CD PRIVATE EQUITY FUND II — Net Asset Value 2025

Mar 11, 2025

12 March 2025

CD PRIVATE EQUITY FUND II: ASX: CD2

NET TANGIBLE ASSET UPDATE – 28 FEBRUARY 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$1.35 $76.7 $0.16 per unit $2.47 per unit April 2013 6.3% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 28 February 2025 was $1.35[1,3] per unit (31 January 2025 was $1.34[1,3] per unit).

The net asset value movement recorded during the month is the result of modest foreign exchange movements, with the Australian dollar weakening by 0.14%. The Fund’s gross asset value movement is attributable to the $0.09 per unit distribution which was paid to unitholders in February.

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]0.7% 5.9% -3.2% 2.6% 6.3% 10.0%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD2 has achieved a return of 11.0% per annum since inception.

MONTHLY LP & FUND UPDATE

During the month, the LP received a distribution of US$1.74 million relation to the realisaton of Tavoron, a portfolio company of High Road Capital Partners ( High Road ).

Tavoron, comprised of multiple operating companies across the U.S. and Canada, specialises in innovative electrical and air automation components, robotic systems and compressed air technologies. The company’s solutions and services are designed to optimise manufacturing processes, improve production quality and enhance workplace safety, helping customers automate complex and repetitive tasks to increase efficiency. During High Road’s ownership period, they appointed a new CEO, expanded the company’s product lines and end markets via acquisition, and grew the business signficiantly.

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 II (Fund or CD2). Notes: AUD:USD spot rate of 0.6209 as at 28 February 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 28 February 2025 of $1.43 per unit (31 January 2025 was $1.43 per unit).

Email: cdfunds@k2am.com.au | Phone: +61 3 9691 6110 | Web: www.cdfunds.com.au ARSN: 162 057 089 Page 1 Level 44, 101 Collins Street Melbourne VIC 3000