Privileged Investors - BNP Paribas Investment Partners

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Formation fees The total costs and expenses of establishing the Fund of USD 90.000 have been paid by the Fund out of the proceeds of the initial issue of Shares. These costs and expenses were allocated to the Sub-Funds in accordance with the allocation rules set forth under section 15. “Net Asset Value” extract from the prospectus of October 2008. These costs and expenses have been amortized on a straight-line basis over 5 years from the date on which the Fund commenced business and have been booked in the Profit and Loss account. None of the formation expenses were for the benefit of the investment manager, custodian or any of its directors or affiliates. MNF USD MNF EUR MDF USD MDF EUR 2008 USD 0 EUR 0 USD 0 EUR 0 2007 USD 0 EUR 0 USD 0 EUR 0 Fees 2007as per Prospectus Total cost of USD 90.000 was amortized over 5 years Marketing and promotional expenses No marketing and promotional expenses were charged to the Fund. Subscription fees A subscription charge of up to 5% of the aggregate subscription amount may be charged or waived in whole or in part at the discretion of the Directors. Subscription charges are generally paid by the subscribers directly to the financial intermediary through whom the subscription application was made and are thus not received as income by the Fund, unless the subscription is made directly to the Fund in which case these fees are forwarded by the Fund to the investment manager. The Fund is not paying any “aanbrengvergoedingen” to investors entering the Fund. MNF USD MNF EUR MDF USD MDF EUR 2008 USD 0 EUR 159.384 USD 0 EUR 16.133 2007 USD 1.851 EUR 47.220 USD 0 EUR 36.486 Redemption fees A redemption fee of up to 0.80% of the aggregate redemption amount may be charged and paid to the Fund or may be waived in whole or in part at the discretion of the Directors. All redemption requests for the same Class of a Sub-Fund dealt with on the same Redemption Day are subject to the same redemption charge. The redemption fees are disclosed in the annual report under the “Statement of operations and changes in net assets” under “Income”. 10
Conversion fees To cover any transaction costs which may arise from the conversion, the Directors may charge a conversion fee of up to 1% of the Net Asset Value of the Shares to be converted, to be shared amongst the Classes or Sub-Funds between which the conversion is effected. The same conversion fee will be charged in respect of all conversions of a Class or Sub-Fund effected on the same common Valuation Day. These fees are booked in the Profit and Loss account. MNF USD MNF EUR MDF USD MDF EUR 2008 USD 0 EUR 0 USD 0 EUR 0 2007 USD 0 EUR 0 USD 2.615 EUR 32.675 Ucits taxes These fees are booked in the Profit and Loss account. 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. This tax is not applicable for the portion of the assets of the Fund invested in other Luxembourg collective investment undertakings already subject to taxe d’abonnement. MNF USD MNF EUR MDF USD MDF EUR 2008 USD 17.789 EUR 374.294 USD 3.319 EUR 113.539 2007 USD 27.170 EUR 420.148 USD 3.741 EUR 119.502 Fees 2007 as per Prospectus EUR 557.000 (11) Total expense ratio (TER) All the costs of whatever nature incurred by the Fund during the considered period are included in the TER. Total Expense Ratio: Operating cost NAV. average The NAV average is the total sum of the net asset values divided by the number of observations. The total sum of the net asset values is based on the figures as at 31 December of the previous financial year and 31 March, 30 June, 30 September and 31 December of the reporting period. The number of observations is five and the observations are to be regarded as a weighted average, whereby the aforementioned dates are weighted in the ratio 0.5:1:1:1:0.5 . The Operating costs are including all the costs incurred by the fund during the elapsed period, such as, but not limited to Administration fees, Management fees, Performance fees, Audit fees, Ucits taxes, Publication fees, Legal fees, etc. 11
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Privileged Investors SICAV Audited
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Privileged Investors Management and
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Cadogan Market Neutral Fund USD Sta
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