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Investor Presentaiton

Return on Equity Japanese Earnings and Earnings Estimates are Inflecting Higher + Earnings have recently bottomed out and growth estimates have been steadily improving since April of last year + The median earnings growth estimate for MSCI Japan constituents for the next 3-5 years is just over 10% MSCI Japan Aggregate Return-on-Equity and Median Constituent Earnings Growth Estimates 12% 16% 11% ROE Est. Growth 14% 12% 10% 10% 9% 8% 8% 6% 7% 4% 6% 2% 5% 0% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Source: Wisdom Tree, MSCI, FactSet, 3/31/2011-3/31/2021. You cannot invest directly in an index. 27 Earnings Growth Estimates

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