X0306 4 2017-05-08 0 0001675033 Great Elm Capital Corp. GECC 0001429074 Mast Capital Management, LLC 200 CLARENDON STREET 51ST FLOOR BOSTON MA 02116 0 0 1 0 0001429076 Steinberg David J. 200 CLARENDON STREET 51ST FLOOR BOSTON MA 02116 0 0 1 0 Common Stock 2017-05-08 4 J 0 162345 11.50 D 2494139 I See footnotes Common Stock 2017-05-08 4 J 0 302543 11.50 D 2802018 I See footnotes Common Stock 2017-05-08 4 J 0 17030 11.50 D 157725 I See footnotes The transactions reported herein are the disposition of Common Stock, $0.01 Par Value, of Great Elm Capital Corp., a Maryland corporation (the "Common Stock" and the "Issuer"), pursuant to a self-tender conducted by the Issuer. Represents shares of Common Stock held directly by Mast Credit Opportunities I Master Fund Limited, for which MAST Capital Management, LLC ("Mast Capital") is the investment manager. As the investment advisor of the private investment funds disclosed herein (collectively, the "MAST Accounts"), MAST Capital may be deemed to be the beneficial owner of the shares of Common Stock held by the MAST Accounts. MAST Capital also has the right to an asset-based fee relating to the MAST Accounts. Pursuant to Rule 16a-1, MAST Capital disclaims such beneficial ownership, except to the extent of its pecuniary interest therein. Mr. Steinberg may also be deemed to beneficially own the shares of Common Stock beneficially owned (or deemed to be beneficially owned) by MAST Capital, as he is the principal of MAST Capital. Pursuant to Rule 16a-1, Mr. Steinberg disclaims such beneficial ownership, except to the extent of his pecuniary interest therein. Represents shares of Common Stock held directly by Mast Select Opportunities Master Fund, L.P., for which MAST Capital is the investment manager. Represents shares of Common Stock held directly by Mast Admiral Master Fund, L.P., for which MAST Capital is the investment manager. MAST CAPITAL MANAGEMENT, LLC, By: /s/ David J. Steinberg, Name: David J. Steinberg, Title: Authorized Signatory 2017-05-19 /s/ David J. Steinberg 2017-05-19