Asta Funding Inc (ASFI): Mangrove Partners Ups Its Stake and Demands Representation on the Board

Page 10 of 14 – SEC Filing

D.	Mangrove Partners

(a)

As of the close of business on the date hereof, Mangrove Partners, as the investment manager of each of Mangrove Master Fund, Mangrove Fund and Mangrove Fund Cayman, may be deemed to beneficially own the 4,005,701 Shares directly owned by Mangrove Master Fund.

Percentage: Approximately 33.3%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 4,005,701

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 4,005,701

(c)

Mangrove Partners has not entered into any transactions in the Shares during the past sixty (60) days.

E.	Mangrove Capital

(a)

As of the close of business on the date hereof, Mangrove Capital, as the general partner of Mangrove Fund, may be deemed to beneficially own the 4,005,701Shares directly owned by Mangrove Master Fund.

Percentage: Approximately 33.3%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 4,005,701

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 4,005,701

(c)

Mangrove Capital has not entered into any transactions in the Shares during the past sixty (60) days.

F.	Nathaniel August

(a)

As of the close of business on the date hereof, Mr. August did not directly own any Shares. As a director of each of Mangrove Partners and Mangrove Capital, Mr. August may be deemed to beneficially own the 4,005,701 Shares directly owned by Mangrove Master Fund.

Percentage: Approximately 33.3%

(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 4,005,701

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 4,005,701

(c)

Mr. August has not entered into any transactions in the Shares during the past sixty (60) days.