CD PRIVATE EQUITY FUND I — Net Asset Value 2012

Oct 11, 2012

12 October 2012

ASX: USF US Select Private Opportunities Fund (Fund)

Investment and NTA update at 30 September 2012

NTA update

The estimated unaudited net tangible asset value before withholding tax on unpaid distributions as at 30 September 2012 was $1.54* per unit.

Fund update

As at 30 September 2012, the Fund had committed US$10 million to Trivest Partners V, L.P. ( Trivest ) and US$10 million to Prometheus Partners IV, L.P. ( Prometheus ). These were the first two commitments by US Select Private Opportunities Fund, LP ( LP ), representing 29% of total commitments by the LP.

Subsequent to month end, on 8 October 2012 the LP announced it had secured a US$10 million commitment to KarpReilly Capital Partners II, L.P. KarpReilly, LLC ( KarpReilly ) is a private investment firm founded by Allan Karp and Chris Reilly ( Principals ), whose aim is to invest in premier small to mid-size growth companies, primarily in the consumer sector. KarpReilly has raised approximately US$210 million for its second private equity fund KarpReilly Capital Partners II, L.P. Importantly, the Principals have committed a significant amount of personal capital to the fund, which creates a strong alignment of interest between investors and management.

The LP has now secured three investments bringing total commitments to 43%.

For more information, contact:

Alex MacLachlan 1300 454 801

*Source: Dixon Advisory & Superannuation Services Limited – historical performance is not a guarantee of the future performance of the Fund

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