EXCELSIOR CAPITAL LTD — Major Shareholding Notification 2013

Feb 25, 2013

FORM 603

Corporations Act 2001 Section 671B

NOTICE OF INITIAL SUBSTANTIAL HOLDER

To: Company Name/Scheme CMI - Cmi Limited ACN/ARSN 050 542 553

1. Details of Substantial Holder(1)

Name Acorn Capital Limited listed below in section 4. ACN/ARSN (if applicable) 082 694 531 The holder became a substantial holder on 19/02/2013

2. Details of Voting Power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of Securities (4)	Number of Securities	Person's Votes (5)	Voting Power (6)
Ordinary	3,262,422	3,262,422	9.67%

3. Details of Relevant Interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of Relevant Interest	Nature of Relevant Interest (7)	Class and Number of Securities
Acorn Capital LimitedFSA License 227605	Acorn Capital Limited is the manager ofvarious superannuation funds, institutional	3,262,422
	investor portfolios and unit trusts and, in that
	capacity, can exercise the power to vote or
	dispose of the shares
	Acorn Capital does not have the power to
	vote for Commonwealth Super Fund

4. Details of Present Registered Holders

The persons registered as holders of the securities referred to in Paragraph 3 above are as follows:

Holder of Relevant Interest	Registered Holder of Securities	Person Entitled to be	Class and Number of
		Registered as Holder(8)	Securities
Catholic Superannuation Fund	National Nominees		123,221
LUCRF Acorn Micro-Cap Equities	JP Morgan Chase Nominees		171,791
Queensland Local Government Superannuation	JP Morgan Chase Nominees		193,515
Auscoal Superannuation Fund	JP Morgan Chase Nominees		205,426
Commonwealth Super Corporation	HSBC Custody Nominees (AUS) Ltd		256,174
Commonwealth Bank Officers' Superannuation Fund	Citicorp Nominees		304,089
Health Super	JP Morgan Chase Nominees		342,916
Acorn Capital Microcap Trust	National Nominees		455,891
Sunsuper Fund	HSBC Custody Nominees (AUS) Ltd		471,897
UniSuper	National Nominees		737,502

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5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of Relevant Interest	Date of Acquisition	Consideration	(9)		Class and Number of Securities
		Cash		Non-Cash
Acorn Capital Limited	19-Feb-2013 to 19-Feb-2013	$8,247,918.30			3,112,422
Acorn Capital Limited	19-Feb-2013 to 19-Feb-2013	$397,500.00			150,000

6. Associates

The reasons the persons named in Paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Name of Association
None

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
All Relevant Holders	C/O Acorn Capital Limited, Level 12, 90 Collins Street, Melbourne Victoria 3000

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----- Start of picture text ----- Print Name PAUL PALUMBO Capacity Portfolio ManagerSign Here Date 26/02/2013----- End of picture text -----

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