CD PRIVATE EQUITY FUND III — Net Asset Value 2023

Feb 13, 2023

Monthly update – January 2023

CD Private Equity Fund III

==> picture [457 x 52] intentionally omitted <==

----- 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 $157.80 45.1 cents (28%) 135.9 cents (85%) -3.7% 15.2%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 January 2023 was $2.09[1,3] per unit (31 December 2022 was $2.17[1 ] per unit).

Net asset value movements for January were primarily a result of foreign exchange losses due to the appreciating Australian dollar (which detracted approximately 3.4%). Following month-end the Fund declared a distribution of 11 cents per unit with an ex-date of 8 February 2023.

CD3 Fund performance

==> picture [456 x 39] intentionally omitted <==

----- 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] -3.7% -4.5% 2.3% 18.5% 25.8% 22.2% 15.2%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD3 has achieved a return of 13.9% per annum since inception.

ASX release date: 14 February 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 31 January 2023 of $2.1 9 per unit (31 December 2022 was $2.27). Numbers may not add due to rounding.

cdfunds.com.au ARSN 612 132 813

T 1300 454 801 F 1300 883 159 E info@cdfunds.com.au