TOBAM Maximum Diversification Japan JPY 30/10/2020 Instrument Weight ENEOS HOLDINGS INC 0.28% IDEMITSU KOSAN CO LTD 0.51% INPEX HOLDINGS INC 0.16% DAICEL CHEMICAL INDUSTRIES 0.03% DENKI KAGAKU KOGYO K K 0.07% DOWA HOLDINGS CO LTD 0.04% HITACHI METALS LTD 0.07% JFE HOLDINGS INC 0.10% JSR CORP 0.11% KANSAI PAINT CO LTD 0.15% KURARAY CO LTD 0.04% MITSUBISHI CHEMICAL HOLDINGS 0.13% MITSUBISHI MATERIALS CORP 0.06% NIPPON PAINT CO LTD 1.09% NIPPON SANSO HOLDINGS CORP 0.59% NIPPON STEEL CORP 0.09% NISSAN CHEMICAL INDUSTRIES 0.18% OJI PAPER CO LTD 0.10% SHOWA DENKO K K 0.03% SUMITOMO METAL MINING CO LTD 0.13% TAIHEIYO CEMENT CORP 0.07% TOKAI CARBON CO LTD 0.83% TORAY INDUSTRIES INC 0.10% TOYO SEIKAN KAISHA LTD 0.04% ALL NIPPON AIRWAYS CO LTD 0.25% COMSYS HOLDINGS CORP 0.07% EAST JAPAN RAILWAY CO 0.02% FANUC LTD 0.49% HINO MOTORS LTD 0.05% HOSHIZAKI CORP 0.77% JAPAN AIRLINES CO LTD 0.16% JGC HOLDINGS CORP 0.09% KEIHAN ELECTRIC RAILWAY CO 0.10% KEIHIN ELEC EXPRESS RAILWAY 0.04% TOBAM Maximum Diversification Japan JPY 30/10/2020 Instrument Weight KEIO CORP 0.17% KINDEN CORP 0.05% KINTETSU CORP 0.20% KOMATSU LTD 0.06% KURITA WATER INDUSTRIES LTD 0.09% KYOWA EXEO CORP 0.06% KYUSHU RAILWAY COMPANY 0.08% LIXIL CORP 0.47% MABUCHI MOTOR CO LTD 0.05% MAKITA CORP 0.02% MITSUBISHI CORP 0.38% MITSUBISHI HEAVY INDUSTRIES 0.15% MIURA CO LTD 0.12% MONOTARO CO LTD 0.55% NAGOYA RAILROAD CO LTD 0.14% NIHON M&A CENTER INC 0.23% ODAKYU ELECTRIC RAILWAY CO 0.21% PARK24 CO LTD 0.48% SEIBU HOLDINGS INC 0.06% SEINO HOLDINGS CO LTD 0.05% SG HOLDINGS CO LTD 1.34% SHIMIZU CORP 0.04% SOHGO SECURITY SERVICES CO 0.08% TAISEI CORP 0.13% TOKYU CORP 0.09% WEST JAPAN RAILWAY CO 0.20% YAMATO HOLDINGS CO LTD 0.23% ABC-MART INC 0.59% AISIN SEIKI CO LTD 0.13% ASICS CORP 0.81% BENESSE HOLDINGS INC 0.05% CASIO COMPUTER CO LTD 0.09% FAST RETAILING CO LTD 1.59% GOLDWIN INC 1.10% ISETAN MITSUKOSHI HOLDINGS L 0.04% ISUZU MOTORS LTD 0.10% J FRONT RETAILING CO LTD 0.12% TOBAM Maximum Diversification Japan JPY 30/10/2020 Instrument Weight K'S HOLDINGS CORP 1.21% KOITO MANUFACTURING CO LTD 0.06% MARUI GROUP CO LTD 0.10% NAMCO BANDAI HOLDINGS INC 1.28% NIKON CORP 0.05% NISSAN MOTOR CO LTD 0.21% NITORI CO LTD 1.48% ORIENTAL LAND CO LTD 0.74% PAN PACIFIC INTERNATIONAL HO 1.36% RAKUTEN INC 0.96% RINNAI CORP 0.09% RYOHIN KEIKAKU CO LTD 0.14% SEGA SAMMY HOLDINGS INC 0.06% SHIMAMURA CO LTD 1.38% SHIMANO INC 0.63% SKYLARK CO LTD 0.93% SONY CORP 1.40% SUBARU CORP 0.30% SUSHIRO GLOBAL HOLDINGS LTD 1.57% SUZUKI MOTOR CORP 1.47% YAMADA HOLDINGS CO LTD 1.25% ZENSHO CO LTD 0.05% ZOZO INC 0.57% AIN PHARMACIEZ INC 1.02% AJINOMOTO CO INC 0.33% ASAHI BREWERIES LTD 0.19% CALBEE INC 0.42% COCA-COLA WEST HOLDINGS CO L 0.03% COSMOS PHARMACEUTICAL CORP 1.48% EZAKI GLICO CO LTD 0.54% HOUSE FOODS CORPORATION 0.06% ITO EN LTD 0.02% KAGOME CO LTD 0.07% KAO CORP 0.84% KEWPIE CORP 0.06% KIRIN HOLDINGS CO LTD 0.40% KOBAYASHI PHARMACEUTICAL CO 0.25% TOBAM Maximum Diversification Japan JPY 30/10/2020 Instrument Weight KOBE BUSSAN CO LTD 0.97% LAWSON INC 1.07% LION CORP 1.46% MATSUMOTOKIYOSHI HOLDINGS CO 0.08% MEIJI HOLDINGS CO LTD 0.25% MORINAGA MILK INDUSTRY CO 0.38% NH FOODS LTD 0.11% NICHIREI CORP 1.16% NISSIN FOOD PRODUCTS CO LTD 0.22% PIGEON CORP 0.16% ROHTO PHARMACEUTICAL CO LTD 0.08% SEVEN & I HOLDINGS CO LTD 0.70% SHISEIDO CO LTD 0.66% SUGI HOLDINGS CO LTD 0.06% SUNDRUG CO LTD 0.26% SUNTORY BEVERAGE & FOOD LTD 0.12% TOYO SUISAN KAISHA LTD 0.55% TSURUHA HOLDINGS INC 0.23% UNICHARM CORP 0.52% WELCIA HOLDINGS CO LTD 1.41% YAKULT HONSHA CO LTD 0.53% YAMAZAKI BAKING CO LTD 1.17% ALFRESA HOLDINGS CORP 0.09% ASAHI INTECC CO LTD 1.14% ASTELLAS PHARMA INC 0.14% CHUGAI PHARMACEUTICAL CO LTD 0.86% DAIICHI SANKYO CO LTD 1.34% EISAI CO LTD 0.94% HOYA CORP 0.84% JCR PHARMACEUTICALS CO LTD 0.04% KYOWA KIRIN CO LTD 0.17% M3 INC 0.64% NIHON KOHDEN CORP 1.13% NIPPON SHINYAKU CO LTD 0.77% OLYMPUS CORP 0.63% PEPTIDREAM INC 0.36% SANTEN PHARMACEUTICAL CO LTD 0.01% TOBAM Maximum Diversification Japan JPY 30/10/2020 Instrument Weight SAWAI PHARMACEUTICAL CO LTD 0.07% SHIONOGI & CO LTD 0.29% SUMITOMO DAINIPPON PHARMA CO 0.41% SUZUKEN CO LTD 0.06% SYSMEX CORP 0.74% TAKEDA PHARMACEUTICAL CO LTD 1.16% TSUMURA & CO 0.06% AOZORA BANK LTD 0.02% ASHIKAGA HOLDINGS CO LTD 0.06% CHIBA BANK LTD/THE 0.03% CREDIT SAISON CO LTD 0.08% HACHIJUNI BANK LTD/THE 0.02% HITACHI CAPITAL CORP 0.04% JAPAN EXCHANGE GROUP INC 0.35% JAPAN POST BANK CO LTD 0.12% JAPAN POST HOLDINGS CO LTD 0.26% JAPAN POST INSURANCE CO LTD 0.85% MILLEA HOLDINGS INC 0.36% MITSUI SUMITOMO INSURANCE GR 0.35% MIZUHO FINANCIAL GROUP INC 0.44% NKSJ HOLDINGS INC 0.33% ORIX CORP 0.39% RESONA HOLDINGS INC 0.20% SBI HOLDINGS INC 0.11% SHINSEI BANK LTD 0.07% SHIZUOKA BANK LTD/THE 0.09% SUMITOMO MITSUI FINANCIAL GR 0.01% T&D HOLDINGS INC 0.11% ADVANTEST CORP 0.62% ALPS ELECTRIC CO LTD 0.08% ANRITSU CORP 0.29% DAINIPPON SCREEN MFG CO LTD 0.88% DISCO CORP 0.10% FUJIFILM HOLDINGS CORP 0.65% FUJITSU LTD 0.60% GMO PAYMENT GATEWAY INC 0.90% IBIDEN CO LTD 0.09% TOBAM Maximum Diversification Japan JPY 30/10/2020 Instrument Weight IT HOLDINGS CORP 0.12% JUSTSYSTEMS CORP 0.75% LASERTEC CORP 0.31% MURATA MANUFACTURING CO LTD 0.95% NEC CORP 0.54% NET ONE SYSTEMS CO LTD 1.14% NIHON UNISYS LTD 0.06% NOMURA RESEARCH INSTITUTE 0.29% OBIC CO LTD 0.42% ORACLE CORP JAPAN 0.09% OTSUKA CORP 0.32% RENESAS ELECTRONICS CORP 0.17% SUMCO CORP 0.10% SUMISHO COMPUTER SYSTEMS 0.06% TAIYO YUDEN CO LTD 0.12% TDK CORP 0.06% TOKYO ELECTRON LTD 1.04% TREND MICRO INC 0.20% ULVAC INC 0.05% CAPCOM CO LTD 1.63% CYBERAGENT INC 1.61% DENTSU GROUP INC 0.09% KAKAKU.COM INC 0.09% KDDI CORP 1.25% KONAMI CORP 0.10% NEXON CO LTD 1.75% NINTENDO CO LTD 1.45% NIPPON TELEGRAPH & TELEPHONE 1.35% NIPPON TELEVISION NETWORK 0.04% NTT DOCOMO INC 1.39% SOFTBANK CORP 0.61% SOFTBANK GROUP CORP 1.63% SQUARE ENIX CO LTD 1.29% TOHO CO LTD 0.13% TOKYO BROADCASTING SYSTEM 0.04% Z HOLDINGS CORP 1.63% CHUBU ELECTRIC POWER CO INC 0.22% TOBAM Maximum Diversification Japan JPY 30/10/2020 Instrument Weight KANSAI ELECTRIC POWER CO INC 0.41% KYUSHU ELECTRIC POWER CO INC 0.10% OSAKA GAS CO LTD 0.21% TOHO GAS CO LTD 1.35% TOHOKU ELECTRIC POWER CO INC 0.11% TOKYO ELECTRIC POWER CO INC 0.10% TOKYO GAS CO LTD 0.26% DAITO TRUST CONSTRUCT CO LTD 0.83% DAIWA HOUSE INDUSTRY CO LTD 0.10% MITSUBISHI ESTATE CO LTD 0.26% MITSUI FUDOSAN CO LTD 0.03% RELO HOLDINGS INC 0.08% SUMITOMO REALTY & DEVELOPMNT 0.16% TOBAM Maximum Diversification Japan JPY 30/10/2020 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. Investment involves risk, past performance is not indicative of future results, investors could lose of their investment. All investors should seek the advice of their financial advisor prior to any investment decision in order to determine its suitability. Past performance and simulations based on backtests are not reliable indicators of future performance, forecast or prediction. Backtested data may reflect the application of the strategy methodology to historical data, and thus the strategies were constructed with the benefit of hindsight and has inherent limitations. TOBAM has continued and will continue its research efforts amending the investment process from time to time accordingly. TOBAM reserves the right of revision or change without notice, of the universe, data, models, strategy and opinions.