CD PRIVATE EQUITY FUND II — Net Asset Value 2013

Dec 12, 2013

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13 December 2013

US Select Private Opportunities Fund II (Fund)

ASX: USG

NTA & Fund Update – 30 November 2013

NTA update

The estimated unaudited net tangible asset value before withholding tax on unpaid distributions at 30 November 2013 was $1.71* per Unit (31 October 2013 was $1.65* per Unit).

Fund update

On 26 November 2013, US Select Private Opportunities Fund II, L.P. ( LP ) made a US$7.5 million commitment to High Road Capital Partners Fund II, LP ( High Road Fund ). High Road Capital Partners is a private investment firm focused on buying and building leading companies at the smaller end of the market, and raised US$300 million in capital commitments (plus US$20 million from the general partner) for its newest fund. High Road Fund represents the firm’s second fund. See Appendix 1 for more details.

Inclusive of this, at 30 November 2013 the LP had committed a total of US$47.5 million (or 69.8% of total capital) in five underlying investments.

Capital call

At 30 November 2013, US$20.0 million had been called by the LP, representing 29.4% of total capital committed, or US$17.0 million from the Fund (an 85.2% share).

Drawdowns

During November, the LP received a drawdown request for approximately US$670,000 from Trive Capital Fund I, LP, who closed on a new investment.

At 30 November 2013, total drawdowns from underlying investments were approximately US$7.7 million, or 11.3% of total funds committed to the LP.

For more information, contact:

Alex MacLachlan 1300 454 801

*Source: Walsh & Company Investments Limited – historical performance is not a guarantee of the future performance of the Fund

The US Select Private Opportunities Fund II has a primary strategy of investing in US smallto-mid-market private investment funds, adopting a fund-of-funds strategy.

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Appendix 1: High Road Capital Partners Fund II, LP

High Road Capital Partners ( High Road ) is a private investment firm focused on buying and building leading companies at the smaller end of the middle-market. High Road raised US$300 million in capital commitments (plus US$20 million from the general partner) to invest in High Road Capital Partners II, LP, which will acquire, in partnership with management, companies with revenues of US$10 to US$100 million and EBITDA of US$3 to US$10 million. High Road will seek companies with attractive growth prospects and those that are well positioned within their respective market niches. They will work together with underlying management to develop and implement strategies to build value and take companies to the next level.

High Road's investment professionals have completed transactions with an aggregate value of approximately US$2 billion, and have over 80 years of combined experience. We believe they have the skill, experience and judgment needed to build companies into market leaders and to create substantial value for our investors and management team partners.

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