EXCELSIOR CAPITAL LTD — Net Asset Value 2019

Apr 11, 2019

Excelsior Capital Limited ABN 98 050 542 553 18-20 Railway Road, Meadowbank, NSW 2114, Australia Postal address: PO Box R281 Royal Exchange NSW 1225 Telephone: (02) 9807 6155 Facsimile: (02) 9808 4155

12 April 2019

Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Net Tangible Assets (NTA) backing per share for Excelsior Capital Limited as at 31 March 2019:

NTA of Investment Portfolio	53.58c
NTA of Electrical Division*	54.61c
NTAofConsolidated Group	108.19c

• The calculation of the NTA backing per share (after tax) for the Electrical Division is based on the 30 June 2018 Excelsior Capital Limited Annual Report, adjusted for the:

• FY18 final dividend of $941,021 paid in October 2018;

• the off-market buy-back of 2,372,902 shares for $3,416,979 in November 2018.

• The funding for the buy-back was split between the Investment Portfolio of $1.2 million, with the balance being funded

• from the Electrical Division; and

• FY19 interim dividend of $869,834 paid in March 2019.

For further information, please contact:

Michael Glennon Company Secretary +61 (2) 8027 1000

About Excelsior (ASX: ECL): Excelsior is a listed Investment Entity, originally established in 1991, and listed on the ASX in 1993. Excelsior Capital Limited’s operations comprise the design and distribution of electrical components and cables for resource and infrastructure applications through its Electrical Division and a substantial investment portfolio.