Monthly report as at August 31 2021 AUM : 326.09 M€ NAV, I Unit : 258.95 €

Authorized for sale in : Low Risk High Risk Morningstar Sustainability Tocqueville 1 2 3 4 5 6 7 ISR

CHARACTERISTICS PERFORMANCES

Tocqueville France ISR : 330.94 % The objectoe of the CIF Tocqueoille France ISR is, CAC 40 Total Return/SBF120 NR : 272.82 % through the dynamic allocaton of equites decided upon by the management company, to beneft from growth in the European economy by inoestng in equites listed on European (in partcular French) markets for which there are likely to be changes to shareholder structure, whilst seeking to limit the risks of signifcant portolio oariaton.

Fund managers : Pierre Schang, Pierre Coifet

Cumulatve Perf. Year to date 1 month 1 year 3 years 5 years 10 years Since incepton Annualized Informatons (I Unit) Fund 16.80 % 1.35 % 31.35 % 17.31 % 35.68 % 116.51 % 330.94 % 8.28 % Incepton date 08/08/2008 Inoestment horizon 5 years Index 20.85 % 1.20 % 35.86 % 29.47 % 64.98 % 156.13 % 272.82 % 7.43 % AMF classifcaton Eurozone Equites Spread -4.05 % 0.15 % -4.51 % -12.16 % -29.3 % -39.62 % 58.12 % 0.85 % Catégorie Europerformance French equites - general Currency Euro Calendar 2013 2014 2015 2016 2017 2018 2019 2020 ISIN FR0010546960 Year Perf. Bloomberg TOCODYI:FP Fund 29.58 % 4.76 % 18.62 % 5.18 % 17.72 % -26.75 % 20.04 % 2.55 % VALOR 3896004 Index 20.95 % 1.73 % 10.92 % 7.67 % 11.69 % -8.88 % 29.24 % -5.58 % Custodian BNP Paribas Securites Spread 8.63 % 3.03 % 7.7 % -2.49 % 6.03 % -17.87 % -9.2 % 8.13 % Seroices (BPSS) Regime PEA, Life insurance In order to allow for the presentaton of a ooplete set of hhstorh dataa perforoan e hnforoaton and rhsi statst s for the perhod intl 7/8/2008 have been re al ilated based on the C- lass shares whth fied oanaaeoent fees of 122 p1 a1

Valuaton Source : Europerformance. Total Return, Past performance is no indicaton of future performance. Performance is not constant ooer tme. Liquidity Daily Treatment of income Capitalisaton / Distributon VOLATILITY RISK INDICATORS (5 years)

Valuaton nature Daily, based on closing Fund Index Tracking Error 6.18 % prices NAV publicaton www.tocqueoillefnance.fr 1 year 15.71 % 16.61 % Alpha -0.30

Valuaton agent BPSS 3 years 21.02 % 20.05 % Beta 0.96

Subscriptons/Redemptons 5 years 17.33 % 16.78 % Informaton Rato -0.67 Cut-of 2 pm CET Since incepton 19.37 % 19.19 % Sharpe Rato 0.33 Pricing Published on D+1 Setlement D+2 Correlaton Coeecient 0.94 Ordering Through your broker PROFILE Maximum Loss -35.20 % Fees Wght. aog. market cap (M€) 86.233.92 Maximum Management Fee 0.99 % incl. VAT EV/EBITDA (next 12m) 10.08 Investment rate Applied Management Fee 0.99 % incl. VAT PE (next 12m) 15.08 Performance Fee None % of equites 91.42 Ongoing Fee 1.08 % Yield, in % 3.02 % of cash 8.58 Entry Fee None Exit Fee None MARKET CAPITALIZATION WEIGHTINGS (Of invested portolio)

RANKINGS THEMATIC WEIGHTINGS

N/A

European equites N/A 1

This document is intended only for the inital recipients and may not be used for any purpose other than that for which it was designed. It is therefore neither reproducible nor transferable, in whole or in part, without the prior writen authorisaton of TFSA, which cannot be held liable for any use that may be made of the document by a third party. Monthly report as at August 31 2021 Number of holdings : 42 Tocqueville France ISR

TOP TEN HOLDINGS SECTOR WEIGHTINGS (Of equity investments)

Weight % Sector Country LVMH MOET HENNESSY LOUIS VUI 8.15 Consumer Products and Seroices FR 6.64 Health Care FR SE 4.05 Industrial Goods and Seroices FR TOTALENERGIES SE 3.86 Energy FR NV 3.44 Automobiles and Parts NL SE 3.39 Technology FR SA 3.28 Insurance FR SE 3.25 Industrial Goods and Seroices FR VINCI SA 3.21 Constructon and Materials FR STMICROELECTRONICS NV 2.96 Technology CH

MONTHLY PERFORMANCE CONTRIBUTION GEOGRAPHICAL WEIGHTINGS (Of invested portolio)

Positve Negatve

SCHNEIDER ELECTRIC SE 0.27 LVMH MOET HENNESSY LOUIS VUI -0.61

AXA SA 0.27 SA -0.12

STMICROELECTRONICS NV 0.25 -0.11

MONTHLY COMMENT

In August, French stocks contnued to rise, with the SBF 120 net dioidends reinoested up +1.2%, bringing the index's performance to +20.8% since the beginning of the year. The market was drioen by cyclical sectors such as Finance and Industry thanks to semi-annual publicatons that were generally beter than expected, while the defensioe segments of the index underperformed, such as real estate and food. It is also worth notng that afer a remarkable stock market performance since March 2020, luxury stocks weighed on the performance of the SBF 120, partcularly penalized by the Chinese gooernment's announcements regarding its desire for a fairer distributon of the benefts of economic growth among its citzens. Tocqueoille France ISR posted a monthly performance in line with its benchmark. The strongest positoe contributors in August were Schneider (+7.1%), Axa (+8.7%) and STMicroelectronics (+9.2%), while LVMH (-7.0%), Pernod Ricard (-4.4%) and Kering (-10.9%) weighed on portolio performance. In terms of management strategy, we are now faooring a defensioe positoning in antcipaton of a market correcton that could take place in September. We belieoe that the strength of the economic recooery should start to slow down, while western central banks should communicate in faoor of monetary tghtening in the context of market leoels at their historical highs. We belieoe that these elements argue in faoor of a market consolidaton. In this logic, our main conoictons are currently , Coface, M6 Métropole Téléoision, Cap Gemini and EDP Renooais.

Disclaimer Informaton produced for informaton purposes only (without any (pre)-contractual oalue) for professional inoestors which does not consttute either a solicitaton of any kind for the purchase or sale of the UCI or a personalised recommendaton: they may be modifed if necessary during the management of the UCI and this, in compliance with the applicable regulatons. TFSA cannot be held responsible for any inoestment decision taken or not taken, solely on the basis of the informaton contained in this document. The DICI, prospectus and latest periodic document are aoailable from TFSA on request or on the website htps://www.tocqueoillefnance.fr/fr

Tocqueoille Finance - Portolio management company 34, rue de la Fédératon - 75015 Paris - France Tél.: +33 (0)1 56 77 33 00 - Fax : +33 (0)1 56 77 33 95 - Email: [email protected] - www.tocqueoillefnance.fr

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