Privileged Investors - BNP Paribas Investment Partners

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In the TER the costs of the underlying funds have not been included as the majority of the underlying funds are not required by law to calculate and publish a TER in the jurisdictions where they are located. Due to this lack of data the Fund is not able to calculate a synthetic TER. The costs of the underlying funds do however influence the performance of the Fund. MNF USD MNF EUR MDF USD MDF EUR 2008 1.39% 1.42% 1.70% 1.65% 2007 1.54% 1.44% 2.20% 1.99% 2006 1.76% 1.44% 2.29% 1.88% (12) Turn-over ratio Total Purchases For 2008 Total Sales Total Subscriptions Total Redemptions NAV average Turnover MNF USD USD 20.040.779 USD 29.343.556 USD 3.636.341 USD 12.309.293 USD 40.363.551 82.84% MNF EUR EUR444.573.996 EUR661.931.866 EUR 90.180.089 EUR 196.913.166 EUR 861.657.323 95.10% MDF USD USD 3.053.322 USD 4.573.937 USD 376.063 USD 495.347 USD 6.837.840 98.80% MDF EUR EUR120.620.552 EUR182.452.399 EUR 25.184.225 EUR 31.188.912 EUR 266.077.436 92.72% Turnover calculation = (Purchases + Sales) – (Subscriptions + Redemptions) / NAV average (see above) Total Purchases For 2007 Total Sales Total Subscriptions 12 Total Redemptions NAV average Turnover MNF USD USD 14.989.400 USD 10.667.403 USD 6.239.442 USD 10.307.583 USD 44.544.168 20.45% MNF EUR EUR301.599.823 EUR 214.880.928 EUR 135.347.136 EUR 104.964.515 EUR 901.124.349 30.65% MDF USD USD 2.869.552 USD 2.207.812 USD 768.405 USD 928.559 USD 7.260.867 46.56% MDF EUR EUR 105.151.741 EUR 80.341.902 EUR 51.676.875 EUR 36.445.897 EUR 264.122.435 36.87% (13) Percentage of total transaction volume of the Fund transacted through parties affiliated to the investment manager or the custodian All asset transactions of the Fund have been made through Fortis Group entities of which Cadogan Management, LLC is a part. (14) Transactions with affiliated parties The following contracts, not being contracts entered during the ordinary course of business, have been entered into by the Fund with the investment manager. The provider of the currency hedging being BGL Société Anonyme (named Fortis Banque Luxembourg S.A.), the credit facility provider until April 2006 being Fortis Bank (Nederland) N.V., the custodian and the administrator which can be considered as affiliated parties to the Fund: 1. An agreement dated April 11, 2007 between the Fund and Cadogan Management, LLC pursuant to which the latter was appointed (subject to the overall control and supervision of the Directors) to manage the Fund on a day to day basis. 2. An agreement dated April 11, 2007 between the Fund, the investment manager and the custodian pursuant to which the latter was appointed as custodian of the assets of the Fund. The custodian is responsible for ensuring that in transactions involving the assets of the Fund the consideration is remitted to it within the usual time limits, that the
income of the Fund is applied in accordance with the Articles and that the sale, issue, redemption and cancellation of Shares is effected in accordance with the Luxembourg law and the Articles. 3. An agreement dated April 11, 2007 between the Fund, the investment manager and the administrator pursuant to which the latter was appointed as the Fund’s administrator. The administrator is responsible for the general administrative functions required by Luxembourg law, such as the issue and repurchase of Shares, calculation of the Net Asset Value and maintenance of accounting records. 4. An agreement dated 29 October 2001 between the Fund and the Listing Agent, being BGL Société Anonyme (named Fortis Banque Luxembourg S.A.), pursuant to which the latter was approved as the Fund's Listing Agent. 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.. 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 BGL Société Anonyme (named 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.. 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. Regarding the fees to be paid by the Fund, please see Item (10) above heading “ Fees credit facilities “. No other agreements than those mentioned above and no outsourcing agreements with affiliated parties have been concluded by the Fund. The Fund does not hold any investments which qualify as a “deelneming”. In case transactions with affiliated parties are entered into outside a regulated market, securities exchange or other regulated market, which operates regularly and is recognised and open to the public, such transactions shall in all cases be conducted under usual market conditions and based on an independent valuation. (15) Amount of transactions made in non regulated markets All the transactions of the Fund have been made in regulated markets or on security stock exchanges. (16) Subscription and redemption instruction procedure Applicants who wish to subscribe or redeem CMNF A a Shares, CMNF A d Shares, CMNF I a Shares, CMNF I d Shares, CMNF C a Shares, CMNF C d Shares, CMNF Q a Shares, CMNF Q d Shares, CMNF E a Shares, CMNF E d Shares, CMNF X a Shares, CMNF X d Shares, CMDF A a Shares, CMDF A d Shares, CMDF I a Shares, CMDF I d Shares, CMDF C a Shares, CMDF C d Shares, CMDF Q a Shares, CMDF Q d Shares, CMDF E a Shares, CMDF E d Shares, CMDF X a Shares, CMDF X d Shares, must send the application to the administrator in Luxembourg. For the purpose of the prior notice requirements, all applications for subscriptions and redemptions shall be deemed to be received at the time they are received by the administrator in Luxembourg. 13
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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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Cadogan Market Neutral Fund USD Sta
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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 58 and 59: Fund. This information as well as a
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 68 and 69: Subscription applications can be ma
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Privileged Investors - BNP Paribas Investment Partners

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