[Carolina Trust BancShares, Inc. Letterhead]
December 5, 2019
Dear Shareholder:
We recently mailed you proxy materials in connection with our upcoming Special Meeting of Shareholders to be held on December 18, 2019. The purpose of
this meeting is to approve the merger of Carolina Trust BancShares, Inc. and Carolina Financial Corporation and related matters. According to our records, we have not yet received your vote.
Please take a moment to vote your shares by returning your voting form in the envelope provided. You can also vote by internet by following the
instructions in your proxy materials.
Please disregard this letter if you have already voted your shares.
Thank you for your cooperation and support.
Sincerely,
/s/ Jerry L. Ocheltree
Jerry L. Ocheltree
President and CEO
PLEASE VOTE AND SUBMIT YOUR PROXY TODAY!
Additional Information About the Merger and Where to Find It
In connection with the proposed merger of Carolina Trust BancShares, Inc. (“Carolina Trust”) with and into Carolina Financial Corporation (“Carolina Financial”),
Carolina Financial has filed with the Securities and Exchange Commission, or SEC, a Registration Statement on Form S-4 (Registration No: 333-233640), which was declared effective on October 21, 2019, that includes a proxy statement of Carolina
Trust and a prospectus of Carolina Financial, as well as other relevant documents concerning the proposed merger.
SHAREHOLDERS OF CAROLINA TRUST ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.
The proxy statement/prospectus and other relevant materials, and any other documents that Carolina Trust and Carolina Financial have filed with the SEC, may be
obtained free of charge at the SEC's internet site, http://www.sec.gov. Copies of these documents may also be obtained, free of charge, by directing a written request to Carolina Trust, 901 East Main Street, Lincolnton, NC 28092, Attn: Edwin
Laws, Chief Financial Officer, or to Carolina Financial, 288 Meeting Street, Charleston, SC 29401, Attn: William A. Gehman, III, Executive Vice President and Chief Financial Officer.
901 East Main Street – PO Box 308 – Lincolnton, NC 28093-0308
704-735-1104 – Fax: 704-735-1258