EXCELSIOR CAPITAL LTD — Major Shareholding Notification 2019

Jul 30, 2019

Form 603 Corporations Act 2001

Section 671B

Notice of Initial Substantial Holder

To: Company Name / Scheme: ABN:

Excelsior Capital Limited

98 050 542 553

1. Details of substantial Holder

Name:

ACN / ARSN (if applicable): The holder became a substantial holder on :

Imperial Pacific Limited

65 000 144 561 29 July 2019

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 had a relevant interest in on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities	Person’s votes	Voting power
Ordinary Shares	1,452,136	1,452,136	5.01%

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	Class and number of securities
Imperial Pacific Limited	Owns Excelsior shares directly and has relevant interest in 30.1% of LondonCityEquitiesLimited.	493,805 Ordinary Shares
Imperial Pacific Asset Management Pty Limited, Imperial Pacific Fund Managers Pty Limited and Imperial Pacific ResourcesPtyLimited.	Wholly owned subsidiaries of Imperial Pacific Limited.
London City Equities Limited (LCE)	Direct ownership of Excelsior shares and 30.1% relevant interest in LCE held byImperial PacificLimited	556,104 Ordinary Shares
Mr PEJ Murray	Has relevant interest in 39.1% of Imperial Pacific Limited and owns shares directly	154,652 Ordinary Shares
Capel Court Corporation Pty Ltd	Trustee of PEJ Murray Superannuation Fund and owns shares directly.	237,575 Ordinary Shares

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 registered as holder	Class and number of securities
Imperial PacificLimited	Imperial PacificLimited	Imperial PacificLimited	493,805
	Imperial Pacific Fund ManagersPtyLtd	Imperial Pacific Fund Managers PtyLtd
London City Equities Limited	London City Equities Limited	London City Equities Limited	556,104
Mr PEJMurray	Mr PEJMurray	Mr PEJMurray	154,652
Capel Court Corporation PtyLtd	Capel Court Corporation Pty Ltd	Capel Court Corporation Pty Ltd	237,575

SubstantialShrECL IPC Form603.doc

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5. Consideration

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

Holder of relevant interest (All Acquired as On-Market Transactions)	Date of acquisition	Number of securities (all Ordinary Shares)	Consideration (Cash) $
SeeAppendix	SeeAppendix	SeeAppendix	SeeAppendix

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)	Nature of Association
London City Equities Limited (ACN 003 200 664)	Imperial Pacific Limited holds a relevant interest in 30.1% of London City Equities Ltd.
Mr PEJ Murray	Holds relevant interest in 39.1% of Imperial Pacific Limited
Capel Court Corporation Pty Limited (ACN 000 590 572)	Trustee for PEJ Murray Superannuation Fund.

7. Addresses

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

Name	Address
Imperial PacificLimited	Level 2,111 HarringtonSt.,TheRocksNSW 2000
Imperial Pacific Asset Management Pty Limited, Imperial Pacific Fund Managers Pty Limited, and Imperial Pacific ResourcesLimited.	Level 2, 111 Harrington St., The Rocks NSW 2000
London City Equities Limited	Level 2, 111 Harrington St., The Rocks NSW 2000
Mr PEJMurray	5/1 TheEsplanade,Mosman NSW 2088
CapelCourt Corporation PtyLimited	5/1 TheEsplanade,Mosman NSW 2088

Signature:

Print Name ….Peter Edward John Murray …….. Capacity ……..…Director ……

Sign here …………………….…………………………….… on ……31 July 2019 …..

SubstantialShrECL IPC Form603.doc

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Appendix

Section 5 - Consideration Paid for each Relevant Interest (Note - All acquired via On-Market Purchases)

Date of Acquisition London City Equities Ltd 25-May-16 Ditto 08-Jun-16 Ditto 27-Sep-16 Ditto 28-Sep-16 Ditto 28-Sep-16 Ditto 25-Oct-16 Ditto 09-Nov-16 Ditto 27-Jan-17 Ditto 18-Jul-17 Ditto 19-Jul-17 Ditto 21-Jul-17 Ditto 01-Aug-17 Ditto 01-Sep-17 Ditto 01-Sep-17 Ditto 12-Sep-17 Ditto 14-Sep-17 Ditto 09-Jan-18 Ditto 10-Jan-18 Ditto 26-Feb-18 Ditto 27-Feb-18 Ditto 01-Mar-18 Ditto 02-Mar-18 Ditto 01-May-18 Ditto 01-May-18 Ditto 09-May-18 Ditto 09-May-18 Ditto 17-May-18 Ditto 28-Jun-18 Ditto 04-Sep-18 Ditto 04-Mar-19 Ditto 05-Mar-19 Ditto 15-Mar-19 Ditto 29-Mar-19 Ditto 01-Apr-19 Ditto 12-Apr-19 Ditto 18-Apr-19 Ditto 18-Apr-19 Ditto 27-May-19 Ditto 27-May-19 Ditto 29-May-19 Ditto 07-Jun-19 Ditto 13-Jun-19 Ditto 21-Jun-19 Ditto 10-Jul-19 Ditto 17-Jul-19 Ditto 18-Jul-19 Ditto 19-Jul-19 Ditto 29-Jul-19 Imperial Pacific Limited 10-Nov-16 Ditto 15-Nov-16 Ditto 18-Nov-16 Ditto 27-Jan-17 Ditto 25-May-17

Number of Consideration Securities (Cash) $ 1,000 995 19,000 18,645 9,345 9,744 8,850 9,229 11,100 11,680 (9,856) (12,689) 9,856 12,148 (17,895) (18,074) 3,546 3,748 839 881 21,848 22,945 15,800 16,580 14,827 16,335 153 195 8,000 8,905 5,707 6,370 1,644 2,162 10,001 13,001 17,334 22,559 14,666 19,171 13,000 17,647 18,750 25,452 19,115 26,599 1,321 1,822 4,774 6,518 2,429 3,303 2,226 3,027 23,785 32,859 21,000 31,365 9,563 13,413 395 553 9,345 13,015 13,800 18,655 21,500 28,104 38,500 50,325 9,100 11,895 31,900 41,698 8,111 10,031 9,100 11,255 12,750 15,769 2,876 3,528 23,515 28,846 13,648 16,948 45,391 54,756 10,000 12,066 10,000 12,066 34,726 42,075 9,719 11,678 566,104 7,650 9,200 5,000 5,970 5,000 5,770 (6,408) 6,473 - 11,750 12,128

Ditto 25-May-17 Ditto 30-May-17 Ditto 02-Jun-17 Ditto 02-Jun-17 Ditto 02-Jun-17 Ditto 02-Jun-17 Ditto 05-Jun-17 Ditto 05-Jun-17 Ditto 05-Jun-17 Ditto 07-Jun-17 Ditto 07-Jun-17 Ditto 08-Jun-17 Ditto 08-Jun-17 Ditto 28-Jun-17 Ditto 05-Jul-17 Ditto 07-Jul-17 Ditto 11-Jul-17 Ditto 13-Jul-17 Ditto 01-Aug-17 Ditto 01-Aug-17 Ditto 24-Aug-17 Ditto 24-Aug-17 Ditto 27-Jun-18 Ditto 05-Mar-19 Ditto 19-Mar-19 Ditto 19-Mar-19 Ditto 27-Mar-19 Ditto 27-Mar-19 Ditto 27-Mar-19 Ditto 28-Mar-19 Ditto 29-Mar-19 Ditto 24-Mar-19 Ditto 30-Apr-19 Ditto 03-May-19 Ditto 07-May-19 Ditto 08-May-19 Ditto 09-May-19 Ditto 20-May-19 Ditto 22-May-19 Ditto 23-May-19 Ditto 24-May-19 Ditto 08-Jul-19 Mr. P.E.J.Murray 14-Nov-18 Ditto 27-Nov-18 Ditto 13-Dec-18 Ditto 13-Dec-18 Ditto 27-Dec-19 Ditto 4-Jan-19 Ditto 4-Jan-19 Ditto 8-Jan-19 Ditto 8-Jan-19 Ditto 15-Jan-19 Ditto 15-Jan-19 Ditto 15-Jan-19 Ditto 18-Jan-19 Ditto 22-Jan-19 Ditto 22-Jan-19 Ditto 22-Jan-19 Ditto 15-Feb-19 Ditto 14-Mar-19

86 102 11,447 11,571 21,250 21,913 13,123 13,542 2,457 2,551 16,332 16,852 11,543 11,899 3,467 3,502 9,479 9,589 746 763 1,654 1,686 13,500 13,525 8,346 8,439 3,282 3,335 13,257 13,680 10,000 10,280 11,235 11,597 14,744 15,138 5,000 5,265 1,100 1,159 9,000 9,465 6,836 7,193 8,766 12,127 9,844 13,807 8,670 12,076 10,000 13,925 11,369 15,373 631 852 7,169 9,693 876 1,193 5 7 4,433 5,716 8,000 10,430 83,777 105,907 5,000 6,346 8,111 10,276 31,889 40,301 38,000 47,761 21,011 26,408 8,378 10,514 10,000 12,368 7,000 8,385 493,805 13,900 19,893 23,690 33,430 7,000 9,885 8,110 11,460 9,600 13,165 1,804 2,486 6,496 8,910 7,011 9,620 259 355 10,797 14,817 78 107 7,500 10,300 9,235 12,677 5,200 6,931 7,286 9,305 8,000 10,420 14,050 19,971 14,636 20,358

Capel Court Corpn Pty Ltd 9-Jul-18 Ditto 1-Aug-18 Ditto 23-Aug-18 Ditto 30-Aug-18 Ditto 30-Aug-18 Ditto 31-Aug-18 Ditto 31-Aug-18 Ditto 31-Aug-18 Ditto 31-Aug-18 Ditto 3-Sep-18 Ditto 3-Sep-18 Ditto 4-Sep-18 Ditto 6-Sep-18 Ditto 6-Sep-18 Ditto 7-Sep-18 Ditto 7-Sep-18 Ditto 12-Sep-18 Ditto 14-Sep-18 Ditto 17-Sep-18 Ditto 18-Sep-18 Ditto 19-Sep-18 Ditto 20-Sep-18 Ditto 27-Sep-18 Ditto 27-Sep-18 Ditto 18-Oct-18 Ditto 14-Nov-18 Ditto 15-Nov-18 Ditto 7-Dec-18 Ditto 10-Dec-18 Ditto 9-Jan-19 Ditto 11-Jan-19 Ditto 14-Jan-19 Total on Issue Percentage

154,652 1 16 3,999 5,819 6,000 9,020 3,350 5,045 5,235 7,872 7,250 10,822 6,000 8,990 4,000 6,020 3,415 5,142 6,710 10,018 6,700 10,003 8,000 11,940 6,800 10,016 6,219 9,162 9,055 13,462 15,000 22,473 5,000 7,491 7,500 11,236 17,300 25,919 335 499 658 979 35,757 53,571 12,000 17,840 9,564 14,175 454 671 3,664 5,259 6,584 9,435 10,825 15,283 200 282 10,000 13,720 10,000 13,720 10,000 13,720 237,575 1,452,136 28,994,469 5.01%