EXCELSIOR CAPITAL LTD — Major Shareholding Notification 2021

Nov 24, 2021

FORM 604 Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

Excelsior Capital Limited

To: 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 12 April 2021. The previous notice was dated 12 April 2021.

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
	950,5032,379,526	3.28%8.21%	1,247,3952,676,418	4.30%9.23%

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 CityEquitiesEquities1,247,395LimitedLimitedImperialImperialPacific LtdPacific Ltd301,777[ABN 65 000 144 561]ImperialPacific FundImperialManagersPacific Ltd257,720Pty Limited[ACN 008 561 153]Peter EJPeter EJ611,736MurrayMurrayCapel CourtCapel Court257,790CorporationCorporationPty LtdPty Ltd[ACN 000 590 572](Trustee -PEJMurray Super)2,676,418			1,247,395301,777257,720611,736257,790
			2,676,418	2,676,418

Note: Imperial Pacific Limited holds 39.5% of the equity capital of London City Equities Ltd and PEJ Murray interests hold 47.3% 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:

PEJ Murray 25 November 2021 (Signature) (Director) (Date)

Schedule 1

Schedule 1 to Form 604

Holder of	Registered	Nature of	Class and	Consideration	Consideration
Relevant	Holder	Change	Number of
Interest	of Securities		Securities
London	London City	Market
City	Equities	Purchases
Equities	Limited	19-Apr-21	6,352	$	9,133
Limited		13-May-21	11,214	$	17,759
		02-Aug-21	395	$	686
		06-Aug-21	6,347	$	10,631
		06-Aug-21	4,000	$	6,714
		09-Aug-21	7,485	$	12,525
		09-Aug-21	19,701	$	33,180
		11-Aug-21	48,315	$	82,101
		12-Aug-21	7,000	$	11,790
		13-Aug-21	6,229	$	10,428
		16-Aug-21	2,500	$	4,185
		18-Aug-21	8,000	$	13,514
		19-Aug-21	58,255	$	98,989
		05-Oct-21	15,000	$	24,735
		13-Oct-21	16,343	$	26,786
		18-Oct-21	13,657	$	22,383
		12-Nov-21	30,000	$	51,280
		15-Nov-21	8,891	$	15,197
		18-Nov-21	9,008	$	15,398
		22-Nov-21	8,200	$	14,999
		23-Nov-21	10,000	$	17,295
Legal Note - A further possible		Check - 1	296,892		296,892
purchase of	49,337 is subject to	Plus	2,379,526		950,503
dispute re LC.			2,676,418		1,247,395
		Total Issued Cap	28,994,469		28,994,469