Tocqueville Asset Management LP

Item 5.            Fees and Compensation

Asset-Based Compensation

Compensation for Tocqueville investment management services is based on a negotiable fee scale up to an annual rate
of 2.0% of the client’s assets under management, subject in certain instances to a minimum fee.

The basic fee schedule of Tocqueville for separately managed accounts, whether discretionary or non-discretionary,
is the following:

                                                             Investment Management
                                                                Fee (As an Annual
                 Assets in the Account                            % of Assets)
                  Up to $ 5,000,000                                   1.25%
           $ 5,000,0001    to   $ 15,000,000                          1.00%
           $ 15,000,001    to   $ 25,000,000                          0.75%
                   Over $25,000,000                                 Negotiable

Clients transferring management of an account to Tocqueville because of their previous investment adviser having
joined or merged with Tocqueville may continue to be charged fees in accordance with their prior billing arrangements
for a period of up to two years, after which they will be charged according to the Tocqueville billing schedule in force
at that time. Tocqueville may offer lower or different fee schedules to clients based on a variety of factors including,
but not limited to, the nature of the investments, length of relationship with the Adviser or a pooling of family assets.

    •     For accounts with assets valued at less than $3 million, it is the basic investment philosophy and general
          recommendation of Tocqueville that a substantial percentage of the assets in such accounts be invested in
          shares of the Fund and/or Poplar Funds managed by TAM Tocqueville receives from these funds an advisory
          fee, which is set forth in the respective fund’s prospectus. The investment management agreement of
          Tocqueville with respect to client assets being invested in these fund provides that an advisory fee (at the
          rates set forth above) will not be charged on that portion of the account invested in the funds. Please refer to
          Item 10 for more information about this practice.

    •     The fees charged to institutional and/or ERISA clients are generally established pursuant to a negotiated
          management contract with, and specifically to, such clients.

    •     The limited partnerships and other private funds for which the Adviser serves as investment manager
          typically pay an annual management fee to Tocqueville based on a specified percentage of the fund’s assets
          under management. In addition, investors in such a fund may be subject to an incentive allocation or a
          performance fee based upon a specified percentage of the investor’s profits in any fiscal year. Tocqueville
          or a related person of Tocqueville may receive all or a portion of such allocation or fee. These fees are
          typically non-negotiable and payable in arrears. These compensation arrangements are disclosed in the
          partnership agreements and private placement memoranda for each fund or partnership.

    •     The principals and staff of the Adviser may carry on personal investment activities for their own account and
          for family members. The investment advice to such persons may differ from advice given to, or securities

         recommended or purchased for the Fund, the Poplar Funds, private funds or limited partnerships even though
         their investment objectives or strategy may be the same or similar.

    •    Tocqueville offers certain institutional clients the opportunity to invest their accounts in accordance with
         certain pre-constructed, equity-focused model portfolios developed and maintained to achieve defined
         investment objectives. Depending upon their specific investment objectives and strategies, these client
         accounts are invested based on model portfolios that are maintained by the Adviser. The Adviser generally
         charges a fee for advisory services in connection with these model portfolio accounts based on a percentage
         of the client’s net assets under management. Depending on the size of the account, the type of account and
         other factors, Tocqueville and the client will negotiate and agree upon the management fee and payment
         terms for such accounts pursuant to written contract.

    •    Occasionally various related client accounts may be grouped together to qualify for a reduced advisory fee
         (“family billing”). Some advisory accounts are managed at reduced fees or no fees. These fee arrangements
         may be amended from time to time with the written consent of the client.

Advisory fees can be payable either monthly or quarterly in arrears or in advance and are computed based on the total
market value of assets under management in the client account as of the end or start of the applicable period. If a new
client account is established during a month or a client makes an addition to its account during a month, the investment
management fee will be prorated for the number of days remaining in the month. If a client’s investment management
agreement is terminated or a liquidation withdrawal is made from a client account during a month, the fee payable to
the Adviser will be calculated based on the value of the assets on the termination date or withdrawal date and prorated
for the number of days during the month in which the investment management arrangement was in effect or such
amount was in the account.

Performance-Based Compensation

As noted above, with certain client arrangements, Tocqueville may also receive performance-based compensation,
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Item 7.      Types of Clients

Tocqueville clients include individuals, high net worth individuals, registered investment companies (mutual funds),
private (hedge) funds, pooled investment funds, qualified opportunity funds, state and municipal public pension plans,
IRAs, Taft-Hartley pension plans, ERISA governed plans, profit sharing plans, trusts, estates, charitable organizations,
insurance companies, corporations, and other business entities. The Adviser, however, is not precluded from advising
other types of clients that are not listed above.

Tocqueville prefers, but does not require, that a client invest a minimum of $5 million in separately managed accounts.
However, based on the nature of the investments, the length of the client relationship with Tocqueville, a pooling of
family assets and related accounts, and other factors, Tocqueville generally imposes a minimum dollar requirement
for accounts under management of $250,000, subject to appropriate exceptions at the discretion of Tocqueville. There
are limited exceptions to this policy when accounts through withdrawals or market depreciation may have fallen below
the minimum. If the account falls below the minimum requirement due to market fluctuations only, a client will not
be required to invest additional funds with Tocqueville to meet the minimum account size.

Minimum investment requirements for the Fund and the Poplar Funds are set forth in the respective prospectus and
SAI. The minimum investment requirements of each pooled investment vehicle or private fund are set forth in the
fund’s respective offering memorandum.

As discussed above in Item 5, with respect to managed accounts with assets of less than $3 million, while each portfolio
manager has investment discretion for their individual clients, Tocqueville generally recommends that, depending on
a client’s investment objectives, a substantial portion of such accounts be invested in shares of the Fund and/or the
Poplar Funds. Tocqueville believes that doing so affords smaller accounts the diversification, investment selection,
transactional efficiencies, and overall management advantages, as compared with direct investments in the underlying
equity stocks or bonds for an individual portfolio of this size. Advisory fees will not be charged on that portion of
the client account invested in the Fund and/or the Poplar Funds.