Xcelsior Advisor Partners LLC

ITEM 5: FEES AND COMPENSATION

 FEE SCHEDULE

 In addition to the information provided in Item 4 – Advisory Business, this section details the Adviser’s services
 and each service’s fees and compensation arrangement. The Client and Xcelsior’s Investment Advisory Agreement
 will outline and agree upon the exact costs and other terms related to the Client’s Accounts.

 Portfolio Management Fees
 Our annual investment advisory fee will not exceed 1.75% of assets under management, including Third Party
 Management and Sub-Advisor. The exact investment management fee to Xcelsior will be reflected in the client
 agreement. Depending on the arrangement agreed with your representative, the advisory fee may be charged as

a flat percentage rate or on a tiered/graduated schedule based on account or household asset levels. Where a
tiered schedule applies, it may be calculated on a marginal basis (each asset tier billed at its own rate) or on a
blended basis (the entire balance billed at the single rate for the tier into which the total value falls). The specific
structure, rate(s), and method applicable to your account are set forth in your advisory agreement and any
applicable fee schedule or appendix. The first fee may be billed in arrears and prorated from the inception date
through the end of that month or quarter. Fees may be billed monthly or quarterly, in arrears or advance, based
on the account value as of the last business day of the preceding billing period. All terms will be outlined in the
executed engagement agreement. At the representatives discretion, an account minimum size of $500,000 may
apply. Clients have the option to aggregate all household accounts to meet this minimum. Exceptions to the
minimum account requirement may be granted based on the Client's relationship with their representative.

Our annual fee is reasonable in relation to (1) the services provided and (2) the fees charged by other investment
advisers offering similar services/programs.

Xcelsior offers fee negotiations based on factors such as portfolio size, household aggregation, and service
complexity. Clients are encouraged to discuss customized fee structures during the initial consultation, which will
be formalized in the advisory agreement. Lower fees for comparable services may be available from other sources.

For new clients who are moving accounts to our program, we may pay certain transaction charges for up to 180
days to help with the transition. These charges can include brokerage ticket fees, exchange or regulatory fees, and
account transfer fees that are normally charged by the custodian. The firm, not the custodian, will pay these
charges during this period and they will not be billed to you. Your portfolio management fee does not increase
unless we tell you in advance. This subsidy is discretionary and may not apply to all clients. It does not cover the
ongoing expenses of mutual funds, ETFs, annuities, or custodian account fees. Paying these charges on a
temporary basis does not constitute a wrap program. Our portfolio management fee does not include execution
costs, and we are not charging a single bundled fee that covers both advice and trading.

FIWA Custom Model Portfolio Fees
Clients pay our portfolio management fee as disclosed in your agreement with us. FIWA’s licensing of the models
is an arrangement between FIWA and the Adviser; clients do not pay FIWA directly. Where the models use mutual
funds or ETFs, the underlying fund expenses (and any platform fees, if applicable) are separate from and in
addition to our portfolio management fee. We determine the mutual fund share classes we make available in client
accounts when implementing the models; using a higher-cost share class when a lower-cost class is available
would present a conflict of interest, so our policy is to use the lowest-cost share class reasonably available for
which the client is eligible.

Alternative & Private Investments
Whether accessed through the CAIS platform or directly with a sponsor, alternative and private investments carry
their own fees and expenses that are borne by the client, either directly or indirectly, and are separate from, and
in addition to, Xcelsior's advisory fee. These typically include an asset-based management fee, often approximately
1.5% to 2.0% per year, and a performance-based allocation or "carried interest" of approximately 17.5% to 20% of
profits above a stated threshold or hurdle, as well as administration, custody, and, where applicable, platform
fees, all as described in the applicable fund offering documents. Because of this layering of fees, the total cost to a
client of holding these investments is meaningfully higher than the cost of holding traditional securities, and the
performance-based component means that a portion of investment gains is paid to the fund's manager. Fees and
expenses for certain alternative strategies may be higher than these ranges, and clients should review each fund's
offering documents for its specific fee terms. Xcelsior does not receive any portion of the fees charged by the CAIS
platform, the fund sponsors or managers, or the structured product issuers.

Independent Sub-Advisory & Third-Party Manager Service Fees
The Adviser shall compensate Investment Managers from the set Client fee, or the Third-Party Manager or Sub-
Adviser may deduct the additional fee from the Client's account. The maximum fee for Investment Advisory and
Third-Party Manager or Sub-Adviser fees will not exceed 1.75% combined. Fees are paid either quarterly or
monthly and either in advance or in arrears. A complete description of the SMA and ITPM's fee schedules will be
disclosed in the Manager's disclosure brochure, which will be provided to you before or when an agreement for
services is executed and the account is established. Each third-party investment adviser is required under federal
...

Types of Clients
 Xcelsior generally provides advisory services to the following types of clients:

        •   Individuals
        •   High-Net-Worth Individuals
        •   Estates
        •   Trusts
        •   Retirement Plans
        •   Foundations
        •   Charitable Organizations
        •   Corporations or Business Entities

 For fee calculation purposes, unless instructed otherwise, we will automatically aggregate related client accounts,
 a practice commonly known as "householding" portfolios. Householding may result in lower fees than if each
 account were billed separately, as the combined value is used to determine the account size and the corresponding
 annualized fee.

 Our approach to householding considers the overall family dynamic and relationship. Additionally, if applicable,
 and as noted in the Investment Management Agreement, legacy positions may be excluded from the fee
 calculation.

 The alternative investments Xcelsior recommends impose their own eligibility requirements and minimum
 investment amounts. Clients generally must qualify as "accredited investors," and for many funds as "qualified
 purchasers," and must satisfy the fund's minimum commitment, which in some cases is substantial, for example,
 several million dollars. Clients who do not meet these requirements will not be eligible to invest in these products.

 Initial Public Offerings
 Participation in IPOs and other new issues is restricted by FINRA rules. Under FINRA Rule 5130, new issues
 generally may not be sold to accounts in which a "restricted person" holds a beneficial interest. Xcelsior submits
 new-issue orders only for client accounts that are eligible under the Rule, and certain clients will not be eligible to
 participate.