ve of the large cap U.S. equities market and is produced by Standard & Poor's, Inc. This index is adjusted to reflect the reinvestment of dividends. HFRX GL and S&P 500 are presented as two broad indices. While Mangrove Partners believes neither represents a benchmark for The Mangrove Partners Fund, L.P.

ative of the large cap US equities market and is produced by Standard & Poors, Inc. This index is adjusted to reflect the reinvestment of dividends. HFRX GL and S&PS00 are presented as two broad indices. While Mangrove Partners believes neither represents a benchmark for The Mangrove Partners Fund, LP.,