Elanor Investors Limited and Elanor Investment Fund have entered into agreement to acquire Challenger Real Estate from Challenger Limited for AUD 41.8 million on April 6, 2023. Elanor will issue 27.4 million securities to Challenger as consideration for the acquisition of Challenger Real Estate. The Consideration is subject to claw-back provisions based on certain milestones, including minimum base funds management fee targets. Post-transaction, Challenger will be Elanor’s largest securityholder with an 18.2% holding. Completion is subject to certain conditions, including Elanor Investors Group securityholder approval and other regulatory approvals. The transaction is expected to complete on June 30, 2023.Transaction expected to deliver material earnings accretion in FY24. As of May 29, 2023, Elanor has been advised by Challenger that one third party institutional mandate will not transfer and as such, the Purchase Price for CRE has been reduced to AUD 37.7 million from AUD 41.8 million. EIL will issue up to 24,754,165 EIL shares and procure EFML to issue up to 24,754,165 EIF units to Challenger Limited as consideration for the acquisition of CRE, representing up to 16.7% of ENN Securities on issue. Elanor will become Challenger Life Company Limited’s commercial real estate partner in Australia and New Zealand, managing a AUD 2.7 billion portfolio of real estate assets. EIL and EIF announces a Extraordinary General Meetings of shareholders and unitholders, respectively will be held on June 30, 2023. Moelis Australia Securities Pty Ltd. acted as financial advisor to Elanor Investors Limited.

Elanor Investors Limited and Elanor Investment Fund completed the acquisition of Challenger Real Estate from Challenger Limited on July 7, 2023. Elanor has also secured the transfer of the institutional mandate with a subsidiary of Abu Dhabi Investment Council (ADIC) as part of its acquisition of CRE. As part of the transfer of the ADIC mandate, Challenger has transferred 4.5 million of the 24.8 million new securities in Elanor to ADIC resulting in Challenger’s and ADIC’s holding in Elanor representing approximately 13.6% and 3.0% of total Elanor securities on issue, respectively.