CD PRIVATE EQUITY FUND I — Director's Dealing 2014

May 7, 2014

8 May 2014

US Select Private Opportunities Fund (Fund)

ASX: USF

Change of responsible entity and Director’s interest notices

As announced on 30 April 2014 Dixon Advisory & Superannuation Services Limited ( DASS ) (ACN 103 071 665) recently retired as the responsible entity of the US Select Private Opportunities Fund (ARSN 158 625 284) and Walsh & Company Investments Limited ( Walsh & Co ) (ACN 152 367 649) was appointed in its place.

This change is in accordance with a notice issued to unitholders on 28 March 2014.

Walsh & Co and DASS are related bodies corporate. The Board of DASS comprises; Alex MacLachlan, Tristan O’Connell, Daryl Dixon, Alan Dixon, Max Walsh and Chris Brown. The Board of Walsh & Co comprises; Alex MacLachlan, Tristan O’Connell and Tom Kline.

Consequent to the change of responsible entity from DASS to Walsh & Co, final Director’s interest notices accompany this announcement for Daryl Dixon, Alan Dixon, Max Walsh and Chris Brown and an initial Director’s interest notice accompanies this announcement for Tom Kline.

No acquisitions or disposals of units in the Fund by any Directors of DASS or Walsh & Co have taken place in relation to the change of responsible entity of the Fund.

For more information, contact:

Alex MacLachlan 1300 454 801

The US Select Private Opportunities Fund was 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.

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity US Select Private Opportunities Fund

ARSN 158 625 284

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Daryl Albert Dixon
Date of last notice	14 August 2012
Date that Dixon Advisory & Superannuation Services Limited ceased to be the responsible entity of the entity	23 April 2014

Part 1 – Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

312,500 Units held as trustee of the Dixon Family Super Fund

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest N/A	Number & class of securities

Part 3 – Director’s interests in contracts

Detail of contract Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity US Select Private Opportunities Fund

ARSN 158 625 284

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Alan Cochrane Dixon
Date of last notice	14 August 2012
Date that Dixon Advisory & Superannuation Services Limited ceased to be the responsible entity of the entity	23 April 2014

Part 1 – Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

368,750 Units held as trustee for the Kate Dixon Pension Fund

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Number & class of securities Note: Provide details of the circumstances giving rise to the relevant interest Mr White Pension Fund. Alan is a 937,500 Units beneficiary of the Mr White Pension Fund of which Mr Orange Pty Ltd (ACN 128 155 448) is the trustee. Mr Orange Pty Ltd (ACN 128 155 256,250 Units 448). Alan is a shareholder of Mr Orange Pty Ltd Dixon Family Super Fund. Alan is a 312,500 Units beneficiary of the Dixon Family Super Fund which Aldack Pty Ltd (ACN 164 484 799) is the trustee

Part 3 – Director’s interests in contracts

Detail of contract Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity US Select Private Opportunities Fund

ARSN 158 625 284

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Maximilian Walsh
Date of last notice	24 June 2013
Date that Dixon Advisory & Superannuation Services Limited ceased to be the responsible entity of the entity	23 April 2014

Part 1 – Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

1 Unit held by Maximilian Walsh

44,640 Units held as trustee for MS & GM Walsh Superannuation Fund

8,930 Units held as trustee for Sophie Walsh Superannuation Fund

8,930 Units held as trustee for Flicc Walsh Superannuation Fund

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Number & class of securities Note: Provide details of the circumstances giving rise to the relevant interest N/A

Part 3 – Director’s interests in contracts

Detail of contract Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity US Select Private Opportunities Fund

ARSN 158 625 284

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Christopher Matthew Brown
Date of last notice	15 August 2012
Date that Dixon Advisory & Superannuation Services Limited ceased to be the responsible entity of the entity	23 April 2014

Part 1 – Director’s relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

NIL

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest N/A	Number & class of securities

Part 3 – Director’s interests in contracts

Detail of contract Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001.

Name of entity US Select Private Opportunities Fund

ARSN 158 625 284

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director Tom Kline Date that Walsh & Company 23 April 2014 Investments Ltd was appointed as responsible entity of the entity

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Number & class of securities

2,795 Units

Appendix 3X Page 1

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of Number & class of Securities interest Note: Provide details of the circumstances giving rise to the relevant interest. Nil

Part 3 – Director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

Appendix 3X Page 2