Paul Arrouet - 17 Apr 2025 Form 4 Insider Report for Marblegate Capital Corp (MGTE)

Footnote F1

Represents shares of the Company's common stock distributed by Marblegate Acquisition LLC (the "Sponsor") on April 17, 2024 to certain individuals and entities who were members of the Sponsor (the "Distribution."). The Sponsor was the record holder of such shares. Marblegate Asset Management, LLC is the managing member of the Sponsor and has voting and investment discretion with respect to the securities held by the Sponsor and may be deemed to beneficially own such shares.

Footnote F2

(Continued from footnote 2) Andrew Milgram and Paul Arrouet, as Managing Partners of Marblegate IM Holdings, LLC, the managing member of Marblegate Asset Management, LLC, may be deemed to exercise voting and investment power over the securities held by the Sponsor and therefore may be deemed to beneficially own such securities. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

Footnote F3

Represents shares of the Company's common stock and warrants received in the Distribution. Marblegate Special Opportunities Master Fund, L.P ("MSOMF") is the record holder of such shares. Marblegate Special Opportunities GP, LLC ("Marblegate GP") is the General Partner of MSOMF. Marblegate Holdings, LLC ("Marblegate Holdings") is the Managing Member of Marblegate GP. Andrew Milgram and Paul Arrouet, as the Managing Partners of Marblegate Holdings and Marblegate Asset Management. LLC ("MAM"), the investment manager of MSOMF, may be deemed to exercise voting and investment power over the securities held by MSOMF and therefore may be deemed to beneficially own such securities. Each of Mr. Milgram and Mr. Arrouet disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest each may have therein, directly or indirectly.

Footnote F4

Represents shares of the Company's common stock received in the Distribution. Marblegate Cobblestone Master Fund I, L.P. is the record holder of such shares. Marblegate GP is the General Partner of Marblegate Cobblestone Master Fund I, L.P. Marblegate Holdings is the Managing Member of Marblegate GP. Andrew Milgram and Paul Arrouet, as the Managing Partners of Marblegate Holdings and MAM, the investment manager of Marblegate Cobblestone Master Fund I, L.P. may be deemed to exercise voting and investment power over the securities held by Marblegate Cobblestone Master Fund I, L.P. and therefore may be deemed to beneficially own such securities. Each of Mr. Milgram and Mr. Arrouet disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest each may have therein, directly or indirectly.