X0306 4 2022-11-30 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. 5960 FAIRVIEW ROAD, SUITE 275 CHARLOTTE NC 28210 0 0 1 0 0001946735 FG Financial Holdings, LLC 108 GATEWAY BLVD., SUITE 204 MOORESVILLE NC 28117 0 0 1 0 8.00% Cumulative Preferred Stock, Series A, $25.00 par value 2022-11-30 4 P 0 1146 17.19 A 48622 I FG Financial Holdings, LLC 8.00% Cumulative Preferred Stock, Series A, $25.00 par value 2022-11-30 4 P 0 3200 18.29 A 51822 I FG Financial Holdings, LLC 8.00% Cumulative Preferred Stock, Series A, $25.00 par value 2022-11-30 4 P 0 2400 19.04 A 54222 I FG Financial Holdings, LLC 8.00% Cumulative Preferred Stock, Series A, $25.00 par value 2022-12-01 4 P 0 1259 19.54 A 55481 I FG Financial Holdings, LLC COMMON STOCK, PAR VALUE $0.01 PER SHARE 5619111 I FG Financial Holdings, LLC The prices reported in Column 4 are weighted average prices. The shares were purchased as follows: (i) 1,146 shares were purchased in multiple transactions at prices ranging from $16.70 to $17.59, inclusive; (ii) 3,200 shares were purchased in multiple transactions at prices ranging from $17.88 to $18.85, inclusive; and (iii) 2,400 shares were purchased in multiple transactions at prices ranging from $18.98 to $19.12, inclusive. The Reporting Persons undertake to provide to the Company, any security holder of the Company or the staff of the U.S. Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares of Preferred Stock purchased at each separate price within the ranges set forth above. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $19.28 to $19.70, inclusive. The Reporting Persons undertake to provide to the Company, any security holder of the Company or the staff of the SEC, upon request, full information regarding the number of shares of Preferred Stock purchased at each separate price within the range set forth above. FG Financial Holdings, LLC ("FGFH"), which is managed by Fundamental Global GP, LLC ("FGGP"), beneficially owns in the aggregate 55,481 shares of Preferred Stock and 5,619,111 shares of Common Stock, which represent approximately 59.8% of the Company's outstanding shares of Common Stock. FGGP may be deemed to be a beneficial owner of the securities disclosed as directly owned by FGFH. Due to their positions with FGGP and affiliated entities, Messrs. D. Kyle Cerminara and Joseph H. Moglia may be deemed to be beneficial owners of the securities disclosed as directly owned by FGFH. Mr. Cerminara also holds additional shares of Common Stock and Preferred Stock. Each Reporting Person disclaims beneficial ownership of the securities referred to herein except to the extent of his or its pecuniary interest therein. Ballantyne Strong, Inc. ("BTN") owns membership interests in FGFH and may be deemed to be a beneficial owner of the securities disclosed as directly owned by FGFH; however, BTN disclaims beneficial ownership of the securities referred to herein except to the extent of its pecuniary interest therein. FUNDAMENTAL GLOBAL GP, LLC /S/ D. KYLE CERMINARA, CHIEF EXECUTIVE OFFICER 2022-12-02 BALLANTYNE STRONG, INC. BALLANTYNE STRONG, INC. /S/ MARK D. ROBERSON, CHIEF EXECUTIVE OFFICER 2022-12-02 FG FINANCIAL HOLDINGS, LLC /S/ D. KYLE CERMINARA, MANAGER 2022-12-02 FG FINANCIAL HOLDINGS, LLC /S/ RYAN R. K. TURNER, MANAGER 2022-12-02 /S/ D. KYLE CERMINARA 2022-12-02 /S/ JOSEPH H. MOGLIA 2022-12-02