Associated Capital Group’s Board of Directors Approves $3.3 Million Shareholder Designated Charitable Contribution, Bringing Total to $34 Million

The Board of Associated Capital Group (NYSE: AC) has approved a $0.15 per share Shareholder Designated Charitable Contribution (“SDCC”) for all registered Class A and Class B shareholders. To be eligible, shareholders will have until December 31, 2022 to register shares directly with Computershare, AC’s transfer agent. Shareholders will then have an opportunity to designate a 501(c)(3) organization to receive the $0.15 per share SDCC.

Based on the approximately 22 million shares currently outstanding, AC’s total contribution will be approximately $3.3 million. In early January, AC will provide forms to registered holders to designate recognized 501(c)(3) organizations. A list of eligible charities is available at Guidestar.org (https://www.guidestar.org/search).

Since its inception as a public company, through the SDCC, the shareholders of AC have donated approximately $34 million to over 160 different charities that address a broad range of local, national, and international concerns.

About Associated Capital Group, Inc.

Associated Capital, based in Greenwich, Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along several core pillars: Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor; and Gabelli Principal Strategies Group, LLC (“GPS”), created to pursue strategic operating initiatives.

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