Investor Presentaiton

Global Payout Ratios. +Japan's payout ratio (Dividends and Buybacks combined) of 48% is low relative to global standards, but has increased in recent years. + Japan's conservative payout ratio contributed to more modest dividend cuts than European peers in 2020 Trailing 5yr Median Payout Ratio: Dividends + Buybacks as a % of Earnings Payout Ratio 90.0% 85.5% 80.0% 70.0% Buybacks ■Dividends 73.2% 60.0% 48.1% 64.0% 6.6% 5.9% 43.7% 50.0% 40.0% 27.4% 15.1% 30.0% 61.2% 53.6% 20.0% 41.6% 35.4% 33.3% 10.0% 0.0% -10.0% -8.3% Emerging Japan Markets Developed International Europe United States Source: WisdomTree, FactSet, 3/31/2021. Japan, Europe, and Emerging Markets measured by respective MSCI Indexes. Developed International measured by MSCI EAFE Index. United States measured by S&P 500. You cannot invest directly in an index. 19

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