CD PRIVATE EQUITY FUND I — Capital/Financing Update 2012

Aug 14, 2012

15 August 2012

US Select Private Opportunities Fund (ASX: USF)

Initial Capital Call into US Select Private Opportunities Fund, LP (LP)

Dixon Advisory & Superannuation Services Limited ( Dixon Advisory ), in its capacity as Responsible Entity, is pleased to announce the US Select Private Opportunities Fund ( Fund ) has received its first capital call for the amount of US$2.5 million by the LP (3.6% of committed capital). The Fund will commit an 85.5% share (US$2.1 million) of the consideration. Cordish Private Ventures, and US Select Private Opportunities Fund GP, LLC ( GP ), will contribute the remaining US$0.4 million based on their proportional share.

The first capital call will primarily reflect drawdowns made by Prometheus Partners ( Prometheus ) IV, L.P. This is the fourth private investment fund run by Prometheus that focuses on Taco Bell, Pizza Hut and IHOP nationally-franchised restaurants in the United States. With over 15 years of experience, Prometheus has built a highly successful track record of acquiring underperforming franchise businesses at attractive valuations, applying proven management strategies and operational techniques and generating economies of scale to improve performance and margins. The LP has committed a total of US$10 million to Prometheus.

The Fund can also confirm that it has transferred an additional AU$29 million into a USdenominated bank account, equivalent to US$31 million. Total funds held in US-denominated currency are now US$60 million (at an average conversion rate of 1.048).

On 14 August 2012, the Fund announced a commitment of US$60 million to the LP. Together with the US$10 million commitment of Cordish Private ventures, the total assets of the LP are US$70 million.

For more information, contact:

Alex MacLachlan 1300 454 801

The US Select Private Opportunities Fund is the first Australian-listed fund with a primary strategy of investing in US small-to-mid-market private investment funds, adopting a fund-offunds investment strategy.