• Elanor establishes independent committees to manage potential conflicts of interest regarding Lederer's unsolicited takeover offer for ECF
• Elanor rejects Lederer's assertions and confirms it has no intention to change ECF's investment strategy
• Elanor progresses expansion of strategic alliance with Rockworth to recapitalize the business and stabilize the balance sheet
• Elanor continues asset realisation program to reduce gearing and deliver outcomes for stakeholders

Elanor Investors Group ('Elanor' or 'Group') has received a letter from Lederer Group ('Lederer') indicating its intention to make an unsolicited off-market takeover offer to acquire all the stapled securities in the Elanor Commercial Property Fund ('ECF'). In response, Elanor has established an Independent Board Committee ('ECF IBC') and a Board Committee ('ENN BC') to represent the interests of ECF securityholders and Elanor, respectively. The ENN BC is considering Lederer's proposal and rejects any assertions made against Elanor regarding the proper governance and management of ECF. Elanor confirms it has no intention to vary ECF's investment strategy, which is to only acquire properties within Australia. The Group continues to progress preparations for the expansion of its strategic alliance with Rockworth Capital Partners ('Rockworth'), whereby Rockworth will invest up to $125.0 million into Elanor to recapitalize the business and stabilize the balance sheet. This will deliver an alignment between Elanor's capital structure and the long-term strategic direction of the business, ensuring the Group remains well positioned to manage the real estate investments of its existing managed fund capital partners, including ECF. Elanor is also executing its stated asset realisation program to release the Group's balance sheet capital and reduce gearing, while working towards achieving outcomes that are in the best interests of its fund investors, Elanor securityholders, and other stakeholders.