Privileged Investors - BNP Paribas Investment Partners

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Privileged Investors Notes to the financial statements as at December 31, 2008 Note 1 - General Information Privileged Investors was incorporated as an open-ended investment company (Société d'Investissement à Capital Variable - SICAV) on October 26, 2001 for an unlimited period of time and registered under Part II of the Luxembourg Law of December 20, 2002 relating to undertakings for collective investments. Privileged Investors is a fund of funds organised as an umbrella “SICAV”. As at December 31, 2008, the following sub-funds and classes are subscribed: Market Neutral Fund USD Class A a Class A d Market Neutral Fund EUR Class A a Class A d Class I a Class I d Market Diversified Fund USD Class A a Class A d Market Diversified Fund EUR Class A a Class A d Class I a Class I d Class A shares refer to institutional and non institutional investors, while Class I shares may only be subscribed by institutional investors. Note 2 - Significant accounting policies a) Financial statements The SICAV’s financial statements are prepared in accordance with Luxembourg regulations concerning undertakings for collective investment. The consolidated financial statements of the SICAV are expressed in Euro. b) Valuation of securities portfolio The value of securities which are quoted, traded or dealt in on any stock exchange shall be based on the latest available price or, if appropriate, on the average price on the stock exchange which is normally the principal market of such securities. Each security traded on any other regulated market shall be valued in a manner as similar as possible to that provided for quoted securities. For non-quoted securities or securities not traded or dealt in on any stock exchange or other regulated market (including securities of closed-ended Underlying Funds), as well as quoted or non-quoted securities on such other market for which no valuation price is available, or securities for which the quoted prices are, in the opinion of the Directors, not representative of the fair market value, the value thereof shall be determined prudently and in good faith by the Directors on the basis of foreseeable sales prices. Page 48
Privileged Investors Notes to the financial statements as at December 31, 2008 The shares or units in Underlying Funds shall be valued at their last available net asset value, as reported or provided by such Underlying Funds or their agents. The SICAV will neither lend nor borrow financial instruments. The sub-funds portfolios of securities contain investment funds impacted by current market and liquidity events which can be considered at least temporarily less liquid. The potentially less liquid assets may consist of side-pockets shares as well as underlying funds that are temporarily or indefinitely suspended, funds in liquidation, gated fund, locked up or which are largely based on mark-to-model or thinly traded quoted securities. The affected securities are denoted in the Securities portfolio with an asterisk. However, the Board of Directors considered that fair valuation adjustment was not required for all investments as of 31 December 2008. The Board of Directors decided to fair value one position by applying a discount of 15%; this is denoted in the security portfolio with two asterisks. The effect at year end on the net asset value amounts to -0.36% for Market Neutral Fund EUR and -0.40% for Market Neutral Fund USD. c) Net realised result on securities portfolio Net realised result on sales of securities is calculated on the average cost basis. d) Formation expenses Formation expenses have been fully amortised. e) Conversion of foreign currencies The value of assets denominated in a currency other than the reference currency of a given sub-fund or class shall be determined by taking into account the rate of exchange prevailing at the time of the determination of the net asset value. f) Valuation of forward foreign exchange contracts Unexpired forward foreign exchange contracts are valued at the forward exchange rates applicable to the remaining life of the relevant contracts and unrealised gains or losses resulting from them are included in the statement of net assets under the heading “Unrealised gain / loss on forward foreign exchange contracts”. g) Reevaluation of opening consolidated NAV For the consolidated statement of operations and changes in net assets, the Net Asset Value at the beginning of the year is converted into EUR on the basis of the exchange rates used at December 31, 2007. The exchange differences between the net asset value at the beginning of the year converted at the exchange rates used at December 31, 2007 and the net asset value at the beginning of the year converted at the exchange rates used at December 31, 2008 are included under the heading "Reevaluation of opening consolidated NAV" in the consolidated statement of operations and changes in net assets. h) Transaction costs Transaction costs are accounted for separately under the caption “other expenses” in the statement of operations and changes in net assets. Note 3 - Taxe d'abonnement The SICAV is liable in Luxembourg to a "taxe d'abonnement" of 0.05 % per annum of its net assets attributable to Class A a and Class A d Shares. In respect of Class I a and Class I d , the tax levied is at the rate of 0.01% per annum. Page 49
Page 1 and 2: Privileged Investors SICAV Audited
Page 3 and 4: Privileged Investors Management and
Page 5 and 6: Privileged Investors Investment Man
Page 7 and 8: Privileged Investors Investment Man
Page 10 and 11: Privileged Investors Consolidated s
Page 12 and 13: Cadogan Market Neutral Fund USD Sta
Page 14 and 15: Cadogan Market Neutral Fund USD Sec
Page 16 and 17: Cadogan Market Neutral Fund USD Sec
Page 18 and 19: Cadogan Market Neutral Fund USD Sta
Page 20 and 21: Cadogan Market Neutral Fund EUR Key
Page 22 and 23: Cadogan Market Neutral Fund EUR Sec
Page 38 and 39: Cadogan Market Neutral Fund EUR Sta
Page 40 and 41: Cadogan Market Diversified Fund USD
Page 42 and 43: Cadogan Market Diversified Fund USD
Page 44 and 45: Cadogan Market Diversified Fund EUR
Page 46 and 47: Cadogan Market Diversified Fund EUR
Page 50 and 51: Privileged Investors Notes to the f
Page 52 and 53: Privileged Investors Notes to the f
Page 54 and 55: Privileged Investors Supplementary
Page 56 and 57: TABLE OF CONTENTS GENERAL INFORMATI
Page 58 and 59: Fund. This information as well as a
Page 60 and 61: (9) Personal interests of the Direc
Page 62 and 63: Audit fees The costs and expenses i
Page 64 and 65: Formation fees The total costs and
Page 66 and 67: In the TER the costs of the underly
Page 68 and 69: Subscription applications can be ma

Privileged Investors - BNP Paribas Investment Partners

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