Mangrove Partners IM, LLC, a Delaware Limited Liability Company, provides investment management services on a discretionary basis to the Funds (defined below) which are privately offered pooled investment vehicles intended for sophisticated individual and institutional investors. (Mangrove Partners IM, LLC is referred to as “Mangrove,” the “Firm” or the “Adviser” in this Brochure and references to “us”, “we” and “our” also refer to Mangrove.) Mangrove is the investment manager for The Mangrove Partners Fund, L.P., a Delaware limited partnership (the “US Feeder”), The Mangrove Partners i-Feeder 1, Ltd., a Cayman Islands exempted company (the “iFeeder”), The Mangrove Partners Fund (Cayman Drawdown), L.P., a Cayman Islands limited partnership (the “Drawdown Feeder”), and The Mangrove Partners Master Fund, Ltd., a Cayman Islands exempted company (the “Cayman Master”). Each of the foregoing funds is referred to individually as a “Fund” and collectively as the “Funds”. “Investor” refers to any investor in any of the Funds. Additionally, Mangrove manages the assets of certain private insurance company subsidiaries of a Bermudan insurance holding company, including a Bermudan insurance company, a New York State insurance company and an Irish insurance company (collectively, “Insurance Accounts”). The Insurance Accounts’ assets generally include investments in the iFeeder, which is invested in the Cayman Master, and in portfolios of fixed income securities managed under separate investment management agreements. The Funds and the Insurance Accounts are herein collectively referred to as the “Clients”. An affiliate of Mangrove, Mangrove Capital GP, LLC, a Delaware limited liability company (the “General Partner”), serves as the general partner of the Drawdown Feeder and of the US Feeder. The US Feeder, the Drawdown Feeder, and the iFeeder are constituents of a “master-feeder” structure for which the Cayman Master serves as the master fund. Each of the Funds is exempt from the registration requirements of the Investment Company Act of 1940 (the “Investment Company Act”). The Funds’ shared

investment objective is to organically compound their net worth while minimizing the chances of a permanent loss of capital. Mangrove’s investment strategy concentrates on an identified subset of systematically underfollowed investments and inefficient markets. Our goal is to generate positive returns from both long and short investments as opposed to employing a relative value or market hedging strategy. Our investment process involves in-depth analysis and valuation work at the company level while being cognizant of underlying industry dynamics. Our deep value discipline in combination with our focus on underfollowed securities gives us our edge. Mangrove neither tailors its advisory services to the individual needs of investors in the Funds (“Investors”), nor accepts investor-imposed investment restrictions. For further details on the Mangrove investment strategy, please see Item 7 (“Types of Clients”) and Item 8 (“Methods of Analysis, Investment Strategies and Risk of Loss”) below. The Adviser is an indirect, wholly-owned subsidiary of Mangrove Holding, Inc., a Delaware corporation that has elected to be treated as an S-corp. The Mangrove Retirement Savings Plan holds 100% of the outstanding equity of Mangrove Holding, Inc. and has an independent institutional trustee. All eligible employees of the Adviser, including Nathaniel August and Ward Dietrich, participate in the Mangrove Retirement Savings Plan, which provides participants the opportunity to earn a retirement benefit based upon the value of Mangrove Holding, Inc. The independent trustee, as the sole equity owner, possesses the rights of ownership and acts as a fully discretionary fiduciary for the plan under the Employee Retirement Income Security Act of 1974. Nathaniel August, as the President of the Adviser and the General Partner, directs the day- to-day affairs of the Adviser and the General Partner. As of December 31, 2022, Mangrove manages on a discretionary basis approximately $1,522,439,572 of client assets, in net equity terms. Mangrove does not currently manage any client assets on a non-discretionary basis.