Excelsior Investment Advisors LLC ( “EIA” or the “Registrant”) is a limited liability company formed in the state of New York in December 2020. The Registrant became a registered investment advisor with the Securities and Exchange Commission on January 12, 2021 as a related adviser to FCCI Consulting, LLC. (“FCCI”) The Registrant is solely owned by Friedrich Perrino LLC, which is owned equally by Steven Perrino and Carl Friedrich. Mr. Perrino and Mr. Friedrich are also the Registrant’s Managing Members. B. INVESTMENT ADVISORY SERVICES The Registrant provides discretionary investment advisory services on a fee basis. Registrant’s annual investment advisory fee may include investment advisory services, and, to the extent specifically requested by the client, financial planning and consulting services. In the event that the client requires extraordinary planning and/or consultation services (to be determined in the sole discretion of the Registrant), the Registrant may determine to charge for such additional services, the dollar amount of which shall be set forth in a separate written notice to the client. The Registrant provides investment advisory services specific to the needs of each client. Before providing investment advisory services, an investment adviser representative will ascertain each client’s investment objectives. Thereafter, the Registrant will recommend that the client allocate investment assets consistent with the designated investment objectives. The Registrant primarily recommends that clients allocate investment assets among mutual funds and/or exchange traded funds (“ETFs”) in accordance with the client’s designated investment objective(s). Once allocated, the Registrant provides ongoing monitoring and review of account performance, asset allocation and client investment objectives. Registrant's annual investment advisory fee may include both investment management services and initial and/or ongoing financial planning and consulting services. However, in the event that the client requires extraordinary planning and/or consultation services (to be determined in the sole discretion of the Registrant), the Registrant may determine to charge for such additional services, the dollar amount of which shall be set forth in a separate written notice to the client. FINANCIAL PLANNING AND CONSULTING SERVICES (STAND-ALONE) The Registrant may provide financial planning and/or consulting services (including investment and non-investment related matters, including estate planning, insurance planning, etc.) on a stand-alone separate fee basis. Prior to engaging the Registrant to provide planning or consulting services, clients are generally required to enter into an agreement with Registrant setting forth the terms and conditions of the engagement (including termination), describing the scope of the services to be provided, and the portion of the fee that is due from the client prior to Registrant commencing services. It remains the client’s responsibility to promptly notify the Registrant if there is ever any change in their financial situation or investment objectives for the purpose of reviewing, evaluating or revising Registrant’s previous recommendations and/or services. MANAGEMENT OF AFFILIATED INVESTMENT FUNDS EIA (also an exempt commodity trading advisor) is affiliated with, and manages, 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. EIA manages the funds’ overall investment position, including ongoing evaluation of the Designated Managers, and makes periodic changes in the allocation of funds to existing and new Designated Managers as it deems appropriate. A complete description of the Investment Partnership (the terms, conditions, risks, conflicts and fees, including incentive compensation, is set forth in the Investment Partnership’s offering documents. EIA, on a non-discretionary basis, may recommend that qualified clients consider allocating a portion of their investment assets to the Investment Partnership. EIA believes that the Investment Partnership's investment objective can be achieved with diversified asset management utilizing several independent Designated Managers that employ Equity Long/Short, Event Driven, Relative Value, Private Investments and other investment strategies. These Designated Managers, through their own pooled investment vehicles in which the Investment Partnership is a participant, employ varying investment styles and strategies. Please Note: The Investment Partnerships generally involve various risk factors, including, but not limited to, the 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. 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 EIA) will be profitable or equal any specific performance level(s). 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 EIA references Investment Partnerships in any account reports prepared by EIA, 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: These affiliated funds invest 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 EIA (which fee is explained in the Investment Partnership’s private placement offering documentation). Please also see Item 5 below for purposes of calculating EIA’s fee). Please also note EIA does not charge individual clients a direct investment advisory fee on assets allocated to the Investment Partnership. EIA 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 the Investment Partnership. Affiliated Private Funds Managed by FCCI EIA’s affiliate, FCCI, is the investment adviser to three Investment Partnerships (The Excelsior Investment Fund L.P. Excelsior Qualified L.P. and Excelsior Opportunity Fund L.P. and each an exempt commodity pool operator) which are unregistered investment companies organized as a limited liability corporations and sponsored by FCCI’s affiliates, Excelsior Management, LLC and Excelsior Opportunity Management, LLC. Excelsior Management, LLC and Excelsior Opportunity Management, LLC serve as the General Partners for all three funds,(“General Partner”). The General Partner has sole and complete authority to manage the Investment Partnerships’ operations and activities. 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. EIA is therefore affiliated with each of these funds and with the General Partners to the Investment Partnerships. EIA, on a non-discretionary basis, may recommend that qualified clients consider allocating a portion of their investment assets to these Investment Partnerships. EIA’s clients are under absolutely no obligation to consider or make an investment in a private investment fund(s). Please Also Note: The affiliated funds invest 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 FCCI; and (3) in the case the Excelsior Opportunity Fund, L.P., a performance-based fee may be charged by the General Partner. EIA will not charge a management fee on client investments allocated to affiliated Investment Partnerships. Unaffiliated Private Funds EIA may also provide investment advice regarding unaffiliated private investment funds. EIA, on a non-discretionary basis, may recommend that certain qualified clients consider an investment in unaffiliated private investment funds, the complete description of which (the terms, conditions, risks, conflicts and fees, including incentive compensation) is set forth in each fund’s offering documents. EIA’s role relative to these unaffiliated private investment funds shall be limited to its initial and ongoing due diligence and investment monitoring services. If a client determines to become a private fund investor, the amount of assets invested in the fund(s) will be included as part of “assets under management” for purposes of EIA calculating its investment advisory fee. EIA’s clients are under absolutely no obligation to consider or make an investment in a private investment fund(s). Affiliated Fund Managed by EIA -Excelsior Endurance Fund LP EIA is the investment adviser to the Excelsior Endurance Fund LP (“Excelsior Endurance”). Excelsior GP LLC serves as the general partner to the investment partnership. As noted above, EIA and its affiliate, FCCI, manage investment partnerships for individuals and/or small businesses, pooled investment vehicles and charitable organizations. EIA researches, identifies, interviews, evaluates, selects, and monitors the third-party investment managers (the "Designated Managers") selected to manage the assets of Excelsior Endurance. The fund is a fund of funds. EIA manages the fund’s 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. Excelsior Endurance Fund L.P. is a Delaware limited partnership with an investment objective, as described in the funds’ Limited Partnership Agreement, to seek capital appreciation, with generation of income as a secondary objective. In seeking to achieve the investment objective, the Adviser will seek to achieve a rate of return that, over time, exceeds the average return that would be achieved by a hypothetical investment1 portfolio that is comprised of 50% investment in each of: (1) the S&P 500; and (2) the Bloomberg Barclays US Aggregate Bond Index. However, no assurance can be given that the Partnership’s investment objective will be achieved, and investment results may vary substantially on a monthly, quarterly, annual and/or other periodic basis. 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 due to a lockup or gate. EIA 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. SUBADVISORY AND CONSULTING SERVICES EIA may serve as a sub-adviser and or consultant to unaffiliated registered investment advisers per the terms and conditions of a written Sub-Advisory or Consulting Agreement. Consulting services may pertain to the development and implementation of alternative investments for, or the provision of research and marketing services to, unaffiliated investment advisers offering their own proprietary private placement investments. Services pertaining to private fund portfolio development typically include portfolio construction assistance and ongoing due diligence of underlying (fund of funds) managers and or hedge fund strategies. EIA may also assist third party firms in the creation of proprietary research databases. When acting as a sub-adviser to an unaffiliated third party adviser, EIA provides ongoing comprehensive research assistance in support of new and existing advisory portfolios. The Registrant conducts ongoing fund, strategy and sector research to support private investment fund portfolio design and

allocation. With respect to subadvisory engagements, the unaffiliated investment advisers that engage EIA’s sub-advisory services maintain both the initial and ongoing day-to-day responsibility for the fund strategy and investment, including the initial and ongoing determination that various EIA investment strategy recommendations are appropriate for the private fund investment portfolio. MISCELLANEOUS Limitations of Financial Planning and Non-Investment Consulting/Implementation Services. As indicated above, to the extent requested by a client, Registrant may provide financial planning and related consulting services inclusive of its advisory fee as set forth at Item 5 below (exceptions may occur based upon assets under management, special projects, etc., for which the Registrant may charge a separate fee). However, neither the Registrant nor its investment adviser representatives assist clients with the implementation of any financial plan, unless they have agreed to do so in writing. The Registrant does not monitor a client’s financial plan, unless specifically engaged to do so, and it is the client’s responsibility to revisit the financial plan with the Registrant, if desired. Furthermore, although the Registrant may provide recommendations regarding non- investment related matters, such as estate planning, tax planning and insurance, the Registrant does not serve as an attorney or accountant, and no portion of its services should be construed as legal or accounting services. Accordingly, the Registrant does not prepare estate planning documents or tax returns. To the extent requested by a client, the Registrant may recommend the services of other professionals for certain non-investment implementation purposes (i.e. attorneys, accountants, insurance, etc.), (See disclosure at Item 10.C below). The client is under no obligation to engage the services of any such recommended professional. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation from Registrant and/or its representatives. If the client engages any recommended unaffiliated professional, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged professional. At all times, the engaged licensed professional(s) (i.e. attorney, accountant, insurance agent, etc.), and not the Registrant, shall be responsible for the quality and competency of the services provided. Independent Managers. Registrant may recommend that the client allocate a portion of a client’s investment assets among unaffiliated independent investment managers (“Independent Manager(s)”) in accordance with the client’s designated investment objective(s). In such situations, the Independent Manager(s) will have day-to-day responsibility for the active discretionary management of the allocated assets. Registrant will continue to render investment supervisory services to the client relative to the ongoing monitoring and review of account performance, asset allocation, and client investment objectives. The Registrant generally considers the following factors when recommending Independent Manager(s): the client’s designated investment objective(s), management style, performance, reputation, financial strength, reporting, pricing, and research. The investment management fees charged by the designated Independent Manager(s) are exclusive of, and in addition to, Registrant’s ongoing investment advisory fee, subject to the terms and conditions of a separate agreement between the client and the Independent Manager(s). Registrant’s advisory fee is set forth in the fee schedule at Item 5 below. Use of Mutual and Exchange Traded Funds: Most mutual funds and exchange traded funds are available directly to the public. Therefore, a prospective client can obtain many of the funds that may be utilized by Registrant independent of engaging Registrant as an investment advisor. However, if a prospective client determines to do so, he/she will not receive Registrant’s initial and ongoing investment advisory services. In addition to Registrant’s investment advisory fee described below, and transaction and/or custodial fees discussed below, clients will also incur, relative to all mutual fund and exchange traded fund purchases, charges imposed at the fund level (e.g. management fees and other fund expenses). Portfolio Activity. Registrant has a fiduciary duty to provide services consistent with the client’s best interest. As part of its investment advisory services, Registrant will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, investment performance, market conditions, fund manager tenure, style drift, account additions/withdrawals, and/or a change in the client’s investment objective. Based upon these factors, there may be extended periods of time when Registrant determines that changes to a client’s portfolio are neither necessary nor prudent. Clients nonetheless remain subject to the fees described in Item 5 below during periods of account inactivity. Options Strategies The use of options transactions as an investment strategy involves a high level of inherent risk. Option transactions establish a contract between two parties concerning the buying or selling of an asset at a predetermined price during a specific period of time. During the term of the option contract, the buyer of the option gains the right to demand fulfillment by the seller. Fulfillment may take the form of either selling or purchasing a security depending upon the nature of the option contract. Generally, the purchase or the recommendation to purchase an option contract by EIA shall be with the intent of offsetting/”hedging” a potential market risk in a client’s portfolio. Please Note: Although the intent of the options-related transactions that may be implemented by EIA is to hedge against principal risk, certain of the options-related strategies (i.e. straddles, short positions, etc.), may, in and of themselves, produce principal volatility and/or risk. Thus, a client must be willing to accept these enhanced volatility and principal risks associated with such strategies. In light of these enhanced risks, client may direct EIA, in writing, not to employ any or all such strategies for his/her/their/its accounts. Please Note: Cash Positions. Registrant continues to treat cash as an asset class. As such, unless determined to the contrary by Registrant, all cash positions (money markets, etc.) shall continue to be included as part of assets under management for purposes of calculating Registrant’s advisory fee. At any specific point in time, depending upon perceived or anticipated market conditions/events (there being no guarantee that such anticipated market conditions/events will occur), Registrant may maintain cash positions for defensive purposes. In addition, while assets are maintained in cash, such amounts could miss market advances. Depending upon current yields, at any point in time, Registrant’s advisory fee could exceed the interest paid by the client’s money market fund. ANY QUESTIONS: Registrant’s Chief Compliance Officer, Stephen Perrino, remains available to address any questions that a client or prospective may have regarding the above fee billing practice Cybersecurity Risk. The information technology systems and networks that Registrant and its third-party service providers use to provide services to Registrant’s clients employ various controls, which are designed to prevent cybersecurity incidents stemming from intentional or unintentional actions that could cause significant interruptions in Registrant’s operations and result in the unauthorized acquisition or use of clients’ confidential or non- public personal information. Clients and Registrant 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 Registrant 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 Registrant 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. Cash Sweep Accounts. Account custodians generally require that cash proceeds from account transactions or cash deposits be swept into and/or initially maintained in the custodian’s sweep account. The yield on the sweep account is generally lower than those available in money market accounts. To help mitigate this issue, Registrant shall generally purchase a higher yielding money market fund available on the custodian’s platform with cash proceeds or deposits, unless Registrant reasonably anticipates that it will utilize the cash proceeds during the subsequent 30-day period to purchase additional investments for the client’s account. Exceptions and/or modifications can and will occur with respect to all or a portion of the cash balances for various reasons, including, but not limited to, the amount of dispersion between the sweep account and a money market fund, an indication from the client of an imminent need for such cash, or the client has a demonstrated history of writing checks from the account Please Note: 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 Registrant) will be profitable or equal any specific performance level(s). Retirement Plan Rollovers–Conflict of Interest: A client or prospective client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If the Registrant recommends that a client roll over their retirement plan assets into an account to be managed by the Registrant, such a recommendation creates a conflict of interest if the Registrant will earn an advisory fee on the rolled over assets. No client is under any obligation to roll over retirement plan assets to an account managed by Registrant. If Registrant provides a recommendation as to whether a client should engage in a rollover or not (whether it is from an employer’s plan or an existing IRA), Registrant is acting as a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. o client is under any obligation to roll over retirement plan assets to an account managed by Registrant, whether it is from an employer’s plan or an existing IRA. Registrant’s Chief Compliance Officer, Stephen Perrino, remains available to address any questions that a client or prospective client may have regarding the potential for conflict of interest presented by such rollover recommendation. Client Obligations. In performing its services, Registrant shall not be required to verify any information received from the client or from the client’s other professionals and is expressly authorized to rely thereon. Moreover, each client is advised that it remains their responsibility to promptly notify the Registrant if there is ever any change in their financial situation or investment objectives for the purpose of reviewing, evaluating or revising Registrant’s previous recommendations and/or services. Disclosure Statement. A copy of the Registrant’s written Brochure and CRS, as set forth on Parts 2 and 3 of Form ADV, respectively, shall be provided to each client prior to the execution of any new advisory agreement. C. The Registrant shall provide investment advisory services specific to the needs of each client. Prior to providing investment advisory services, an investment adviser representative will ascertain each client’s investment objective(s). Thereafter, the Registrant shall allocate and/or recommend that the client allocate investment assets consistent with the designated investment objective(s). The client may, at any time, impose reasonable restrictions, in writing, on the Registrant’s services. D. Registrant does not offer a wrap fee program for its investment advisory services. E. As of December 31, 2022, the Registrant had $12,096,877 in assets under management on a discretionary basis and $148,958 on a non-discretionary basis.