Walsh mpany Asset Management Pty : CD Private Equity Fund Series Update - January 2022

only SERIES UPDATE - January 2022

useCD Private Equity Fund I (ASX:CD1) CD Private Equity Fund II (ASX:CD2)

ersonalCD Private Equity Fund III (ASX:CD3) CD Private Equity Fund IV (CD4)

17 January 2022

CD Private Equity Fund Series Update - January 2022

Disclaimer

onlyThis presentation has been prepared by E&P Investments Limited as Responsible Entity (ACN 152 367 649, AFSL 410 433) of the CD Private Equity Fund Series (Funds or Fund Series), which includes CD Private Equity Fund I (ARSN 158 625 284) (ASX:CD1), CD Private Equity Fund II (ARSN 162 057 089) (ASX:CD2), CD Private Equity Fund III (ARSN 612 132 813) (ASX:CD3), and CD Private Equity Fund IV (ARSN 624 474 531) (ASX:CD4).

This presentation may contain general advice. Any general advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting n the advice, you should consider the appropriateness of the advice with regard to your objectives, financial situation and needs. Past performance is not a reliable indicator of future

performance. All figures in this presentation are in AUD unless stated otherwise.

useThis presentation may contain statements, opinions, projections, forecasts and other material (forward looking statements), based on various assumptions. Those assumptions may or may not prove to be correct. Neither the Responsible Entity, the Investment Manager or their advisers (including all of their respective directors, consultants and/or employees, related bodies corporate and the directors, shareholders, managers, employees or agents of any of them) (Parties) make any representation as to the accuracy or likelihood of fulfillment of the forward-looking statements or any of the assumptions upon which they are based. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and the Parties assume no obligation to update that information.

The Parties give no warranty, representation or guarantee as to the accuracy or completeness or reliability of the information contained in this document. The Parties do not accept, ersonalexcept to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this

presentation. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained in this presentation.

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Summary overview

 Recent meetings with our underlying managers have been very positive and momentum from the second half of 2020

only	has clearly continued throughout 2021.
‒ The past twelve months, to 30 September 2021, have been highly productive for the private equity market, and
our strategy of investing across a diverse range of small to middle market managers continues to deliver strong
use	returns for unitholders.
‒ There have been many strong realisation events across the year to 30 September 2021 for each Fund in the CD
	Private Equity Fund Series.
 The Investment Managers are pleased to report a highly productive and successful half year ending 30 September
ersonal	2021 for each Fund in the CD Private Equity Fund Series.
Note: Past performance is not a reliable indicator of future performance
	CD Private Equity Fund Series Update - January 2022	3

CD Private Equity Fund Series Update - January 2022

Performance summary at 31 December 2021

						3 YEARS	5 YEARS	INCEPTION
	FUND		3 MONTHS	6 MONTHS	1 YEAR	P.A.	P.A.	P.A.
	CD Private Equity Fund I (CD1)	NTA	1.0%	25.0%	47.3%	21.8%	18.1%	14.5%
only
	CD Private Equity Fund II (CD2)	NTA	5.4%	19.9%	41.8%	14.1%	13.8%	12.6%
	CD Private Equity Fund III (CD3)	NTA	4.4%	22.4%	69.2%	24.2%	15.2%	14.3%
	CD Private Equity Fund IV (CD4)	NTA	6.3%	21.7%	68.3%	19.4%	-	16.8%
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ersonal

N te: All figures as of 31/12/2021. NTA figures are post-tax NTA and is net of fees and costs. Total returns are inclusive of distributions. Past performance is not a reliable indicator of future performance. CD1 inception date August 2012. CD2 inception date April 2013. CD3 inception date July 2016. CD4 inception date April 2018.

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A Cloud Guru

	Founded in Melbourne in 2015, A Cloud Guru, is a leading provider in online cloud computing training and talent
	development.
	The Fund Series held their exposure to A Cloud Guru through investment in Elephant Partners Fund I, L.P (CD3) and
only	Elephant Partners Fund II, L.P (CD4).
	Announced in June that it had entered into an agreement to be acquired by Pluralsight, Inc. for US$2 billion.
	Interestingly, Pluralsight was until recently Nasdaq-listed, having been taken private by Vista Equity Partners.
	Pleasingly, the transaction has resulted in a healthy return on investment for both the underlying LP and the Funds
use	(CD3 and CD4).
	COVID-19 has pushed a number of companies into digital transformation, seeking greater efficiency and connectivity.
	One of the beneficiaries of this change was A Cloud Guru.

Note: Performance data is at the LP level, not the Australian Unit Trust. Past performance is not a reliable indicator of future performance. Returns are in USD.

ersonal	CD Private Equity Fund Series Update - January 2022	5