X0306 4 2019-02-19 0 0001082506 Great Elm Capital Group, Inc. GEC 0001643733 Reed Peter A C/O GREAT ELM CAPITAL GROUP, INC. 800 SOUTH STREET, SUITE 230 WALTHAM MA 02453 1 1 0 0 Chief Executive Officer Common Stock 2019-02-19 4 P 0 110 3.40 A 742847 D Common Stock 2019-02-20 4 P 0 900 3.40 A 743747 D Common Stock 2019-02-21 4 P 0 213 3.43 A 743960 D Includes 220,923 shares of unvested restricted stock. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.40 to $3.45, inclusive. The reporting person undertakes to provide to Great Elm Group, Inc. ("GEC"), any security holder of GEC, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth herein. /s/ Adam M. Kleinman, Attorney-in-Fact for Reporting Person 2019-02-21