CD PRIVATE EQUITY FUND II — Net Asset Value 2024

Jan 11, 2024

12 January 2024

CD PRIVATE EQUITY FUND II: ASX: CD2

NET TANGIBLE ASSET UPDATE – 31 DECEMBER 2023

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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$1.54 $86.8 $0.255 per unit $2.26 per unit April 2013 10.0% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 December 2023 was $1.54[1,3] per unit (30 November 2023 was $1.59[1,3] per unit).

The net asset value movement recorded during the month is primarily a result of foreign exchange movements, with the Australian dollar strengthening by 3.1% during the month.

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]-3.1% 9.5% -0.1% 15.4% 10.0% 11.0%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD2 has achieved a return of 11.4% per annum since inception.

MONTHLY INVESTMENT ACTIVITY

During the month of December, the LP received two capital calls (approx. US$17,000) for partnership expenses and management fees.

The LP also received two distributions for a total of US$0.4 million, with the larger of the two related to Larkspur, an underlying portfolio company of Staple Street Capital, realising two of its development projects. Larkspur is a platform company focused on building, acquiring, and operating Class-A self-storage facilities across the U.S. and Canada, and the sale of these two facilities marks the realisation of the strategy which Staple Street Capital and Larkspur Storage formed a partnership to pursue.

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

Authorised for release by K2 Asset Management Ltd (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 0.6812 as at 31 December 2023. 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;

1. Estimated unaudited net tangible asset value before tax at 31 December 2023 of $1.65 per unit (30 November 2023 was $1.71). 4. Larkspur self-storage facility sale here.

Email: cdfunds@k2am.com.au | Phone: +61 3 9691 6110 | Web: www.cdfunds.com.au

ARSN: 162 057 089

Level 44, 101 Collins Street Melbourne VIC 3000

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