Vote Summary Report Date Range Covered: 07/01/2018 to 07/31/2018

Voting July 2018 Schroders is required to publish records of voting in order to achieve compliance with the UK Stewardship Code. According, voting in accordance with our house policy is set out on the following pages. Vote Summary Report Date range covered: 07/01/2018 to 07/31/2018 City Union Bank Ltd Meeting Date: 07/01/2018 Country: India Meeting Type: Special Ticker: 532210 Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Approve Issuance of Bonus Shares For For Braemar Hotels & Resorts, Inc. Meeting Date: 07/03/2018 Country: USA Meeting Type: Annual Ticker: BHR Proposal Vote Number Proposal Text Mgmt Rec Instruction 1.1 Elect Director Monty J. Bennett For For 1.2 Elect Director Stefani D. Carter For Withhold Blended Rationale: WITHHOLD votes are warranted for incumbent Governance Committee members Stefani Carter and Matthew Rinaldi for a material governance failure. The company's governing documents prohibit or restrict shareholders' ability to amend the company bylaws. 1.3 Elect Director Kenneth H. Fearn For For 1.4 Elect Director Curtis B. McWilliams For For 1.5 Elect Director Matthew D. Rinaldi For Withhold Blended Rationale: WITHHOLD votes are warranted for incumbent Governance Committee members Stefani Carter and Matthew Rinaldi for a material governance failure. The company's governing documents prohibit or restrict shareholders' ability to amend the company bylaws. 1.6 Elect Director Abteen Vaziri For For 2 Ratify BDO USA, LLP as Auditors For For PVR Limited Meeting Date: 07/03/2018 Country: India Meeting Type: Special Ticker: PVR Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Approve Increase in Borrowing Powers For For Vote Summary Report Date range covered: 07/01/2018 to 07/31/2018 PVR Limited Proposal Vote Number Proposal Text Mgmt Rec Instruction Blended Rationale: A vote FOR these resolutions is warranted given that the proposed debt limit is within a reasonable range. 2 Approve Pledging of Assets for Debt For For Blended Rationale: A vote FOR these resolutions is warranted given that the proposed debt limit is within a reasonable range. 3 Approve Issuance of Non-Convertible For For Debentures on Private Placement Basis 4 Approve Increase in Limit on Foreign For For Shareholdings 5 Approve Reappointment and Remuneration of For For Ajay Bijli as Chairman and Managing Director Blended Rationale: A vote FOR these resolutions is warranted given the absence of any known issues concerning the nominees and their remuneration. 6 Approve Reappointment and Remuneration of For For Sanjeev Kumar as Joint Managing Director Blended Rationale: A vote FOR these resolutions is warranted given the absence of any known issues concerning the nominees and their remuneration. NewRiver REIT plc Meeting Date: 07/04/2018 Country: Guernsey Meeting Type: Annual Ticker: NRR Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Accept Financial Statements and Statutory For For Reports 2 Approve Remuneration Report For For 3 Re-elect Paul Roy as Director For For Blended Rationale: A vote FOR the re-election of Paul Roy, David Lockhart, Allan Lockhart, Mark Davies, Kay Chaldecott, and Alastair Miller and the election of Baroness Margaret Ford (Ford of Cunninghame) is warranted because no significant concerns have been identified. 4 Re-elect David Lockhart as Director For For Blended Rationale: A vote FOR the re-election of Paul Roy, David Lockhart, Allan Lockhart, Mark Davies, Kay Chaldecott, and Alastair Miller and the election of Baroness Margaret Ford (Ford of Cunninghame) is warranted because no significant concerns have been identified. 5 Re-elect Allan Lockhart as Director For For Blended Rationale: A vote FOR the re-election of Paul Roy, David Lockhart, Allan Lockhart, Mark Davies, Kay Chaldecott, and Alastair Miller and the election of Baroness Margaret Ford (Ford of Cunninghame) is warranted because no significant concerns have been identified. Vote Summary Report Date range covered: 07/01/2018 to 07/31/2018 NewRiver REIT plc Proposal Vote Number Proposal Text Mgmt Rec Instruction 6 Re-elect Mark Davies as Director For For Blended Rationale: A vote FOR the re-election of Paul Roy, David Lockhart, Allan Lockhart, Mark Davies, Kay Chaldecott, and Alastair Miller and the election of Baroness Margaret Ford (Ford of Cunninghame) is warranted because no significant concerns have been identified. 7 Re-elect Kay Chaldecott as Director For For Blended Rationale: A vote FOR the re-election of Paul Roy, David Lockhart, Allan Lockhart, Mark Davies, Kay Chaldecott, and Alastair Miller and the election of Baroness Margaret Ford (Ford of Cunninghame) is warranted because no significant concerns have been identified. 8 Re-elect Alastair Miller as Director For For Blended Rationale: A vote FOR the re-election of Paul Roy, David Lockhart, Allan Lockhart, Mark Davies, Kay Chaldecott, and Alastair Miller and the election of Baroness Margaret Ford (Ford of Cunninghame) is warranted because no significant concerns have been identified. 9 Elect Margaret Ford as Director For For Blended Rationale: A vote FOR the re-election of Paul Roy, David Lockhart, Allan Lockhart, Mark Davies, Kay Chaldecott, and Alastair Miller and the election of Baroness Margaret Ford (Ford of Cunninghame) is warranted because no significant concerns have been identified. 10 Ratify Deloitte LLP as Auditors For For 11 Authorise the Audit Committee to Fix For For Remuneration of Auditors 12 Authorise Issue of Equity with Pre-emptive For For Rights Blended Rationale: A vote FOR these resolutions is warranted because the proposed amounts and durations are within recommended limits. 13 Authorise Issue of Equity without Pre-emptive For For Rights Blended Rationale: A vote FOR these resolutions is warranted because the proposed amounts and durations are within recommended limits. 14 Authorise Issue of Equity without Pre-emptive For For Rights in Connection with an Acquisition or Other Capital Investment Blended Rationale: A vote FOR these resolutions is warranted because the proposed amounts and durations are within recommended limits. 15 Authorise Market Purchase of Ordinary Shares For For 16 Authorise the Company to Call General Meeting For For with Two Weeks' Notice 3i Infrastructure plc Meeting Date: 07/05/2018 Country: Jersey Meeting Type: Annual Ticker: 3IN Vote Summary Report Date range covered: 07/01/2018 to 07/31/2018 3i Infrastructure plc Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Accept Financial Statements and Statutory For For Reports 2 Approve Remuneration Report For For 3 Approve Final Dividend For For 4 Re-elect Richard Laing as Director For For Blended Rationale: Item 4 A vote FOR the re-election of Richard Laing is warrante, although it is not without concern for shareholders as: * Apart from his role as NED, he also has NED and Chairman positions at three other listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. Mitigating, the main reason for support is: * His outside roles are all at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Items 5 to 9 A vote FOR the election of Robert Jennings and the re-election of Ian Lobley, Paul Masterton, Doug Bannister, and Wendy Dorman is warranted because no significant concerns have been identified. 5 Re-elect Ian Lobley as Director For For Blended Rationale: Item 4 A vote FOR the re-election of Richard Laing is warrante, although it is not without concern for shareholders as: * Apart from his role as NED, he also has NED and Chairman positions at three other listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. Mitigating, the main reason for support is: * His outside roles are all at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Items 5 to 9 A vote FOR the election of Robert Jennings and the re-election of Ian Lobley, Paul Masterton, Doug Bannister, and Wendy Dorman is warranted because no significant concerns have been identified. 6 Re-elect Paul Masterton as Director For For Blended Rationale: Item 4 A vote FOR the re-election of Richard Laing is warrante, although it is not without concern for shareholders as: * Apart from his role as NED, he also has NED and Chairman positions at three other listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. Mitigating, the main reason for support is: * His outside roles are all at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Items 5 to 9 A vote FOR the election of Robert Jennings and the re-election of Ian Lobley, Paul Masterton, Doug Bannister, and Wendy Dorman is warranted because no significant concerns have been identified. 7 Re-elect Doug Bannister as Director For For Blended Rationale: Item 4 A vote FOR the re-election of Richard Laing is warrante, although it is not without concern for shareholders as: * Apart from his role as NED, he also has NED and Chairman positions at three other listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. Mitigating, the main reason for support is: * His outside roles are all at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Items 5 to 9 A vote FOR the election of Robert Jennings and the re-election of Ian Lobley, Paul Masterton, Doug Bannister, and Wendy Dorman is warranted because no significant concerns have been identified. 8 Re-elect Wendy Dorman as Director For For Blended Rationale: Item 4 A vote FOR the re-election of Richard Laing is warrante, although it is not without concern for shareholders as: * Apart from his role as NED, he also has NED and Chairman positions at three other listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company.

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