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					                                                                                         Company Report
                                                                                         May 22, 2013




  WisdomTree Investments Inc.                                                            Buy
  Strong Growth Continues; Raising Estimates & Target                                    WETF
                                                                                         Price: Close $13.80
  Our Call
  Despite the strong performance of the stock in '13, we continue to view WETF as        Price Target $16.00
  an attractive new money idea and raise our 12-month target to $16. We believe the
  growth outlook remains bright even absent a continuation of out-sized DXJ inflows
                                                                                         Asset Management
  and anticipate a continued strong correlation between AUM and the stock price.
  ■ Flow Momentum From 1Q13 Has Continued Through April And May.                         Jason Weyeneth, CFA
                                                                                         (212) 763-8293
    Following record net inflows of $5.9b in 1Q13, WETF has garnered 2Q13 net
                                                                                         jweyeneth@sterneagee.com
    inflows of $4.3b through May 16. Organic growth continues to be driven by
    Japan (DXJ) which represents $3.4b of the 2Q13 quarter-to-date figure. While         Alex Levine
    overshadowed by the wild success of the DXJ, so far in 2Q13 WETF has                 (212) 338-4748
                                                                                         alevine@sterneagee.com
    generated nearly $950m of net inflows into other funds following 1Q13 ex-DXJ
    inflows of just under $1.9b, a ~40% organic growth rate.
                                                                                         Company Data
  ■ Total AUM Now Approaching $32B. WETF's AUM as of 5/20 was $31.7b,                    Rating                                      Buy
    up 25% quarter to date driven by the impressive organic growth and continued         Price: Close                              $13.80
                                                                                         Price Target                              $16.00
    market strength. If AUM remains at current levels the remainder of the quarter,      52-Week Range                     $5.71 - $13.85
    we estimate average AUM in 2Q13 of $28.5b, up over 30% sequentially, driving         Market Capitalization (M)              $1,727.4
    strong revenue growth and margin expansion.                                          Shares Outstanding (M)                     127.7
                                                                                         Avg. Daily Vol. (000)                      919.0
  ■ Despite the Rally, Still Attractive For New Money. Even with the stock up            Dividend                                   $0.00
                                                                                         Dividend Yield                             0.0%
    ~120% YTD, we continue to view WETF as an attractive new money idea.                 Assets (M)                                 $63.4
    Upside to the stock should be driven by both growth in the core franchise and
    continued strength of the DXJ. Importantly, we haven't modeled out-sized DXJ
    flows continuing beyond 2Q13 so if current trends continue, the company will
    exceed our modeled expectations. The biggest risk we see is a reversal of Japan
    trends rather than just a slowdown (although to the extent WETF has become a
    vehicle to play Japan, a slowdown could become a headwind for the stock).

  ■ Raising Price Target to $16. We are raising our price target from $14.50
    to $16. Our target is derived from a 5.0% market cap to AUM ratio based
    on our forward four-quarter AUM estimate. The 5.0% target which is down
    from 5.5% compares to a 5.7% year-to-date average and current 6.0%. The
    reduction reflects a combination of increasing AUM concentration risk and a
    more challenging growth outlook given the rapid growth YTD. We note the
    correlation between the stock and AUM has been 94% since the end of 2008.

  ■ Raising Estimates. We are raising our '13/'14 estimates to $0.41/$0.41 from
    $0.35/$0.34 driven by the recent strength in AUM growth. We remind investors
    that the lack of EPS growth in '14 reflects the anticipated removal of WETF's
    tax valuation allowance (although it likely won't pay cash taxes until '15) and we
    have modeled pretax earnings growth of ~75%.
                                                                                         Price Performance
  FYE Dec                     2012A       2013E      2013E       2014E      2014E            16

                              (Curr)      (Prev)     (Curr)      (Prev)     (Curr)           14

  EPS ($)                                                                                    12

  Q1 (Mar)                      0.01                  0.06A       0.07        0.09           10

  Q2 (Jun)                      0.00       0.08        0.09       0.08        0.09            8

  Q3 (Sept)                     0.04       0.11        0.12       0.09        0.11            6

  Q4 (Dec)                      0.04       0.11        0.13       0.09        0.11            4
                                                                                             May-12  Aug-12    Nov-12    Feb-13    May-13
  FY EPS                        0.08       0.35        0.41       0.34        0.41               WisdomTree Investments Inc.
  P/E                          172.5x                 33.7x                  33.7x               Dow Jones U.S. Asset Managers I (DJUSAM)

                                                                                         Source: FactSet

   Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
                    800 Shades Creek ParkwaySuite 700Birmingham, AL 35209205-949-3500
                                  Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
                                                                                                                                                                                                                                                                                           May 22, 2013


Forward Flow Estimates Don't Embed Expectations of Continued Outsized DXJ Inflows
                     6,000
                     5,000



   $ in millions
                     4,000
                     3,000
                     2,000
                     1,000
                                  0
                    (1,000)




                                                                                                                                                                  2Q13E




                                                                                                                                                                                                           4Q13E




                                                                                                                                                                                                                                                   2Q14E




                                                                                                                                                                                                                                                                                           4Q14E
                                                                                                                                                                                     3Q13E




                                                                                                                                                                                                                             1Q14E




                                                                                                                                                                                                                                                                        3Q14E
                                                                           2Q12




                                                                                                                       4Q12
                                                   1Q12




                                                                                              3Q12




                                                                                                                                         1Q13
                                                                                                Total Estimated                                              DXJ                    Total Ex-DXJ
Source: Company reports, SALI estimates.


WETF Stock Performance vs. Assets Under Management
               16.00
                                                                                                                                                                                                                                                                                    30,000
               14.00                                                                                                                                                                                                                                                                27,500
                                                                                                                                                             Correlation since 12/31/08 = 94%
                                                                                                                                                                                                                                                                                    25,000




                                                                                                                                                                                                                                                                                                       AUM ($ in millions)
               12.00
                                                                                                                                                                                                                                                                                    22,500
 Stock Price




               10.00                                                                                                                                                                                                                                                                20,000
                                                                                                                                                                                                                                                                                    17,500
                   8.00                                                                                                                                                                                                                                                             15,000
                   6.00                                                                                                                                                                                                                                                             12,500
                                                                                                                                                                                                                                                                                    10,000
                   4.00                                                                                                                                                                                                                                                             7,500
                   2.00                                                                                                                                                                                                                                                             5,000
                                                                                                                                                                                                                                                                                    2,500
                   0.00                                                                                                                                                                                                                                                             0
                                                                        Sep-09




                                                                                                                               Sep-10




                                                                                                                                                                                     Sep-11




                                                                                                                                                                                                                                         Sep-12
                                                      Jun-09




                                                                                                                  Jun-10




                                                                                                                                                                          Jun-11




                                                                                                                                                                                                                            Jun-12
                              Dec-08

                                          Mar-09




                                                                                     Dec-09

                                                                                                Mar-10




                                                                                                                                           Dec-10

                                                                                                                                                         Mar-11




                                                                                                                                                                                                  Dec-11

                                                                                                                                                                                                                Mar-12




                                                                                                                                                                                                                                                           Dec-12

                                                                                                                                                                                                                                                                       Mar-13
                                                                                                                           Stock Price                                        Assets Under Management

Source: Factset, Company reports, SALI estimates.



WETF Market Cap to Assets Under Management
 12.0%

 10.0%

    8.0%

    6.0%

    4.0%

    2.0%

    0.0%
                                                                                                                                                                           Apr-11
                                          Apr-09




                                                                                                         Apr-10




                                                                                                                                                                                                                                     Apr-12




                                                                                                                                                                                                                                                                                                   Apr-13
                                 Feb-09




                                                                                                                                                                                                                            Feb-12
                                                                                              Feb-10




                                                                                                                                                              Feb-11




                                                                                                                                                                                                                                                                                         Feb-13
                                                   Jun-09




                                                                                                                      Jun-10




                                                                                                                                                                                    Jun-11




                                                                                                                                                                                                                                                  Jun-12
                     Dec-08




                                                                                     Dec-09




                                                                                                                                                                                                                                                                                Dec-12
                                                                                                                                                    Dec-10




                                                                                                                                                                                                                   Dec-11
                                                                            Oct-09




                                                                                                                                         Oct-10




                                                                                                                                                                                                       Oct-11




                                                                                                                                                                                                                                                                       Oct-12
                                                                                                                                Aug-10




                                                                                                                                                                                              Aug-11
                                                               Aug-09




                                                                                                                                                                                                                                                              Aug-12




Source: Company reports, SALI Estimates, FactSet.




                                                                                                                                                                                                                                                                                                                        Page 2
                                                                                                                                                                         May 22, 2013

Wisdom Tree Annual Earnings Model
$ Millions Except Per Share Data                                                                                           2008      2009       2010       2011       2012     2013E      2014E
                                                                                                                            v s.      v s.       v s.       v s.       v s.       v s.       v s.
Fiscal Year Ends December 31              2007       2008       2009      2010      2011     2012     2013E     2014E      2007      2008       2009       2010       2011       2012     2013E

OVERVIEW

Total Rev enues                        18.230     23.611     22.095     41.612    65.160   84.798   161.518   231.020       30%       -6%       88%        57%        30%        90%        43%
GAAP Income                            (25.131)   (27.045)   (21.228)   (7.549)    3.242   11.030    56.925    57.524        8%      -22%       -64%     -143%       240%       416%          1%
Cash Income                            (14.048)   (17.162)   (10.659)    1.520     8.328   18.774    64.121   113.192       22%      -38%      -114%      448%       125%       242%        77%
EBITDA                                 (25.053)   (26.708)   (20.868)   (7.235)    3.509   11.337    57.265   104.965        7%      -22%       -65%     -149%       223%       405%        83%


EPS - GAAP                             ($0.26)    ($0.27)    ($0.21)    ($0.07)   $0.02    $0.08     $0.41     $0.41        NM        NM         NM         NM       233%       410%         0%
EPS - Cash                             ($0.15)    ($0.17)    ($0.10)    $0.01     $0.06    $0.14     $0.46     $0.80        NM        NM         NM       454%       121%       238%        75%
Consensus (GAAP)                                                                                     $0.37     $0.50

Shares & Buyback Activity
Shares Outstanding                        95.5      100.2      103.4     112.0     114.5    122.1     126.2     128.2        5%        3%         8%         2%         7%         3%         2%
Diluted Shares Outstanding                                     135.9     136.9     135.3    138.2     139.7     140.7                             1%        -1%         2%         1%         1%

AUM & Net Flows ($ billions)
Ending AUM                              4,656      3,643      6,668     10,642    12,182   18,286    38,625    51,090      -22%      83%        60%        14%        50%       111%        32%
Av erage AUM                            1,556      4,535      4,540      8,028    11,845   15,564    30,577    44,713     192%         0%       77%        48%        31%        96%        46%

Net Flow s                              2,951        907      1,773      3,135     3,898    4,732    16,054     9,202      -69%      95%        77%        24%        21%       239%        -43%
Net Flow s to Beg. AUM - annualized    193.7%      19.9%      55.7%      52.4%     39.4%    38.8%     87.8%     23.8%       NM 3585 bps      -332 bps -1302 bps    -57 bps 4895 bps -6397 bps

Margins
Pre-tax Operating Margin - GAAP        -137.9%    -114.5%     -96.1%    -18.1%      5.0%    13.0%     35.2%     45.3%   2331 bps 1847 bps 7793 bps 2312 bps        803 bps 2224 bps 1003 bps
Pre-tax Operating Margin - Cash         -77.1%     -72.7%     -48.2%      3.7%     12.8%    22.1%     39.7%     49.0%   437 bps 2444 bps 5189 bps       913 bps    936 bps 1756 bps      930 bps
Gross Margin                            39.2%      37.1%      39.0%      60.2%     60.8%    66.4%     75.5%     80.8%   -209 bps   189 bps 2114 bps      66 bps    559 bps    906 bps    535 bps
Adv isory Fees / Av g. AUM              0.50%      0.52%      0.52%      0.55%     0.55%    0.54%     0.53%     0.52%    1.8 bps   0.2 bps    3.3 bps   -0.3 bps   -1.0 bps   -1.1 bps   -0.6 bps

INCOME STATEMENT

Adv isory Fees                                    21.643     20.812     40.567    64.366   84.024   160.766   230.268                 -4%       95%        59%        31%        91%        43%
Other Income                                       1.968      1.283      1.045     0.794    0.774     0.752     0.752                -35%       -19%       -24%        -3%        -3%         0%
Total Revenues                           18.23    23.611     22.095     41.612    65.160   84.798   161.518   231.020       30%       -6%       88%        57%        30%        90%        43%

Compensation & Benefits                 23.264    20.338     18.943     19.193    19.634   23.233    39.818    52.458      -13%       -7%         1%         2%       18%        71%        32%
  Cash Comp & Benefits                  12.259    10.792      8.734     10.438    14.815   15.796    32.962    44.231      -12%      -19%       20%        42%          7%      109%        34%
Fund Ex penses                          11.082    15.167     13.387     14.286    19.882   23.020    39.102    43.733       37%      -12%         7%       39%        16%        70%        12%
Marketing & Adv ertising                 8.045     5.875      2.762      3.721     4.475    5.363    10.050    11.557                -53%       35%        20%        20%        87%        15%
Sales & Business Dev elopment                      3.247      2.495      2.730     3.603    3.586     6.953     8.763                -23%         9%       32%          0%       94%        26%
Professional and Consulting Fees         1.755     1.871      1.780      3.779     5.036    4.603     2.593     3.005        7%       -5%      112%        33%         -9%       -44%       16%
Occupancy , Communication, Equipment      1.01     1.564      1.087      1.118     1.127    1.419     1.565     1.728       55%      -30%         3%         1%       26%        10%        10%
Depreciation & Amortization              0.078     0.337      0.360      0.314     0.267    0.307     0.341     0.376                  7%       -13%       -15%       15%        11%        10%
Other                                              2.577      2.420      1.724     2.243    3.329     3.643     4.221                 -6%       -29%       30%        48%          9%       16%
ETF shareholder prox y                                                                      3.264
Litigation                                                                                  0.176
Third Party Sharing Arrangements                   (0.320)    0.089      2.296     5.651    5.468     0.528     0.590               -128%     2480%       146%         -3%       -90%       12%
Total Expenses                          43.361    50.656     43.323     49.161    61.918   73.768   104.593   126.431       17%      -14%       13%        26%        19%        42%        21%
Discretionary Ex penses                           35.809     29.847     32.579    35.656   41.181    64.270    81.732                             9%         9%       15%        56%        27%

Pre-Tax Income                         (25.131)   (27.045)   (21.228)   (7.549)    3.242   11.030    56.925   104.589        8%      -22%       -64%     -143%       240%       416%        84%
Tax es                                  0.000      0.000      0.000      0.000     0.000    0.000     0.000    47.065
Tax Rate                                  0.0%       0.0%       0.0%      0.0%      0.0%     0.0%      0.0%     45.0%
Net Income (loss)                      -25.131    (27.045)   (21.228)   (7.549)    3.242   11.030    56.925    57.524        8%      -22%       -64%     -143%       240%       416%          1%

Stock Based Compensation                11.005     9.546     10.209      8.755     4.819    7.437     6.856     8.227      -13%        7%       -14%       -45%       54%         -8%       20%
Cash v s. GAAP Tax es                              0.000      0.000      0.000     0.000    0.000     0.000    47.065
Depreciation & Amortization              0.078     0.337      0.360      0.314     0.267    0.307     0.341     0.376     332%         7%       -13%       -15%       15%        11%        10%
Cash Income (loss)                     (14.048)   (17.162)   (10.659)    1.520     8.328   18.774    64.121   113.192       22%      -38%      -114%      448%       125%       242%        77%

Source: Company reports, SALI estimates.




                                                                                                                                                                                   Page 3
                                                                                                                                                                  May 22, 2013

Wisdom Tree Annual Earnings Model
$ Millions Except Per Share Data                                                                                   2008       2009       2010       2011       2012      2013E      2014E
                                                                                                                    v s.       v s.       v s.       v s.       v s.       v s.       v s.
Fiscal Year Ends December 31             2007     2008     2009    2010     2011      2012    2013E    2014E       2007       2008       2009       2010       2011       2012      2013E

ASSETS UNDER MANAGEMENT

Total ETF AUM                           4,075   3,180     5,979   9,891   12,182    18,286   38,625   51,090       -22%        88%        65%        23%        50%      111%         32%

International Dev eloped Markets ETFs    61%      50%      38%     27%      20%       18%      40%      46%    -1115 bps -1219 bps -1021 bps     -699 bps   -203 bps 2126 bps     619 bps
International Emerging Markets ETFs       N/A     10%      19%     29%      31%       37%      29%      25%                899 bps    940 bps    284 bps    522 bps    -748 bps   -371 bps
International Sector ETFs                 9%      11%       7%      4%       2%                                 160 bps    -403 bps   -293 bps   -161 bps
US ETFs                                  30%      24%      28%     22%      21%       27%      19%      17%     -647 bps   452 bps    -619 bps    -49 bps   598 bps    -840 bps   -184 bps
Currency ETFs                             0%       6%       9%     19%      13%        5%       2%       2%     591 bps    272 bps    993 bps    -599 bps   -754 bps   -284 bps    -42 bps
Fix ed Income ETF's                       N/A      N/A      N/A     N/A     11%       11%      10%       9%         N/A        N/A        N/A        NM      53 bps    -175 bps    -18 bps
Alternativ e ETF's                        N/A      N/A      N/A     N/A      1%        1%       0%       0%         N/A        N/A        N/A        NM      -13 bps    -80 bps     -5 bps
Total                                   100%     100%     100%    100%     100%      100%     100%     100%

Rollforwards
Total ETFs
Beginning AUM                           1,523   4,559     3,180   5,979    9,891    12,182   18,286   38,625      199%        -30%        88%        65%        23%        50%      111%
Net Flow s                              2,951     907     1,773   3,135    3,898     4,732   16,054    9,202       -69%        95%        77%        24%        21%      239%        -43%
Market Appreciation                       85    (2,286)   1,026    778    (1,607)    1,372    4,284    3,263     -2791%      -145%       -24%      -307%      -185%      212%        -24%
Ending AUM                              4,559   3,180     5,979   9,891   12,182    18,286   38,625   51,090       -30%        88%        65%        23%        50%      111%         32%

Av erage AUM                            1,540   4,288     3,964   7,308   11,751    15,564   30,577   44,713      178%         -8%        84%        61%        32%        96%        46%
Organic Grow th                         194%      20%      56%     52%      39%       39%      88%      24%         NM 3585 bps       -332 bps -1302 bps     -57 bps 4895 bps -6397 bps
Market Performance                       5.6%   -50.1%    32.3%   13.0%   -16.2%     11.3%    23.4%     8.4%

Source: Company reports, SALI estimates.




                                                                                                                                                                            Page 4
                                                                                                                                                                                                                                                   May 22, 2013
Wisdom Tree Quarterly Earnings Model
                           \      \                       \            \             \
$ Millions Except Per Share Data                                                                                                                                    1Q12        2Q12        3Q12       4Q12       1Q13      2Q13E     3Q13E      4Q13E
                                       Mar-12   Jun-12        Sep-12       Dec-12        Mar-13   Jun-13   Sep-13   Dec-13   Mar-14   Jun-14   Sep-14   Dec-14        v s.        v s.        v s.       v s.       v s.       v s.      v s.       v s.
Fiscal Year Ends December 31            1Q12     2Q12          3Q12         4Q12          1Q13    2Q13E    3Q13E    4Q13E    1Q14E    2Q14E    3Q14E    4Q14E       1Q11        2Q11        3Q11       4Q11       1Q12       2Q12       3Q12      4Q12

OVERVIEW

Total Rev enues                        19.170   20.393        21.661       23.574        29.341   38.889   44.880   48.408   51.875   55.717   59.643   63.785       32%         22%         22%        46%        53%        91%      107%       105%
GAAP Income                             1.112    0.129         4.533        5.253         7.854   12.969   17.348   18.754   12.238   13.333   15.331   16.623      617%        -81%        234%       491%       606%      9953%      283%       257%
Cash Income                             3.298    2.122         6.482        6.869         9.650   14.767   19.148   20.556   24.398   26.391   30.026   32.377       41%         36%        179%       251%       193%       596%      195%       199%
EBITDA                                  1.183    0.204         4.612        5.335         7.936   13.053   17.434   18.842   22.341   24.334   27.969   30.321      438%        -73%        223%       458%       571%      6298%      278%       253%


EPS - GAAP                             $0.01    $0.00         $0.04        $0.04         $0.06    $0.09    $0.12    $0.13    $0.09    $0.09    $0.11    $0.12      583%         -82%       209%        446%      571%      8677%       238%      218%
EPS - Cash                             $0.02    $0.02         $0.05        $0.05         $0.07    $0.11    $0.14    $0.15    $0.17    $0.19    $0.21    $0.23       38%         33%        174%        244%      188%       590%       193%      197%
Consensus (GAAP)                                                           $0.04         $0.06    $0.09    $0.11    $0.12    $0.12    $0.11    $0.11    $0.12

Shares & Buyback Activity
Shares Outstanding                      119.2    121.9         123.2        124.2         125.4    125.9    126.4    126.9    127.4    127.9    128.4    128.9        5%          5%          8%         8%         5%         3%         3%        2%
Diluted Shares Outstanding              137.4    138.5         138.5        138.4         139.7    139.7    139.7    139.7    140.7    140.7    140.7    140.7        2%          3%          2%         2%         2%         1%         1%        1%

AUM & Net Flows ($ billions)
Ending AUM                             15,691   15,004        16,783       18,286        25,103   32,631   35,581   38,625   41,635   44,607   47,755   51,090       39%         16%         50%        50%        60%       117%      112%       111%
Av erage AUM                           14,265   15,116        15,806       17,068        21,934   29,168   34,105   37,102   40,129   43,121   46,181   49,422       34%         25%         23%        44%        54%        93%      116%       117%

Net Flow s                              2,299     338          1,036        1,059         5,893    5,458    2,333    2,370    2,280    2,185    2,305    2,432       82%        -80%        479%        40%       156%      1515%      125%       124%
Net Flow s to Beg. AUM - annualized     75.5%     8.6%         27.6%        25.2%        128.9%    87.0%    28.6%    26.6%    23.6%    21.0%    20.7%    20.4%   2437 bps -5161 bps      2208 bps    -180 bps 5342 bps 7835 bps       98 bps    141 bps

Margins
Pre-tax Operating Margin - GAAP          5.8%     0.6%         20.9%        22.3%         26.8%    33.3%    38.7%    38.7%    42.9%    43.5%    46.7%    47.4%    473 bps    -349 bps    1326 bps 1679 bps 2097 bps 3272 bps 1773 bps 1646 bps
Pre-tax Operating Margin - Cash         17.2%    10.4%         29.9%        29.1%         32.9%    38.0%    42.7%    42.5%    47.0%    47.4%    50.3%    50.8%    111 bps     110 bps    1680 bps 1705 bps 1569 bps 2757 bps 1274 bps 1333 bps
Gross Margin                            62.5%    66.7%         68.3%        67.6%         71.6%    74.5%    76.5%    77.7%    78.9%    80.1%    81.3%    82.6%   -108 bps    1003 bps     714 bps    534 bps    907 bps    781 bps    816 bps 1008 bps
Adv isory Fees / Av g. AUM              0.54%    0.54%         0.54%        0.54%         0.54%    0.53%    0.52%    0.52%    0.52%    0.52%    0.51%    0.51%     -2 bps      -1 bps      -1 bps      0 bps      0 bps     -1 bps     -2 bps    -2 bps

INCOME STATEMENT

Adv isory Fees                         18.975   20.230        21.440       23.379        29.153   38.701   44.692   48.220   51.687   55.529   59.455   63.597       33%         23%         22%        46%        54%        91%      108%       106%
Other Income                            0.195    0.163         0.221        0.195         0.188    0.188    0.188    0.188    0.188    0.188    0.188    0.188      -25%        -19%         21%        30%        -4%        15%       -15%       -4%
Total Revenues                         19.170   20.393        21.661       23.574        29.341   38.889   44.880   48.408   51.875   55.717   59.643   63.785       32%         22%         22%        46%        53%        91%      107%       105%

Compensation & Benefits                 5.857    5.477         5.734        6.165         7.482    9.722   10.996   11.618   12.191   12.815   13.420   14.033       12%         19%         13%        31%        28%        78%       92%        88%
  Cash Comp & Benefits                  3.742    3.559         3.864        4.631         5.768    8.008    9.282    9.904   10.134   10.758   11.363   11.976       21%         -7%         -8%        24%        54%       125%      140%       114%
Fund Ex penses                          5.439    5.567         5.671        6.343         8.223    9.789   10.422   10.669   10.813   10.956   11.008   10.956       31%         -3%         11%        30%        51%        76%       84%        68%
Marketing & Adv ertising                1.326    1.548         0.862        1.627         1.937    2.722    2.244    3.147    2.228    3.131    2.581    3.619       36%         14%         -5%        32%        46%        76%      160%        93%
Sales & Business Dev elopment           0.860    0.842         0.831        1.053         1.801    1.556    1.661    1.936    2.033    2.135    2.242    2.354       15%         -8%        -13%         6%       109%        85%      100%        84%
Professional and Consulting Fees        1.109    1.401         1.305        0.788         0.613    0.636    0.660    0.685    0.710    0.737    0.765    0.793      -18%         29%        -11%       -29%       -45%       -55%       -49%      -13%
Occupancy , Communication, Equipment    0.301    0.375         0.374        0.369         0.377    0.386    0.396    0.406    0.416    0.427    0.437    0.448       10%         32%         30%        31%        25%         3%         6%       10%
Depreciation & Amortization             0.071    0.075         0.079        0.082         0.082    0.084    0.086    0.088    0.091    0.093    0.095    0.097        9%         12%         16%        22%        15%        12%         9%        8%
Other                                   0.609    0.743         0.859        1.118         0.861    0.893    0.927    0.962    0.998    1.035    1.074    1.114       33%         63%         21%        81%        41%        20%         8%      -14%
ETF shareholder prox y                  0.066    3.198
Litigation                              0.675   (0.191)        0.219       (0.524)        0.000
Third Party Sharing Arrangements        1.745    1.229         1.194        1.300         0.111    0.132    0.141    0.144    0.146    0.148    0.149    0.148       55%        -19%        -33%         7%       -94%       -89%       -88%      -89%
Total Expenses                         18.058   20.264        17.128       18.321        21.487   25.921   27.532   29.654   29.625   31.475   31.769   33.562       26%         26%          5%        20%        19%        28%       61%        62%
Discretionary Ex penses                10.062   10.386         9.965       10.768        12.719   15.916   16.883   18.753   18.575   20.279   20.517   22.360       16%         20%          8%        19%        26%        53%       69%        74%

Pre-Tax Income                          1.112    0.129         4.533        5.253         7.854   12.969   17.348   18.754   22.250   24.241   27.874   30.223      617%        -81%        234%       491%       606%      9953%      283%       257%
Tax es                                  0.000    0.000         0.000        0.000         0.000    0.000    0.000    0.000   10.013   10.909   12.543   13.600
Tax Rate                                 0.0%     0.0%          0.0%         0.0%          0.0%     0.0%     0.0%     0.0%    45.0%    45.0%    45.0%    45.0%
Net Income (loss)                       1.112    0.129         4.533        5.253         7.854   12.969   17.348   18.754   12.238   13.333   15.331   16.623      617%        -81%        234%       491%       606%      9953%      283%       257%

Stock Based Compensation                2.115    1.918         1.870        1.534         1.714    1.714    1.714    1.714    2.057    2.057    2.057    2.057        0%        140%        108%        53%       -19%       -11%        -8%       12%
Cash v s. GAAP Tax es                   0.000    0.000         0.000        0.000         0.000    0.000    0.000    0.000   10.013   10.909   12.543   13.600
Depreciation & Amortization             0.071    0.075         0.079        0.082         0.082    0.084    0.086    0.088    0.091    0.093    0.095    0.097        9%         12%         16%        22%        15%        12%         9%        8%
Cash Income (loss)                      3.298    2.122         6.482        6.869         9.650   14.767   19.148   20.556   24.398   26.391   30.026   32.377       41%         36%        179%       251%       193%       596%      195%       199%

Source: Company reports, SALI estimates.


                                                                                                                                                                                                                                                           Page 5
                                                                                                                                                                                                                   May 22, 2013
Wisdom Tree Quarterly Earnings Model
$ Millions Except Per Share Data                                                                                                                        1Q12        2Q12       3Q12        4Q12       1Q13     2Q13E      3Q13E      4Q13E
                                        Mar-12   Jun-12    Sep-12   Dec-12   Mar-13   Jun-13   Sep-13   Dec-13   Mar-14   Jun-14   Sep-14   Dec-14        v s.       v s.        v s.       v s.       v s.       v s.       v s.       v s.
Fiscal Year Ends December 31             1Q12     2Q12      3Q12     4Q12     1Q13    2Q13E    3Q13E    4Q13E    1Q14E    2Q14E    3Q14E    4Q14E       1Q11        2Q11       3Q11        4Q11       1Q12       2Q12       3Q12       4Q12

ASSETS UNDER MANAGEMENT

Total ETF AUM                           15,691   15,004    16,783   18,286   25,103   32,631   35,581   38,625   41,635   44,607   47,755   51,090       39%         16%        50%         50%        60%      117%       112%       111%

International Dev eloped Markets ETFs     19%      19%       18%      18%      28%      40%      45%      46%      46%      46%      46%      46%    -275 bps    -265 bps   -110 bps    -162 bps   890 bps 2159 bps 2670 bps 2786 bps
International Emerging Markets ETFs       34%      36%       37%      40%      36%      28%      26%      26%      26%      25%      25%      25%    -163 bps    368 bps     840 bps 1045 bps      253 bps    -735 bps -1133 bps -1376 bps
International Sector ETFs                                                                                                                            -239 bps    -214 bps   -183 bps    -177 bps     0 bps      0 bps      0 bps      0 bps
US ETFs                                   28%      27%       28%      26%      22%      19%      18%      17%      17%      17%      17%      17%     694 bps    753 bps     806 bps    138 bps    -632 bps   -810 bps -1004 bps    -913 bps
Currency ETF's                             7%       5%        4%       4%       3%       2%       2%       2%       2%       2%       2%       2%    -641 bps    -843 bps   -955 bps    -576 bps   -365 bps   -334 bps   -251 bps   -186 bps
Fix ed Income ETF's                       11%      11%       11%      12%      11%      10%       9%       9%       9%       9%      10%      10%     481 bps    145 bps    -283 bps    -132 bps    -22 bps   -182 bps   -223 bps   -273 bps
Alternativ e ETF's                         2%       1%        1%       1%       1%       0%       0%       0%       0%       0%       0%       0%     143 bps     55 bps    -116 bps    -136 bps   -124 bps    -99 bps    -59 bps    -38 bps
Total                                    100%     100%      100%     100%     100%     100%     100%     100%     100%     100%     100%     100%

Rollforwards
Total ETFs
Beginning AUM                           12,182   15,691    15,004   16,783   18,286   25,103   32,631   35,581   38,625   41,635   44,607   47,755       23%         39%        16%         50%        50%        60%      117%       112%
Net Flow s                               2,299     338      1,036    1,059    5,893    5,458    2,333    2,370    2,280    2,185    2,305    2,432       82%        -80%       479%         40%      156%      1515%       125%       124%
Market Appreciation                      1,210   (1,025)     743      444      924     2,070     617      673      731      787      843      902       838%      1992%       -139%         83%       -24%      -302%       -17%        52%
Ending AUM                              15,691   15,004    16,783   18,286   25,103   32,631   35,581   38,625   41,635   44,607   47,755   51,090       39%         16%        50%         50%        60%      117%       112%       111%

Av erage AUM                            14,265   15,116    15,806   17,068   21,934   29,168   34,105   37,102   40,129   43,121   46,181   49,422       39%         25%        23%         44%        54%        93%      116%       117%
Organic Grow th                           75%       9%       28%      25%     129%      87%      29%      27%      24%      21%      21%      20%    2437 bps -5161 bps     2208 bps    -180 bps 5342 bps 7835 bps        98 bps    141 bps
Market Performance                        9.9%    -6.5%      5.0%     2.6%     5.1%     8.2%     1.9%     1.9%     1.9%     1.9%     1.9%     1.9%

Source: Company reports, SALI estimates.




                                                                                                                                                                                                                              Page 6
                                                                                                                              May 22, 2013


                                                       APPENDIX SECTION
Company Description:
WisdomTree Investments is a New York-based exchange-traded fund (ETF) sponsor and asset manager. The company offers a broad
array of ETFs across equities, currencies, fixed income, and alternative asset classes. WisdomTree also licenses its indexes to third
parties for proprietary products and offers a platform to promote the use of WisdomTree ETFs in 401k platforms.

IMPORTANT DISCLOSURES:
Regulation Analyst Certification:
I, Jason Weyeneth and Alex Levine, hereby certify the views expressed in this research report accurately reflect my personal views about
the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related
to the specific recommendations or views expressed by me in this report.

Research Disclosures:
Sterne, Agee & Leach, Inc. makes a market in the following subject company WisdomTree Investments Inc.
Sterne, Agee & Leach, Inc. managed or co-managed a public offering of securities for the following subject company in the past 12
months: WisdomTree Investments Inc..
Sterne, Agee & Leach, Inc. provided and received compensation for providing investment banking services for the following subject
company within the past 12 months: WisdomTree Investments Inc..
Sterne, Agee & Leach, Inc. analyst or a member of the research analyst's household has a financial interest in the securities of the
subject company: WisdomTree Investments Inc..
Sterne, Agee & Leach, Inc.'s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach,
Inc.'s total revenues, a portion of which is generated by investment banking activities.
Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the subject company
and/or companies in the next three months.

Price Target Risks & Related Risk Factors:
Investment risks associated with the achievement of the price target include, but are not limited to, a company's failure to achieve Sterne,
Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect demand for a
company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or industry; intense
and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability to recruit and retain
competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of
a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities Exchange Commission.
Company Specific Risks:
Risks include a slowdown in ETF industry or company organic growth rate; concentration risk from emerging market assets; litigation
risk relating to the patent infringement lawsuit; and key man risk given the well-known nature of the Chairman, CEO, and a strategic
advisor.
Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry
size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and
expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry
or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately reflects
the strong absolute value of earnings, the strong earnings growth rate, the inherent profitability, and adjusted balance sheet factors.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc.

Company Specific Valuation:
Our price target is based on a market cap to AUM multiple.
Definition of Investment Ratings:
BUY: We expect this stock to outperform the industry over the next 12 months.
NEUTRAL: We expect this stock to perform in line with the industry over the next 12 months.
UNDERPERFORM: We expect this stock to underperform the industry over the next 12 months.




                                                                                                             Appendix Section, Page I
                                                                                                                          May 22, 2013

RESTRICTED: Restricted list requirements preclude comment.

Ratings Distribution:
                                                                                                       IB Serv./ Past 12Mos.
Rating Category                       Count                     Percent                  Count                    Percent
Buy                                   197                       45.39%                   22                       11.17%
Neutral                               222                       51.15%                   14                       6.31%
Underperform                          15                        3.46%                    1                        6.67%

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.
Copyright © 2013 Sterne, Agee & Leach, Inc. All Rights Reserved.




To receive price charts or other disclosures on the companies mentioned in this report, please visit our website at https://
sterneagee.bluematrix.com/sellside/Disclosures.action or contact Sterne, Agee & Leach, Inc. toll-free at (800) 240-1438 or (205)
949-3689.




                                                                                                         Appendix Section, Page II
                       Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the
                       early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we
                       have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne
                       Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also
                       includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee
                       Financial Services, Inc.—www.sterneagee.com

                                                              EQUITY CAPITAL MARKETS
                                          Ryan Medo            Managing Dir., Eq. Cap. Mkts.              (205) 949-3623


                         INSTITUTIONAL SALES                                                                  INSTITUTIONAL TRADING
William Jump          Director of Institutional Sales         (404) 814-3960           JT Cacciabaudo        Head of Trading                           (212) 763-8288
Jon Schenk            Assoc. Director of Inst. Sales          (212) 763-8221

                                                                    EQUITY RESEARCH
                                          Robert Hoehn          Director of Research                      (212) 338-4731
CONSUMER                                                                               INDUSTRIALS
 Footwear & Apparel                                                                      Aerospace & Defense
  Sam Poser                            Mng. Dir.              (212) 763-8226              Peter Arment                         Mng. Dir.               (646) 376-5336
  Ben Shamsian                         Analyst                (212) 338-4721              Josh W. Sullivan                     Sr. Analyst             (646) 376-5337

  Leisure & Entertainment
                                                                                          Auto, Auto Parts and Auto Retailers
  David Bain                           Mng. Dir.              (949) 721-6651
                                                                                          Michael P. Ward, CFA                 Mng. Dir.               (646) 376-5375
  Restaurants
  Lynne Collier                        Mng. Dir.              (214) 702-4045
                                                                                          Coal, Metals & Mining, Engineering & Construction
                                                                                          Michael S. Dudas, CFA                Mng. Dir.               (646) 376-5329
  Specialty Retail                                                                        Satyadeep Jain, CFA                  Analyst                 (646) 376-5357
  Ike Boruchow, Jr.                    Sr. VP, Sr. Analyst    (212) 338-4756              Patrick Uotila, CPA                  Analyst                 (646) 376-5358
  Tom Nikic, CFA                       Analyst                (212) 338-4784
                                                                                          Construction Materials & Diversified Industrials
ENERGY                                                                                    Todd Vencil, CFA                     Mng. Dir.              (804) 282-7385
  Exploration & Production                                                                Kevin Bennett, CFA                   VP, Analyst            (804) 282-4506
  Tim Rezvan, CFA                       VP, Sr. Analyst       (212) 338-4736
  Truman Hobbs                          Analyst               (212) 338-4767              Homebuilding
                                                                                          Jay McCanless                        VP, Sr. Analyst        (615) 760-1475
  Oilfield Services & Equipment
  Stephen D. Gengaro                   Mng. Dir.              (646) 376-5331           TECHNOLOGY
  Grant Fox                            Analyst                (212) 338-4723             Data Networking and Storage
                                                                                          Alex Kurtz                           Mng. Dir                (415) 402-6015
FINANCIAL SERVICES                                                                        Amelia Harris                        Analyst                 (415) 402-6018
  Asset Management
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293              Financial Technology
                                                                                          Greg Smith                           Mng. Dir                (818) 615-2029
  Banks & Thrifts                                                                         Jennifer Dugan                       Analyst                 (415) 402-6051
  Matthew Kelley                        Mng. Dir.             (207) 699-5800
  Matthew Breese                        VP, Sr. Analyst       (207) 699-5800              Interactive Entertainment / Internet
  Brett Rabatin, CFA                    Mng. Dir.             (615) 760-1466              Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001
  Kenneth James                         VP, Sr. Analyst       (615) 760-1474              Brett Strauser                       VP, Analyst            (214) 702-4009
  Nathan Race                           Analyst               (615) 760-1477
                                                                                          LED Supply Chain
  Peyton Green                          Mng. Dir.             (877) 492-2663
                                                                                          Andrew Huang                         Mng. Dir.               (415) 362-6143
  Todd L. Hagerman                      Mng. Dir.             (212) 338-4744
  Robert Greene                         VP, Analyst           (212) 763-8296              John Shen                            Analyst                 (415) 402-6052

  Life Insurance                                                                          Semiconductors
  John M. Nadel                         Mng. Dir.             (212) 338-4717              Vijay Rakesh                         Mng. Dir.               (312) 525-8431
  Alex Levine                           Analyst               (212) 338-4748
                                                                                       TRANSPORTATION, SERVICES & EQUIPMENT
  Mortgage Finance & Specialty Finance                                                    Sal Vitale                           VP, Sr. Analyst         (212) 338-4766
  Henry J. Coffey, Jr., CFA             Mng. Dir.             (615) 760-1472              Ryan Mueller                         Analyst                 (212) 338-4732
  Calvin Hotrum                         Analyst               (615) 760-1476

  Property/Casualty Insurance
  Dan Farrell                           Mng. Dir.             (212) 338-4782
  Nitin Chhabra, FCAS                   Analyst               (212) 338-4779




Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

				
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