CD PRIVATE EQUITY FUND III — Net Asset Value 2022

Jan 13, 2022

Monthly update – December 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:$2.09 $193.4 89.5 cents (56%) 90.8 cents (57%) -1.1% 14.3%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 December 2021 was $2.09[1,3] per unit (30 November 2021 was $2.65[1] per unit).

Net asset value movements for December were primarily a result of payment of a 53 cents per unit distribution (declared: 20 December 2021, payment date: 21 January 2022) and foreign exchange losses from the strengthening Australian dollar (which detracted approximately 1.9%).

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] -1.1% 4.4% 22.4% 69.2% 24.2% 15.2% 14.3%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 13.0% 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 January 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 December 2021 of $2.15 per unit (30 November 2021 was $2.74). Numbers may not add due to rounding.

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