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MAZARS

ECHIQUIER AGENOR

Audited annual report As at December 30, 2011


ECHIQUIER AGENOR 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 30, 2011


FCP ECHIQUIER AGENOR

Auditor’s report on annual accounts

Year ended December 30, 2011

Pursuant to the mission entrusted to us by the Board of Directors of the Fund Management Company, we hereby present our report relative to the financial year closed on 30 December 2011 on : - the audit of the annual accounts of the ÉCHIQUIER AGENOR mutual fund, as attached to this report, - the justification for our assessments, - the specific verifications and the information provided by the law.

The annual accounts were drawn up by the Fund Management Company. It is down to us, on the basis of our audit, to express an opinion on these accounts.

I – Opinion on the annual accounts We conducted our audit in accordance with the professional standards applicable in France; these standards require the implementation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significant anomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifying the amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provided by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists of assessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feel that the elements we have collected are sufficient and appropriate on which to base our opinion. We certify that, with regard to French accounting rules and principles, the annual accounts are valid and sincere and give a true image of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end of this financial year.

1


FCP ECHIQUIER AGENOR Year ended December 30,2011

II – Justification for our Assessments Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to the justification for our assessments, we hereby notify you of the following element: - our assessments in particular related to respect for the accounting principles and methods applicable to UCITS, as defined by regulation n° 2003-02 of the Accounts Regulation Committee. The assessments thus made fall within the framework of our approach for auditing annual accounts, taken in their entirety, and therefore contributed to forming our opinion expressed in the first part of this report.

III – Specific Information and Verifications In compliance with professional standards applicable in France, we have also conducted the specific verifications set out by the law. We have no observation to make on the truthfulness and the concordance with the annual accounts of the information given in the annual report and in the documents sent to unit holders on the financial situation and the annual accounts.

Written in Courbevoie, 6 March 2012

The Statutory Auditor

Mazars Gilles DUNAND-ROUX

2


ECHIQUIER AGENOR

BALANCE SHEETassets 30.12.2011

31.12.2010

EUR

EUR

Net assets

-

-

Deposits

-

-

373 115 009,61

645 814 990,40

364 526 697,00

628 195 740,56

-

-

1 540 969,51

2 284 999,39

-

-

Negotiable debt securities

-

7 410 090,95

Other debt securities

-

-

Not traded on a regulated or similar market

-

-

7 047 343,10

7 924 159,50

-

-

Listed SPE and investment funds

-

-

Non-listed SPE and investment funds

-

-

Receivables representing repurchase agreements

-

-

Receivables representing securities lendings

-

-

Borrowed securities

-

-

Repurchase agreements

-

-

Other temporary purchases and sales

-

-

Transactions on a regulated or similar market

-

-

Other transactions

-

-

-

-

2 462 268,32

1 404 812,25

-

-

2 462 268,32

1 404 812,25

16 076 472,59

28 633 016,46

16 076 472,59

28 633 016,46

391 653 750,52

675 852 819,11

Currency

Financial instruments • EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market Not traded on a regulated or similar market • BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market Not traded on a regulated or similar market • DEBT SECURITIES Traded on a regulated or similar market

• MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS UCITS reserved for certain investors – VCF - Funds investing in futures and options

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS

• OTHER FINANCIAL INSTRUMENTS Receivables

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

74011

7

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

BALANCE SHEETliabilities 30.12.2011

31.12.2010

EUR

EUR

393 367 987,73

677 211 595,48

• Retained earnings

-

-

• Adjusted retained earnings

-

-

-3 628 358,96

-4 735 545,94

389 739 628,77

672 476 049,54

Financial instruments

-

-

• DISPOSALS OF FINANCIAL INSTRUMENTS

-

-

Debts representing repurchase agreements

-

-

Debts representing securities borrowings

-

-

Other temporary purchases and sales

-

-

-

-

-

-

1 914 121,75

3 376 769,57

-

-

1 914 121,75

3 376 769,57

-

-

Cash credit

-

-

Borrowings

-

-

391 653 750,52

675 852 819,11

Currency

Equity

• Capital

• Result Total equity (amount representing net assets)

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS Transactions on a regulated or similar market Other transactions Debts

Foreign exchange forward contracts Other Financial accounts

Total liabilities

74011

8

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

OFF-balance sheet 30.12.2011

31.12.2010

EUR

EUR

- Futures market (Futures)

-

-

- Options market (Options)

-

-

- Credit derivatives

-

-

- Swaps

-

-

- Contracts for Differences (CFD)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Currency

Hedging

• Commitments on regulated or similar markets

• OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) Other transactions

• Commitments on regulated or similar markets - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • OTC commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) • Other commitments - Futures market (Futures) - Options market (Options) - Credit derivatives - Swaps - Contracts for Differences (CFD) 74011

9

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

INCOMEstatement 30.12.2011

31.12.2010

EUR

EUR

-

-

9 685 763,33

7 244 158,71

• Income from bonds and similar securities

54 707,48

139 372,20

• Income from debt securities

36 383,59

27 460,81

• Income from temporary purchases and disposals of securities

-

-

• Income from forward financial instruments

-

-

• Other financial income

-

-

9 776 854,40

7 410 991,72

• Expenses on temporary purchases and disposals of securities

-

-

• Expenses on forward financial instruments

-

-

• Expenses on financial debt

-

-184,20

• Other financial expenses

-

-

Total (II)

-

-184,20

9 776 854,40

7 410 807,52

-

-

-13 696 369,14

-11 662 619,94

-3 919 514,74

-4 251 812,42

291 155,78

-483 733,52

-

-

-3 628 358,96

-4 735 545,94

Currency

Income from financial transactions

• Income from deposits and financial accounts • Income from equities and similar securities

Total (I) Expenses on financial transactions

Profit/loss on financial transactions (I - II)

Other income (III) Management fees and depreciation expense (IV) Net income for the period (L.214-9) (I - II + III - IV)

Income adjustments for the period (V) Interim payments in terms of the period (VI) Income (I - II + III - IV +/- V - VI) :

74011

10

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

1

74011

accountingrules and methods

The annual accounts are presented in the format set forth in CRC Regulation no. 2003-02 of 2 October 2003 relative to the chart of accounts for UCITS, amended by CRC Regulation no. 2005-07 of 3 November 2005 approved by the ministerial order of 26 December 2005. Asset valuation and accounting rules: V-1 - Asset valuation rules A – Valuation method • Financial instruments and securities traded on a regulated market are valued at market price. Notwithstanding this, the instruments below are valued using specific methods: - European equities and bonds are valued at the closing price, and foreign securities are valued at the last known price. - Debt securities and equivalent negotiable instruments which are not involved in significant transactions are valued using an actuarial method. The rate used is that applied for issues of equivalent securities plus or minus, where necessary, a differential representative of the intrinsic characteristics of the issuer. However, negotiable debt securities with a residual maturity of 3 months or less, in the absence of a particular sensitivity, may be valued using the straight-line method. - Negotiable debt securities with a maturity of less than 3 months are valued at the purchase negotiating rate. The amortisation of the premium or the discount is applied on a straightline basis over the term of the negotiable debt security. - Negotiable debt securities with a maturity of more than 3 months are valued at market rate. - Units or shares of funds are valued at the last known net asset value. - Securities coming under temporary purchase or sale agreements are valued in accordance with the regulations in force, based on the terms of the original agreement. • Financial instruments not traded on a regulated market are valued by the management company at their probable trading value. • Warrants or subscription certificates obtained free of charge during private placements or capital increases are valued as of their admission to a regulated market or the organisation of an over-the-counter market. • Contracts: - Futures are valued at the settlement price and options are valued on the basis of the vehicle used. - The market price for futures is equal to the price in EUR multiplied by the number of contracts. - The market price for options is equal to their conversion into the underlying equivalent. - Interest rate swaps are valued at market rate, in accordance with the contractual provisions. - Off-balance-sheet transactions are valued at market price. • Financial instruments for which a price has not been recorded on the valuation date, or for which the price has been adjusted, are valued at their probable trading value by the Board of Directors of the management company. The auditor will be provided with these valuations and their justification when it carries out its audits.

11

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

B - Practical methods • Shares and bonds are valued on the basis of prices taken from the Finalim and Bloomberg databases, depending on their listing market. The research options are completed by “Télékurs” “Fin’xs” and “Reuters” “Securities 3000”: - Asia-Oceania : taken at 12 noon for a quotation at the closing price of that day. - America : taken at 9 a.m. for a quotation at the closing price of D-1. taken at 4.45 p.m. for a quotation at the opening price of that day. - Europe excluding France : taken at 7.30 p.m. for a quotation at the closing price of that day. taken at 2.30 p.m. for a quotation at the opening price of that day. taken at 9 a.m. for a quotation at the price of D-1. - France : taken at 12 noon and 4 p.m. for a quotation at the opening price of that day. taken at 5.40 p.m. for a quotation at the closing price of that day. - Contributors : taken at 2 p.m. for a quotation subject to the availability of prices. • Positions on the futures markets at each net asset value are valued on the basis of the settlement prices of that day. Positions on the options markets at each net asset value are valued according to the principles used for the underlying. - Asia-Oceania : taken at 12 noon - America : taken at 9 a.m. on D+1 - Europe excluding France : taken at 7.30 p.m. - France:taken at 18 noon V-2 - Accounting method • The accounting method used for recording income from financial instruments is the 'coupons received' method. • The accounting method for recording transaction fees is exclusive of expenses. Methods for evaluating off-balance sheet commitments Off-balance sheet commitments are evaluated at their commitment value. The commitment value for futures contracts is equal to the price (in the currency of the UCIT) multiplied by the number of contracts multiplied by the nominal amount. The commitment value for options contracts is equal to the price of the underlying security (in the currency of the UCIT) multiplied by the number of contracts multiplied by the delta multiplied by the nominal amount of the underlying security. The commitment value for swap contracts is equal to the nominal amount of the contract (in the currency of the UCIT). Operating and management costs These fees cover all costs charged directly to the Fund, with the exception of transaction fees. Transaction fees include intermediation expenses (brokerage, stock exchange taxes etc.) and transfer fees, if applicable, which may be levied by the custodian and the management company. The following fees may also be charged in addition to operating and management fees : - excess return fees. These are paid to the management company if the Fund exceeds its objectives. They are therefore charged to the Fund ; - transfer fees charged to the Fund ; - a share of income from the temporary acquisition and sale of securities. Outperformance commission calculation method :

74011

12

Mutual Fund - Annual Report- Year ended : 30.12.2011


appendices

ECHIQUIER AGENOR

74011

Variable management fees are charged and accrue to the management company on the following basis: • 20% incl. taxes of the performance above the benchmark. • The provision for variable management fees is adjusted each time net asset value is calculated, on the basis of 20% including taxes of the fund's outperformance against the FTSE GLOBAL SMALL CAP EUROPE index, calculated excluding dividends for GPF units and with dividends reinvested for I units. If the fund underperforms the benchmark, this provision is adjusted in the form of a reversal. A provision reversal may not exceed the value of the provision.

• Outperformance is calculated for the first time as of the dates that the Échiquier Agenor Gestione Patrimoniale in Fondi and Échiquier Agenor I units are launched, on the basis of a benchmark net asset value established on the same dates. • Variable management fees charged by the management company are paid annually, on the last trading day of December. The outperformance commission calculation period will be the financial year of the fund, with the exception of the first financial year of the units, for which the reference period will be the period between the unit creation date and the financial year-end date. Variable management fees are chargeable only if the net asset value at the end of the year is higher than the initial nominal value for the first year, and on the net asset value at the start of the year for subsequent years. In the event that a unit is redeemed and a provision for variable management fees exists, the part proportional to the units reimbursed is paid to the fund management company. Indication of accounting changes subject to special information to unit holders - Changes occurred : None. - Changes to occur: None. Indication and justification of changes in estimates and in application methods None. Indication of the type of errors that have been corrected during the period None. Indication of the rights and conditions attached to each unit category

Capitalisation of all income.

13

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

2

changesnet assets 30.12.2011

31.12.2010

EUR

EUR

Net assets at the beginning of the period

672 476 049,54

396 970 056,89

Subscriptions (including the subscription fee allocated to the UCIT)

196 651 523,32

261 601 102,58

-303 598 923,82

-144 688 374,90

Capital gains on deposits and financial instruments

56 402 241,97

44 726 393,90

Capital losses on deposits and financial instruments

-40 853 696,50

-23 923 650,43

Capital gains on forward financial instruments

1,01

-

Capital losses on forward financial instruments

-

-

-3 384 446,52

-3 438 606,42

749 597,07

7 221 598,71

-184 783 202,56

138 259 341,63

- Estimate difference – period N

-77 705 284,23

107 077 918,33

- Estimate difference – period N-1

107 077 918,33

-31 181 423,30

-

-

- Estimate difference – period N

-

-

- Estimate difference – period N-1

-

-

-

-

-3 919 514,74

-4 251 812,42

Interim payment(s) during the period

-

-

Other items

-

-

389 739 628,77

672 476 049,54

Currency

Redemptions (with deduction of the redemption fee allocated to the UCIT)

Transaction fees

Foreign exchange differences

Changes in the estimate difference in deposits and financial instruments :

Changes in the estimate difference in forward financial instruments :

Prior period distribution

Net income for the period before adjustment accounts

Net assets at the end of the period

74011

14

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

3

additionalinformation

3.1. Financial instruments : breakdown by legal or economic type of instrument 3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Indexed bonds

-

-

Convertible bonds

-

-

Fixed-rate bonds

-

-

Variable-rate bonds

1 540 969,51

-

Zero-coupon bonds

-

-

Investments

-

-

Other instruments

-

-

3.1.2. Breakdown of the "Debt securities" item by legal or economic type of instrument Traded on a regulated or similar market

Not traded on a regulated or similar market

Treasury Bonds

-

-

Commercial Papers

-

-

Certificates of deposit

-

-

MTN

-

-

Other instruments

-

-

3.1.3. Breakdown of the "Disposals of financial instruments" item by type of instrument Disposals of repurchase Disposals of borrowed Disposals of acquired agreements securities repurchase agreements

Short sales

Equities

-

-

-

-

Bonds

-

-

-

-

Debt securities

-

-

-

-

Other instruments

-

-

-

-

74011

15

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

3.1.4. Breakdown of the off-balance sheet sections by market type (in particular rates, securities) Rates

Equities

Foreign Exchange

Other

-

-

-

-

OTC commitments

-

-

-

-

Other commitments

-

-

-

-

-

-

-

-

OTC commitments

-

-

-

-

Other commitments

-

-

-

-

Hedging Commitments on regulated or similar markets

Other transactions Commitments on regulated or similar markets

3.2. Breakdown by rate type for asset, liability and off-balance sheets items Fixed rate

Variable rates

Rollover rate

Other

-

-

-

-

Bonds and similar securities

-

-

1 540 969,51

-

Debt securities

-

-

-

-

Temporary purchases and sales of securities

-

-

-

-

Financial accounts

-

-

-

16 076 472,59

-

-

-

-

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

Other transactions

-

-

-

-

Assets Deposits

Liabilities Temporary purchases and sales of securities Financial accounts

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items Assets Deposits

0 - 3 months 3 months - 1 year

1 - 3 years

3 - 5 years

> 5 years

-

-

-

-

-

Bonds and similar securities

-

-

1 540 969,51

-

-

Debt securities

-

-

-

-

-

Temporary purchases and sales of securities

-

-

-

-

-

16 076 472,59

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

-

Other transactions

-

-

-

-

-

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74011

16

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets items This breakdown is provided for the main listing and evaluation currencies, except for the currency in which the books are kept.

By main currency

CHF

DKK

SEK

Autres devises

-

-

-

-

28 019 907,86

21 301 404,86

15 613 794,88

15 255 054,27

Bonds and similar securities

-

-

-

-

Debt securities

-

-

-

-

Assets Deposits

Equities and similar securities

Collective investment undertakings

-

-

-

-

Temporary purchases and sales of securities

-

-

-

-

Receivables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debts

-

-

-

-

Financial accounts

-

-

-

-

Off-balance sheet Hedging

-

-

-

-

Other transactions

-

-

-

-

Financial accounts Liabilities Disposal operations on financial instruments Temporary purchases and sales of securities

3.5. Receivables and Debts : breakdown by type Details on elements comprising the “other receivables” and “other debts” items, particulary the breakdown of foreign exchange forward contracts by type of operation (purchase/sale).

Receivables Foreign exchange forward contracts :

2 462 268,32

Forward currency purchases

-

Total amount traded for forward currency sales

-

Other Receivables : Differed payment sales

2 435 095,26

-

27 173,06

-

-

-

-

-

-

Other transactions

-

Debts Foreign exchange forward contracts :

1 914 121,75

Forward currency sales

-

Total amount traded for forward currency purchases

-

Other Debts : Subscribers payable

1 219 744,03

Accrued expenses

427 621,52

Differed payment purchases

266 756,20

-

-

-

-

Other transactions

74011

-

17

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

3.6. Equity Number of units issued / redeemed during the period AGENOR / FR0010321810

AGENOR GPF / FR0010581710

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

1 002 961,613

191 431 293,15

1 676 884,523

303 079 876,21

26 010,629

5 220 230,17

3 163,253

519 047,61

Subscription / redemption fee

Amount

Amount

AGENOR / FR0010321810

-

-

AGENOR GPF / FR0010581710

-

-

Retrocessions

Amount

Amount

AGENOR / FR0010321810

68 511,67

-82 157,16

-

-

Amount

Amount

AGENOR / FR0010321810

-

-

AGENOR GPF / FR0010581710

-

-

AGENOR GPF / FR0010581710

Commissions allocated to the UCIT

3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets Category of part

%

AGENOR / FR0010321810

2,39

AGENOR GPF / FR0010581710

1,19

Outperformance fee (variable charges) : amount of fees for the period Category of part

Amount

AGENOR / FR0010321810

-

AGENOR GPF / FR0010581710

-

Retrocession of management fees : - Amount of fees retroceded to the UCIT

-

- Breakdown by "target" UCIT : - UCIT 1

-

- UCIT 2

-

- UCIT 3

-

- UCIT 4

-

3.8. Commitments received and granted 3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none 3.8.2. Description of other commitments received and/or granted ........................................................................none

74011

18

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

3.9. Other information 3.9.1. Current value of financial instruments pertaining to a temporary acquisition : - Financial instruments as repurchase agreements (delivered)

-

- Other temporary purchases and sales

-

3.9.2. Current value of financial instruments comprising guarantee deposits : Financial instruments received as a guarantee and not written to the balance sheet : - equities

-

- bonds

-

- debt securities

-

- other financial instruments

-

Financial instruments granted as a guarantee and maintained in their original item : - equities

-

- bonds

-

- debt securities

-

- other financial instruments

-

3.9.3. Financial instruments held as a portfolio issued by the entities related to the management company (funds) or financial managers (Mutual Funds) and UCITS managed by these entities : 7 047 343,10 - UCITS - other financial instruments

74011

-

19

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

3.10. Income allocation table (In the accounting currency of the UCIT) Interim payments in terms of the period

Date -

Category of part -

Total amount Unit amount -

-

Total tax credit

Unit tax credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total interim payments

74011

20

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR 31.12.2010

EUR

EUR

Retained earnings

-

-

Adjusted retained earnings

-

-

Result

-3 628 358,96

-4 735 545,94

Total

-3 628 358,96

-4 735 545,94

30.12.2011

31.12.2010

EUR

EUR

Distribution

-

-

Retained earnings for the period

-

-

Capitalisation

-3 648 182,20

-4 729 853,77

Total

-3 648 182,20

-4 729 853,77

Number of units

-

-

Unit distribution

-

-

Tax credits

-

-

30.12.2011

31.12.2010

EUR

EUR

Distribution

-

-

Retained earnings for the period

-

-

Capitalisation

19 823,24

-5 692,17

Total

19 823,24

-5 692,17

Number of units

-

-

Unit distribution

-

-

Tax credits

-

-

appendices

30.12.2011

Income allocation

Sums remaining to be allocated

AGENOR / FR0010321810

Currency

Allocation

Information concerning the units conferring distribution rights

AGENOR GPF / FR0010581710 Currency

Allocation

Information concerning the units conferring distribution rights

74011

21

Mutual Fund - Annual Report- Year ended : 30.12.2011


ECHIQUIER AGENOR

appendices

3.11. Table of results and other characteristic elements of the Fund over the last 5 periods UCIT creation date :February 27, 2004

UCIT currency EUR

Net assets

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

389 739 628,77

672 476 049,54

396 970 056,89

259 339 677,80

872 868 427,27

AGENOR / FR0010321810

Number of outstanding units Net asset value

Unit distribution (including interim payments) Unit tax credit transferred to unit holders (individuals) (1) Unit capitalisation

Currency :

EUR

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

2 635 201,335

3 309 124,245

2 662 854,472

2 724 088,729

4 718 290,736

146,47

203,06

148,94

95,20

184,99

-

-

-

-

-

-

-

-

-

-

-1,38

-1,42

-0,43

0,67

-1,48

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

AGENOR GPF / FR0010581710

Number of outstanding units Net asset value

Unit distribution (including interim payments) Unit tax credit transferred to unit holders (individuals) (1) Unit capitalisation

Currency :

EUR

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

25 269,143

2 421,767

2 421,767

59,467

-

148,67

203,66

150,13

96,33

-

-

-

-

-

-

-

-

-

-

-

0,78448

-2,35

-1,25

2,49

-

(1) In application of the Tax Instruction of 4 March 1993 of the General Tax Directorate, the unitary tax credit is determined on the day the dividend is clipped by dividing the total amount of the tax credits amongst the outstanding units on that date.

74011

22

Mutual Fund - Annual Report- Year ended : 30.12.2011


74011

FR0010292763

697 160.00 1 004 900.00 1 999 086.00

ARCADIS NV

BENETEAU

BOURSORAMA

BUCHER INDUSTRIES AG-NOM

NL0006237562

FR0000035164

FR0000075228

CH0002432174

23 369 050.00 376 274.00

188 000.00 160 000.00

VILMORIN & CIE

WINCOR NIXDORF

FR0000052516

DE000A0CAYB2

310 000.00

1 229 600.00

TAKKT AG

TECAN GROUP N

DE0007446007

CH0012100191

813 310.00 440 215.00

STROEER OUT OF

SYMRISE

8 007 000.00

103 000.00

720 000.00

470 000.00

399 233.00

1 531 500.00

147 630.00

255 000.00

5 335 000.00

406 100.00

245 000.00

366 180.00

260 000.00

3 130 000.00

DE0007493991

SIMCORP

SORIN

DK0016026164

IT0003544431

170 000.00 925 000.00

DE000SYM9999

SCHIBSTED

SECHILIENNE-SIDEC

NO0003028904

FR0000060402

SAFILO GROUP

SARTORIUS VZ

IT0004604762

DE0007165631

PIERRE & VACANCES

ROCKWOOL INTERNATIONAL B

FR0000073041

ORIFLAME COSMETICS SA SDB

PIAGGIO & C

SE0001174889

IT0003073266

DK0010219153

NEMETSCHEK

NUTRECO HOLDING NV

DE0006452907

NL0000375400

MOTHERCARE

MTU AERO ENGINES HLDG AG

GB0009067447

DE000A0D9PT0

MAYR-MELNHOF KARTON AG

MEDIQ

AT0000938204

NL0009103530

132 000.00

522 097.00

MACINTOSH RETAIL GROUP

MANUTAN INTERNATIONAL

NL0000367993

FR0000032302

145 849.00

LINDAB

LOCINDUS

SE0001852419

1 360 000.00

292 000.00

FR0000121352

GERRESHEIMER AG

GFK

KRONES AG

DE000A0LD6E6

DE0005875306

DE0006335003

2 130 000.00

166 000.00

EVENTIM AG ORD SHS

FOURLIS HOLDING

DE0005470306

GRS096003009

122 000.00

1 525 000.00

DE LONGHI

DUFRY GROUP-NOM

IT0003115950

CH0023405456

70 500.00

700 000.00

ANSALDO STS SPA

APRIL GROUP

1 688 333.00

1 601 160.00

IT0003977540

EUROFINS Eurib3 13 OBSAR *EUR

Quantity / Amount

FR0004037125

Equities

Total Bonds

Asset description

34.53000 EUR

73.65000 EUR

63.50000 CHF

8.52000 EUR

20.62000 EUR

12.69000 EUR

1.18500 EUR

877.00000 DKK

10.94500 EUR

148.90000 NOK

35.50000 EUR

4.88400 EUR

460.80000 DKK

25.62000 EUR

1.81800 EUR

217.40000 SEK

50.84000 EUR

25.80000 EUR

49.44000 EUR

1.66250 GBP

11.76500 EUR

65.51000 EUR

33.80000 EUR

10.10000 EUR

14.04000 EUR

37.40000 SEK

36.76500 EUR

30.63000 EUR

32.19500 EUR

1.43000 EUR

23.20000 EUR

86.45000 CHF

6.83000 EUR

164.20000 CHF

5.54000 EUR

8.09200 EUR

12.10000 EUR

11.75000 EUR

7.35500 EUR

96.11000 EUR

Price Ccy

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

29/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

30/12/2011

Price Date

13 953 277.09

11 131 461.44

10 014 104.65

10 867 207.29

7 895 494.13

15 706 115.04

14 471 536.66

12 275 604.49

14 728 900.86

7 244 444.46

7 305 877.11

14 543 802.54

8 935 316.13

14 866 211.53

13 249 951.21

12 388 638.25

11 413 971.73

5 777 720.45

8 938 319.19

16 543 437.79

10 880 929.60

12 863 602.02

5 543 620.71

8 523 463.38

5 316 583.45

12 501 221.89

10 410 386.37

11 311 251.94

11 859 963.42

14 763 071.71

2 836 712.71

3 049 031.82

6 967 424.71

6 410 647.16

17 813 402.32

14 125 996.19

10 308 621.74

14 531 367.44

13 512 942.81

1 552 387.96

1 552 387.96

Book Cost FCY

10 704 300.00

11 784 000.00

9 820 664.69

10 476 192.00

9 077 233.30

10 320 903.90

9 488 295.00

12 150 735.79

7 880 400.00

9 025 406.24

14 172 771.50

7 479 846.00

9 150 669.07

6 533 100.00

9 699 030.00

9 906 434.02

12 455 800.00

9 447 444.00

12 854 400.00

6 229 648.03

10 882 625.00

11 136 700.00

4 461 600.00

5 273 179.70

2 047 719.96

5 707 360.86

10 735 380.00

11 525 272.62

11 881 564.75

3 045 900.00

3 851 200.00

8 676 291.54

10 415 750.00

9 522 951.63

11 074 936.44

8 131 650.80

8 435 636.00

8 225 000.00

12 417 689.22

1 540 969.51

1 540 969.51

Market Value FCY

2 094.63

2 094.63

Accruals

-3 248 977.09

652 538.56

-193 439.96

-391 015.29

1 181 739.17

-5 385 211.14

-4 983 241.66

-124 868.70

-6 848 500.86

1 780 961.78

6 866 894.39

-7 063 956.54

215 352.94

-8 333 111.53

-3 550 921.21

-2 482 204.23

1 041 828.27

3 669 723.55

3 916 080.81

-10 313 789.76

1 695.40

-1 726 902.02

-1 082 020.71

-3 250 283.68

-3 268 863.49

-6 793 861.03

324 993.63

214 020.68

21 601.33

-11 717 171.71

1 014 487.29

5 627 259.72

3 448 325.29

3 112 304.47

-6 738 465.88

-5 994 345.39

-1 872 985.74

-6 306 367.44

-1 095 253.59

-13 513.08

-13 513.08

P&L

2.75

3.02

2.52

2.69

2.33

2.65

2.44

3.12

2.02

2.32

3.64

1.92

2.35

1.68

2.49

2.54

3.20

2.42

3.30

1.60

2.79

2.86

1.15

1.35

0.53

1.46

2.76

2.96

3.05

0.78

0.99

2.23

2.67

2.44

2.84

2.09

2.16

2.11

3.19

0.40

0.40

% TNA

11/04/2012 - Page 2 - Groupe Societe Générale

4

Bonds

Securities

Security code

Holdings

Statement of Holdings of ECHIQUIER AGENOR as of 30/12/2011

appendices

ECHIQUIER AGENOR

UCITinventory

Mutual Fund - Annual Report- Year ended : 30.12.2011


74011

FR0010839282

Ucits

Vte diff titres EUR

SDS021EUR

30/12/2011

30/12/2011

EUR/SEK

EUR/TRY

0.83530000

30/12/2011

30/12/2011

EUR/GBP

30/12/2011

EUR/DKK

EUR/NOK

7.43420000

30/12/2011

2.44320000

8.91200000

7.75400000

1.21560000

Price Date

EUR/CHF

Used FX Rate

-425 558.25

-2 063.27

2 435 095.26

27 173.06

-1 219 744.03

-266 756.20

16 076 472.59

70 000.00

785 909.00

Quantity / Amount

Currency

Used FX Rates

Total Cash & Equivalent

Total MANAGEMENT FEES

PnInvstMgrFee

PnInvstMgrFee

F110EURIC

F110EURC

MANAGEMENT FEES

Total CURRENT ACCOUNTS + SUSPENSE ACCOUNTS

RedemPybl-Hedge

Sous recev EUR BPP

RP021EUR

SR021EUR

BkDep EUR BPP

DsPur-Sec

BK021EUR

BDS021EUR

CURRENT ACCOUNTS + SUSPENSE ACCOUNTS

Cash & Equivalent

Total Securities

Total Ucits

ECHIQUIER MONETAIRE C

AT0000837307

Total Equities

Asset description

ZUMTOBEL AG

Security code

Statement of Holdings of ECHIQUIER AGENOR as of 30/12/2011 Price Ccy

Price Date

29/12/2011

29/12/2011

0.40929928

0.11220826

0.12896570

1.19717467

0.13451346

0.82263903

Reverse FX Rate

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

1.00000 EUR

100.67633 EUR

10.71500 EUR

16 624 619.16

-427 621.52

-425 558.25

-2 063.27

17 052 240.68

2 435 095.26

27 173.06

-1 219 744.03

-266 756.20

16 076 472.59

448 300 134.64

7 000 278.00

7 000 278.00

439 747 468.68

13 965 835.25

Book Cost FCY

16 624 619.16

-427 621.52

-425 558.25

-2 063.27

17 052 240.68

2 435 095.26

27 173.06

-1 219 744.03

-266 756.20

16 076 472.59

373 115 009.61

7 047 343.10

7 047 343.10

364 526 697.00

8 421 014.94

Market Value FCY

2 094.63

Accruals

-75 187 219.66

47 065.10

47 065.10

-75 220 771.68

-5 544 820.31

P&L

4.27

-0.11

-0.11

0.00

4.38

0.63

0.01

-0.31

-0.07

4.13

95.73

1.81

1.81

93.53

2.16

% TNA

11/04/2012 - Page 3 - Groupe Societe Générale

ECHIQUIER AGENOR

24

Mutual Fund - Annual Report- Year ended : 30.12.2011


74011 - ECHIQUIER AGENOR - 30-12-2011 - RA - EN