On 25 August 2023 Elanor Investors Group (Elanor) announced the intention of the Elanor Chair, Mr. Paul Bedbrook to retire from his position as an Independent Non-Executive Director and Chair of Elanor at the end of December 2023 and the nomination of Mr. Ian Mackie as Chair-designate to work with Mr. Bedbrook and the Board to facilitate a seamless transition. Mr. Bedbrook will retire on 31 December 2023 and Mr. Mackie has been elected to become Chair of Elanor from 1 January 2024. The group announced the appointment of Ms. Kathy Ostin as a Non-Executive Director of Elanor, effective 1 January 2024.

Mr. Nigel Ampherlaw, the current Non-Executive Director and Chair of the Audit and Risk Committee has indicated that he will be retiring from the Board by the expiration of his term in late 2024. Ms. Ostin will join the Audit and Risk Committee and facilitate a seamless transition with Mr. Ampherlaw. Ms. Ostin is an experienced Non-Executive Director and Chair of Audit and Risk Committees.

Ms. Ostin spent 24 years with KPMG in Australia, the United States, Asia and the United Kingdom across the audit, risk consulting and advisory divisions providing global perspective. She was previously Audit, Assurance & Risk Consulting Partner at KPMG for 12 years and retired from the partnership in December 2017. Ms. Ostin currently serves as a Non-Executive Director and Chair of the Audit and Risk Committee of each of 3P Learning Limited, dusk Group Limited, Capral Limited, Next Science Limited, Alex Bank Pty Limited and Alex Corporation Limited (Chair of the Audit Committee), and is the President of the Board of Directors of The Alpine Association of Australia Ltd. (operating as Redbank Lodge).

Ms Ostin holds a Bachelor of Commerce (Accounting & Finance) from the University of New South Wales. She is a graduate and member of the Australian Institute of Company Directors, Chartered Accountants Australia & New Zealand and Fellow of the Financial Services Institute of Australasia. The key terms of Ms. Ostin's appointment are as follows: Role: Non-Executive Director of Elanor Investors Limited and Elanor Funds Management Limited (the Responsible Entity of the Elanor Investment Fund and the Elanor Commercial Property Fund).

Commencement and Term: Effective 1 January 2024, with no fixed term.