Monthly report as at August 31 2021 AUM : 423.22 M€ NAV, P Unit : 235.26 €

Tocqueville Value Authorized for sale in : Low Risk High Risk 1 2 3 4 5 6 7 Europe

CHARACTERISTICS PERFORMANCES The oajectve of the Tocqueville Value Europe mutual fund is, ithin the frame ork of a dynamic allocaton of shares decided Tocqueville Value Europe : 157.23 % MSCI EUROPE Total Return : 98.67 % ay the management company, to take advantage of the development of the European economy hile seeking to limit the risks of large fuctuatons in the portolio. This mutual fund can do ausiness in all European equity markets ay focusing research specifcally on company shares hose securites are neglected and/or undervalued ay the market in a situaton of economic reversal (due to a reorganizaton, an improvement of the ausiness climate), or that are defensive in nature due to the qualify of the aalance sheet and/or dividend paid regularly and sustainaaly and/or due to the reality of their assets.

Fund managers : Michel Saugné, Yann Giordmaina Cumulatve Perf. Year to date 1 month 1 year 3 years 5 years 10 years Since incepton Annualized

Informatons (P Unit) Fund 14.72 % 2.29 % 29.06 % 2.45 % 10.41 % 101.54 % 157.23 % 4.51 % Incepton date 12/27/1985 Index 19.81 % 1.97 % 30.88 % 30.17 % 52.71 % 149.69 % 98.67 % 3.25 % Investment horizon 5 years Spread -5.09 % 0.32 % -1.82 % -27.72 % -42.3 % -48.15 % 58.56 % 1.26 % AMF classifcaton European Union equites Europerformance category Europe equites - general Calendar 2013 2014 2015 2016 2017 2018 2019 2020 Currency Euro Year Perf. ISIN FR0010547067 Fund 23.52 % 6.21 % 21.40 % -0.33 % 8.85 % -14.50 % 17.21 % -12.30 % Bloomaerg Ticker TOCHLDP:FP Index 19.82 % 6.84 % 8.22 % 2.58 % 10.24 % -10.57 % 26.05 % -3.31 % Custodian BNP Pariaas Securites Spread 3.7 % -0.63 % 13.18 % -2.91 % -1.39 % -3.93 % -8.84 % -8.99 % Services (BPSS) Regime PEA, life insurance Sources : Europerformance and Tocqueville Finance. Total Return. Past performance is no indicaton of future performance. Valuaton Performance is not constant over tme. Prospectus availaale upon request at Tocqueville Finance or on the easite .tocquevillefnance.fr Liquidity Daily VOLATILITY RISK INDICATORS (5 years) Treatment of income Capitalisaton Valuaton nature Daily, aased on closing Fund Index Tracking Error 6.78 % prices 1 year 18.13 % 12.47 % Alpha -0.70 NAV pualicaton .tocquevillefnance.fr Valuaton agent BPSS 3 years 23.03 % 16.75 % Beta 1.24

Subscriptons/Redemptons 5 years 18.33 % 13.96 % Informaton Rato -0.96 Cut-of 2 pm CET Since incepton 14.84 % 15.26 % Sharpe Rato 0.09 Pricing Pualished on D+1 Setlement D+2 Correlaton Coeecient 0.95 PROFILE Ordering Through your aroker Maximum Loss -32.63 % Fees Wght. avg. market cap (M€) 60.452.45 Maximum Management Fee 2.39 % incl. VAT EV/EBITDA (next 12m) 8.08 Investment rate Applied Management Fee 1.99 % incl. VAT PE (next 12m) 11.66 Performance Fee None % of equites 96.45 Yield, in % 4.08 Ongoing Fee 2.54 % % of cash 3.55 Entry Fee 3.50 % max Exit Fee 1.00 % max ISR INDICATORS % of porfolio coverage : 100.00 %

Fund Indicator Improvement vs indicator SRI score 4.14 4.81 13.99 % Caraon intensity 258.7 275.68 6.16 %

A score of 1 corresponds to the highest extra-fnancial quality and 10 to the lo est. Since this ratng SRI score method is aased on a large numaer of indicators, the portolio may not al ays ae rated aeter than the aenchmark indicator.

Carbon intensity Numaer of tonnes of greenhouse gases generated per 1 million of turnover.

RANKINGS MARKET CAPITALIZATION (*)

N/A N/A 1

This document is intended only for the inital recipients and may not ae used for any purpose other than that for hich it as designed. It is therefore neither reproduciale nor transferaale, in hole or in part, ithout the prior riten authorisaton of TFSA, hich cannot ae held liaale for any use that may ae made of the document ay a third party. Monthly report as at August 31 2021 Number of holdings : 56 Tocqueville Value Europe

TOP TEN HOLDINGS SECTOR WEIGHTINGS (*)

Weight % Sector Country BNP PARIBAS 4.51 Banks FR SAP SE 4.15 Technology DE TOTALENERGIES SE 3.61 Energy FR ASTRAZENECA 3.48 Healthcare EU UNICREDIT SPA 3.02 Banks IT GLAXOSMITHKLINE PLC 2.73 Health Care UK SANOFI 2.66 Health Care FR EQUINOR ASA 2.62 Energy NO NOVARTIS AG-REG 2.41 Health Care CH CREDIT AGRICOLE SA 2.40 Banks FR

MONTHLY PERFORMANCE CONTRIBUTION GEOGRAPHICAL WEIGHTINGS (Of invested portolio)

Positve Negatve

EDP RENOVAVEIS SA 0.28 ALLIANZ SE-REG -0.13

EQUINOR ASA 0.25 DWS GROUP GMBH & CO KGAA -0.11

SAP SE 0.22 DAIMLER AG-REGISTERED SHARES -0.10

MAIN TRADES (€) PURCHASES SALES

- DWS GROUP GMBH & CO KGAA

- EQUINOR ASA

- PEUGEOT INVEST

MONTHLY COMMENT

In August, the European stock markets contnued their up ard movement. The MSCI Europe NR rose ay +1.97%, ith the style indices not really standing out. The MSCI Europe Value rose ay 1.79%, hile the MSCI Europe Gro th rose ay 2.14%. Nevertheless, e note the sharp rise in the technology sector, hile luxury goods stocks experienced a signifcant decline over the period. At the end of the period, the prospect of the Jackson Hole meetng lef traders on hold. As idely expected, the US central aank should reduce its asset purchases ay the end of the year. On the other hand, an increase in short-term interest rates is not considered and is not on the agenda. Tocqueville Value Europe outperformed aoth its general aenchmark and its style index. Energy, materials and healthcare ere the largest contriautors to portolio outperformance, hile consumer discretonary and consumer staples ere the negatve contriautors. During the month, e sold the line of asset manager DWS, hich is the suaject of an SEC investgaton into the amount of assets outstanding that comply ith an ESG-compliant investment process.

Disclaimer This document is strictly confdental and for the use of intended recipients only. It may not ae reproduced, communicated or pualished in its entrety or in part, ithout the prior riten authorizaton of Tocqueville Finance S.A. This commercial document should not ae interpreted as a contractual or pre-contractual commitment on the part of Tocqueville Finance S.A. It is produced purely for illustratve purposes and may ae amended at any tme ithout previous notce. The KIID and prospectus of the cited funds are availaale free of charge at its head oece located 34, rue de la F d raton, Paris 75015 or on its easite .tocquevillefnance.fr. Informaton for US personss Fund units may ae ofered only in jurisdictons in hich they are authorised for marketng and promoton. Informaton in this document in no ay consttutes an ofer to sell, or a direct or indirect solicitaton to suascriae fnancial instruments or accountng units in the caseTocquevilleof life assurance, Financepartcularly - Portolioin the UnitedmanagementStates of America companyor to US residents or to natonals of certain countries, including the United States of America. 34, rue de la F d raton - 75015 Paris - France T l.: +33 (0)1 56 77 33 00 - Fax : +33 (0)1 56 77 33 95 - Email: [email protected] - .tocquevillefnance.fr

AMF agreement n°GP 91-12 / ORIAS registraton n° 07 035 215 2