CD PRIVATE EQUITY FUND I — Interim / Quarterly Report 2013

Feb 14, 2013

US Select Private Opportunities Fund

ABN 77 158 625 284

Appendix 4D: Half year report

For the period from 12 June 2012 (Date of Registration) to 19 December 2012

Results for announcement to the market

The information on this report should be read in conjunction with announcements made by the Fund.

This is the first half year report prepared for US Select Private Opportunities Fund (Fund) since registration on 12 June 2012. Accordingly, the report covers the half year period from 12 June 2012 to 19 December 2012. The Fund’s first annual report will be for the year ended 31 March 2013.

	Half year to19 December2012($)	Half year to19 December2011($)	Change fromprevious period($)	Change fromprevious period(%)
Revenue from ordinary activities	189,608	n/a	n/a	n/a
Loss from ordinary activities after taxattributable to members	(782,567)	n/a	n/a	n/a
Net loss from ordinary activities aftertax attributable to members	(782,567)	n/a	n/a	n/a

As at 19 December 2012, the Fund had a net tangible asset per unit of $1.51 (2011: nil).

No distributions were paid or declared during the half year period.

Explanation of operating activities

On 2 August 2012, the Fund raised $62,421,944 from the issue of 39,013,715 fully paid ordinary units.

During the half year period, the Fund invested in US small to mid-market private investment funds through its capacity as a Limited Partner of the US Select Private Opportunities Fund LP (LP), registered in the Cayman Islands. The focus of the Fund is to deliver long term capital growth. As at 19 December 2012, the Fund committed a total of $56.8 million (US$59.5 million) to the LP, of which $10.2 million (US$10.7 million) was called.

The US private investment funds which the LP invests in typically commence distributions to partners after 3-5 years into the investment.

Total revenue of the Fund for the period ended 19 December 2012 comprises of:

Interest incomeOther income	189,332276
	189,608

Results for announcement to the market (cont)

This report is based on the half year financial report which has been subject to review by independent Auditors. The independent auditor’s review report forms part of the half year financial report.

All documents comprise the information required by Listing Rule 4.2A

Attachments forming part of Appendix 4D

Half year financial report, including Director’s report

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Alexander MacLachlan

Director

15 February 2013