Wexford Spectrum Fund, L.P.

Class A/C

Fund Investment Objectives

Wexford Spectrum Fund, L.P. (the Fund), a Delaware limited partnership, is an opportunistic, multi-strategy hedge fund that employs a macro style with a strong value bias and an emphasis on managing to market cycle and sentiment. Spectrum's goal is to maximize total rates of return while achieving low-to-moderate volatility. Wexford, Spectrum's Investment Manager, has particular expertise in bankruptcy/distressed, energy/natural resources, real estate, technology/telecommunication, transportation and trading. In addition to Spectrum, Wexford manages a series of private equity and specialized hedge funds that focus on Spectrum's target industries and/or strategies. Wexford believes this structure provides an incremental competitive advantage, supporting substantial breadth and depth of resources across the firm and giving a Wexford detailed knowledge and perspective across the private and public equity markets for its focus sectors. As of April 1, 2011 Class A was eliminated and all Class A interests were transferred to Class C. The historical performance from inception through June 30, 2006 reflects an annual management fee of 1.5% and from July 1, 2006 through June 30, 2009 an annual management fee of 2.0%. As of July 1, 2009 the Fund is only offering interests in Class C, which is subject to an annual management fee of 1.5%.