CD PRIVATE EQUITY FUND III — Net Asset Value 2025

Nov 11, 2025

12 November 2025

CD PRIVATE EQUITY FUND III: ASX: CD3

NET TANGIBLE ASSET UPDATE – 31 OCTOBER 2025

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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$1.75 $129.8 $0.23 per unit $2.139 per unit July 2016 22.0% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 October 2025 was $1.75[1,3] per unit (30 September 2025 was $1.73[1,3] per unit).

The NTA movement recorded during the month is primarily a result of 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]1.2% 1.2% 12.1% 6.3% 22.0% 13.2%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD3 has achieved a return of 13.1% per annum since inception.

MONTHLY LP & FUND UPDATE

During the month, the LP received two capital calls for a total of US$0.18 million, as well as five distributions for a total of US$2.14 million. The largest distribution was in relation to the successful realisaton of Charter Industries, an underlying portfolio company of Incline Equity Partners IV, L.P.

Charter Industries is a leading wholesale supplier of premium finishing materials, specialising in edgebanding, sheets & panels, hardware and adhesives. During Incline's ownership, Charter Industries expanded its operations through mergers and acquisitions, adding in-house production capacity to its distribution model.

The Fund was pleased to announce a distribution of $0.10 per unit in September, which was paid to Unitholders during the month. In total, the Fund has now returned $2.139 per unit to original Unitholders, representing a 1.34x return of capital (distributions only) and a total value to paid-in capital (TVPI) multiple of 2.43x. The accompanying distribution notice can be found here and the 12-H 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 III (Fund or CD3). Notes: AUD:USD spot rate of 0.6542 as at 31 October 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; 2. 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.

1. Estimated unaudited net tangible asset value before tax at 31 October 2025 of $1.80 per unit (30 September 2025 of $1.78 per unit).

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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