This document provides an overview of the Tocqueville Value Europe fund. Some key points: - The fund takes an independent, contrarian approach focused on bottom-up fundamental analysis of European companies across all market caps and sectors. - It aims to construct a diversified portfolio of 50-80 stocks, with no single position over 5% of assets. - Performance data shows the fund has achieved lower volatility than its benchmark over various time periods since inception. It has also received positive ratings from analysts. - The investment process emphasizes understanding a company's business quality, evaluating risks, and estimating intrinsic value through financial analysis and management meetings to identify undervalued stocks.

1. TOCQUEVILLE VALUE EUROPE
Multicap pan-european equities
September 2011

2. Table of Contents
Tocqueville Value Europe (TVE) – main features P 3
Past Performance P 4
Investment Discipline P10
Investment Process P12
Risk Management & Liquidity Management P23
Portfolio Structure P31
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3. Tocqueville Value Europe: main characteristics
Independent approach and contrarian attitude
Limited Restrictions in terms of geography, sector or market capitalisation
At least 75% invested in equities of EU-based companies
Bottom-up approach for Fundamental Company Analysis
Index-agnostic portfolio management
Long-Term investment horizon
Diversified Portfolio : 50-80 equity positions
No position represents more than 5% of the total portfolio
₁
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4. Performance information as of 30/06/11
C share
C
20,61% 20,46% 20,54% -8,34% -38,17% 32,51% 14,37% 0,88%
C
Management fee
Part C 2,39%
Restated Institutional (I) share pre 09/10/2008 Part I 1,20%
Past performance is no indication as to future performance. Performance is not constant over time – Source: Europerformance 4

5. Performance information – Tocqueville Value Europe
Lower volatility over the long term
Tocqueville Value
Volatility MSCI Europe TR
Europe
1 month 12.41 17.26
1 year 9.24 12.38
3 years 17.30 19.05
5 years 16.07 17.46
Since inception 14.51 16.61
Source : Europerformance - 30/06/11 5

6. Performance information
Sensitivity to market fluctuations
6
Past performance is no indication as to future performance. Performance is not constant over time – Source: Tocqueville Finance Europe – 31/05/2011

7. Performance information
Risk / Reward analysis since inception
Volatility from 31/03/2000 to 30/06/2011 (general or C) [EUR] - Performance from 31/03/2000 to 30/06/2011 (general or C) [EUR]
Past performance is not an indication for the future performance. Performance is not constant over time – Source: Europerformance as at 30/06/11 7

8. Performance information
Ratings
Don Fitzgerald Lipper
Preservation
Sébastien Lemonnier
Consistent return
Citywire - European Equity category
Total return
Europerformance
The widely recognised fund-manager rating
agency assigned to both co-managers of Ranked 5th/117 since inception in its category
(from 31/3/00 to 30/06/2011)
Tocqueville Value Europe the coveted A-rating
for risk adjusted returns generated since January
2008.
Past performance is not an indication for the future performance. Performance is not constant over time – Source Europerformance 8

9. Investment discipline
Profile of stocks in which we invest
Companies that we understand & can value
Solid fundamentals
Undervalued relative to intrinsic value
Measured exposure to external factors (macro, politics…)
Limited financial leverage
Case by case approach i.e. not thematic investing
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10. Investment discipline
Structural elements
Macro basics
• Understand business cycle of company
• View Economy as risk not investment catalyst
Not Index Tracking
• Yet sensible rules of diversification
Pragmatic investment strategy
Typically limited exposure to certain sectors (e.g. financials, utilities, basic resources)
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11. Investment process
Fund managers are also financial analysts
Buy
Idea Managers Portfolio Holding
Filter Analysis
generation decision construction monitoring
Sell
Idea
Independant In-house Purchase
generator
approach fundamental discipline
Is the Business is lead on
& analysis
ok? each holding
Contrarian
attitude Considerations
Company & construction
Ongoing
valuation
Analysis, Valu
Qualitative
Attractive ation work &
& quantitative Sell
valuation? Risk-
elements Evaluate Risks discipline
monitoring
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12. Investment process
Idea generation
Independent approach & contrarian attitude
Qualitative elements Quantitative elements
• > 300 stocks we know from past • Our watchlist
experience
• > 500 meetings with company •Tocqueville screening
management p.a.
- Low EV / EBIT; High ROCE
• Other team members - Low valuation multiples
• Personnel network - Low historical stock price
• International press
• Spin-offs, de-mergers etc
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13. Investment process
Analysis
• Is it a reasonable business? Tocqueville
database
- Company history & culture Management
Meetings
- Structural Interest & position in Value Chain
- Entry Barriers & Moats
Financial
- Management credibility & motivation Statements Meetings –
competitors,
suppliers, clients
Always make link between business & numbers Solicit view of
Colleagues
Review &
Discuss with
sector specialists
• The Numbers
- 10 year financial review
Site Visits
- Normalized earnings power
- Credibility of financial statements
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14. Investment process
Business Valuation
Multiples typically considered
• By Profits & Cash Flow
- Entreprise Valuation approach EV/EBIT
* incl. off balance sheet, market value of minorities etc Normalized earnings
power
- Profit conversion to cash flow Peak earnigs
* tax effects, level of maintenance capex, non cash costs etc
- Normalized ROCE, EBIT %
EV/NOPAT
- Growth prospects
FCF Yield
- Reasonable multiple in relation to quality & prospects
EV/Sales
EV/CE
• By Balance Sheet
Sum of the
Parts
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15. Investment process
Analysis
Risks monitoring
Considerations:
Business Risks : Threats to the business model? Over-earning ?
Macro-economic Risks
Financial Risks: Operational & financial leverage ? Off Balance Sheet? Funding?
Market Risk: Where we diverge from consensus perception?
Key Goal - Avoid permanent capital impairment
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16. Investment process
Portfolio construction
Key considerations
• Strength of conviction
• Stock liquidity
• Short term risk
• Not technicals, momentum etc
• Cautious & gradual investment
New holding: 0.5% / 1% of the fund
Increase weight: 1% / 3% of the fund
• Performance of the business & valuation monitoring
Idea generator is responsible for monitoring of investment
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17. Investment process
Purchase discipline
Shared investment ideas between co-managers
• Present & Discuss Investment case
• Constructive confrontation of opinions
Stock responding to our qualitative and quantitative criterias
• Strong fundamentals
• Ca. 30% under valuation to the company intrinsic value
Both managers sanction purchase decision
• Strong common conviction
• Absence of strong counter-argument
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18. Investment process
Sell discipline
Alerts that lead to fundamental review
• Stock performance - 20%
• Stock performance +35%
• Company strategy not in line with our expectations
Idea generator responsible for
• Financial publication review
• Monitoring of stock valuation
Sell decision: Successes Disappointments
Valuation in line with intrinsic Error in thesis
value
Change in market perception Deterioration of fundamentals
Take over offer
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19. Portfolio risk management
At fund manager level
Portfolio diversification: 50-80 holdings
No holding > 5% of the fund
No sector exposure > 25% of the fund
No country exposure > 35% of the fund
No currency hedging, derivatives etc
No non OECD exposure > 10%
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20. Portfolio risk management
At company level
Team Head - daily investment monitoring
Weekly Investment Committee meeting
Two control & compliance officers
Monthly portfolio liquidity reporting
Quarterly performance committee
Performance attribution analysis
Performance benchmarked to peers
Annual Audit by Main shareholder (La Banque Postale)
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21. Portfolio liquidity management
Typical cash cushion around 10%
Cautious approach vis-à-vis fund inflows / outflows
• Assure daily liquidity to clients
• Inflows / Outflows not to impact fund performance
Pragmatic
• Gradual portfolio construction
• Contrarian approach
Avoid forced sales & limit portfolio turnover
Legal constraint to be at least 75% invested in EU headquarted companies
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22. Portfolio composition as at 30/06/2011
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23. Main transactions
2009/10/11 Entries Exits
December 09 Greencore Arcelormittal, Rheinmetall
January 10 Southern Cross Healthcare Teliasonera, Kardex, Saab
February 10 -- --
March 10 -- BHP Billiton
April 10 Delachaux, Haulotte Group Domino Printing
May 10 -- --
June 10 Cembre Bodycote
July 10 -- Michelin
August 10 -- --
September 10 Baron de Ley Cir, Lufthansa
October 10 -- E.ON
November 10 Valora --
December 10 Teleperformance RHJ International
January 11 Atoss Software --
February 11 Derby Cycles, Eckert Ziegler Persimmon, Kuoni,
March 11 Lectra --
Avril 11 -- Parmalat
May 11 Hornbach Gaz de France
June 11 -- Greencore, Haulotte
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24. Portfolio liquidity
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25. Historical geographical diversification
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
France UK Allemagne Italie Reste Europe
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26. Historical market capitalization diversification
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009
< 1 Md€ entre 1 et 5 Md€ entre 5 et 10 Md€ > 10 Md€
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27. Historical equity exposure within the fund
94%
92%
90%
88%
86%
84%
82%
80%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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28. Conclusion
Tocqueville Value Europe…
100% bottom-up and « value » approach
Pragmatic and independent fund management
No restriction in terms of geography, sector or market capitalisation
10 years track record
Significant outperformance since inception
Below average volatility
Common sense & transparent management:
No use of leverage or complex instruments
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29. Fund Managers of Tocqueville Value Europe
Sébastien Lemonnier (32)
Fund manager at Tocqueville Finance since January 2006
Since 2003 dedicated financial analyst at Tocqueville Finance for Tocqueville Value
Europe
Master « Financial Management » from Université Paris I – Panthéon Sorbonne (2003)
Don Fitzgerald, CFA (36)
Joined Tocqueville Finance in February 2007, fund manager since January 2008
7 years expertise in identifying, analyzing and managing portfolios of undervalued securities
in both the European equity & credit markets.
Prior to that 7 years experience in corporate & investment banking
Degree in Business Studies and German from Trinity College, Dublin, CFA charter-holder.
Cross-cultural experience having worked in Dublin, London, Frankfurt & Paris.
Fluent French & German
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30. Disclaimer
• This document is strictly confidential and for the use of intended recipients only. It may not be reproduced,
communicated or published in its entirety or in part, without the prior written authorisation of Tocqueville Finance
S.A.
• This commercial document should not be interpreted as a contractual or pre-contractual commitment on the
part of Tocqueville Finance S.A. It is produced purely for illustrative purposes and may be amended at any time
without previous notice.
• The information/analyses contained in this document, particularly figures, have come partly from external
sources considered to be trustworthy. However, Tocqueville Finance SA cannot guarantee that the
information/analyses are complete, accurate and up-to-date.
• Tocqueville Finance S.A. draws investors’ attention to the fact that past performances are presented on the
basis of figures relating to previous years and are not an indication of future performance.
• Moreover, Tocqueville Finance S.A. in no way guarantees the current or future performances of funds cited in
this document
• Investors are reminded that any financial investment includes risks (market risks, capital risk, foreign exchange
risk) that may result in financial losses. Therefore, Tocqueville Finance S.A. recommends that prior to any
investment, the recipient of this document carefully reads the prospectuses of the cited funds which are available
free of charge at its head office located 8 rue Lamennais, Paris 75008 or on its website
www.tocquevillefinance.eu and ensures that they have the experience and knowledge needed to make an
investment decision, particularly with regard to the legal and tax implications.
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