X0306 4 2020-07-13 0 0000946454 BALLANTYNE STRONG, INC. BTN 0001591508 Fundamental Global Investors, LLC 4201 CONGRESS STREET, SUITE 140 CHARLOTTE NC 28209 1 0 1 0 0001619991 Cerminara Kyle C/O FUNDAMENTAL GLOBAL INVESTORS, LLC 4201 CONGRESS STREET, SUITE 140 CHARLOTTE NC 28209 1 0 1 0 0001619951 Johnson Lewis M C/O FUNDAMENTAL GLOBAL INVESTORS, LLC 4201 CONGRESS STREET, SUITE 140 CHARLOTTE NC 28209 1 0 1 0 0001187586 MOGLIA JOSEPH H C/O FUNDAMENTAL GLOBAL INVESTORS, LLC 4201 CONGRESS STREET, SUITE 140 CHARLOTTE NC 28209 0 0 1 0 Common Stock, par value $0.01 per share 2020-07-13 4 P 0 3932 1.4027 A 1942416 I Fundamental Global Partners Master Fund, LP Common Stock, par value $0.01 per share 2020-07-13 4 P 0 2118 1.4027 A 137756 I FGI Global Asset Allocation Master Fund, LP Common Stock, par value $0.01 per share 2020-07-14 4 P 0 1300 1.4035 A 1943716 I Fundamental Global Partners Master Fund, LP Common Stock, par value $0.01 per share 2020-07-14 4 P 0 700 1.4035 A 138456 I FGI Global Asset Allocation Master Fund, LP Common Stock, par value $0.01 per share 2020-07-15 4 P 0 2795 1.4325 A 1946511 I Fundamental Global Partners Master Fund, LP Common Stock, par value $0.01 per share 2020-07-15 4 P 0 1505 1.4325 A 139961 I FGI Global Asset Allocation Master Fund, LP Common Stock, par value $0.01 per share 1793591 I Fundamental Activist Fund I, LP Common Stock, par value $0.01 per share 853619 I Fundamental Global Holdings, LP Common Stock, par value $0.01 per share 34911 I FGI Global Asset Allocation Fund, Ltd. The funds managed by Fundamental Global Investors, LLC beneficially own in the aggregate 4,768,593 shares of Common Stock, which represents approximately 32.5% of the Company's outstanding shares of Common Stock. Fundamental Global Investors, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Global Partners Master Fund, LP ("FGPM"), Fundamental Global Holdings, LP ("FGHP"), FGI Global Asset Allocation Fund, Ltd. ("FGAA"), FGI Global Asset Allocation Master Fund, LP ("FGGM"), and Fundamental Activist Fund I, LP ("FAFI"). In addition, CWA Asset Management Group, LLC, of which 50% is owned by Fundamental Global Investors, LLC, holds 709,924 shares of Common Stock (excluding Messrs. Cerminara's, Johnson's and Moglia's shares held in CWA accounts) for the accounts of individual investors, which represents approximately 4.8% of the Company's outstanding shares of Common Stock. Mr. Moglia holds 636,291 shares of Common Stock directly and through the Moglia Family Foundation and trusts. Messrs. Cerminara and Johnson also hold additional shares of Common Stock. Due to their positions with Fundamental Global Investors, LLC and affiliated entities, Messrs. D. Kyle Cerminara, Lewis M. Johnson and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FGPM, FGHP, FGAA, FGGM and FAFI. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein. Shares purchased pursuant to a Rule 10b5-1 trading plan entered into by Fundamental Global Investors, LLC on behalf of the funds managed by it. The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.35 and $1.46 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price. The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.35 and $1.43 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price. The price reported represents a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.41 and $1.47 per share. The Reporting Persons undertake to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price. FUNDAMENTAL GLOBAL INVESTORS, LLC /s/ D. Kyle Cerminara, Chief Executive Officer, Partner and Manager 2020-07-15 /s/ D. Kyle Cerminara 2020-07-15 /s/ Lewis M. Johnson 2020-07-15 /s/ Joseph H. Moglia 2020-07-15