Investor Presentaiton

Current Valuations vs. History (12/31/2000-3/31/2021) + Japanese equities are significantly discounted relative to the U.S. and have a much lower valuation relative to its own history than most other major markets Current Valuations and Pct. Rank vs. History Price-to-Earnings 100% 25 92% 90% 88% 90% 20 80% 61% 70% 60% 15 50% 21.9x 10 40% 17.0x 16.8x 30% 14.5x 20% 5 10% 0 0% MSCI Japan S&P 500 ■Price-to-Earnings MSCI Europe MSCI Emerging Markets ● Pct vs. History Source: WisdomTree, MSCI, S&P, FactSet. Price-to-Earnings as of 3/31/2021. Rank vs. history using monthly observations between 12/31/2000 and 3/31/2021. You cannot invest directly in an index. 12 Rank vs. History

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