Investor Presentaiton

Current Valuations on the S&P 500 Present Challenged Forward Return Forecasts + Using a simple regression of price-to-earnings to future 10-year returns produces a significant R-squared of 85% + The linear regression equation equates to a ~4% return forecast for the S&P 500 Valuations and Forward 10-Year Returns 10-Year Annualized Returns 20% 15% 10% 5% y = -0.0093x + 0.2433 R² = 0.8538 0% 10.00 15.00 20.00 25.00 30.00 35.00 -5% Price-to-Earnings Source: WisdomTree, S&P, FactSet, 12/31/1994-3/31/2021. Past performance is not indicative of future returns. You cannot invest directly in an index. 10

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