CD PRIVATE EQUITY FUND II — Net Asset Value 2026

Apr 13, 2026

14 April 2026

CD PRIVATE EQUITY FUND II: ASX: CD2

NET TANGIBLE ASSET UPDATE – 31 MARCH 2026

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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$0.65 $37.6 $0.56 per unit $3.03 per unit April 2013 2.7% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 March 2026 was $0.65[1,3] per unit (28 February 2026 was $0.67[1,3] per unit).

The NTA movement during the month is primarily a result of negative asset valuation movements following the receipt of December 2025 quarterly valuations, as well as foreign exchange gains due to the weakening of the Australian dollar.

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]-3.0% -12.2% -14.6% -1.5% 2.7% 8.0%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD2 has achieved a return of 10.3% per annum since inception.

MONTHLY LP & FUND UPDATE

During the month the LP received two capital calls for US$0.05 million, for management fees, partnership expenses and withholding tax reimbursement.

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 0.6900 as at 31 March 2026. 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.

2. Estimated unaudited net tangible asset value before tax at 31 March 2026 of $0.71 per unit (28 February 2026 of $0.73 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