• Focused on stabilizing balance sheet and managing working capital
• Negotiating amendments to $40M Corporate Notes with Keyview and Noteholders
• Challenger Life Mandate continues, with regular updates on business stabilization

Elanor Investors Group (ASX: ENN) is continuing to execute its strategy to stabilize the business and provides an update on its balance sheet stabilization and the Challenger Life Mandate. The Group remains focused on stabilizing the balance sheet and closely managing the working capital requirements of the business as the asset realisation program is progressed. Since December 2024, the Group has been negotiating prospective amendments to the terms of Elanor's $40 million Corporate Notes with Keyview (the Group's senior secured financier) and the arranger of the Notes, in preparation for the issue of a Circulating Resolution for consideration by Noteholders. On 19 December 2024, the Note Trustee held a meeting of Noteholders, where Noteholders voted to reserve their rights and implement a standstill for 90 days, to 19 March 2025. On 21 March 2025, the Note Trustee communicated to Noteholders that Elanor was preparing to issue a Circulating Resolution for approval. On 25 March 2025 Elanor issued a Circulating Resolution for approval by Noteholders, that includes a waiver of covenant breaches and revised Note terms. The outcome of the Circulating Resolution is expected to be determined within the next two weeks and will be communicated to the market at that time. Regular engagement with key stakeholders, including Keyview, is ongoing during this period to support the Group's working capital position and to monitor relevant facility covenants. As part of the Group's July 2023 acquisition of Challenger's Australian real estate funds management business, Elanor became the investment manager for Challenger Life Company's ('CLC') commercial real estate portfolio under an investment management agreement. CLC continues to monitor the financial stability of Elanor, and Elanor is providing regular updates to Challenger and CLC on the progress of its business stabilization.