X0306 4 2023-01-06 0 0001831096 Great Elm Group, Inc. GEG 0001479613 Reese Jason W. C/O IMPERIAL CAPITAL ASSET MANAGEMENT 3801 PGA BOULEVARD, SUITE 603 PALM BEACH GARDENS FL 33410 1 0 1 0 0001805378 Imperial Capital Asset Management, LLC 3801 PGA BOULEVARD, SUITE 603 PALM BEACH GARDENS FL 33410 0 0 1 0 0001308057 LONG BALL PARTNERS LLC C/O IMPERIAL CAPITAL ASSET MANAGEMENT 3801 PGA BOULEVARD, SUITE 603 PALM BEACH GARDENS FL 33410 0 0 1 0 0001961798 Imperial Capital Group Holdings II, LLC 3801 PGA BOULEVARD, SUITE 603 PALM BEACH GARDENS FL 33410 0 0 1 0 Common stock, par value $0.01 per share ("Common Stock") 2023-01-06 4 S 0 460900 2.17 D 5159100 I See Footnotes Common Stock 2023-01-06 4 P 0 460900 2.17 A 5620000 I See Footnotes Common Stock 730061 D Represents a transfer of 460,900 shares (the "Transfer") from Imperial Capital Asset Management, LLC ("ICAM") to Imperial Capital Group Holdings II, LLC ("ICGH2"). The Transfer is a change in form of ownership exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended, except with respect to 27,097 shares of Common Stock. The Section 16(b) profits that result from the Transfer will be disgorged to the Issuer. Consists of 4,250,016 shares held directly by Long Ball Partners, LLC ("Long Ball") and 909,084 shares held directly by ICAM. Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball. Each of Mr. Reese, ICAM, Long Ball and ICGH2 disclaims beneficial ownership of the securities reported herein, except to the extent of that person's pecuniary interest. Consists of 4,250,016 shares held directly by Long Ball, 909,084 shares held directly by ICAM and 460,900 shares held directly by ICGH2. Mr. Reese is portfolio manager to Long Ball and is Chairman and Chief Executive Officer of ICAM, which is the managing member of and investment manager to Long Ball. Mr. Reese is one of the owners of Imperial Capital Group Holdings, LLC ("ICGH"), which is the managing member of ICGH2. Mr. Reese has voting and dispositive power over the shares of Common Stock held directly by ICGH2. Reflects shares directly beneficially owned by Mr. Reese. Mr. Reese is a director and Executive Chairman of the Issuer. Jason Reese By: /s/ Jason Reese 2023-01-10 Long Ball Partners, LLC, By: Imperial Capital Asset Management, LLC, its Managing Member, By: /s/ Jason Reese, Chairman & CEO 2023-01-10 Imperial Capital Asset Management, LLC, By: /s/ Jason Reese, Chairman & CEO 2023-01-10 Imperial Capital Group Holdings II, LLC, By: /s/ Jason Reese, its Authorized Signatory 2023-01-10