74041 - ECHIQUIER GLOBAL - 30-12-2011 - RA - EN by Financiere de l'Echiquier

MAZARS FCP ECHIQUIER GLOBAL

Audited annual report As at December 30, 2011

FCP ECHIQUIER GLOBAL 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 30, 2011

FCP ECHIQUIER GLOBAL

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 Ă&#x2030;CHIQUIER GLOBAL 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 ECHIQUIER GLOBAL 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

FCP ECHIQUIER GLOBAL

BALANCE SHEETassets 30.12.2011

31.12.2010

EUR

Net assets

Deposits

45 172 530,67

34 337 947,65

42 372 492,34

34 337 947,65

Traded on a regulated or similar market

Not traded on a regulated or similar market

2 800 038,33

Other debt securities

Not traded on a regulated or similar market

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

95 602,33

285 032,76

95 602,33

285 032,76

2 518 266,76

1 798 056,71

2 518 266,76

1 798 056,71

47 786 399,76

36 421 037,12

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 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

• 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

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

BALANCE SHEETliabilities 30.12.2011

31.12.2010

EUR

47 836 649,89

36 223 723,99

• Retained earnings

• Adjusted retained earnings

-506 033,06

-244 186,69

47 330 616,83

35 979 537,30

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

455 782,93

441 499,82

455 782,93

441 499,82

Cash credit

Borrowings

47 786 399,76

36 421 037,12

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

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

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) 74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

INCOMEstatement 30.12.2011

31.12.2010

EUR

497 254,50

251 161,43

1 458,54

1 758,30

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

498 713,04

252 919,73

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

• Expenses on financial debt

• Other financial expenses

Total (II)

498 713,04

252 919,73

Management fees and depreciation expense (IV)

-917 818,30

-501 666,93

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

-419 105,26

-248 747,20

-86 927,80

4 560,51

-506 033,06

-244 186,69

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)

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

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

appendices

74041

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":

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

appendices

- Asia-Oceania : taken at 12 noon for a quotation at the closing price of that day.

74041

- 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: 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 MSCI All Country World Index, calculated excluding dividends for GPF units and with dividends reinvested for I units. If the fund underperforms the benchmark, this provision is

Mutual Fund - Annual Report- Year ended : 30.12.2011

appendices

FCP ECHIQUIER GLOBAL

74041

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 Global Gestione Patrimoniale in Fondi and Échiquier Global 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 that 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 ECHIQUIER GLOBAL

appendices

changesnet assets 30.12.2011

31.12.2010

EUR

Net assets at the beginning of the period

35 979 537,30

Subscriptions (including the subscription fee allocated to the UCIT)

43 042 453,33

47 339 973,28

-29 007 864,31

-16 702 061,36

Capital gains on deposits and financial instruments

3 214 257,44

1 847 120,68

Capital losses on deposits and financial instruments

-1 008 803,56

-38 433,60

Capital gains on forward financial instruments

Capital losses on forward financial instruments

-433 508,53

-361 340,71

1 103 148,35

35 419,68

-5 139 497,93

4 107 606,53

-1 031 891,40

4 107 606,53

- Estimate difference – period N

- Estimate difference – period N-1

-419 105,26

-248 747,20

Interim payment(s) during the period

Other items

47 330 616,83

35 979 537,30

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 :

Prior period distribution

Net income for the period before adjustment accounts

Net assets at the end of the period

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

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

2 800 038,33

MTN

Other instruments

Certificates of deposit

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

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

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

2 800 038,33

Temporary purchases and sales of securities

Financial accounts

2 518 266,76

Off-balance sheet Hedging

Other transactions

Assets Deposits

Bonds and similar securities Debt securities

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

2 800 038,33

2 518 266,76

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

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

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

HKD

CHF

Autres devises

21 135 209,10

6 209 918,41

4 005 893,19

4 415 684,94

Bonds and similar securities

Debt securities

Assets Deposits

Equities and similar securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

6 576,70

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 :

95 602,33

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : Differed payment sales

78 039,93

10 985,70

Coupons to be received

6 576,70

Other transactions

Debts Foreign exchange forward contracts :

455 782,93

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Differed payment purchases

399 749,99

Accrued expenses

51 113,16

Subscribers payable

4 919,78

Other transactions

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

appendices

3.6. Equity Number of units issued / redeemed during the period GLOBAL / FR0010859769

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

388 608,035

42 865 705,08

263 511,409

28 968 242,26

1 515,543

176 748,25

363,598

39 622,05

GLOBAL GPF / FR0010868174

Subscription / redemption fee

Amount

GLOBAL / FR0010859769

3 495,95

1 620,19

Retrocessions

Amount

GLOBAL / FR0010859769

3 495,95

1 620,19

Amount

GLOBAL / FR0010859769

GLOBAL GPF / FR0010868174

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

GLOBAL / FR0010859769

2,38

GLOBAL GPF / FR0010868174

1,19

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

Amount

GLOBAL / FR0010859769

GLOBAL GPF / FR0010868174

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

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

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 : - UCITS - other financial instruments

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

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

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL 31.12.2010

EUR

Retained earnings

Adjusted retained earnings

Result

-506 033,06

-244 186,69

Total

-506 033,06

-244 186,69

30.12.2011

31.12.2010

EUR

Distribution

Retained earnings for the period

Capitalisation

-506 402,73

-239 808,09

Total

-506 402,73

-239 808,09

Number of units

Unit distribution

Tax credits

30.12.2011

31.12.2010

EUR

Distribution

Retained earnings for the period

Capitalisation

369,67

-4 378,60

Total

369,67

-4 378,60

Number of units

Unit distribution

Tax credits

appendices

30.12.2011

Income allocation

Sums remaining to be allocated

GLOBAL / FR0010859769

Currency

Allocation

Information concerning the units conferring distribution rights

GLOBAL GPF / FR0010868174 Currency

Allocation

Information concerning the units conferring distribution rights

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

FCP ECHIQUIER GLOBAL

appendices

3.11. Table of results and other characteristic elements of the Fund over the last 5 periods UCIT creation date: April 16, 2010

UCIT currency EUR

Net assets

30.12.2011

31.12.2010

47 330 616,83

35 979 537,30

GLOBAL / FR0010859769

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

432 762,082

307 665,456

108,63

116,27

-1,17016

-0,77

(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.

GLOBAL GPF / FR0010868174

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

2 940,00

1 788,055

108,25

114,49

0,12574

-2,44

74041

Mutual Fund - Annual Report- Year ended : 30.12.2011

74041

19 23 300.00 18 100.00

HOLCIM LTD-NOM

INFOSYS TECHNOLOGIES SP ADR

KONINKLIJKE VOPAK N.V.

LINDT AND SPRUENGLI PS

CH0012214059

US4567881085

NL0009432491

CH0010570767

2 250.00

41 850.00

SAMSUNG ELECTRONICS GDR

SCHLUMBERGER LTD

SIKA

US7960508882

AN8068571086

CH0000587979

600.00

12 000.00

2 650.00

35 300.00

90 250.00

QIAGEN NV

SABMILLER

NL0000240000

80 000.00 79 000.00

PEARSON

PETROLEUM GEO SERVICES

GB0006776081

NO0010199151

GB0004835483

10 800.00 42 050.00

NIKE INC -B-

ORACLE CORP

US6541061031

US68389X1054

43 000.00 18 600.00

MINDRAY MEDICAL INTERNATIONAL

MONSANTO

US6026751007

US61166W1018

230 000.00

MEDTRONIC INC

MICHAEL PAGE INTERNATIONAL

US5850551061

GB0030232317

12 600.00 18 480.00

L'OREAL

MEAD JOHNSON NUTRITION

FR0000120321

US5828391061

160.00

18 595.00

181 000.00

1 084 000.00

GOOGLE INC-A

HARBIN POWER EQ -H-

HENGAN INTERNATIONAL GROUP CO LTD

US38259P5089

CNE1000003C0

KYG4402L1510

7 550.00

EBAY INC

EXXON MOBIL CORP

48 000.00

45 450.00

US2786421030

CTRIP.COM INTERNATIONAL ADR

US22943F1003

16 290.00

16 550.00

24 700.00

280 000.00

17 000.00

5 900.00

40 450.00

41 950.00

929 000.00

68 200.00

1 642 000.00

8 000.00

14 600.00

70 850.00

Quantity / Amount

US30231G1022

COACH INC

COLGATE PALMOLIVE CO

US1897541041

US1941621039

CHINA SHENHUA ENERGY CIE LTD

CIE FIN RICHEMONT

CNE1000002R0

CH0045039655

BAIDU ADS

BUREAU VERITAS

US0567521085

FR0006174348

AREVA

ATLAS COPCO AB-A SHS

FR0011027143

SE0000101032

AMADEUS IT HOLDING

ANGANG STEEL CO LTD-H

ES0109067019

CNE1000001V4

AIR LIQUIDE

ALUMINIUM CORP OF CHINA SH H

FR0000120073

CNE1000001T8

ABB LTD-NOM

ACCENTURE SHS CLASS A

CH0012221716

IE00B4BNMY34

Asset description

1 770.00000 CHF

68.31000 USD

460.70000 USD

22.66500 GBP

10.65000 EUR

65.45000 NOK

12.10000 GBP

25.65000 USD

96.37000 USD

70.07000 USD

25.64000 USD

3.48800 GBP

38.25000 USD

68.73000 USD

80.70000 EUR

2 794.00000 CHF

40.82500 EUR

51.38000 USD

50.25000 CHF

72.65000 HKD

6.78000 HKD

645.90000 USD

84.76000 USD

30.33000 USD

23.40000 USD

92.39000 USD

61.04000 USD

47.51000 CHF

33.70000 HKD

56.30000 EUR

116.47000 USD

148.00000 SEK

19.09000 EUR

5.59000 HKD

12.53500 EUR

3.38000 HKD

95.59000 EUR

53.23000 USD

17.68000 CHF

Price Ccy

30/12/2011

Price Date

840 006.81

637 420.36

717 102.93

835 014.34

1 197 431.10

643 108.72

990 184.75

856 882.69

630 704.97

887 765.71

797 801.93

1 201 650.34

1 239 804.54

818 897.49

1 038 924.10

297 145.12

615 292.91

1 081 127.47

944 876.74

1 041 356.17

736 029.43

893 211.80

389 297.74

992 338.42

1 249 881.23

997 727.90

621 753.37

838 401.45

901 022.08

929 897.70

525 693.05

575 668.07

985 224.38

938 041.15

875 657.00

1 122 616.96

698 520.37

489 557.24

1 067 849.92

Book Cost FCY

873 642.65

633 526.55

943 546.64

957 828.92

961 162.50

666 823.57

1 158 865.08

833 590.31

804 386.74

1 007 266.40

852 090.58

960 421.41

1 237 160.91

981 629.49

1 016 820.00

367 752.55

738 932.50

925 229.15

768 672.88

1 308 292.71

731 222.76

1 123 174.12

494 580.72

1 125 156.50

821 956.87

1 163 175.75

780 749.67

965 364.43

938 812.06

957 100.00

531 086.64

671 745.96

800 825.50

516 675.95

854 887.00

552 179.88

764 720.00

600 632.20

1 030 460.68

Market Value FCY

Accruals

33 635.84

-3 893.81

226 443.71

122 814.58

-236 268.60

23 714.85

168 680.33

-23 292.38

173 681.77

119 500.69

54 288.65

-241 228.93

-2 643.63

162 732.00

-22 104.10

70 607.43

123 639.59

-155 898.32

-176 203.86

266 936.54

-4 806.67

229 962.32

105 282.98

132 818.08

-427 924.36

165 447.85

158 996.30

126 962.98

37 789.98

27 202.30

5 393.59

96 077.89

-184 398.88

-421 365.20

-20 770.00

-570 437.08

66 199.63

111 074.96

-37 389.24

P&L

1.85

1.34

1.99

2.02

2.03

1.41

2.45

1.76

1.70

2.13

1.80

2.03

2.61

2.07

2.15

0.78

1.56

1.96

1.62

2.76

1.55

2.37

1.05

2.38

1.74

2.46

1.65

2.04

1.98

2.02

1.12

1.42

1.69

1.09

1.81

1.17

1.62

1.27

2.18

% TNA

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

Equities

Securities

Security code

Holdings

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

appendices

FCP ECHIQUIER GLOBAL

UCITinventory

Mutual Fund - Annual Report- Year ended : 30.12.2011

74041 55 520.00 20 150.00 12 300.00 26 050.00

TINGYI HOLDING

UNITED COMP RUSAL

UNITED TECHNOLOGIES CORP

VISA INC-A

YUM BRANDS INC

KYG8878S1030

US9098832093

US9130171096

US92826C8394

US9884981013

US88579Y1010

68 500.00

Cash & Equivalent

Vte diff titres EUR

SDS021EUR

PnInvstMgrFee

PrFinManagFees

30/12/2011

EUR/NOK

30/12/2011

EUR/CNY

EUR/GBP

30/12/2011

EUR/CHF

EUR/HKD

Price Date

Currency

Used FX Rates

Total Cash & Equivalent

Total MANAGEMENT FEES

F110EUR

F110EURIC

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

7.75400000

10.05100000

0.83530000

8.15880000

1.21560000

Used FX Rate

-50 938.17

-174.99

78 039.93

10 985.70

-4 919.78

-399 749.99

2 518 266.76

0.12896570

0.09949259

1.19717467

0.12256704

0.82263903

Reverse FX Rate

1.00000 EUR

1 800 000.00 1 000 000.00

2 151 509.46

-51 113.16

-50 938.17

-174.99

2 202 622.62

78 039.93

10 985.70

-4 919.78

-399 749.99

2 518 266.76

2 800 000.00

30/12/2011 2 800 000.00

0.48000 EUR

30/12/2011

2 017.20

Total Non-discounted

1 000 000.00

0.50000 EUR

30/12/2011

Total Money Market

BNP PARIBAS 0.5% 06/01/12

CA CIB 0.48% 06/01/12

FR0120300266

FR0120397247

Non-discounted

Money Market 1 800 000.00

USD

1 931.98 2 443.63 6 392.81

10 800.00

30/12/2011 30/12/2011

6 392.81

NIKE INC -B-

USD USD

Total Coupons & Dividends

US6541061031

16 550.00 17 480.00

Total Equities

COACH INC

MEAD JHN NUTRITION

US1897541041

US5828391061

Equities

Coupons & Dividends

42 372 492.34

2 151 509.46

-51 113.16

-50 938.17

-174.99

2 202 622.62

78 039.93

10 985.70

-4 919.78

-399 749.99

2 518 266.76

2 800 038.33

1 000 013.33

1 800 025.00

6 576.70

2 103.41

2 458.74

2 014.55

42 372 492.34

41 967 784.28 41 967 784.28

1 188 044.28

965 158.82

1 138 235.95

511 339.20

1 098 875.73

1 111 327.06

1 063 859.32

761 788.78

Market Value FCY

Total Equities

901 166.02

648 024.80

1 170 700.99

974 324.58

894 101.86

1 441 103.93

1 057 067.24

644 892.37

Book Cost FCY

Total Securities

30/12/2011

Price Date

1 111 714.97

81.73000 USD

59.01000 USD

101.53000 USD

73.09000 USD

9.21000 EUR

23.60000 HKD

40.36000 USD

156.10000 HKD

12.91000 USD

Price Ccy

1 095 514.04

17 600.00

468 000.00

35 628.00

TENCENT HOLDINGS LTD

TEVA PHARMACEUTICAL IND. ADR

76 350.00

KYG875721485

TAIWAN SEMICONDUCTOR-SP ADR

US8740391003

Quantity / Amount

US8816242098

Asset description

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

Security code

25.00

38.33

13.33

183.89

86.21

15.11

82.57

404 708.06

16 200.93

286 878.26

317 134.02

-32 465.04

-462 985.38

204 773.87

-329 776.87

6 792.08

116 896.41

P&L

4.54

-0.11

4.65

0.17

0.02

-0.01

-0.85

5.32

5.92

2.11

3.80

0.01

0.00

0.01

0.00

89.53

2.35

2.51

2.04

2.41

1.08

2.32

2.35

2.25

1.61

% TNA

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

Accruals

FCP ECHIQUIER GLOBAL

Mutual Fund - Annual Report- Year ended : 30.12.2011