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CD PRIVATE EQUITY FUND I Net Asset Value 2012

Sep 13, 2012

64626_rns_2012-09-13_0eecc82d-0253-4d8b-a010-0eb76ff35d4f.pdf

Net Asset Value

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14 September 2012

ASX: USF US Select Private Opportunities Fund (Fund)

Investment and NTA update at 31 August 2012

NTA update

The estimated unaudited net tangible asset value before withholding tax on unpaid distributions as at 31 August 2012 was $1.55* per unit.

Fund update

During the month of August, the Fund confirmed a total commitment of US$60 million to the US Select Private Opportunities Fund, LP ( LP ). This was transferred into a US-denominated bank account at an average rate of 1.048. Together with the US$10 million commitment of Cordish Private Ventures, the total commitments of the LP are US$70 million.

The LP confirmed that it secured a US$10 million investment in Trivest Partners ( Trivest ) V, L.P, and a US$10 million to Prometheus Partners IV ( Prometheus ), L.P. Trivest is a US-based private investment fund which focuses on well-run family/founder-owned businesses that are seeking transition ownership, while Prometheus is a newly established private investment fund that focuses on Taco Bell, Pizza Hut and IHOP nationally franchised restaurants in the United States. The Prometheus and Trivest investments represent 29% of the LP’s commitments.

The LP made its first capital call of US$2.5 million (3.6% of committed capital). The Fund committed an 85.5% share (US$2.1 million) of the consideration, while Cordish Private Ventures and US Select Private Opportunities Fund GP, LLC ( GP ), contributed the remaining US$0.4 million based on their proportional share. The first capital call primarily reflected drawdowns made by Prometheus.

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