Ann: Investor Presentation September 2021, page-37

Like I said, if you exclude the entire holding of TMC WHICH INCLUDES THE ORIGINAL COST OF Deep Green, the NTA of the remaining CDM portfolio is still approx $1.17-18. What I am trying to say if you took out the holding costs of $1.38 or $6m of Deep Green and look at the remainder of the CDM portfolio in a watchlist, you will see that the remainder of the PF is going well and the NTA would still be approx $1.17. Will the CDM SP hold if TMC sinks ? Who knows… but during the COVID crisis in 2020, the SP of CDM was less than the cash they had in the bank ! don’t take this personally but to muck up a saying “it’s the market stupid !” Anything can and probably will happen ! It’s when you see misplaced opportunities like this, that leaves opportunities for canny investors ! Personally I think TMC will settle down and find a floor price of ? amount. This will allow CDM to look at what % of the PF it is likely to be and work out if it’s worth hiving it off. I’m more worried about how the remaining 82% of the PF is going (well at the moment).

@RnR….