ELLE Resort & Beach Club - Update March 2026

We are pleased to share several important developments across the ELLE Resort & Beach Club project as we move into the next phase of growth. In recent months the team has been advancing project approvals, strengthening our operational alignment with global hospitality partners, enhancing the investment structure for participants, and preparing for the upcoming launch of the Geonet Retail Investment Fund.

Following investor feedback and the continued development of Geonet’s broader investment platform, we have introduced an updated investment structure for ELLE Resort & Beach Club Bali. The revised model has been designed to better align investor participation with both the development phase and the long-term operational performance of the resort.

Under the updated structure, investors will benefit from:

• A minimum floor income of 8% per annum for the first five years, covering both the construction phase and the initial years of resort operation.
• Participation in 45% of the net revenue generated by the entire resort and beach club, including both room revenue and non-room revenue such as food & beverage and beach club operations.
• Premium investment tiers of AUD $250,000+, which receive a 10% minimum floor income for the same five-year period, in addition to participation in operational performance.
• All existing investors will receive addendums to their agreements outlining the updated structure and benefits. Our team will contact each investor directly to provide the documentation and answer any questions

Progress continues across both the resort development and the early beachfront activation. The technical documentation required for submission is progressing well, with consultant teams continuing to finalise engineering and planning materials. Once administrative documentation is completed and submitted together with the technical package, the project will move into contractor tender and mobilisation phases.

Resort Development Timeline:

• PBG Submission – Target Q2 2026
• Tender and Main Contractor Appointment – Q3 2026
• Site Mobilisation – Q4 2026
• Official PBG issuance expected – Q4 2026
• Construction Commencement – Q4 2026

The ELLE Beach Lounge is currently in the final stage of local permit approvals. Subject to final sign-off, contractor engagement is planned shortly thereafter with a targeted opening window of approximately six to eight months. This beachfront activation will establish an early presence for the ELLE brand in Seminyak and is expected to generate operational activity ahead of the full resort opening.

At the end of January, members of the Geonet Board travelled to South Korea to meet with the senior leadership team at SONO Hotels & Resorts, who acquired Cross Hotels & Resorts in late 2025. The purpose of the visit was to meet with the leadership responsible for the next phase of Cross operations and to better understand the operational integration of the Cross portfolio under SONO’s ownership.

Discussions included the operational framework for upcoming projects including ELLE Resort & Beach Club, as well as SONO’s broader hospitality expansion plans across the Asia-Pacific region. As one of South Korea’s largest hospitality groups, SONO’s scale and ambition provide a strong operational foundation for Cross managed developments and represent an important strategic alignment for the future growth of our hospitality portfolio.

Another major milestone for Geonet is the upcoming launch of our Australian Retail Investment Fund, scheduled for April.

The fund has been developed to give Australian investors a structured and compliant way to participate in international hospitality real estate, supported by Australian regulatory oversight and professional investment management. The fund will operate within an AFSL-regulated framework through our trustee partner, providing an additional layer of governance, transparency and reporting for investors. Many Australian investors are far more comfortable participating in overseas opportunities when the investment structure sits within a regulated Australian framework.

The investment platform is supported by York St Capital Investment Management, a Melbourne-based multi-asset investment firm specialising in alternative investments. York St Capital is both a shareholder in Geonet and the investment manager of the Geonet Investment Fund, supporting the development and management of the platform as it continues to grow.

York St Capital recently announced the appointment of Daniel Crennan, former Deputy Chair of ASIC, as incoming Chair of York St Capital Investment Management. His background in regulatory oversight and governance brings significant experience to the organisation as it expands its investment operations.

As the Geonet Retail Fund launches in April, it will provide investors with a professionally structured vehicle to participate in our hospitality development portfolio while benefiting from the governance and oversight expected within the Australian financial services environment

As ELLE Resort & Beach Club continues to progress, the project is entering an important phase with the upcoming PBG submission and the launch of the Geonet Retail Fund. Please note that a price adjustment will take effect in April, reflecting the continued advancement of the development. Our focus in the coming quarter is completing the PBG submission and advancing the project into the next stage of development. We appreciate your continued support and look forward to sharing further milestones with you soon.