Privileged Investors - BNP Paribas Investment Partners

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Audit fees The costs and expenses incurred with respect to audit fees vary each year and are paid against presentation of an invoice from the auditor and are brought to the books of each Sub- Fund on a pro-rata basis of their net assets. These fees are booked in the Profit and Loss account. MNF USD MNF EUR MDF USD MDF EUR 2008 USD 2.844 EUR 63.668 USD 161 EUR 5.696 2007 USD 5.448 EUR 109.486 USD 449 EUR 16.171 Fees 2007 as per Prospectus EUR 131.554 Fees credit facilities From September 27, 2007, the Fund is granted a credit facility from Fortis Bank (Nederland) N.V. which is secured by the Fund’s assets. Custody of the collateral required by the credit facility is with Fortis Banque Luxembourg S.A.. The Fund agreed to pay to Fortis Bank (Nederland) N.V. a commitment fee for providing the credit facility, which is as follows: Credit Size Fee in bps Fee amount p.a. Max.cum.amount EUR 0 - 10 mio 10.00 10.000 10.000 EUR 10 - 25 mio 7.50 11.250 21.250 EUR 25 - 50 mio 5.00 12.500 33.750 EUR 50 - 75 mio 3.50 8.750 42.500 EUR 75 -100 mio 2.00 5.000 47.500 EUR > 100 mio 0.50 to be agreed to be agreed These fees are booked in the Profit and Loss account. In addition, each Sub-Fund paid to Fortis Bank (Nederland) N.V. accrued interest on the amounts drawn and outstanding under the credit facility at a floating interest rate per annum equal to (i) Fortis Bank rate, plus (ii) the margin equal to 0.90% per annum for USD, GBP, CHF and JPY respectively equal to (i) EONIA, plus (ii) the margin equal to 0.90% per annum for EUR. These fees are booked in the Profit and Loss account. From June 4, 2008 until December 31, 2008, the Fund is granted an uncommitted credit facility from Fortis Bank (Nederland) N.V. which is secured by the Fund’s assets. Custody of the collateral required by the credit facility is with Fortis Banque Luxembourg S.A.. As this is an uncommitted facility, no commitment fees are due by the Fund to Fortis Bank (Nederland) N.V.. Nevertheless each Sub-Fund paid to Fortis Bank (Nederland) N.V. accrued interest on the amounts drawn and outstanding under the credit facility at a floating interest rate per annum equal to (i) Fortis Bank rate, plus (ii) the margin equal to 0.90% per annum for USD, GBP, CHF and JPY respectively equal to (i) EONIA, plus (ii) the margin equal to 0.90% per annum for EUR. The credit facility agreement granted to each Sub-Fund of the Sicav and the pledge agreement in relation as well to each Sub-Fund of the Sicav were terminated with effect from January 30, 2009. 8
The interest proceeds paid by the Fund during the reporting period are as follows: MNF USD MNF EUR MDF USD MDF EUR 2008 USD 0 USD 161.660 USD 894 USD 127.824 2007 USD 0 EUR 0 USD 1.773 EUR 52.487 Fees supervisory authorities The fees charged by the Luxembourg and Dutch supervisory authorities may vary each year and are paid against the presentation of an invoice from the supervisory authorities and are brought to the Profit and Loss account of each Sub-Fund on a prorate basis of their net assets. MNF USD MNF EUR MDF USD MDF EUR 2008 USD 111 EUR 2.448 USD 67 EUR 2.478 2007 USD 127 EUR 2.411 USD 67 EUR 2.457 Fees 2007 as per Prospectus EUR 5.062 Transaction fees As from January 2008, these fees include penalty fees, equalization fees and any other fees paid by the Fund in relation with investments and divestments. These fees are booked in the Profit and Loss account . For 2008 Purchase Fees Sales Fees MNF USD USD 653 USD 74.053 MNF EUR EUR 14.755 EUR 1.655.509 MDF USD USD 280 USD 1.054 MDF EUR EUR 11.011 EUR 39.636 For 2007 Purchase Fees Sales Fees MNF USD USD 580 USD 104 MNF EUR EUR 7.860 EUR 1.429 MDF USD USD 375 USD 80 MDF EUR EUR 9.061 EUR 2.657 9
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Privileged Investors SICAV Audited
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Privileged Investors Management and
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Privileged Investors Investment Man
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Privileged Investors Investment Man
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Privileged Investors Consolidated s
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Page 20 and 21: Cadogan Market Neutral Fund EUR Key
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Page 40 and 41: Cadogan Market Diversified Fund USD
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Page 44 and 45: Cadogan Market Diversified Fund EUR
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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 58 and 59: Fund. This information as well as a
Page 60 and 61: (9) Personal interests of the Direc
Page 64 and 65: Formation fees The total costs and
Page 66 and 67: In the TER the costs of the underly
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