Investor Presentaiton

Japanese Conservative Cash Management Practice has been a Source of Increased Capital Returns + Significantly higher cash as percent of market-cap relative to global peers 20.0% 18.4% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Japan Cash as Percent of Market-Cap 13.5% 13.3% 11.5% Emerging Markets Developed International 6.5% Europe United States Source: Wisdom Tree, 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. 21

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