Ann: Merger Proposal Update, page-18

Please could you provide a link to the Supreme Court admonition of Peter Anderson above, etc? I obtained copies of the JudicialAdvice and Court Orders but they had nothing like that.

I bought another 20,000 CD1 yesterday as the prices continueto slide, as investors flea from the horror proposed by E&P. Once you adjust the NAVs and current market pricesto exclude the proforma cash balances held in Australiaat the Fund level (i,e, not even counting the share of cash held by the LPs in USA) they are tradingat discounts of about 50% to NAV. Some postershave expressed doubt whether the stated NAVs are accurate in the real world. That’sa fair concern, but the latest Series Update on 3 August stated “Therewere 11 realisations across the Fund series, over the 6 months to 30 June 2022.‒ Average hold period of 5.7 years ‒ 8 of the 11 were realized at or above thelast reported value ‒ Average change from realization value to holding valuewas an increase of 1.8 xs, and the median was 1.1 xs”.

The market discounts are extreme, and it’s hard to see howE&P could destroy even more value…. Could they?...... The sad point must bestressed again and again— Cordish USA and their sub fund managers have done a verygood job. They have done exactly whatthey undertook to do in the PDSs. Allthe destruction of value has happened since 2018 when the Dixon scandal came to light, and the CD fundswere tainted by association. Then the recent monstrosity proposed by E&Phas destroyed more value and trashed any remaining credibility that E&Phad. There is a very simple solution: drop/votedown the stupid merger, and immediately distribute at least 95% of the Australiancash to unitholders. The market prices wouldsoar as we wake from the nightmare.