1TOBAM’s Diversification Ratio measures a portfolio’s or index’s diversification. It is supported by original research and is based on a mathematical definition of diversification. TOBAM’s “Anti-Benchmark” Most Diversified Portfolio® maximizes this Diversification Ratio. Maximizing diversification within a universe of securities provides a result closer to the true market risk premium from that universe. “Maximum Diversification®” and “MaxDiv®” are registered trademarks of TOBAM. 2 The Anti-Benchmark Emerging Markets Equity strategy filters the reference index to the 200 largest market capitalizations.

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

1

1.5

2

2.5

3

3.5

4

4.5

5

5.5

31/10/2007 31/10/2008 31/10/2009 31/10/2010 31/10/2011 31/10/2012

AB UK MSCI UK Ratio