Privileged Investors - BNP Paribas Investment Partners

(9) Personal interests of the Directors of the Fund by transactions by the Fund
The Directors of the Fund have not reported any personal interest in any of the transactions
by the Fund during the reporting period.
(10) Fees and expenses of Privileged Investors
General remark on the fee structure
The Fund will bear the fees paid to the investment manager, being Cadogan Management
LLC as from April 11, 2007, and other service providers as well as, indirectly, a pro rata
portion of the fees paid by the underlying funds in which the Fund invests to their Sub
managers or other service providers.
Investors should be aware that the fees payable to the investment manager are in addition to
the fees paid by the underlying funds to their Sub managers and that there will be a
duplication of fees. There could be a triplication of fees in case of investment in underlying
funds the investment policy of which is principally to invest in other collective investment
undertakings. Below, the actual costs of 2008 are compared with the actual costs of 2007.
During the concerned period, the Fund was not incurring any costs or expenses which were
greater than 10% of the total expenses other than those mentioned hereafter.
No retrocessions were paid by the underlying funds to the Fund, the investment manager or
any of its affiliates.
Consolidated Fees and Expenses
Fees and Expenses EUR
Management fees 14.745.063
Performance fees 0
Taxe d’abonnement 503.001
Administrative & Custodian fees 1.727.615
Professional & legal fees 94.535
Bank interest on overdraft 442.838
Other expenses 2.069.488
Total expenses 19.582.541
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