Medallion Notifies Shareholders of Buyback Program Commencement

Company Also Featured on Small Business Television Show

NEW YORK, Nov. 25 -- Medallion Financial Corp. , a specialty commercial finance company with a leading position servicing the taxicab industry and small business commercial lending, and owner of the largest taxicab rooftop advertising company in the world, announced today that it has mailed letters to all of its shareholders, notifying them of its intention to repurchase up to $10,000,000 of Medallion's common stock. The repurchase program can begin after a 30-day period. The stock buyback is the first ever for the Company, which has been a leader in the taxicab financing business and other targeted industries for over 60 years.

Separately, the Company announced that it will be featured on Small Business School, a nationally-syndicated public program that is broadcast in over 90 million households, via 200 public television stations nationwide. IBM and the U.S. Postal Service, among others, sponsor the program. The show generally features various companies that are leaders or pioneers in their respective fields. Said Andrew Murstein, President of the Company, "It is our honor and privilege to be featured in such a prestigious television program that highlights small businesses in America that make a difference. We hope that viewers will enjoy learning about the Company and how we help people finance their dreams."

You can access the show beginning next week by going to Medallion's website, www.Medallion.com , or call the company now to receive a complimentary VHS or DVD copy of an advance screening of the show.

Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services commercial loans financing small businesses in other targeted industries, and operates the largest taxicab rooftop advertising business in the world. The Company and its subsidiaries have lent over $1 billion to the taxicab and commercial equipment industries.

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading "Investment Considerations," in Medallion's 2002 Annual Report on Form 10-K.