RYAN

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $35.57 to $35.94, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the ranges set forth in this footnote.

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $34.56 to $35.06, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the ranges set forth in this footnote.

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $35.15 to $35.165, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the range set forth in this footnote.

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $32.24 to $32.62, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the ranges set forth in this footnote.

By reporting person and spouse, as co-trustees of the Patrick G. Ryan Living Trust dated July 10, 2001 and the Shirley W. Ryan Living Trust dated July 10, 2001.

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $31.0550 to $31.0694, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the range set forth in this footnote.

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $31.17 to $32.13, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the range set forth in this footnote.

The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein.

The shares gifted on May 28, 2026 were gifted to the reporting persons trust (Henry S. Bienen 1997 Trust Dated November 10, 1997).

The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein.

The shares gifted on May 28, 2026 were gifted to the reporting persons trust (Henry S. Bienen 1997 Trust Dated November 10, 1997).

The stock options vest in equal amounts on July 1, 2029, 2030 and 2031 and are exercisable on a 1-for-1 basis for shares of Class A common stock, par value $0.001 per share, of the Issuer. Such grant was approved by the compensation and governance committee of the board of the Issuer for the purposes of rule 16(b)(3).

The stock options vest in equal amounts on July 1, 2029, 2030 and 2031 and are exercisable on a 1-for-1 basis for shares of Class A common stock, par value $0.001 per share, of the Issuer. Such grant was approved by the compensation and governance committee of the board of the Issuer for the purposes of rule 16(b)(3).

The stock options vest in equal amounts on July 1, 2029, 2030 and 2031 and are exercisable on a 1-for-1 basis for shares of Class A common stock, par value $0.001 per share, of the Issuer. Such grant was approved by the compensation and governance committee of the board of the Issuer for the purposes of rule 16(b)(3).

The stock options vest in equal amounts on July 1, 2029, 2030 and 2031 and are exercisable on a 1-for-1 basis for shares of Class A common stock, par value $0.001 per share, of the Issuer. Such grant was approved by the compensation and governance committee of the board of the Issuer for the purposes of rule 16(b)(3).

On May 5, 2026, the reporting person, as trustee of Ryan Stock Option Trust, dated April 28, 2026 (The "Trust"), entered into the Executive Chairman Option Settlement Agreement (the "Agreement") with Ryan Specialty Holdings, Inc. (the "Issuer"), pursuant to which the Trust has the obligation to sell to the Issuer an aggregate of up to 1,787,446 shares of Class A common stock from time to time through June 10, 2036. The Agreement was entered into in connection with the Issuer's grant of compensatory Executive Chairman Stock Options to certain employees under the Issuer's 2021 Omnibus Incentive Plan, which stock options vest in equal annual installments on July 1, 2029, 2030 and 2031. The Issuer will exercise its right to purchase shares from the Trust at such times and in such amounts as the corresponding employee stock options are exercised following vesting.

By reporting person, as trustee of Ryan Stock Option Trust, dated April 28, 2026 (the "Trust"), which was formed for the sole purpose of holding the shares of Class A common stock subject to the Agreement described in footnote (1). On May 4, 2026, the reporting person transferred 1,787,446 shares of Class A common stock to the Trust, which transfer was a nonreportable change in form pursuant to Rule 16a-13.

The stock options vest in equal amounts on July 1, 2029, 2030 and 2031 and are exercisable on a 1-for-1 basis for shares of Class A common stock, par value $0.001 per share, of the Issuer. Such grant was approved by the compensation and governance committee of the board of the Issuer for the purposes of rule 16(b)(3).

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

The grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

The grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

The reported securities represent Restricted Stock Units that vested immediately upon grant. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

Includes 8,080 Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

The reported securities represent Restricted Stock Units that vested immediately upon grant. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

Includes 20,580 Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

The grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

The grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

Includes 15,270 Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

Includes 16,219 Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A Common Stock of Ryan Specialty Holdings, Inc.

The Restricted Stock Units vest in five equal annual installments beginning April 1, 2025.

These shares were withheld to pay tax withholding obligations upon the vesting of of the restricted stock units.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A Common Stock of Ryan Specialty Holdings, Inc.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A common stock of Ryan Specialty Holdings, Inc.

The Restricted Stock Units vest in three equal annual installments beginning on April 1, 2029.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A common stock of Ryan Specialty Holdings, Inc.

The Restricted Stock Units vest in three equal annual installments beginning on April 1, 2029.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A common stock of Ryan Specialty Holdings, Inc.

The Restricted Stock Units vest in three equal annual installments beginning on April 1, 2029.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A common stock of Ryan Specialty Holdings, Inc.

The Restricted Stock Units vest in three equal annual installments beginning on April 1, 2029.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A common stock of Ryan Specialty Holdings, Inc.

The Restricted Stock Units vest in three equal annual installments beginning on April 1, 2029.

Each Restricted Stock Unit represents a contingent right to receive on vesting one share of Class A common stock of Ryan Specialty Holdings, Inc.

The Restricted Stock Units vest in three equal annual installments beginning on April 1, 2029.

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $39.19 to $40.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the ranges set forth in this footnote.

Shares of Class A Common Stock of Ryan Specialty Holdings, Inc. are held in trusts, for which the reporting person is trustee, which trusts are for the benefit of the reporting person and/or his family members. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein.

Shares of Class A Common Stock of Ryan Specialty Holdings, Inc. are held in trusts, for which the reporting person is trustee, which trusts are for the benefit of the reporting person and/or his family members. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein.

The shares were sold by the Reporting Person to satisfy a separation of assets obligation as required by the Reporting Person's divorce settlement.

The shares of Class A Common Stock were sold pursuant to a block trade transaction at a discount from the market price.

The Class C Common Incentive Units' Return Threshold is used to determine the value of such units and, by extension, the number of shares of Class A Common Stock into which such units may be converted. The current Return Threshold of such units is $23.14. The units had a Return Threshold of $23.50 when issued, which, pursuant to the terms of the operating agreement of the LLC, is reduced on a one-for-one basis for each distribution from the LLC with respect to its Common Units. The LLC has made seven distributions for a total amount of $0.36 per unit with respect to its Common Units since the Reporting Person's Class C Common Incentive Units were issued.

Represents Class C Common Incentive Units of Ryan Specialty Group, LLC. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3). The Class C Common Incentive Units may be exchangeable into a number of Common Units as described in the prior footnote, which will then be immediately redeemed on a one-for-one basis for Class A Common Stock of the Issuer based on the value of Common Units and the fair market value of the Class A Common Stock at the time of the applicable exchange.

The Class C Common Incentive Units were exchanged, pursuant to the terms of the operating agreement of New Ryan Specialty, LLC (the "LLC"), for a number of Common Units determined by reference to (1) the Class C Common Incentive Units' Return Threshold and (2) adjustments for certain prior tax distributions made with respect to such Class C Common Incentive Units. Such Common Units were then immediately redeemed on a one-for-one basis for shares of Class A Common Stock.

Shares of Class A Common Stock of Ryan Specialty Holdings, Inc. are held in trusts, for which the reporting person is trustee, which trusts are for the benefit of the reporting person and/or his family members. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein.

The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein.

By reporting person and spouse, as co-trustees of the Patrick G. Ryan Living Trust dated July 10, 2001 and the Shirley W. Ryan Living Trust dated July 10, 2001, with the reported gift made 50% from each trust.

Following the transaction reported above, no shares of the Issuer's Class A Common Stock are held by any of the Reporting Persons.

Onex Corporation owns all of the equity of Onex RSG GP Inc., which is the general partner of Onex RSG LP and Onex RSG Holdings LP. Mr. Gerald W. Schwartz, the Chairman of Onex Corporation, indirectly owns shares representing a majority of the voting rights of the shares of Onex Corporation. Each of Onex RSG GP Inc., Onex Corporation and Mr. Schwartz disclaim beneficial ownership over the shares of Class A Common Stock held prior to the transaction reported herein by Onex RSG LP and Onex RSG Holdings LP except to the extent of their pecuniary interests therein.

The price reported is a weighted average price. These shares of Class A Common Stock of the Issuer were purchased in multiple transactions ranging from $51.39 to $52.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Class A Common Stock purchased at each separate price in the ranges set forth in this footnote. All shares were purchased in accordance with the daily volume and other limitations and requirements of Rule 10b-18.

By reporting person and spouse, as co-trustees of the Patrick G. Ryan Living Trust dated July 10, 2001 and the Shirley W. Ryan Living Trust dated July 10, 2001, with the reported purchases made 50% in each trust.

Represents shares acquired by the reporting person's spouse pursuant to brokerage dividend reinvestments elected prior to the reporting person becoming an insider. The reported transactions originally qualified for deferred reporting pursuant to Rule 16a-6 of the Securities Exchange Act of 1934.

The Restricted LLC Units of New Ryan Specialty, LLC (the "LLC") vested and, at the option of the Issuer, settled into shares of Class A common stock of the Issuer.

Represents Restricted LLC Units of New Ryan Specialty, LLC granted on July 23, 2021 which vest 10% each year from July 22, 2024 to July 22, 2030 and 30% on July 22, 2031. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3). Each Restricted LLC Unit represents a contingent right to receive on vesting (i) one Common Unit of the LLC and one share of Class B common stock of the Issuer or (ii) at the option of the issuer, one share of Class A common stock of the Issuer. The Common Units are exchangeable on a one-for-one basis for Class A Common Stock of the Issuer.