Echiquier Agenor - Annual Report 31-12-2012 by Financiere de l'Echiquier

MAZARS

ECHIQUIER AGENOR 53, Avenue d’IENA 75116 PARIS

Audited annual report As at December 31, 2012

ECHIQUIER AGENOR

audit report 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 31 December 2012 on : - the audit of the annual accounts of the FCP ECHIQUIER AGENOR mutual fund, as attached to this report, - the justification for our assessments, - the specific verifications and the information provided by the law. The annual accounts were drawn up by the Fund Management Company. It is down to us, on the basis of our audit, to express an opinion on these accounts. I – Opinion on the annual accounts We conducted our audit in accordance with the professional standards applicable in France; these standards require the implementation of procedures making it possible to obtain reasonable assurance that the annual accounts do not comprise significant anomalies. An audit consists of verifying, through sampling or by means of other methods of selection, the elements justifying the amounts and information featuring in the annual accounts. With regard to a UCITS, it does not relate to the databases provided by independent third parties to draw up the off-balance sheet statement included in the annual accounts. It also consists of assessing the accounting principles followed, the significant estimates used and the overall presentation of the accounts. We feel that the elements we have collected are sufficient and appropriate on which to base our opinion. We certify that, with regard to French accounting rules and principles, the annual accounts are valid and sincere and give a true image of the results of the operations for the past financial year and the financial situation and assets of the UCITS at the end of this financial year. 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, 15 April 2013 The Statutory Auditor Mazars Gilles DUNAND-ROUX

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Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

annual accounts

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

BALANCE SHEET assets 31.12.2012

31.12.2012

EUR

Net assets

Deposits

383 008 385,03

373 115 009,61

374 393 542,54

364 526 697,00

788 896,36

1 540 969,51

Negotiable debt securities

Other debt securities

Not traded on a regulated or similar market

7 825 946,13

7 047 343,10

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

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

2 547 843,60

2 462 268,32

2 547 843,60

2 462 268,32

8 953 065,86

16 076 472,59

8 953 065,86

16 076 472,59

394 509 294,49

391 653 750,52

Currency

Financial instruments • EQUITIES AND SIMILAR SECURITIES

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

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

• MUTUAL FUNDS Coordinated European UCITS and general purpose French UCITS

• TEMPORARY PURCHASES AND SALES OF SECURITIES

• FORWARD FINANCIAL INSTRUMENTS

• OTHER FINANCIAL INSTRUMENTS Receivables

Foreign exchange forward contracts Other Financial accounts

Cash and cash equivalents Total assets

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

BALANCE SHEET liabilities 31.12.2012

31.12.2012

EUR

394 877 752,36

393 367 987,73

• Previous undistributed net capital gains and losses

• Retained earnings

• Net capital gains and losses for the financial year

• Adjusted retained earnings

-1 297 199,81

-3 628 358,96

393 580 552,55

389 739 628,77

Financial instruments

• DISPOSALS OF FINANCIAL INSTRUMENTS

Debts representing repurchase agreements

Debts representing securities borrowings

Other temporary purchases and sales

928 741,94

1 914 121,75

928 741,94

1 914 121,75

Cash credit

Borrowings

394 509 294,49

391 653 750,52

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 liabilites

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

OFF-balance sheet 31.12.2012

31.12.2012

EUR

- Futures market (Futures)

- Options market (Options)

- Credit derivatives

- Swaps

- Contracts for Differences (CFD)

Currency

Hedging

• Commitments on regulated or similar markets

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

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

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

INCOMEstatement 31.12.2012

31.12.2012

EUR

8 039 276,64

9 685 763,33

17 807,97

54 707,48

7 404,80

36 383,59

• Income from temporary purchases and disposals of securities

• Income from forward financial instruments

• Other financial income

8 064 489,41

9 776 854,40

• Expenses on temporary purchases and disposals of securities

• Expenses on forward financial instruments

• Expenses on financial debt

• Other financial expenses

Total (II)

8 064 489,41

9 776 854,40

Management fees and depreciation expense (IV)

-9 256 493,41

-13 696 369,14

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

-1 192 004,00

-3 919 514,74

-105 195,81

291 155,78

-1 297 199,81

-3 628 358,96

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) :

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Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

74011

accountingrules and methods

The annual accounts are presented according to the format provided for by CRC Regulation no. 2003-02 of 2 October 2003 concerning the modified UCITS chart of accounts, in particular by Regulation no. 2011-05 of 10 November 2011 ratified by the decree of 27 December 2011, published in the J.O.R.F. (French public journal) of 30 December 2011 (distribution of realised net capital gains) and by Regulation no. 2012-06 of 30 November 2012 ratified by the decree of 28 December 2012, published in the J.O.R.F. (French public journal) of 30 December 2012 (in the appendix to the annual accounts of funds and companies referred to in decree no. 2012465 of 10 April 2012 concerning the governance and transparency of fees and commissions charged). The new presentation of accounts associated with this new distribution possibility is applied to your UCITS. Since this UCITS fund did not opt for the distribution of net capital gains realised during the transitional phase (old and new chart of accounts), the new lines included in the valid Chart of Accounts are not entered. However, these lines will be completed for the next year-end, regardless of your UCITS fund's distribution option. 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. 15

Mutual Fund - Annual Report- Year ended : 31.12.2012

appendices

ECHIQUIER AGENOR

74011

- 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. 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. 16

Mutual Fund - Annual Report- Year ended : 31.12.2012

appendices

ECHIQUIER AGENOR

74011

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 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.

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

changesnet assets 31.12.2012

31.12.2012

EUR

389 739 628,77

672 476 049,54

69 009 098,12

196 651 523,32

-146 411 905,88

-303 598 923,82

Capital gains on deposits and financial instruments

29 704 544,26

56 402 241,97

Capital losses on deposits and financial instruments

-42 044 954,83

-40 853 696,50

Capital gains on forward financial instruments

1,01

Capital losses on forward financial instruments

-1 659 555,50

-3 384 446,52

1 103 696,26

749 597,07

95 332 005,35

-184 783 202,56

17 626 721,12

-77 705 284,23

107 077 918,33

- Estimate difference – period N

- Estimate difference – period N-1

Distribution over the previous year net capital gains and losses

Prior period distribution

-1 192 004,00

-3 919 514,74

Deposit(s) paid(s) during the year net capital gains and losses

Interim payment(s) during the period

Other items

393 580 552,55

389 739 628,77

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 :

Net income for the period before adjustment accounts

Net assets at the end of the period

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

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

788 896,36

Zero-coupon bonds

Investments

Other instruments

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

Not traded on a regulated or similar market

Treasury Bonds

Commercial Papers

Certificates of deposit

MTN

Other instruments

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

Short sales

Equities

Bonds

Debt securities

Other instruments

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

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

Equities

Foreign Exchange

Other

OTC commitments

Other commitments

OTC commitments

Other commitments

Hedging Commitments on regulated or similar markets

Other transactions Commitments on regulated or similar markets

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

Variable rates

Rollover rate

Other

Bonds and similar securities

788 896,36

Debt securities

Temporary purchases and sales of securities

Financial accounts

8 953 065,86

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

788 896,36

Debt securities

Temporary purchases and sales of securities

8 953 065,86

Off-balance sheet Hedging

Other transactions

Bonds and similar securities

Financial accounts

Liabilities Temporary purchases and sales of securities Financial accounts

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

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

By main currency

DKK

CHF

GBP

Other

27 816 046,10

19 340 374,42

15 301 165,13

19 387 657,98

Bonds and similar securities

Debt securities

Collective investment undertakings

Temporary purchases and sales of securities

Receivables

Financial accounts

Debts

Financial accounts

Off-balance sheet Hedging

Other transactions

Assets Deposits

Equities and similar securities

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 :

2 547 843,60

Forward currency purchases

Total amount traded for forward currency sales

Other Receivables : Deferred sales regulations

1 753 348,17

794 495,43

Other transactions

Debts Foreign exchange forward contracts :

928 741,94

Forward currency sales

Total amount traded for forward currency purchases

Other Debts : Redemption to pay

452 260,04

Accrued expenses

433 092,12

Purchases delayed settlements

43 389,78

Other transactions

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

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

AGENOR I / FR0011188259

AGENOR GPF / FR0010581710

Subscriptions

Redemptions

Number of units

Amount

Number of units

Amount

360 254,835

60 087 768,88

837 604,833

137 459 549,98

118,934

20 230,68

25 328,61

4 390 614,09

8 453

8 901 098,56

4 227

4 561 741,81

Subscription / redemption fee:

Amount

AGENOR / FR0010321810

2 288,77

1 656,03

AGENOR I / FR0011188259

AGENOR GPF / FR0010581710

Retrocessions:

Amount

AGENOR / FR0010321810

2 288,77

1 656,03

AGENOR I / FR0011188259

AGENOR GPF / FR0010581710

Commissions allocated to the UCIT:

Amount

AGENOR / FR0010321810

AGENOR I / FR0011188259

AGENOR GPF / FR0010581710

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

3.7. Management fees

Operating and management fees (fixed charges) as a % of the average net assets Unit class:

AGENOR / FR0010321810

2,39

AGENOR I / FR0011188259

1,20

AGENOR GPF / FR0010581710

1,00

Outperformance fee (variable charges) : amount of fees for the period Unit class:

Amount

AGENOR / FR0010321810

AGENOR I / FR0011188259

AGENOR GPF / FR0010581710

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

- Breakdown by "target" UCIT :

74011

- UCIT 1

- UCIT 2

- UCIT 3

- UCIT 4

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

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 : 7 825 946,13 - UCITS - other financial instruments

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Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

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

Date -

Unit Class -

Total amount Unit amount

Total tax credit

Unit tax credit

Total interim payments

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR 31.12.2012

EUR

Retained earnings

Adjusted retained earnings

Result

-1 297 199,81

-3 628 358,96

Total

-1 297 199,81

-3 628 358,96

31.12.2012

EUR

Distribution

Retained earnings for the period

Capitalisation

-1 336 684,62

-3 648 182,20

Total

-1 336 684,62

-3 648 182,20

Number of units

Unit distribution

Tax credits

31.12.2012

EUR

Distribution

Retained earnings for the period

Capitalisation

-344,61

19 823,24

Total

-344,61

19 823,24

Number of units

Unit distribution

Tax credits

appendices

31.12.2012

Income allocation

Sums remaining to be allocated

AGENOR / FR0010321810

Currency

Allocation

Information concerning the units conferring distribution rights

AGENOR GPF / FR0010581710

Currency

Allocation

Information concerning the units conferring distribution rights

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR AGENOR I / FR0011188259

31.12.2012

EUR

Distribution

Retained earnings for the period

Capitalisation

39 829,42

Total

39 829,42

Number of units

Unit distribution

Tax credits

appendices

31.12.2012

Currency

Allocation

Information concerning the units conferring distribution rights

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

3.11. Allocation table of amounts available for distribution relating to net capital gains and losses (in the accounting currency of the UCITS)

Payments on net capital gains and losses for the financial year

Total amount

Unit amount

Total interim payments

Date

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR 31.12.2012

EUR

Previous undistributed net capital gains and losses

Net capital gains and losses for the financial year

Payments on net capital gains and losses for the financial year

Total

31.12.2012

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

31.12.2012

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

appendices

31.12.2012

Allocation of net capital gains and losses Amounts remaining to be allocated

AGENOR / FR0010321810

Currency

Allocation

Information concerning units conferring distribution rights

AGENOR GPF / FR0010581710

Currency

Allocation

Information concerning units conferring distribution rights

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR AGENOR I / FR0011188259

31.12.2012

EUR

Distribution

Undistributed net capital gains and losses

Capitalisation

Total

Number of units

Unit distribution

appendices

31.12.2012

Currency

Allocation

Information concerning units conferring distribution rights

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

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

UCIT creation date :

27, 2004

Currency

31.12.2012

31.12.2010

31.12.2009

31.12.2008

393 580 552,55

389 739 628,77

672 476 049,54

396 970 056,89

259 339 677,80

EUR

Net assets

AGENOR / FR0010321810

EUR

UCIT currency :

31.12.2012

31.12.2010

31.12.2009

31.12.2008

2 157 851,337

2 635 201,335

3 309 124,245

2 662 854,472

2 724 088,729

180,24

146,47

203,06

148,94

95,20

Unit distribution net capital gains and losses (including interim payments)

Unit distribution (including interim payments)

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

-0,62

-1,38

-1,42

-0,43

0,67

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.

AGENOR GPF / FR0010581710

EUR

UCIT currency :

31.12.2012

31.12.2010

31.12.2009

31.12.2008

4 226

25 269,143

2 421,767

59,467

1 096,56

148,67

203,66

150,13

96,33

Unit distribution net capital gains and losses (including interim payments)

Unit distribution (including interim payments)

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

9,42

0,78448

-2,35

-1,25

2,49

Number of outstanding units Net asset value

Unit capitalisation

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

ECHIQUIER AGENOR

appendices

AGENOR I / FR0011188259

EUR

UCIT currency :

31.12.2012

31.12.2010

31.12.2009

31.12.2008

Number of outstanding units

59,467

Net asset value

181,68

Unit distribution net capital gains and losses (including interim payments)

Unit distribution (including interim payments)

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

-5,79

Unit capitalisation

74011

Mutual Fund - Annual Report- Year ended : 31.12.2012

74011

NUTRECO HOLDING NV

NL0000375400

STROEER OUT OF

APR ENERGY

GB00B58D4C52

FR0000073041

DE0007493991

PIERRE & VACANCES

FR0000035164

KRONES AG

BENETEAU

FR0000060402

DE0006335003

SECHILIENNE-SIDEC

IT0003073266

TAKKT AG

PIAGGIO & C

IT0004604762

DE0007446007

SAFILO GROUP

DE0005470306

CONSTANTIA PACKAGING GMBH DS

EVENTIM AG ORD SHS

DE0005875306

NEMETSCHEK

GFK

DE0007289001

AT0000A0L0D5

STRATEC BIOMEDICAL AG

DE000A0CAYB2

DE0006452907

MTU AERO ENGINES HLDG AG

WINCOR NIXDORF

DE000A0D9PT0

GERRESHEIMER AG

MAYR-MELNHOF KARTON AG

AT0000938204

SYMRISE

TECAN GROUP N

CH0012100191

DE000A0LD6E6

DUFRY GROUP-NOM

CH0023405456

DE000SYM9999

VILMORIN & CIE

FR0000052516

SIMCORP

SEB

FR0000121709

IPSOS

APRIL GROUP

FR0004037125

DK0016026164

TOD'S SPA

IT0003007728

FR0000073298

DE LONGHI

IT0003115950

ANSALDO STS SPA

SORIN

IT0003544431

MOTHERCARE

ARCADIS NV

NL0006237562

GB0009067447

SCHIBSTED

NO0003028904

IT0003977540

COCA COLA ICECEK

TRECOLA00011

Securities

Libellé valeur

PROPRE

Statut Valeur

450 000.00

863 310.00

252 000.00

800 000.00

196 180.00

194 150.00

20 800.00

695 000.00

629 500.00

5 035 000.00

1 531 500.00

311 000.00

300 200.00

224 400.00

260 000.00

185 000.00

334 050.00

330 000.00

67 150.00

345 000.00

2 608 939.00

1 450 000.00

191 000.00

120 000.00

177 000.00

82 000.00

114 000.00

175 000.00

564 000.00

94 000.00

1 098 870.00

6 560 000.00

575 160.00

282 000.00

384 600.00

Quantité

4 471 878.45

5 697 846.00

11 844 000.00

8 400 000.00

6 513 176.00

328 640.00

5 726 800.00

9 052 210.00

10 221 050.00

10 207 447.50

8 286 595.00

11 584 718.00

8 447 538.00

9 217 000.00

12 728 000.00

13 393 734.75

8 949 600.00

11 376 169.41

9 711 750.00

10 829 286.68

10 222 500.00

12 243 100.00

9 705 600.00

11 216 451.29

8 123 923.13

10 670 400.00

9 749 250.00

8 488 200.00

8 991 100.00

11 999 660.40

11 014 240.00

10 289 612.40

9 037 600.53

6 042 291.20

Valeur boursière

GBP

EUR

DKK

EUR

GBP

EUR

CHF

EUR

NOK

TRY

Devise de cotation

1.14

1.45

3.01

2.13

1.66

0.08

1.46

2.30

2.60

2.59

2.11

2.94

2.15

2.34

3.23

3.41

2.27

2.89

2.47

2.75

2.60

3.11

2.47

2.85

2.06

2.71

2.48

2.16

2.28

3.05

2.80

2.61

2.30

1.54

% Actif net

ECHIQUIER AGENOR

Code valeur

appendices

ECHIQUIER AGENOR

UCITinventory

Mutual Fund - Annual Report- Year ended : 31.12.2012

74011

CARL ZEISS MEDITEC

SARTORIUS VZ

ROCKWOOL INTERNATIONAL B

DE0005313704

DE0007165631

DK0010219153

Bonds

Cash

Total ECHIQUIER AGENOR

Total

Total MANAGEMENT FEES

MANAGEMENT FEES

Total BANK OR WAITING

BANK OR WAITING

Cash

Total Valeurs mobilieres

Total O.P.C.V.M.

FR0010839282

O.P.C.V.M.

Total Bonds

FR0010292763

Statut Valeur

PROPRE

PrComGestFin

PROPRE

Ach diff titres EUR

PROPRE

Ach diff op de capi

PROPRE

Sous recev EUR BPP

PrComGestFin

PROPRE

PrComGestFin

PROPRE

Vte diff titres EUR

PROPRE

Banque EUR BPP

ECHIQUIER CT 3D PARTS DE CAPITALISATION 3 DECIMALES

EUROFINS Eurib3 13 OBSAR *EUR

NKT HOLDING A/S

DK0010287663

Total Shares

BOURSORAMA

MANUTAN INTERNATIONAL

SE0001852419

FR0000032302

LINDAB

AT0000837307

FR0000075228

Libellé valeur

ZUMTOBEL AG

Code valeur

Quantité

77 500.00

801 240.00

102 630.00

167 232.00

306 400.00

283 000.00

59 272.00

1 861 770.00

859 750.00

966 000.00

393 580 552.55

10 572 167.52

-433 092.12

-6.00

-2 146.10

-430 940.02

11 005 259.64

-43 389.78

-452 260.04

794 495.43

1 753 348.17

8 953 065.86

383 008 385.03

7 825 946.13

788 896.36

374 393 542.54

8 721 005.23

11 246 352.00

6 664 200.00

7 718 871.46

1 984 426.56

9 290 232.30

4 307 766.25

9 679 320.00

Valeur boursière

EUR

DKK

EUR

DKK

EUR

SEK

EUR

Devise de cotation

100.00

2.69

-0.11

0.00

-0.11

2.80

-0.01

-0.12

0.20

0.45

2.28

97.31

1.99

0.20

95.13

2.22

2.86

1.69

1.96

0.50

2.36

1.10

2.46

% Actif net

ECHIQUIER AGENOR

Mutual Fund - Annual Report- Year ended : 31.12.2012