Spectrum is a Delaware limited liability company formed in 1999. The founder and principal owner of Spectrum is Jeffrey Schaffer. Spectrum primarily provides discretionary investment advisory services to private investment funds (each, individually a “Fund,” and together the “Spectrum Funds” or “Clients”) using a strategy that invests in high yielding loans, performing and stressed debt, defaulted debt, equities and other securities and investment assets. The investment vehicles are structured as Delaware or Cayman Islands limited partnerships and Cayman Islands exempted companies. A related person of Spectrum generally acts as general partner of each Spectrum Fund that is a Delaware limited partnership, and Spectrum generally acts as investment manager of each Spectrum Fund. Spectrum commenced operations in 1999. Effective December 31, 2015, Spectrum, with the approval of the Board of Directors of Spectrum Investment Partners, L.P. (“SIP”) and Spectrum Investment Partners International, Ltd. (“SIPI”), decided to return capital to all of the investors in SIP and SIPI. Periodic payments will be made in the future as assets are realized in an orderly manner consistent with maximizing value for investors. All distributions will be made on a pro rata basis to all investors. Spectrum is generally granted broad investment authority with respect to the management of the accounts of its Clients. Spectrum seeks investment opportunities in debt, whether newly originated or purchased on a secondary market, or equities that have the following characteristics: (i) excess assets securing or underlying the investment (low credit to intrinsic value ratios) and (ii) identifiable exit strategies or liquidity options. The objective of Spectrum’s investment strategy is to protect principal while seeking risk- adjusted returns in all market cycles with minimal correlation

to other strategies. Spectrum may also invest in options, futures, swaps or other derivative securities and forward contracts relating to loans or distressed or defaulted debt, and make short sales of any such securities for investment or hedging purposes. In addition to focusing heavily on asset coverage, Spectrum pays particular attention to exit strategies and liquidity options. Exit strategies typically will include a clear and achievable path to repayment through a sale of collateral, third party re-financing, equity infusion or debt for equity exchange. Spectrum tailors its advisory services to the specific investment objectives and restrictions of each Client. Spectrum may agree in the investment management agreement with each Client to investment restrictions or guidelines with respect to the types or amounts of securities or other financial instruments that may be purchased or sold for the Client’s account. Spectrum may pursue different investment strategies for different Clients. Investors and prospective investors in each Spectrum Fund should refer to the confidential private placement memorandum, limited partnership agreement and other governing documents for each Spectrum Fund (the “Governing Documents”) for more complete information on the investment objectives and investment restrictions with respect to a particular Spectrum Fund. There is no assurance that the investment objectives of any of the Spectrum Funds will be achieved. Spectrum may enter into “side letters” or similar agreements with certain investors in the Spectrum Funds granting the investor certain specific rights, benefits, or privileges that are not made available to investors generally. Spectrum does not participate in any wrap fee programs. As of December 31, 2023, Spectrum managed regulatory assets under management of $177,118,308 on a discretionary basis.