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CIRCLE OF WEALTH

EVERYTHING IN LIFE HAS A CYCLE – INCLUDING THE CIRCLE OF WEALTH.

WE BELIEVE CAREFUL PLANNING HELPS ACHIEVE GOALS. HOWEVER,

RETHINKING THE FUTURE BRINGS OPPORTUNITIES THAT WERE NOT

PREVIOUSLY CONSIDERED. THIS PHILOSOPHY GIVES INSIGHT INTO A

COMPANY WITH FULL-CIRCLE BENEFITS.

GWG Holdings, Inc. (“GWG”) is founded on the belief that there

is a better way to participate in the secondary market for life

insurance. This emerging asset class offers non-correlated

opportunities for investors while providing alternative financial

solutions for seniors.

My extensive professional experience provides me with guiding

principles of how GWG is organized and operated — with integrity,

transparency and responsibility. I have launched companies in

the financial industry, consulted for major corporations, and

managed a wide range of financial and investment initiatives.

This experience has led me to one conclusion: GWG is simply the

most unique and captivating business with which I have been

involved.

My goal for GWG is that it delivers financial benefits for all its

constituents. We are working towards long-term profitability and

growth through careful planning, disciplined investment decisions

and highly proficient management. I am excited to be part of

GWG and proud of my team, which is committed to these guiding

principles every day.

E S S A G E F R O M O U R E X E C U T I V E C H A I R M A N

PAUL SIEGERT Executive ChairmanGWG Holdings, Inc.

A VISION TO ESTABLISH GWG

AS THE INDUSTRY LEADER,

TRUSTED PARTNER AND

PROVIDER OF TRANSPARENT

FINANCIAL SOLUTIONS.

H E G W G C O M M I T M E N T

A MISSION TO

EMPOWER

POLICY OWNERS,

INVESTORS, SHAREHOLDERS

AND EMPLOYEES TO

FINANCIALLY PROSPER

THROUGH THE SECONDARY

MARKET FOR LIFE INSURANCE.

U R B U S I N E S S A P P R O A C H

CORE VALUESOur core values of integrity, transparency, and responsibility

guide us in our mission to help our customers prosper financially

through the secondary market for life insurance. We consistently

strive to distinguish GWG as the trusted industry leader and

provider of transparent solutions by how we conduct our business.

INTEGRITY is a multi-faceted value at the center of our business model. For GWG, integrity means our services are provided with

due diligence and disclosures, financial partners are informed

with useful information, and management creates goodwill with

everyone involved.

TRANSPARENCY is essential to operating honestly and openly in all aspects of our business. In accordance with the Securities

Acts of 1933 and 1934, all parties interacting with GWG have

access to meaningful facts, assumptions, risks and circumstances

that impact our business.

RESPONSIBILITY is at the core of every decision we make. We

are aware that our actions affect people every day and are

accountable for offering solutions to help our customers meet

their strategic goals. We are committed to doing the right thing

in all circumstances to build a better future for everyone we serve.

GWG, through its subsidiaries, begins

growing new portfolio of life insurance policies

with support of its private offering of

secured notes and DZ Bank credit facility.

2009

U R S T O R Y

Executive Chairman Paul Siegert

conceptualizes business model to participate in the

secondary market for life insurance.

GWG Life, LLC begins joint-venture discussions

with European money center bank, WestLB.

GWG, through its subsidiary, GWG DLP Funding, LLC secures $250M credit facility

from WestLB.

GWG successfully completes its first year of policy purchases. Since

starting, GWG, through its subsidiaries, has reviewed over 38,000 life insurance

policies and acquired $1.72B in life insurance

benefits.

GWG, through its subsidiary, GWG DLP

Funding II, LLC secures new $100M credit facility

with European money center bank, DZ Bank.

Global credit crisis occurs.

2004 2005 2006 2007 2008

GWG is headquartered on the 12th floor of the

U.S. Bank Plaza located in downtown Minneapolis, MN

Executive Chairman Paul Siegert conceptualized GWG Life

when the secondary market was quietly growing for seniors

who wanted choices with their life insurance policies.

Life insurance has actuarial value and can be repurposed

to provide financial options for policyholders. It is this

insight that launched GWG and is the foundation of the

company today. In 2006, GWG received its initial backing

and began offering services based in the secondary market

for life insurance.

Today, GWG continues to provide financial solutions to

policyholders and is dedicated to raising awareness of the

secondary market to seniors.

GWG sells the life insurance policies

owned by GWG DLP Funding, LLC, and secured by $250M credit facility with

West LB.

GWG files S-1 Registration Statement with SEC to become a publicly

reporting company. GWG raises $24M in its private

offering of Preferred Series A stock.

2010 2011 2012 2013 2014 2015

GRIGSBY v. RUSSELL, 222 U.S. 149 (1911) In 1911, the U.S. Supreme Court ruled that life insurance policies are personal property that consumers have a right to sell to third parties not having an insurable interest in the insured. As of September 2015, all but five states* have laws that in some manner regulate the sale of life insurance policies in the secondary market. GWG supports these laws because of the enhancement provided to consumers and investors.

* Alabama, Missouri, South Carolina, South Dakota, and Wyoming

WHAT IS THE SECONDARY MARKET FOR LIFE INSURANCE? A life insurance policy is sold into the secondary market when the owner of a policy sells it to a purchaser for an amount that exceeds the cash surrender value, but is less than the expected death benefit. In states that regulate the secondary market for life insurance, all parties involved in the transaction must be licensed, registered, and comply with specific provisions of the law.

H I S T O R I C D E C I S I O N C O M E S F U L L C I R C L E

SEC declares GWG’s S-1 Registration

Statement effective.

GWG Life continues to build its portfolio of life insurance policies

while raising awareness of the secondary

market for consumers.

GWG Holdings, Inc. files for Initial Public Offering (IPO) and lists common stock on

the NASDAQ Exchange.

GWG Holdings, Inc. continues offering publicly registered

debt products to retail investors with L Bonds.

N N O VAT I N G L I F E I N S U R A N C E

WHAT WE DOGWG, through its subsidiaries, acquires life insurance in the

secondary market from consumers who no longer want or need

their policies.

HOW WE DO ITOur strategy is to own the policies we purchase until their maturity.

We strive to expand and manage our access to capital in order to

build and sustain this growing portfolio to generate profitable gains.

RISKS INVOLVING OUR INDUSTRYThe secondary market for life insurance policies is new and relatively

unproven. GWG’s investments in these markets may present greater

risks than other more established markets. In addition, changes to

the mortality assumptions, regulatory shifts, and development of

the secondary market for life insurance policies may

have an adverse effect on GWG and its investments.

AXA Equitable LIFE INSURANCE COMPANY

MassMutual LIFE INSURANCE COMPANY

John HancockLIFE INSURANCE COMPANY

American General LIFE INSURANCE COMPANY

TransAmericaLIFE INSURANCE COMPANY

Lincoln NationalLIFE INSURANCE COMPANY

VoyaLIFE INSURANCE COMPANY

Building depictions are for illustrative purposes only, and represent GWG’s ownership of life insurance policies from these life insurance carriers.

OUR LARGEST INVESTMENTS in life insurance policies are

issued by the following investment grade rated insurance companies:

INSURANCE S&P INSURANCE S&P COMPANY RATING* COMPANY RATING*  

AXA Equitable   A+ MassMutual AA+

John Hancock (USA) AA- American General A+

Lincoln National AA- Metropolitan Life AA-

Transamerica AA- West Coast Life AA-  

Voya A Pacific Life   A+   

* Largest holdings and credit ratings of insurance companies issued by Standard & Poor’s are as of 6/30/15. Standard and Poor’s Ratings (S&P Rating) indicate credit worthiness of an insurance carrier, typically ranging from AAA to D (AAA being the highest and D being the lowest).

Innovation is the specific

instrument of entrepreneurship ...

the act that endows resources

with a new capacity to create

wealth. — Peter Drucker

THREE ESSENTIAL FACTORS come together to create opportunities in the secondary market for life insurance:

MARKETPLACEAs of December 31, 2013, over $11.4 trillion dollars of life insurance

benefits are owned by individuals who may believe their only

options are:

• continuing to pay premiums to guarantee the benefit • allowing the policy to lapse for no value • receiving the surrender value from the insurance company

However, it is important to know that consumers have the right

to sell their life insurance policies for the fair market value.

This option makes owning life insurance more valuable than ever.

FACT > > $11.4 TRILLION* FACE VALUE OF INDIVIDUAL INSURANCE BENEFITS OWNED BY CONSUMERS, as of December 31, 2013

FACT > > 5.7% ANNUAL* LAPSE RATE AND SURRENDER RATE OF INDIVIDUALLY OWNED LIFE INSURANCE POLICIES, 2013

FACT > > $639.3 BILLION* INSURANCE BENEFITS LAPSED AND SURRENDERED, 2013

1)

W E L L - R O U N D E D S T R AT E G Y

* American Council of Life Insurers Fact Book 2014(ACLI)

ACTUARIAL SCIENCEThe discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.

Actuarial life expectancy is mathematically predictable,

and the methods used when analyzing mortality in the

United States have steadily improved. We apply actuarial

science to value life insurance policies available in the

secondary market, and use this information to purchase

policies that seek to strengthen our portfolio.

EARLYBOOMERS

MALE FEMALE

1981 POPULATION PYRAMID FOR THE UNITED STATES

Percent of Population

AGE85+

80-8475-7970-7465-6960-6455-5950-5445-4940-4435-3930-3425-2920-2415-1910-14

5-90-4

7 6 5 4 3 2 1 0 1 2 3 4 5 6 7

2)

3)

ac• tu • ar• i• al

MALE FEMALE

2013 POPULATION PYRAMID FOR THE UNITED STATES

Percent of Population

AGE85+

80-8475-7970-7465-6960-6455-5950-5445-4940-4435-3930-3425-2920-2415-1910-14

5-90-4

7 6 5 4 3 2 1 0 1 2 3 4 5 6 7

EARLYBOOMERS

5357

6166

71 73 7578 79 79 80 81 82

5056 58

6265 67 67

70 72 74 75 76 77

90

80

70

60

50

40

30

20

10

01911

Life

Exp

ecta

ncy

in Y

ears

Birth Year

U.S. LIFE EXPECTANCY AT BIRTH

Female Male

1921 1931 1941 1951 1961 1971 1981 1991 2001 2011 2012 2013

Source: U.S. Census Bureau

Source: U.S. Census Bureau, 2012 Population Estimates and 2012 National Projections

DEMOGRAPHIC TRENDSAccording to the U.S. Census Bureau, in 2010 the leading

edge of baby boomers turned 65, indicating a major

growth in the senior population for the years ahead. Given

the size of the boomer generation, the U.S. Census Bureau

states, “Future growth of the older population is both

highly probable and unprecedented in the United States.”

TAKING CARE OF FAMILY & PROTECTING ASSETS These are the reasons life insurance is purchased. Other

considerations may include:

• Peace of mind

• Tax advantages

• Vehicles for cash savings

• Income replacement or inheritance

• Personal responsibility

But over the years, life insurance policies should be re-evaluated

to determine if they still fulfill the needs for which they were

originally purchased.

GWG PROVIDES OPTIONS Rates increase. Circumstances change. Policy owners can no

longer afford premium payments, or they simply don’t need life

insurance anymore. After years of paying insurance premiums,

choosing to surrender or letting policies lapse can result in great

losses for policy owners.

As an alternative, consumers can sell their life insurance policies

for the fair market value. These transactions help owners reclaim

their premiums paid, and offer a unique opportunity to realize

value through the secondary market. For consumers, knowledge

opens the door to powerful choices.

Wealth is the ability to fully experience life. – Henry David Thoreau

M P O W E R I N G P E O P L E

VALUE TO THE OWNERMany factors determine the value of a policy in the secondary

market, including but not limited to, life expectancy, health of

the insured, premium costs, broker costs and commissions. The

example below illustrates a policy’s value in the secondary market

and the value an owner may receive above and beyond the cash

surrender value.

A person over 70 years old owns a universal life insurance policy

and has a life expectancy of eight years. He originally purchased

the policy to protect his family, but circumstances have changed

and he no longer needs the life insurance. If he surrenders the

policy, he would only receive the cash surrender value. Instead, he

can sell it in the secondary market which, in most cases, may yield

a value higher than the cash surrender value. He can now use the

proceeds to supplement his retirement income, invest in his

grandchildren’s education, or take a special vacation.

Since 2006, GWG has reviewed 38,000 policies and purchased

$1.7 billion in policy benefits.

When policy sellers were asked what they planned to do with

the money received from GWG for their policies, here is what

they said:

“I’m going to pay some debt, give to charity, and re-invest.” – John D.

“…to increase my savings and travel to see the grandkids.” – Mary L.

Since 2006,

GWG has paid

over $291M to

seniors for their

life insurance

policy benefits.

A K I N G A D I F F E R E N C E

H E G W G E X E C U T I V E T E A M

COMMITTED TO INTEGRITY, TRANSPARENCY AND RESPONSIBILITY

GWG believes in a responsible,environmental ethic and is proudand committed to using ForestStewardship Council™ (FSC®) certifiedpapers for its marketing materials.

PAUL SIEGERTExecutive Chairman

JON SABESChief Executive Officer

MICHAEL FREEDMANPresident

STEVE SABESExecutive Vice President Originations and Servicing

BILL ACHESONChief Financial Officer

JON GANGELHOFFChief Operating Officer

CHRIS MADDOXChief Marketing Officer

MARK PETERSENHead of Capital Markets

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GWG HOLDINGS, INC. | 220 South Sixth Street | Suite 1200 | Minneapolis MN 55402 | 877.494.2388 | gwglife.com

Securities offered on a best efforts basis on behalf of GWG Holdings, Inc., by Emerson Equity, LLC, Member FINRA/ SIPC, managing dealer for the Issuer. GWG Holdings, Inc., and Emerson Equity, are unaffiliated entities.

INVESTING IN LIFE