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Investment Overview March 2012

Legal Disclaimer This Investor Presentation (“Presentation”) has been produced by Central Federal Corporation (“CFC”) solely for use at this investor presentation held in connection with the rights offering of Common Stock of CFC, and may not be reproduced or redistributed, in whole or in part, to any other person. CFC has filed a registration statement (“Registration Statement”), including a prospectus (“Prospectus”) with the Securities and Exchange Commission (“SEC”) for the rights offering of its Common Stock to which this Presentation relates. Before you decide whether to invest, you should read the Prospectus in that registration statement for more complete information about CFC and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, CFC or ParaCap Group, LLC, financial advisor and information agent, will arrange to send to you the Prospectus if you request by calling (866) 719-5037. Statements contained in, or incorporated by reference into this Presentation that are not statements of historical fact are forward-looking statements which are made in good faith by us. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of CFC’s or CFBank’s management or Boards of Directors; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements. Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements. The following factors could cause such differences: a continuation of current high unemployment rates and difficult economic conditions or adverse changes in general economic conditions and economic conditions in the markets we serve, any of which may affect, among other things, our level of nonperforming assets, charge-offs, and provision for loan loss expense; changes in interest rates that may reduce net interest margin and impact funding sources; our ability to maintain sufficient liquidity to continue to fund our operations; our ability to reduce our high level of nonperforming assets and operating expenses; changes in market rates and prices, including real estate values, which may adversely impact the value of financial products including securities, loans and deposits; the possibility of other-than- temporary impairment of securities held in our securities portfolio; results of examinations of CFC and CFBank by the Regulators, including the possibility that the Regulators may, among other things, require CFBank to increase its allowance for loan losses or write-down assets; our ability to meet the requirements of the CFC and CFBank Cease and Desist Orders issued by Regulators; the uncertainties arising from CFC’s participation in the TARP Capital Purchase Program, including the impact on employee recruitment and retention and other business and practices, and uncertainties concerning the potential redemption by us of Treasury’s preferred stock investment under the program, including the timing of, regulatory approvals for, and conditions placed upon, any such redemption; changes in tax laws, rules and regulations; various monetary and fiscal policies and regulations, including those determined by the Fed, the FDIC and the OCC; competition with other local and regional commercial banks, savings banks, credit unions and other non-bank financial institutions; our ability to grow our core businesses; technological factors which may affect our operations, pricing, products and services; unanticipated litigation, claims or assessments; and management's ability to manage these and other risks. Forward-looking statements are not guarantees of performance or results. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. CFC believes it has chosen these assumptions or bases in good faith and that they are reasonable. We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The forward-looking statements included in this report speak only as of the date of the report. We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.

Executive Summary

Executive Summary 4 Why Invest in a Community Bank Today? Which Community Banks Are and Will Be Successful? Why CFBK? 1 2 3

Offering Highlights • Issuer: • Security Offered: • Warrants: • Proposed Offering Price: • Proposed Offering Size: • Standby Purchaser Commitment: • Aggregate Net Proceeds: • Use of Proceeds: • Financial Advisor / Information Agent: Central Federal Corporation (NASDAQ: CFBK) Common shares 1 warrant to purchase 1 share for every 3 shares purchased. Exercisable for 3 years at $1.00 strike price. $1.00 per share Up to 30,000,000 shares 5,035,000 shares Approximately $21.3 million to $28.4 million Invest $13.5 million in wholly owned subsidiary CFBank to improve capital position and retain the rest at the holding company for general corporate purposes ParaCap Group, LLC 5

Changes at CFBK in the Past Two Years 6 Promoted new CEO and President in May 2010 Engaged two different independent loan review firms, and a consulting firm to assess asset quality, workout strategies, and performance Began process of reducing nonperforming assets Strengthened allowance for loan losses Re-engineered credit and workout operations Retained a financial advisor to explore strategic alternatives Attracted Timothy O’Dell, Thad Perry and Bob Hoeweler to lead the Company’s recapitalization 1 2 3 4 5 6 7

Improved Asset Quality Non-Performing Assets ($000s) 7 12,265 13,234 14,066 13,053 13,024 14,566 11,850 9,522 7,650 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011

Strengthened Reserves Loan Loss Reserves / Gross Loans (%) 8 1.9 3.0 3.2 4.6 4.7 4.9 5.0 4.5 4.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2010 2011

I. Why Invest in a Community Bank Today? 9

Why Invest in a Community Bank Today? 1 2 3 4 10 Major deterioration in public perception of big banks Favorable year-over-year dynamics in the real estate market and economy There are numerous attractive potential customers up for grabs, particularly small and medium-sized businesses, executives and professionals Strong business model if derivatives and other complex financial instruments are avoided

Public Backlash Against Big Banks Management believes: • • • • Stock Performance – Last Two Years 11 Source: SNL 9.4% (16.5%) S&P Bank Index Too Big To Fail List (50.0) (40.0) (30.0) (20.0) (10.0) 0.0 10.0 20.0 30.0 The financial crisis has caused a severe backlash against the country’s Too Big To Fail banks. There has been a significant deterioration of the public’s, investors’ and regulators’ perception of these institutions. Both business and retail customers have experienced deteriorating service levels, long decision periods, and high uncertainty in dealing with the larger banks. As a result, many Americans have called for a return to smaller community banks through protests and organized events such as the National Bank Transfer Day. Too Big To Fail List as defined by the G-20 Financial Stability Board; Includes: Bank of America, Citi, Goldman Sachs, Wells Fargo, State Street, Bank of New York Mellon, JP Morgan, and Morgan Stanley

Favorable Economic Trends • Ohio has posted the fifth largest increase in jobs of all 50 states, on a year- over-year basis from December 2010, according to the Bureau of Labor Statistics • Since December 2010, Ohio has added 72,400 jobs, trailing only Texas, New York, Florida, and California. • All of CFBank’s markets have witnessed a notable decline in the unemployment rate over the last year: In the East Liverpool-Salem MSA, the improving manufacturing base and increased investment in the Utica Shale region have caused the unemployment rate to decrease from 11.2% to 8.8% year- over-year, nearly two times greater than the year-over-year rate of decline of the national unemployment rate. The Akron MSA’s diverse economic base has also led to relatively strong job growth. In December, Akron’s unemployment rate was 7.3%, compared to 7.6% in Ohio and 8.5% nationally. The Columbus MSA’s unemployment rate has been consistently lower than the state and national averages throughout the recession. In December, the Columbus MSA’s unemployment rate was 6.4%; significantly better than state and national figures. 12

Housing Market Stabilizing Case-Shiller Home Price Index: Cleveland versus National Average Case-Shiller Percent Decline From Market Peak 13 City Percent Decline Las Vegas -61.6% Phoenix -56.4% Miami -51.5% Tampa -48.0% Detroit -45.1% San Francisco -41.3% Los Angeles -40.5% San Diego -40.0% Minneapolis -36.3% Chicago -34.8% Atlanta -34.4% Seattle -31.1% Portland -28.6% Washington -27.3% New York -23.9% Cleveland -20.1% Boston -16.9% Charlotte -16.9% Denver -10.8% Dallas -9.2% 75.00 95.00 115.00 135.00 155.00 175.00 195.00 215.00 Cleveland, OH Composite 20

Opportunity to Attract Customers & Talent Akron MSA Columbus MSA East Liverpool MSA Source: 2011 FDIC Deposit Market Share Data 1. 2. 3. 4. 5. 1. 2. 3. 4. 5. 1. 2. 3. 4. 5. 14 Top 5 Deposit Market Share Leaders in CFBK’s Markets

Historic P/TBV Multiples Historic P/E Multiples Valuations at Historic Lows 15 Price /Tangible Book and Price/LTM Earnings Multiples for SNL Bank Index

II. Which Community Banks Are and Will Be Successful?

Which Community Banks Are and Will Be Successful? 17 Strong, experienced leadership, focused on stakeholder values and balanced risk/returns Directors and management willing to put their own money and relationships on the line Large enough to be relevant, small enough to provide exceptional service and maintain strong long term relationships and competitive advantage Attractive markets offering growth potential Ample capital to take advantage of market opportunities 1 2 3 4 5

Strong, Experienced Leadership Timothy T. O’Dell – Proposed Chief Executive Officer Currently the owner of the Chetwood Group, which provides advisory services to a number of privately held enterprises in construction, health care, real estate and professional services Prior to founding Chetwood in 2003, Mr. O’Dell spent 22 years at Fifth Third Bank, and was a senior executive with Fifth Third’s Central Ohio operations for 12 of those years, concluding his tenure serving as President and Chief Executive Officer For 10 of his years with Fifth Third – Central Ohio, Mr. O’Dell also served as a senior lender and managed its commercial banking and residential and commercial real estate divisions During his tenure, Fifth Third’s Central Ohio division grew by $4 billion in deposits and $5 billion in loans from organic growth and through strategic acquisitions Mr. O’Dell served on the board of the Columbus Chamber of Commerce and The Ohio State University Medical Center, and he was a founding investor in the Ohio TechAngel Venture Fund B.B.A. – Marshall University 18

Strong, Experienced Leadership Robert E. Hoeweler, Jr. – Proposed Chairman Chief Executive Officer of a diverse group of companies owned by the Hoeweler family, including manufacturing, communication, distribution, business services and venture capital entities Served as Vice Chairman of Winton Financial, Inc., a $550 million Cincinnati-based S&L, from its initial public offering in 1988 through its ultimate sale in 2005 to WesBanco, Inc. Has served on the boards of directors of one of the country’s largest privately owned waste and recycling companies since 1986 and a privately owned commercial bakery since 1988 Director of Skipjack Financial Services, a provider of payment processing services that the Hoeweler family led from its inception through its sale to a super-regional banking company, from 1996 through 2009 B.S. – University of Cincinnati Thad R. Perry – Proposed President Senior Partner with Accenture for over 30 years where he was involved in consulting, transaction structuring, and management of operations. He operated the firm’s Columbus, Ohio practice and developed its regulated industries practice. From 1988 through 1998, Mr. Perry managed Accenture’s German, Austrian and Swiss practices, which accounted for nearly $1 billion in gross revenues Former Chief Operating Officer of Western Europe operations, and served on Accenture’s European Management Board and the Global Strategic Planning, Management, Markets, Executive, Outsourcing, and Technology Committees His experiences in banking include the transformation of both the technical and business processes for credit card, internet banking and security, stock and trading exchanges, international banking and customer relationship management M.B.A. – The Ohio State University B.S. – The Ohio State University 19

Strong, Experienced Leadership James Howard Frauenberg, II – Proposed Director Principal owner of Addison Holding, LLC which manages investments of private individuals Active in opening new franchises for two retail chains, Five Guys Burgers and Fries and Flip Flops Senior officer with Check Smart Financial in Dublin, Ohio from 1995 to 2008 Donal Malenick – Proposed Director Chief Executive Officer of Columbus Steel Castings from 2003 through 2008 President of Worthington Steel from 1976 to 1999 Former board member of Max and Ermas Restaurants of Columbus, Ohio from 2006 until it was sold in 2008 Member of KeyBank’s advisory board from 2001 to 2005 Private investor since 2008 20

Strong, Experienced Leadership Eloise L. Mackus – Current Chief Executive Officer Named CEO in February 2011, after becoming Interim CEO in May 2010; will continue as General Counsel Joined CFBank in July 2003 as Senior Vice President, General Counsel and Corporate Secretary, and became Executive Vice President of both institutions in January 2009 20 years of banking related experience Previously served as Vice President and General Manager of International Operations and Assistant General Counsel for J.M. Smucker Company, and Partner at Brouse McDowell Executive Studies – Harvard and Thunderbird Universities J.D. – University of Akron School of Law B.A. – Calvin College Therese Ann Liutkus – Current President, Treasurer and Chief Financial Officer Named President in June 2010; will continue as CFO Joined CFBank as Chief Financial Officer in November 2003 25 years of banking experience Previously served as CFO and Treasurer of First Place Financial Corp. and FFY Financial Corp. B.B.A. – Cleveland State University 21

Strong, Experienced Leadership Timothy R. Fitzwater – Senior Commercial Officer Joined CFBank in June 2010 39 years of banking experience Previously worked for National City Bank (now PNC) for 36 years, rising to President of the Northeast Region Managed approximately $3 billion in assets and $1 billion commercial loan portfolio B.S. – Bowling Green State University Keith D. Anderson – Senior Credit Officer Joined CFBank in June 2005 33 years of banking experience Previously served as Senior Credit Officer for over six years with Champaign National Bank in Bath, Ohio, and Senior Credit Officer of Summit Bank, headquartered in Fairlawn, Ohio for six years B.S. – University of Akron Kemper C. Allison – Vice President of Commercial Loan Workout Joined CFBank in February 2010 22 years of banking experience Previously served as Senior Vice President and Chief Lending Officer of Advantage Bank in Worthington, Ohio for nearly eight years, and held positions at Bank One, Akron, N.A. and State Savings Bank B.S.B.A. – The Ohio State University 22

Directors/Management Personally Invested 23 Existing Intended Ownership Purchase Current Directors and Executive Officers 208,323 258,500 Proposed New Directors and Executive Officers — 2,300,000 Proposed Other Standby Purchasers — 2,735,000 Current Directors and Executive Officers as well as Standby Purchasers as a Group 208,323 5,293,500 Number of Shares

Competitive Size & Community Orientation • CFBK operates four branches in three attractive markets • The Bank has approximately $265 million in assets before the growth that the recapitalized company may be able to achieve in future years. • CFBK is focused on consumers and small businesses in the communities it serves and does not deal in derivatives, capital markets operations or loan syndications • The Company is committed to offering a level of customer service that bigger banks cannot deliver while providing the services and technology that today’s customers desire 24

Market Opportunity Unemployment Rate By County – December 2011 CFBank Locations (4) 25

Market Opportunity Source: SNL 26 Household Income ($000s) 0% 5% 10% 15% 20% 25% 30% 35% 40% Did Not Complete High School High School Diploma Some College Associate Degree Bachelors Degree Graduate Degree Fairlawn Worthington Ohio United States 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% < 25 25 < 49 50 < 99 100 < 199 > 200 Fairlawn Worthington Ohio United States Education Level

Market Opportunity 27

Well CFBank CFBank Peer Capitalized Regulatory Capital Ratios 9/30/11 Pro Forma Medians (a) Requirement Tier 1 Capital to Tangible Assets (Leverage Ratio) 5.55% 10.16% 9.56% 5.00% Tier 1 Capital to Risk Weighted Assets 9.13% 16.98% 14.29% 6.00% Total Risk-Based Capital to Risk Weighted Assets 10.41% 18.22% 15.54% 10.00% Note: Pro forma ratios reflect gross proceeds of $22.5 million at an offering price of $1.00/share (minimum of offering) net of assumed commissions and other transaction expenses, with $13.5 million invested in CFBank. Ratios do not include an additional $7 - $8 million that will be retained at the holding company. (a) Peer group reflects 3Q'11 bank-level data from 148 Midwestern institutions with assets between $250 - $300 million Capital to Take Advantage of Opportunities For Growth 28

III. Why CFBK?

Solid Platform for Quality Growth CFBK Listed and Traded on NASDAQ Presence in Two Metro Markets Plus Two More Community Branch Banks • Akron (Fairlawn HQ) Springboard to Cleveland Metro Market • Columbus Existing Presence with Untapped Potential Historical Banking Relationships • Wellsville and Calcutta Community Branch Banks Solid Core Deposits • Cincinnati Future Expansion Why CFBK? 30

Model Focused on Diversification 31 • Diversified Balance Sheet, Less Reliance on Real Estate Loans, Greater Focus on Non-Credit Fee Income • Expanding on Community Banking Foundation • Focusing on High Quality Small and Middle Market Businesses, Plus the Private Banking Needs of Executives and Entrepreneurs Who Own Them • Leveraging State of the Art Technology to Compete Against the Regional Bank Players and to Create Operational Efficiency • Delivered to Customers by Senior Business and Private Bankers

32 Committed to Building and Developing a Highly Qualified Team Management and the Board Will Have “Skin in the Game” Hands-On Management Style that Stresses Accountability for Results Simple Plan with a Focus on Execution Strong Controls and Risk Management Processes Diversified Business and Asset Mix Focus on Increasing Product Offerings and Developing Core Deposits Building a Culture that Strives for Excellence and Drives Stakeholder Value Key Operating Tenets

CFBK: A Unique Opportunity for Creating Stakeholder Value 33