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Investor Presentaiton

Foreign Investor Flows + Foreign investors have been net sellers of Japanese equities for over five-years since 2015 + An uptick in synchronized global economic growth may prove a boon for economically-sensitive Japanese equity indexes + In a signal of potential increased foreign interest, Warren Buffett initiated a 5% stake $6 billion total-in five Japanese trading houses* on August 30, 2020 Cumulative Foreign Net Equity Investment (¥ Bn) ¥25,000 ¥20,000 ¥15,000 ¥10,000 ¥5,000 ¥- -¥5,000 -¥10,000 1/4/2013 1/4/2014 1/4/2015 1/4/2016 1/4/2017 1/4/2018 1/4/2019 1/4/2020 1/4/2021 Source: Japan Ministry of Finance. 1/4/2013-4/2/2021. *Itochu Corporation, Marubeni Corporation, Mitsubishi Corporation, Mitsui & Co., Sumitomo Corporation. 13
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