CD PRIVATE EQUITY FUND III — Net Asset Value 2024

Mar 13, 2024

14 March 2024

CD PRIVATE EQUITY FUND III: ASX: CD3

NET TANGIBLE ASSET UPDATE – 29 FEBRUARY 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$1.80 $132.9 $0.37 per unit $1.839 per unit July 2016 20.9% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 29 February 2024 was $1.80[1,3] per unit (31 January 2024 was $1.78[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 falling by 1.1% 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]1.1% -1.5% 5.2% 31.3% 20.9% 14.3%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD3 has achieved a return of 13.6% per annum since inception.

MONTHLY INVESTMENT ACTIVITY

During the month, the LP received one capital call for US$0.1 million from Encore Consumer Capital Fund III, LP, a private equity investment firm focused on the consumer products industry. The proceeds from this capital call were employed by an existing portfolio company, Tourtellot, to fund the acquisition of Ryeco Inc. (Ryeco)[4] .

Ryeco is a leading distributor of fruits and vegetables located in Philadelphia, PA, servicing customers across the mid-Atlantic region. Ryeco sources products from across the globe, offering a diversified mix of high quality produce sold into multiple end markets through long-lasting and well-fostered relationships with wholesalers, supermarkets, restaurants and other retailers. Tourtellot’s acquisition of Ryeco allows for the creation of a super-regional produce distributor with multiple facilities and geographical reach from the northeast through the mid-Atlantic U.S.

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 III (Fund or CD3). Notes: AUD:USD spot rate of 0.6497 as at 29 February 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;

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 29 February 2024 of $1.84 per unit (31 January 2024 was $1.83).

1. Tourtellot acquisition of Ryeco here.

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

ARSN: 612 132 813

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