74003 - AGRESSOR - 30-12-2011 - RA - EN by Financiere de l'Echiquier

MAZARS

FCP AGRESSOR

Audited annual report As at December 30, 2011

FCP AGRESSOR 53, Avenue dâ&#x20AC;&#x2122;IENA 75116 PARIS

Audited annual report As at December 30, 2011

FCP AGRESSOR

Auditorâ&#x20AC;&#x2122;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 FCP AGRESSOR 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 â&#x20AC;&#x201C; 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.

FCP AGRESSOR

II – Justification for our Assessments

Year ended December 30, 2011

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

FCP AGRESSOR

BALANCE SHEETassets 30.12.2011

31.12.2010

EUR

Net assets

Deposits

834 513 639,23

976 478 953,62

826 765 684,26

961 624 108,04

Traded on a regulated or similar market

544 899,00

Not traded on a regulated or similar market

Negotiable debt securities

Other debt securities

Not traded on a regulated or similar market

7 747 954,97

14 309 946,58

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

2 823 167,36

6 126 339,14

2 823 167,36

6 126 339,14

7 307 415,78

40 991 730,54

7 307 415,78

40 991 730,54

844 644 222,37

1 023 597 023,30

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

• 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

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

BALANCE SHEETliabilities 30.12.2011

31.12.2010

EUR

843 171 815,89

1 024 434 801,76

• Retained earnings

• Adjusted retained earnings

-1 409 746,31

-6 107 790,50

841 762 069,58

1 018 327 011,26

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

2 882 152,79

5 270 012,04

2 882 152,79

5 270 012,04

Cash credit

Borrowings

844 644 222,37

1 023 597 023,30

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

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

OFF-balance sheet 30.12.2011

31.12.2010

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) 74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

INCOMEstatement 30.12.2011

31.12.2010

EUR

51,06

24 418 385,06

15 420 710,24

36 610,02

298 132,80

224 822,51

4 158,23

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

24 679 817,59

15 723 052,33

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

• Expenses on financial debt

-5,03

• Other financial expenses

Total (II)

-5,03

24 679 817,59

15 723 047,30

-25 188 327,01

-21 895 193,56

Net income for the period (L.214-9) (I - II + III - IV)

-508 509,42

-6 172 146,26

Income adjustments for the period (V)

-901 236,89

64 355,76

-1 409 746,31

-6 107 790,50

Currency

Income from financial transactions

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

Total (I) Expenses on financial transactions

Profit/loss on financial transactions (I - II)

Other income (III) Management fees and depreciation expense (IV)

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

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

appendices

74003

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. 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.

Mutual Fund - Annual Report- Year ended : 30.12.2011

appendices

FCP AGRESSOR

74003

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 : 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 CAC ALL-TRADABLE 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.

Mutual Fund - Annual Report- Year ended : 30.12.2011

appendices

FCP AGRESSOR

74003

- Outperformance is calculated for the first time as of the dates that the Agressor Gestione Patrimoniale in Fondi and Agressor 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 yearend 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 a unit is redeemed and a provision for variable management expenses 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.

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

appendices

changesnet assets 30.12.2011

31.12.2010

EUR

1 018 327 011,26

727 914 458,61

581 744 633,31

366 612 542,70

-541 801 963,97

-286 371 797,58

Capital gains on deposits and financial instruments

46 105 214,51

83 037 460,06

Capital losses on deposits and financial instruments

-72 680 941,23

-30 677 733,67

Capital gains on forward financial instruments

Capital losses on forward financial instruments

-5 428 448,04

-5 915 970,71

5 288 786,05

3 487 424,91

-189 283 712,89

166 412 773,20

-111 839 545,77

77 444 167,12

-88 968 606,08

- Estimate difference – period N

- Estimate difference – period N-1

-508 509,42

-6 172 146,26

Interim payment(s) during the period

Other items

841 762 069,58

1 018 327 011,26

Currency

Net assets at the beginning of the period Subscriptions (including the subscription fee allocated to the UCIT) 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 : - Estimate difference – period N - Estimate difference – period N-1

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

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

appendices

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

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

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

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

Debt securities

Temporary purchases and sales of securities

Financial accounts

7 307 415,78

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

Debt securities

Temporary purchases and sales of securities

7 307 415,78

Off-balance sheet Hedging

Other transactions

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

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

GBP

CHF

SEK

Autres devises

115 278 103,68

37 278 463,31

31 240 350,09

20 196 199,39

Bonds and similar securities

Debt securities

Assets Deposits

Equities and similar securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

393 361,67

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 :

2 823 167,36

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : -

1 892 421,22

Differed payment sales

537 384,47

Coupons to be received

393 361,67

Other transactions

Debts Foreign exchange forward contracts :

2 882 152,79

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Subscribers payable

1 968 304,47

Accrued expenses

913 848,32

Other transactions

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

appendices

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

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

AGRESSOR / FR0010321802

423 405,82

529 103 650,51

412 732,152

485 086 396,06

AGRESSOR GPF / FR0010581702

44 361,767

52 640 982,80

50 978,848

56 715 567,91

Subscription / redemption fee AGRESSOR / FR0010321802

Amount

131 574,15

AGRESSOR GPF / FR0010581702

Retrocessions

Amount

131 574,15

Amount

AGRESSOR / FR0010321802

AGRESSOR GPF / FR0010581702

AGRESSOR / FR0010321802

AGRESSOR GPF / FR0010581702

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

AGRESSOR / FR0010321802

2,39

AGRESSOR GPF / FR0010581702

1,20

Outperformance fee (variable charges) : amount of fees for the period Category of part AGRESSOR / FR0010321802

Amount -

AGRESSOR GPF / FR0010581702

52 410,32

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

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

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 : 4 637 669,90 - UCITS - other financial instruments

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

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

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR 31.12.2010

EUR

Retained earnings

Adjusted retained earnings

Result

-1 409 746,31

-6 107 790,50

Total

-1 409 746,31

-6 107 790,50

30.12.2011

31.12.2010

EUR

Distribution

Retained earnings for the period

Capitalisation

-1 629 251,61

3 992 944,62

Total

-1 629 251,61

3 992 944,62

Number of units

Unit distribution

Tax credits

30.12.2011

31.12.2010

EUR

Distribution

Retained earnings for the period

Capitalisation

219 505,30

2 114 845,88

Total

219 505,30

2 114 845,88

Number of units

Unit distribution

Tax credits

appendices

30.12.2011

Income allocation

Sums remaining to be allocated

AGRESSOR / FR0010321802

Currency

Allocation

Information concerning the units conferring distribution rights

AGRESSOR GPF / FR0010581702 Currency

Allocation

Information concerning the units conferring distribution rights

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

appendices

3.11. Table of results and other characteristic elements of the Fund over the last 5 periods UCIT creation date : November 29, 1991

UCIT currency

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

841 762 069,58

1 018 327 011,26

727 914 458,61

516 166 509,36

1 570 165 436,29

EUR

Net assets

AGRESSOR / FR0010321802

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

786 854,679

776 181,011

705 654,336

747 807,564

1 261 009,609

1033,95

1258,3

981,88

662,00

1 245,16

-2,07

-5,14

2,13

8,87

-6,25

(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.

AGRESSOR GPF / FR0010581702

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

29 354,549

35 971,63

36 967,41

31 650,181

960,4

1158,08

947,95

667,04

7,47

-58,79

-33,09

15,62

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

appendices

74003

UCITinventory

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP AGRESSOR

74003

Mutual Fund - Annual Report- Year ended : 30.12.2011