CD PRIVATE EQUITY FUND III — Net Asset Value 2022

Sep 13, 2022

Monthly update – August 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:$2.27 $172.9 77.1 cents (48%) 114.9 cents (72%) 1.3% 16.1%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 August 2022 was $2.27[1,3] per unit (31 July 2022 was $2.24[1] per unit).

Net asset value movements for August were primarily a result of foreign exchange gains due to the depreciating Australian dollar (which added approximately 2.1%) and positive asset valuation movements from underlying LPs, partially offset by an increase in (deferred) tax liabilities.

The Fund continues to trade on the Australian Securities Exchange (ASX) at a discount to its NTA, and the Responsible Entity is actively considering initiatives to reduce the discount and enhance the liquidity of the Fund. The Responsible Entity will provide updates in this regard when it is appropriate to do so.

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] 1.3% 3.8% 19.6% 27.4% 26.5% 21.8% 16.1%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 14.4% 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 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 September 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 31August 2022 of $2.40 per unit (31 July 2022 was $2.34). Numbers may not add due to rounding.

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