Slide 1: Setting the Record Straight
^ĞƚƚŝŶŐƚŚĞZĞĐŽƌĚ^ƚƌĂŝŐŚƚ ĂŵƉĂŝŐŶĨŽƌŐĂŝŶƐƚsŽƚĞĂƚt/^KDdZ͕/ŶĐ͘;Ez^͗tdͿ ǁǁǁ͘ƵŶůŽĐŬǁƚ͘ĐŽŵ DĂLJϮϴ͕ϮϬϮϰ
Slide 2: Disclaimer
ŝƐĐůĂŝŵĞƌ dŚĞŵĂƚĞƌŝĂůƐĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶ;ƚŚĞ͞DĂƚĞƌŝĂůƐ͟ͿƌĞƉƌĞƐĞŶƚƚŚĞŽƉŝŶŝŽŶƐŽĨd&^ĂƉŝƚĂů>ŝŵŝƚĞĚĂŶĚƚŚĞŽƚŚĞƌƉĂƌƚŝĐŝƉĂŶƚŶĂŵĞĚŝŶŝƚƐƉƌŽdžLJƐŽůŝĐŝƚĂƚŝŽŶ;ĐŽůůĞĐƚŝǀĞůLJ͕͞d&^͟Žƌ͞ǁĞ͟ͿĂŶĚĂƌĞďĂƐĞĚŽŶƉƵďůŝĐůLJĂǀĂŝůĂďůĞ ŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚƌĞƐƉĞĐƚƚŽtŝƐĚŽŵdƌĞĞ͕/ŶĐ͘;͞tŝƐĚŽŵdƌĞĞ͕͟͞td͟ŽƌƚŚĞ͞ŽŵƉĂŶLJ͟Ϳ͘d&^ƌĞĐŽŐŶŝnjĞƐƚŚĂƚƚŚĞƌĞŵĂLJďĞĐŽŶĨ
Slide 3: Part I: Long-Tenured Board Members Have Failed to Generate Requisite Shareholder Value
WĂƌƚ/͗>ŽŶŐͲdĞŶƵƌĞĚDĞŵďĞƌƐŽĨtŝƐĚŽŵdƌĞĞ͛ƐŽĂƌĚŽĨ ŝƌĞĐƚŽƌƐ;ƚŚĞ͞ŽĂƌĚ͟Ϳ,ĂǀĞ&ĂŝůĞĚƚŽ'ĞŶĞƌĂƚĞZĞƋƵŝƐŝƚĞ ^ŚĂƌĞŚŽůĚĞƌsĂůƵĞ ϯ
Slide 4: WisdomTree's Focus on Short-Term Stockholder Return Ignores Long-Term Value Destruction
tŝƐĚŽŵdƌĞĞ͛Ɛ&ŽĐƵƐŽŶ^ŚŽƌƚͲdĞƌŵ^ƚŽĐŬŚŽůĚĞƌZĞƚƵƌŶ/ŐŶŽƌĞƐ>ŽŶŐͲdĞƌŵsĂůƵĞ ĞƐƚƌƵĐƚŝŽŶĂŶĚŝƐƚƌĂĐƚƐĨƌŽŵƚŚĞEĞĞĚĨŽƌĂŶ/ŶĚĞƉĞŶĚĞŶƚ^ƚƌĂƚĞŐŝĐZĞǀŝĞǁ WisdomTree Claims(1) Reality • It is clear to us that WisdomTree trumpets short-term stock performance – which coincides with ETFS’ recent efforts to unlock Stock price
Slide 5: As a Member of the Board, Win Neuger Has Overseen Investor Losses
ƐĂDĞŵďĞƌŽĨƚŚĞŽĂƌĚ͕tŝŶEĞƵŐĞƌ ,ĂƐ KǀĞƌƐĞĞŶ /ŶǀĞƐƚŽƌ>ŽƐƐĞƐʹ EŽƚ:ƵƐƚhŶĚĞƌƉĞƌĨŽƌŵĂŶĐĞ͕ďƵƚ>ŽƐƐĞƐ TSR during Win Neuger's Term as A Director (July 24, 2013 to May 24, 2024) • ǀĞŶƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚ ƚŚĞƌĞĐĞŶƚ 195.0% ƉĞƌŝŽĚŽĨƐƚƌŽŶŐƐƚŽĐŬƉĞƌĨŽƌŵĂŶĐĞ ʹ ǁŚŝĐŚ͕ĂŐĂŝŶ͕ŚĂƉƉĞŶƐƚŽĐŽŝŶĐŝĚĞ 129.8% ǁŝƚŚtŝƐĚŽŵdƌĞĞ͛ƐĚĞĐŝƐŝŽŶ
Slide 6: As a Member of the Board, Anthony Bossone Has Overseen Massive Stock Underperformance
ƐĂDĞŵďĞƌŽĨƚŚĞŽĂƌĚ͕ŶƚŚŽŶLJŽƐƐŽŶĞ͛Ɛ ,ĂƐ KǀĞƌƐĞĞŶDĂƐƐŝǀĞ ^ƚŽĐŬhŶĚĞƌƉĞƌĨŽƌŵĂŶĐĞ TSR based on the starting date of March 29, 2012 used by WT on page 7 of its investor presentation dated May 23, 2024, to calculate revenue growth for Anthony Bossone (footnote #3) • Dƌ͘ŽƐƐŽŶĞ͛Ɛ ĐůĂŝŵƚŽƉƌƵĚĞŶƚ 366.7% ŽǀĞƌƐŝŐŚ
Slide 7: The Chief Beneficiary of Jonathan Steinberg's 'Visionary Leadership'
dŚĞŚŝĞĨĞŶĞĨŝĐŝĂƌLJŽĨ:ŽŶĂƚŚĂŶ^ƚĞŝŶďĞƌŐ͛Ɛ͚sŝƐŝŽŶĂƌLJ>ĞĂĚĞƌƐŚŝƉ͛ ƉƉĞĂƌƐƚŽďĞ͙:ŽŶĂƚŚĂŶ^ƚĞŝŶďĞƌŐ WisdomTree Claims WisdomTree Claims Reality • Over the past decade, Mr. Steinberg’s ‘visionary leadership’ has translated into material value destruction for stockholders. Jonathan Steinberg is a Visionary Leade
Slide 8: Part II: It is Clear to ETFS that Recent Improvement in Adj. Operating Margin is Primarily Due to Exclusion of Gold Payable Expense
WĂƌƚ//͗/ƚŝƐůĞĂƌƚŽd&^ƚŚĂƚZĞĐĞŶƚ/ŵƉƌŽǀĞŵĞŶƚŝŶĚũ͘KƉĞƌĂƚŝŶŐDĂƌŐŝŶŝƐ WƌŝŵĂƌŝůLJƵĞƚŽdžĐůƵƐŝŽŶŽĨKŶĞͲdŝŵĞŽŶƚƌĂĐƚƵĂů'ŽůĚWĂLJĂďůĞdžƉĞŶƐĞ͘ tŝƐĚŽŵdƌĞĞZĞĨƵƐĞƐƚŽWƌŽǀŝĚĞ<W/ƐĂŶĚDĞƚƌŝĐƐƚŽƐƐĞƐƐŝƚƐĞ&ŝ^ƚƌĂƚĞŐLJ͘ ϴ
Slide 9: Adj. Operating Margin Expansion is Primarily Due to Exclusion of Contractual Gold Payable
Ěũ͘KƉĞƌĂƚŝŶŐDĂƌŐŝŶdžƉĂŶƐŝŽŶŝƐWƌŝŵĂƌŝůLJƵĞƚŽƚŚĞdžĐůƵƐŝŽŶŽĨ ŽŶƚƌĂĐƚƵĂů'ŽůĚƐWĂLJĂďůĞ͖/ŶƐƚĞĂĚŽĨKƉĞƌĂƚŝŽŶĂůĨĨŝĐŝĞŶĐŝĞƐ WisdomTree Claims(1) Reality • It is clear to us that WT’s claims of 540 bps of adj. operating margin Record AUM of $107.2 bn expansion is not driven by improvement in core earnings. Instead
Slide 10: The WisdomTree Board Continues to Deny Investors Any Useful Insight Into the DeFi Strategy
dŚĞtŝƐĚŽŵdƌĞĞŽĂƌĚŽŶƚŝŶƵĞƐƚŽĞŶLJ/ŶǀĞƐƚŽƌƐŶLJhƐĞĨƵů /ŶƐŝŐŚƚ/ŶƚŽƚŚĞĞ&ŝ^ƚƌĂƚĞŐLJŝƚ͞hŶĂŶŝŵŽƵƐůLJ͟;ϭͿ^ƵƉƉŽƌƚƐ WisdomTree Claims(2) Reality • Regrettably, in its presentation WisdomTree once again declines the ETFS Capital’s Myths: opportunity to provide investors and the market any useful information about it
Slide 11: Big Question: What information does the WisdomTree Board have
ŝŐYƵĞƐƚŝŽŶ͗ tŚĂƚŝŶĨŽƌŵĂƚŝŽŶĚŽĞƐƚŚĞtŝƐĚŽŵdƌĞĞŽĂƌĚŚĂǀĞǁŚŝĐŚŐŝǀĞƐŝƚ ƚŚĞĐŽŶĨŝĚĞŶĐĞƚŽ͚ƵŶĂŶŝŵŽƵƐůLJ͛;ϭͿƐƵƉƉŽƌƚƚŚĞĞ&ŝƐƚƌĂƚĞŐLJ͍ŶĚ ǁŚLJĚŽĞƐŶ͛ƚŝƚƐŚĂƌĞƚŚĂƚŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚƚŚĞŝŶǀĞƐƚŽƌĐŽŵŵƵŶŝƚLJ͍ ^ŽƵƌĐĞ͗;ϭͿtdƉƌĞƐƐƌĞůĞĂƐĞ͕DĂLJϲ͕ϮϬϮϰ ϭϭ
Slide 12: Even Bullish Sell-Side Analysts Don't Appear to Attribute Much Value to the DeFi Strategy
ǀĞŶƵůůŝƐŚ^ĞůůͲ^ŝĚĞŶĂůLJƐƚƐŽŶ͛ƚƉƉĞĂƌƚŽƚƚƌŝďƵƚĞDƵĐŚ͕/ĨŶLJ͕ sĂůƵĞƚŽƚŚĞĞ&ŝ^ƚƌĂƚĞŐLJ WisdomTree Claims(1) Reality(2) 5 of 8 research analysts rate the Company a “BUY “We still don't have any significant numbers on the amount of funded accounts on Prime, and so it is hard to say how significant it can become
Slide 13: WisdomTree and BlackRock Have Very Different Approaches to Tokenization
tŝƐĚŽŵdƌĞĞĂŶĚůĂĐŬZŽĐŬ,ĂǀĞsĞƌLJŝĨĨĞƌĞŶƚƉƉƌŽĂĐŚĞƐƚŽ dŽŬĞŶŝnjĂƚŝŽŶ͘hŶůŝŬĞtd͕ůĂĐŬZŽĐŬ͛Ɛ^ƚƌĂƚĞŐLJ,ĂƐĞĞŶ^ƵĐĐĞƐƐĨƵů͘ WisdomTree Claims(1) Reality • Notwithstanding the future of tokenization, we believe WT’s approach to it is not comparable to BlackRock. ETFS Capital Fails to Recognize the Industry is Already
Slide 14: Part III: Governance and the Need for Real Review
WĂƌƚ///͗'ŽǀĞƌŶĂŶĐĞĂŶĚƚŚĞEĞĞĚĨŽƌZĞĂůZĞǀŝĞǁ ϭϰ
Slide 15: An Independent Strategic Review Is Consistent With Board's Goals of Maximizing Stockholder Value
Ŷ/ŶĚĞƉĞŶĚĞŶƚ^ƚƌĂƚĞŐŝĐZĞǀŝĞǁ/ƐŽŶƐŝƐƚĞŶƚtŝƚŚŽĂƌĚ͛Ɛ'ŽĂůƐŽĨ DĂdžŝŵŝnjŝŶŐ^ƚŽĐŬŚŽůĚĞƌsĂůƵĞ WisdomTree Claims(1) Reality • The WisdomTree Board’s use of terms like “forced sale” and “immediate sale” follows a wearying pattern of demonisation of ETFS and distraction Our Board is Open to All Ways to Enhance St
Slide 16: The Prior Strategic Review Was Flawed and Cannot Be Considered Valid Today
dŚĞWƌŝŽƌ^ƚƌĂƚĞŐŝĐZĞǀŝĞǁtĂƐ&ůĂǁĞĚĂŶĚĂŶŶŽƚďĞŽŶƐŝĚĞƌĞĚ sĂůŝĚdŽĚĂLJ WisdomTree Claims(1) Reality • We question the independence and the conclusion reached by the Operations and Strategy Committee (OSCO) in 2022 as we believe it was We agreed with Mr. Tuckwell in 2022 to form a anchored by long-tenured di
Slide 17: Appendix: Peer Group
ƉƉĞŶĚŝdž͗WĞĞƌ'ƌŽƵƉ WƌŽdžLJWĞĞƌƐ dƌĂĚŝƚŝŽŶĂůƐƐĞƚDĂŶĂŐĞƌWĞĞƌƐ Ͳh^ ůůŝĂŶĐĞĞƌŶƐƚĞŝŶ,ŽůĚŝŶŐ>͘W͘ Ͳh^ ůůŝĂŶĐĞĞƌŶƐƚĞŝŶ,ŽůĚŝŶŐ>͘W͘ WDͲh^ ƌƚŝƐĂŶWĂƌƚŶĞƌƐƐƐĞƚDĂŶĂŐĞŵĞŶƚ͕/ŶĐ͘ůĂƐƐ D'Ͳh^ ĨĨŝůŝĂƚĞĚDĂŶĂŐĞƌƐ'ƌŽƵƉ͕/ŶĐ͘ Z/>zͲh^ ͘ZŝůĞLJ&ŝŶĂŶĐŝĂů͕/ŶĐ͘ WDͲh^ ƌƚŝƐĂŶWĂƌƚŶĞƌƐƐƐĞƚDĂŶĂŐĞŵĞŶƚ͕/ŶĐ͘ůĂƐƐ ^/'Ͳh^ ƌŝŐŚƚ^ƉŚĞƌĞ/ŶǀĞƐƚŵĞŶƚ'ƌ