X0306 4 2014-12-18 0 0001196298 NEPHROS INC NEPH 0001413621 Lambda Investors LLC 411 WEST PUTNAM AVENUE SUITE 125 GREENWICH CT 06830 1 0 1 0 0001048462 WEXFORD CAPITAL LP 411 WEST PUTNAM AVENUE SUITE 125 GREENWICH CT 06830 0 0 1 0 0001472112 Wexford GP LLC C/O WEXFORD CAPITAL LP SUITE 125 GREENWICH CT 06830 0 0 1 0 0001048485 JACOBS JOSEPH C/O WEXFORD CAPITAL LP 411 WEST PUTNAM AVENUE, SUITE 125 GREENWICH CT 06830 0 0 1 0 0001001391 DAVIDSON CHARLES E C/O WEXFORD CAPITAL LP 411 WEST PUTNAM AVE. GREENWICH CT 06830 0 0 1 0 Common Stock, par value $0.001 2014-12-18 4 J 0 3303808 A 15275748 I Held directly by Lambda Investors LLC Common Stock, par value $0.001 2014-12-18 4 J 0 14853 A 190446 I Held directly by Wexford Capital LP Class D Warrants .30 2007-11-14 2019-12-18 Common Stock 11742100 11742100 I Held directly by Lambda Investors LCC Common Stock Warrants .40 2011-03-10 2019-12-18 Common Stock 2782576 2782576 I Held directly by Lambda Investors LLC On December 18, 2014 Lambda Investors LLC ("Lambda") exercised certain subscription rights certificates received pursuant to a rights offering with Nephros, Inc. (the "Company"), Lambda received 3,303,808 shares of Common Stock at a purchase price of $0.60 per share for a cost of $1,982,284.80. On December 18, 2014, Wexford Capital LP ("Wexford") exercised certain subscription rights certificates received pursuant to a rights offering with the Company, Wexford received 14,853 shares of Common Stock at a purchase price of $0.60 per share for a cost of $8,911.80. In addition to these shares, since the date of the last group filing, Wexford received 50,790 shares of Common which the Company granted to Mr. Arthur Amron and Dr. Paul Mieyal in respect of their service as members of the Board of Directors of the Company. The grant of these shares was reported on Form 4's filed by Mr. Arthur Amron and Dr. Paul Mieyal on November 7, 2014. Each Form 4 indicated that the shares were assigned to Wexford. This form is jointly filed by Lambda, Wexford, Charles E. Davidson ("Davidson"), Joseph M. Jacobs ("Jacobs") and Wexford GP LLC ("Wexford GP"). The reported securities are held directly by Lambda and by Wexford. Wexford serves as manager, investment advisor or sub-advisor of Lambda, and as such may be deemed to share beneficial ownership of the securities beneficially owned by Lambda, but disclaims such beneficial ownership to the extent such beneficial ownership exceeds its pecuniary interest. Wexford GP, as the general partner of Wexford, may be deemed to share beneficial ownership of the securities beneficially owned by Lambda, but disclaims such ownership to the extent such beneficial ownership exceeds its pecuniary interest. (continued under Footnote (4) below). (continued from Footnote (3) above) Messrs. Davidson and Jacobs, as the controlling persons of Wexford GP, may be deemed to share beneficial ownership of any securities beneficially owned by Lambda for which Wexford serves as manager, investment advisor or sub-advisor, but disclaim such beneficial ownership to the extent such beneficial ownership exceeds their pecuniary interest. The Company agreed to amend the expriation of the existing Class D and Common Stock Warrants held by Lambda to December 18, 2019. Lambda Investors LLC By: Arthur Amron, Vice President and Assistant Secretary 2014-12-22 Wexford Capital LP, By: Wexford GP LLC, its general partner By Arthur Amron, Vice President and Assistant Secretary 2014-12-22 Wexford GP LLC, By Arthur Amron, Vice Presidentand Assistant Secretary 2014-12-22 Charles E. Davidson 2014-12-22 Joseph M. Jacobs 2014-12-22