GIFAO INVESTISSEMENT S.A. Quality Charter

Based in Alsace for the past 20 years, GIFAO INVESTISSEMENT SA is licensed by the Commission des Opérations de Bourse (French securities and exchange commission) No. GP - 90-22 dated June 12, 1990. The company is a member of the French Fund Manager Association (Association Française de Gestion Financière - AFG- ASFFI). This is an association which groups together all the leading management companies in France. Membership of this association corresponds with the company's aim to keep in as close touch as possible with regulation developments, in order to provide services which comply perfectly with the demands of the financial field. The company also possesses a code of ethics.

GIFAO INVESTISSEMENT S.A. has always sought to develop its activities through a constant search for quality:

1) The stock exchange in real time:

• Direct quotations in real time thanks to the reception of GL Trade transmissions in our offices.
  

2) A close relationship:

• A particularly demanding individual and institutional, French and foreign client-base.
• Regular dialogue with each client.
  

3) Independence:

• Complete independence in the choice of management strategies.
•  A truly personalized management service and strategy adapted to the circumstances of each client.
  

4) Information, performance, visibility:

•  Monthly portfolio statements and a six-monthly update report.
• Monthly management information on the evolution of our Mutual Funds.
  

5) Security and transparency:

• Our client accounts are opened with one of the biggest largest French depositories.
• Remuneration of management contracts based on levels of performance achieved.