CD PRIVATE EQUITY FUND III — Net Asset Value 2024

Feb 13, 2024

14 February 2024

CD PRIVATE EQUITY FUND III: ASX: CD3

NET TANGIBLE ASSET UPDATE – 31 JANUARY 2024

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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$1.78 $142.3 $0.48 per unit $1.839 per unit July 2016 21.2% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 January 2024 was $1.78[1,3] per unit (31 December 2023 was $1.87[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 3.6% during the month. Additionally, during the month a distribution was declared to Unitholders of $0.15 per unit and is expected to be paid to Unitholders on or around the 23rd of February 2024.

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]3.2% 3.1% 8.5% 30.6% 21.2% 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 two distributions for a net amount of US$1.84 million. The larger of the two was related to the realisation of Iowa Northern Railway Company[4] , an underlying portfolio company of Trive Capital Fund II ( Trive ).

Iowa Northern Railway Company serves upper Midwest agricultural and industrial markets covering many goods, including biofuels and grain. The company was purchased by Canadian National, a Montreal based rail carrier, with the transaction representing a meaningful opportunity to support the growth of local business by creating single-line services to North American destinations. Trive initially invested in March 2016 (video here) and the realisation was successful for the LP.

Finally, the team at K2 wish to thank those who attended the recent in-person presentations in Melbourne and Sydney and we look forward to hosting more updates (both online and in-person) in the future.

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.

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 0.6568 as at 31 January 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;

2. Estimated unaudited net tangible asset value before tax at 31 January 2024 of $1.83 per unit (31 December 2023 was $1.92). 4. Iowa Northern Railway Company realisation here.

Email: cdfunds@k2am.com.au | Phone: +61 3 9691 6110 | Web: www.cdfunds.com.au ARSN: 612 132 813

Level 44, 101 Collins Street Melbourne VIC 3000

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