<SEC-DOCUMENT>0001193125-23-142052.txt : 20230511
<SEC-HEADER>0001193125-23-142052.hdr.sgml : 20230511
<ACCEPTANCE-DATETIME>20230511161856
ACCESSION NUMBER:		0001193125-23-142052
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230511
DATE AS OF CHANGE:		20230511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree, Inc.
		CENTRAL INDEX KEY:			0000880631
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				133487784
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10932
		FILM NUMBER:		23911332

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		212-801-2080

	MAIL ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WisdomTree Investments, Inc.
		DATE OF NAME CHANGE:	20090401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEX DEVELOPMENT PARTNERS INC
		DATE OF NAME CHANGE:	20020812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FINANCIAL DATA SYSTEMS
		DATE OF NAME CHANGE:	19951120
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d474444ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to &#167;240.14a-12 </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>WisdomTree, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name
of Registrant as Specified In Its Charter) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sean
M. Donahue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Andrew H. Goodman </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Goodwin Procter LLP </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1900
N Street NW </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20036 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(202) 346-4207 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee
(Check all boxes that apply) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and 0-11. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;10, 2023, WisdomTree, Inc. (&#147;WisdomTree&#148; or the &#147;Company&#148;)
hosted a conference call at 6:00 p.m. ET to discuss the details of a transaction resulting in the full resolution of WisdomTree&#146;s contractual gold payments obligation to ETFS Capital Limited, which was announced by the Company earlier on
May&nbsp;10, 2023. A copy of the transcript of the conference call is set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g474444dsp3.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman"><B>WisdomTree, Inc. NYSE:WT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman"><B>Special Call </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Wednesday, May&nbsp;10, 2023 11:00 PM GMT
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>1</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contents </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman"><B><A NAME="toc"></A>Table of Contents </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx474444_1">Call Participants</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx474444_2">Presentation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx474444_3">Question and Answer</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>2</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WISDOMTREE, INC. SPECIAL CALL | MAY 10, 2023 </B></P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman"><B><A NAME="tx474444_1"></A>Call Participants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTIVES </B></P> <P STYLE="margin-top:42pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Joseph Edmiston </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial Officer </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jessica Zaloom </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Head of Corporate </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Communications&nbsp;&amp; Public
Relations </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANALYSTS </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brennan Hawken </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>UBS Investment Bank, Research Division
</I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael J. Cyprys </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Morgan Stanley, Research
Division </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>3</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WISDOMTREE, INC. SPECIAL CALL | MAY 10, 2023 </B></P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman"><B><A NAME="tx474444_2"></A>Presentation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greetings, and welcome to the WisdomTree
Business Update Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jessica Zaloom, Head of Corporate Communications. Thank you. Ms.&nbsp;Zaloom, you may begin. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jessica Zaloom </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Head of Corporate
Communications&nbsp;&amp; Public Relations </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. This presentation may contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. A number of factors could cause actual results to differ materially from the results discussed in forward-looking statements, including, but not limited to, the risks set forth in this presentation and in
the Risk Factors section of WisdomTree&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022, as amended. WisdomTree assumes no duty and does not undertake to update any forward-looking
statements. Now it is my pleasure to turn the call over to WisdomTree&#146;s CEO, Jonathan Steinberg. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you, Jess. And I
want to thank everyone who joined this call on such short notice, so we truly appreciate it. I think that the press release and the numbers speak for themselves, but I&#146;m still going to ask Bryan to walk you through the transaction. So Bryan,
why don&#146;t you walk us through the numbers, please? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Joseph Edmiston </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial Officer </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thanks, Jon. I&#146;m going to
start with a quick reminder that the contractual gold payments were an obligation that we inherited in connection with the acquisition of our European business from ETFS. The obligation had previously required us to pay 9,500 ounces of gold per year
through 2058, which would then reduce to approximately 6,300 ounces of gold per year continuing into perpetuity. The subsidiary of the World Gold Council ultimately received 2/3 of the gold payments, while an entity controlled by Graham Tuckwell,
who&#146;s also Chairman of ETFS, received the remaining 1/3. The expense associated with the gold payments were about $17&nbsp;million in 2022 and approximately $4.5&nbsp;million during the first quarter of 2023. We carried this obligation on our
balance sheet at $180&nbsp;million at March 31. Today, we fully resolved the obligation for approximately $137&nbsp;million. Under the terms of the transaction, a subsidiary of the World Gold Council received about $4.4&nbsp;million in cash and
nonvoting preferred shares convertible into about 13.1 million shares of our common stock. The entity controlled by Graham Tuckwell received about $45.6&nbsp;million in cash. The transaction generates roughly 15% EPS accretion versus the current
2023 consensus EPS estimates, $13&nbsp;million of net income improvement and expands our operating margins by 530 basis points. We are, in effect, reducing our operating expenses by about $18&nbsp;million per year by eliminating a payment obligation
that was perpetual in nature. Settling this obligation, which has been confusing to analysts and investors cleans up our balance sheet, rises of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT>
P&amp;L volatility and is a positive development for strategic optionality and our multiple. Now let&#146;s turn to the next slide where we&#146;ve provided an illustrative comparison of our annualized Q1 results to annualize Q1 results adjusted for
the buyout. Again, this &#151; this is an illustrative example of the moving parts to the P&amp;L before and after today&#146;s transaction, which should assist our investors and analysts with updates to their models. A couple of things. The
contractual gold payment expense is reduced to 0. We&#146;re forecasting about a $2&nbsp;million reduction in net interest income versus annualized Q1 levels as the $50&nbsp;million cash payment was partially funded from our investment portfolio. We
issued preferred stock that&#146;s convertible into about 13.1&nbsp;million new shares of common stock as part of the transaction. So those are being added to our diluted shares outstanding. We&#146;re also increasing our diluted shares by
approximately 1.5&nbsp;million under the premise that this accretive transaction will impact the number of shares we ultimately issue in connection with our convertible notes that mature in June. As illustrated, the pro forma scenario showed 17%
accretion versus </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:42pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>4</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WISDOMTREE, INC. SPECIAL CALL | MAY 10, 2023 </B></P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">annualized Q1 levels. However, compared to current Street models, we&#146;re estimating about 15% accretion
versus 2023 estimates. Keep in mind, this slide is for illustrative purposes only and uses an annualized version of our recently reported Q1 results. So when you recently updated guidance around compensation and interest expense as discussed during
our Q1 earnings call is not included in the illustration. With that, let me open it up to questions. </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>5</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WISDOMTREE, INC. SPECIAL CALL | MAY 10, 2023 </B></P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman"><B><A NAME="tx474444_3"></A>Question and Answer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. We will now be conducting a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">question-and-answer</FONT></FONT> session. [Operator Instructions] And our first question is from Brennan Hawken with UBS. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brennan Hawken </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>UBS Investment Bank, Research Division
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You touched on this a bit in the prepared remarks saying that it was partially, $50&nbsp;million cash was partially funded from the investment
portfolio. But where is the $50&nbsp;million being sourced from? And how should we be thinking about that as far as the balance sheet goes. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan
Laurence Steinberg </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bryan? </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Joseph Edmiston </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial Officer </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes, I got it. So I mean, the
$50&nbsp;million was sourced from just cash we had on hand, a combination of cash and securities that we had on hand. It doesn&#146;t change our balance sheet profile at all, no incremental debt being added to the balance sheet. The deferred
obligation is coming off the balance sheet. So it cleans that up, but it was purely a use of cash on hand, including from our investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And
that&#146;s &#151; sorry, and that&#146;s just &#151; that&#146;s one of the reasons why in the illustration, we&#146;re suggesting that we take our interest income down a little bit versus where we were in Q1. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brennan Hawken </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>UBS Investment Bank, Research Division
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. Perfectly sensible. Thanks for that. Actually, kind of curious, this is, of course, tied to the acquisition of ETF Securities, and there is
currently a proxy indication out there from that same entity. So there&#146;s been a bit of back and forth, but just curious what your updated views are on that proxy proposal and whether or not this development plays in at all to any of those
dynamics in how we should think about the potential for Board composition or any other strategic implications? </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So this is Jon.
I&#146;ll take that question. No, from &#151; I would consider these very separate. So this was dealing solely with the gold royalty obligation. We&#146;ve resolved it, and we&#146;ll see how the proxy situation plays out, but you can&#146;t tie
them to. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brennan Hawken </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>UBS Investment Bank,
Research Division </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Okay. Fine. Fair enough. One then <FONT STYLE="white-space:nowrap">follow-up</FONT> question, Jon, I believe you guys have been on
the record saying that your &#151; you don&#146;t necessarily believe that the board members that are proposed would enhance the Board. Could you give maybe a little bit more specificity and color around what drives that decision just so we can help
understand your perspective a bit better? </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">What I would say is
WisdomTree is a highly functioning organization. We do more on less people than any other asset manager, I think, in the world. We have a tremendous culture and there&#146;s trust at every level of the organization. I think that we have the skills.
We have in our DNA, the asset management skills that obviously, we couldn&#146;t raise $6&nbsp;billion in the quarter if we didn&#146;t have asset management shops. You could see by some of the </P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>6</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WISDOMTREE, INC. SPECIAL CALL | MAY 10, 2023 </B></P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
recent additions to the Board where we took our most recent director, Daniela, came with a background from payments from Visa and PayPal. On this year&#146;s slate, we&#146;ve added 1 new
director candidate, [ Shamla ], who&#146;s got a background in information security coming as the Chief Information and Trust Officer at IBM, Her background in cyber and digital transformation is on par with anyone in the world. I think that
we&#146;re trying to strategically build out diversification of backgrounds to work with our core historical strength in asset management. And we did keep from the &#151; from last year&#146;s cooperation agreement, Lynn Blake was one of last
year&#146;s &#151; the candidates from the proxy contest that we agreed to take on and we kept her. You&#146;ll know that the Board unanimously supported, including Debbie Fuhr, unanimously supported the Board and the strategy. So I think we&#146;re
operating at an incredibly high efficiency level and we&#146;re just of the mind that the activist group is not constructive, not as constructive as what we bring to the table. But obviously, the shareholders will vote their opinion come June. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Operator Instructions] Our next question comes
from Michael Cyprys with Morgan Stanley. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael J. Cyprys </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Morgan Stanley, Research Division </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Just digging in around
the timing. Just curious why now for resolving this. And congratulations for getting this done. This has been going on for years, having this out there. What&#146;s led you to sort of resolve this now? What challenges have you had to overcome? And
how are you able to sort of bridge the divide there? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Great question, Mike. So
the truth is we took the proxy contest and made it very constructive. So when it became apparent last year that there was going to be a proxy challenge or there was difficulty between us and Graham Tuckwell, &#151; we, management, reached out to the
World Gold Council. And for the last 6 or 8 months have been nurturing that relationship. And what we wanted to say to them basically was we&#146;d like to really more formally establish connectivity with you and not go through Graham Tuckwell, <FONT
STYLE="white-space:nowrap">--and</FONT> I said, really, we want to apologize in advance of a proxy fight. We&#146;re going to bring attention to this agreement because this agreement highlights the conflicts that Graham Tuckwell brings to the Board
or to the organization. What the proxy contest gave us was, for the first time ever, leverage over the World Gold Council, and we were able to bring them to a very constructive multiple. I think if you were to
<FONT STYLE="white-space:nowrap">--if</FONT> they were to &#151; I think it&#146;s well below anything that they had historically thought they would get with selling this back to us. And so we were able to get them to a constructive multiple. And
because we were in the middle of a proxy contest, I think we sort of boxed Graham Tuckwell in, and he just had to accept it. But in his wildest dreams, I don&#146;t think he ever thought he&#146;d be selling to us this royalty at a single-digit
multiple. So I think it&#146;s a tremendous crew for the company and very, very constructive. And so that&#146;s why, Mike, why now? We used something that was difficult to proxy to a great advantage. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael J. Cyprys </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Morgan Stanley, Research Division
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And your point on the valuation, that&#146;s just because it was on the balance sheet for $180&nbsp;million, but you sold it for less than the
liability was valued on your balance sheet at $137 in terms of the settlement. Is that what you&#146;re getting out there? </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes.
That&#146;s right. And &#151; accretive deal. I mean, not easy to do. If you think about &#151; we bought ETF securities, let&#146;s say, we bought 85% of it when we announced the transaction in 2018. And then we announced at the time that it was a
40% accretion. What we&#146;ve done now is we cleaned up the stub piece, the remaining 15% &#151; at a 15% accretion level, so very constructive. But this cleaned up something, it was a very unusual relationship that we inherited, and we inherited
with our eyes wide open, but it was really structured in a very <FONT STYLE="white-space:nowrap">one-sided</FONT> way. It was very inflexible from WisdomTree&#146;s </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>7</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WISDOMTREE, INC. SPECIAL CALL | MAY 10, 2023 </B></P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
perspective. And so with this transaction, we&#146;ve cleaned up the balance sheet, you won&#146;t see the volatility in our GAAP earnings. It was accretive, expands our margin. And for the
analysts on the phone who in your thesis since that WisdomTree, if we&#146;re not successful, will be acquired. I would say that the way this agreement was structured, it had a dampening effect. There was a liability on our books for roughly
$130&nbsp;million that went out in perpetuity. And that&#146;s just a chilling uncomfortable fact &#151; now the truth is it was backed solely by the funds, but still, it was unpleasant. So cleaning this up, I think, is immensely constructive. And
from everywhere, I mean, what we&#146;re hoping from this call that the analysts will take up their estimates because of the strength of Q1, that you&#146;ll take up the estimates because of the 15% accretion today. And quite frankly, that you put a
higher multiple on the stock because of how we cleanse the business. And for those of you that think that WisdomTree makes an attractive takeout, we have an active proxy fight, and this liability was an impediment. So I think in every sense of the
word, there&#146;s no negative to what we just announced. It&#146;s pure positive for the shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Michael J. Cyprys </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Morgan Stanley, Research Division </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And just a cleanup
question, if I could. So the $50&nbsp;million cash payment there. Maybe, Bryan, you could talk a little bit about the movements on the balance sheet. I think you had $119&nbsp;million of cash, $130&nbsp;million investment portfolio. Maybe you can
remind us what was in the investment portfolio and then how much of the cash and investment balance is earmarked for debt payment this year? How to think about how much is excess now with $50&nbsp;million coming down here? </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bryan Joseph Edmiston </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Chief Financial Officer
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yes. So the investment portfolio is principally agency-type positions, U.S. treasuries, USFR, that kind of stuff, low risk, fixed income instruments.
We have $60&nbsp;million &#151; so we&#146;re down $50&nbsp;million in cash versus where we were at the end of the quarter. And we have another $60&nbsp;million in connection with the maturing notes in June, $60&nbsp;million maturing this June. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp;
Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">So all in &#151; reduction of cash of about $110&nbsp;million. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are no further questions at this time. I
would like to turn the floor back over to CEO, Jonathan Steinberg for closing comments. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Jonathan Laurence Steinberg </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Founder, CEO&nbsp;&amp; Director </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you. So I would
like to reiterate, though, we reported first quarter earnings a couple of weeks ago. We reported $6.3&nbsp;billion of net inflows, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> organic growth,
expanding margins. Today, we enhanced our margins by another 530 basis points Today, we&#146;ve added more to the earnings, organic growth of the organization by taking in this liability on such constructive terms. So I&#146;m hoping that you, the
analysts will come back with up in your estimates and upping your multiple, WisdomTree has never been stronger and never has been in a more positive position relative to our competitors. So I think this call &#151; there&#146;s nothing negative in
today&#146;s announcement. It&#146;s pure upside. And I don&#146;t think anyone in the Street expected it to happen. So hopefully, you guys get behind us. So thank you for your attention, and thank you for joining us on such short notice, everybody.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operator </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This concludes today&#146;s
teleconference. You may disconnect your lines at this time. Thank you for your participation. </P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:42pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>8</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WISDOMTREE, INC. SPECIAL CALL | MAY 10, 2023 </B></P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copyright &copy; 2023 by S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights
reserved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These materials have been prepared solely for information purposes based upon information generally available to the public and from sources
believed to be reliable. No content (including index data, ratings, credit-related analyses and data, research, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced
or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&amp;P Global Market Intelligence or its affiliates (collectively, S&amp;P Global). The Content shall not be used for any
unlawful or unauthorized purposes. S&amp;P Global and any third-party providers, (collectively S&amp;P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&amp;P Global Parties are not responsible
for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. THE CONTENT IS PROVIDED ON &#147;AS IS&#148; BASIS. S&amp;P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT
NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT&#146;S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE
OR HARDWARE CONFIGURATION. In no event shall S&amp;P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including,
without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. S&amp;P Global Market Intelligence&#146;s opinions,
quotes and credit-related and other analyses are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address
the suitability of any security. S&amp;P Global Market Intelligence may provide index data. Direct investment in an index is not possible. Exposure to an asset class represented by an index is available through investable instruments based on that
index. S&amp;P Global Market Intelligence assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its
management, employees, advisors and/or clients when making investment and other business decisions. S&amp;P Global Market Intelligence does not act as a fiduciary or an investment advisor except where registered as such. S&amp;P Global keeps certain
activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain divisions of S&amp;P Global may have information that is not available to other S&amp;P
Global divisions. S&amp;P Global has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&amp;P Global may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&amp;P
Global reserves the right to disseminate its opinions and analyses. S&amp;P Global&#146;s public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and
www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&amp;P Global publications and third-party redistributors. Additional information about our ratings fees is available at
www.standardandpoors.com/usratingsfees. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:75%; vertical-align:top">&copy;</SUP> 2023 S&amp;P Global Market Intelligence. </P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:42pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">

<TR>

<TD WIDTH="98%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt">COPYRIGHT &copy; 2023 S&amp;P Global Market Intelligence, a division of S&amp;P Global Inc. All rights reserved.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B>9</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>spglobal.com/marketintelligence</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g474444dsp3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g474444dsp3.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MO_H8: #_ (07_@J3_P!%;^ '_@V;_P"AAH /^$%_X*D_]%;^ '_@V;_Z&&@
M_P"$%_X*D_\ 16_@!_X-F_\ H8: #_A!?^"I/_16_@!_X-F_^AAH /\ A!?^
M"I/_ $5OX ?^#9O_ *&&@ _X07_@J3_T5OX ?^#9O_H8: #_ (07_@J3_P!%
M;^ '_@V;_P"AAH /^$%_X*D_]%;^ '_@V;_Z&&@"[IO@?_@IW'J-@^I_%?X"
MRZ:E[:MJ,5OJI:>2Q6>,W<<*_P##-$.9FMQ(%'G1<D?.GW@;?(-OD?I'0 4
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M<JF6YK4RFK#$U*3I/!UIK"8R6)P$8J'LZ/-2J0<>957/DG3IZ;^R]K>C:/\
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##__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
