The Echiquier Agenor Mid Cap Europe Fund is a dynamic subfund, which aims at long-term value development through engagement in the European equity markets. This subfund attempts primarily to position itself through investments in growth-oriented securities in the European market leaders of tomorrow. The MSCI Europe Small Cap Index is an indicator which replicates the management of the Echiquier Agenor Mid Cap Europe Fund. This index, which is used solely as a reference point, displays the development of all equities denominated in Euros of European companies with small and medium market capitalisation. It is calculated in Euros, including reinvested dividends. Subscribers should note that the composition of the portfolio may vary considerably from the reference index.