CD PRIVATE EQUITY FUND I — Net Asset Value 2024

Nov 13, 2024

14 November 2024

CD PRIVATE EQUITY FUND I: ASX: CD1

NET TANGIBLE ASSET UPDATE – 31 OCTOBER 2024

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----- Start of picture text ----- Gross assets Distributions Distributions 5 year NTANTA per unit Fund Inception(million) Last 12 months Since Inception return$0.96 $35.6 $0.05 per unit $2.82 per unit August 2012 7.6% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 October 2024 was $0.96[1,3] per unit (30 September 2024 was $0.92[1,3] per unit).

The positive net asset value movement recorded during the month is the result of foreign exchange movements, with the Australian dollar falling by 4.8% during the month of October.

PERFORMANCE SUMMARY

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----- Start of picture text ----- 1 month 6 months 1 year 3 years p.a. 5 years p.a. Since Inception p.a.NTA Return [1,2]4.3% -7.7% -9.2% 1.1% 7.6% 10.8%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD1 has achieved a return of 11.7% per annum since inception.

MONTHLY LP & FUND UPDATE

During the month, the LP was informed of a transaction within US Select Direct Private Equity, LP’s investment in CPF Senior Living. The transaction was of 20-asset seniors housing portfolio spanning the Sunbelt, Northeast and Midwest markets and represented one of the largest seniors housing transactions closed year-to-date (US$725m).

US Select Direct (the direct investment vehicle for both CD1 and CD2) received a distribution of US$3.3 million as a result of this sale, with some additional proceeds held back in escrow post-closing (with receipt expected mid-2025). We expect that US Select Direct will distribute proceeds to both Funds in due course after accounting for any underlying fund expenses.

As always, Unitholders are welcome to reach out to the team with any questions via email at cdfunds@k2am.com.au, or by calling +61 3 9691 6110.

1. Source: E&P Investments Limited (for data before 24 June 2023) and K2 Asset Management Ltd (for data post 24 June 2023). The historical performance is not a guarantee of the future performance of the Fund;

1. Total returns are inclusive of distributions and based on the Fund’s post tax NTA. The tax component in the post tax NTA refers to the estimate of likely US tax the Fund will incur upon realisation of recorded fair value movements.

Authorised for release by K2 Asset Management Ltd (K2) (ACN 085 445 094, AFSL 244 393), the responsible entity of CD Private Equity Fund I (Fund or CD1). Notes: AUD:USD spot rate of 0.6582 as at 31 October 2024. Numbers may not sum due to rounding.

1. Estimated unaudited net tangible asset value before tax at 31 October 2024 of $0.95 per unit (30 September 2024 was $0.92). Email: cdfunds@k2am.com.au | Phone: +61 3 9691 6110 | Web: www.cdfunds.com.au Level 44, 101 Collins Street Melbourne VIC 3000

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