EXCELSIOR CAPITAL LTD — Major Shareholding Notification 2020

May 25, 2020

FORM 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To: Excelsior Capital Limited

18-20 Railway Road Meadowbank NSW 2114 ABN: 98 050 542 553

To: Australian Securities Exchange Limited

1. Details of substantial shareholder

Name: London City Equities (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 31 July 2019 The previous notice was dated 31 July 2019.

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 Securities Ordinary Shares - London City Equities Limited Ordinary Shares - London City Equities Limited and relevant interests	Previous Notice	Previous Notice	Present Notice	Present Notice
	Person's votes	VotingPower	Person's votes	VotingPower
	556,104 1,452,136	1.92% 5.01%	663,159 1,762,631	2.29% 6.08%

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 of Change	Person whose relevant interest changed	Nature of Change	Class and Number of Securities	Person's Votes
Refer to Schedule 1	Refer to Schedule 1	Refer to Schedule 1 - Various Purchases	Refer to Schedule 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 of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class and Number of Securities	Person's Votes
London City Equities Limited Imperial Pacific Limited and Associates Peter EJ Murray Peter EJ Murray Superann. Fund	London City London City Equities Equities Limited Limited Imperial Imperial Pacific Ltd Pacific Ltd [ABN 65 000 144 561] Imperial Pacific Fund Imperial Managers Pacific Ltd Pty Limited [ACN 008 561 153] Peter EJ Peter EJ Murray Murray Capel Court Capel Court Corporation Corporation Pty Ltd Pty Ltd [ACN 000 590 572] (Trustee -PEJ Murray Super)		663,159 293,361 257,720 290,601 257,790	663,159 293,361 257,720 290,601 257,790
			1,762,631	1,762,631

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

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

Signed by:

==> picture [111 x 47] intentionally omitted <==

(Signature)

PEJ Murray 26 May 2020 (Director) (Date)

Schedule 1

Schedule 1 to Form 604

Holder of Relevant Interest	Registered Holder of Securities	Nature of Change	Class and Number of Securities	Consideration
London City Equities Limited Imperial Pacific Limited Peter EJ Murray Peter EJ Murray Superann. Fund	London City Equities Limited Imperial Pacific Limited Imperial Pacific Fund Managers Pty Limited Peter EJ Murray Imperial Pacific Fund Managers Pty Limited Capel Court Corporation Pty Ltd (Trustee -PEJ Murray Super)	Market Purchases: 07-Aug-19 12-Aug-19 13-Aug-19 16-Aug-19 29-Aug-19 06-Sep-19 11-Oct-19 25-May-20 08-Nov-19 26-Nov-19 27-Nov-19 28-Nov-19 16-Mar-20 15-May-20 19-May-20 24-Jan-20 24-Jan-20 03-Feb-20 10-Feb-20 13-Feb-20 25-Feb-20 03-Mar-20 23-Mar-20 27-Apr-20 16-Jan-20 11-Mar-20 21-Apr-20 22-Apr-20 23-Apr-20	7,313 16,955 750 2,632 27,074 1,221 19,610 21,500 - 20,000 617 11,948 9,653 10,056 5,000 2 13,348 10,550 8,973 10,027 9,450 2,734 11,036 11,237 8,594 30,000 20,000 7,800 6,500 5,915	8,823 $ 20,207 $ 882 $ 3,097 $ 33,757 $ 1,412 $ 22,971 $ 24,537 $ - 25,111 $ 757 $ 14,657 $ 11,841 $ 12,097 $ 5,770 $ 2 $ 18,445 $ 14,584 $ 12,407 $ 14,062 $ 13,159 $ 3,828 $ 14,923 $ 12,385 $ 9,898 $ 43,890 $ 26,143 $ 8,990 $ 7,495 $ 6,822 $
Check - 1 Plus Check - 2 Plus Total			1,452,136 310,495 1,762,631 1,452,136 310,495 1,762,631 28,994,469