CD PRIVATE EQUITY FUND III — Fund Information / Factsheet 2021

Jul 13, 2021

Monthly update – June 2021

CD Private Equity Fund III

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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 (July 2016) [1,2]Last 12 months: Since inception:$2.14 $158.5 36.5 cents (23%) 37.8 cents (24%) 4.9% 11.2%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 June 2021 was $2.14[1,3] per unit (31 May 2021 was $2.16[1] per unit).

The net asset value movement for June is inclusive of payment of a 12.5 cent per unit distribution (declared: 11 June 2021, payment date: 29 June 2021), offset by receipt of increased asset valuations from underlying LPs and the positive impact from the weakening Australian dollar (+3.1%).

CD3 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] 4.9% 5.3% 38.2% 41.2% 19.1% – 11.2%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 10.3% per annum since inception.

CD3 portfolio asset allocation

LP commitments to underlying managers (US$117.5m)

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----- Start of picture text ----- Distribution Business BertramServices8.5% US Select $10.0 DFWII20.3% $27.5 $7.5 Elephant$5.0Software &Technology 26.4% $7.5 Encore10.1% ManufacturingTrive $10.0 $10.0 Gemspring$5.0$5.017.6% 17.1% Consumer & TelescopePeakSpan $5.0$10.0 $7.5 $7.5 InclineGrowth StreetHealthcare Retail NMS Luminate----- End of picture text -----

ASX release date: 14 July 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 June 2021 of $2.20 per unit (31 May 2021 was $2.21). Numbers may not add due to rounding.

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