SPE · Special Opportunities Fund, Inc. · Insider Trading

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $14.04 to $14.24, inclusive. The reporting person hereby 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 sold at each separate price within the ranges set forth in this footnote to this Form 4.

The Reporting Person disclaims beneficial ownership of the securities held Indirectly, and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

Shares were acquired by the limited partnership through the issuer's in-kind stock distribution in January 2026.

Amount includes shares acquired through the issuer's in-kind stock distribution in January 2026.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.7190 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.6813 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.6813 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.6813 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.6813 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.6813 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.6813 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.6813 shares of common stock for each share of Preferred Stock held.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $14.61 to $14.68, inclusive. The reporting person hereby 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 sold at each separate price within the ranges set forth in this footnote to this Form 4.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.5303 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.4375 shares of common stock for each share of Preferred Stock held.

The Reporting Person disclaims beneficial ownership of the securities owned by his spouse and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.3634 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio that is subject to adjustment. The current conversion ratio is equal to 1.3634 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.3634 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The Form 4 previously filed by the reporting person on 2/7/2023 inadvertently overstated both the acquisition amount (in column 4 of Table I) and total amount (in column 5 of Table I) by 1,000 shares, which error was carried forward in subsequent Form 4s filed by the reporting person. Shares reported here reflect accurate holdings.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio that is subject to adjustment. The current conversion ratio is equal to 1.3634 shares of common stock for each share of Preferred Stock held.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

The Form 4 previously filed by the reporting person on 2/7/2023 inadvertently overstated both the acquisition amount (in column 4 of Table I) and total amount (in column 5 of Table I) by 1,000 shares, which error was carried forward in subsequent Form 4s filed by the reporting person. Shares reported here reflect accurate holdings.

Includes shares acquired through reinvested distributions.

Includes shares acquired through reinvested distributions.

Includes shares acquired through reinvested distributions.

Includes shares acquired through reinvested distributions.

Includes shares acquired through reinvested distributions.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Includes shares acquired through reinvested distributions.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

The Reporting Person disclaims beneficial ownership of the securities owned by his minor children and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

The Reporting Person disclaims beneficial ownership of the securities owned by his spouse and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

The Reporting Person disclaims beneficial ownership of the securities owned by his spouse and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

Includes shares acquired through reinvested distributions.

Includes shares acquired through reinvested distributions.

Transferable subscription rights ("Rights") were issued on a pro rata basis to stockholders of record as of December 20, 2021 in connection with a rights offering by the Issuer at the rate of one Right for each five shares of common stock owned (the "Basic Subscription Right"). Each Right entitled its holder to purchase one share of 2.75% Convertible Preferred Stock, Series C ("Preferred Stock") at a subscription price of $25 per share. Pursuant to the terms of the offering, a stockholder who purchased the maximum amount of Preferred Stock pursuant to its Basic Subscription Right was also entitled to purchase additional shares of Preferred Stock that were not purchased by the other stockholders (the "Over-Subscription Privilege"). Additionally, in order to honor all Over-Subscription Privilege requests, the Issuer issued up to 1,500,000 additional shares of Preferred Stock to honor the Over-Subscription Privilege.

The rights offering expired January 21, 2022 and shares of Preferred Stock are expected to be allocated by the transfer agent to purchasing stockholders on or about January 27, 2022.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion rate equivalent to a conversion price of $20.50 per share of common stock (which is a ratio of 1.219 shares of common stock for each share of Preferred Stock held), subject to adjustment.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

Transferable subscription rights ("Rights") were issued on a pro rata basis to stockholders of record as of December 20, 2021 in connection with a rights offering by the Issuer at the rate of one Right for each five shares of common stock owned (the "Basic Subscription Right"). Each Right entitled its holder to purchase one share of 2.75% Convertible Preferred Stock, Series C ("Preferred Stock") at a subscription price of $25 per share. Pursuant to the terms of the offering, a stockholder who purchased the maximum amount of Preferred Stock pursuant to its Basic Subscription Right was also entitled to purchase additional shares of Preferred Stock that were not purchased by the other stockholders (the "Over-Subscription Privilege"). Additionally, in order to honor all Over-Subscription Privilege requests, the Issuer issued up to 1,500,000 additional shares of Preferred Stock to honor the Over-Subscription Privilege.

The rights offering expired January 21, 2022 and shares of Preferred Stock are expected to be allocated by the transfer agent to purchasing stockholders on or about January 27, 2022.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion rate equivalent to a conversion price of $20.50 per share of common stock (which is a ratio of 1.219 shares of common stock for each share of Preferred Stock held), subject to adjustment.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

Transferable subscription rights ("Rights") were issued on a pro rata basis to stockholders of record as of December 20, 2021 in connection with a rights offering by the Issuer at the rate of one Right for each five shares of common stock owned (the "Basic Subscription Right"). Each Right entitled its holder to purchase one share of 2.75% Convertible Preferred Stock, Series C ("Preferred Stock") at a subscription price of $25 per share. Pursuant to the terms of the offering, a stockholder who purchased the maximum amount of Preferred Stock pursuant to its Basic Subscription Right was also entitled to purchase additional shares of Preferred Stock that were not purchased by the other stockholders (the "Over-Subscription Privilege"). Additionally, in order to honor all Over-Subscription Privilege requests, the Issuer issued up to 1,500,000 additional shares of Preferred Stock to honor the Over-Subscription Privilege.

The rights offering expired January 21, 2022 and shares of Preferred Stock are expected to be allocated by the transfer agent to purchasing stockholders on or about January 27, 2022.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion rate equivalent to a conversion price of $20.50 per share of common stock (which is a ratio of 1.219 shares of common stock for each share of Preferred Stock held), subject to adjustment.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

Transferable subscription rights ("Rights") were issued on a pro rata basis to stockholders of record as of December 20, 2021 in connection with a rights offering by the Issuer at the rate of one Right for each five shares of common stock owned (the "Basic Subscription Right"). Each Right entitled its holder to purchase one share of 2.75% Convertible Preferred Stock, Series C ("Preferred Stock") at a subscription price of $25 per share. Pursuant to the terms of the offering, a stockholder who purchased the maximum amount of Preferred Stock pursuant to its Basic Subscription Right was also entitled to purchase additional shares of Preferred Stock that were not purchased by the other stockholders (the "Over-Subscription Privilege"). Additionally, in order to honor all Over-Subscription Privilege requests, the Issuer issued up to 1,500,000 additional shares of Preferred Stock to honor the Over-Subscription Privilege.

The rights offering expired January 21, 2022 and shares of Preferred Stock are expected to be allocated by the transfer agent to purchasing stockholders on or about January 27, 2022.

The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion rate equivalent to a conversion price of $20.50 per share of common stock (which is a ratio of 1.219 shares of common stock for each share of Preferred Stock held), subject to adjustment.

The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

Includes shares acquired through reinvested distributions.

Includes shares acquired through reinvested distributions.