#1#2#3Frank Thesis: Distribution is the Power in Fintech Frank's Strategic Value is Derived from: Acquisition Machine: We have a powerful distribution channel and relationships with Students that would take a company hundreds of millions of dollars and many years to replicate . Better Engagement & Retention: Our products & services are sticky and run throughout the year Meaningful Data: We know more about our Students than any lender, college, or employer year over year Distribution is everything: Apple's payments biz generates $1B in revenue and handles 5%+ of global card transactions. Processing, issuing, customer service, and compliance is all outsourced. $APPL primarily handles marketing and customer acquisition. 4.25 million Students trust Frank for all their money needs - adding more financial products now has minimal execution risk and is much less expensive#44.25 Million Students Trust Frank 96% of Students now find Frank through friend referrals, partners, and our Student financial literacy resource on how to pay for college* Frank Growth since April 2017 Launch Users in millions 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 H. 1.1 2017 1.1 Cumulative Users 1.8 0.6 2018 New Users 2.9 2019 -New Organic Users 1.1 Marketing Spend 4.3 2020 1.4 From spending $1.3mm per year in marketing to less than $50k per year Note: "Statistic representative of engagement since 2017 FRANK. 16