Special Opportunities Fund, Inc. Announces Dividends on Common and Convertible Preferred Stock

NEW YORK–(BUSINESS WIRE)–Special Opportunities Fund, Inc. (NYSE: SPE) (the “Fund”) today
announced that the Fund’s Board of Directors (the “Board”) has declared
a year-end cash dividend of $1.45 per share of common stock which is
estimated to consist of $0.98 of long term capital gains, $0.20 of short
term capital gains and $0.27 of net investment income.

The dividend is payable on December 31, 2018 to common stockholders of
record as of December 19, 2018.

In addition, the Board has declared a quarterly cash dividend of
$0.21875 on the Fund’s 3.50% Convertible Preferred Stock, Series B. The
dividend is payable on December 31, 2018 to holders of record as of
December 19, 2018.

The final determination of the sources of all distributions in 2018 will
be made after year end and may vary from the amounts provided above.

Periodically updated information on the Fund can be obtained by visiting
the Fund’s website at www.specialopportunitiesfundinc.com.

Contacts

U.S. Bank Global Fund Services – John Buckel (414) 765-4255