titative easing to be somewhere between absurd and duplicitous. All of this is to say that we're concerned, but sadly, have few solutions to offer. Mangrove Partners 110 East 534 St. 31° Floor. New York. NY 10022 EFTA00293598 In August, we exited our position in Intralot (Athens: INLOT GA). We originally invest

for the U.S. Fund and Cayman Fund, respectively. Results include an estimate for the month immediately preceding the date of this letter, represent Mangrove Partners best estimate, and do not benefit from the MI accounting process Mat produces the final results for other months in the period. Actual performance m

on lawsuit against New York State. Based on the damages assessed, we believed that the company was worth nearly double its market price and that we Mangrove Partners 110 East 53rd St. 31° Floor. New York. NY 10022 I ph 646.450.0418 I [email protected] EFTA00307019 had a hard catalyst with a final ruling

To: From: Sent Mon 12/18/2017 2:59:03 PM Subject: FW: Mangrove Partners Annual Meeting Titic: Paperless Post Mailing I will go to this From: Mangrove Partners [mailto:[email protected]] V II Se • , De

ve asked to wait that could invest sooner should you not wish to invest. Thank you, EFTA00434902 Nathaniel Nathaniel August Portfolio Manager Mangrove Partners email: This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you a

er people we have asked to wait that could invest sooner should you not wish to invest. Thank you, Nathaniel Nathaniel August Portfolio Manager Mangrove Partners EFTA00434893 email: This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addr