CD PRIVATE EQUITY FUND II — Net Asset Value 2021

Jul 13, 2021

Monthly update – June 2021

CD Private Equity Fund II

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----- Start of picture text ----- NTA Gross assets Distributions per unit One month Annualised performance sinceper unit (millions) (percentage of initial investment) performance [1,2] inception (April 2013) [1,2]Last 12 months: Since inception:$1.88 $110.0 42 cents (26%) 137 cents (86%) 1.8% 11.0%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 30 June 2021 was $1.88[1,3] per unit (31 May 2021 was $2.18[1] per unit).

The net asset value movement for June was as a result of payment of a 34 cent per unit distribution (declared: 11 June 2021, payment date: 29 June 2021), partially offset by the positive impact from the weakening Australian dollar (+3.1%).

CD2 Fund performance

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----- Start of picture text ----- 1 Month 3 Months 6 Months 1 Year 3 Years p.a. 5 Years p.a. Since inception p.a. [3]NTA return [1,2] 1.8% -0.4% 18.2% 12.5% 11.3% 10.8% 11.0%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD2 has achieved a return of 11.1% per annum since inception.

CD2 portfolio asset allocation

LP commitments to underlying managers (US$98.0m)

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----- Start of picture text ----- Distribution Blue PointUS SelectTechnologySoftware & 4.7% 9.5% 22.5% Business Services Direct $15.0 $5.0 $7.5 CPF DFW$5.0Trive$10.0 High Road$7.5Healthcare 22.7%14.1% Manufacturing Tower Arch $8.0 $7.5 Main Post$6.52.0% $10.0 NMSTelecommunications 24.5% Tengram $8.0 $8.0RFEConsumer & Retail Staple Street----- End of picture text -----

ASX release date: 14 July 2021

Notes: Authorised for release by E&P Investments Limited (ACN 152 367 649, AFSL 410 433), the responsible entity of CD Private Equity Fund II (Fund or CD2). 1. Source: E&P Investments Limited – the historical performance is not a guarantee of the future performance of the Fund; 2. Total returns are inclusive of distributions. NTA return is based on post tax NTA; 3. Based on estimated unaudited net tangible asset value before tax at 30 June 2021 of $1.99 per unit (31 May 2021 was $2.28). Numbers may not add due to rounding.

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