• Elanor to buy back 12,377,083 units in Elanor Investment Fund from Fidante
• Elanor to cancel 12,377,083 shares in Elanor Investors Limited held by Fidante
• Clawback to be completed by 16 October 2025 as part of unwinding strategic partnership

Elanor Investors Group ('Elanor', 'ENN' or 'Group') provides an update on the unwinding of the strategic partnership and related investment management arrangements with Challenger Limited ('Challenger') and Challenger Life Company Ltd. As a preliminary step, Elanor Funds Management Limited ('EFML') as responsible entity of Elanor Investment Fund ('EIF') will undertake a selective buy-back of 12,377,083 units in EIF held by Fidante, a wholly-owned subsidiary of Challenger. Additionally, Elanor Investors Limited ('EIL') will undertake a selective reduction in respect of 12,377,083 shares in EIL held by Fidante. This 'Clawback' of securities was approved by Elanor securityholders in 2023 and will be completed in accordance with ASIC relief. The Clawback is being undertaken as part of the mutual agreement between Elanor, Challenger, and Challenger Life Company Limited to unwind their strategic partnership and related investment management arrangements. Following the Clawback, Fidante's holding in Elanor stapled securities will reduce from 20,280,481 (approximately 13.3%) to 7,903,398 (approximately 5.7%), and Elanor's total issued capital will reduce from 152,201,962 to 139,824,879 stapled securities. Elanor intends to complete the Clawback on or around 16 October 2025, and it is intended that Fidante's remaining 7,903,398 Elanor stapled securities will be subject to a further clawback in a subsequent transaction.