X0306 4 2022-06-16 0 0001591890 FG Financial Group, Inc. FGF 0001878780 Fundamental Global GP, LLC 108 GATEWAY BLVD., SUITE 204 MOORESVILLE NC 28117 0 0 1 0 0001619991 Cerminara Kyle C/O FUNDAMENTAL GLOBAL GP, LLC 108 GATEWAY BOULEVARD, SUITE 204 MOORESVILLE NC 28117 1 0 1 0 0001187586 MOGLIA JOSEPH H C/O FUNDAMENTAL GLOBAL GP, LLC 108 GATEWAY BOULEVARD, SUITE 204 MOORESVILLE NC 28117 0 0 1 0 0000946454 BALLANTYNE STRONG, INC. 4201 CONGRESS STREET SUITE 175 CHARLOTTE NC 28209 0 0 1 0 8.00% Cumulative Preferred Stock, Series A, $25.00 par value 8973 I FUNDAMENTAL ACTIVIST FUND I, LP COMMON STOCK, PAR VALUE $0.01 PER SHARE 1417074 I FUNDAMENTAL ACTIVIST FUND I, LP COMMON STOCK, PAR VALUE $0.01 PER SHARE 2022-06-16 4 P 0 632911 1.58 A 2049985 I FUNDAMENTAL ACTIVIST FUND I, LP COMMON STOCK, PAR VALUE $0.01 PER SHARE 2022-06-16 4 P 0 1265822 1.58 A 2904231 I BALLANTYNE STRONG, INC. COMMON STOCK, PAR VALUE $0.01 PER SHARE 477282 I FGI 1347 HOLDINGS, LP The Reporting Persons beneficially own in the aggregate 5,431,498 shares of Common Stock, which represent approximately 58.5% of the Company's outstanding shares of Common Stock. Fundamental Global GP, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Activist Fund I, LP ("FAFI") and FGI 1347 Holdings, LP ("FGIH"). Mr. Cerminara holds 16,925 shares of Common Stock and restricted stock units representing the right to receive 29,716 shares of Common Stock upon vesting. The 628,875 shares of Common Stock and 8,973 shares of Preferred Stock, as previously reported by Fundamental Global Partners Master Fund, LP ("FGPM"), were transferred to FAFI. FGPM is in the process of being dissolved, and the transfer did not result in a change in beneficial ownership because both funds shared a common investment manager. The Reporting Persons beneficially own in the aggregate 8,973 shares of Preferred Stock. Fundamental Global GP, LLC may be deemed to be a beneficial owner of the shares of Preferred Stock that are directly owned by FAFI. In addition, Mr. Cerminara owns 44 shares of Preferred Stock in a joint account with his spouse. Due to their positions with Fundamental Global GP, LLC and affiliated entities, Messrs. Cerminara and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FAFI and FGIH and the shares of Preferred Stock disclosed as directly owned by FAFI. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein. FUNDAMENTAL GLOBAL GP, LLC /S/ D. KYLE CERMINARA, CHIEF EXECUTIVE OFFICER 2022-06-17 BALLANTYNE STRONG, INC. /S/ MARK D. ROBERSON, CHIEF EXECUTIVE OFFICER 2022-06-17 /S/ D. KYLE CERMINARA 2022-06-17 /S/ JOSEPH H. MOGLIA 2022-06-17