TOCQUEVILLE PME PROSPECTUS. General characteristics. Form of the UCITS. (CIF) Member State in which the UCITS. Date of creation 26 November 2013

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1 TOCQUEVILLE PME PROSPECTUS UCITS governed by Directive 2014/91/EU General characteristics Form of the UCITS Name TOCQUEVILLE PME 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 26 November 2013 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 P units: All subscribers One unit One ten thousandth of a unit FR (D) Distribution EUR D unit: All subscribers One unit One ten thousandth of a unit FR (R) Capitalisation EUR R unit: All subscribers One unit One ten thousandth of a unit FR (I) Capitalisation EUR I unit: All subscribers, more specifically reserved for institutional investors I units: 50,000 One ten thousandth of a unit FR (O) Capitalisation EUR O unit: La Banque Postale O units: 5 million 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

2 (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. 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. (34, rue de la Fédération, Paris). These documents are also available on the website Contact details for any supplementary explanations as required: Actors Management company Tocqueville Finance S.A. (34, rue de la Fédération Paris), portfolio management company licensed by the AMF [Financial Market Authority] under no. GP 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

3 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. GP 97-62, 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 Marketers Tocqueville Finance, La Banque Postale, BPE, Easybourse 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. The units are denominated as full units. Subscriptions and redemptions may be received for ten thousandths of a unit. Closing date: last stock exchange trading day in December; the closing date for the first year is set at the last stock exchange trading day in December 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. The fund is a PEA [Plan d'épargne en Actions / Share Savings Plan] and PEA-PME [Petites et Moyennes Enterprises / Small and Medium-sized Enterprises (SMEs)] eligible fund. In this regard, at least 75% of the fund will be exposed to equities from European Union countries, whilst at the same time at least 75% will be invested in securities of SMEs and ETIs [Entreprises de Taille Intermédiaire / Middle Market Companies (MMCs)] with their registered office in France or in another member state of the European Union or in another state party to the Agreement on the European Economic Area that has concluded an administrative assistance agreement with France for the purpose of combatting tax fraud and tax evasion, that are subject to corporation tax or an equivalent tax in the ordinary legal manner, employing less than 5,000 employees and with annual turnover not exceeding 1.5 billion euros or a balance sheet total not exceeding 2 billion euros. Special provisions The CIF Tocqueville PME is a CIF with six categories of units: P and R units (capitalisation), open to subscription by natural persons; D unit (distribution), open to subscription by natural persons; I unit (capitalisation), more specifically directed at institutional investors; O unit (capitalisation), directed exclusively at La Banque Postale; S unit (capitalisation), reserved for marketing by financial intermediaries other than the management company (cf. above). It therefore has six ISIN codes:

4 ISIN code for P units: FR ISIN code for D units: FR ISIN code for R units: FR ISIN code for I units: FR ISIN code for O units: FR ISIN code for S units: FR Classification Equities from Eurozone countries Management objective The objective of the CIF Tocqueville PME is, through the dynamic allocation of equities determined by the management company, to benefit from growth in Small and Medium-sized Enterprises (SME) and Middle Market Companies (MMC), principally in France, other Eurozone countries and other European countries, whilst seeking to limit the risks of significant portfolio variation. Reference indicator The CIF Tocqueville PME is managed on the basis of pure asset selection, without reference to any specific index or sector of activity. It therefore does not have any reference indicator. However, in order to enable holders to make ex post performance comparisons, it is possible to compare the performance of the fund with that of the CAC Small index, calculated with net dividends reinvested. Investment strategies The CIF Tocqueville PME may operate on all European markets, including those of the European Union and greater Europe (such as Switzerland and Norway). The fund will endeavour to identify SMEs and MMCs, mainly in France and other Eurozone countries, with attractive valuation characteristics, without any restriction in terms of sector of activity. The management of this fund is based on complete independence from the reference indicators. Between 75 and 100% of the fund assets will be invested on an ongoing basis in capital securities from issuers with their registered office in France or in another member state of the European Union or in another state party to the Agreement on the European Economic Area that has concluded an administrative assistance agreement with France for the purpose of combatting tax fraud and tax evasion, that are subject to corporation tax in the ordinary legal manner or an equivalent tax, employing, on the one hand, fewer than 5,000 employees and having, on the other hand, annual turnover not exceeding 1.5 billion euros or a balance sheet total not exceeding 2 billion euros. Unlisted shares of these issuers may be included at a level of between 0 and 5% of the fund. At the same time, Tocqueville PME will be exposed on an ongoing basis to European Union country equities at a level of at least 75% of its assets and may invest up to a maximum of 25% of its assets in large cap listed equities. The fund may also invest up to a maximum limit of 25% of its assets in bonds, Treasury bills and other negotiable debt securities with a view to controlling its volatility. As part of these investments, listed and unlisted bonds of issuers with the characteristics mentioned above may be present, subject to the limits respectively of 0 to 15% and 0 to 5% of the portfolio. The fund may also invest in equities or units of French and/or European UCITS falling under Directive 2009/65/EC, irrespective of their classification, including in particular bonds, on an incidental basis and with a view to diversification. The fund may also conclude transactions involving loans of securities with a view to improving performance. The fund manager may use either listed or over-the-counter derivative products for the underlying equities in order to pursue the management objective, provided that this does not result in overexposure in excess of the value of the fund assets, or in order to hedge against the risk of an anticipated fall in stock market prices. Assets comprising the assets of the CIF

5 Assets excluding embedded derivatives The fund is invested in: Equities: The fund will be permanently exposed to equities from European Union countries at a level of at least 75% of its total assets. The proportion of capital securities from issuers with their registered office in France or in another member state of the European Union or in another state party to the Agreement on the European Economic Area that has concluded an administrative assistance agreement with France for the purpose of combatting tax fraud and tax evasion, that are subject to corporation tax in the ordinary legal manner or an equivalent tax, employing, on the one hand, fewer than 5,000 employees and having, on the other hand, annual turnover not exceeding 1.5 billion euros or a balance sheet total not exceeding 2 billion euros, will account for at least 75% of the fund on an ongoing basis. Unlisted shares of these issuers may be included at a level of between 0 and 5% of the fund. Tocqueville PME may moreover invest up to 25% of its assets in large cap listed equities. The equities invested in will be chosen without reference to any specific index, basket of indices or sector of activity. Debt securities and money market instruments: Bonds, Treasury bills and other NDS may be invested in, up to a maximum limit of 25% of total fund assets. As part of these investments, listed and unlisted bonds may be present, subject to the limits respectively of 0 to 15% and 0 to 5% of the portfolio. UCITS The fund may hold up to 10% of units or shares in French and/or European UCITS falling under Directive 2009/65/EC, irrespective of their classification, including in particular bonds. Derivative products The CIF may trade in listed or over-the-counter derivative products: in order to pursue the management objective, provided that this does not result in over-exposure in excess of the value of the fund assets. at a level of between 0% and 25% with a view to hedging against a significant fall in market prices that has been observed and/or anticipated by the managers. The derivative products used, which will have exclusively equities as the underlying asset, will be exclusively listed or over-the-counter options as well as listed futures or forward contracts. The CIF will refrain from any involvement with credit derivatives. 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 With a view to optimising the revenue of the CIF, the manager may loan securities up to a level of 10% of net assets, without seeking to achieve any leverage effect. The realisation of these transactions will have the goal of enabling the CIF to benefit from a higher return and thus of contributing to its performance.

6 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. 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.

7 Risk profile The risk and performance indicator for this fund is 6 on account of its exposure principally to equity and fixed income markets, which can be subject to significant fluctuations. Your capital 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 PME 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 at least 75% of the fund's total assets are exposed on an ongoing basis to equities and that it 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. equity and market risk: the liquidation value of the CIF may experience volatility due to the investment of a very large proportion of the portfolio in equity markets. Effectively, at least 75% of the fund will be exposed to the equity markets, either directly or indirectly through equities and/or UCITS units, and at least 75% to small and medium cap equities. The volume of equities from listed small and medium caps is limited; market movements both upwards and downwards are more marked and swifter than for large caps. The liquidation value of the fund will therefore follow this pattern. liquidity risk: this risk applies essentially to securities with a low transaction volume and for which it is therefore more difficult to find a buyer/seller at a reasonable price at any given time. It arises in particular in the event of significant subscriptions/redemptions compared to the size of the portfolio. Taking account of the investment strategies that may be used and of the fact that the fund may also invest on an incidental basis in unlisted financial instruments, this means that it is exposed to this type of risk. risk associated with discretionary management: the style of discretionary management is based on forecasts of future trends on various markets (equities, bonds). There is a risk that the UCITS may not be invested at all times in the best performing equities. counterparty risk: this risk is present in relation to the management of the fund due to the possibility to conclude securities lending transactions up to a maximum limit of 10% of assets. The counterparty risk is the risk of the loss that the fund may incur in the event of a default by one of its counterparties or the inability of that counterparty to honour its contractual obligations. exchange risk: the fund is mainly exposed to Eurozone country markets. The proportion of the assets denominated in currencies other than the euro will not exceed 10% of the total fund and will thus remain incidental in nature. Subject to this limit, your fund may thus be exposed to the exchange risk. Subscribers concerned and profile of the typical investor The fund is directed at any subscriber (natural or legal person) who wishes to invest in an UCITS, more than 75% of which is invested in equity markets, and who thus accepts 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 and over the next 5 years 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. The fund may serve as a unit of account for life insurance or capitalisation contracts. 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).

8 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 "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. Recommended investment term More than 5 years Procedures for determining and allocating distributable amounts P, R, I, O 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 D unit: Net result: The CIF has opted for pure distribution. The net result is distributed in full each year. Frequency of distribution: Annual distribution within five months following the closure of the annual accounts. Possibility to make advance payments on dividends up to the limit of the net revenue recorded as at the date of the decision. Net capital gains realised: The CIF reserves the right to capitalise and/or distribute in part or in full and/or to carry forward any net capital gains realised. The management company decides each year concerning the allocation of net capital gains realised during the year. Frequency of distribution: N/A or annual. In the event of annual distribution, this occurs within five months of the end of the year. Possibility to make advance payments up to the limit of the amount of the net capital gains realised as at the date of the decision. Characteristics of the units denominated The units are expressed in ten thousandth shares and are in euros. Initial liquidation value of a unit P units: 10 D unit: 10 R units: 10 I units: 10 O units: 10 S unit: 10 Subscription and redemption procedures Subscriptions and redemptions may be received for ten thousandths of a unit. Subscription and redemption orders may be received at any time and are pooled centrally at the depository on all working days by 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 L of the French Labour Code, even if the Paris Stock Exchange is open (EURONEXT PARIS) or in the event that the Stock Exchange is closed (EURONEXT PARIS calendar), 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 PME is valued on a daily basis (working days of the Paris Stock Exchange). This valuation is calculated on the basis of the closing prices for the day. The liquidation value may be obtained from the management company 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.

9 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 marketers, etc. Fees borne by the investor levied upon subscription and redemption 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 Amount liable liquidation value number of units liquidation value number of units liquidation value number of units liquidation value number of units Rate scale P, D, R and S units: 3.50 % I and O units: None None R and I units: 1.00 % P, D, O and S 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. purchase 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 of securities. For further details concerning the fees actually charged to the UCITS, please refer to the Key Investor Information Document.

10 Fees charged to the UCITS Amount liable Rate P and D units: 2.392% including tax Financial management fees and external administrative fees Net assets R units: 2.20% including tax I units: 1.00% including tax (1) O units: 0.06% including tax S units: 1.35% including tax Service providers receiving transfer commissions: French stock exchange - Depository (100%) - Management company (None) Foreign stock exchange - Depository (100%) - Management company (None) Maximum charge on each transaction French stock exchange: Maximum 0.022% including tax Minimum 5.00 including tax Foreign stock exchange: Maximum 0.14% including tax Minimum including tax Outperformance commission Net assets P, D and S units: None R, I and O units: Maximum 20% including tax of performance, observed over two consecutive years, in excess of the CAC Small index + 1% (2) (1) This rate constitutes a distribution commission of a maximum of 0.20% accruing to the distributor. (2) The outperformance commission will not exceed a maximum of 20% including tax of the difference between the performance of the CIF and that of the CAC Small index, with net dividends reinvested, increased by 1%, provided that the absolute performance of the CIF observed over two consecutive years is positive and strictly higher than that of the reference index increased by 1%, taking account of the provision for the outperformance commission. Provision for the outperformance commission will be set aside at the time each liquidation value is established. In the event of an under-performance, a daily figure will be deducted in the amount of the allocations established. The outperformance commission will only definitively accrue to the management company at the end of the consecutive two-year period. The commission shall only be acquired at the end of the second year if the absolute performance of the CIF observed over the consecutive two-year period is positive and strictly higher than the CAC Small index, with net dividends reinvested, increased by 1%. Clarifications Information concerning the income generated by securities lending transactions: All revenue generated by securities lending operations, after accounting for operating costs, will be returned to the UCITS.

11 Information concerning the risks of potential conflicts of interest associated with securities lending transactions: Tocqueville Finance may engage in securities lending transactions in order to improve the returns and financial products held in its portfolio. The portfolio counterparties of Tocqueville Finance in relation to such transactions will not be members of its group. They may, as appropriate, belong to the depository's group. Information concerning commissions in kind: The management company has not concluded any agreement concerning soft commissions with brokers or with the fund depository. 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. The prospectus, the periodic statements and the annual report may be obtained from the management company. 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. The UCITS will also be governed by Directive 2009/65/EC. 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 collection 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:

12 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 held in the portfolio Valuation based on the last known liquidation value. SPV units Valuation at the last stock market price of the day for SPVs listed on European markets. 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. 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.

13 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 (or a similar index) 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 OAT 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 Swaps 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. 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 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 The investment ratio on forward financial instruments is calculated according to the straight line 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

14 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. 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.