• ECF securityholders voted to remove Elanor Funds Management Limited as Responsible Entity
• Elanor has terminated the ECF investment management agreement and property management agreement
• Elanor will receive a reduced compensation amount of $8.5 million on termination

Elanor Investors Group (Elanor or Group) has provided an update regarding the termination of the management agreements in respect of the Elanor Commercial Property Fund (ECF or the Fund). At an extraordinary general meeting of ECF securityholders held on 30 January 2026, a resolution was passed to remove Elanor Funds Management Limited (EFML) as the Responsible Entity (RE) of the Fund and appoint Evolution Trustees Limited as the new RE. As foreshadowed in Elanor's previous announcement, following the removal of EFML as the RE of ECF without Elanor's consent, Elanor has now terminated the ECF investment management agreement (IMA) and property management agreement (PMA) in accordance with its rights under those agreements. Both the IMA and PMA contained provisions that entitled Elanor to a compensation payment on termination following a change of RE without Elanor's consent. Elanor has agreed to receive a reduced compensation amount of $8.5 million on termination, which is payable by ECF. Elanor's Managing Director, Tony Fehon, stated that the Group is proud of its achievements in establishing, operating and supporting ECF, and that it will continue to support an orderly transition of the Fund's management, trusting that Evolution Trustees and the Lederer Group will build on the strong foundation that Elanor established for the Fund in the best interests of ECF securityholders.