Elanor Investors Group (ENN) Investor update summary

Strategic recapitalization and growth initiatives

• Completed AUD 125 million recapitalization with Rockworth, reducing cost of capital and stabilizing the balance sheet.

• Shifted to a capital-light, scalable funds management model focused on operational efficiency and sector specialization.

• Strengthened partnership with Rockworth to support domestic and Pan-Asian real estate growth.

• Acquisition of Firmus Capital will not proceed; no consideration securities to be issued.

• Suspended distributions until loan note covenants and perpetual note distributions are met.

Governance and leadership enhancements

• Appointed David McNamara as incoming CEO, bringing institutional experience and leadership renewal.

• Transition plan for leadership, with Tony Fehon returning to Non-Executive Director role.

• Established new independent directors on the trustee board and a new responsible entity.

• Enhanced governance with an independently chaired Investment Committee.

Balance sheet and capital management

• Recapitalization proceeds used to repay legacy debt, redeem corporate notes, and provide working capital.

• Issued AUD 70 million Senior Loan Notes at 7% p.a. and AUD 55 million Perpetual Notes at 9% p.a. (years 1-3), with 30 million warrants issued.

• Reduced gearing from 78.4% to 44.4% through recapitalization and asset realizations.

• Improved net assets from AUD 4.2 million to AUD 47.8 million; NTA now AUD 0.36 per security.

• Focus on operating cash flow, asset realizations, and debt repayment to support platform stabilization.