Ancora Alternatives 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 its investment partnerships and 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 excluded from client’s
separately managed account’s (SMA) quarterly billing values. Advisory fees and other fees are dependent
on the scope of the engagement and are negotiable in certain instances. Fees can take form of a
management fee, incentive fee or both. Specific client conditions need to be met before Ancora can accept
a relationship into one of our Private Funds or SMAs. Those conditions include but are not limited to;
meeting qualifies or accredited investor standards or corresponding eligibility rules; acceptance of Fund
terms and conditions which include but are not limited to; withdrawal, notice period, lockup, early
redemption fee, high watermark, non-disclosure and other conditions outlined in Ancora’s and the Fund’s
documents. Ancora may also offer 3c7 and 3c1 Fund structures which could have different fees. Please
review all offering documents and disclosures before investing with Ancora. Some clients may pay higher
or lower fees than others. Ancora may reduce or waive its fees for organizations qualifying under 501C(3)
of the IRS Code. Separate from fees that are paid as a client/investor in one of our private funds, SMA fees
are paid quarterly and progressive, unless otherwise described in the client agreement.

Other Services
Fees 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

receive a portion of the upfront and/or ongoing commissions associated with the sale by the insurance
carrier with which the policy was placed. The amount of revenue earned by FRS for the sale of these
insurance products will vary over time in response to market conditions and will also differ based on the
type of insurance product sold and which Broker placed the policy. The amount of insurance commission
revenue earned by FRS is considered for purposes of determining the amount of additional compensation
that certain of our financial professionals are entitled to receive. Additionally, in exchange for allowing
certain of the Brokers to participate in the FRS platform and, thereby, to offer their services to our clients
and certain of our affiliates’ clients, FRS receives periodic fees (the “Platform Fees”) from such Brokers.
The Platform Fees are expected to change over time. Such Platform Fees are revenue for FRS and,
ultimately, for our common parent company, Focus, but we do not share in such revenue. FRS also
indirectly benefits from our clients’ use of the services insofar as such use incentivizes the Brokers to
maintain their relationship with FRS and to continue paying Platform Fees to FRS, which could also support
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Types of Clients
Description

Ancora Alternatives LLC provides investment advisor services for high net worth or institutional investors,
Regulated Investment Companies, and, other Registered Investment Advisers or family offices, as well as
offering sub-advisory services.

Account Minimums

Generally, a client account must be a minimum of $1 million, unless Fund documents state otherwise or
unless related to other accounts which together total $1 million. Ancora reserves the right to waive this
minimum at its discretion.

Methods of Analysis, Investment
Strategies and Risk of Loss