On August 17, 2023, affiliates of Conn's, Inc. completed a securitization transaction, which involved the issuance and sale in a private offering of 8.01% $160,690,000 Asset Backed Fixed Rate Notes, Class A, Series 2023-A, due January 17, 2028, 10.00% $82,430,000 Asset Backed Fixed Rate Notes, Class B, Series 2023-A, due January 17, 2028, and 11.00% $30,550,000 Asset Backed Fixed Rate Notes, Class C, Series 2023-A, due January 17, 2028, and the issuance of Asset Backed Notes, Class R, Series 2023-A. The Series 2023-A Notes were issued by Conn?s Receivables Funding 2023-A, LLC, a newly formed special purpose entity that is indirectly owned by the Company. The Series 2023-A Notes are secured by a portfolio of approximately $364,891,567.21 of customer receivables sold and contributed from the Company?s loan portfolio indirectly to Conn?s Receivables 2023-A Trust, a newly formed Delaware statutory trust. Net proceeds from the offering were $266,226,379.73 and will be used to repay indebtedness under the Company?s asset-based credit facility and for other general corporate purposes.

Fitch Ratings, Inc. (?Fitch?) has rated the Class A Notes, the Class B Notes and the Class C Notes as follows: the Class A Notes, ?BBBsf? by Fitch; the Class B Notes, ?BBsf? by Fitch and the Class C Notes, ?B+sf?

by Fitch. The Class R Notes are currently being retained by an affiliate of the Company but some or all may be sold in the future. To execute the Securitization Transaction, Conn Credit I, LP, a wholly owned subsidiary of the Company (the ?Seller?), sold or conveyed certain customer receivable contracts (the ?Contracts?) (loans made to finance customer purchases of merchandise from the Company?s subsidiaries) to Conn Appliances Receivables Funding, LLC, an indirect wholly owned subsidiary of the Company (the ?Depositor?), pursuant to a First Receivables Purchase Agreement, dated as of August 17, 2023, by and between the Seller and the Depositor (the ?First Purchase Agreement?).

The Depositor then contributed the Contracts to the Receivables Trust pursuant to a Second Receivables Purchase Agreement, dated as of August 17, 2023, by and between the Depositor and the Receivables Trust (the ?Second Purchase Agreement?). The Receivables Trust issued a certificate to the Depositor representing a 100% interest in the Receivables Trust (the ?Receivables Trust Certificate?) and the Receivables Trust Certificate was sold by the Depositor to the Issuer pursuant to a Purchase and Sale Agreement, dated August 17, 2023, by and between the Depositor and the Issuer (the ?Purchase and Sale Agreement?). The Series 2023-A Notes were issued by the Issuer pursuant to a Base Indenture, dated August 17, 2023, by and between the Issuer and the Trustee (the ?Base Indenture?), and a Series 2023-A Supplement to the Base Indenture, dated as of August 17, 2023, by and between the Issuer and the Trustee (the ?Supplemental Indenture?

and, together with the Base Indenture, the ?Indenture?). The Series 2023-A Notes mature on January 17, 2028. The Purchased Notes were sold initially to J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., MUFG Securities Americas Inc., Citizens JMP Securities, LLC and Regions Securities LLC (collectively, the ?Initial Purchasers?) and then reoffered and resold only (i) to ?Qualified Institutional Buyers?

as defined in Rule 144A (?Rule 144A?) under the Securities Act of 1933, as amended (the ?Securities Act?) in transactions meeting the requirements of Rule 144A or (2) solely with respect to the Class A Notes, outside the United States to non-U.S. Persons in transactions in compliance with Regulation S under the Securities Act. Payments on the Class R Notes are subordinate to all payments of principal and interest on the Class A Notes, the Class B Notes and the Class C Notes and all payments to Conn Appliances, as servicer (the ?Servicer?), all third party service providers and the reserve account. Credit enhancement will be provided by excess cashflow, overcollateralization, a reserve account and in the case of the Class A Notes, subordination of the Class B Notes and the Class C Notes, and, in the case of the Class B Notes, subordination of the Class C Notes.

The Purchased Notes are subject to redemption by 100% of the holders of the Class R Notes, at their option, in accordance with the terms specified in the Indenture, on any business day if, as of the last day of the previous monthly period, the balance of outstanding receivables under the Contracts has declined to 15% or less of the balance of outstanding receivables under the Contracts as of July 1, 2023 (the ?Optional Redemption?). The Servicer will have the option to purchase (the ?Optional Purchase?) the Contracts and certain other assets of the Receivables Trust for an amount equal to the fair market value of such assets from the Issuer on any business day if, as of the last day of the previous monthly period, the balance of outstanding receivables under the Contracts has declined to 10% or less of the balance of outstanding receivables under the Contracts as of July 1, 2023. The price paid for the Optional Purchase will not be less than an amount sufficient to pay accrued and unpaid interest then due on the Series 2023-A Notes and the aggregate unpaid principal, if any, of all of the outstanding Series 2023-A Notes plus other contractual fees and expenses of the Servicer, the Trustee and certain other service providers in connection with the Securitization Transaction and the Issuer.

After payment in full of all amounts due and owing with respect to the Class A Notes, the Class B Notes and the Class C Notes are subject to prepayment on any business day then or thereafter, in whole but not in part, at the option of 100% of the holders of the Class R Notes (the ?Optional Prepayment?). The amount necessary to effect such Optional Prepayment will be, after giving effect to all distributions on such payment date, (a) (i) for the Class B Notes, equal to 100.25% of the outstanding principal amount, if any, of the Class B Notes and (ii) for the Class C Notes, equal to 100.50% of the outstanding principal amount if any, of the Class C Notes, plus (b) accrued and unpaid interest on the Class B Notes and Class C Notes through the day preceding the payment date on which the prepayment occurs, plus (c) any other amounts due and owing by the Issuer to other parties pursuant to the Securitization Transaction documents; provided, that, the amount to be paid to the holders of the Class B Notes and the holders of the Class C Notes in connection with the exercise of the Optional Prepayment will be equal to the sum of the foregoing (a) and (b).