Corporate Disclosures

Ancora Holdings Group LLC is the parent company of four registered investment advisers with the United States Securities and Exchange Commission; Ancora Advisors, LLC, Ancora Alternatives, LLC, Ancora Family Wealth Advisors, LLC and Ancora Retirement Plan Advisors, LLC. In addition, it owns two insurance agencies: Ancora Insurance Solutions LLC and Inverness Securities LLC. Inverness Securities is a FINRA & SIPC member broker dealer. A more detailed description of the firm, its products and services, management team and practices are contained in the firm brochures, Form ADV Part 2A and other disclosures upon request. Qualified prospective investors may obtain these documents by contacting the company at: 6060 Parkland Boulevard, Suite 200, Cleveland, Ohio 44124, Phone: 216-825-4000, or by going to ancora.net.

General Market Commentary Disclosures

This information is being provided as general market commentary only. It has been obtained from sources believed to be reliable and does not consider the specific investment objectives, financial situation or particular needs of any one client. The information in this report is not intended to be used as the primary basis of investment decisions, and because of individual client objectives, should not be construed as advice designed to meet the particular investment needs of any investor. The comments may not be relied upon as recommendations, investment advice or an indication of trading intent. Please consult your investment advisor, tax advisor or legal counsel to determine how strategies may relate to your individual circumstances. The thoughts and opinions expressed herein do not necessarily reflect the views of Ancora. Both past performance and yields are not reliable indicators of current and future results. Investing involves risk, including the possible loss of principal and fluctuation of value. It is not possible to invest directly in an index. Exposure to an asset class represented by an index may be available through investable instruments based on that index.

General Investment Disclosures

The Presentation is not, and does not otherwise contain, any offer or solicitation to purchase, including in any investment vehicle managed by Ancora. The mention of specific securities, the securities of foreign exchanges and investment strategies in this Presentation should NOT be considered an offer to sell or a solicitation of an offer to purchase any specific securities or securities listed on a particular foreign exchange. The Presentation should not be construed as legal or tax advice. An offer or solicitation may only be made pursuant to the applicable Fund’s subscription documents and only to investors who meet certain qualifications. The information presented herein should not be considered advice or a recommendation to purchase or sell any security (whether on the terms shown herein or otherwise), Please consult an Ancora investment professional on how the purchase or sale of specific securities can be implemented to meet your particular investment objectives, goals and risk tolerances.

Investment return and principal value will fluctuate so that an investment when redeemed or sold may be worth more or less than the original cost. Statistics, tables, graphs and other information included in this document have been compiled from various sources and are believed to be reliable. Ancora believes the facts and information to be accurate and credible but makes no guarantee to the complete accuracy of this information, including opinions, projections or statements on economic, market or similar forward-looking views. These views or statements may reflect various assumptions concerning anticipated results that are inherently subject to significant economic, competitive and other risks, uncertainties and contingencies. Thus, actual results may vary materially from estimates and targeted or projected results contained herein. An investment is deemed to be speculative in nature. Therefore, recipients are cautioned not to place undue reliance on such statements.

This Presentation is for informational purposes only. No part of this Presentation may be reproduced in any manner without the written permission of Ancora. Each person who has received or viewed this Presentation is deemed to have agreed: (i) not to reproduce or distribute this Presentation, in whole or part; (ii) not to disclose any information contained in this document except to the extent that such information was (a) previously known by such person through a source (other than the Fund, its partners or advisors) not bound by any obligation to keep confidential such information, (b) in the public domain through no fault of the person, or (c) later lawfully obtained by such person from sources (other than the Fund, its partners or advisors) not bound by any obligation to keep such information confidential; and (iii) to be responsible for any disclosure of this document by such person or any of its employees, agents or representatives.

GIPS Compliance Disclosures

Ancora Advisors, LLC is an SEC registered investment adviser and a wholly-owned subsidiary of The Ancora Group, a wholly-owned subsidiary of Ancora Holdings Group LLC. SEC registration does not imply a certain level of skill or training. Ancora Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®).

To obtain a GIPS Compliant Report and/or a list of composite descriptions you may contact:

Renie Walters, GIPS Compliance Officer & Head of Investment Performance Measurement
6060 Parkland Boulevard, Suite 200
Cleveland, Ohio 44124

Investors should consider the strategy’s investment objectives, risks and expenses carefully before investing. This and other important information about the strategy can be found in the strategy’s GIPS compliant report. Gross returns are calculated gross of management and net of transaction costs. Net returns are calculated net of actual management fees and transaction costs. Both returns are calculated gross of all withholding taxes on foreign dividends. The reported composite results reflect the reinvestment of dividends, capital gains, and other earnings when appropriate. The dispersion measure is the asset-weighted standard deviation of accounts in the composite for the entire year. The pooled investment vehicle in composites calculate net of fees returns net of all expenses including management fees and transaction costs. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request. GIPS® is a registered trademark owned by CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Private Fund Disclosures

Risk: There can be no assurance that investment objective will be met at any time. The commodities markets and the prices of various commodities may fluctuate widely based on a variety of factors. Performance may be linked to highly volatile commodity futures, options, or swaps, investors should only consider an investment as part of an overall diversified portfolio and should be willing to assume the risks of potentially significant fluctuations in its value. Commodities generally are volatile and are not suitable for all investors. Please refer to the investment’s investor documents for complete information regarding all risks associated with the investment. Investments are not FDIC insured and may lose value and have no bank guarantee. The value of the investment relates significantly to the value of the commodities held by the investment and fluctuations in their price could materially adversely affect the investment. Several factors may affect the value of the investments, including: A change in economic conditions, such as a recession, weather, interest rates, regulations, and more. Should there be an increase or decrease in the level of hedge activity of the commodities held by the investment, it could cause an adverse effect on performance.

The investment is offered to potential clients by the Confidential Private Offering Memorandum (CPOM), or Confidential Explanatory Memorandum (CEM), only. Admission is limited to those investors that meet the “Qualified Client”, “Qualified Purchaser” standards as listed on pages summarized herein and set forth in the CPOM or CEM. Prospective investors should review the CPOM or CEM prior to investing in the limited partnership. This Presentation SHOULD NOT be used as a substitute to reading the CPOM or CEM. Investments in limited partnership are subject to various investment, trading and foreign exchange risks including the risk of possible loss of principal, as more fully explained in the CPOM or CEM.

Trademark Notice

All trademarks, logos and company, product and service names are property of their respective owners. Any logos or company, product and service names used herein are for identification purposes only. Use of these names or logos does not imply endorsement.