EXCELSIOR CAPITAL LTD — Major Shareholding Notification 2023

May 7, 2023

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 5 December 2022. The previous notice was dated 5 December 2022.

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
	1,906,491 3,343,274	6.58% 11.53%	2,037,333 3,409,326	7.03% 11.76%

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	Refer to Schedule	Refer to Schedule - Various Market & Off Market Transactions	Refer to Schedule	See below. Schedule

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 2,022,333 Limited Limited Imperial Pacific Fund London City 15,000 Managers Equities Pty Limited Limited [ACN 008 561 153] Imperial Imperial Pacific Ltd Pacific Ltd 201,987 [ABN 65 000 144 561] Imperial Pacific Fund Imperial Managers Pacific Ltd 257,720 Pty Limited Peter EJ Peter EJ 377,430 Murray Murray Imperial Pacific Fund Peter EJ 269,306 Managers Murray Pty Limited Capel Court Capel Court 265,550 Corporation Corporation Pty Ltd Pty Ltd [ACN 000 590 572] (Trustee -PEJ Murray Super) 3,409,326			2,022,333 15,000 201,987 257,720 377,430 269,306 265,550
			3,409,326	3,409,326

Note: Imperial Pacific Limited holds 40.1% of the equity capital of London City Equities Ltd and PEJ Murray interests hold 49.7% 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 3 Bayview Avenue, Mosman NSW 2088 Capel Court Corporation Pty Ltd Level 2, 111 Harrington Street, The Rocks NSW 2000

Signed by: PEJ Murray 8 May 2023 (Signature) (Director) (Date)

Schedule 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	London City Equities Limited Imperial Pacific Limited Peter EJ Murray	Market Purchases: 12-Dec-22 14-Dec-22 27-Jan-23 27-Feb-23 27-Feb-23 29-Mar-23 24-Apr-23 26-Apr-23 26-Apr-23 Off Market: 04-May-23 23-Jan-23 29-Mar-23 30-Mar-23 31-Mar-23 Off Market: 04-May-23 28-Dec-22 29-Dec-22	17,075 7,925 20,000 5,650 3,350 4,850 309 3,713 2,970 65,000 (27,835) (3,165) (3,056) (734) (65,000) 5,000 30,000	35,196 $ 16,335 $ 48,264 $ 13,980 $ 8,300 $ 12,296 $ 785 $ 9,171 $ 6,707 $ 157,300 $ (63,956) $ (7,929) $ (7,656) $ (2,032) $ (157,300) $ 10,270 $ 61,838 $
Legal Note - A further possible Check - 1 purchase of 49,337 is subject to Plus dispute re LC. Total Issued Cap			66,052 130,842 3,343,274 1,906,491
			3,409,326 2,037,333
			28,994,469 28,994,469