TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight ENEOS HOLDINGS INC 0.31% IDEMITSU KOSAN CO LTD 0.48% INPEX HOLDINGS INC 0.15% IWATANI CORP 0.38% AIR WATER INC 0.07% DAICEL CHEMICAL INDUSTRIES 0.05% DENKI KAGAKU KOGYO K K 0.07% DOWA HOLDINGS CO LTD 0.03% HITACHI METALS LTD 0.09% JFE HOLDINGS INC 0.07% JSR CORP 0.03% KANSAI PAINT CO LTD 0.13% KURARAY CO LTD 0.08% MITSUBISHI CHEMICAL HOLDINGS 0.24% MITSUBISHI MATERIALS CORP 0.04% NIPPON SANSO HOLDINGS CORP 0.31% NIPPON STEEL CORP 0.35% NISSAN CHEMICAL INDUSTRIES 0.14% NOF CORP 0.04% OJI PAPER CO LTD 0.12% SHOWA DENKO K K 0.10% TAIHEIYO CEMENT CORP 0.03% TOKAI CARBON CO LTD 1.06% TOKYO OHKA KOGYO CO LTD 0.05% TORAY INDUSTRIES INC 0.06% ZEON CORP 0.06% ALL NIPPON AIRWAYS CO LTD 0.78% ASAHI GLASS CO LTD 0.05% BAYCURRENT CONSULTING INC 1.29% CENTRAL JAPAN RAILWAY CO 0.38% DAIFUKU CO LTD 0.08% EAST JAPAN RAILWAY CO 0.51% FANUC LTD 0.43% HINO MOTORS LTD 0.05% TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight HITACHI CONSTRUCTION MACHINE 0.07% HOSHIZAKI CORP 0.10% JAPAN AIRLINES CO LTD 1.01% JAPAN AIRPORT TERMINAL CO 0.05% JGC HOLDINGS CORP 0.06% KAWASAKI HEAVY INDUSTRIES 0.08% KEIHAN ELECTRIC RAILWAY CO 0.09% KEIHIN ELEC EXPRESS RAILWAY 0.07% KEIO CORP 0.12% KINTETSU CORP 0.15% KOMATSU LTD 0.14% KURITA WATER INDUSTRIES LTD 0.12% KYOWA EXEO CORP 0.06% KYUSHU RAILWAY COMPANY 0.07% LIXIL CORP 0.08% MABUCHI MOTOR CO LTD 0.04% MITSUBISHI CORP 0.31% MITSUBISHI HEAVY INDUSTRIES 0.21% MITSUI OSK LINES LTD 0.02% MIURA CO LTD 0.12% MONOTARO CO LTD 0.78% NAGOYA RAILROAD CO LTD 0.10% NANKAI ELECTRIC RAILWAY CO 0.05% NIHON M&A CENTER INC 0.18% ODAKYU ELECTRIC RAILWAY CO 0.21% PARK24 CO LTD 0.97% SEIBU HOLDINGS INC 0.07% SEINO HOLDINGS CO LTD 0.04% SG HOLDINGS CO LTD 1.35% SHO-BOND HOLDINGS CO LTD 0.02% SMS CO LTD 0.04% SOTETSU HOLDINGS INC 0.02% TOKYU CORP 0.18% WEST JAPAN RAILWAY CO 0.38% YAMATO HOLDINGS CO LTD 0.21% AISIN SEIKI CO LTD 0.14% ASICS CORP 0.62% TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight CASIO COMPUTER CO LTD 0.09% FAST RETAILING CO LTD 1.25% GOLDWIN INC 0.74% ISETAN MITSUKOSHI HOLDINGS L 0.42% ISUZU MOTORS LTD 0.10% J FRONT RETAILING CO LTD 0.82% K'S HOLDINGS CORP 1.07% KOITO MANUFACTURING CO LTD 0.08% MARUI GROUP CO LTD 0.09% MAZDA MOTOR CORP 0.02% NAMCO BANDAI HOLDINGS INC 0.50% NGK SPARK PLUG CO LTD 0.07% NIFCO INC 0.07% NIKON CORP 0.07% NISSAN MOTOR CO LTD 0.25% NITORI CO LTD 0.83% ORIENTAL LAND CO LTD 0.65% PAN PACIFIC INTERNATIONAL HO 1.24% RAKUTEN INC 0.96% RINNAI CORP 0.08% RYOHIN KEIKAKU CO LTD 0.17% SEGA SAMMY HOLDINGS INC 0.06% SHARP CORP 0.08% SHIMAMURA CO LTD 1.07% SHIMANO INC 0.97% SKYLARK CO LTD 0.96% SONY CORP 1.37% SUBARU CORP 0.26% SUMITOMO RUBBER INDUSTRIES 0.05% SUSHIRO GLOBAL HOLDINGS LTD 1.60% SUZUKI MOTOR CORP 0.78% YAMADA HOLDINGS CO LTD 0.88% YAMAHA MOTOR CO LTD 0.17% ZENSHO CO LTD 0.05% ZOZO INC 1.06% AJINOMOTO CO INC 0.25% ASAHI BREWERIES LTD 0.13% TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight CALBEE INC 0.36% COCA-COLA WEST HOLDINGS CO L 0.04% COSMOS PHARMACEUTICAL CORP 1.30% EZAKI GLICO CO LTD 0.14% HOUSE FOODS CORPORATION 0.04% ITO EN LTD 0.02% KAGOME CO LTD 0.05% KAO CORP 0.68% KEWPIE CORP 0.06% KIRIN HOLDINGS CO LTD 0.35% KOBAYASHI PHARMACEUTICAL CO 0.28% KOBE BUSSAN CO LTD 1.03% LAWSON INC 0.93% LION CORP 1.39% MATSUMOTOKIYOSHI HOLDINGS CO 0.08% MEIJI HOLDINGS CO LTD 0.18% MORINAGA MILK INDUSTRY CO 0.46% NH FOODS LTD 0.06% NICHIREI CORP 1.08% NISSIN FOOD PRODUCTS CO LTD 0.15% PIGEON CORP 0.11% ROHTO PHARMACEUTICAL CO LTD 0.06% SEVEN & I HOLDINGS CO LTD 0.94% SHISEIDO CO LTD 0.66% SUGI HOLDINGS CO LTD 0.06% SUNDRUG CO LTD 0.23% SUNTORY BEVERAGE & FOOD LTD 0.10% TOYO SUISAN KAISHA LTD 0.57% TSURUHA HOLDINGS INC 0.14% UNICHARM CORP 0.36% WELCIA HOLDINGS CO LTD 1.35% YAKULT HONSHA CO LTD 0.88% YAMAZAKI BAKING CO LTD 0.93% ALFRESA HOLDINGS CORP 0.07% AS ONE CORP 0.04% ASAHI INTECC CO LTD 0.71% CHUGAI PHARMACEUTICAL CO LTD 0.71% TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight DAIICHI SANKYO CO LTD 1.11% EISAI CO LTD 1.18% HOYA CORP 0.96% JCR PHARMACEUTICALS CO LTD 0.20% KYOWA KIRIN CO LTD 0.17% M3 INC 0.65% NIHON KOHDEN CORP 1.02% NIPPON SHINYAKU CO LTD 0.67% OLYMPUS CORP 0.57% PEPTIDREAM INC 0.26% SANTEN PHARMACEUTICAL CO LTD 0.11% SHIONOGI & CO LTD 0.36% SUMITOMO DAINIPPON PHARMA CO 0.07% SUZUKEN CO LTD 0.05% SYSMEX CORP 0.46% TAKEDA PHARMACEUTICAL CO LTD 1.07% TSUMURA & CO 0.05% ASHIKAGA HOLDINGS CO LTD 0.05% CREDIT SAISON CO LTD 0.04% JAPAN EXCHANGE GROUP INC 0.29% JAPAN POST BANK CO LTD 0.08% JAPAN POST HOLDINGS CO LTD 0.27% JAPAN POST INSURANCE CO LTD 0.70% MILLEA HOLDINGS INC 0.70% MITSUI SUMITOMO INSURANCE GR 0.31% MITSUI TRUST HOLDINGS INC 0.06% MIZUHO FINANCIAL GROUP INC 0.35% NKSJ HOLDINGS INC 0.28% ORIX CORP 0.45% RESONA HOLDINGS INC 0.21% SHINSEI BANK LTD 0.07% SHIZUOKA BANK LTD/THE 0.07% SUMITOMO MITSUI FINANCIAL GR 0.02% T&D HOLDINGS INC 0.14% ADVANTEST CORP 0.43% ALPS ELECTRIC CO LTD 0.06% ANRITSU CORP 0.33% TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight CANON INC 0.56% DAINIPPON SCREEN MFG CO LTD 0.55% FUJIFILM HOLDINGS CORP 0.77% FUJITSU LTD 0.68% GMO PAYMENT GATEWAY INC 0.79% IT HOLDINGS CORP 0.04% ITOCHU TECHNO-SOLUTIONS CORP 0.07% KONICA MINOLTA HOLDINGS INC 0.06% LASERTEC CORP 0.31% MURATA MANUFACTURING CO LTD 0.72% NEC CORP 0.34% NET ONE SYSTEMS CO LTD 1.28% NIHON UNISYS LTD 0.05% NOMURA RESEARCH INSTITUTE 0.26% OBIC CO LTD 0.28% ORACLE CORP JAPAN 0.07% OTSUKA CORP 0.13% RENESAS ELECTRONICS CORP 0.18% RICOH CO LTD 0.21% SEIKO EPSON CORP 0.11% SUMCO CORP 0.16% TAIYO YUDEN CO LTD 0.02% TOKYO ELECTRON LTD 1.47% TREND MICRO INC 0.14% YAMATAKE CORP 0.02% CAPCOM CO LTD 1.62% CYBERAGENT INC 2.00% KAKAKU.COM INC 0.07% KDDI CORP 1.35% KONAMI CORP 0.07% NEXON CO LTD 1.58% NINTENDO CO LTD 1.50% NIPPON TELEGRAPH & TELEPHONE 1.35% NIPPON TELEVISION NETWORK 0.04% SOFTBANK CORP 1.03% SOFTBANK GROUP CORP 1.46% SQUARE ENIX CO LTD 1.47% TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight TECMO KOEI HOLDINGS CO LTD 0.06% TOHO CO LTD 0.10% Z HOLDINGS CORP 1.07% CHUBU ELECTRIC POWER CO INC 0.20% KANSAI ELECTRIC POWER CO INC 0.17% KYUSHU ELECTRIC POWER CO INC 0.09% OSAKA GAS CO LTD 0.18% TOHO GAS CO LTD 1.41% TOHOKU ELECTRIC POWER CO INC 0.10% TOKYO ELECTRIC POWER CO INC 0.05% TOKYO GAS CO LTD 0.19% DAITO TRUST CONSTRUCT CO LTD 0.89% DAIWA HOUSE INDUSTRY CO LTD 0.01% DAIWA HOUSE RESIDENTIAL INV 1.04% GLP J-REIT 0.95% JAPAN METROPOLITAN FUND INVE 0.12% JAPAN PRIME REALTY INVESTMENT 0.64% JAPAN REAL ESTATE INVESTMENT 0.60% MITSUI FUDOSAN CO LTD 0.16% NIPPON BUILDING FUND INC 0.97% NIPPON PROLOGIS REIT INC 1.43% NOMURA REAL ESTATE MASTER FU 0.24% ORIX JREIT INC 0.11% RELO HOLDINGS INC 0.05% UNITED URBAN INVESTMENT CORP 0.13% TOBAM Maximum Diversification Japan JPY 30/04/2021 Instrument Weight This document is confidential and is intended only for the recipient. It is for Professional Investors Only. This report will not replace or supersede a Custodian's official records. This document is not an offer for sale of funds to US persons (as such term is used in Regulation S promulgated under the 1933 Act). This material is provided for information purposes only and does not constitute a recommendation, solicitation, offer, advice or invitation to enter in any transaction and should in no case be interpreted as such. The information provided relates to strategies managed by TOBAM, a French investment adviser registered with the U.S. Securities and Exchange Commission (SEC) under the U.S. Investment Advisers Act of 1940 and the Autorité des Marchés Financiers (AMF) and having its head office located at 49-53 avenue des Champs Elysées, 75008 Paris, France. TOBAM's Form ADV is available free of charge upon request. In Canada, TOBAM is acting under the assumed name “Tobam SAS Inc.” in Alberta and “TOBAM Société par Actions Simplifiée” in Québec. 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