Associated Capital Group, Inc.’s Investment in Gabelli Value Plus+ Trust

Our Board Continues to Recommend Stock Buyback and Reduction of the Management Fee

From the last AGM on July 30, 2020, when Holders voted against continuing the Trust, to February 1, 2021, the Trust generated strong absolute investment performance - in US dollar terms, the NAV increased 35%. Even with the net returns crimped by strong currency headwinds, the Trust’s NAV had a total return of 29% and a 26% share price return.

AC believed that the right course of action for all shareholders was not to liquidate the fund in July 2020. That decision underscores why we are pleased that the fund's performance since has rewarded all shareholders of both Associated Capital Group and GVP.

The Gabelli Value Plus+ Trust was launched six years ago in 2015 as a uniquely defensive, absolute return-focused, fund differentiated by its benchmark agnostic Private Market Value with a Catalyst™ investment approach. This investment process does not, nor was it intended to, mirror a broad-based U.S. equity market index. Reports using a different benchmark were marching to their own newly created drummer.

Today, the Board of Directors of Associated Capital Group, Inc. (“AC” or the “Company”) announced that they voted to abstain from voting at the Gabelli Value Plus+ Trust’s (“GVP” or the “Trust”) general meeting of shareholders to be held in July 2021. At the meeting, it is expected that a continuation vote will be put forth to shareholders. Should the continuation vote be defeated (as it was in July 2020), shareholders will have the opportunity to vote on liquidation of the Trust, at which time, Associated Capital Group will also abstain on the liquidation vote.

Associated Capital Group maintains its view that to have liquidated GVP as part of the July 30, 2020 AGM, just as GVP’s holdings were regaining their footing, was shortsighted and AC’s vote not to liquidate in July was beneficial to all long term investors. The Board also states again that GVP’s Board should buy shares at an appropriate discount and that it would be equally beneficial to all shareholders to reduce the management fee to 50 basis points.

About Associated Capital Group, Inc.

Associated Capital, based in Greenwich Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along three core pillars: Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor; the SPAC business (Gabelli special purpose acquisition vehicles), launched in April 2018; and Gabelli Principal Strategies Group, LLC (“GPS”) created to pursue strategic operating initiatives.

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Douglas R. Jamieson CEO & President [phone]