#1INVESTOR PRESENTATION UPDATED FEBRUARY 15, 2022 Meta Financial Group'#2FORWARD LOOKING STATEMENTS This investor update contains "forward-looking statements" which are made in good faith by Meta Financial Group, Inc. (the "Company") pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as "may," "hope," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "continue," "could," "future," or the negative of those terms, or other words of similar meaning or similar expressions. These forward-looking statements are based on information currently available to us and assumptions about future events, and include statements with respect to the Company's beliefs, expectations, estimates, and intentions, which are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. Such risks, uncertainties and other factors may cause our actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Such statements address, among others, the following subjects: future operating results; our ability to remediate the material weakness in our internal controls over financial reporting and otherwise maintain effective internal controls over financial reporting; the expected impact of the ongoing COVID-19 pandemic and related governmental actions on our business, industry, and the capital markets; customer retention; expectations regarding the ability of the Company and its wholly-owned subsidiary MetaBank, N.A. (the "Bank") to meet minimum capital ratios and capital conservation buffers; loan and other product demand; expectations concerning acquisitions and divestitures; new products and services; credit quality; the level of net charge-offs and the adequacy of the allowance for credit losses; technology; and management and other employees. The following factors, among others, could cause the Company's financial performance and results of operations to differ materially from the expectations, estimates, and intentions expressed in such forward-looking statements: successfully transitioning and maintaining our executive management team; expected growth opportunities may not be realized or may take longer to realize than expected; the potential adverse effects of the ongoing COVID-19 pandemic and any governmental or societal responses thereto including the efficacy of the COVID-19 vaccines, or other unusual and infrequently occurring events; successfully completing our announced rebranding and our ability to achieve brand recognition equal to or greater than we currently enjoy; changes in tax laws; the strength of the United States' economy, and the local economies in which the Company operates; changes in trade, monetary, and fiscal policies and laws, including actual changes in interest rates and the Fed funds rate; inflation, market, and monetary fluctuations; the timely and efficient development of new products and services offered by the Company or its strategic partners, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value and acceptance of these products and services by users; the Bank's ability to maintain its Durbin Amendment exemption; the risks of dealing with or utilizing third parties, including, in connection with the Company's tax refund advance business; the risk of reduced volume of refund advance loans as a result of reduced customer demand for or usage of Meta's strategic partners' refund advance products; our relationship with, and any actions which may be initiated by our regulators; changes in financial services laws and regulations, including laws and regulations relating to the tax refund industry and the insurance premium finance industry and recent and potential changes in response to the ongoing COVID-19 pandemic; technological changes, including, but not limited to, the security of our electronic systems and information; the impact of acquisitions and divestitures; litigation risk; the growth of the Company's business, as well as expenses related thereto; continued maintenance by the Bank of its status as a well-capitalized institution; changes in consumer spending and saving habits; losses from fraudulent or illegal activity; technological risks and developments, and cyber threats, attacks or events; and the success of the Company at maintaining its high quality asset level and managing and collecting assets of borrowers in default should problem assets increase. and the other factors described under the caption "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K for the Company's fiscal year ended September 30, 2021 and in other filings made by the Company with the Securities and Exchange Commission ("SEC"). The forward-looking statements included herein speak only as of the date of this investor presentation. The Company expressly disclaims any intent or obligation to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the Company or its subsidiaries, whether as a result of new information, changed circumstances or future events or for any other reason. Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation 2#3Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation WE STRIVE TO INCREASE FINANCIAL AVAILABILITY, CHOICE, AND OPPORTUNITY THROUGH FINANCIAL EMPOWERMENT. Meta helps fintechs and third-party providers access financial networks, navigate risk, and meet compliance requirements, while overseeing their activities to ensure quality, security, and fairness. Our national bank charter, coordination with regulators, and deep understanding of risk mitigation and compliance helps us disrupt traditional banking norms, guide our partners, and deliver financial products, services, and funding to the businesses and people who need them most. We believe in financial inclusion for allⓇ. 3#4HISTORY OF META FINANCIAL GROUP Since inception, dedicated to financial empowerment while developing our franchise and generating shareholder value 1993 Listed on NASDAQ under ticker symbol CASH 1954 Founded as a savings and loan bank based in northwest lowa with the mission of "Take care of the people." & Dramatic growth in deposits from Payments division heavily invested in securities, treasuries, and bond portfolio. Branch locations in lowa and South Dakota act as loan production offices, concentrating on Commercial Real Estate and Operating. 2004 Hired team of Payments industry experts to start Prepaid Card Sponsorship business - now known as Banking as a Service (BaaS). 2015/2016 Entered Tax Services business by acquiring Refund Advantage, SCS, and EPS, offering expanded financial products to the Tax Preparation industry. 2014 Acquired AFS/IBEX, an insurance premium finance company to grow loan portfolio and generate higher earning assets. Headquartered in South Dakota, offices in Arizona, Michigan, Kentucky, Tennessee, Pennsylvania, California, Florida, and Louisiana. Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation 2018 Acquired Crestmark Bancorp to increase loan production and diversify investment portfolio into higher earning assets. 88 2020 Completed sale of Retail Bank division to divest community bank branch locations and focus on national banking operations and Banking as a Service model. 2020 Converted to National Bank Charter to better align with its mission and business model. 2020 Developed a governance structure that aligns with key ESG efforts and established a long-term ESG strategy. 2021 Announced agreement to sell Meta trademarks and began rebranding initiative (currently ongoing). Embraces Talent Anywhere remote work environment with employees across 38 states, Washington D.C., and Canada#5EXECUTING A PROVEN STRATEGY TO GROW OUR FRANCHISE AND GENERATE HIGH SHAREHOLDER RETURNS 1 2 3 4 Financial inclusion for all® empowers lines of business, motivates Environmental, Social, Governance (ESG) and Diversity, Equity and Inclusion (DE&I) strategies Leader in fast-growing Banking as a Service (BaaS) sector, with diversified portfolio of high-quality financial partners Differentiated business model is powering profitable growth Significant recurring revenue and clear growth drivers Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation 5 6 7 8 Realizing operating efficiencies from disciplined expense management Cash-generative business enables ongoing return of capital to shareholders Strong and diverse management team and Board of Directors National bank charter, investment in compliance and reporting, combined with Durbin threshold, create a powerful business model LO 5#61 3 A FINANCIAL INCLUSION FOR ALLⓇ EMPOWERS OUR BUSINESS LINES 2 78 á Payments Our Payments division works with fintechs, third-party providers, and various other organizations to distribute prepaid cards, deposit accounts, and process payment-related transactions. Meta is the fiduciary that issues accounts and manages the money, moving billions of dollars each day. Commercial Finance Our Commercial Finance division helps America's small and medium sized enterprises and some large businesses by providing flexible capital solutions such as factoring, asset-based lending, leasing, insurance premium finance, and government guaranteed lending they often cannot get elsewhere. Consumer Solutions Our Consumer Solutions division provides financial empowerment through expanded financial service access. With capabilities ranging from consumer loans to tax payments advances, America's underbanked consumers can build credit, control spending, and enhance liquidity, creating pathways towards upward mobility. Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation CO 6#76 7 8 SUBSTANTIAL INVESTMENTS IN ESG AND DIVERSITY, EQUITY AND INCLUSION ADVANCE METABANK'S MISSION 1 Formed ESG Committee of Board of Directors and Appointed Vice President of ESG and DEI ● 3 4 ● Oversees MetaBank's ESG efforts, including policies, programs, and strategies The Vice President of ESG and DEI is responsible for advancing and sustaining an effective ESG strategy, leading the company's community impact program, and solidifying the Diversity, Equity, and Inclusion initiatives Appointed Chief People & Inclusion Officer in March 2021 Responsible for advancing MetaBank's initiatives and further integrating DEI into the company's culture, policies, programs, and solutions Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Published Inaugural ESG Report Have completed materiality assessment and established ESG KPIs ● Will introduce additional quantitative metrics in future ESG reporting Continued Work on ESG and DEI Initiatives Formed a cross-functional DEI Steering Committee ● Introduced the first phase of a DEI curriculum for employees Expanded the number of Employee Resource Groups Launched a comprehensive Community Impact Program Established a Scholars Fund with the Arizona Community Foundation to support students with dependent care needs 7#81 3 6 7 8 PROVIDING SUPPORT TO BUSINESSES AND CONSUMERS DURING THE PANDEMIC Active participant in the Paycheck Protection Program, selected as the prepaid debit card issuer for all three rounds of Economic Impact Payment program Paycheck Protection Program $300M+ In relief -$300K Average Loan Amount 700+ Small businesses assisted -70% Loans Were For Less Than $150K 18,000+ Jobs saved Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation -60% Loans Went To Businesses With Fewer Than 10 Employees 1,045 Loans Funded -30% Loans Went To Businesses Located In CDFI Zones Economic Impact Payments 16.5M Cards Issued $24.15B Dollars Disbursed 8 co#9METABANK IS A WELL-RECOGNIZED LEADER IN BAAS ● 2 Payments Capabilities, Regulatory and Compliance Expertise, are Core Strengths ● ● 8 Full range of payment and debit services Leading issuer of prepaid debit cards Agent for all three rounds of U.S. Treasury Economic Income Payments Provide partners with regulatory and compliance oversight BLACKHAWK NETWORK Jackson Hewitt TAX SERVICE Tax Services Capabilities Create Value for Partners »»» MARQETA Provide tax return transfer and loan solutions to two largest tax preparers and 25,000+ independent tax preparers Payments capabilities enable tax preparers to provide underbanked consumers with access to electronic tax payments and refund advances Demonstrated Ability to Provide Partners with a Full Range of Services Has Generated a High-Quality Portfolio of BaaS Clients Neobanks, Fintechs, Program Managers, Community Banks, Government Agencies, Tax Preparers clair fiserv. FIS Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Consumer Lending Businesses Generate Higher NIM MoneyLion Lines of credit and consumer loans to fintechs, marketplace lenders, and payments and tax partners mn Money Consumer Lending capabilities enable customers to reliably access funds and better control their financial futures H&R BLOCK Network Incomm NETSPEND 9#106 7 8 META POWERS PARTNERS THROUGHOUT THE PAYMENTS ECOSYSTEM 1 2 羅 +9,000 Prepaid & debit programs launched +1 Billion Cards issued +1 Million Distribution points for prepaid and debit card issuing and merchant acquiring +11,000 Branches - network & distribution channels Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation ($) $1 ~1 Billion Transfer per day in ACH and wire services +11 Billion Transactions settled +280,000 ATMs Sponsored +$18 Million Settled in merchant POS transactions since May 2019 10#111 2 78 METABANK SERVES AS A HUB OF THE BAAS ECOSYSTEM End User Card Holder/ Consumer freedom OPORTUN MoneyLion H&R BLOCK LIBERTY LENDING fiserv. mastercard Community Banks 1200+ DISCOVER incomm NETSPEND BLACKHAWK NETWORK Fintech / Program Manager Partners 50+ VISA Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation STAR Debit/Credit Networks 20+ Fed/ Settlement MetaBank Issuing/Acquiring/Originating Bank Processor Issuing 20+ Processor Acquiring 10+ fiserv. FIS Regulatory/Compliance Oversight OCC Primary Regulator ATM Sponsorship 85+ ISOS End User Merchants 11#121 2 OFFERS PROGRAM MANAGERS A FULL SUITE OF BAAS SOLUTIONS 2 PAYMENTS [0. Prepaid (Gift, Payroll, General Purpose Reloadable, etc.) Consumer Banking ANA Solutions (Debit, Savings) Faster Payments Transactional Payments (ACH, Wire, Receiving, Originating) Merchant Acquiring ATM Sponsorship Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation PARTNERS TAX SERVICES Refund Advance Refund Transfers Preparer Loans (Business Financing) clair CONSUMER LENDING $ Line of Credit Term Loans Secured Cards "Partnering with MetaBank to deliver our regulatory and compliance foundation gives us the ability to focus on customer needs and "de-risk" our market tests, enabling us to test more offerings rapidly." Alex Kostecki, Co-Founder & COO, Clair 12#136 7 8 DIFFERENTIATED BUSINESS MODEL GENERATES CONSISTENTLY HIGH NET INTEREST SPREAD ● 3 4 Low-cost deposits are invested in a granular, well-managed portfolio of high-return commercial finance assets High proportion of fee income Deposits Generated by tailored solutions in Payments, Tax, and Consumer Lending lines of business Provides stable funding source for deployment in Commercial Finance and Investment portfolios Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Net interest spread sustained by efficient business model ● Loans Customized, innovative capital solutions for small-and medium- sized businesses nationwide Target underserved segments of commercial and consumer industries, with substantial opportunities for growth 13#14● ● 3 4 6 7 8 COMMERCIAL FINANCE BUSINESS CONSISTS OF A GROUP OF SPECIALIZED LENDERS 1 Provide small and medium-sized businesses, as well as large enterprises, with flexible capital solutions they cannot get elsewhere Collateral-based lending focused on risk management and administrative controls of borrowers' assets Focus on collateral and emphasizes long-term relationships vs. traditional credit and cash flow metrics Provides guardrails against uncertainty Helps MetaBank reach companies operating at the core of the "real economy" - - Underwritten to ensure recovery of full loan exposure in the event of a default or liquidation Closely monitored and managed Solar lending provides conservative lending and generates tax credits, boosting returns. Loan portfolio supports mission of financial inclusion for allⓇ IFF Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Z LXXX 44 14#153 4 5 6 8 SIGNIFICANT RECURRING REVENUE WITH CLEAR GROWTH DRIVERS %600'58 ww Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation ● ● ● Payments and Tax relationships are "sticky," produce high proportion of recurring revenue Opportunity in Consumer Lending to provide products to strategic partners with payments and tax distribution potential Participate in fintech industry growth and partnerships with new fintechs Leverage existing relationships as a distribution channel to sell other payments products (Ex: H&R Block, MoneyLion, and Others) Opportunity for increased cross-selling among Commercial Finance 15#16REALIZING OPERATING EFFICIENCIES FROM DISCIPLINED EXPENSE MANAGEMENT ● 3 4 5 Continued Focus on Improving Efficiency Ratio ● 7 8 ● Achieve 2x operating leverage in each business line Eliminate redundant processes and improve collaboration across teams Automate to enhance productivity Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Efficiency Ratio 80.00% 75.00% 70.00% 65.00% 60.00% 55.00% 75.61% FY 2016 75.23% FY 2017 72.44% FY 2018 68.45% FY 2019 63.96% FY 2020 62.50% FY 2021 16#175 6 7 8 CASH-GENERATIVE BUSINESS ENABLES RETURN OF EXCESS CAPITAL TO SHAREHOLDERS 3 Capital Deployment Priorities Invest in organic growth and technology Return capital to shareholders through repurchases and dividends Capital Returned to Shareholders $359.6M TOTAL SHARE REPURCHASES MAY 2019 TO DEC 2021 Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation $37.8M TOTAL DIVIDENDS PAID FY16-Q1 FY22 17#187 8 STRONG AND DIVERSE MANAGEMENT TEAM AND BOARD OF DIRECTORS Executive Leadership Team Brett Pharr Chief Executive Officer and Director 5 Charles Ingram EVP and Chief Technology & Product Officer Nadia Dombrowski EVP and Chief Legal Officer Board of Directors Douglas J. Hajek Chair of the Board Michael R. Kramer Director Becky S. Shulman Vice-Chair of the Board *Term ends at February 22, 2022 Annual Meeting Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Anthony Sharett President Kia Tang EVP and Chief People & Inclusion Officer Brad Hanson* Former, President and CEO of Meta Financial Group and Co-President and CEO of MetaBank Ronald D. McCray Director Kendall E. Stork Director Glen Herrick EVP and Chief Financial Officer Sonja Theisen EVP and Chief Governance, Risk, & Compliance Officer Elizabeth G. Hoople Director Frederick V. Moore Director Lizabeth H. Zlatkus Director 18#196 7 8 INVESTMENT IN COMPLIANCE AND INFRASTRUCTURE, BANK CHARTER, COMBINED WITH DURBIN THRESHOLD, CREATE A COMPELLING BANKING AS A SERVICE OFFERING BSA/AML Compliance Capabilities ● ● State-of-the-art expertise in payments risk mitigation and compliance Long term investments in compliance and infrastructure over 17 years Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation National Bank ● MetaBank is a fiduciary who issues accounts, holds the funds, and manages the money, moving billions of dollars each day. Durbin Threshold: $10B asset threshold deters new entrants 19#20APPENDIX Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation 20#21CREDIT CONTROLS LIMIT THE RISK IN CONSUMER AND WAREHOUSE PROGRAMS Warehouse Finance Asset-backed warehouse lines of credit used to support strategic initiatives. Lines are primarily secured by consumer receivables, whereby Meta is in a senior, secured position as the first out participant. Have never had a charge off or loss. Agreements trigger waterfall protection for the "First Out" participant. ● ● All Loan/Collateral Cash Flows Admin Fees (0-5%) First-Out Tranche (Meta Position) $55MM (55%) Junior Tranche $35MM (35%) Equity Tranche $10MM (10%) Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation $100M Facility EXAMPLE Consumer Credit Program Consumer credit programs with marketplace lenders offer Meta a risk adjusted return, protected by certain layers of credit support and balance sheet flexibility. Programs are offered to strategic partners with payments distribution potential. ● Agreements typically provide for "excess spread" build-up and protection through a priority of payment within a waterfall Principal Repayment to Meta Consumer Payments Principal, Interest, Fees Collection Account Principal Losses to Meta Meta's Agreed upon interest return Servicing Remaining Excess Spread to Meta-owned escrow reserve Reserve release to partner is conditional (subordinate) based on product performance 21#22DEFINITIONS Industry Terms Banking-as-a-Service (BaaS): Providing financial services and solutions to third parties to offer through their distribution channels. Push-to-debit: The ability to move money directly to an end user. At Meta - our push-to-debit capabilities are called "Faster Payments". Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Types of Payment Cards Debit Card: A type of payment card typically tied to funds held in a deposit account. Credit Card: A type of payment card typically attached to a line of credit that a user can make purchases against. Prepaid Card: A type of payment card that holds a finite amount of funds and is not directly tied to a bank account or line of credit. Virtual Card: A digital counterpart to a payment card, generated with a unique card number to settle a particular transaction by an authorized user. These are often used for one-time, business-to-business payments. 22#23DEFINITIONS, CONTINUED Payment Players Acquiring Bank: An acquiring bank provides merchant accounts that allow a business to accept card payments and works in conjunction with the acquirer processor. In some cases the acquiring bank and acquirer processor are a single entity. Acquiring Processors: Acquirer processors connect directly with merchants, the network and the acquiring bank, or via a payment gateway, to facilitate payment acceptance at the merchant. They provide the technical capabilities to create the system of record to communicate with authorization and settlement entities. In some cases the acquiring bank and acquirer processor are a single entity. Issuing Bank: The issuing bank enters into a relationship with the cardholder, program manager, and enables cards on a given network. The issuing bank fills three primary roles in payment processing: it is a "network sponsor," which means it can issue cards on a given payments network; it is a holder of funds (for example, for gift cards, deposit accounts and other non-credit cards); and it is a "settlement point," managing a consumer's account and paying out to the merchant's account after a purchase. Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Issuing Processor: Connects directly with the networks and issuing bank to provide the system of record, authorize transactions and communicate with settlement entities. Fintech: Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. Merchant: A merchant simply refers to any business that accepts card-based payments either via a physical swipe (at the point-of-sale) or virtually online. Program Manager: Businesses that manage various elements of a card program on behalf of the issuing bank. The Program Manager is responsible for defining the program, operating the program, and managing its profitability. The program manager typically is responsible for establishing relationships with processors, banks, payment networks and distributors and for establishing account(s) at banks. 23#24DEFINITIONS, CONTINUED Commercial Lending Terms Asset-Based Lending: Asset-Based Lending (ABL) refers to business loans that are secured based on assets as collateral, generally accounts receivable, inventory, equipment or other balance sheet assets. Accounts Receivable: Accounts Receivable (A/R) financing refers to financing based on the value of a company's accounts receivable (their invoices for goods or services) to another company. It is a subset of asset- based lending and is also known as factoring. Equipment Financing: Equipment Financing refers to a loan used to purchase business equipment. The financing is provided through leases such as $1 Buyout, Fair Market Value (FMV), or through term loans. Factoring: Factoring refers to financing based on the purchase of a company's accounts receivables, their invoices for goods or services. It is a subset of asset-based lending and is also known as accounts receivable financing. Insurance Premium Finance: Insurance Premium Finance refers to short-term collateralized financing to facilitate the purchases of property, casualty, and liability insurance premiums for the commercial market. Meta Financial Group, Inc. (NASDAQ: CASH) | Investor Presentation Government Guaranteed Lending: A government guaranteed loan is a loan guaranteed by a government agency and financed through a lending financial entity. Government guaranteed loans include SBA loans and USDA loans. SBA Loan: An SBA loan refers to financing that is guaranteed by the Small Business Administration (SBA) and provided by a lending financial institution. SBA loans, such as an SBA 7(a) loan, may be easier for a small business to obtain because of the reduced risk for the lender. Lenders must meet sufficient requirements to be eligible as a lending entity. Term Loan: A Term loan is a loan for a specific amount that has a specified interest rate and regular payment schedule to be repaid over a set period of time. USDA Loan: A USDA loan refers to financing guaranteed by the U.S. Department of Agriculture (USDA) as part of the Rural Development program and provided by a lending financial institution. USDA business loans, such as the USDA Business & Industry (B & I) loan, may be easier for a business to obtain because of the reduced risk for the lender. Lenders must meet sufficient requirements to be eligible as a lending entity. 24