CD PRIVATE EQUITY FUND I — Net Asset Value 2013

Nov 13, 2013

14 November 2013

US Select Private Opportunities Fund (Fund)

ASX: USF

NTA & Fund Update – 31 October 2013

NTA update

The estimated unaudited net tangible asset value before withholding tax on unpaid distributions at 31 October 2013 was $1.63* per Unit (30 September 2013 was $1.67* per Unit).

Fund update

The US Select Private Opportunities Fund ( Fund ) is pleased to announce that US Select Private Opportunities Fund, L.P. ( LP ) has made a commitment to Peppertree Capital Fund IV, L.P. ( Peppertree ), for a total consideration of US$3 million. Peppertree is seeking to raise capital to invest in a portfolio of communication infrastructure companies. See Appendix 1 for details.

Capital calls

At 31 October 2013, the LP had called US$22.5 million (or 32.3% of capital committed). The Fund’s proportionate share is approximately US$19.2 million (an 85.5% share).

Drawdowns

During October, the LP received two drawdown requests by KarpReilly Partners II, L.P. to cover investments for a total consideration of approximately US$1.2 million. At 31 October 2013, net drawdown requests from underlying investments were approximately US$15.7 million, or 22.5% of total funds committed to the LP.

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 was the first Australian-listed fund with a primary strategy of investing in US small-to-mid-market private investment funds, adopting a fund-of-funds investment strategy.

APPENDIX 1: PEPPERTREE CAPITAL FUND IV, L.P.

Peppertree Capital Management, Inc. ( Peppertree Capital ) is a private equity fund manager focused on growth equity, recapitalisation and buyout opportunities, primarily in telecommunication infrastructure companies. The company seeks investments with recurring, predictable revenue and cash flow, highly successful management teams with proven track records and growing sectors of the telecommunications industry.

Peppertree Capital’s principals have founded and/or invested in 16 communication infrastructure companies since 1997. The prior three funds are currently invested in 14 communication infrastructure portfolio companies.

Peppertree Capital Fund IV, L.P. ( Fund IV ) is an opportunity to invest in a portfolio of communication infrastructure companies – one of the most predictable, liquid and fast growing sectors in the economy and one where a single opportunity to invest, let alone several, is rare. It is anticipated a significant portion of Fund IV’s capital will be invested in the existing communication infrastructure portfolio companies.