TOCQUEVILLE OLYMPE PATRIMOINE

Transcription

1 TOCQUEVILLE OLYMPE PATRIMOINE PROSPECTUS UCITS governed by Directive 2014/91/EU General characteristics Form of the UCITS Name TOCQUEVILLE OLYMPE PATRIMOINE Legal status of the UCITS Common Investment Fund (CIF) Member State in which the UCITS has been established CIF governed by French law Date of creation 7 March 2008 Scheduled term 99 years Summary of the management offer ISIN code Distribution of income Currency denomination Subscribers Minimum amount of 1st subscription (2) Amount of subsequent subscriptions FR (P) Capitalisation EUR FR (I) Capitalisation EUR P unit: All subscribers One unit One ten thousandth of a unit I unit: All subscribers, more specifically reserved for institutional investors 1,000 units One ten thousandth of a unit FR (S) Capitalisation EUR S unit: Reserved for marketing by financial intermediaries other than the management company (1) One unit One ten thousandth of a unit (1) This unit may only be subscribed to by investors subscribing through distributors or intermediaries other than the management company: - Subject to national legislation prohibiting all retrocessions to distributors (for example, Great Britain and Netherlands) or - Providing a service of o Advice pursuant to the MIF 2 European Regulation o Individual portfolio management mandate o And for which they are remunerated by their clients (2) The management company is not required to comply with the minimum specified in relation to investments made on its own account.

2 Actors Information available The latest annual and interim documents will be sent within eight working days upon written request by the holder to: Tocqueville Finance S.A. These documents are also available on the website Contact details for any supplementary explanations as required: Management company Tocqueville Finance S.A. (34, rue de la Fédération, Paris). Portfolio management company, licensed by the AMF [Financial Market Authority] under no Depository and custodians Crédit Industriel et Commercial (CIC), 6 avenue de Provence, PARIS Cedex 09. a) Tasks: 1. Custody of assets i. Conservation ii. Keeping of the register of assets 2. Control of the regularity of the decisions of the UCI or of its management company 3. Liquidity monitoring 4. Delegated handling of liabilities i. Centralisation of subscription and redemption orders for units/equities ii. Keeping of issue account Potential conflicts of interest: the policy on conflicts of interest is available on the following website: A hard-copy version will be provided free of charge upon request to: CM-CIC MARKET SOLUTIONS depository solutions 6 avenue de Provence PARIS b) Proxy charged with custodian functions: BFCM A list of proxies and sub-proxies is available on the following website: A hard-copy version will be provided free of charge upon request to: CM-CIC MARKET SOLUTIONS depository solutions 6 avenue de Provence PARIS c) Up-to-date information will be made available to investors upon request to: CM-CIC MARKET SOLUTIONS^ depository solutions 6 avenue de Provence PARIS Proxy Administrative and accounting management: CM-CIC ASSET MANAGEMENT, portfolio management company, licensed by the AMF [Financial Market Authority] under no , S.A. with share capital of 9,133,800 euros (4, rue Gaillon, Paris) Auditors Deloitte & Associés (185, avenue Charles de Gaulle, Neuilly-sur-Seine Cedex), represented by Olivier GALIENNE Marketer Tocqueville Finance S.A.

3 Operating and management arrangements General characteristics Characteristics of the units: Nature of the right associated with the category of unit: each holder of a unit has a co-ownership right over the assets of the mutual fund in proportion with the number of units held. Handling of liabilities: the handling of liabilities is carried out by the depository CREDIT INDUSTRIEL ET COMMERCIAL (CIC). It is specified that unit management is carried out by EUROCLEAR France. Voting rights: as a CIF, the units are not associated with any voting rights, and decisions are taken by the management company; information concerning the manner of operation of the CIF is provided to the holders, as the case may be, either individually, through the press, in periodic statements or in any other manner consistent with the instructions of the AMF. Type of units: by holder. Decimalisation of units: Subscriptions and redemptions are possible in ten thousandths of a unit, referred to as fractions of units. Closing date: last stock exchange trading day in December (1 st closure: end of December 2008). Tax regime: The CIF is not subject to corporation tax [IS] and a regime of tax transparency applies to the holder. The tax regime applicable to the amounts distributed by the UCITS or to unrealised or realised gains or losses for the UCITS is dependent on the tax legislation applicable to the specific circumstances of the investor and/or the jurisdiction in which the funds are invested. If the investor is not certain concerning his/her tax position, he/she should approach a professional tax advisor. Special provisions The CIF Tocqueville Olympe Patrimoine is a CIF with three categories of units. It therefore has 3 ISIN codes: ISIN code for P unit: FR ISIN code for I unit: FR ISIN code for S unit: FR Objective The management objective of the CIF Tocqueville Olympe Patrimoine is, through the strategic allocation decided by the management company of 70% to fixed income products and 30% to equities, to seek to outperform the EONIA plus one percentage point (1%), limiting the risks of strong portfolio variation whilst benefiting from growth of Eurozone economies. Reference indicator The reference indicator which will be used as a comparator will be the EONIA (European Overnight Index Average) or a composite index that is representative of the allocation of target assets comprised of: 56% EONIA + 14% JP MORGAN EMU 5-7 years + 30% CAC 40. The EONIA index (Euro Overnight Index Average) corresponds to the average overnight rates for the Eurozone, is calculated by the European Central Bank and represents the European risk-free rate. The JP MORGAN EMU 5-7 year index represents the totality of bonds from Eurozone countries with maturities falling between 5 and 7 years. Information concerning this index is available on the following website: The CAC 40 index is comprised of the top 40 French capitalisations. It is calculated with net dividends reinvested.

4 Investment strategies The management company engages in discretionary management. Depending upon the prospects as perceived by the manager, the portfolio will be exposed to the asset categories of equities and fixed income products. Exposure to each of these categories may vary in line with the management company's assessment: of the macroeconomic context, of the valuation level of the different markets along with development of liquidity for the particular asset class; of the anticipated performance for each major asset class, namely equities and fixed income products; based on these projections a distinction will be drawn between the two types of underlying assets based on the investment rules specified below; of an analysis of the assets. The CIF Tocqueville Olympe Patrimoine will be exposed within a range of 60% to 100%, with a target allocation of 70%, to fixed income products denominated in euros (bonds, negotiable debt instruments, convertible bonds, equivalent securities). Within the fixed income segment, and up to a limit of 10% of assets, the fund may also be invested in convertible bonds and income stock. The CIF Tocqueville Olympe Patrimoine will moreover be exposed within a range of 0% to 40% of its assets, with a target allocation of 30%, to equity markets. These investments will mainly be made on Eurozone country stock markets and will relate to all sectors and all levels of stock market capitalisation. The proportion of equities invested in OECD country regulated markets that are not members of the Eurozone (United Kingdom, Switzerland, Norway, United States, Canada, Australia, Japan ) may not exceed 5% of total fund assets. The fund may be exposed to the exchange risk on various currencies other than the euro up to a limit of 5% of assets. Within the various geographical areas cited above, the CIF may moreover invest up to 5% of its assets in unlisted financial instruments. The manager will search in particular for equities in companies that may be subject to significant changes over the coming years (public takeover bid, public exchange offer, merger, etc.). In addition, the CIF will focus on equities in companies that are resilient in nature on account of the distribution of a dividend on a regular and ongoing basis. It will also consider companies that have been neglected and/or undervalued by the market, experiencing an uptake in business (due to a reorganisation, an improvement in the business climate), and/or based on the circumstances of their assets. The identification and selection of assets for the CIF Tocqueville Olympe Patrimoine will be based on elaborate internal research within Tocqueville Finance. The management method that will be implemented will be based on full independence from the indices or sectors of activity. No asset benefits from any particular preference. With a view to ensuring diversification and up to a limit of 10% of assets, the CIF may also invest in units or shares in French or European UCITS falling under Directive 2014/91/EU and AIFs that comply with the 4 criteria laid down by Article R of the French Monetary and Financial Code, specialising in any area. Some investments may be made in particular in emerging market debt and through recourse to derivatives. These UCITS and/or AIFs may be managed by the management company or by a related company. The CIF may avail itself of deposits, repurchase and reverse repurchase transactions along with transactions involving the temporary purchase and sale of securities, in particular for cash management purposes. Tocqueville Olympe Patrimoine may use derivative products with the aim of protecting the assets against equity and/or fixed income risks or of exposing the assets to these risks in the pursuit of the management objective. Assets comprising the assets of the CIF Equities Assets excluding embedded derivatives

5 The CIF will be exposed to equity markets up to a maximum limit of 40% of its assets. Tocqueville Olympe Patrimoine will operate mainly on Eurozone country stock markets. The main reference countries will be France, Italy, Spain, Germany, the Netherlands and Belgium. These equities will be chosen without reference to any specific index, basket of indices or sector of activity. Similarly, the size of the company and the amount of its stock market capitalisation do not constitute a criterion for selection by the managers responsible for managing this fund. The proportion of equities invested in OECD country regulated markets that are not members of the Eurozone (United Kingdom, Switzerland, Norway, United States, Canada, Australia, Japan ) may not exceed 5% of total fund assets. Within the various geographical areas mentioned above, the fund may invest up to 5% of its assets in unlisted financial instruments. Debt securities and money market instruments The CIF may invest in fixed income products denominated in euros (bonds, Treasury bills, mediumterm negotiable instruments, short-term negotiable instruments, convertible bonds, equivalent securities) in an amount between 60% and 100% of total assets, with a maximum of 20% in high-yield securities. The average maturity of the element exposed to fixed income products will be between 0 and 7 years. Within this segment, it may also invest in convertible bonds and income stock, up to a limit of 10% of total assets. UCITS and AIFs The Fund may hold up to 10% of units or shares in French or European UCITS falling under Directive 2014/91/EU and AIFs that comply with the 4 criteria laid down by Article R of the French Monetary and Financial Code, irrespective of their classification. UCITS and/or AIFs may be used in order to expose the fund to sectors of activity, assets or geographical areas that would not be covered directly within the fund. Some investments may be made in particular in emerging market debt and through recourse to derivatives. The CIF may purchase or subscribe to UCITS or AIFs managed by the management company or by a related company. Derivative products The CIF may trade in the following derivative instruments: Nature of the markets of operation: Regulated, Organised. Risks in relation to which the manager intends to take action: Equities, Fixed income. Nature of the actions, the transactions overall must be limited to realising the management objective: Hedging, Exposure. Nature of the instruments used: on these markets, the fund may trade in the following instruments: Futures, Options, Warrants. Strategy for using derivatives in order to achieve the management objective: General portfolio hedging, hedging against exchange and fixed income risks, Reconstitution of synthetic portfolio exposure to exchange and fixed income risks, in particular in order to process daily subscription/redemption transactions.

6 These transactions will be engaged in up to a maximum limit for commitment set at the value of the UCITS assets. Usage of these products may not result in the overexposure of the fund. Deposits The CIF may lodge deposits up to a limit of 20% of its assets with the same credit institute. These will be used exclusively for cash management purposes. Cash borrowings: None. Transactions involving the temporary sale and purchase of securities The CIF may use techniques involving the temporary sale and purchase of securities. The equities held will be lent, enabling their profitability to be increased whilst leaving economic exposure unchanged. Repurchase and reverse repurchase agreements are preferred for the purpose of cash management. The CIF may engage in repurchase and reverse repurchase operations for up to 100% of the net assets and may lend-borrow securities up to 100% of its value. A share of the revenue obtained from such operations may be added to the operating fees of the UCITS (see the heading "operating fees"). Information concerning acceptable collateral in relation to types of asset, issuer, maturity, liquidity and the diversification of collateral and correlation policies. Where the Fund carries out securities financing transactions, the management company must comply with this financial collateral management policy: As long as the provision of collateral is not mandatory, the level of the collateral required remains at the discretion of the manager. The financial collateral received must be consistent with the financial collateral policy of the management company and must comply at all times with the following criteria: liquidity: the financial collateral must be as liquid as possible so that it can be sold quickly, where possible, and at a price close to the pre-sale valuation; issuer creditworthiness: the financial collateral must originate from an issuer of good standing and, at the time it is provided, must be rated as "Investment Grade" by Standard & Poor s or have an equivalent rating from another rating agency; correlation: the financial collateral received must be provided by an entity that is independent of the counterparty and deemed not to be highly correlated with the performance of the counterparty; diversification: the financial guarantees must be sufficiently diversified in terms of country, market and issuer. The securities eligible for receipt as collateral are government bonds denominated in euros from European Union countries and, secondarily, private bonds eligible for inclusion in the Fund's investment universe. The collateral has an average maturity of 3 months. The financial collateral received by way of transfer of ownership will be held by the Fund depository. Contracts establishing financial collateral As part of the implementation of transactions involving over-the-counter derivative financial instruments, the Fund may receive financial assets that are considered as collateral and that have the purpose of reducing its exposure to the counterparty risk. The financial collateral received is essentially made up of cash or financial securities for transactions involving over-the-counter derivative financial instruments.

7 This collateral is provided in the form of cash or bonds issued or guaranteed by member states of the OECD or by their local governmental authorities or by supranational institutions and bodies at community, regional or global level; Any financial collateral received will comply with the following principles: - Liquidity: All financial collateral comprised of securities must be highly liquid and capable of being traded quickly on a regulated market at a transparent price; - Transferability: The financial collateral must be transferable at any time; - Valuation: The financial collateral received will be valued on a daily basis at the market price or according to a pricing model. A prudent policy for below-par valuing will be applied to securities liable to display non-negligible volatility or having regard to the credit quality; - Credit quality of issuers: The financial collateral is of high credit quality; - Investment of collateral received in cash: This will be held as deposits with eligible entities or invested in government bonds with high credit quality (rating consistent with the criteria for "short-term monetary UCITS"), invested in "short-term monetary" UCITS or used for the purpose of repurchase transactions concluded with a credit institute; - Correlation: the collateral is issued by an entity independent of the counterparty; - Diversification: Exposure to any given issuer will not exceed 20% of net assets; - Conservation: The financial collateral received is invested with the Depository either by one of its agents or by third parties acting under its control or with any other third party depository subject to prudential oversight that does not have any link with the provider of the financial collateral; - Prohibition on reuse: Non-cash financial collateral cannot be sold, reinvested or provided itself as collateral. Risk profile The risk and performance indicator for this fund is 3 on account of its exposure principally to fixed income markets, and on a supplementary basis to equity markets, which can be subject to significant fluctuations. Your money will be invested mainly in financial instruments selected by the management company. These instruments will be affected by the trends and uncertainties of the stock markets. Your Tocqueville Olympe Patrimoine fund is exposed to various risks, which are described below in order of importance. risk of losing the amount invested: the amount invested will be lost where a unit is sold at a price lower than that paid upon subscription. This risk is related to the fact that the fund does not offer any protection or guarantee of the amount invested. For this reason, there is a risk that the amount invested may not be recovered in full. risk associated with discretionary management: the style of discretionary management is based on forecasts of future trends on various markets (equities, fixed income). There is a risk that the UCITS may not be invested at all times in the best performing equities or debt instruments. fixed income risk: the degree of exposure to the fixed income risk falls between 60 and 100%. The fixed income risk corresponds to the risk associated with an increase in bond market rates, causing a fall in the price of the bonds and thus a reduction in the liquidation value of the UCITS. credit risk: this is the risk that the issuer of a debt instrument is unable to honour its debts as they fall due, that is to pay the coupons each year and to repay the principal upon maturity. Such a default may result in a fall in the fund's liquidation value. This also includes the risk of the issuer being downgraded. In addition, the CIF may be exposed to a risk associated with the usage of specific (high-yield) or unlisted securities. The fund may be exposed to the credit risk for securities that are unlisted or have a low rating. Thus, the usage of "high-yield" securities may entail a risk inherent to the securities that have a low rating or are not rated at all and may result in the risk of a more significant reduction in the liquidation value.

8 equity and market risk: the degree of exposure to the equity risk falls between 0 and 40%. The liquidation value of the CIF may thus experience volatility due to the investment of part of the portfolio in equity markets. A fall in equity markets may result in a reduction of the liquidation value of the CIF. risk associated with holding convertible bonds (up to a limit of 10% of fund assets): the value of convertible bonds is dependent to some extent on the price performance of their underlying equities. Variations in the underlying shares may lead to a reduction in the liquidation value of the UCITS. exchange risk: the fund is mainly invested in debt instruments denominated in euros. The proportion invested in a currency other than the euro will not exceed 5% of assets. Your fund will thus be exposed to a limited extent to the exchange risk. In the event of a fall in the value of the currency of investment compared to the reference currency for the portfolio, the euro, the liquidation value may be reduced. This exchange risk will not be hedged. Subscribers concerned and profile of the typical investor The P units of the fund are directed at all subscribers, and more specifically at natural persons. The P units may be used as support for life insurance contracts. The I units of the fund are directed at all subscribers, more specifically at institutional investors. The S units of the fund are reserved for marketing by financial intermediaries other than the management company (cf. above). The fund is directed at subscribers who wish to invest in a UCITS at least 60% of which is exposed to fixed income markets and at least 40% to equity markets, and who thus accept the risks associated with the performance of these markets. The amount that is reasonable to invest in this fund depends on your personal circumstances. In order to determine it, you must take account of your personal wealth/assets, your needs at present as well also as your appetite for risk, or whether by contrast you prefer a prudent investment. It is also highly recommended that you diversify your investments in order to ensure that you are not over-exposed to the risks associated with this fund. It is expressly noted that the UCITS to which this document relates may be subject to restrictions in terms of its marketing to natural or legal persons who on account of their nationality, their residence or their registered office/place of registration or for any other reason fall under a foreign jurisdiction that prohibits or restricts the offer of certain products or services (including in particular financial instruments). The equities and UCITS units managed by Tocqueville Finance have not been registered with the SEC in accordance with the provisions of the US Securities Act of 1933 and are not available either directly or indirectly in the United States (including territories, states and possessions) to US persons as defined in la Regulation S. Consequently, equities and fund units may not be offered, sold, delivered or distributed either directly or indirectly to the USA or toward the USA. Under the terms of the US tax legislation known as FATCA (Foreign Account Tax Compliance Act), holders may be required to provide the management company or its agents with information, including in particular concerning their personal identity and place of residence (actual residence and tax residence) in order to establish whether they qualify as a "US Person" within the meaning of FATCA. This information may be transmitted to the US tax authorities via the French tax authorities. Any failure by the holders to comply with this obligation may result in a lump-sum withholding of 30%, which is imposed on financial income from US sources. Notwithstanding best efforts of the management company under FATCA, holders are invited to satisfy themselves that the financial intermediary that they have used in order to invest in the UCITS has the status of a Participating FFI. For further details, holders are invited to contact a tax advisor. Recommended investment term More than 3 years Procedures for determining and allocating distributable amounts

9 The net result for the year is equal to the total interest payments, arrears, dividends, bonuses and premiums, attendance fees as well as all income relating to securities comprising the fund portfolio plus the income from sums held as liquid assets, minus management fees and borrowing charges. Distributable amounts are comprised of: 1. The net result plus retained earnings and either plus or minus the balance of the income equalisation account; 2. Capital gains realised, net of fees, minus the capital losses incurred, net of fees, ascertained during the course of the year, plus net capital gains of the same type ascertained during the course of previous years that have not been distributed or capitalised, minus or plus the balance of the capital gains equalisation account. P, I and S units: Net result: The CIF has opted for pure capitalisation. The net result is capitalised in full each year. Frequency of distribution: N/A Net capital gains realised: The CIF has opted for pure capitalisation. Any net capital gains realised are capitalised in full each year. Frequency of distribution: N/A Characteristics of the units: The units are denominated in euros and may be broken down into ten thousandths, referred to as fractions of a unit. Initial liquidation value of a unit P units: 100 I units: 100 S units: 100 Subscription and redemption procedures Subscriptions and redemptions may be broken down into ten thousandths, referred to as fractions of a unit. Minimum amount of initial subscription P and S units: 1 unit I units: 1,000 units Amount of subsequent subscriptions P, I and S units: one ten thousandth of a unit Subscription and redemption orders may be received at any time and are pooled centrally at the depository every day at 2:00pm and realised on the basis of the liquidation value established with reference to the closing price for the day, with the exception of public holidays in France pursuant to Article L222-1 of the French Labour Code, even if the PARIS Stock Exchange is open (EURONEXT PARIS), and calculated for operational purposes on the following day. The body designated for receiving subscriptions and redemptions is CREDIT INDUSTRIEL ET COMMERCIAL (CIC) (6, avenue de Provence, Paris) Service UCITS, telephone: ; fax: The CIF Tocqueville Olympe Patrimoine is valued on a daily basis on each working day of the Paris Stock Exchange, with the exception of statutory public holidays in France (even if the Paris Stock Exchange is open). This valuation is calculated in accordance with the rules governing the valuation and accounting treatment of the assets of the CIF. The liquidation value may be obtained from the management company and the depository on the working day following that on which the calculation was made. The net assets or the number of units are at all times publicly available on the website of Tocqueville finance and may also be obtained by telephone.

10 Fees and commissions Subscription and redemption commissions Subscription and redemption commissions have the effect of increasing the subscription price paid by the investor or of reducing the redemption price. The commissions received by the UCITS are used in order to compensate the fees incurred by the UCITS in order to invest or disinvest the assets held. Any commissions that do not constitute earnings are paid to the management company, the marketer, etc. Fees borne by the investor levied upon subscription and redemption Amount liable Rate scale Maximum subscription commission not accruing to the UCITS Subscription commission accruing to the UCITS Maximum redemption commission not accruing to the UCITS Redemption commission accruing to the UCITS Liquidation value x number of units Liquidation value x number of units Liquidation value x number of units Liquidation value x number of units P and S units: 2.00 % I units: None None P and S units: 1.00 % I units: None None Operating and management fees These fees cover all fees charged directly to the UCITS, with the exception of transaction fees. The transaction fees include intermediation fees (brokerage, stock exchange taxes, etc.) and the transfer commission, where applicable, which may be received in particular by the depository and the management company. The following may be charged in addition to operating and management fees: transfer commissions charged to the UCITS; outperformance commissions; these remunerate the management company in the event that the UCITS has met its targets. They are thus charged to the UCITS. part of the revenue earned from transactions involving the temporary sale and purchase of securities. For further details concerning the fees actually charged to the UCITS, please refer to the Key Investor Information Document.

11 1 Fees charged to the UCITS Amount liable Rate P units: Maximum 1.20% including tax Financial management fees Net assets I units: Maximum 0.60% including tax Administrative fees external to the management company (auditor, depository, distribution, lawyers) 2 Maximum indirect fees (commission 3 Net assets S units: Maximum 0.76% including tax None and management fees) Net assets None Service providers receiving transfer commissions: French stock exchange - Depository (7%) - Management company (93%) Foreign stock exchange - Depository (9%) - Management company (91%) EUREX derivative markets - Depository (100%) - Management company (None) Charge on each transaction French stock exchange: Maximum 0.36% including tax Foreign stock exchange: Maximum 0.60% including tax Options: Maximum % including tax Minimum 5.00 including tax Futures: 1.00 per batch including tax 4 Outperformance commission Net assets None Clarifications Tocqueville Finance has not concluded any agreement concerning soft commissions with brokers or with the depository. Please refer to the annual report of the UCITS for all further information. Information of a commercial nature Requests for the purchase or redemption of units may be made at any time to the depository. The liquidation value may be obtained from the management company and the depository. The prospectus, the periodic statements and the annual report may be obtained from the management company and the depository. Information concerning the manner in which the investment policy takes account of criteria relating to respect for social, environmental and quality of governance objectives is available on the website of the management company and in the annual report of the UCITS. Investment rules The UCITS will comply with the rules on eligibility and investment limits provided for under applicable regulations, including in particular Articles L and R et seq. of the French Monetary and Financial Code.

12 Method for calculating global risk Global risk on financial contracts is calculated according to the accrual method. Rules governing the evaluation and accounting treatment of assets Revenue accounting The CIF records revenue according to the coupon accrual method. Portfolio inflow and outflow accounting Inflows into and outflows from the CIF portfolio are accounted for excluding trading charges. Valuation methods The CIF assets are valued according to the following principles upon each valuation: For equities, bonds and equivalent listed securities (French and foreign securities), the value is that of the stock market price The value is that of the stock market price: The stock market price used depends upon the market in which the security is listed: European listing: last stock exchange price for the day. Asian listing: last stock exchange price for the day. Australian listing: last stock exchange price for the day. North American listing: last stock exchange price for the day. South American listing: last stock exchange price for the day. In the event that a security is not listed for around 14 hours, the last stock exchange price from the previous day is used. For unlisted financial instruments (French and foreign assets), the value is the fair value These securities are valued according to the method known as the fair value method. This represents the amount for which an asset may be exchanged between knowledgeable, willing parties in an arm's length transaction. During the period commencing on the date on which an investment was made by the fund until no later than 12 months after this date, the fair value is estimated in accordance with the recent investment cost method. According to the recent investment cost method, the management company sets the cost of the investment itself or the cost of a significant new investment made with an independent third party under normal market conditions, except in the event of manifest depreciation. UCITS securities and/or AIFs held in the portfolio Valuation based on the last known liquidation value. Temporary purchases of securities Repurchase agreements: contractual valuation. Options to repurchase: contractual valuation as the repurchase of the securities by the seller is provided for with sufficient certainty.

13 Loans of securities: valuation of loaned securities at the stock market price of the underlying security. The securities are recovered by the UCITS upon maturity of the loan contract. Temporary sales of securities Reverse repurchase agreements: The securities covered by the reverse repurchase agreement are valued at the market price, whilst the debts corresponding to the securities covered by the reverse repurchase agreement are maintained at the value set in the contract. Unlisted securities: Valuation using the methods based on the asset value and the yield, taking account of the prices agreed to within recent significant transactions. Negotiable debt securities NDS that, upon acquisition, have a term or residual maturity period of less than three months are valued according to the straight line method. NDS acquired with a residual maturity period of more than three months are valued: At their market value until 3 months and one day prior to maturity. The difference between the market value ascertained 3 months and 1 day prior to maturity and the redemption value is linearized over the last 3 months. Exception: BTAN are valued at the market price until maturity. Market value adopted: BTAN: actuarial rate of return or price for the day published by the Bank of France. Other NDS: Securities with a maturity period of between 3 months and 1 year: NDS subject to significant transactions: application of an actuarial method, the rate of return used is that established each day on the market. Other NDS: application of a proportional method, the rate of return used is the EURIBOR rate for an equivalent term, where applicable corrected by a margin that is representative of features intrinsic to the issuer. Securities with a maturity period in excess of 1 year: application of an actuarial method. NDS subject significant transactions, the rate of return used is that established each day on the market. Other NDS: the rate of return used is the BTAN rate for an equivalent maturity period, where applicable corrected by a margin that is representative of features intrinsic to the issuer. Closed and conditional forward transactions Closed forward contracts: closed forward contracts are valued at their market value. The market prices used in order to value closed forward contracts are consistent with those of the underlying securities. They vary depending upon the market in which the contracts are listed: Closed forward contracts listed on Europe markets: last stock exchange price for the day. Closed forward contracts listed on North American markets: last settlement price for the day. Options: Portfolio options are valued: at their market value if listed. at their intrinsic value if no listing can be ascertained.

14 in the event of listing, the market prices established according to the same principle as those governing the contracts or underlying assets. Options listed on European markets: last price for the day. Options listed on North American markets: last price for the day. Swaps Swaps with a maturity period of less than 3 months have zero value. Swaps with a maturity period in excess of 3 months are valued at the market price. If the swap contract relates to clearly identified securities (quality and term), these two elements are valued globally. Exchange forward contracts: These are hedging transactions for portfolio securities denominated in a currency other than that in which the UCITS accounts are kept, involving the taking out of a loan in the same currency and for the same amount. Exchange forward transactions are valued according to the lender/borrower rate curves in the currency. Off-balance sheet valuation method Closed forward contracts are calculated at market value. This is the same as the price (or as the estimate, if the transaction is concluded over-the-counter) multiplied by the number of contracts, multiplied by the nominal amount. Conditional transactions are calculated at the market value, which is the conversion of the option into the equivalent underlying asset. This conversion involves the multiplication of the number of options by a delta. The delta is obtained from a mathematical model (of the Black-Scholes type) using the following parameters: the price of the underlying asset, the term to maturity, the short-term interest rate, the exercise price of the option and the volatility of the underlying asset. Dividend swaps hedging against future performance scenarios are reported at their nominal value plus the difference in valuation at the end of the year; Off-balance sheet, hedging or non-hedging swaps are registered: For swaps with a maturity period of less than 3 months: at the nominal price plus or minus the interest rate differential. For swaps with a maturity period in excess of 3 months: fixed rate against variable rate: valuation of the fixed-rate leg at the market price. Variable rate against fixed rate: valuation of the variable rate leg at the market price. Remuneration policy Tocqueville Finance has put in place a remuneration policy that enables it to promote a healthy and effective management of risks. In line with the interests of unit holders, it does not encourage any risk taking that is incompatible with the risk profile, the regulations and the incorporation documents of the UCI. The remuneration policy has been conceptualised and implemented in such a manner as to establish effective leverage for attracting, retaining and motivating employees, contributing to the long-term performance of the management company, whilst ensuring compliance with applicable regulations in the financial sector and the convergence of the interests of particular staff with those of the UCI managed. The remuneration policy envisages a structured system of remuneration with a fixed component that is sufficiently high and specific variable remuneration for risk takers that seeks to compensate for the creation of long-term value. A risk taker is any person whose professional activities have a significant impact on the risk profile of the UCI managed.

15 The remuneration committee examines, at least annually, the principles of and changes to the remuneration policy presented to it. The details of the up-to-date remuneration policy, including a description of the manner in which remuneration and benefits are calculated along with information concerning the remuneration committee, are available on the website A hard-copy version will be provided free of charge upon request to the management company.