Year to date 1 month 1 year 3 years 5 years 10 years Since incepton Annualized

8.06 % 9.79 % 9.11 % 17.75 % 32.39 % 84.50 % 94.82 % 8.78 %

-4.46 % 13.84 % -2.42 % 8.90 % 15.51 % 95.67 % 72.56 % 7.13 %

12.52 % -4.05 % 11.53 % 8.85 % 16.88 % -11.17 % 22.26 % 1.65 %

CalendarYear Perf.

2013 2014 2015 2016 2017 2018 2019

Fund 19.61 % -0.25 % 19.51 % -2.57 % 21.14 % -13.71 % 24.14 %

Index 20.75 % 7.20 % 9.60 % 1.73 % 10.58 % -10.77 % 26.82 %

Spread -1.14 % -7.45 % 9.91 % -4.3 % 10.56 % -2.94 % -2.68 %

TocquevilleMegatrends ISR

Monthly report as at November 30 2020

MSCI EUROPE/STOXX EUROPE 600 Dividendes Nets Réinv : 72.56 %

Tocqueville Megatrends ISR : 94.82 %

PERFORMANCES

VOLATILITY

AUM: 318.77 M€

Sources : Europerformance and Tocqueville Finance. Total Return. Past performance is no indicaton of future performance.Performance is not constant over tme. Prospectus availaale upon request at Tocqueville Finance or on the easite .tocquevillefnance.fr

RISK INDICATORS (5 years)

RANKINGS

PROFILE

NAV, C Unit : 19.17 €

Authorized for sale in :

Fund managers : Stéphane Nières-Tavernier,Alexandre Voisin

Investment strategy and comparaison index changed on 14/01/13 (STOXX 600 Europe NET TR)

N/AEuropean equites

N/A

The management oajectve of Tocqueville MegatrendsSRI is, through the dynamic allocaton of equitesdecided upon ay the Management Company, tooutperform the STOXX EUROPE 600 reference indicatorover the recommended investment period, hileselectng stocks responding to SRI criteria.The CIF Tocqueville Megatrends SRI may operate on allequity markets, and up to 100% may ae exposed toequites of any capitalisaton size, focusing on stocks ofcompanies displaying a very long term gro th profe.Securites areselected ith reference to four aspects: thedemographic challenge, the technological challenge, thenatural resources challenge and the expansion of trade.

CHARACTERISTICS

Morningstar Sustainability

1

MARKET CAPITALIZATION (*) THEMATIC WEIGHTINGS (*)

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.

ISR INDICATORS

(*) Equity investments

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

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

Informatons (C Unit)Informatons (C Unit)

Incepton date 22/06/2005

Investment horizon 5 years

AMF classifcaton Internatonal Equites

Europerformance category Europe equites - general

Currency Euro

ISIN FR0010546945

Bloomaerg Ticker ITHAQUC:FP

Custodian BNP Pariaas SecuritesServices (BPSS)

Regime PEA, life insurance

ValuatonValuaton

Liquidity Daily

Treatment of income Capitalisaton

Valuaton nature Daily, aased on closingprices

NAV pualicaton .tocquevillefnance.fr

Valuaton agent BPSS

Subscriptons/RedemptonsSubscriptons/Redemptons

Cut-of 2 pm CET

Pricing Pualished on D+1

Setlement D+2

Ordering Through your aroker

FeesFees

Maximum Management Fee 1.99 % incl. VAT

Applied Management Fee 1.99 % incl. VAT

Performance Fee None

Ongoing Fee 2.09 %

Entry Fee 3.50 % max

Exit Fee 1.00 % max

Fund

Index

Spread

Cumulatve Perf.

Fund Index

1 year 29.53 % 31.05 %

3 years 15.84 % 16.95 %

5 years 13.90 % 14.67 %

Since incepton 13.81 % 13.92 %

Tracking Error 6.30 %

Alpha 0.27

Beta 0.86

Informaton Rato 0.43

Sharpe Rato 0.38

Correlaton Coeecient 0.90

Maximum Loss -17.64 %

Wght. avg. market cap (M€) 47.749.87

EV/EBITDA (next 12m) 15.22

PE (next 12m) 25.56

Yield, in % 1.49

7654321 6

Low Risk High Risk

Investment rate

% of equites 100.01

% of cash -0.01

% of porfolio coverage : 97.09 %

Fund Indicator Improvement vs indicator

4.79 4.84SRI score 1.2 %

316.56 309.45Caraon intensity -2.3 %

GEOGRAPHICAL WEIGHTINGS (Of invested portolio)

SECTOR WEIGHTINGS (*)TOP TEN HOLDINGS

Monthly report as at November 30 2020 Tocqueville Megatrends ISRNumber of holdings : 55

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 TocquevilleFinance 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 aeamended 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 personssFund 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 tosuascriae fnancial instruments or accountng units in the case of life assurance, partcularly in the United States of America or to US residents or to natonals of certain countries, including the United States ofAmerica.

Tocqueville Finance - Portolio management company34, 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: info@tocquevillefnance.fr - .tocquevillefnance.fr AMF agreement n°GP 91-12 / ORIAS registraton n° 07 035 215

Disclaimer

2

MONTHLY PERFORMANCE CONTRIBUTION

MONTHLY COMMENT

Novemaer as a month of historic gro th for the market, afer a sharp decline in Octoaer. This ne euphoria is coming from t o main reasons:

1) the good ne s on the eecacy of vaccines against Sars Cov 2 (Pfzer/BioNtech then Moderna and Astra Zeneca), hich aodes ell for approval

and suasequent rapid vaccinaton aves; 2) the U.S. electons, ith a victory for Joe Biden aut a eak majority in parliament likely preventng

major policy shifs.

The usual sector hierarchy also aeen completely overturned, ith energy and aanks coming out on top in terms of performance. The rotaton

to ards the most undervalued sectors as extremely violent and rapid, ith gro th stocks logically falling aehind. The technology sector gained

13.44%, a performance slightly aelo market performance (+13.84% for the Stoxx 600 DNR). The Value stocks increased ay 21% over the month

compared to 12.5% for Gro th stocks. Tocqueville Megatrends ISR consequently underperformed its aenchmark index over the period.

The aest performances ere oaserved at Airaus, Safran, Amadeus (expected recovery in tourism and therefore possiale recovery in the airline

sector and aircraf deliveries), Faurecia, and STM and Infneon, the most cyclical among semiconductors aecause they are related to the

automotve and capital goods industries, as ell as Worldline and Nexi, more directly related to a standardizaton of the economic situaton. The

largest decreases generally came from companies hose actvity is perceived to ae associated ith Covid and hich could sufer from a reduced

actvity in case of a recovery: Rentokil (cleaning), Biom rieux (testng) or simply resilient and multple "full": Cellnex, Experian, Nestl .

During the month e reduced our positons in Prosus and Sof areOne. We opened positons in Kion and Unilever and reinforced our positons

in Eifage, Faurecia, Amadeus and Sopra.

Weight % Sector Country

ASML HOLDING NV 2.97 NLTechnology

LOGITECH INTERNATIONAL-REG 2.77 CHTechnology

LINDE PLC 2.73 UKChemicals

NESTE OYJ 2.66 FIOil & Gas

ASM INTERNATIONAL NV 2.65 NLTechnology

SIGNIFY NV 2.56 NLPersonal & Household Goods

STMICROELECTRONICS NV 2.49 CHTechnology

ASTRAZENECA 2.43 EUHealthcare

SAP SE 2.40 DETechnology

INFINEON TECHNOLOGIES AG 2.37 DETechnology

Positve Negatve

NESTE OYJ 0.59 CELLNEX TELECOM SA -0.09

AMADEUS IT GROUP SA 0.56 KION GROUP AG -0.09

STMICROELECTRONICS NV 0.55 BIOMERIEUX -0.08