Market Overview

Associated Capital Group Exploring Exchange Offer for GAMCO Shares; GAMCO PIK Note Extinguished


Associated Capital Group, Inc. (NYSE:AC), (the "Company"), announced
today that GAMCO Investors repaid the remaining $10 million outstanding
of the $250 million 4% PIK note originally due on November 30, 2020. The
company also noted that its board has formed an independent pricing
committee to commence an exchange offer pursuant to which AC
shareholders who elect to participate would receive shares of GAMCO
Investors (NYSE:GBL), currently held by AC. In March, the Company
exchanged approximately 500,000 AC shares for 670,000 shares of GBL.
There are no assurances that a transaction will result.

About Associated Capital Group, Inc.

The Company has been publicly traded since November 30, 2015 following
its spin-off from GAMCO.

The Company operates its investment management business via Gabelli &
Company Investment Advisers, Inc. ("GCIA" f/k/a Gabelli Securities,
Inc.), its wholly-owned subsidiary. GCIA and its wholly-owned
subsidiary, Gabelli & Partners, collectively serve as general partners
or investment managers to investment funds including limited
partnerships, offshore companies and separate accounts. The Company
primarily manages assets in equity event-driven strategies, across a
range of risk and event arbitrage portfolios and earns management and
incentive fees from its advisory activities. Management fees are largely
based on a percentage of assets under management. Incentive fees are
based on a percentage of the investment returns of certain clients'
portfolios. GCIA is registered with the Securities and Exchange
Commission as an investment advisor under the Investment Advisers Act of
1940, as amended.

The Company operates its institutional research services business
through G.research, an indirect wholly-owned subsidiary of the Company.
G.research is a broker-dealer registered under the Securities Exchange
Act of 1934, as amended, that provides institutional research services
and acts as an underwriter.

The Company also derives investment income/(loss) from proprietary
trading of assets awaiting deployment in its operating businesses.


Our disclosure and analysis in this press release contain
"forward-looking statements". Forward-looking statements convey our
current expectations or forecasts of future events. You can identify
these statements because they do not relate strictly to historical or
current facts. They use words such as "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," and other words and
terms of similar meaning. They also appear in any discussion of future
operating or financial performance. In particular, these include
statements relating to future actions, future performance of our
products, expenses, the outcome of any legal proceedings, and financial
results. Although we believe that we are basing our expectations and
beliefs on reasonable assumptions within the bounds of what we currently
know about our business and operations, the economy and other
conditions, there can be no assurance that our actual results will not
differ materially from what we expect or believe. Therefore, you should
proceed with caution in relying on any of these forward-looking
statements. They are neither statements of historical fact nor
guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks,
uncertainties and other important factors, some of which are listed
below, that are difficult to predict and could cause actual results and
outcomes to differ materially from any future results or outcomes
expressed or implied by such forward-looking statements. Some of the
factors that could cause our actual results to differ from our
expectations or beliefs include a decline in the securities markets that
adversely affect our assets under management, negative performance of
our products, the failure to perform as required under our investment
management agreements, and a general downturn in the economy that
negatively impacts our operations. We also direct your attention to the
more specific discussions of these and other risks, uncertainties and
other important factors contained in our Form 10 and other public
filings. Other factors that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict all
of them. We do not undertake to update publicly any forward-looking
statements if we subsequently learn that we are unlikely to achieve our
expectations whether as a result of new information, future developments
or otherwise, except as may be required by law.

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