Voting

November 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: 11/01/2018 to 11/30/2018

Aryzta AG

Meeting Date: 11/01/2018 Country: Switzerland Meeting Type: Annual Ticker: ARYN

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Accept Financial Statements and Statutory For For Reports

1.2 Approve Remuneration Report (Non-Binding) For For

2 Approve Allocation of Income and Omission of For For Dividends

3 Approve Discharge of Board and Senior For For Management

4.1a Reelect Gary McGann as Director and Board For For Chairman

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1b Reelect Dan Flinter as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1c Reelect Annette Flynn as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1d Reelect James Leighton as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1e Reelect Andrew Morgan as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1f Reelect Kevin Toland as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1g Reelect Rolf Watter as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1h Elect Michael Andres as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1i Elect Gregory Flack as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.1j Elect Tim Lodge as Director For For

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.2.1 Reappoint Gary McGann as Member of the For For Compensation Committee

Blended Rationale: Votes FOR the proposed nominees are warranted.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Aryzta AG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4.2.2 Reappoint Rolf Watter as Member of the For For Compensation Committee

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.2.3 Appoint Michael Andres as Member of the For For Compensation Committee

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.2.4 Appoint Dan Flinter as Member of the For For Compensation Committee

Blended Rationale: Votes FOR the proposed nominees are warranted.

4.3 Ratify PricewaterhouseCoopers AG as Auditors For For

4.4 Designate Patrick ONeill as Independent Proxy For For

5.1 Approve Remuneration of Directors in the For For Amount of CHF 1.5 Million

5.2 Approve Remuneration of Executive Committee For For in the Amount of CHF 18 Million

6 Approve CHF 912.2 Million Capital Increase with For For Preemptive Rights

7.1 Change Location of Registered Office For For Headquarters to Schlieren, Switzerland

7.2 Amend Articles Re: Outside Mandates for the For Against Members of the Executive Committee Voter Rationale: The change would allow members of the executive team to accept outside directorships. We are not against outside directorships in all cases, but Aryzta certainly needs full attention of the management team in its dire financial and operational state. Outside directorships would represent at this point in time an unwanted distraction.

Blended Rationale: The change would allow members of the executive team to accept outside directorships. We are not against outside directorships in all cases, but Aryzta certainly needs full attention of the management team in its dire financial and operational state. Outside directorships would represent at this point in time an unwanted distraction.

8 Transact Other Business (Voting) For Against

Voter Rationale: Other business not disclosed.

Blended Rationale: Other business not disclosed.

Aryzta AG

Meeting Date: 11/01/2018 Country: Switzerland Meeting Type: Annual Ticker: ARYN

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Aryzta AG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Share Re-registration Consent For For

AVI Ltd.

Meeting Date: 11/01/2018 Country: South Africa Meeting Type: Annual Ticker: AVI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports for the Year Ended 30 June 2018

2 Appoint Ernst & Young Inc as Auditors of the For For Company

3 Re-elect Adriaan Nuhn as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

4 Re-elect Michael Bosman as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

5 Re-elect Abe Thebyane as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

6 Re-elect Michael Bosman as Chairman of the For For Audit and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

7 Re-elect Neo Dongwana as Member of the Audit For For and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

8 Re-elect James Hersov as Member of the Audit For For and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

AVI Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

9 Approve Fees Payable to the Current For For Non-executive Directors, Excluding the Chairman of the Board and the Foreign Non-executive Director, Adriaan Nuhn

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

10 Approve Fees Payable to the Chairman of the For For Board

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

11 Approve Fees Payable to the Foreign For For Non-executive Director, Adriaan Nuhn

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

12 Approve Fees Payable to the Members of the For For Remuneration, Nomination and Appointments Committee

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

13 Approve Fees Payable to the Members of the For For Audit and Risk Committee

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

14 Approve Fees Payable to the Members of the For For Social and Ethics Committee

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

AVI Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

15 Approve Fees Payable to the Chairman of the For For Remuneration, Nomination and Appointments Committee

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

16 Approve Fees Payable to the Chairman of the For For Audit and Risk Committee

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

17 Approve Fees Payable to the Chairman of the For For Social and Ethics Committee

Blended Rationale: Items 9, 11-17 A vote FOR these items is warranted. Proposed fee levels do not raise significant concern. Although payments of hourly fees on ad hoc basis were made to NEDs during FY2018, the quantum of such fees does not raise significant concern at this time. This will be kept under close review ahead of subsequent AGMs. Item 10 A vote FOR this item is warranted, although it is not without concern for shareholders: * An above-inflationary fee increase of c. 22% is proposed for the Board Chair. The main reasons for support are: * The proposed fees are not so far out of line with relative market practice that they would warrant a voting sanction at this time.

18 Authorise Repurchase of Issued Share Capital For For

19 Approve Financial Assistance to Related or For For Inter-related Companies

20 Approve Remuneration Policy For For

21 Approve Implementation Report For For

Patisserie Holdings Plc

Meeting Date: 11/01/2018 Country: United Kingdom Meeting Type: Special Ticker: CAKE

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorise Issue of Equity in Connection with the For For Conditional Placing

Blended Rationale: A vote FOR this transaction is warranted, but it is not without concern for shareholders because: * The proposed fundraising is dilutive to non-participating shareholders; and * Shares will be issued at a substantial discount. The main reasons for support are: * If the Company does not raise sufficient funds, it will become insolvent and will go into administration. * The fundraising, in conjunction with the Executive Chairman's (who is also the largest shareholder) loans, appears to be the best available option for the Company at this time.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Patisserie Holdings Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Authorise Issue of Equity without Pre-emptive For For Rights in Connection with the Conditional Placing

Blended Rationale: A vote FOR this transaction is warranted, but it is not without concern for shareholders because: * The proposed fundraising is dilutive to non-participating shareholders; and * Shares will be issued at a substantial discount. The main reasons for support are: * If the Company does not raise sufficient funds, it will become insolvent and will go into administration. * The fundraising, in conjunction with the Executive Chairman's (who is also the largest shareholder) loans, appears to be the best available option for the Company at this time.

Perpetual Ltd.

Meeting Date: 11/01/2018 Country: Australia Meeting Type: Annual Ticker: PPT

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For Against

Voter Rationale: Large sign on bonus which is against best practice, as well as the combined FY18 variable award being based too heavily on individual measures.

Blended Rationale: Large sign on bonus which is against best practice, as well as the combined FY18 variable award being based too heavily on individual measures.

2 Elect Nancy Fox as Director For For

3 Elect Ian Hammond as Director For For

4 Elect Craig Ueland as Director For For

5 Approve Renewal of Proportional Takeover For For Provisions

Schroder Japan Growth Fund Plc

Meeting Date: 11/01/2018 Country: United Kingdom Meeting Type: Annual Ticker: SJG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3 Approve Remuneration Report For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Schroder Japan Growth Fund Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Elect Belinda Richards as Director For For

Blended Rationale: A vote FOR the elect/re-election of Belinda Richards, Anja Balfour, Alan Gibbs and Richard Greer is warranted because no significant concerns have been identified.

5 Re-elect Anja Balfour as Director For For

Blended Rationale: A vote FOR the elect/re-election of Belinda Richards, Anja Balfour, Alan Gibbs and Richard Greer is warranted because no significant concerns have been identified.

6 Re-elect Alan Gibbs as Director For For

Blended Rationale: A vote FOR the elect/re-election of Belinda Richards, Anja Balfour, Alan Gibbs and Richard Greer is warranted because no significant concerns have been identified.

7 Re-elect Richard Greer as Director For For

Blended Rationale: A vote FOR the elect/re-election of Belinda Richards, Anja Balfour, Alan Gibbs and Richard Greer is warranted because no significant concerns have been identified.

8 Reappoint PricewaterhouseCoopers LLP as For For Auditors

9 Authorise Board to Fix Remuneration of Auditors For For

10 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.

11 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.

12 Authorise Market Purchase of Ordinary Shares For For

The City of London Investment Trust Plc

Meeting Date: 11/01/2018 Country: United Kingdom Meeting Type: Annual Ticker: CTY

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 Philip Remnant as Director For For

Blended Rationale: A vote FOR the election/re-election of Philip Remnant, Simon Barratt, Martin Morgan, Samantha Wren and Ted Holmes is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

The City of London Investment Trust Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Re-elect Simon Barratt as Director For For

Blended Rationale: A vote FOR the election/re-election of Philip Remnant, Simon Barratt, Martin Morgan, Samantha Wren and Ted Holmes is warranted because no significant concerns have been identified.

5 Re-elect Martin Morgan as Director For For

Blended Rationale: A vote FOR the election/re-election of Philip Remnant, Simon Barratt, Martin Morgan, Samantha Wren and Ted Holmes is warranted because no significant concerns have been identified.

6 Re-elect Samantha Wren as Director For For

Blended Rationale: A vote FOR the election/re-election of Philip Remnant, Simon Barratt, Martin Morgan, Samantha Wren and Ted Holmes is warranted because no significant concerns have been identified.

7 Elect Robert Holmes as Director For For

Blended Rationale: A vote FOR the election/re-election of Philip Remnant, Simon Barratt, Martin Morgan, Samantha Wren and Ted Holmes is warranted because no significant concerns have been identified.

8 Reappoint PricewaterhouseCoopers LLP as For For Auditors

9 Authorise the Audit Committee to Fix For For Remuneration of Auditors

10 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.

11 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.

12 Authorise Market Purchase of Ordinary Shares For For

13 Authorise Market Purchase of the Preferred For For Stock

14 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

The Go-Ahead Group Plc

Meeting Date: 11/01/2018 Country: United Kingdom Meeting Type: Annual Ticker: GOG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

The Go-Ahead Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Remuneration Policy For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

3 Approve Remuneration Report For For

4 Approve Final Dividend For For

5 Re-elect Andrew Allner as Director For For

Blended Rationale: Items 6-11 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 5 A vote FOR the re-election of Andrew Allner is considered warranted, although it is not without concern for shareholders: * In addition to his role as Non-Executive Chair of The Go-ahead Group plc, he is also Non-Executive Chair of Fox Marble Holdings plc and SIG plc, and a NED at Northgate plc. The main reason for support is: * Two of the companies where he currently serves as a Director are relatively small and non-complex entities; and * He stepped down as Chair of Marshalls plc in May 2018 and will be stepping down from the Board of Northgate plc in December 2018.

6 Re-elect Katherine Innes Ker as Director For For

Blended Rationale: Items 6-11 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 5 A vote FOR the re-election of Andrew Allner is considered warranted, although it is not without concern for shareholders: * In addition to his role as Non-Executive Chair of The Go-ahead Group plc, he is also Non-Executive Chair of Fox Marble Holdings plc and SIG plc, and a NED at Northgate plc. The main reason for support is: * Two of the companies where he currently serves as a Director are relatively small and non-complex entities; and * He stepped down as Chair of Marshalls plc in May 2018 and will be stepping down from the Board of Northgate plc in December 2018.

7 Re-elect Adrian Ewer as Director For For

Blended Rationale: Items 6-11 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 5 A vote FOR the re-election of Andrew Allner is considered warranted, although it is not without concern for shareholders: * In addition to his role as Non-Executive Chair of The Go-ahead Group plc, he is also Non-Executive Chair of Fox Marble Holdings plc and SIG plc, and a NED at Northgate plc. The main reason for support is: * Two of the companies where he currently serves as a Director are relatively small and non-complex entities; and * He stepped down as Chair of Marshalls plc in May 2018 and will be stepping down from the Board of Northgate plc in December 2018.

8 Re-elect Harry Holt as Director For For

Blended Rationale: Items 6-11 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 5 A vote FOR the re-election of Andrew Allner is considered warranted, although it is not without concern for shareholders: * In addition to his role as Non-Executive Chair of The Go-ahead Group plc, he is also Non-Executive Chair of Fox Marble Holdings plc and SIG plc, and a NED at Northgate plc. The main reason for support is: * Two of the companies where he currently serves as a Director are relatively small and non-complex entities; and * He stepped down as Chair of Marshalls plc in May 2018 and will be stepping down from the Board of Northgate plc in December 2018.

9 Re-elect Leanne Wood as Director For For

Blended Rationale: Items 6-11 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 5 A vote FOR the re-election of Andrew Allner is considered warranted, although it is not without concern for shareholders: * In addition to his role as Non-Executive Chair of The Go-ahead Group plc, he is also Non-Executive Chair of Fox Marble Holdings plc and SIG plc, and a NED at Northgate plc. The main reason for support is: * Two of the companies where he currently serves as a Director are relatively small and non-complex entities; and * He stepped down as Chair of Marshalls plc in May 2018 and will be stepping down from the Board of Northgate plc in December 2018.

10 Re-elect David Brown as Director For For

Blended Rationale: Items 6-11 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 5 A vote FOR the re-election of Andrew Allner is considered warranted, although it is not without concern for shareholders: * In addition to his role as Non-Executive Chair of The Go-ahead Group plc, he is also Non-Executive Chair of Fox Marble Holdings plc and SIG plc, and a NED at Northgate plc. The main reason for support is: * Two of the companies where he currently serves as a Director are relatively small and non-complex entities; and * He stepped down as Chair of Marshalls plc in May 2018 and will be stepping down from the Board of Northgate plc in December 2018.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

The Go-Ahead Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

11 Re-elect Patrick Butcher as Director For For

Blended Rationale: Items 6-11 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 5 A vote FOR the re-election of Andrew Allner is considered warranted, although it is not without concern for shareholders: * In addition to his role as Non-Executive Chair of The Go-ahead Group plc, he is also Non-Executive Chair of Fox Marble Holdings plc and SIG plc, and a NED at Northgate plc. The main reason for support is: * Two of the companies where he currently serves as a Director are relatively small and non-complex entities; and * He stepped down as Chair of Marshalls plc in May 2018 and will be stepping down from the Board of Northgate plc in December 2018.

12 Reappoint Deloitte LLP as Auditors For For

13 Authorise Board to Fix Remuneration of Auditors For For

14 Authorise EU Political Donations and For For Expenditure

15 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.

16 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.

17 Authorise Market Purchase of Ordinary Shares For For

18 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

Vicinity Centres

Meeting Date: 11/01/2018 Country: Australia Meeting Type: Annual/Special Ticker: VCX

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Remuneration Report For For

3a Elect Tim Hammon as Director For For

3b Elect Wai Tang as Director For For

3c Elect Janette Kendall as Director For For

3d Elect Clive Appleton as Director For For

4 Approve Grant of Performance Rights to Grant For For Kelley

5 Approve Insertion of Partial Takeovers For For Provisions in the Company Constitution

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Vicinity Centres

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6 Approve Insertion of Partial Takeovers For For Provisions in the Trust Constitution

Wilmington plc

Meeting Date: 11/01/2018 Country: United Kingdom Meeting Type: Annual Ticker: WIL

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 Elect Martin Morgan as Director For For

Blended Rationale: A vote FOR the election/re-election of these Directors is warranted because no significant concerns have been identified.

5 Re-elect Pedro Ros as Director For For

Blended Rationale: A vote FOR the election/re-election of these Directors is warranted because no significant concerns have been identified.

6 Elect Richard Amos as Director For For

Blended Rationale: A vote FOR the election/re-election of these Directors is warranted because no significant concerns have been identified.

7 Re-elect Derek Carter as Director For For

Blended Rationale: A vote FOR the election/re-election of these Directors is warranted because no significant concerns have been identified.

8 Re-elect Nathalie Schwarz as Director For For

Blended Rationale: A vote FOR the election/re-election of these Directors is warranted because no significant concerns have been identified.

9 Re-elect Paul Dollman as Director For For

Blended Rationale: A vote FOR the election/re-election of these Directors is warranted because no significant concerns have been identified.

10 Reappoint PricewaterhouseCoopers LLP as For For Auditors

11 Authorise Board to Fix Remuneration of Auditors For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Wilmington plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

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 Approve Save As You Earn Plan For For

14 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.

15 Authorise Market Purchase of Ordinary Shares For For

16 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

Columbus Energy Resources Plc

Meeting Date: 11/02/2018 Country: United Kingdom Meeting Type: Special Ticker: CERP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorise Issue of Equity without Pre-emptive For For Rights in Connection with the Placing

King's Town Bank

Meeting Date: 11/02/2018 Country: Taiwan Meeting Type: Special Ticker: 2809

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Chiang Hung-Liang with ID No. For For R120805XXX as Independent Director

Murgitroyd Group Plc

Meeting Date: 11/02/2018 Country: United Kingdom Meeting Type: Annual Ticker: MUR

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Murgitroyd Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3 Approve Remuneration Report For For

4 Re-elect Mark Kemp-Gee as Director For For

Blended Rationale: Item 4 A vote AGAINST the re-election of Mark Kemp-Gee is warranted because: * A potential independence issue has been identified and he currently sits on the Audit and Remuneration Committees, and the composition of these Committees does not adhere to UK best practice recommendations for a company of this size. Item 5 A vote FOR the re-election of John Reid is warranted because no significant concerns have been identified.

5 Re-elect John Reid as Director For For

Blended Rationale: Item 4 A vote AGAINST the re-election of Mark Kemp-Gee is warranted because: * A potential independence issue has been identified and he currently sits on the Audit and Remuneration Committees, and the composition of these Committees does not adhere to UK best practice recommendations for a company of this size. Item 5 A vote FOR the re-election of John Reid is warranted because no significant concerns have been identified.

6 Reappoint KPMG LLP as Auditors and Authorise For Against Their Remuneration Voter Rationale: non audit fees exceed audit fees for consecutive years.

Blended Rationale: non audit fees exceed audit fees for consecutive years.

7 Ratify and Confirm the Payment of Dividends For For and the Entry in the Audited Accounts for the Year Ended 31 May 2018

Blended Rationale: A vote FOR these resolutions is warranted although it is not without concern for shareholders: * The Company inadvertently breached the UK Companies Act when paying the dividends. This is a matter of inherent concern. Mitigating, the main reason for support is: * The resolutions will rectify the potential legal issues arising from the beach of the Act; and * There is no obvious benefit to shareholders in this resolution being defeated.

8 Release Any Claims which the Company has or For For may have in Respect of the Payment of the Dividends Against its Shareholders

Blended Rationale: A vote FOR these resolutions is warranted although it is not without concern for shareholders: * The Company inadvertently breached the UK Companies Act when paying the dividends. This is a matter of inherent concern. Mitigating, the main reason for support is: * The resolutions will rectify the potential legal issues arising from the beach of the Act; and * There is no obvious benefit to shareholders in this resolution being defeated.

9 Ratify and Confirm Any Distribution Involved in For For the Giving of Any Such Release in Relation to the Dividends be Made Out of the Profits Appropriated to the Dividends

Blended Rationale: A vote FOR these resolutions is warranted although it is not without concern for shareholders: * The Company inadvertently breached the UK Companies Act when paying the dividends. This is a matter of inherent concern. Mitigating, the main reason for support is: * The resolutions will rectify the potential legal issues arising from the beach of the Act; and * There is no obvious benefit to shareholders in this resolution being defeated.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Murgitroyd Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

10 Release Any Claims which the Company has or For For may have Against its Directors arising in Connection with the Payment of the Dividends; Enter into a Deed of Release

Blended Rationale: A vote FOR these resolutions is warranted although it is not without concern for shareholders: * The Company inadvertently breached the UK Companies Act when paying the dividends. This is a matter of inherent concern. Mitigating, the main reason for support is: * The resolutions will rectify the potential legal issues arising from the beach of the Act; and * There is no obvious benefit to shareholders in this resolution being defeated.

11 Ratify and Confirm Any Prohibition under the For For Articles of Association of the Company or Elsewhere on interested Directors

Blended Rationale: A vote FOR these resolutions is warranted although it is not without concern for shareholders: * The Company inadvertently breached the UK Companies Act when paying the dividends. This is a matter of inherent concern. Mitigating, the main reason for support is: * The resolutions will rectify the potential legal issues arising from the beach of the Act; and * There is no obvious benefit to shareholders in this resolution being defeated.

Spark New Zealand Ltd.

Meeting Date: 11/02/2018 Country: New Zealand Meeting Type: Annual Ticker: SPK

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorize the Board to Fix Remuneration of the For For Auditors

2 Elect Alison Barrass as Director For For

3 Elect Ido Leffler as Director For For

4 Elect Pip Greenwood as Director For For

A-Living Services Co., Ltd.

Meeting Date: 11/05/2018 Country: China Meeting Type: Special Ticker: 3319

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Supplemental Agreement, Revised For For Annual Caps and Related Transactions

2 Amend Articles of Association For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Banco Comercial Portugues SA

Meeting Date: 11/05/2018 Country: Portugal Meeting Type: Special Ticker: BCP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Amend Article 54 Re: Allocation of Net Income For For

2 Approve Reduction in Share Capital and Amend For For Article 4 Accordingly

Barrick Gold Corp.

Meeting Date: 11/05/2018 Country: Canada Meeting Type: Special Ticker: ABX

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Issue Shares in Connection with Acquisition For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

2 Approve Continuance of Company [OBCA to For For BCBCA]

GF Securities Co., Ltd.

Meeting Date: 11/05/2018 Country: China Meeting Type: Special Ticker: 1776

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Amend Articles of Association For For

2 Amend Rules and Procedures of the Supervisory For For Committee

3 Elect Fan Lifu as Director For For

4 Elect Lan Hailin as Supervisor For For

Blended Rationale: Referred to Schroders for internal consideration.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Murray Income Trust Plc

Meeting Date: 11/05/2018 Country: United Kingdom Meeting Type: Annual Ticker: MUT

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 Elect Stephanie Eastment as Director For For

Blended Rationale: A vote FOR the election/re-election of Stephanie Eastment, Peter Tait, Donald Cameron, Jean Park and Neil Rogan is warranted because no significant concerns have been identified.

5 Elect Peter Tait as Director For For

Blended Rationale: A vote FOR the election/re-election of Stephanie Eastment, Peter Tait, Donald Cameron, Jean Park and Neil Rogan is warranted because no significant concerns have been identified.

6 Re-elect Donald Cameron as Director For For

Blended Rationale: A vote FOR the election/re-election of Stephanie Eastment, Peter Tait, Donald Cameron, Jean Park and Neil Rogan is warranted because no significant concerns have been identified.

7 Re-elect Jean Park as Director For For

Blended Rationale: A vote FOR the election/re-election of Stephanie Eastment, Peter Tait, Donald Cameron, Jean Park and Neil Rogan is warranted because no significant concerns have been identified.

8 Re-elect Neil Rogan as Director For For

Blended Rationale: A vote FOR the election/re-election of Stephanie Eastment, Peter Tait, Donald Cameron, Jean Park and Neil Rogan is warranted because no significant concerns have been identified.

9 Reappoint Ernst & Young LLP as Auditors For For

10 Authorise the Audit Committee to Fix For For Remuneration of Auditors

11 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.

12 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.

13 Authorise Market Purchase of Ordinary Shares For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

NB Private Equity Partners Ltd.

Meeting Date: 11/05/2018 Country: Guernsey Meeting Type: Annual Ticker: NBPE

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 the Remuneration of the Directors Up For For to an Aggregate Amount of GBP 300,000

4 Re-elect Talmai Morgan as Director For For

Blended Rationale: A vote FOR the re-election Talmai Morgan, John Falla, Trudi Clark, and Peter von Lehe is warranted because no significant concerns have been identified.

5 Re-elect John Falla as Director For For

Blended Rationale: A vote FOR the re-election Talmai Morgan, John Falla, Trudi Clark, and Peter von Lehe is warranted because no significant concerns have been identified.

6 Re-elect Trudi Clark as Director For For

Blended Rationale: A vote FOR the re-election Talmai Morgan, John Falla, Trudi Clark, and Peter von Lehe is warranted because no significant concerns have been identified.

7 Re-elect Peter von Lehe as Director For For

Blended Rationale: A vote FOR the re-election Talmai Morgan, John Falla, Trudi Clark, and Peter von Lehe is warranted because no significant concerns have been identified.

8 Ratify KPMG Channel Islands Limited as For For Auditors

9 Authorise Board to Fix Remuneration of Auditors For For

10 Approve Interim Dividend For For

11 Authorise Market Purchase of Class A Shares For For

12 Authorise Issue of Equity without Pre-emptive For For Rights

13 Adopt New Articles of Incorporation For For

Abcam Plc

Meeting Date: 11/06/2018 Country: United Kingdom Meeting Type: Annual Ticker: ABC

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Abcam Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3 Approve Remuneration Report For Against

Voter Rationale: Excessive increases in salary and LTIP max.

Blended Rationale: Excessive increases in salary and LTIP max.

4 Approve Remuneration Policy For Against

Voter Rationale: Excessive increases in salary and LTIP max.

Blended Rationale: Excessive increases in salary and LTIP max.

5 Amend 2015 Share Option Plan For For

6 Reappoint PricewaterhouseCoopers LLP as For For Auditors

7 Authorise the Audit and Risk Committee to Fix For For Remuneration of Auditors

8 Elect Peter Allen as Director For Against

Voter Rationale: overboarded with 3 chairs

Blended Rationale: overboarded with 3 chairs

9 Re-elect Jonathan Milner as Director For For

Blended Rationale: Item 8 A vote AGAINST the election of Peter Allen is warranted because: * Apart from his role as Non-executive Chair of the Company, he also serves as Non-executive Chair at three other publicly listed companies, which could compromise his ability to commit sufficient time to his role in the Company. Item 9 Despite potential concerns due to his non-independence, a vote FOR the re-election of Jonathan Milner is warranted as he is not a member of the Audit and Remuneration Committees. Items 10 to 14 A vote FOR the re-election of Alan Hirzel, Gavin Wood, Louise Patten, Sue Harris and Mara Aspinall is warranted because no significant concerns have been identified.

10 Re-elect Alan Hirzel as Director For For

Blended Rationale: Item 8 A vote AGAINST the election of Peter Allen is warranted because: * Apart from his role as Non-executive Chair of the Company, he also serves as Non-executive Chair at three other publicly listed companies, which could compromise his ability to commit sufficient time to his role in the Company. Item 9 Despite potential concerns due to his non-independence, a vote FOR the re-election of Jonathan Milner is warranted as he is not a member of the Audit and Remuneration Committees. Items 10 to 14 A vote FOR the re-election of Alan Hirzel, Gavin Wood, Louise Patten, Sue Harris and Mara Aspinall is warranted because no significant concerns have been identified.

11 Re-elect Gavin Wood as Director For For

Blended Rationale: Item 8 A vote AGAINST the election of Peter Allen is warranted because: * Apart from his role as Non-executive Chair of the Company, he also serves as Non-executive Chair at three other publicly listed companies, which could compromise his ability to commit sufficient time to his role in the Company. Item 9 Despite potential concerns due to his non-independence, a vote FOR the re-election of Jonathan Milner is warranted as he is not a member of the Audit and Remuneration Committees. Items 10 to 14 A vote FOR the re-election of Alan Hirzel, Gavin Wood, Louise Patten, Sue Harris and Mara Aspinall is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Abcam Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

12 Re-elect Louise Patten as Director For For

Blended Rationale: Item 8 A vote AGAINST the election of Peter Allen is warranted because: * Apart from his role as Non-executive Chair of the Company, he also serves as Non-executive Chair at three other publicly listed companies, which could compromise his ability to commit sufficient time to his role in the Company. Item 9 Despite potential concerns due to his non-independence, a vote FOR the re-election of Jonathan Milner is warranted as he is not a member of the Audit and Remuneration Committees. Items 10 to 14 A vote FOR the re-election of Alan Hirzel, Gavin Wood, Louise Patten, Sue Harris and Mara Aspinall is warranted because no significant concerns have been identified.

13 Re-elect Sue Harris as Director For For

Blended Rationale: Item 8 A vote AGAINST the election of Peter Allen is warranted because: * Apart from his role as Non-executive Chair of the Company, he also serves as Non-executive Chair at three other publicly listed companies, which could compromise his ability to commit sufficient time to his role in the Company. Item 9 Despite potential concerns due to his non-independence, a vote FOR the re-election of Jonathan Milner is warranted as he is not a member of the Audit and Remuneration Committees. Items 10 to 14 A vote FOR the re-election of Alan Hirzel, Gavin Wood, Louise Patten, Sue Harris and Mara Aspinall is warranted because no significant concerns have been identified.

14 Re-elect Mara Aspinall as Director For For

Blended Rationale: Item 8 A vote AGAINST the election of Peter Allen is warranted because: * Apart from his role as Non-executive Chair of the Company, he also serves as Non-executive Chair at three other publicly listed companies, which could compromise his ability to commit sufficient time to his role in the Company. Item 9 Despite potential concerns due to his non-independence, a vote FOR the re-election of Jonathan Milner is warranted as he is not a member of the Audit and Remuneration Committees. Items 10 to 14 A vote FOR the re-election of Alan Hirzel, Gavin Wood, Louise Patten, Sue Harris and Mara Aspinall is warranted because no significant concerns have been identified.

15 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.

16 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.

17 Authorise Market Purchase of Ordinary Shares For For

Adtalem Global Education, Inc.

Meeting Date: 11/06/2018 Country: USA Meeting Type: Annual Ticker: ATGE

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Lyle Logan For For

1.2 Elect Director Michael W. Malafronte For For

1.3 Elect Director Lisa W. Wardell For For

1.4 Elect Director Ann Weaver Hart For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Adtalem Global Education, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.5 Elect Director James D. White For For

1.6 Elect Director William W. Burke For For

1.7 Elect Director Donna J. Hrinak For For

1.8 Elect Director Steven M. Altschuler For For

1.9 Elect Director Georgette Kiser For For

2 Ratify PricewaterhouseCoopers LLP as Auditors For For

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

Blended Rationale: A vote AGAINST the proposal is warranted. The CEO received a front-load equity award and a portion of the performance shares may be earned based on either annual or multi-year performance. As such, the awards have contributed to a long-term pay and performance disconnect.

Automatic Data Processing, Inc.

Meeting Date: 11/06/2018 Country: USA Meeting Type: Annual Ticker: ADP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director Peter Bisson For For

1b Elect Director Richard T. Clark For For

1c Elect Director Eric C. Fast For For

1d Elect Director Linda R. Gooden For For

1e Elect Director Michael P. Gregoire For For

1f Elect Director R. Glenn Hubbard For For

1g Elect Director John P. Jones For For

1h Elect Director Thomas J. Lynch For For

1i Elect Director Scott F. Powers For For

1j Elect Director William J. Ready For For

1k Elect Director Carlos A. Rodriguez For For

1l Elect Director Sandra S. Wijnberg For For

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

Blended Rationale: The minimum vesting period is less than three years.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Automatic Data Processing, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Approve Omnibus Stock Plan For Against

Blended Rationale: The minimum vesting period is less than three years.

4 Ratify Deloitte & Touche LLP as Auditors For For

Craneware Plc

Meeting Date: 11/06/2018 Country: United Kingdom Meeting Type: Annual Ticker: CRW

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 George Elliott as Director For For

Blended Rationale: Items 3-6 and 8 A vote FOR the re-election of George Elliott, Ron Verni, Keith Neilson, Craig Preston and Russ Rudish is warranted because no significant concerns have been identified. Item 7 A vote AGAINST the re-election of Colleen Blye is warranted because: * She is the Chair of the Audit Committee and the non-audit fees paid to the auditors exceeded the audit fees for the sixth consecutive year with no explanation.

4 Re-elect Ron Verni as Director For For

Blended Rationale: Items 3-6 and 8 A vote FOR the re-election of George Elliott, Ron Verni, Keith Neilson, Craig Preston and Russ Rudish is warranted because no significant concerns have been identified. Item 7 A vote AGAINST the re-election of Colleen Blye is warranted because: * She is the Chair of the Audit Committee and the non-audit fees paid to the auditors exceeded the audit fees for the sixth consecutive year with no explanation.

5 Re-elect Keith Neilson as Director For For

Blended Rationale: Items 3-6 and 8 A vote FOR the re-election of George Elliott, Ron Verni, Keith Neilson, Craig Preston and Russ Rudish is warranted because no significant concerns have been identified. Item 7 A vote AGAINST the re-election of Colleen Blye is warranted because: * She is the Chair of the Audit Committee and the non-audit fees paid to the auditors exceeded the audit fees for the sixth consecutive year with no explanation.

6 Re-elect Craig Preston as Director For For

Blended Rationale: Items 3-6 and 8 A vote FOR the re-election of George Elliott, Ron Verni, Keith Neilson, Craig Preston and Russ Rudish is warranted because no significant concerns have been identified. Item 7 A vote AGAINST the re-election of Colleen Blye is warranted because: * She is the Chair of the Audit Committee and the non-audit fees paid to the auditors exceeded the audit fees for the sixth consecutive year with no explanation.

7 Re-elect Colleen Blye as Director For For

Blended Rationale: Items 3-6 and 8 A vote FOR the re-election of George Elliott, Ron Verni, Keith Neilson, Craig Preston and Russ Rudish is warranted because no significant concerns have been identified. Item 7 A vote AGAINST the re-election of Colleen Blye is warranted because: * She is the Chair of the Audit Committee and the non-audit fees paid to the auditors exceeded the audit fees for the sixth consecutive year with no explanation.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Craneware Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

8 Re-elect Russ Rudish as Director For For

Blended Rationale: Items 3-6 and 8 A vote FOR the re-election of George Elliott, Ron Verni, Keith Neilson, Craig Preston and Russ Rudish is warranted because no significant concerns have been identified. Item 7 A vote AGAINST the re-election of Colleen Blye is warranted because: * She is the Chair of the Audit Committee and the non-audit fees paid to the auditors exceeded the audit fees for the sixth consecutive year with no explanation.

9 Approve Final Dividend For For

10 Reappoint PricewaterhouseCoopers LLP as For Against Auditors and Authorise Their Remuneration Voter Rationale: Non audit fees exceed audit fees for consecutive years.

Blended Rationale: Non audit fees exceed audit fees for consecutive years.

11 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.

12 Approve SAYE Option Plan For For

13 Approve Employee Stock Purchase Plan For For

14 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.

15 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.

16 Authorise Market Purchase of Ordinary Shares For For

Enbridge Income Fund Holdings, Inc.

Meeting Date: 11/06/2018 Country: Canada Meeting Type: Special Ticker: ENF

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Acquisition by Enbridge Inc. For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Eurocommercial Properties NV

Meeting Date: 11/06/2018 Country: Netherlands Meeting Type: Annual Ticker: ECMPA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3b Adopt Financial Statements and Statutory For For Reports

4 Approve Dividends of EUR 0.215 Per Share and For For EUR 2.15 per Depositary Receipt

5 Approve Discharge of Management Board For For

Blended Rationale: A vote FOR is warranted because of the absence of any information about significant and compelling controversies that the management board and/or supervisory board are not fulfilling their fiduciary duties.

6 Approve Discharge of Supervisory Board For For

Blended Rationale: A vote FOR is warranted because of the absence of any information about significant and compelling controversies that the management board and/or supervisory board are not fulfilling their fiduciary duties.

7a Reelect B. Carriere to Supervisory Board For For

Blended Rationale: A vote FOR these elections is warranted because: * The nominees are elected for a period not exceeding four years; * The candidates appear to possess the necessary qualifications for board membership; and * There is no known controversy concerning the candidates.

7b Reelect B.T.M. Steins Bisschop to Supervisory For For Board

Blended Rationale: A vote FOR these elections is warranted because: * The nominees are elected for a period not exceeding four years; * The candidates appear to possess the necessary qualifications for board membership; and * There is no known controversy concerning the candidates.

7c Elect E. Attout to Supervisory Board For For

Blended Rationale: A vote FOR these elections is warranted because: * The nominees are elected for a period not exceeding four years; * The candidates appear to possess the necessary qualifications for board membership; and * There is no known controversy concerning the candidates.

8a Elect R. Fraticelli to Management Board For For

Blended Rationale: A vote FOR these elections is warranted because: * The nominees are elected for a term not exceeding four years; * The candidates appear to possess the necessary qualifications for board membership; and * There is no known controversy concerning the candidates.

8b Elect J.P.C. Mills to Management Board For For

Blended Rationale: A vote FOR these elections is warranted because: * The nominees are elected for a term not exceeding four years; * The candidates appear to possess the necessary qualifications for board membership; and * There is no known controversy concerning the candidates.

10 Approve Remuneration of Supervisory Board For For

11 Approve Remuneration Policy For Against

Voter Rationale: vote AGAINST due to the calculation of short term incentives (cash bonus formula calculation is too generous given that it excludes either negative NAV or DPS growth or relative share underperformance).

Blended Rationale: vote AGAINST due to the calculation of short term incentives (cash bonus formula calculation is too generous given that it excludes either negative NAV or DPS growth or relative share underperformance).

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Eurocommercial Properties NV

Proposal Vote Number Proposal Text Mgmt Rec Instruction

12 Ratify KPMG as Auditors For For

13a Authorize Repurchase of the Priority Shares of For For the Company

Blended Rationale: A vote FOR these proposals is warranted because the repurchase of priority shares and dismantling the priority share structure would remove the special rights granted to the priority share foundation and would generally improve the governance of the company.

13b Amend Articles Re: Conversion of Priority Shares For For Into Ordinary Shares

Blended Rationale: A vote FOR these proposals is warranted because the repurchase of priority shares and dismantling the priority share structure would remove the special rights granted to the priority share foundation and would generally improve the governance of the company.

14 Grant Board Authority to Issue Shares Up To 20 For Against Percent of Issued Capital and Exclude Pre-emptive Rights Voter Rationale: vote AGAINST. 20% threshold is too high.

Blended Rationale: vote AGAINST. 20% threshold is too high.

15 Authorize Repurchase of Up to 10 Percent of For For Issued Share Capital

Lam Research Corp.

Meeting Date: 11/06/2018 Country: USA Meeting Type: Annual Ticker: LRCX

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Martin B. Anstice For For

1.2 Elect Director Eric K. Brandt For For

1.3 Elect Director Michael R. Cannon For For

1.4 Elect Director Youssef A. El-Mansy For For

1.5 Elect Director Christine A. Heckart For For

1.6 Elect Director Catherine P. Lego For For

1.7 Elect Director Stephen G. Newberry For For

1.8 Elect Director Abhijit Y. Talwalkar For For

1.9 Elect Director Lih Shyng (Rick L.) Tsai For For

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

Blended Rationale: The minimum vesting period is less than three years.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Lam Research Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Amend Qualified Employee Stock Purchase Plan For For

4 Ratify Ernst & Young LLP as Auditors For For

Mid Wynd International Investment Trust Plc

Meeting Date: 11/06/2018 Country: United Kingdom Meeting Type: Annual Ticker: MWY

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 Malcolm Scott as Director For For

Blended Rationale: Item 4 An ABSTENTION on the re-election of Malcolm Scott is warranted because: * A potential independence issue has been identified and he currently sits on the Audit Committee, and the composition of this Committee does not adhere to UK best practice recommendations for a company of this size. A vote FOR this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option. Item 5 to 7 A vote FOR the re-election of, Harry Morgan, Russell Napier and Alan Scott is warranted because no significant concerns have been identified.

5 Re-elect Harry Morgan as Director For For

Blended Rationale: Item 4 An ABSTENTION on the re-election of Malcolm Scott is warranted because: * A potential independence issue has been identified and he currently sits on the Audit Committee, and the composition of this Committee does not adhere to UK best practice recommendations for a company of this size. A vote FOR this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option. Item 5 to 7 A vote FOR the re-election of, Harry Morgan, Russell Napier and Alan Scott is warranted because no significant concerns have been identified.

6 Re-elect Russell Napier as Director For For

Blended Rationale: Item 4 An ABSTENTION on the re-election of Malcolm Scott is warranted because: * A potential independence issue has been identified and he currently sits on the Audit Committee, and the composition of this Committee does not adhere to UK best practice recommendations for a company of this size. A vote FOR this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option. Item 5 to 7 A vote FOR the re-election of, Harry Morgan, Russell Napier and Alan Scott is warranted because no significant concerns have been identified.

7 Re-elect Alan Scott as Director For For

Blended Rationale: Item 4 An ABSTENTION on the re-election of Malcolm Scott is warranted because: * A potential independence issue has been identified and he currently sits on the Audit Committee, and the composition of this Committee does not adhere to UK best practice recommendations for a company of this size. A vote FOR this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option. Item 5 to 7 A vote FOR the re-election of, Harry Morgan, Russell Napier and Alan Scott is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Mid Wynd International Investment Trust Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

8 Reappoint Scott-Moncrieff as Auditors For For

9 Authorise Board to Fix Remuneration of Auditors For For

10 Authorise Issue of Equity with Pre-emptive For For Rights

Blended Rationale: Item 10 A vote FOR this resolution is warranted because the proposed amount and duration are within recommended limits. Item 11 A vote AGAINST this resolution is warranted because: * The proposed amount exceeds recommended limits of 10 percent of issued share capital.

11 Authorise Issue of Equity without Pre-emptive For Against Rights Voter Rationale: excessive dilution.

Blended Rationale: excessive dilution.

12 Authorise Market Purchase of Ordinary Shares For For

13 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

Strategic Education, Inc.

Meeting Date: 11/06/2018 Country: USA Meeting Type: Annual Ticker: STRA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Robert S. Silberman For For

1.2 Elect Director J. Kevin Gilligan For For

1.3 Elect Director Robert R. Grusky For For

1.4 Elect Director Charlotte F. Beason For For

1.5 Elect Director Rita D. Brogley For For

1.6 Elect Director John T. Casteen, III For For

1.7 Elect Director H. James Dallas For For

1.8 Elect Director Nathaniel C. Fick For For

1.9 Elect Director Karl McDonnell For For

1.10 Elect Director Todd A. Milano For For

1.11 Elect Director G. Thomas Waite, III For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Strategic Education, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.12 Elect Director J. David Wargo For Against

Voter Rationale: Overboarded

Blended Rationale: Overboarded

2 Ratify PricewaterhouseCoopers LLP as Auditors For For

3 Approve Omnibus Stock Plan For For

4 Advisory Vote to Ratify Named Executive For For Officers' Compensation

BGP Holdings Plc

Meeting Date: 11/07/2018 Country: Malta Meeting Type: Annual Ticker: N/A

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Annual Report, Financial Statements For For and Statutory Reports

Blended Rationale: Please note that ISS does not provide vote recommendations for unlisted companies.

2 Approve Ernst and Young as Auditors For For

Blended Rationale: Please note that ISS does not provide vote recommendations for unlisted companies.

Cardinal Health, Inc.

Meeting Date: 11/07/2018 Country: USA Meeting Type: Annual Ticker: CAH

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Colleen F. Arnold For For

1.2 Elect Director Carrie S. Cox For For

1.3 Elect Director Calvin Darden For For

1.4 Elect Director Bruce L. Downey For For

1.5 Elect Director Patricia A. Hemingway Hall For For

1.6 Elect Director Akhil Johri For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Cardinal Health, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.7 Elect Director Michael C. Kaufmann For For

1.8 Elect Director Gregory B. Kenny For For

1.9 Elect Director Nancy Killefer For For

2 Ratify Ernst & Young LLP as Auditors For For

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

Blended Rationale: The minimum vesting period is less than three years.

4 Policy to Not Exclude Legal and Compliance Against Against Costs for Purposes of Determining Executive Compensation

Blended Rationale: Referred to Schroders for internal consideration.

5 Reduce Ownership Threshold for Shareholders Against For to Call Special Meeting Voter Rationale: In shareholders' best interests

Blended Rationale: In shareholders' best interests

China Merchants Bank Co., Ltd.

Meeting Date: 11/07/2018 Country: China Meeting Type: Special Ticker: 3968

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Luo Sheng as Director For For

Commonwealth Bank of Australia

Meeting Date: 11/07/2018 Country: Australia Meeting Type: Annual Ticker: CBA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2a Elect Catherine Livingstone as Director For For

2b Elect Anne Templeman-Jones as Director For For

3 Approve Remuneration Report For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Commonwealth Bank of Australia

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Approve Grant of Rights to Matt Comyn For For

Dun & Bradstreet Corp.

Meeting Date: 11/07/2018 Country: USA Meeting Type: Special Ticker: DNB

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Merger Agreement For For

2 Advisory Vote on Golden Parachutes For Against

Voter Rationale: We are not supportive of Golden Parachutes

Blended Rationale: We are not supportive of Golden Parachutes

3 Adjourn Meeting For For

Inmobiliaria Colonial SOCIMI SA

Meeting Date: 11/07/2018 Country: Spain Meeting Type: Special Ticker: COL

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Acquisition of Shares of Societe For For Fonciere Lyonnaise from Qatar Holding LLC and DIC Holding LLC

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

2 Approve Issuance of Shares in Connection with For For Acquisition of Shares of Societe Fonciere Lyonnaise

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

3 Authorize Board to Ratify and Execute Approved For For Resolutions

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Jardine Lloyd Thompson Group Plc

Meeting Date: 11/07/2018 Country: United Kingdom Meeting Type: Special Ticker: JLT

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Cash Acquisition of Jardine Lloyd For For Thompson Group plc by MMC Treasury Holdings (UK) Limited

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Jardine Lloyd Thompson Group Plc

Meeting Date: 11/07/2018 Country: United Kingdom Meeting Type: Court Ticker: JLT

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Scheme of Arrangement For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Jumbo SA

Meeting Date: 11/07/2018 Country: Greece Meeting Type: Annual Ticker: BELA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

Blended Rationale: A vote FOR these items is warranted due to a lack of concern regarding the accounts presented or audit procedures used.

2.a Approve Allocation of Income and Dividends For For

Blended Rationale: A vote FOR these items is warranted due to a lack of concern regarding the accounts presented or audit procedures used.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Jumbo SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.b Approve Remuneration of Certain Board For Against Members Voter Rationale: Lack of disclosure around performance targets so unable to assess pay for performance alignment.

Blended Rationale: Lack of disclosure around performance targets so unable to assess pay for performance alignment.

3 Approve Discharge of Board and Auditors For For

4 Approve Auditors and Fix Their Remuneration For For

Jupiter European Opportunities Trust Plc

Meeting Date: 11/07/2018 Country: United Kingdom Meeting Type: Annual Ticker: JEO

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 Andrew Sutch as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Andrew Sutch is warranted, although the following concern should be noted: * Apart from his role as Chairman of the Company, he also serves as Chair at two other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His role of Board Chair is at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Item 5 to 8 A vote FOR the re-election/election of, Philip Best, Lord Norman Lamont (The Rt Hon Lord Lamont of Lerwick), John Wallinger and Virginia Holmes is warranted because no significant concerns have been identified.

5 Re-elect Philip Best as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Andrew Sutch is warranted, although the following concern should be noted: * Apart from his role as Chairman of the Company, he also serves as Chair at two other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His role of Board Chair is at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Item 5 to 8 A vote FOR the re-election/election of, Philip Best, Lord Norman Lamont (The Rt Hon Lord Lamont of Lerwick), John Wallinger and Virginia Holmes is warranted because no significant concerns have been identified.

6 Re-elect Lord Lamont of Lerwick as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Andrew Sutch is warranted, although the following concern should be noted: * Apart from his role as Chairman of the Company, he also serves as Chair at two other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His role of Board Chair is at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Item 5 to 8 A vote FOR the re-election/election of, Philip Best, Lord Norman Lamont (The Rt Hon Lord Lamont of Lerwick), John Wallinger and Virginia Holmes is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Jupiter European Opportunities Trust Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

7 Re-elect John Wallinger as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Andrew Sutch is warranted, although the following concern should be noted: * Apart from his role as Chairman of the Company, he also serves as Chair at two other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His role of Board Chair is at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Item 5 to 8 A vote FOR the re-election/election of, Philip Best, Lord Norman Lamont (The Rt Hon Lord Lamont of Lerwick), John Wallinger and Virginia Holmes is warranted because no significant concerns have been identified.

8 Elect Virginia Holmes as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Andrew Sutch is warranted, although the following concern should be noted: * Apart from his role as Chairman of the Company, he also serves as Chair at two other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His role of Board Chair is at investment trusts. Taking this into account, a degree of flexibility is considered appropriate. His external commitments will be kept under review. Item 5 to 8 A vote FOR the re-election/election of, Philip Best, Lord Norman Lamont (The Rt Hon Lord Lamont of Lerwick), John Wallinger and Virginia Holmes is warranted because no significant concerns have been identified.

9 Reappoint Ernst & Young LLP as Auditors For For

10 Authorise Board to Fix Remuneration of Auditors For For

11 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.

12 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.

13 Authorise Market Purchase of Ordinary Shares For For

14 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

K2M Group Holdings, Inc.

Meeting Date: 11/07/2018 Country: USA Meeting Type: Special Ticker: KTWO

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Merger Agreement For For

2 Advisory Vote on Golden Parachutes For Against

Voter Rationale: We are not supportive of Golden Parachutes

Blended Rationale: We are not supportive of Golden Parachutes

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

K2M Group Holdings, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Adjourn Meeting For For

KLA-Tencor Corp.

Meeting Date: 11/07/2018 Country: USA Meeting Type: Annual Ticker: KLAC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Edward W. Barnholt For For

1.2 Elect Director Robert M. Calderoni For For

1.3 Elect Director John T. Dickson For For

1.4 Elect Director Emiko Higashi For For

1.5 Elect Director Kevin J. Kennedy For For

1.6 Elect Director Gary B. Moore For For

1.7 Elect Director Kiran M. Patel For For

1.8 Elect Director Ana G. Pinczuk For For

1.9 Elect Director Robert A. Rango For For

1.10 Elect Director Richard P. Wallace For For

2 Ratify PricewaterhouseCoopers LLP as Auditors For For

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

Blended Rationale: The minimum vesting period is less than three years.

4 Amend Omnibus Stock Plan For For

Blended Rationale: The minimum vesting period is less than three years.

Randgold Resources Ltd.

Meeting Date: 11/07/2018 Country: Jersey Meeting Type: Special Ticker: RRS

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Randgold Resources Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Matters Relating to the All-Share For For Merger of Randgold Resources Limited with Barrick Gold Corporation

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Randgold Resources Ltd.

Meeting Date: 11/07/2018 Country: Jersey Meeting Type: Court Ticker: RRS

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Scheme of Arrangement For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Randgold Resources Ltd.

Meeting Date: 11/07/2018 Country: Jersey Meeting Type: Special Ticker: RRS

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Scheme of Arrangement For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

1 Approve Matters Relating to the All-Share For For Merger of Randgold Resources Limited with Barrick Gold Corporation

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Raven Property Group Ltd.

Meeting Date: 11/07/2018 Country: Guernsey Meeting Type: Special Ticker: RAV

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Raven Property Group Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorise Market Purchase of Ordinary Shares For For Pursuant to the Tender Offer

Redrow Plc

Meeting Date: 11/07/2018 Country: United Kingdom Meeting Type: Annual Ticker: RDW

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3 Re-elect Steve Morgan as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

4 Re-elect John Tutte as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

5 Re-elect Barbara Richmond as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

6 Re-elect Nick Hewson as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

7 Re-elect Sir Michael Lyons as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

8 Re-elect Vanda Murray as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

9 Reappoint PricewaterhouseCoopers LLP as For For Auditors

10 Authorise Board to Fix Remuneration of Auditors For For

11 Approve Remuneration Report For For

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.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Redrow Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

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 the Company to Call General Meeting For For with Two Weeks' Notice

Strategic Equity Capital Plc

Meeting Date: 11/07/2018 Country: United Kingdom Meeting Type: Annual Ticker: SEC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3 Approve Remuneration Report For For

4 Approve Remuneration Policy For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

5 Re-elect Richard Hills as Director For For

Blended Rationale: Items 5-6 A vote FOR the re-election of Richard Hills and Jo Dixon is warranted, although it is not without concern because: * Apart from their roles in the Company, they also serve in various roles at multiple public company boards, which could compromise their ability to commit sufficient time to their role in the Company. The main reason for support is: * Most of the external positions are at investment trust companies and, taking this into account, a level of flexibility is considered appropriate. Items 7-8 A vote FOR the re-election of Richard Locke and John Barlow is warranted because no significant concerns have been identified.

6 Re-elect Josephine Dixon as Director For For

Blended Rationale: Items 5-6 A vote FOR the re-election of Richard Hills and Jo Dixon is warranted, although it is not without concern because: * Apart from their roles in the Company, they also serve in various roles at multiple public company boards, which could compromise their ability to commit sufficient time to their role in the Company. The main reason for support is: * Most of the external positions are at investment trust companies and, taking this into account, a level of flexibility is considered appropriate. Items 7-8 A vote FOR the re-election of Richard Locke and John Barlow is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Strategic Equity Capital Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

7 Re-elect Richard Locke as Director For For

Blended Rationale: Items 5-6 A vote FOR the re-election of Richard Hills and Jo Dixon is warranted, although it is not without concern because: * Apart from their roles in the Company, they also serve in various roles at multiple public company boards, which could compromise their ability to commit sufficient time to their role in the Company. The main reason for support is: * Most of the external positions are at investment trust companies and, taking this into account, a level of flexibility is considered appropriate. Items 7-8 A vote FOR the re-election of Richard Locke and John Barlow is warranted because no significant concerns have been identified.

8 Re-elect William Barlow as Director For For

Blended Rationale: Items 5-6 A vote FOR the re-election of Richard Hills and Jo Dixon is warranted, although it is not without concern because: * Apart from their roles in the Company, they also serve in various roles at multiple public company boards, which could compromise their ability to commit sufficient time to their role in the Company. The main reason for support is: * Most of the external positions are at investment trust companies and, taking this into account, a level of flexibility is considered appropriate. Items 7-8 A vote FOR the re-election of Richard Locke and John Barlow is warranted because no significant concerns have been identified.

9 Reappoint KPMG LLP as Auditors For For

10 Authorise Board to Fix Remuneration of Auditors For For

11 Approve Continuation of Company as For For Investment Trust

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 Market Purchase of Ordinary Shares For For

Western Digital Corp.

Meeting Date: 11/07/2018 Country: USA Meeting Type: Annual Ticker: WDC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director Martin I. Cole For For

1b Elect Director Kathleen A. Cote For For

1c Elect Director Henry T. DeNero For For

1d Elect Director Tunc Doluca For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Western Digital Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1e Elect Director Michael D. Lambert For For

1f Elect Director Len J. Lauer For For

1g Elect Director Matthew E. Massengill For For

1h Elect Director Stephen D. Milligan For For

1i Elect Director Paula A. Price For For

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

Blended Rationale: The minimum vesting period is less than three years.

3 Amend Omnibus Stock Plan For Against

Blended Rationale: The dilution exceeds 10 percent.In addition, the minimum vesting period is less than three years.

4 Amend Qualified Employee Stock Purchase Plan For For

5 Ratify KPMG LLP as Auditors For For

BHP Billiton Ltd.

Meeting Date: 11/08/2018 Country: Australia Meeting Type: Annual Ticker: BHP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Appoint KPMG LLP as Auditor of the Company For For

3 Authorize the Risk and Audit Committee to Fix For For Remuneration of the Auditors

4 Approve General Authority to Issue Shares in For For BHP Billiton Plc

5 Approve General Authority to Issue Shares in For For BHP Billiton Plc for Cash

6 Approve the Repurchase of Shares in BHP For For Billiton Plc

7 Approve the Remuneration Report Other Than For For the Part Containing the Directors' Remuneration Policy

8 Approve Remuneration Report For For

9 Approve the Grant of Awards to Andrew For For Mackenzie

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

BHP Billiton Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

10 Approve the Change of Name of BHP Billiton Plc For For to BHP Group Plc and BHP Billiton Limited to BHP Group Limited

11 Elect Terry Bowen as Director For Against

Voter Rationale: Whilst BHP does not fall in to the bottom quartile of NTA/share growth, Mr Bowen's capital allocation track record at Wesfarmers was sufficiently poor for us to feel that he is not the most suitable candidate to be a director of BHP.

Blended Rationale: Whilst BHP does not fall in to the bottom quartile of NTA/share growth, Mr Bowen's capital allocation track record at Wesfarmers was sufficiently poor for us to feel that he is not the most suitable candidate to be a director of BHP.

12 Elect Malcolm Broomhead as Director For For

13 Elect Anita Frew as Director For For

14 Elect Carolyn Hewson as Director For For

15 Elect Andrew Mackenzie as Director For For

16 Elect Lindsay Maxsted as Director For For

17 Elect John Mogford as Director For For

18 Elect Shriti Vadera as Director For For

19 Elect Ken MacKenzie as Director For For

BHP Billiton Ltd.

Meeting Date: 11/08/2018 Country: Australia Meeting Type: Annual Ticker: BHP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Appoint KPMG LLP as Auditor of the Company For For

3 Authorize the Risk and Audit Committee to Fix For For Remuneration of the Auditors

4 Approve General Authority to Issue Shares in For For BHP Billiton Plc

5 Approve General Authority to Issue Shares in For For BHP Billiton Plc for Cash

6 Approve the Repurchase of Shares in BHP For For Billiton Plc

7 Approve the Remuneration Report Other Than For For the Part Containing the Directors' Remuneration Policy

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

BHP Billiton Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

8 Approve Remuneration Report For For

9 Approve the Grant of Awards to Andrew For For Mackenzie

10 Approve the Change of Name of BHP Billiton Plc For For to BHP Group Plc and BHP Billiton Limited to BHP Group Limited

11 Elect Terry Bowen as Director For Against

Voter Rationale: Whilst BHP does not fall in to the bottom quartile of NTA/share growth, Mr Bowen's capital allocation track record at Wesfarmers was sufficiently poor for us to feel that he is not the most suitable candidate to be a director of BHP.

Blended Rationale: Whilst BHP does not fall in to the bottom quartile of NTA/share growth, Mr Bowen's capital allocation track record at Wesfarmers was sufficiently poor for us to feel that he is not the most suitable candidate to be a director of BHP.

12 Elect Malcolm Broomhead as Director For For

13 Elect Anita Frew as Director For For

14 Elect Carolyn Hewson as Director For For

15 Elect Andrew Mackenzie as Director For For

16 Elect Lindsay Maxsted as Director For For

17 Elect John Mogford as Director For For

18 Elect Shriti Vadera as Director For For

19 Elect Ken MacKenzie as Director For For

Broadridge Financial Solutions, Inc.

Meeting Date: 11/08/2018 Country: USA Meeting Type: Annual Ticker: BR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director Leslie A. Brun For For

1b Elect Director Pamela L. Carter For For

1c Elect Director Richard J. Daly For For

1d Elect Director Robert N. Duelks For For

1e Elect Director Brett A. Keller For For

1f Elect Director Stuart R. Levine For For

1g Elect Director Maura A. Markus For For

1h Elect Director Thomas J. Perna For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Broadridge Financial Solutions, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1i Elect Director Alan J. Weber For For

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

Blended Rationale: The minimum vesting period is less than three years.

3 Approve Omnibus Stock Plan For Against

Blended Rationale: The dilution exceeds 10 percent.The minimum vesting period is less than three years.

4 Ratify Deloitte & Touche LLP as Auditors For For

City Lodge Hotels Ltd.

Meeting Date: 11/08/2018 Country: South Africa Meeting Type: Annual Ticker: CLH

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports for the Year Ended 30 June 2018

2.1 Elect Alastair Dooley as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2.2 Elect Lindiwe Sangweni-Siddo as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2.3 Re-elect Ndumi Medupe as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2.4 Re-elect Stuart Morris as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2.5 Re-elect Bulelani Ngcuka as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

3 Reappoint KPMG Inc as Auditors of the For Against Company and Appoint Dwight Thompson as the Designated Partner and Authorise Their Remuneration Voter Rationale: Received significant vote against appointment last year due to ongoing investigations

Blended Rationale: Received significant vote against appointment last year due to ongoing investigations

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

City Lodge Hotels Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4.1 Re-elect Stuart Morris as Chairman of the Audit For For Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

4.2 Re-elect Deon Huysamer as Member of the For For Audit Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

4.3 Re-elect Frank Kilbourn as Member of the Audit For For Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

4.4 Re-elect Ndumi Medupe as Member of the Audit For For Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

5 Authorise Ratification of Approved Resolutions For For

6.1 Approve Remuneration Policy For For

6.2 Approve Remuneration Implementation Report For For

7.1 Approve Fees of Chairman of the Board For For

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.2 Approve Fees of Lead Independent Director For For

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.3 Approve Fees for Services as Director For For

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.4 Approve Fees of Chairman of Audit Committee For For

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

City Lodge Hotels Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

7.5 Approve Fees of Other Audit Committee For For Members

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.6 Approve Fees of Chairman of Remuneration For For Committee

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.7 Approve Fees of Other Remuneration For For Committee Members

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.8 Approve Fees of Chairman of Risk Committee For For

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.9 Approve Fees of Other Risk Committee For For Members

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.10 Approve Fees of Chairman of Social and Ethics For For Committee

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

7.11 Approve Fees of Ad Hoc/Temporary Committee For For

Blended Rationale: Item 7.1 A vote FOR this item is warranted, although it is not without concern for shareholders: * The Board Chair's fee appears relatively high in comparison to what comparable South African companies are offering to their board chairs. The main reason for support is: * No above-inflationary increase is being proposed at this time. Proposed fees will be kept under review. Items 7.2 to 7.11 A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

City Lodge Hotels Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

8 Approve Financial Assistance in Terms of For For Sections 44 and 45 of the Companies Act

Blended Rationale: A vote AGAINST this item is warranted: * The Company seeks an authority to provide financial assistance to any person in connection with the subscription of options or securities issued or to be issued by the Company, or in relation to the purchase of securities. This is a broader authority than what many shareholders may prefer to approve in advance.

9 Authorise Repurchase of Issued Share Capital For For

Extreme Networks, Inc.

Meeting Date: 11/08/2018 Country: USA Meeting Type: Annual Ticker: EXTR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Charles P. Carinalli For For

1.2 Elect Director Kathleen M. Holmgren For For

1.3 Elect Director Rajendra Khanna For For

1.4 Elect Director Edward H. Kennedy For For

1.5 Elect Director Edward B. Meyercord For For

1.6 Elect Director John C. Shoemaker For For

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

3 Ratify KPMG LLP as Auditors For For

4 Amend NOL Rights Plan (NOL Pill) For For

5 Amend Qualified Employee Stock Purchase Plan For For

Maxim Integrated Products, Inc.

Meeting Date: 11/08/2018 Country: USA Meeting Type: Annual Ticker: MXIM

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director William (Bill) P. Sullivan For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Maxim Integrated Products, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1b Elect Director Tunc Doluca For For

1c Elect Director Tracy C. Accardi For For

1d Elect Director James R. Bergman For For

1e Elect Director Joseph R. Bronson For For

1f Elect Director Robert E. Grady For For

1g Elect Director William D. Watkins For For

1h Elect Director MaryAnn Wright For For

2 Ratify PricewaterhouseCoopers LLP as Auditors For For

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

Blended Rationale: The minimum vesting period is less than three years.

Sinopec Shanghai Petrochemical Co. Ltd.

Meeting Date: 11/08/2018 Country: China Meeting Type: Special Ticker: 338

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Shi Wei as Director For For

2 Amend Articles of Association and Its Appendix For For

Sun Hung Kai Properties Ltd.

Meeting Date: 11/08/2018 Country: Hong Kong Meeting Type: Annual Ticker: 16

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3.1a Elect Fan Hung-ling, Henry as Director For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Sun Hung Kai Properties Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3.1b Elect Lee Shau-kee as Director For For

3.1c Elect Yip Dicky Peter as Director For For

3.1d Elect Wong Yue-chim, Richard as Director For For

3.1e Elect Fung Kwok-lun, William as Director For Against

Voter Rationale: Nominee sits on more than 5 outside boards

Blended Rationale: Nominee sits on more than 5 outside boards

3.1f Elect Leung Nai-pang, Norman as Director For For

3.1g Elect Leung Kui-king, Donald as Director For For

3.1h Elect Kwan Cheuk-yin, William as Director For For

3.1i Elect Kwok Kai-fai, Adam as Director For For

3.1j Elect Kwong Chun as Director For For

3.2 Approve Directors' Fees For For

4 Approve Deloitte Touche Tohmatsu as Auditor For For and Authorize Board to Fix Their Remuneration

5 Authorize Repurchase of Issued Share Capital For For

6 Approve Issuance of Equity or Equity-Linked For Against Securities without Preemptive Rights Voter Rationale: Issuance limit exceeds 10%

Blended Rationale: Issuance limit exceeds 10%

7 Authorize Reissuance of Repurchased Shares For Against

Voter Rationale: Discount limit not disclosed

Blended Rationale: Discount limit not disclosed

Tapestry, Inc.

Meeting Date: 11/08/2018 Country: USA Meeting Type: Annual Ticker: TPR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director Darrell Cavens For For

1b Elect Director David Denton For For

1c Elect Director Anne Gates For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Tapestry, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1d Elect Director Andrea Guerra For For

1e Elect Director Susan Kropf For For

1f Elect Director Annabelle Yu Long For For

1g Elect Director Victor Luis For For

1h Elect Director Ivan Menezes For For

1i Elect Director William Nuti For Against

Blended Rationale: Vote against directors with less than 75% attendance.

1j Elect Director Jide Zeitlin For For

2 Ratify Deloitte & Touche LLP as Auditors For For

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

Blended Rationale: The minimum vesting period is less than three years.

4 Approve Omnibus Stock Plan For Against

Blended Rationale: The dilution exceeds 10 percent.The minimum vesting period is less than three years.

Trade Me Group Ltd.

Meeting Date: 11/08/2018 Country: New Zealand Meeting Type: Annual Ticker: TME

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Paul McCarney as Director For For

2 Elect Katrina Johnson as Director For For

3 Authorize Board to Fix Remuneration of the For For Auditors

Hanison Construction Holdings Ltd.

Meeting Date: 11/09/2018 Country: Cayman Islands Meeting Type: Special Ticker: 896

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Hanison Construction Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Sale and Purchase Agreement and For For Related Transactions

Blended Rationale: Referred to Schroders for consideration.

Wilmington Funds

Meeting Date: 11/09/2018 Country: USA Meeting Type: Special Ticker: N/A

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Nicholas A. Giordano For For

1.2 Elect Director Robert H. Arnold For For

1.3 Elect Director Gregory P. Chandler For For

1.4 Elect Director Richard B. Seidel For For

1.5 Elect Director Donald E. Foley For For

1.6 Elect Director Dominick J. D'Eramo For For

Agricultural Bank of China

Meeting Date: 11/12/2018 Country: China Meeting Type: Special Ticker: 1288

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Wang Jingdong as Supervisor For For

2 Elect Li Wang as Supervisor For For

3 Elect Zhang Jie as Supervisor For For

4 Elect Liu Hongxia as Supervisor For For

5 Approve Final Remuneration Plan of Directors of For For the Bank for 2017

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Agricultural Bank of China

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6 Approve Final Remuneration Plan of Supervisors For For of the Bank for 2017

7 Approve the 2019-2021 Capital Planning of the For For Bank

8 Approve the Issuance Plan of Eligible Tier-2 For For Capital Instruments of the Bank

Akzo Nobel NV

Meeting Date: 11/13/2018 Country: Netherlands Meeting Type: Special Ticker: AKZA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Capital Repayment and Share For For Consolidation

Blended Rationale: A vote FOR this item is warranted considering the proposal is in line with the earlier announced strategic outlook and would return proceeds from the sale of the specialty chemical division.

Charter Hall Retail REIT

Meeting Date: 11/13/2018 Country: Australia Meeting Type: Annual Ticker: CQR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Roger Davis as Director For For

China Huarong Asset Management Co., Ltd.

Meeting Date: 11/13/2018 Country: China Meeting Type: Special Ticker: 2799

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Zhu Ning as Director For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

China Life Insurance Co. Ltd.

Meeting Date: 11/13/2018 Country: China Meeting Type: Special Ticker: 2628

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Wang Bin as Director For Against

Voter Rationale: Non independent nominee on a board that is not a third independent

Blended Rationale: Non independent nominee on a board that is not a third independent

2 Elect Tang Yong as Supervisor For For

Blended Rationale: Referred to Schroders for internal consideration.

3 Approve Remuneration of Directors and For For Supervisors

4 Approve the Domestic and Overseas Multiple For For Issuance of Debt Instruments

Genesis Emerging Markets Fund Ltd.

Meeting Date: 11/13/2018 Country: Guernsey Meeting Type: Annual Ticker: GSS

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Remuneration Report For For

3 Ratify KPMG Channel Islands Limited as For For Auditors

4 Authorise Board to Fix Remuneration of Auditors For For

5 Approve Final Dividend For For

6 Re-elect Sujit Banerji as Director For For

Blended Rationale: A vote FOR the re-election of Sujit Banerji, Russell Edey, Saffet Karpat, John Llewellyn, Helene Ploix and Katherine Tsang is warranted because no significant concerns have been identified.

7 Re-elect Russell Edey as Director For For

Blended Rationale: A vote FOR the re-election of Sujit Banerji, Russell Edey, Saffet Karpat, John Llewellyn, Helene Ploix and Katherine Tsang is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Genesis Emerging Markets Fund Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

8 Re-elect Saffet Karpat as Director For For

Blended Rationale: A vote FOR the re-election of Sujit Banerji, Russell Edey, Saffet Karpat, John Llewellyn, Helene Ploix and Katherine Tsang is warranted because no significant concerns have been identified.

9 Re-elect John Llewellyn as Director For For

Blended Rationale: A vote FOR the re-election of Sujit Banerji, Russell Edey, Saffet Karpat, John Llewellyn, Helene Ploix and Katherine Tsang is warranted because no significant concerns have been identified.

10 Re-elect Helene Ploix as Director For For

Blended Rationale: A vote FOR the re-election of Sujit Banerji, Russell Edey, Saffet Karpat, John Llewellyn, Helene Ploix and Katherine Tsang is warranted because no significant concerns have been identified.

11 Re-elect Katherine Tsang as Director For For

Blended Rationale: A vote FOR the re-election of Sujit Banerji, Russell Edey, Saffet Karpat, John Llewellyn, Helene Ploix and Katherine Tsang is warranted because no significant concerns have been identified.

12 Authorise Market Purchase of Participating For For Preference Shares

Growthpoint Properties Ltd.

Meeting Date: 11/13/2018 Country: South Africa Meeting Type: Annual Ticker: GRT

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Accept Financial Statements and Statutory For For Reports for the Year Ended 30 June 2018

1.2.1 Elect Nonzukiso Siyotula as Director For For

Blended Rationale: Item 1.2.1 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only four out of a total of eight Board and Committee meetings held during the year which she was eligible to attend. The Company has not provided a specific explanation for the absences. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time. Items 1.2.2-1.3.3 A vote FOR these items is warranted: * Although some governance issues have been identified, these do not justify a vote against the Directors standing for election or re-election at this AGM.

1.2.2 Elect Olive Chauke as Director For For

Blended Rationale: Item 1.2.1 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only four out of a total of eight Board and Committee meetings held during the year which she was eligible to attend. The Company has not provided a specific explanation for the absences. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time. Items 1.2.2-1.3.3 A vote FOR these items is warranted: * Although some governance issues have been identified, these do not justify a vote against the Directors standing for election or re-election at this AGM.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Growthpoint Properties Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.3.1 Re-elect Mzolisi Diliza as Director For For

Blended Rationale: Item 1.2.1 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only four out of a total of eight Board and Committee meetings held during the year which she was eligible to attend. The Company has not provided a specific explanation for the absences. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time. Items 1.2.2-1.3.3 A vote FOR these items is warranted: * Although some governance issues have been identified, these do not justify a vote against the Directors standing for election or re-election at this AGM.

1.3.2 Re-elect Peter Fechter as Director For For

Blended Rationale: Item 1.2.1 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only four out of a total of eight Board and Committee meetings held during the year which she was eligible to attend. The Company has not provided a specific explanation for the absences. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time. Items 1.2.2-1.3.3 A vote FOR these items is warranted: * Although some governance issues have been identified, these do not justify a vote against the Directors standing for election or re-election at this AGM.

1.3.3 Re-elect John Hayward as Director For For

Blended Rationale: Item 1.2.1 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only four out of a total of eight Board and Committee meetings held during the year which she was eligible to attend. The Company has not provided a specific explanation for the absences. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time. Items 1.2.2-1.3.3 A vote FOR these items is warranted: * Although some governance issues have been identified, these do not justify a vote against the Directors standing for election or re-election at this AGM.

1.4.1 Re-elect Lynette Finlay as Chairman of the Audit For For Committee

Blended Rationale: Items 1.4.1 & 1.4.2 A vote FOR these items is warranted: * All of the members of the Audit Committee are independent. Item 1.4.3 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only one of two Audit Committee meetings which she was eligible during the fiscal year under review. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time.

1.4.2 Re-elect John Hayward as Member of the Audit For For Committee

Blended Rationale: Items 1.4.1 & 1.4.2 A vote FOR these items is warranted: * All of the members of the Audit Committee are independent. Item 1.4.3 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only one of two Audit Committee meetings which she was eligible during the fiscal year under review. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time.

1.4.3 Elect Nonzukiso Siyotula as Member of the Audit For For Committee

Blended Rationale: Items 1.4.1 & 1.4.2 A vote FOR these items is warranted: * All of the members of the Audit Committee are independent. Item 1.4.3 A vote FOR the election of Nonzukiso Siyotula is warranted, but is not without concerns for shareholders: * She attended only one of two Audit Committee meetings which she was eligible during the fiscal year under review. The main reason for support is: * This is her first year in as a Director of GRT, and there is no evidence of any longer-term attendance issue at this time.

1.5 Reappoint KPMG Inc as Auditors of the For For Company

1.6.1 Approve Remuneration Policy For For

1.6.2 Approve Implementation of Remuneration Policy For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Growthpoint Properties Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.7 Place Authorised but Unissued Shares under For For Control of Directors

1.8 Authorise Directors to Issue Shares to Afford For For Shareholders Distribution Reinvestment Alternatives

1.9 Authorise Board to Issue Shares for Cash For For

1.10 Approve Social, Ethics and Transformation For For Committee Report

2.1 Approve Increase in Authorised Shares For For

2.2 Approve Non-executive Directors' Fees For For

2.3 Approve Financial Assistance in Terms of For For Section 45 of the Companies Act

2.4 Authorise Repurchase of Issued Share Capital For For

Ingenia Communities Group

Meeting Date: 11/13/2018 Country: Australia Meeting Type: Annual/Special Ticker: INA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Remuneration Report For For

Blended Rationale: Vote against if the weighting of non-financial targets exceeds 50% of the bonus.

3.1 Elect James Hazel as Director For For

3.2 Elect Andrew McEvoy as Director For For

4 Approve Grant of Short Term Incentive Plan For For Rights to Simon Owen

Blended Rationale: Vote against if the weighting of non-financial targets exceeds 50% of the bonus.

5 Approve Grant of Long Term Incentive Plan For For Rights to Simon Owen

NextDC Ltd.

Meeting Date: 11/13/2018 Country: Australia Meeting Type: Annual Ticker: NXT

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

NextDC Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve the Remuneration Report For For

2 Elect Douglas Flynn as Director For For

3 Approve the Increase in Maximum Aggregate For For Remuneration of Non-Executive Directors

4 Ratify Past Issuance of Shares to Institutional For For Investors

5 Approve the Grant of Performance Rights to For For Craig Scroggie

Padini Holdings Bhd.

Meeting Date: 11/13/2018 Country: Malaysia Meeting Type: Annual Ticker: 7052

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Directors' Fees For For

Blended Rationale: A vote FOR these resolutions is warranted.

2 Approve Directors' Benefits (Excluding Directors' For For Fees)

Blended Rationale: A vote FOR these resolutions is warranted.

3 Elect Lee Peng Khoon as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees.

4 Elect Benjamin Yong Tze Jet as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees.

5 Elect Sung Fong Fui as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees.

6 Approve BDO as Auditors and Authorize Board For For to Fix Their Remuneration

7 Authorize Share Repurchase Program For For

8 Approve Foo Kee Fatt to Continue Office as For For Independent Non-Executive Director

1 Adopt New Constitution For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Performance Food Group Co.

Meeting Date: 11/13/2018 Country: USA Meeting Type: Annual Ticker: PFGC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director William F. Dawson, Jr. For For

1.2 Elect Director Manuel A. Fernandez For For

1.3 Elect Director Kimberly S. Grant For For

1.4 Elect Director Randall N. Spratt For For

2 Ratify Deloitte & Touche LLP as Auditors For For

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

4 Declassify the Board of Directors For For

Shenzhen Expressway Co., Ltd.

Meeting Date: 11/13/2018 Country: China Meeting Type: Special Ticker: 548

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Amend Articles of Association Regarding Party For Abstain Committee Voter Rationale: Party committee

Blended Rationale: Party committee

2 Approve Waiver of the Right of First Refusal For For Regarding the Capital Injection in Shenzhen International United Land Co., Ltd.

The Estee Lauder Companies, Inc.

Meeting Date: 11/13/2018 Country: USA Meeting Type: Annual Ticker: EL

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

The Estee Lauder Companies, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Rose Marie Bravo For For

1.2 Elect Director Paul J. Fribourg For For

1.3 Elect Director Irvine O. Hockaday, Jr. For For

1.4 Elect Director Jennifer Hyman For For

1.5 Elect Director Barry S. Sternlicht For For

2 Ratify KPMG LLP as Auditors For For

3 Advisory Vote to Ratify Named Executive For Against Officers' Compensation Voter Rationale: Quantum excessive

Blended Rationale: Quantum excessive

Bingo Industries Ltd.

Meeting Date: 11/14/2018 Country: Australia Meeting Type: Annual Ticker: BIN

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1A Elect Michael Coleman as Director For For

2B Elect Barry Buffier as Director For For

2 Approve Remuneration Report For For

3 Approve Grant of Short Term Incentive For For Performance Rights to Daniel Tartak

4 Approve Grant of Long Term Incentive For For Performance Rights to Daniel Tartak

5 Approve the Increase in Maximum Aggregate For For Remuneration of Non-Executive Directors

Computershare Ltd.

Meeting Date: 11/14/2018 Country: Australia Meeting Type: Annual Ticker: CPU

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Computershare Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Elect Chris Morris as Director For For

3 Elect Abi Cleland as Director For For

4 Elect Lisa Gay as Director For For

5 Elect Paul Reynolds as Director For For

6 Approve Remuneration Report For Against

Voter Rationale: In summary, the material increases in the CEO's fixed remuneration over the two-year period will have a multiplier effect which will increase the STI and LTI. The CEO's total remuneration going forward is deemed excessive by Australian market standards.

Blended Rationale: In summary, the material increases in the CEO's fixed remuneration over the two-year period will have a multiplier effect which will increase the STI and LTI. The CEO's total remuneration going forward is deemed excessive by Australian market standards.

7 Approve Grant of Performance Rights to Stuart For For Irving

8 Approve Amendment to Hurdles for For For Performance Rights Previously Granted to Stuart Irving

European Specialist Invt. Funds - Total Return Credit Invt.

Meeting Date: 11/14/2018 Country: Luxembourg Meeting Type: Special Ticker: W8WQ2J.F

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Full Restatement of the Articles of For Against Incorporation Voter Rationale: Lack of disclosure so unable to make an informed decision.

Blended Rationale: Lack of disclosure so unable to make an informed decision.

Hays plc

Meeting Date: 11/14/2018 Country: United Kingdom Meeting Type: Annual Ticker: HAS

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Hays 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

Blended Rationale: A vote FOR these resolutions is warranted because this is a routine item and no significant concerns have been identified.

4 Approve Special Dividend For For

Blended Rationale: A vote FOR these resolutions is warranted because this is a routine item and no significant concerns have been identified.

5 Re-elect Andrew Martin as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

6 Re-elect Alistair Cox as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

7 Re-elect Paul Venables as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

8 Re-elect Torsten Kreindl as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

9 Re-elect Susan Murray as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

10 Re-elect Mary Rainey as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

11 Re-elect Peter Williams as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

12 Reappoint PricewaterhouseCoopers LLP as For For Auditors

13 Authorise Board to Fix Remuneration For For

14 Authorise EU Political Donations and For For Expenditure

15 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.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Hays plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

16 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.

17 Authorise Market Purchase of Ordinary Shares For For

18 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

JPMorgan Global Convertibles Income Fund Ltd.

Meeting Date: 11/14/2018 Country: Guernsey Meeting Type: Annual Ticker: JGCI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Remuneration Policy For For

3 Approve Remuneration Report For For

4 Re-elect Gailina Liew as Director For For

Blended Rationale: Items 4, 7, and 8 A vote FOR the re-election of Gailina Liew, Philip Taylor and Charlotte Valeur is warranted because no significant concerns have been identified. Items 5 and 6 A vote FOR the re-election of Paul Meader and Simon Miller is warranted, although it is not without concern: * Apart from their roles in the Company, they have mandates at other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * Their board positions are in relatively smaller-sized companies; most of these roles are at investment trusts/mutual funds. Taking this into account, a degree of flexibility is considered appropriate.

5 Re-elect Paul Meader as Director For For

Blended Rationale: Items 4, 7, and 8 A vote FOR the re-election of Gailina Liew, Philip Taylor and Charlotte Valeur is warranted because no significant concerns have been identified. Items 5 and 6 A vote FOR the re-election of Paul Meader and Simon Miller is warranted, although it is not without concern: * Apart from their roles in the Company, they have mandates at other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * Their board positions are in relatively smaller-sized companies; most of these roles are at investment trusts/mutual funds. Taking this into account, a degree of flexibility is considered appropriate.

6 Re-elect Simon Miller as Director For For

Blended Rationale: Items 4, 7, and 8 A vote FOR the re-election of Gailina Liew, Philip Taylor and Charlotte Valeur is warranted because no significant concerns have been identified. Items 5 and 6 A vote FOR the re-election of Paul Meader and Simon Miller is warranted, although it is not without concern: * Apart from their roles in the Company, they have mandates at other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * Their board positions are in relatively smaller-sized companies; most of these roles are at investment trusts/mutual funds. Taking this into account, a degree of flexibility is considered appropriate.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

JPMorgan Global Convertibles Income Fund Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

7 Re-elect Philip Taylor as Director For For

Blended Rationale: Items 4, 7, and 8 A vote FOR the re-election of Gailina Liew, Philip Taylor and Charlotte Valeur is warranted because no significant concerns have been identified. Items 5 and 6 A vote FOR the re-election of Paul Meader and Simon Miller is warranted, although it is not without concern: * Apart from their roles in the Company, they have mandates at other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * Their board positions are in relatively smaller-sized companies; most of these roles are at investment trusts/mutual funds. Taking this into account, a degree of flexibility is considered appropriate.

8 Re-elect Charlotte Valeur as Director For For

Blended Rationale: Items 4, 7, and 8 A vote FOR the re-election of Gailina Liew, Philip Taylor and Charlotte Valeur is warranted because no significant concerns have been identified. Items 5 and 6 A vote FOR the re-election of Paul Meader and Simon Miller is warranted, although it is not without concern: * Apart from their roles in the Company, they have mandates at other publicly listed companies which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * Their board positions are in relatively smaller-sized companies; most of these roles are at investment trusts/mutual funds. Taking this into account, a degree of flexibility is considered appropriate.

9 Ratify Ernst & Young LLP as Auditors and For For Authorise Their Remuneration

10 Approve Continuation of the Company as a For For Closed-Ended Collective Investment Scheme

11 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.

12 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.

13 Authorise Market Purchase of Ordinary Shares For For

Lancaster Colony Corp.

Meeting Date: 11/14/2018 Country: USA Meeting Type: Annual Ticker: LANC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Neeli Bendapudi For For

1.2 Elect Director William H. Carter For For

1.3 Elect Director Michael H. Keown For For

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

Blended Rationale: The minimum vesting period is less than three years.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Lancaster Colony Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Ratify Deloitte & Touche LLP as Auditors For For

Medibank Private Ltd.

Meeting Date: 11/14/2018 Country: Australia Meeting Type: Annual Ticker: MPL

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Elect Peter Hodgett as Director For For

3 Elect Christine O'Reilly as Director For For

4 Approve Remuneration Report For Against

Voter Rationale: A persisting absence of disclosure of specific and quantified STI performance targets, to show how much higher bonuses correlate to performance, profit and shareholder returns.Some material increases in fixed remuneration for certain executives and NED fees, being well above Australian market norms.

Blended Rationale: A persisting absence of disclosure of specific and quantified STI performance targets, to show how much higher bonuses correlate to performance, profit and shareholder returns.Some material increases in fixed remuneration for certain executives and NED fees, being well above Australian market norms.

5 Approve the Increase in Maximum Aggregate None Against Remuneration of Non-Executive Directors Voter Rationale: The proposed increase of $300,000 (15 percent) is substantial and appears excessive given that broader Australian market pay levels, on the whole do not reflect the level of increases in NED fees over the last three years or the increase proposed to the current fee cap. The current headroom of $207,798 appears to still allow the company to hire for one more director, and even provide for a modest increase in NED fees.

Blended Rationale: The proposed increase of $300,000 (15 percent) is substantial and appears excessive given that broader Australian market pay levels, on the whole do not reflect the level of increases in NED fees over the last three years or the increase proposed to the current fee cap. The current headroom of $207,798 appears to still allow the company to hire for one more director, and even provide for a modest increase in NED fees.

6 Approve Grant of Performance Rights to Craig For For Drummond

National Storage REIT

Meeting Date: 11/14/2018 Country: Australia Meeting Type: Annual/Special Ticker: NSR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve the Remuneration Report For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

National Storage REIT

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Elect Laurence Brindle as Director For For

4 Ratify Past Issuance of 33.33 Million Stapled For For Securities to Institutional and Professional Investors

5 Ratify Past Issuance of 30.12 Million Stapled For For Securities to Institutional and Professional Investors

Net 1 U.E.P.S. Technologies, Inc.

Meeting Date: 11/14/2018 Country: USA Meeting Type: Annual Ticker: UEPS

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Herman G. Kotze For For

1.2 Elect Director Alex M.R. Smith For For

1.3 Elect Director Christopher S. Seabrooke For Withhold

Blended Rationale: WITHHOLD votes are warranted for Christopher (Chris) Seabrooke for serving on more than three public boards while serving as a CEO of an outside company. WITHOLD votes are warranted for compensation committee members Christopher Seabrooke, Paul Edwards, Alfred Mockett, and Alasdair Pein in light of the committee's insufficient response to shareholders' low support for the 2017 say-on-pay proposal.

1.4 Elect Director Alasdair J.K. Pein For Withhold

Blended Rationale: WITHOLD votes are warranted for compensation committee members Christopher Seabrooke, Paul Edwards, Alfred Mockett, and Alasdair Pein in light of the committee's insufficient response to shareholders' low support for the 2017 say-on-pay proposal.

1.5 Elect Director Paul Edwards For Withhold

Blended Rationale: WITHOLD votes are warranted for compensation committee members Christopher Seabrooke, Paul Edwards, Alfred Mockett, and Alasdair Pein in light of the committee's insufficient response to shareholders' low support for the 2017 say-on-pay proposal.

1.6 Elect Director Alfred T. Mockett For Withhold

Blended Rationale: WITHOLD votes are warranted for compensation committee members Christopher Seabrooke, Paul Edwards, Alfred Mockett, and Alasdair Pein in light of the committee's insufficient response to shareholders' low support for the 2017 say-on-pay proposal.

1.7 Elect Director Ekta Singh-Bushell For For

2 Ratify Deloitte & Touche (South Africa) as For For Auditors

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Net 1 U.E.P.S. Technologies, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

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

Blended Rationale: A vote AGAINST this proposal is warranted. The company failed to adequately respond to the low vote result for the say-on-pay proposal in 2017. There is no indication in the proxy statement that the company engaged shareholders to understand concerns leading to the low vote result. Additionally, the company does not highlight any changes to the compensation program following the 2017 annual meeting.

Newcrest Mining Ltd.

Meeting Date: 11/14/2018 Country: Australia Meeting Type: Annual Ticker: NCM

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2a Elect Peter Tomsett as Director For For

2b Elect Philip Aiken as Director For For

3a Approve Grant of Performance Rights to For For Sandeep Biswas

3b Approve Grant of Performance Rights to Gerard For For Bond

4 Approve the Remuneration Report For For

Blended Rationale: Vote against if the weighting of non-financial targets exceeds 50% of the bonus.

5 Approve Termination Benefits For For

Oracle Corp.

Meeting Date: 11/14/2018 Country: USA Meeting Type: Annual Ticker: ORCL

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Jeffrey S. Berg For For

Blended Rationale: WITHHOLD votes are warranted from incumbent Governance Committee members Bruce R. Chizen, Leon Panetta and Jeffrey Berg for the substantial pledging activity and significant concerns regarding risk oversight.

1.2 Elect Director Michael J. Boskin For For

1.3 Elect Director Safra A. Catz For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Oracle Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.4 Elect Director Bruce R. Chizen For For

Blended Rationale: WITHHOLD votes are warranted from incumbent Governance Committee members Bruce R. Chizen, Leon Panetta and Jeffrey Berg for the substantial pledging activity and significant concerns regarding risk oversight.

1.5 Elect Director George H. Conrades For Withhold

Voter Rationale: Failure to respond sufficiently to last year's failed say-on-pay vote (6th consecutive year of failure)

Blended Rationale: Failure to respond sufficiently to last year's failed say-on-pay vote (6th consecutive year of failure)

1.6 Elect Director Lawrence J. Ellison For For

1.7 Elect Director Hector Garcia-Molina For For

1.8 Elect Director Jeffrey O. Henley For For

1.9 Elect Director Mark V. Hurd For For

1.10 Elect Director Renee J. James For For

1.11 Elect Director Charles W. Moorman, IV For For

1.12 Elect Director Leon E. Panetta For For

Blended Rationale: WITHHOLD votes are warranted from incumbent Governance Committee members Bruce R. Chizen, Leon Panetta and Jeffrey Berg for the substantial pledging activity and significant concerns regarding risk oversight. WITHHOLD votes are also warranted from incumbent Compensation Committee members George Conrades, Leon Panetta, and Naomi Seligman for insufficient responsiveness to last year's failed say-on-pay vote. Votes FOR the remaining director nominees are warranted.

1.13 Elect Director William G. Parrett For For

1.14 Elect Director Naomi O. Seligman For For

Blended Rationale: WITHHOLD votes are also warranted from incumbent Compensation Committee members George Conrades, Leon Panetta, and Naomi Seligman for insufficient responsiveness to last year's failed say-on-pay vote. Votes FOR the remaining director nominees are warranted.

2 Advisory Vote to Ratify Named Executive For Against Officers' Compensation Voter Rationale: Quantum excessive

Blended Rationale: Quantum excessive

3 Ratify Ernst & Young LLP as Auditors For For

4 Report on Gender Pay Gap Against Against

Blended Rationale: Referred to Schroders for internal consideration.

5 Report on Political Contributions Against Against

Blended Rationale: Referred to Schroders for internal consideration.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Oracle Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6 Report on Lobbying Payments and Policy Against For

Voter Rationale: The proposal requires the company to disclose its lobbying policies and expenditures, including the board's oversight. In addition, the company has been involved into a couple of controversies around lobbying in 2018 alone. As the proposal is touching on what should be best practices regarding transparency, a vote for is warranted.

Blended Rationale: The proposal requires the company to disclose its lobbying policies and expenditures, including the board's oversight. In addition, the company has been involved into a couple of controversies around lobbying in 2018 alone. As the proposal is touching on what should be best practices regarding transparency, a vote for is warranted.

7 Require Independent Board Chairman Against Against

Voter Rationale: Company has LID

Blended Rationale: Company has LID

Pact Group Holdings Ltd.

Meeting Date: 11/14/2018 Country: Australia Meeting Type: Annual Ticker: PGH

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Remuneration Report For For

3 Elect Carmen Chua as Director For For

4 Elect Peter Margin as Director For For

5 Elect Ray Horsburgh as Director For For

PGE Polska Grupa Energetyczna SA

Meeting Date: 11/14/2018 Country: Poland Meeting Type: Special Ticker: PGE

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Elect Meeting Chairman For For

Blended Rationale: Votes FOR Items 2, 4, and 5 are warranted because these are routine meeting formalities.Items 1 and 3 are non-voting.

4 Approve Agenda of Meeting For For

Blended Rationale: Votes FOR Items 2, 4, and 5 are warranted because these are routine meeting formalities.Items 1 and 3 are non-voting.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

PGE Polska Grupa Energetyczna SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

5 Resolve Not to Elect Members of Vote Counting For For Commission

Blended Rationale: Votes FOR Items 2, 4, and 5 are warranted because these are routine meeting formalities.Items 1 and 3 are non-voting.

6 Amend Statute Re: General Meeting None Against

Voter Rationale: No rationale provided.

Blended Rationale: No rationale provided.

7 Authorize Supervisory Board to Approve None Against Consolidated Text of Statute Voter Rationale: No rationale provided.

Blended Rationale: No rationale provided.

8.1 Recall Supervisory Board Member None Against

Voter Rationale: Director details not disclosed.

Blended Rationale: Director details not disclosed.

8.2 Elect Supervisory Board Member None Against

Voter Rationale: Director details not disclosed.

Blended Rationale: Director details not disclosed.

9 Approve Decision on Covering Costs of None For Convocation of General Meeting of Shareholders

Ramsay Health Care Ltd.

Meeting Date: 11/14/2018 Country: Australia Meeting Type: Annual Ticker: RHC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Remuneration Report For Against

Voter Rationale: High concern on a relative degree of alignment of the CEO's total pay for performance relative to peers,Limited disclosure of STI targets and how the assessment of performance translates to the actual award outcomes, Inappropriate performance measures included in the STI that are either part of an executive's basic role description or included in the LTI award giving rise to duplication of awards for achieving the same result,

Blended Rationale: High concern on a relative degree of alignment of the CEO's total pay for performance relative to peers,Limited disclosure of STI targets and how the assessment of performance translates to the actual award outcomes, Inappropriate performance measures included in the STI that are either part of an executive's basic role description or included in the LTI award giving rise to duplication of awards for achieving the same result,

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Ramsay Health Care Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3.1 Elect Peter John Evans as Director For For

Blended Rationale: Vote against non-independent Board and committee members if independence on either is below 50%. Vote against audit committee Chair if not independent

3.2 Elect David Ingle Thodey as Director For For

3.3 Elect Claudia Ricarda Rita Süssmuth Dyckerhoff For For as Director

4 Elect Carlie Alisa Ramsay as Director Against Against

Voter Rationale: she does not appear to have the necessary skills and experience, or sufficient support of the current board.

Blended Rationale: she does not appear to have the necessary skills and experience, or sufficient support of the current board.

5.1 Approve Grant of Performance Rights to Craig For For Ralph McNally

5.2 Approve Grant of Performance Rights to Bruce For For Roger Soden

6 Approve the Non-Executive Director Share For For Rights Plan and the Grant of Share Rights to Non-Executive Directors

S.C. Fondul Proprietatea SA

Meeting Date: 11/14/2018 Country: Romania Meeting Type: Special Ticker: FP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Termination of Share Repurchase For For Program Approved in October 2017

Blended Rationale: In view of the proposed terms of the plan, these items merit votes FOR.

2 Authorize Share Repurchase Program For For

Blended Rationale: In view of the proposed terms of the plan, these items merit votes FOR.

3 Approve Meeting's Record Date and Ex-Date For For

4 Authorize Filing of Required Documents/Other For For Formalities

S.C. Fondul Proprietatea SA

Meeting Date: 11/14/2018 Country: Romania Meeting Type: Special Ticker: FP

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

S.C. Fondul Proprietatea SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Provisionary Budget for Fiscal Year For For 2019

2 Approve Meeting's Record Date and Ex-Date For For

3 Authorize Filing of Required Documents/Other For For Formalities

S.C. Fondul Proprietatea SA

Meeting Date: 11/14/2018 Country: Romania Meeting Type: Special Ticker: FP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Termination of Share Repurchase For For Program Approved in October 2017

Blended Rationale: In view of the proposed terms of the plan, these items merit votes FOR.

2 Authorize Share Repurchase Program For For

Blended Rationale: In view of the proposed terms of the plan, these items merit votes FOR.

3 Approve Meeting's Record Date and Ex-Date For For

4 Authorize Filing of Required Documents/Other For For Formalities

1 Approve Provisionary Budget for Fiscal Year For For 2019

2 Approve Meeting's Record Date and Ex-Date For For

3 Authorize Filing of Required Documents/Other For For Formalities

Smiths Group Plc

Meeting Date: 11/14/2018 Country: United Kingdom Meeting Type: Annual Ticker: SMIN

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Smiths Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Remuneration Policy For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

3 Approve Remuneration Report For For

4 Approve Final Dividend For For

5 Re-elect Bruno Angelici as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

6 Re-elect Sir George Buckley as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Smiths Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

7 Re-elect Tanya Fratto as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

8 Re-elect William Seeger as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

9 Re-elect Mark Seligman as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Smiths Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

10 Re-elect Andrew Reynolds Smith as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

11 Re-elect Noel Tata as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

12 Elect Olivier Bohuon as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Smiths Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

13 Elect Dame Ann Dowling as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

14 Elect John Shipsey as Director For For

Blended Rationale: Items 5, 7-10, 12 to 14 A vote FOR these Directors is warranted as no significant concerns have been identified. Item 6 A vote FOR the re-election of Sir George Buckley is warranted, although it is not without concerns: * Sir George Buckley is Chair at two publicly listed companies and a NED at two publicly listed companies, which is above the maximum number of director roles at public companies allowed by ISS policy. The main reasons for support are: * Sir George Buckley is the Chairman of Smiths Group plc. An adverse vote is not normally applied to the Chairman where one or more of the outside roles is a standard non-executive directorship, as in this scenario the NED seat would be targeted at the relevant company. Item 11 A vote FOR the re-election of Noel Tata is warranted, although it is not without concerns: * Noel Tata is Chair at three publicly listed companies, Vice Chair at one publicly listed company and NED at two listed companies (including Smiths Group plc), which is well above the maximum number of director roles at public companies allowed by ISS policy. It is also highlighted that the other companies at which Noel Tata is a director of, are considerably large companies based on market cap. The main reasons for support are: * The Board explains that four of Noel Tata's external directorships (at Trent Ltd, Tata Investment Corp Ltd, Voltas Ltd and Titan Co Ltd) are due to his employment as Managing Director of Tata International Limited. He is a director of various Tata Group companies in order to fulfil his executive responsibilities for that group. * Noel Tata has attended all Board and Committee meetings he was eligible to attend during the year under review.

15 Reappoint PricewaterhouseCoopers LLP as For For Auditors

16 Authorise the Audit Committee to Fix For For Remuneration of Auditors

17 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.

18 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.

19 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.

20 Authorise Market Purchase of Ordinary Shares For For

21 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Smiths Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

22 Authorise EU Political Donations and For For Expenditure

The Clorox Co.

Meeting Date: 11/14/2018 Country: USA Meeting Type: Annual Ticker: CLX

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Amy Banse For For

1.2 Elect Director Richard H. Carmona For For

1.3 Elect Director Benno Dorer For For

1.4 Elect Director Spencer C. Fleischer For For

1.5 Elect Director Esther Lee For For

1.6 Elect Director A.D. David Mackay For For

1.7 Elect Director Robert W. Matschullat For For

1.8 Elect Director Matthew J. Shattock For For

1.9 Elect Director Pamela Thomas-Graham For For

1.10 Elect Director Carolyn M. Ticknor For For

1.11 Elect Director Russell J. Weiner For For

1.12 Elect Director Christopher J. Williams For For

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

3 Ratify Ernst & Young LLP as Auditors For For

4 Eliminate Supermajority Vote Requirement to For For Approve Certain Business Combinations

Brinker International, Inc.

Meeting Date: 11/15/2018 Country: USA Meeting Type: Annual Ticker: EAT

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Brinker International, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Joseph M. DePinto For For

1.2 Elect Director Harriet Edelman For For

1.3 Elect Director Michael A. George For For

1.4 Elect Director William T. Giles For For

1.5 Elect Director James C. Katzman For For

1.6 Elect Director George R. Mrkonic For For

1.7 Elect Director Jose Luis Prado For For

1.8 Elect Director Wyman T. Roberts For For

2 Ratify KPMG LLP as Auditors For For

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

4 Amend Omnibus Stock Plan For For

Charter Hall Group

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Annual Ticker: CHC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.1 Elect Anne Brennan as Director For For

2.2 Elect Philip Garling as Director For For

3 Approve Remuneration Report For Against

Voter Rationale: Bonus targets and payouts are not disclosed so unable to determine pay for performance alignment.

Blended Rationale: Bonus targets and payouts are not disclosed so unable to determine pay for performance alignment.

4 Approve Issuance of Service Rights to David For For Harrison

5 Approve Issuance of Performance Rights to For For David Harrison

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Close Brothers Group Plc

Meeting Date: 11/15/2018 Country: United Kingdom Meeting Type: Annual Ticker: CBG

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 Mike Biggs as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

5 Re-elect Preben Prebensen as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

6 Re-elect Elizabeth Lee as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

7 Re-elect Oliver Corbett as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

8 Re-elect Geoffrey Howe as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

9 Re-elect Lesley Jones as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

10 Re-elect Bridget Macaskill as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

11 Elect Mike Morgan as Director For For

Blended Rationale: A vote FOR these candidates is warranted as no significant concerns have been identified.

12 Reappoint PricewaterhouseCoopers LLP as For For Auditors

13 Authorise Board to Fix Remuneration of Auditors For For

14 Amend Omnibus Share Incentive Plan For For

15 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.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Close Brothers Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

16 Authorise Issue of Equity in Relation to the For For Issue of AT1 Securities

Blended Rationale: A vote FOR these resolutions is warranted, although it is not without concern for shareholders because: * If the Company was to issue mandatory convertible securities and a trigger event were to occur, causing them to convert into ordinary shares, then this could result in dilution to shareholders. The main reasons for support are: * Such instruments are commonly used in the financial services industry to comply with regulatory capital requirements without significantly diluting shareholder interests at the time of issuance and generally, the trigger point for conversion into ordinary shares is set at a level which denotes a significant erosion of assets on the balance sheet.

17 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.

18 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.

19 Authorise Issue of Equity without Pre-emptive For For Rights in Relation to the Issue of AT1 Securities

Blended Rationale: A vote FOR these resolutions is warranted, although it is not without concern for shareholders because: * If the Company was to issue mandatory convertible securities and a trigger event were to occur, causing them to convert into ordinary shares, then this could result in dilution to shareholders. The main reasons for support are: * Such instruments are commonly used in the financial services industry to comply with regulatory capital requirements without significantly diluting shareholder interests at the time of issuance and generally, the trigger point for conversion into ordinary shares is set at a level which denotes a significant erosion of assets on the balance sheet.

20 Authorise Market Purchase of Ordinary Shares For For

21 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

DWS Ltd.

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Annual Ticker: DWS

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For For

2 Elect Gary Ebeyan as Director For For

3 Elect Hayden Kelly as Director For Against

Voter Rationale: He was former executive director and is classified as a non independent

Blended Rationale: He was former executive director and is classified as a non independent

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

DWS Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Approve Financial Assistance by Projects For For Assured Pty Ltd.

Forest City Realty Trust, Inc.

Meeting Date: 11/15/2018 Country: USA Meeting Type: Special Ticker: FCE.A

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Merger Agreement For For

Blended Rationale: Referred to Schroders for internal consideration.

2 Advisory Vote on Golden Parachutes For Against

Voter Rationale: We are not supportive of Golden Parachutes

Blended Rationale: We are not supportive of Golden Parachutes

3 Adjourn Meeting For For

Fortescue Metals Group Ltd.

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Annual Ticker: FMG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For For

Blended Rationale: REFER if CEO shareholding is less than 2x base salary with tenure of 5 years or more.

2 Elect Jean Baderschneider as Director For For

3 Elect Cao Zhiqiang as Director For For

4 Elect Lord Sebastian Coe as Director For For

5 Approve Performance Rights Plan For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Fortescue Metals Group Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6 Approve Grant of Performance Rights to For Against Elizabeth Gaines Voter Rationale: A vote AGAISNT this resolution is warranted because of concerns for insufficient disclosure, duplication ofperformance metrics in both the STI and LTI, and the fact that this resolution is requesting shareholder approval for the STI and LTI awards at the maximum grant levels over the next three years, when market practice and shareholder expectations for transparency require annual requests for approval subject to sufficient information provided in the annual remuneration report.

Blended Rationale: A vote AGAISNT this resolution is warranted because of concerns for insufficient disclosure, duplication ofperformance metrics in both the STI and LTI, and the fact that this resolution is requesting shareholder approval for the STI and LTI awards at the maximum grant levels over the next three years, when market practice and shareholder expectations for transparency require annual requests for approval subject to sufficient information provided in the annual remuneration report.

Goodman Group

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Annual Ticker: GMG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Appoint KPMG as Auditors of Goodman Logistics For For (HK) Limited and Authorize the Board to Fix Their Remuneration

2 Elect Rebecca McGrath as Director of Goodman For For Limited

3 Elect Penny Winn as Director of Goodman For For Limited

4 Elect David Collins as Director of Goodman For For Logistics (HK) Limited

5a Elect Danny Peeters as Director of Goodman For Against Limited Voter Rationale: is one of three non-independent executive directors, which is not commonly seen in this market, thereby contributing to a low level of independent representation on the board of 56 percent.

Blended Rationale: is one of three non-independent executive directors, which is not commonly seen in this market, thereby contributing to a low level of independent representation on the board of 56 percent.

5b Elect Danny Peeters as Director of Goodman For Against Logistics (HK) Limited Voter Rationale: is one of three non-independent executive directors, which is not commonly seen in this market, thereby contributing to a low level of independent representation on the board of 56 percent.

Blended Rationale: is one of three non-independent executive directors, which is not commonly seen in this market, thereby contributing to a low level of independent representation on the board of 56 percent.

6 Approve Remuneration Report For Against

Voter Rationale: Despite substantial votes against the remuneration reports at the 2016 and 2017 AGMs, the 2018 Remuneration report demonstrates that not much of substance has really changed

Blended Rationale: Despite substantial votes against the remuneration reports at the 2016 and 2017 AGMs, the 2018 Remuneration report demonstrates that not much of substance has really changed

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Goodman Group

Proposal Vote Number Proposal Text Mgmt Rec Instruction

7 Approve Issuance of Performance Rights to For Against Gregory Goodman Voter Rationale: The group has received substantial votes against remuneration practices in 2016 and 2017, however, the boardand Remuneration Committee continue to seek shareholder approval for LTI grants of rights on substantiallysimilar terms with excessive quantum, undisclosed vesting targets and inappropriate vesting scales.

Blended Rationale: The group has received substantial votes against remuneration practices in 2016 and 2017, however, the boardand Remuneration Committee continue to seek shareholder approval for LTI grants of rights on substantiallysimilar terms with excessive quantum, undisclosed vesting targets and inappropriate vesting scales.

8 Approve Issuance of Performance Rights to For Against Danny Peeters Voter Rationale: The group has received substantial votes against remuneration practices in 2016 and 2017, however, the boardand Remuneration Committee continue to seek shareholder approval for LTI grants of rights on substantiallysimilar terms with excessive quantum, undisclosed vesting targets and inappropriate vesting scales.

Blended Rationale: The group has received substantial votes against remuneration practices in 2016 and 2017, however, the boardand Remuneration Committee continue to seek shareholder approval for LTI grants of rights on substantiallysimilar terms with excessive quantum, undisclosed vesting targets and inappropriate vesting scales.

9 Approve Issuance of Performance Rights to For Against Anthony Rozic Voter Rationale: The group has received substantial votes against remuneration practices in 2016 and 2017, however, the boardand Remuneration Committee continue to seek shareholder approval for LTI grants of rights on substantiallysimilar terms with excessive quantum, undisclosed vesting targets and inappropriate vesting scales.

Blended Rationale: The group has received substantial votes against remuneration practices in 2016 and 2017, however, the boardand Remuneration Committee continue to seek shareholder approval for LTI grants of rights on substantiallysimilar terms with excessive quantum, undisclosed vesting targets and inappropriate vesting scales.

Jack Henry & Associates, Inc.

Meeting Date: 11/15/2018 Country: USA Meeting Type: Annual Ticker: JKHY

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Matthew C. Flanigan For For

1.2 Elect Director John F. Prim For For

1.3 Elect Director Thomas H. Wilson, Jr. For For

1.4 Elect Director Jacque R. Fiegel For For

1.5 Elect Director Thomas A. Wimsett For For

1.6 Elect Director Laura G. Kelly For For

1.7 Elect Director Shruti S. Miyashiro For For

1.8 Elect Director Wesley A. Brown For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Jack Henry & Associates, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.9 Elect Director David B. Foss For For

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

3 Ratify PricewaterhouseCoopers, LLP as Auditors For For

JD Wetherspoon Plc

Meeting Date: 11/15/2018 Country: United Kingdom Meeting Type: Annual Ticker: JDW

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Remuneration Report For Against

Voter Rationale: Lack of disclosure for targets.

Blended Rationale: Lack of disclosure for targets.

3 Approve Final Dividend For For

4 Re-elect Tim Martin as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

JD Wetherspoon Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

5 Re-elect John Hutson as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

6 Re-elect Su Cacioppo as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

7 Re-elect Ben Whitley as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

8 Re-elect Debra van Gene as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

JD Wetherspoon Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

9 Re-elect Elizabeth McMeikan as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

10 Re-elect Sir Richard Beckett as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

11 Re-elect Harry Morley as Director For For

Blended Rationale: Item 4 A vote FOR the re-election of Tim Martin is warranted although it is not without concern for shareholders: * He is the Executive Chair and holds c. 31.6% of the Company's issued share capital. * There is scope for improvements in governance arrangements. The main reasons for support are: * There is a division of responsibilities between the CEO and the Executive Chair. * It is considered that concerns over governance matters are better reflected on the re-election of the Senior Independent Director in this particular case, given Tim Martin's executive role. Item 8 A vote AGAINST the re-election of Debra van Gene: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations. Item 9 A vote AGAINST the re-election of Elizabeth McMeikan is warranted: * Potential independence issues have been identified and as a result of her membership Board and key sub-committees composition is not considered to be in line with UK Code Recommendations; and * She fulfills the role of Senior Independent Director on the Board and is considered to be responsible for governance arrangements which fall short of the UK Code recommendations. Items 5-7 and 10-11 A vote FOR these Directors is warranted as no significant concerns have been identified.

12 Reappoint Grant Thornton LLP as Auditors and For For Authorise Their Remuneration

13 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.

14 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.

15 Authorise Market Purchase of Ordinary Shares For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

JD Wetherspoon Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

16 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

JD Wetherspoon Plc

Meeting Date: 11/15/2018 Country: United Kingdom Meeting Type: Special Ticker: JDW

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Waiver of Rule 9 of the Takeover Code For Against

Voter Rationale: concerns of creeping control.

Blended Rationale: concerns of creeping control.

Platinum Asset Management Ltd.

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Annual Ticker: PTM

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2a Elect Andrew Stannard as Director For Against

Voter Rationale: Support for the re-election of Andrew Stannard is not warranted since he is one of four executives of the company (including the CEO) serving on a board that is not majority independent (only 33-percent independent)

Blended Rationale: Support for the re-election of Andrew Stannard is not warranted since he is one of four executives of the company (including the CEO) serving on a board that is not majority independent (only 33-percent independent)

2b Elect Stephen Menzies as Director For For

2c Elect Brigitte Smith as Director For For

2d Elect Tim Trumper as Director For For

3 Approve the Remuneration Report For For

ResMed, Inc.

Meeting Date: 11/15/2018 Country: USA Meeting Type: Annual Ticker: RMD

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

ResMed, Inc.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director Peter Farrell For For

1b Elect Director Harjit Gill For For

1c Elect Director Ron Taylor For For

2 Ratify KPMG LLP as Auditors For For

3 Amend Qualified Employee Stock Purchase Plan For For

4 Advisory Vote to Ratify Named Executive For Against Officers' Compensation Voter Rationale: ACSI Reommendation

Blended Rationale: ACSI Reommendation

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director Peter Farrell For For

1b Elect Director Harjit Gill For For

1c Elect Director Ron Taylor For For

2 Ratify KPMG LLP as Auditors For For

3 Amend Qualified Employee Stock Purchase Plan For For

4 Advisory Vote to Ratify Named Executive For For Officers' Compensation

Ricardo Plc

Meeting Date: 11/15/2018 Country: United Kingdom Meeting Type: Annual Ticker: RCDO

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3 Appoint KPMG LLP as Auditors For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Ricardo Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Authorise the Audit Committee to Fix For For Remuneration of Auditors

5 Re-elect Bill Spencer as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

6 Re-elect Sir Terry Morgan as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

7 Re-elect Ian Gibson as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

8 Re-elect Peter Gilchrist as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

9 Re-elect Laurie Bowen as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

10 Re-elect Dave Shemmans as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

11 Re-elect Malin Persson as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

12 Re-elect Mark Garrett as Director For For

Blended Rationale: Items 5-10 & 12 A vote FOR this candidate is warranted as no significant concerns have been identified. Item 11 A vote FOR the re-election of Malin Persson is warranted, although it is not without concern for shareholders: * She holds six directorships including her position as NED at Ricardo. The main reasons for support are: * Her external directorships have reduced following her stepping down from the Board of Konecranes.

13 Approve Remuneration Report For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Ricardo Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

14 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.

15 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.

16 Authorise Market Purchase of Ordinary Shares For For

17 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

Riverstone Energy Ltd.

Meeting Date: 11/15/2018 Country: Guernsey Meeting Type: Special Ticker: RSE

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Off-Market Purchase Agreement in For For Respect of the Tender Offer

Shinwa Co., Ltd.

Meeting Date: 11/15/2018 Country: Japan Meeting Type: Annual Ticker: 7607

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final For For Dividend of JPY 41

2.1 Elect Director Nemoto, Tetsuo For For

2.2 Elect Director Takitani, Yoshiro For For

2.3 Elect Director Yoshida, Motohisa For For

2.4 Elect Director Iriyama, Toshihisa For For

2.5 Elect Director Ishikawa, Shuji For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Shinwa Co., Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3.1 Elect Director and Audit Committee Member For For Goto, Hirosuke

3.2 Elect Director and Audit Committee Member For For Naito, Masaaki

3.3 Elect Director and Audit Committee Member For For Tajima, Kazunori

4 Elect Alternate Director and Audit Committee For For Member Kataoka, Noriaki

5 Approve Annual Bonus For For

Sime Darby Bhd.

Meeting Date: 11/15/2018 Country: Malaysia Meeting Type: Annual Ticker: 4197

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Directors' Fees for the Financial year For For Ended June 30, 2018

Blended Rationale: A vote FOR these resolutions is warranted.

2 Approve Directors' Fees for the Period from July For For 1, 2018 Until the Next AGM

Blended Rationale: A vote FOR these resolutions is warranted.

3 Approve Directors' Benefits For For

Blended Rationale: A vote FOR these resolutions is warranted.

4 Elect Mohamed Azman Yahya as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

5 Elect Abdul Hamidy Abdul Hafiz as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

6 Elect Ahmad Pardas Senin as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

7 Elect Thayaparan Sangarapillai as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Sime Darby Bhd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

8 Elect Jeffri Salim Davidson as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

9 Elect Lawrence Lee Cheow Hock as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

10 Elect Moy Pui Yee as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

11 Elect Abdul Aziz Wan Abdullah as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

12 Elect Selamah Wan Sulaiman as Director For For

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

13 Approve PricewaterhouseCoopers PLT as For For Auditors and Authorize Board to Fix Their Remuneration

14 Authorize Share Repurchase Program For For

15 Approve Implementation of Shareholders' For For Mandate for Recurrent Related Party Transactions

16 Approve Grant of Shares to Jeffri Salim For For Davidson Under the Performance-Based Employee Share Scheme

Blended Rationale: A vote AGAINST this resolution is warranted because: * The company could be considered a mature company, and the limit under the proposed Performance-Based Employee Share Scheme (Scheme) is 10 percent of the company's issued capital. * The Scheme lacks challenging performance criteria.

Wesfarmers Ltd.

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Annual Ticker: WES

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2a Elect Wayne Geoffrey Osborn as Director For For

2b Elect Simon William (Bill) English as Director For For

3 Approve Remuneration Report For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Wesfarmers Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Approve Grant of Restricted Shares and For For Performance Shares to Robert Scott

Wesfarmers Ltd.

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Special Ticker: WES

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Capital Reduction For For

2 Approve Potential Termination Benefits to Coles For For KMP

Wesfarmers Ltd.

Meeting Date: 11/15/2018 Country: Australia Meeting Type: Court Ticker: WES

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Scheme of Arrangement in Relation to For For the Demerger of Coles Group Limited

Eagle Eye Solutions Group Plc

Meeting Date: 11/16/2018 Country: United Kingdom Meeting Type: Annual Ticker: EYE

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Eagle Eye Solutions Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Re-elect Bill Currie as Director For For

Blended Rationale: Item 2 A vote AGAINST the re-election of Bill Currie is warranted because: * A potential independence issue has been identified and he currently sits on the Audit Committee, and the composition of this Committee does not adhere to UK best practice recommendations for a company of this size. Item 3 A vote FOR the re-election Tim Mason is warranted because no significant concerns have been identified.

3 Re-elect Tim Mason as Director For For

Blended Rationale: Item 2 A vote AGAINST the re-election of Bill Currie is warranted because: * A potential independence issue has been identified and he currently sits on the Audit Committee, and the composition of this Committee does not adhere to UK best practice recommendations for a company of this size. Item 3 A vote FOR the re-election Tim Mason is warranted because no significant concerns have been identified.

4 Reappoint RSM UK Audit LLP as Auditors and For For Authorise Their Remuneration

5 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.

6 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.

Ford Otomotiv Sanayi AS

Meeting Date: 11/16/2018 Country: Turkey Meeting Type: Special Ticker: FROTO

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Open Meeting and Elect Presiding Council of For For Meeting

2 Approve Special Dividend For For

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF

Meeting Date: 11/16/2018 Country: Ireland Meeting Type: Special Ticker: MLPD

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Adoption of an International Central For For Securities Depositary Model of Settlement

Blended Rationale: A vote FOR these resolutions is warranted because the Company has clearly explained the benefits and the rationale behind the proposals and because there are no significant concerns identified.

2 Adopt New Articles of Association For For

Blended Rationale: A vote FOR these resolutions is warranted because the Company has clearly explained the benefits and the rationale behind the proposals and because there are no significant concerns identified.

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF

Meeting Date: 11/16/2018 Country: Ireland Meeting Type: Court Ticker: MLPD

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Scheme of Arrangement For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Invesco NASDAQ Biotech UCITS ETF

Meeting Date: 11/16/2018 Country: Ireland Meeting Type: Special Ticker: SBIO

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Adoption of an International Central For For Securities Depositary Model of Settlement

Blended Rationale: A vote FOR these resolutions is warranted because the Company has clearly explained the benefits and the rationale behind the proposals and because there are no significant concerns identified.

2 Adopt New Articles of Association For For

Blended Rationale: A vote FOR these resolutions is warranted because the Company has clearly explained the benefits and the rationale behind the proposals and because there are no significant concerns identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Invesco NASDAQ Biotech UCITS ETF

Meeting Date: 11/16/2018 Country: Ireland Meeting Type: Court Ticker: SBIO

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Scheme of Arrangement For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Kier Group Plc

Meeting Date: 11/16/2018 Country: United Kingdom Meeting Type: Annual Ticker: KIE

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 Justin Atkinson as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

5 Re-elect Constance Baroudel as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

6 Re-elect Kirsty Bashforth as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

7 Re-elect Philip Cox as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

8 Re-elect Bev Dew as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

9 Re-elect Haydn Mursell as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

10 Re-elect Claudio Veritiero as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Kier Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

11 Re-elect Adam Walker as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

12 Reappoint PricewaterhouseCoopers LLP as For For Auditors

13 Authorise Board to Fix Remuneration of Auditors For For

14 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.

15 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.

16 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.

17 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

Lendlease Group

Meeting Date: 11/16/2018 Country: Australia Meeting Type: Annual/Special Ticker: LLC

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2a Elect Elizabeth Mary Proust as Director For For

2b Elect Michael James Ullmer as Director For For

3 Approve Remuneration Report For For

4 Approve Issuance of Performance Rights to For For Stephen McCann

5 Approve Re-insertion of Proportional Takeover For For Provision

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Link Administration Holdings Ltd.

Meeting Date: 11/16/2018 Country: Australia Meeting Type: Annual Ticker: LNK

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Andrew Green as Director For For

2 Elect Glen Boreham as Director For For

3 Elect Fiona Trafford-Walker as Director For For

4 Approve Remuneration Report For For

5 Approve Grant of Performance Right to John For For McMurtrie

6 Ratify Past Issuance of Shares to Existing and For For New Institutional and Sophisticated Investors

7 Approve Re-insertion of Proportional Takeover For For Provisions in the Constitution

Mirvac Group

Meeting Date: 11/16/2018 Country: Australia Meeting Type: Annual/Special Ticker: MGR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.1 Elect Samantha Mostyn as Director For For

2.2 Elect John Peters as Director For For

3 Approve Remuneration Report For Against

Voter Rationale: Lack of disclosure around the bonus targets, weighting and payouts.

Blended Rationale: Lack of disclosure around the bonus targets, weighting and payouts.

4 Approve Participation of Susan Lloyd-Hurwitz in For For the Mirvac Group Long Term Performance Plan

Sysco Corp.

Meeting Date: 11/16/2018 Country: USA Meeting Type: Annual Ticker: SYY

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Sysco Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a Elect Director Thomas L. Bene For For

1b Elect Director Daniel J. Brutto For For

1c Elect Director John M. Cassaday For For

1d Elect Director Joshua D. Frank For For

1e Elect Director Larry C. Glasscock For For

1f Elect Director Bradley M. Halverson For For

1g Elect Director John M. Hinshaw For For

1h Elect Director Hans-Joachim Koerber For For

1i Elect Director Nancy S. Newcomb For For

1j Elect Director Nelson Peltz For For

1k Elect Director Edward D. Shirley For For

1l Elect Director Sheila G. Talton For For

2 Approve Omnibus Stock Plan For For

Blended Rationale: The dilution exceeds 10 percent.In addition, the minimum vesting period is less than three years.

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

Blended Rationale: The minimum vesting period is less than three years.

4 Ratify Ernst & Young LLP as Auditors For For

5 Limit Accelerated Vesting of Equity Awards Upon Against For a Change in Control Voter Rationale: In shareholders' best interests

Blended Rationale: In shareholders' best interests

BluGlass Ltd.

Meeting Date: 11/19/2018 Country: Australia Meeting Type: Annual Ticker: BLG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For For

2 Elect Vivek Rao as Director For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

BluGlass Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Elect James Walker as Director For For

4 Elect Stephe Wilks as Director For For

5 Approve the Issuance of Up to 10 Percent of the For For Company's Issued Capital

6 Ratify Past Issuance of Shares to Sophisticated For For Investors

7 Approve the Increase in Maximum Aggregate None For Remuneration of Non-Executive Directors

8 Approve the Grant of Up to 8 Million Series A For For Performance Rights and 0.87 Million Series B Performance Rights to Giles Bourne

9 Approve the Grant of Up to 0.3 Million Series B For For Performance Rights to William Johnson

10 Approve the Grant of Up to 0.3 Million Series B For For Performance Rights to James Walker

11 Approve the Grant of Up to 0.3 Million Series B For For Performance Rights to Vivek Rao

12 Approve the Grant of Up to 0.3 Million Series B For For Performance Rights to Stephe Wilks

13 Approve the Incentive Option and Performance For Against Rights Plan Voter Rationale: We would prefer a relative performance measure to ensure pay for performance alignment.

Blended Rationale: We would prefer a relative performance measure to ensure pay for performance alignment.

Federal Grid Co. of Unified Energy System PJSC

Meeting Date: 11/19/2018 Country: Russia Meeting Type: Special Ticker: FEES

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Andrey Murov as General Director (CEO) For For

Finsbury Growth & Income Trust Plc

Meeting Date: 11/19/2018 Country: United Kingdom Meeting Type: Special Ticker: FGT

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Finsbury Growth & Income Trust Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorise Issue of Equity with Pre-emptive For For Rights

Blended Rationale: A vote FOR these resolutions is warranted, although it is not without concern for shareholders because: * The proposed authorities are in addition to the existing authorities granted to the Directors at the 2018 AGM which have been substantially utilised. Mitigating, the main reasons for support are: * There is a clear rationale for the proposed additional authorities, including the potential benefits; and * The Company has made a commitment that the shares will be issued above the prevailing NAV per share.

2 Authorise Issue of Equity without Pre-emptive For For Rights

Blended Rationale: A vote FOR these resolutions is warranted, although it is not without concern for shareholders because: * The proposed authorities are in addition to the existing authorities granted to the Directors at the 2018 AGM which have been substantially utilised. Mitigating, the main reasons for support are: * There is a clear rationale for the proposed additional authorities, including the potential benefits; and * The Company has made a commitment that the shares will be issued above the prevailing NAV per share.

NWS Holdings Ltd.

Meeting Date: 11/19/2018 Country: Bermuda Meeting Type: Annual Ticker: 659

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3a Elect Cheung Chin Cheung as Director For For

3b Elect To Hin Tsun, Gerald as Director For For

3c Elect Dominic Lai as Director For For

3d Elect William Junior Guilherme Doo as Director For For

3e Elect Lee Yiu Kwong, Alan as Director For For

3f Authorize Board to Fix Remuneration of For For Directors

4 Approve PricewaterhouseCoopers as Auditor For For and Authorize Board to Fix Their Remuneration

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

NWS Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

5.1 Approve Issuance of Equity or Equity-Linked For Against Securities without Preemptive Rights Voter Rationale: The aggregate share issuance limit is greater than 10%

Blended Rationale: The aggregate share issuance limit is greater than 10%

5.2 Authorize Repurchase of Issued Share Capital For For

5.3 Authorize Reissuance of Repurchased Shares For Against

Voter Rationale: Discount limit is not disclosed

Blended Rationale: Discount limit is not disclosed

Arena REIT

Meeting Date: 11/20/2018 Country: Australia Meeting Type: Annual/Special Ticker: ARF

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For For

2 Elect Dennis Wildenburg as Director For For

3 Approve Grant of Short Term Incentive Rights to For For Bryce Mitchelson

4 Approve Grant of Long Term Incentive For For Performance Rights to Bryce Mitchelson

5 Approve Grant of Short Term Incentive Rights to For For Gareth Winter

6 Approve Grant of Long Term Incentive For For Performance Rights to Gareth Winter

China Communications Construction Co. Ltd.

Meeting Date: 11/20/2018 Country: China Meeting Type: Special Ticker: 1800

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Existing Financial Services Agreement For Against between CCCC Finance and CCCG and the Revised Cap

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

China Communications Construction Co. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

Voter Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

Blended Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

2 Approve Existing Finance Lease Framework For Against Agreement between CCCC Financial Leasing and CCCG and the Revised Cap Voter Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

Blended Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

3 Approve Financial Services Agreement between For Against CCCC Finance and CCCG and the Proposed Annual Caps Voter Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

Blended Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

4 Approve Finance Lease and Commercial For Against Factoring Agreement between CCCC Financial Leasing and CCCG and the Proposed Annual Caps Voter Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

Blended Rationale: The proposed related party transactions expose the company to excessive risk and are not in shareholders best interests.

5 Approve Mutual Product Sales and Purchase For For Agreement between the Company and CCCG and the Proposed Annual Caps

6 Approve Mutual Project Contracting Framework For For Agreement between the Company and CCCG and the Proposed Annual Caps

7 Approve Finance Lease and Commercial For For Factoring Framework Agreement between the Company and CCCC Financial Leasing and the Proposed Annual Caps

8 Approve Management Measures for Connected For For Transactions of the Company

9 Approve Report on the Use of the Previously For For Raised Proceeds

10 Approve Connected Transaction in Relation to For For the Possible Subscription for A Share Convertible Bonds by China Communications Construction Group (Limited)

Blended Rationale: Referred to Schroders for internal consideration.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

China Communications Construction Co. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

11 Approve Authorization to the Board or Its For For Authorized Persons to Manage the Matters Relating to the Proposed Issuance of A Share Convertible Bonds

Blended Rationale: Referred to Schroders for internal consideration.

12 Elect Song Hailiang as Director For For

Blended Rationale: Referred to Schroders for internal consideration.

Domain Holdings Australia Ltd.

Meeting Date: 11/20/2018 Country: Australia Meeting Type: Annual Ticker: DHG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Appoint Ernst & Young as Auditor of the For For Company

2 Approve Remuneration Report For For

3 Elect Nick Falloon as Director For For

4 Elect Patrick Allaway as Director For For

5 Elect Diana Eilert as Director For For

6 Elect Greg Ellis as Director For For

7 Elect Gail Hambly as Director For For

8 Elect Geoff Kleemann as Director For For

9 Approve Issuance of Shares to Jason Pellegrino For For

10 Approve Issuance of Options to Jason Pellegrino For For

Fletcher Building Ltd.

Meeting Date: 11/20/2018 Country: New Zealand Meeting Type: Annual Ticker: FBU

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Fletcher Building Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Martin Brydon as Director For For

2 Elect Barbara Chapman as Director For Against

Voter Rationale: Background at CBA in human resources and general management is inappropriate for what is needed at FBU now.

Blended Rationale: Background at CBA in human resources and general management is inappropriate for what is needed at FBU now.

3 Elect Rob McDonald as Director For For

4 Elect Doug McKay as Director For For

5 Elect Cathy Quinn as Director For For

6 Elect Steve Vamos as Director For For

7 Authorize the Board to Fix Remuneration of the For For Auditors

Jupiter US Smaller Cos. Plc

Meeting Date: 11/20/2018 Country: United Kingdom Meeting Type: Annual Ticker: JUS

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 Gordon Grender as Director For Abstain

Voter Rationale: Lack of refreshment and independent oversight on the Board.

Blended Rationale: Lack of refreshment and independent oversight on the Board.

4 Re-elect Norman Bachop as Director For For

Blended Rationale: Item 3 An ABSTENTION on the re-election of Gordon Grender is considered warranted as the Board Chair who is considered to be ultimately responsible for the Company's corporate governance practices, and the following deviation from best practice have been identified: * A majority of the Board members have served for more than nine years; and * There were no Board refreshments undertaken during the second consecutive year. A vote AGAINST this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option Items 4-7 A vote FOR the re-election of Norman Bachop, Malcolm Barton, Lisa Booth and Clive Parritt is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Jupiter US Smaller Cos. Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

5 Re-elect Peter Barton as Director For For

Blended Rationale: Item 3 An ABSTENTION on the re-election of Gordon Grender is considered warranted as the Board Chair who is considered to be ultimately responsible for the Company's corporate governance practices, and the following deviation from best practice have been identified: * A majority of the Board members have served for more than nine years; and * There were no Board refreshments undertaken during the second consecutive year. A vote AGAINST this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option Items 4-7 A vote FOR the re-election of Norman Bachop, Malcolm Barton, Lisa Booth and Clive Parritt is warranted because no significant concerns have been identified.

6 Re-elect Lisa Booth as Director For For

Blended Rationale: Item 3 An ABSTENTION on the re-election of Gordon Grender is considered warranted as the Board Chair who is considered to be ultimately responsible for the Company's corporate governance practices, and the following deviation from best practice have been identified: * A majority of the Board members have served for more than nine years; and * There were no Board refreshments undertaken during the second consecutive year. A vote AGAINST this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option Items 4-7 A vote FOR the re-election of Norman Bachop, Malcolm Barton, Lisa Booth and Clive Parritt is warranted because no significant concerns have been identified.

7 Re-elect Clive Parritt as Director For For

Blended Rationale: Item 3 An ABSTENTION on the re-election of Gordon Grender is considered warranted as the Board Chair who is considered to be ultimately responsible for the Company's corporate governance practices, and the following deviation from best practice have been identified: * A majority of the Board members have served for more than nine years; and * There were no Board refreshments undertaken during the second consecutive year. A vote AGAINST this resolution is warranted for those shareholders in markets who have a fiduciary responsibility to vote either in favour or against and who do not recognise an abstention as a valid option Items 4-7 A vote FOR the re-election of Norman Bachop, Malcolm Barton, Lisa Booth and Clive Parritt is warranted because no significant concerns have been identified.

8 Reappoint PricewaterhouseCoopers LLP as For For Auditors

9 Authorise Board to Fix Remuneration of Auditors For For

10 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.

11 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.

12 Authorise Market Purchase of Ordinary Shares For For

13 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

New World Development Co. Ltd.

Meeting Date: 11/20/2018 Country: Hong Kong Meeting Type: Annual Ticker: 17

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

New World Development Co. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3a Elect Cheng Kar-Shun, Henry as Director For For

3b Elect Doo Wai-Hoi, William as Director For For

3c Elect Cha Mou-Sing, Payson as Director For For

3d Elect Cheng Kar-Shing, Peter as Director For For

3e Elect Liang Cheung-Biu, Thomas as Director For For

3f Elect Cheng Chi-Man, Sonia as Director For For

3g Elect Sitt Nam-Hoi as Director For For

3h Elect So Chung-Keung, Alfred as Director For For

3i Elect Ip Yuk-Keung as Director For For

3j Authorize Board to Fix Remuneration of For For Directors

4 Approve PricewaterhouseCoopers as Auditor For For and Authorize Board to Fix Their Remuneration

5 Authorize Repurchase of Issued Share Capital For For

6 Approve Issuance of Equity or Equity-Linked For Against Securities without Preemptive Rights

Blended Rationale: The share issuance limit is greater than 10 percent.

7 Approve Grant of Options Under the Share For Against Option Scheme

Blended Rationale: A vote AGAINST this resolution is warranted given the following reasons:- the company could be considered a mature company, and the limit under the scheme is 10 percent of the company's issued capital;- an absence of challenging performance criteria and meaningful vesting periods; and- directors eligible to receive options under the scheme are involved in the administration of the scheme.

Oritani Financial Corp.

Meeting Date: 11/20/2018 Country: USA Meeting Type: Annual Ticker: ORIT

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Oritani Financial Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Robert S. Hekemian, Jr. For For

1.2 Elect Director John M. Fields, Jr. For For

2 Ratify Crowe LLP as Auditors For For

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

Blended Rationale: A vote AGAINST this proposal is warranted. While CEO pay declined significantly from the previous year, this was mainly attributable to a reduced gain on his pension and deferred compensation plans. The short-term program continued for the sixth consecutive year to pay out at maximum levels based on performance against non-rigorous goals. These factors have underscored the pay-for-performance misalignment for the year in review.

Alviva Holdings Ltd.

Meeting Date: 11/21/2018 Country: South Africa Meeting Type: Annual Ticker: AVV

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorise Repurchase of Issued Share Capital For Against

Voter Rationale: Repurchase limit exceeds 10% of share capital

Blended Rationale: Repurchase limit exceeds 10% of share capital

2 Approve Financial Assistance in Terms of For For Section 44 of the Companies Act

Blended Rationale: A vote FOR this item is warranted: * This is a routine request, proposed as a result of the implementation of the Companies Act 2008.

3 Approve Financial Assistance in Terms of For For Section 45 of the Companies Act

Blended Rationale: A vote FOR this item is warranted: * This is a routine request, proposed as a result of the implementation of the Companies Act 2008.

4 Authorise Specific Repurchase of Ordinary For For Shares from Alviva Treasury Services

5 Approve Non-executive Director's Fees For For

1.1 Re-elect Ndumi Medupe as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the re-election/election of these Directors.

1.2 Re-elect Ashley Tugendhaft as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the re-election/election of these Directors.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Alviva Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.3 Elect Parmi Natesan as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the re-election/election of these Directors.

2.1 Re-elect Ndumi Medupe as Chairperson of the For For Audit and Risk Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit and Risk Committee are independent.

2.2 Re-elect Seadimo Chaba as Member of the Audit For For and Risk Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit and Risk Committee are independent.

2.3 Elect Parmi Natesan as Member of the Audit For For and Risk Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit and Risk Committee are independent.

3 Reappoint SizweNtsalubaGobodo Grant For For Thornton Incorporated as Auditors of the Company with Alex Philippou as the Designated Partner

4.1 Approve Remuneration Policy For For

4.2 Approve Remuneration Implementation Report For For

5 Place Authorised but Unissued Shares under For For Control of Directors

6 Authorise Board to Issue Shares for Cash For For

7 Authorise Ratification of Approved Resolutions For For

Banco BTG Pactual SA

Meeting Date: 11/21/2018 Country: Brazil Meeting Type: Special Ticker: BPAC5

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Minutes of Meeting Summary For For

2 Ratify RSM Acal Auditores Independentes S/S. For For as the Independent Firm to Appraise Proposed Transaction

Blended Rationale: A vote FOR these items is warranted because: * The company effectively owns 100 percent of the subsidiaries; * The absorption will not result in any transfer of cash or shares away from the company; * The company has presented reasonable rationale for the transaction; and * The proposed transactions are neutral to shareholders.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Banco BTG Pactual SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Approve Independent Firm's Appraisal For For

Blended Rationale: A vote FOR these items is warranted because: * The company effectively owns 100 percent of the subsidiaries; * The absorption will not result in any transfer of cash or shares away from the company; * The company has presented reasonable rationale for the transaction; and * The proposed transactions are neutral to shareholders.

4 Approve Agreement for the Absorption of BTG For For Pactual Absolute Return Limited by Banco BTG Pactual S.A. - Cayman Islands Branch

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

5 Approve Absorption Plan of BTG Pactual For For Absolute Return Limited by Banco BTG Pactual S.A. - Cayman Islands Branch

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

6 Approve Absorption of BTG Pactual Absolute For For Return Limited by Banco BTG Pactual S.A. - Cayman Islands Branch

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

7 Appoint Independent Firm to Appraise Proposed For For Transaction

Blended Rationale: A vote FOR these items is warranted because: * The company effectively owns 100 percent of the subsidiaries; * The absorption will not result in any transfer of cash or shares away from the company; * The company has presented reasonable rationale for the transaction; and * The proposed transactions are neutral to shareholders.

8 Approve Independent Firm's Appraisal For For

Blended Rationale: A vote FOR these items is warranted because: * The company effectively owns 100 percent of the subsidiaries; * The absorption will not result in any transfer of cash or shares away from the company; * The company has presented reasonable rationale for the transaction; and * The proposed transactions are neutral to shareholders.

9 Approve Agreement for the Absorption of BTG For For Pactual Overseas Corporation by Banco BTG Pactual S.A. - Cayman Islands Branch

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

10 Approve Absorption Plan of BTG Pactual For For Overseas Corporation by Banco BTG Pactual S.A. - Cayman Islands Branch

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

11 Approve Absorption of BTG Pactual Overseas For For Corporation by Banco BTG Pactual S.A. - Cayman Islands Branch

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

12 Amend Article 3 Re: Corporate Purpose For For

13 Amend Article 5 to Reflect Changes in Capital For For

14 Amend Article 27 Re: Remuneration Committee For Against

Voter Rationale: Having executives on the remuneration committee is against best practice.

Blended Rationale: Having executives on the remuneration committee is against best practice.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Banco BTG Pactual SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

15 Consolidate Bylaws For Against

Voter Rationale: Having executives on the remuneration committee is against best practice.

Blended Rationale: Having executives on the remuneration committee is against best practice.

BIF Money Fund

Meeting Date: 11/21/2018 Country: USA Meeting Type: Special Ticker: N/A

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a.1 Elect Director Bruce R. Bond For For

1a.2 Elect Director Susan J. Carter For For

1a.3 Elect Director Collette Chilton For For

1a.4 Elect Director Neil A. Cotty For For

1a.5 Elect Director Robert Fairbairn For For

1a.6 Elect Director Lena G. Goldberg For For

1a.7 Elect Director Robert M. Hernandez For For

1a.8 Elect Director Henry R. Keizer For For

1a.9 Elect Director Cynthia A. Montgomery For For

1a.10 Elect Director Donald C. Opatrny For For

1a.11 Elect Director John M. Perlowski For For

1a.12 Elect Director Joseph P. Platt For For

1a.13 Elect Director Mark Stalnecker For For

1a.14 Elect Director Kenneth L. Urish For For

1a.15 Elect Director Claire A. Walton For For

2a.1 Elect Director Bruce R. Bond For For

2a.2 Elect Director Susan J. Carter For For

2a.3 Elect Director Collette Chilton For For

2a.4 Elect Director Neil A. Cotty For For

2a.5 Elect Director Robert Fairbairn For For

2a.6 Elect Director Lena G. Goldberg For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

BIF Money Fund

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2a.7 Elect Director Robert M. Hernandez For For

2a.8 Elect Director Henry R. Keizer For For

2a.9 Elect Director Cynthia A. Montgomery For For

2a.10 Elect Director Donald C. Opatrny For For

2a.11 Elect Director John M. Perlowski For For

2a.12 Elect Director Joseph P. Platt For For

2a.13 Elect Director Mark Stalnecker For For

2a.14 Elect Director Kenneth L. Urish For For

2a.15 Elect Director Claire A. Walton For For

BlackRock Liquidity Funds

Meeting Date: 11/21/2018 Country: USA Meeting Type: Special Ticker: N/A

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1a.1 Elect Director Bruce R. Bond For For

1a.2 Elect Director Susan J. Carter For For

1a.3 Elect Director Collette Chilton For For

1a.4 Elect Director Neil A. Cotty For For

1a.5 Elect Director Robert Fairbairn For For

1a.6 Elect Director Lena G. Goldberg For For

1a.7 Elect Director Robert M. Hernandez For For

1a.8 Elect Director Henry R. Keizer For For

1a.9 Elect Director Cynthia A. Montgomery For For

1a.10 Elect Director Donald C. Opatrny For For

1a.11 Elect Director John M. Perlowski For For

1a.12 Elect Director Joseph P. Platt For For

1a.13 Elect Director Mark Stalnecker For For

1a.14 Elect Director Kenneth L. Urish For For

1a.15 Elect Director Claire A. Walton For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

F&C UK Real Estate Investments Ltd.

Meeting Date: 11/21/2018 Country: Guernsey Meeting Type: Annual Ticker: FCRE

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 Dividend Policy For For

4 Re-elect Vikram Lall as Director For For

Blended Rationale: A vote FOR the re-election of Vikram Lall, Andrew Gulliford, David Ross, Mark Carpenter and Alexa Henderson is warranted because no significant concerns have been identified.

5 Re-elect Andrew Gulliford as Director For For

Blended Rationale: A vote FOR the re-election of Vikram Lall, Andrew Gulliford, David Ross, Mark Carpenter and Alexa Henderson is warranted because no significant concerns have been identified.

6 Re-elect David Ross as Director For For

Blended Rationale: A vote FOR the re-election of Vikram Lall, Andrew Gulliford, David Ross, Mark Carpenter and Alexa Henderson is warranted because no significant concerns have been identified.

7 Re-elect Mark Carpenter as Director For For

Blended Rationale: A vote FOR the re-election of Vikram Lall, Andrew Gulliford, David Ross, Mark Carpenter and Alexa Henderson is warranted because no significant concerns have been identified.

8 Re-elect Alexa Henderson as Director For For

Blended Rationale: A vote FOR the re-election of Vikram Lall, Andrew Gulliford, David Ross, Mark Carpenter and Alexa Henderson is warranted because no significant concerns have been identified.

9 Ratify PricewaterhouseCoopers CI LLP as For For Auditors

10 Authorise Board to Fix Remuneration of Auditors For For

11 Authorise Issue of Equity without Pre-emptive For For Rights

12 Authorise Market Purchase of Ordinary Shares For For

13 Approve Change of Company Name to BMO For For Real Estate Investments Limited

Industrial & Commercial Bank of China Ltd.

Meeting Date: 11/21/2018 Country: China Meeting Type: Special Ticker: 1398

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Industrial & Commercial Bank of China Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Zheng Fuqing as Director For For

3 Elect Nout Wellink as Director For For

4 Elect Fred Zuliu Hu as Director For For

5 Elect Qu Qiang as Supervisor For For

6 Approve the Payment Plan of Remuneration to For For Directors for 2017

7 Approve the Payment Plan of Remuneration to For For Supervisors for 2017

8 Approve Proposal to Issue Eligible Tier 2 Capital For For Instruments

9 Approve Issuance of Equity or Equity-Linked For Against Securities without Preemptive Rights Voter Rationale: Issuance limit exceeds 10% of current share capital

Blended Rationale: Issuance limit exceeds 10% of current share capital

10.01 Approve Type of Preference Shares to be Issued For For in Relation to the Domestic Preference Share Issuance Plan of the Company

10.02 Approve Number of Preference Shares to be For For Issued and Issue Size in Relation to the Domestic Preference Share Issuance Plan of the Company

10.03 Approve Method of Issuance in Relation to the For For Domestic Preference Share Issuance Plan of the Company

10.04 Approve Par Value and Issue Price in Relation to For For the Domestic Preference Share Issuance Plan of the Company

10.05 Approve Maturity in Relation to the Domestic For For Preference Share Issuance Plan of the Company

10.06 Approve Target Investors in Relation to the For For Domestic Preference Share Issuance Plan of the Company

10.07 Approve Lock-Up Period in Relation to the For For Domestic Preference Share Issuance Plan of the Company

10.08 Approve Terms of Distribution of Dividends in For For Relation to the Domestic Preference Share Issuance Plan of the Company

10.09 Approve Terms of Mandatory Conversion in For For Relation to the Domestic Preference Share Issuance Plan of the Company

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Industrial & Commercial Bank of China Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

10.10 Approve Terms of Conditional Redemption in For For Relation to the Domestic Preference Share Issuance Plan of the Company

10.11 Approve Restrictions on Voting Rights in For For Relation to the Domestic Preference Share Issuance Plan of the Company

10.12 Approve Restoration of Voting Rights in Relation For For to the Domestic Preference Share Issuance Plan of the Company

10.13 Approve Order of Distribution of Residual Assets For For and Basis for Liquidation in Relation to the Domestic Preference Share Issuance Plan of the Company

10.14 Approve Rating in Relation to the Domestic For For Preference Share Issuance Plan of the Company

10.15 Approve Security in Relation to the Domestic For For Preference Share Issuance Plan of the Company

10.16 Approve Use of Proceeds from the Issuance of For For the Domestic Preference Shares

10.17 Approve Transfer in Relation to the Domestic For For Preference Share Issuance Plan of the Company

10.18 Approve Relationship between Domestic and For For Offshore Issuance in Relation to the Domestic Preference Share Issuance Plan of the Company

10.19 Approve Validity Period of the Resolution in For For Respect of the Issuance of the Domestic Preference Shares

10.20 Approve The Application and Approval For For Procedures to be Completed for the Issuance in Relation to the Domestic Preference Share Issuance Plan of the Company

10.21 Approve Matters Relating to Authorisation in For For Relation to the Domestic Preference Share Issuance Plan of the Company

11.01 Approve Type of Preference Shares to be Issued For For in Relation to the Offshore Preference Share Issuance Plan of the Company

11.02 Approve Number of Preference Shares to be For For Issued and Issue Size in Relation to the Offshore Preference Share Issuance Plan of the Company

11.03 Approve Method of Issuance in Relation to the For For Offshore Preference Share Issuance Plan of the Company

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Industrial & Commercial Bank of China Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

11.04 Approve Par Value and Issue Price in Relation to For For the Offshore Preference Share Issuance Plan of the Company

11.05 Approve Maturity in Relation to the Offshore For For Preference Share Issuance Plan of the Company

11.06 Approve Target Investors in Relation to the For For Offshore Preference Share Issuance Plan of the Company

11.07 Approve Lock-Up Period in Relation to the For For Offshore Preference Share Issuance Plan of the Company

11.08 Approve Terms of Distribution of Dividends in For For Relation to the Offshore Preference Share Issuance Plan of the Company

11.09 Approve Terms of Mandatory Conversion in For For Relation to the Offshore Preference Share Issuance Plan of the Company

11.10 Approve Terms of Conditional Redemption in For For Relation to the Offshore Preference Share Issuance Plan of the Company

11.11 Approve Restrictions on Voting Rights in For For Relation to the Offshore Preference Share Issuance Plan of the Company

11.12 Approve Restoration of Voting Rights in Relation For For to the Offshore Preference Share Issuance Plan of the Company

11.13 Approve Order of Distribution of Residual Assets For For and Basis for Liquidation in Relation to the Offshore Preference Share Issuance Plan of the Company

11.14 Approve Rating in Relation to the Offshore For For Preference Share Issuance Plan of the Company

11.15 Approve Security in Relation to the Offshore For For Preference Share Issuance Plan of the Company

11.16 Approve Use of Proceeds from the Issuance of For For the Offshore Preference Shares

11.17 Approve Transfer in Relation to the Offshore For For Preference Share Issuance Plan of the Company

11.18 Approve Relationship Between Offshore and For For Domestic Issuance in Relation to the Offshore Preference Share Issuance Plan of the Company

11.19 Approve Validity Period of the Resolution in For For Respect of the Issuance of the OffshorePreference Shares

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Industrial & Commercial Bank of China Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

11.20 Approve The Application and Approval For For Procedures to be Completed for the Issuance in Relation to the Offshore Preference Share Issuance Plan of the Company

11.21 Approve Matters Relating to Authorization in For For Relation to the Offshore Preference Share Issuance Plan of the Company

12 Approve Proposal on the Impact on Dilution of For For Immediate Returns of the Issuance of Preference Shares and the Remedial Measures of the Company

13 Approve Proposal on Formulating the For For Shareholder Return Plan for 2018 to 2020 of the Company

Jpmorgan Funds - America Equity Fund

Meeting Date: 11/21/2018 Country: Luxembourg Meeting Type: Annual Ticker: KHZCV5.F

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Audited Annual Report for the Fund For For

3 Approve Discharge of Directors For For

4 Approve Remuneration of Directors for the Year For For Ended 30 June 2018

5 Approve Remuneration of Directors for the For For Accounting Year Ending 30 June 2019

6 Approve Co-Optation and Election of Susanne For For van Dootingh as Director

7 Re-Elect Susanne van Dootingh, Peter Schwicht For For and Iain Saunders as Directors

8 Re-Elect John Li and Dan Watkins as Directors For For

9 Re-Elect Massimo Greco and Jacques Elvinger For For as Directors

10 Renew Appointment of PricewaterhouseCoopers For For as Auditor and Authorize Board to Agree on Their Terms of Appointment

11 Approve Allocation of Income and Dividends For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Kaisa Group Holdings Ltd.

Meeting Date: 11/21/2018 Country: Cayman Islands Meeting Type: Special Ticker: 1638

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Interim Dividend For For

Maanshan Iron & Steel Co., Ltd.

Meeting Date: 11/21/2018 Country: China Meeting Type: Special Ticker: 323

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve the Supplementary Continuing For For Connected Transactions Agreement Entered into Between the Company and Magang (Group) Holding Company Limited and Proposed Annual Caps

2 Approve the Supplementary Energy Saving and For For Environmental Protection Agreement Entered into Between the Company and Anhui Xinchuang Energy Saving and Environmental Protection Science & Technology Co., Ltd. and Proposed Annual Caps

3 Approve the 2019-2021 Sale and Purchase of For For Ore Agreement Entered into Between the Company and Magang (Group) Holding Company Limited and Proposed Annual Caps

4 Approve the 2019-2021 Energy Saving and For For Environmental Protection Agreement Entered into Between the Company and Anhui Xinchuang Energy Saving and Environmental Protection Science & Technology Co., Ltd. and Proposed Annual Caps

5 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Magang (Group) Holding Company Limited and Proposed Annual Caps

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Maanshan Iron & Steel Co., Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6 Approve the Loan Services Transactions For Abstain Contemplated Under the 2019-2021 Financial Services Agreement Entered into Between Magang Group Finance Co. Ltd. and Magang (Group) Holding Company Limited and Proposed Annual Caps

Voter Rationale: We agree that the arrangement leads the company to unnecessary exposure to affiliated companies’ credit risk, we also understand from the listed company’s perspective that it makes sense to continue the financial service arrangement for convenience and financial purposes. There is also a cap on the amount. Hence we believe it’s best to abstain

Blended Rationale: We agree that the arrangement leads the company to unnecessary exposure to affiliated companies’ credit risk, we also understand from the listed company’s perspective that it makes sense to continue the financial service arrangement for convenience and financial purposes. There is also a cap on the amount. Hence we believe it’s best to abstain

7 Approve the Share Transfer Agreement of Ma For For Steel Scrap Steel Co., Ltd.

8 Approve the Capital Increase Agreement of For For Anhui Ma Steel K. Wah New Building Materials Co., Ltd.

9 Approve the Capital Increase Agreement of For For Anhui Ma Steel Chemical Energy Technology Co., Ltd.

10 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Ma Steel Scrap Steel Co., Ltd. and Proposed Annual Caps

11 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Anhui Ma Steel K. Wah New Building Materials Co., Ltd and Proposed Annual Caps

12 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Anhui Ma Steel Chemical Energy Technology Co., Ltd. and Proposed Annual Caps

13 Approve 2018 Interim Profit Distribution Plan For For

Maanshan Iron & Steel Co., Ltd.

Meeting Date: 11/21/2018 Country: China Meeting Type: Special Ticker: 323

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Maanshan Iron & Steel Co., Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve the Supplementary Continuing For For Connected Transactions Agreement Entered into Between the Company and Magang (Group) Holding Company Limited and Proposed Annual Caps

2 Approve the Supplementary Energy Saving and For For Environmental Protection Agreement Entered into Between the Company and Anhui Xinchuang Energy Saving and Environmental Protection Science & Technology Co., Ltd. and Proposed Annual Caps

3 Approve the 2019-2021 Sale and Purchase of For For Ore Agreement Entered into Between the Company and Magang (Group) Holding Company Limited and Proposed Annual Caps

4 Approve the 2019-2021 Energy Saving and For For Environmental Protection Agreement Entered into Between the Company and Anhui Xinchuang Energy Saving and Environmental Protection Science & Technology Co., Ltd. and Proposed Annual Caps

5 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Magang (Group) Holding Company Limited and Proposed Annual Caps

6 Approve the Loan Services Transactions For Abstain Contemplated Under the 2019-2021 Financial Services Agreement Entered into Between Magang Group Finance Co. Ltd. and Magang (Group) Holding Company Limited and Proposed Annual Caps

Voter Rationale: We agree that the arrangement leads the company to unnecessary exposure to affiliated companies’ credit risk, we also understand from the listed company’s perspective that it makes sense to continue the financial service arrangement for convenience and financial purposes. There is also a cap on the amount. Hence we believe it’s best to abstain

Blended Rationale: We agree that the arrangement leads the company to unnecessary exposure to affiliated companies’ credit risk, we also understand from the listed company’s perspective that it makes sense to continue the financial service arrangement for convenience and financial purposes. There is also a cap on the amount. Hence we believe it’s best to abstain

7 Approve the Share Transfer Agreement of Ma For For Steel Scrap Steel Co., Ltd.

8 Approve the Capital Increase Agreement of For For Anhui Ma Steel K. Wah New Building Materials Co., Ltd.

9 Approve the Capital Increase Agreement of For For Anhui Ma Steel Chemical Energy Technology Co., Ltd.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Maanshan Iron & Steel Co., Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

10 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Ma Steel Scrap Steel Co., Ltd. and Proposed Annual Caps

11 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Anhui Ma Steel K. Wah New Building Materials Co., Ltd and Proposed Annual Caps

12 Approve the 2019-2021 Continuing Connected For For Transactions Agreement Entered into Between the Company and Anhui Ma Steel Chemical Energy Technology Co., Ltd. and Proposed Annual Caps

13 Approve 2018 Interim Profit Distribution Plan For For

Pernod Ricard SA

Meeting Date: 11/21/2018 Country: France Meeting Type: Annual/Special Ticker: RI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Financial Statements and Statutory For For Reports

Blended Rationale: Votes FOR the approval of the annual accounts are warranted due to the unqualified auditors' opinion and lack of concerns.

2 Approve Consolidated Financial Statements and For For Statutory Reports

Blended Rationale: Votes FOR the approval of the annual accounts are warranted due to the unqualified auditors' opinion and lack of concerns.

3 Approve Allocation of Income and Dividends of For For EUR 2.36 per Share

4 Approve Auditors' Special Report on For For Related-Party Transactions

5 Reelect Martina Gonzalez-Gallarza as Director For Against

Voter Rationale: Lack of independence on the board.

Blended Rationale: Lack of independence on the board.

6 Reelect Ian Gallienne as Director For Against

Voter Rationale: Lack of independence on the board.

Blended Rationale: Lack of independence on the board.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Pernod Ricard SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

7 Reelect Gilles Samyn as Director For Against

Voter Rationale: Lack of independence on the board.

Blended Rationale: Lack of independence on the board.

8 Elect Patricia Barbizet as Director For For

Blended Rationale: * Votes AGAINST the reelections of non-independent nominees Ian Gallienne, Martina Gonzalez Gallarza and Gilles Samyn are warranted given the lack of independence at the board level (including all board members: 35.7 percent vs 33.3 percent recommended; excluding government representatives, employee representatives, and employee shareholder representatives (if any): 38.5 percent vs 50 percent recommended) (Items 5-7). * A vote FOR the election of independent nominee Patricia Barbizet is warranted in the absence of specific concerns (Item 8).

9 Approve Remuneration of Directors in the For For Aggregate Amount of EUR 1.25 Million

10 Approve Remuneration Policy of Alexandre For For Ricard, Chairman and CEO

11 Approve Compensation of Alexandre Ricard, For For Chairman and CEO

12 Authorize Repurchase of Up to 10 Percent of For Against Issued Share Capital Voter Rationale: Can be continued during a takeover period.

Blended Rationale: Can be continued during a takeover period.

13 Authorize Capital Issuances for Use in Employee For For Stock Purchase Plans

Blended Rationale: Votes FOR are warranted because the plans could increase employee participation to a level of ownership that would remain acceptable for savings-related share purchase plans.

14 Authorize Capital Issuances for Use in Employee For For Stock Purchase Plans Reserved for Employees of the Group's Subsidiaries

Blended Rationale: Votes FOR are warranted because the plans could increase employee participation to a level of ownership that would remain acceptable for savings-related share purchase plans.

15 Amend Article 11 of Bylaws Re: Shareholding For Against Disclosure Thresholds, Notification Limit Voter Rationale: Not in shareholders' interests

Blended Rationale: Not in shareholders' interests

16 Amend Article 11 of Bylaws Re: Shareholding For For Disclosure Thresholds, Shares Held Indirectly

Blended Rationale: Item 15A vote AGAINST this item is warranted as the proposed amendment is not deemed in shareholders' interest.Item 16A vote FOR this item is warranted as the proposed amendment appears rather neutral for shareholders. Item 17A vote FOR this item is warranted as the proposed amendment is not considered contentious.

17 Amend Article 29 of Bylaws Re: Alternate For For Auditors

Blended Rationale: Item 15A vote AGAINST this item is warranted as the proposed amendment is not deemed in shareholders' interest.Item 16A vote FOR this item is warranted as the proposed amendment appears rather neutral for shareholders. Item 17A vote FOR this item is warranted as the proposed amendment is not considered contentious.

18 Authorize Filing of Required Documents/Other For For Formalities

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Rand Merchant Investment Holdings Ltd.

Meeting Date: 11/21/2018 Country: South Africa Meeting Type: Annual Ticker: RMI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Re-elect Johan Burger as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.2 Re-elect Laurie Dippenaar as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.3 Re-elect Paul Harris as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.4 Elect Albertinah Kekana as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.5 Elect Mamongae Mahlare as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.6 Elect Raplh Mupita as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.7 Elect James Teeger as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1 Approve Remuneration Policy For Against

Voter Rationale: Lack of disclosure on bonus targets/structure and lack of performance conditions attached to the share appreciation rights (LTIP).

Blended Rationale: Lack of disclosure on bonus targets/structure and lack of performance conditions attached to the share appreciation rights (LTIP).

2 Approve Remuneration Implementation Report For Against

Voter Rationale: Lack of disclosure on bonus targets/structure and lack of performance conditions attached to the share appreciation rights (LTIP).

Blended Rationale: Lack of disclosure on bonus targets/structure and lack of performance conditions attached to the share appreciation rights (LTIP).

2 Place Authorised but Unissued Shares under For For Control of Directors

3 Authorise Board to Issue Shares for Cash For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Rand Merchant Investment Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Reappoint PricewaterhouseCoopers Inc as For For Auditors of the Company and Authorise Their Remuneration

5.1 Elect Johan Burger as Member of the Audit and For For Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

5.2 Re-elect Sonja De Bruyn as Member of the Audit For For and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

5.3 Re-elect Per-Erik Lagerstrom as Member of the For For Audit and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

5.4 Elect James Teeger as Member of the Audit and For For Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

6 Authorise Ratification of Approved Resolutions For For

1 Approve Non-executive Directors' Remuneration For For

2 Authorise Repurchase of Issued Share Capital For For

3 Authorise Issue of Shares and/or Options For For Pursuant to a Reinvestment Option

4 Approve Financial Assistance to Directors, For Against Prescribed Officers and Employee Share Scheme Beneficiaries Voter Rationale: The proposal is a general approval to provide financial assistance to Directors as well as related or inter-related companies. We would prefer this to be on a more specific basis.

Blended Rationale: The proposal is a general approval to provide financial assistance to Directors as well as related or inter-related companies. We would prefer this to be on a more specific basis.

5 Approve Financial Assistance to Related and For For Inter-related Entities

Blended Rationale: Item 4 A vote AGAINST this item is warranted: * This proposal includes a general authority relating to the provision of financial assistance to Directors. Such proposals should be considered by shareholders on a specific rather than a general basis. Item 5 A vote FOR this item is warranted: * This is a routine request, proposed as a result of the implementation of the Companies Act 2008.

RMB Holdings Ltd.

Meeting Date: 11/21/2018 Country: South Africa Meeting Type: Annual Ticker: RMH

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

RMB Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Re-elect Johan Burger as Director For For

Blended Rationale: Items 1.1-1.4 A vote AGAINST these items is warranted: * Johan Burger, Laurie Dippenaar, Paul Harris, Albertinah Kekana are non-independent NEDs, who serve as members of a Board on which there is no majority of independent NEDs among the NEDs. Albertinah Kekana is also a member of the Nomination Committee on which there is no majority of independent NEDs among the members. Items 1.5-1.7 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.2 Re-elect Laurie Dippenaar as Director For For

Blended Rationale: Items 1.1-1.4 A vote AGAINST these items is warranted: * Johan Burger, Laurie Dippenaar, Paul Harris, Albertinah Kekana are non-independent NEDs, who serve as members of a Board on which there is no majority of independent NEDs among the NEDs. Albertinah Kekana is also a member of the Nomination Committee on which there is no majority of independent NEDs among the members. Items 1.5-1.7 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.3 Re-elect Paul Harris as Director For For

Blended Rationale: Items 1.1-1.4 A vote AGAINST these items is warranted: * Johan Burger, Laurie Dippenaar, Paul Harris, Albertinah Kekana are non-independent NEDs, who serve as members of a Board on which there is no majority of independent NEDs among the NEDs. Albertinah Kekana is also a member of the Nomination Committee on which there is no majority of independent NEDs among the members. Items 1.5-1.7 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.4 Re-elect Albertinah Kekana as Director For For

Blended Rationale: Items 1.1-1.4 A vote AGAINST these items is warranted: * Johan Burger, Laurie Dippenaar, Paul Harris, Albertinah Kekana are non-independent NEDs, who serve as members of a Board on which there is no majority of independent NEDs among the NEDs. Albertinah Kekana is also a member of the Nomination Committee on which there is no majority of independent NEDs among the members. Items 1.5-1.7 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.5 Elect Mamongae Mahlare as Director For For

Blended Rationale: Items 1.1-1.4 A vote AGAINST these items is warranted: * Johan Burger, Laurie Dippenaar, Paul Harris, Albertinah Kekana are non-independent NEDs, who serve as members of a Board on which there is no majority of independent NEDs among the NEDs. Albertinah Kekana is also a member of the Nomination Committee on which there is no majority of independent NEDs among the members. Items 1.5-1.7 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.6 Elect Ralph Mupita as Director For For

Blended Rationale: Items 1.1-1.4 A vote AGAINST these items is warranted: * Johan Burger, Laurie Dippenaar, Paul Harris, Albertinah Kekana are non-independent NEDs, who serve as members of a Board on which there is no majority of independent NEDs among the NEDs. Albertinah Kekana is also a member of the Nomination Committee on which there is no majority of independent NEDs among the members. Items 1.5-1.7 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.7 Elect James Teeger as Director For For

Blended Rationale: Items 1.1-1.4 A vote AGAINST these items is warranted: * Johan Burger, Laurie Dippenaar, Paul Harris, Albertinah Kekana are non-independent NEDs, who serve as members of a Board on which there is no majority of independent NEDs among the NEDs. Albertinah Kekana is also a member of the Nomination Committee on which there is no majority of independent NEDs among the members. Items 1.5-1.7 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2 Place Authorised but Unissued Shares under For For Control of Directors

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

RMB Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Authorise Board to Issue Shares for Cash For For

4 Reappoint PricewaterhouseCoopers Inc as For For Auditors of the Company and Authorise Their Remuneration

5.1 Re-elect Sonja De Bruyn as Member of the Audit For For and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

5.2 Re-elect Per-Erik Lagerstrom as Member of the For For Audit and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

5.3 Elect James Teeger as Member of the Audit and For For Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

6 Authorise Ratification of Approved Resolutions For For

1 Approve Non-executive Directors' Remuneration For For

2 Authorise Repurchase of Issued Share Capital For For

3 Authorise Issue of Shares or Options Pursuant For For to a Reinvestment Option

4 Approve Financial Assistance to Directors, For Against Prescribed Officers and Employee Share Scheme Beneficiaries Voter Rationale: The proposal is a general approval to provide financial assistance to Directors as well as related or inter-related companies. We would prefer this to be on a more specific basis.

Blended Rationale: The proposal is a general approval to provide financial assistance to Directors as well as related or inter-related companies. We would prefer this to be on a more specific basis.

5 Approve Financial Assistance in Terms of For For Sections 44 and 45 of the Companies Act

Blended Rationale: Item 4 A vote AGAINST this item is warranted: * This proposal includes a general authority relating to the provision of financial assistance to Directors. Such proposals should be considered by shareholders on a specific rather than a general basis. Item 5 A vote FOR this item is warranted: * This is a routine request, proposed as a result of the implementation of the Companies Act 2008.

Woolworths Group Ltd.

Meeting Date: 11/21/2018 Country: Australia Meeting Type: Annual Ticker: WOW

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Woolworths Group Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2a Elect Gordon Cairns as Director For For

2b Elect Michael Ullmer as Director For For

3 Approve Remuneration Report For For

4 Approve Grant of Performance Share Rights to For For Brad Banducci

5 Approve Non-Executive Directors' Equity Plan None For

6a Amend Company's Constitution Against Against

Voter Rationale: WOW has committed to work collaboratively with its work force regarding their rights, and with workers in their direct fresh food supply chain to provide mechanisms to air grievances. WOW has addressed issues raised in 2017 AGM, has and will continue to communicate on progress as part of its ongoing disclosure in Responsible Sourcing in its sustainability report.Therefore changes to the constitution are unnecessary.

Blended Rationale: WOW has committed to work collaboratively with its work force regarding their rights, and with workers in their direct fresh food supply chain to provide mechanisms to air grievances. WOW has addressed issues raised in 2017 AGM, has and will continue to communicate on progress as part of its ongoing disclosure in Responsible Sourcing in its sustainability report.Therefore changes to the constitution are unnecessary.

6b Approve Human Rights Reporting Against Against

Voter Rationale: Satisfactory progress has been made and WOW continues in its commitment to work with the NUW on labour hire in its direct fresh food supply chain, educating workers on their rights and giving them access to grievance mechanisms. WOW has also asked its horticultural suppliers to adhere to additional requirements in labour hire. Disclosure of this progress can primarily be found in the Responsible Sourcing Standards in the sustainability report. We can consider that these issues are being addressed adequately and do not support the amendment to the company's constitution nor the additional human rights reporting proposed.

Blended Rationale: Satisfactory progress has been made and WOW continues in its commitment to work with the NUW on labour hire in its direct fresh food supply chain, educating workers on their rights and giving them access to grievance mechanisms. WOW has also asked its horticultural suppliers to adhere to additional requirements in labour hire. Disclosure of this progress can primarily be found in the Responsible Sourcing Standards in the sustainability report. We can consider that these issues are being addressed adequately and do not support the amendment to the company's constitution nor the additional human rights reporting proposed.

Xinyi Solar Holdings Ltd.

Meeting Date: 11/21/2018 Country: Cayman Islands Meeting Type: Special Ticker: 968

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Proposed Spin-Off Agreement, For For Proposed XYE Listing and Related Transactions

Blended Rationale: Referred to Schroders for consideration.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Xinyi Solar Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve the Target Sale and Purchase For For Agreement and Related Transactions

Blended Rationale: Referred to Schroders for consideration.

3 Approve the Solar Farm Agreement and Related For For Transactions

Blended Rationale: Referred to Schroders for consideration.

4 Approve the Solar Farm O&M Agreement and For For Related Transactions

Blended Rationale: Referred to Schroders for consideration.

5 Adopt Share Option Scheme and Related For For Transactions

Blended Rationale: Vote against if performance conditions are not disclosed. In addition, NEDs are granted options.

6 Authorize Board to Deal with All Matters in For For Relation to the Proposed Spin-Off

Blended Rationale: Referred to Schroders for consideration.

Evolution Mining Ltd.

Meeting Date: 11/22/2018 Country: Australia Meeting Type: Annual Ticker: EVN

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve the Remuneration Report None For

2 Elect Graham Freestone as Director For For

3 Elect Lawrence (Lawrie) Conway as Director For For

4 Approve the Issuance of Performance Rights to For For Jacob (Jake) Klein

5 Approve the Issuance of Performance Rights to For For Lawrence (Lawrie) Conway

Medusa Mining Ltd.

Meeting Date: 11/22/2018 Country: Australia Meeting Type: Annual Ticker: MML

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Medusa Mining Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Andrew Teo as Director For For

2 Approve Remuneration Report None Against

Voter Rationale: Vesting period of LTIP awards is less than three years as well as insufficiently challenging performance criteria.

Blended Rationale: Vesting period of LTIP awards is less than three years as well as insufficiently challenging performance criteria.

Nedbank Group Ltd.

Meeting Date: 11/22/2018 Country: South Africa Meeting Type: Special Ticker: NED

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorise Specific Repurchase of Shares from For For the Odd-lot Holders

Blended Rationale: A vote FOR these resolutions is warranted: * It will allow small shareholders to realise value for their shares in a cost effective manner; * The cash consideration, which is at a 5 percent premium to the 10 trading day volume weighted average price (VWAP) ending on 3 December 2018, will provide certainty for small shareholders; and * It will enable the Company to reduce administration costs.

1 Authorise Implementation of the Odd-lot Offer For For

Blended Rationale: A vote FOR these resolutions is warranted: * It will allow small shareholders to realise value for their shares in a cost effective manner; * The cash consideration, which is at a 5 percent premium to the 10 trading day volume weighted average price (VWAP) ending on 3 December 2018, will provide certainty for small shareholders; and * It will enable the Company to reduce administration costs.

2 Authorise Ratification of Approved Resolutions For For

Rassini SAB de CV

Meeting Date: 11/22/2018 Country: Mexico Meeting Type: Special Ticker: RASSINIA

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Rassini SAB de CV

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Appoint Ballot Recorder for Shareholder For For Attendance and Acknowledge Proper Convening of Meeting

2 Approve Related-Party Transaction with its For Against Subsidiaries in Excess of 20 Percent of Company's Consolidated Assets Voter Rationale: The lack of timely disclosure regarding the board opinion, as well as an independent valuation of the proposed tender offer price, prevents international institutional shareholders from making an informed voting decision

Blended Rationale: The lack of timely disclosure regarding the board opinion, as well as an independent valuation of the proposed tender offer price, prevents international institutional shareholders from making an informed voting decision

3 Authorize Board to Ratify and Execute Approved For For Resolutions

TTY Biopharm Co. Ltd.

Meeting Date: 11/22/2018 Country: Taiwan Meeting Type: Special Ticker: 4105

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Amendments to Articles of Association For For

2.1 Elect Lin, Chuan with Shareholder No. 94736, as For For Non-Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

2.2 Elect Chang, Wen-Hwa with Shareholder No. 27, For For as Non-Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

2.3 Elect Hsiao, Ying-Chun, a Representative of For For Dawan Technology Company Limited with Shareholder No. 548, as Non-Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

2.4 Elect Yang, Tze-Kaing with ID No. A102241XXX, For For as Non-Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

TTY Biopharm Co. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.5 Elect Chang, Hsiu-Chi with Shareholder No. 182, For For as Non-Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

2.6 Elect Liao, Ying-Ying with ID No. Y220049XXX, For For as Non-Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

2.7 Elect Tsai, Duei with ID No. L100933XXX as For For Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

2.8 Elect Hsueh, Ming-Ling with ID No. B101077XXX For For as Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

2.9 Elect Lin, Tien-Fu with ID No. A102932XXX as For For Independent Director

Blended Rationale: A vote FOR all nominees is warranted given the absence of any known issues concerning the nominees and the company's board and committee dynamics.

3 Approve Release of Non Competition For For Restrictions for Director Chang, Wen-Hwa

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

4 Approve Release of Non Competition For For Restrictions for Director Hsiao, Ying-Chun, a Representative of Dawan Technology Company Limited

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

5 Approve Release of Non-Competition For For Restrictions for Director Yang, Tze-Kaing

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

6 Approve Release of Non-Competition For For Restrictions for Director Chang, Hsiu-Chi

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

7 Approve Release of Non-Competition For For Restrictions for Director Liao, Ying-Ying

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

8 Approve Release of Non-Competition For For Restrictions for Director Tsai, Duei

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

TTY Biopharm Co. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

9 Approve Release of Non-Competition For For Restrictions for Director Hsueh, Ming-Ling

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

10 Approve Release of Non-Competition For For Restrictions for Director Lin, Tien-Fu

Blended Rationale: A vote FOR is warranted because sufficient details have been provided regarding the proposal and no significant concern relating to outside board positions has been identified.

Beach Energy Ltd.

Meeting Date: 11/23/2018 Country: Australia Meeting Type: Annual Ticker: BPT

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve the Remuneration Report For Against

Voter Rationale: ASX200 stocks in the bottom quartile on NTA growth

Blended Rationale: ASX200 stocks in the bottom quartile on NTA growth

2 Elect Glenn Davis as Director For For

3 Elect Ryan Stokes as Director For For

4 Elect Joycelyn Morton as Director For For

5 Appoint Ernst & Young as Auditor of the For For Company

6 Approve Beach Energy Ltd Employee Share For For Purchase Plan

7 Approve Renewal of Partial Takeover Provisions For For in the Constitution

BlueScope Steel Ltd.

Meeting Date: 11/23/2018 Country: Australia Meeting Type: Annual Ticker: BSL

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Remuneration Report For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

BlueScope Steel Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Elect Mark Hutchinson as Director For For

4 Approve Grant of Share Rights to Mark Vassella For For

5 Approve Grant of Alignment Rights to Mark For For Vassella

6 Approve Potential Termination Benefits For For

IPH Ltd.

Meeting Date: 11/23/2018 Country: Australia Meeting Type: Annual Ticker: IPH

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Elect Robin Low as Director For For

4 Approve the Grant of Performance Rights to For For Andrew Blattman

5 Approve the Remuneration Report For For

Kathmandu Holdings Ltd.

Meeting Date: 11/23/2018 Country: New Zealand Meeting Type: Annual Ticker: KMD

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect David Kirk as Director For For

2 Elect Sandra McPhee as Director For For

3 Authorize Board to Fix Remuneration of the For For Auditors

4 Approve the Grant of Performance Rights to For For Xavier Simonet

5 Approve the Increase in Maximum Aggregate None For Remuneration of Non-Executive Directors

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Origin Enterprises Plc

Meeting Date: 11/23/2018 Country: Ireland Meeting Type: Annual Ticker: OIZ

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

3a Elect Sean Coyle as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

3b Re-elect Kate Allum as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

3c Re-elect Gary Britton as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

3d Re-elect Declan Giblin as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

3e Re-elect Rose Hynes as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Origin Enterprises Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3f Re-elect Hugh McCutcheon as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

3g Re-elect Tom O'Mahony as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

3h Re-elect Christopher Richards as Director For For

Blended Rationale: Items 3a to 3g A vote FOR the election/re-election of Sean Coyle, Kate Allum, Gary Britton, Declan Giblin, Rose Hynes, Hugh McCutcheon, and Tom O'Mahony is warranted because no significant concerns have been identified. Item 3h A vote FOR the re-election of Christopher Richards is warranted, although it is not without concern for shareholders: * Apart from his role as NED at the Company, he also serves in various roles at other publicly listed companies, which could potentially compromise his ability to commit sufficient time to his role in the Company. The main reason for support is: * His position as CEO at one of his outside directorships is on an interim basis. Thus, a degree of flexibility is considered appropriate.

4 Authorise Board to Fix Remuneration of Auditors For For

5 Approve Remuneration Report For For

6 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.

7a 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.

7b 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.

8a Authorise Market Purchase of Ordinary Shares For For

8b Determine Price Range at which Treasury For For Shares May be Re-issued Off-Market

Perseus Mining Ltd.

Meeting Date: 11/23/2018 Country: Australia Meeting Type: Annual Ticker: PRU

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Perseus Mining Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For For

2 Elect John McGloin as Director For For

3 Elect Colin Carson as Director For For

4 Approve Issuance of Performance Rights to For For Jeffrey Quartermaine

5 Approve Issuance of Performance Rights to For For Colin Carson

Regis Resources Ltd.

Meeting Date: 11/23/2018 Country: Australia Meeting Type: Annual Ticker: RRL

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For For

2 Elect Paul Thomas as Director For For

3 Elect James Mactier as Director For For

4 Approve Grant of Performance Rights to Jim For For Beyer

5 Approve Grant of Performance Rights to Paul For For Thomas

Severstal PAO

Meeting Date: 11/23/2018 Country: Russia Meeting Type: Special Ticker: CHMF

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Interim Dividends for First Nine Months For For of Fiscal 2018

2 Approve New Edition of Charter For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Severstal PAO

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Approve New Edition of Regulations on Board of For For Directors

4 Cancel Regulations on Audit Commission For For

SINA Corp.

Meeting Date: 11/23/2018 Country: Cayman Islands Meeting Type: Annual Ticker: SINA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Yan Wang as Director For For

2 Elect James Jianzhang Liang as Director For For

3 Approve Appointment of For For PricewaterhouseCoopers Zhong Tian LLP as Independent Auditors

4 Amend Articles of Association For Against

Voter Rationale: The introduction of dual-class shares violates the "one-share, one-vote" principle and is not in the best interest of minority shareholders

Blended Rationale: The introduction of dual-class shares violates the "one-share, one-vote" principle and is not in the best interest of minority shareholders

Mahanagar Gas Ltd.

Meeting Date: 11/24/2018 Country: India Meeting Type: Special Ticker: 539957

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Adopt New Articles of Association For For

Mar City Plc

Meeting Date: 11/26/2018 Country: United Kingdom Meeting Type: Annual Ticker: N/A

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Mar City Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Elect Robert Pick as Director For For

3 Reappoint Grant Thornton LLP as Auditors and For For Authorise Their Remuneration

Mexichem SAB de CV

Meeting Date: 11/26/2018 Country: Mexico Meeting Type: Special Ticker: MEXCHEM

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Cash Dividends of up to USD 168 For For Million

2 Authorize Board to Ratify and Execute Approved For For Resolutions

MMI Holdings Ltd.

Meeting Date: 11/26/2018 Country: South Africa Meeting Type: Annual Ticker: MMI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Risto Ketola as Director For For

Blended Rationale: Items 1.1-1.3, 2.1-2.2, & 2.4 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors. Item 2.3 A vote AGAINST this item is warranted as: * Jabu Moleketi attended fewer than 75 percent of Board and Committee meetings for the second consecutive year during FY2018.

1.2 Elect Hillie Meyer as Director For For

Blended Rationale: Items 1.1-1.3, 2.1-2.2, & 2.4 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors. Item 2.3 A vote AGAINST this item is warranted as: * Jabu Moleketi attended fewer than 75 percent of Board and Committee meetings for the second consecutive year during FY2018.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

MMI Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.3 Elect Jeanette Cilliers (Marais) as Director For For

Blended Rationale: Items 1.1-1.3, 2.1-2.2, & 2.4 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors. Item 2.3 A vote AGAINST this item is warranted as: * Jabu Moleketi attended fewer than 75 percent of Board and Committee meetings for the second consecutive year during FY2018.

2.1 Re-elect Frans Truter as Director For For

Blended Rationale: Items 1.1-1.3, 2.1-2.2, & 2.4 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors. Item 2.3 A vote AGAINST this item is warranted as: * Jabu Moleketi attended fewer than 75 percent of Board and Committee meetings for the second consecutive year during FY2018.

2.2 Re-elect Khehla Shubane as Director For For

Blended Rationale: Items 1.1-1.3, 2.1-2.2, & 2.4 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors. Item 2.3 A vote AGAINST this item is warranted as: * Jabu Moleketi attended fewer than 75 percent of Board and Committee meetings for the second consecutive year during FY2018.

2.3 Re-elect Jabu Moleketi as Director For Against

Voter Rationale: Second consecutive year attending less than 75% meetings

Blended Rationale: Second consecutive year attending less than 75% meetings

2.4 Re-elect Johan van Reenen as Director For For

Blended Rationale: Items 1.1-1.3, 2.1-2.2, & 2.4 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors. Item 2.3 A vote AGAINST this item is warranted as: * Jabu Moleketi attended fewer than 75 percent of Board and Committee meetings for the second consecutive year during FY2018.

3 Reappoint PricewaterhouseCoopers Inc as For For Auditors of the Company with Andrew Taylor as the Designated Audit Partner

4.1 Re-elect Frans Truter as Member of the Audit For For Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

4.2 Re-elect Louis von Zeuner as Member of the For For Audit Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

4.3 Re-elect Fatima Daniels (Jakoet) as Member of For For the Audit Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

5 Approve Remuneration Policy For For

6 Approve Implementation Report For Against

Voter Rationale: We do not support termination payments

Blended Rationale: We do not support termination payments

7 Authorise Ratification of Approved Resolutions For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

MMI Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Approve Fees of the Chairperson of the Board For For

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.2 Approve Fees of the Deputy Chairperson of the For For Board

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.3 Approve Fees of the Board Member For For

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.4 Approve Fees of the Chairperson of Audit For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.5 Approve Fees of the Member of Audit For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.6 Approve Fees of the Chairperson of Actuarial For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.7 Approve Fees of the Member of Actuarial For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.8 Approve Fees of the Chairperson of For For Remuneration Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

MMI Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.9 Approve Fees of the Member of Remuneration For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.10 Approve Fees of the Chairperson of Risk, Capital For For and Compliance Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.11 Approve Fees of the Member of Risk, Capital For For and Compliance Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.12 Approve Fees of the Chairperson of Social, For For Ethics and Transformation Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.13 Approve Fees of the Member of Social, Ethics For For and Transformation Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.14 Approve Fees of the Chairperson of Nominations For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.15 Approve Fees of the Member of Nominations For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.16 Approve Fees of the Chairperson of Fair For For Practices Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

MMI Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.17 Approve Fees of the Member of Fair Practices For For Committee

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.18 Approve Fees of the Chairperson of Board For For Committee/Subsidiary Board

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.19 Approve Fees of the Member of Board For For Committee/Subsidiary Board

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

1.20 Approve Fees of Ad Hoc Work (Hourly) For For

Blended Rationale: A vote FOR these items is warranted, although one issue of concern is flagged: * Special Resolution 1.20 provides for the payment of hourly fees on an ad hoc basis. Large payments of this nature could potentially impact NED independence. The main reason for support is: * The quantum of ad hoc fees paid during the year under review is not so significant to cause a risk of an independence issue for NEDs.

2 Approve Financial Assistance in Terms of For Against Section 44 of the Companies Act Voter Rationale: The Company seeks an authority to provide financial assistance to any person in connection with the subscription of options or securities issued or to be issued by the Company, or in relation to the purchase of securities. This is a broader authority than what many shareholders may prefer to approve in advance.

Blended Rationale: The Company seeks an authority to provide financial assistance to any person in connection with the subscription of options or securities issued or to be issued by the Company, or in relation to the purchase of securities. This is a broader authority than what many shareholders may prefer to approve in advance.

3 Approve Financial Assistance in Terms of For For Section 45 of the Companies Act

4 Authorise Repurchase of Issued Share Capital For For

Norwegian Finans Holding ASA

Meeting Date: 11/26/2018 Country: Norway Meeting Type: Special Ticker: NOFI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Open Meeting; Registration of Attending For For Shareholders and Proxies

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Norwegian Finans Holding ASA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

Blended Rationale: These are routine meeting formalities.

2 Elect Chairman of Meeting; Designate For For Inspector(s) of Minutes of Meeting

Blended Rationale: These are routine meeting formalities.

3 Approve Notice of Meeting and Agenda For For

Blended Rationale: These are routine meeting formalities.

4 Instruct Board to Initiate Process to Apply for Against Against Secondary Listing on the Main Market of the London Stock Exchange Voter Rationale: No rationale provided.

Blended Rationale: No rationale provided.

Bid Corp. Ltd.

Meeting Date: 11/27/2018 Country: South Africa Meeting Type: Annual Ticker: BID

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Reappoint KPMG as Auditors of the Company For For with Mohammed Hassan as the Individual Registered Auditor

2.1 Re-elect Douglas Band as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2.2 Re-elect Bernard Berson as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2.3 Re-elect Nigel Payne as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

3.1 Re-elect Paul Baloyi as Member of the Audit and For For Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

3.2 Re-elect Nigel Payne as Member of the Audit For For and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Bid Corp. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3.3 Re-elect Helen Wiseman as Chairman of the For For Audit and Risk Committee

Blended Rationale: A vote FOR this item is warranted: * All of the members of the Audit Committee are independent.

4.1 Approve Remuneration Policy For For

4.2 Approve Implementation of Remuneration Policy For For

5 Place Authorised but Unissued Shares under For For Control of Directors

6 Authorise Board to Issue Shares for Cash For For

7 Approve Pro Rata Reduction of Stated Capital in For For lieu of Dividend

8 Authorise Creation and Issuance of Convertible For For Debentures or Other Convertible Instruments

9 Authorise Ratification of Approved Resolutions For For

1 Authorise Repurchase of Issued Share Capital For For

2.1 Approve Fees of the Chairman For For

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.2 Approve Fees of the Lead Independent For For Non-executive Director

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.3.1 Approve Fees of the Non-executive Directors For For (SA)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.3.2 Approve Fees of the Non-executive Directors For For (International)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.4.1 Approve Fees of the Audit and Risk Committee For For Chairman

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.4.2 Approve Fees of the Audit and Risk Committee For For Member (SA)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Bid Corp. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.4.3 Approve Fees of the Audit and Risk Committee For For Member (International)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.5.1 Approve Fees of the Remuneration Committee For For Chairman

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.5.2 Approve Fees of the Remuneration Committee For For Member (SA)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.5.3 Approve Fees of the Remuneration Committee For For Member (International)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.6.1 Approve Fees of the Nominations Committee For For Chairman

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.6.2 Approve Fees of the Nominations Committee For For Member (SA)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.6.3 Approve Fees of the Nominations Committee For For Member (International)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.7.1 Approve Fees of the Acquisitions Committee For For Chairman

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.7.2 Approve Fees of the Acquisitions Committee For For Member (SA)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.7.3 Approve Fees of the Acquisitions Committee For For Member (International)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.8.1 Approve Fees of the Social and Ethics For For Committee Chairman

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Bid Corp. Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.8.2 Approve Fees of the Social and Ethics For For Committee Member (SA)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.8.3 Approve Fees of the Social and Ethics For For Committee Member (International)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.9.1 Approve Fees of the Ad hoc Meetings (SA) For For

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

2.9.2 Approve Fees of the Ad hoc Meetings For For (International)

Blended Rationale: A vote FOR this item is warranted: * The proposed fees appear to be in line with what comparable South African companies are offering to their NEDs. No major concerns are raised.

3 Approve Financial Assistance to Related or For For Inter-related Companies and Corporations

Diamondback Energy, Inc.

Meeting Date: 11/27/2018 Country: USA Meeting Type: Special Ticker: FANG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Issue Shares in Connection with Merger For For

Blended Rationale: Referred to Schroders for internal consideration.

Fosun International Ltd.

Meeting Date: 11/27/2018 Country: Hong Kong Meeting Type: Special Ticker: 656

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Adopt Yuyuan Tranche I Share Option Incentive For Against Scheme

Blended Rationale: Vote against if NEDs are granted options

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Harvey Norman Holdings Ltd.

Meeting Date: 11/27/2018 Country: Australia Meeting Type: Annual Ticker: HVN

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve the Remuneration Report For For

3 Elect Michael John Harvey as Director For For

4 Elect Christopher Herbert Brown as Director For For

5 Elect John Evyn Slack-Smith as Director For For

6 Approve Grant of Performance Rights to Gerald For For Harvey

7 Approve Grant of Performance Rights to Kay For For Lesley Page

8 Approve Grant of Performance Rights to John For For Evyn Slack-Smith

9 Approve Grant of Performance Rights to David For For Matthew Ackery

10 Approve Grant of Performance Rights to Chris For For Mentis

JPMorgan Global Emerging Markets Income Trust Plc

Meeting Date: 11/27/2018 Country: United Kingdom Meeting Type: Annual Ticker: JEMI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Remuneration Policy For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

3 Approve Remuneration Report For For

4 Elect Mark Edwards as Director For For

Blended Rationale: A vote FOR the election/re-election of Mark Edwards, Sarah Fromson, Richard Robinson and Caroline Gulliver is warranted because no significant concerns have been identified.

5 Re-elect Sarah Fromson as Director For For

Blended Rationale: A vote FOR the election/re-election of Mark Edwards, Sarah Fromson, Richard Robinson and Caroline Gulliver is warranted because no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

JPMorgan Global Emerging Markets Income Trust Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6 Re-elect Richard Robinson as Director For For

Blended Rationale: A vote FOR the election/re-election of Mark Edwards, Sarah Fromson, Richard Robinson and Caroline Gulliver is warranted because no significant concerns have been identified.

7 Re-elect Caroline Gulliver as Director For For

Blended Rationale: A vote FOR the election/re-election of Mark Edwards, Sarah Fromson, Richard Robinson and Caroline Gulliver is warranted because no significant concerns have been identified.

8 Reappoint Ernst & Young LLP as Auditors and For For Authorise Their Remuneration

9 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.

10 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.

11 Authorise Market Purchase of Ordinary Shares For For

12 Approve Continuation of Company as For For Investment Trust

13 Approve Dividend Policy For For

LaSalle Hotel Properties

Meeting Date: 11/27/2018 Country: USA Meeting Type: Special Ticker: LHO

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Merger Agreement For For

Blended Rationale: Referred to Schroders for internal consideration.

2 Advisory Vote on Golden Parachutes For Against

Voter Rationale: We are not supportive of Golden Parachutes

Blended Rationale: We are not supportive of Golden Parachutes

3 Adjourn Meeting For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Pebblebrook Hotel Trust

Meeting Date: 11/27/2018 Country: USA Meeting Type: Special Ticker: PEB

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Issue Shares in Connection with Acquisition For For

Blended Rationale: Referred to Schroders for internal consideration.

2 Adjourn Meeting For For

Safran SA

Meeting Date: 11/27/2018 Country: France Meeting Type: Special Ticker: SAF

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorize Repurchase of Up to 10 Percent of For For Issued Share Capital

2 Approve Merger by Absorption of Zodiac For For Aerospace by Safran

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

3 Amend Article 10 of Bylaws Re: Voting Rights For For

4 Authorize Filing of Required Documents/Other For For Formalities

SEEK Ltd.

Meeting Date: 11/27/2018 Country: Australia Meeting Type: Annual Ticker: SEK

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve the Remuneration Report For Against

Voter Rationale: ASX200 stocks in the bottom quartile on NTA growth

Blended Rationale: ASX200 stocks in the bottom quartile on NTA growth

3a Elect Graham Goldsmith as Director For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

SEEK Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3b Elect Michael Wachtel as Director For For

4 Approve the Grant of Equity Right to Andrew For Against Bassat Voter Rationale: on the basis that the grant has no performance hurdles or gateway measures, which is inconsistent with market practice. The grant is subject to ongoing employment and as such appears simply as deferred fixed remuneration.

Blended Rationale: on the basis that the grant has no performance hurdles or gateway measures, which is inconsistent with market practice. The grant is subject to ongoing employment and as such appears simply as deferred fixed remuneration.

5 Approve the Grant of Wealth Sharing Plan For Against Rights to Andrew Bassat Voter Rationale: The quantum of the award is excessive given that the number of rights granted is based on a heavily discounted fair value rather than the more commonly accepted face value. Fair value incorporates thepossibility that the hurdle may not be achieved.The company's TSR performance over the past five years has been 22.0 percent per annum which suggests that the share price growth rate hurdle of 6.1 percent is insufficiently rigorous and misaligned

Blended Rationale: The quantum of the award is excessive given that the number of rights granted is based on a heavily discounted fair value rather than the more commonly accepted face value. Fair value incorporates thepossibility that the hurdle may not be achieved.The company's TSR performance over the past five years has been 22.0 percent per annum which suggests that the share price growth rate hurdle of 6.1 percent is insufficiently rigorous and misaligned

China Aircraft Leasing Group Holdings Ltd.

Meeting Date: 11/28/2018 Country: Cayman Islands Meeting Type: Special Ticker: 1848

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Second CE Supplemental Deposit For For Services Framework Agreement, New Annual Caps and Related Transactions

2 Approve Second CE Supplemental Loan Services For For Framework Agreement, New Annual Caps and Related Transactions

3 Approve Second CE Supplemental Assignment For For of Finance Lease ReceivablesFramework Agreement, New Annual Caps and Related Transactions

4 Approve Second ARI Supplemental For For Shareholders' Loan and Guarantee Agreement, New Annual Caps and Related Transactions

China Merchants China Direct Investments Ltd.

Meeting Date: 11/28/2018 Country: Hong Kong Meeting Type: Special Ticker: 133

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

China Merchants China Direct Investments Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Zhang Jian as Director For For

2 Approve the New Management Agreement and For For the Proposed Annual Caps

Dino Polska SA

Meeting Date: 11/28/2018 Country: Poland Meeting Type: Special Ticker: DNP

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Elect Meeting Chairman For For

Blended Rationale: A vote FOR 2 is warranted because this is a routine meeting formality.Items 1 and 3 are non-voting.

4 Approve Merger by Absorption with Pol-Food For For Polska Sp. z o.o.

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Microsoft Corp.

Meeting Date: 11/28/2018 Country: USA Meeting Type: Annual Ticker: MSFT

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director William H. Gates, III For For

1.2 Elect Director Reid G. Hoffman For For

1.3 Elect Director Hugh F. Johnston For For

1.4 Elect Director Teri L. List-Stoll For For

1.5 Elect Director Satya Nadella For For

1.6 Elect Director Charles H. Noski For For

1.7 Elect Director Helmut Panke For For

1.8 Elect Director Sandra E. Peterson For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Microsoft Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.9 Elect Director Penny S. Pritzker For For

1.10 Elect Director Charles W. Scharf For For

1.11 Elect Director Arne M. Sorenson For For

1.12 Elect Director John W. Stanton For For

1.13 Elect Director John W. Thompson For For

1.14 Elect Director Padmasree Warrior For For

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

Blended Rationale: The minimum vesting period is less than three years.

3 Ratify Deloitte & Touche LLP as Auditors For For

Phoenix Group Holdings Ltd.

Meeting Date: 11/28/2018 Country: Cayman Islands Meeting Type: Court Ticker: PHNX

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Scheme of Arrangement For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Phoenix Group Holdings Ltd.

Meeting Date: 11/28/2018 Country: Cayman Islands Meeting Type: Special Ticker: PHNX

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Matters Relating to the Scheme For For

2 Approve Cancellation of Share Premium Account For For

3 Approve Long Term Incentive Plan For For

4 Approve Deferred Bonus Share Scheme For For

5 Approve Sharesave Scheme For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Phoenix Group Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6 Approve Share Incentive Plan For For

7 Approve Irish Share Incentive Plan For For

8 Approve Irish Sharesave Scheme For For

The Restaurant Group Plc

Meeting Date: 11/28/2018 Country: United Kingdom Meeting Type: Special Ticker: RTN

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Acquisition of Mabel Topco Limited For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

2 Authorise Issue of Equity in Connection with the For For Rights Issue

T-Mobile US, Inc.

Meeting Date: 11/28/2018 Country: USA Meeting Type: Written Consent Ticker: TMUS

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Issue Shares in Connection with Merger For For

Blended Rationale: Referred to Schroders for internal consideration.

2a Increase Authorized Common Stock For For

Blended Rationale: Referred to Schroders for internal consideration.

2b Amend the Director Designation Rights of For For Deutsche Telekom AG and Add Director Designation Rights of SoftBank Group Corp.

Blended Rationale: Referred to Schroders for internal consideration.

2c Approve the Addition of Approval Rights of For For SoftBank Group Corp.

Blended Rationale: Referred to Schroders for internal consideration.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Westgold Resources Ltd.

Meeting Date: 11/28/2018 Country: Australia Meeting Type: Annual Ticker: WGX

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For For

2 Elect Peter Newton as Director For For

3 Elect Suresh Shet as Director For For

4 Approve Grant of Securities to Peter Cook under For For the Westgold Resources Limited Employee Share Option Plan

5 Approve Grant of Securities to Johannes For For Norregaard under the Westgold Resources Limited Employee Share Option Plan

6 Ratify Past Issuance of Shares to Golden Energy For For and Resources Limited

7 Ratify Past Issuance of Shares to S2 Resources For For Limited

Bank of Queensland Ltd.

Meeting Date: 11/29/2018 Country: Australia Meeting Type: Annual Ticker: BOQ

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Elect Richard Haire as Director For For

3 Approve the Amendments to the Company's For For Constitution

4 Approve the Grant of Performance Award Rights For For to Jon Earle Sutton

5 Approve the Remuneration Report For For

Blended Rationale: Referred to Schroders for internal consideration.The Board exercised its discretion.

Blue Label Telecoms Ltd.

Meeting Date: 11/29/2018 Country: South Africa Meeting Type: Annual Ticker: BLU

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Blue Label Telecoms Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Re-elect Gary Harlow as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2 Re-elect Brett Levy as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

3 Re-elect Jerry Vilakazi as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

4 Reappoint PricewaterhouseCoopers For For Incorporated as Auditors of the Company

5 Re-elect Joe Mthimunye as Chairman of the For For Audit, Risk and Compliance Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

6 Re-elect Gary Harlow as Member of the Audit, For For Risk and Compliance Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

7 Re-elect Jerry Vilakazi as Member of the Audit, For For Risk and Compliance Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

8 Re-elect Phuti Mahanyele as Member of the For For Audit, Risk and Compliance Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

9 Approve Remuneration and Reward Policy For For

10 Approve Remuneration Implementation Report For For

11 Authorise Ratification of Approved Resolutions For For

1 Approve Non-executive Directors' Remuneration For For

2 Authorise Repurchase of Issued Share Capital For For

3 Approve Financial Assistance in Terms of For Against Sections 44 and 45 of the Companies Act Voter Rationale: The Company seeks an authority to provide financial assistance to any person in connection with the subscription of options or securities issued or to be issued by the Company, or in relation to the purchase of securities. This is a broader authority than what many shareholders may prefer to approve in advance.

Blended Rationale: The Company seeks an authority to provide financial assistance to any person in connection with the subscription of options or securities issued or to be issued by the Company, or in relation to the purchase of securities. This is a broader authority than what many shareholders may prefer to approve in advance.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Chr. Hansen Holding A/S

Meeting Date: 11/29/2018 Country: Denmark Meeting Type: Annual Ticker: CHR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Accept Financial Statements and Statutory For For Reports

3 Approve Allocation of Income and Dividends of For For DKK 6.47 Per Share

4 Approve Remuneration of Directors in the For For Amount of DKK 1.2 Million for Chair, DKK 800,000 for Vice-Chair and DKK 400,000 for Other Directors; Approve Remuneration for Committee Work

5 Approve Company Announcements in English For For

6a Elect Dominique Reiniche (Chairman) as For For Director

Blended Rationale: Votes FOR candidates Dominique Reiniche (Item 6a), Luis Cantarell Rocamora (Item 6bb), Heidi Kleinbach-Sauter (Item 6bc), Kristian Villumsen (Item 6be), Mark Anthony Wilson (Item 6bf), and Niels Peder Nielsen (Item 6bd) are warranted due to a general lack of concern regarding the composition of the board or its committees.A vote ABSTAIN is warranted for candidate Jesper Brandgaard (Item 6ba) as he serves as non-executive chairman at one other listed company and as executive at one other listed company.

6ba Reelect Jesper Brandgaard as Director For For

Blended Rationale: Votes FOR candidates Dominique Reiniche (Item 6a), Luis Cantarell Rocamora (Item 6bb), Heidi Kleinbach-Sauter (Item 6bc), Kristian Villumsen (Item 6be), Mark Anthony Wilson (Item 6bf), and Niels Peder Nielsen (Item 6bd) are warranted due to a general lack of concern regarding the composition of the board or its committees.A vote ABSTAIN is warranted for candidate Jesper Brandgaard (Item 6ba) as he serves as non-executive chairman at one other listed company and as executive at one other listed company.

6bb Reelect Luis Cantarell as Director For For

Blended Rationale: Votes FOR candidates Dominique Reiniche (Item 6a), Luis Cantarell Rocamora (Item 6bb), Heidi Kleinbach-Sauter (Item 6bc), Kristian Villumsen (Item 6be), Mark Anthony Wilson (Item 6bf), and Niels Peder Nielsen (Item 6bd) are warranted due to a general lack of concern regarding the composition of the board or its committees.A vote ABSTAIN is warranted for candidate Jesper Brandgaard (Item 6ba) as he serves as non-executive chairman at one other listed company and as executive at one other listed company.

6bc Reelect Heidi Kleinbach-Sauter as Director For For

Blended Rationale: Votes FOR candidates Dominique Reiniche (Item 6a), Luis Cantarell Rocamora (Item 6bb), Heidi Kleinbach-Sauter (Item 6bc), Kristian Villumsen (Item 6be), Mark Anthony Wilson (Item 6bf), and Niels Peder Nielsen (Item 6bd) are warranted due to a general lack of concern regarding the composition of the board or its committees.A vote ABSTAIN is warranted for candidate Jesper Brandgaard (Item 6ba) as he serves as non-executive chairman at one other listed company and as executive at one other listed company.

6bd Elect Niels Peder Nielsen as New Director For For

Blended Rationale: Votes FOR candidates Dominique Reiniche (Item 6a), Luis Cantarell Rocamora (Item 6bb), Heidi Kleinbach-Sauter (Item 6bc), Kristian Villumsen (Item 6be), Mark Anthony Wilson (Item 6bf), and Niels Peder Nielsen (Item 6bd) are warranted due to a general lack of concern regarding the composition of the board or its committees.A vote ABSTAIN is warranted for candidate Jesper Brandgaard (Item 6ba) as he serves as non-executive chairman at one other listed company and as executive at one other listed company.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Chr. Hansen Holding A/S

Proposal Vote Number Proposal Text Mgmt Rec Instruction

6be Reelect Kristian Villumsen as Director For For

Blended Rationale: Votes FOR candidates Dominique Reiniche (Item 6a), Luis Cantarell Rocamora (Item 6bb), Heidi Kleinbach-Sauter (Item 6bc), Kristian Villumsen (Item 6be), Mark Anthony Wilson (Item 6bf), and Niels Peder Nielsen (Item 6bd) are warranted due to a general lack of concern regarding the composition of the board or its committees.A vote ABSTAIN is warranted for candidate Jesper Brandgaard (Item 6ba) as he serves as non-executive chairman at one other listed company and as executive at one other listed company.

6bf Reelect Mark Wilson as Director For For

Blended Rationale: Votes FOR candidates Dominique Reiniche (Item 6a), Luis Cantarell Rocamora (Item 6bb), Heidi Kleinbach-Sauter (Item 6bc), Kristian Villumsen (Item 6be), Mark Anthony Wilson (Item 6bf), and Niels Peder Nielsen (Item 6bd) are warranted due to a general lack of concern regarding the composition of the board or its committees.A vote ABSTAIN is warranted for candidate Jesper Brandgaard (Item 6ba) as he serves as non-executive chairman at one other listed company and as executive at one other listed company.

7 Ratify PricewaterhouseCoopers as Auditors For For

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

CME Group, Inc.

Meeting Date: 11/29/2018 Country: USA Meeting Type: Special Ticker: CME

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Eliminate All or Some of the Class B Election For For Rights

CNH Industrial NV

Meeting Date: 11/29/2018 Country: Netherlands Meeting Type: Special Ticker: CNHI

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.a Elect Hubertus M. Mühlhäuser as Executive For For Director

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

CNH Industrial NV

Proposal Vote Number Proposal Text Mgmt Rec Instruction

Blended Rationale: A vote FOR the election of Hubertus Muehlhaeuser (Item 2a) is warranted because: * The nominee is elected for a period not exceeding four years; * The candidate appears to possess the necessary qualifications for board membership; and * There is no known controversy concerning the candidate. A vote AGAINST nominee Suzanne Heywood is warranted because her role as executive chairman is in deviation of local market practices. Dutch law provides that the role of chairman cannot be fulfilled by an executive director. In addition, the nominee is also a member of the remuneration committee, without the company providing compelling information she will step down from this role, which is not in line with good governance practices.

2.b Elect Suzanne Heywood as Executive Director For Against

Voter Rationale: An Executive Chairman is against best practice in the Netherlands.

Blended Rationale: An Executive Chairman is against best practice in the Netherlands.

Collection House Ltd.

Meeting Date: 11/29/2018 Country: Australia Meeting Type: Annual Ticker: CLH

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Elect Leigh George Berkley as Director For For

2 Elect Sandra Birkensleigh as Director For For

3 Elect Catherine McDowell as Director For For

4 Approve Remuneration Report For For

5 Approve Conditional Spill Resolution Against Against

6 Elect Rade Dudurovic as Director Against Against

7 Elect John Toigo as Director Against Against

Dunelm Group Plc

Meeting Date: 11/29/2018 Country: United Kingdom Meeting Type: Annual Ticker: DNLM

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Accept Financial Statements and Statutory For For Reports

2 Approve Final Dividend For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Dunelm Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Re-elect Will Adderley as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

4 Elect Nick Wilkinson as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

5 Elect Laura Carr as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

6 Re-elect Andy Harrison as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

7 Re-elect Andy Harrison as Director For For (Independent Shareholder Vote)

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

8 Re-elect Marion Sears as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Dunelm Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

9 Re-elect Marion Sears as Director (Independent For For Shareholder Vote)

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

10 Re-elect Liz Doherty as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

11 Re-elect Liz Doherty as Director (Independent For For Shareholder Vote)

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

12 Re-elect William Reeve as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

13 Re-elect William Reeve as Director For For (Independent Shareholder Vote)

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

14 Re-elect Peter Ruis as Director For For

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Dunelm Group Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

15 Re-elect Peter Ruis as Director (Independent For For Shareholder Vote)

Blended Rationale: Items 3-7, 10-15 A vote FOR these items is warranted as no significant concerns have been identified. Items 8 and 9 A vote FOR these items is warranted, although it is not without concern for shareholders: * Marion Sears is a non-independent NED on a Board with a composition of only 43% independent NEDs (not counting the Board Chair), and a Nomination Committee which does not comprise at least a majority of independent NEDs. The main reasons for support are: * The Company states an intention to appoint a further independent NED to the Board; and * Marion Sears does not sit on the Audit or Remuneration Committees.

16 Approve Remuneration Report For For

17 Reappoint PricewaterhouseCoopers LLP as For For Auditors

18 Authorise Board to Fix Remuneration of Auditors For For

19 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.

20 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.

21 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.

22 Authorise Market Purchase of Ordinary Shares For For

23 Authorise the Company to Call General Meeting For For with Two Weeks' Notice

EssilorLuxottica SA

Meeting Date: 11/29/2018 Country: France Meeting Type: Annual/Special Ticker: EL

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Policy of Executive For For Corporate Officers

Blended Rationale: A vote AGAINST this remuneration policy is warranted because: * The company fails to provide sufficient rationale to support significant overall compensation package increase for both executives; * There is an overall lack of visibility on Del Vecchio's future termination package; and * There is a lack of disclosure on the compensation of a possible future chairman.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

EssilorLuxottica SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2 Approve Remuneration of Directors in the For For Aggregate Amount of EUR 2 Million

3 Ratify Appointment of Sabrina Pucci as Director For For

4 Authorize Repurchase of Up to 10 Percent of For For Issued Share Capital

5 Authorize Decrease in Share Capital via For For Cancellation of Repurchased Shares

6 Authorize Capital Issuances for Use in Employee For For Stock Purchase Plans

7 Authorize up to 2.5 Percent of Issued Capital for For For Use in Restricted Stock Plans

Blended Rationale: A vote AGAINST this item is warranted because the performance conditions allow for re-testing.

8 Authorize up to 0.5 Percent of Issued Capital for For For Use in Stock Option Plans

Blended Rationale: A vote AGAINST this resolution is warranted because no information is available on the nature of performance conditions.

9 Authorize Restricted Stock Plans in Favor of For For Luxottica Employees

10 Authorize Filing of Required Documents/Other For For Formalities

FAST RETAILING CO., LTD.

Meeting Date: 11/29/2018 Country: Japan Meeting Type: Annual Ticker: 9983

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Elect Director Yanai, Tadashi For For

1.2 Elect Director Hambayashi, Toru For Against

Blended Rationale: Vote Against individuals where outside director not classified as independent by ISS AND additional criteria that outsiders with tenures 9> not considered independent

1.3 Elect Director Hattori, Nobumichi For Against

Blended Rationale: Vote Against individuals where outside director not classified as independent by ISS AND additional criteria that outsiders with tenures 9> not considered independent

1.4 Elect Director Shintaku, Masaaki For For

1.5 Elect Director Nawa, Takashi For For

1.6 Elect Director Ono, Naotake For For

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

FAST RETAILING CO., LTD.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.7 Elect Director Okazaki, Takeshi For Against

Blended Rationale: Vote Against individuals where additional insiders nominated where board already lacks 2 independent outsiders

1.8 Elect Director Yanai, Kazumi For Against

Blended Rationale: Vote Against individuals where additional insiders nominated where board already lacks 2 independent outsiders

1.9 Elect Director Yanai, Koji For Against

Blended Rationale: Vote Against individuals where additional insiders nominated where board already lacks 2 independent outsiders

2.1 Appoint Statutory Auditor Tanaka, Akira For For

2.2 Appoint Statutory Auditor Kashitani, Takao For For

Ferguson Plc

Meeting Date: 11/29/2018 Country: Jersey Meeting Type: Annual Ticker: FERG

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 Remuneration Policy For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

4 Approve Final Dividend For For

5 Re-elect Tessa Bamford as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

6 Re-elect Gareth Davis as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

7 Re-elect John Martin as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

8 Re-elect Kevin Murphy as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

9 Re-elect Alan Murray as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Ferguson Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

10 Re-elect Michael Powell as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

11 Re-elect Darren Shapland as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

12 Re-elect Dr Nadia Shouraboura as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

13 Re-elect Jacqueline Simmonds as Director For For

Blended Rationale: A vote FOR these Directors is warranted as no significant concerns have been identified.

14 Approve Increase in the Maximum Aggregate For For Remuneration Payable to Non-executive Directors

15 Reappoint Deloitte LLP as Auditors For For

16 Authorise the Audit Committee to Fix For For Remuneration of Auditors

17 Authorise EU Political Donations and For For Expenditure

18 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.

19 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.

20 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.

21 Authorise Market Purchase of Ordinary Shares For For

FirstRand Ltd.

Meeting Date: 11/29/2018 Country: South Africa Meeting Type: Annual Ticker: FSR

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

FirstRand Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Re-elect Lulu Gwagwa as Director For For

Blended Rationale: Items 1.1, 1.2, 1.3, 1.5 and 1.6 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors Item 1.4: Re-elect Paballo Makosholo as a Director A vote AGAINST his re-election is considered warranted: * Paballo Makosholo is a not considered to be an independent NED and serves as a member of the Audit Committee which, as a result of his membership, does not comply with King IV Code Recommendations on Audit Committee independence. In absence of separate resolutions to elect or re-elect the members of the Audit Committee, support for his re-election to the Board is not considered warranted.

1.2 Re-elect Tandi Nzimande as Director For For

Blended Rationale: Items 1.1, 1.2, 1.3, 1.5 and 1.6 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors Item 1.4: Re-elect Paballo Makosholo as a Director A vote AGAINST his re-election is considered warranted: * Paballo Makosholo is a not considered to be an independent NED and serves as a member of the Audit Committee which, as a result of his membership, does not comply with King IV Code Recommendations on Audit Committee independence. In absence of separate resolutions to elect or re-elect the members of the Audit Committee, support for his re-election to the Board is not considered warranted.

1.3 Re-elect Ethel Matenge-Sebesho as Director For For

Blended Rationale: Items 1.1, 1.2, 1.3, 1.5 and 1.6 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors Item 1.4: Re-elect Paballo Makosholo as a Director A vote AGAINST his re-election is considered warranted: * Paballo Makosholo is a not considered to be an independent NED and serves as a member of the Audit Committee which, as a result of his membership, does not comply with King IV Code Recommendations on Audit Committee independence. In absence of separate resolutions to elect or re-elect the members of the Audit Committee, support for his re-election to the Board is not considered warranted.

1.4 Re-elect Paballo Makosholo as Director For For

Blended Rationale: Items 1.1, 1.2, 1.3, 1.5 and 1.6 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors Item 1.4: Re-elect Paballo Makosholo as a Director A vote AGAINST his re-election is considered warranted: * Paballo Makosholo is a not considered to be an independent NED and serves as a member of the Audit Committee which, as a result of his membership, does not comply with King IV Code Recommendations on Audit Committee independence. In absence of separate resolutions to elect or re-elect the members of the Audit Committee, support for his re-election to the Board is not considered warranted.

1.5 Elect Tom Winterboer as Director For For

Blended Rationale: Items 1.1, 1.2, 1.3, 1.5 and 1.6 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors Item 1.4: Re-elect Paballo Makosholo as a Director A vote AGAINST his re-election is considered warranted: * Paballo Makosholo is a not considered to be an independent NED and serves as a member of the Audit Committee which, as a result of his membership, does not comply with King IV Code Recommendations on Audit Committee independence. In absence of separate resolutions to elect or re-elect the members of the Audit Committee, support for his re-election to the Board is not considered warranted.

1.6 Elect Mary Vilakazi as Director For For

Blended Rationale: Items 1.1, 1.2, 1.3, 1.5 and 1.6 A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors Item 1.4: Re-elect Paballo Makosholo as a Director A vote AGAINST his re-election is considered warranted: * Paballo Makosholo is a not considered to be an independent NED and serves as a member of the Audit Committee which, as a result of his membership, does not comply with King IV Code Recommendations on Audit Committee independence. In absence of separate resolutions to elect or re-elect the members of the Audit Committee, support for his re-election to the Board is not considered warranted.

1.7 Re-elect Jannie Durand as Alternate Director For For

Blended Rationale: A vote AGAINST this candidate is considered warranted: * The Company provided no information on the scope of his role as an alternate director; and * His presence on the Board may potentially cause independence concerns.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

FirstRand Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

2.1 Reappoint Deloitte & Touche as Auditors of the For For Company

Blended Rationale: A vote FOR is warranted, as no significant concerns have been identified.

2.2 Reappoint PricewaterhouseCoopers Inc as For For Auditors of the Company

Blended Rationale: A vote FOR is warranted, as no significant concerns have been identified.

3 Place Authorised but Unissued Ordinary Shares For For under Control of Directors

4 Authorise Board to Issue Shares for Cash For For

5 Authorise Ratification of Approved Resolutions For For

1 Approve Remuneration Policy For For

Blended Rationale: A vote AGAINST this item is warranted: * There is no clarity over how variable pay awards are determined and the remuneration committee retains overarching discretion in this respect; and * The remuneration committee has very broad discretion to allow full vesting of long-term awards even when performance conditions are not fully met.

2 Approve Remuneration Implementation Report For For

Blended Rationale: A vote AGAINST this item is warranted: * The Finance Director received a 15% guaranteed package increase, which is not supported by any explanation; * Disclosure around the annual bonus is lacking: this is an ongoing issue, and it is particularly concerning given the size of the payouts; and * Targets attached to long-term awards are not considered sufficiently stretching.

1 Authorise Repurchase of Issued Share Capital For For

2 Approve Financial Assistance to Directors and For For Prescribed Officers as Employee Share Scheme Beneficiaries

Blended Rationale: Special Resolution 2: Financial assistance to directors and prescribed officers as employee share scheme beneficiaries A vote FOR this item is warranted, although it is not without concern for shareholders: * The item covers the provision of financial assistance to Directors and prescribed officers of the Company. The resolution limits financial assistance to Directors to the extent of their participation in employee incentive schemes. Under one of the Company's long-term incentive plans, the Long-term Executive Management Retention Scheme, the purchase of awards may be 'facilitated' by the Company: given the lack of detail on the facilitation, it is possible that the Company could provide loans to directors to purchase awards. Under the scheme, awards are not subject to performance conditions. The main reason for support is: * The LTEMRS was implemented in December 2016 as a one-off plan and no further awards are planned under this scheme. Special Resolution 3: Financial assistance to related and interrelated entities A vote FOR this item is warranted as: * This is a routine request, proposed as a result of the implementation of the Companies Act 2008.

3 Approve Financial Assistance to Related and For For Inter-related Entities

Blended Rationale: Special Resolution 2: Financial assistance to directors and prescribed officers as employee share scheme beneficiaries A vote FOR this item is warranted, although it is not without concern for shareholders: * The item covers the provision of financial assistance to Directors and prescribed officers of the Company. The resolution limits financial assistance to Directors to the extent of their participation in employee incentive schemes. Under one of the Company's long-term incentive plans, the Long-term Executive Management Retention Scheme, the purchase of awards may be 'facilitated' by the Company: given the lack of detail on the facilitation, it is possible that the Company could provide loans to directors to purchase awards. Under the scheme, awards are not subject to performance conditions. The main reason for support is: * The LTEMRS was implemented in December 2016 as a one-off plan and no further awards are planned under this scheme. Special Resolution 3: Financial assistance to related and interrelated entities A vote FOR this item is warranted as: * This is a routine request, proposed as a result of the implementation of the Companies Act 2008.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

FirstRand Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4 Approve Remuneration of Non-executive For For Directors

JPMorgan Claverhouse Investment Trust Plc

Meeting Date: 11/29/2018 Country: United Kingdom Meeting Type: Special Ticker: JCH

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Authorise Issue of Equity with Pre-emptive For For Rights

Blended Rationale: A vote FOR these resolutions is warranted, although it is not without concern for shareholders: * The proposed authorities are in addition to the existing authorities, which has since been substantially utilised by the Company. The main reasons for support are: * The proposed amounts and durations are within recommended limits; and * The Company has clearly explained the rationale behind the proposals.

2 Authorise Issue of Equity without Pre-emptive For For Rights

Blended Rationale: A vote FOR these resolutions is warranted, although it is not without concern for shareholders: * The proposed authorities are in addition to the existing authorities, which has since been substantially utilised by the Company. The main reasons for support are: * The proposed amounts and durations are within recommended limits; and * The Company has clearly explained the rationale behind the proposals.

Kuros Biosciences Ltd.

Meeting Date: 11/29/2018 Country: Switzerland Meeting Type: Special Ticker: KURN

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Share Re-registration Consent For For

Kuros Biosciences Ltd.

Meeting Date: 11/29/2018 Country: Switzerland Meeting Type: Special Ticker: KURN

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Kuros Biosciences Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve CHF 4.3 Million Capital Increase For For without Preemptive Rights

Blended Rationale: Votes FOR these proposals are warranted though not without concern: * The issuance requests under Items 1 and 2, when combined, would result in a high level of dilution amounting to 70 percent. * The company provides limited information on non-dilutive funding alternatives. The main reasons for support are: The company has provided a compelling rationale for the capital increases which will provide an important source of financing. Without this capital, it may face difficulties in maintaining operations at their current levels.

2 Approve CHF 1.7 Million Conditional Capital Pool For For for Bonds or Similar Debt Instruments without Preemptive Rights

Blended Rationale: Votes FOR these proposals are warranted though not without concern: * The issuance requests under Items 1 and 2, when combined, would result in a high level of dilution amounting to 70 percent. * The company provides limited information on non-dilutive funding alternatives. The main reasons for support are: The company has provided a compelling rationale for the capital increases which will provide an important source of financing. Without this capital, it may face difficulties in maintaining operations at their current levels.

3 Transact Other Business (Voting) For Against

Voter Rationale: Other business not disclosed.

Blended Rationale: Other business not disclosed.

Sandfire Resources NL

Meeting Date: 11/29/2018 Country: Australia Meeting Type: Annual Ticker: SFR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve the Remuneration Report For For

2 Elect Robert Scott as Director For For

3 Approve the Grant of Performance Rights to Karl For For M Simich

Smiles Fidelidade SA

Meeting Date: 11/29/2018 Country: Brazil Meeting Type: Special Ticker: SMLS3

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Smiles Fidelidade SA

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Add Article 42 For For

Transocean Ltd.

Meeting Date: 11/29/2018 Country: Switzerland Meeting Type: Special Ticker: RIG

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Amend Articles to Create Additional Authorized For For Share Capital to Pay the Share Consideration in the Merger

Blended Rationale: Referred to Schroders for internal consideration.

2 Issue Shares in Connection with Acquisition For For

Blended Rationale: Referred to Schroders for internal consideration.

3 Amend Articles Re: (Non-Routine) For For

Blended Rationale: Referred to Schroders for internal consideration.

Assore Ltd.

Meeting Date: 11/30/2018 Country: South Africa Meeting Type: Annual Ticker: ASR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Re-elect Thandeka Mgoduso as Director For For

Blended Rationale: A vote FOR these items is warranted: * Although some governance issues have been identified, these do not justify a vote against the Directors standing for election or re-election at this AGM.

2 Re-elect Sydney Mhlarhi as Director For For

Blended Rationale: A vote FOR these items is warranted: * Although some governance issues have been identified, these do not justify a vote against the Directors standing for election or re-election at this AGM.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Assore Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

3 Re-elect Ed Southey as Chairman of the Audit For For and Risk Committee

Blended Rationale: A vote AGAINST Item 3 is warranted: * Edward (Ed) Southey is a non-independent Audit Committee member. A vote FOR Items 4 & 5 is warranted: * Bill Urmson and Sydney Mhlarhi are independent members of the Audit Committee.

4 Re-elect Bill Urmson as Member of the Audit For For and Risk Committee

Blended Rationale: A vote AGAINST Item 3 is warranted: * Edward (Ed) Southey is a non-independent Audit Committee member. A vote FOR Items 4 & 5 is warranted: * Bill Urmson and Sydney Mhlarhi are independent members of the Audit Committee.

5 Re-elect Sydney Mhlarhi as Member of the Audit For For and Risk Committee

Blended Rationale: A vote AGAINST Item 3 is warranted: * Edward (Ed) Southey is a non-independent Audit Committee member. A vote FOR Items 4 & 5 is warranted: * Bill Urmson and Sydney Mhlarhi are independent members of the Audit Committee.

1 Approve Remuneration Policy For Against

Voter Rationale: Lack of disclosure on short term incentives and no long-term incentive plan.

Blended Rationale: Lack of disclosure on short term incentives and no long-term incentive plan.

2 Approve Implementation Plan of the For Against Remuneration Policy Voter Rationale: Lack of disclosure

Blended Rationale: Lack of disclosure

1 Approve Remuneration of Non-executive For For Directors

2 Approve Remuneration of Executive Directors For For

3 Approve Financial Assistance in Terms of For For Section 45 of the Companies Act

Caixa Geral de Depositos SA

Meeting Date: 11/30/2018 Country: Portugal Meeting Type: Bondholder Ticker: N/A

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Merger Between the Company and its For For Subsidiaries and, in Case of Non-Approval, Exercise the Right to Judicially Oppose the Merger

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Corporacion Moctezuma SAB de CV

Meeting Date: 11/30/2018 Country: Mexico Meeting Type: Special Ticker: CMOCTEZ

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Cash Dividends of MXN 1.80 Per Share For For

2 Appoint Legal Representatives For For

Cosan SA

Meeting Date: 11/30/2018 Country: Brazil Meeting Type: Special Ticker: CSAN3

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Ratify SOPARC - Auditores Independentes S.S. For For Ltda. as the Firm to Appraise Proposed Transaction

Blended Rationale: A vote FOR these items is warranted because: * The company effectively owns 100 percent of the assets and liabilities to be spun off and absorbed; * The company has provided a reasonable rationale for the transaction; and * The transaction will not result in any transfer of cash or shares away from the company, or impact its consolidated debt level.

2 Approve Agreement for Partial Spin-Off of Cosan For For Lubrificantes e Especialidades S.A. (CLE) and Absorption of Spun-Off Assets

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

3 Approve Independent Firm's Appraisal For For

Blended Rationale: A vote FOR these items is warranted because: * The company effectively owns 100 percent of the assets and liabilities to be spun off and absorbed; * The company has provided a reasonable rationale for the transaction; and * The transaction will not result in any transfer of cash or shares away from the company, or impact its consolidated debt level.

4 Approve Partial Spin-Off of Cosan Lubrificantes For For e Especialidades S.A. (CLE) and Absorption of Spun-Off Assets

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

5 Authorize Board to Ratify and Execute Approved For For Resolutions

Grainger Plc

Meeting Date: 11/30/2018 Country: United Kingdom Meeting Type: Special Ticker: GRI

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Grainger Plc

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Acquisition of GRIP REIT plc For For

Blended Rationale: This resolution code is Referred to Schroders for case-by-case consideration.

Karoon Gas Australia Ltd.

Meeting Date: 11/30/2018 Country: Australia Meeting Type: Annual Ticker: KAR

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1 Approve Remuneration Report For Against

Blended Rationale: Vote against if the weighting of non-financial targets exceeds 50% of the bonus.

2 Elect Luciana Rachid as Director For For

3 Elect Jose Coutinho Barbosa as Director For Against

Blended Rationale: Vote against non-independent Board and committee members if independence on either is below 50%

4 Approve the Change of Company Name to For For Karoon Energy Ltd

7 Approve the Spill Resolution Against Against

Blended Rationale: A vote AGAINST this proposal is warranted given the steps taken by the board to address shareholder and investor feedback and views. These are considered positive development in the company's remuneration practice.

Korea Gas Corp.

Meeting Date: 11/30/2018 Country: South Korea Meeting Type: Special Ticker: 036460

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.2 Elect Kim Cheong-gyun as Outside Director For For

Blended Rationale: Votes FOR Items 1.2 (Kim Cheong-gyun), 1.4 (Yoo Byeong-jo) and 1.5 (Lee Gi-yeon), and votes AGAINST Items 1.1 (Kim Jong-cheol), 1.3 (Kim Hye-seon) and 1.6 (Ju Jin-woo) are warranted because: * Kim, Yoo and Lee are expected to inject industrial expertise to the board as the both nominees worked as senior executives at companies related to gas business; * Kim Jong Cheol, Kim Hye-seon and Ju Jin-woo have worked in the government and may compromise independence of the board and expose shareholders to unnecessary risks.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Korea Gas Corp.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.4 Elect Yoo Byeong-jo as Outside Director For For

Blended Rationale: Votes FOR Items 1.2 (Kim Cheong-gyun), 1.4 (Yoo Byeong-jo) and 1.5 (Lee Gi-yeon), and votes AGAINST Items 1.1 (Kim Jong-cheol), 1.3 (Kim Hye-seon) and 1.6 (Ju Jin-woo) are warranted because: * Kim, Yoo and Lee are expected to inject industrial expertise to the board as the both nominees worked as senior executives at companies related to gas business; * Kim Jong Cheol, Kim Hye-seon and Ju Jin-woo have worked in the government and may compromise independence of the board and expose shareholders to unnecessary risks.

1.5 Elect Lee Gi-yeon as Outside Director For For

Blended Rationale: Votes FOR Items 1.2 (Kim Cheong-gyun), 1.4 (Yoo Byeong-jo) and 1.5 (Lee Gi-yeon), and votes AGAINST Items 1.1 (Kim Jong-cheol), 1.3 (Kim Hye-seon) and 1.6 (Ju Jin-woo) are warranted because: * Kim, Yoo and Lee are expected to inject industrial expertise to the board as the both nominees worked as senior executives at companies related to gas business; * Kim Jong Cheol, Kim Hye-seon and Ju Jin-woo have worked in the government and may compromise independence of the board and expose shareholders to unnecessary risks.

Woolworths Holdings Ltd.

Meeting Date: 11/30/2018 Country: South Africa Meeting Type: Annual Ticker: WHL

Proposal Vote Number Proposal Text Mgmt Rec Instruction

1.1 Re-elect Patrick Allaway as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.2 Re-elect Andrew Higginson as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.3 Re-elect Gail Kelly as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

1.4 Re-elect Zyda Rylands as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

2.1 Elect Sizakele Mzimela as Director For For

Blended Rationale: A vote FOR these items is warranted: * No issues have been identified in relation to the election or re-election of these Directors.

3 Reappoint Ernst & Young Inc as Auditors of the For For Company with Johanna Cornelia de Villiers as the Designated Auditor

4.1 Re-elect Patrick Allaway as Member of the Audit For For Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

Vote Summary Report Date range covered: 11/01/2018 to 11/30/2018

Woolworths Holdings Ltd.

Proposal Vote Number Proposal Text Mgmt Rec Instruction

4.2 Re-elect Zarina Bassa as Member of the Audit For For Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

4.3 Re-elect Hubert Brody as Chairman of the Audit For For Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

4.4 Re-elect Andrew Higginson as Member of the For For Audit Committee

Blended Rationale: A vote FOR these items is warranted: * All of the members of the Audit Committee are independent.

5 Approve Remuneration Policy For For

6 Approve Remuneration Implementation Report For For

Blended Rationale: A vote AGAINST this item is warranted on account of: * The EDs have received additional LTIP awards on top of their annual allocations. The CEO received an allocation of 300% of salary – the remuneration policy framework limits the award sizes to 150% of salary. * The CEO's salary is considered to be very competitive and other EDs received above inflationary salary increases.

7 Approve Non-executive Directors' Fees For For

8 Authorise Repurchase of Issued Share Capital For For

9 Approve Financial Assistance to Related or For For Inter-related Companies

10 Approve Issuance of Shares or Options and For For Grant Financial Assistance in Terms of the Company's Share-Based Incentive Schemes