X0202 3 2005-12-16 1 0001213980 EXCELSIOR BUYOUT INVESTORS LLC EBI 0001364521 UST Advisers Inc. 225 HIGH RIDGE ROAD STAMFORD, CT 06905 0 0 0 1 Investment Adviser Due to certain restructurings of U.S. Trust Corporation's subsidiaries, UST Advisers, Inc. assumed all of the rights and liabilities of U.S. Trust Company, NA under the Investment Advisory Agreement and now serves as Investment Adviser to Excelsior Buyout Investors, LLC. /s/ Raghav V. Nandagopal, Authorized Signatory 2006-08-23