Investor Presentaiton

Payout Ratios Over time (Dividends + Net Buybacks) + Japan's conservative cash management practices combined with effective containment of the virus led to modest changes in its payout ratio in 2020 + In contrast, European banks contributed heavily to widespread dividend suspensions and US banks suspended share buybacks Payout Ratio: Trailing 12-Month Dividends + Net Buyback Relative to Trailing 3-Year Earnings MSCI Japan MSCI USA 115% 105% -MSCI Europe 95% 85% 75% 68.36% 50.31% 49.31% 65% 55% 45% 35% 25% 12/1/2012 12/1/2013 12/1/2014 12/1/2015 12/1/2016 12/1/2017 12/1/2018 12/1/2019 12/1/2020 Source: Wisdom Tree, FactSet, 12/31/2012-3/31/2021. You cannot invest directly in an index. 20 20

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