EXCELSIOR CAPITAL LTD — AGM Information 2022

Nov 9, 2022

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2022 ANNUAL GENERAL MEETING

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Agenda

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Chairman’s Opening Comments
Introductions and Formalities
Items of Business
Presentation
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2022 ANNUAL GENERAL MEETING

Chairman

Danny Herceg

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Danny re-joined the Board in April 2021 having previously served on the board as a Director of the company from 2007 to 2014 and 2019 and to 2022.

Danny is a senior corporate and commercial lawyer. Danny’s practice is focused on initial public offerings, secondary market capital raisings, capital market divestments, public and private M&A, strategic divestments and restructures, demergers / spin-offs, takeover defences and commercial negotiations. He has been advising Australian and international enterprises for almost 30 years.

Danny has been a partner in several major Australian law firms, as well as working as a foreign lawyer in the head office of an international law firm in Chicago, gaining experience in US capital markets. He now leads his own boutique firm. Danny has been on the board of several ASX listed companies.

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2022 ANNUAL GENERAL MEETING

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Annual General Meeting Items of Business

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2022 ANNUAL GENERAL MEETING

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Financial Statements and Reports

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To receive and consider the Directors’ Report, Independent Auditor’s Report and the financial statements of the Company for the year ended 30 June 2022.

Neither the Corporations Act 2021 (Cth) nor the Company’s constitution requires a vote of shareholders on the reports or statements. However, shareholders will be given the opportunity to ask questions or make comments on the reports and statements at the meeting.

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2022 ANNUAL GENERAL MEETING

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Resolution 1 Election of Mr Ryan Mount as a Director

To consider and, if thought fit, to pass the following as a non-binding Ordinary Resolution The total of valid proxies received for Resolution 1 is 21,319,687 being:

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17,049,629 FOR the resolution
AGAINST the
4,238,598
resolution
31,460 OPEN to proxy
1,172,430 ABSTAIN
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2022 ANNUAL GENERAL MEETING

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Resolution 2 Election of Mr Warwick Sauer as a Director

To consider and, if thought fit, to pass the following as a non-binding Ordinary Resolution The total of valid proxies received for Resolution 2 is 22,486,617 being:

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7,850,846 FOR the resolution
AGAINST the
14,604,311
resolution
31,460 OPEN to proxy
5,500 ABSTAIN
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2022 ANNUAL GENERAL MEETING

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Resolution 3 Remuneration Report

: To consider and, if thought fit, to pass the following as a non-binding Ordinary Resolution The total of valid proxies received for Resolution 3 is 7,898,515 being:

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2,483,027 FOR the resolution
AGAINST the
5,384,028
resolution
31,460 OPEN to proxy
32,500 ABSTAIN
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SHAREHOLDER PRESENTATION

• 2022 ANNUAL GENERAL MEETING

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2022 ANNUAL GENERAL MEETING

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Company Profile

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2022 ANNUAL GENERAL MEETING

Company Profile

Excelsior Capital Limited (ASX:ECL) is a listed investment company made up of two major business units, a Listed Investment Fund and CMI Electrical Operations.

The Listed Investment Fund at 30 June had a majority of its investments held in cash, managed investment trusts and a small holding of listed and unlisted equities. Total funds under management (FUM) totalled $21.4m at year end.

The company used external managers and advisors throughout the year in relation to management of its investments within the managed portfolio.

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CMI Electrical Operations specialises in the manufacture and distribution and design of specialty high value plugs and couplers, electrical cables, sourcing and supply of niche electrical cable applications, high voltage cables, flexible cables and flameproof junction boxes.

The coupler and receptacle products are used in infrastructure, construction and mining applications. CMI also exports its plugs and couplers to supply mining sectors both domestically and overseas

Major Product Brands

Excelsior Capital Limited Group Summary

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At 30 June 2022
Employees 65
Cash & Equivalents $17.9m
Net Assets $60m
At 1 November 2022
Market Capitalisation $57.98m
Number of issued shares 28.994m
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XLPE CABLE[MINTO COUPLE]

Servicing Industries

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MINING CONSTRUCTION INFRASTRUCTURE INDUSTRIAL

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• Market capital was calculated as at 31 October 2022 with 28,994,469 on issue at $2.00 per share

CUSTOMERS 478+ DISTRIBUTION 11 Direct to wholesales – 80% Direct to customers – 20%

2022 ANNUAL GENERAL MEETING

FY 22 Financial Performance

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2022 ANNUAL GENERAL MEETING

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Financial Performance (Group)

Period Ended 30 June

		FY22	FY21	CHANGE
Revenue*	$m	93.5	75.3	24%
EBITDA	$m	13.3	9.6	39%
EBITDA Margin	%	14.0	13.0	1pp
NPAT	$m	8.0	5.5	45%
NPAT Margin	%	8.6	7.2	1.4pp
EPS	cps	28.0	18.0	10cps
ROE	%	13.4	10.1	3.3pp
Cost to Income Ratio	%	14.6	15.9	(1.3pp)

* Revenue net of rebates and includes other income

Financial results for FY22 and the prior comparable period include the adoption of AASB 16 Leases. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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2022 ANNUAL GENERAL MEETING

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CMI Electrical Operations results

Period Ended 30 June

FY22 results continued strong sales and earnings growth across both divisions of the CMI business.

		FY22	FY21	CHANGE
Revenue (Gross) Revenue (Net) EBITDA EBITDA Margin	$m $m $m %	103.7 93.3 15.9 14.8¹	83.5 75.2 10.8 14.3	24% 24% 37% 1.6pp
Profit Before Tax	$m	12.8²	8.8	45%
Gross Margin Ratio Cost to Income Ratio	% %	26.4 12.7	25.7 14.0	0.7pp (1.3pp)

• Cable sales of $85.7m (FY21, $70.5m) up 22% as a result of new customers and industry expansion due to government and private infrastructure and construction spending.

• Coupler/glands sales of $18m (FY21, $13m) up 38% which outperformed in comparison to prior year as a result of increased mining sector growth both domestically and overseas.

CMI Electrical continues to be well placed to take advantage of significant government stimulus commitments across the country on infrastructure, construction, industry and state and federal public infrastructure project spending.

1. Included in EBIDA for FY22 is $1.4m of Depreciation and interest of $134k as a result of AASB16 Accounting for Leases

2. The adoption of AASB16 Accounting for Leases resulted in an decrease to Net Profit Before Tax of $95k

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Revenue (gross) $m
Revenue (gross) $m
104.0
83.5
73.8 70.8 83.5
73.75 64.3 65
70.77
50.9 51.964.3 65
50.85 44.6 43.2 47.151.9
44.62 43.2 47.07
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Growth opportunities for FY23:

• CMI Minto range expected to continue to grow through out FY23 due to increased domestic and overseas sales and strong mining activity.

• Continued government and private sector activity, including large infrastructure and construction projects throughout Australia.

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CAGR - 13% 93.3
75.2
59.3 60.0
48.5
43.5
40.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22
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Compound Annual Growth Rate for Net Sales over 7 years of 13%

Chart above shows gross revenue over last 11 years in line with mining and construction industry growth cycle

2022 ANNUAL GENERAL MEETING

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Investment Portfolio holdings

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Asset Classes Period Ended 30 June
Equities
$0.325m
3%
Trusts
$3.2m •
13% 2022 including:
Cash & Equiv.
$17.9m
84%
Cash & Equiv. • The
$17.9m
83.9 % markets,
Cash & equiv. ASX 200.
correlated
Non- listed cash
Non-listed trust trusts
$3.2m
13%
Australian
Non-listed Non listed
equites equities • During
$280k2% back into
of additional
Listed equities
Australian listed
equities $45k, 1%
0.00% 20.00% 40.00% 60.00% 80.00% 100.00%
•
The EBITDA
Listed equities Non-listed equites Non-listed trust Cash & equiv. 14%.
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• At 30 June 2022 the Investment Portfolio held a total of $21.4m at 30 June 2022 including:

• $280k in unlisted equities;

• $45k in listed equities;

• $3.2m in unlisted investment trusts; and

• $17.9m in cash and equivalents

• The investment fund also performed well relative to Australian equity markets, delivering a near flat return for the year vs a 11% fall in the S&P ASX 200. The fund had exposure to several diversified, non-market correlated investment funds during FY22 but predominately remained in cash ensuring the ability to support CMI with expansion capital including for inventory required for increasing forward order book of sales.

• During FY22, the fund has reinvested circa $6m after tax cash proceeds back into CMI Electrical business which was used to fund the acquisition of additional inventory, receivables and working capital to fund a significantly increased order book.

• The EBITDA margin return on this additional investment was at circa

• 14%.

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2022 ANNUAL GENERAL MEETING

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Performance To Date and Outlook

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2022 ANNUAL GENERAL MEETING

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Performance Year to Date and Outlook

CMI Electrical Operations Results to September 22 (unaudited)

		Sept’22	Sept’21	CHANGE
		YTD	YTD
Revenue (Gross)	$m	30.3	22.7	33%
Revenue (Net)	$m	27.7	20.4	36%
EBITDA	$m	3.9¹	2.7	44%
EBITDA Margin	%	14.0	13.2	0.8pp
Profit Before Tax	$m	3.9	2.6	50%
Gross Margin Ratio	%	26.2	25.8	0.4pp
Cost to Income Ratio	%	12.2	12.4	(0.2pp)

1. Financial results normalised YTD (July to Sept’22 vs July to Sept’21) ignoring any impacts as a result of AASB 16 Leases. Due to rounding, numbers presented throughout this document may not add up precisely to the totals.

• FY23, Sept’22 YTD results has continued in the same trajectory from FY22.

• Cable sales have continued to grow due to on-going infrastructure and construction projects and an expansion of CMI customer base.

• Minto plug sales have commenced FY23 strongly with new customers overseas and domestically in mines and infrastructure.

• New above ground coupler product range expected to boost sales in FY23 and diversify the already existing range of plugs and expand the business customer base.

Listed Investment Portfolio

• The investment fund has continued to re-invest funds back into the Electrical Business to fund sales growth which has demonstrated to have been a success and contributed to the net return before tax of circa 14%.

• Portfolio Fund continues to investment a percentage of funds into a diversified portfolio of non-correlated investment funds. Returns on funds invested of $3.4m are approximately 8% in comparison to the ASX All Ordinaries which was down 1% for the same quarter ended 30 September 22.

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2022 ANNUAL GENERAL MEETING

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Mining Sector Outlook

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Australia’s resource and energy exports are forecast to reach $450 billion in 2022-23, surpassing last year’s record of $422 billion in 2021-22. Driving the current surge in resource and energy is a spike in commodity prices and Australian dollar weakness to US dollar. Since June 2022 metallurgical coal prices have declined however thermal coal and other energy resources remain high.

Australia is well placed in the global push towards low emission and transition technologies: export of metals used intensively in low emission technologies (namely copper, nickel and lithium) are expected to more than double in 2022-2023

Excelsior sales of couplers and glands in particular are aligned to the mining and infrastructure sectors both of which have performed well through 2022 and forecast to continue to grow in 2023. It’s mining customers who purchase underground plugs used in thermal and metallurgical coal, copper and gold miners operating underground its expected to remain robust. The new hybrid couplers in FY2022-2023 will expand plug sales into the open-cut above ground mine sector.

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Chart above forecast major resources and energy commodity exports to 2024.

Chart above provided by Resource and Energy, September 2022 quarter shows Australia’s resource and energy export values / volumes out to 2024

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Source of data –ABS 2022 Department of Industry, science, energy and resources Resources and Energy Quarterly Report September 2022

2022 ANNUAL GENERAL MEETING

Infrastructure Project Spending Outlook

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Excelsior is positioned to benefit from the Australian Government’s record levels of large scale infrastructure and development projects in energy, roads, rail, tunnels, construction and renewable applications. Cable, couplers and components are used widely in large scale . industrial projects

The Federal Government stated in its final Budget that infrastructure funding contributed towards a record $120 billion 10-year infrastructure investment pipeline which has been supported by the new Albanese Government commitment of investment in transport infrastructure projects. This record investment creates new opportunities for company's like CMI Electrical with the government rolling out large infrastructure projects to 2036.

Some of these projects include high-speed rail in NSW, suburban rail projects in VIC, high-way upgrade program in QLD and TAS as well as light-rail in ACT.

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Source – Australia and New Zealand Infrastructure Pipeline 2021

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Source – “Infrastructure Australia – Australian Government”

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2022 ANNUAL GENERAL MEETING

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Important Notice

DISCLAIMER

Information, including forecast financial information, in this presentation, should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in Excelsior Capital Limited (‘Excelsior’ or ‘the Company’) or any other company and is general background information about the activities of the Company and is current as at the date of the presentation, 10 November 2022. Due care and attention has been used in the preparation of forecast information, however, actual results may vary from forecast and any variation may be materially positive or negative.

Forecasts, by their very nature, are subject to uncertainty and contingencies may occur which are outside the control of Excelsior Capital Limited. Forward looking statements in this presentation are based on Excelsior Capital Limited’s current views and assumptions and involve known and unknown risks and uncertainties, many of which are beyond Excelsior’s control and could cause actual results or events to differ materially from those expressed or implied. Before making or varying any decision in relation to holding, purchasing or selling shares, securities or other instruments in Excelsior Capital Limited, investors should consider the appropriateness of that investment in light of their individual investment objectives and financial situation and should seek their own independent professional advice.

This presentation has not been subject to auditor review and all dollar values are in Australian dollars ($AUD).

This presentation should be read in conjunction with all information which Excelsior Capital Limited has lodged with the Australian Securities Exchange (ASX). Copies of those lodgements are available from either the ASX website, asx.com.au, or Excelsior’s website at cmilimited.com.au/investor-centre/.

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