Capmark Financial Group Inc. Announces Stand Alone Third Quarter 2014 Earnings Results for its Wholly Owned Subsidiary, Bluestem Brands, Inc.

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1 Capmark Financial Group Inc. Announces Stand Alone Third Quarter 2014 Earnings Results for its Wholly Owned Subsidiary, Bluestem Brands, Inc. Horsham, PA December 23, 2014 Capmark Financial Group Inc. ( Capmark ) today reported standalone historical consolidated financial results of its wholly owned subsidiary, Bluestem Brands, Inc. and its subsidiaries ( Bluestem ), for Bluestem s 13 and 39 week periods ended October 31, 2014 (we refer to the 13 week periods ended October 31, 2014 and November 1, 2013 in this release as the third quarter ). Bluestem, which merged with Capmark on November 7, 2014, is a multi brand, online retailer of name brand and private label general merchandise serving low to middle income consumers nationwide. Bluestem delivered another record quarter, increasing net sales 27% over the same period last year and driving a seven fold increase in pro forma Adjusted EBITDA. Our strategies to expand the customers we serve through innovative credit products coupled with a rapidly expanding and more relevant merchandise assortment are clearly paying off. said Steve Nave, Capmark and Bluestem s Chief Executive Officer. Net sales were $213.3 million for the third quarter of 2014, a 27% increase over third quarter of 2013 net sales of $167.7 million. Adjusted EBITDA for the third quarter of 2014 was $11.5 million, compared to $33.6 million in the third quarter of Adjusted pro forma EBITDA (adjusted for the effects of the Santander Consumer USA transaction) was $10.0 million in the third quarter of 2014, compared to $1.4 million in the same quarter of Net loss for the third quarter of 2014 was $4.4 million, compared to net income of $14.7 million in the third quarter of Revolving new customer credit accounts increased 16%, from 132 thousand in the third quarter of 2013 to 152 thousand in the third quarter of FreshStart new customer credit accounts increased 31%, from 39 thousand in the third quarter of 2013 to 51 thousand in the third quarter of Active accounts increased to 1.5 million in the third quarter 2014, a 13% increase over the third quarter of Year to Date Highlights Net sales year to date through the third quarter of 2014 was $615.0 million, a 32% increase over net sales of $465.3 million for the same period of Adjusted EBITDA year to date through the third quarter of 2014 was $63.3 million, a 29% increase over $49.1 million for the same period of Adjusted pro forma EBITDA year todate through the third quarter of 2014 was $42.7 million in the third quarter of 2014, a 321% increase over $10.2 million for the same period of Net income year to date through the third quarter of 2014 was $9.6 million, compared to a net loss of $171.7 million for the same period of 2013.

2 All financial information in this release relates solely to Bluestem and its consolidated subsidiaries on a historical stand alone basis prior to Bluestem s merger with Capmark. Contribution Margin, net income before loss from derivatives in our own equity, Adjusted EBITDA and Adjusted pro forma EBITDA are financial measures not in accordance with GAAP and are not based on any comprehensive set of accounting rules or principles. Please see, Bluestem Brands, Inc. Financial Information 13 and 39 weeks ended October 31, 2014 and November 1, 2013 Overview and Basis of Presentation below and accompanying disclosures for an explanation of these terms, a reconciliation to results of Bluestem reported under GAAP, and other important information for investors to consider. Earnings Teleconference Information Capmark will discuss Bluestem s 13 and 39 week period s ended October 31, 2014 financial results during a teleconference today, December 23, 2014, at 5:00 PM ET. In addition, Capmark will post Bluestem s 2013 and 2012 year end audited financial statements, and Q1, Q2 and Q3 of 2014 and 2013 unaudited financial results to the Capmark website. The conference call can be accessed at (877) or (719) (International). The call will also be broadcast simultaneously at relations. Following completion of the call, a recorded replay of the webcast will be available on Capmark s website. To listen to the telephone replay, call toll free (877) or (858) (International), replay pin # The telephone replay will be available at 8:00 PM ET December 23, Additional investor information can be accessed at About Capmark Capmark Financial Group Inc. is a holding company whose businesses include Bluestem Brands, Inc., a multi brand, online retailer of a broad selection of name brand and private label general merchandise serving low to middle income consumers nationwide. Bluestem operates Fingerhut, Gettington.com and PayCheck Direct brands. Complementing each brand is a large selection of merchandise with a variety of payment options to provide customers with the flexibility of paying over time. Capmark is headquartered in Horsham, PA. For additional information visit Capmark s website at Forward Looking Statements This release contains statements that are forward looking statements. Forward looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. All statements contained herein that are not clearly historical in nature are forward looking. In some cases, you can identify these statements by use of forward looking words such as may, will, should, anticipate, estimate, expect, plan, believe, predict, potential, project, intend, could or similar expressions. In particular, statements regarding Capmark s plans, strategies, prospects and expectations regarding its business are forward looking statements. You should be aware that these statements and any other forward looking statements in this document only reflect Capmark s beliefs, assumptions and expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Many of these risks, uncertainties and assumptions are beyond Capmark s control and may cause actual results and performance to differ materially from Capmark s expectations. Forward looking statements are based on Capmark s beliefs, assumptions and expectations of its future performance and actions, taking into account all information currently available to Capmark. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are

3 known to Capmark or are within its control. If a change occurs, Capmark s plans, business, financial condition, and liquidity may vary materially from those expressed in its forward looking statements. Important factors that could cause the actual results to be materially different from Capmark s expectations include the risks and uncertainties set forth in Risk Factors in Capmark s Report as of and for the years ended December 31, 2013 and Accordingly, you should not place undue reliance on the forward looking statements contained in this release. These forward looking statements are made only as of the date of this release. Capmark undertakes no obligation to update or revise publicly any forward looking statements, whether as a result of new information, future events or otherwise. Investor Relations: Denise Garcia ICR (215)

4 Overview and Basis of Presentation Bluestem Brands, Inc. Financial Information 13 and 39 weeks ended October 31, 2014 and November 1, 2013 As previously reported, Capmark Financial Group Inc. ( Capmark ) consummated on November 7, 2014 the acquisition (the Merger ) of Bluestem Brands, Inc. ( Bluestem ), a multi brand, online retailer of name brand and private label general merchandise serving low to middle income consumers nationwide, operating through its Fingerhut, Gettington.com and PayCheck Direct brands. The fiscal year end of Capmark is December 31. Bluestem operates on a fiscal calendar widely used by the retail industry that results in fiscal years consisting of a 52 or 53 week period ending on the Friday closest to January 31 of the following year. The board of directors of Capmark, at its meeting held on December 18, 2014, determined to change the fiscal year of Capmark to conform to the fiscal year of Bluestem. Capmark intends to furnish financial statements for the year ended January 31, 2014 in conjunction with the issuance of the financial statements for the year ending January 30, It is also the intention of Capmark to furnish financial information on a pro forma historical combined basis, giving effect to the Merger as of February 1, This information is anticipated to be available together with the fiscal year end financial information for the period ending January 30, In its presentation to investors on November 11, 2014, management of Capmark previously furnished information relating to selected historical results of Bluestem, on a stand alone basis. The accompanying financial information is being furnished because management of Capmark believes it will provide to investors and other person s useful information concerning the historical results of Bluestem for the periods provided and complement and update the financial information previously provided through the November 11 presentation. Investors and others are cautioned to not place undue reliance on, and to consider the limitations inherent in, this information for the following reasons: it has been prepared on an unaudited historical Bluestem stand alone basis, and reflects the results of operations and financial condition only of Bluestem and its consolidated subsidiaries prior to the Merger and does not purport to reflect the results of operations or financial condition of Bluestem, Capmark and its consolidated subsidiaries or the combined company following the Merger; the historical results presented below are not necessarily indicative of the results to be expected for any future period; it does not reflect any information relating to Capmark and its consolidated subsidiaries prior to or after the Merger, or give effect to any change, financial or other, affecting Capmark and its consolidated subsidiaries since publication of Capmark historical information for the three and nine month periods ended September 30, 2014, including those changes relating the adoption of the above referenced change in fiscal year end of Capmark; this historical Capmark financial and other information is available through Capmark s website at

5 the unaudited consolidated financial statements of Bluestem, from which the 13 and 39 week historical financial information have been derived, have been prepared on the same basis as its audited consolidated financial statements and, in the opinion of management, reflect all adjustments consisting of normal recurring adjustments, necessary for a fair presentation of this data; the consolidated financial and other data as of and for the periods presented are not necessarily indicative of the results that may be obtained for a full year; the financial information in this release includes summary consolidated pro forma data, which give effect to the Santander Consumer USA transaction to which Bluestem became a party in April 2013; the consolidated pro forma data is unaudited, have been derived from internally prepared pro forma data, and are presented for informational purposes only and do not purport to represent what Bluestem s consolidated financial position actually would have been had the events so described occurred on the dates indicated or to project its consolidated financial position as of any future date; this pro forma data does not relate to or depict the effects in any way of the Merger; to supplement the historical financial data derived from Bluestem s consolidated financial statements which are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, this release uses, in addition to the above referenced pro forma data, contribution margin, net (loss) income from derivatives in our own equity, and adjusted EBITDA as a non GAAP performance measure; contribution margin, net (loss) income from derivatives in our own equity, adjusted EBITDA and adjusted pro forma EBITDA are not in accordance with, or an alternative to, measures prepared in accordance with GAAP. In addition, these non GAAP measures are not based on any comprehensive set of accounting rules or principles. As non GAAP measures, they have limitations in that they do not reflect all of the amounts associated with Bluestem s results of operations as determined in accordance with U.S. GAAP. Although Bluestem uses these financial measures to assess the performance of its business compared to that of others in its industry, each has limitations as an analytical tool, and investors should not consider it in isolation, or as a substitute for analysis of Bluestem s results as reported under GAAP; and this information should be read in conjunction with the Bluestem audited fiscal year end consolidated financial statements and the related notes as of and for the fiscal years ended January 31, 2014 and February 1, 2013, which can be found on Capmark s website at

6 Bluestem Brands Announces Third Quarter 2014 Results Page 1 of 8 Consolidated Statements of Operations and Selected Operating Data (unaudited in thousands, except average order size) 13 Weeks Ended October 31, November 1, Change (a) Net sales $ 213,324 $ 167, % Cost of sales 124,407 99, % Gross profit 88,917 68, % Sales and marketing expenses 42,583 37, % Net credit expense (income) 8,777 (26,359) (133.3)% General and administrative expenses 40,993 29, % Loss on early extinguishment of debt - 4,591 n/m Interest expense, net (b) 4,248 2, % (Loss) income before income taxes (7,684) 20,961 (136.7)% Income tax (benefit) expense (3,295) 6,264 (152.6)% Net (loss) income $ (4,389) $ 14,697 (129.9)% Margins and Expenses as a Percentage of Net Sales: Gross profit rate 41.7 % 40.6 % 105 bp Contribution Margin (c) $ 37,557 $ 57,436 (34.6%) As a percentage of net sales 17.6 % 34.2 % (1,663) bp General and administrative expenses 19.2 % 17.4 % 177 bp Adjusted EBITDA (c) $ 11,518 $ 33,630 (65.8%) As a percentage of net sales 5.4 % 20.0 % (1,465) bp Adjusted pro forma EBITDA (c) $ 9,965 $ 1, % As a percentage of net sales 4.7 % 0.8 % 383 bp Selected Operating Data: Revolving new customer credit accounts (d) % FreshStart new customer credit accounts (d) % Active accounts (e) 1,534 1, % Average order size (f) $ 228 $ % Percentage of orders placed online (g) 64 % 58 % 529 bp (a) Changes in rates are presented as the basis point (bp) increase (decrease) from the prior period. (b) Interest expense net of interest income. (c) Please refer to the "Non-GAAP Financial Measures" within this release for a reconciliation of non-gaap financial measures to GAAP and why we believe these are important measures of our performance. (d) Customers that have made their initial order on account during the fiscal period presented. (e) Customers that have made at least one purchase on account within the previous twelve fiscal months and at least one payment on account since origination. (f) Average order size represents retail merchandise sales including shipping and handling revenue divided by the number of merchandise orders fulfilled during the fiscal period presented. (g) Number of online orders as a percentage of all orders taken during the fiscal period presented.

7 Bluestem Brands Announces Third Quarter 2014 Results Page 2 of 8 Consolidated Statements of Operations and Selected Operating Data (unaudited in thousands, except average order size) 39 Weeks Ended October 31, November 1, Change (a) Net sales $ 615,049 $ 465, % Cost of sales 356, , % Gross profit 259, , % Sales and marketing expenses 122, , % Net credit expense (income) (3,755) (32,468) (88.4)% General and administrative expenses 112,616 88, % Loss from derivatives in our own equity (b) - 177,289 n/m Loss on early extinguishment of debt - 8,258 n/m Interest expense, net (c) 13,248 16,491 (19.7)% Income (loss) before income taxes 14,142 (170,223) (108.3)% Income tax expense 4,520 1, % Net income (loss) $ 9,622 $ (171,689) (105.6)% Margins and Expenses as a Percentage of Net Sales: Gross profit rate 42.1 % 42.8 % (73) bp Contribution Margin (d) $ 140,006 $ 119, % As a percentage of net sales 22.8 % 25.8 % (300) bp General and administrative expenses 18.3 % 18.9 % (62) bp Net income before loss from derivatives in our equity (d) $ 9,622 $ 5, % As a percentage of net sales 1.6 % 1.2 % 36 bp Adjusted EBITDA (d) $ 63,259 $ 49, % As a percentage of net sales 10.3 % 10.6 % (28) bp Adjusted pro forma EBITDA (d) $ 42,739 $ 10, % As a percentage of net sales 6.9 % 2.2 % 477 bp Selected Operating Data: Revolving new customer credit accounts (e) % FreshStart new customer credit accounts (e) % Active accounts (f) 1,534 1, % Average order size (g) $ 225 $ % Percentage of orders placed online (h) 63 % 58 % 523 bp (a) Changes in rates are presented as the basis point (bp) increase (decrease) from the prior period. (b) We had derivative liabilities relating to certain of our common stock warrants, preferred stock warrants, embedded derivatives in preferred stock, and a contingent fee agreement. These derivative liabilities were recorded at their estimated fair value at each balance sheet date. Changes in fair value were reflected in the consolidated statement of operations as gains or losses from derivatives in our own equity. (c) Interest expense net of interest income. (d) Please refer to the "Non-GAAP Financial Measures" within this release for a reconciliation of non-gaap financial measures to GAAP and why we believe these are important measures of our performance. (e) Customers that have made their initial order on account during the fiscal period presented. (f) Customers that have made at least one purchase on account within the previous twelve fiscal months and at least one payment on account since origination. (g) Average order size represents retail merchandise sales including shipping and handling revenue divided by the number of merchandise orders fulfilled during the fiscal period presented. (h) Number of online orders as a percentage of all orders taken during the fiscal period presented.

8 Bluestem Brands Announces Third Quarter 2014 Results Page 3 of 8 Condensed Consolidated Balance Sheets (unaudited in thousands) Assets October 31, January 31, Current assets: Cash and cash equivalents $ 45,496 $ 132,388 Restricted cash 13,085 7,065 Customer accounts receivable net of allowance for doubtful accounts of $11,870 and $37,101, respectively 30,487 36,406 Merchandise inventories 157,786 68,151 Promotional material inventories 32,101 15,362 Prepaid expenses and other assets 27,938 28,598 Total current assets 306, ,970 Property and equipment, net 47,536 37,063 Other assets 7,401 8,803 Total Assets $ 361,830 $ 333,836 Liabilities and Shareholders Deficit Current liabilities: Accounts payable $ 121,057 $ 71,572 Accrued costs and other liabilities 70,608 72,897 Short-term debt 6,443 27,979 Total current liabilities 198, ,448 Long-term debt 183, ,280 Other long-term liabilities 13,385 8,653 Shareholders' deficit: Series B convertible preferred stock 3, Series A convertible preferred stock 5, Additional paid-in capital 137, ,086 Accumulated deficit (179,352) (188,972) Total shareholders' deficit (33,228) (45,545) Total Liabilities and Shareholders Deficit $ 361,830 $ 333,836

9 Bluestem Brands Announces Third Quarter 2014 Results Page 4 of 8 Supplemental Financial Information (unaudited in thousands) 13 Weeks Ended 39 Weeks Ended October 31, 2014 November 1, 2013 Change October 31, 2014 November 1, 2013 Change Sales by merchandise category: Home $ 93, % $ 75, % 23.4 % $ 285, % $ 223, % 27.7 % Entertainment 94, % 73, % 28.3 % 260, % 191, % 35.8 % Fashion 35, % 27, % 29.5 % 98, % 71, % 37.9 % Total merchandise sales (a) 223, % 176, % 26.4 % 643, % 486, % 32.4 % Returns and allowances (14,612) (12,572) 16.2 % (41,099) (31,056) 32.3 % Commissions 4,361 3, % 12,689 10, % Net sales $ 213,324 $ 167, % $ 615,049 $ 465, % 13 Weeks Ended 39 Weeks Ended October 31, November 1, October 31, November 1, Change Change Net credit expense (income): Finance charge and fee income $ 516 $ (4,311) (112.0)% $ 7,787 $ (109,917) (107.1)% Provision for doubtful accounts 656 1,355 (51.6)% (7,942) 93,403 (108.5)% Credit management costs 16,316 12, % 50,361 35, % Portfolio profit sharing and servicing fee income (8,711) (35,808) (75.7)% (53,961) (51,840) 4.1 % Net credit expense (income) $ 8,777 $ (26,359) (133.3)% $ (3,755) $ (32,468) (88.4)% Serviced Portfolio Selected Credit Data: Customer accounts receivable $ 1,060,540 $ 826,237 $ 1,060,540 $ 826,237 Balances 30+ days delinquent (b) $ 188,434 $ 153,639 $ 188,434 $ 153,639 Balances 30+ days delinquent as a percentage of total customer accounts receivable (c) 17.8 % 18.6 % 17.8 % 18.6 % Average customer accounts receivable $ 1,063,677 $ 837,738 $ 1,048,093 $ 840,648 Annualized finance charge and fee income as a percentage of average customer accounts receivable (d) 28.2 % 28.1 % 29.1 % 30.2 % Net principal charge-offs $ 48,823 $ 38,223 $ 133,211 $ 109,999 Annualized net principal charge-offs as a percentage of average customer accounts receivable (d) 18.4 % 18.3 % 16.9 % 17.4 % (a) Total merchandise sales includes shipping and handling revenue and is net of sales discounts. (b) Delinquent balances as of the customers' statement cycle dates prior to or on fiscal period end. (c) Delinquent balances as of the customers' statement cycle dates prior to or on fiscal period end as a percentage of total customer accounts receivable as of the customers' statement cycle dates prior to or on fiscal period end. (d) Finance charge and fee income and net principal charge-offs each as a percentage of average customer accounts receivable for the 13 and 39 weeks ended October 31, 2014 and November 1, 2013 have been annualized to 52-week periods for comparability.

10 Bluestem Brands Announces Third Quarter 2014 Results Page 5 of 8 Non-GAAP Financial Measures (unaudited in thousands) To supplement the consolidated financial statements of Bluestem Brands, Inc. and its subsidiaries which are presented in accordance with U.S. Generally Accepted Accounting Principles, or GAAP, we use the following non-gaap measures: Contribution Margin, as we present it, is defined as net sales less cost of sales, sales and marketing expenses and net credit expense (income). Contribution Margin represents the combined performance of merchandising, marketing and credit management activities. Net (loss) income before loss from derivatives in our own equity, defined as GAAP net (loss) income adjusted for the non-cash loss from derivatives in our own equity. We no longer have derivatives in our own equity. Adjusted EBITDA, as we present it, represents net (loss) income before interest expense, income tax (benefit) expense, depreciation and amortization expense, stock-based compensation expense, dividend equivalent expense, loss from derivatives in our own equity, loss on early extinguishment of debt, loss (gain) on disposal of assets, acquisition transaction costs, specified litigation matters, and certain financing costs. Specified litigation matters are certain litigation contingencies that existed as of the November 7, 2014 acquisition of Bluestem by Capmark that are subject to limited indemnification by Bluestem's former shareholders. Adjusted pro forma EBITDA, as we present it, represents net (loss) income assuming that the Santander Consumer USA Inc. ("SCUSA") credit financing arrangement had been in place and all revolving customer accounts receivable were sold to SCUSA prior to the 2013 fiscal year before interest expense, income tax (benefit) expense, depreciation and amortization expense, stock-based compensation expense, dividend equivalent expense, loss from derivatives in our own equity, loss on early extinguishment of debt, loss (gain) on disposal of assets, acquisition transaction costs, specified litigation matters, and certain financing costs. In April 2013, the Company entered into a new strategic relationship with SCUSA, under which the Company would sell all newly originated Fingerhut and Gettington revolving credit receivables to SCUSA at par on the same business day as its purchase from WebBank and shares the profit on the receivables with SCUSA. We provide these measures because we believe they are useful to investors in evaluating our operating performance (while giving affect to the SCUSA transaction) compared to other companies in our industry as it assists in analyzing and benchmarking the performance and value of our business. Non-GAAP measures should be considered along with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net income attributable to Bluestem Brands. In addition, our calculations of Contribution Margin, net (loss) income before loss from derivatives in our own equity, Adjusted EBITDA, and Adjusted pro forma EBITDA may not be comparable to the calculations of such measures by other companies. The following table reconciles our Contribution Margin to the nearest GAAP performance measure, which is net (loss) income: 13 Weeks Ended 39 Weeks Ended October 31, November 1, October 31, November 1, Contribution Margin: Net (loss) income $ (4,389) $ 14,697 $ 9,622 $ (171,689) Income tax (benefit) expense (3,295) 6,264 4,520 1,466 Interest expense, net 4,248 2,618 13,248 16,491 Loss on early extinguishment of debt - 4,591-8,258 Loss from derivatives in our own equity ,289 General and administrative expenses 40,993 29, ,616 88,060 Contribution Margin $ 37,557 $ 57,436 $ 140,006 $ 119,875 The following table reconciles our net (loss) income before loss from derivatives in our own equity to the nearest GAAP performance measure, which is net (loss) income: 13 Weeks Ended 39 Weeks Ended October 31, November 1, October 31, November 1, Net (loss) income before loss from derivatives in our own equity: Net (loss) income $ (4,389) $ 14,697 $ 9,622 $ (171,689) Loss from derivatives in our own equity ,289 Net (loss) income before loss from derivatives in our own equity $ (4,389) $ 14,697 $ 9,622 $ 5,600

11 Bluestem Brands Announces Third Quarter 2014 Results Page 6 of 8 Non-GAAP Financial Measures (unaudited in thousands) Adjusted EBITDA The following table reconciles our Adjusted EBITDA to the nearest GAAP performance measure, which is net (loss) income: 13 Weeks Ended 39 Weeks Ended October 31, November 1, October 31, November 1, Adjusted EBITDA: Net (loss) income $ (4,389) $ 14,697 $ 9,622 $ (171,689) Interest expense 4,250 2,628 13,263 16,507 Income tax (benefit) expense (3,295) 6,264 4,520 1,466 Depreciation and amortization expense 3,631 3,613 10,942 10,211 Stock-based compensation expense ,131 2,008 Dividend equivalent expense 2,917-9,053 - Loss from derivatives in our own equity ,289 Loss on early extinguishment of debt - 4,591-8,258 Loss (gain) on disposal of assets (1) 43 Acquisition transaction costs 6,772-9,656 - Specified litigation matters ,541 4,387 Certain financing costs Adjusted EBITDA $ 11,518 $ 33,630 $ 63,259 $ 49,144

12 Bluestem Brands Announces Third Quarter 2014 Results Page 7 of 8 Non-GAAP Financial Measures (unaudited in thousands) Adjusted pro forma EBITDA The following tables compare our Adjusted EBITDA to Adjusted pro forma EBITDA: October 31, 2014 November 1, 2013 Adjusted pro forma Adjusted EBITDA EBITDA Adjusted EBITDA 13 weeks ended 13 weeks ended Adjusted pro forma EBITDA Net sales (a) $ 213,324 $ 213,324 $ 167,743 $ 167,743 Cost of sales 124, ,407 99,587 99,587 Gross profit (a) 88,917 88,917 68,156 68,156 Sales and marketing expenses 42,583 42,583 37,079 37,079 Net credit expense (income): Finance charge and fee income (b) 516 (308) (4,311) 317 Provision for doubtful accounts (b) 656 2,578 1,355 1,682 Credit management costs 16,316 16,315 12,405 12,409 Servicing income (c) (5,096) (5,166) (2,758) (4,085) Profit sharing (c) (3,615) (3,332) (33,050) (4,702) Net credit expense (income) 8,777 10,087 (26,359) 5,621 General and administrative expenses 40,993 40,993 29,266 29,266 Loss on early extinguishment of debt - - 4,591 4,591 Interest expense, net 4,248 4,248 2,618 2,618 (Loss) income before income taxes (d) (7,684) (8,994) 20,961 (11,020) Interest expense 4,250 4,250 2,628 2,628 Depreciation and amortization expense (e) 3,631 3,388 3,613 3,373 Stock-based compensation expense Dividend equivalent expense 2,917 2, Loss on early extinguishment of debt - - 4,591 4,591 Loss on disposal of assets Acquisition transaction costs 6,772 6, Specified litigation matters Certain financing costs Adjusted EBITDA $ 11,518 $ 9,965 $ 33,630 $ 1,409 Adjusted EBITDA % of net sales 5.4% 4.7% 20.0% 0.8% (a) No change in net sales or gross profit (b) Finance charge and fee income and provision for doubtful accounts shifted to SCUSA for all revolving receivables. Bluestem retains finance charge and fee income and provision for doubtful accounts for retained receivables (FreshStart and PayCheck Direct) (c) Bluestem receives a 2% servicing fee and profit sharing (based on Risk Adjusted Margin ("RAM")) from SCUSA (d) (Loss) income before income taxes decrease from the shift of net credit revenue and provision to SCUSA (e) Depreciation and amortization decrease due to elimination of amortization of deferred SCUSA transaction related expenses

13 Bluestem Brands Announces Third Quarter 2014 Results Page 8 of 8 Non-GAAP Financial Measures (unaudited in thousands) Adjusted pro forma EBITDA October 31, 2014 November 1, 2013 Adjusted pro forma Adjusted EBITDA EBITDA Adjusted EBITDA 39 weeks ended 39 weeks ended Adjusted pro forma EBITDA Net sales (a) $ 615,049 $ 615,049 $ 465,282 $ 465,282 Cost of sales 356, , , ,943 Gross profit (a) 259, , , ,339 Sales and marketing expenses (b) 122, , , ,084 Net credit expense (income): Finance charge and fee income (c) 7,787 (1,800) (109,917) (1,765) (Benefit) provision for doubtful accounts (c) (7,942) 8,137 93,403 11,118 Credit management costs 50,361 50,360 35,886 35,868 Servicing income (d) (14,909) (15,253) (4,150) (12,247) Profit sharing (d) (39,052) (25,400) (47,690) (26,915) Net credit expense (income) (3,755) 16,044 (32,468) 6,059 General and administrative expenses 112, ,616 88,060 88,060 Loss from derivatives in our own equity , ,289 Loss on early extinguishment of debt - - 8,258 8,258 Interest expense, net 13,248 13,248 16,491 16,491 Income (loss) before income taxes (e) 14,142 (5,657) (170,223) (208,902) Interest expense 13,263 13,263 16,507 16,507 Depreciation and amortization expense (f) 10,942 10,221 10,211 9,898 Stock-based compensation expense 2,131 2,131 2,008 2,008 Dividend equivalent expense 9,053 9, Loss from derivatives in our own equity , ,289 Loss on early extinguishment of debt - - 8,258 8,258 (Gain) loss on disposal of assets (1) (1) Acquisition transaction costs 9,656 9, Specified litigation matters 3,541 3,541 4,387 4,387 Certain financing costs Adjusted EBITDA $ 63,259 $ 42,739 $ 49,144 $ 10,152 Adjusted EBITDA % of net sales 10.3% 6.9% 10.6% 2.2% (a) No change in net sales, gross profit, or net selling margin (b) Sales and marketing expenses increase in the prior year due to the inclusion of SCUSA interchange fees (c) Finance charge and fee income and (benefit) provision for doubtful accounts shifted to SCUSA for all revolving receivables. Bluestem retains finance charge and fee income and (benefit) provision for doubtful accounts for retained receivables (FreshStart and PayCheck Direct) (d) Bluestem receives a 2% servicing fee and profit sharing (based on Risk Adjusted Margin ("RAM")) from SCUSA (e) Income (loss) before income taxes decrease from the shift of net credit revenue and provision to SCUSA (f) Depreciation and amortization decrease due to elimination of amortization of deferred SCUSA transaction related expenses

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