EXCELSIOR CAPITAL LTD — Major Shareholding Notification 2021

Apr 11, 2021

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 30 October 2020 The previous notice was dated 30 October 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
	679,9592,074,602	2.35%7.16%	950,5032,379,526	3.28%8.21%

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 CityEquitiesLimitedImperialPacific Ltd[ABN 65 000 144 561]ImperialPacific FundManagersPty Limited[ACN 008 561 153]Peter EJMurrayCapel CourtCorporationPty Ltd[ACN 000 590 572]	London CityEquitiesLimitedImperialPacific LtdImperialPacific LtdPeter EJMurrayCapel CourtCorporationPty Ltd(Trustee -PEJMurray Super)	950,503301,777257,720611,736257,790	950,503301,777257,720611,736257,790
			2,379,526	2,379,526

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:

Address

London City Equities Limited Level 2, 111 Harrington Street, The Rocks NSW 2000 Imperial Pacific Limited Level 2, 111 Harrington Street, The Rocks NSW 2000 Mr Peter EJ Murray 5 / 1 The Esplanade, Mosman NSW 2088 Capel Court Corporation Pty Ltd Level 2, 111 Harrington Street, The Rocks NSW 2000 Signed by: PEJ Murray 12 April 2021 (Signature) (Director) (Date)

Schedule 1

Schedule 1 to Form 604

Holder ofRelevantInterest	RegisteredHolderof Securities	Nature ofChange	Class andNumber ofSecurities	Consideration
LondonCityEquitiesLimitedPeter EJMurray	London CityEquitiesLimitedPeter EJ MurrayImperial PacificFund ManagersPty Limited	MarketPurchases &(Sales)05-Feb-2108-Feb-2110-Feb-2116-Feb-2122-Feb-2124-Feb-2104-Mar-2112-Mar-2115-Mar-2116-Mar-2118-Mar-2119-Mar-2129-Mar-2131-Mar-2108-Apr-2117-Dec-2007-Jan-2118-Jan-2122-Jan-2125-Jan-2104-Feb-2126-Nov-20	68,55576,6004,9748,6317,78428,0007,1114,9402,0002,50027,20010,69815,55016,0007,8505,72050024510,6202,3007,145	101,703$ 113,992$ 7,402$ 12,872$ 11,584$ 41,912$ 10,546$ 7,252$ 2,936$ 3,670$ 39,998$ 15,705$ 1$ 8,148$ 23,636$ 11,756$ 8,514$ 740$ 355$ 15,743$ 3,335$ 11,035$
Legal Note - A further possibleCheck - 1purchase of 49,337 is subject toPlusdispute.Check - 2DifferenceTotal Issued Cap			304,9242,074,6022,379,5262,379,526-28,994,469