Capmark Investor Presentation November 11, 2014

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1 Capmark Investor Presentation November 11, 2014

2 Notice to Recipients Certain statements in this presentation may constitute forward-looking statements. These statements are based on management s current expectations and beliefs but are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forwardlooking statements, including without limitation, the failure of the business to perform as expected. The forward-looking statements contained in this presentation are based on assumptions believed to be reasonable in light of the information presently available. Such assumptions (and the resulting forwardlooking statements) may require modification as additional information becomes available and as economic and market developments warrant. Any such modification could be either favorable or adverse.the forward-looking statements have been prepared and are set out for illustrative purposes only, and do not constitute a forecast. Such forward-looking statements are made only as of the date of this presentation. Capmark Financial Group Inc. ( Capmark ) expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capmark s expectations with regard thereto or changes in events, conditions, or circumstances on which any such statement is based. 1

3 Agenda I Company Overview II Credit III Merchandising IV Marketing V Operations VI Financial Q & A Session 2

4 Unsaved Document / 6/25/2014 / 16:49 I. Company Overview

5 Transaction Overview - Pro Forma Corporate Structure Centerbridge Funds Other Institutional Investors Bluestem Management Investors 32% 66% 2% Capmark Financial Group Inc. Bluestem Brands, Inc. Capmark Legacy Assets $80 million Revolving ABL Facility (5 yr. term, L+1.5%-2%, depending on total outstanding) $300 million Senior Secured First Lien Term Loan (6 yr. term, OID 96%, L+ 7.5%, LIBOR floor 1%) Bluestem Brands, Inc. will not provide any upstream guarantees $182 million in cash & cash equivalents $111 million net other assets No debt, no guarantees downstream 4

6 Management Team Name Title Prior Experience Year Started at Bluestem Years of Industry Experience Steve Nave Chief Executive Officer Walmart.com, Ernst & Young Chidam Chidambaram EVP & Chief Marketing Officer PayPal, T Mobile, HSBC Vince Jones EVP & Chief Operating Officer Walmart.com, SugarSync, ebags Jennifer Kemp SVP, General Manager, Gettington FICO, First Data, Donnelley Marketing Shawn Moren SVP, Human Resources SuperValu, SuperAmerica, BestBuy.com Saby Sengupta EVP & Chief Credit Risk Officer American Express, GE Capital Gina Sprenger EVP Merchandising Target Erica Street SVP, General Counsel Target Mark Wagener EVP & Chief Financial Officer Metris Companies, Wells Fargo, Arthur Andersen

7 Bluestem at a Glance Summary Overview Bluestem is a leading online retailer offering a broad selection of everyday and aspirational merchandise, with flexible proprietary payment plans Addresses low-to-middle income customer demographic that is underserved by traditional consumer credit providers Operates under three retail brands: Fingerhut ( FHT ), established in 1948 Gettington.com ( GTN ), launched in 2009 PayCheck Direct ( PCD ), launched nationally in 2012 Offers a wide range of name-brand and private-label merchandise with over 170,000 SKUs as of October 2014 Integrated credit products that are facilitated through third-party contractual relationships: WebBank credit originator SCUSA receivables purchaser; obligation to purchase FHT and GTN revolving receivables within two days of origination at par Diverse Merchandise Mix (1) Fashion 16% Home 39% Digitally Dominant Channel (1) Phone 34% Mail 5% Entertainment 45% Web 61% Strong Historical Net Sales, Adjusted Pro Forma EBITDA, and Unlevered Free Cash Flow (2) Performance ($ in millions) $423 $438 $521 $615 $700 $839 $ LTM 8/1/14 CAGR 16% % Adj. PF EBITDA margin FCF % Adj. PF EBITDA (3) LTM 8/1/14 Net Sales 4.8% 7.0% 8.8% 10.1% 7.5% 7.5% 9.4% $89 $62 $63 $46 $53 $31 $20 $81 $56 $16 $26 $40 $46 $ LTM 8/1/14 Unlevered Free Cash Flow Adj. Pro Forma EBITDA 80.4% 83.8% 86.8% 90.3% 86.7% 87.3% 91.0% (1) As of LTM 8/1/14. (2) Defined as Adjusted Pro Forma EBITDA Maintenance Capex. (3) Defined as (Adjusted Pro Forma EBITDA Maintenance Capex) / Adjusted Pro Forma EBITDA. 31% 34% 6

8 Large, Stable, and Underserved Market Bluestem s low to middle income consumer represents a large, stable, and credit constrained population 116 million consumers with FICO < 720 ~78% of all U.S. consumers in 2013 had household income below $100,000 Large Target Market FICO has consistently been ~40% of U.S. population 1.5 million active (1) customers (1) These consumers typically have less access to credit, and Bluestem has the data-driven expertise to profitably and reasonably offer credit to this underserved segment of the population (1) Stable Addressable Customer Base Through Economic Cycles (U.S. Population by FICO Score) 53.4% 54.0% 54.4% 54.4% 53.5% 53.1% 53.2% 53.4% 53.3% Bluestem s Addressable Market 40.0% 39.5% 38.5% 38.7% 39.2% 40.0% 40.5% 40.7% 41.1% 6.6% 6.5% 7.1% 7.2% 7.3% 6.9% 6.3% 6.0% 5.8% Source: U.S. Census Bureau, FICO Banking Analytics. (1) As of August 1, Active customer is defined as a customer who has purchased in the last twelve months. 7

9 Wallet Share Strong Customer Value Proposition Access Enables access to a wide range of products not otherwise available Convenience Engaging shopping experience Fast home delivery Expanding Credit Suite Several flexible options for various customer segments Broad, Deep Selection Over 170,000 SKUs as of October 2014 Rapidly expanding private brands Value to Customer Strong long-term customer value proposition, validated by high customer satisfaction and reorder rates 8

10 Three Distinct Retail Brands (FHT; Launched 1948) (GTN; Launched 2009) (PCD; Launched nationally 2012) Merchandise Good and Better Better and Best Better and Best Customers Target FICO Score: <670 Household Income: <$50,000 Target FICO Score: >610 Household Income: $55,000 - $100,000 Target FICO Score: No credit check Household Income: low to moderate $855.5 million $78.8 million $8.8 million LTM 8/1/14 Net Sales % total: 91% % y-o-y growth: 23% % total: 8% % y-o-y growth: 36% % total: 1% % y-o-y growth: 1,023% Pricing Strategy Moderate premium Average order value: $222 Slight premium Average order value: $216 Slight premium Average order value: $808 Customer Satisfaction Reorder Rate (1) : 64% ACSI (2) Score: 86 Reorder Rate (1) : 68% ACSI (2) Score: 85 Reorder Rate: Not yet available ACSI Score: Not yet available Payment Options Fingerhut Advantage revolving Fingerhut Advantage with Down Payment Fast pay revolving option Easy pay revolving option Payroll deductions over 12 months Fingerhut FreshStart (1) 12-month reorder rate, excluding charge-offs. (2) American Customer Satisfaction Index. 9

11 Well Established Brand with Significant Customer Loyalty 65+ year Fingerhut brand heritage Bluestem has some of the highest ACSI (1) scores in the U.S. and consistently ranks higher than industry averages Bluestem s strong customer loyalty is demonstrated by growth in active accounts and high customer repurchase rate Customer Satisfaction Index Industry: Specialty Retail Industry: Retail Websites Industry: Dept/Discount Source: ACSI proprietary research fielded in Q via telephone and . Active Customers Customer Reorder Rate (2) (in thousands) 1,519 64% 1,417 1,289 1,339 1,217 1,144 1,120 1, % 923 1,217 1,144 1,116 1,142 1,234 1,258 1,312 1, /1/14 Fingerhut Gettington.com (1) American Consumer Satisfaction Index. (2) As of FY 2013, net of charge-offs. 10

12 Integrated Business Model Broad assortment across multiple categories with branded and private label offerings Assortment expansion leverages drop-ship capabilities Multi-channel strategy to acquire and retain customers Lifetime customer value decision rules integrate acquisition costs with credit performance Merchandising The right product Suite of credit products supports merchandising strategy Proprietary data-driven credit risk models integrated with proprietary marketing response models Marketing Target customer Customers Credit Appropriate payment plans Integrated data-driven business model provides differentiated market positioning 11

13 Growth Roadmap Significant Whitespace Product Extensions and New Retail Brands Marketing and Shopping Experience Credit Products Accretive Acquisitions Significant market opportunity - customers with FICO scores of historically account for 40% of US population that has a credit score Despite macroeconomic recovery, the credit environment is likely to remain constrained for sub-prime consumers Leverage differentiated business model to take advantage of consumers in need of credit Expansion of existing categories (e.g., footwear and infants) Expansion of existing retail brands Gettington.com and PayCheck Direct Category expansion via drop-shipping (e.g., jewelry, home and apparel) New product categories (e.g., apparel, and automotive) Acceleration of private brand development Expand Mass/Pull marketing (e.g. TV) Increase in digital advertising Highly personalized online and digital marketing experiences Leverage Spanishspeaking contact centers to serve the growing Hispanic market Robust pipeline of potential future credit products Accretive acquisitions Retail/Brand Credit Capabilities Multiple initiatives to drive sustained growth and profitability 12

14 Unsaved Document / 6/25/2014 / 16:49 II. Credit

15 Credit Approach Deliver a fair and transparent credit product and credit experience supporting the Bluestem value proposition Drive disciplined top-line growth while maintaining credit performance Provide innovative payment plans that accommodate small ticket and big ticket purchases for low credit score consumers while managing default risk Execute a balanced approach by mitigating growth of bad balances and enabling profitable growth of balances with good track records, through integrated underwriting and collections strategies Comprehensive customer lifecycle management balancing the risk versus reward equation for profitable and sustainable growth Segmented cradle to grave collections approach with differentiated treatments focused not only on payments collected but re-establishing relationship with the customer 14

16 Sophisticated Origination Platform Enhanced Capability Custom Scorecards and Attributes Description Automated multiple custom scorecards for underwriting decision and credit limit assignment Multi-Bureau Strategy Real-Time connectivity to all three major credit bureaus (Equifax, Experian, Trans Union) and alternate bureaus Multiple Credit Product/Counter-Offer Online decision logic to align prospective customers with the appropriate credit product based on credit risk Strategy Simulation Evaluate Approval Rate, Sale / Loss impact of Underwriting Strategy on live data Champion-Challenger Testing Simultaneous champion-challenger testing for new and existing products with superior experimental design Online Fraud Authentication State of the art real-time fraud management 15 15

17 Credit Product Overview Current Products Fingerhut Advantage Fingerhut Advantage with Down Payment Fingerhut FreshStart Gettington Credit PayCheck Direct 2013 Credit Products Summary Metrics (1) Credit Customers (000s) Credit Net Sales ($000s) Core revolving credit Revolving credit product targets product that requires customers with FICO a down payment to scores <670 mitigate lower FICO risk (currently testing) Counter-offer for Revolving credit customers not product for customers qualified for Fingerhut with higher average revolver, requiring a FICO scores; enables $30 down payment Bluestem to reach to a more affluent, younger customer 1, Non-credit installment product offered through employers to employees to make big ticket purchases with the benefit of allowing direct payment to be deducted from paycheck $772,860 $9,668 $37,393 $69,286 $4,382 % total 86.5% 1.1% 4.2% 7.8% 0.5% Initial Credit Lines $200-$800 $200-$400 $130, $180, $230, 6/8 mos contract $200-$1,000 $500-$2,500, 12 mos contract Delinquency Rate 14.8% 10.6% 23.2% 10.7% 1.3% Bluestem delivers a simple, fair, and transparent flexible credit offerings to its customers; leveraging sophisticated, proprietary credit operations to balance desired growth and portfolio performance (1) Credit-related data is shown on a cycle basis, not on a fiscal basis. 16

18 Simple, Fair, and Transparent Credit Offerings Rewards Visa Discover Annual Fee None None None None None None None None Prime + Prime + Prime + Prime + Prime + Prime + Prime + Prime + ual Fee None None None None None None None Annual 21.65% 11.65% 10.99% 19.65% 19.65% 20.74% 21.99% 7.65% Percentage Rate 16.65% 18.99% 11.65% Prime + Prime + P Prime Variable + Variable Variable Variable Prime Variable + Prime Variable + Variable Prime + Variable Prime + ual Percentage Rate 14.90% (Fast); 14.24% % 22.90% 19.65% 23.99% 21.99% At least % At least (Easy) 24 At least 22.24% 21 At least 23 At least 25 At least 25 At least 25 At least 25 Grace Period days days days days days days days days Variable Variable Variable Variable Variable Variable Variable V Prime + Prime + Default APR None None 29.99% None None None ce Period At least 24 days At least 24 days At least 21 days At least 23 days At least 23.74% 25 days At least 25 days 24.65% At least 25 days At lea Max Late $35 $35 $35 $35 $35 $35 $35 $35 Payment Fee ault APR None None 29.99% None None None None Min Interest Charge x. Late Payment Fee $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $ Rent-to-Own Model $1 $.50 None $1 None $1 $2 $.50 Closed-End Businesses offering closed-end credit products provide financing with fixed repayment amounts and Credit deadlines, unlike Bluestem s revolving credit offerings. These businesses predominately finance higher imum Interest Charge ticket $1.00 items. $0.50 None $1.00 None $1.00 $2.00 $ Rent-to-own stores do not offer credit. Fees are included in monthly / weekly rental payments. The rent-to-own model cost of ownership is typically over 70% higher than that of Bluestem (1) Competitive credit offerings which support customer value proposition P 2 (1) Third party research, sample. 17

19 Unsaved Document / 6/25/2014 / 16:49 III. Merchandising

20 Merchandising Strategy Assortment Expansion: Delivers a significantly expanded, compelling, and relevant assortment Private Label: Increased offering by engaging Li & Fung to assist in identifying new global private brand sourcing partners Non-Branded: Leverages unique categories where brand is less important to drive margin accretion Drop-Ship Expansion: Enables accelerated assortment expansion, while minimizing inventory ownership risk Customer Satisfaction: Drives improvements in customer satisfaction through improved product quality, shopping experience, and product availability Pricing: Acknowledges value of credit offering, while remaining at a competitive premium over lowest price retailers Technology: Leverage IT investments to improve financial planning, forecasting, pricing, assortment, and supply chain efficiency Building broad and deep assortments of national brands, private label, and non-branded products that serve customers wants and needs Highly analytical and collaborative approach to planning, executing and monitoring, to ensure optimal and coordinated decision making 19

21 Diverse Merchandise Mix Merchandise Category by % of Net Sales 2010 Fashion 16% 20,441 SKUs Merchandise Category by % of Net Sales LTM 8/1/14 Fashion 16% 95,117 SKUs Home 42% 10,716 SKUs Entertainment 42% 3,704 SKUs Entertainment 45% 16,667 SKUs Home 39% 38,599 SKUs Entertainment Electronics Infants Sports / Recreation Toys Video Games Home Domestics Home Furnishings Home Improvement Housewares Fashion Apparel Cosmetics / Fragrance Footwear Jewelry >34,000 SKUs 4% drop-ship >150,000 SKUs 56% drop-ship Capital-efficient product assortment diversification and new category development facilitated by expanding drop-ship capabilities 20

22 Powerful Brand Portfolio with Strategic Opportunities Product Brand Portfolio by % of Net Sales 2013 Product Margin as % of Retail Sales 2013 Private Label 8% National Branded 57% 64.1% 54.4% 42.0% Non- Branded 35% Private Label Non-Branded National Branded Strategies Private Label Increasing penetration of existing private label categories Engaging Li & Fung to assist in identifying new global private brand sourcing partners Expanding product bundling opportunities Non-Branded Leveraging unique categories where brand is less important to enable margin accretion Sourcing hard-to-find products adds uniqueness Partner with drop ship vendors to increase product assortment Focus on continuing private label and non-branded product growth, with margins ~2,200 bps and 1,200 bps in excess of national brands for private label and non-branded products, respectively 21

23 Unsaved Document / 6/25/2014 / 16:49 IV. Marketing

24 Multi-Channel Marketing Strategy Cross-channel: Catalog and digital marketing strategies provide multiple points of contact, driving increased response rates and sales, loyalty, and customer satisfaction Integrated customer data: Enables comprehensive view and increased understanding of the drivers of customer behavior Multi-channel order acquisition: Print (direct mail) strategy: Pre-approved offers and personalized Drive to web Digital strategy: New customers: branded search and affiliate accompanies direct mail Existing customers: is primary vehicle; affiliate programs are revenue share Mass marketing: National TV Mass display advertising and free standing inserts in newspapers Web-dominant order channel: Digital orders comprise 59% of orders in 2013 increasing to approximately 65% in 2014 Holistic data-driven approach to reaching customers 23

25 Marketing and Credit Strategies are Fully-Integrated The Company employs highly-integrated, cross-functional data and modeling techniques from direct marketing and credit Maximize profit via flexible marketing and credit levers 550 FICO Score Customer Marketing Costs to Acquire: Costs to Extend Credit: 625 FICO Score Customer Marketing Costs to Acquire: Costs to Extend Credit: Offer the right product to the right consumer to maximize net present value ( NPV ) (optimize between response and risk) Data Input Applied Business Intelligence Customer Segmentation 24

26 Large Proprietary Prospect Database Demographics 184 million BD 66.7 million Credit Bureau Extract FICO 94 million Equifax 93 million TransUnion 50 million Experian 237 million Total Demographic Only (D) 66.9 million Over 100 million Consumers In Proprietary Database Bureau Only (B) 12.3 million DV 35.4 million BDV 39.1 million BV 3.0 million Vertical List Input 110 million List Only (V) 4.3 million 25

27 Unsaved Document / 6/25/2014 / 16:49 V. Operations

28 Unique Visits Unique Conversion Unique Visits Unique Conversion Digital Platform Overview Bluestem s fully-integrated, large-scale digital commerce platform engages diverse customer bases Rapid credit decisioning (seven to eight seconds) Personalization of marketing offers Improved account management and more user-friendly online checkout Flexible platform rapid deployment of new sites (run over 60 sites related to PayCheck Direct) 2013 Sales - Digital Demand % of Total Sales % of Total Orders Digital Average Order Value Page Views (million) Mobile Device Visits Launched in $488.6 million % 56.4% $ million Launched in $71.0 million % 91.4% $ million Unique Traffic & Conversion Revenue CAGR: 14.6% Q traffic, together with consistent Y-o-Y conversion drove sales uplift in Fingerhut (in millions) % 12.0% 10.1% 8.4% 8.9% 10.0% % 7.6% 6.7% 6.8% 7.0% 7.2% 7.2% 7.4% 8.0% % % 5.8% 5.3% % % % Unique Visits Conversion (unique) Revenue CAGR: 72.0% In 2013, the Company strategically drove (less) higher quality traffic resulting in higher conversion Free shipping roll-out; Q (in millions) (1) Includes all digital orders before discounts and cancellations. Gettington revenue is adjusted for one-time sales from free shipping test 0.0% % % % % % % 10.0% 10.5% % % 9.6% 10.0% 7.9% % 7.7% % Unique Visits Conversion (unique) % 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

29 Global Operational Footprint In-house Contact Center Location: St. Cloud, MN Support: Customer Service, Collections Normal Staff = 134 Distribution Center Location: St. Cloud, MN Home Agent Program (HAP) Locations: Various in MN. Support: Customer Service Normal Staff = 94 Vendor Convergys Locations: Cebu, Philippines Support: Order Line Language: English Normal Staff = 86 3PL Warehouse Location: Plainfield, IN Support: Fulfillment 3PL Warehouse Location: Sparks, NV Support: Fulfillment Vendor - AOI Collections Location: Jamaica Support: Collections Language: English Normal Staff = 192 Vendor vcustomer Locations: Manila and Cebu, Philippines Support: Order Line, Servicing and Chat Language: English Normal Staff = 65 (CS), 175 (OL) Vendor Convergys Location: San Salvador, El Salvador Support: Order Line Language: English Normal Staff = 50 Vendor Convergys Location: San Pedro Sula, Honduras Support: Order Line, Customer Service Language: English, Spanish Normal Staff = 87 Vendor - iqor Collections Location: Clark & Dasma, Philippines Support: Collections Language: English Normal Staff = 500 Fulfillment Customer Service Collections One in-house distribution center Two 3PL fulfillment centers ~500 drop-shippers One in-house call center 94 home agents Five third-party call centers One in-house collections center Three third-party locations Bluestem runs a sophisticated global operation to cost-efficiently support the retail and credit businesses 28

30 Sophisticated, Flexible and Scalable Operations Key Competencies Highly efficient distribution capabilities Inventory management Offshore capabilities Order entry Collections Customer service Key Metrics for 2013 Online orders 2.5 million Phone orders 1.5 million Collections calls 4.4 million Payments collected 15.8 million Fulfillment Center Overview Size 1.2 million square feet 36 shipping and 53 receiving docks Shipped over five million packages in 2013 Real-time inventory and order status Peak inventory of $120 million in PL and Drop-Ship Capability Multiple 3PL facilities lay groundwork for growth and reduced average transit times >500 drop-shippers Bluestem s highly efficient and flexible operations are supported by in-house and 3PL fulfillment centers 29

31 National Footprint 2013 Sales by State (% of Total) (1) HI 0.1% OR 0.9% CA 8.2% WA 1.5% NV 0.9% ID 0.4% UT 0.4% AZ 1.7% MT 0.3% WY 0.2% NM 0.7% ND 0.2% SD 0.2% NE 0.5% CO 1.3% KS 0.8% TX 8.2% OK 1.3% MN 1.0% IA 0.7% MO 2.0% AR 1.5% LA 1.8% WI 1.4% IL 3.7% MS 1.6% MI 3.7% OH 4.5% IN 2.2% KY 2.0% TN 2.5% AL 2.2% WV 1.2% PA 5.0% SC 1.6% GA 3.5% FL 6.3% NC 3.8% VT 0.3% VA 2.6% NY 7.6% NH 0.4% ME 0.6% CT 1.0% NJ 2.6% DE 0.3% MD 2.5% MA 1.9% RI 0.3% Total Sales by State >3% 2% - 3% 1% - 2% <1% DCs AK 0.1% 2-day Shipping Radius Indianapolis, IN St. Cloud, MN Sparks, NV Bluestem serves customers in all 50 states Note: The distribution centers located in Plainfield, IN, and Sparks, NV, are serviced by third-party logistics providers. The Plainfield, IN, 3PL facility is dedicated to nonconveyable products. (1) Shipped product sales, including shipping and handling revenue. MD calculation includes DC. 30

32 Unsaved Document / 6/25/2014 / 16:49 VI. Financial

33 Historical Financial Summary Net Sales Adjusted Pro Forma EBITDA ($ in millions) ($ in millions) 2010 LTM 8/1/14 CAGR: 18.4% 2010 LTM 8/1/14 CAGR: 20.9% $943 $839 $700 $615 $62 $521 $46 $53 $63 $89 64% 44% 73% 87% % Growth LTM 8/1/ LTM 8/1/14 Bluestem Adj. EBITDA % achieved in Q4 19.0% 17.9% 13.9% 19.8% 25.4% % Net Sales 8.8% 10.1% 7.5% 7.5% 9.4% (1) Capital Expenditures Free Cash Flow (Adj. Pro Forma EBITDA Maintenance CapEx) ($ in millions) ($ in millions) $ LTM 8/1/14 Average % Net Sales: 2.5% 2010 LTM 8/1/14 Average % Adj. PF EBITDA: 88.4% $23 $81 $14 $13 $8 $7 $15 $8 $15 $19 $40 $56 $46 $55 $6 $6 $7 $8 $ LTM 8/1/14 Maintenance Growth LTM 8/1/14 % Net Sales % Adj. PF 2.7% 2.1% 2.2% 2.8% 2.9% 86.8% 90.3% 86.7% 87.3% 91.0% EBITDA (1) 2012 performance driven by investments in growth initiatives. 32

34 Q Business Update ($ in millions) Q YTD Q % $ % $401.7 Net Sales $166.8 $ Q Q YTD 2014 YTD Adjusted Pro Forma EBITDA +231% $8.0 $ % $7.1 $33.2 % Net Sales 2013 Q Q YTD 2014 YTD % 4.8% 11.5% Net 2.4% 8.3% Sales 33

35 Key Operating Metrics Active Customers Number of Orders and Average Order Size (in thousands) 1,169 1,289 1,339 1,417 1,519 (Orders in thousands) $180 2,985 $189 3,349 $201 3,621 $217 4,050 $223 4,436 1,142 1,234 1,258 1,312 1, /1/14 Fingerhut Gettington.com LTM 8/1/14 (1) Number of Orders Average Order Size Gross Margin (%) New Customer Accounts (in thousands) 47.3% 46.7% 44.3% 41.3% 40.9% LTM 8/1/14 (2) LTM 8/1/14 (1) Average Order Size" defined as Total Product Sales plus Total Shipping & Handling Revenue less Total Discounts divided by Total Shipped Orders. (2) Gross profit margin in 2012 down as a result of brand and product mix as well as Fingerhut pricing optimization strategy to drive growth. 34

36 Key Credit Portfolio Metrics 30+ Days Delinquent Balances Net Charge-Offs (1) 13.2% 14.2% 14.4% 14.7% 17.7% 16.9% 16.1% 16.0% 14.2% 15.7% 15.3% 15.4% (2) (2) H H H H Finance Charge & Fee Income Active Accounts Average Balance 32.9% 34.1% 30.5% 29.3% 31.2% 30.6% $420 $482 $494 $578 $512 $ H H H H Note: H and H refer to total portfolio. (1) Net charge-offs in 2012 favorably impacted by one-time sale of charged-off receivables; excluding this impact, net charge-off rate would have been ~15.2%. (2) Elevation of 30+ days delinquent balances influenced by seasonality. 35

37 Long-Term Third-Party Credit Relationships Credit Originator Cash at Par Receivables Purchaser Receivable Receivable Credit Merchandise Customer As credit originator, WebBank issues credit accounts to eligible borrowers As retailer, Bluestem markets merchandise and credit offerings, fulfills customer orders, and services accounts As receivables purchaser, SCUSA purchases all newly originated revolving receivables at par (100%) Contractual agreement through April 2022 with two year auto renewal SCUSA parternship greatly enhances Bluestem s cash flow profile 36

38 Long-Term Third-Party Credit Partnerships WebBank and SCUSA (1) FDIC-insured Utah State-Chartered Industrial Bank Investment grade specialty consumer finance company with $6.2 billion market cap Direct Financial Supervisory Regulators None Federal Deposit and Insurance Corporation (FDIC) Utah Department of Financial Institutions (DFI) Federal Reserve Consumer Financial Protection Bureau (CFPB) Program Responsibilities and Key Terms Market merchandise and credit offerings Determine borrower eligibility based on approved credit criteria and process applications Take and fulfill customer orders Service accounts on an ongoing basis (e.g., customer service, collections) Issue credit accounts to eligible borrowers Approval rights over all program documents Required to purchase all newly originated revolving receivables and at par value (100%) Consent and oversight rights over all program documents Contract term through April 2022, with two year auto-renewal Income Generated from Credit A/R Receives servicing fee (2%) on credit portfolio Receives share of profit on credit portfolio income Receives all income from retained subset of FreshStart and PayCheck Direct receivables Receives origination and interchange fees Receives cost of funds and share of profit on credit portfolio income on an ongoing basis Profit share based on risk adjusted margin ( RAM ): 0% to 4.5% (SCUSA), 4.5% to 5.5% (Bluestem), >5.5% (20% SCUSA, 80% Bluestem) Integrated credit offering facilitated by long-term, third-party partnerships which provide compelling benefits: Improved free cash flow Reduced credit portfolio risk Lower cost of borrowing Operational control maintained marketing of offer, processing of applications, servicing accounts Partial portfolio economics retained (1) MidAmerica Bank is under contract as the back-up originator to WebBank. 37

39 Highly Efficient Capital Utilization Profile with Robust Cash Flow Pro Forma Adjusted Unlevered Free Cash Flow (Adjusted Pro Forma EBITDA Maintenance Capex) ($ in millions) $81 $40 $56 $46 $ LTM 8/1/14 % Adj. PF EBITDA (1) 86.8% 90.3% 86.7% 87.3% 91.0% Low maintenance capital expenditure requirements ~1.0% of Net Sales from 2010 to LTM 8/1/14 Total capital expenditure spend assessed based on business performance and needs Recent growth capital expenditures have primarily consisted of project-based IT upgrades to further solidify the foundation for long-term growth Sustainability in LTM unlevered free cash flow driven by: SCUSA receivables sale agreement minimizes capital required for growth Expanded drop-ship capabilities enable improved inventory management Attractive cash flow profile driven by scalable online model, minimal physical footprint, dropship capabilities, and SCUSA receivables sale relationship (1) Defined as (Adjusted Pro Forma EBITDA Maintenance Capex) / Adjusted Pro Forma EBITDA. 38

40 Highly Efficient Capital Utilization Profile Assortment Expansion Return on Tangible Assets Return on tangible assets well in excess of retail peers, driven by online model, limited physical footprint, drop-ship capabilities, and SCUSA receivables sale agreement Bluestem is leveraging enhanced drop-ship capabilities to: Expand product assortment Optimize inventory management Reduce risk through trial before committing to inventory Ongoing optimization of inventory vs. drop-ship has shifted the on-hand assortment toward faster-moving merchandise Increased Inventory Turns, Decreased Obsolescence 88.3% 67.7% 67.5% Total SKUs Offered Drop Ship Assortment Growth 90.2% 78.0% 11.1% Bluestem Return on Tangible Assets Median Bluestem Historical Return on Tangible Assets ( Q LTM) 5-Year Peers Median Return on Tangible Assets (1) Turns increased from 4.2x in 2010 to 5.3x in 2013 does not include drop-ship sales Lower inventory risk is evidenced by a declining obsolescence (down from 2.01% of sales in 2010 to 1.35% in 2013) 4.2x 4.2x 2.01% 5.0x 1.68% 1.56% 5.3x 1.35% Inventory Turns Obsolescence Rate Drop-ship sales as a percentage of total sales almost doubled from 2012 to LTM 8/1/ % Bluestem s growing product assortment is supplemented by expanding drop-ship capabilities 8.1% 63,501 30,152 33, % 115,083 53,619 61, ,383 66,144 84, LTM 8/1/14 Drop-Ship Warehouse Drop-ship Sales % Total Sales (1) Peers include Cabela's, Target, Kohl's, Conn's, Rent-A-Center, and Aaron's. 39

41 Estimated Pro Forma Share Count Capmark Pro Forma Closing Share Count (Shares in millions) Shares % Pre-Transaction Capmark Share Count % plus: Shares from Centerbridge Warrant Exercise % plus: Shares from Bluestem Management Investment % Post-Transaction Share Count (Pre- Bluestem Management Incentive Plan) % Memo: Centerbridge Consolidated Post-Close Shareholdings % Centerbridge Preferred Stock (As Converted, Not Included Above) % As part of the transaction, an incentive plan was established for Bluestem management The plan will be set at up to 15% of post-transaction share count, approximately 82% of which will be allocated to existing employees, with the remainder of the plan options reserved for potential future grants 40% of the options are time-based, and vest in equal increments over five years 60% of the options are performance- and time-based, and will only fully vest if Capmark s share price increases to certain target levels 40

42 Q&A QUESTIONS? 41

43 Unsaved Document / 6/25/2014 / 16:49 Appendix

44 GAAP to Pro Forma Income Statement $ thousands GAAP Pro Forma GAAP Pro Forma FY 2013 Q2 LTM 2014,, 1 Net Sales, 838, , , ,123 Cost of Sales, 493, , , ,711 1 Gross Profit,, 345, , , ,412 Sales and Marketing Expenses, 169, , , ,527 Interchange Fees.., 1,028 1,180 1,352 1,352, 1 Net Selling Margin, 174, , , ,533, 2 3 Net Credit Revenue, (96,835) (2,727) 16,042 (2,137) Provision., 74,562 16,187 (26,084) 12,310 Credit Operating Expenses., 50,599 50,545 61,164 61,132 Servicing Income.., (8,644) (17,129) (17,065) (19,054) Profit Sharing.., (82,548) (32,514) (103,345) (32,370) Net Credit Expense (Income), (62,866) 14,362 (69,288) 19,881, Contribution Margin, 237, , , ,652, G&A Expenses.., 133, , , ,148 Loss On Early Extinguishment of Debt.. 8,258 8,258 4,591 4,591, 4 EBIT, 96,234 18, ,082 37,913, Quality of Earnings Adjustments 30,541 30,541 37,215 37,215, 4 Adjusted EBIT, 126,776 49, ,296 75,128, Depreciation and Amortization Expense, 13,929 13,373 14,644 13,681, 4 Adjusted EBITDA, 140,704 62, ,940 88,808, Memo: SCUSA Agreement Risk Adjusted Margin Profit Share, Net Credit Revenue, 254, ,791 Principal Charge-offs,net, 134, ,473 Cost of Debt (SCUSA), 28,666 31,725 Servicing Fees, 17,129 19,054, 5 Risk Adjusted Margin 74,633 79,540 Commentary 1 No change in Net Sales, Gross Profit, or Net Selling Margin 2 Net Credit Revenue and Provision shifted to SCUSA for all revolving receivables. Bluestem retains Net Credit Revenue and Provision for retained receivables (FreshStart and PayCheck Direct) 3 Bluestem receives 2% servicing fee and profit share (based on RAM) from SCUSA 4 EBIT and EBITDA decrease from the shift of Net Credit Revenue and Provision to SCUSA 5 Bluestem receives 100% of RAM between 4.5% and 5.5% and 80% of RAM above 5.5% Bluestem Profit Share 32,514 32,370 Note: Presentation excludes non-cash entry related to gain (loss) on derivatives in our own equity of $177 million in 2013, which was created as a result of the redemption and conversion features under the Company s preferred shares and the need to mark-to-market on a quarterly basis. This was eliminated with the December 2013 recap as the preferred shareholders gave up their redemption rights. 43

45 44

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