Ancora Advisors LLC

Fees and Compensation

Management fees are based on the value of assets managed and fees are calculated as a percentage of
assets under management. Ancora reserves the right to waive fees and minimums in certain instances.

Ancora may receive performance-based fees for certain specialized accounts. Please see the “Sharing of
Capital Gains or Capital Appreciation” section of this document for more details.

Portfolio Management

Fees are based upon the client's total relationship with Ancora. Holdings of mutual funds and investment
partnerships where Ancora acts as the investment manager, to the fund itself, are generally excluded from
client’s separately managed account’s quarterly billing values. Advisory fees are negotiable in certain
instances. Some clients may pay higher or lower fees than shown below.

 Equity Managed Strategies                       Assets Under Management         Annual Advisory Fee

 Small-Mid Cap Core (SMID)                             Under 10 million                  1.00%

 Small Cap Core                                     10 million to 20 million             0.90%

 Mid Cap Core                                       20 million to 50 million             0.80%

 Dividend Value Equity                                 Over $50 million                  0.70%

 Fixed Income Managed Strategies                 Assets Under Management          Annual Advisory Fee
 Short Aggregate (Taxable)                          On the first 1 million               0.75%

 Intermediate Aggregate (Taxable)                    On the next 2 million                0.50%

 Aggregate (Taxable)                                 On the next 2 million                0.40%

 Muni (Tax Exempt)                                   On the next 5 million                0.30%

                                                     On the next 10 million               0.20%
 Cash Management
                                                        Over $20 million                Negotiable

 Managed Allocation Strategies                   Assets Under Management         Annual Advisory Fee

 Managed Allocation - Aggressive                     On the first 1 million              1.00%

                                                     On the next 2 million               0.70%
 Managed Allocation - Moderate
                                                     On the next 2 million               0.60%
 Managed Allocation - Conservative
                                                     On the next 5 million               0.50%

                                                    On the next 10 million               0.40%

                                                       Over $20 million                Negotiable

Ancora may reduce or waive its fees for organizations qualifying under 501C(3) of the IRS Code. The above
fees are progressive and are for the management of a client’s portfolio. For one example, if your account
has selected the Managed Allocation Strategies and is $3 million in value, the quarterly fee is calculated by
multiplying $1 million by .0100 plus multiplying $2 million by .0070 then take the total sum and divide by 4
to arrive at the total due.

Other Services

We offer clients the option of obtaining certain financial solutions from unaffiliated third-party financial
institutions through UPTIQ Treasury & Credit Solutions, LLC (together with UPTIQ, Inc. and its affiliates,
“UPTIQ”). Focus Financial Partners, LLC (“Focus”) is a minority investor in UPTIQ, Inc. UPTIQ is
compensated by sharing in the revenue earned by such third-party financial institutions for serving our
clients. The revenue paid to UPTIQ also benefits UPTIQ Inc.’s investors, including Focus, our parent
company. When legally permissible, UPTIQ also shares a portion of this earned revenue with our affiliate,
Focus Solutions Holdings, LLC (“FSH”). For securities-backed lines of credit (“SBLOCs”) made to our
clients, UPTIQ will share with FSH up to 75% of all revenue it receives from such third-party financial
institutions. For other loans (except residential mortgage loans) made to our clients, UPTIQ will share with
FSH up to 25% of all revenue it receives from such third-party financial institutions. For cash management
products and services provided to our clients, UPTIQ will share with FSH up to 33% of all revenue it receives
from the third-party financial institutions and other intermediaries that provide administrative and settlement
services in connection with this program. Although the amount of these revenue-sharing payments to FSH
is not charged directly in the calculation of the interest rate paid by clients on credit solutions facilitated by
UPTIQ or the yield earned by clients on cash management solutions facilitated by UPTIQ, the compensation
earned by UPTIQ is an expense of the third-party financial institutions that informs the interest rate paid by
clients on credit solutions and the yield earned by clients on cash management solutions. FSH distributes
this revenue to us when we are licensed to receive such revenue (or when no such license is required) and
the distribution is not otherwise legally prohibited. Further information on this conflict of interest is available
in Item 10 of this Brochure. We help our clients obtain certain insurance solutions by introducing clients to
our affiliate, Focus Risk Solutions, LLC (“FRS”), a wholly owned subsidiary of our parent company, Focus
Financial Partners, LLC. FRS assists our clients with regulated insurance sales activity by advising our
clients on insurance matters and placing insurance products for them and/or referring our clients to certain
third-party insurance brokers (the “Brokers”), with whom FRS has agreements, which either separately or
together with FRS place insurance products for them. If FRS places an insurance product or refers one of
our clients to a Broker and there is a subsequent purchase of insurance through the Broker, then FRS will
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Types of Clients
Description

Ancora Advisors, LLC provides investment advisor services for individual investors, high net worth
investors, investment companies (mutual funds), pooled investments (investment partnerships/investment

limited partnerships), and institutions such as pension/profit sharing plans, corporations, charitable & “Not-
for Profit” organizations, unions, and other investment advisers.

Account Minimums

Generally, a client account must be a minimum of $1 million unless related to other accounts which together
total $1 million. Our firm may charge a minimum annual fee for our services dependent on the scope of the
relationship. The minimum may be waived or reduced at the Firm’s discretion.

Methods of Analysis, Investment
Strategies and Risk of Loss