disclosure/disclaimer

François Sicart, in Paris
June 25, 2007

This article reflects the views of the author as of the date or dates cited and may change at any time. The information should not be construed as investment advice, nor is there any guarantee that any projection, forecast or opinion will be realized

The returns discussed in this article are based upon the annual returns for each of the last thirty-two years for fully-discretionary accounts managed by Tocqueville Asset Management and François Sicart, founder and Chairman, for its largest client. {Also referred to as the “Multi-Strategy Core Private Client Account”.} The client account predates the formation of Tocqueville on January 1, 1990, and was managed by Mr. Sicart initially as an executive of Tucker Anthony, R.L. Day, Inc. beginning in 1974 through the formation of Tocqueville. Other accounts were managed by Mr. Sicart during the same period, and may have had different investment objectives and achieved different results. A new account with similar investment objectives and style may not achieve similar results.

Performance data quoted represents past performance and does not guarantee future results. The Total Return of the client account is calculated in conformance with the AIMR-PPS methodology. With the exception of the first three years, it is audited, but is not covered by the report of independent accountants. The US equities account segment of the client account is neither audited nor covered by the report of independent accountants. The returns were calculated using a time-weighted monthly rate of return formula and are presented net of advisory fees, commissions and other expenses and, assumes reinvestment of capital gains and dividends. The accounts are valued monthly and transactions are recorded on a trade date basis. Dividend income is recorded on a cash basis. Cumulative rates of return for multi-year periods are calculated by linking the annual rates with such periods. The annualized rate of return is equivalent to the annual rate of return which, if earned in each year of the indicated multi-year period, would produce the actual cumulative rate of return over the time period

The client account includes investment in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity and industry group representation. The S&P 500 Index returns include reinvestment of dividends. The volatility and other risk characteristics of the S&P 500 Index may be greater or less than those of the client account. You cannot invest directly in an index