CD PRIVATE EQUITY FUND III — Net Asset Value 2023

May 11, 2023

Monthly update – April 2023

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:$2.20 $165.30 56.1 cents (28%) 146.9 cents (92%) 0.5% 16.3%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 April 2023 was $2.20[1,3] per unit (31 March 2023 was $2.19[1 ] per unit).

Net asset value movements for April were primarily a result of foreign exchange gains due to the depreciating Australian dollar (which added approximately 1.1%) partially offset by negative 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] 0.5% 10.9% 5.9% 19.6% 30.0% 23.0% 16.3%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 14.7% per annum since inception.

ASX release date: 12 May 202 3

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 April 2023 of $2.29 per unit (31 March 2023 was $2.28). Numbers may not add due to rounding.

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