CD PRIVATE EQUITY FUND I — Net Asset Value 2023

May 11, 2023

Monthly update – April 2023

CD Private Equity Fund I

==> picture [457 x 52] intentionally omitted <==

----- Start of picture text -----

NTA Gross assets Distributions per unit One month Annualised performance since
per unit (millions) (percentage of initial investment) performance [1,2] inception (August 2012) [1,2]
Last 12 months: Since inception:
$1.19 $43.70 22 cents (14%) 266 cents (166%) 5.3% 13.1%
----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 April 2023 was $1.19[1,3] per unit (31 March 2023 was $1.13[1 ] per unit).

Net asset value movements for April were primarily a result of positive asset valuation movements from underlying LPs and foreign exchange gains due to the depreciating Australian dollar (which added approximately 1.1%).

CD1 Fund performance

==> picture [456 x 39] intentionally omitted <==

----- 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] 5.3% 5.0% -7.1% -0.6% 15.5% 16.9% 13.1%
----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD1 has achieved a return of 12.3% per annum since inception.

cdfunds.com.au ARSN 158 625 284

T 1300 454 801 F 1300 883 159 E info@cdfunds.com.au