CD PRIVATE EQUITY FUND I — Net Asset Value 2023

Apr 13, 2023

Monthly update – March 2023

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:$1.13 $41.90 22 cents (14%) 266 cents (166%) -4.2% 12.7%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 March 2023 was $1.13[1,3] per unit (28 February 2023 was $1.18[1 ] per unit).

Net asset value movements for March were primarily a result of negative asset valuation movements from underlying LP's, partially offset by foreign exchange gains due to the depreciating Australian dollar (which added approximately 0.7%).

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] -4.2% -3.5% -9.4% 2.3% 11.2% 15.7% 12.7%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD1 has achieved a return of 12.2% per annum since inception.

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