Privileged Investors - BNP Paribas Investment Partners

(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.
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