CD PRIVATE EQUITY FUND III — Capital/Financing Update 2016

Jul 25, 2016

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25 July 2016

ASX Limited

Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000

US SELECT PRIVATE OPPORTUNITIES FUND III (Fund)

On 20 July 2016, US Select Private Opportunities Fund III ( Fund ) completed its initial raising, receiving applications for 48,028,420 new Units for a total consideration of $76,845,472 ( Offer ).

The pro forma illustrative Statements of Financial Position post raising (see Financial Information on page 2) shows that the Fund has cash or cash equivalent holdings of $74,309,809. The cash position reflects pro forma adjustments for the proceeds received from the raising net of issuance expenses and ASX listing fees.

For further information, contact:

Hannah Chan 1300 454 801

The US Select Private Opportunities Fund III has a primary strategy of investing in US small-to-midmarket private investment funds, adopting a multi-manager investment strategy.

Level 15, 100 Pacific Highway North Sydney NSW 2060 uspof.com.au T 1300 883 158 F 1300 883 159 E info@uspof.com.au ARSN 612 132 813

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Financial Information

The pro forma Statements of Financial Position have been prepared to illustrate the financial position of the Fund following the completion of the Offer and the expenditure of funds associated with the Offer.

A$	Subscription of
Assets / liabilities	$76,845,472
Cash	74,309,809
Liabilities	-
Net assets / equity	74,309,809
NAV per Unit	1.55

A reconciliation of the pro forma cash position is shown below:

A$	Subscription of
	$76,845,472
Pro forma adjustment – Proceeds of the Offer	76,845,472
Pro forma adjustment – Expenses of the Offer	(2,535,663)
Pro forma net cash position	74,309,809

The pro forma Statements of Financial Position have been prepared on the basis of the following assumptions:

The US Select Private Opportunities Fund III has a primary strategy of investing in US small-to-midmarket private investment funds, adopting a multi-manager investment strategy.

Level 15, 100 Pacific Highway North Sydney NSW 2060 uspof.com.au T 1300 883 158 F 1300 883 159 E info@uspof.com.au ARSN 612 132 813

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• a) Application of the significant accounting policies set out in Section 8.3 of the PDS;

• b) The column headed “Subscription of $76,845,472” has been prepared on the basis of subscriptions of 48,028,420 Units by applicants under the PDS at an issue price of $1.60 per Unit;

• c) Expenses related to the Offer paid by the Fund include a structuring & arranging fee of 1.5675% (inclusive of GST and net of RITC) and a handling fee of 1.5675% (inclusive of GST and net of RITC). These fees are based on the gross proceeds raised under the Offer. Also included in expenses is an ASX listing fee (inclusive of GST and net of RITC); and

• d) No interest was earned by the Fund during the offer period.

The US Select Private Opportunities Fund III has a primary strategy of investing in US small-to-midmarket private investment funds, adopting a multi-manager investment strategy.

Level 15, 100 Pacific Highway North Sydney NSW 2060 uspof.com.au T 1300 883 158 F 1300 883 159 E info@uspof.com.au ARSN 612 132 813