CD PRIVATE EQUITY FUND II — Net Asset Value 2026

Jan 13, 2026

14 January 2026

CD PRIVATE EQUITY FUND II: ASX: CD2

NET TANGIBLE ASSET UPDATE – 31 DECEMBER 2025

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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$1.10 $61.5 $0.27 per unit $2.65 per unit April 2013 7.9% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 December 2025 was $1.10[1,3] per unit (30 November 2025 was $1.16[1,3] per unit).

The NTA movement recorded during the month is primarily a result of an adjustment to our underlying investment due to the sale of an underlying fund within the portfolio, as well as foreign exchange losses due to the strengthening 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]-5.2% -1.1% -5.7% -1.6% 7.9% 8.8%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD2 has achieved a return of 10.6% per annum since inception.

MONTHLY LP & FUND UPDATE

During the month, the LP received notice of two distributions which, after adjusting for simultaneous capital calls, were for a total of US$3.62 million. The distributions were a combination of escrows and holdbacks on earlier realisations, as well as following the successful realisation of KUIU, a portfolio company of Main Post Growth Capital.

KUIU is a leading direct to consumer American hunting gear and apparel brand. During Main Post’s investment, KUIU delivered strong, profitable growth, strengthened its leadership and organisational capabilities, expanded its category reach and “everyday wear” positioning and enhanced systems, data, and margin discipline.

During the month, the Fund was pleased to announce the full realisation of an underlying investment within the portfolio. The full announcement can be viewed here.

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 0.6673 as at 31 December 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.

2. Estimated unaudited net tangible asset value before tax at 31 December 2025 of $1.17 per unit (30 November 2025 of $1.27 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