Also Recommends in Favor of Say-on-Pay

NEW YORK, May  28, 2024  (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN) ("Medallion" or the "Company") today announced that leading independent proxy advisory firm Institutional Shareholder Services ("ISS") has recommended that Medallion shareholders vote on the BLUE proxy card "FOR" ONLY the two incumbent candidates nominated by the Board of Directors, Robert M. Meyer and David L. Rudnick and "FOR" the advisory vote on the compensation of the Company's named executive officers in connection with the Company's 2024 Annual Meeting of Shareholders (the "Annual Meeting"). The Annual Meeting will be held on June 11, 2024.

In its report issued on May 24, 2024, ISS noted:

• "The company's TSR has outperformed its peers and the broader market over the one-, three-, and five-year periods ending on the unaffected date." 1

• "In light of the company's TSR and operational performance, and the board's willingness to engage with its shareholders, as evidenced by a recent settlement, incremental changes at the board level do not appear necessary at this time."

• "The company has posted continued growth over the last five years coming out of the taxi medallion crisis and write-off of the associated medallion loan portfolio. The consumer recreation and home improvement portfolios have shown continued growth, and the company's profitability metrics have recovered, allowing the company to resume returning capital to shareholders via a reinstated dividend and stock repurchases."

• "As there is no case for incremental change at this time, shareholders are recommended to vote FOR all management nominees."

In supporting Medallion's executive compensation, ISS stated: "pay and performance are reasonably aligned for the year in review, STI awards were entirely based on quantified, pre-set goals, and the company introduced performance equity into the LTI program, which vests based on clearly disclosed, multi-year goals." 2

"We are pleased that ISS, a leading independent governance advisory firm, supports our nominees and our approach to executive compensation," said Alvin Murstein, Chairman & CEO of Medallion.

Brent O. Hatch, Lead Independent Director of the Medallion Board, added: "Medallion's highly experienced Board is focused on delivering substantial value creation for all shareholders. We look forward to delivering continued strong performance."

The Board has nominated two highly qualified directors for re-election at the 2024 Annual Meeting – Robert M. Meyer and David L. Rudnick. These nominees bring significant relevant experience, proven leadership and a mix of tenures and perspectives to our Board that are crucial to the Company's continued successful transformation and execution of its strategy.

Medallion reminds shareholders that every vote is important and encourages shareholders to vote on the BLUE proxy card "FOR" ONLY the Board's nominees, Mr. Meyer and Mr. Rudnick, "FOR" the approval of the 2023 compensation paid to our named executive officers and FOR "one year" on the say-on-frequency vote. The Board urges Medallion stockholders to DISCARD all white proxy cards and materials sent by Mr. Stephen Hodges.

Stockholders who have any questions or need assistance voting may call our proxy solicitors, Alliance Advisors, toll-free at (855) 600-2578.