CD PRIVATE EQUITY FUND II — Net Asset Value 2024

Jun 13, 2024

14 June 2024

CD PRIVATE EQUITY FUND II: ASX: CD2

NET TANGIBLE ASSET UPDATE – 31 MAY 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$1.50 $84.9 $0.245 per unit $2.31 per unit April 2013 8.8% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 May 2024 was $1.50[1,3] per unit (30 April 2024 was $1.55[1,3] per unit).

The net asset value movement recorded during the month reflects the updated valuations for the underlying funds for the period ended 31 March 2024. Additional movements since this period are primarily a result of foreign exchange movements, with the Australian dollar strengthening by 2.8% during May.

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]-3.2% -2.6% 7.3% 10.0% 8.8% 10.6%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD2 has achieved a return of 11.2% per annum since inception.

MONTHLY LP & FUND UPDATE

During the month, the LP received one capital call for a net amount of US$0.01 million which was for Q1 and Q2 2024 management fees and partnership expenses for an underlying fund, NMS Fund II, LP.

During the month, K2 were pleased to present Unitholders with both the Q1 2024 report and the Annual Financial Report for the period ended 31 March 2024 (both found here). As referenced within the 2024 Financial Report, the Manager has begun preliminary discussions with external advisors to assist in the evaluation of whether a portfolio sale into the secondary market would be an attractive short-term exit strategy for the Fund.

While this is being considered, the Manager wishes to reaffirm Investors of their confidence in both the underlying funds and portfolio companies which CD2 is invested in. Assuming continued growth in the underlying companies and a lowering of interest rates can lead to positive valuation movements, both K2 and the Manager will evaluate whether a portfolio sale would offer the greatest return for Unitholders versus the individual realisation of the underlying assets. We know that your capital is in experienced hands and that the strong returns received to date reflect the expertise and decisions made by the Manager throughout all market conditions.

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

Authorised for release by K2 Asset Management Ltd (K2) (ACN 085 445 094, AFSL 244 393), the responsible entity of CD Private Equity Fund II (Fund or CD2). Notes: AUD:USD spot rate of 0.6653 as at 31 May 2024. 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;

2. Total returns are inclusive of distributions and based on the Fund’s post tax NTA;

3. Estimated unaudited net tangible asset value before tax at 31 May 2024 of $1.61 per unit (30 April 2024 was $1.67). 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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