Ann: Challenger replacement of nominated Board representative, page-10

I see this event as potentially negative for ENN. According to the PDS:

Page 14: "Will Elanor hold Securities in the Fund? Yes. Elanor is expected to have an investment in the Fund of 15% atCompletion and is therefore strongly aligned to the Fund’s performance." While not necessarily of legal consequence, at least in spirit, ENN is now in violation of the PDS. Also, having a substantial stake in a fund one manages can help thwart takeovers from other external managers. ENN no longer has such protection.

Page 14: "Can theResponsibleEntity bechanged?Yes, by a majority vote of Securityholders.A change of the Responsible Entity of the Fund (where the newresponsible entity is not a member of Elanor) under certaincircumstances will trigger termination rights and compensation paymentsto the Manager

Although ENN may be eligible for some compensation if voted out, as outlined in section 13.6 of the PDS, the situation has evolved with Lederer Group acquiring a 14% interest in ECF. Following the resignation of the ENN CEO and the appointment of an independent director as the new leader, it raises questions about whether Lederer Group will ultimately control ECF, potentially to the medium-term financial detriment of ENN.