CD PRIVATE EQUITY FUND III — Net Asset Value 2021

Oct 13, 2021

Monthly update – September 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:$2.51 $187.5 36.5 cents (23%) 37.8 cents (24%) 1.6% 14.1%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 September 2021 was $2.51[1,3] per unit (31 August 2021 was $2.47[1] per unit).

Net asset value movements for September were primarily as a result of foreign exchange gains from the weakening Australian dollar (which added approximately +1.2%).

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] 1.6% 17.3% 23.6% 53.2% 24.3% 15.4% 14.1%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 12.8% 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 October 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 September 2021 of $2.60 per unit (31 August 2021 was $2.56). Numbers may not add due to rounding.

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