CD PRIVATE EQUITY FUND III — Net Asset Value 2022

Jun 13, 2022

Monthly update – May 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: 90.8$2.42 $180.80 65.5 cents (41%) cents (57%) 3.0% 16.1%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 May 2022 was $2.42[1,3] per unit (30 April 2022 was $2.35[1] per unit).

Net asset value movements for May were primarily a result of positive asset valuation movements from underlying LPs and a downward revision to potential (deferred) tax liabilities, partially offset by foreign exchange losses due to the appreciating Australian dollar (which detracted approximately 1.6%).

On 30 May the Fund released Financial Accounts for the twelve months to 31 March 2022 – please click here to view these.

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] 3.0% 15.2% 14.5% 48.7% 27.2% 19.4% 16.1%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 14.3% 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 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 June 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). 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 31 May 2022 of $2.51 per unit (30 April 2022 was $2.46). Numbers may not add due to rounding.

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