Highland Special Situations Fund

expiry = 2010-10-21...L INTEREST DATED SEPTEMBER 22, 2010 LETTER OF TRANSMITTAL MUST BE RECEIVED BY BNY MELLON INVESTMENT SERVICING (US) INC. BY 4:00 P.M., EASTERN TIME, ON OCTOBER 21, 2010 THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 4:00 P.M., EASTERN TIME, ON OCTOBER 21, 2010 UNLESS THE OFFER IS EXTENDED To the common shareholders of Highland Special Situations Fund: Highland Special Situations Fund, a non-diversified, closed-end management investment company organized as a Delaware statutory trust (the “Fund”)...

txn_type = TENDER_OFFEREX-99.B 3 d76349exv99wb.htm EX-99.B exv99wb EXHIBIT B Offer to Purchase HIGHLAND SPECIAL SITUATIONS FUND NexBank Tower 13455 Noel Road, Suite 800 Dallas, Texas 75240 OFFER TO PURCHASE UP TO 85.9% OF THE OUTSTANDING COMMON SHARES OF BENEFICIAL INTEREST DATED SEPTEMBER 22, 2010 LETTER OF TRANSMITTAL MUST BE RECEIVED BY BNY MELLON INVESTMENT SERVICING (US) INC. BY 4:00 P.M., EASTERN TIME, ON OCTOBER 21, 2010 TH...

untradeable = True...onth during which the Offer actually expires (the “Valuation Date”). This Offer is being made to all Common Shareholders and is not conditioned on any minimum amount of Common Shares being tendered, but is subject to certain conditions described below. Common Shares are not traded on any established trading market and are subject to restrictions on transferability under the Fund’s Agreement and Declaration of Trust, as amended from time to time (the “Declaration of Trust”). The Offer will remain open until 4:00 p.m., Eastern Time, on October 21, 2010 (the “Initial Expiration Date”), or, if the Offer is extended, until any later date that correspon...