CD PRIVATE EQUITY FUND I — Interim / Quarterly Report 2021

Aug 12, 2021

Monthly update – July 2021

CD Private Equity Fund I

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----- Start of picture text ----- NTA Gross assets Distributions per unit One month Annualised performance sinceper unit (millions) (percentage of initial investment) performance [1,2] inception (August 2012) [1,2]Last 12 months: Since inception:$1.30 $51.6 54 cents (34%) 220.5 cents (138%) 3.2% 12.7%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 July 2021 was $1.30[1,3] per unit (30 June 2021 was $1.26[1] per unit).

Net asset value movements for July were as a result of receipt of increased assets valuations from underlying LPs and the postive impact from the weakening Australian dollar (+2.1%).

CD1 Fund performance

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----- Start of picture text ----- 1 Month 3 Months 6 Months 1 Year 3 Years p.a. 5 Years p.a. Since inception p.a. [3]NTA return [1,2] 3.2% 8.4% 21.5% 32.7% 17.7% 15.1% 12.7%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD1 has achieved a return of 12% per annum since inception.

CD1 portfolio asset allocation

LP commitments to underlying managers (US$69.8m)

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----- Start of picture text ----- Distribution US Select DFWSoftware & DirectTechnology 9.4% Business $5.04.0% Services $13.0 Encore24.3%$10.0Healthcare10.8%$4.0 FPCTelecomm- Trivest $10.04.6%unications10.8% Manufacturing$10.0$4.8Incline$3.0 Prometheus* $3.036.2% $10.0PeppertreeConsumer & Retail KarpReilly----- End of picture text -----

ASX release date: 13 August 2021

Notes: Authorised for release by E&P Investments Limited (ACN 152 367 649, AFSL 410 433), the responsible entity of CD Private Equity Fund I (Fund or CD1). 1. Source: E&P Investments Limited – the historical performance is not a guarantee of the future performance of the Fund; 2. Total returns are inclusive of distributions. NTA return is based on post tax NTA; 3. Based on estimated unaudited net tangible asset value before tax at 31 July 2021 of $1.32 per unit (30 June 2021 was $1.28). *The LP received a final distribution from Prometheus Partners IV. L.P. on 30 September 2016 and has no remaining capital with this fund. Numbers may not add due to rounding.

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