect the Proposed Transactiom The Materials do not constitute any opinion, nor do the Materials constitute a recommendation to the Commttee, the Company, any securty holder of the Company, or any other party as to how to vote or act with respect to any matter relating to the Proposed Transaction or otherwise Lincoln's ony opinion is the Opinion (as defined herein), if any, that is actualty delivered to the Committee The Materials may not reflect fiformation known to other professionals other business areas of Lincoln and ts affiliates The preparation of the Materials was a complex proc—s involving quantitative and qualitative judgments and deter minations with respect to the financial, comparative, and other anab'tic methods employed and the adaption and application of these methods to the unique facts and circumstanc— praented and, therefore, is not readib' susceptible to partial anatysS or summary descriptiom Furthermore, Lincoln did not attibute any particular weight to any anaysS or factor considered b,' t, but rather made qualitative judgments as to the significance and relevance of each anatysis and factor Each anatytical technique has inherent strengths and weakness—, and the nature of the available information may further affect the value of particular techniqu— Accordingb', the anatys— contained in the Materials must be considered as a whole Selecting portions of the anatys—, anatytic methods and factors without considering all anatyses and factors could create a misleading or incomplete viei% The Materials reflect judgments and assumptions with regard to industry pefformance, general business, economic, regulatory, market, financial conditions, and other matters, many of which are beyondthe controlofthe participants in the Proposed Transactiom Any estimates of value contained in the Materials are not necessarily indicative of actual value or predictive of future resuts or values, whidl may be significantly more or less favorable Any anatys— relating to the value of asseÉ, businesses, or securities do not purport to be appraisals or to reflect the prees at whizh any asseÉ, busin—s—, or securities may actually be The Materials do not constitute a fairness opinion, solvency opinion, valuaton opinion, credit rating, an anatysis of the Company's credit worthin—s, as tu advice, or as accounting advice The Materials do not ad&ess any other terms, aspects, or implications of the Proposed Transaction, or any agreements, arrangements, or understandin* entered into in connection with the Proposed Transaction or othewee Furthermore, the Materials do not addr—s the fairn—s of any portion or aspect of the Proposed Transaction to any party In preparing the Materials, Lincoln has not conducted any physeal inspection or independent appraisal or evaluation of any of the assets, properties, or liabilities (contingent or other-wee) of the Company or any other party Q,LINCOLN INTERNATIONAL Sta 

Disclaimer and Confidentiality Statement (cont'd) Except as other-wee noted in the Materials, all budgets, projections, estimates, financial anatys—, reports, and other information with respect to operations (including estimates of potential cost savings and expense reflected in the Materials have been liepared management of the Company CManaaementE) or are derived from such budgeB, projections, —timates, financial anatys—, reports and other information or from other sourc—, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable The budgets, projections and estimates contained in the Materials may or may not be achieved and differenc— between Injected resu& and those actualb' achieved may be material Lincoln has relied upon repr—entations made by Management and other participants in the Proposed Transaction that such budgets, Injections, and estimates have been reasonabty prepared in good faith on bases reflecting the best currents' available estimates and judgments of such Management (or, with rapect to information obtained from public sources, repr—ent reasonable estimates), and Lincoln expr—ses no opinion wth respect to such budgets, Injections, or estimates orthe assumptions on which they are based Lincoln has assumed and relied upon the accuracy and completeness of the financial and other information provided to, decussed with or reviewed by t without (and without assuming responsibilty for) independent verification of such information, makes no repr—entation or warranty (EKIyess or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company and other parttipants in the Proposed Transaction that they are not aware of any facts or circumstances that would make such information inaccurate or In addition, Lincoln has relied upon and assumed, without independent verification, that there has been no change in the business, asseÉ, liabilities, financial condition, resu& of operations, cash flows, or licspecÉ of the Company or any other participant in the Proposed Transaction since the respectVe dates of the most recent financial statements and other in formation, financial or otherwise, prodded to, discussed with or reviewed by Lincoln that would be material to ts anatyses, and that the final forms of any draft documents reviewed by Lincoln will not differ in any material respect from such draft documents The Materials do not constitute a commitment by Lincoln or any of ts affiliates to undewrite, for or place any securities, to extend or arrange credit, or to grovide any other services Lincoln provides mergers and acquisitions, restucturing, and other adv—ory servees to clients, which may have in the past included, or may currentb' or in the future include, one or more interested parties to the Proposed Transaction (each an for whCh ser.'ic— Lincoln has receVed, and may receVe, compensatiom Although Lincoln in the course of such activities and relationships or othewee may have acquired, or may in the future acquire, information about one or more Interested Parties or the Proposed Transaction, or that otherwise may be of interest to the Company, Lincoln shall have no obligation to, and may not be contractualb' permitted to, disclose such information, or the fact that Lincoln is in possession ofsuch information, to the Company or to use such information on the Companys behalf Lincoln and ts affiliates provide a range of investment banking and financial servic— and, in that regard, Lincoln may in the future provide, investment banking and other financial servic— to the Company or ts respective affiliates, for which Lincoln and our affiliates would expect to receive compensatiom THIS REPORT IS NOT INTENDED TO REPRESENT AND DOES NOT REPRESENT AN OPINION BY LINCOLN. Q,LINCOLN INTERNATIONAL Sta 

Table of Contents Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Appendix A Appendix a Appendix C Appendix D Executive Summary Valuation Analysis Consumer Receivables Valuation Analysis — Personal Injury Claims Valuation Analysis GAR Valuation Analysis Small Business Lending Valuation Analysis Corporate Overhead Valuation Support Fully-Diluted Shares Outstanding Asta Trading Analysis Illustrative Premiums Paid Analysis 5 10 14 21 27 31 36 43 46 48 

Executive Summary Section 1

Executive Summary Engagement Overview, Proposed Transaction, and Opinion Engagement Overview Lincoln International LLC ('Lincoln", ' Yue", or •guff) has bean engaged to serve as financial advisor to the Special Committee of the Board of Directors (the 'Committee") of Asta Funding, Inc. ('Asta" or tha to (i) provide customary financial and valuation advisory services to the Committee to assist it in evaluating and, if requested by the Committee, negotiating the Proposed Transaction (as described below), and (ii) upon request by the Committee, render to ita written opinion, as described below. Proposed Transaction It is Lincoln's understanding that the Proposed Transaction involves the offer made by Gary Stern, the Chairman and Chief Executive Officer (the 'CEO") of tha Company to acquira the shares of common stock of the Company not owned by tha CEO, members of the Starn group, or any of their respective affiliates (the 'Public Shares" and such holders, the 'Public Shareholders") through a margar transaction in which the Public Shares will be converted into the right to receive cash consideration of Sl 1.47 par share (the 'Consideration", and such transaction, the 'Proposed Transaction"). The Opinion The Committee has requested that Lincoln render a written opinion (the 'Opinion") as to whether the Consideration to be received by the Public Shareholders in connection with the Proposed Transaction is fair, from a financial point of View, totha Public Shareholders. Q,LINCOLN INTERNATIONAL Sta 

Executive Summary Scope Scope In arriving at our Opinion, we have, among other things: v. Vill_ Xll_ discussed the tams and circumstances surrounding the Proposed Transaction With the Special Commttee and ts legal counsel, and cetain members of Management; mat wth the Special Committee, and met wth certain members of Management the Company's offices in Englewood Cliffs, New Jersey, in each case to discuss the business, financial outlookand prospects ofthe Company; reviewed a draft, dated April 7, 2020, ofthe Merger Agreement; reviewed a letter addressed to us by management of the Company which contains, among other things, representations regarding the accuracy of the information, data and other materials (financial or othan,visa) provided to, or discussed with, us by or on behalf of the Company, dated April 8, 2020; reviewed the Company's annual reports and audtad financial statements on Form 10-K filed With the U_S_ Securities and Enhange Commission (the 'SEC") for the fiscal years ended September 30, 2016 through September 30, 201 g; reviewed the Company's unaudited business segment financial stäements and pro forma financial information for the fiscal years ended September 30, 2018 through September 30, 201 g; reviewed financial projections for the Company and each of its business segments prepared by management ofthe Company for the fiscal years ending September 30, 2020 through Segembar 30, 2026, provided to us by' Management and approved for our use by' the Company and the Special Committee (the 'Management Projections"); reviewed and discussed with the Special Commttae the Management Projections and certain a>åenslons thereof through the fiscal year ending September 30, 2029 wth respect to the Company's consumer receivables segment, and through the fiscal year ending Segember 30, 2028 with respect to the Company's corporate overhead (the 'Extended Management Projections"); reviewed the financial terms of the Proposed Transaction and compared those terrns With the financial terms of certain business combinäions and other transactions as oftha data hereof, that we deemed relevant; reviewed caltain financial and other information for the Company, and compared that data and information wth certain stock trading, financial and corresponding data and information for companies wth publicly traded securtias as of the data hereof, none of whch IS directly comparable to the Company, that we deemed relevant; performed certain valuation and comparative analyses includng a discounted cash flow analysis and an analysis of selected public companies that we deemed relevant; and considered such other information, financial studies, analyses and investigations and financial, economic and market criteria that we deemed relevant. Q,LINCOLN INTERNATIONAL Sta 

Executive Summary Lincoln Valuation Methodology • Lincoln performed a sum-of-the-parts financial analysis for each of the five primary operating segments of Asta: (i) consumer receivables, (Il) personal injury claims, (iii) social security disability advocacy, (iv) small business lending and (v) corporate overhead (each a 'Segment", and collectively. the 'Segments"). Segment Consumer Receivables Personal Injury Claims Social Security Disability Advocacy Small Business Lending Corporate Overhead Entity Palisades Collection, Palisades Collection, Peru) LLC (United States) LLC (International: Colombia and Simia Capital, LLC ('Simia Sylvave, LLC ('Sylvave") Arthur Funding, LLC ('Athw_Eunding") GAR Disability Advocates, LLC ('GAR") TBD WA Valuation Methodology (1) Discounted Cash Flow CDCF") Analysis DCF Analysis DCF Analysis DCF Analysis Selected Public Companies / M&A Transactions Analysis DCF Analysis Selected Public Companies Analysis DCF Analysis DCF Analysis • For each Segment's DCF analysis, Lincoln utilized the Management Projections, and a capital asset pricing model weighted average costof capital ('WACC") todiscount to present value the future cash flows in the Management Projections. Based on an analysis of the selected public companies used in Lincoln's analysis and commensurate with the risks related to the Company and each of its Segments, Lincoln used a WACC range of 11.6% to 16.5% for all segments with the exception of Small Business Lending, where Lincoln utilized a WACC range of 17.6% t022_6%, as discussed in Wither detail herein. Q,LINCOLN INTERNATIONAL (I) Utilizes Management Projections, and with respect to the Companys Consumer Receivablesand Corporate Overhead Segments, utilizes the Extended Management Projections Note At the direction of the Special Commttee, Lincoln hasexcluded from tsanatysisthe potential impact of the derivative lawsuit filed by Daniel Litten in Delaware Chancery Court on November 4, 2019 (the "Derivative Lawsuit"), asthe Special Commttee has attributed no value to the Derivative Lawsuit Sta 

Executive Summary Valuation Summary Note: At the direction of the Special Committee, Lincoln has excluded from its analysis the potential impact of the Note: Derivative Lawsuit, as the Special Committee has attributed no value thereto. Valuation Summary ($ in Thousands, except per share values) Value Per Share (1) Low Mid High Low Mid High Liquid Financial Assets: Cash And Cash Equivalents (2) $3,156.0 $3,156.0 $3,156.0 $0.47 $0.47 $0.47 Investments (3) 7,895.2 7,895.2 7,895.2 1.17 1.17 1.17 Available-For-Sale Securities (3) 60,709.6 60,709.6 60,709.6 8.99 8.98 8.97 A Total Liquid Financial Assets $71,760.7 $71,760.7 $71,760.7 $10.63 $10.61 $10.60 Segment Enterprise Value (Sum-of-the-Parts Analysis): Consumer Receivables $18,100.0 $18,900.0 $19,700.0 $2.68 $2.80 $2.91 Personal Injury Claims 3,560.0 3,700.0 3,840.0 0.53 0.55 0.57 GAR 6,400.0 7,200.0 8,100.0 0.95 1.06 1.20 Small Business Lending 15.0 1,125.0 2,485.0 0.00 0.17 0.37 Corporate Overhead (26,700.0) (28,300.0) (30,200.0) (3.95) (4.19) (4.46) B Total Segment Enterprise Value $1,375.0 $2,625.0 $3,925.0 $0.20 $0.39 $0.58 Other Assets: Present Value of NOL Tax Benefits $1,535.2 $1,629.2 $1,736.0 $0.23 $0.24 $0.26 Equity Method Investment (Serlefin) (2) (4) 278.0 278.0 278.0 0.04 0.04 0.04 Settlements Receivable (2) (5) 1,095.0 1,095.0 1,095.0 0.16 0.16 0.16 Proposed Other Assets (2) (6) 382.0 382.0 382.0 0.06 0.06 0.06 Transaction C Total Other Assets $3,290.2 $3,384.2 $3,491.0 $0.49 $0.50 $0.52 D = A + B + C Aggregate Equity Value $76,426.0 $77,769.9 $79,176.7 $11.32 $11.50 $11.70 $11.47 E Fully-Diluted Shares Outstanding (1) 6,752,986 6,760,811 6,768,736 F = D / E Value Per Share $11.32 $11.50 $11.70 Implied Aggregate Equity Value Multiples Book Value (2) $89,618.0 0.85x 0.87x 0.88x Tangible Book Value (2) 88,208.0 0.87x 0.88x 0.90x LTM Earnings (7) 6,945.0 11.0x 11.2x 11.4x (1) Fully-diluted shares outstanding were calculated using the Treasury Stock Method and Lincoln's range of Value Per Share; see Appendix B for additional details (2) As of December 31, 2019, per Company filings (3) Reflects market value as of April 6, 2020 (4) Relates to the Company's 49% owned joint venture with Serlefin Peru (5) Relates to a lawsuit filed by the Company against a third-party servicer arising from the servicer's failure to pay certain amounts due under a servicing agreement (6) Other Assets consists of (i) a Republic Bank Deposit of $203,000 and (ii) a Loan to Serlefin of $179,000 (7) Latest twelve months ended December 31, 2019 9

Valuation Analysis – Consumer Receivables Section 2

Valuation Analysis – Consumer Receivables Historical and Projected Financial Statements Sources: Management Projections; Extended Management Projections Note: Net Working Capital includes (i) changes in operating assets and liabilities and (ii) principal collections from both the U.S. and Note: international consumer receivables portfolios Historical and Projected Financial Performance - Consumer Receivables ($ in Thousands) Management Projections Long-Term Projections '19A - '29P '20P - '29P FY Ending September 30, 2018A 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P CAGR Avg. Finance Income $15,863.0 $14,050.0 $13,688.0 $10,498.0 $7,889.0 $6,138.0 $5,022.0 $4,214.0 $2,915.0 $2,239.0 $1,791.2 $1,433.0 $1,146.4 (22.2%) Other Income $4,077.0 $773.0 $739.0 $118.0 $27.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 $5.0 (39.6%) Total Revenue $19,940.0 $14,823.0 $14,427.0 $10,616.0 $7,916.0 $6,143.0 $5,027.0 $4,219.0 $2,920.0 $2,244.0 $1,796.2 $1,438.0 $1,151.4 (22.5%) Growth NA (25.7%) (38.6%) (28.4%) (25.4%) (22.4%) (18.2%) (16.1%) (30.8%) (23.2%) (20.0%) (19.9%) (19.9%) (-) Total Operating Expenses ($1,722.0) ($2,155.0) ($1,687.0) ($1,197.0) ($1,137.0) ($1,032.0) ($877.0) ($767.0) ($659.0) ($584.0) ($584.0) ($584.0) ($584.0) (12.2%) EBITDA $18,218.0 $12,668.0 $12,740.0 $9,419.0 $6,779.0 $5,111.0 $4,150.0 $3,452.0 $2,261.0 $1,660.0 $1,212.2 $854.0 $567.4 (26.7%) Margin 91.4% 85.5% 88.3% 88.7% 85.6% 83.2% 82.6% 81.8% 77.4% 74.0% 67.5% 59.4% 49.3% 74.9% Growth NA (30.5%) (39.6%) (25.6%) (28.0%) (24.6%) (18.8%) (16.8%) (34.5%) (26.6%) (27.0%) (29.6%) (33.6%) Net Working Capital $4,504.0 $2,264.0 $1,869.0 $1,323.0 $446.0 $157.0 $88.0 $72.0 $49.0 $38.0 $32.2 $27.5 $23.8 (36.6%) as a % of Total Revenue 22.6% 15.3% 13.0% 12.5% 5.6% 2.6% 1.8% 1.7% 1.7% 1.7% 1.8% 1.9% 2.1% 3.3% (1) Latest twelve months ended December 31, 2019 11

Valuation Analysis — Consumer Receivables DCF Analysis - Key Assumptions As part of its valuation analysis, Lincoln performed a DCF analysis utilizing the Management Projections for FY2020 through FY2026_ Based on discussions With Management, there have not bean any new consumer receivable portfolio purchases in several years, and there are no plans to restat consumer receivables portfolio purchases in tha near future for either the domestic or international operations of the Consumer Receivables Segment For the purposes of Lincoln's analysis, and based on discussions with Management, Lincoln assumed that the Consumer Receivables portfolio would be liquidated at the end of FY202g, after which point the Segment is projected to become unprofitable on a standalone EBITDA basis. As such, no terminal value was contemplated in Lincoln's DCF analysis. The following is a summary of the key assumptions used in the DCF analysis, extrapolated through FY2029, based on discussions With Management and as approved for Lincoln's use by the Committee, for the Consumer Receivables Segment: Total revenue and EBITDA are projected to decrease ata CAGR of (22.6%) and (26_7%), respectively, over the FY2019 through FY2029 period; The Consumer Receivables Segment EBITDA margin is projected to decline from 88.3% for the LTM period ended December 31, 2019 to 49.3% in Given the run-off nature of the portfolio, Lincoln assumed that the Consumer Receivables Segment would be liquidated at the end of FY2029, after which point the Segment is projected to become unprofitable on a standalone EBITDA basis; Net working capital, calculated on a cash-free, debt-free basis, and including principal collections on each of the IJ_S_ and international consumer receivable potfolios, averages 3.3% of the Consumer Receivables Segment's total revenue over the FY2020 through FY202g period; Lincoln utilized a taxrate of 28.1%, per Management; and The resulting discrete cash flows were discounted at a WACC range of 11.6% to Q,LINCOLN INTERNATIONAL Notæ: DCF rot is to of goint t is to o EB T N?

Valuation Analysis – Consumer Receivables DCF Analysis - Summary Sources: Management Projections; Extended Management Projections Notes: DCF Analysis does not contain a terminal value as the Consumer Receivables Segment is assumed to cease operations at the Notes: end of FY2029, after which point it is projected to become unprofitable on a standalone EBITDA basis. Net Working Capital Notes: includes changes in operating assets and liabilities and principal collection from both the U.S. and international consumer Notes: receivables portfolios DCF Analysis - Consumer Receivables ($ in Thousands) Management Projections Long-Term Projections 19A - '29P '20P - '29P FY Ending September 30, LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P CAGR Avg. Total Revenue $14,427.0 $10,616.0 $7,916.0 $6,143.0 $5,027.0 $4,219.0 $2,920.0 $2,244.0 $1,796.2 $1,438.0 $1,151.4 (22.5%) % Growth (38.6%) (28.4%) (25.4%) (22.4%) (18.2%) (16.1%) (30.8%) (23.2%) (20.0%) (19.9%) (19.9%) EBITDA $12,740.0 $9,419.0 $6,779.0 $5,111.0 $4,150.0 $3,452.0 $2,261.0 $1,660.0 $1,212.2 $854.0 $567.4 (26.7%) % Margin 88.3% 88.7% 85.6% 83.2% 82.6% 81.8% 77.4% 74.0% 67.5% 59.4% 49.3% 74.9% % Growth (30.1%) (25.6%) (28.0%) (24.6%) (18.8%) (16.8%) (34.5%) (26.6%) (27.0%) (29.6%) (33.6%) 1/20 - 9/20 EBIT $6,457.0 $6,779.0 $5,111.0 $4,150.0 $3,452.0 $2,261.0 $1,660.0 $1,212.2 $854.0 $567.4 (-) Pro Forma Taxes @ 28.1% (1,815.1) (1,905.6) (1,436.7) (1,166.6) (970.4) (635.6) (466.6) (340.7) (240.0) (159.5) NOPAT $4,641.9 $4,873.4 $3,674.3 $2,983.4 $2,481.6 $1,625.4 $1,193.4 $871.5 $613.9 $407.9 (+/-) Net Working Capital 546.0 877.0 289.0 69.0 16.0 23.0 11.0 5.8 4.7 3.7 Free Cash Flow $5,187.9 $5,750.4 $3,963.3 $3,052.4 $2,497.6 $1,648.4 $1,204.4 $877.3 $618.6 $411.6 Discount Period 0.11 0.99 1.99 2.99 3.99 4.99 5.99 6.99 7.99 8.99 Discount Factor @ 14.0% 0.9855 0.8788 0.7709 0.6762 0.5932 0.5203 0.4564 0.4004 0.3512 0.3081 Present Value of Unlevered Free Cash Flow $5,113.0 $5,053.4 $3,055.2 $2,064.1 $1,481.5 $857.7 $549.7 $351.2 $217.2 $126.8 Enterprise Value Low Mid High WACC 16.50% 14.00% 11.50% Present Value of Discrete Cash Flows $18,108.2 $18,869.8 $19,717.1 Indicated Enterprise Value (Rounded) $18,100.0 $18,900.0 $19,700.0 (1) Latest twelve months ended December 31, 2019 13

Valuation Analysis – Personal Injury Claims Section 3

Valuation Analysis – Personal Injury Claims Historical and Projected Financial Statements – Arthur Funding Source: Management Projections Historical and Projected Financial Performance - Arthur Funding ($ in Thousands) Management Projections FY Ending September 30, 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P Personal Injury Claims Income $12.0 $26.0 $145.0 $661.0 $1,739.0 $2,344.0 $2,370.0 $2,361.0 $2,361.0 Total Revenue $12.0 $26.0 $145.0 $661.0 $1,739.0 $2,344.0 $2,370.0 $2,361.0 $2,361.0 Growth NA NA NM 355.9% 163.1% 34.8% 1.1% (0.4%) 0.0% (-) Total Operating Expenses ($80.0) ($170.0) ($391.0) ($730.0) ($944.0) ($1,071.0) ($1,079.0) ($1,147.0) ($1,158.0) EBITDA ($68.0) ($144.0) ($246.0) ($69.0) $795.0 $1,273.0 $1,291.0 $1,214.0 $1,203.0 Margin (566.7%) (553.8%) (169.7%) (10.4%) 45.7% 54.3% 54.5% 51.4% 51.0% Growth NA NA NM NM NM 60.1% 1.4% (6.0%) (0.9%) Investment in Arthur Funding, Net ($225.0) ($285.0) ($701.0) ($2,700.0) ($3,822.0) ($969.0) $217.8 ($9.0) ($11.0) Free Cash Flow ($871.0) ($2,769.0) ($3,233.7) ($27.0) $1,173.1 $889.4 $879.2 as a % of Total Revenue (600.7%) (418.9%) (186.0%) (1.2%) 49.5% 37.7% 37.2% (1) Latest twelve months ended December 31, 2019 15

Valuation Analysis – Personal Injury Claims Projected Simia and Sylvave Book Value Rollforward Simia and Sylvave Book Value Rollforward Source: Management Projections $0.0 $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 $3,000.0 $2,623.0 $1,873.0 $1,123.0 $456.0 $500.0 $375.0 $250.0 $125.0

Valuation Analysis — Personal Injury Claims DCF Analysis - Key Assumptions As part of its valuation analysis, Lincoln determined the indicated enterprise value of the Company's Personal Injury Claims Segment by performing a DCF analysis utilizing the Management Projections, and a Selected Public Companies / M&A Transactions Analysis for Arthur Funding using the Company's invested capital in Arthur Funding as of March 31, 2020 to which Lincoln applied a range of book value multiples. Based on discussions with Management, there have bean no new personal injury claims portfolio fundings for either Simia and Sylvave in several years and all naw personal injury claims fundings are expected to be completed by the Company's Arthur Funding Segment. As such, no terminal value was contemplated in Lincoln's DCF analysis for Simia and Sylvava The following is a summary of the key assumptions used in the DCF analysis for Simia and Sylvave- Principal and interest cash collections for each of Simia and Sylvave, as displayed on the next page, were projected by Management based on historical realization rates, and are expected to decline to zero by FY2024 as the portfolios are fully wound down; Operating expenses for Simia and Sylvave are correspondingly expected to decline throughout the projection period, per Management; As the collections for each of Simia and Sylvave represent principal and accrued interest, Lincoln projected cash taxes to be zero, based on discussions with Management; and The resulting discrete cash flows were discounted at a WACC range of 11 to Source: Management Projections Q,LINCOLN INTERNATIONAL Sta 

Valuation Analysis – Personal Injury Claims Simia and Sylvave DCF Analysis – Summary Source: Management Projections Notes: Cash flows for each of Simia and Sylvave were projected based on historical realization rates, as provided by Notes: Management portfolios. DCF analysis for Simia and Sylvave does not contain a terminal value as the Notes: Segments are in wind-down and will cease operations at FY2024, per Management. DCF Analysis - Simia and Sylvave ($ in Thousands) Management Projections FY Ending September 30, 2020P 2021P 2022P 2023P 2024P 1/20 - 9/20 Principal Collections - Simia $303.0 $101.0 $101.0 $101.0 $101.0 Interest Collections - Simia 72.0 24.0 24.0 24.0 24.0 Principal Collections - Sylvave 504.0 503.0 503.0 503.0 456.0 Interest Collections - Sylvave 246.0 247.0 247.0 164.0 0.0 Total Portfolio Cash Flows $1,125.0 $875.0 $875.0 $792.0 $581.0 (-) Total Operating Expenses ($21.0) ($27.0) ($27.0) ($27.0) ($11.0) (-) Pro Forma Taxes 0.0 0.0 0.0 0.0 0.0 Free Cash Flow $1,104.0 $848.0 $848.0 $765.0 $570.0 Discount Period 0.11 0.99 1.99 2.99 3.99 Discount Factor @ 14.0% 0.9855 0.8788 0.7709 0.6762 0.5932 Present Value of Unlevered Free Cash Flow $1,088.0 $745.2 $653.7 $517.3 $338.1 Enterprise Value Low Mid High WACC 16.5% 14.0% 11.5% Present Value of Discrete Cash Flows $3,235.9 $3,342.3 $3,457.6 Indicated Enterprise Value (Rounded) $3,250.0 $3,350.0 $3,450.0 (1) Latest twelve months ended December 31, 2019 18

▪ Lincoln considered eight public companies and three selected M&A transactions in the specialty finance industry. ▪ Lincoln’s selected multiples for Arthur Funding were based on a comparative analysis that considered, among other things, certain quantitative and qualitative factors including the following: geographic footprint, relative size, historical and projected financial performance and profitability, the length of time Arthur Funding has been originating new business, and Arthur Funding’s revenue and earnings composition. ‒ Lincoln further notes that Arthur Funding represents an early stage investment for the Company, having launched in May 2019, and the Segment has not yet generated significant origination volumes. Appendix A contains additional details of Arthur Funding’s total originations through March 31, 2020. Note: None of the selected public companies or the target companies in the M&A transactions analysis is identical to Arthur Funding and Lincoln does not have access to non-public information regarding those companies. Valuation Analysis – Personal Injury Claims Arthur Funding - Selected Public Companies / M&A Transactions Analysis - Summary Source: Investment in Arthur Funding as of March 31, 2020 was provided by Management. See Appendix A for Source: additional details of Arthur Funding’s total originations through March 31, 2020 Note: For purposes of Lincoln’s valuation analysis for Arthur Funding, Equity Value is equal to Enterprise Value since Note: there is no corresponding Segment-level leverage Selected Public Companies / M&A Transactions Analysis - Summary ($ in Thousands) Selected Public Companies M&A Selected Multiples Financial Enterprise Value Enterprise Value Multiple Low - High Median Median Low - High Statistic (1) Low Mid High Book Value 0.35x - 2.29x 0.73x 1.43x 1.00x - 1.25x $312.1 $312.1 $351.1 $390.1 Indicated Equity Value Range (Rounded) $310.0 $350.0 $390.0 (1) Book Value for Arthur Funding represents the Company's investment in Arthur Funding as of March 31, 2020; see Appendix A for additional details 19

Valuation Analysis – Personal Injury Claims Valuation Summary Source: Management Projections Note: Indicated Enterprise Value Range represents the sum of the DCF Analysis – Simia and Sylvave and the Note: Selected Public Companies / M&A Transactions Analysis – Arthur Funding Valuation Summary - Personal Injury Claims ($ in Thousands) Enterprise Value Low Mid High DCF Analysis - Simia and Sylvave $3,250.0 $3,350.0 $3,450.0 Selected Public Companies / M&A Transactions Analysis - Arthur Funding 310.0 350.0 390.0 Indicated Enterprise Value Range $3,560.0 $3,700.0 $3,840.0 20

Valuation Analysis – GAR Section 4

Valuation Analysis – GAR Historical and Projected Financial Statements Source: Management Projections Historical and Projected Financial Performance - GAR ($ in Thousands) Management Projections '19A - '26P '20P - '26P FY Ending September 30, 2018A 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P CAGR Avg. Disability Fee Income $4,598.0 $4,861.0 $4,408.0 $3,772.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.2% Other Income 8.0 48.0 48.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NM Total Revenue $4,606.0 $4,909.0 $4,456.0 $3,772.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.0% Growth NA 6.6% (24.0%) (23.2%) 20.0% 0.3% 2.0% 2.0% 2.0% 2.0% (-) Total Operating Expenses ($3,511.0) ($3,339.0) ($3,267.0) ($3,243.0) ($3,263.0) ($3,287.0) ($3,312.0) ($3,337.0) ($3,243.0) ($3,269.0) (0.3%) EBITDA $1,095.0 $1,570.0 $1,189.0 $529.0 $1,265.0 $1,255.0 $1,321.0 $1,389.0 $1,578.0 $1,648.0 0.7% Margin 23.8% 32.0% 26.7% 14.0% 27.9% 27.6% 28.5% 29.4% 32.7% 33.5% 27.7% Growth NA 43.4% (21.7%) (66.3%) 139.1% (0.8%) 5.3% 5.1% 13.6% 4.4% Net Working Capital $446.0 $203.0 $361.0 $320.0 $320.0 $320.0 $320.0 $320.0 $320.0 (4.6%) as a % of Total Revenue 9.1% 4.6% 9.6% 7.1% 7.0% 6.9% 6.8% 6.6% 6.5% 7.2% (1) Latest twelve months ended December 31, 2019 Note: Five Star Veterans Disability, LLC, a division of GAR ("Five Star"), represents a diminishing portfolio, in which the Company is not actively investing going forward. Five Star future cash Note: collections are projected to be $150,000 in 2020P, $75,000 in 2021P, and $0 in 2022P and thereafter. 22

Valuation Analysis — GAR DCF Analysis - Key Assumptions As pan of its valuation analysis, Lincoln performed a DCF analysis utilizing the Management Projections for FY2020 through FY2026_ Beyond the projection period, Lincoln estimated the continuing value of GAR (the 'Terminal Value") by using a terminal growth rate of 2.0%, based on discussions with Management, reflecting Management's View of the long-term growth rata of GAR The following is a summary of the key assumptions used in the DCF analysis for GAR: Total revenue is projected to decrease (23_2%) to $3.77 million in FY2020 followed by a recovery to approximately S4_g million by FY2026; Total revenue decline in FY2020 is primarily driven by the Social Security Administration approving cases more quickly, which in turn reduces GARs revenue par casa due to lower levels of retroactive benefits. Total revenue growth beyond FY2022 of approximately 2% per year approximates the growth rate of the overall economy, per Management. EBITDA is projected to increase ata CAGR of 0.7% over the FY2019 through FY2026 period; GARs EBITDA margin is projected to average 27.7% over the FY2020 through FY2026 period; Net working capital, calculated on a cash-free, debt-free basis, is projected to average 7.20/0 of total revenue over the FY2020 through FY2026 period; Lincoln utilized a tax rate of 28.1%, per Management; and The resulting discrete cash flows and corresponding Terminal Value were discounted ata WACC range of to Source: Management Projections Q,LINCOLN INTERNATIONAL Sta 

Valuation Analysis – GAR DCF Analysis - Summary Source: Management Projections DCF Analysis - GAR ($ in Thousands) Management Projections '19A - '26P '20P - '26P FY Ending September 30, LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P CAGR Avg. Total Revenue $4,456.0 $3,772.0 $4,528.0 $4,542.0 $4,633.0 $4,726.0 $4,821.0 $4,917.0 0.0% % Growth (24.0%) (23.2%) 20.0% 0.3% 2.0% 2.0% 2.0% 2.0% EBITDA $1,189.0 $529.0 $1,265.0 $1,255.0 $1,321.0 $1,389.0 $1,578.0 $1,648.0 0.7% % Margin 26.7% 14.0% 27.9% 27.6% 28.5% 29.4% 32.7% 33.5% 27.7% % Growth 8.6% (66.3%) 139.1% (0.8%) 5.3% 5.1% 13.6% 4.4% 1/20 - 9/20 EBIT $486.0 $1,265.0 $1,255.0 $1,321.0 $1,389.0 $1,578.0 $1,648.0 (-) Pro Forma Taxes @ 28.1% (136.6) (355.6) (352.8) (371.3) (390.4) (443.6) (463.3) NOPAT $349.4 $909.4 $902.2 $949.7 $998.6 $1,134.4 $1,184.7 (+/-) Net Working Capital (158.0) 41.0 0.0 0.0 0.0 0.0 0.0 Free Cash Flow $191.4 $950.4 $902.2 $949.7 $998.6 $1,134.4 $1,184.7 Discount Period 0.11 0.99 1.99 2.99 3.99 4.99 5.99 Discount Factor @ 14.0% 0.9855 0.8788 0.7709 0.6762 0.5932 0.5203 0.4564 Present Value of Unlevered Free Cash Flow $188.6 $835.2 $695.5 $642.2 $592.3 $590.3 $540.7 Terminal Value Calculations Low Mid High WACC 15.5% 14.0% 12.5% Terminal Growth Rate 2.0% 2.0% 2.0% Terminal Free Cash Flow * (1 + Terminal Growth Rate) $1,208.4 $1,208.4 $1,208.4 Capitalization Rate (WACC - Terminal Growth Rate) 13.5% 12.0% 10.5% Terminal Value (Gordon Growth) $8,951.4 $10,070.4 $11,509.0 Discount Factor 0.4221 0.4564 0.4941 Present Value of Terminal Value $3,778.1 $4,596.3 $5,686.3 Enterprise Value Low Mid High Present Value of Discrete Cash Flows $3,923.4 $4,084.8 $4,257.5 (+) Present Value of Terminal Value 3,778.1 4,596.3 5,686.3 Indicated Enterprise Value (Rounded) $7,700.0 $8,700.0 $9,900.0 Implied Enterprise Value Multiples LTM EBITDA (1) (2) $945.5 8.1x 9.2x 10.5x 2020P EBITDA 529.0 14.6x 16.4x 18.7x 2021P EBITDA 1,265.0 6.1x 6.9x 7.8x LTM Total Revenue (1) 4,456.0 1.73x 1.95x 2.22x (1) Latest twelve months ended December 31, 2019 (2) Adjusted to remove cash collections from Five Star of $243,466 24

▪ Lincoln analyzed eight selected public companies in the specialty finance industry. ▪ Lincoln’s selected multiples for GAR were based on a comparative analysis that considered, among other things, certain quantitative and qualitative factors including the following: geographic footprint, relative size, historical and projected financial performance and profitability, and GAR’s revenue and earnings composition. Note: None of the selected public companies is identical to GAR and Lincoln does not have access to non-public information regarding those companies. Valuation Analysis – GAR Selected Public Companies Analysis - Summary Source: Management Projections Selected Public Companies Analysis - Summary ($ in Thousands) Selected Public Companies Selected Multiples Financial Enterprise Value Enterprise Value Multiple Low - High Median Low - High Statistic Low Mid High 2021P EBITDA 1.9x - 3.2x 2.6x 4.0x - 5.0x $1,265.0 $5,060.0 $5,692.5 $6,325.0 Indicated Enterprise Value Range (Rounded) $5,100.0 $5,700.0 $6,300.0 Implied Enterprise Value Multiples LTM EBITDA (1) (2) 1.8x 3.8x 2.9x $945.5 5.4x 6.0x 6.7x 2020P EBITDA 2.0x 3.5x 2.7x $529.0 9.6x 10.8x 11.9x LTM Total Revenue (1) 1.85x 3.82x 2.89x $4,456.0 1.14x 1.28x 1.41x (1) Latest twelve months ended December 31, 2019 (2) Adjusted to remove cash collections from Five Star of $243,466 25

Valuation Analysis – GAR Valuation Summary Source: Management Projections Note: Indicated Enterprise Value Range represents the midpoint of the DCF and Selected Public Company Analyses Valuation Summary - GAR ($ in Thousands) Enterprise Value Low Mid High DCF Analysis $7,700.0 $8,700.0 $9,900.0 Selected Public Companies Analysis 5,100.0 5,700.0 6,300.0 Indicated Enterprise Value Range $6,400.0 $7,200.0 $8,100.0 Implied Enterprise Value Multiples LTM EBITDA (1) (2) $945.5 6.8x 7.6x 8.6x 2020P EBITDA 529.0 12.1x 13.6x 15.3x 2021P EBITDA 1,265.0 5.1x 5.7x 6.4x LTM Total Revenue (1) 4,456.0 1.44x 1.62x 1.82x (1) Latest twelve months ended December 31, 2019 (2) Adjusted to remove cash collections from Five Star of $243,466 26

Valuation Analysis – Small Business Lending  Section 5

Valuation Analysis – Small Business Lending Historical and Projected Financial Statements Source: Management Projections Note: Investment in Small Business Lending represents the Company’s loan outlays, net of cash collections and bad Note: debt expense Historical and Projected Financial Performance - Small Business Lending ($ in Thousands) Management Projections FY Ending September 30, 2020P 2021P 2022P 2023P 2024P 2025P 2026P Small Business Lending Fee Income 0.0 923.0 2,407.0 4,087.0 5,549.0 5,857.0 6,197.0 Total Revenue $0.0 $923.0 $2,407.0 $4,087.0 $5,549.0 $5,857.0 $6,197.0 Growth NA 160.8% 69.8% 35.8% 5.6% 5.8% (-) Advertising $0.0 ($160.0) ($100.0) ($100.0) ($140.0) ($140.0) ($160.0) (-) Bad Debt Expenses 0.0 (413.0) (945.0) (1,598.0) (2,115.0) (2,316.0) (2,466.0) (-) Office Salaries 0.0 (317.0) (626.0) (801.0) (873.0) (949.0) (1,039.0) (-) Payroll Taxes 0.0 (32.0) (63.0) (80.0) (87.0) (95.0) (104.0) (-) Professional Fees 0.0 (69.0) (42.0) (42.0) (48.0) (48.0) (48.0) (-) Office Expense 0.0 (18.0) (18.0) (36.0) (36.0) (36.0) (60.0) (-) Total Operating Expenses $0.0 ($1,009.0) ($1,794.0) ($2,657.0) ($3,299.0) ($3,584.0) ($3,877.0) EBITDA $0.0 ($86.0) $613.0 $1,430.0 $2,250.0 $2,273.0 $2,320.0 Margin (9.3%) 25.5% 35.0% 40.5% 38.8% 37.4% Growth NM 133.3% 57.3% 1.0% 2.1% Net Income $0.0 ($60.0) $429.0 $1,001.0 $1,575.0 $1,591.0 $1,624.0 Margin (6.5%) 17.8% 24.5% 28.4% 27.2% 26.2% Growth NM 133.3% 57.3% 1.0% 2.1% Return on Equity 0.0% (2.4%) 5.6% 6.9% 6.9% 5.1% 4.2% Investment in Small Business Lending $0.0 $2,485.0 $7,673.0 $14,508.0 $22,752.0 $30,991.0 $39,096.0 28

Valuation Analysis — Small Business Lending DCF Analysis - Key Assumptions As part of its valuation analysis, Lincoln performed a DCF analysis utilizing the Management Projections for FY2020 through FY2026. Based on discussions with Management, the Company's new Small Business Landing Segment is expected to begin generating revenue in FY2021 The opportunity was recently developed by a non-independent director of the Company, who was charged with finding new areas of growth for the Company to deploy capital • Lincoln estimated the Terminal Value of Small ausiness Lending by using a terminal book value multiple of 1_6x, based on an analysis of selected public companies. The following is a summary of the key assumptions used in the DCF analysis for Small Business Lending: Total revenue is expected to grow to approximately S6_2 million by FY2026 as the Segment grows its loan portfolio; Small Business Landing's EBITDA margin is projected to increase from (9.3%) to 37.4% by FY2026, inclusive of bad debt expense which is forecasted to be 6.0% of advances; Lincoln utilized a taxrate of 28.1%, per Management; and The resulting discrete cash flows and Terminal Value ware discounted at a WACC range of 17.6% to 22.6%, which is commensurate With venture-like rates of return given the uncertainty and risk associated with the early-stage development nature of the Small Business Landing Segment. Source: Management Projections Q,LINCOLN INTERNATIONAL Sta 

Valuation Analysis – Small Business Lending DCF Analysis - Summary Source: Management Projections DCF Analysis - Small Business Lending ($ in Thousands) Management Projections FY Ending September 30, 2020P 2021P 2022P 2023P 2024P 2025P 2026P Total Revenue $0.0 $923.0 $2,407.0 $4,087.0 $5,549.0 $5,857.0 $6,197.0 % Growth NA NA 160.8% 69.8% 35.8% 5.6% 5.8% EBITDA $0.0 ($86.0) $613.0 $1,430.0 $2,250.0 $2,273.0 $2,320.0 % Margin NA (9.3%) 25.5% 35.0% 40.5% 38.8% 37.4% % Growth NA NA NM 133.3% 57.3% 1.0% 2.1% 1/20 - 9/20 EBIT $0.0 ($86.0) $613.0 $1,430.0 $2,250.0 $2,273.0 $2,320.0 (-) Pro Forma Taxes @ 28.1% 0.0 0.0 (172.3) (401.8) (632.3) (638.7) (651.9) NOPAT $0.0 ($86.0) $440.7 $1,028.2 $1,617.8 $1,634.3 $1,668.1 (-) Investment in Small Business Lending 0.0 (2,485.0) (5,188.0) (6,835.0) (8,244.0) (8,239.0) (8,105.0) Free Cash Flow $0.0 ($2,571.0) ($4,747.3) ($5,806.8) ($6,626.3) ($6,604.7) ($6,436.9) Discount Period 0.11 0.99 1.99 2.99 3.99 4.99 5.99 Discount Factor @ 20.0% 0.9799 0.8354 0.6962 0.5802 0.4835 0.4029 0.3357 Present Value of Unlevered Free Cash Flow $0.0 ($2,147.9) ($3,305.1) ($3,369.0) ($3,203.6) ($2,661.0) ($2,161.2) Terminal Value Calculations Low Mid High Terminal Book Value $39,096.0 $39,096.0 $39,096.0  Terminal Book Multiple 1.50x 1.50x 1.50x Terminal Value (Terminal Multiple) $58,644.0 $58,644.0 $58,644.0 Discount Factor 0.2681 0.3065 0.3513 Present Value of Terminal Value $15,724.0 $17,974.0 $20,603.9 Enterprise Value Low Mid High Discount Rate 22.5% 20.0% 17.5% Present Value of Discrete Cash Flows ($15,707.0) ($16,847.8) ($18,117.8) (+) Present Value of Terminal Value 15,724.0 17,974.0 20,603.9 Indicated Enterprise Value (Rounded) $15.0 $1,125.0 $2,485.0 30

Valuation Analysis – Corporate Overhead Section 6

Valuation Analysis – Corporate Overhead Historical and Projected Financial Statements Sources: Management Projections; Extended Management Projections Note: Net Working Capital includes (i) Prepaid and Income Taxes Receivable, (ii) Other Assets, (iii) Accounts Payable Note: and Accrued Expenses, and (iv) Income Tax Payable Historical and Projected Financial Performance - Corporate Overhead ($ in Thousands) Management Projections FY Ending September 30, 2018A 2019A LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P Corporate Overhead Expenses ($9,292.0) ($7,831.0) ($8,055.0) ($7,490.0) ($6,546.0) ($6,182.0) ($6,012.0) ($5,258.0) ($4,837.0) ($4,713.0) Growth NA (15.7%) (29.9%) (4.4%) (12.6%) (5.6%) (2.7%) (12.5%) (8.0%) (2.6%) % of Total Company Revenue 41.8% 37.1% NA 49.9% 46.8% 41.7% 37.4% 31.2% 30.3% 30.0% Total Capital Expenditures $0.0 $119.0 $119.0 $0.0 $100.0 $0.0 $50.0 $50.0 $0.0 $0.0 Net Working Capital $4,109.0 ($686.0) ($616.0) ($1,127.0) ($1,668.0) ($1,615.0) ($1,601.0) ($1,671.0) ($1,655.0) ($1,690.0) (1) Latest twelve months ended December 31, 2019 32

Valuation Analysis — Corporate Overhead DCF Analysis - Key Assumptions As pan of its valuation analysis, Lincoln performed a DCF analysis utilizing the Management Projections for FY2020 through FY2026_ Based on discussions With the Special Committee and with the Special Committee's approval, Lincoln assumed that the Company would cease operating when each of tha Company's Consumer Receivables Segment, the Simia and Sylvava portfolios have liquidated, and the Company's other Segments have matured and would be able to be sold to facilitate the wind down of the Company. As such, no terminal value was contemplated in Lincoln's DCF analysis for corporate overhead. The following is a summary of the key assumptions used in the DCF analysis, extrapolated through FY2028, based on discussions With Management and as approved for Lincoln's use by the Committee, for the Company's corporate overhead: Corporate overhead expenses are expected to decrease period over period in consideration of the wind-down of Consumer Receivables and Simia / Slywave; Total capital expenditures are projected to be $100,000 for FY2021 and $60,000 for each of FY2023 and FY2024 Net working capital, calculated on a cash-free, debt-free basis, is projected to average (Sl _7) million over the FY2021 through FY2026 period; Lincoln utilized a tax rate of 28.1%, per Management; and The resulting discrete cash flows were discounted at a WACC range of 11 to Sources: Management Projections; Extended Management Projections Q,LINCOLN INTERNATIONAL Sta 

Valuation Analysis – Corporate Overhead DCF Analysis - Summary Sources: Management Projections; Extended Management Projections Note: Net Working Capital includes (i) Prepaid and Income Taxes Receivable, (ii) Other Assets, (iii) Accounts Payable Note: and Accrued Expenses, and (iv) Income Tax Payable DCF Analysis - Corporate Overhead ($ in Thousands) Management Projections Long-Term Projections FY Ending September 30, LTM (1) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P Corporate Overhead Expenses ($8,055.0) ($7,490.0) ($6,546.0) ($6,182.0) ($6,012.0) ($5,258.0) ($4,837.0) ($4,713.0) ($3,142.0) ($1,571.0) 1/20 - 9/20 EBIT ($5,080.6) ($6,659.6) ($6,195.6) ($6,067.0) ($5,306.9) ($4,857.2) ($4,731.3) ($3,145.4) ($1,573.7) (-) Pro Forma Taxes @ 28.1% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 NOPAT ($5,080.6) ($6,659.6) ($6,195.6) ($6,067.0) ($5,306.9) ($4,857.2) ($4,731.3) ($3,145.4) ($1,573.7) (+) Tax Depreciation $13.6 $113.6 $13.6 $55.0 $48.9 $20.2 $18.3 $3.4 $2.7 (-) Capital Expenditures 0.0 (100.0) 0.0 (50.0) (50.0) 0.0 0.0 0.0 0.0 (+/-) Net Working Capital 511.0 541.0 (53.0) (14.0) 70.0 (16.0) 35.0 0.0 0.0 Free Cash Flow ($4,556.0) ($6,105.0) ($6,235.0) ($6,076.0) ($5,238.0) ($4,853.0) ($4,678.0) ($3,142.0) ($1,571.0) Discount Period 0.11 0.99 1.99 2.99 3.99 4.99 5.99 6.99 7.99 Discount Factor @ 14.0% 0.9855 0.8788 0.7709 0.6762 0.5932 0.5203 0.4564 0.4004 0.3512 Present Value of Unlevered Free Cash Flow ($4,490.2) ($5,365.0) ($4,806.4) ($4,108.6) ($3,107.0) ($2,525.1) ($2,135.1) ($1,257.9) ($551.7) Enterprise Value Low Mid High WACC 16.5% 14.0% 11.5% Present Value of Discrete Cash Flows ($26,721.3) ($28,347.0) ($30,177.4) Indicated Enterprise Value (Rounded) ($26,700.0) ($28,300.0) ($30,200.0) (1) Latest twelve months ended December 31, 2019 34

Valuation Support Appendix A

Valuation Support Historical and Projected Financial Statements - Consumer Receivables (U.S.) Source: Management Projections; Extended Management Projections Note: Net Working Capital includes (i) changes in operating assets and liabilities and (ii) principal collections from the Note: U.S. consumer receivables portfolio Historical and Projected Financial Performance - Consumer Receivables (U.S.) (1) ($ in Thousands) Consumer Receivables (U.S.) Projections Long-Term Projections '19A - '29P '20P - '29P FY Ending September 30, 2018A 2019A LTM (2) 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P 2028P 2029P CAGR Avg. Finance Income $12,190.4 $10,797.1 $10,518.9 $8,364.6 $6,465.9 $5,241.4 $4,355.6 $3,660.0 $2,777.0 $2,239.0 $1,791.2 $1,433.0 $1,146.4 (20.1%) Other Income $3,133.1 $594.0 $567.9 $90.7 $20.7 $3.8 $3.8 $3.8 $3.8 $5.0 $5.0 $5.0 $5.0 (38.0%) Total Revenue $15,323.4 $11,391.1 $11,086.8 $8,455.2 $6,486.7 $5,245.2 $4,359.4 $3,663.8 $2,780.8 $2,244.0 $1,796.2 $1,438.0 $1,151.4 (20.5%) Growth NA (25.7%) (38.6%) (25.8%) (23.3%) (19.1%) (16.9%) (16.0%) (24.1%) (19.3%) (20.0%) (19.9%) (19.9%) (-) Total Operating Expenses ($1,323.3) ($1,656.1) ($1,296.4) ($919.9) ($910.9) ($867.4) ($749.9) ($656.9) ($625.0) ($584.0) ($584.0) ($584.0) ($584.0) (9.9%) EBITDA $14,000.1 $9,735.1 $9,790.4 $7,535.4 $5,575.7 $4,377.8 $3,609.5 $3,006.9 $2,155.8 $1,660.0 $1,212.2 $854.0 $567.4 (24.7%) Margin 91.4% 85.5% 88.3% 89.1% 86.0% 83.5% 82.8% 82.1% 77.5% 74.0% 67.5% 59.4% 49.3% 75.1% Growth NA (30.5%) (39.6%) (22.6%) (26.0%) (21.5%) (17.5%) (16.7%) (28.3%) (23.0%) (27.0%) (29.6%) (33.6%) Net Working Capital $3,461.2 $1,739.8 $1,436.3 $1,016.7 $342.7 $120.7 $67.6 $55.3 $37.7 $29.2 $23.4 $18.7 $15.0 (37.8%) as a % of Total Revenue 22.6% 15.3% 13.0% 12.0% 5.3% 2.3% 1.6% 1.5% 1.4% 1.3% 1.3% 1.3% 1.3% 2.9% (1) Total operating expenses have been allocated between the U.S. and International Consumer Receivables Segments based on each of the U.S. and International Segment's respective total revenue contribution (2) Latest twelve months ended December 31, 2019 36

Valuation Support Historical and Projected Financial Statements - Consumer Receivables (International) Source: Management Projections Note: Net Working Capital includes (i) changes in operating assets and liabilities and (ii) principal collections from the Note: international consumer receivables portfolio Historical and Projected Financial Performance - Consumer Receivables (International) (1) ($ in Thousands) Consumer Receivables (International) Projections '19A - '25P '20P - '25P FY Ending September 30, 2018A 2019A LTM (2) 2020P 2021P 2022P 2023P 2024P 2025P CAGR Avg. Finance Income $3,672.6 $3,252.9 $3,169.1 $2,133.4 $1,423.1 $896.6 $666.4 $554.0 $138.0 (40.9%) Other Income 943.9 179.0 171.1 27.3 6.3 1.2 1.2 1.2 1.2 (56.8%) Total Revenue $4,616.6 $3,431.9 $3,340.2 $2,160.8 $1,429.3 $897.8 $667.6 $555.2 $139.2 (41.4%) Growth NA (25.7%) (38.6%) (37.0%) (33.9%) (37.2%) (25.6%) (16.8%) (74.9%) (-) Total Operating Expenses ($398.7) ($498.9) ($390.6) ($277.1) ($226.1) ($164.6) ($127.1) ($110.1) ($34.0) (36.1%) EBITDA $4,217.9 $2,932.9 $2,949.6 $1,883.6 $1,203.3 $733.2 $540.5 $445.1 $105.2 (42.6%) Margin 91.4% 85.5% 88.3% 87.2% 84.2% 81.7% 81.0% 80.2% 75.6% 81.6% Growth NA (30.5%) (39.6%) (35.8%) (36.1%) (39.1%) (26.3%) (17.7%) (76.4%) Net Working Capital $1,042.8 $524.2 $432.7 $306.3 $103.3 $36.3 $20.4 $16.7 $11.3 (47.2%) as a % of Total Revenue 22.6% 15.3% 13.0% 14.2% 7.2% 4.0% 3.1% 3.0% 8.2% 6.6% (1) Total operating expenses were allocated between the U.S. and International Consumer Receivables Segments based on each of the U.S. and International Segment's (1) respective total revenue contribution (2) Latest twelve months ended December 31, 2019 37

Valuation Support Portfolio Details - Arthur Funding Source: Management Arthur Funding - Fundings by Client ($ actual) Date Funded Redacted Client Name Funded Amount 05/22/19 Client 1 $8,532.50 06/20/19 Client 1 2,000.00 07/25/19 Client 1 1,500.00 08/29/19 Client 1 2,500.00 09/30/19 Client 1 3,000.00 10/25/19 Client 1 5,000.00 12/23/19 Client 1 2,500.00 02/19/20 Client 1 1,500.00 06/06/19 Client 2 35,604.00 07/05/19 Client 2 1,000.00 08/05/19 Client 2 1,000.00 09/05/19 Client 2 1,000.00 10/04/19 Client 2 1,000.00 11/05/19 Client 2 1,000.00 12/05/19 Client 2 1,000.00 01/06/20 Client 2 1,000.00 02/05/20 Client 2 1,000.00 03/05/20 Client 2 1,000.00 06/06/19 Client 3 34,370.00 07/15/19 Client 3 4,000.00 08/15/19 Client 3 4,000.00 09/16/19 Client 3 4,000.00 10/15/19 Client 3 4,000.00 11/15/19 Client 3 4,000.00 12/11/19 Client 3 1,500.00 12/13/19 Client 3 4,000.00 01/21/20 Client 3 4,000.00 02/13/20 Client 3 4,500.00 06/11/19 Client 4 1,355.34 08/16/19 Client 4 10,000.00 08/28/19 Client 4 1,500.00 10/01/19 Client 4 1,500.00 11/01/19 Client 4 $1,500.00 Arthur Funding - Fundings by Client (continued) ($ actual) Date Funded Redacted Client Name Funded Amount 11/27/19 Client 4 1,500.00 01/06/20 Client 4 1,500.00 02/03/20 Client 4 1,500.00 03/05/20 Client 4 1,500.00 06/13/19 Client 5 3,460.00 07/05/19 Client 5 1,000.00 07/25/19 Client 5 10,000.00 09/03/19 Client 5 2,000.00 10/15/19 Client 5 1,500.00 12/09/19 Client 5 2,500.00 01/16/20 Client 5 2,000.00 02/10/20 Client 5 1,500.00 06/17/19 Client 6 37,500.00 07/26/19 Client 7 17,245.50 09/09/19 Client 7 1,000.00 11/22/19 Client 7 1,000.00 02/03/20 Client 7 1,000.00 03/23/20 Client 7 1,500.00 07/30/19 Client 8 2,000.00 09/10/19 Client 8 2,000.00 10/04/19 Client 8 2,500.00 12/04/19 Client 8 2,500.00 01/02/20 Client 8 1,000.00 09/05/19 Client 9 5,000.00 11/05/19 Client 10 10,000.00 02/24/20 Client 11 5,000.00 02/28/20 Client 12 5,000.00 03/25/20 Client 12 5,000.00 03/13/20 Client 13 5,000.00 03/18/20 Client 14 22,548.69 Total $312,116.03 38

Valuation Support Portfolio Details - Arthur Funding (continued) Source: Management Arthur Funding - Fundings by Client ($ actual) Date Funded Redacted Client Name Funded Amount Various Client 1 $26,532.50 Various Client 2 44,604.00 Various Client 3 68,370.00 Various Client 4 21,855.34 Various Client 5 23,960.00 6/17/2019 Client 6 37,500.00 Various Client 7 21,745.50 Various Client 8 10,000.00 9/5/2019 Client 9 5,000.00 11/5/2019 Client 10 10,000.00 2/24/2020 Client 11 5,000.00 Various Client 12 10,000.00 3/13/2020 Client 13 5,000.00 3/18/2020 Client 14 22,548.69 Total $312,116.03 Arthur Funding - Fundings by Month ($ actual) Month Funded Funded Amount May 2019 $8,532.50 June 2019 114,289.34 July 2019 36,745.50 August 2019 19,000.00 September 2019 18,000.00 October 2019 15,500.00 November 2019 19,000.00 December 2019 14,000.00 January 2020 9,500.00 February 2020 21,000.00 March 2020 36,548.69 Total $312,116.03 39

Valuation Support – Personal Injury Claims & GAR Selected Public Companies - Valuation Multiples Source: S&P Capital IQ and public filings Selected Public Companies Analysis - Enterprise Valuation Multiples ($ in millions) Enterprise Value as a Multiple of Company Name Stock Price as of 4/6/20 % of 52 Week High Enterprise Value LTM EBITDA 2020 EBITDA 2021 EBITDALTM Revenue Arrow Global Group PLC $1.21 32.14% NA NMF NMF NMF NMF Axactor SE 0.72 31.17% $1,039.4 3.2x 2.3x 2.4x 3.25x Cembra Money Bank AG 87.90 69.23% NA NMF NMF NMF NMF Collection House Limited 0.66 80.97% 208.7 1.8x 2.0x 1.9x 1.85x Credit Acceptance Corporation 252.21 49.45% NA NMF NMF NMF NMF Encore Capital Group, Inc. 20.55 51.17% 4,063.6 2.9x 2.7x 2.6x 2.89x KRUK Spólka Akcyjna 17.31 37.53% 933.3 2.8x 2.9x 2.8x 2.83x PRA Group, Inc. 23.02 58.16% 3,882.6 3.8x 3.5x 3.2x 3.82x Average $50.45 51.23% $2,025.6 2.9x 2.7x 2.6x 2.93x Median 18.93 50.31% 1,039.4 2.9x 2.7x 2.6x 2.89x Selected Public Companies Analysis - Equity Valuation Multiples ($ in millions) Equity Value as a Multiple of Company Name Stock Price as of 4/6/20 % of 52 Week High Market Capitalization Book Value Tangible Book Value LTM Earnings Arrow Global Group PLC $1.21 32.14% $213.5 0.82x NMF 4.8x Axactor SE 0.72 31.17% 132.6 0.35x 0.49x 6.9x Cembra Money Bank AG 87.90 69.23% 2,582.5 2.29x 2.98x 15.4x Collection House Limited 0.66 80.97% 103.3 0.57x 0.67x 4.3x Credit Acceptance Corporation 252.21 49.45% 4,615.2 1.98x 1.98x 7.3x Encore Capital Group, Inc. 20.55 51.17% 639.1 0.63x 7.38x 3.9x KRUK Spólka Akcyjna 17.31 37.53% 328.4 0.64x 0.67x 4.6x PRA Group, Inc. 23.02 58.16% 1,045.5 0.89x 1.53x 12.2x Average $50.45 51.23% $1,207.5 1.02x 2.24x 7.4x Median 18.93 50.31% 483.8 0.73x 1.53x 5.8x 40

Valuation Support – Small Business Lending Selected Public Companies - Valuation Multiples Source: S&P Capital IQ and public filings Selected Public Companies Analysis - Enterprise Valuation Multiples ($ in millions) Enterprise Value as a Multiple of Company Name Stock Price as of 4/6/20 % of 52 Week High Enterprise Value LTM EBITDA 2020 EBITDA 2021 EBITDA LTM Revenue Atlanticus Holdings Corporation $9.78 53.50% NA NMF NMF NMF NMF Enova International, Inc. 12.71 39.78% NA NMF NMF NMF NMF EZCORP, Inc. 4.57 40.62% $586.9 0.7x 0.7x 0.6x 0.69x Marlin Business Services Corp. 6.04 23.74% NA NMF NMF NMF NMF On Deck Capital, Inc. 1.01 17.75% NA NMF NMF NMF NMF Regional Management Corp. 10.75 30.78% 943.3 2.7x 2.5x 2.3x 2.72x World Acceptance Corporation 50.29 28.61% 1,059.0 1.8x 1.8x 1.7x 1.81x Average $13.59 33.54% $863.0 1.7x 1.6x 1.5x 1.74x Median 9.78 30.78% 943.3 1.8x 1.8x 1.7x 1.81x Selected Public Companies Analysis - Equity Valuation Multiples ($ in millions) Equity Value as a Multiple of Company Name Stock Price as of 4/6/20 % of 52 Week High Market Capitalization Book Value Tangible Book Value LTM Earnings Atlanticus Holdings Corporation $9.78 53.50% $141.4 NMF NMF 5.9x Enova International, Inc. 12.71 39.78% 400.4 1.11x 6.12x 3.4x EZCORP, Inc. 4.57 40.62% 254.2 0.34x 0.67x 35.6x Marlin Business Services Corp. 6.04 23.74% 71.6 0.34x 0.36x 2.7x On Deck Capital, Inc. 1.01 17.75% 59.0 0.23x 0.24x 2.8x Regional Management Corp. 10.75 30.78% 118.4 0.39x 0.40x 2.8x World Acceptance Corporation 50.29 28.61% 363.7 0.93x 1.01x 9.4x Average $13.59 33.54% $201.2 0.56x 1.47x 8.9x Median 9.78 30.78% 141.4 0.37x 0.54x 3.4x 41

Valuation Support Selected M&A Transactions Analysis Source: S&P Capital IQ and public filings Selected M&A Transactions Analysis ($ in millions) Closed Equity Equity Value / Date Target Acquirer Target Description Value Book Value LTM Earnings Jul-14 Aktiv Kapital ASA Portfolio Recovery Associates, Inc. (nka:PRA Group, Inc.) As of July 16, 2014, Aktiv Kapital ASA was acquired by PRA Group, Inc. Aktiv Kapital ASA, together with its subsidiaries, engages in the acquisition, collection, and management of unsecured non-performing loans. $872.6 2.02x 6.1x Jun-13 Asset Acceptance Capital Corp. Encore Capital Group, Inc. Asset Acceptance Capital Corp. engages in the purchase and collection of defaulted and charged-off accounts receivable portfolios from consumer credit originators in the United States. 215.2 1.43x 36.6x Mar-12 Aktiv Kapital ASA Geveran Trading Co., Ltd. As of July 16, 2014, Aktiv Kapital ASA was acquired by PRA Group, Inc. Aktiv Kapital ASA, together with its subsidiaries, engages in the acquisition, collection, and management of unsecured non-performing loans. 1,416.3 0.94x 5.4x Average $834.7 1.46x 16.0x Median 872.6 1.43x 6.1x 42

Fully-Diluted Shares Outstanding Appendix B

Fully-Diluted Shares Outstanding Source: Management (1) Shares outstanding as of April 6, 2020, per Management (2) Dilution from outstanding options was calculated using the Treasury Stock Method and Lincoln’s range of Value (2) Per Share indications ($11.32 / $11.50 / $11.70, respectively) Fully-Diluted Shares Outstanding Low Mid High Shares Outstanding (1) 6,567,765 6,567,765 6,567,765 Options Outstanding (2) 185,221 193,046 200,971 Fully-Diluted Shares Oustanding 6,752,986 6,760,811 6,768,736 44

Asta Trading Analysis Appendix C

Asta Trading Analysis Ownership and Common Stock Overview Source: S&P Capital IQ and Company SEC filings Notes: “Insiders” in the pie chart above includes the holdings of: (i) Ricky Stern, (ii) GMS Family Investors LLC, Notes: (iii) Asta Group, Inc., (iv) Gary Stern, and (v) Emily Stern 2012 Gst Trust Institutional 8.5% Insiders 57.4% Public and Other 34.1% Shareholder Total Shares % of Total Stern, Ricky 1,178,382 17.9% GMS Family Investors LLC 871,500 13.3% Asta Group, Inc. 842,000 12.8% Stern, Gary 691,165 10.5% RBF Capital LLC 400,000 6.1% BlackRock, Inc. 278,304 4.2% Emily Stern 2012 Gst Trust 187,590 2.9% Dimensional Fund Advisors L.P. 84,433 1.3% Bridgeway Capital Management, Inc. 83,600 1.3% Geode Capital Management, LLC 39,457 0.6% Top 10 Shareholders 4,656,431 70.9% All Other Shareholders 1,911,334 29.1% Total Shares Outstanding 6,567,765 100.0% Asta - Common Stock Overview Asta - Historical Daily Trading Volume Stock Price as of April 6, 2020 $8.66 One-Week Average 7,638 Two -Week Average 7,769 One-Month Average 10,265 Stock Price as of April 6, 2019 4.54 % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% % of Shares Outstanding 0.2% Stock Price as of April 6, 2018 3.35 % of Float 0.3% % of Float 0.3% % of Float 0.4% 30-Day Volume Weighted Average Price ("VWAP") $8.37 Two-Month Average 7,656 Six-Month Average 5,036 One-Year Average 5,783 60-Day VWAP 9.27 % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% 90-Day VWAP 9.60 % of Float 0.3% % of Float 0.2% % of Float 0.2% 52-Week Average Closing Price $8.07 Two-Year Average 5,851 Three-Year Average 9,556 Four-Year Average 12,798 52-Week High Closing Price 10.43 % of Shares Outstanding 0.1% % of Shares Outstanding 0.1% % of Shares Outstanding 0.2% 52-Week Low Closing Price 4.50 % of Float 0.2% % of Float 0.4% % of Float 0.5% 104-Week Average Closing Price $6.00 Total Shares Outstanding 6,567,765 104-Week High Closing Price 10.43 Public Float Shares 2,374,630 104-Week Low Closing Price 2.85 Public Float % 36.2% Source: S&P Capital IQ 46

Asta Trading Analysis 2-Year Trading History Source: S&P Capital IQ 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Volume (thousands) Share Price Consideration: $11.47 Gary Stern offer to take the Company private on October 30, 2019 at $10.75 per share COVID-19 47

Illustrative Premiums Paid Analysis Appendix D

Illustrative Premiums Paid Analysis Source: S&P Capital IQ Notes: Data excludes negative premiums, includes only announced, effective, and closed deals from April 6, 2015  Notes: through April 6, 2020, and includes transactions with a majority shareholder purchasing remaining shares Illustrative Premiums Paid Analysis Stock Price Premium (Median) Criteria Number of Transactions 1-Day Prior (%) 1-Week Prior (%) 1-Month Prior (%) All Diversified Financials Deals 11 15.0% 16.8% 27.6% All Deals with Enterprise Value < $500 million 164 17.0% 18.7% 20.0% All United States Deals 20 29.5% 30.9% 36.3% All Deals with Majority Shareholder Purchasing Remaining Shares 282 16.3% 18.6% 21.2% Asta - Stock Price as of October 30, 2019 (1) $6.79 $6.70 $7.00 Proposed Transaction @ $11.47 68.9% 71.2% 63.9% Asta - 1-Year Trailing VWAP as of October 30, 2019 (1) $5.77 Proposed Transaction @ $11.47 99.0% Asta - Stock Price as of April 6, 2020 $8.18 $8.05 $9.85 Proposed Transaction @ $11.47 40.2% 42.5% 16.4% Asta - 1-Year Trailing VWAP as of April 6, 2020 $8.07 Proposed Transaction @ $11.47 7.3% (1) October 30, 2019 represents the date of Mr. Stern's initial proposal to the Board 49