Excelsior Capital Limited

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

AGENDA

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Chairman’s Introductions and Items of Business Presentation Opening Formalities Comments

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

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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 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.

2023 ANNUAL GENERAL MEETING

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2023 ANNUAL GENERAL MEETING

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Excelsior Capital Limited

2023 ANNUAL GENERAL MEETING

1,305,198 FOR the resolution AGAINST the 66,489 resolution 16,352 OPEN to proxy 2,015,271 ABSTAIN

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

1,220,996 FOR the resolution AGAINST the 62,989 resolution 16,352 OPEN to proxy 2,042,271 ABSTAIN

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

86,148 FOR the resolution AGAINST the 1,230,537 resolution 16,152 OPEN to proxy 2,009,771 ABSTAIN

2023 Annual General Meeting

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

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2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

Excelsior Capital Limited (ASX:ECL) is a listed investment company(LIC) with investments in a diversified portfolio and CMI Electrical Operations.

The Listed Investment Fund at 30 June had a majority of its investments held in managed investment funds, cash and a small holding of listed and unlisted equities. Total funds under management (FUM) totalled $22.98m at year end.

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

Employees FY23, 76 / FY22, 69 Cash & Equivalents FY23,$22.8m / FY22, $17.9m Net Assets FY23, $68m/ FY22,$60m Market Capitalisation $86.68m up 49%* Number of issued shares 28.994m Dividends per share FY23, 6.5c / FY22, 5c Earnings per share FY23, 35.34c / FY22, 27.59c

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CMI Electrical Operations specialises in the assembly 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, mining and renewable/electrification sector applications. CMI also exports its plugs and couplers to supply mining sectors both domestically and overseas

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MINING CONSTRUCTION INFRASTRUCTURE INDUSTRIAL RENEWABLES

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DISTRIBUTION Direct to wholesales – 80% Direct to customers – 20%

CUSTOMERS 3,000+

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

		FY23	FY22	CHANGE
Revenue*	$m	104.9	93.9	12%
EBITDA	$m	16.3	13.3	23%
EBITDA Margin	%	15.5	14.0	1.5pp
NPAT	$m	10.2	8.0	28%
NPAT Margin	%	9.8	8.5	1.3pp
EPS	cps	35.3	27.6	7.7cps
ROE	%	15.0	13.4	1.6pp
Cost to Income Ratio	%	14.2	14.6	(0.4)cps

* Revenue net of rebates and includes other income

Financial results above for FY23 and the prior comparable period (FY22) includes the impact 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.

2023 ANNUAL GENERAL MEETING

CMI ELECTRICAL OPERATIONS RESULTS

Excelsior Capital Limited

CMI Electrical has continued to demonstrate strong organic sales and earnings growth across both divisions during FY23.

Period Ended 30 June

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FY23 FY22 CHANGE
• Cables sales of $92.3m (FY22, $86.2m) up 7% as a result of new
customers and industry expansion due to government and private
Revenue (Gross) $m 113.8¹ 104.1 9% infrastructure and construction spending.
Revenue (Net) $m 104.3 93.8 11%
EBIT $m 15.5² 13 19% • Coupler/glands sales of $21.5m (FY22,$17.9m) up 20% which
outperformed in comparison to prior year as a result of increased mining
EBIT Margin % 14.9 13.9 1.0pp
and construction sector growth both domestically and overseas.
EBITDA $m 17.1² 14.8 16%
EBITDA Margin % 16.4 15.7 0.7pp CMI Electrical continues to be well placed to take advantage of
Profit Before Tax $m 15.4 12.8 20% significant government stimulus commitments across the country on
infrastructure, construction, industry and state and federal public
Gross Margin Ratio % 27.4 26.4 1.0pp infrastructure project spending.
Cost to Income Ratio % 12.6 12.7 (0.1)pp
Growth opportunities for FY24:
1. Includes $297k, (FY22 $451k) of other income.
2. EBIT and EBITDA included above for FY23 and FY22 have been prepared on a statutory basis and include the impact of AASB16 Accounting for Leases.
• CMI Minto range including its new kV11 couplers, expected to continue
to grow through out FY24 due to increased domestic and overseas sales
Revenue (gross) $m
and strong mining activity.
113.8
120.0
104.1 • Continued government and private sector activity, including large
100.0
83.5 infrastructure and construction projects throughout Australia.
73.8
80.0 70.8
64.3 65
104.3
60.0 50.9 44.6 43.2 47.1 51.9 Revenue (net) $m CAGR - 13% 75.2 93.8
40.0 59.3 60.0
48.5
40.0 43.5
20.0
0.0
$ millions
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104.3
93.8
Revenue (net) $m CAGR - 13% 75.2
59.3 60.0
48.5
40.0 43.5
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Compound Annual Growth Rate for Net Sales over 8 years of 13%
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FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

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Chart above shows gross revenue over last 12 years in line with mining, construction and renewables industry growth cycle
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Excelsior Capital Limited

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

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To construct an investment portfolio that is low risk
Philosophy
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Excelsior Capital Limited

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-
2 Core Investment Buckets
-
Cash and Equivalents High Interest
liquidity
–
Managed Funds Outsourced to 3 [rd]
equities and bonds ,that have a
environment
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2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

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Investment Portfolio Categories
Period Ended 30 June
at 30 June 2023
Listed
•
Non-listed equities At 30 June 2023 the Investment Portfolio held a total of $22.98m of FUM
equities $23k Alternative at 30 June 2023:
$280k Asset
Managed •
The Group invests in a diversified portfolio of businesses where the
Investments
Group may provide capital and strategic advice to those businesses
$4.16m
within the group to gain long term investment returns and capital
appreciation. The capital can be allocated to both listed and unlisted
businesses, in the form of equity, debt or a combination of the two.
Property
Other Trust
•
Throughout FY23, the investment portfolio continued to allocate funds
$308k $98k
into absolute return non-correlated managed investment funds, with
the objective of earning a higher total return with a stable capital base,
Cash & limited volatility, and minimal capital drawdown.
deposits Interest Rate
$17.83m Securities • During FY23, the fund has reinvested circa net $5m after tax cash
$284k proceeds back into CMI Electrical business which was used to fund the
Listed equities - 0.1% acquisition of additional inventory, receivables and working capital to
Non-listed equities - 1.1%
fund an increased order book. A portion of these funds were returned
Alternative Assets Managed Investment Funds - 18%
to Investment portfolio in FY24
Property Trust - 0.4%
Interest Rate Securities - 1.2%
•
The EBITDA margin return on this additional investment was at circa
Other - 1.2%
15%.
Cash & deposits - 78%
• As a percentage of investment portfolio
• Other above includes tax provisions, receivables and accruals 18
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2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited


	EXCELSIOR		US Blackrock		Eureka Hedge			10 Year USD
12 MONTHS to 30 June 2023	PORTFOLIO	ASX200		60/40	FUNDS Top 50	Eureka Multi-Strategy		Bond Yield
Annual Return	2.72%	8.50%		6.01%	3.16%		6.22%		-3.26%
Volatility	0.85%	15.35%		14.87%	3.95%		4.53%		10.62%
Sharp Ratio	3.21	0.55		0.40	0.80		1.37		-0.31
Intra Period Drawdown	0.00%	-1.62%		-5.24%	-0.13%		0.00%		-7.06%

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Asset Returns 1 July 2022 - 30 June 2023
1.15
1.1
Excelsior
1.05
ASX200
Blackrock 60/40
1
Eureka Hedge Top 50 HF
Eureka Multi -Strategy
0.95
10 Year USD Bond Yield
0.9
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2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited


Institution	$	M	Yield	Type	Credit Rating
Macquarie	5	.3	4.5%	3-Month Term	A
CBA	6	.3	4.35%	At Call	A+
NAB	6	.2	4.25%	At Call	A+
			4.33%	Blend
TOTAL

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited


Fund	Strategy	Correlation to Equities	Expected Return	Risk	Market Value $’000
Bennelong Funds Management	Interest bearing Notes	N/a	11%	Moderate	$282
Dexus Property Fund	Commercial Development and Restructure	0.1	8-10%	Low	$146
Blackrock Global Alternatives	Multi-Manager Composite	0.2-0.3	8-10%	Low	$1,506
Millennium International	Multi-Manager Composite	0.0-0.2	8-10%	Low	$1,295
Catalyst International	Quant/Special Situations/IPO	0.2	10-12%	Low	$967
New Holland Global	Multi-Manager	0.3	7-9%	Low	$1,000
Regal Resources	Australian Resources Long Short	0.3-0.4	12-15%	Moderate -High	$1,080
Fortlake Real Income	Australian Corporate Credit long Short BBB+	0-0.1	9-11%	Moderate	$1,000
Coolabah Long Short Credit	Australian Corporate Credit Long Short BBB+	0-0.1	6-8%	Low	$1,501

2023 ANNUAL GENERAL MEETING

Excelsior Capital Limited

		Oct’23	Oct’22	CHANGE
		YTD	YTD
Revenue (Gross)	$m	39.6	39.2	1%
Revenue (Net)	$m	36.2	35.6	2%
EBITDA	$m	5.6¹	5.1	10%
EBITDA Margin	%	15.5	14.3	1.2pp
Profit Before Tax	$m	5.4	4.9	10%
Gross Margin Ratio Cost to Income Ratio	% %	27.8 12.9	26.5 13.0	1.3pp (0.1pp)

1. Financial results (July,23 to Oct’23 vs July’23 to Oct’22) reported on a statuary basis and includes the impacts of AASB 16 Leases.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals.

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