Vote Summary Report Date Range Covered: 01/01/2014 to 03/31/2014

Reo® Voting Report

Reo® Voting Report Reo@ Voting Report

SEI Investments Europe Ltd - Joy Global All Votes Report.

VOTING RECORDS FROM:01/01/2014 TO: 31/03/2014

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Aegean Airlines SA

Meeting Date: 03/14/2014 Country: Greece Meeting Type: Special Ticker: AEGN

Primary ISIN: GRS495003006 Primary SEDOL: B1ZBHG9

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Special Meeting Mgmt

1 Authorize Capitalization of Reserves Mgmt For For

2 Approve Reduction in Issued Share Capital Mgmt For For

3 Amend Company Articles Mgmt For For

4 Elect Director Mgmt For For

5 Elect Members of Audit Committee Mgmt For Against

Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

6 Other Business Mgmt For Against

Voter Rationale: Any Other Business should not be a voting item.

Amdocs Limited

Meeting Date: 01/30/2014 Country: Guernsey Meeting Type: Annual Ticker: DOX

Primary ISIN: GB0022569080 Primary SEDOL: 2256908

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Robert A. Minicucci as a Director Mgmt For For

1.2 Elect Adrian Gardner as a Director Mgmt For Against

Voter Rationale: The board should not contain a significant number of directors with board tenure in excess of 12 years. The nominating committee should remove directors who have long board tenure from committees that require absolute independence.

1.3 Elect John T. McLennan as a Director Mgmt For Against

1.4 Elect Simon Olswang as a Director Mgmt For Against

Voter Rationale: Boards where more than 33% of directors have served for more than 12 years lack balance. The nominating committee should take action to ensure an appropriately fresh board.

Page 1 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Amdocs Limited

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Zohar Zisapel as a Director Mgmt For For

1.6 Elect Julian A. Brodsky as a Director Mgmt For For

1.7 Elect Eli Gelman as a Director Mgmt For For

1.8 Elect James S. Kahan as a Director Mgmt For Against

1.9 Elect Richard T.C. LeFave as a Director Mgmt For For

1.10 Elect Giora Yaron as a Director Mgmt For For

2 Approve Dividends Mgmt For For

3 Amend Articles Re: Termination of Shareholder Mgmt For Against Approval for Declaration of Dividends

Voter Rationale: Changes in company bylaws or articles of incorporation should not erode shareholders' rights.

4 Approve Authorized Share Capital and Authorize Mgmt For Against Board to Issue Shares Voter Rationale: Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

5 Accept Financial Statements and Statutory Mgmt For For Reports

6 Approve Ernst & Young LLP as Auditors and Mgmt For For Authorize Board to Fix Their Remuneration

AmerisourceBergen Corporation

Meeting Date: 03/06/2014 Country: USA Meeting Type: Annual Ticker: ABC

Primary ISIN: US03073E1055 Primary SEDOL: 2795393

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Steven H. Collis Mgmt For For

1.2 Elect Director Douglas R. Conant Mgmt For For

1.3 Elect Director Richard W. Gochnauer Mgmt For For

1.4 Elect Director Richard C. Gozon Mgmt For For

Page 2 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

AmerisourceBergen Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Lon R. Greenberg Mgmt For Against

Voter Rationale: Directors are expected to hold four or fewer directorships and ensure they have sufficient time and energy to discharge their role properly, particularly during unexpected company situations requiring substantial amounts of time.

1.6 Elect Director Edward E. Hagenlocker Mgmt For For

1.7 Elect Director Jane E. Henney Mgmt For For

1.8 Elect Director Kathleen W. Hyle Mgmt For For

1.9 Elect Director Michael J. Long Mgmt For For

1.10 Elect Director Henry W. McGee Mgmt For For

2 Ratify Auditors Mgmt For For

Voter Rationale: The audit firm has served the company more than 20 years. While specific term limits for auditors is not a consensus best practice, there is value in gaining new perspectives on finances and controls. The board should consider a plan for bringing in a new auditing firm.

3 Advisory Vote to Ratify Named Executive Mgmt For For Officers' Compensation

4 Approve Omnibus Stock Plan Mgmt For For

5 Provide Right to Call Special Meeting Mgmt For For

Auckland International Airport Ltd.

Meeting Date: 02/12/2014 Country: New Zealand Meeting Type: Special Ticker: AIA

Primary ISIN: NZAIAE0001S8 Primary SEDOL: 6123707

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve the Return of Capital Mgmt For For

Banco de Chile

Meeting Date: 03/27/2014 Country: Chile Meeting Type: Annual/Special Ticker: CHILE

Primary ISIN: CLP0939W1081 Primary SEDOL: 2100845

Page 3 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Banco de Chile

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

Annual Meeting Mgmt

1 Approve Financial Statements and Statutory Mgmt For For Reports

2 Approve Allocation of Income and Dividends of Mgmt For For CLP 3.48 Per Share

3 Elect Directors Mgmt For Against

Voter Rationale: Companies should provide sufficient information on directors standing for election at least 21 days in advance of the meeting to enable shareholders to cast an informed vote.

4 Approve Remuneration of Directors Mgmt For For

5 Approve Remuneration and Budget of Directors Mgmt For For and Audit Committee

6 Appoint Auditors Mgmt For For

7 Present Directors and Audit Committee's Report Mgmt

8 Receive Report Regarding Related-Party Mgmt Transactions

9 Transact Other Business (Non-Voting) Mgmt

Special Meeting Mgmt

1 Authorize Increase in Capital via Capitalization Mgmt For For of 30 Percent of Distributable Net Income for FY 2013; Amend Articles to Reflect Changes in Capital; Authorize Board to Ratify and Execute Approved Resolutions

Becton, Dickinson and Company

Meeting Date: 01/28/2014 Country: USA Meeting Type: Annual Ticker: BDX

Primary ISIN: US0758871091 Primary SEDOL: 2087807

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Basil L. Anderson Mgmt For For

1.2 Elect Director Henry P. Becton, Jr. Mgmt For For

1.3 Elect Director Catherine M. Burzik Mgmt For For

Page 4 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Becton, Dickinson and Company

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Edward F. DeGraan Mgmt For For

1.5 Elect Director Vincent A. Forlenza Mgmt For For

Voter Rationale: The roles of Chairman and CEO are substantially different and generally should be separated. Separation of roles is important for securing a proper balance between executives and outside shareholders and for preserving accountability.

1.6 Elect Director Claire M. Fraser Mgmt For For

1.7 Elect Director Christopher Jones Mgmt For For

1.8 Elect Director Marshall O. Larsen Mgmt For For

1.9 Elect Director Gary A. Mecklenburg Mgmt For For

1.10 Elect Director James F. Orr Mgmt For For

1.11 Elect Director Willard J. Overlock, Jr. Mgmt For For

1.12 Elect Director Rebecca W. Rimel Mgmt For For

1.13 Elect Director Bertram L. Scott Mgmt For For

1.14 Elect Director Alfred Sommer Mgmt For For

2 Ratify Auditors Mgmt For For

3 Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale: Plans should not pay out for below-median performance relative to peers. This undermines a pay-for-performance approach, which should reward top level performance amongst the company's selected peer group. Such practices blunt the impact of variable pay. Additionally, a larger percentage of the equity awards should be tied to performance conditions. At least 50% is a minimum good practice for large companies.

4 Amend Omnibus Stock Plan Mgmt For For

5 Amend Executive Incentive Bonus Plan Mgmt For For

6 Require Independent Board Chairman SH Against For

Voter Rationale: Appointing a fully independent chairman creates a balance of power that is more conducive to long-term performance. A board headed by management cannot reasonably provide the best oversight and evaluation of management's performance.

Bronco Billy Co., Ltd.

Meeting Date: 03/18/2014 Country: Japan Meeting Type: Annual Ticker: 3091

Primary ISIN: JP3831550003 Primary SEDOL: B285LQ3

Page 5 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Bronco Billy Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Takeichi, Yasuhiro Mgmt For For

1.2 Elect Director Takeichi, Katsuhiro Mgmt For For

1.3 Elect Director Furuta, Mitsuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

1.4 Elect Director Takeichi, Keiko Mgmt For Against

1.5 Elect Director Deguchi, Yuji Mgmt For Against

1.6 Elect Director Baba, Takafumi Mgmt For Against

1.7 Elect Director Miyamoto, Taku Mgmt For Against

1.8 Elect Director Hirano, Yoji Mgmt For For

2.1 Appoint Alternate Statutory Auditor Asano, Yuki Mgmt For For

2.2 Appoint Alternate Statutory Auditor Yamaguchi, Mgmt For For Takeshi

CAC Corp.

Meeting Date: 03/27/2014 Country: Japan Meeting Type: Annual Ticker: 4725

Primary ISIN: JP3346300001 Primary SEDOL: 6164438

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 16

Page 6 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

CAC Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Approve Adoption of Holding Company Mgmt For For Structure and Transfer of Operations to New Wholly Owned Subsidiary

3 Amend Articles to Change Company Name - Mgmt For For Amend Business Lines

4.1 Elect Director Shimada, Toshio Mgmt For For

4.2 Elect Director Sako, Akihiko Mgmt For For

4.3 Elect Director Takahashi, Hisashi Mgmt For For

4.4 Elect Director Bin Cheng Mgmt For For

4.5 Elect Director Malcolm F. Mehta Mgmt For For

4.6 Elect Director Hanada, Mitsuyo Mgmt For For

4.7 Elect Director Matsushima, Shigeru Mgmt For Against

Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

4.8 Elect Director Hirose, Michitaka Mgmt For For

4.9 Elect Director Kuroda, Yukiko Mgmt For For

4.10 Elect Director Kawamata, Kazuki Mgmt For For

4.11 Elect Director Adachi, Toshihiro Mgmt For For

4.12 Elect Director Nagakura, Hirokazu Mgmt For For

5 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

Calian Technologies Ltd.

Meeting Date: 02/07/2014 Country: Canada Meeting Type: Annual Ticker: CTY

Primary ISIN: CA12989X1078 Primary SEDOL: 2184935

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Kenneth J. Loeb Mgmt For For

1.2 Elect Director David Tkachuk Mgmt For For

1.3 Elect Director William Hewson Mgmt For For

Page 7 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Calian Technologies Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Richard A. Vickers Mgmt For For

1.5 Elect Director Raymond Basler Mgmt For For

1.6 Elect Director George Weber Mgmt For For

2 Approve Deloitte LLP as Auditors and Authorize Mgmt For For Board to Fix Their Remuneration

Capitol Federal Financial, Inc.

Meeting Date: 01/21/2014 Country: USA Meeting Type: Annual Ticker: CFFN

Primary ISIN: US14057J1016 Primary SEDOL: B3KWJV0

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Jeffrey M. Johnson Mgmt For For

1.2 Elect Director Michael T. McCoy Mgmt For Withhold

Voter Rationale: Directors are elected in classes rather than annually, but shareholders should have the opportunity to communicate with directors regularly on their performance. The board should take immediate steps to declassify itself, thereby enhancing accountability. Furthermore, the board lacks both an independent chairman and an appropriate independent lead director. At the very least, the nominating committee should appoint a fully independent lead director.

1.3 Elect Director Marilyn S. Ward Mgmt For For

2 Advisory Vote to Ratify Named Executive Mgmt For For Officers' Compensation

3 Ratify Auditors Mgmt For For

CareTech Holdings plc

Meeting Date: 03/04/2014 Country: United Kingdom Meeting Type: Annual Ticker: CTH

Primary ISIN: GB00B0KWHQ09 Primary SEDOL: B0KWHQ0

Page 8 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

CareTech Holdings plc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports

2 Approve Remuneration Report Mgmt For For

3 Approve Final Dividend Mgmt For For

4 Re-elect Farouq Sheikh as Director Mgmt For For

5 Re-elect Haroon Sheikh as Director Mgmt For For

6 Elect Jamie Cumming as Director Mgmt For For

7 Reappoint Grant Thornton UK LLP as Auditors Mgmt For For and Authorise Their Remuneration

8 Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

9 Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

10 Authorise Market Purchase of Ordinary Shares Mgmt For For

CFS Retail Property Trust

Meeting Date: 03/07/2014 Country: Australia Meeting Type: Special Ticker: CFX

Primary ISIN: AU000000CFX0 Primary SEDOL: 6361370

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Ratify the Past Issuance of 151.35 Million CFX Mgmt For Against Stapled Securities to Institutional Investors

Voter Rationale: If approved, this proposal would allow the board to issue an additional 15% of equities without further shareholder approval, bringing further dilution to shareholders.

Resolutions 2,4,5 and 7 seeks the approval of Mgmt holders of CFX1 Units and Resolutions 3,6,8,9 and 10 seeks the approval of holders of CFX2 Units

2 Approve the Internalisation Proposal by Holders Mgmt For For of CFX1 Units

3 Approve the Internalisation Proposal by Holders Mgmt For For of CFX2 Units

4 Approve the Amendments to the Constitution of Mgmt For For CFX1

Page 9 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

CFS Retail Property Trust

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 Approve CMIL as the Responsible Entity of CFX1 Mgmt For For to Enter into the Intra-Group Transactions Deed

6 Approve CMIL as the Responsible Entity of CFX2 Mgmt For For to Enter into the Intra-Group Transactions Deed

7 Approve the De-stapling of CFX1 Units from Mgmt For For CFX2 Units

8 Approve the De-stapling of CFX2 Units from Mgmt For For CFX1 Units

9 Approve the Acquisition of CFX2 Units by CFX Mgmt For For Co

10 Approve the Amendments to the Constitution of Mgmt For For CFX2

CGI Group Inc

Meeting Date: 01/29/2014 Country: Canada Meeting Type: Annual Ticker: GIB.A

Primary ISIN: CA39945C1095 Primary SEDOL: 2159740

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for Class A Subordinate Voting and Mgmt Class B Shareholders

1.1 Elect Alain Bouchard as Director Mgmt For For

1.2 Elect Bernard Bourigeaud as Director Mgmt For For

1.3 Elect Jean Brassard as Director Mgmt For For

1.4 Elect Robert Chevrier as Director Mgmt For For

1.5 Elect Dominic D'Alessandro as Director Mgmt For For

1.6 Elect Thomas P. d'Aquino as Director Mgmt For Withhold

Voter Rationale: We oppose dual class structures with impaired or enhanced voting rights. The company should amend its structure to allow for equal voting rights among stockholders.

1.7 Elect Paule Dore as Director Mgmt For For

1.8 Elect Richard B. Evans as Director Mgmt For For

1.9 Elect Julie Godin as Director Mgmt For For

1.10 Elect Serge Godin as Director Mgmt For For

1.11 Elect André Imbeau as Director Mgmt For For

Page 10 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

CGI Group Inc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.12 Elect Gilles Labbé as Director Mgmt For For

1.13 Elect Michael E. Roach as Director Mgmt For For

1.14 Elect Joakim Westh as Director Mgmt For For

2 Approve Ernst & Young LLP as Auditors and Mgmt For For Authorize Board to Fix Their Remuneration

3 Re-approve Stock Option Plan Mgmt For Against

Voter Rationale: This plan allows for re-pricing of underwater options without shareholder approval. Reducing the strike price of options already granted after the stock price has fallen undermines the employee incentive strategy and is not aligned with shareholders' interests. Additionally, the grant rate is too high, and may lead to excessive dilution. Finally, this plan does not effectively link executive pay to performance. Performance targets should be clearly disclosed and stretching, and the compensation committee should do more to establish compensation packages that reward strong performance and build shareholder value over time.

China Communications Services Corp. Ltd.

Meeting Date: 02/21/2014 Country: Hong Kong Meeting Type: Special Ticker: 00552

Primary ISIN: CNE1000002G3 Primary SEDOL: B1HVJ16

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Elect Si Furong as Director and Authorize Board Mgmt For For to Determine His Remuneration

China Mengniu Dairy Co., Ltd.

Meeting Date: 03/20/2014 Country: Hong Kong Meeting Type: Special Ticker: 02319

Primary ISIN: KYG210961051 Primary SEDOL: B01B1L9

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Subscription Agreement, Specific Mgmt For For Mandate, Whitewash Waiver, and Related Transactions

Page 11 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Cielo SA

Meeting Date: 03/31/2014 Country: Brazil Meeting Type: Annual Ticker: CIEL3

Primary ISIN: BRCIELACNOR3 Primary SEDOL: B614LY3

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports for Fiscal Year Ended Dec. 31, 2013

2 Approve Allocation of Income and Dividends Mgmt For For

3 Elect Directors, Fiscal Council Members, and Mgmt For Against Approve Remuneration of Executive Officers, Non-Executive Directors, and Fiscal Council Members Voter Rationale: The board should submit directors for re-election individually, rather than as a single slate and ensure that there is sufficient level of independence on the board. Furthermore, we urge the board to take immediate steps to provide shareholders with the information referred to in item 13 of the Reference Form in CVM Instruction 480.

Cielo SA

Meeting Date: 03/31/2014 Country: Brazil Meeting Type: Special Ticker: CIEL3

Primary ISIN: BRCIELACNOR3 Primary SEDOL: B614LY3

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Authorize Capitalization of Reserves for Bonus Mgmt For For Issue

2 Amend Article 11 Mgmt For For

CLP Holdings Ltd.

Meeting Date: 01/22/2014 Country: Hong Kong Meeting Type: Special Ticker: 00002

Primary ISIN: HK0002007356 Primary SEDOL: 6097017

Page 12 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

CLP Holdings Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve CAPCO Acquisition Agreement, PSDC Mgmt For For Acquisition Agreement, and the Related Transactions

2 Elect Richard Kendall Lancaster as Director Mgmt For For

3 Elect Rajiv Behari Lall as Director Mgmt For For

Coca-Cola FEMSA S.A.B. de C.V.

Meeting Date: 03/06/2014 Country: Mexico Meeting Type: Annual Ticker: KOFL

Primary ISIN: MXP2861W1067 Primary SEDOL: 2141899

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Class A and D Shares Have Voting Rights on All Mgmt Items; Class L Shares Only Have Voting Rights on Item 5

1 Accept Financial Statements and Statutory Mgmt For For Reports

2 Accept Report on Adherence to Fiscal Mgmt For For Obligations

3 Approve Allocation of Income and Cash Mgmt For For Dividends

4 Set Maximum Nominal Amount of Share Mgmt For For Repurchase Reserve

5 Elect Directors and Secretaries; Verify Director's Mgmt For Against Independence Classification as Per Mexican Securities Law; Approve Their Respective Remuneration Voter Rationale: The lack of timely disclosure on director remuneration prevents shareholders voting by proxy to make an informed decision. We strongly encourage resolutions on director elections and their remuneration are not bundled going forward. Also, the board should submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance.

6 Elect Members of Financing and Planning Mgmt For Against Committee, Audit Committee and Corporate Practices Committee; Elect Chairman of Committees and Fix their Respective Remuneration

Voter Rationale: The lack of timely disclosure on director remuneration prevents shareholders voting by proxy to make an informed decision. We strongly encourage resolutions on director elections and their remuneration are not bundled going forward.

Page 13 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Coca-Cola FEMSA S.A.B. de C.V.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

7 Authorize Board to Ratify and Execute Approved Mgmt For For Resolutions

8 Approve Minutes of Meeting Mgmt For For

Coca-Cola West Co Ltd

Meeting Date: 03/25/2014 Country: Japan Meeting Type: Annual Ticker: 2579

Primary ISIN: JP3293200006 Primary SEDOL: 6163286

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 21

2.1 Elect Director Sueyoshi, Norio Mgmt For For

2.2 Elect Director Yoshimatsu, Tamio Mgmt For For

2.3 Elect Director Shibata, Nobuo Mgmt For Against

2.4 Elect Director Wakasa, Jiro Mgmt For Against

2.5 Elect Director Takemori, Hideharu Mgmt For Against

2.6 Elect Director Fukami, Toshio Mgmt For Against

2.7 Elect Director Okamoto, Shigeki Mgmt For Against

2.8 Elect Director Fujiwara, Yoshiki Mgmt For Against

Page 14 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Coca-Cola West Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Koga, Yasunori Mgmt For Against

2.10 Elect Director Honbo, Shunichiro Mgmt For Against

2.11 Elect Director Kondo, Shiro Mgmt For Against

2.12 Elect Director Vikas Tiku Mgmt For Against

Datang International Power Generation Co. Ltd

Meeting Date: 01/24/2014 Country: Hong Kong Meeting Type: Special Ticker: 00991

Primary ISIN: CNE1000002Z3 Primary SEDOL: 6080716

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Resolution on the Financial Guarantee Mgmt For Against for 2014 Voter Rationale: The company will be providing majority of the guarantees to entities that are more than its proportionate shareholding without compelling justification as to why other shareholders of the subsidiary are unable to provide similar guarantees. The company will be taking a disproportionate amount of risk relative to its ownership interest.

2a Approve Supply of Coal by Beijing Datang Fuel Mgmt For For Company Limited and Datang International (Hong Kong) Limited to the Power Generation Enterprises of China Datang Corporation

2b Approve Supply of Coal by Beijing Datang Fuel Mgmt For For Company Limited and Inner Mongolia Datang Fuel Company Ltd. to Enterprises Managed by the Company

2c Approve Supply of Coal by Datang International Mgmt For For (Hong Kong) Limited to Beijing Datang Fuel Company Limited

Page 15 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Datang International Power Generation Co. Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2d Approve Supply of Coal by Datang International Mgmt For For (Hong Kong) Limited to Certain Subsidairies of the Company Along the Coast

3 Approve Coal Purchase and Sale Framework Mgmt For For Agreement (Xilinhaote)

4a Elect Wu Jing as Director SH For For

4b Approve Cessation of Cao Jingshan as Director SH For For

Datang International Power Generation Co. Ltd

Meeting Date: 03/25/2014 Country: Hong Kong Meeting Type: Special Ticker: 00991

Primary ISIN: CNE1000002Z3 Primary SEDOL: 6080716

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Special Business Mgmt

1 Approve Issuance of Debt Financing Mgmt For For Instruments

Dunlop Sports Co., Ltd.

Meeting Date: 03/26/2014 Country: Japan Meeting Type: Annual Ticker: 7825

Primary ISIN: JP3161300003 Primary SEDOL: B1F2D08

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 20

2.1 Elect Director Bamba, Hiroyuki Mgmt For For

2.2 Elect Director Nojiri, Yasushi Mgmt For For

2.3 Elect Director Kinameri, Kazuo Mgmt For Against

Page 16 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Dunlop Sports Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Mizuno, Takao Mgmt For Against

2.5 Elect Director Sano, Hideki Mgmt For Against

2.6 Elect Director Tanigawa, Mitsuteru Mgmt For Against

2.7 Elect Director Watanabe, Akira Mgmt For For

2.8 Elect Director Onishi, Akio Mgmt For Against

3 Appoint Statutory Auditor Nishikawa, Koichiro Mgmt For For

Ecopetrol S.A.

Meeting Date: 01/23/2014 Country: Colombia Meeting Type: Special Ticker: ECOPETROL

Primary ISIN: COC04PA00016 Primary SEDOL: B2473N4

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Safety Guidelines/Open Meeting Mgmt

2 Verify Quorum Mgmt

3 Opening by Chief Executive Officer Mgmt

4 Approve Meeting Agenda Mgmt For For

5 Appoint Chairman of the Meeting Mgmt For For

6 Appoint Committee in Charge of Scrutinizing Mgmt For For Elections and Polling

7 Appoint Committee to Approve Minutes of Mgmt For For Meeting

Page 17 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Ecopetrol S.A.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

8 Elect Directors Mgmt For For

Voter Rationale: The board should submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance.

Enagas S.A.

Meeting Date: 03/24/2014 Country: Spain Meeting Type: Annual Ticker: ENG

Primary ISIN: ES0130960018 Primary SEDOL: 7383072

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Consolidated and Standalone Financial Mgmt For For Statements

2 Approve Allocation of Income and Dividends Mgmt For For

3 Approve Discharge of Board Mgmt For For

4 Renew Appointment of Deloitte SL as Auditor Mgmt For For

5.1 Reelect Antonio Llardén Carratalá as Director Mgmt For For

5.2 Reelect Marcelino Oreja Arburúa as Director Mgmt For For

5.3 Elect Ana Palacio Vallelersundi as Director Mgmt For For

5.4 Elect Isabel Tocino Biscarolasaga as Director Mgmt For For

5.5 Elect Antonio Hernández Mancha as Director Mgmt For For

5.6 Elect Gonzalo Solana González as Director Mgmt For For

5.7 Elect Luis Valero Artola as Director Mgmt For For

6 Approve Remuneration of Directors Mgmt For For

7 Advisory Vote on Remuneration Policy Report Mgmt For Against

Voter Rationale: Severance payments should not exceed two year's pay. Larger severance packages should be subject to a separate shareholder approval.

8 Authorize Board to Ratify and Execute Approved Mgmt For For Resolutions

Page 18 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

FII BTG Pactual Corporate Office Fund

Meeting Date: 03/31/2014 Country: Brazil Meeting Type: Annual Ticker: N/A

Primary ISIN: BRBRCRCTF000 Primary SEDOL: B51K694

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports for Fiscal Year Ended Dec. 31, 2013

Fomento Economico Mexicano S.A.B. de C.V. FEMSA

Meeting Date: 03/14/2014 Country: Mexico Meeting Type: Annual Ticker: FEMSAUBD

Primary ISIN: MXP320321310 Primary SEDOL: 2242059

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting is for Class B Shareholders Mgmt

1 Accept Financial Statements and Statutory Mgmt For For Reports

2 Accept Report on Adherence to Fiscal Mgmt For For Obligations

3 Approve Allocation of Income Mgmt For For

4 Set Aggregate Nominal Share Repurchase Mgmt For For Reserve

5 Elect Directors and Secretaries, Verify Mgmt For Against Independence of Directors, and Approve their Remuneration Voter Rationale: The lack of timely disclosure on director remuneration prevents shareholders voting by proxy to make an informed decision. Going forward, we encourage the company to submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance.

6 Elect Members and Chairmen of Finance and Mgmt For Against Planning, Audit, and Corporate Practices Committees; Approve Their Remuneration Voter Rationale: The lack of timely disclosure on director remuneration prevents shareholders voting by proxy to make an informed decision.

7 Authorize Board to Ratify and Execute Approved Mgmt For For Resolutions

8 Approve Minutes of Meeting Mgmt For For

Page 19 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Formuepleje Pareto A/S

Meeting Date: 01/03/2014 Country: Denmark Meeting Type: Special Ticker: FPPAR

Primary ISIN: DK0016023492 Primary SEDOL: B15RW17

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Elect Chairman of Meeting Mgmt For For

2 Change Par Value of Shares to DKK 1.70; Mgmt For For Approve Consequential Amendments to Articles of Association

3 Other Business Mgmt

Fraser and Neave Limited

Meeting Date: 01/27/2014 Country: Singapore Meeting Type: Annual Ticker: F99

Primary ISIN: SG1T58930911 Primary SEDOL: B17NLV6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Adopt Financial Statements and Directors' and Mgmt For For Auditors' Reports

2 Declare Final Dividend Mgmt For For

3a Elect Charoen Sirivadhanabhakdi as Director Mgmt For For

3b Elect Khunying Wanna Sirivadhanabhakdi as Mgmt For For Director

3c Elect Koh Poh Tiong as Director Mgmt For For

3d Elect Siripen Sitasuwan as Director Mgmt For For

3e Elect Chotiphat Bijananda as Director Mgmt For For

3f Elect Thapana Sirivadhanabhakdi as Director Mgmt For Against

3g Elect Sithichai Chaikriangkrai as Director Mgmt For Against

Voter Rationale: Directors are expected to hold only a small number of directorships and ensure they have sufficient time and energy to discharge their role properly, particularly during unexpected company situations requiring substantial amounts of time. Furthermore, the audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

Page 20 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Fraser and Neave Limited

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3h Elect Timothy Chia Chee Ming as Director Mgmt For For

3i Elect Tengku Syed Badarudin Jamalullail as Mgmt For For Director

4 Approve Directors' Fees Mgmt For For

5 Reappoint Auditors and Authorize Board to Fix Mgmt For For Their Remuneration

6 Approve Issuance of Equity or Equity-Linked Mgmt For Against Securities with or without Preemptive Rights Voter Rationale: Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

7 Approve Grant of Awards and Issuance of Mgmt For For Shares Under the F&N Restricted Share Plan and/or the F&N Performance Share Plan

8 Approve Issuance of Shares Under the Fraser Mgmt For For and Neave, Limited Scrip Dividend Scheme

9 Other Business (Voting) Mgmt For Against

Voter Rationale: Any Other Business should not be a voting item.

Fraser and Neave Limited

Meeting Date: 01/27/2014 Country: Singapore Meeting Type: Special Ticker: F99

Primary ISIN: SG1T58930911 Primary SEDOL: B17NLV6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Authorize Share Repurchase Program Mgmt For For

Fraser and Neave Limited

Meeting Date: 02/28/2014 Country: Singapore Meeting Type: Special Ticker: F99

Primary ISIN: SG1T58930911 Primary SEDOL: B17NLV6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Special Business Mgmt

Page 21 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Fraser and Neave Limited

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Proposed Capital Reduction Mgmt For For

Fraser and Neave Limited

Meeting Date: 02/28/2014 Country: Singapore Meeting Type: Special Ticker: F99

Primary ISIN: SG1T58930911 Primary SEDOL: B17NLV6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Mandate for Transactions with Related Mgmt For For Parties

FUJIO FOOD SYSTEM CO. LTD.

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 2752

Primary ISIN: JP3807770007 Primary SEDOL: 6566067

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 5000

2.1 Elect Director Fujio, Masahiro Mgmt For For

2.2 Elect Director Zushi, Yusuke Mgmt For Against

2.3 Elect Director Fujio, Hideo Mgmt For Against

2.4 Elect Director Kuki, Yuichiro Mgmt For Against

Page 22 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

FUJIO FOOD SYSTEM CO. LTD.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Maezono, Makoto Mgmt For Against

2.6 Elect Director Ito, Yasutaka Mgmt For For

3.1 Appoint Statutory Auditor Tanaka, Shinro Mgmt For For

3.2 Appoint Statutory Auditor Murakami, Takao Mgmt For For

Gildan Activewear Inc.

Meeting Date: 02/06/2014 Country: Canada Meeting Type: Annual Ticker: GIL

Primary ISIN: CA3759161035 Primary SEDOL: 2254645

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director William D. Anderson Mgmt For For

1.2 Elect Director Glenn J. Chamandy Mgmt For For

1.3 Elect Director Russell Goodman Mgmt For For

1.4 Elect Director Russ Hagey Mgmt For For

1.5 Elect Director George Heller Mgmt For For

1.6 Elect Director Sheila O'Brien Mgmt For For

1.7 Elect Director Pierre Robitaille Mgmt For For

1.8 Elect Director James R. Scarborough Mgmt For For

1.9 Elect Director Gonzalo F. Valdes-Fauli Mgmt For For

2 Approve Shareholder Rights Plan Mgmt For For

3 Advisory Vote on Executive Compensation Mgmt For For Approach

4 Ratify KPMG LLP as Auditors Mgmt For For

Grupo Industrial Maseca S.A.B. de C.V.

Meeting Date: 03/18/2014 Country: Mexico Meeting Type: Annual Ticker: MASECAB

Primary ISIN: MXP6458Q1586 Primary SEDOL: 2390572

Page 23 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Grupo Industrial Maseca S.A.B. de C.V.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Financial Statements and Statutory Mgmt For For Reports

2 Present Report on Adherence to Fiscal Mgmt Obligations

3 Approve Allocation of Income and Dividends Mgmt For For

4 Set Aggregate Nominal Amount of Share Mgmt For For Repurchase Reserve and Present Report of Operations with Treasury Shares

5 Elect Directors, Secretary, and Alternates; Verify Mgmt For Against Independence Classification of Directors; Approve Their Remuneration Voter Rationale: Companies should provide sufficient information on directors standing for election at least 21 days in advance of the meeting to enable shareholders to cast an informed vote.

6 Elect Chairmen of Audit and Corporate Practices Mgmt For Against Committees Voter Rationale: Companies should provide sufficient information on directors standing for election at least 21 days in advance of the meeting to enable shareholders to cast an informed vote.

7 Authorize Board to Ratify and Execute Approved Mgmt For For Resolutions

8 Approve Minutes of Meeting Mgmt For For

Hill-Rom Holdings, Inc.

Meeting Date: 03/07/2014 Country: USA Meeting Type: Annual Ticker: HRC

Primary ISIN: US4314751029 Primary SEDOL: 2425924

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Rolf A. Classon Mgmt For For

Voter Rationale: Former employees or company founders are not sufficiently independent to serve on key board committees. Listing standard assumptions that independence can be restored after a five-year "cooling off" period are incorrect.

1.2 Elect Director William G. Dempsey Mgmt For For

1.3 Elect Director James R. Giertz Mgmt For For

1.4 Elect Director Charles E. Golden Mgmt For For

1.5 Elect Director John J. Greisch Mgmt For For

1.6 Elect Director William H. Kucheman Mgmt For For

Page 24 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Hill-Rom Holdings, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.7 Elect Director Ronald A. Malone Mgmt For For

1.8 Elect Director Eduardo R. Menasce Mgmt For For

1.9 Elect Director Joanne C. Smith Mgmt For For

2 Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale: A larger percentage of the equity awards should be tied to performance conditions. At least 50% is a minimum good practice for large companies. Furthermore, plans should not pay out for below-median performance relative to peers. This undermines a pay-for-performance approach which should reward top level performance amongst the company's peer group. Such practices blunt the impact of variable pay.

3 Ratify Auditors Mgmt For For

Hokkaido Coca-Cola Bottling Co. Ltd.

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 2573

Primary ISIN: JP3847800004 Primary SEDOL: 6431314

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 6

2.1 Elect Director Yabuki, Taketsugu Mgmt For For

2.2 Elect Director Sasaki, Yasuyuki Mgmt For For

2.3 Elect Director Morikawa, Hiroshi Mgmt For Against

2.4 Elect Director Maeda, Norihiko Mgmt For Against

2.5 Elect Director Fudo, Naoki Mgmt For Against

Page 25 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Hokkaido Coca-Cola Bottling Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Hashida, Hisao Mgmt For Against

2.7 Elect Director Uchida, Hiroki Mgmt For Against

2.8 Elect Director Sunohara, Makoto Mgmt For For

3.1 Appoint Statutory Auditor Hayashi, Shigeo Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Ueshima, Shinichi Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Yamazaki, Shun Mgmt For For

Hormel Foods Corporation

Meeting Date: 01/28/2014 Country: USA Meeting Type: Annual Ticker: HRL

Primary ISIN: US4404521001 Primary SEDOL: 2437264

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Terrell K. Crews Mgmt For For

1.2 Elect Director Jeffrey M. Ettinger Mgmt For For

1.3 Elect Director Jody H. Feragen Mgmt For For

1.4 Elect Director Glenn S. Forbes Mgmt For For

1.5 Elect Director Stephen M. Lacy Mgmt For For

1.6 Elect Director John L. Morrison Mgmt For For

1.7 Elect Director Elsa A. Murano Mgmt For For

1.8 Elect Director Robert C. Nakasone Mgmt For For

1.9 Elect Director Susan K. Nestegard Mgmt For For

Page 26 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Hormel Foods Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.10 Elect Director Dakota A. Pippins Mgmt For For

1.11 Elect Director Christopher J. Policinski Mgmt For For

2 Ratify Auditors Mgmt For For

3 Amend Omnibus Stock Plan Mgmt For For

Imperial Tobacco Group plc

Meeting Date: 02/05/2014 Country: United Kingdom Meeting Type: Annual Ticker: IMT

Primary ISIN: GB0004544929 Primary SEDOL: 0454492

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports

2 Approve Remuneration Report Mgmt For For

3 Approve Remuneration Policy Mgmt For For

4 Approve Final Dividend Mgmt For For

5 Re-elect Dr Ken Burnett as Director Mgmt For For

6 Re-elect Alison Cooper as Director Mgmt For For

7 Re-elect David Haines as Director Mgmt For For

8 Re-elect Michael Herlihy as Director Mgmt For For

9 Re-elect Susan Murray as Director Mgmt For For

10 Re-elect Matthew Phillips as Director Mgmt For For

11 Elect Oliver Tant as Director Mgmt For For

12 Re-elect Mark Williamson as Director Mgmt For For

13 Re-elect Malcolm Wyman as Director Mgmt For For

14 Reappoint PricewaterhouseCoopers LLP as Mgmt For For Auditors

15 Authorise Board to Fix Remuneration of Auditors Mgmt For For

16 Authorise EU Political Donations and Mgmt For For Expenditure

Page 27 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Imperial Tobacco Group plc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

17 Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

18 Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

19 Authorise Market Purchase of Ordinary Shares Mgmt For For

20 Authorise the Company to Call EGM with Two Mgmt For For Weeks' Notice

Jersey Electricity plc

Meeting Date: 03/06/2014 Country: Jersey Meeting Type: Annual Ticker: JEL

Primary ISIN: JE00B43SP147 Primary SEDOL: B43SP14

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports (Voting)

2 Approve Dividends Mgmt For For

3 Reelect Geoffrey Grime as a Director Mgmt For For

4 Reelect Clive Chaplin as a Director Mgmt For For

5 Reelect Mike Liston as a Director Mgmt For Against

Voter Rationale: The remuneration committee should be independent and this director's membership could hamper the committee's impartiality and effectiveness.

6 Reelect Aaron Le Cornu as a Director Mgmt For For

7 Approve Deloitte LLP as Auditors and Authorize Mgmt For For Board to Fix Their Remuneration

Joyfull Co. Ltd.

Meeting Date: 03/22/2014 Country: Japan Meeting Type: Annual Ticker: 9942

Primary ISIN: JP3392900001 Primary SEDOL: 6479455

Page 28 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Joyfull Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 10

2 Amend Articles to Clarify Director Authorities Mgmt For For

3.1 Elect Director Anami, Yoichi Mgmt For Against

Voter Rationale: The board should recruit an outside director as a first step to broaden and diversify board discussion. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director. The board should eventually include at least three outside and independent directors to ensure appropriate balance of independence and objectivity. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

3.2 Elect Director Anami, Kurumi Mgmt For Against

3.3 Elect Director Hatsuta, Seiji Mgmt For Against

3.4 Elect Director Kuniyoshi, Yasunobu Mgmt For Against

3.5 Elect Director Shibamoto, Futoshi Mgmt For Against

3.6 Elect Director Ono, Tetsuya Mgmt For Against

4 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale: There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 29 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

KB Financial Group Inc.

Meeting Date: 03/28/2014 Country: South Korea Meeting Type: Annual Ticker: 105560

Primary ISIN: KR7105560007 Primary SEDOL: B3DF0Y6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Approve Financial Statements, Allocation of Mgmt For For Income, and Dividend of KRW 500 per Share

2.a Elect Cho Jae-Ho as Outside Director Mgmt For For

2.b Elect Kim Myung-Jig as Outside Director Mgmt For For

2.c Elect Shin Sung-Hwan as Outside Director Mgmt For For

2.d Reelect Lee Kyung-Jae as Outside Director Mgmt For For

2.e Reelect Kim Young-Jin as Outside Director Mgmt For For

2.f Reelect Hwang Gun-Ho as Outside Director Mgmt For For

2.g Reelect Lee Jong-Chun as Outside Director Mgmt For For

2.h Reelect Koh Seung-Eui as Outside Director Mgmt For For

3.a Elect Shin Sung-Hwan as Member of Audit Mgmt For For Committee

3.b Reelect Lee Kyung-Jae as Member of Audit Mgmt For For Committee

3.c Reelect Kim Young-Jin as Member of Audit Mgmt For For Committee

3.d Reelect Lee Jong-Chun as Member of Audit Mgmt For For Committee

3.e Reelect Koh Seung-Eui as Member of Audit Mgmt For For Committee

4 Approve Total Remuneration of Inside Directors Mgmt For For and Outside Directors

Kewpie Corp.

Meeting Date: 02/25/2014 Country: Japan Meeting Type: Annual Ticker: 2809

Primary ISIN: JP3244800003 Primary SEDOL: 6714509

Page 30 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Kewpie Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Miyake, Minesaburo Mgmt For For

Voter Rationale: F&C supports the election of the entire board following the introduction of an independent outside director on to the board this year. We encourage the company to continue governance reform. F&C expects Japanese companies to have sufficient independent external representation on the board - and would like to see three independent directors on the board in the coming years.

1.2 Elect Director Nakashima, Amane Mgmt For For

1.3 Elect Director Katsuyama, Tadaaki Mgmt For For

1.4 Elect Director Wada, Yoshiaki Mgmt For For

1.5 Elect Director Suda, Shigehiro Mgmt For For

1.6 Elect Director Takemura, Shigeki Mgmt For For

1.7 Elect Director Inoue, Nobuo Mgmt For For

1.8 Elect Director Furutachi, Masafumi Mgmt For For

1.9 Elect Director Goto, Nobutaka Mgmt For For

1.10 Elect Director Hyodo, Toru Mgmt For For

1.11 Elect Director Chonan, Osamu Mgmt For For

1.12 Elect Director Sakai, Ichiro Mgmt For For

2.1 Appoint Statutory Auditor Ichise, Jiro Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Kasama, Haruo Mgmt For For

3 Approve Annual Bonus Payment to Directors Mgmt For For

4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Korea Electric Power Corp.

Meeting Date: 03/14/2014 Country: South Korea Meeting Type: Special Ticker: 015760

Primary ISIN: KR7015760002 Primary SEDOL: 6495730

Page 31 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Korea Electric Power Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Reelect Koo Bon-Woo as Inside Director Mgmt For For

2.1 Elect Cho Jeon-Hyuk as Member of Audit Mgmt For For Committee

2.2 Elect Choi Kyo-Il as Member of Audit Committee Mgmt For For

KT Corp.

Meeting Date: 01/27/2014 Country: South Korea Meeting Type: Special Ticker: 030200

Primary ISIN: KR7030200000 Primary SEDOL: 6505316

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Elect Hwang, Chang-Gyu as President Mgmt For For

2 Approve Employment Contract with President Mgmt For For

KT Corp.

Meeting Date: 03/21/2014 Country: South Korea Meeting Type: Annual Ticker: 030200

Primary ISIN: KR7030200000 Primary SEDOL: 6505316

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Approve Financial Statements, Allocation of Mgmt For For Income, and Dividend of KRW 800 per Share

2.1 Elect Han Hoon as Inside Director Mgmt For For

2.2 Elect Lim Heon-Moon as Inside Director Mgmt For For

Page 32 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

KT Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Kim Jong-Gu as Outside Director Mgmt For For

2.4 Elect Park Dae-Geun as Outside Director Mgmt For For

2.5 Elect Lim Joo-Hwan as Outside Director Mgmt For For

2.6 Elect Yoo Pil-Hwa as Outside Director Mgmt For For

2.7 Elect Jang Suk-Kwon as Outside Director Mgmt For For

3.1 Elect Sung Keuk-Je as Member of Audit Mgmt For For Committee

3.2 Elect Kim Jong-Gu as Member of Audit Mgmt For For Committee

3.3 Elect Yoo Pil-Hwa as Member of Audit Mgmt For For Committee

4 Approve Total Remuneration of Inside Directors Mgmt For For and Outside Directors

Kura Corporation

Meeting Date: 01/29/2014 Country: Japan Meeting Type: Annual Ticker: 2695

Primary ISIN: JP3268200007 Primary SEDOL: 6345965

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Tanaka, Kunihiko Mgmt For Against

1.2 Elect Director Ito, Norihito Mgmt For Against

1.3 Elect Director Katsuki, Hiroyuki Mgmt For Against

Page 33 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Kura Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Kamei, Manabu Mgmt For Against

1.5 Elect Director Tanaka, Setsuko Mgmt For Against

1.6 Elect Director Hisamune, Hiroyuki Mgmt For Against

1.7 Elect Director Tanaka, Makoto Mgmt For Against

1.8 Elect Director Baba, Kuniyuki Mgmt For Against

LG Display Co.

Meeting Date: 03/07/2014 Country: South Korea Meeting Type: Annual Ticker: 034220

Primary ISIN: KR7034220004 Primary SEDOL: B01VZN9

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Approve Financial Statements and Allocation of Mgmt For For Income

2.a Re-elect Kang Yoo-Sik as Non-Independent Mgmt For For Non-Executive Director

2.b Elect Kim Sang-Don as Inside Director Mgmt For For

2.c Re-elect Jang Jin as Outside Director Mgmt For For

Page 34 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

LG Display Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.a Re-elect Jang Jin as Member of Audit Mgmt For For Committee

4 Approve Total Remuneration of Inside Directors Mgmt For For and Outside Directors

Lion Corp.

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 4912

Primary ISIN: JP3965400009 Primary SEDOL: 6518808

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Fujishige, Sadayoshi Mgmt For For

1.2 Elect Director Hama, Itsuo Mgmt For For

1.3 Elect Director Kasamatsu, Takayasu Mgmt For Against

1.4 Elect Director Watari, Yuji Mgmt For Against

1.5 Elect Director Kikukawa, Masazumi Mgmt For Against

1.6 Elect Director Kobayashi, Kenjiro Mgmt For Against

1.7 Elect Director Shimizu, Yasuo Mgmt For Against

1.8 Elect Director Kakui, Toshio Mgmt For Against

1.9 Elect Director Shimaguchi, Mitsuaki Mgmt For For

Page 35 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Lion Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.10 Elect Director Yamada, Hideo Mgmt For For

2 Appoint Alternate Statutory Auditor Kojima, Mgmt For For Noboru

LUZ DEL SUR S.A.A.

Meeting Date: 03/27/2014 Country: Peru Meeting Type: Annual Ticker: LUSURC1

Primary ISIN: PEP702521001 Primary SEDOL: 2485263

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Financial Statements and Statutory Mgmt For For Reports

2 Approve Allocation of Income Mgmt For For

3 Elect Directors Mgmt For Against

Voter Rationale: Companies should provide sufficient information on directors standing for election at least 21 days in advance of the meeting to enable shareholders to cast an informed vote.

4 Appoint Auditors Mgmt For For

5 Approve Remuneration of Directors Mgmt For For

6 Approve Dividend Policy Mgmt For For

7 Authorize Board to Ratify and Execute Approved Mgmt For For Resolutions

Manutan International SA

Meeting Date: 03/13/2014 Country: France Meeting Type: Annual/Special Ticker: MAN

Primary ISIN: FR0000032302 Primary SEDOL: 4564869

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Ordinary Business Mgmt

Page 36 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Manutan International SA

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Financial Statements and Statutory Mgmt For Against Reports Voter Rationale: Despite the unqualified opinion and the lack of controversy in connection with financial statements and statutory reports, we voted against this item as the company failed to propose a resolution on its executive compensation and did not provide any specific explanation to shareholders concerning this change of corporate governance code.

2 Approve Consolidated Financial Statements and Mgmt For For Statutory Reports

3 Approve Allocation of Income and Dividends of Mgmt For For EUR 1.13 per Share

4 Approve Auditors' Special Report on Mgmt For Against Related-Party Transactions Regarding New Transactions Voter Rationale: Shareholders should be given relevant and sufficient information to make an informed decision.

5 Approve Severance Payment Agreement with Mgmt For Against Brigitte Auffret Voter Rationale: Awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value .

6 Elect Violette Watine as Director Mgmt For For

7 Ratify Change of Registered Office to ZAC du Mgmt For For Parc des Tulipes, Avenue du 21 eme siecle, 95500 Gonesse

8 Authorize Repurchase of Up to 5 Percent of Mgmt For Against Issued Share Capital Voter Rationale: Shares should not be repurchased at a premium/discount to the market price of more than 10%.

Extraordinary Business Mgmt

9 Authorize Decrease in Share Capital via Mgmt For For Cancellation of Repurchased Shares

10 Authorize up to 1 Percent of Issued Capital for Mgmt For Against Use in Restricted Stock Plans Voter Rationale: Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over time.

11 Authorize Filing of Required Documents/Other Mgmt For For Formalities

McDonald's Holdings Company (Japan) Ltd.

Meeting Date: 03/25/2014 Country: Japan Meeting Type: Annual Ticker: 2702

Primary ISIN: JP3750500005 Primary SEDOL: 6371863

Page 37 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

McDonald's Holdings Company (Japan) Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 30

2 Amend Articles To Clarify Director Authorities Mgmt For For

3 Elect Director Sarah L. Casanova Mgmt For For

Metro Inc.

Meeting Date: 01/28/2014 Country: Canada Meeting Type: Annual Ticker: MRU

Primary ISIN: CA59162N1096 Primary SEDOL: 2583952

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Marc DeSerres Mgmt For For

1.2 Elect Director Claude Dussault Mgmt For For

1.3 Elect Director Serge Ferland Mgmt For For

1.4 Elect Director Paule Gauthier Mgmt For Withhold

1.5 Elect Director Paul Gobeil Mgmt For Withhold

1.6 Elect Director Russell Goodman Mgmt For For

1.7 Elect Director Christian W.E. Haub Mgmt For For

1.8 Elect Director Michel Labonte Mgmt For For

1.9 Elect Director Eric R. La Fleche Mgmt For For

1.10 Elect Director Pierre H. Lessard Mgmt For For

1.11 Elect Director Marie-Jose Nadeau Mgmt For Withhold

1.12 Elect Director Real Raymond Mgmt For For

Page 38 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Metro Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.13 Elect Director Line Rivard Mgmt For For

1.14 Elect Director Michael T. Rosicki Mgmt For For

1.15 Elect Director John H. Tory Mgmt For For

2 Ratify Ernst & Young LLP as Auditors Mgmt For For

3 Advisory Vote on Executive Compensation Mgmt For Against Approach Voter Rationale: Submitting the executive compensation plan to shareholders for an advisory vote is a good practice and helps identify investor concerns. A larger percentage of the equity awards should be tied to performance conditions. At least 50% is a minimum good practice for large companies.

Shareholder Proposals Mgmt

4 SP 1: Phase Out Stock Options as a Form of SH Against Withhold Compensation Voter Rationale: While the proposal is overly prescriptive in restricting the ability of the committee to grant performance vesting options, we share the proponent's underlying concern that the emphasis on time vesting stock options does not incentivize truly exceptional performance.

5 SP 2: Advisory Vote on Executive Officers' SH Against Withhold Compensation Voter Rationale: It is good governance practice to give shareholders the ability to express opinions on the structure and outcomes of executive compensation packages. It is noted that this company has voluntarily adopted this practice. The threshold of support requiring additional disclosures as presented in this proposal is too low.

6 SP 3: Increase Representation of Women on the SH Against Withhold Board Voter Rationale: While a verbal report on efforts to increase gender diversity is unlikely to prove as useful as a written report, additional disclosure is merited.

Netcare Ltd

Meeting Date: 02/07/2014 Country: South Africa Meeting Type: Annual Ticker: NTC

Primary ISIN: ZAE000011953 Primary SEDOL: 6636421

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports for the Year Ended 30 September 2013

2 Reappoint Grant Thornton as Auditors of the Mgmt For For Company with EFG Dreyer as the Designated Auditor and Authorise Their Remuneration

Page 39 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Netcare Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Re-elect Meyer Kahn as Director Mgmt For Against

Voter Rationale: For widely held companies, the board should include at least 50% independent non-executive directors to ensure appropriate balance of independence and objectivity. Furthermore, the nomination committee should be independent and this director's membership could hamper the committee's impartiality and effectiveness.

3.2 Re-elect Martin Kuscus as Director Mgmt For For

3.3 Re-elect Jerry Vilakazi as Director Mgmt For For

4.1 Re-elect Thevendrie Brewer as Chairperson of Mgmt For For the Audit Committee

4.2 Re-elect Hymie Levin as Member of the Audit Mgmt For Against Committee Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

4.3 Re-elect Azar Jammine as Member of the Audit Mgmt For Against Committee Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

4.4 Re-elect Norman Weltman as Member of the Mgmt For Against Audit Committee Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

5 Place Unissued Ordinary Shares under Control Mgmt For For of Directors

6 Place Unissued Cumulative, Non-Redeemable, Mgmt For For Non-Convertible Preference Shares under Control of Directors

7 Authorise Board to Issue Shares for Cash up to Mgmt For For a Maximum of Five Percent of Issued Share Capital

8 Approve Remuneration Policy Mgmt For Against

9 Authorise Board to Ratify and Execute Approved Mgmt For For Resolutions

10 Authorise Repurchase of Up to 20 Percent of Mgmt For Against Issued Share Capital Voter Rationale: Any share repurchase request in excess of 10% should be undertaken in exceptional circumstances only and be fully justified by the company.

11 Approve Remuneration of Non-Executive Mgmt For For Directors

12 Approve Financial Assistance to Related and Mgmt For Against Inter-related Companies Voter Rationale: Shareholder funds should not be used to grant financial assistance to directors, officers or related persons without a clearly disclosed and fully justified explanation.

Page 40 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Newriver Retail Limited

Meeting Date: 02/18/2014 Country: Guernsey Meeting Type: Special Ticker: NRR

Primary ISIN: GG00B4Z05859 Primary SEDOL: B4Z0585

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Ordinary Resolution Mgmt

1 Approve Issuance of Shares in Connection with Mgmt For For the Placing

Special Resolution Mgmt

2 Approve Disapplication of Pre-emption Rights in Mgmt For For Relation to the Placing

Odontoprev S.A.

Meeting Date: 01/27/2014 Country: Brazil Meeting Type: Special Ticker: ODPV3

Primary ISIN: BRODPVACNOR4 Primary SEDOL: B1H6R62

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Elect Randal Luiz Zanetti as Director Mgmt For Against

Voter Rationale: The board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity.

Orior AG

Meeting Date: 03/25/2014 Country: Switzerland Meeting Type: Annual Ticker: ORON

Primary ISIN: CH0111677362 Primary SEDOL: B5VW1G2

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports

Page 41 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Orior AG

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Approve Allocation of Income Mgmt For For

Voter Rationale: Votes FOR the allocation of income and the distribution of dividends are warranted as these are routine requests and no concerns have been identified.

2.2 Approve Transfer of CHF 11.7 Million from Mgmt For For Capital Contribution Reserves to Free Reserves and Dividends of CHF 1.97 per Registered Share from Free Reserves

3 Approve Discharge of Board and Senior Mgmt For For Management

4.1.1 Elect Rolf Sutter as Board Chairman Mgmt For For

4.1.2 Elect Rolf Friedli as Director Mgmt For For

4.1.3 Elect Christoph Clavadetscher as Director Mgmt For For

4.1.4 Elect Edgar Fluri as Director Mgmt For For

4.1.5 Elect Dominik Sauter as Director Mgmt For For

4.1.6 Elect Monika Walser as Director Mgmt For For

4.2.1 Appoint Christoph Clavadetscher as Member of Mgmt For For the Compensation Committee

4.2.2 Appoint Rolf Friedli as Member of the Mgmt For For Compensation Committee

4.2.3 Appoint Rolf Sutter as Member of the Mgmt For For Compensation Committee

4.3 Ratify Ernst & Young AG as Auditors Mgmt For For

4.4 Designate Ines Poeschel as Independent Proxy Mgmt For For

5 Approve Creation of CHF 4.8 Million Pool of Mgmt For For Capital without Preemptive Rights

6.1 Amend Articles Re: Ordinance Against Excessive Mgmt For Against Remuneration at Listed Companies Voter Rationale: Item 6.1A vote AGAINST the proposed article amendments is warranted, because it would allow directors to hold up to five outside mandates at listed companiesItems 6.2-6.3Votes FOR these resolutions are warranted.This notwithstanding, some shareholders may have concerned about the principles underlying the compensation of members of the board of directors and executives.

6.2 Amend Articles Re: Remuneration of Members Mgmt For For of the Board of Directors

6.3 Amend Articles Re: Remuneration of Members Mgmt For For of the Management Board

Otsuka Corporation

Meeting Date: 03/27/2014 Country: Japan Meeting Type: Annual Ticker: 4768

Primary ISIN: JP3188200004 Primary SEDOL: 6267058

Page 42 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Otsuka Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 235

Park 24 Co.

Meeting Date: 01/29/2014 Country: Japan Meeting Type: Annual Ticker: 4666

Primary ISIN: JP3780100008 Primary SEDOL: 6667733

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 40

2.1 Elect Director Nishikawa, Koichi Mgmt For Against

2.2 Elect Director Sasaki, Kenichi Mgmt For Against

2.3 Elect Director Kawakami, Norifumi Mgmt For Against

2.4 Elect Director Kawasaki, Keisuke Mgmt For Against

3.1 Appoint Statutory Auditor Uenishi, Seishi Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Takeda, Tsunekazu Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 43 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Park 24 Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Approve Retirement Bonus Payment for Mgmt For For Directors and Statutory Auditor

5 Approve Special Payments in Connection with Mgmt For For Abolition of Retirement Bonus System

PCCW Limited

Meeting Date: 02/28/2014 Country: Hong Kong Meeting Type: Special Ticker: 00008

Primary ISIN: HK0008011667 Primary SEDOL: 6574071

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Acquisition of the Entire Equity Interest Mgmt For For in CSL New World Mobility Limited by HKT Limited and Related Transactions

Pick n Pay Stores Ltd

Meeting Date: 02/12/2014 Country: South Africa Meeting Type: Special Ticker: PIK

Primary ISIN: ZAE000005443 Primary SEDOL: 6688068

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Special Resolution Mgmt

1 Approve Forfeitable Share Plan Mgmt For Against

Voter Rationale: This plan could lead to excessive dilution.

Ordinary Resolutions Mgmt

1 Approve Issuance of Shares for the Purposes of Mgmt For Against the Forfeitable Share Plan and the 1997 Employee Share Option Scheme Voter Rationale: This plan could lead to excessive dilution.

2.1 Elect Audrey Mothupi as Director Mgmt For For

2.2 Elect David Friedland as Director Mgmt For For

2.3 Elect John Gildersleeve as Director Mgmt For For

Page 44 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Pick n Pay Stores Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Authorise Board to Ratify and Execute Approved Mgmt For For Resolutions

POSCO

Meeting Date: 03/14/2014 Country: South Korea Meeting Type: Annual Ticker: 005490

Primary ISIN: KR7005490008 Primary SEDOL: 6693233

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Approve Financial Statements, Allocation of Mgmt For For Income, and Dividend of KRW 6,000 per Share

2.1.a Elect Kim Il-Sup as Outside Director Mgmt For For

2.1.b Elect Seon Woo-Young as Outside Director Mgmt For For

2.1.c Elect Ahn Dong-Hyun as Outside Director Mgmt For For

2.2.a Elect Kim Il-Sup as Member of Audit Committee Mgmt For For

2.2.b Elect Seon Woo-Young as Member of Audit Mgmt For For Committee

2.3.a Elect Kwon Oh-Joon as Inside Director Mgmt For For

2.3.b Elect Kim Jin-Il as Inside Director Mgmt For For

2.3.c Elect Lee Young-Hoon as Inside Director Mgmt For For

2.3.d Elect Yoon Dong-Joon as Inside Director Mgmt For For

3 Approve Total Remuneration of Inside Directors Mgmt For For and Outside Directors

Power Assets Holdings Ltd.

Meeting Date: 01/06/2014 Country: Hong Kong Meeting Type: Special Ticker: 00006

Primary ISIN: HK0006000050 Primary SEDOL: 6435327

Page 45 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Power Assets Holdings Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Proposed Spin-off and Related Mgmt For For Transactions

PPC Ltd

Meeting Date: 01/27/2014 Country: South Africa Meeting Type: Annual Ticker: PPC

Primary ISIN: ZAE000170049 Primary SEDOL: B7C6V89

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Ordinary Resolutions Mgmt

1 Elect Todd Moyo as Director Mgmt For For

2 Re-elect Bridgette Modise as Director Mgmt For For

3 Re-elect Joe Shibambo as Director Mgmt For For

4 Reappoint Deloitte & Touche as Auditors of the Mgmt For For Company

5 Authorise Board to Fix Remuneration of the Mgmt For For Auditors

6 Re-elect Tim Ross as Member of Audit Mgmt For For Committee

7 Re-elect Zibusiso Kganyago as Member of Audit Mgmt For For Committee

8 Re-elect Bridgette Modise as Member of Audit Mgmt For For Committee

9 Approve Remuneration Policy Mgmt For Against

Voter Rationale: Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over time. Furthermore, all exceptional awards should be clearly linked to performance and demonstrate shareholder value creation in addition to and above that expected of directors as a normal part of their jobs.

Special Resolutions Mgmt

1 Approve Financial Assistance to Related or Mgmt For Against Inter-related Company Voter Rationale: Shareholder funds should not be used to grant financial assistance to directors, officers or related persons without a clearly disclosed and fully justified explanation.

2 Approve Remuneration of Non-Executive Mgmt For For Directors

Page 46 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

PPC Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Authorise Repurchase of Up to Ten Percent of Mgmt For For Issued Share Capital

PPC Ltd

Meeting Date: 03/18/2014 Country: South Africa Meeting Type: Special Ticker: PPC

Primary ISIN: ZAE000170049 Primary SEDOL: B7C6V89

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Special Resolutions Mgmt

1 Approve Increase in Authorised Preference Mgmt For For Shares

2 Amend Memorandum of Incorporation Mgmt For For

3 Place Authorised but Unissued Preference Mgmt For For Shares under Control of Directors in Respect of the Initial Issue

4 Place Authorised but Unissued Preference Mgmt For For Shares under Control of Directors in Respect of Subsequent Issues

5 Authorise Repurchase of PPC Black Managers Mgmt For For Trust Shares

6 Authorise Repurchase of PPC Community Trust Mgmt For For Funding SPV Shares

7 Authorise Repurchase of PPC Construction Mgmt For For Industry Associations Trust Funding SPV Shares

8 Authorise Repurchase of PPC Education Trust Mgmt For For Funding SPV Shares

9 Authorise Repurchase of PPC Team Benefit Mgmt For For Trust Funding SPV Shares

10 Approve Financial Assistance in Relation to the Mgmt For For Settlement of Obligations Associated with the First BEE Transaction

11 Approve Financial Assistance to PPC Phakamani Mgmt For For Trust

12 Authorise Repurchase of PPC Phakamani Trust Mgmt For For Repurchase Shares

Ordinary Resolutions Mgmt

Page 47 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

PPC Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Waive All and Any Pre-emption Rights which the Mgmt For For PPC Shareholders may be Entitled to Under the Current Memorandum of Incorporation in Connection with the Issue of Preference Shares Pursuant to the Preference Share Issue Programme

2 Approve Issue of the Initial PPC Phakamani Mgmt For For Trust Shares to PPC Phakamani Trust

Public Bank Berhad

Meeting Date: 03/31/2014 Country: Malaysia Meeting Type: Annual Ticker: PBBANK

Primary ISIN: MYL1295OO004 Primary SEDOL: B012W42

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Ordinary Business Mgmt

1 Accept Financial Statements and Statutory Mgmt For For Reports

2 Elect Tang Wing Chew as Director Mgmt For For

3 Elect Teh Hong Piow as Director Mgmt For For

4 Elect Thong Yaw Hong as Director Mgmt For Against

Voter Rationale: For companies without an independent chairman, the board should include at least 50% independent directors in line with Malaysia's corporate governance code. Furthermore, the audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

5 Elect Tay Ah Lek as Director Mgmt For For

6 Elect Lee Kong Lam as Director Mgmt For Against

7 Elect Lai Wan as Director Mgmt For For

8 Approve Remuneration of Directors Mgmt For For

9 Approve KPMG as Auditors and Authorize Board Mgmt For For to Fix Their Remuneration

10 Approve Merger of Ordinary Shares Mgmt For For

Special Business Mgmt

1 Amend Memorandum and Articles of Association Mgmt For For

Page 48 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Public Power Corporation S.A.

Meeting Date: 01/31/2014 Country: Greece Meeting Type: Special Ticker: PPC

Primary ISIN: GRS434003000 Primary SEDOL: 7268298

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Special Meeting Mgmt

1 Approve Actions of Board Regarding the Prcing Mgmt For For of the Company Aluminium SA

2 Ratify Director Appointment Mgmt For For

3 Ratify Appointment of Member of Audit Mgmt For For Committee

4 Other Business Mgmt For Against

Voter Rationale: Any Other Business should not be a voting item.

Public Power Corporation S.A.

Meeting Date: 02/28/2014 Country: Greece Meeting Type: Special Ticker: PPC

Primary ISIN: GRS434003000 Primary SEDOL: 7268298

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Repeat Meeting Agenda Mgmt

1 Approve Actions of Board Regarding the Pricing Mgmt For For of Energy Provided by the Company to Aluminium SA

Reunert Ltd

Meeting Date: 02/17/2014 Country: South Africa Meeting Type: Annual Ticker: RLO

Primary ISIN: ZAE000057428 Primary SEDOL: 6728726

Page 49 of 69

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Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Reunert Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Elect Alan Dickson as Director Mgmt For For

2 Elect Sarita Martin as Director Mgmt For For

3 Elect Mark Taylor as Director Mgmt For For

4 Re-elect Sean Jagoe as Director Mgmt For Against

Voter Rationale: For widely held companies, the board should include at least 50% independent non-executive directors to ensure appropriate balance of independence and objectivity.

5 Re-elect Thandi Orleyn as Director Mgmt For Against

Voter Rationale: For widely held companies, the board should include at least 50% independent non-executive directors to ensure appropriate balance of independence and objectivity.

6 Re-elect Brand Pretorius as Director Mgmt For For

7 Re-elect Rynhardt van Rooyen as Member of Mgmt For For the Audit Committee

8 Re-elect Sean Jagoe as Member of the Audit Mgmt For Against Committee Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

9 Elect Sarita Martin as Member of the Audit Mgmt For For Committee

10 Re-elect Trevor Munday as Member of the Audit Mgmt For For Committee

11 Reappoint Deloitte & Touche as Auditors of the Mgmt For For Company with Patrick Smit as the Individual Designated Auditor and Authorise Their Remuneration

12 Approve Remuneration Policy Mgmt For Against

Voter Rationale: On early termination, all share-based awards should be time pro-rated and tested for performance, including in the event of a change of control.

13 Approve Resolutions or Agreements of Mgmt For For Executive Directors and Prescribed Officers in Contravention of Section 75 of Companies Act but Only to the Extent that the Relevant Resolutions or Agreements Fell Within the Ambit of Section 75 of Companies Act

14 Approve Issue of Shares in Terms of the Mgmt For For Reunert 1985 Share Option Scheme, Reunert 1988 Share Purchase Scheme and the Reunert 2006 Share Option Scheme

15 Authorise Repurchase of Up to Five Percent of Mgmt For For Issued Share Capital

16 Approve Remuneration of Non-Executive Mgmt For For Directors

Page 50 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Reunert Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

17 Approve Financial Assistance to Related or Mgmt For Against Inter-related Company Voter Rationale: Shareholder funds should not be used to grant financial assistance to directors, officers or related persons without a clearly disclosed and fully justified explanation.

18 Authorise Board to Ratify and Execute Approved Mgmt For For Resolutions

Ringkjobing Landbobank

Meeting Date: 02/26/2014 Country: Denmark Meeting Type: Annual Ticker: RILBA

Primary ISIN: DK0060032068 Primary SEDOL: B105JH1

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Elect Chairman of Meeting Mgmt For For

2 Receive and Adopt Report of Board Mgmt For For

3 Accept Financial Statements and Statutory Mgmt For For Reports

4 Approve Allocation of Income Mgmt For For

5 Reelect Gert Asmussen, Niels Ole Hansen, Mgmt For For Tonny Hansen, Leif Haubjerg, Lars Moller, Martin Pedersen, Ole Pedersen, and Kristian Skannerup as Members of Committee of Representatives; Elect Niels Madsen and Allan Sorensen as New Members

Voter Rationale: The board should submit directors for re-election individually, rather than as a single slate to enable shareholders to hold directors individually accountable for their performance.

6 Ratify PricewaterhouseCoopers as Auditors Mgmt For For

7 Authorize Share Repurchase Program Mgmt For For

8a Extend Current Capital Issuance Authorizations Mgmt For Against to Feb. 25, 2019; Amend Articles of Association

Voter Rationale: Any increase in capital of greater than 10% without pre-emption rights should be undertaken in exceptional circumstances only and fully justified by the company.

8b Approve DKK 300,000 Reduction in Share Mgmt For For Capital via Share Cancellation

8c Authorize Repurchase of up to 110,000 Shares Mgmt For For for Cancellation Purposes

8d Authorize Editorial Changes to Adopted Mgmt For For Resolutions in Connection with Registration with Danish Authorities

Page 51 of 69

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Rokko Butter Co., Ltd.

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 2266

Primary ISIN: JP3984800007 Primary SEDOL: 6747497

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 15 Voter Rationale: Shareholders should have the right to elect directors annually in order to hold them to account.

2 Approve Annual Bonus Payment to Directors Mgmt For For and Statutory Auditors

Royal Holdings Co. Ltd.

Meeting Date: 03/27/2014 Country: Japan Meeting Type: Annual Ticker: 8179

Primary ISIN: JP3983600002 Primary SEDOL: 6754583

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 14

2.1 Elect Director Kikuchi, Tadao Mgmt For For

2.2 Elect Director Yazaki, Seiji Mgmt For Against

2.3 Elect Director Nonomura, Akito Mgmt For Against

2.4 Elect Director Kurosu, Yasuhiro Mgmt For Against

2.5 Elect Director Kimura, Tomoatsu Mgmt For Against

Page 52 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Royal Holdings Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Kido, Satoshi Mgmt For Against

2.7 Elect Director Tominaga, Mari Mgmt For Against

2.8 Elect Director Sueyoshi, Norio Mgmt For Against

Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties. Furthermore, the board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

3 Appoint Statutory Auditor Watanabe, Yoshio Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Samsung Electronics Co. Ltd.

Meeting Date: 03/14/2014 Country: South Korea Meeting Type: Annual Ticker: 005930

Primary ISIN: KR7005930003 Primary SEDOL: 6771720

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for GDR Holders Mgmt

1 Approve Financial Statements, Allocation of Mgmt For For Income, and Dividend of KRW 13,800 per Share

2 Approve Total Remuneration of Inside Directors Mgmt For For and Outside Directors

Senshukai Co. Ltd.

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 8165

Primary ISIN: JP3424600009 Primary SEDOL: 6795474

Page 53 of 69

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Senshukai Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 12

2 Amend Articles to Amend Business Lines Mgmt For For

3.1 Elect Director Yukimachi, Yasuhiro Mgmt For For

3.2 Elect Director Tanabe, Michio Mgmt For For

3.3 Elect Director Sawamoto, Shohachi Mgmt For Against

3.4 Elect Director Asada, Mamoru Mgmt For Against

3.5 Elect Director Hoshino, Hiroyuki Mgmt For Against

3.6 Elect Director Sugiura, Koichi Mgmt For Against

3.7 Elect Director Masutani, Kazuhisa Mgmt For Against

3.8 Elect Director Oishi, Tomoko Mgmt For For

3.9 Elect Director Sano, Toshikatsu Mgmt For Against

4 Appoint Statutory Auditor Morimoto, Hiroshi Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Appoint Alternate Statutory Auditor Masui, Mgmt For For Koichi

6 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Page 54 of 69

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Shinhan Financial Group Co. Ltd.

Meeting Date: 03/26/2014 Country: South Korea Meeting Type: Annual Ticker: 055550

Primary ISIN: KR7055550008 Primary SEDOL: 6397502

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Approve Financial Statements, Allocation of Mgmt For For Income, and Dividend of KRW 650 per Share

2.1 Reelect Han Dong-Woo as Inside Director Mgmt For For

2.2 Reelect Kwon Tae-Eun as Outside Director Mgmt For For

2.3 Reelect Kim Gi-Young as Outside Director Mgmt For For

2.4 Reelect Kim Suk-Won as Outside Director Mgmt For For

2.5 Reelect Namgoong Hoon as Outside Director Mgmt For For

2.6 Elect Lee Man-Woo as Outside Director Mgmt For For

2.7 Reelect Lee Sang-Gyung as Outside Director Mgmt For For

2.8 Elect Chung Jin as Outside Director Mgmt For For

2.9 Reelect Hirakawa Haruki as Outside Director Mgmt For For

2.10 Reelect Philippe Aguignier as Outside Director Mgmt For For

3.1 Reelect Kwon Tae-Eun as Member of Audit Mgmt For For Committee

3.2 Reelect Kim Suk-Won as Member of Audit Mgmt For For Committee

3.3 Elect Lee Man-Woo as Member of Audit Mgmt For For Committee

3.4 Reelect Lee Sang-Gyung as Member of Audit Mgmt For For Committee

4 Approve Total Remuneration of Inside Directors Mgmt For For and Outside Directors

SK Telecom Co.

Meeting Date: 03/21/2014 Country: South Korea Meeting Type: Annual Ticker: 017670

Primary ISIN: KR7017670001 Primary SEDOL: 6224871

Page 55 of 69

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SK Telecom Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Approve Financial Statements, Allocation of Mgmt For For Income, and Dividend of KRW 8,400 per Share

2 Amend Articles of Incorporation Mgmt For For

3.1 Reelect Ha Sung-Min as Inside Director Mgmt For For

3.2 Reelect Chung Jay-Young as Outside Director Mgmt For For

3.3 Elect Lee Jae-Hoon as Outside Director Mgmt For For

3.4 Elect Ahn Jae-Hyun as Outside Director Mgmt For For

4 Elect Ahn Jae-Hyun as Member of Audit Mgmt For For Committee

5 Approve Total Remuneration of Inside Directors Mgmt For For and Outside Directors

Tauron Polska Energia SA

Meeting Date: 01/07/2014 Country: Poland Meeting Type: Special Ticker: TPE

Primary ISIN: PLTAURN00011 Primary SEDOL: B5P7L41

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Open Meeting Mgmt

2 Elect Meeting Chairman Mgmt For For

3 Acknowledge Proper Convening of Meeting Mgmt

4 Approve Agenda of Meeting Mgmt For For

5 Waive Secrecy of Voting When Electing Mgmt For For Members of Vote Counting Commission

6 Elect Members of Vote Counting Commission Mgmt For For

7 Amend Statute Mgmt For For

8 Fix Number of Supervisory Board Members Mgmt For For

Page 56 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Tauron Polska Energia SA

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

9 Approve Changes in Composition of Supervisory Mgmt For Against Board Voter Rationale: Companies should provide sufficient information on directors standing for election at least 21 days in advance of the meeting to enable shareholders to cast an informed vote.

10 Close Meeting Mgmt

TDC A/S

Meeting Date: 03/06/2014 Country: Denmark Meeting Type: Annual Ticker: TDC

Primary ISIN: DK0060228559 Primary SEDOL: 5698790

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Receive Report of Board Mgmt

2 Accept Financial Statements and Statutory Mgmt For For Reports

3 Approve Discharge of Management and Board Mgmt For For

4 Approve Allocation of Income Mgmt For For

5a Reelect Vagn Sorensen as Director Mgmt For For

5b Reelect Pierre Danon as Director Mgmt For For

5c Reelect Stine Bosse as Director Mgmt For For

5d Reelect Angus Porter as Director Mgmt For For

5e Reelect Soren Sorensen as Director Mgmt For For

5f Reelect Pieter Knook as Director Mgmt For For

6 Ratify PricewaterhouseCoopers as Auditors Mgmt For For

7a Authorize Share Repurchase Program Mgmt For For

7b Amend Guidelines for Incentive-Based Mgmt For For Compensation for Executive Management and Board

7c Approve Remuneration of Directors in the Mgmt For For Amount of DKK 1.1 Million for Chairman, DKK 700,000 for Vice Chairman, and DKK 400,000 for Other Members; Approve Remuneration for Committee Work

7d Amend Articles of Association Mgmt For For

7e Amend Authorisation to Increase Share Capital Mgmt For For

Page 57 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

TDC A/S

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

7f Approve Publication of Information in English Mgmt For For

8 Other Business Mgmt

Teva Pharmaceutical Industries Ltd.

Meeting Date: 02/24/2014 Country: Israel Meeting Type: Special Ticker: TEVA

Primary ISIN: IL0006290147 Primary SEDOL: 6882172

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Meeting for ADR Holders Mgmt

1 Approve Employment Terms of Erez Vigodman, Mgmt For Against President and Chief Executive Officer-Designate

Voter Rationale: Incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over time.

The Link Real Estate Investment Trust

Meeting Date: 02/18/2014 Country: Hong Kong Meeting Type: Special Ticker: 00823

Primary ISIN: HK0823032773 Primary SEDOL: B0PB4M7

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Special Business Mgmt

1 Approve Expanded Geographical Investment Mgmt For For Scope

2 Amend Trust Deed Re: Investment Scope Trust Mgmt For For Deed Amendments

3 Amend Trust Deed Re: Authorized Investments Mgmt For For and Related Activities

4 Amend Trust Deed Re: Issuance of Units and/or Mgmt For Against Convertible Instruments to a Connected Person

Voter Rationale: Changes in company's articles or by-laws should not erode shareholder rights.

Page 58 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

The Link Real Estate Investment Trust

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 Amend Trust Deed Re: Manager's and Trustee's Mgmt For For Ability to Borrow or Raise Money for The Link Real Estate Investment Trust

6 Amend Trust Deed Re: Voting by a Show of Mgmt For For Hands

7 Amend Trust Deed Re: Other Miscellaneous Mgmt For For Amendments

The Sage Group plc

Meeting Date: 03/06/2014 Country: United Kingdom Meeting Type: Annual Ticker: SGE

Primary ISIN: GB00B8C3BL03 Primary SEDOL: B8C3BL0

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports

2 Approve Final Dividend Mgmt For For

3 Re-elect Donald Brydon as Director Mgmt For For

4 Re-elect Guy Berruyer as Director Mgmt For For

5 Elect Neil Berkett as Director Mgmt For For

6 Elect Drummond Hall as Director Mgmt For For

7 Elect Steve Hare as Director Mgmt For For

8 Elect Jonathan Howell as Director Mgmt For For

9 Re-elect Ruth Markland as Director Mgmt For For

10 Reappoint PricewaterhouseCoopers LLP as Mgmt For For Auditors

11 Authorise Board to Fix Remuneration of Auditors Mgmt For For

12 Approve Remuneration Report Mgmt For Against

Voter Rationale: We are concerned about a significant increase in the base salary granted to the CEO; we would also like to see bonus target ranges disclosed on a retrospective basis alongside actual performance and levels of awards achieved. We are also concerned that organic revenue growth is used as a performance metric under the annual bonus scheme and the LTIP.

Page 59 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

The Sage Group plc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

13 Approve Remuneration Policy Mgmt For Against

Voter Rationale: We voted against due to a number of concerns over the proposed remuneration policy: 1) all significant increases in executive directors' base pay should be preceeded by consultation with shareholders; 2) a deferred element of the annual bonus scheme is very low and should be increased; 3) we would not expect any bonus awards for below target performance; 4) we are concerned about the same organic revenue growth metric being used under the annual bonus scheme and the PSP; we are also unclear as to what would actually be considered as organic revenue growth, particualrly for long-term incentive plan purposes (e.g. how will acquisitions be treated under this metrics); 5) we would like to see malus/clawback provisions within incentive plans; 6) we would like to see a much tighter recruitment policy and would encourage the committee to ensure that all rewards to new recruits are made within the limits of the policy, which we see as sufficiently generous to enable recruitment of executives of the appropriate calibre; 7) we discourage companies from using exemption 9.4.2 of the listing rules to grant awards to newly appointed directors.

14 Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

15 Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

16 Authorise Market Purchase of Ordinary Shares Mgmt For For

17 Authorise the Company to Call EGM with Two Mgmt For For Weeks' Notice

The Spar Group Ltd

Meeting Date: 02/11/2014 Country: South Africa Meeting Type: Annual Ticker: SPP

Primary ISIN: ZAE000058517 Primary SEDOL: B038WK4

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Ordinary Resolutions Mgmt

1 Accept Financial Statements and Statutory Mgmt For For Reports for the Year Ended 30 September 2013

2.1 Re-elect Harish Mehta as Director Mgmt For For

2.2 Re-elect Mziwakhe Madi as Director Mgmt For For

3 Elect Graham O'Connor as Director Mgmt For For

4 Reappoint Deloitte & Touche as Auditors of the Mgmt For For Company with Brian Botes as the Designated Auditor

5.1 Re-elect Chris Wells as Chairman of the Audit Mgmt For For Committee

5.2 Re-elect Harish Mehta as Member of the Audit Mgmt For For Committee

Page 60 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

The Spar Group Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5.3 Re-elect Peter Hughes as Member of the Audit Mgmt For Against Committee Voter Rationale: The audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness.

Special Resolutions Mgmt

1 Approve Financial Assistance to Related or Mgmt For Against Inter-related Companies Voter Rationale: Shareholder funds should not be used to grant financial assistance to directors, officers or related persons without a clearly disclosed and fully justified explanation.

2 Approve Remuneration of Non-Executive Mgmt For For Directors for the Period 1 March 2014 to 28 February 2015

3 Approve Conditional Share Plan Mgmt For For

4 Place Authorised but Unissued Shares Under Mgmt For Against Control of Directors Pursuant to the Employee Share Trust (2004) Voter Rationale: This plan could lead to excessive dilution. Furthermore, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over time.

5 Place Authorised but Unissued Shares Under Mgmt For For Control of Directors Pursuant to the Conditional Share Plan

Non-binding Advisory Vote Mgmt

1 Approve Remuneration Policy Mgmt For Against

Voter Rationale: This plan could lead to excessive dilution. Furthermore, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over time.

Tokyu Recreation

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 9631

Primary ISIN: JP3569800000 Primary SEDOL: 6895040

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 3

2.1 Elect Director Sato, Hitoshi Mgmt For For

2.2 Elect Director Kanno, Shinzo Mgmt For For

Page 61 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Tokyu Recreation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Sato, Atsushi Mgmt For Against

2.4 Elect Director Ishizaki, Tatsuro Mgmt For Against

2.5 Elect Director Nomoto, Hirofumi Mgmt For Against

2.6 Elect Director Ishiwata, Tsuneo Mgmt For Against

2.7 Elect Director Osuga, Yorihiko Mgmt For Against

Torigoe Co. Ltd.

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 2009

Primary ISIN: JP3636200002 Primary SEDOL: 6897165

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 12

2.1 Elect Director Yamashita, Yoshiharu Mgmt For Against

2.2 Elect Director Torigoe, Tetsu Mgmt For For

2.3 Elect Director Takamine, Kazuhiro Mgmt For For

2.4 Elect Director Hayashi, Masayuki Mgmt For Against

Page 62 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Torigoe Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Udo, Masakata Mgmt For Against

2.6 Elect Director Nakagawa, Tatsufumi Mgmt For Against

2.7 Elect Director Tanaka, Yuji Mgmt For For

Toukei Computer

Meeting Date: 03/26/2014 Country: Japan Meeting Type: Annual Ticker: 4746

Primary ISIN: JP3590850008 Primary SEDOL: 6211903

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 45

2.1 Elect Director Koda, Hiroyasu Mgmt For For

2.2 Elect Director Koda, Hideki Mgmt For For

2.3 Elect Director Yoshida, Kazuto Mgmt For Against

2.4 Elect Director Koga, Yuji Mgmt For Against

2.5 Elect Director Ono, Mitsumasa Mgmt For Against

2.6 Elect Director Mamiya, Toshiaki Mgmt For Against

Page 63 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Toukei Computer

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Shimizu, Isao Mgmt For For

4 Approve Stock Option Plan Mgmt For Against

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Transmissora Alianca De Energia Eletrica SA

Meeting Date: 02/05/2014 Country: Brazil Meeting Type: Special Ticker: TAEE11

Primary ISIN: BRTAEECDAM10 Primary SEDOL: B1G8KX7

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Company's Participation in Brazilian Mgmt For For Electricity Regulatory Agency (ANEEL) Auction

Tyson Foods, Inc.

Meeting Date: 01/31/2014 Country: USA Meeting Type: Annual Ticker: TSN

Primary ISIN: US9024941034 Primary SEDOL: 2909730

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1a Elect Director John Tyson Mgmt For For

1b Elect Director Kathleen M. Bader Mgmt For For

1c Elect Director Gaurdie E. Banister, Jr. Mgmt For For

1d Elect Director Jim Kever Mgmt For For

1e Elect Director Kevin M. McNamara Mgmt For For

1f Elect Director Brad T. Sauer Mgmt For For

1g Elect Director Robert Thurber Mgmt For Against

Voter Rationale: We oppose dual class structures with impaired or enhanced voting rights. The company should amend its structure to allow for equal voting rights among stockholders.

1h Elect Director Barbara A. Tyson Mgmt For For

Page 64 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Tyson Foods, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1i Elect Director Albert C. Zapanta Mgmt For For

2 Advisory Vote to Ratify Named Executive Mgmt For Against Officers' Compensation Voter Rationale: Plans should not pay out for below-median performance relative to peers. This undermines a pay-for-performance approach which should reward top level performance amongst the company's peer group. Such practices blunt the impact of variable pay.

3 Ratify Auditors Mgmt For For

4 Report on the Risks Associated with Use of SH Against Abstain Gestation Crates in Supply Voter Rationale: The company has recently taken steps to address animal welfare standards, and it has identified gestation cages as an emerging area of concern. However, this remains an evolving area of risk. We have abstained in acknowledgement of the company's recent communication to its hog farmers. Should the impact of this communication prove inadequate we request management further investigate gestation crates and provide more information about this practice as part of reporting on its approach to managing animal welfare in its operations and supply chain.

Verizon Communications Inc.

Meeting Date: 01/28/2014 Country: USA Meeting Type: Special Ticker: VZ

Primary ISIN: US92343V1044 Primary SEDOL: 2090571

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Issue Shares in Connection with Acquisition Mgmt For For

2 Increase Authorized Common Stock Mgmt For For

3 Adjourn Meeting Mgmt For For

Wal-Mart de Mexico S.A.B. de C.V.

Meeting Date: 03/20/2014 Country: Mexico Meeting Type: Annual Ticker: WALMEXV

Primary ISIN: MXP810081010 Primary SEDOL: B02YZ04

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1a Approve Board of Directors' Report Mgmt For For

1b Approve CEO's Reports Mgmt For For

Page 65 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Wal-Mart de Mexico S.A.B. de C.V.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1c Approve Report of Audit and Corporate Mgmt For For Practices Committees

1d Approve Report on Adherence to Fiscal Mgmt For For Obligations

1e Approve Report Re: Employee Stock Purchase Mgmt For For Plan

1f Approve Report on Share Repurchase Reserves Mgmt For For

1g Approve Report on Wal-Mart de Mexico Mgmt For For Foundation

2 Approve Consolidated Financial Statements Mgmt For For

3 Approve Allocation of Income and Dividends Mgmt For For

4 Approve Reduction in Share Capital via Mgmt For For Cancellation of Treasury Shares

5 Elect or Ratify Directors, Chairmen of Audit and Mgmt For For Corporate Governance Committees; Approve Their Remuneration

6 Authorize Board to Ratify and Execute Approved Mgmt For For Resolutions

Wumart Stores Inc.

Meeting Date: 03/14/2014 Country: Hong Kong Meeting Type: Special Ticker: 01025

Primary ISIN: CNE100000544 Primary SEDOL: B0PR2N2

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Grant of 1 Million Incentive Shares to Mgmt For Against Xu Ying, Xu Shao-chuan and Yu Jian-bo, and 500,000 Incentive Shares to Zhang Zheng-yang

Voter Rationale: Share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable.

Wynnstay Group plc

Meeting Date: 03/18/2014 Country: United Kingdom Meeting Type: Annual Ticker: WYN

Primary ISIN: GB0034212331 Primary SEDOL: 3421233

Page 66 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Wynnstay Group plc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Accept Financial Statements and Statutory Mgmt For For Reports

2 Approve Final Dividend Mgmt For For

3 Re-elect David Evans as Director Mgmt For For

4 Re-elect Kenneth Greetham as Director Mgmt For For

5 Elect Philip Kirkham as Director Mgmt For For

6 Appoint KPMG LLP as Auditors and Authorise Mgmt For For Their Remuneration

7 Authorise Issue of Equity with Pre-emptive Mgmt For For Rights

8 Authorise Issue of Equity without Pre-emptive Mgmt For For Rights

9 Authorise Market Purchase of Ordinary Shares Mgmt For For

Yamazaki Baking Co. Ltd.

Meeting Date: 03/28/2014 Country: Japan Meeting Type: Annual Ticker: 2212

Primary ISIN: JP3935600001 Primary SEDOL: 6985509

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For For Dividend of JPY 16

2 Amend Articles To Indemnify Directors and Mgmt For For Statutory Auditors

3.1 Elect Director Iijima, Nobuhiro Mgmt For For

3.2 Elect Director Yamada, Kensuke Mgmt For Against

3.3 Elect Director Yoshida, Teruhisa Mgmt For Against

Page 67 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Yamazaki Baking Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Maruoka, Hiroshi Mgmt For Against

3.5 Elect Director Iijima, Mikio Mgmt For Against

3.6 Elect Director Yokohama, Michio Mgmt For Against

3.7 Elect Director Aida, Masahisa Mgmt For Against

3.8 Elect Director Inutsuka, Isamu Mgmt For Against

3.9 Elect Director Iijima, Sachihiko Mgmt For Against

3.10 Elect Director Shoji, Yoshikazu Mgmt For Against

3.11 Elect Director Sonoda, Makoto Mgmt For Against

3.12 Elect Director Yoshidaya, Ryoichi Mgmt For Against

3.13 Elect Director Sekine, Osamu Mgmt For Against

3.14 Elect Director Fukasawa, Tadashi Mgmt For Against

Page 68 of 69

SEI Investments (Europe) Ltd - Joy Global All Votes Report

Vote Summary Report Date range covered: 01/01/2014 to 03/31/2014

Yamazaki Baking Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.15 Elect Director Harada, Akio Mgmt For Against

4 Approve Retirement Bonus Payment for Mgmt For Against Directors Voter Rationale: There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

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The information, opinions estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time. The report reflects voting instructions given, not votes cast and the information has been provided by an external supplier. F&C Group Companies may from time to time deal in investments that may be mentioned herein on behalf of their clients. Issued and approved in the UK by F&C Management Limited Exchange House Primrose Street London EC2A 2NY United Kingdom. Authorised and regulated in the UK by the Financial Services Authority (FSA).® F&C, F&C Monogram, FANDC, FandC and fandc are all registered trade marks of F&C Management Limited