Book value

Associated Capital Reports Preliminary Book Value of $41.62 to $41.82 Per Share for the First Quarter – Form 8-K

Associated Capital Announces First Quarter Preliminary Book Value of

$41.62 to $41.82 per share

Greenwich, Connecticut, April 19, 2022 – Associated Capital Group, Inc. (“AC” or the “Company”), today announced a range of its preliminary first quarter book value of $41.62 to $41.82 per share. This compares to $42.48 per share as of December 31, 2021 and $41.22 as of March 31, 2021.

Assets under management were $1.84 billion as of March 31, 2022, compared to $1.50 billion as of March 31, 2021.

Associated Capital will release further details on its financial results in early May.

About Associated Capital Group, Inc.

Associated Capital, based in Greenwich, Connecticut, is a diversified global financial services firm that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc. .). We have also reserved exclusive capital for our direct investment activities which invest in new and existing businesses. The direct investment business is built around three main pillars: Gabelli Private Equity Partners, LLC (“GPEP”), established in August 2017 with an authorized capital of $150 million as a “fundless” sponsor; the SPAC (Special Purpose Acquisition Vehicles Gabelli) activity, launched in April 2018; and Gabelli Principal Strategies Group, LLC (“GPS”), created to pursue strategic operational initiatives.

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press release contains “forward-looking statements”. Forward-looking statements reflect our current expectations or predictions of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe” and other words and terms of similar meaning . They also appear in any discussion of future operational or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings and financial results. Although we believe that we base our expectations and beliefs on reasonable assumptions within the limits of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ not noticeably of what we expect or believe. Accordingly, you should proceed with caution when relying on any of these forward-looking statements. They are neither statements of historical facts nor guarantees or assurances of future performance.