74011 - echiquier agenor - 30-12-2011 - ra - en

ECHIQUIER AGENOR

MAZARS

Audited annual report

As at December 30, 2011

ECHIQUIER AGENOR

53, Avenue d’IENA

75116 PARIS

Audited annual report

As at December 30, 2011

Pursuant to the mission entrusted to us by the Board of Directors of the Fund ManagementCompany, we hereby present our report relative to the financial year closed on 30 December2011 on :

- the audit of the annual accounts of the ÉCHIQUIER AGENOR mutual fund, asattached 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 obtainreasonable assurance that the annual accounts do not comprise significant anomalies. Anaudit 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. Withregard to a UCITS, it does not relate to the databases provided by independent third partiesto draw up the off-balance sheet statement included in the annual accounts. It also consistsof assessing the accounting principles followed, the significant estimates used and the overallpresentation of the accounts. We feel that the elements we have collected are sufficient andappropriate on which to base our opinion.

We certify that, with regard to French accounting rules and principles, the annual accountsare valid and sincere and give a true image of the results of the operations for the pastfinancial year and the financial situation and assets of the UCITS at the end of this financialyear.

FCP

ECHIQUIER AGENOR

Year ended December 30, 2011

Auditor’s report on annual accounts

1

II – Justification for our Assessments

Pursuant to the provisions of article L. 823-9 of the French Commercial Code relative to thejustification for our assessments, we hereby notify you of the following element:

- our assessments in particular related to respect for the accounting principles andmethods applicable to UCITS, as defined by regulation n° 2003-02 of the AccountsRegulation Committee.

The assessments thus made fall within the framework of our approach for auditing annualaccounts, taken in their entirety, and therefore contributed to forming our opinion expressedin the first part of this report.

III – Specific Information and Verifications

In compliance with professional standards applicable in France, we have also conductedthe specific verifications set out by the law.

We have no observation to make on the truthfulness and the concordance with the annualaccounts of the information given in the annual report and in the documents sent to unitholders on the financial situation and the annual accounts.

Written in Courbevoie, 6 March 2012

The Statutory Auditor

Mazars

Gilles DUNAND-ROUX

FCP

ECHIQUIER AGENOR

Year ended December 30,2011

2

7 Mutual Fund - Annual Report- Year ended : 30.12.201174011

ECHIQUIER AGENOR

Currency EUR EUR

Net assets - -

Deposits - -

Financial instruments 373 115 009,61 645 814 990,40

• EQUITIES AND SIMILAR SECURITIES

Traded on a regulated or similar market 364 526 697,00 628 195 740,56

Not traded on a regulated or similar market - -

• BONDS AND SIMILAR SECURITIES

Traded on a regulated or similar market 1 540 969,51 2 284 999,39


• DEBT SECURITIES

Traded on a regulated or similar market

Negotiable debt securities - 7 410 090,95

Other debt securities - -


• MUTUAL FUNDS

Coordinated European UCITS and general purpose French UCITS

7 047 343,10 7 924 159,50

UCITS reserved for certain investors – VCF - Funds investing infutures and options

- -

Listed SPE and investment funds - -

Non-listed SPE and investment funds - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Receivables representing repurchase agreements - -

Receivables representing securities lendings - -

Borrowed securities - -

Repurchase agreements - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

• OTHER FINANCIAL INSTRUMENTS - -

Receivables 2 462 268,32 1 404 812,25

Foreign exchange forward contracts - -

Other 2 462 268,32 1 404 812,25

Financial accounts 16 076 472,59 28 633 016,46

Cash and cash equivalents 16 076 472,59 28 633 016,46

Total assets 391 653 750,52 675 852 819,11

30.12.2011 31.12.2010

assetsBALANCE SHEET

Currency EUR EUR

Equity

• Capital 393 367 987,73 677 211 595,48

• Retained earnings - -

• Adjusted retained earnings - -

• Result -3 628 358,96 -4 735 545,94

Total equity(amount representing net assets) 389 739 628,77 672 476 049,54

Financial instruments - -

• DISPOSALS OF FINANCIAL INSTRUMENTS - -

• TEMPORARY PURCHASES AND SALES OF SECURITIES

Debts representing repurchase agreements - -

Debts representing securities borrowings - -

Other temporary purchases and sales - -

• FORWARD FINANCIAL INSTRUMENTS

Transactions on a regulated or similar market - -

Other transactions - -

Debts 1 914 121,75 3 376 769,57

Foreign exchange forward contracts - -

Other 1 914 121,75 3 376 769,57

Financial accounts - -

Cash credit - -

Borrowings - -

Total liabilities 391 653 750,52 675 852 819,11


ECHIQUIER AGENOR

31.12.201030.12.2011

liabilitiesBALANCE SHEET


ECHIQUIER AGENOR

Currency EUR EUR

Hedging• Commitments on regulated or similar markets

- Futures market (Futures) - -

- Options market (Options) - -

- Credit derivatives - -

- Swaps - -

- Contracts for Differences (CFD) - -

• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


Other transactions• Commitments on regulated or similar markets




- Swaps - -


• OTC commitments




- Swaps - -


• Other commitments




- Swaps - -


31.12.201030.12.2011

OFF-balance sheet


ECHIQUIER AGENOR

Currency EUR EUR

Income from financial transactions

• Income from deposits and financial accounts - -

• Income from equities and similar securities 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 - -

Total (I) 9 776 854,40 7 410 991,72

Expenses on financial transactions

• 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

Profit/loss on financial transactions (I - II) 9 776 854,40 7 410 807,52

Other income (III) - -

Management fees and depreciation expense (IV) -13 696 369,14 -11 662 619,94

Net income for the period (L.214-9) (I - II + III - IV) -3 919 514,74 -4 251 812,42

Income adjustments for the period (V) 291 155,78 -483 733,52

Interim payments in terms of the period (VI) - -

Income (I - II + III - IV +/- V - VI) : -3 628 358,96 -4 735 545,94

30.12.2011 31.12.2010

INCOMEstatement

accountingrules and methods


ECHIQUIER AGENOR

appendices

1The 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 straight-

line 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.


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 :


ECHIQUIER AGENOR

appendices

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.


ECHIQUIER AGENOR

appendicesCurrency 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

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

-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 - -

Transaction fees -3 384 446,52 -3 438 606,42

Foreign exchange differences 749 597,07 7 221 598,71

Changes in the estimate difference in deposits and financial instruments :

-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

Changes in the estimate difference in forward financial instruments :

- -

- Estimate difference – period N - -

- Estimate difference – period N-1 - -

Prior period distribution - -

Net income for the period before adjustment accounts -3 919 514,74 -4 251 812,42

Interim payment(s) during the period - -

Other items - -

Net assets at the end of the period 389 739 628,77 672 476 049,54

30.12.2011 31.12.2010

changesnet assets2


ECHIQUIER AGENOR

appendices3.1. Financial instruments : breakdown by legal or economic type of instrument

3.1.1. Breakdown of the "Bonds and similar securities" item by type of instrumentTraded on a regulated

or similar marketNot 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 agreements

Disposals of borrowed securities

Disposals of acquired repurchase agreements

Short sales

Equities - - - -

Bonds - - - -

Debt securities - - - -

Other instruments - - - -

additionalinformation3


ECHIQUIER AGENOR

appendices

3.2. Breakdown by rate type for asset, liability and off-balance sheets itemsFixed rate Variable rates Rollover rate Other

AssetsDeposits

- - - -

Bonds and similar securities - - 1 540 969,51 -


Temporary purchases and sales ofsecurities

- - - -

Financial accounts - - - 16 076 472,59

LiabilitiesTemporary purchases and sales ofsecurities

- - - -

Financial accounts - - - -

Off-balance sheetHedging

- - - -

Other transactions - - - -

3.3. Breakdown by residual maturity for asset, liability and off-balance sheets items0 - 3 months 3 months - 1 year 1 - 3 years 3 - 5 years > 5 years

AssetsDeposits

- - - - -

Bonds and similar securities - - 1 540 969,51 - -

Debt securities - - - - -

Temporary purchases and salesof securities

- - - - -

Financial accounts 16 076 472,59 - - - -

LiabilitiesTemporary purchases and salesof securities

- - - - -

Financial accounts - - - - -


- - - - -

Other transactions - - - - -

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

HedgingCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -

Other transactionsCommitments on regulated or similar markets

- - - -

OTC commitments - - - -

Other commitments - - - -


ECHIQUIER AGENOR

appendices

3.4. Breakdown by listing currency or evaluation for asset, liability and off-balance sheets itemsThis 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

AssetsDeposits

- - - -

Equities and similar securities 28 019 907,86 21 301 404,86 15 613 794,88 15 255 054,27

Bonds and similar securities - - - -


Collective investment undertakings - - - -

Temporary purchases and sales ofsecurities

- - - -

Receivables - - - -


LiabilitiesDisposal operations on financialinstruments

- - - -

Temporary purchases and sales of securities

- - - -

Debts - - - -



- - - -

Other transactions - - - -

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

ReceivablesForeign 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 -

DebtsForeign 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 -


ECHIQUIER AGENOR

appendices

3.6. EquitySubscriptions Redemptions

Number of units issued / redeemed during the period

Number of units Amount Number of units Amount

AGENOR / FR0010321810 1 002 961,613 191 431 293,15 1 676 884,523 303 079 876,21

AGENOR GPF / FR0010581710 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 AmountAGENOR / FR0010321810 68 511,67 -82 157,16

AGENOR GPF / FR0010581710 - -

Commissions allocated to the UCIT Amount AmountAGENOR / FR0010321810 - -

AGENOR GPF / FR0010581710 - -

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 Amount

Category of part

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 granted3.8.1. Description of the guarantees received by the UCIT with mention of capital guarantees...........................none3.8.2. Description of other commitments received and/or granted ........................................................................none


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 -


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



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 interimpayments

- - - -


ECHIQUIER AGENOR

appendices

Income allocation EUR EUR

Sums remaining to be allocated

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

AGENOR / FR0010321810 30.12.2011 31.12.2010

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation -3 648 182,20 -4 729 853,77

Total -3 648 182,20 -4 729 853,77

Information concerning the units conferring distributionrights

Number of units - -

Unit distribution - -

Tax credits - -

AGENOR GPF / FR0010581710 30.12.2011 31.12.2010

Currency EUR EUR

Allocation

Distribution - -

Retained earnings for the period - -

Capitalisation 19 823,24 -5 692,17

Total 19 823,24 -5 692,17

Information concerning the units conferring distributionrights

Number of units - -

Unit distribution - -

Tax credits - -


ECHIQUIER AGENOR

appendicesAGENOR / FR0010321810 Currency : EUR

30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007Number of outstanding units

2 635 201,335 3 309 124,245 2 662 854,472 2 724 088,729 4 718 290,736

Net asset value 146,47 203,06 148,94 95,20 184,99

Unit distribution (inclu-ding interim payments)

- - - - -

Unit tax credit transfer-red to unit holders (in-dividuals) (1)

- - - - -

Unit capitalisation -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 clippedby dividing the total amount of the tax credits amongst the outstanding units on that date.

AGENOR GPF / FR0010581710 Currency : EUR

30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007Number of outstanding units

25 269,143 2 421,767 2 421,767 59,467 -

Net asset value 148,67 203,66 150,13 96,33 -

Unit distribution (inclu-ding interim payments)

- - - - -

Unit tax credit transfer-red to unit holders (in-dividuals) (1)

- - - - -

Unit capitalisation 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 clippedby dividing the total amount of the tax credits amongst the outstanding units on that date.

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

UCIT currency

EUR 30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007

Net assets 389 739 628,77 672 476 049,54 396 970 056,89 259 339 677,80 872 868 427,27


ECHIQUIER AGENOR

appendices

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