Global Dividend Indexes FOR REGISTERED REPRESENTATIVE OR INSTITUTIONAL USE ONLY. NOT FOR PUBLIC USE OR VIEWING.

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1 Global Dividend Indexes

2 The History of Indexes The Dow Jones Industrial Average Established in 1896 and featured 12 stocks. Price-Weighted: Takes sum of stock prices divided by number of stocks (not an investment-based idea). Represents buying 1 share of every stock. Index calculated by price weighting for ease of calculation in The S&P 500 Index Established in 1957 and featured 500 stocks. Market cap-weighted: stock price times share outstanding. Represents the average return to all investors in the included stocks. Supported by academic research on the efficient market hypothesis. Tends to overweight overvalued stocks and underweight undervalued stocks. 2

3 History of Equity ETFs: Many Eggs in Similar Cap-Weighted Baskets ETF Ticker Name Underlying Index Tracked by ETF Category Assets in Billions VTI Vanguard Total Stock Market ETF MSCI US Broad Market Index Broad Market $21.48 IWV ishares Russell 3000 Index Fund Russell 3000 Index Broad Market $3.44 SPY SPDR S&P 500 Index Fund S&P 500 Index Large Cap $ IVV ishares S&P 500 Index Fund S&P 500 Index Large Cap $29.99 IJH ishares S&P MidCap 400 Index Fund S&P MidCap 400 Index Mid Cap $10.99 IWR ishares Russel Midcap Index Fund Russell MidCap Index Mid Cap $6.78 IWM ishares Russell 2000 Index Fund Russell 2000 Index Small Cap $14.87 IJR ishares S&P SmallCap 600 Index Fund S&P SmallCap 600 Index Small Cap $7.80 EFA ishares MSCI EAFE Index Fund MSCI EAFE Index Broad Intl $38.01 VEA Vanguard MSCI EAFE ETF MSCI EAFE Index Broad Intl $8.38 EEM ishares MSCI Emerging Markets Index Fund MSCI Emerging Markets Index Emerging $39.67 VWO Vanguard Emerging Markets Fund MSCI Emerging Markets Index Emerging $54.24 ACWI ishares MSCI ACWI Index Fund MSCI ACWI Index Global $2.72 VT Vanguard FTSE Total World Stock Fund FTSE Global All Cap Index Global $1.20 Total $ These ETFs were chosen as representing the two largest (by assets under management as of 3/31/12) for each major market category. Data as of 3/31/2012 Sources: WisdomTree, Bloomberg 3

4 The Case for Dividend-Based Indexes WisdomTree believes one drawback of a market cap-weighted indexing approach is its lack of a rules-based rebalance based on changes in relative value. WisdomTree believes rebalancing on changes in relative value adds value. Why Dividends? Dividends are theoretically and empirically a critical factor in stock values and returns. Dividends provide an objective measure independent of accounting schemes and management judgment. Corporate Governance: Paying dividends indicates that management is focused on increasing shareholder value. Demographics and demand for income created greater need for benchmarks that measure the performance of dividend-paying stocks. 4

5 Dividends are not just timely given current market environment But have also been a critical driver of long-term returns

6 1/31/1997 8/31/1997 3/31/ /31/1998 5/31/ /31/1999 7/31/2000 2/28/2001 9/30/2001 4/30/ /30/2002 6/30/2003 1/31/2004 8/31/2004 3/31/ /31/2005 5/31/ /31/2006 7/31/2007 2/29/2008 9/30/2008 4/30/ /30/2009 6/30/2010 1/31/2011 8/31/2011 3/31/2012 Risk-Free Return from TIPS Bonds Morphs into Return-Free Risk Interest Rates on TIPS should approximate expectations for economic growth. Apparently expectations have fallen significantly. 5.00% 10-Year U.S. TIPS Yields (12/31/1996-3/31/2012) % 3.00% Period Average: 2.40% 2.00% 1.00% 0.00% -1.00% 1 Period 12/31/1996-3/31/2012 represents the full history of available performance for 10-Year U.S. TIPS. Source: Bloomberg Past performance is not indicative of future results. 6

7 Cumulative Growth of $100 Historically, U.S. Dividends Have Grown by 5% Per Year and More Than 1% Ahead of Inflation. Dividend Income, now below long-term trend, has beaten inflation. S&P 500 Dividends Consumer Price Index (CPI) $10,000 $1,000 S&P 500 Dividends Inflation % 3.93% % 6.22% % 2.73% Data as of December 30, 2011 $1,477 $803 $100 Data from December 31, 1957-December 30, 2011 Source: Bob Shiller, You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Past performance is not indicative of future results. 7

8 How Dividends Determine Long-Term Returns The link between dividend growth and total return: the starting dividend yield the ending dividend yield (valuations matter) Total Return = Starting Trailing 12-Month Dividend Yield + Dividend Growth + Return From Valuation Changes If stock valuations rise, the return from valuation changes will be positive and increase total returns. Valuations in this context can be seen as rising price-to-dividend (P/D) ratios or declining dividend yields (dividends/price or D/P). The important point is that the price of the stock increases relative to its per-share dividends. If stock valuations fall, the return from valuation changes will be negative and hurt total returns. Valuations in this context can be seen as falling price to dividend ratios or rising dividend yields. The important point is that the price of the stock is decreasing relative to its per-share dividends. 8

9 Dividend Yield as Potential Bubble Indicator: Japan Example 6% 5% 4% Trailing 12-Month Dividend Yields as of 12/31/ % 4.31% 4.15% 12% 8% Avg. Ann. Performance (12/31/ /31/2012) 10.33% 10.65% 10.30% 9.94% 3% 2.64% 2% 4% 1% 0% 5% MSCI Australia Index MSCI EAFE Index MSCI EAFE ex-japan Index 4.71% MSCI Japan Index 0% MSCI Australia Index MSCI EAFE Index MSCI EAFE ex-japan Index MSCI Japan Index Trailing 12-Month Dividend Yields as of 12/31/ % Avg. Ann. Performance (12/31/ /31/2012) 10.05% 4% 10% 8% 7.75% 3% 2% 1% 0% 1 The MSCI Indexes shown here all have inception dates of 12/31/1969 as such the first available Trailing 12-Month Dividend Yield was available 12/31/ /31/1989 represents the peak of the MSCI Japan Index and well-known Japanese equity market bubble. Source: MSCI 1.33% 2.66% MSCI Australia Index MSCI EAFE Index MSCI EAFE ex-japan Index Past performance is not indicative of future results. 0.45% MSCI Japan Index 6% 4% 2% 0% -2% -4% 4.23% MSCI Australia Index MSCI EAFE Index MSCI EAFE ex-japan Index -1.47% MSCI Japan Index 9

10 Growth of 1000s Tilting Portfolio Weights Towards High-Yielding Stocks Has Historically Enhanced Total Returns From Professor Siegel s* book Future for Investors Effect of dividing the S&P 500 into dividend quintiles and purchasing the highest to lowest, January 1 of each year, from 1957 to $1,000,000 Div Yld Return Std. Dev. $609,989 $506,989 Highest 12.61% 19.52% $100,000 High 12.22% 16.41% Mid 9.37% 16.79% Low 8.53% 19.38% Lowest 8.68% 24.11% $173,931 $126,154 $89,700 $83,027 S&P 500 Index 10.02% 17.30% Lowest Low $10,000 Mid High Highest S&P 500 $1,000 Average Annual Total Returns, "Risk" is defined as annualized volatility. Each stock in S&P 500 is ranked from highest to lowest by dividend yield on December 31 of every year and placed into "quintiles", baskets of stocks, with 100 stocks in each basket. The stocks in the quintiles are weighted by their market capitalization. The dividend yield is defined as each stock's annual dividends per share divided by its stock price as of December 31 of that year. *Professor Jeremy Siegel is a registered representative with ALPS Distributors, Inc. Past performance is not indicative of future results. 10

11 Tilting to Higher Dividend Stocks Was Especially Helpful During Tough Decades from of Last 8 Decades were Tough Decades : Dividend Returns Eclipsed Price Returns Decade Movement of U.S. Treasury 10-Year Interest Rates Ending Interest Rate: 10- Year Treasury Price Return Broad Market 1 Top Quintile 2 Dividend Return Total Return Tough Decade? Price Return Dividend Return Total Return 1930's Falling 2.22% -5.02% 5.03% -0.25% Yes -8.06% 7.66% -1.02% 1940's Flat 2.32% 3.57% 5.83% 9.61% Yes 4.45% 9.16% 14.02% 1950's Rising 4.69% 12.71% 4.89% 18.22% No 10.13% 7.58% 18.48% 1960's Rising 7.65% 4.94% 3.17% 8.27% No 3.06% 5.45% 8.68% 1970's Rising 10.39% 2.11% 3.99% 6.18% Yes 1.84% 7.68% 9.67% 1980's Falling 7.84% 11.73% 4.15% 16.36% No 11.18% 8.14% 20.23% 1990's Falling 6.28% 14.70% 2.35% 17.39% No 6.58% 5.41% 12.34% 2000's Falling 3.59% -1.61% 1.84% 0.20% Yes 0.91% 4.54% 5.49% Price Return Dividend Return Total Return Price Return Dividend Return Total Return Tough Decade -0.24% 4.17% 3.93% 0.44% 6.90% 7.37% Not Tough Decade 11.02% 3.64% 15.06% 9.30% 7.04% 17.02% Full Period % 3.86% 9.44% 3.78% 6.87% 10.91% Source: Fama & French Data Library, 2012, Robert Shiller, 2012 for 10-Year Rate 1 Broad Market: All listed equities on the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), and the NASDAQ 2 Top Quintile: The top 20%, ranked by dividend yield, of those stocks within the broad market. 3 Full Period: This is the full period for which data exists within the Fama & French Data Library, 6/30/ /31/2011. You cannot invest directly in an index. Returns are calculated gross of taxes, fees, or expenses. Factoring in these elements could reduce returns. 11

12 How WisdomTree Dividend Indexes Focus On Dividend-Paying Stocks

13 Benefits of Weighting by Dividends Dividend weighting allocates weight to companies growing dividends. Each of 20 largest dividend payers raised dividends in Largest Dividend Payers in the WisdomTree Dividend Index (As of Annual Screening Date, November 30, 2011) Indicated Dividend per Share 2010 Indicated Dividend per Share Shares Outstanding (Billions) Dividend Stream (Billions) Percent of Div Stream Dividend Yield 1 Year Dividend Action Dividend Growth Rate 3 Dividend Coverage Ratio 5 1 T AT&T Inc % 5.94% Raise 2.38% 1.35x 2 XOM Exxon Mobil Corp % 2.34% Raise 6.82% 4.52x 3 MSFT Microsoft Corp % 3.13% Raise 25.00% 3.46x 4 CVX Chevron Corp % 3.15% Raise 12.50% 4.25x 5 GE General Electric Co % 3.77% Raise 25.00% 2.29x 6 JNJ Johnson & Johnson % 3.52% Raise 5.56% 2.18x 7 PFE Pfizer Inc % 3.99% Raise 11.11% 2.85x 8 PG Procter & Gamble Co % 3.25% Raise 8.98% 2.01x 9 VZ Verizon Communications Inc % 5.30% Raise 2.56% 1.1x 10 PM Philip Morris International % 4.04% Raise 20.31% 1.57x 11 MRK Merck & Co. Inc % 4.70% Raise 10.53% 2.23x 12 WMT Wal-Mart Stores Inc % 2.48% Raise 20.66% 3.07x 13 INTC Intel Corp % 3.37% Raise 16.67% 2.95x 14 KO Coca-Cola Co % 2.80% Raise 6.82% 2.04x 15 JPM JPMorgan Chase & Co % 3.23% Raise % 4.55x 16 IBM IBM Corp % 1.60% Raise 15.38% 4.46x 17 COP ConocoPhillips % 3.70% Raise 20.00% 3.25x 18 MO Altria Group Inc % 5.72% Raise 7.89% 1.24x 19 PEP PepsiCo Inc % 3.22% Raise 7.29% 2.14x 20 ABT Abbott Laboratories % 3.52% Raise 9.09% 2.42x Sum/Average Values for Top 20 Stocks WisdomTree Dividend Index: Total Dividend Stream Dividend Stream = indicated cash dividends per share x shares outstanding Percent of Dividend Stream = company dividend stream/total stream of all companies Dividend Stream (Billions) Percent of Div Stream Dividend Yield 1 Dividend Growth Rate 3 Dividend Coverage Ratio 5 $ % 3.64% % x $ % 1 Dividend Yield: Based on the companies indicated cash dividends as of 11/30/2011, annualized and divided by the 11/30/2011 share price. 2 Dividend Yield: Average of the 20 dividend yields shown above. 3 Dividend Growth Rate: The 1-Year growth rate in indicated cash dividends from 11/30/2010 to 11/30/ Dividend Growth Rate: Average of the 20 dividend growth rates shown above. 5 Dividend Coverage Ratio: Earnings per share divided by dividends per share, as of 11/30/2011. Source: WisdomTree, Bloomberg. Past performance is not indicative of future results. For WisdomTree ETFs holdings information, please go to wisdomtree.com *The annual screening date for the WisdomTree Dividend Index takes place at the end of November. 13

14 Explicit Dividend Growth Screens Potentially Cost Broadness of Exposure and Sensitivity to Current Environment Earliest Year Dividend Tech Stocks could be Eligible for Inclusion in Dividend Indexes. AAPL Initiates 2012, Assume GOOG Initiates 2012 Index Eligibility Requirements MSFT 3 IBM 3 ORCL 3 INTC 3 CSCO 3 AAPL 4 GOOG 4 Mergent Dividend Achievers Select Index 1 Increased its annual regular dividend payments for each of the last 10 or more years 2020 Current Member S&P High Yield Dividend Aristocrats Index 1 Among the 60 highest dividend-yielding S&P Composite 1500 Index constituents and increased dividends every year for at least 25 years. In certain instances, the 25-year threshold may be relaxed due to a lack of Dow Jones U.S. Select Dividend Index 1 A firm must demonstrate nonnegative historical five-year dividend per share growth rate, a five-year average dividend to earnings per share ratio of less than or equal to 60%, and payment of a dividend in each of the previous five years. Eligible But Not Member Eligible But Not Member 2014 Eligible But Not Member WisdomTree Dividend Index 2 All regular cash dividend payers that meet basic liquidity requirements 3rd Largest Weight 16th Largest Weight 42nd Largest Weight 13th Largest Weight 40th Largest Weight WisdomTree LargeCap Dividend Index 2 The 300 Largest Companies by Market Capitalization included within the WisdomTree Dividend Index. 3rd Largest Weight 16th Largest Weight 42nd Largest Weight 13th Largest Weight 40th Largest Weight Most widely-cited dividend-focused indexes for U.S. equities, all requiring positive dividend growth prior to allowing constituents inclusion. 2 WisdomTree s broadest measures of U.S. dividend and U.S. LargeCap dividend equity performance. 3 The 5 largest payers of indicated cash dividends within the information technology industry sector. 4 The 2 information technology firms within the S&P 500 Index that have the largest amounts of balance sheet cash, as of the 12/31/2011 reporting period. Source: WisdomTree, Bloomberg, Mergent, S&P, Dow Jones 14

15 WisdomTree Index Methodology WisdomTree Indexes are built using a rules-based methodology that utilizes annual rebalancing to adjust for relative value. The chart below illustrates key selection criteria. The complete WisdomTree Index methodologies are available at wisdomtree.com Region Broad Market Large Cap Mid Cap Small Cap Equity Income Ex-Financials Domestic Dividends Regular cash dividend payers; minimum market cap of $100 million; average daily value traded of $100, largest stocks by market capitalization Top 75% remaining market cap after large caps are removed Bottom 25% remaining market cap after large caps are removed Companies from the broad index are ranked by dividend yield; the top 30% are included* Selects the top 10 highest dividendyielding stocks from each sector outside of the financial sector from the 300 largest companies outside financials International Dividends Regular cash dividend payers; minimum of $5 million dollars of dividends and market cap of $100 million; monthly volume of 250, largest stocks by market capitalization Top 75% remaining market cap after large caps are removed Bottom 25% remaining market cap after large caps are removed Companies from the broad index are ranked by dividend yield; the top 30% are included* Selects the top 10 highest dividendyielding stocks from each sector outside of the financial sector from the 300 largest companies outside financials Emerging Markets Dividends Regular cash dividend payers; minimum $5 million dollars of dividends and market cap of $200 million; monthly volume of 250,000 Bottom 10% of market cap of the Broad Emerging Markets Index Companies from the broad index are ranked by dividend yield; the top 30% are included* Global Companies included are members of WisdomTree's three regional indexes: the U.S., developed international, and emerging markets Companies with market capitalization greater than $2 billion are ranked by dividend yield; the top 30% are included Source: WisdomTree 15

16 WisdomTree SmallCap Dividend Index WisdomTree Equity Income Index WisdomTree MidCap Dividend Index WisdomTree Dividend Index WisdomTree LargeCap Dividend Index Russell 1000 Value Index S&P 500 Index Russell 3000 Index S&P MidCap 400 Index Russell 2000 Index Dividends Were a Significant Component of Total Returns Especially in Small Caps and Equity Income Total Return Deconstruction, WisdomTree U.S. Dividend Indexes (6/1/2006-3/31/2012) Total Return Deconstruction, U.S. Cap-Weighted Index Benchmarks (6/1/2006-3/31/2012) Index Price Return Dividend Return Total Return Index Price Return Dividend Return Total Return WisdomTree Dividend Index 0.57% 3.62% 4.21% Russell 3000 Index 2.08% 2.01% 4.13% WisdomTree Equity Income Index -2.42% 4.89% 2.36% Russell 1000 Value Index -0.66% 2.68% 2.00% WisdomTree LargeCap Dividend Index 0.51% 3.41% 3.94% S&P 500 Index 1.79% 2.15% 3.97% WisdomTree MidCap Dividend Index 0.60% 4.25% 4.87% S&P MidCap 400 Index 4.58% 1.47% 6.12% WisdomTree SmallCap Dividend Index -1.71% 5.17% 3.38% Russell 2000 Index 2.45% 1.37% 3.86% 6% 5% 4% 5.2% 4.9% Average Annual Dividend Returns, 6/1/2006-3/31/ % 3.6% 3.4% 3% 2% 2.7% 2.1% 2.0% 1.5% 1.4% 1% 0% Source: WisdomTree, Bloomberg You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Past performance is not indicative of future results. The non-wisdomtree indexes were chosen as the most appropriate cap-weighted benchmarks based on their market cap size exposures and, in the case of the Russell 1000 Value, the combination of "value" style and large-cap market capitalization exposure. 16

17 WisdomTree Dividend ex-financials Index Russell 1000 Value Index Russell 1000 Index Russell 1000 Growth Index S&P 500 Value Index S&P 500 Index S&P 500 Growth Index S&P 500 Financial Sector Index U.S. Ex-Financials A Compelling Way to Look at Domestic Equities Dividend Stream of the WisdomTree Dividend Index, as of Specified Rebalance Dates, $ in billions 11/30/ /30/ /30/ /30/ /30/ /30/2011 Cumulative Growth 11/30/07-11/30/11 Financials $88.17 $95.72 $62.23 $29.36 $33.03 $ % Total ex-financials $ $ $ $ $ $ % Total Dividend Stream $ $ $ $ $ $ % Average Annual Performance, 5/1/2009-3/31/ % 26.3% 25% 19.3% 20.7% 22.2% 19.5% 20.3% 21.2% 20% 15.6% 15% 10% 5% 0% From the dividend stream s 11/30/07 peak, dividend growth in financials has lagged while other sectors have been stronger From its 5/1/2009 inception, the WT Dividend ex- Financials Index has performed strongly versus other indexes 1 that do not exclude the financials sector 1 Other indexes include the Russell 1000 Index and S&P 500 Index. For completeness, we show the value and growth variants of these indexes. All have exposure to the financial sector. We show the S&P 500 Financial Sector Index to indicate performance of large cap financials in the U.S. over the period. Source: WisdomTree, Bloomberg, Source: Zephyr StyleADVISOR You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Past performance is not indicative of future results. 17

18 Following The Dividends U.S. is Under-Weight Dividend Stream Global Dividend Weight 2 Global Market Cap Weight 3 % of Global Market Cap in Dividend Payers 4 United States $ % 42.37% 76.9% Europe $ % 27.17% 91.2% Japan $ % 7.50% 99.1% Canada $ % 4.56% 96.1% Pacific ex-japan $ % 6.18% 95.0% Emerging Markets $ % 12.21% 94.1% Global $1, % % 89.0% Dividend Stream: Based on the most recent WisdomTree Global Dividend Index Annual Screening Date, May 31, Global Dividend Weight: Determined from the 2011 Dividend Stream. 3 Global Market Cap Weight: Based on the MSCI AC World Index, which is market cap-weighted. 4 % of Global Market Cap in Dividend Payers: % of constituents paying dividends within the following market cap-weighted indexes: United States-Russell 3000 Index, Europe- MSCI Europe Index, Japan-MSCI Japan Index, Canada-MSCI Canada Index, Pacific ex-japan-msci Pacific ex-japan Index, Emerging Markets-MSCI Emerging Markets Index. Global Dividends 5 MSCI AC World Index 6 Typical US Investor 7 EM, 17.46% Dev Intl, 14% US, 25.21% Dev Intl, 57.33% US, 42.37% Dev Intl, 45.42% EM, 10% US, 76% EM, 12.21% Source: WisdomTree, Standard & Poor s, Bloomberg. Past performance is not indicative of future results. 5 Index weights based on WisdomTree Global Dividend Index Annual Screening Date, May 31st MSCI AC World Index Weights Determined % Global Market Cap, May 31, Index weights as shown in the 2011 Capgemini-Merrill Lynch World Wealth Report The WisdomTree Global Dividend Index is a dividend-weighted index of approximately 4300 dividend payers from 42 countries. 18

19 Emerging Markets: Positive Average Annual Dividend Growth Over 1-, 3-, 5-, and 10-Year Periods 25% 20% 23.71% 21.64% 20.10% 19.11% Index Dividend Growth by Region as of March 31, % 14.57% 10% 5% 6.78% 1.06% 1.03% 1.60% 2.70% 7.43% 3.37% 5.85% 9.97% 8.50% 0% -5% -1.64% 1-Year 3-Year 5-Year 10-Year S&P 500 Index MSCI EAFE Index MSCI Emerging Markets Index MSCI AC World Index Source: WisdomTree, Bloomberg, MSCI You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Past performance is not indicative of future results. Returns are calculated gross of taxes, fees, or expenses. Factoring in these elements could reduce returns. 19

20 Reminder of Link Between Dividend Growth and Total Returns Over The Last Decade A Deconstruction of 10-Year Total Returns (3/31/02-3/31/12) 20% 15% 14.57% 14.47% 10% 5% 1.37% 1.71% 1.99% 2.21% 1.92% 5.85% 9.97% 8.50% 4.08% 6.16% 4.12% 5.86% 4.58% 0% -5% -10% Starting Dividend Yield: ( ) 10-Year Growth in Trailing 12- Month Dividends -1.42% -2.31% -3.10% -4.35% -5.79% Return from Valuation Changes 10-Year Total Return S&P 500 Index MSCI EAFE Index MSCI Emerging Markets Index MSCI ACWI Index Russell 1000 Value Index Source: Bloomberg, MSCI You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Past performance is not indicative of future results. Returns are calculated gross of taxes, fees, or expenses. Factoring in these elements could reduce returns. 20

21 WT Int. Div ex-financials WT DEFA Equity Income WT EM Equity Income WT Int. LargeCap Div WT DEFA WT Int. MidCap Div WT EM SmallCap Div WT SmallCap Div WT Int. SmallCap Div WT Equity Income WT Div ex-financials WT MidCap Div WT Dividend WT LargeCap Div Trailing 12-Month Dividend Yield WisdomTree Trailing 12-Month Yield Opportunities Trailing 12-Month Dividend Yields for WisdomTree Indexes, as of 3/31/2012 7% 6% 5% 4% 3% 2% 6.24% 6.13% 5.87% Developed International Markets Emerging Markets U.S. Markets 4.92% 4.83% 4.68% 4.67% 4.59% 4.31% 4.30% 4.15% 3.58% 3.09% 2.96% On a dividendyield basis developed international markets and emerging markets look attractive 1% 0% U.S. index dividend yields are still high relative to alternatives, like U.S. treasury bonds Source: S&P, Bloomberg You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Past performance is not indicative of future results. 21

22 WT Dividend Index WT Equity Income Index WT Emerging Markets Dividend Index WT Emerging Markets Equity Income Index WT Global Dividend Index WT Global Equity Income Index WT DEFA Index WT DEFA Equity Income Index Index Dividend Yield WisdomTree Equity Income Strategies Employ Methodologies that Seek to Consistently Capture Available Yield Opportunities in Regional Markets Index Dividend Yields as of 3/31/2012 7% 6% 5% 4% 3% 2% 1% 0% 3.09% 4.30% 4.32% 5.87% 4.26% 5.51% 4.83% 6.13% Each Equity Income Strategy takes the highest 30% of dividend-yielding stocks from its selection index (shown to the left of each). Weighting is by cash dividends. Source: WisdomTree, Bloomberg, S&P 22

23 The WT Emerging Markets Equity Income Index: WTEMHY Showing Less Volatility and Greater Cumulative Return than MSCI Emerging Market Index Over The Past 4 Years A hypothetical $10,000 at the beginning of 2008 would have resulted in $8,079 had it grown at the rate of return of the MSCI Emerging Markets Index over the 4-year period. A hypothetical $10,000 at the beginning of 2008 would have resulted in $11,705 had it grown at the rate of return of WTEMHY Index over the 4-year period % 80.00% 60.00% 78.51% 64.11% MSCI Emerging Markets Index WTEMHY 40.00% 20.00% 18.88% 24.92% 17.05% 0.00% % % % -9.34% % % % % Cumulative Period Source: WisdomTree, Bloomberg, Zephyr StyleADVISOR You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. A fund or portfolio may differ significantly from the securities included in the index. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares. Such fees, expenses and commissions could reduce returns. Past performance is not indicative of future results. 23

24 Concluding Thoughts The current macro-picture indicates a potential valuation advantage towards stocks over bonds. This advantage is particularly pronounced in Emerging Markets and the Developed International region. WisdomTree dividend-focused strategies seek to exploit these potential opportunities, especially within Equity Income baskets. 24

25 WisdomTree Equity ETFs DOMESTIC DIVIDEND Ticker Exp. Ratio AUM 1 EMERGING / FRONTIER MARKETS Ticker Exp. Ratio AUM 1 WisdomTree Total Dividend Fund DTD 0.28% $ WisdomTree Emerging Markets Equity Income Fund* DEM 0.63% $3, WisdomTree LargeCap Dividend Fund DLN 0.28% $1, WisdomTree Emerging Markets SmallCap Dividend Fund* DGS 0.63% $1, WisdomTree MidCap Dividend Fund DON 0.38% $ WisdomTree India Earnings Fund* EPI 0.83% $ WisdomTree SmallCap Dividend Fund DES 0.38% $ WisdomTree Middle East Dividend Fund GULF 0.88% $14.04 WisdomTree Equity Income Fund DHS 0.38% $ WisdomTree Dividend ex-financials Fund DTN 0.38% $1, DEVELOPED WORLD EX-U.S. WisdomTree DEFA Fund DWM 0.48% $ GLOBAL/GLOBAL EX-U.S. WisdomTree DEFA Equity Income Fund DTH 0.58% $ WisdomTree Global Equity Income Fund DEW 0.58% $91.30 WisdomTree International Hedged Equity Fund HEDJ 0.58% $21.96 WisdomTree Global Natural Resources Fund 1 GNAT 0.58% $31.45 WisdomTree International LargeCap Dividend Fund DOL 0.48% $ WisdomTree Global ex-u.s. Growth Fund 1 DNL 0.58% $55.77 WisdomTree International MidCap Dividend Fund DIM 0.58% $ WisdomTree Global ex-u.s. Utility Fund 1 DBU 0.58% $30.24 WisdomTree International SmallCap Dividend Fund DLS 0.58% $ WisdomTree Global ex-u.s. Real Estate Fund 1 DRW 0.58% $ WisdomTree International Dividend ex-financials Fund DOO 0.58% $ WisdomTree Asia Pacific ex-japan Fund 1 AXJL 0.48% $89.67 WisdomTree Europe SmallCap Dividend Fund DFE 0.58% $28.67 WisdomTree Commodity Country Equity Fund 1 CCXE 0.58% $31.44 WisdomTree Japan Hedged Equity Fund DXJ 0.48% $ WisdomTree Japan SmallCap Dividend Fund* DFJ 0.58% $ WisdomTree Australia Dividend Fund 1 AUSE 0.58% $ AUM: Assets under management as of 3/31/2012, with figures in millions of U.S. dollars Source: WisdomTree, Bloomberg 25

26 Important Information There are risks associated with investing, including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Funds focusing on a single sector generally experience greater price volatility. Investments in emerging, offshore or frontier markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation, intervention and political developments. Please read the Fund s prospectus for specific details regarding the Fund s risk profile. Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund s before investing. To obtain a prospectus containing this and other important information, please call WISE (9473) or visit wisdomtree.com to view a prospectus online. Read the prospectus carefully before you invest. WisdomTree Funds and SPY are distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not the distributor for the ishares or Vanguard funds. WIS /