First Capital Consulting, Inc. became registered as an Investment Adviser in 1984. On March 31, 2019 First Capital Consulting, Inc. was renamed FCCI Consulting, LLC (“FCC”). FCC is a limited liability company in the state of New York. Pursuant to a Transfer Agreement dated March 31, 2019, FCC’s membership interest was assigned to Friedrich Perrino LLC. Furthermore, the membership interests in Excelsior Opportunity Management, LLC and Excelsior Management, LLC were also assigned to Friedrich Perrino, LLC. As such, the managing partners of Friedrich Perrino LLC are Carl Friedrich and Stephen Perrino. FCC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and is the investment adviser/manager to three (3) Investment Partnerships,
• Excelsior Investment Fund, L.P,
• Excelsior Opportunity Fund L.P. and
• Excelsior Qualified, L.P. (the “Investment Partnerships”). The general partners of these funds are:
• Excelsior Management, LLC or Excelsior Opportunity Management, LLC for all three funds, (“General Partner”). On March 31, 2019, Stephen Perrino and Carl Friedrich became the co-members of the General Partner. The General Partner has sole and complete authority to manage the Investment Partnerships’ operations and activities. Previously, the investment manager for Excelsior Opportunity Fund LP (“EOF”) was Excelsior Opportunity Advisors, LLC (“EOA”), an affiliate of FCC and an exempt reporting adviser. EOA has withdrawn its registration on March 21, 2019 with the Securities Exchange Commission as an exempt reporting advisor and has appointed FCC as the investment manager. FCC has incorporated EOF into its registration with the Securities Exchange Commission. Pursuant to an executed sub-advisory agreement on October 1, 2018 (Effective Date) and as amended on March 31, 2019 (to reflect the name change), FCC, who serves as the investment adviser to the Investment Partnerships, retained CAPTRUST Financial Partners ("CAPTRUST") as the sub-adviser to the Investment Partnerships. CAPTRUST is an unaffiliated registered investment adviser under the Investment Advisers Act of 1940. Subject to FCC's oversight and consultation, CAPTRUST shall (a) direct, advise, and oversee the investment research and due diligence for the Investment Partnerships, which may be conducted by FCC and/or CAPTRUST (together, the “Advisers”); and (b) furnish a continuous investment program for, and manage the investment and reinvestment of, the Investment Partnership assets. Pursuant to the sub-advisory agreement, which FCC has entered into with CAPTRUST, the fees earned by FCC on the Investment Partnerships are shared 50% with CAPTRUST, which has been retained as sub-advisor. FCC manages three Investment Partnerships for individuals and/or small businesses, pooled investment vehicles and charitable organizations. FCC allocates limited partners’ capital into the Investment Partnerships. FCC researches, identifies, interviews, evaluates, selects and monitors the third-party investment managers (the "Designated Managers") selected to manage the assets of each fund. These funds are funds of funds. FCC manages the funds’ overall investment position, including on-going evaluation of the Designated Managers, and makes periodic changes in the allocation of funds to existing and new Designated Managers as it deems appropriate. FCC believes that the Investment Partnership's investment objective can be achieved with diversified asset management utilizing several independent Designated Managers that employ Equity, Event Driven, Global Macro, Relative Value, Private Investments and other investment strategies (See “Strategies Employed” below). These Designated Managers, through their own pooled investment vehicles in which the Investment Partnership is a participant, employ varying investment styles and strategies. The Investment Partnerships are as follows: The Excelsior Investment Fund L.P. and Excelsior Qualified L.P. are a Delaware limited partnership and New York limited Partnership, respectively, and are investment partnerships that pool their Limited Partners' capital in order to have such funds managed by several Designated Managers chosen by the Advisers. The Investment Partnerships’ investment objectives, as described in the funds’ offering memoranda, are to seek above average rates of return, on a semi-annual basis in excess of one-half (0.5) of the average of the six (6) month United States Treasury Bill rates at the beginning and end of each semi-annual period plus one-half percent (0.5%), with limited exposure to market risk. However, no assurance can be given that the Investment Partnerships’ investment objective will be achieved, and investment results may vary substantially on a monthly, quarterly, annual and/or other periodic basis. The Excelsior Opportunity Fund L.P. is a Delaware limited partnership formed on January 11, 2012. The Partnership’s investment objective is to invest in a variety of investment strategies that offer the opportunity for capital appreciation or income. The Partnership seeks to accomplish this investment objective by identifying investment opportunities in separately managed accounts, investment pools or other managed funds each, a Designated Manager, that Advisers believe possess one or more favorable investment characteristics. Designated Managers are typically managed by third party investment advisers. The Designated Managers available for investment by Limited Partners will, in Adviser’s discretion, change from time to time and over time, and not all Limited Partners will be invested in the same Designated Managers. Some Designated Managers will have redemption or withdrawal features (e.g., on a monthly, quarterly or other basis following appropriate notice) and others will be illiquid (e.g., most private equity and real estate funds). FCC monitors the performance of Designated Managers and may, subject to the liquidity policies of the Designated Managers, determine to withdraw or redeem funds from one or more Designated Managers in part or in whole at any time. As noted above, FCC is the investment adviser to The Excelsior Investment Fund L.P. Excelsior Qualified L.P. and The Excelsior Opportunity Fund L.P. which are unregistered investment companies organized as limited partnerships. As noted above, FCC and or its owners are affiliated with each of these funds and with the General Partners to the funds, Excelsior Management, LLC and Excelsior Opportunity Management, LLC. A complete description of each fund (including the terms, conditions, risks, conflicts and fees, including incentive compensation) is set forth in each fund’s offering documents. Please Note: The Investment Partnerships generally involve various risk factors, including, but not limited to, potential for complete loss of principal, liquidity constraints and lack of transparency, a complete discussion of which is set forth in the fund's offering documents, which will be provided to each limited partner for review and

consideration. Unlike other liquid investments that an investor may maintain, private investment funds do not provide daily liquidity or pricing. Each prospective investor that elects to invest in the Investment Partnerships will be required to complete a Subscription Agreement, pursuant to which the investor shall establish that it is qualified to invest in the Investment Partnerships, and acknowledges and accepts the various risk factors that are associated with such an investment. Please Also Note: Valuation: In the event that FCC references Investment Partnerships in any account reports prepared by FCC, the value(s) for all Investment Partnerships owned by the investor shall reflect the most recent valuation provided by the general partner as obtained from the Designated Managers. If the Designated Manager does not provide a post-purchase valuation, then the valuation shall reflect the initial purchase price (and/or a value as of a previous date) or the current value(s) (either the initial purchase price and/or the most recent valuation provided by the general partner). If the valuation reflects the initial purchase price (and/or a value as of a previous date), then the current value(s) (to the extent ascertainable) could be significantly more or less than the original purchase price. Please Also Note: The affiliated fund invests in unaffiliated Designated Manager funds. A limited partner will incur separate fees: (1) the fee charge by the underlying unaffiliated Designated Manager funds; and (2) the Investment Partnership management fee or management allocation charged by FCC (see Item 5 below for purposes of calculating FCC’s fee); and (3) in the case of the Excelsior Opportunity Fund, L.P., a performance-based fee may be charged by the general partner. Types of Agreements The following agreements define the client relationships: Confidential Private Placement Memorandum (“Memorandum”) The Memorandum outlines the Investment Partnership, Investment Objective, Investment Strategy, General Partner, Investment Advisor, Eligibility, Admission, Withdrawals, Management Fees and Expenses, Risk Factors and Conflicts of Interests. Limited Partnership Agreement (“LPA”) The LPA together with the Memorandum, outline the purpose of the Investment Partnership, which is to serve as a fund through which the assets of its Partners are principally invested with independent investment managers ("Designated Managers"). Subscription Agreement Persons and entities (the "Subscribers") wishing to subscribe to an Investment Partnerships are required to complete and sign the Subscription Agreement, Form W-9 and Anti-Money Laundering Supplement. Excelsior Investment Advisers, LLC Excelsior Investment Advisors, LLC(“EIA”) is a newly registered investment advisor established in January 2021 ( CRD# 311850/SEC#: 801-120085 ). EIA is a related adviser to, and under common control with, FCC. EIA and FCC are solely owned by Friedrich Perrino LLC (which LLC is owned equally by Steven Perrino and Carl Friedrich). Mr. Perrino and Mr. Friedrich are also the EIA’s Managing Members. EIA provides discretionary investment advisory services on a fee basis. EIA’s annual investment advisory fee may include investment advisory services, and, to the extent specifically requested by the client, financial planning and consulting services. EIA intends to manage unregistered private investment funds or “Investment Partnerships” (organized as limited partnerships) for other advisors, individuals and/or small businesses, pooled investment vehicles and tax exempt organizations. EIA researches, identifies, interviews, evaluates, selects and monitors the third-party investment managers (the "Designated Managers") selected to manage the assets of each fund. These private funds are established as funds of funds. Additional information on EIA may be obtained from EIA’s Disclosure Brochure. Please Note- Conflict of Interest: Investment management clients of EIA may be introduced to invest in affiliated private funds managed by FCC, thereby creating a conflict of interest relative to FCC representatives’ introduction of the fund. FCC’s representatives have an economic incentive to introduce FCC’s managed pooled investment vehicles to EIA clients (i.e., as result of the introduction, EIA will assist an existing client from whom it currently earns, and or anticipates it will continue to earn, investment advisory fees and the management fee earned by FCC in connection with fund management shall increase). Please also note: EIA does not charge individual clients a direct investment advisory fee on assets allocated to its affiliate FCC’s Investment Partnerships. Given the conflict of interest, FCC advises that potential fund investors consider seeking advice from independent professionals (i.e., attorney, CPA, etc.) of their choosing prior to becoming a Fund investor. No EIA client is under any obligation to become an investor in a FCC managed Investment Partnership. Cybersecurity Risk. The information technology systems and networks that FCC and its third- party service providers use to provide services to FCC’s clients employ various controls, which are designed to prevent cybersecurity incidents stemming from intentional or unintentional actions that could cause significant interruptions in FCC’s operations and result in the unauthorized acquisition or use of clients’ confidential or non-public personal information. Clients and FCC are nonetheless subject to the risk of cybersecurity incidents that could ultimately cause them to incur losses, including for example: financial losses, cost and reputational damage to respond to regulatory obligations, other costs associated with corrective measures, and loss from damage or interruption to systems. Although FCC has established its systems to reduce the risk of cybersecurity incidents from coming to fruition, there is no guarantee that these efforts will always be successful, especially considering that FCC does not directly control the cybersecurity measures and policies employed by third-party service providers. Clients could incur similar adverse consequences resulting from cybersecurity incidents that more directly affect issuers of securities in which those clients invest, broker-dealers, qualified custodians, governmental and other regulatory authorities, exchange and other financial market operators, or other financial institutions. Investment Risk. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by FCC) will be profitable or equal any specific performance level(s). FCC shall provide investment advisory services specific to the needs of each Investment Partnership. FCC does not participate in a wrap fee program. As of December 31, 2022, FCC had $174,751,115 in discretionary assets under management.