CD PRIVATE EQUITY FUND I — Interim / Quarterly Report 2022

Oct 13, 2022

Monthly update – September 2022

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: 244$1.52 $56.80 23.5 cents (15%) cents (153%) 7.0% 14.7%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 September 2022 was $1.52[1,3] per unit (31 August 2022 was $1.42[1] per unit).

Net asset value movements for September were primarily a result of foreign exchange gains due to the depreciating Australian dollar (which added approximately 6.9%).

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] 7.0% 4.8% 16.0% 14.5% 17.7% 20.9% 14.7%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD1 has achieved a return of 12.9% per annum since inception.

CD1 portfolio asset allocation

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----- Start of picture text ----- LP commitments to underlying managers(US$69.8m)----- End of picture text -----

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----- Start of picture text ----- Distribution DFW*Software & Business EncoreTechnology 9.4% Services $5.0$10.04.0% US Select24.3% FPCHealthcare Direct10.8% $13.0 $4.0$10.0 Incline10.8%Manufacturing $10.0Trivest4.6%36.2% $4.8 $10.0Telecommunications $3.0KarpReillyConsumer & Retail Prometheus*Peppertree----- End of picture text -----

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