CD PRIVATE EQUITY FUND III — Net Asset Value 2024

Jan 11, 2024

12 January 2024

CD PRIVATE EQUITY FUND III: ASX: CD3

NET TANGIBLE ASSET UPDATE – 31 DECEMBER 2023

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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$1.87 $138.2 $0.33 per unit $1.689 per unit July 2016 19.6% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 December 2023 was $1.87[1,3] per unit (30 November 2023 was $1.92[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 strengthening by 3.1% 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]-2.6% -0.6% 1.3% 29.3% 19.6% 13.9%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD3 has achieved a return of 13.4% per annum since inception.

MONTHLY INVESTMENT ACTIVITY

During the month of December, the LP received a capital call (US$0.1 million) for management fees and to fund a recent add-on acquisition of StarCompliance[4] , an underlying portfolio company of Luminate Capital Partners, LP.

The LP also received three distributions for a total of US$2.1 million, with the largest being from an underlying portfolio company of US Select Direct Private Equity II, LP., Radcliff Cross Country Mortgage.

The distributions received also included proceeds from the sale of BearCom[5] , an underlying portfolio company of Bertram Growth Capital III, LP (Bertram). BearCom provides land mobile radio systems that support critical business and security processes. Bertram partnered with the company in 2018, facilitating multiple add-on acquisitions and helping to secure the company’s position as the worlds largest integrator of Motorola’s twoway radio systems. BearCom was acquired by Siris Capital Group.

As always, Unitholders are welcome to reach out to the Investor Relations team via email at cdfunds@k2am.com.au, or by calling +61 3 9691 6110.

Authorised for release by K2 Asset Management Ltd (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 0.6812 as at 31 December 2023. 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; 2. 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 31 December 2023 of $1.92 per unit (30 November 2023 was $2.01). 4. StarCompliance acquisitions here.

1. Sale of BearCom 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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