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Document is filed as DFAN14A exhibit. Lead Portfolio Manager Jim Chadwick is named on cover; firm is Ancora Advisors. Stake of 5.46% comes from the recapped April 2016 13D filing in the engagement timeline. Strong governance/comp narrative built around peer-gap tables and a striking pay-for-underperformance chart (p.24); little on valuation/SOTP. Visual style is functional institutional PowerPoint — Calibri body, blue/grey palette, simple bar charts with data labels, no editorial craft.", "kpisCited": [ { "detail": "EDGW 74.68% vs. North American IT Consulting peer median 209.80%", "metric": "Total shareholder return since Jan 2002 (Singleton tenure)" }, { "detail": "EDGW -10.97% vs. peer median +9.40%", "metric": "1-year total shareholder return (as of 12/06/16)" }, { "detail": "EDGW -5.48% vs. peer median +52.07%", "metric": "3-year total shareholder return" }, { "detail": "EDGW 32.94% vs. peer median 20.43% (61% worse)", "metric": "SG&A as % of revenues (Avg FY2011 - LTM 9/30/16)" }, { "detail": "EDGW 3.53% vs. peer median 7.23% (51% worse)", "metric": "EBIT margin" }, { "detail": "EDGW 5.45% vs. peer median 11.10% (51% worse)", "metric": "EBITDA margin" }, { "detail": "$17.19M = 90.3% of cumulative EBIT and 172.3% of cumulative net income", "metric": "Cumulative CEO + CTO compensation 2002-2015" }, { "detail": "-$60.4M after $111.9M of CapEx + acquisitions", "metric": "Cumulative free cash flow FY2002 - 9/30/16" }, { "detail": "$104M spent on M&A; market cap $93.8M as of 1/20/2017", "metric": "Acquisition spend since 2002 vs. current market cap" }, { "detail": "7,700 shares combined across four directors", "metric": "Legacy director share purchases in past 10 years" }, { "detail": "6 of 8 directors have served 10+ years; average tenure ~11 years", "metric": "Board tenure" } ], "closingAsk": "Recommend in favor of Ancora's consent solicitation to remove four legacy Edgewater directors and seat Ancora's four nominees so a new board can replace senior leadership, fix compensation, cut overhead and reopen strategic alternatives.", "extraction": { "at": "2026-04-22 17:52:11+00", "model": "unknown-legacy", "runId": null, "seconds": 128.90686, "promptVersion": null }, "scqaReward": "Closing the gap to peer IT-consulting margins and TSR — peers compounded 210% versus Edgewater's 75% since 2002 — implies a substantial multi-year re-rating, with all options including a piecewise sale kept on the table.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround" ], "top3Reasons": [ "EDGW returned 75% under Singleton vs. 210% peer median since 2002", "Singleton + Clancey took $17.2M comp — 90% of cumulative EBIT", "6 of 8 directors entrenched 10+ years; bought just 7,700 shares in a decade" ], "scqaSituation": "Edgewater Technology is a small-cap North American IT consulting firm run for fourteen years by CEO Shirley Singleton and CTO David Clancey, with a board where six of eight directors have served over a decade.", "thesisSummary": "Ancora argues that Edgewater Technology has been chronically mismanaged under fourteen-year CEO Shirley Singleton and CTO David Clancey, who together have collected $17.2M in compensation — roughly 90% of cumulative EBIT and 172% of cumulative net income — while delivering a 75% total return since 2002 versus a 210% peer median and burning $60M of cumulative free cash flow on $104M of acquisitions. 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Past performance of investment strategies discussed is no guarantee of future results or returns. 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. Investments should be deemed to be speculative in nature and are subject to various investment and trading risks including the risk of possible loss of principal.\n\nAncora is a registered investment adviser with the SEC. A more detailed description of the company, its management and practices is contained in its registration document, Form ADV, Part II A. 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