CD PRIVATE EQUITY FUND I — Net Asset Value 2025

May 13, 2025

14 May 2025

CD PRIVATE EQUITY FUND I: ASX: CD1

NET TANGIBLE ASSET UPDATE – 30 APRIL 2025

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----- Start of picture text ----- Gross assets Distributions DistributionsNTA per unit Fund Inception 5 year NTA return(million) Last 12 months Since Inception$0.89 $33.3 $0.135 per unit $2.955 per unit August 2012 9.0% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 30 April 2025 was $0.89[1,3] per unit (31 March 2025 was $0.92[1,3] per unit).

The NTA movement recorded during the month (-3.3%) is a result of foreign exchange losses due to the strengthening of the Australian Dollar. This offset minor positive asset valuation movements from underlying investments, following the receipt of the remaining December 2024 valuations.

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]-3.3% 6.8% -1.4% -0.3% 9.0% 10.9%----- 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

The LP received a distribution of US$1.2 million in relation to the realisaton of GetixHealth, a portfolio company of Trivest Fund V.

GetixHealth provides revenue cycle management solutions to healthcare providers, offering a range of services including patient responsibility management, eligibility and enrolment, third-party claims resolution, patient access, and insurance billing. During Trivest’s ownership period, they completed and integrated 11 add-on acquisitions, expanded the company’s technology infrastructure as well as expanding the executive team.

The Fund is in the process of finalising its 31 March 2025 full-year financial report, with release expected by the end of May 2025. Accordingly, this 30 April 2025 NTA is unaudited and does not take into account any adjustments that may come as a result of this process.

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.

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 0.6402 as at 30 April 2025. Numbers may not sum due to rounding.

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.

1. Estimated unaudited net tangible asset value before tax at 30 April 2025 of $0.88 per unit (31 March 2025 was $0.91 per unit).

Email: cdfunds@k2am.com.au | Phone: +61 3 9691 6110 | Web: www.cdfunds.com.au ARSN: 158 625 284 Level 44, 101 Collins Street Melbourne VIC 3000 Page 1