Securities Class Action:  In February 2022, a securities class action currently captioned In re GWG Holdings, Inc. Securities Litigation, Case No. 3:22-cv-00410-B (“Class Action”), commenced in the United States District Court for the Northern District of Texas (the “Court”), where it remains pending.  The Class Action is brought against The Beneficient Company Group, L.P. (“Ben”), certain former GWG Holdings, Inc. (“GWG”) officers and directors (“D&O Defendants” and together with Ben, the “GWG Defendants”), and Whitley Penn LLP (“Whitley Penn” and together with the GWG Defendants, the “Defendants”).  The Court-appointed Lead Plaintiff Frank Moore (“Lead Plaintiff”), on behalf of himself and a proposed class (“Class”), have reached proposed settlements with Defendants totaling $50,950,000.00 in cash that, if approved, would resolve all claims in the Class Action (the “Settlements”). The Settlements were negotiated in coordination with counsel for the GWG Litigation Trust, and the Settlement between Lead Plaintiff and the GWG Defendants was previously approved by the court presiding over the GWG Bankruptcy.  The Settlements must also be approved by the Court presiding over the Class Action.

The Class is defined as all Persons who purchased or otherwise acquired L Bonds issued by GWG pursuant and/or traceable to a particular registration statement, which was declared effective by the Securities and Exchange Commission on June 3, 2020, during the time period between June 3, 2020 and April 16, 2021, inclusive.  Excluded from the Class are Defendants, current or former officers and directors of GWG or Ben and their immediate family members, legal representatives, heirs, successors or assigns, or any entity in which any Defendant has or had a controlling interest.

The hearing on the proposed Settlements will be held on January 13, 2026, at 10:00 a.m., before the Honorable Jane J. Boyle of the United States District Court for the Northern District of Texas, in Courtroom 1516 of the Earle Cabell Federal Building, located at 1100 Commerce Street, Dallas, Texas 75242-1003, for the following purposes: (i) to determine whether the Class should be certified for purposes of the Settlements; (ii) to determine whether the proposed Settlements on the terms and conditions provided for in the agreements with the GWG Defendants and Whitley Penn are fair, reasonable, and adequate to the Class, and should be finally approved by the Court; (iii) to determine whether Judgments, substantially in the form attached as Exhibit E to the GWG Defendants Settlement Agreement (available here), and as Exhibit B to the Whitley Penn Settlement Agreement (available here), should be entered dismissing the claims against Defendants with prejudice and granting the releases specified and described in the settlement agreements (and in the Class Notice (defined below)); (iv) to determine whether the proposed distribution plan (“Distribution Plan”) for the proceeds of the Settlements is fair and reasonable and should be approved; (v) to determine whether the motion by Class Counsel for an award of attorneys’ fees and litigation expenses should be approved; and (vi) to consider any other matters that may properly be brought before the Court in connection with the Settlements.

If you are a member of the Class, your rights will be affected by the pending Class Action and the Settlements.  If you have not yet received the full printed Notice of (I) Pendency of Class Action and Proposed Settlements; (II) Settlement Hearing; and (III) Motion for Attorneys’ Fees and Expenses (the “Class Notice”), you may view it here, or you can obtain copies of this document by contacting the Noticing Agent (see contact information below).

If you are a member of the Class and wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than December 30, 2025, in accordance with the instructions set forth in the Class Notice. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court in the Class Action.  You should not exclude yourself from the Class if you want the Court to approve the Settlements.

Any objections to the proposed Settlements, the proposed Distribution Plan, and/or Class Counsel’s application for attorneys’ fees and expenses, must be filed with the Court and delivered to Class Counsel and Released Defendants’ Counsel such that they are received no later than December 30, 2025, in accordance with the instructions set forth in the Class Notice.

If you have any questions about the proposed Settlements, or your eligibility to participate in the Settlements, please DO NOT contact the Court, the Office of the Clerk of the Court, Defendants, or their counsel. All questions should be directed to the Noticing Agent or Class Counsel (see contact information below).