CD PRIVATE EQUITY FUND II — Net Asset Value 2022

Sep 13, 2022

Monthly update – August 2022

CD Private Equity Fund II

==> picture [457 x 52] intentionally omitted <==

----- 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:$2.05 $116.40 35.5 cents (22%) 172.5 cents (108%) -1.9% 12.6%----- End of picture text -----

Fund update

The estimated unaudited net tangible asset value (NTA) after tax as at 31 August 2022 was $2.05[1,3] per unit (31 July 2022 was $2.09[1] per unit).

Net asset value movements for August were primarily a result of negative asset valuation movements from underlying LPs, partially offset by foreign exchange gains due to the depreciating Australian dollar (which added approximately 2.1%).

The Fund continues to trade on the Australian Securities Exchange (ASX) at a discount to its NTA, and the Responsible Entity is actively considering initiatives to reduce the discount and enhance the liquidity of the Fund. The Responsible Entity will provide updates in this regard when it is appropriate to do so.

CD2 Fund performance

==> picture [456 x 39] intentionally omitted <==

----- 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] -1.9% 0.0% 6.2% 15.9% 11.4% 16.1% 12.6%----- End of picture text -----

On an NTA/Internal Rate of Return (IRR) basis CD2 has achieved a return of 12.1% per annum since inception.

CD2 portfolio asset allocation

==> picture [198 x 22] intentionally omitted <==

----- Start of picture text ----- LP commitments to underlying managers(US$98.0m)----- End of picture text -----

==> picture [438 x 166] intentionally omitted <==

----- Start of picture text ----- Distribution Blue Point CPFSoftware &Business DFW*Technology 9.5% Services US Select $5.0 $7.5Direct $5.04.7% 22.5% High$15.0 Road$7.5HealthcareMain22.7% Trive $10.0 $7.5 PostManufacturing14.1%$6.5$8.0 NMS2.0% Tower $8.0Arch$10.024.5% Telecommunications $8.0 RFE*TengramConsumer & Retail Staple Street----- End of picture text -----

cdfunds.com.au ARSN 162 057 089

T 1300 454 801 F 1300 883 159 E info@cdfunds.com.au