CD PRIVATE EQUITY FUND III — Net Asset Value 2025

Jan 8, 2025

09 January 2025

CD PRIVATE EQUITY FUND III: ASX: CD3

NET TANGIBLE ASSET UPDATE – 31 DECEMBER 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$1.95 $147.5 $0.22 per unit $1.909 per unit July 2016 20.7% p.a.----- End of picture text -----

The estimated unaudited net tangible asset value (NTA) after tax as at 31 December 2024 was $1.95[1,3] per unit (30 November 2024 was $1.86[1,3] per unit).

The positive net asset value movement recorded during the month is the result of foreign exchange movements, with the Australian dollar falling by 5.0% during the month of December.

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]]4.8% 12.7% 17.6% 14.5% 20.7% 14.4%----- End of picture text -----

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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]]4.8% 12.7% 17.6% 14.5% 20.7% 14.4%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis, CD3 has achieved a return of 13.7% per annum since inception.

MONTHLY LP & FUND UPDATE

During the month the LP received four capital calls for a total of US$0.05 million, in relation to management and partnership fees for three underlying managers. The LP also received three distributions for a total of US$3.77 million, the result of two realisations and the receipt of escrow proceeds from the sale of ARMStrong in an earlier period.

The first realisation was of Center for Social Dynamics ( CSD ), an underlying portfolio company of NMS Capital Fund III, LP ( NMS ). CSD is a leading provider of applied behaviour analysis (“ABA”) to children with Autism Spectrum Disorder (“ASD”). NMS first invested in the company in 2019 and during the hold period they were able to accelerate growth in new and existing geographies as well as implement a strong leadership team for the business.

The second realisation was the sale of Unified Power, an underlying portfolio company of Incline Equity Partners IV, LP ( Incline ). Unified Power is an independent provider of maintenance and repair services for uninterruptible power supply systems and backup power generators. Incline first invested in the company in 2019, and during the hold period they were able to complete seven add-on acquisitions, broadening the geographic footprint, as well as improving efficiency, productivity and customer satisfaction.

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 0.6188 as at 31 December 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. 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 December 2024 of $2.05 per unit (30 November 2024 was $1.95). 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 Page 1

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