Tocqueville Finance SA’s policy on voting rights

In accordance with article 322-75 of the general regulations of the Autorité des Marchés Financiers, this document lists the conditions under which we will exercise the voting rights attached to securities held by UCITS which we manage.

 1. Exercise of voting rights

We will vote at general meetings of French and European companies held in our portfolios, subject to the following criteria.

A. Minimum holding

At least 5% of the company's capital

or

At least 5% of total outstandings in UCITS managed by us (a minimum of €120 million as at 30 June 2005).

B. Material conditions concerning exercise of vote

Particularly in the case of European companies, our attendance at general meetings will depend on material constraints such as the complexity of the share-freezing procedure, the accessibility of voting documents, the need to translate them into the language of each country concerned, our ability to attend meetings and the cost of voting.