CD PRIVATE EQUITY FUND II — Net Asset Value 2014

Aug 13, 2014

14 August 2014

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US Select Private Opportunities Fund II (Fund)

ASX Code: USG

NTA & Fund Update – 31 July 2014

NTA update

The estimated unaudited net tangible asset value before withholding tax on unpaid distributions at 31 July 2014 was $1.67 per Unit (30 June 2014 was $1.64 per Unit).

Fund update

Capital raising complete

On 20 June 2014, the Fund announced a Unit Purchase Plan to existing Fund Unitholders as well as a placement of up to 5.0 million Units to raise up to an additional $8.5 million (with the ability to accept oversubscriptions).

Closed in July, the Unit Purchase Plan was strongly supported by existing Unitholders, raising approximately $6.5 million, and the placement closed oversubscribed, raising approximately $22.2 million including oversubscriptions. A total of a further US$27.0 million was committed to US Select Private Opportunities Fund II, L.P. (LP), including US$25.0 million by the Fund and US$2.0 million by Cordish Private Ventures.

New commitment

During July, the LP committed US$5.0 million to Blue Point Capital Partners, LLC, to invest in the Blue Point Capital Partners III, L.P (Blue Point). Blue Point is being established to continue the manager’s 24 year strategy of investing in lower middle-market manufacturing and business service companies that are well positioned for growth. See Appendix for further details.

Inclusive of this, at 31 July 2014 the LP had committed US$72.0 million across nine investment funds (or 75.7% of capital committed), all focused on small-to-mid-market private investment opportunities.

• Source: Walsh & Company Investments Limited – historic 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 small-to-midmarket private investment funds, adopting a fund-of-funds investment strategy.

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Drawdowns

During July, the LP received drawdown requests from DFW Capital Partners IV, L.P. and Tower Arch Partners I, L.P. for a total consideration of approximately US$0.7 million.

At 31 July 2014, net drawdown requests from underlying investments were approximately US$20.2 million, or 21.2% of total funds committed to the LP.

For further information, contact:

Alex MacLachlan 1300 454 801

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APPENDIX

Blue Point Capital Partners III, L.P.

Blue Point Capital Partners was founded in 1990 in Cleveland as Key Equity Capital, the private investment arm of KeyCorp. The partners have been together since 1998, and several members have invested together for over two decades. Blue Point spun out from KeyCorp in 2000 and raised two successive, independent private investment funds, Blue Point Capital Partners I, L.P. and Blue Point Capital Partners II, L.P.

The Blue Point team comprises 17 investment professionals with over 150 years of successful investing experience in the lower-middle market, with diverse backgrounds in finance, operations and consulting. The seven partners have a combined 125 years of lower middle-market investment experience at Blue Point and throughout varying economic cycles.

Blue Point Capital Partners III, L.P. is being established to continue the Manager’s 24-year strategy of investing in lower middle-market manufacturing and business services companies that are well positioned for growth. Through its US offices in Cleveland, Seattle and Charlotte, Blue Point employs a regional sourcing model, complemented by a proactive sector focus in areas such as engineered components, industrial outsourcing, specialty distribution and energy, utility and environmental services. Within these sectors, Blue Point prefers companies exhibiting high operating margins, strong barriers to entry, recurring cash flows, moderate customer concentration risk and limited cyclicality.

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