74007 - ECHIQUIER PATRIMOINE - 30-12-2011 - RA - EN by Financiere de l'Echiquier

MAZARS

ECHIQUIER PATRIMOINE

Audited annual report As at December 30, 2011

ECHIQUIER PATRIMOINE 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 30, 2011

FCP ECHIQUIER PATRIMOINE

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 PATRIMOINE 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.

FCP ECHIQUIER PATRIMOINE

II – Justification for our Assessments

Year ended December 31,2011

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

ECHIQUIER PATRIMOINE

BALANCE SHEETassets 30.12.2011

31.12.2010

EUR

Net assets

Deposits

594 935 597,64

596 899 069,53

67 979 414,81

104 138 251,97

200 869 549,09

215 377 087,59

296 440 710,19

252 281 060,08

Other debt securities

Not traded on a regulated or similar market

27 776 443,55

23 100 369,89

1 869 480,00

1 902 320,00

Receivables representing repurchase agreements

Receivables representing securities lendings

Borrowed securities

Repurchase agreements

Other temporary purchases and sales

Transactions on a regulated or similar market

99 980,00

Other transactions

93 816,47

1 780 281,18

93 816,47

1 780 281,18

4 830 697,99

5 803 885,23

4 830 697,99

5 803 885,23

599 860 112,10

604 483 235,94

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 Negotiable debt securities

• MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS UCITS reserved for certain investors – VCF - Funds investing in futures and options Listed SPE and investment funds Non-listed SPE and investment funds • 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

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Mutual Fund - Annual Report- Year ended : 30.12.2011

ECHIQUIER PATRIMOINE

BALANCE SHEETliabilities 30.12.2011

31.12.2010

EUR

589 261 659,26

595 049 198,65

• Retained earnings

• Adjusted retained earnings

9 462 103,29

7 541 083,73

598 723 762,55

602 590 282,38

Financial instruments

114 560,00

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

114 560,00

1 136 349,55

1 778 393,56

1 136 349,55

1 778 393,56

Cash credit

Borrowings

599 860 112,10

604 483 235,94

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 du passif

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OFF-balance sheet 30.12.2011

31.12.2010

EUR

- Futures market (Futures)

- Options market (Options)

- Credit derivatives

- Swaps

- Contracts for Differences (CFD)

3 378 050,00

3 135 650,34

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) FR0010434019

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Mutual Fund - Annual Report- Year ended : 30.12.2011

ECHIQUIER PATRIMOINE

INCOMEstatement 30.12.2011

31.12.2010

EUR

738,73

• Income from equities and similar securities

5 348 944,91

4 614 072,06

• Income from bonds and similar securities

8 255 256,07

8 415 037,87

• Income from debt securities

3 696 029,28

1 605 736,18

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

17 300 230,26

14 635 584,84

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

-32,89

-428,16

-32,89

-428,16

17 300 197,37

14 635 156,68

-7 556 499,92

-7 086 760,32

9 743 697,45

7 548 396,36

-281 594,16

-7 312,63

9 462 103,29

7 541 083,73

Currency

Income from financial transactions

• Income from deposits and financial accounts

Total (I) Expenses on financial transactions

• Expenses on financial debt • Other financial expenses Total (II) 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) :

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appendices

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.

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appendices

- America : taken at 9 a.m. for a quotation at the closing price of D-1.

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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.

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appendices

Indication of accounting changes subject to special information to unit holders

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- 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.

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appendices

changesnet assets 30.12.2011

31.12.2010

EUR

Net assets at the beginning of the period

602 590 282,38

570 627 759,68

Subscriptions (including the subscription fee allocated to the UCIT)

321 984 493,78

265 516 806,97

-307 416 816,40

-248 631 843,65

Capital gains on deposits and financial instruments

4 554 653,50

4 236 232,41

Capital losses on deposits and financial instruments

-15 122 310,11

-1 383 936,37

Capital gains on forward financial instruments

1 018 387,70

1 318 795,00

Capital losses on forward financial instruments

-1 148 034,00

-1 069 820,00

-165 428,05

-117 700,40

-73 172,04

118 782,28

-17 148 871,66

4 297 390,10

-24 767 165,46

-7 618 293,80

-11 915 683,90

-93 120,00

129 420,00

93 120,00

-36 300,00

9 743 697,45

7 548 396,36

Interim payment(s) during the period

Other items

598 723 762,55

602 590 282,38

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 : - Estimate difference – period N - Estimate difference – period N-1

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

Net assets at the end of the period

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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

167 111 195,31

Variable-rate bonds

33 758 353,78

Zero-coupon bonds

Investments

Other instruments

Fixed-rate bonds

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

228 026 230,59

68 414 479,60

MTN

Other instruments

Treasury Bonds

Commercial Papers

Certificates of deposit

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

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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

167 111 195,31

33 758 353,78

Debt securities

296 440 710,19

Temporary purchases and sales of securities

Financial accounts

4 830 697,99

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 0 - 3 months 3 months - 1 year

Assets Deposits

1 - 3 years

3 - 5 years

> 5 years

24 449 445,52

25 921 168,28

63 955 824,06

64 125 936,34

22 417 174,89

296 440 710,19

4 830 697,99

Off-balance sheet Hedging

Other transactions

Bonds and similar securities Debt securities

Temporary purchases and sales of securities Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

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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

USD

Autres devises

Equities and similar securities

Bonds and similar securities

Debt securities

Collective investment undertakings Temporary purchases and sales of securities Receivables

311 717,87

Off-balance sheet Hedging

Other transactions

Assets Deposits

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

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 :

93 816,47

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : -

87 972,86

Differed payment sales

5 843,61

Other transactions

Debts Foreign exchange forward contracts :

1 136 349,55

Forward currency sales

Total amount traded for forward currency purchases

Other Debts :

Other receivables and payables

499 400,00

Accrued expenses

333 891,25

Subscribers payable

303 058,30

Other transactions

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Mutual Fund - Annual Report- Year ended : 30.12.2011

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appendices

3.6. Equity Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

407 607,911

321 984 493,78

391 482,062

307 416 816,40

Number of units issued / redeemed during the period Subscription / redemption fee

584,58

12 200,20

Retrocessions

584,58

12 200,20

Commissions allocated to the UCIT

3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets Outperformance fee (variable charges) : amount of fees for the period

1,19 -

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

- Breakdown by "target" UCIT : - UCIT 1

- UCIT 2

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

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 : 21 113 238,41 - UCITS - other financial instruments

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Mutual Fund - Annual Report- Year ended : 30.12.2011

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appendices

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

Date

Total amount

Unit amount

Total tax credit

Unit tax credit

Total interim payments

30.12.2011

31.12.2010

EUR

Retained earnings

Adjusted retained earnings

Result

9 462 103,29

7 541 083,73

Total

9 462 103,29

7 541 083,73

Distribution

Retained earnings for the period

Capitalisation

9 462 103,29

7 541 083,73

Total

9 462 103,29

7 541 083,73

Number of units

Unit distribution

Tax credits

Income allocation

Sums remaining to be allocated

Allocation

Information concerning the units conferring distribution rights

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Mutual Fund - Annual Report- Year ended : 30.12.2011

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appendices

3.11. Table of results and other characteristic elements of the Fund over the last 5 periods

UCIT currency EUR

30.12.2011

31.12.2010

31.12.2009

31.12.2008

31.12.2007

598 723 762,55

602 590 282,38

570 627 759,68

565 103 874,27

1 229 542 709,85

779 263,981

763 138,132

741 350,853

795 458,401

1 618 379,168

768,31

789,62

769,71

710,41

759,73

Unit distribution (including interim payments)

Unit tax credit transferred to unit holders (individuals) (1)

12,14

9,88

14,56

28,06

15,83

Net assets

Number of outstanding units Net asset value

Unit capitalisation

(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. UCIT creation date: January 6, 1995.

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appendices

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UCITinventory

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Mutual Fund - Annual Report- Year ended : 30.12.2011