CD PRIVATE EQUITY FUND III — Net Asset Value 2022

Dec 13, 2022

Monthly update – November 2022

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:$2.17 $164.30 98.1 cents (61%) 135.9 cents (85%) -0.8% 16.3%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 November 2022 was $2.17[1,3] per unit (31 October 2022 was $2.19[1 ] per unit).

Net asset value movements for November were primarily a result of foreign exchange losses due to the appreciating Australian dollar (which detracted approximately 5.7%) mostly offset by positive asset valuation movements from underlying LPs.

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] -0.8% 4.8% 8.8% 24.5% 27.8% 21.6% 16.3%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 14.6% per annum since inception.

CD3 commitment asset allocation

LP commitments to underlying managers (US$117.5m)

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----- 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 2022

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) (ASX: 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 2022 of $2.28 per unit (31 October 2022 was $2.32). Numbers may not add due to rounding.

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