CD PRIVATE EQUITY FUND II — Net Asset Value 2014

Jan 13, 2014

14 January 2014

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US Select Private Opportunities Fund II (Fund)

ASX: USG

NTA & Fund Update – 31 December 2013

NTA update

The estimated unaudited net tangible asset value before withholding tax on unpaid distributions at 31 December 2013 was $1.74* per Unit (30 November 2013 was $1.71* per Unit).

Fund update

The Fund is pleased to announce US Select Private Opportunities Fund II, LP ( LP ) committed US$5 million to DFW Capital Partners IV, LP. DFW Capital Partners is a leading private investment firm, focused exclusively on the lower middle-market. See Appendix 1 for more information.

At 31 December 2013, the LP had committed a total of US$52.5 million (or 77.1% of total capital) in six underlying investments.

Capital call

At 31 December 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 December, the LP received drawdown requests from RFE Investment Partners VIII, LP, Trive Capital Fund I, LP, DFW Capital Partners IV, LP, High Road Capital Partners Fund II, LP and Tengram Capital Partners Gen2 Fund, LP. Total net drawdowns during the month were approximately US$2.0 million.

At 31 December 2013, total drawdowns from underlying investments were approximately US$9.7 million, or 14.2% 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: DFW Capital Partners IV, LP

DFW Capital Partners ( DFW ) is a leading private equity investment firm, focused exclusively on the lower middle-market. For over 25 years, DFW has demonstrated an outstanding track record of investing in and acquiring high growth businesses in the healthcare, business services and industrial services industries.

DFW partners with talented entrepreneurs, supports strong management teams, and equips them for rapid growth. The firms’ investments can take many forms, including management buyouts, corporate divestitures, liquidity-driven recapitalisation or growth and acquisition capital.

The DFW team is comprised of seasoned professionals and augmented by a group of highly experienced operating affiliates. DFW actively manages several pools of committed private capital, with over US$200 million in aggregate commitments.

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