EXCELSIOR CAPITAL LTD — AGM Information 2024

Nov 27, 2024

Excelsior Capital Limited

ANNUAL GENERAL MEETING 2024

Thursday, 28 November 2024 (Commencing at 11am – Sydney time)

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

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, 28 November 2024. 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).

Past performance may not be indicative of future performance and no guarantee of future returns is implied or given in this presentation.

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 www.excelsiorcapital.com.au.

2

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

AGENDA

==> picture [299 x 333] intentionally omitted <==

----- Start of picture text -----

Chairman’s
Opening
Comments
----- End of picture text -----

==> picture [58 x 35] intentionally omitted <==

Introductions and Formalities

==> picture [43 x 59] intentionally omitted <==

Items of Business

==> picture [51 x 50] intentionally omitted <==

Presentation

==> picture [133 x 249] intentionally omitted <==

3

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

BOARD OF DIRECTORS

==> picture [205 x 188] intentionally omitted <==

==> picture [205 x 188] intentionally omitted <==

==> picture [205 x 188] intentionally omitted <==

Mr Danny Herceg

Chairman and Non-executive director

Mr Ryan Mount

Non-executive director and Committee Chairs

Ms Leanne Catelan Executive director

==> picture [447 x 79] intentionally omitted <==

4

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

ANNUAL GENERAL MEETING ITEMS OF BUSINESS

==> picture [400 x 249] intentionally omitted <==

5

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

==> picture [294 x 402] intentionally omitted <==

FINANCIAL STATEMENTS AND REPORTS

To receive and consider the Directors’ Report, Independent Auditor’s Report and the financial statements of the Company for the year ended 30 June 2024.

Neither the Corporations Act 2021 (Cth) nor the Company’s Constitution requires a vote of shareholders on the reports or statements.

6

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

RESOLUTION 1

Re-Election of Mr Danny Herceg as a Director To consider and, if thought fit, to pass the following as an Ordinary Resolution. Results : The total of valid proxies received prior to meeting for Resolution 1 is 22,832,441 being:

==> picture [518 x 237] intentionally omitted <==

----- Start of picture text -----

14,946,876 – 65.46% FOR the resolution
AGAINST the
7,219,213 – 31.62%
resolution
666,352 – 2.92% OPEN to proxy
50,000 ABSTAIN
----- End of picture text -----

==> picture [164 x 249] intentionally omitted <==

7

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

RESOLUTION 2

Remuneration Report

To consider and, if thought fit, to pass the following as a non-binding ordinary resolution. Results : The total of valid proxies received prior to meeting for Resolution 2 is 7,994,119 being:

==> picture [518 x 234] intentionally omitted <==

----- Start of picture text -----

88,209 – 1.10% FOR the resolution
AGAINST the
7,239,558 – 90.56%
resolution
666,352 – 8.34% OPEN to proxy
4,927 ABSTAIN
----- End of picture text -----

==> picture [164 x 249] intentionally omitted <==

8

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

INVESTMENT PORTFOLIO PERFORMANCE & ANALYSIS FY24

==> picture [400 x 249] intentionally omitted <==

9

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

FINANCIAL PERFORMANCE Period Ended 30 June

Period Ended 30 June 2024

		FY24	FY23	CHANGE
Revenue*	$m	110.5	105.0	5.2%
Investment income	%	3.4	0.7	386%
NPBT	$m	57.4	14.6	$42.8m
NPAT	$m	50.4	10.4	385%
NPAT Margin	%	45.7	9.8	35.9pp
EPS	cps	173.9	35.8	138.1cps
Dividends paid**	cents	14.0	7.0	7.0c
Net Assets	$m	116.9	68.5	71%

* Revenue includes sales net of rebates from the CMI Electrical business of $59.9 million, revenue from the managed investment funds of $3.4 million and the profit on sale of CMI Electrical of $47.2 million sold to IPD Group Ltd (ASX:IPG) on 31 January 2024.

** The Company declared a special dividend of 7 cents per ordinary share which was paid to shareholders on 20 September 2024. This was over and above the 7 cents per share declared to shareholders during the year bringing the total dividends to 14 cents per share for FY24.

Financial results above for FY24 and the prior comparable period (FY23) includes the impact of AASB 16 Leases relating to the CMI Electrical warehouses.

Due to rounding, numbers presented above and throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

10

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

FY2024 OVERVIEW

==> picture [840 x 283] intentionally omitted <==

----- Start of picture text -----

Net Assets Earnings per share NTA per share
$116.9 million $173.89c $4.03
$68.5 million 2023 35.7c per share 2023 Net tangible assets (after tax) $1.88c per share 2023
Portfolio performance Full year dividends Share price
5.8%¹ - 12 months 14.0c $3.07
2.7% 2023 Fully franked per share 7.0c per share 2023 $2.31 in 2023
----- End of picture text -----

1. Managements estimated return on funds invested by the investment portfolio, excluding CMI Electrical returns, net of external management fees, before tax and corporate costs of ECL.. Due to rounding, numbers presented above and throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Period ended: 30 June 2024, (comparative 30 June 2023)

11

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

KEY FINANCIAL METRICS – 6 YEARS

Key Metrics 30 June		FY'19	FY'20	FY'21	FY'22	FY'23	FY'24
Share Price (ASX:ECL)	$	1.20	1.18	1.63	1.88	2.31	3.07
Market Capitalisation	$m	34.9	34.2	47.4	54.4	66.9	89.0
NTA (after tax)	$m	35.6	39.0	41.6	46.5	54.4	116.8
NTA per share (after tax)	cps	122.86	~~1~~34.57	143.74	160.58	187.72	402.83
NPAT¹	$m	4.1	3.0	5.4	7.7	10.4	50.4
NPAT Margin	%	6.9	5.0	7.2	8.2	9.8	45.6
EPS (cents)	cps	14.2	10.0	18.5	26.6	35.7	173.8
No. of Shares on Issue	m	28.994	28.994	28.994	28.994	28.994	28.994

1. Net Profit After Tax (NPAT) was adjusted at 30 June 2024 and applied on a retrospective basis for prior comparative periods following a change in accounting treatment of the fair value for unrealised gains / (losses) for the investment portfolio financial assets which were accounted for in profit and loss rather than on equity account.

12

Due to rounding, numbers presented above and throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

INVESTMENT PORTFOLIO

Objective:

The investment portfolio primary investment strategy and objectives is focused on achieving longterm growth and capital appreciation while effectively managing risk through a diversified portfolio approach.

This includes the allocation of capital to both direct and indirect investments, managed investment schemes as well as both listed and unlisted assets that offer low volatility and deliver positive absolute returns.

Philosophy:

• Deliver positive absolute returns irrespective of market conditions

==> picture [164 x 249] intentionally omitted <==

• Preserve capital value

• Robust liquidity and ability to rebalance investments as conditions change

• Achieving compounding returns and capital appreciation

13

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

INVESTMENT PORTFOLIO CATEGORIES

Period Ended 31 October 2024

==> picture [639 x 325] intentionally omitted <==

----- Start of picture text -----

($5.8m) $575k,
(5.0%) 0.6%
$30.1m,
26.3%
$6.2m,
$83.5m, 5.4%
72.5%
$182k,
0.2%
Unlisted equity shares Alternative Assets Managed Investment Funds
Interest Rate Securities Property Trust
Cash and deposits Other¹
----- End of picture text -----

==> picture [159 x 106] intentionally omitted <==

• As a percentage of investment portfolio

• ‘Other’ above includes tax provisions, receivables and accruals

Due to rounding, numbers presented above and throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

14

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

MANAGED FUNDS COMPOSITION 31 OCT 2024

UNLISTED MANAGED FUND INVESTMENT - 31 OCT 2024		$	% WEIGHT	STRATEGY
Coolabah Smarter Money Long Short Credit Fund		4,123,787	11.3%	Active credit fund employing long-short strategies for optimizing risk- return outcomes
Regal Partners Private Fund		3,208,410	8.8%	Exclusive private fund focusing on alternative assets and high-growth opportunities.
Schonfeld Strategic Partners Offshore fund Ltd		3,108,514	8.5%	Global multi-strategy fund leveraging alternative investments for diversified risk-adjusted returns
New Holland Tactical Alpha Fund LP		3,106,597	8.5%	Dynamic fund utilising tactical strategies for alpha-driven, diversified investment returns
West Street Private Credit Fund		3,048,278	8.3%	Private credit fund focusing on low-risk, mainstream business debt solutions
PG3 Longreach Alternative Strategies Fund		3,000,000	8.2%	Innovative fund leveraging alternative strategies for diversified, high- growth investment opportunities.
Merricks Capital Partners Fund		2,986,206	8.2%	Specialized credit fund targeting real assets and alternative investments for growth.
Fortlake Real Income Fund		2,976,574	8.1%	Income-focused fund investing in high-quality, low-risk fixed-income securities
Coolabah Active Sovereign Bond Fund Zero Duration		2,971,818	8.1%	Fixed-income fund targeting sovereign bonds, seeking relatively mispriced securities.
Millennium International Ltd Class HH 2C		2,077,567	5.7%	Global multi-strategy fund leveraging diverse opportunities for optimized risk-adjusted returns.
Regal Resources Long Short Fund		1,993,734	5.5%	Resource-focused fund employing long-short strategies for dynamic investment opportunities.
Blackrock Global Alternative Access Fund		1,612,759	4.4%	Diversified fund offering access to global alternative investments for enhanced returns
Catalyst Funds Management Global Opportunites Fund		984,226	2.7%	Opportunistic fund targeting global investments for diversified, high- growth potential returns.
**Local Agent Finder ( Unlisted Stock )		575,000	1.6%	Tech-driven platform connecting homeowners with local real estate agents efficiently.
Elliott International LP		303,767	0.8%	Activist hedge fund specializing in undervalued assets and strategic investments globally.
Bennelong Funds Management Fixed Rate Note 11% 1 March 2026		270,582	0.7%	Debt Security - Boutique fund manager offering diverse investment strategies for superior returns.
Dexus Real Estate Partnership Fund 1		181,554	0.5%	Real estate fund investing in high-quality properties for stable returns.
Total		36,529,373	100.0%
** Direct Equity - Unlisted Investment

15

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

INVESTMENT PORTFOLIO

16 MONTH PERFORMANCE TO 31 OCTOBER 2024

GROSS RETURNS ON THE INVESTMENT FUND NET OF EXTERNAL MANAGER FEES

==> picture [706 x 20] intentionally omitted <==

----- Start of picture text -----

PERIOD EXCELSIOR¹ ASX S&P500 60/40 GOLD 7/10 BONDS COMMODITIES MULTI-STRATEGY HF TOP 50
----- End of picture text -----

	1 M	onth 0.47% -1.27% -1.79% -0.48%	0.08% -0.99% -1.02% -0.11% -1.39%
	3 M	onths 1.28% 1.03% 1.36% -0.50%	9.61% -2.64% 1.24% 1.95% -0.15%
1	2	Month 5.85% 22.68% 26.36% 15.10%	34.31% 3.78% 3.00% 12.54% 8.56%
1	6 M	onths 8.75% 18.39% 26.36% 14.71%	39.02% 2.28% -1.39% 12.45% 9.27%
	Vol	atility 1.56% 11.54% 15.10% 11.75%	13.84% 9.77% 11.39% 3.36% 4.11%
D	raw	down -0.03% -7.21% -8.44% -7.16%	-5.98% -5.72% -10.88% -0.81% 0.00%
Sh	arp	e Ratio 3.76 1.96 1.75 1.28	2.48 0.39 0.26 3.74 2.08

Relative performance to other asset classes such as equities/bonds/60/40 equity/bonds and other alternative private strategies measured by

• Return¹

• Risk

• Drawdown

1.Excelsior gross returns on the investment portfolio funds is net of external manager fees, includes cash and equivalents invested at term and excludes ECL corporate costs and taxation.

The purpose of this table is to show the risk-adjusted return attributes of the portfolio with a comparison to both risk and other alternative assets.

16 months period is 1 July 2023 to 31 October 2024.

Source of data: Data compiled by Excelsior internal management and sourced from internet finance data providers including Yahoo Finance/Eureka Hedge.

16

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

INVESTMENT PORTFOLIO

16 MONTH PERFORMANCE TO 31 OCTOBER 2024

==> picture [676 x 281] intentionally omitted <==

----- Start of picture text -----

Excelsior Investment Portfolio
16 Month Total Return Ending 31 Oct 2024 ( GROSS)
1.5 Excelsior
ASX
1.4
S&P500
1.3
60/40
1.2 GOLD
7/10 BONDS
1.1
Commodities
1
Multi-Strategy
0.9 HF Top 50
Date
Total Return
----- End of picture text -----

16 months period is 1 July 2023 to 31 October 2024.

Source of data: Data compiled by Excelsior internal management estimates and sourced from internet finance data providers including Yahoo Finance/Eureka Hedge.

Note: Past performance may not be indicative of future performance and no guarantee of future returns is implied or given in the results provided by ECL in this presentation.

17

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

MANAGED FUND SUB-COMPONENT

16 MONTH PERFORMANCE TO 31 OCTOBER 2024

GROSS RETURNS ON THE INVESTMENT FUND NET OF EXTERNAL MANAGER FEES

==> picture [689 x 27] intentionally omitted <==

----- Start of picture text -----

PERIOD EXCELSIOR¹ ASX S&P500 60/40 GOLD 7/10 BONDS COMMODITIES MULTI-STRATEGY HF TOP 50
----- End of picture text -----

	1 Month	0.72%	-1.27%	-1.79%	-0.48%	0.08%	-0.99%	-1.02%	-0.11%	-1.39%
	3 Months	1.74%	1.03%	1.36%	-0.50%	9.61%	-2.64%	1.24%	1.95%	-0.15%
	12 Month	9.75%	22.68%	26.36%	15.10%	34.31%	3.78%	3.00%	12.54%	8.56%
	16 Months	15.08%	18.39%	26.36%	14.71%	39.02%	2.28%	-1.39%	12.45%	9.27%
	Volatility	3.35%	8.54%	9.73%	7.43%	9.96%	7.66%	8.86%	2.73%	3.78%
	Drawdown	-1.22%	-7.21%	-8.44%	-7.16%	-5.98%	-5.72%	-10.88%	-0.81%	0.00%
12	Mon. Sharpe Ratio	2.91	2.65	2.71	2.03	3.44	0.49	0.34	4.60	2.26

Relative performance to other asset classes such as equities/bonds/60/40 equity/bonds and other alternative private strategies measured by

• Return¹

• Risk

• Drawdown

1.Excelsior gross returns on the investment portfolio funds is net of external manager fees, excludes cash and equivalents invested at term and excludes ECL corporate costs and taxation.

16 months period is 1 July 2023 to 31 October 2024.

Source of data: Data compiled by Excelsior internal management and sourced from internet finance data providers including Yahoo Finance/Eureka Hedge.

Note: Past performance may not be indicative of future performance and no guarantee of future returns is implied or given in the results provided by ECL in this presentation.

18

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

MANAGED FUNDS SUB-COMPONENT

16 MONTH PERFORMANCE TO 31 OCTOBER 2024

==> picture [616 x 243] intentionally omitted <==

----- Start of picture text -----

Exclesior Managed Fund Portfolio
16 Month Total Return Ending 31 Oct 2024
1.5 Excelsior
ASX
1.4
S&P500
1.3
60/40
1.2 GOLD
7/10 BONDS
1.1
Commodities
1 Multi-Strategy
HF Top 50
0.9
Total Return
----- End of picture text -----

==> picture [147 x 106] intentionally omitted <==

==> picture [20 x 8] intentionally omitted <==

----- Start of picture text -----

Date
----- End of picture text -----

16 months period is 1 July 2023 to 31 October 2024.

Source of data: Data compiled by Excelsior internal management estimates and sourced from internet finance data providers including Yahoo Finance/Eureka Hedge.

Note: Past performance may not be indicative of future performance and no guarantee of future returns is implied or given in the results provided by ECL in this presentation.

19

Excelsior Capital Limited

2024 ANNUAL GENERAL MEETING

ECL SHARE PRICE

==> picture [571 x 316] intentionally omitted <==

==> picture [271 x 106] intentionally omitted <==

ECL SHARE PRICE HAS RISEN BY APPROXIMATELY 150%¹ OVER LAST 5 YEARS

1. Calculation of percentage growth in share price uses the starting share price of $1.22 in November 2019 which increased to $3.07 at 30 June 2024.

20

Source of chart: marketindex.com.au/asx/ecl