CD PRIVATE EQUITY FUND III — Fund Information / Factsheet 2021

Dec 13, 2021

Monthly update – November 2021

CD Private Equity Fund III

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

----- 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 (July 2016) [1,2]Last 12 months: Since inception:$2.65 $197.2 36.5 cents (23%) 37.8 cents (24%) 10.0% 14.8%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 November 2021 was $2.65[1,3] per unit (31 October 2021 was $2.41[1] per unit).

Net asset value movements for November were as a result of increased asset valuations from underlying LPs and foreign exchange gains from the weakening Australian dollar (which added approximately 5.5%).

Please also note that John Martin has resigned from his position as a member of the Fund’s Advisory Board.

CD3 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] 10.0% 7.3% 29.9% 61.7% 26.3% 16.1% 14.8%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 13.4% per annum since inception.

CD3 portfolio asset allocation

LP commitments to underlying managers (US$117.5m)

==> picture [467 x 167] intentionally omitted <==

----- Start of picture text ----- Distribution DFWBusiness BertramElephant8.5% Services $10.0 $7.5$5.0Software & 20.3% EncoreTechnology US Select $7.5Direct II$27.5 $10.0 Gemspring26.4%10.1% Manufacturing$5.0Growth Street$7.5$10.0 Incline17.6% 17.1% Trive $5.0 $7.5$5.0 $10.0 LuminateConsumer & RetailHealthcare TelescopeNMSPeakSpan----- End of picture text -----

ASX release date: 14 December 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 III (Fund or CD3). 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 30 November 2021 of $2.74 per unit (31 October 2021 was $2.50). Numbers may not add due to rounding.

Level 15, 100 Pacific Highway North Sydney NSW 2060 T 1300 454 801 F 1300 883 159 E info@cdfunds.com.au

cdfunds.com.au ARSN 612 132 813