Elanor Commercial Property Fund : ECF - Investor Presentation

For personal use only

27 April 2022

Company Announcements Office ASX Limited

Exchange Centre

Level 4, 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

Attached is the Elanor Commercial Property Fund (ASX: ECF) Investor Presentation regarding a Strategic Acquisition and Equity Raising.

Yours sincerely,

Symon Simmons Company Secretary

Elanor Funds Management Limited

Authority and Contact Details

This announcement has been authorised for release by the Board of Directors of Elanor Funds Management Limited

For further information regarding this announcement please contact:

Symon Simmons

Company Secretary

Elanor Funds Management Limited Phone: [phone]

Elanor Funds Management Limited

| GPO Box 1511, Sydney NSW 2001 |www.elanorinvestors.com 1

CONTENTS

• 1 Transaction overview

  ersonal use only

• 2 Equity raising

• 3 Summary and conclusion

• 4 Appendices

ACKNOWLEDGEMENT OF COUNTRY

Elanor is proud to work with the communities in which we operate, to manage and improve properties on land across Australia and New Zealand.

We pay our respects to the traditional owners, their elders past, present and emerging and value their care and custodianship of these lands.

ersonal use only

Transaction overview

Transaction overview

Transaction overview

Acquisition of 19 Harris

ersonal use only

• • Elanor Commercial Property Fund ("ECF" or the "Fund") will acquire a 49.9% stake in a Trust that will own 19 Harris Street, Pyrmont,

  NSW (excluding costs) (the "Acquisition")

  ⁃ Valued at $185 million, 19 Harris is a high-quality, differentiated asset that meets the requirements of the new office era

  ⁃ ECF's stake in the Trust represents a proportionate NTA value of $41.5 million1

• • The Acquisition presents a compelling value creation opportunity to capture rental reversion upside and enhance WALE

Elanor Contribution

• • Elanor Investors Group ("Elanor") will contribute to the Acquisition through an $8.4 million capital contribution ("Elanor Contribution")2

  ⁃ The Elanor Contribution to the Acquisition results in a total net purchase price of $35.1 million reflecting a 15.6% discount to the

NTA value of the trust

⁃ As a result ECF's NTA per security will be maintained at $1.19 post transaction

Equity raising

• • ECF is undertaking a fully underwritten 1 for 8 accelerated non-renounceable entitlement offer ("ANREO" or the "Offer") to raise $36.6

  million at an issue price of $1.04 per security (the "Equity Raising")

• • Rockworth Investment Holdings Pte Ltd, Elanor's largest securityholder, has committed to sub-underwrite $20 million of the Offer3

Key Offer metrics

• • FY22 Distribution Yield of 9.0%, distribution guidance maintained at 9.4 cents per security

• • The Offer price represents a 12.3% discount to ECF's NTA of $1.19 per security

• • Pro forma gearing of 30.4%, or 36.2% on a look-through basis

• 1. The 19 Harris Trust will be geared at 55% of the asset value of $185 million

• 2. Elanor Investors Group (ENN) has provided a deed of commitment for the Elanor Contribution which is conditional upon a successful completion of the Offer and Acquisition and will be made through an ECF sub-trust and will not participate in the capital or income of ECF and is not subject to redemption

• 3. Rockworth Investment Holdings' component comprises a minimum $5 million allocation in the institutional shortfall and a further $15 million sub underwriting commitment