EXCELSIOR CAPITAL LTD — Major Shareholding Notification 2020

Oct 29, 2020

FORM 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To: Excelsior Capital Limited

Level 29, 2 Chifley Square Sydney NSW 2000 ABN: 98 050 542 553

To: Australian Securities Exchange Limited

1. Details of substantial shareholder

Name: London City Equities Limited (ABN 59 003 200 664) and its related parties and bodies corporate together ("London City Equities Ltd") give notice of a change in its relevant interests.

There were changes in the interests of the substantial holder as set out below. The previous notice was given to the company on 26 May 2020 The previous notice was dated 26 May 2020

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or or scheme are as follows:

Class of SecuritiesOrdinary Shares - London CityEquities LimitedOrdinary Shares - London CityEquities Limited andrelevant interests	Previous Notice	Previous Notice	Present Notice	Present Notice
	Person's votes	VotingPower	Person's votes	VotingPower
	663,1591,762,631	2.29%6.08%	679,9592,074,602	2.35%7.16%

3. Change in relevant interests

Particulars of each change in. or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofChange	Person whoserelevant interestchanged	Nature ofChange	Class andNumber ofSecurities	Person'sVotes
Refer toSchedule 1	Refer toSchedule 1	Refer toSchedule 1- VariousMarketTransactions	Refer toSchedule 1	See below.Schedule 1

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securites after the changes are as follows:

Holder ofrelevantinterest	Registeredholder ofsecurities	Personentitled to beregisteredas holder	Class andNumber ofSecurities	Person'sVotes
LondonCityEquitiesLimitedImperialPacificLimitedandAssociatesPeter EJMurrayPeter EJMurraySuperann.Fund	London CityLondon CityEquitiesEquitiesLimitedLimitedImperialImperialPacific LtdPacific Ltd[ABN 65 000 144 561]ImperialPacific FundImperialManagersPacific LtdPty Limited[ACN 008 561 153]Peter EJPeter EJMurrayMurrayCapel CourtCapel CourtCorporationCorporationPty LtdPty Ltd[ACN 000 590 572](Trustee -PEJMurray Super)		679,959301,777257,720577,356257,790	679,959301,777257,720577,356257,790
			2,074,602	2,074,602

Note: Imperial Pacific Limited holds 31.1% of the equity capital of London City Equities Ltd and PEJ Murray interests hold 39.0% of the equity capital of Imperial Pacific Limited.

5. Change in association

Not Applicable

6. Names and Addresses

Name:

London City Equities Limited Imperial Pacific Limited Mr Peter EJ Murray Capel Court Corporation Pty Ltd

Signed by:

==> picture [118 x 51] intentionally omitted <==

(Signature)

Address

Level 2, 111 Harrington Street, The Rocks NSW 2000 Level 2, 111 Harrington Street, The Rocks NSW 2000 5 / 1 The Esplanade, Mosman NSW 2088 Level 2, 111 Harrington Street, The Rocks NSW 2000 PEJ Murray 30 October 2020 (Director) (Date)

Schedule 1

Schedule 1 to Form 604

Holder ofRelevantInterest	RegisteredHolderof Securities	Nature ofChange	Class andNumber ofSecurities	Consideration
LondonCityEquitiesLimitedImperialPacificLimitedPeter EJMurray	London CityEquitiesLimitedImperial PacificLimitedPeter EJ MurrayImperial PacificFund ManagersPty Limited	MarketPurchases &(Sales)24-Jun-2014-Jul-2028-Jul-2030-Jul-2018-Aug-2019-Aug-2019-Aug-2019-Aug-2024-Aug-2025-Aug-2027-Aug-2009-Sep-2008-Jul-2010-Jun-2023-Jun-2023-Jun-2025-Jun-2030-Jun-2001-Jul-2003-Jul-2003-Jul-2014-Sep-2017-Sep-2022-Sep-2025-Sep-2030-Sep-2019-Oct-2021-Oct-2023-Oct-2023-Oct-2028-Oct-2029-Oct-20	8,6008,4608,4005072,500(3,007)(4,400)(4,000)(2,320)(1,904)(4,236)8,2008,41610,3994,96615,1115,0758,4737,8008,5007,12511,00026439,00010,73675,0001,30810,08010,00028,61220,00013,306	10,259$ 10,008$ 10,189$ 638$ 3,325$ (4,410)$ (6,905)$ (6,375)$ (3,629)$ (2,299)$ (6,672)$ 12,653$ 9,946$ 12,504$ 5,974$ 18,002$ 6,003$ 10,018$ 9,204$ 10,050$ 8,422$ 16,978$ 413$ 61,371$ 16,894$ 118,020$ 2,032$ 15,659$ 15,535$ 44,449$ 31,170$ 20,738$
Note - A further possible purchaseCheck - 1of 49,337 is subject to dispute.PlusCheck - 2DifferenceTotal Issued Cap			311,9711,762,6312,074,6022,074,602-28,994,469