Privileged Investors - BNP Paribas Investment Partners

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Fund. This information as well as all other relevant information is also available on the website www.fortisinvestments.com. ANNUAL REPORT The annual report 2008, consisting of the annual report 2008 and this addendum for Dutch shareholders, comprises the information that is required for investment institutions with a notification under article 2:73 of the Dutch Financial Market Supervision Act. (1) Movement schedule per asset class According to the investment policy of <strong>Privileged</strong> <strong>Investors</strong>, investments are only made in Hedge Funds. Due to the cloning technique, the – Purchases - and – Sales - figures shown hereunder are not identical to those shown under (12) as there are re-balancing transactions between the cloned sub-funds on each valuation day which are taken into consideration in the calculations hereunder but not in that under (12). MNF USD Position 31/12/2007 USD 43.416.446 Purchases USD 28.145.874 Sales USD 35.937.607 Net result USD -6.735.097 Position 31/12/2008 USD 28.889.615 MNF EUR Position 31/12/2007 EUR 903.973.670 Purchases EUR 459.956.635 Sales EUR 679.342.022 Net result EUR -96.636.115 Position 31/12/2008 EUR 587.952.168 MDF USD Position 31/12/2007 USD 6.839.660 Purchases USD 5.733.986 Sales USD 5.878.515 Net result USD-1.361.025 Position 31/12/2008 USD 5.334.106 MDF EUR Position 31/12/2007 EUR 280.298.482 Purchases EUR 141.599.118 Sales EUR 204.534.216 Net result EUR -37.524.207 Position 31/12/2008 EUR 179.839.176 4
(2) Changes in net assets In the annual report the changes in net assets on a consolidated basis and per Sub-Fund are presented under “Statement of operations and changes in net assets from 01/01/08 to 31/12/08”. (3) Number and value of shares issued and redeemed during 2008 Also included in the “Statement of operations and changes in net assets from 01/01/08 to 31/12/08” is the total value of the subscriptions and redemptions of each class of shares (“Class” or “Classes”) during the reporting period. The number of shares issued and redeemed per Class during 2008 are included in the annual report under “Changes in number of shares outstanding”. (4) NAV per Sub-Fund and per Class and total shares issued per Class during the reporting period In the annual report the total net asset value (“NAV”) per Sub-Fund, the NAV per share in each Class and the number of shares issued in each Class per the end of the reporting periods of the past 3 years have been included under “Key figures”. (5) Statement of net assets per 31/12/08 In the annual report a “Statement of net assets at 31/12/08” is included. (6) Valuation of non-quoted securities policy For non-quoted securities or securities not traded or dealt on any stock exchange or other regulated market (including securities of closed-ended underlying funds), as well as quoted or non-quoted securities on other markets 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. During the elapsed period there was need for the Directors to determine the price of some underlying investments on the basis of foreseeable sales prices. (See the notes to the financial statements.) 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 Fund will neither lend nor borrow financial instruments. (7) Hedging transactions 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 annual report under “Statement of net asset” under the heading “Unrealised gain / loss on forward foreign exchange contracts”. (8) Redemptions Each shareholder may apply for the redemption of all or part of his Shares or of a fixed Euro / USD amount as of the last calendar day of each month at the NAV per share determined as at that last calendar day. Redemption of shares of any Sub-Fund or Class will be suspended whenever the determination of the NAV of such Sub-Fund or Class is suspended. If applications for the redemption of more than 10% of the total number of Shares outstanding of any Class are received in respect of any last calendar day, the Directors may decide to defer any redemption request in whole or in part, so that the 10% limit is not exceeded. The limitation will be applied pro rata to all Shareholders who have requested redemptions to be effected on or as at such Redemption Day so that the proportion redeemed of each holding so requested is the same for all such Shareholders. 5
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Privileged Investors SICAV Audited
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Privileged Investors Management and
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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 48 and 49: Privileged Investors Notes to the f
Page 54 and 55: Privileged Investors Supplementary
Page 56 and 57: TABLE OF CONTENTS GENERAL INFORMATI
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
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