# EDGAR Filing Document

**Accession Number:** 0001592900
**File Stem:** 0001592900-26-001148
**Filing Date:** 2026-3
**Character Count:** 1287794
**Document Hash:** fb369a1c09be7ce28b98ffd5fb4046f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001592900-26-001148.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001592900-26-001148

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22961
- **FILM NUMBER:** 26736098

**BUSINESS ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alpha Architect ETF Trust
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empowered Funds ETF Trust
- **DATE OF NAME CHANGE:** 20131125
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EA Series Trust
- **CENTRAL INDEX KEY:** 0001592900

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-195493
- **FILM NUMBER:** 26736097

**BUSINESS ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073
- **BUSINESS PHONE:** 1.215.882.9983

**MAIL ADDRESS:**
- **STREET 1:** 3803 WEST CHESTER PIKE, SUITE 150
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Alpha Architect ETF Trust
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Empowered Funds ETF Trust
- **DATE OF NAME CHANGE:** 20131125

## Series and Classes Contracts Data

### Sophus Capital Emerging Market ETF (Series ID: S000101899)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000272263 | Sophus Capital Emerging Market ETF | EMEM            |

### Sophus Capital Emerging Market Small Cap ETF (Series ID: S000101900)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000272264 | Sophus Capital Emerging Market Small Cap ETF | EMSC            |

?xml version='1.0' encoding='ASCII'? ck0001592900-20260309

As filed with the U.S. Securities and Exchange Commission on March 9, 2026

File No. 333-195493

File No. 811-22961

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A**

---

| | | |
|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |  | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. |  | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. | 589 | [X] |
|  | and |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |  | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. | 592 | [X] |

---

**<u>EA Series Trust</u>**

(Exact Name of Registrant as Specified in Charter)

3803 West Chester Pike, Suite 150

Newtown Square, PA 19073

(Address of Principal Executive Offices, Zip Code)

(215) 330-4476

(Registrant's Telephone Number, including Area Code)

Michael D. Barolsky

3803 West Chester Pike, Suite 150

Newtown Square, PA 19073

(Name and Address of Agent for Service)

Copy to:

Karen Aspinall, Esq.

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

Approximate Date of Proposed Public Offering: As soon as practical after the effective date of this Registration Statement

It is proposed that this filing will become effective

[X] immediately upon filing pursuant to paragraph (b)

[ ] on ________________ pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on ________________ pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on March 9, 2026 pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box

[ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

**Prospectus**

March 9, 2026

---

| | |
|:---|:---|
| **Sophus Capital Emerging Market ETF** | Ticker Symbol: EMEM |
| **Sophus Capital Emerging Market Small Cap ETF** | Ticker Symbol: EMSC |
| *each of the above listed on The Nasdaq Stock Market LLC* | *each of the above listed on The Nasdaq Stock Market LLC* |

---

*These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.*

------

**Table of Contents**

---

| | |
|:---|:---|
| <u>[SOPHUS CAPITAL EMER](#idef1a7b76072421482ac3be3db8cca88_7)[GING MARKET](#idef1a7b76072421482ac3be3db8cca88_7)[ETF](#idef1a7b76072421482ac3be3db8cca88_7)</u> | [1](#idef1a7b76072421482ac3be3db8cca88_10) |
| <u>[SOPHUS CAPITAL EMERGING MARKET SMALL CAP](#idef1a7b76072421482ac3be3db8cca88_13)[ETF](#idef1a7b76072421482ac3be3db8cca88_13)</u> | [7](#idef1a7b76072421482ac3be3db8cca88_16) |
| <u>[ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENT OBJECTIVES AND STRATEGIES](#idef1a7b76072421482ac3be3db8cca88_37)</u> | [12](#idef1a7b76072421482ac3be3db8cca88_37) |
| <u>[ADDITIONAL INFORMATION ABOUT THE FUNDS' PRINCIPAL RISKS](#idef1a7b76072421482ac3be3db8cca88_40)</u> | [12](#idef1a7b76072421482ac3be3db8cca88_40) |
| <u>[FUND MANAGEMENT](#idef1a7b76072421482ac3be3db8cca88_43)</u> | [17](#idef1a7b76072421482ac3be3db8cca88_43) |
| <u>[APPROVAL OF ADVISORY AGREEMENT](#idef1a7b76072421482ac3be3db8cca88_46) & INVESTMENT SUB-ADVISORY AGREEMENT</u> | [18](#idef1a7b76072421482ac3be3db8cca88_46) |
| <u>[PORTFOLIO MANAGERS](#idef1a7b76072421482ac3be3db8cca88_49)</u> | [18](#idef1a7b76072421482ac3be3db8cca88_49) |
| <u>[OTHER SERVICE PROVIDERS](#idef1a7b76072421482ac3be3db8cca88_52)</u> | [19](#idef1a7b76072421482ac3be3db8cca88_52) |
| <u>[THE EXCHANGE](#idef1a7b76072421482ac3be3db8cca88_55)</u> | [19](#idef1a7b76072421482ac3be3db8cca88_55) |
| <u>[BUYING AND SELLING FUND SHARES](#idef1a7b76072421482ac3be3db8cca88_58)</u> | [19](#idef1a7b76072421482ac3be3db8cca88_58) |
| <u>[BUYING AND SELLING SHARES ON THE SECONDARY MARKET](#idef1a7b76072421482ac3be3db8cca88_61)</u> | [19](#idef1a7b76072421482ac3be3db8cca88_61) |
| <u>[ACTIVE INVESTORS AND MARKET TIMING](#idef1a7b76072421482ac3be3db8cca88_64)</u> | [21](#idef1a7b76072421482ac3be3db8cca88_64) |
| <u>[DISTRIBUTION AND SERVICE PLAN](#idef1a7b76072421482ac3be3db8cca88_67)</u> | [21](#idef1a7b76072421482ac3be3db8cca88_67) |
| <u>[NET ASSET VALUE](#idef1a7b76072421482ac3be3db8cca88_70)</u> | [21](#idef1a7b76072421482ac3be3db8cca88_70) |
| <u>[FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS](#idef1a7b76072421482ac3be3db8cca88_73)</u> | [22](#idef1a7b76072421482ac3be3db8cca88_73) |
| <u>[INVESTMENTS BY OTHER INVESTMENT COMPANIES](#idef1a7b76072421482ac3be3db8cca88_76)</u> | [22](#idef1a7b76072421482ac3be3db8cca88_76) |
| <u>[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#idef1a7b76072421482ac3be3db8cca88_79)</u> | [22](#idef1a7b76072421482ac3be3db8cca88_79) |
| <u>[FINANCIAL HIGHLIGHTS](#idef1a7b76072421482ac3be3db8cca88_82)</u> | [24](#idef1a7b76072421482ac3be3db8cca88_82) |

---

------

**SOPHUS CAPITAL EMERGING MARKET ETF**

Fund Summary

**INVESTMENT OBJECTIVE**

The Sophus Capital Emerging Market ETF (the "Fund") seeks to provide long-term capital appreciation.

**FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table or example.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fee | 0.65% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.00% |
| Total Annual Fund Operating Expenses | **0.65%** |

---

<sup>1</sup> Other Expenses are estimated for the current fiscal year.

**EXAMPLE**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated and then hold or sell all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **One Year:** | **Three Years:** |
| $66 | $208 |

---

**PORTFOLIO TURNOVER**

The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in a diversified portfolio of equity securities issued by companies in emerging markets. Under normal circumstances, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) will be invested in equity securities of emerging market companies. "Equity securities" include listed common and preferred stock, depositary receipts (such as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs")), as well as ETFs that provide exposure to emerging market equities. The Fund may invest in companies of any size.

An "emerging market country" is generally defined as one that (1) is included in the MSCI Emerging Market or Frontier Market indices, (2) is classified as emerging or developing by the International Finance Corporation, the World Bank, or the United Nations, or (3) has economies, industries, and stock markets with similar characteristics. An "emerging market company" is defined as one that (1) is organized under the laws of, or has its principal office in, an emerging market country, (2) derives at least 50% of its revenue from goods or services in emerging markets, or (3) has its principal securities market located in an emerging market country. The list of countries designated as emerging markets, and the Fund's actual holdings, may change over time.

The Fund's strategy seeks to build a diversified portfolio of holdings in companies positioned for sustainable earnings growth at attractive valuations. Consilium Investment Management, dba Sophus Capital (the "Sub-Adviser") believes that positive earnings revisions can act as catalysts for stock price appreciation. The Sub-Adviser's investment process is designed to exploit inefficiencies in emerging markets. Specifically, the Sub-Adviser believes these markets suffer from bias, information limitations, and access constraints:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Bias**: Human biases against certain countries, sectors, or companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Information Limitations**: Variability in the quality, depth, and timing of information across markets, compounded by differing regulatory and accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Access Constraints**: Access to information can be challenging in emerging markets due to distant travel, identification of key decision makers, different management and governance models, and lack of accessibility to governments and regulators. In addition, the medium sized and smaller companies tend to have more limited research coverage, particularly in those lower in the market-cap spectrum.

The Sub-Adviser employs both quantitative screening and fundamental analysis. The process begins with its proprietary Sophus Capital Emerging Markets Alpha Model (the "Model"), which ranks more than 6,000 companies across emerging markets on a scale of 1 to 100. Rankings emphasize improving earnings growth at attractive valuations, with earnings revisions and potential positive surprises as key performance drivers. Companies in the top quintile undergo further fundamental research, including analysis of financial statements, growth prospects, business strategy, value creation, competitive position, management quality, market standing, and the broader political and economic environment. The fundamental review also looks for companies that demonstrate improving fundamentals, positive earnings revisions and the ability to sustain these characteristics. The Sub-Adviser also seeks to meet annually with as many company management teams as possible to deepen its understanding of its fundamental research.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940, which allows it to take larger positions in fewer issuers. This increases the potential impact—positive or negative—of any single issuer's performance on overall returns.

The Sub-Adviser regularly reviews the Fund's holdings and may sell securities when (1) a security's rank deteriorates under the Model, (2) price appreciation reduces its attractiveness, (3) the company's fundamental outlook changes, or (4) more compelling investment opportunities arise. As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%.

**PRINCIPAL INVESTMENT RISKS**

An investment in the Fund involves risk, including those described below. *There is no assurance that the Fund will achieve its investment objective*. An investor may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. More complete risk descriptions are set forth below under the heading "*Additional Information About the Funds' Principal Investment Risks.*"

**Large-Capitalization Companies Risk**. Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.

**Mid-Capitalization Companies Risk.** Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. Often mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

**Small-Capitalization Companies Risk.** Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Small-capitalization companies often have less predictable earnings, more limited product lines, markets, distribution channels and financial resources, and the management of such companies may be dependent upon one or few people. Price movements of small-capitalization companies may be more volatile than mid-capitalization and large-capitalization companies. Adverse market or economic conditions may adversely affect the liquidity of the Fund's investments in small-capitalization companies and may lead to increased redemptions. In addition, the Fund may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.

**Investment Risk.** When you sell your Shares, they could be worth less than what you paid for them. The Fund could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises, and environmental disasters such as earthquakes, fire, and floods, may add to instability in world economies and volatility in markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Fiscal and monetary policy changes, inflation rates and interest rate levels may add to instability in global markets. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a

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general downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you may lose money by investing in the Fund.

**Non-Diversification Risk.** Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

**Equity Investing Risk.** An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally. Price changes may be temporary or last for extended periods.

**Growth Stock Investment Risk**. Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments. Growth stocks tend to trade at a premium when analyzed using tradition valuation metrics such as price-to-earnings ratio and price-to-book ratio. Due to this premium valuation, growth stocks tend to be more susceptible to big price swings. In bull markets, they tend to rise at a much faster pace than the overall market, and they tend to decline at a more rapid rate in bear markets.

**Value Stock Investment Risk.** The Fund may invest in what the Sub-Adviser considers to be value stocks. A value stock may not increase in price if other investors fail to recognize the company's value or the markets favor faster-growing companies. Investing in or having exposure to "value" stocks presents the risk that the stocks may never reach what the Sub-Adviser believes are their full market values, either because the market fails to recognize what the Sub-Adviser considers to be the companies' true business values, including its assessment of their intangible value, or because the Sub-Adviser misjudged the company's value. For any particular stock, there can be no assurances that the market will reflect the fair value of the stock, and it may remain undervalued.

**Momentum Style Risk.** Investing in or having exposure to securities with positive earnings revisions typically entails investing in securities that have had positive recent price action. These securities may be more volatile than a broad cross-section of securities. Returns on securities that have previously exhibited positive momentum may be less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments, and stocks that previously exhibited high momentum may not experience continued high price action. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a fund with relatively higher exposure to momentum vs its benchmark may suffer.

**Foreign Securities Risk.** Investments in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial condition or credit rating of foreign issuers may also adversely affect the value of the Fund's securities. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Depositary Receipts.** Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.

**Emerging Markets Risk**. Many emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions.

**Geographic Risk**. To the extent the Fund focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or

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region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters. The Fund's investment performance may be more volatile if it focuses its investments in certain emerging market countries.

**Chinese Investments Risk.** Investments in securities of issuers in China (including variable interest entities associated with an underlying Chinese operating company) include risks such as, but are not limited to, less developed or less efficient trading markets; heightened risk of inefficiency, volatility and pricing anomalies of portfolio holdings resulting from government control of markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; uncertainty surrounding trading suspensions; a lack of publicly available information (as compared to many other countries); and natural disasters particularly likely to occur in China. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop comprehensive securities, corporate, or commercial laws, and its economy is experiencing a relative slowdown. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Internal social unrest or confrontations with neighboring countries may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non convertibility, interest rate fluctuations, and higher rates of inflation. Investments in securities of Chinese companies are subject to China's heavy dependence on exports. Reductions in spending on Chinese products and services, institution of tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy and the values of Chinese companies. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**India Investments Risk.** Investments in Indian issuers involve risks that are specific to India, including legal, regulatory, political, currency and economic risks. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.

**Taiwan Investments Risk.** The political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue and is unlikely to be settled in the near future. Although the relationship between China and Taiwan has been improving, there is the potential for future political or economic disturbances that may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and Taiwan impractical or impossible. Any escalation of hostility between China and Taiwan would have a significant adverse impact on the value of investments in both countries and the region, which could negatively affect the value and liquidity of a Fund's investments.

**Currency Risk.** Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if a currency of a non-U.S. market in which the Fund has exposure to depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's NAV may change quickly and without warning.

**Risk of Investing in Other ETFs.** Because the Fund may invest in other ETFs, the Fund's investment performance is impacted by the investment performance of the selected underlying ETFs. An investment in the Fund is subject to the risks associated with the ETFs that then-currently comprise the Fund's portfolio. At times, certain of the segments of the market represented by the Fund's underlying ETFs may be out of favor and underperform other segments. The Fund will indirectly pay a proportional share of the expenses of the underlying ETFs in which it invests (including operating expenses and management fees).

**ETF Risks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Premium-Discount Risk.* The Shares may trade above or below their net asset value ("NAV"). The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on The

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Nasdaq Stock Market LLC (the "Exchange") or other securities exchanges. The trading price of Shares may deviate significantly from NAV during periods of market volatility or limited trading activity in Shares. In addition, you may incur the cost of the "spread," that is, any difference between the bid price and the ask price of the Shares. In addition, because securities held by the Fund may trade on foreign exchanges that are closed when its primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Trading Risk.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Risk.* Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of its underlying portfolio holdings, which can be less liquid than Shares, potentially causing the market price of Shares to deviate from its NAV. The spread varies over time for Shares of the Fund based on the Fund's trading volume and market liquidity and is generally lower if the Fund has high trading volume and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for funds that are newly launched or small in size).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Information Technology Sector Risk.* Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Financials Sector Risk.* This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's, Sub-Adviser's, or portfolio managers' success or failure to implement investment strategies for the Fund. The success of the Fund's investment program depends largely on the investment techniques and risk analyses applied by the Adviser, Sub-Adviser, and the portfolio managers and the skill of the Adviser, Sub-Adviser, and/or portfolio managers in evaluating, selecting, and monitoring the Fund's assets. The Fund could experience losses (realized and unrealized) if the judgment of the Adviser, Sub-Adviser, or portfolio managers about markets or sectors or the attractiveness of particular investments made for the Fund's portfolio prove to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of the Fund will not produce the desired results. Absent unusual circumstances (*e.g.*, the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow the Sub-Adviser's investment recommendations to buy, hold, and sell securities and financial instruments.

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**Quantitative Security Selection Risk.** Data for some companies may be less available and/or less current than data for companies in other markets. The Sub-Adviser uses quantitative models, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic and changes in the characteristic's historical trends.

**New Fund Risk.** The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**PERFORMANCE**

Performance information is not provided below because the Fund has not yet been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. Past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available at https://sophus-capital-etfs.com.

**INVESTMENT ADVISER & INVESTMENT SUB-ADVISER**

Investment Adviser: Empowered Funds, LLC dba EA Advisers (the "Adviser") <br> Investment Sub-Adviser: Consilium Investment Management, LLC dba Sophus Capital (the "Sub-Adviser")

**PORTFOLIO MANAGERS**

Michael Reynal and Maria Freund are the portfolio managers and the persons primarily responsible for the day-to-day management of the Fund. Mr. Reynal and Ms. Freund have served as portfolio managers of the Fund since inception.

**PURCHASE AND SALE OF SHARES** 

Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (at a "premium") or less than NAV (at a "discount"). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying and selling Shares in the secondary market (the "bid/ask spread").

**TAX INFORMATION** 

The Fund's distributions generally are taxable to you as ordinary income, capital gain, or some combination of both, unless your investment is made through an Individual Retirement Account ("IRA") or other tax-advantaged account. However, subsequent withdrawals from such a tax-advantaged account may be subject to U.S. federal income tax. You should consult your own tax advisor about your specific tax situation.

**PURCHASES THROUGH BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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**SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF**

Fund Summary

**INVESTMENT OBJECTIVE**

The Sophus Capital Emerging Market Small Cap ETF (the "Fund") seeks to provide long-term capital appreciation.

**FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the table or example.**

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| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| Management Fee | 0.85% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>1</sup> | 0.00% |
| Total Annual Fund Operating Expenses | **0.85%** |

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<sup>1</sup> Other Expenses are estimated for the current fiscal year.

**EXAMPLE**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated and then hold or sell all of your Shares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. You may also pay brokerage commissions on the purchase and sale of Shares, which are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | |
|:---|:---|
| **One Year:** | **Three Years:** |
| $87 | $271 |

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**PORTFOLIO TURNOVER**

The Fund may pay transaction costs, including commissions when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. As of the date of this Prospectus, the Fund has not yet commenced operations and portfolio turnover data therefore is not available.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in a diversified portfolio of small-capitalization equity securities issued by companies in emerging markets. Under normal circumstances, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) will be invested in equity securities of small-capitalization emerging market companies.

The Sub-Adviser defines a small-capitalization company as one with a market capitalization (at the time of purchase) of less than the market capitalization of the largest company included in the MSCI Emerging Markets Small Cap Index ("Index") (approximately $12.8 billion as of December 31, 2025). Company size within the Index will vary with market conditions and index composition. Company size within the Index will vary with market conditions and index composition.

For purposes of the Fund, "equity securities" include listed common and preferred stock, depositary receipts (such as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs")), and ETFs that provide exposure to emerging market equities.

An "emerging market country" is generally defined as one that (1) is included in the MSCI emerging market or frontier market indices, (2) is classified by the International Finance Corporation, the World Bank, or the United Nations as emerging or developing, or (3) exhibits economic, industrial, and market characteristics similar to those countries. An "emerging market company" is defined as one that (1) is organized under the laws of, or has its principal office in, an emerging market country, (2) derives at least 50% of its revenue from goods produced, services performed, or sales made in emerging market countries, or (3) has its principal securities

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market located in an emerging market country. The list of countries designated as emerging markets, as well as the Fund's actual holdings, will change over time.

The Fund's investment strategy targets holdings in small-capitalization emerging market companies believed to be positioned for sustainable earnings growth at attractive valuations. Consilium Investment Management, dba Sophus Capital (the "Sub-Adviser") emphasizes positive earnings revisions as potential catalysts for stock price appreciation and seeks to exploit inefficiencies in emerging markets related to bias, information limitations, and access constraints:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Bias**: Human biases against certain countries, sectors, or companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Information Limitations**: Variability in the quality, depth, and timeliness of information across markets, compounded by differing regulatory and accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access Constraints**: Access to information can be challenging in emerging markets due to distant travel, identification of key decision makers, different management and governance models, and lack of accessibility to governments and regulators. In addition, the medium sized and smaller companies tend to have more limited research coverage, particularly in those lower in the market-cap spectrum.

The Sub-Adviser employs a combination of quantitative screening and fundamental analysis. The proprietary Sophus Capital Emerging Markets Alpha Model (the "Model") ranks ~4,500 small-cap companies across emerging markets on a scale of 1 to 100, focusing on earnings growth, valuation, and potential for positive surprises. Companies in the top quintile undergo further fundamental research, including analysis of financial statements, growth prospects, business strategy, competitive position, management quality, and the broader political and economic environment. The fundamental review also looks for companies that demonstrate improving fundamentals, positive earnings revisions and the ability to sustain these characteristics. The Sub-Adviser also seeks to meet annually with as many management teams as feasible to deepen its understanding of potential investments.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended, meaning it may hold larger positions in fewer issuers. This structure can magnify the impact—positive or negative—of any single issuer's performance on the Fund's returns.

The Sub-Adviser regularly reviews the Fund's holdings and may sell securities when (1) their ranking deteriorates under the Model, (2) price appreciation reduces its attractiveness, (3) the company's fundamental outlook changes, or (4) more compelling investment opportunities arise. As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%.

**PRINCIPAL INVESTMENT RISKS**

An investment in the Fund involves risk, including those described below. *There is no assurance that the Fund will achieve its investment objective*. An investor may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. More complete risk descriptions are set forth below under the heading "*Additional Information About the Funds' Principal Investment Risks.*"

**Small-Capitalization Companies Risk.** Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Small-capitalization companies often have less predictable earnings, more limited product lines, markets, distribution channels and financial resources, and the management of such companies may be dependent upon one or few people. Price movements of small-capitalization companies may be more volatile than mid-capitalization and large-capitalization companies. Adverse market or economic conditions may adversely affect the liquidity of the Fund's investments in small-capitalization companies and may lead to increased redemptions. In addition, the Fund may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price.

**Investment Risk.** When you sell your Shares, they could be worth less than what you paid for them. The Fund could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises, and environmental disasters such as earthquakes, fire, and floods, may add to instability in world economies and volatility in markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Fiscal and monetary policy changes, inflation rates and interest rate levels may add to instability in global markets. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a

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general downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you may lose money by investing in the Fund.

**Equity Investing Risk.** An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. In addition, securities may decline in value due to factors affecting a specific issuer, market or securities markets generally. Price changes may be temporary or last for extended periods.

**Non-Diversification Risk.** Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

**Growth Stock Investment Risk**. Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments. Growth stocks tend to trade at a premium when analyzed using tradition valuation metrics such as price-to-earnings ratio and price-to-book ratio. Due to this premium valuation, growth stocks tend to be more susceptible to big price swings. In bull markets, they tend to rise at a much faster pace than the overall market, and they tend to decline at a more rapid rate in bear markets.

**Value Stock Investment Risk.** The Fund may invest in what the Sub-Adviser considers to be value stocks. A value stock may not increase in price if other investors fail to recognize the company's value or the markets favor faster-growing companies. Investing in or having exposure to "value" stocks presents the risk that the stocks may never reach what the Sub-Adviser believes are their full market values, either because the market fails to recognize what the Sub-Adviser considers to be the companies' true business values, including its assessment of their intangible value, or because the Sub-Adviser misjudged the company's value. For any particular stock, there can be no assurances that the market will reflect the fair value of the stock, and it may remain undervalued.

**Momentum Style Risk**. Investing in or having exposure to securities with positive earnings revisions typically entails investing in securities that have had positive recent price action. These securities may be more volatile than a broad cross- section of securities. Returns on securities that have previously exhibited positive momentum may be less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments, and stocks that previously exhibited high momentum may not experience continued high price action. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a fund with relatively higher exposure to momentum vs the benchmark may suffer.

**Foreign Securities Risk.** Investments in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial condition or credit rating of foreign issuers may also adversely affect the value of the Fund's securities. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Depositary Receipts.** Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.

**Emerging Markets Risk**. Many emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions.

**Geographic Risk**. To the extent the Fund focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or

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region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters. The Fund's investment performance may be more volatile if it focuses its investments in certain emerging market countries.

**Chinese Investments Risk.** Investments in securities of issuers in China (including variable interest entities associated with an underlying Chinese operating company) include risks such as, but are not limited to, less developed or less efficient trading markets; heightened risk of inefficiency, volatility and pricing anomalies of portfolio holdings resulting from government control of markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; uncertainty surrounding trading suspensions; a lack of publicly available information (as compared to many other countries); and natural disasters particularly likely to occur in China. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop comprehensive securities, corporate, or commercial laws, and its economy is experiencing a relative slowdown. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Internal social unrest or confrontations with neighboring countries may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non convertibility, interest rate fluctuations, and higher rates of inflation. Investments in securities of Chinese companies are subject to China's heavy dependence on exports. Reductions in spending on Chinese products and services, institution of tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy and the values of Chinese companies. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**India Investments Risk.** Investments in Indian issuers involve risks that are specific to India, including legal, regulatory, political, currency and economic risks. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.

**Taiwan Investments Risk.** The political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue and is unlikely to be settled in the near future. Although the relationship between China and Taiwan has been improving, there is the potential for future political or economic disturbances that may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and Taiwan impractical or impossible. Any escalation of hostility between China and Taiwan would have a significant adverse impact on the value of investments in both countries and the region, which could negatively affect the value and liquidity of a Fund's investments.

**Currency Risk.** Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if a currency of a non-U.S. market in which the Fund has exposure to depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's NAV may change quickly and without warning.

**Risk of Investing in Other ETFs.** Because the Fund may invest in other ETFs, the Fund's investment performance is impacted by the investment performance of the selected underlying ETFs. An investment in the Fund is subject to the risks associated with the ETFs that then-currently comprise the Fund's portfolio. At times, certain of the segments of the market represented by the Fund's underlying ETFs may be out of favor and underperform other segments. The Fund will indirectly pay a proportional share of the expenses of the underlying ETFs in which it invests (including operating expenses and management fees), which are identified in the fee table above as "Acquired Fund Fees and Expenses."

**ETF Risks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Premium-Discount Risk.* The Shares may trade above or below their net asset value ("NAV"). The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on The Nasdaq Stock Market LLC (the "Exchange") or other securities exchanges. The trading price of Shares may deviate significantly from NAV during periods of market volatility or limited trading activity in Shares. In addition, you may incur the cost of the "spread," that is, any difference between the bid price and the ask price of the Shares. In addition, because securities held by the Fund may trade on foreign exchanges that are closed when its primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Trading Risk.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Risk.* Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of its underlying portfolio holdings, which can be less liquid than Shares, potentially causing the market price of Shares to deviate from its NAV. The spread varies over time for Shares of the Fund based on the Fund's trading volume and market liquidity and is generally lower if the Fund has high trading volume and market liquidity, and higher if the Fund has little trading volume and market liquidity (which is often the case for funds that are newly launched or small in size).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Sector Risk.** To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund could be negatively impacted by events affecting each of these sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Information Technology Sector Risk.** Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

**Management Risk.** The Fund is actively-managed and may not meet its investment objective based on the Adviser's, Sub-Adviser's, or portfolio managers' success or failure to implement investment strategies for the Fund. The success of the Fund's investment program depends largely on the investment techniques and risk analyses applied by the Adviser, Sub-Adviser, and the portfolio managers and the skill of the Adviser, Sub-Adviser, and/or portfolio managers in evaluating, selecting, and monitoring the Fund's assets. The Fund could experience losses (realized and unrealized) if the judgment of the Adviser, Sub-Adviser, or portfolio managers about markets or sectors or the attractiveness of particular investments made for the Fund's portfolio prove to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of the Fund will not produce the desired results. Absent unusual circumstances (*e.g.*, the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow the Sub-Adviser's investment recommendations to buy, hold, and sell securities and financial instruments.

**Quantitative Security Selection Risk.** Data for some companies may be less available and/or less current than data for companies in other markets. The Sub-Adviser uses quantitative models, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic and changes in the characteristic's historical trends.

**New Fund Risk.** The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size.

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**PERFORMANCE**

Performance information is not provided below because the Fund has not yet been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. Past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available at https://sophus-capital-etfs.com.

**INVESTMENT ADVISER & INVESTMENT SUB-ADVISER**

Investment Adviser: Empowered Funds, LLC dba EA Advisers (the "Adviser") <br> Investment Sub-Adviser: Consilium Investment Management, LLC dba Sophus Capital (the "Sub-Adviser")

**PORTFOLIO MANAGERS**

Michael Reynal and Maria Freund are the portfolio managers and the persons primarily responsible for the day-to-day management of the Fund. Mr. Reynal and Ms. Freund have served as portfolio managers of the Fund since inception.

**PURCHASE AND SALE OF SHARES** 

Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (at a "premium") or less than NAV (at a "discount"). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying and selling Shares in the secondary market (the "bid/ask spread").

**TAX INFORMATION** 

The Fund's distributions generally are taxable to you as ordinary income, capital gain, or some combination of both, unless your investment is made through an Individual Retirement Account ("IRA") or other tax-advantaged account. However, subsequent withdrawals from such a tax-advantaged account may be subject to U.S. federal income tax. You should consult your own tax advisor about your specific tax situation.

**PURCHASES THROUGH BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES** 

Each Fund's investment objective is a non-fundamental investment policy and may be changed without a vote of shareholders upon prior written notice to shareholders.

**Temporary Defensive Positions.** From time to time, each Fund may take temporary defensive positions that are inconsistent with its principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. In those instances, a Fund may hold up to 100% of its assets in cash; short-term U.S. government securities and government agency securities; investment grade money market instruments; money market mutual funds; investment grade fixed income securities; repurchase agreements; commercial paper; cash equivalents; and exchange-traded investment vehicles that principally invest in the foregoing instruments. As a result of engaging in these temporary measures, a Fund may not achieve its investment objective.

**ADDITIONAL INFORMATION ABOUT THE FUNDS' PRINCIPAL INVESTMENT RISKS**

The following information is in addition to, and should be read along with, the description of each Fund's principal investment risks in the sections titled "Fund Summary—Principal Investment Risks" above. Each risk applies to all the Funds unless a Fund name is specifically noted next to the risk.

**Equity Investing Risk.** An investment in a Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. Different types of equity securities tend to go through cycles of outperformance and underperformance in comparison to the general securities markets. In addition, securities may decline in value due to factors

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affecting a specific issuer, market or securities markets generally. Recent turbulence in financial markets and reduced liquidity in credit and fixed income markets may negatively affect many issuers worldwide, which may have an adverse effect on a Fund.

**ETF Risks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* Each Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Premium-Discount Risk.* The Shares may trade above or below their net asset value ("NAV"). The market prices of Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, Shares on an Exchange or other securities exchanges. The trading price of Shares may deviate significantly from NAV during periods of market volatility or limited trading activity in Shares. In addition, you may incur the cost of the "spread," that is, any difference between the bid price and the ask price of the Shares. In addition, because securities held by each Fund may trade on foreign exchanges that are closed when its primary listing exchange is open, a Fund is likely to experience premiums and discounts greater than those of domestic ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Trading Risk.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Risk.* Although the Shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. When markets are stressed, Shares could suffer erratic or unpredictable trading activity, extraordinary volatility or wide bid/ask spreads, which could cause some market makers and APs to reduce their market activity or "step away" from making a market in ETF shares. This could cause a Fund's market price to deviate, materially, from the NAV, and reduce the effectiveness of the ETF arbitrage process. Further, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the "circuit breaker" rules, which temporarily halt trading on the Exchange when a decline in the S&P 500 Index during a single day reaches certain thresholds (*e.g.*, 7%, 13% and 20%). There can be no assurance that the requirements of the Exchange necessary to maintain the listing of each Fund will continue to be met or will remain unchanged. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of a Fund's underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Cash Redemption Risk.* The Fund's investment strategy may require it to redeem shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Currency Risk.** Because a Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if a currency of a non-U.S. market in which the Fund has exposure to depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's NAV may change quickly and without warning.

**Investment Risk.** When you sell your Shares, they could be worth less than what you paid for them. A Fund could lose money due to short-term market movements and over longer periods during market downturns. Securities may decline in value due to factors affecting securities markets generally or particular asset classes or industries represented in the markets. The value of a security may

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decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises, and environmental disasters such as earthquakes, fire, and floods, may add to instability in world economies and volatility in markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. The value of a security may also decline due to factors that affect a particular industry or group of industries. During a general downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you may lose money by investing in a Fund.

**Large-Capitalization Companies Risk.** *(Sophus Capital Emerging Market ETF)* Large-capitalization companies may trail the returns of the overall stock market. Large-capitalization stocks tend to go through cycles of doing better - or worse - than the stock market in general. These periods have, in the past, lasted for as long as several years.

**Management Risk.** Each Fund is actively-managed and may not meet its investment objective based on the Adviser's, Sub-Adviser's, or portfolio managers' success or failure to implement investment strategies for each Fund. The success of each Fund's investment program depends largely on the investment techniques and risk analyses applied by the Adviser, Sub-Adviser, and the portfolio managers and the skill of the Adviser, Sub-Adviser, and/or portfolio managers in evaluating, selecting, and monitoring a Fund's assets. Each Fund could experience losses (realized and unrealized) if the judgment of the Adviser, Sub-Adviser, or portfolio managers about markets or sectors or the attractiveness of particular investments made for a Fund's portfolio prove to be incorrect. It is possible the investment techniques and risk analyses employed on behalf of a Fund will not produce the desired results. Absent unusual circumstances (*e.g.*, the Adviser determines a different security has higher liquidity but offers a similar investment profile as a recommended security), the Adviser will generally follow the Sub-Adviser's investment recommendations to buy, hold, and sell securities and financial instruments.

**Mid-Capitalization Companies Risk.** *(Sophus Capital Emerging Market ETF)* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some of these companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies.

**Small-Capitalization Companies Risk.** Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Small-capitalization companies often have less predictable earnings, more limited product lines, markets, distribution channels and financial resources, and the management of such companies may be dependent upon one or few people. Price movements of small-capitalization companies may be more volatile than mid-capitalization and large-capitalization companies.

**New Fund Risk.** The Funds are a recently organized management investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. There can be no assurance that each Fund will grow to or maintain an economically viable size.

**Non-Diversification Risk.** A non-diversified fund may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss.

**Quantitative Security Selection Risk.** Data for some issuers may be less available and/or less current than data for issuers in other markets. The Sub-Adviser uses quantitative models in conjunction with fundamental analysis, and its processes could be adversely affected if erroneous or outdated data is utilized. In addition, securities selected using a quantitative model could perform differently from the financial markets as a whole as a result of the characteristics used in the analysis, the weight placed on each characteristic and changes in the characteristic's historical trends. The factors used in those analyses may not be predictive of a security's value and its effectiveness can change over time. These changes may not be reflected in the quantitative models.

**Risk of Investing in Other ETFs.** Because a Fund may invest in other ETFs, each Fund's investment performance is impacted by the investment performance of the selected underlying ETFs. An investment in a Fund is subject to the risks associated with the ETFs that then-currently comprise each Fund's portfolio. At times, certain of the segments of the market represented by a Fund's underlying ETFs may be out of favor and underperform other segments. Each Fund will indirectly pay a proportional share of the expenses of the underlying ETFs in which it invests (including operating expenses and management fees), which are identified in the fee table above as "Acquired Fund Fees and Expenses."

**Sector Risk.** To the extent a Fund invests more heavily in one sector or sub-sector of the market, it thereby presents a more concentrated risk and its performance will be especially sensitive to developments that significantly affect those sectors or sub-sectors.

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In addition, the value of a Fund's shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector or sub-sector of the market may have above-average performance during particular periods but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. A Fund's performance could also be affected if the sectors or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or sub-sectors may adversely affect performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Information Technology Sector Risk.** Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Financials Sector Risk.** *(Sophus Capital Emerging Market ETF)* This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

**Growth Stock Investment Risk**. Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments. Growth stocks tend to trade at a premium when analyzed using tradition valuation metrics such as price-to-earnings ratio and price-to-book ratio. Due to this premium valuation, growth stocks tend to be more susceptible to big price swings. In bull markets, they tend to rise at a much faster pace than the overall market, and they tend to decline at a more rapid rate in bear markets.

**Value Stock Investment Risk.** The Fund may invest in what the Sub-Adviser considers to be value stocks. A value stock may not increase in price if other investors fail to recognize the company's value or the markets favor faster-growing companies. Investing in or having exposure to "value" stocks presents the risk that the stocks may never reach what the Sub-Adviser believes are their full market values, either because the market fails to recognize what the Sub-Adviser considers to be the companies' true business values, including its assessment of their intangible value, or because the Sub-Adviser misjudged the company's value. For any particular stock, there can be no assurances that the market will reflect the fair value of the stock, and it may remain undervalued.

**Momentum Style Risk**. Investing in or having exposure to securities with the highest relative momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross- section of securities. Returns on securities that have previously exhibited momentum may be less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments, and stocks that previously exhibited high momentum may not experience continued highest relative momentum. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a fund using a momentum strategy may suffer.

**Foreign Securities Risk.** Investments in non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Changes to the financial condition or credit rating of foreign issuers may also adversely affect the value of the Fund's securities. Investments in non-U.S. securities may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there is also the possibility that it will be difficult to obtain or enforce legal judgments in some countries. Since foreign exchanges may be open on days when the Fund does not price its Shares, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's Shares. Conversely, Shares may trade on days when foreign exchanges are closed. Investment in foreign securities may involve higher costs than investment in

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U.S. securities, including higher transaction and custody costs as well as the imposition of additional taxes by foreign governments. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

**Emerging Markets Risk**. Many emerging market countries have a history of, and continue to experience serious, and potentially continuing, economic and political problems. Stock markets in many emerging market countries are relatively small, expensive to trade in and generally have higher risks than those in developed markets. Securities in emerging markets also may be less liquid than those in developed markets and foreigners are often limited in their ability to invest in, and withdraw assets from, these markets. Additional restrictions may be imposed under other conditions.

While some countries have made progress in economic growth, liberalization, fiscal discipline, and political and social stability, there is no assurance these trends will continue. Significant risks, such as war and terrorism, currently affect some emerging market countries. A Fund's performance will likely be hurt by exposure to countries in the midst of hyperinflation, currency devaluation, trade disagreements, sudden political upheaval, or interventionist government policies. The volatility of emerging markets may be heightened by the actions (such as significant buying or selling) of a few major investors. For example, substantial increases or decreases in cash flows of funds investing in these markets could significantly affect local securities prices and, therefore, could cause fund share prices to decline.

**Depositary Receipts.** Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer.

**Geographic Risk**. To the extent the Fund focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters. The Fund's investment performance may be more volatile if it focuses its investments in certain emerging market countries.

**Chinese Investments Risk.** Investments in securities of issuers in China (including variable interest entities associated with an underlying Chinese operating company) include risks such as, but are not limited to, less developed or less efficient trading markets; heightened risk of inefficiency, volatility and pricing anomalies of portfolio holdings resulting from government control of markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; uncertainty surrounding trading suspensions; a lack of publicly available information (as compared to many other countries); and natural disasters particularly likely to occur in China. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop comprehensive securities, corporate, or commercial laws, and its economy is experiencing a relative slowdown. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Internal social unrest or confrontations with neighboring countries may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non convertibility, interest rate fluctuations, and higher rates of inflation. Investments in securities of Chinese companies are subject to China's heavy dependence on exports. Reductions in spending on Chinese products and services, institution of tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy and the values of Chinese companies. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**India Investments Risk.** Investments in Indian issuers involve risks that are specific to India, including legal, regulatory, political, currency and economic risks. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.

**Taiwan Investments Risk.** The political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue and is unlikely to be settled in the near future. Continuing hostility between China and Taiwan may have an adverse impact on the values of a Fund's investments in both China and Taiwan, or make investment in China and Taiwan impracticable or impossible. Any escalation of hostility between China and Taiwan would likely distort Taiwan's capital accounts, as well as have a significant adverse impact on the value of a Fund's investments in both countries, and in other countries in the region.

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Taiwan has in the past shown an ability to prosper in a competitive environment on the strength of product quality, efficiency and responsiveness to market demand. This ability will continue to be tested in the future as, in addition to certain protectionist threats, Taiwan's export economy faces competition from producers in other countries with lower wage levels than those generally prevailing in Taiwan. Skilled workers and technical personnel are still relatively inexpensive in Taiwan, but unskilled labor is increasingly in short supply. Recognizing the imperatives of the more competitive Asian economy, the Taiwanese government is seeking to develop Taiwan into a regional hub for high-end manufacturing, sea and air transportation, finance, telecommunications and media. Taiwan is seeking to develop further as a service-oriented economy rather than a labor- intensive, manufacturing-oriented one. One result of the movement of industrial capacity offshore has been the reduction of the labor shortage in manufacturing.

**FUND MANAGEMENT** 

**Investment Adviser** 

Empowered Funds, LLC dba EA Advisers serves as the Funds' investment adviser (the "Adviser"). The Adviser is located at 3803 West Chester Pike, Suite 150, Newtown Square, PA 19073 and is wholly-owned by Alpha Architect, LLC. The Adviser is registered with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940 and provides investment advisory services to the Funds other exchange-traded funds, and Alpha Architect, LLC, its parent company. The Adviser was founded in October 2013.

The Adviser selects the Funds' sub-adviser and oversees the sub-adviser's management of each Fund. The Adviser is responsible for overseeing the management and business affairs of the Funds, and has discretion to purchase and sell securities in accordance with each Fund's objectives, policies and restrictions. The Adviser continuously reviews, supervises and administers each Fund's investment programs pursuant to the terms of investment advisory agreement (the "Advisory Agreement") between the Trust and the Adviser. The Adviser is entitled to an annual advisory fee based on its average daily net assets for the services and facilities it provides payable at the annual rates set forth in the table below:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Sophus Capital Emerging Market ETF | 0.65% |
| Sophus Capital Emerging Market Small Cap ETF | 0.85% |

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The Adviser (or an affiliate of the Adviser) bears all of the Adviser's own costs associated with providing these advisory services and all expenses of the Funds, except for the fee payment under the Advisory Agreement, payments under the Funds' Rule 12b-1 Distribution and Service Plan (the "Plan"), brokerage expenses, acquired fund fees and expenses (including affiliated funds' fees and expenses), taxes (including tax-related services), interest (including borrowing costs), litigation expenses (including class action-related services) and other non-routine or extraordinary expenses.

The Advisory Agreement for the Funds provides that it may be terminated at any time, without the payment of any penalty, by the Board or, with respect to the Fund, by a majority of the outstanding shares of the Fund, on 60 days' written notice to the Adviser, and by the Adviser upon 60 days' written notice, and that it shall be automatically terminated if it is assigned. The Adviser retains the authority, pursuant to the terms of the investment sub-advisory agreement, to exercise its right to control the overall management of each Fund's assets.

**Investment Sub-Adviser**

The Adviser has retained Consilium Investment Management, LLC dba Sophus Capital, an investment adviser registered with the SEC, to provide sub-advisory services for the Funds. The Sub-Adviser is organized as a Florida limited liability company with its principal office located at 2400 E Commercial Blvd, Suite 900, Fort Lauderdale, FL 33308, and was founded in 2010. The Sub-Adviser offers investment management services to the Funds, other pooled investment vehicles, and pension and profit sharing plans. The Sub-Adviser is responsible for determining the investments for the Funds, subject to the overall supervision and oversight of the Adviser and the Board.

The Sub-Adviser is not responsible for selecting brokers or placing each Fund's trades. Rather, the Sub-Adviser provides trade recommendations to the Adviser and, in turn, the Adviser is responsible for selecting brokers and placing each Fund's trades. It is anticipated that the Adviser will generally adhere to the Sub-Adviser's recommendations.

For its services, the Adviser pays Sub-Adviser a fee, which is calculated daily and paid monthly, at an annual rate based on each Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Sophus Capital Emerging Market ETF | 0.33% |
| Sophus Capital Emerging Market Small Cap ETF | 0.43% |

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**Fund Sponsor** 

The Adviser has entered into a fund sponsorship agreement with Sophus Capital, LLC ("Sophus"), a member of Consilium Investment Management, LLC, pursuant to which Sophus is the sponsor of the Funds ("Fund Sponsor"). Under this arrangement, the Fund Sponsor has agreed to provide financial support to the Funds (as described below) and, in turn, the Adviser has agreed to share with the Fund Sponsor a portion of profits, if any, generated by each Fund's Advisory Fee (also as described below). Every month, the Advisory Fee, which is a unitary management fee, is calculated and paid to the Adviser.

If the amount of the unitary management fee exceeds each Fund's operating expenses and the Adviser-retained amount, the Adviser pays the net total to the Fund Sponsor.

If the amount of the unitary management fee is less than each Fund's operating expenses and the Adviser-retained amount, Fund Sponsor is obligated to reimburse the Adviser for the shortfall.

The Adviser-retained amount represents an agreed upon fee arrangement between the Adviser and Fund Sponsor. This arrangement calls for the Fund Sponsor to pay the Adviser a fee and reimburse the Adviser for certain Fund operating expenses it paid pursuant to the Advisory Agreement.

**APPROVAL OF ADVISORY AGREEMENT & INVESTMENT SUB-ADVISORY AGREEMENTS**

A discussion regarding the basis for the Board's approval of the Advisory Agreement and the Sub-Advisory Agreement with respect to the Funds will be available in each Fund's first Form N-CSR.

**<u>Manager of Managers Structure</u>** 

The Adviser and the Trust have received an exemptive order (the "Order") from the SEC that allows each Fund to operate in a "manager of managers" structure whereby the Adviser can appoint and replace unaffiliated sub-advisers, and enter into, amend and terminate sub-advisory agreements with such sub-advisers, each subject to Board approval, but without obtaining prior shareholder approval ("Manager of Managers Structure"). Each Fund will, however, inform shareholders of the hiring of any new sub-adviser within 90 days after the hiring, to the extent the Fund is relying on the Order. The Order provides each Fund with greater flexibility and efficiency by preventing the Fund from incurring the expense and delays associated with obtaining shareholder approval of such sub-advisory agreements.

To the extent each Fund relies on the Order, a Fund's use of the Manager of Managers Structure is subject to certain conditions that are set forth in the Order. Under the Manager of Managers Structure, the Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee sub-advisers and recommend their hiring, termination and replacement. The Adviser will also, subject to the review and approval of the Board, set each Fund's overall investment strategy; evaluate, select and recommend sub-advisers to manage all or a portion of each Fund's assets; and implement procedures reasonably designed to ensure that each sub-adviser complies with each Fund's investment goal, policies and restrictions. Subject to review by the Board, the Adviser will allocate and, when appropriate, reallocate each Fund's assets among sub-advisers and monitor and evaluate the sub-advisers' performance.

**PORTFOLIO MANAGERS** 

The portfolio managers are jointly and primarily responsible for various functions related to portfolio management, including, but not limited to, making recommendations (or implementing) with respect to the following: investing cash inflows, implementing investment strategy, researching and reviewing investment strategy, and overseeing members of the portfolio management team with more limited responsibilities.

**Michael Reynal**

Michael Reynal is Chief Investment Officer, portfolio manager and analyst on the Sophus Capital strategies. Prior to joining Sophus Capital, Michael led the Emerging Markets Team at Principal Global Investors (PGI), RS Investments and Victory Capital Management. Michael originally built the EM team and developed the process at PGI in 2001. The core of the team and process have remained stable since then. The team left PGI to join RS Investments in 2012. RS Investments was later acquired by Victory Capital in 2016. The team was renamed Sophus Capital while at Victory Capital. In 2025, the Victory-owned Sophus team left to form Sophus Capital LLC. Prior to joining Principal in 2001, Michael was at Wafra Investment Advisory Group Inc. in New York. Michael also spent four years with Paribas Capital Markets in New York in international equities and three years with Barclays de Zoete Wedd

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in London focusing on Latin American equities. He received a BA in history from Middlebury College, an MA in history from the University of Cambridge, and an MBA from the Tuck School of Business at Dartmouth College. He also has additional language skills in Spanish, French, and German.

**Maria Freund, CFA**

Maria Freund is a portfolio manager and analyst on the Sophus Capital strategies. Prior to joining Sophus Capital, Maria was a portfolio manager and analyst on the Emerging Markets team at Victory Capital and Principal Global Investors. Prior to that, Maria was an analyst for the International Developed Team at Principal Global Investors, having joined the firm in 2003. Maria received a BA from Loras College in finance and international business with a minor in Math, and an MBA from the Tippie College of Business at the University of Iowa. Maria is a CFA Charterholder. She also has additional language skills in Spanish.

The Funds' Statement of Additional Information ("SAI") provides additional information about the portfolio managers, including other accounts each manages, their ownership in each Fund, and compensation.

**OTHER SERVICE PROVIDERS**

PINE Distributors LLC ("Distributor") serves as the distributor of Creation Units (defined above) for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, is the administrator, fund accountant, and transfer agent for the Funds.

U.S. Bank National Association is the custodian for the Funds.

Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel to the Trust.

Tait, Weller & Baker LLP, 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as each Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of each Fund.

**THE EXCHANGE** 

Shares are not sponsored, endorsed or promoted by the Exchange. The Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of Shares to be issued, nor in the determination or calculation of the equation by which Shares are redeemable. The Exchange has no obligation or liability to owners of Shares in connection with the administration, marketing or trading of Shares. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

**BUYING AND SELLING FUND SHARES** 

Each Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units are generally issued and redeemed only in-kind for securities although a portion may be in cash.

Shares will trade on the secondary market, however, which is where most retail investors will buy and sell Shares. It is expected that only a limited number of institutional investors, called Authorized Participants or "APs," will purchase and redeem Shares directly from the Funds. APs may acquire Shares directly from the Funds, and APs may tender their Shares for redemption directly to the Funds, at NAV per Share only in large blocks, or Creation Units. Purchases and redemptions directly with each Fund must follow the Fund's procedures, which are described in the SAI.

**Except when aggregated in Creation Units, Shares are not redeemable with each Fund.** 

**BUYING AND SELLING SHARES ON THE SECONDARY MARKET** 

Most investors will buy and sell Shares in secondary market transactions through brokers and, therefore, must have a brokerage account to buy and sell Shares. Shares can be bought or sold through your broker throughout the trading day like shares of any publicly traded issuer. The Trust does not impose any redemption fees or restrictions on redemptions of Shares in the secondary market. When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered prices in the secondary market for Shares. The price at which you buy or sell Shares (*i.e.*, the market price) may be more or less than the NAV of the Shares. Unless imposed by your broker, there is no minimum dollar amount you must invest in the Funds and no minimum number of Shares you must buy.

------

Shares of each Fund are listed on the Exchange under the following symbols:

---

| | |
|:---|:---|
| **Fund** | **Trading Symbol** |
| Sophus Capital Emerging Market ETF | EMEM |
| Sophus Capital Emerging Market Small Cap ETF | EMSC |

---

The Exchange is generally open Monday through Friday and is closed for weekends and the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

For information about buying and selling Shares on the Exchange or in the secondary markets, please contact your broker or dealer.

**Book Entry.** Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC"), or its nominee, will be the registered owner of all outstanding Shares and is recognized as the owner of all Shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely on the procedures of DTC and its participants. These procedures are the same as those that apply to any stocks that you hold in book entry or "street name" through your brokerage account. Your account information will be maintained by your broker, which will provide you with account statements, confirmations of your purchases and sales of Shares, and tax information. Your broker also will be responsible for distributing income dividends and capital gain distributions and for ensuring that you receive shareholder reports and other communications from the Funds.

**Share Trading Prices.** The trading prices of Shares may differ from the applicable Fund's daily NAV and can be affected by market forces of supply and demand for Shares, the prices of the applicable Fund's portfolio securities, economic conditions and other factors.

The Exchange, through the facilities of the Consolidated Tape Association or another market information provider, intends to disseminate the approximate value of each Fund's portfolio every fifteen seconds during regular U.S. trading hours. This approximate value should not be viewed as a "real-time" update of the NAV of the fund because the approximate value may not be calculated in the same manner as the NAV, which is computed once a day. The quotations for certain investments may not be updated during U.S. trading hours if such holdings do not trade in the U.S., except such quotations may be updated to reflect currency fluctuations. Each Fund is not involved in, or responsible for, the calculation or dissemination of the approximate values and makes no warranty as to the accuracy of these values.

**Continuous Offering.** The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Funds on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirements and liability provisions of the Securities Act. For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent Shares and sells the Shares directly to customers or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the Investment Company Act of 1940, as amended (the "Investment Company Act"). As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the Shares that are part of an overallotment within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

------

**ACTIVE INVESTORS AND MARKET TIMING** 

The Board has evaluated the risks of market timing activities by the Funds' shareholders. The Board noted that Shares can be purchased and redeemed directly from the Funds only in Creation Units by APs and that the vast majority of trading in Shares occurs on the secondary market. Because the secondary market trades do not directly involve the Funds, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in each Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Funds, to the extent effected in-kind (*i.e.*, for securities), the Board noted that those trades do not cause the harmful effects (as previously noted) that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, the Board noted that those trades could result in dilution to the Funds and increased transaction costs, which could negatively impact each Fund's ability to achieve its investment objective, although in certain circumstances (*e.g.*, in conjunction with a reallocation of each Fund's investments), such trades may benefit Fund shareholders by increasing the tax efficiency of the Funds. The Board also noted that direct trading by APs is critical to ensuring that Shares trade at or close to NAV. In addition, the Funds will impose transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Funds in effecting trades. Given this structure, the Board determined that it is not necessary to adopt policies and procedures to detect and deter market timing of Shares.

**DISTRIBUTION AND SERVICE PLAN** 

Each Fund has adopted the Plan pursuant to Rule 12b-1 under the Investment Company Act. Under the Plan, each Fund may be authorized to pay distribution fees of up to 0.25% of its average daily net assets each year to the Distributor and other firms that provide distribution and shareholder services ("Service Providers"). As of the date of this Prospectus, the maximum amount payable under the Plan is set at 0% until further action by the Board. In the event 12b-1 fees are charged, over time they would increase the cost of an investment in the Funds because they would be paid on an ongoing basis.

**NET ASSET VALUE** 

The NAV of Shares is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern time.

Each Fund calculates its NAV per Share by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking the current market value of its total assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subtracting any liabilities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividing that amount by the total number of Shares owned by shareholders.

If you buy or sell Shares on the secondary market, you will pay or receive the market price, which may be higher or lower than NAV. Your transaction will be priced at NAV only if you purchase or redeem your Shares in Creation Units.

Because securities listed on foreign exchanges may trade on weekends or other days when each Fund does not price its Shares, the NAV of the Fund, to the extent it may hold foreign securities, may change on days when shareholders will not be able to purchase or sell Shares. In particular, where all or a portion of each Fund's underlying securities trade in a market that is closed when the market in which the Fund's shares are listed and trading in that market is open, there may be changes between the last quote from its closed foreign market and the value of such security during the Fund's domestic trading day. In addition, please note that this in turn could lead to differences between the market price of each Fund's shares and the underlying value of those shares.

Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market<sup>®</sup> ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a nonexchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used.

The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by the Funds.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities.

If a market price is not readily available or is deemed not to reflect market value, the Funds will determine the price of the security held by the Fund based on a determination of the security's fair value pursuant to policies and procedures approved by the Board.

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To the extent each Fund holds securities that may trade infrequently, fair valuation may be used more frequently. Fair valuation may have the effect of reducing stale pricing arbitrage opportunities presented by the pricing of Shares. However, when each Fund uses fair valuation to price securities, it may value those securities higher or lower than another fund would have priced the security. Also, the use of fair valuation may cause the Shares' NAV performance to diverge from the Shares' market price and from the performance of various benchmarks used to compare each Fund's performance because benchmarks generally do not use fair valuation techniques. Because of the judgment involved in fair valuation decisions, there can be no assurance that the value ascribed to a particular security is accurate.

**FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Trust maintains a website for the Funds at https://sophus-capital-etfs.com. Among other things, the website includes this Prospectus and the SAI, and will include the Funds' annual and semi-annual reports to shareholders, financial information, holdings, and proxy information. The website shows each Fund's daily NAV per share, market price, and premium or discount, each as of the prior business day. The website also shows the extent and frequency of each Fund's premiums and discounts. Further, the website includes each Fund's median bid-ask spread over the most recent thirty calendar days.

Each day a Fund is open for business, the Trust publicly disseminates each Fund's full portfolio holdings as of the close of the previous day through its website at https://sophus-capital-etfs.com. A description of the Trust's policies and procedures with respect to the disclosure of a Fund's portfolio holdings is available in the SAI.

**INVESTMENTS BY OTHER INVESTMENT COMPANIES** 

For purposes of the Investment Company Act, Shares are issued by a registered investment company and purchases of such Shares by registered investment companies and companies relying on Section 3(c)(1) or 3(c)(7) of the Investment Company Act are subject to the restrictions set forth in Section 12(d)(1) of the Investment Company Act, except as permitted by Rule 6c-11, Rule 12d1-4, or an exemptive order of the SEC.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in this Prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an IRA, you need to be aware of the possible tax consequences when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your Fund makes distributions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You sell your Shares listed on the Exchange, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You purchase or redeem Creation Units.

**Dividends and Distributions** 

*Dividends and Distributions.* Each Fund intends to elect and intends to qualify each year as a regulated investment company under the Internal Revenue Code of 1986, as amended. As a regulated investment company, a Fund generally pays no U.S. federal income tax on the income and gains it distributes to you. Each Fund expects to declare and to distribute its net investment income, if any, to shareholders as dividends annually. Each Fund will distribute net realized capital gains, if any, at least annually. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate U.S. federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee a Fund will pay either an income dividend or a capital gains distribution. Distributions may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available.

*Avoid "Buying a Dividend."* At the time you purchase Shares of a Fund, the Fund's NAV may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying Shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Taxes** 

*Tax Considerations.* Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Shares or receive them in cash. For U.S. federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gain no matter how long you

------

have owned your Shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by certain shareholders at long-term capital gain rates provided certain holding period requirements are met.

*Taxes on Sales of Shares.* A sale or exchange of Shares is a taxable event and, accordingly, a capital gain or loss will generally be recognized. Currently, any capital gain or loss realized upon a sale of Shares generally is treated as long-term capital gain or loss if the Shares have been held for more than one year and as short-term capital gain or loss if the Shares have been held for one year or less. The ability to deduct capital losses may be limited.

*Medicare Tax.* An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Shares) of U.S. individuals, estates, and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your U.S. federal income tax return.

*Backup Withholding.* By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your Shares. A Fund also must backup withhold if the Internal Revenue Service ("IRS") instructs it to do so. When backup withholding is required, the amount will be 24% of any distributions or proceeds paid.

*State and Local Taxes.* Fund distributions and gains from the sale or exchange of your Shares generally are subject to applicable state and local taxes.

*Taxes on Purchase and Redemption of Creation Units.* An AP who exchanges equity securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase and the exchanger's aggregate basis in the securities surrendered and the cash amount paid. A person who exchanges Creation Units for equity securities generally will recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the aggregate market value of the securities received and the cash amount received. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether the wash sale rules apply and when a loss might not be deductible.

Under current U.S. federal tax laws, any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as a short-term capital gain or loss if the Shares have been held for one year or less.

If a Fund redeems Creation Units in cash, it may recognize more capital gains than it will if it redeems Creation Units in-kind.

*Foreign Tax Credits.* If a Fund qualifies to pass through to you the tax benefits from foreign taxes it pays on its investments, and elects to do so, then any foreign taxes it pays on these investments may be passed through to you as a foreign tax credit.

*Non-U.S. Investors.* Non-U.S. investors may be subject to U.S. federal withholding tax at a 30% or lower treaty rate and are subject to special U.S. federal tax certification requirements to avoid backup withholding and claim any treaty benefits. An exemption from U.S. federal withholding tax is provided for capital gain dividends paid by a Fund from long-term capital gains, if any. However, interest-related dividends paid by a Fund from its qualified net interest income from U.S. sources and short-term capital gain dividends may be exempt from U.S. withholding provided the Fund makes certain designations and other requirements are met. Furthermore, notwithstanding such exemptions from U.S. federal withholding at the source, any such dividends and distributions of income and capital gains will be subject to U.S. federal backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person. In addition, U.S. estate tax may apply to Shares of a Fund.

*Other Reporting and Withholding Requirements.* Under the Foreign Account Tax Compliance Act (FATCA), each Fund will be required to withhold a 30% tax on (i) income dividends paid by the Fund, and (ii) possibly in the future, certain capital gain distributions and the proceeds arising from the sale of Shares paid by the Fund, to certain foreign entities, referred to as foreign financial institutions or non-financial foreign entities, that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

*Possible Tax Law Changes.* At the time that this prospectus is being prepared, various administrative and legislative changes to the U.S. federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will be made or what the changes might entail.

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**This discussion of "Dividends, Distributions and Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about U.S. federal, state, local or foreign tax consequences before making an investment in a Fund.** 

**FINANCIAL HIGHLIGHTS**

Each Fund is newly organized and therefore has not yet had any operations as of the date of this Prospectus and does not have financial highlights to present at this time.

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If you would like more information about the Funds and the Trust, the following documents are available free, upon request:

**ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS** 

Additional information about each Fund will be in its annual and semi-annual reports to shareholders and in Form N-CSR. The annual report explains the market conditions and investment strategies affecting each Fund's performance during the last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

**STATEMENT OF ADDITIONAL INFORMATION** 

The SAI dated March 9, 2026, which contains more details about the Funds, is incorporated by reference in its entirety into this Prospectus, which means that it is legally part of this Prospectus.

Recent information regarding each Fund covered by this Prospectus, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Funds' website listed below. To receive a free copy of the latest annual or semi-annual report, or the SAI, or to request additional information about the Funds, please contact us as follows:

---

| | |
|:---|:---|
| Call: | (215) 330-4476 |
| Write: | 3803 West Chester Pike, Suite 150 |
|  | Newtown Square, PA 19073 |
| Visit: | https://sophus-capital-etfs.com |

---

**INFORMATION PROVIDED BY THE SECURITIES AND EXCHANGE COMMISSION** 

Reports and other information about the Funds are also available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a duplicating fee, by e-mail request to publicinfo@sec.gov.

Investment Company Act File No. 811-22961.

------

**EA SERIES TRUST**

**STATEMENT OF ADDITIONAL INFORMATION**

March 9, 2026

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| | |
|:---|:---|
| Sophus Capital Emerging Market ETF | Ticker Symbol: EMEM |
| Sophus Capital Emerging Market Small Cap ETF | Ticker Symbol: EMSC |
| *each of the above listed on The Nasdaq Stock Market LLC* | *each of the above listed on The Nasdaq Stock Market LLC* |

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This Statement of Additional Information ("SAI") describes the Sophus Capital Emerging Market ETF and Sophus Capital Emerging Market Small Cap ETF (each, a "Fund" and, collectively, the "Funds"), each of which is a series of the EA Series Trust (formerly known as Alpha Architect ETF Trust) (the "Trust"). Shares of each Fund will be listed and traded on The Nasdaq Stock Market LLC (the "Exchange"). Empowered Funds, LLC dba EA Advisers (the "Adviser") serves as the investment adviser to the Funds, and Sophus Capital LLC (the "Sub-Adviser"), serves as sub-adviser to the Funds. PINE Distributors LLC (the "Distributor") serves as the Distributor for the Funds.

**Shares of the Funds are neither guaranteed nor insured by the U.S. Government.** 

This SAI, dated March 9, 2026, as supplemented from time to time, is not a prospectus. It should be read in conjunction with the Funds' Prospectus, dated March 9, 2026, as supplemented from time to time, which incorporates this SAI by reference. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted. A copy of the Prospectus may be obtained without charge by writing to the Distributor, calling (215) 330-4476 or visiting https://sophus-capital-etfs.com.

When available, a copy of each Fund's annual and semi-annual reports may be obtained without charge by writing to EA Advisers, 19 East Eagle Rd, Havertown PA 19083, calling (215) 330-4476 or visiting https://sophus-capital-etfs.com.

**Table of Contents**

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| | |
|:---|:---|
| **<u>[GLOSSARY](#if1592dae09b64aff9b4daaed516c5106_7)</u>** | [1](#if1592dae09b64aff9b4daaed516c5106_7) |
| **<u>[TRUST AND FUND OVERVIEW](#if1592dae09b64aff9b4daaed516c5106_10)</u>** | [2](#if1592dae09b64aff9b4daaed516c5106_10) |
| **<u>[EXCHANGE LISTING AND TRADING](#if1592dae09b64aff9b4daaed516c5106_13)</u>** | [2](#if1592dae09b64aff9b4daaed516c5106_13) |
| **<u>[DISCLOSURE OF PORTFOLIO HOLDINGS](#if1592dae09b64aff9b4daaed516c5106_16)</u>** | [2](#if1592dae09b64aff9b4daaed516c5106_16) |
| **<u>[INVESTMENT POLICIES AND RESTRICTIONS](#if1592dae09b64aff9b4daaed516c5106_19)</u>** | [2](#if1592dae09b64aff9b4daaed516c5106_19) |
| **<u>[INVESTMENT OBJECTIVE, INVESTMENT STRATEGIES AND RISKS](#if1592dae09b64aff9b4daaed516c5106_22)</u>** | [4](#if1592dae09b64aff9b4daaed516c5106_22) |
| **<u>[MANAGEMENT OF THE FUND](#if1592dae09b64aff9b4daaed516c5106_25)</u>** | [17](#if1592dae09b64aff9b4daaed516c5106_25) |
| **<u>[CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#if1592dae09b64aff9b4daaed516c5106_28)</u>** | [21](#if1592dae09b64aff9b4daaed516c5106_28) |
| **<u>[INVESTMENT MANAGEMENT AND OTHER SERVICES](#if1592dae09b64aff9b4daaed516c5106_31)</u>** | [21](#if1592dae09b64aff9b4daaed516c5106_31) |
| **<u>[PORTFOLIO MANAGERS](#if1592dae09b64aff9b4daaed516c5106_34)</u>** | [24](#if1592dae09b64aff9b4daaed516c5106_34) |
| **<u>[PORTFOLIO TRANSACTIONS AND BROKERAGE](#if1592dae09b64aff9b4daaed516c5106_37)</u>** | [24](#if1592dae09b64aff9b4daaed516c5106_37) |
| **<u>[THE DISTRIBUTOR](#if1592dae09b64aff9b4daaed516c5106_40)</u>** | [26](#if1592dae09b64aff9b4daaed516c5106_40) |
| **<u>[ACCOUNTING AND LEGAL SERVICE PROVIDERS](#if1592dae09b64aff9b4daaed516c5106_43)</u>** | [26](#if1592dae09b64aff9b4daaed516c5106_43) |
| **<u>[ADDITIONAL INFORMATION CONCERNING SHARES](#if1592dae09b64aff9b4daaed516c5106_46)</u>** | [26](#if1592dae09b64aff9b4daaed516c5106_46) |
| **<u>[DETERMINATION OF NET ASSET VALUE](#if1592dae09b64aff9b4daaed516c5106_49)</u>** | [34](#if1592dae09b64aff9b4daaed516c5106_49) |
| **<u>[TAXES](#if1592dae09b64aff9b4daaed516c5106_52)</u>** | [35](#if1592dae09b64aff9b4daaed516c5106_52) |
| **<u>[FINANCIAL STATEMENTS](#if1592dae09b64aff9b4daaed516c5106_55)</u>** | [47](#if1592dae09b64aff9b4daaed516c5106_55) |
| **<u>[APPENDIX A - PROXY VOTING POLICIES AND PROCEDURE](#if1592dae09b64aff9b4daaed516c5106_58)S</u>** | A-[1](#if1592dae09b64aff9b4daaed516c5106_58) |

---

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**<u>GLOSSARY</u>** 

The following terms are used throughout this SAI, and have the meanings used below (note that various other terms are defined in the text of this SAI):

"***1933 Act***" means the Securities Act of 1933, as amended.

"***1934 Act***" means the Securities Exchange Act of 1934, as amended.

"***Adviser***" means Empowered Funds, LLC dba EA Advisers.

"***Authorized Participant***" means a broker-dealer or other participant in the Continuous Net Settlement System of the National Securities Clearing Corporation (NSCC) or a participant in DTC with access to the DTC system, and who has executed an agreement with the Distributor that governs transactions in the Funds' Creation Units.

"***Balancing Amount***" means an amount equal to the difference between the NAV of a Creation Unit and the market value of the In-Kind Creation (or Redemption) Basket, used to ensure that the NAV of a Fund Deposit (or Redemption) (other than the Transaction Fee), is identical to the NAV of the Creation Unit being purchased.

"***Board***" or "***Trustees***" means the Board of Trustees of the Trust.

"***Business Day***" means any day on which the Trust is open for business.

"***Cash Component***" means an amount of cash consisting of a Balancing Amount calculated in connection with creations.

"***Cash Redemption Amount***" means an amount of cash consisting of a Balancing Amount calculated in connection with redemptions.

"***Code***" means the Internal Revenue Code of 1986, as amended.

"***Creation Unit***" means an aggregation of a specified number of Shares that each Fund issues and redeems on a continuous basis at NAV.

"***Distributor***" means PINE Distributors LLC.

"***Dodd-Frank Act***" means the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"***DTC***" means the Depository Trust Company.

"***Exchange***" means The Nasdaq Stock Market LLC.

"***ETF***" means an exchange-traded fund.

"***FINRA***" means the Financial Industry Regulatory Authority.

***"Fund"*** means a series of the Trust described in this SAI: the Sophus Capital Emerging Market ETF and Sophus Capital Emerging Market Small Cap ETF.

"***Fund Deposit***" means the In-Kind Creation Basket and Cash Component necessary to purchase a Creation Unit from a Fund.

"***Fund Redemption***" means the In-Kind Redemption Basket and Cash Redemption Amount received in connection with the redemption of a Creation Unit.

"***In-Kind Creation Basket***" means the basket of securities to be deposited to purchase Creation Units of a Fund.

"***In-Kind Redemption Basket***" means the basket of securities a shareholder will receive upon redemption of a Creation Unit.

"***Investment Company Act***" or "***1940 Act***" means the Investment Company Act of 1940, as amended.

"***IRS***" means the Internal Revenue Service.

"***NAV***" means the net asset value of a Fund.

"***NSCC***" means the National Securities Clearing Corporation.

"***NYSE***" means the New York Stock Exchange, Inc.

"***Prospectus***" means the Funds' Prospectus, dated March 9, 2026, as amended and supplemented from time to time.

"***SAI***" means this Statement of Additional Information, dated March 9, 2026, as amended and supplemented from time to time.

"***SEC***" means the United States Securities and Exchange Commission.

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"***Shares***" means the shares of a Fund.

***"Sub-Adviser"*** means Consilium Investment Management LLC dba Sophus Capital ("Sub-Adviser").

**"*Transaction Fee***" is a fee that may be imposed to compensate the Trust or its custodian for costs incurred in connection with transactions for Creation Units. The Transaction Fee, when applicable, is comprised of a flat (or standard) fee and may include a variable fee. For the Transaction Fees applicable to the Fund, see "Transaction Fees" in this SAI.

"***Trust***" means the EA Series Trust (formerly known as Alpha Architect ETF Trust), a Delaware statutory trust.

**<u>TRUST AND FUND OVERVIEW</u>** 

The Trust is a Delaware statutory trust formed on October 11, 2013. The Trust is an open-end management investment company registered under the Investment Company Act. The investment objective of each Fund is to seek to provide long-term capital appreciation. The offering of the Shares is registered under the 1933 Act.

This SAI relates only to the following Funds: Sophus Capital Emerging Market ETF and Sophus Capital Emerging Market Small Cap ETF.

**Diversification**

Each Fund is a non-diversified ETF. As a non-diversified fund, each Fund is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

**<u>EXCHANGE LISTING AND TRADING</u>**

Shares of each Fund will be listed and traded on the Exchange. Shares trade on the Exchange or in secondary markets at prices that may differ from their NAV, because such prices may be affected by market forces (such as supply and demand for Shares). As is the case of other securities traded on an exchange, when you buy or sell Shares on the Exchange or in the secondary markets your broker will normally charge you a commission or other transaction charges. Further, the Trust reserves the right to adjust the price of Shares in the future to maintain convenient trading ranges for investors (namely, to maintain a price per Share that is attractive to investors) by share splits or reverse share splits, which would have no effect on the NAV.

There can be no assurance that the requirements of the Exchange necessary to maintain the listing of Shares will continue to be met. The Exchange may, but is not required to, remove the Shares of a Fund from listing if: (i) following the initial 12 month period beginning at the commencement of trading of the Fund, there are fewer than 50 beneficial owners of the Shares for 30 or more consecutive trading days, or (ii) such other event shall occur or condition exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares from listing and trading upon termination of a Fund.

The Funds are not sponsored, endorsed, sold or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the Funds to achieve their objectives. The Exchange has no obligation or liability in connection with the administration, marketing or trading of the Funds.

**<u>DISCLOSURE OF PORTFOLIO HOLDINGS</u>**

The Board has adopted a policy regarding the disclosure of information about the Funds' portfolio securities. Under the policy, portfolio holdings of the Funds, which will form the basis for the calculation of NAV on a Business Day, are publicly disseminated prior to the opening of trading on the Exchange that Business Day through financial reporting or news services, including the website https://sophus-capital-etfs.com. In addition, each Business Day a portfolio composition file, which displays the In-Kind Creation Basket and Cash Component, is publicly disseminated prior to the opening of the Exchange via the NSCC.

**<u>INVESTMENT POLICIES AND RESTRICTIONS</u>**

The Trust has adopted the following investment restrictions as fundamental policies with respect to each Fund. These restrictions cannot be changed with respect to a Fund without the approval of the holders of a majority of the outstanding voting securities of the affected Fund. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the Fund voting securities present at the meeting if the holders of more than 50% of a Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of a Fund.

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The investment policies enumerated in this section may be changed with respect to the Funds only by a vote of the holders of a majority of a Fund's outstanding voting securities, except as noted below:

Each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. May not borrow money, except to the extent permitted by the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. May not issue senior securities, except to the extent permitted by the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. May not engage in the business of underwriting securities except to the extent that the Fund may be considered an underwriter within the meaning of the 1933 Act in the acquisition, disposition or resale of its portfolio securities or in connection with investments in other investment companies, or to the extent otherwise permitted under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. May not purchase or sell real estate, except to the extent permitted under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. May not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments, and provided that this limitation does not prevent the Fund from (i) purchasing or selling securities of companies that purchase or sell commodities or that invest in commodities; (ii) engaging in any transaction involving currencies, options, forwards, futures contracts, options on futures contracts, swaps, hybrid instruments or other derivatives; or (iii) investing in securities, or transacting in other instruments, that are linked to or secured by physical or other commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. May not make loans, except to the extent permitted under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Will not concentrate its investments in a particular industry or group of industries, as that term is used in the Investment Company Act.

The following notations are not considered to be part of a Fund's fundamental investment limitation and are subject to change without shareholder approval. If a percentage limitation is satisfied at the time of investment, a later increase or decrease in such percentage resulting from a change in the value of each Fund's investments will not constitute a violation of such limitation. Thus, each Fund may continue to hold a security even though it causes the Fund to exceed a percentage limitation because of fluctuation in the value of the Fund's assets, except that any borrowing by the Fund that exceeds the fundamental investment limitations stated above must be reduced to meet such limitations within the period required by the Investment Company Act or the relevant rules, regulations or interpretations thereunder, as described below.

With respect to the fundamental investment limitation relating to borrowing set forth in (1) above, pursuant to Section 18(f)(1) of the Investment Company Act, each Fund may not issue any class of senior security or sell any senior security of which it is the issuer, except that a Fund shall be permitted to borrow from any bank so long as immediately after such borrowings, there is an asset coverage of at least 300% and that in the event such asset coverage falls below this percentage, the Fund shall reduce the amount of its borrowings, within three days, to an extent that the asset coverage shall be at least 300%.

With respect to the fundamental investment restriction regarding real estate set forth in (4) above, each Fund will not make direct investments in real estate unless acquired as a result of ownership of securities or other instruments. Although each Fund may purchase and sell other interests in real estate including securities which are secured by real estate, or securities of companies which make real estate loans or own, or invest or deal in, real estate.

With respect to the fundamental investment limitation relating to lending set forth in (6) above, this means that each Fund may not make loans if, as a result, more than 33 1/3% of its total assets would be lent to other parties. The fundamental investment limitation relating to lending restricts, but does not prevent entirely, each Fund's (i) lending of portfolio securities, (ii) purchase of debt securities, other debt instruments, loan participations and/or engaging in direct corporate loans in accordance with its investment goals and policies, and (iii) use of repurchase agreements to the extent the entry into a repurchase agreement is deemed to be a loan.

With respect to the fundamental investment limitation relating to concentration set forth in (7) above, the Investment Company Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of more than 25% of a Fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future.

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For purposes of applying the limitation set forth in the concentration policy, each Fund, with respect to its equity holdings, may use the FactSet Revere Business Industry Classification System, Standard Industrial Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, MSCI Global Industry Classification System, FTSE/Dow Jones Industry Classification Benchmark (ICB) system or any other reasonable industry classification system (including systems developed by the Adviser and/or the Sub-Adviser) to identify each industry. Securities of the U.S. government (including its agencies and instrumentalities), tax-exempt securities of state or municipal governments and their political subdivisions (and repurchase agreements collateralized by government securities) are not considered to be issued by members of any industry, except that each Fund will look through a private activity municipal debt security whose principal and interest payments are derived principally from the assets and revenues of a non-governmental entity in order to determine the industry to which the investments should be allocated when determining a Fund's compliance with its concentration policies. With respect to each Fund's investments in unaffiliated investment companies, each Fund will not ignore the known investments of affiliated, defined as any other series of the Trust advised by the Adviser, and unaffiliated underlying investment companies when determining whether a Fund is in compliance with its concentration policies. Each Fund will include investments in securities of other industry-specific investment companies for purposes of calculating such Fund's industry concentration, to the extent practicable. Each Fund's method of applying the limitation set forth in its concentration policy may differ from the methods used by the Trust's other series.

**<u>INVESTMENT OBJECTIVE, INVESTMENT STRATEGIES AND RISKS</u>**

The investment objective, principal strategies of, and risks of investing in each Fund are described in the Prospectus. Unless otherwise indicated in the Prospectus or this SAI, the investment objective and policies of a Fund may be changed without shareholder approval.

**Credit Quality Standards** 

When investing in fixed income securities and, if applicable, preferred or convertible stocks, the Funds maintain the following credit quality standards, which apply at the time of investment:

For securities that carry a rating assigned by a nationally recognized statistical rating organization (a "Rating Organization"), the Adviser will use the highest rating assigned by the Rating Organization to determine a security's credit rating. Commercial paper must be rated at least "A-1" or equivalent by a Rating Organization. The Funds may invest in debt and other fixed income securities that are "investment grade," as discussed below. For securities that are not rated by a Rating Organization, the Adviser's internal credit rating will apply and be subject to the equivalent rating minimums described here.

**General Investment Risks** 

All investments in securities and other financial instruments involve a risk of financial loss. No assurance can be given that a Fund's investment program will be successful. Investors should carefully review the descriptions of a Fund's principal investments and their risks described in its Prospectus and this SAI.

The Funds or the underlying funds in which a Fund invests may also engage in the following investment strategies or techniques (except where indicated otherwise).

**Equity Securities** 

The equity portion of a Fund's portfolio may be comprised of common stocks traded on domestic securities exchanges or on the over the counter ("OTC") market. In addition to common stocks, the equity portion of the Fund's portfolio may also include preferred stocks, convertible preferred stocks, and convertible bonds and warrants. Prices of equity securities in which a Fund invests (either directly or indirectly through the Fund's investment in shares of other investment companies) may fluctuate in response to many factors, including, but not limited to, the activities of the individual companies whose securities the Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. In addition, regardless of any one company's prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Market declines may continue for an indefinite period, and investors should understand that during temporary or extended bear markets, the value of equity securities will decline.

Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures or is redeemed, or the conversion privilege is exercised. As a result of the conversion feature, the interest rate or dividend preference on a convertible security is generally less than would be the case if the securities were issued in non-convertible form. Warrants entitle the holder to purchase equity securities at specific prices for a certain period of time. The prices do not necessarily move parallel to the prices of the underlying securities and the warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.

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**Preferred Stocks** 

A Fund may invest in exchange-listed preferred stocks. Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock. Preferred stocks are equity securities that are senior to common stock with respect to the right to receive dividends and a fixed share of the proceeds resulting from the issuer's liquidation. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of the issuer's common stock, and thus represent an ownership interest in the issuer. Depending on the features of the particular security, holders of preferred stock may bear the risks disclosed in the Prospectus or this SAI regarding equity or fixed income securities.

**Depositary Receipts** 

The Funds may invest in foreign securities by purchasing depositary receipts, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs"). These securities may not necessarily be denominated in the same currency as the securities which they represent. Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets, GDRs, in bearer form, are issued and designed for use outside the United States and EDRs (also referred to as Continental Depositary Receipts ("CDRs")), in bearer form, may be denominated in other currencies and are designed for use in European securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts evidencing a similar arrangement. GDRs are receipts typically issued by non-United States banks and trust companies that evidence ownership of either foreign or domestic securities. For purposes of a Fund's investment policies, ADRs, GDRs and EDRs are deemed to have the same classification as the underlying securities they represent. Thus, an ADR, GDR or EDR representing ownership of common stock will be treated as common stock.

**Repurchase Agreements** 

The Funds may enter into repurchase agreements with banks and broker-dealers. A repurchase agreement is an agreement under which securities are acquired by a Fund from a securities dealer or bank subject to resale at an agreed upon price on a later date. The acquiring Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. Such a default may subject a Fund to expenses, delays, and risks of loss including: (i) possible declines in the value of the underlying security while the Fund seeks to enforce its rights, (ii) possible reduced levels of income and lack of access to income during this period, and (iii) the inability to enforce its rights and the expenses involved in attempted enforcement.

**Debt and Other Fixed Income Securities Generally** 

The Funds may invest in debt securities by purchasing the following: obligations of the U.S. government, its agencies and instrumentalities; corporate debt securities; zero coupon bonds (bonds that are purchased at a discount from their face values and accrue interest at the applicable coupon rate over a period of time); master-demand notes; bank certificates of deposit; time deposits; bankers' acceptances; commercial paper and other notes; and inflation-indexed securities. Each Fund may invest in debt securities that are investment grade. Investment grade securities include securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, as well as securities rated in one of the four highest rating categories by at least two Rating Organizations rating that security, such as Standard & Poor's Ratings Services ("Standard & Poor's") or Moody's Investors Service, Inc. ("Moody's"), or rated in one of the four highest rating categories by one Rating Organization if it is the only Rating Organization rating that security or unrated, if deemed to be of comparable quality by the Adviser and traded publicly on the world market. Securities rated Baa and BBB are the lowest that are considered "investment grade" obligations. Moody's describes securities rated Baa as "subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics." Standard & Poor's describes securities rated BBB as "regarded as having adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation." For securities rated BBB, Fitch states that "...expectations of default risk are currently low...capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity." Each Fund, at the discretion of the Adviser, may retain a debt security that has been downgraded below the initial investment criteria.

Debt and other fixed income securities include fixed and floating rate securities of any maturity. Fixed rate securities pay a specified rate of interest or dividends. Floating rate securities pay a rate that is adjusted periodically by reference to a specified index or market rate. Fixed and floating rate securities include securities issued by federal, state and local governments and related agencies, and by a wide range of private issuers, and generally are referred to in this SAI as "fixed income securities." Indexed bonds are a type of fixed income security whose principal value and/or interest rate is adjusted periodically according to a specified instrument, index or other statistic (*e.g.*, another security, inflation index or currency).

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Holders of fixed income securities are exposed to both market and credit risk. Market risk (or "interest rate risk") relates to changes in a security's value as a result of changes in interest rates. In general, the values of fixed income securities increase when interest rates fall and decrease when interest rates rise. Credit risk relates to the ability of an issuer to make payments of principal and interest. Obligations of issuers are subject to bankruptcy, insolvency and other laws that affect the rights and remedies of creditors.

Because interest rates vary, to the extent that a Fund invests in fixed income securities, the future income of the Fund cannot be predicted with certainty. To the extent that a Fund invests in indexed securities, the future income of the Fund also will be affected by changes in those securities' indices over time (*e.g.*, changes in inflation rates or currency rates).

**Money Market Instruments and Cash Items** 

A Fund may temporarily invest a portion of its assets in cash or cash items pending other investments or to maintain liquid assets required in connection with some of the Fund's investments. A Fund may invest in money market instruments including U.S. Government obligations or corporate debt obligations (including those subject to repurchase agreements). Money market instruments also may include banker's acceptances and certificates of deposit of domestic branches of U.S. banks, commercial paper, and variable amount demand master notes ("Master Notes"). Banker's acceptances are time drafts drawn on and "accepted" by a bank. When a bank "accepts" such a time draft, it assumes liability for its payment. When the Fund acquires a banker's acceptance, the bank that "accepted" the time draft is liable for payment of interest and principal when due. The banker's acceptance carries the full faith and credit of such bank. A certificate of deposit ("CD") is an unsecured, interest-bearing debt obligation of a bank. Commercial paper is an unsecured, short-term debt obligation of a bank, corporation, or other borrower. Commercial paper maturity generally ranges from two to 270 days and is usually sold on a discounted basis rather than as an interest-bearing instrument. The Fund will invest in commercial paper only if it is rated in one of the top two rating categories by Moody's Investors Service, Inc., Standard & Poor's Ratings Services, or Fitch Investors Service, Inc., or if not rated, of equivalent quality in the Sub-Adviser's opinion. Commercial paper may include Master Notes of the same quality. Master Notes are unsecured obligations that are redeemable upon demand of the holder and that permit the investment of fluctuating amounts at varying rates of interest. Master Notes will be acquired by the Fund only through the Master Note program of the Fund's custodian bank, acting as administrator thereof. The Sub-Adviser will monitor, on a continuous basis, the earnings power, cash flow, and other liquidity ratios of the issuer of a Master Note held by the Fund. A Fund may invest in investment companies that invest primarily in such cash items and other high quality debt securities.

**U.S. Government Securities** 

U.S. government securities include securities issued or guaranteed by the U.S. government or its authorities, agencies or instrumentalities. Different kinds of U.S. government securities have different kinds of government support. For example, some U.S. government securities (*e.g.*, U.S. Treasury bonds) are supported by the full faith and credit of the U.S. Other U.S. government securities are issued or guaranteed by federal agencies or government-chartered or - sponsored enterprises but are neither guaranteed nor insured by the U.S. government.

It is possible that the availability and the marketability (that is, liquidity) of the securities discussed in this section could be adversely affected by actions of the U.S. government to tighten the availability of credit.

As with other fixed income securities, U.S. government securities expose their holders to market risk because their values typically change as interest rates fluctuate. For example, the value of U.S. government securities may fall during times of rising interest rates. Yields on U.S. government securities tend to be lower than those of corporate securities of comparable maturities.

In addition to investing directly in U.S. government securities, a Fund may purchase certificates of accrual or similar instruments evidencing undivided ownership interests in interest payments and/or principal payments of U.S. government securities. Certificates of accrual and similar instruments may be more volatile than other government securities.

A Fund may invest in i) U.S. Treasury notes, U.S. Treasury bonds, U.S. Treasury bills, and other U.S. Government obligations; (ii) obligations of the Government National Mortgage Association (GNMA) and other U.S. Government sponsored entities that are guaranteed by the U.S. Government; and (iii) obligations of the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Housing Administration (FHA), Federal Farm Credit Bank (FFCB), Federal Home Loan Bank (FHLB), Student Loan Marketing Association (SLMA), The Tennessee Valley Authority (TVA) and other U.S. Government authorities, agencies, and instrumentalities. While obligations of some U.S. Government sponsored entities are supported by the full faith and credit of the U.S. Government (*e.g.*, GNMA), others are not.

**Foreign Investments** 

*Foreign Market Risk.* Foreign security investment or exposure involves special risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, the Funds are subject to the risk that because there are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it may be difficult for a Fund to buy and sell securities, or

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increase or decrease exposures, on those exchanges. In addition, prices of foreign securities may fluctuate more than prices of securities traded in the U.S.

*Foreign Economy Risk.* The economies of certain foreign markets often do not compare favorably with that of the U.S. with respect to such issues as growth of gross domestic product, reinvestment of capital, resources, and balance of payments positions. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets, or the imposition of punitive taxes. In addition, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain industries. Any of these actions could severely affect security prices, impair a Fund's ability to purchase or sell foreign securities, or obtain exposure to them, or transfer the Fund's assets back into the U.S., or otherwise adversely affect the Fund's operations. Other foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social instability. Legal remedies available to investors in certain foreign countries may be less extensive than those available to investors in the U.S. or other foreign countries. Foreign corporate governance may not be as robust as in the U.S. As a result, protections for minority investors may not be strong, which could affect security prices.

*Currency Risk and Exchange Risk.* Securities in which the Funds invest, or to which they obtain exposure, may be denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates will affect the value of these securities. Generally, when the U.S. dollar rises in value against a foreign currency, an investment in a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Similarly, when the U.S. dollar decreases in value against a foreign currency, an investment in, or exposure to, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk is generally known as "currency risk," which is the possibility that a stronger U.S. dollar will reduce returns for U.S. investors investing overseas. Foreign currencies also involve the risk that they will be devalued or replaced, adversely affecting the Funds' investments.

*Governmental Supervision and Regulation/Accounting Standards.* Many foreign governments supervise and regulate stock exchanges, brokers and the sale of securities to a lesser extent than the U.S. government. Some countries may not have laws to protect investors the way that the U.S. securities laws do. Accounting standards in other countries are not necessarily the same as in the U.S. If the accounting standards in another country do not require as much disclosure or detail as U.S. accounting standards, it may be harder to completely and accurately determine a company's financial condition.

*Certain Risks of Holding Fund Assets Outside the U.S.* Foreign securities in which the Funds invest, or to which they obtain exposure, are generally held outside the U.S. in foreign banks and securities depositories. The Funds' custodian is the Funds' "foreign custody manager" as provided in Rule 17f-5 under the Investment Company Act. The "foreign custody manager" is responsible for determining that each Fund's directly-held foreign assets will be subject to reasonable care, based on standards applicable to custodians in relevant foreign markets. However, certain foreign banks and securities depositories may be recently organized or new to the foreign custody business. They may also have operations subject to limited or no regulatory oversight. Also, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. In addition, it likely will be more expensive for a Fund to buy, sell and hold securities, or increase or decrease exposures thereto, in certain foreign markets than it is in the U.S. market due to higher brokerage, transaction, custody and/or other costs. The increased expense of investing in foreign markets reduces the amount a Fund can earn on its investments.

Settlement and clearance procedures in certain foreign markets differ significantly from those in the U.S. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically involved with the settlement of U.S. investments. Settlements in certain foreign countries at times have not kept pace with the number of securities transactions. The problems may make it difficult for the Funds to carry out transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, the Fund may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, directly or indirectly, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred.

Dividends and interest on, and proceeds from the sale of, foreign securities a Fund holds, or has exposure to, may be subject to foreign withholding or other taxes, and special U.S. federal income tax considerations may apply.

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**Emerging Markets Risk**

Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, a Fund that invests in developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. Each of these factors may impact the ability of a Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause a Fund to decline in value.

In addition, many emerging market countries have experienced substantial, and during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of these countries. Moreover, the economies of some emerging market countries may differ unfavorably from the U.S. economy in such respects as growth of gross domestic product, currency depreciation, debt burden, capital reinvestment, resource self-sufficiency and balance of payments position.

A Fund may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of emerging market issuers. Potential counterparties may not possess, adopt or implement creditworthiness standards, financial reporting standards or legal and contractual protections similar to those in developed foreign markets. Currency and other hedging techniques may not be available or may be limited. The local taxation of income and capital gains accruing to nonresidents varies among emerging market countries and may be comparatively high. Emerging market countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that the Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets. Custodial services and other investment-related costs in emerging market countries are often more expensive, compared to developed foreign markets and the U.S., which can reduce the Fund's income from investments in securities of emerging market country issuers.

Some emerging market currencies may not be internationally traded or may be subject to strict controls on foreign investment by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including an Underlying Fund's securities, denominated in that currency. Some emerging market governments restrict currency conversions and/or set limits on repatriation of invested capital. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some emerging market countries may be convertible into U.S. dollars, the conversion rates may be different than the actual market values and may be adverse to the Fund's shareholders.

**Chinese Investment Risk** 

*General.* The Chinese government maintains a major role in economic policymaking. Investing in China ("China" or the "PRC") involves risk of loss due to expropriation, nationalization, or confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. The Chinese economy is subject to a considerable degree of government regulation and intervention, political and social risk and other risk factors, as described in more detail below:

*Political and Social Risk.* The Chinese government is authoritarian, and has periodically used force to suppress civil dissent. Disparities of wealth and the pace of economic liberalization may lead to social turmoil, violence and labor unrest. In addition, China continues to experience disagreements related to integration with Hong Kong and religious and nationalist disputes in Tibet and elsewhere. There is also a greater risk involved in currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest and conflicts with other countries. Unanticipated political or social developments may result in sudden and significant investment losses. China's growing income inequality and worsening environmental conditions are also factors that may affect the Chinese economy. China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China's economy and Chinese issuers of securities in which the Fund invests.

*Government Control and Regulation.* The Chinese government has implemented significant economic reforms in order to liberalize trade policy, promote foreign investment in the economy, reduce government control of the economy and develop market mechanisms. There can be no assurance these reforms will continue or that they will be effective. Despite recent reform and privatizations, significant regulation of investment and industry is still pervasive, and the Chinese government may restrict foreign

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ownership of Chinese corporations and repatriation of assets without warning. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies that may be connected to governmental influence, a lack of publicly-available information, and political and social instability.

*Economic Risk.* The Chinese economy has grown rapidly during the past several years, and there is no assurance that this growth rate will be maintained or that the economy will not experience recession. In fact, the Chinese economy may experience a significant slowdown as a result of, among other things, deterioration in global demand for Chinese exports, as well as contraction in spending on domestic goods by the Chinese consumer. In addition, China may experience substantial rates of inflation or economic recessions, causing a negative effect on the economy and securities market. Slow development of well-functioning financial markets and widespread corruption have also hindered performance of the Chinese economy. China continues to receive substantial pressure from trading partners to liberalize official currency exchange rates and better protect intellectual property rights.

*Nationalization and Expropriation Risk.* Expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. There can be no assurance that the Chinese government will not nationalize or expropriate assets in its territory or over which it otherwise has control. An investment in the Fund involves a risk of a total loss. Moreover, the Chinese government limits foreign investment in the securities of Chinese issuers entirely. These restrictions or limitations may have adverse effects on the liquidity and performance of the Fund holdings as compared to the performance of the Index. This may increase the risk of tracking error and the Fund may not be able to achieve its investment objective.

*Currency Risk.* The government of China has historically maintained strict currency controls in order to achieve economic, trade and political objectives and regularly intervened in the currency market. In this regard, the Chinese government has placed strict regulation on the yuan and Hong Kong dollar and manages the yuan and Hong Kong dollar so that they have historically traded in a tight range relative to the U.S. dollar. The Chinese government has been under pressure to manage the currency in a less restrictive fashion so that it is less correlated to the U.S. dollar.

Since 2005, the exchange rate of the RMB is no longer strictly pegged to the U.S. dollar. The RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of the RMB against other major currencies in the inter-bank foreign exchange market is allowed to float within a narrow band around the central parity published by the People's Bank of China. As the exchange rates may be based on market forces, the exchange rates for RMB against other currencies, including the U.S. dollar, are susceptible to movements based on external factors. Of course, there can be no guarantee that this will continue, or that the yuan or the Hong Kong dollar will move in relation to the U.S. dollar as expected. There can be no assurance that the RMB will not be subject to devaluation. Any devaluation of the RMB is expected to adversely affect the value of the Fund's investments.

The Fund may also be subject to delays in converting or transferring U.S. dollars to RMB or Hong Kong dollars (as applicable) for the purpose of purchasing A-Shares or H-Shares, respectively, or converting RMB or Hong Kong dollars (as applicable) to U.S. dollars to pay cash redemptions, distributions or expenses. This may lower the Fund's performance, because any delay could result in the Fund missing an investment opportunity, purchasing securities at a higher price than originally intended or incurring cash drag.

*Geographic Risk.* China historically has experienced natural disasters such as earthquakes, droughts and floods, and is economically sensitive to environmental events. Any such event could cause a significant impact on the Chinese economy.

*Hong Kong Political Risk.* As part of Hong Kong's transition from British to Chinese sovereignty in 1997, China agreed to allow Hong Kong to maintain a high degree of autonomy with regard to its political, legal and economic systems for a period of at least 50 years. China controls matters that relate to defense and foreign affairs. Under the agreement, China does not tax Hong Kong, does not limit the exchange of the Hong Kong dollar for foreign currencies and does not place restrictions on free trade in Hong Kong. However, there is no guarantee that China will continue to honor the agreement and China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund's portfolio. The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government.

Available Disclosure About Chinese Companies. Disclosure and regulatory standards in China are in many respects less stringent than U.S. standards. Chinese issuers are required to follow PRC accounting standards and practices, which follow international accounting standards to a certain extent. However, the accounting, auditing and financial reporting standards and practices applicable to PRC companies may be less rigorous, and there may be significant differences between financial statements prepared in accordance with the PRC accounting standards and practices and those prepared in accordance with U.S. Generally Accepted Accounting Principles

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("GAAP"). In particular, the assets and profits appearing on the financial statements of a Chinese issuer may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with GAAP. As the disclosure and regulatory standards in the PRC are less stringent than in more developed markets, there might be substantially less publicly available information about issuers in the PRC on which the Adviser can base investment decisions, and such information may not be as reliable as information prepared in accordance with GAAP. Additionally, there is substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Therefore, disclosure of certain material information may not be made, and less information may be available to the Fund and other investors than would be the case if the Fund's investments were restricted to securities of U.S. issuers. Such conditions may lead to potential errors in index data, index computation and/or index construction and may limit the ability to oversee the index provider's due diligence process over index data, which may adversely impact the Fund's performance and its ability to track the performance of the Index.

*Chinese Securities Markets.* China's securities markets, including the debt markets, have a limited operating history and are not as developed as those in the United States. These markets, historically, have had greater volatility than markets in the United States and some other countries, and experienced inefficiency and pricing anomalies. There is relatively less regulation and monitoring of Chinese securities markets and of the activities of investors, brokers and other participants than in the United States, including with respect to insider trading, tender offers, stockholder proxies and disclosure of information. Stock markets in China are in the process of change and further development. This may lead to additional volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying the relevant regulations.

*Chinese Corporate and Securities Law.* China operates under a civil law system, in which court precedent is not binding. Because there is no binding precedent to interpret existing statutes, there is uncertainty regarding the implementation of existing law. China also lacks a national set of laws which address all issues that may arise with regard to a foreign investor such as the Fund. It may therefore be difficult, or impossible, for the Fund to enforce its rights as an investor under Chinese corporate and securities laws, and it may be difficult or impossible for the Fund to obtain or enforce a judgment in court. Moreover, as Chinese corporate and securities laws continue to develop; these developments may adversely affect foreign investors such as the Fund.

Additionally, legal principles relating to corporate affairs and the validity of corporate procedures, directors' fiduciary duties and liabilities, and stockholders' rights often differ from those that may apply in the United States and other countries. Chinese laws providing protection to investors, such as laws regarding the fiduciary duties of officers and directors, are undeveloped and will not provide investors such as the Fund with protection in all situations where protection would be provided by comparable laws in the United States. In addition, laws pertaining to bankruptcy proceedings are generally less developed and may be different than such laws in the United States and lead to unpredictable results.

*Special Risk Considerations of Investing in China*. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities ("VIEs"). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE's financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value.

While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE's contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest. In addition, the listed offshore entity's control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer's authorization to enter into contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment by the company. Moreover, any future regulatory action may prohibit the ability of the offshore entity to receive the economic benefits of the Chinese-based operating company, which may cause the value of the Fund's

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investment in the listed offshore entity to suffer a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring companies. There is no guarantee that the government will not place similar restrictions on other industries.

*Tax Risk*. In order to qualify for the favorable tax treatment generally available to regulated investment companies, a Fund must satisfy certain income, distribution and asset diversification requirements. With respect to the latter, a Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund's assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund's assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income, which would adversely affect its performance. Because there is limited transparency into state ownership of Chinese issuers, there is a risk of such issuers being deemed to be a single issuer, which could result in the Fund falling out of compliance with the asset diversification requirements.

*China Onshore Investing Risks.* Because the Fund may invest in the local China markets directly (also referred to herein as domestic Chinese markets or securities or onshore Chinese markets or securities), it will be subject to the following special risks:

*Capital Controls Risk*. RMB can be categorized into "CNY" (onshore RMB) traded and circulated in China and "CNH" (offshore RMB) traded and circulated outside China. CNY and CNH are traded at different exchange rates and their exchange rates may not move in the same direction. Although there has been a growing amount of RMB held offshore, CNH cannot be freely remitted into the PRC and is subject to certain restrictions, and vice versa. The Fund may be adversely affected by the exchange rates between CNY and CNH.

CNY is currently not a freely convertible currency as it is subject to foreign exchange control, fiscal policies and repatriation restrictions imposed by the Chinese government. The PRC government imposes restrictions on the remittance of RMB out of and into China. In the event a remittance by the Fund is disrupted, the Fund could be adversely affected and, among other matters, may not be able to invest those funds, which may increase the tracking error of the Fund. In addition, any delay in repatriation of RMB out of China may result in delay in payment of redemption proceeds to redeeming investors. The Chinese government's policies on exchange control and repatriation restrictions are subject to change, and such control of currency conversions and movements in the RMB exchange rates may adversely affect the operations and financial results of PRC companies and the Fund. If such control policies change in the future, the Fund may be adversely affected.

Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions may, without prior warning, lead to intervention by Chinese government authorities and the imposition of "capital controls." Capital controls include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets into, out of or into the country. Levies may be placed on profits repatriated by foreign entities (such as the Fund). Capital controls may impact the ability of the Fund to buy, sell or otherwise transfer securities or currency, adversely affect the trading market and price for shares of the Fund, and cause the Fund to decline in value.

The Chinese government also heavily regulates the domestic exchange of foreign currencies within China. Chinese law requires that all domestic transactions must be settled in RMB, places significant restrictions on the remittance of foreign currency and strictly regulates currency exchange from RMB. Under State Administration of Foreign Exchange ("SAFE") regulations, Chinese corporations may only purchase foreign currencies through government approved banks. In general, Chinese companies must receive approval from or register with the Chinese government before investing in certain capital account items, including direct investments and loans, and must thereafter maintain separate foreign exchange accounts for the capital items. Foreign investors may only exchange foreign currencies at specially authorized banks after complying with documentation requirements. These restrictions may adversely affect the Fund and its investments. The PRC government may impose additional or other currency capital controls that could significantly harm the Fund.

*Custody Risk.* Less developed markets such as China are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. Local agents are held only to the standards of care of their local markets, and in general, the less developed a country's securities market is, the greater the likelihood of custody and settlement problems.

The Fund is required by Chinese regulation to have a local custodian in China ("PRC Custodian") for its investments in domestic, onshore Chinese securities, including A-Shares. The PRC Custodian maintains the Fund's investments in China to ensure their compliance with the rules and regulations of the China Securities Regulatory Commission ("CSRC") and the People's Bank of China. Such investments, when purchased by the Adviser in its capacity as the Fund's RQFII or QFII, as applicable, will normally be received in a securities account maintained by the PRC Custodian in the joint names of the Fund and the Adviser. The account may

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not be used for any other purpose than for maintaining the Fund's assets. However, given that the securities trading account will be maintained in the joint names of the Adviser and the Fund, the Fund's assets may not be as well protected, as they would be if it were possible for them to be registered and held solely in the name of the Fund. In particular, there is a risk that creditors of the Adviser may assert that the securities are owned by the Adviser and not the Fund, and that a court would uphold such an assertion, in which case such creditors could seize assets. Because the Fund's PRC securities quota may be in the name of both the Adviser and the Fund, there is also a risk that regulatory actions taken against the Adviser by PRC government authorities may affect the Fund. This is particularly acute in the case of cash deposited with the PRC Custodian because it may not be segregated, and it may be treated as a debt owing from the PRC Custodian to the Fund as a depositor. Thus, in the event of a PRC Custodian bankruptcy, liquidation, or similar event, the Fund may face difficulties and/or encounter delays in recovering its cash.

RQFII and QFII Risk. A RQFII or QFII license may be acquired to invest directly in domestic, onshore Chinese securities. To qualify for a QFII license, an applicant must meet strict requirements on asset management experience, assets under management, and firm capital. In 2020, the PRC government eliminated QFII and RQFII quotas, meaning that entities registered with the appropriate Chinese regulator will no longer be subject to quotas when investing in PRC securities (but will remain subject to foreign shareholder limits).

The RQFII rules continue to evolve. The RQFII program is substantially similar to the QFII program, but provides for greater flexibility in repatriating assets, as discussed below. Chinese regulators may revise or discontinue the RQFII program at any time.

Repatriations by RQFIIs are currently permitted daily and are not subject to repatriation restrictions or prior regulatory approval. However, there is no assurance that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Further, such changes to the PRC rules and regulations may be applied retroactively. If a QFII license is obtained and used, all repatriations of gains and income would require the approval of SAFE. These limitations may also prevent the Fund from making certain distributions to shareholders. Further, no single underlying foreign investor investing through a QFII may hold more than 10% of the total outstanding shares in one listed company and all foreign investors investing through QFIIs may not hold, in aggregate, more than 30% of the total outstanding shares in one listed company. Such limits may not apply where foreign investors make strategic investment in listed companies in accordance with the Measures for the Administration of Strategic Investments in Listed Companies by Foreign Investors.

If the Fund invests directly in domestic Chinese securities with a QFII license, the Adviser will be required to transfer the entire investment principal into a local sub-custodian account within such time period as specified by SAFE (up to six months). Following this, investment capital will be subject to an initial lock-up period (currently three months if the Fund is deemed to be an "open end fund" under Chinese regulations), during which the assets may not be repatriated to the United States, even if they are never invested. Following that time, investment principal and earnings may generally only be repatriated with the approval of SAFE, although up to $50 million may be repatriated each week without SAFE approval if the Fund is deemed to be an "open end fund" under Chinese regulations.

*A-Shares Risk*. The ability of the Fund to invest in China A-Shares is dependent, in part, on the availability of A-Shares either through the trading and clearing facilities of a participating exchange located outside of mainland China ("Stock Connect Programs") which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect, and/or through a QFII or RQFII license from the Chinese regulator. Thus, the Fund's investment in A-Shares will be limited by the amount of A-Shares available through the Stock Connect Programs. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government.

Currently, there are two stock exchanges in mainland China, the Shanghai and Shenzhen Stock Exchanges. The Shanghai and Shenzhen Stock Exchanges are supervised by the CSRC and are highly automated with trading and settlement executed electronically. The Shanghai and Shenzhen Stock Exchanges are substantially smaller, less liquid and more volatile than the securities markets in the United States.

The Shanghai Stock Exchange commenced trading on December 19, 1990, and the Shenzhen Stock Exchange commenced trading on July 3, 1991. The Shanghai and Shenzhen Stock Exchanges divide listed shares into two classes: A-Shares and B-shares. Companies whose shares are traded on the Shanghai and Shenzhen Stock Exchanges that are incorporated in mainland China may issue both A-Shares and B-Shares. In China, the A-Shares and B-Shares of an issuer may only trade on one exchange. A-Shares and B-Shares may both be listed on either the Shanghai or Shenzhen Stock Exchanges. Both classes represent an ownership interest comparable to a share of common stock. A-Shares are traded on the Shanghai and Shenzhen Stock Exchanges in RMB. A-Shares may be subject to more frequent and/or extended trading halts than other exchange-traded securities and may become illiquid. The A-Shares market may behave very differently from other Chinese equity markets, and there may be little to no correlation between them.

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Restrictions continue to exist on investments in A-Shares and capital therefore cannot flow freely into the A-Share market, making it possible that, in the event of a market disruption, the liquidity of the A-Share market and trading prices of A-Shares could be more severely affected than the liquidity and trading prices of markets where securities are freely tradable and capital therefore flows more freely. The Fund cannot predict the nature or duration of such a market disruption or the impact that it may have on the A-Share market and the short-term and long-term prospects of its investments in the A-Share market.

The Chinese government has in the past taken actions that benefitted holders of A-Shares. As A-Shares become more available to foreign investors, such as the Fund, the Chinese government may be less likely to take action that would benefit holders of A-Shares.

Repatriations by RQFIIs for investors such as registered funds are permitted daily and are not subject to lockup periods. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Any restrictions on repatriation of the Fund's assets may adversely affect the Fund's ability to meet redemption requests and/or may cause the Fund to borrow money in order to meet its obligations. These limitations may also prevent a Fund from making certain distributions to shareholders.

If the Fund is unable to obtain sufficient exposure to the components of its Index, the Fund could seek exposure to the component securities of the Index in other ways, such as by investing in depositary receipts of the component securities and Hong Kong listed versions of the component securities. The Fund may also invest in B-Shares issued by the same companies that issue A-Shares that are in the Index. The A-Shares market may behave very differently from the B-Shares market, and there may be little to no correlation between the performances of the two. The Fund may also use derivatives or invest in ETFs that can obtain comparable exposures. If necessary, the Fund may limit or suspend purchases of Creation Units of the Fund until the Fund determines that the requisite exposure to the Index is obtainable. During the period that creations are limited or suspended, the Fund could trade at a significant premium or discount to the NAV and could experience substantial redemptions. Alternatively, the Fund could change its investment objective by, for example, seeking to track an alternative index that does not include A-Shares as component securities, or decide to liquidate the Fund. In circumstances beyond the control of the Fund, the Fund may incur significant losses due to limited investment capabilities, including based on investment objectives or strategies, due to investment restrictions on RQFIIs and QFIIs licenses, illiquidity of the securities markets, or delay or disruption in execution or settlement of trades.

The Chinese government limits foreign investment in the securities of Chinese issuers entirely. China may also impose higher local tax rates on transactions involving certain companies. These restrictions or limitations may have adverse effects on the liquidity and performance of the Fund holdings as compared to the performance of the Index. This may increase the risk of tracking error and the Fund may not be able to achieve its investment objective.

Per a circular (Caishui [2014] 79), the Fund is temporarily exempt from the Chinese tax on capital gains ("CGT") on trading in A-Shares as a QFII or RQFII on the Shanghai Stock Exchange through the Shanghai-Hong Kong Stock Connect as of November 17, 2014, and the Shenzhen Stock Exchange through the Shenzhen-Hong Kong Stock Connect as of December 5, 2016. There is no indication as to how long the temporary exemption will remain in effect. Accordingly, the Fund may be subject to such taxes in the future. In addition, there is uncertainty as to the application and implementation of China's value added tax to the Fund's activities. As a result, investors may be advantaged or disadvantaged depending on the final rules of the relevant tax authorities.

Investors should note that such provision may be excessive or inadequate to meet actual CGT tax liabilities (which could include interest and penalties) on the Fund's investments. As a result, investors may be advantaged or disadvantaged depending on the final rules of the relevant tax authorities. It is also unclear how China's value added tax may apply to the activities of a participant in the Stock Connect Programs or QFII or RQFII licensee and how such application may be affected by tax treaty provisions. If such a tax is collected, the expense will be passed on and borne by the Fund. The imposition of such taxes, as well as future changes in applicable PRC tax law, may adversely affect the Fund.

The Fund reserves the right to establish a reserve for any taxes as to which it is uncertain whether they will be assessed, although it has not currently done so. If the Fund establishes such a reserve but is not ultimately subject to the tax, shareholders who redeemed or sold their shares while the reserve was in place will effectively bear the tax and may not benefit from the later release, if any, of the reserve. Conversely, if the Fund does not establish such a reserve but ultimately is subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from the trading that precipitated the Fund's payment of it. The Fund is responsible for any taxes on its operations or investments, including if they are applied retroactively.

Disclosure of Interests and Short Swing Profit Rule. The Fund may be subject to regulations promulgated by the CSRC which currently require the Fund to make certain public disclosures, when the Fund and parties acting in concert with the Fund acquire 5% or more of the issued securities of a listed company (which include A-Shares of the listed company). The relevant PRC regulations presumptively treat all affiliated investors and investors under common control as parties acting in concert. As such, the Fund may be

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deemed as a "concerted party" of other funds managed by the Adviser and therefore may be subject to the risk that the Fund's holdings may be required to be reported in the aggregate with the holdings of such other funds, should the aggregate holdings trigger the reporting threshold under the PRC law. If the 5% shareholding threshold is triggered, the Fund would be required to file its report within three days. During the time limit for filing the report, a trading freeze applies, and the Fund would not be permitted to make subsequent trades in the invested company's securities. Any such trading freeze may have a negative impact on the Fund's performance. Further, subject to the interpretation of PRC courts and PRC regulators, the operation of the short swing profit rule may prevent the Fund from reducing its holdings in a company, 5% or more of whose shares are deemed to be held by the Fund and its affiliates, within six months of the last purchase of shares of the company. The Fund could be subject to these restrictions; even though an entity deemed to be an affiliate (and not the Fund) may have triggered the restrictions. Nonetheless, if the Fund violates the rule, it may be required by the listed company to return any profits realized from such trading to the company. In addition, the Fund could not repurchase securities of the listed company within six months of such sale. Finally, under PRC civil procedures, the Fund's assets may be frozen to the extent of the claims made by the company in question.

Use of Brokers. Currently, only a limited number of brokers are available to trade A-Shares with the Fund. As a result, the Adviser may have less flexibility to choose among brokers on behalf of the Fund than is typically the case for U.S. investment managers. This may cause the Fund to incur higher brokerage expenses and achieve less favorable execution, which could have a negative impact on Fund returns. In addition, in the event of any default of a PRC broker in the execution or settlement of any transaction or in the transfer of any funds or securities in the PRC, the Fund may encounter delays in recovering its assets, or may not be able to recover its assets, which could cause the Fund to lose money. Further, the operation of the Fund may be adversely affected in case of any acts or omissions of a PRC broker, which may result in, among other things, losses to the Fund and higher tracking error. There is also a risk that the Fund may suffer losses from the default, bankruptcy or disqualification of a PRC broker. However, the Adviser, in its selection of PRC brokers, will consider such factors as the competitiveness of PRC brokers' commission rates, size of the relevant orders, and execution standards.

**India Investment Risk**

India is an emerging market country and exhibits significantly greater market volatility from time to time in comparison to more developed markets. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses.

Moreover, governmental actions can have a significant effect on the economic conditions in India, which could adversely affect the value and liquidity of a Fund's investments. In November 2016, the Indian government eliminated certain large denomination cash notes as legal tender, causing uncertainty in certain financial markets. The securities markets in India are comparatively underdeveloped, and stockbrokers and other intermediaries may not perform as well as their counterparts in the U.S. and other more developed securities markets. The limited liquidity of the Indian securities markets may also affect the Fund's ability to acquire or dispose of securities at the price and time that it desires.

Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. In addition, the Reserve Bank of India ("RBI") has imposed limits on foreign ownership of Indian securities, which may decrease the liquidity of a Fund's portfolio and result in extreme volatility in the prices of Indian securities. These factors, coupled with the lack of extensive accounting, auditing and financial reporting standards and practices, as compared to the U.S., may increase a Fund's risk of loss.

Further, certain Indian regulatory approvals, including approvals from the Securities and Exchange Board of India ("SEBI"), the RBI, the central government and the tax authorities (to the extent that tax benefits need to be utilized), may be required before the Fund can make investments in the securities of Indian companies. Capital gains from Indian securities may be subject to local taxation.

**Taiwan Investment Risk.** 

Taiwan's geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries. These tensions may materially affect the Taiwanese economy and its securities market. Taiwan's economy is export-oriented, so reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan's key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies. In addition, rising labor costs and increasing environmental consciousness have led some labor-intensive industries to relocate to countries with cheaper work forces, and continued labor outsourcing may adversely affect the Taiwanese economy. Taiwan's economy is also intricately linked with the economies of other Asian countries. As a result, political and social unrest in these other Asian countries could cause further economic and market uncertainty in Taiwan. Further, Taiwan is a small island state with few raw material resources and limited land area; therefore, it relies

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heavily on imports for its commodity needs. Any fluctuations or shortages in the commodity markets could have a negative impact on the Taiwanese economy.

**Micro- and Small-Capitalization Securities**

The securities of micro- and small-capitalization companies are often traded in the over-the-counter market, and might not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of micro- and small- capitalization companies are likely to be less liquid and subject to more abrupt or erratic market movements than securities of larger, more established companies.

**Corporate Debt Securities** 

The rate of interest on a corporate debt security may be fixed, floating or variable, and may vary inversely with respect to a reference rate. Debt securities may be acquired with warrants attached. A Fund may invest in commercial interests, including commercial paper, master notes and other short-term corporate instruments that are denominated in U.S. dollars. Commercial paper consists of short-term promissory notes issued by corporations. Commercial paper may be traded in the secondary market after its issuance. Master notes are demand notes that permit the investment of fluctuating amounts of money at varying rates of interest pursuant to arrangements with issuers who meet the quality criteria of a Fund. The interest rate on a master note may fluctuate based upon changes in specified interest rates, be reset periodically according to a prescribed formula or be a set rate. Although there is no secondary market in master demand notes, if such notes have a demand future, the payee may demand payment of the principal amount of the note upon relatively short notice. Master notes are generally illiquid and therefore subject to a Fund's percentage limitations for investments in illiquid securities.

**Illiquid Securities** 

A Fund may invest in illiquid securities (*i.e.*, securities that are not readily marketable). Illiquid securities include, but are not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may only be resold pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), but that are deemed to be illiquid; and repurchase agreements with maturities in excess of seven days. However, a Fund will not acquire illiquid securities if immediately after the acquisition, such securities would comprise more than 15% of the value of the Fund's net assets. Determinations of liquidity are made pursuant to guidelines contained in the liquidity risk management program of the Trust applicable to the relevant Fund. The Adviser determines and monitors the liquidity of the portfolio securities and reports periodically on its decisions to the Board. In making such liquidity determinations it primarily takes into account the average daily volume of trades. In addition, it may take into account a number of other factors in reaching liquidity decisions, including but not limited to: (1) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (2) the willingness of dealers to undertake to make a market in the security; and (3) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer. In connection with the implementation of the SEC's liquidity risk management rule and the liquidity risk management program of the Trust applicable to the relevant Fund, the term "illiquid security" is defined as a security that the relevant Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

An institutional market has developed for certain restricted securities. Accordingly, contractual or legal restrictions on the resale of a security may not be indicative of the liquidity of the security. If such securities are eligible for purchase by institutional buyers in accordance with Rule 144A under the Securities Act or other exemptions, the Adviser may determine that the securities are liquid.

Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, a Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than that which prevailed when it decided to sell.

Illiquid securities will be priced at fair value as determined in good faith under procedures adopted by the Board. If, through the appreciation of illiquid securities or the depreciation of liquid securities, a Fund should be in a position where more than 15% of the value of its net assets are invested in illiquid securities, including restricted securities which are not readily marketable, the Fund will take such steps as are deemed advisable, if any, to protect liquidity.

**Investments in Other Investment Companies** 

Each Fund may invest in the securities of other investment companies to the extent permitted by the Investment Company Act, SEC rules thereunder and exemptions thereto. Subject to applicable regulatory requirements, a Fund may invest in shares of both open- and closed-end investment companies (including money market funds and ETFs). The market price for ETF and closed-end fund shares may be

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higher or lower than, respectively, the ETF's and closed-end fund's NAV. Investing in another investment company exposes a Fund to all the risks of that investment company and, in general, subjects it to a pro rata portion of the other investment company's fees and expenses. As a result, an investment by a Fund in an ETF or investment company could cause the Fund's operating expenses to be higher and, in turn, performance to be lower than if the Fund were to invest directly in the securities underlying the ETF or investment company.

Section 12(d)(1) of the Investment Company Act restricts investments by registered investment companies ("Investing Funds") in securities of other registered investment companies, including each Fund. The acquisition of Shares by Investing Funds is subject to the restrictions of Section 12(d)(1) of the Investment Company Act, except as may be permitted by exemptive rules under the Investment Company Act such as Rule 12d1-4 under the Investment Company Act, subject to certain terms and conditions, including that the Investing Fund enter into an agreement with the Funds regarding the terms of the investment.

For purposes of the Investment Company Act, Shares are issued by a registered investment company and purchases of such Shares by registered investment companies and companies relying on Section 3(c)(1) or 3(c)(7) of the Act are subject to the restrictions set forth in Section 12(d)(1) of the Act, except as permitted by an exemptive order of the SEC or rule promulgated under the Act.

**Borrowing** 

Each Fund may borrow money for investment purposes, which is a form of leveraging. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk while increasing investment opportunity. Such borrowing may make a Fund's NAV more volatile than funds that do not borrow for investment purposes because leverage magnifies changes in the Fund's NAV and on the Fund's investments. Although the principal of borrowings will be fixed, a Fund's assets may change in value during the time the borrowing is outstanding. Leverage also creates interest expenses for a Fund. To the extent the income derived from securities purchased with borrowed funds exceeds the interest a Fund will have to pay, the Fund's net income will be greater than it would be if leverage were not used. Conversely, if the income from the assets obtained with borrowed funds is not sufficient to cover the cost of leveraging, the net income of a Fund will be less than it would be if leverage were not used, and therefore the amount available for distribution to shareholders as dividends will be reduced. The use of derivatives in connection with leverage creates the potential for significant loss. Any leveraging will comply with the applicable requirements of the 1940 Act and the guidance of no-action letters issued by the SEC.

Each Fund may also borrow money to meet redemptions or for other emergency purposes. Such borrowings may be on a secured or unsecured basis at fixed or variable rates of interest. The 1940 Act requires a Fund to maintain continuous asset coverage of not less than 300% with respect to all borrowings. If such asset coverage should decline to less than 300% due to market fluctuations or other reasons, a Fund will be required to reduce the amount of its borrowings within three days (not including Sundays and holidays), and may be required to dispose of some of its portfolio holdings in order to reduce the Fund's debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to dispose of assets at that time.

Each Fund also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit. Either of these requirements would increase the cost of borrowing over the stated interest rate.

**Temporary Defensive Positions** 

A Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in an attempt to respond to adverse market, economic, political, or other conditions. During such an unusual set of circumstances, a Fund may hold up to 100% of its portfolios in cash or cash equivalent positions (*e.g.*, money market securities, U.S. Government securities, and/or similar securities). When a Fund takes a temporary defensive position, the Fund may not be able to achieve its investment objective.

**Portfolio Turnover** 

Because the Funds have not yet commenced operations, they do not have a portfolio turnover rate to provide.

**Cybersecurity Risk** 

Each Fund, like all companies, may be susceptible to operational and information security risks. Cyber security failures or breaches of the Funds or their service providers or the issuers of securities in which the Funds invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Funds and their shareholders could be negatively impacted as a result.

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**<u>MANAGEMENT OF THE FUNDS</u>**

**Trustees and Officers**

The business and affairs of the Trust are managed by its officers under the oversight of its Board. The Board sets broad policies for the Trust and may appoint Trust officers. The Board oversees the performance of the Adviser, the Sub-Adviser, and the Trust's other service providers. Each Trustee serves until his or her successor is duly elected or appointed and qualified.

The Board is comprised of four Trustees. One Trustee and certain of the officers of the Trust are directors, officers or employees of the Adviser. The other Trustees (the "Independent Trustees") are not "interested persons" (as defined in Section 2(a)(19) of the Investment Company Act) of the Trust. The fund complex includes all funds advised by the Adviser ("Fund Complex").

The Trustees, their age, term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen and other directorships, if any, held by each Trustee, are shown below. The officers, their age, term of office and length of time served and their principal business occupations during the past five years are shown below.

The address of each Trustee and each Officer is: c/o EA Series Trust, 3803 West Chester Pike, Suite 150, Newtown Square, PA 19073.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served** | **Principal Occupation During Past 5 Years** | **Number of Funds in Fund Complex Overseen by Trustee** | **Other Directorships Held by Trustee During Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Daniel Dorn<br>Born: 1975 | Trustee | Indefinite term;<br>Since 2014 | Associate Professor of Finance, Drexel University, LeBow College of Business (2003–present). | 100 |  |
| Michael S. Pagano, Ph.D., CFA®<br>Born: 1962 | Trustee and Audit Committee Chairman | Indefinite term;<br>Since 2014 | The Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova University (1999–present); Founder, Michael S. Pagano, LLC (business consulting firm) (2008–present). | 100 | Citadel Federal Credit Union (pro bono service for non-profit) |
| Chukwuemeka (Emeka) O. Oguh<br>Born: 1983 | Trustee | Indefinite term;<br>Since 2018 | Co-founder and CEO, PeopleJoy (2016–present). | 100 |  |
| **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** | **Interested Trustee and Officer\*** |
| Wesley R. Gray, Ph.D.<br>Born: 1980 | Trustee, Chairman of the Board, and President | Indefinite term;<br>Trustee and Chairman of the Board (since 2014); President (since 2025) | Founder and Executive Managing Member, EA Advisers (2013–present); Chief Executive Officer, EA Advisers (2024–present); Founder, Chief Executive Officer, and Chief Investment Officer, Alpha Architect, LLC (2014–present); Chief Compliance Officer, Alpha Architect (2023–present). | 100 |  |

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\* Dr. Gray is an "interested person," as defined by the Investment Company Act, because of his employment with and ownership interest in the Adviser.

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**Officers**

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with Trust** | **Term of Office and Length of Time Served** | **Principal Occupation During Past 5 Years** |
| Michael D. Barolsky<br>Born: 1981 | Vice President and Secretary | Since 2025; President <br>(2024 – 2025) | Chief Legal Officer, EA Advisers (December 2024–present); Chief Executive Officer, EA Advisers (June 2024–December 2024); Senior Vice President, U.S. Bank Global Fund Services (2019–2024). |
| Joshua J. Hinderliter<br>Born: 1983 | Vice President | Since 2025 | General Counsel, EA Advisers (2025-present); Vice President, U.S. Bancorp Fund Services, LLC (2024-2025); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2022-2024); Managing Associate, Thompson Hine LLP (2016–2022). |
| Sean R. Hegarty, CPA<br>Born: 1993 | Treasurer | Since 2023; Assistant Treasurer (2022 – 2023) | Chief Operating Officer, EA Advisers (2022–present); Assistant Vice President, U.S. Bank Global Fund Services (2018–2022). |
| Jessica D. Leighty<br>Born: 1981 | Chief Compliance Officer | Since 2022 | Chief Compliance Officer, EA Advisers (2021–present); Chief Compliance Officer, Alpha Architect (2021–2023); Chief Compliance Officer, Snow Capital (2015–2021). |
| Elizabeth A. Winske<br>Born: 1983 | Assistant Treasurer | Since 2024 | Senior Fund Operations Officer, EA Advisers (2023–present); Vice President, U.S. Bank Global Fund Services (2020–2023); Assistant Vice President, U.S. Bank Global Fund Services (2016–2020). |
| Marie L. Lostocco, CPA<br>Born: 1985 | Assistant Treasurer | Since 2025 | Senior Fund Operations Officer, EA Advisers (2025–present); Vice President, Blackrock Corporation Inc. (2021–2025); Vice President, Blackrock Financial Management (2018–2021); Senior Audit Manager, Tait, Weller and Baker LLP (2008–2018). |
| Kyle Martinelli<br>Born: 1993 | Assistant Treasurer | Since 2025 | Fund Operations Officer, EA Advisers (2025–present); Assistant Vice President, U.S. Bank Global Fund Services (2015–2025). |

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**Trustee Qualifications**

Information on the Trust's Trustees and Officers appears above including information on the business activities of Trustees during the past five years. In addition to personal qualities, such as integrity, the role of an effective Trustee inherently requires the ability to comprehend, discuss and critically analyze materials and issues presented in exercising judgments and reaching informed conclusions relevant to his duties and fiduciary obligations. The Board believes that the specific background of each Trustee evidences such ability and is appropriate to his serving on the Board. As indicated, Dr. Dorn holds an academic position in the area of finance. Dr. Pagano holds an academic position in the area of finance. Dr. Gray is the Founder and Executive Managing Member of the Adviser and Empirical Finance, LLC d/b/a Alpha Architect. Mr. Oguh is a financial technology entrepreneur, business executive and former mutual fund / ETF analyst.

**Board Structure**

Dr. Gray is considered to be an Interested Trustee and serves as Chairman of the Board. The Chairman's responsibilities include: setting an agenda for each meeting of the Board; presiding at all meetings of the Board and, if present, meetings of the Independent Trustees; and, serving as a liaison between the other Trustees, Trust officers, management personnel and counsel. Dr. Gray also serves as President of the Trust.

The Board believes that having an interested Chairman, who is familiar with the Adviser and its operations, while also having three-fourths of the Board composed of Independent Trustees, strikes an appropriate balance that allows the Board to benefit from the insights and perspective of a representative of management while empowering the Independent Trustees with the ultimate decision-making authority. The Board has not appointed a lead Independent Trustee at this time. The Board does not believe that an independent Chairman or lead Independent Trustee would enhance the Board's effectiveness, as the relatively small size of the Board

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allows for diverse viewpoints to be shared and for effective communications between and among Independent Trustees and management so that meetings proceed efficiently. Independent Trustees have effective control over the Board's agenda because they form more than a majority of the Board and can request presentations and agenda topics at Board meetings.

The Board intends to hold four regularly scheduled meetings each year, at least two of which shall be in person (or during the current Covid pandemic, virtually, via video conference). The Board may also hold special meetings, as needed, either in person, by telephone, or virtually (if permitted), to address matters arising between regular meetings. The Independent Trustees meet separately at each regularly scheduled in-person (or virtually, if permitted) meeting of the Board; during a portion of each such separate meeting management is not present. The Independent Trustees may also hold special meetings, as needed, either in person, by telephone, or virtually (if permitted).

The Board conducts a self-assessment on an annual basis, as part of which it considers whether the structure of the Board and its Committees is appropriate under the circumstances. Based on such self-assessment, among other things, the Board will consider whether its current structure is appropriate. As part of this self-assessment, the Board will consider several factors, including the number of funds overseen by the Board, their investment objectives, and the responsibilities entrusted to the Adviser and other service providers with respect to the oversight of the day-to-day operations of the Trust and the Fund Complex.

The Board sets broad policies for the Trust and may appoint Trust officers. The Board oversees the performance of the Adviser, the Sub-Adviser, and the Trust's other service providers. As part of its oversight function, the Board monitors each of the Adviser's and Sub-Adviser's risk management, including, as applicable, its management of investment, compliance and operational risks, through the receipt of periodic reports and presentations. The Board has not established a standing risk committee. Rather, the Board relies on Trust officers, advisory personnel and service providers to manage applicable risks and report exceptions to the Board in order to enable it to exercise its oversight responsibility. To this end, the Board receives reports from such parties at least quarterly, including, but not limited to, investment and/or performance reports, distribution reports, Rule 12b-1 reports, valuation reports and internal controls reports. Similarly, the Board receives quarterly reports from the Trust's chief compliance officer ("CCO"), including, but not limited to, a report on the Trust's compliance program, and the Independent Trustees have an opportunity to meet separately each quarter with the CCO. The CCO typically provides the Board with updates regarding the Trust's compliance policies and procedures, including any enhancements to them. The Board expects all parties, including, but not limited to, the Adviser, the Sub-Adviser, service providers and the CCO, to inform the Board on an intra-quarter basis if a material issue arises that requires the Board's oversight.

The Board generally exercises its oversight as a whole but has delegated certain oversight functions to an Audit Committee. The function of the Audit Committee is discussed in detail below.

**Committees**

The Board currently has two standing committees: an Audit Committee and a Nominating Committee. Each Independent Trustee serves on each of these committees.

Dr. Pagano serves as the Audit Committee Chairman. The purposes of the Audit Committee are to: (1) oversee generally the Fund Complex's accounting and financial reporting policies and practices, their internal controls and, as appropriate, the internal controls of certain service providers; (2) oversee the quality, integrity and objectivity of the Fund Complex's financial statements and the independent audit thereof; (3) assist the full Board with its oversight of the Trust's compliance with legal and regulatory requirements that relate to the Fund Complex's accounting and financial reporting, internal controls and independent audits; (4) approve, prior to appointment, the engagement of the Trust's independent auditors and, in connection therewith, to review and evaluate the qualifications, independence and performance of the Trust's independent auditors; and (5) act as a liaison between the Trust's independent auditors and the full Board. For the fiscal year ended March 31, 2025, the Audit Committee met seven times.

The purposes of the Nominating Committee are, among other things, to: (1) identify and recommend for nomination candidates to serve as Trustees and/or on Board committees who are not "interested persons" as defined in Section 2(a)(19) of the Investment Company Act ("Interested Persons") of the Trust and who meet any independence requirements of Exchange Rule 5.3(k)(1) or the applicable rule of any other exchange on which shares of the Trust are listed; (2) evaluate and make recommendations to the full Board regarding potential trustee candidates who are Interested Persons of the Trust; and (3) review periodically the workload and capabilities of the Trustees and, as the Committee deems appropriate, to make recommendations to the Board if such a review suggests that changes to the size or composition of the Board and/or its committees are warranted. The Committee will generally not consider potential candidates for nomination identified by shareholders. For the fiscal year ended March 31, 2025, the Nominating Committee did not meet as there were no Board vacancies.

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**Compensation of Trustees**

The Trust's officers and any interested Trustees receive no compensation directly from the Trust.

The Independent Trustees determine the amount of compensation that they receive. In determining compensation for the Independent Trustees, the Independent Trustees take into account a variety of factors including, among other things, their collective significant work experience (*e.g*., in business and finance, government or academia). The Independent Trustees also recognize that these individuals' advice and counsel are in demand by other organizations, that these individuals may reject other opportunities because of the time demands of their duties as Independent Trustees, and that they undertake significant legal responsibilities. The Independent Trustees also consider the compensation paid to independent board members of other registered investment company complexes of comparable size.

Independent Trustees are paid an annual retainer for their services, including attendance at meetings of the Board. All Trustees are reimbursed for their travel expenses and other reasonable out-of-pocket expenses incurred in connection with attending Board meetings. In addition, each Independent Trustee is entitled to reimbursement for reasonable out-of-pocket expenses for educational resources, including attending educational programs to stay informed about industry and regulatory developments. The Trust has no pension or retirement plan.

The table shows the compensation paid to Trustees for the fiscal year ended March 31, 2025 by the Fund Complex.\*

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| | | | |
|:---|:---|:---|:---|
| | **Compensation** | **Compensation**<br>**Deferred** | **Total Compensation<br>from the Fund<br>Complex Paid to Trustee** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Emeka O. Oguh | $135333 | $0 | $135333 |
| Daniel Dorn | $149583 | $0 | $149583 |
| Michael S. Pagano\*\* | $149583 | $0 | $149583 |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Wesley R. Gray\*\*\* | $0 | $0 | $0 |

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\* The Adviser, and not the Fund, is responsible for compensating the Trustees.

\*\* Dr. Pagano receives additional compensation in his role as Audit Committee Chair.

\*\*\* Dr. Gray is an "interested person," as defined by the Investment Company Act, because of his employment with and ownership interest in the Adviser.

**Equity Ownership of Trustees**

The following table sets forth the name and dollar range of equity securities of the Funds owned by Trustees as of December 31, 2025.(The Funds have not yet commenced operations.)

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| | | | |
|:---|:---|:---|:---|
| | **Dollar Range of Equity Securities Owned** | **Dollar Range of Equity Securities Owned** | **Dollar Range of Equity Securities Owned** |
| | **Sophus Capital Emerging Market ETF** | **Sophus Capital Emerging Market Small Cap ETF** | **Aggregate Dollar Range of Shares (All Funds in the Complex)** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Emeka O. Oguh | $0 | $0 | $50001-$100000 |
| Daniel Dorn | $0 | $0 | Over $100,000 |
| Michael S. Pagano | $0 | $0 | Over $100,000 |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Wesley R. Gray | $0 | $0 | Over $100,000 |

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As of the date of this SAI, the Funds have not commenced operations. Therefore, none of the Independent Trustees or their immediate family members beneficially owned any securities in the Fund. Further, as of March 9, 2026, none of the Independent Trustees or their immediate family members beneficially owned any securities in any investment adviser, investment sub-adviser, or principal underwriter of the Trust, or in any person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser, investment sub-adviser, or principal underwriter of the Trust.

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**Codes of Ethics**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the Investment Company Act. In addition, each of the Adviser and Sub-Adviser has adopted a Code of Ethics pursuant to Rule 17j-1. These Codes of Ethics (each a "Code of Ethics" and together the "Codes of Ethics") apply to the personal investing activities of trustees, directors, officers and certain employees ("access persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. Under each Code of Ethics, access persons are permitted to engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain access persons are required to obtain approval before investing in private placements and are prohibited from investing in initial public offerings ("IPOs"). Copies of the Codes of Ethics are on file with the SEC, and are available to the public.

Under the Adviser's Code of Ethics, the personnel of the Adviser are permitted to invest in the same securities as held by the Funds. However, the trading of such investments are subject to blackout periods. Copies of the Codes of Ethics are on file with the SEC, and are available to the public. While the Codes of Ethics are reasonably designed to prevent conflicts arising from personal securities transactions by access persons there can be no assurance that these policies and procedures will be effective, however.

Under its Code of Ethics, the personnel of the Sub-Adviser are permitted to invest in the same securities as held by the Funds. However, the trading of such investments is subject to blackout periods. While the Code of Ethics is reasonably designed to prevent conflicts arising from personal securities transactions by access persons there can be no assurance that these policies and procedures will be effective, however.

**Proxy Voting**

The Board has delegated authority for making voting decisions with respect to the portfolio securities of the Fund(s) to the Adviser, subject to the Board of Trustees's continuing oversight. Under this authority, the Adviser is required by the Board to vote proxies related to portfolio securities in the best interests of the Fund and its shareholders. The Adviser has determined, generally, to vote such proxies in accordance with the Broadridge Shareholder Value Model Guidelines ("Broadridge Guidelines"), which are included in Appendix A to this SAI. As such, proxies of the Fund(s) will be voted by the Adviser in accordance with the Broadridge Guidelines unless the Adviser determines otherwise. The Adviser will identify any conflicts that exist between its interests and the Fund(s) by reviewing its relationship with the issuer of each security to determine if the Adviser or any of its employees has any financial, business or personal relationship with the issuer.

If a material conflict of interest exists, the Adviser will determine whether it is appropriate to disclose the conflict to the applicable Fund, to give such Fund an opportunity to vote the proxies itself, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third-party voting recommendation.

The Trust will annually disclose its complete proxy voting record for the year ended June 30 on Form N-PX. The Trust's most recent Form N-PX is available without charge, upon request, by calling (215) 330-4476. The Trust's Form N-PX also is available on the SEC's website at www.sec.gov and on the Funds' website at https://sophus-capital-etfs.com.

**<u>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</u>**

The Adviser owns all the initial Shares issued by the Funds prior to commencement of investment operations and the public launch of the Fund. The Fund had not commenced operations as of the date of this SAI.

**Management ownership**

The Funds have not commenced operations as of the date of this SAI.

**<u>INVESTMENT MANAGEMENT AND OTHER SERVICES</u>**

**Investment Advisory Agreement**

Under investment advisory agreements between the Trust, on behalf of the Funds, and the Adviser (the "Advisory Agreement"), each Fund pays the Adviser a fee at an annualized rate, which is calculated daily and paid monthly, based on its average daily net assets, set forth in the table below:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Sophus Capital Emerging Market ETF | 0.65% |
| Sophus Capital Emerging Market Small Cap ETF | 0.85% |

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The Adviser, in turn, compensates the Sub-Adviser from the management fee the Adviser receives. The Funds have not commenced operations prior to the date of this SAI and therefore, the Funds have not yet paid management fees to the Adviser.

The Adviser manages the investment and the reinvestment of the assets of the Funds, in accordance with the investment objective, policies and limitations of each Fund, subject to the general supervision and control of the Board. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended, and is a limited liability company organized under the laws of Pennsylvania. The address of the Adviser is 3803 West Chester Pike, Suite 150, Newtown Square, PA 19073. The Adviser is wholly-owned by Alpha Architect, LLC. The Adviser was founded in October 2013 and provides investment advisory services to the Funds, other exchange-traded funds, and Alpha Architect, LLC, its parent company.

The following table summarizes the affiliated persons of the Funds who are also affiliated persons of the Adviser.

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| | | |
|:---|:---|:---|
| **NAME** | **FUND AFFILIATION** | **ADVISER AFFILIATION** |
| Wesley R. Gray, PhD | Trustee, Chairman of the Board, and President | Executive Managing Member and Chief Executive Officer |
| Michael D. Barolsky | Vice President and Secretary | Chief Legal Officer |
| Joshua J. Hinderliter | Vice President | General Counsel |
| Sean R. Hegarty, CPA | Treasurer | Chief Operating Officer |
| Jessica D. Leighty | Chief Compliance Officer | Chief Compliance Officer |
| Elizabeth A. Winske | Assistant Treasurer | Senior Fund Operations Officer |
| Marie L. Lostocco | Assistant Treasurer | Senior Fund Operations Officer |
| Kyle Martinelli | Assistant Treasurer | Fund Operations Officer |

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Under the Advisory Agreement for each Fund, the Adviser bears all of the costs of each of the Funds, except for the advisory fee, payments under each Fund's Rule 12b-1 Distribution and Service Plan (the "Plan"), brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), litigation expenses and other non-routine or extraordinary expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto).

The Advisory Agreement with respect to a Fund will remain in effect for an initial term of two years from its effective date and thereafter continue in effect for as long as its continuance is specifically approved at least annually, by (1) the vote of the Trustees or by a vote of a majority of the shareholders of such Fund, and (2) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or Interested Persons of any person thereto, cast in person (or virtually, if permitted) at a meeting called for the purpose of voting on such approval. The Advisory Agreement for each Fund provides that it may be terminated at any time, without the payment of any penalty, by the Board or, with respect to a Fund, by a majority of the outstanding shares of a Fund, on 60 days' written notice to the Adviser, and by the Adviser upon 60 days' written notice, and that it shall be automatically terminated if it is assigned.

**Investment Sub-Adviser**

The Trust, on behalf of the Funds, and the Adviser have retained Consilium Investment Management, dba Sophus Capital, 2400 E Commercial Blvd, Suite 900, Fort Lauderdale, FL 33308 to serve as sub-adviser for the Funds. Subject to the supervision and oversight of the Adviser and the Board, and pursuant to a Sub-Advisory Agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser evaluates potential investments using publicly available information, and uses both fundamental analyses and quantitative methods. Investment recommendations (e.g., buys and sells) are communicated to the Adviser for review and execution.

For the services it provides to the Funds, the Sub-Adviser is entitled to receive a management fee, which is calculated daily and payable monthly, at an annual rate based on a Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Sophus Capital Emerging Market ETF | 0.33% |
| Sophus Capital Emerging Market Small Cap ETF | 0.43% |

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The payment of a management fee by the Adviser to the Sub-Adviser is subject to the terms of the Fund sponsorship agreement described below.

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The Sub-Advisory Agreement was approved by the Trustees (including all the Independent Trustees) and holders of a majority of the outstanding Shares, in compliance with the 1940 Act. The Sub-Advisory Agreement will continue in force for an initial period of two years. Thereafter, the Sub-Advisory Agreement is renewable from year to year with respect to the Funds, so long as its continuance is approved at least annually (1) by the vote, cast in person (or virtually if then-permitted) at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares. The Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by vote of a majority of the Board or, with respect to the Funds, by a majority of the outstanding Shares of the Funds, or by the Adviser, upon 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser on 60 days' written notice to the Adviser and the Trust. The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, fraud, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

The following table summarizes the affiliated persons of the Funds that are also affiliated persons of the Sub-Adviser.

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| | | |
|:---|:---|:---|
| **NAME** | **AFFILIATION WITH FUNDS** | **AFFILIATION WITH SUB-ADVISER** |
| Michael Reynal | Portfolio Manager | Chief Investment Officer |
| Maria Freund | Portfolio Manager | Portfolio Manager |

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The Funds are new and therefore the Adviser has not paid management fees to the Sub-Adviser as of the date of this SAI.

**Sponsor**

The Adviser has entered into a fund sponsorship agreement with Sophus Capital, LLC ("Sophus"), a member of Consilium Investment Management, LLC, under which Sophus assumes the Adviser's obligation to pay some of each Fund's expenses, including the sub-advisory fee. Although Sophus has agreed to be responsible for paying some of each Fund's expenses, the Adviser retains the ultimate obligation to the Funds to pay them. Sophus will also provide marketing support for the Funds, including preparing marketing materials related to the Funds. For these services and payments, Sophus is entitled to share in the potential profits generated by the management and operation of the Funds.

**Custodian**

U.S. Bank National Association (the "Custodian"), located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as the Custodian of each Fund's assets. The Custodian has agreed to: (1) make receipts and disbursements of money on behalf of the Funds, (2) collect and receive all income and other payments and distributions on account of each Fund's portfolio investments and (3) make periodic reports to the Funds concerning the Fund's operations. The Custodian does not exercise any supervisory function over the purchase and sale of securities. As compensation for these services, the Custodian receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

**Administrator, Fund Accountant and Transfer Agent**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, (the "Administrator" or "Transfer Agent"), located at 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as Administrator and Fund Accountant to the Funds. The Administrator provides the Funds with all required general administrative services, including, without limitation, clerical and general back office services; bookkeeping, internal accounting and secretarial services; the calculation of NAV; and the preparation and filing of all reports, updates to registration statements, and all other materials required to be filed or furnished by the Funds under federal and state securities laws. As compensation for these services, the Administrator receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by the Adviser from its fees.

U.S. Bancorp Fund Services, LLC also serves as the Transfer Agent of each Fund's assets. The Transfer Agent has agreed to: (1) issue and redeem shares of the Funds in Creation Units, (2) make dividend and other distributions to shareholders of the Funds, (3) maintain shareholder accounts and (4) make periodic reports to the Funds. As compensation for these services, the Transfer Agent receives certain out-of-pocket costs and transaction fees which are accrued daily and paid monthly by the Adviser from its fees.

The Funds have not commenced operations as of the date of this SAI and therefore does not have any information regarding fees paid to the Administrator to report as of the date of this SAI.

**Securities Lending Agent**

U.S. Bank National Association is each Fund's securities lending agent. As of the date of this SAI, the Funds have not commenced operations and therefore did not have any securities lending information to report.

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**<u>PORTFOLIO MANAGERS</u>**

The following table shows the number of other accounts managed by the portfolio managers and the reporting information is provided as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number of Accounts** | **Total Assets of Accounts (millions)** | **Total Number of Accounts with Performance Based Fees** | **Total Assets of Accounts with Performance Based Fees (millions)** |
| *Michael Reynal* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |
| *Maria Freund* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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The following table provides the dollar range of equity securities beneficially owned by the portfolio manager in the Fund as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **ETFs Managed by Portfolio Manager** | **Dollar Range of Equity Securities Owned** |
| Michael Reynal | Sophus Capital Emerging Market ETF | $0 |
| Michael Reynal | Sophus Capital Emerging Market Small Cap ETF | $0 |
| Maria Freund | Sophus Capital Emerging Market ETF | $0 |
| Maria Freund | Sophus Capital Emerging Market Small Cap ETF | $0 |

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The Funds have not commenced operation as of the date of this SAI.

**Potential Conflicts of Interest** 

A portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with his/her management of each Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as a Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing and possible market impact of a Funds trades, whereby a portfolio manager could use this information to the advantage of other accounts and to the disadvantage of a Fund.

**Sub-Adviser – Portfolio Manager**

The Sub-Adviser has established policies and procedures reasonably designed to ensure that the purchase and sale of securities among all accounts the Sub-Adviser manages are fairly and equitably allocated. There can be no assurance that these policies and procedures will be effective, however.

**Compensation**

**Sub-Adviser – Portfolio Manager**

Mr. Reynal's and Ms. Freund's compensation is based on the success of the Sub-Adviser.

**<u>PORTFOLIO TRANSACTIONS AND BROKERAGE</u>**

**Brokerage Transactions** 

Depending on prevailing market conditions, portfolio changes will generally be implemented through in-kind transactions (including a Cash Component or Cash Redemption Amount as applicable) for Creation Units or, in certain limited situations, through cash-only transactions for Creation Units. In connection with an in-kind component, the Adviser may nonetheless execute brokerage transactions for a Fund and a Fund may incur brokerage commissions, particularly during the early stages of the Funds' development or in the case

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of transactions involving realized losses. In connection with the cash component (or with an all cash transaction), the Adviser will execute brokerage transactions for a Fund in connection with portfolio changes. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark-up or reflect a dealer's mark-down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Adviser may place a combined order, often referred to as "bunching," for two or more accounts it manages, including the Funds, engaged in the purchase or sale of the same security or other instrument if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or a Fund may obtain, it is the opinion of the Adviser and the Board that the advantages of combined orders outweigh the possible disadvantages of separate transactions. In addition, in some instances a Fund effecting the larger portion of a combined order may not benefit to the same extent as participants effecting smaller portions of the combined order. Nonetheless, the Adviser believes that the ability of a Fund to participate in higher volume transactions will generally be beneficial to the Fund.

The Funds have not commenced operations as of the date of this SAI and therefore do not have any information to report regarding brokerage commissions they have paid.

**Brokerage Selection** 

The Trust does not expect to use one particular broker-dealer to effect the Trust's portfolio transactions. When one or more broker-dealers is believed capable of providing the best combination of price and execution, the Adviser may not select a broker-dealer based on the lowest commission rate available for a particular transaction. The Adviser does not currently use soft dollars.

**Brokerage with Fund Affiliates** 

Although not expected, the Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Funds, the Adviser, the Sub-Adviser or the Distributor for a commission in conformity with the Investment Company Act, the 1934 Act and rules promulgated by the SEC. Under the Investment Company Act and the 1934 Act, affiliated broker-dealers are permitted to receive and retain compensation for effecting portfolio transactions for a Fund on an exchange if a written contract is in effect between the affiliate and the Fund expressly permitting the affiliate to receive and retain such compensation. These rules further require that commissions paid to the affiliate by a Fund for exchange transactions not exceed *"*usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Board, including those who are not "interested persons" of the Funds, has adopted procedures for evaluating the reasonableness of commissions paid to affiliates and reviews these procedures periodically.

The Funds have not commenced operations as of the date of this SAI and therefore have not executed brokerage or other agency transactions through registered broker-dealer affiliates of the Funds, the Adviser, the Sub-Adviser, or the Distributor.

**Securities of "Regular Broker-Dealers"** 

The Funds are required to identify any securities of their "regular brokers and dealers" (as such term is defined in the Investment Company Act) that the Funds may hold at the close of their most recent fiscal year. "Regular brokers and dealers" of the Trust are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Trust's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Trust; or (iii) sold the largest dollar amounts of the Trust's shares.

The Funds have not commenced operations as of the date of this SAI and therefore do not hold any securities of "regular broker dealers."

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**<u>THE DISTRIBUTOR</u>**

PINE Distributors LLC (the "Distributor"), located at 501 S. Cherry Street, Suite 610, Denver, Colorado 80246, serves as the Distributor for the Funds.

Shares will be continuously offered for sale by the Trust through the Distributor only in Creation Units, as described below under "Transactions in Creation Units." Shares in less than Creation Units are not distributed by the Distributor. The Distributor also acts as agent for the Trust. The Distributor will deliver a Prospectus to persons purchasing Shares in Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. The Distributor is a broker-dealer registered under the 1934 Act and a member of FINRA. The Distributor has no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

The Board has adopted the Plan pursuant to Rule 12b-1 under the Investment Company Act. In accordance with its Plan, each Fund is authorized to pay an amount of 0.25% of its average daily net assets each year for certain distribution-related activities. The Plan was adopted in order to permit the implementation of the Funds' method of distribution. No fees are currently paid by any Fund under the Plan. In the event such fees were to be charged, over time they would increase the cost of an investment in a Fund because they would be paid on an ongoing basis. If fees were charged under each Plan, the Trustees would receive and review at the end of each quarter a written report provided by the Distributor of the amounts expended under the Plan and the purpose for which such expenditures were made.

Each Plan will remain in effect for a period of one year and is renewable from year to year with respect to a Fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the Trustees, and (2) by a vote of the majority of those Independent Trustees who have no direct or indirect financial interest in the Plan (the "Rule 12b-1 Trustees"), cast in person (or virtually, if permitted) at a meeting called for the purpose of voting on such approval. The Plans may not be amended to increase materially the amount of fees paid by any Fund unless such amendment is approved by an Investment Company Act majority vote of the outstanding shares and by the Fund Trustees in the manner described above. A Plan is terminable with respect to a Fund at any time by a vote of a majority of the Rule 12b-1 Trustees or by an Investment Company Act majority vote of the outstanding shares.

**<u>ACCOUNTING AND LEGAL SERVICE PROVIDERS</u>**

**Independent Registered Public Accounting Firm** 

Tait, Weller & Baker LLP, 50 South 16<sup>th</sup> Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as the Fund's independent registered public accounting firm. The independent registered public accounting firm is responsible for auditing the annual financial statements of the Fund.

**Legal Counsel** 

Practus, LLP, 11300 Tomahawk Creek Parkway, Suite 310, Leawood, Kansas 66211, serves as legal counsel to the Trust.

**<u>ADDITIONAL INFORMATION CONCERNING SHARES</u>**

**Organization and Description of Shares of Beneficial Interest** 

The Trust is a Delaware statutory trust and registered open-end investment company. The Trust was organized on October 11, 2013 and has authorized capital of an unlimited number of Shares of beneficial interest of no par value that may be issued in more than one class or series. Currently, the Trust consists of multiple series, including each Fund discussed in this SAI ("each Fund"). The Board may designate additional series and classify Shares of a particular series into one or more classes of that series.

Under Delaware law, the Trust is not required to hold an annual meeting of shareholders if the Investment Company Act does not require such a meeting, which it does not. Generally, there will not be annual meetings of Trust shareholders, but if requested by shareholders of at least 10% of the outstanding Shares of the Trust, the Trust will call a meeting of shareholders for the purpose of electing Trustees, provided that the Shareholders requesting such meeting shall have paid the Trust the reasonably estimated cost of preparing and mailing the notice thereof.

All Shares are freely transferable. Shares will not have preemptive rights or cumulative voting rights, and none of the Shares will have any preference to conversion, exchange, dividends, retirements, liquidation, redemption or any other feature. Shares have equal voting rights. The Trust's Agreement and Declaration of Trust confers upon the Board the power to alter the number of Shares constituting a Creation Unit or to specify that Shares may be individually redeemable. The Trust reserves the right to adjust the stock prices of Shares to maintain convenient trading ranges for investors. Any such adjustments would be accomplished through stock splits or reverse stock splits that would have no effect on the NAV of each Fund.

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The Trust's Agreement and Declaration of Trust disclaims liability of the shareholders or the officers of the Trust for acts or obligations of the Trust that are binding only on the assets and property of the Trust. The Agreement and Declaration of Trust provides for indemnification out of each Fund's property for all loss and expense of such Fund's shareholders being held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason. The risk of a Trust shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the applicable Fund itself would not be able to meet the Trust's obligations and this risk should be considered remote.

If the applicable Fund does not grow to a size to permit it to be economically viable, a Fund may cease operations. In such an event, shareholders may be required to liquidate or transfer their Shares at an inopportune time and shareholders may lose money on their investment.

**Book Entry Only System** 

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Book Entry."

DTC acts as securities depository for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC.

DTC, a limited purpose trust company, was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the NYSE, NYSE Amex Equities and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase and sale of Shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the Shares held by each DTC Participant. The Trust shall inquire of each such DTC Participant, directly or through one or more intermediaries, as to the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Fund distributions shall be made to DTC or Cede & Co., as the registered holder of all Shares. DTC or Cede & Co., upon receipt of any such distributions, shall immediately credit DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in Shares as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may decide to discontinue providing its service with respect to Shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for DTC to perform its functions, though there can be no guarantee that such services would be available at a comparable cost.

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**Transactions In Creation Units**

Each Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day. As of the date of this SAI, the Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. No Fund will issue fractional Creation Units, except in conjunction with a merger or reorganization or for the receipt of securities in-kind at the commencement of the Fund's operations.

The Board may declare a split or a consolidation in the number of Shares outstanding of a Fund or the Trust and make a corresponding change in the number of Shares in a Creation Unit.

To purchase or redeem any Creation Units from a Fund, you must be, or transact through, an Authorized Participant. In order to be an Authorized Participant, you must be a member or participant of a clearing agency registered with the SEC and have a written agreement (a "Participant Agreement") with the applicable Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units.

Transactions by an Authorized Participant that is a participant in the Continuous Net Settlement System ("Clearing Process") of the NSCC using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a participant in DTC with access to the DTC system ("DTC Participant") using the DTC system are referred to as transactions "outside the Clearing Process."

Investors who are not Authorized Participants but want to transact in Creation Units may contact the Distributor for the names of Authorized Participants. An Authorized Participant may require investors to enter into a separate agreement to transact through it for Creation Units and may require orders for purchases of shares placed with it to be in a particular form. Investors should be aware that their broker may not be an Authorized Participant and, therefore, may need to place any order to purchase or redeem Creation Units through another broker or person that is an Authorized Participant, which may result in additional charges. There are expected to be a limited number of Authorized Participants at any one time.

Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement. Market disruptions and telephone or other communication failures may impede the transmission of orders.

**Purchasing Creation Units** 

Shares may be purchased only in Creation Units at their NAV next determined after receipt of a purchase request in proper form by the applicable Fund through the Distributor and only on a Business Day.

*Fund Deposit.* The consideration for a Creation Unit of a Fund is the "Fund Deposit". The Fund Deposit will consist of the In-Kind Creation Basket and Cash Component (computed as described below), or an all cash payment ("Cash Value"), as determined by the Adviser to be in the best interest of the applicable Fund. The standard Fund Deposit with respect to each Fund can be found in the table at the end of this section (the "Order Information Table").

The Cash Component will typically include an amount reflecting the difference, if any, between the NAV of a Creation Unit and the market value of the securities in the In-Kind Creation Basket ("Balancing Amount"). If the NAV per Creation Unit exceeds the market value of the securities in the In-Kind Creation Basket, the purchaser pays the Balancing Amount to the applicable Fund. By contrast, if the NAV per Creation Unit is less than the market value of the securities in the In-Kind Creation Basket, the Fund pays the Balancing Amount to the purchaser. The Balancing Amount ensures that the consideration paid by an investor for a Creation Unit is exactly equal to the value of the Creation Unit.

The Transfer Agent, in a portfolio composition file sent via the NSCC, generally makes available on each Business Day, immediately prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), a list of the names and the required number of shares of each security (or contracts of each option) in the In-Kind Creation Basket to be included in the current Fund Deposit for the applicable Fund (based on information about such Fund's portfolio at the end of the previous Business Day) (subject to amendment or correction). If applicable, the Transfer Agent, through the NSCC, also makes available on each Business Day the estimated Cash Component or Cash Value per Creation Unit based on the previous Business Day.

The announced Fund Deposit is applicable, subject to any adjustments as described below, for purchases of Creation Units of a Fund until such time as the next-announced Fund Deposit is made available. From day to day, the composition of the In-Kind Creation Basket may change as, among other things, corporate actions and investment decisions by the Adviser are implemented for the applicable Fund's portfolio. All questions as to the composition of the In-Kind Creation Basket and the validity, form, eligibility, and

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acceptance for deposit of any securities shall be determined by the applicable Fund, and such Fund's determination shall be final and binding. Each Fund reserves the right to accept a nonconforming (*i.e.*, custom) Fund Deposit.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

*Cash in lieu.* Each Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash in lieu") to be added to the Cash Component to replace any security in the In-Kind Creation Basket. Each Fund may permit or require cash in lieu when, for example, the securities in the In-Kind Creation Basket may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, each Fund may permit or require cash in lieu when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more securities in the In-Kind Creation Basket. Each Fund will comply with the federal securities laws in accepting securities in the In-Kind Creation Basket, including the securities in the In-Kind Creation Basket that are sold in transactions that would be exempt from registration under the 1933 Act.

In all cases, cash and securities should be transferred to the applicable Fund by the "Settlement Date," which, unless extended as noted below, is generally the Business Day immediately following the Transmittal Date (as defined below). The Settlement Date may be extended if deemed to be in the best interests of the applicable Fund and its shareholders by the Adviser. Persons placing custom orders or orders involving Cash Value should be aware of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may delay the delivery of cash and securities by the Settlement Date.

*Placement of Creation Orders*.** All purchase orders must be placed by or through an Authorized Participant. To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor. In-kind (portions of) purchase orders will be processed through the Clearing Process when it is available. The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC Participants that are also participants in the Clearing Process of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Fund Deposits that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Fund Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. Certain orders for a Fund may be made outside the Clearing Process. In-kind deposits of securities for such orders must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities) and/or through such other arrangements allowed by the Trust or its agents.

*Orders Using the Clearing Process.* In connection with creation orders made through the Clearing Process, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Fund Deposit to the Trust, together with such additional information as may be required by the Distributor. An order to create Creation Units through the Clearing Process is deemed received by the Distributor on the Business Day that the next NAV of the applicable Fund is calculated (the "Transmittal Date") if (i) such order is received by the Distributor by the applicable cut-off time (see the Order Information Table below) and (ii) all other procedures set forth in the Participant Agreement are properly followed. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described below.

*Orders Outside the Clearing Process.* Fund Deposits made outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will instead be effected through a transfer of securities and cash directly through DTC. With respect to such orders, the Fund Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number of securities in the In-Kind Creation Basket (whether standard or custom) through DTC to the relevant Trust account by 11:00 a.m., Eastern time (the "DTC Cut-Off Time") on the Business Day immediately following the Transmittal Date (unless extended as described herein). The amount of cash equal to the Cash Component, along with any cash in lieu and Transaction Fee (see Transaction Fees below and the Order Information Table below), must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date (unless extended as described herein). The delivery of corporate securities through DTC must occur by 3:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date (unless extended as described herein). The delivery of government securities through the Federal Reserve System must occur by 3:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date (unless extended as described herein).

An order to create Creation Units outside the Clearing Process is deemed received by the Distributor on the Transmittal Date if (i) such order is received by the Distributor by the by the applicable cut-off time (see Purchase and Redemption Cut-Off Times below and the Order Information Table below) and (ii) all other procedures set forth in the Participant Agreement are properly followed. If the Custodian does not receive both the required In-Kind Creation Basket by the DTC Cut-Off Time (unless extended as described

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herein) and the Cash Component and applicable Transaction Fee by the appointed time, such order may be canceled. Upon written notice to the Distributor, a canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then-current In-Kind Creation Basket and Cash Component. Generally, the delivery of Creation Units so created will generally occur no later than the Business Day following the day on which the order is deemed received by the Distributor. The Settlement Date may be extended if deemed to be in the best interests of the applicable Fund and its shareholders by the Adviser. Authorized Participants that submit a canceled order will be liable to the applicable Fund for any losses resulting therefrom.

Orders involving foreign securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable purchase order, the Distributor will notify the Adviser and the Custodian of such order. The Custodian, who will have caused the appropriate local sub-custodian(s) of the applicable Fund to maintain an account into which an Authorized Participant may deliver the Fund Deposit (or cash in lieu), with adjustments determined by the applicable Fund, will then provide information of the order to such local sub-custodian(s). The Authorized Participant must also make available on or before the Settlement, by means satisfactory to the applicable Fund, immediately available or same day funds in U.S. dollars estimated by the applicable Fund to be sufficient to pay the Cash Component and Transaction Fee.

While, as stated above, Creation Units are generally delivered the Business Day following the day on which the order is deemed received by the Distributor, except the applicable Fund may settle Creation Unit transactions on a basis other than the one described above to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances.

*Acceptance of Orders for Creation Units.* The Trust reserves the right to reject a creation order transmitted to it by the Distributor with respect to a Fund if: (i) the order is not in proper form; (ii) the securities delivered do not conform to the In-Kind Creation Basket for the relevant date; (iii) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (iv) in the event that circumstances that are outside the control of the Trust, Custodian, Distributor, and Adviser make it practically impossible to process creation orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy and computer failures; fires, floods, or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Adviser, the Distributor, DTC, NSCC, the Custodian or sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its or the Trust's rejection of the order. Each Fund, the Custodian, any sub-custodian, and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits, and they shall not incur any liability for the failure to give any such notification.

*Issuance of a Creation Unit.* Once a Fund has accepted a creation order, upon next determination of the applicable Fund's NAV, such Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until the applicable Fund obtains good title to the In-Kind Creation Basket securities and the Cash Component, along with any cash in lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

With respect to orders involving foreign securities, when the applicable local sub-custodian(s) has confirmed to the Custodian that the In-Kind Creation Basket (or cash in lieu) has been delivered to the applicable Fund's account at the applicable sub-custodian(s), the Distributor and the Adviser shall be notified of such delivery, and such Fund will issue and cause the delivery of the Creation Unit.

Creation Units may be created in advance of receipt by the Trust of all or a portion of the applicable In-Kind Creation Basket, provided the purchaser tenders an initial deposit consisting of any available securities in the In-Kind Creation Basket and cash equal to the sum of the Cash Component and at least 105% of the market value, as adjusted from time to time by the Adviser, of the In-Kind Creation Basket securities not delivered ("Additional Cash Deposit"). Such initial deposit will have a value greater than the NAV of the Creation Unit on the date the order is placed.

To the extent securities in the In-Kind Creation Basket remain undelivered, pending delivery of such securities additional cash will be required to be deposited with the Trust as necessary to maintain an Additional Cash Deposit equal to at least 105% (as adjusted by the Adviser) of the daily marked-to-market value of the missing securities. To the extent that either (i) such securities are still not received by 1:00 p.m., Eastern time, on the second Business Day following the day on which the purchase order is deemed received by the Distributor or (ii) a marked-to-market payment is not made within one Business Day following notification to the purchaser and/or Authorized Participant that such a payment is required, the Trust may use the cash on deposit to purchase the missing securities, and the Authorized Participant effectuating such transaction will be liable to the applicable Fund for any costs incurred therein or losses

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resulting therefrom, including any Transaction Fee, any amount by which the actual purchase price of the missing securities exceeds the Additional Cash Deposit or the market value of such securities on the day the purchase order was deemed received by the Distributor, as well as brokerage and related transaction costs. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing securities have been received by the Trust.

*Cash Purchase Method.* When cash purchases of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Fund Deposit. In addition, cash purchases may be subject to Transaction Fees as described below. A cash purchase may cause a Fund to incur certain costs that it would not have had the purchase been in-kind. These costs may include brokerage costs, execution, price movement and other costs and expenses related to the execution of trades by such Fund. To the extent that these costs are not offset by the Transaction Fees the applicable Fund's NAV will be negatively impacted.

**Redeeming Creation Units** 

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by each Fund through the Distributor and only on a Business Day.

*Fund Redemptions.* The redemption proceeds for a Creation Unit will consist of the In-Kind Redemption Basket and a Cash Redemption Amount (computed as described below), or the Cash Value, in all instances equal to the value of a Creation Unit.

There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Redemption Amount will typically include a Balancing Amount, reflecting the difference, if any, between the NAV of a Creation Unit and the market value of the securities in the In-Kind Redemption Basket. If the NAV per Creation Unit exceeds the market value of the securities in the In-Kind Redemption Basket, each Fund pays the Balancing Amount to the redeeming investor. By contrast, if the NAV per Creation Unit is less than the market value of the securities in the In-Kind Redemption Basket, the redeeming investor pays the Balancing Amount to each Fund.

The composition of the In-Kind Creation Basket will normally be the same as the composition of the In-Kind Redemption Basket. Otherwise, the In-Kind Redemption Basket will be made available by the Adviser or Transfer Agent. Each Fund reserves the right to accept a nonconforming (*i.e.*, custom) Fund Redemption.

In lieu of an In-Kind Redemption Basket and Cash Redemption Amount, Creation Units may be redeemed consisting solely for the Cash Value if permitted or required by each Fund in its sole discretion. Such redemptions for each Fund may be subject to a variable charge, as explained below. If applicable, information about the Cash Value will be made available by the Adviser or Transfer Agent.

From day to day, the composition of the In-Kind Redemption Basket may change as, among other things, corporate actions are implemented for each Fund's portfolio. All questions as to the composition of the In-Kind Redemption Basket and the validity, form, eligibility, and acceptance for deposit of any securities shall be determined by each Fund, and each Fund's determination shall be final and binding.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares or determination of each Fund's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

*Cash in lieu.* Each Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash in lieu") to be added to the Cash Redemption Amount to replace any security in the In-Kind Redemption Basket. Each Fund may permit or require cash in lieu when, for example, the securities in the In-Kind Redemption Basket may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, each Fund may permit or require cash in lieu when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more securities in the In-Kind Redemption Basket. Each Fund will comply with the federal securities laws in satisfying redemptions with the applicable In-Kind Redemption Basket, including the securities in the In-Kind Redemption Basket that are sold in transactions that would be exempt from registration under the 1933 Act.

*Placement of Redemption Orders.* Redemptions must be placed to the Transfer Agent through the Distributor. In addition, redemption orders must be processed either through the DTC process or the Clearing Process. To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption order to the Distributor.

An Authorized Participant submitting a redemption order is deemed to represent to each Fund that it or, if applicable, the investor on whose behalf it is acting, (i) owns outright or has full legal authority and legal beneficial right to tender for redemption the Creation

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Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Shares in the Creation Unit to be redeemed have not been borrowed, loaned, or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement, or such other arrangement which would preclude the delivery of such Shares to the applicable Fund. Each Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in the applicable Fund. If the Authorized Participant, upon receipt of a verification report, does not provide sufficient verification of the requested representations, the redemption order will not be considered to be in proper form and may be rejected by the applicable Fund.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

*Placement of Redemption Orders Using Clearing Process.* Orders to redeem Creation Units through the Clearing Process are deemed received by the Trust on the Transmittal Date if (i) such order is received by the Transfer Agent not later than the Standard Cut-Off Time, and (ii) all other procedures set forth in the Participant Agreement are properly followed. Orders deemed received will be effectuated based on the NAV of each Fund as next determined. An order to redeem Creation Units using the Clearing Process made in proper form but received by the Trust after the Standard Cut-Off Time will be deemed received on the Transmittal Date and will be effected at the NAV determined on such Transmittal Date. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to the applicable Fund, together with such additional information as may be required by the Distributor. Cash Redemption Amounts will be delivered using either the Clearing Process or the Federal Reserve System. The applicable In-Kind Redemption Basket and the Cash Redemption Amount will be transferred to the investor by the second NSCC business day following the date on which such request for redemption is deemed received.

*Placement of Redemption Orders Outside Clearing Process.* Orders to redeem Creation Units outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that redemption of Creation Units will instead be effected through transfer of Shares directly through DTC. Such orders are deemed received by the Trust on the Transmittal Date if: (i) such order is received by the Transfer Agent not later than the Standard Cut-Off Time; (ii) such order is accompanied or followed by the delivery of both (a) the Creation Unit(s), which delivery must be made through DTC to the Custodian no later than the DTC Cut-Off Time on the Business Day immediately following the Transmittal Date (unless extended as described herein) and (b) the Cash Redemption Amount by 12:00 p.m., Eastern time, on the Business Day immediately following the Transmittal Date (unless extended as described herein); and (iii) all other procedures set forth in the Participant Agreement are properly followed. After the Trust has deemed such an order received, the Trust will initiate procedures to transfer, and expect to deliver, the requisite In-Kind Redemption Basket and/or any Cash Redemption Amount owed to the redeeming party by the second Business Day following the Transmittal Date on which such redemption order is deemed received by the Trust.

Orders involving foreign securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption order, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to each Fund's local sub-custodian(s). The redeeming Authorized Participant, or the investor on whose behalf it is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the securities are customarily traded and to which such securities (and any cash in lieu) can be delivered from the applicable Fund's accounts at the applicable local sub-custodian(s).

The calculation of the value of the In-Kind Redemption Basket and the Cash Redemption Amount to be delivered/received upon redemption will be made by the Custodian computed on the Business Day on which a redemption order is deemed received by the Trust. Therefore, if a redemption order in proper form is submitted to the Transfer Agent by a DTC Participant or an Authorized Participant with the ability to transact through the Federal Reserve System, as applicable, not later than Closing Time on the Transmittal Date, and the requisite number of Shares of the applicable Fund are delivered to the Custodian prior to the DTC Cut-Off-Time, then the value of the In-Kind Redemption Basket and the Cash Redemption Amount to be delivered/received will be determined by the Custodian on such Transmittal Date. If, however, either: (i) the requisite number of Shares of the applicable Fund are not delivered by the DTC Cut-Off-Time, as described below, or (ii) the redemption order is not submitted in proper form, then the redemption order will not be deemed received as of the Transmittal Date. In such case, the value of the In-Kind Redemption Basket and the Cash Redemption Amount to be delivered/received will be computed on the Transmittal Date provided that the Shares of the applicable Fund are delivered through DTC to the Custodian by 11:00 a.m., Eastern time, the following Business Day pursuant to a properly submitted redemption order.

If it is not possible to effect deliveries of the securities in the In-Kind Redemption Basket, the Trust may in its discretion exercise its option to redeem Shares in cash, and the redeeming beneficial owner will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the applicable Fund may, in its sole discretion, permit. In either case, the

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investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares of the applicable Fund next determined after the redemption request is received in proper form (minus a Transaction Fee, including a variable charge, if applicable, as described below).

The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the In-Kind Redemption Basket, or cash in lieu of some securities added to the Cash Component, but in no event will the total value of the securities delivered and the cash transmitted differ from the NAV. Redemptions of Fund Shares for the In-Kind Redemption Basket will be subject to compliance with applicable federal and state securities laws and each Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific securities in the In-Kind Redemption Basket upon redemptions or could not do so without first registering the securities in the In-Kind Redemption Basket under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the In-Kind Redemption Basket applicable to the redemption of a Creation Unit may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming beneficial owner of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment, beneficial ownership of shares or delivery instructions.

*Delivery of Redemption Basket.* Once the applicable Fund has accepted a redemption order, upon next determination of that Fund's NAV, that Fund will confirm the issuance of an In-Kind Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash in lieu and Transaction Fee, if applicable. A Creation Unit tendered for redemption and the payment of the Cash Redemption Amount, any cash in lieu and Transaction Fee, if applicable, will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

*Cash Redemption Method.* When cash redemptions of Creation Units are available or specified for the applicable Fund, at that Fund's sole discretion, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the In-Kind Redemption Basket minus any Transaction Fees, if applicable. Cash redemptions may cause the applicable Fund to incur certain costs that it would not have had had the redemption been in-kind. These costs may include brokerage costs, execution, price movement and other costs and expenses related to the execution of trades by the applicable Fund, including taxable gains or losses it might not have incurred if the redemption had been in-kind. To the extent that these costs are not offset by the Transaction Fees of the applicable Fund's NAV will be negatively impacted.

**Purchase and Redemption Cut-Off Times**

All orders and redemptions involving cash in lieu are considered to be "custom." All other orders and redemptions are considered "standard." Order cut-off times for standard and custom orders are as shown in the Order Information Table below. On days when the Exchange or bond markets close earlier than normal (such as the day before a holiday), the Order Cut-Off Time (whether standard or custom) is expected to be similarly earlier than normal.

If indicated in the Order Information Table below, orders to purchase Shares directly from the indicated Fund(s) on the next Business Day must be submitted as a "Future Dated Trade" for one or more Creation Units between 4:30 p.m. Eastern time and 5:30 p.m. Eastern time on the prior Business Day and in the manner set forth in the Participant Agreement and/or applicable order form. Such order window is referred to as a "T-1" order window. For such Future Dated Trades, the Transmittal Date will be the Business Day following the date that the order is submitted. For example, to place an order for such a Fund to receive the NAV of the Fund calculated on a Wednesday, the order would need to be submitted as a Future Dated Trade between 4:30 p.m. Eastern time and 5:30 p.m. Eastern time on the preceding Tuesday.

**Transaction Fees** 

Authorized Participants may be required to pay a Transaction Fee as set forth in the Order Information Table below to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions.

The Standard Transaction Fee, which is payable to the Trust's custodian, typically applies to in-kind purchases of the applicable Fund effected through the Clearing Process on any Business Day, regardless of the number of Creation Units purchased or redeemed that day (assuming, in the case of multiple orders on the same day, that the orders are received at or near the same time). A Transaction Fee of up to four times the standard fee may apply to creation and redemption transactions that occur outside the Clearing Process. As shown in the Order Information Table below, certain Fund Deposits consisting of cash-in-lieu or Cash Value may be subject to a variable charge, which is payable to the applicable Fund, of up to 2.00% of the value of the order in addition to the Standard Transaction Fee. The Standard Transaction Fee may be waived on certain orders if the Trust's custodian has determined to waive the Transaction Fees associated with the order or another party, such as the Adviser, has agreed to pay such fee. The Fund may determine to waive the variable charge on certain orders when such waiver is determined to be in the best interests of Fund shareholders, *e.g.*, for

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cash creation orders that facilitate the rebalance of the applicable Fund's portfolio in a more tax efficient manner than could be achieved without such order.

The Fund may adjust the Transaction Fee from time to time. The Standard Transaction Fee is based, in part, on the number of holdings in the applicable Fund's portfolio and may be adjusted periodically if the number of holdings change. Investors will also be responsible for the costs associated with transferring the securities in the In-Kind Creation (and Redemption) Baskets to (and from) the account of the Trust. Further, investors who, directly or indirectly, use the services of a broker or other intermediary to compose a Creation Unit in addition to an Authorized Participant to effect a transaction in Creation Units may be charged an additional fee by such intermediary for such services.

**Order Information Table**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Ticker** | **Standard Order**<br>**Cut-Off Time** | **Custom Order** <br>**Cut-Off Time** | **Standard** <br>**Transaction Fee** | **Standard Fund Deposit**  |
| Sophus Capital Emerging Market ETF | EMEM | 4:30 p.m. – <br>5:30 p.m. ET (T-1) | 4:30 p.m. – <br>5:30 p.m. ET (T-1) | $2000 | In-Kind |
| Sophus Capital Emerging Market Small Cap ETF | EMSC | 4:30 p.m. – <br>5:30 p.m. ET (T-1) | 4:30 p.m. – <br>5:30 p.m. ET (T-1) | $2000 | In-Kind |

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**<u>DETERMINATION OF NET ASSET VALUE</u>**

The NAV of Shares is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern time.

Each Fund calculates its NAV per Share by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking the current market value of its total assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subtracting any liabilities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividing that amount by the total number of Shares owned by shareholders.

If you buy or sell Shares on the secondary market, you will pay or receive the market price, which may be higher or lower than NAV. Your transaction will be priced at NAV only if you purchase or redeem your Shares in Creation Units.

Because securities listed on foreign exchanges may trade on weekends or other days when a Fund does not price its Shares, the NAV of the Fund, to the extent it may hold foreign securities, may change on days when shareholders will not be able to purchase or sell Shares.

Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® ("NASDAQ") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents using current exchange rates deemed appropriate for a Fund, which approximates fair value.

If a market price is not readily available or is deemed not to reflect market value, a Fund will determine the price of the security held by the Fund based on a determination of the security's fair value pursuant to policies and procedures approved by the Board. Fair valuation may have the effect of reducing stale pricing arbitrage opportunities presented by the pricing of Shares. However, when a Fund uses fair valuation to price securities, it may value those securities higher or lower than another fund would have priced the security. Also, the use of fair valuation may cause the Shares' NAV performance to diverge from the Shares' market price and from the performance of various benchmarks used to compare a Fund's performance because benchmarks generally do not use fair valuation techniques. Because of the judgment involved in fair valuation decisions, there can be no assurance that the value ascribed to a particular security is accurate.

Subject to its oversight, the Board has delegated primary responsibility for determining or causing to be determined the value of each Fund's investments to the Adviser, pursuant to the Trust's valuation policy and procedures, which have been adopted by the Trust and approved by the Board. In accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the "valuation designee" of the Funds. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for

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an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust's fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust's valuation policies during these periodic reports.

Repurchase agreements are generally valued at par. Pricing services will be used to determine the value of a fixed income investment. In certain circumstances, short-term instruments may be valued on the basis of amortized cost.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Each investment company values securities and other instruments in a manner as described in that investment company's prospectus.

**<u>TAXES</u>**

The following is a summary of certain additional material tax considerations generally affecting a Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of a Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

This "Taxes" section is based on the Code and applicable U.S. Treasury Regulations in effect on the date of this SAI. Future legislative, regulatory, or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to a Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

In addition, no attempt is made to address tax concerns applicable to an investor with a special tax status such as a financial institution, real estate investment trust ("REIT"), insurance company, regulated investment company ("RIC"), individual retirement account ("IRA"), other tax-exempt entity, dealer in securities, or non-U.S. investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax. Unless otherwise noted, this discussion assumes Shares are held by U.S. shareholders and that such Shares are held as capital assets.

A U.S. shareholder is a beneficial owner of Shares of a Fund that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.

A "Non-U.S. investor" is a beneficial owner of Shares of a Fund that is an individual, corporation, trust or estate and is not a U.S. shareholder. If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A partner of a partnership holding the Shares should consult its own tax advisor with respect to the purchase, ownership and disposition of Shares by the partnership.

***The description below is for general information only and is not tax advice. All investors should consult their own tax advisors as to the U.S. federal, state, local and foreign tax provisions applicable to them.***

**Taxation of the Funds** 

Each Fund is treated as a separate corporation for U.S. federal income tax purposes. Losses in a Fund do not offset gains in another fund in the Fund Complex and the requirements (other than certain organizational requirements) for qualifying for RIC status as described below are determined at the Fund level rather than the Trust level.

Each Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a RIC under Subchapter M of the Code. If a Fund so qualifies, the Fund will not be subject to U.S. federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

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To qualify for treatment as a RIC, a Fund must satisfy the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution Requirement — a Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by a Fund after the close of its taxable year that are treated as made during such taxable year).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Requirement — a Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs"). See "Tax Treatment of Portfolio Transactions – Investments in Partnerships and QPTPs" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset Diversification Test — a Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (i) at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other RICs, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (ii) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. government securities or securities of other RICs) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

If a Fund fails this Income Requirement as long as such failure was due to reasonable cause and not willful neglect it is subject to a penalty for non-compliance, which is generally is the amount by which the non-qualifying income exceeds one-ninth of the qualifying gross income.

Similarly, if a Fund fails the Asset Diversification Test and the failure is not de minimis, the Fund can cure if: (i) it files with the U.S. Treasury Department a description of each asset that caused it to fail the Asset Diversification Test; (ii) the failure is due to reasonable cause and not willful neglect; and (iii) the failure is cured within six months (or such other period specified by the U.S. Treasury Department). In such cases, a tax is imposed on the Fund equal to the greater of: (i) $50,000 or (ii) an amount determined by multiplying the highest rate of tax (currently 21%) by the amount of net income generated during the period of Asset Diversification Test failure by the assets that caused the Fund to fail the Asset Diversification Test.

In some circumstances, the character and timing of income realized by a Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the IRS with respect to such type of investment may adversely affect the Fund's ability to satisfy these requirements. See, "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, a Fund may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund's income and performance. In lieu of potential disqualification, a Fund is permitted to pay a tax for certain failures to satisfy the Asset Diversification Test or Income Requirement, which, in general, are limited to those due to reasonable cause and not willful neglect.

A Fund may use "equalization accounting" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If a Fund uses equalization accounting, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. Certain aspects of equalization accounting are uncertain under current law. If the IRS determines that a Fund's allocation is improper and that the Fund has under-distributed its income and gain for any taxable year, the Fund may be liable for U.S. federal income and/or excise tax. If, as a result of such adjustment, the applicable Fund fails to satisfy the Distribution Requirement, the Fund will not qualify that year as a RIC the effect of which is described in the following paragraph.

If for any taxable year a Fund does not qualify as a RIC, all of its taxable income (including its net capital gain) would be subject to tax at regular U.S. federal corporate rates without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Fund's current and accumulated earnings and profits. Failure to qualify as a RIC would thus have a negative impact on a Fund's income and performance. Subject to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that a Fund will not qualify as a RIC in any given tax year. Even if such savings provisions apply, a Fund may be subject to a monetary sanction of $50,000 or more. Moreover, the Board

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reserves the right not to maintain the qualification of a Fund as a RIC if it determines such a course of action to be beneficial to shareholders.

To qualify as a RIC in a subsequent taxable year, a Fund would be required to satisfy the Income Requirement, the Asset Diversification Test, and the Distribution Requirement for that year and dispose of any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. Subject to a limited exception applicable to RICs that qualified as such under the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the nonqualifying year, a Fund would be subject to tax on any unrealized built-in gains in the assets held by it during the period in which the Fund failed to qualify for tax treatment as a RIC that are recognized within the subsequent five years, unless the Fund made a special election to pay corporate-level tax on such built-in gain at the time of its requalification as a RIC.

*Portfolio Turnover.* For investors that hold their Shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would reduce a Fund's after-tax performance. See, "Taxation of Fund Distributions – Distributions of Capital Gain" below. For Non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital gains being recognized by a Fund may cause such investors to be subject to increased U.S. withholding taxes. See, "Non-U.S. Investors – Capital Gain Dividends" and "Short-Term Capital Gain Dividends and Interest Related Dividends" below.

*Capital Loss Carryovers.* The capital losses of a Fund, if any, do not flow through to shareholders. Rather, a Fund may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. Rules similar to those that apply to capital loss carryovers of individuals apply to RICs. Thus, if a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. Any such net capital losses of a Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of a Fund. An ownership change generally results when shareholders owning 5% or more of a Fund increase their aggregate holdings by more than 50% over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing a Fund's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to a Fund's shareholders could result from an ownership change. A Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another fund. Moreover, because of circumstances beyond a Fund's control, there can be no assurance that a Fund will not experience, or has not already experienced, an ownership change. Additionally, if a Fund engages in a tax-free reorganization with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by a Fund of its capital loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund, or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

*Deferral of Late Year Losses.* Each Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining such Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year (see, "Taxation of Fund Distributions – Distributions of Capital Gain" below). A "qualified late year loss" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year ("post-October losses"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the excess, if any, of (1) the sum of (a) specified losses incurred after October 31 of the current taxable year, and (b) other ordinary losses incurred after December 31 of the current taxable year, over (2) the sum of (a) specified gains incurred after October 31 of the current taxable year, and (b) other ordinary gains incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary gains" mean other ordinary losses and gains that are not described in the preceding sentence.

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*Undistributed Capital Gains*. A Fund may retain or distribute to shareholders its net capital gain for each taxable year. Each Fund currently intends to distribute net capital gains. If a Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available capital loss carryovers) at the highest U.S. federal corporate tax rate (currently 21%). If a Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its Shares by an amount equal to the deemed distribution less the tax credit.

*U.S. Federal Excise Tax*. To avoid a 4% non-deductible U.S. federal excise tax, a Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and capital gain net income. A Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Fund's taxable year. Also, a Fund will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, a Fund intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for U.S. federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in a Fund having to pay the U.S. federal excise tax.

*Foreign Income Tax*. Investment income received by a Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Fund. The United States has entered into tax treaties with many foreign countries which entitle a Fund to a reduced rate of, or exemption from, tax on such income. It is impossible to determine the effective rate of foreign tax in advance since the amount of a Fund's assets to be invested in various countries is not known. Under certain circumstances, a Fund may elect to pass-through foreign tax credits to shareholders, although it reserves the right not to do so.

*Purchase of Shares.* As a result of tax requirements, the Trust on behalf of a Fund has the right to reject an order to purchase Shares if the purchaser (or group of purchasers acting in concert with each other) would, upon obtaining the Shares so ordered, own 80% or more of the outstanding Shares of the Fund and if, pursuant to section 351 of the Code, the Fund would have a basis in the Deposit Securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial Share ownership for purposes of the 80% determination.

**Taxation of Fund Distributions** 

This section applies to U.S. shareholders.

Each Fund anticipates distributing all or substantially all of its investment company taxable income and net capital gain for each taxable year. Distributions by a Fund will be treated in the manner described below regardless of whether such distributions are paid in cash or reinvested in additional Shares of the Fund (or of another fund). A Fund will send you information annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year.

*Distributions of Net Investment Income.* A Fund receives ordinary income generally in the form of dividends and/or interest on its investments. A Fund may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of a Fund, constitutes a Fund's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of a Fund's earnings and profits. In the case of a Fund whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates. See the discussion below under the headings, "– Qualified Dividend Income for Individuals" and "– Dividends-Received Deduction for Corporations."

*Distributions of Capital Gain.* A Fund may derive capital gain and loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your Shares in a Fund. Any net short-term or long-term capital gain realized by a Fund (net of any capital loss carryovers) generally will be distributed once each year and may be distributed more frequently, if necessary, in order to reduce or eliminate U.S. federal excise or income taxes on the Fund.

*Returns of Capital.* Distributions by a Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in its Shares; any excess will be treated as gain from the sale of its Shares. Thus, the

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portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in its Shares (but not below zero) and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Shares. Return of capital distributions can occur for a number of reasons including, among others, a Fund over-estimates the income to be received from certain investments such as those classified as partnerships or equity REITs (see, "Tax Treatment of Portfolio Transactions – Investments in U.S. REITs" below).

*Qualified Dividend Income for Individuals.* Ordinary income dividends reported by a Fund to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to a Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both a Fund and the investor must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, a Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Shares for at least 61 days during the 121-day period beginning 60 days before a Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by a Fund is equal to or greater than 95% of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income.

*Dividends-Received Deduction for Corporations*. For corporate shareholders, a portion of the dividends paid by a Fund may qualify for the corporate dividends-received deduction. The portion of dividends paid by a Fund that so qualifies will be reported by the Fund to shareholders each year and cannot exceed the gross amount of dividends received by the Fund from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both a Fund and the investor. Specifically, the amount that a Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Fund dividends on your Shares may also be reduced or eliminated. Even if reported as dividends eligible for the dividends-received deduction, all dividends (including any deducted portion) must be included in your alternative minimum taxable income calculation. Income derived by a Fund from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment.

*Realized but Undistributed Income and Gains, and Net Unrealized Appreciation of Portfolio Securities*. At the time of your purchase of Shares, a Fund's net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. A Fund may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

*Pass-Through of Foreign Tax Credits*. If more than 50% of a Fund's total assets at the end of a fiscal year is invested in foreign securities, the Fund may elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, a Fund may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). A Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a non-corporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the foreign income tax paid by a Fund due to certain limitations that may apply. A Fund reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Fund. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See, "Tax Treatment of Portfolio Transactions – Securities Lending" below.

*U.S. Government Securities.* Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you. States also grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by a Fund. Income on investments by a Fund in certain other obligations, such as repurchase agreements collateralized by U.S. government obligations,

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commercial paper and federal agency-backed obligations (*e.g.*, GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends Declared in December and Paid in January*. Ordinarily, shareholders are required to take distributions by a Fund into account in the year in which the distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been provided by the IRS.

*Medicare Tax*. A 3.8% U.S. federal Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (i) the shareholder's net investment income or (ii) the amount by which the shareholder's modified adjusted gross income exceeds certain thresholds based on filing status. This Medicare tax, if applicable, is reported by you on, and paid with, your U.S. federal income tax return.

*Tax-Exempt Shareholders*. A tax-exempt U.S. shareholder could recognize unrelated business taxable income ("UBTI") by virtue of its investment in a Fund if Shares constitute debt-financed property in the hands of the tax-exempt U.S. shareholder. Furthermore, a tax-exempt U.S. shareholder may recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs") if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. A CRT that realizes any UBTI for a taxable year, must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a Fund that recognize "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a Share that recognize "excess inclusion income," then a Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders, at the highest U.S. federal corporate income tax rate. The extent to which this IRS guidance remains applicable is unclear. To the extent permitted under the 1940 Act, a Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. Each Fund has not yet determined whether such an election will be made. CRTs and other tax-exempt investors are urged to consult their own tax advisor concerning the consequences of investing in the Fund.

**Sales and Redemption of Shares** 

This section applies to U.S. shareholders.

Sales and redemptions (including redemptions in kind) of Shares are taxable transactions for U.S. federal and state income tax purposes. If you redeem your Shares, the IRS requires you to report any gain or loss on your redemption. If you held your Shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term, generally depending on how long you have held your Shares. Any redemption fees you incur on Shares redeemed will decrease the amount of any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a non-corporate taxpayer, $3,000 of ordinary income.

*Taxes on Purchase and Redemption of Creation Units.* An Authorized Participant who exchanges equity securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of purchase and the exchanger's aggregate basis in the securities surrendered and any cash paid. A person who exchanges Creation Units for equity securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the aggregate market value of the securities received and any cash received. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might not be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares have been held for more than one year and as a short-term capital gain or loss if the Shares have been held for one year or less.

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If a Fund redeems Creation Units in cash, it may recognize more capital gains than it would had it redeemed Creation Units in-kind.

*Tax Basis Information*. Each Fund is required to provide shareholders with cost basis information on the redemption of any of the shareholder's Shares in the Fund, subject to certain exceptions for exempt recipients. If you hold your Shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

Each Fund has selected the highest cost method to calculate cost basis information. Highest cost is a tax lot identification method that selects the Shares with the highest price for sale. It is specifically designed to limit gains. Under the highest cost method, the shareholder's tax lot with the highest cost basis is sold first so as to minimize gains or maximize losses, depending on market movement since the purchase date.

The highest cost method does not consider the length of time you held your Shares. If your Shares consist of several tax lots and they consist of both long- and short-term holdings, highest cost may deliver the lowest gains but not the lowest tax rate, due to the difference between short- and long-term capital gains tax rates.

When selling at a loss, highest cost also fails to distinguish between two positions that may be similar in cost where one is a long-term holding and the other is a short-term holding. You may want to consult a tax advisor as to whether or not the use of the short-term holding is better for your particular situation. Should the market price of the security rise over time, holding the long-term tax lot will mean you will be taxed at long-term capital gains rates, should you sell those securities for a profit. Highest cost is generally an attractive methodology for short-term holdings, except when the market has risen dramatically.

*Wash Sales*. All or a portion of any loss that you realize on a redemption of your Shares will be disallowed to the extent that you buy other Shares in a Fund (through reinvestment of dividends or otherwise) within 30 days before or after your Share redemption. Any loss disallowed under these rules will be added to your tax basis in the new Shares.

*Redemptions at a Loss Within Six Months of Purchase*. Any loss incurred on a redemption or exchange of Shares held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by a Fund on those Shares.

*Reportable Transactions.* Under U.S. Treasury Regulations, if a shareholder recognizes a loss with respect to a Fund's Shares of certain threshold amounts, the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these Treasury Regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

*Shares Purchased through Tax-Qualified Plans.* Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their own tax advisors to determine the suitability of Shares as an investment through such plans, and the precise effect of an investment on their particular tax situation.

If you invest in a Fund through an IRA or other retirement plan, you should consult with your own tax advisor on the applicable rules for such IRA or retirement plan with respect to plan qualification requirements, limits on contributions and distributions, and required distributions from IRAs and retirement plans. As an example, there could be tax penalties on distributions from an IRA or retirement plan prior to age 59-1/2. Certain minimum distribution requirements may also apply to IRAs or retirement plans. Failure to follow these requirements and other applicable requirements may result in significant additional taxes and penalties. It is your responsibility to ensure that you comply with these and other requirements.

**Tax Treatment of Portfolio Transactions** 

Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a Fund and, in turn, affect the amount, character and timing of dividends and distributions payable by the Fund to its shareholders. This section should be read in conjunction with the discussion above under "Investment Objective, Investment Strategies and Risks" for a detailed description of the various types of securities and investment techniques that apply to each Fund.

*In General*. In general, gain or loss recognized by a Fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization, of certain gains or losses.

*Certain Fixed Income Investments.* Gain recognized on the disposition of a debt obligation purchased by a Fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued during the period of time the Fund held the debt obligation unless the Fund made a current inclusion election to

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accrue market discount into income as it accrues. If a Fund purchases a debt obligation (such as a zero-coupon security or payment-in-kind security) that was originally issued at a discount, the Fund generally is required to include in gross income each year the portion of the original issue discount that accrues during such year. Therefore, a Fund's investment in such securities may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a Fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of Shares.

*Investments in Debt Obligations that are at Risk of or in Default Present Tax Issues for a Fund.* Tax rules are not entirely clear about issues such as whether and to what extent a Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund in order to ensure that it distributes sufficient income to preserve its status as a RIC.

*Foreign Currency Transactions.* A Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a Fund's ordinary income distributions to you and may cause some or all of the Fund's previously distributed income to be classified as a return of capital. In certain cases, a Fund may make an election to treat such gain or loss as capital.

*PFIC Investments*. A Fund may invest in securities of foreign companies that may be classified under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a Fund intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of the Fund's fiscal and excise tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that a Fund is required to distribute, even though it has not sold or received dividends from these securities. The designation of a foreign security as a PFIC security will cause its income dividends to not qualify for the reduced rate of taxation on qualified dividends when distributed to you by a Fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying PFICs, a Fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Fund to make a mark-to-market election. If a Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such Shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on a Fund in respect of deferred taxes arising from such distributions or gains.

*Investments in Partnerships and QPTPs.* For purposes of the Income Requirement, income derived by a Fund from a partnership that is not a qualified publicly traded partnership ("QPTP") will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the Fund. While the rules are not entirely clear with respect to a Fund investing in a partnership outside a master-feeder structure, for purposes of testing whether the Fund satisfies the Asset Diversification Test, the Fund generally is treated as owning a pro rata share of the underlying assets of a partnership. See, "Taxation of a Fund." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (i) the interests in which are traded on an established securities market, (ii) that is treated as a partnership for U.S. federal income tax purposes, and (iii) that derives less than 90% of its income from sources that satisfy the Income Requirement (*e.g.*, because it invests in commodities). All of the net income derived by a Fund from an interest in a QPTP will be treated as qualifying income, but the Fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a Fund to fail to qualify as a RIC. Although, in general, the passive loss rules of the Code do not apply to RICs, such rules do apply to a Fund with respect to items attributable to an interest in a QPTP. Fund investments in partnerships, including in QPTPs, may result in a Fund being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Securities Lending*. While securities are loaned out by a Fund, the Fund generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For U.S. federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for qualified dividend income nor the dividends received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders.

*Investments in Convertible Securities*. Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (*i.e.*, for cash in excess

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of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the security. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (*e.g.*, an exchange traded note issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

*Investments in ETFs*. To the extent a Fund invests in ETFs, the Fund generally intends to invest in ETFs that are taxable as RICs under the Code. Accordingly, the income a Fund receives from such ETFs should be qualifying income for purposes of the Fund satisfying the "Income Requirement" (as defined above under the heading "Taxes"). However, a Fund may also invest in one or more ETFs that are not taxable as RICs under the Code and that may generate non-qualifying income for purposes of satisfying the Income Requirement. Each Fund anticipates monitoring its investments in such ETFs so as to keep such Fund's non-qualifying income within acceptable limits of the Income Requirement, however, it is possible that such non-qualifying income will be more than anticipated which could cause the Fund to inadvertently fail the Income Requirement thereby causing the Fund to fail to qualify as a RIC. In such a case, such Fund would be subject to the rules described above.

*Investments in Securities of Uncertain Tax Character.* A Fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a Fund, it could affect the timing or character of income recognized by the Fund, requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to RICs under the Code.

*Options, Futures and Forward Contracts, Straddles, and Swap Agreements*. Some of the options, futures contracts, forward contracts, and swap agreements used by a Fund may be considered "section 1256 contracts." Any gains or losses on section 1256 contracts are generally considered 60% long-term and 40% short-term capital gains or losses ("60/40") although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% U.S. federal excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss.

Generally, hedging transactions and certain other transactions in options, futures and forward contracts undertaken by a Fund, may result in "straddles" for U.S. federal income tax purposes. In some cases, the straddle rules also could apply in connection with swap agreements. The straddle rules may affect the amount, timing and character of gains (or losses) realized by a Fund. In addition, losses realized by a Fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the Fund's taxable income for the taxable year in which such losses are realized. Because only a few U.S. Treasury Regulations implementing the straddle rules have been promulgated, the tax consequences of transactions in options, futures, forward contracts, and swap agreements to a Fund are not entirely clear. The transactions may increase the amount of short-term capital gain realized by a Fund which generally would be taxed as ordinary income when distributed to shareholders.

A Fund may make one or more of the elections available under the Code which are applicable to straddles. If a Fund makes any of the elections, the amount, character and timing of the recognition of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections operate to accelerate the recognition of gains or losses from the affected straddle positions.

The key features of the straddle rules are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>A Fund may have to wait to deduct any losses</u>. If a Fund has a capital gain in one position of a straddle and a capital loss in the other, the Fund may not recognize the loss for U.S. federal income tax purposes until the Fund disposes of both positions. This might occur, for example, if a Fund had a highly appreciated stock position and the Fund purchased protective put options (which give the Fund the right to sell the stock to someone else for a period of time at a predetermined price) to offset the risk. If the stock continued to increase in value and the put options expired worthless, the Fund must defer recognition of the loss on its put options until the Fund sells and recognizes the gain on the original, appreciated position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>A Fund's capital gain holding period may get clipped</u>. The moment a Fund enters into a typical straddle, the capital gains holding period on its offsetting positions is frozen. If a Fund held the original position for one year or less (thus not

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qualifying for the long-term capital gains rate), not only is the holding period frozen, it starts all over again when the Fund disposes of the offsetting position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses may be treated as long-term capital losses</u>. This generally has the effect of reducing the tax benefit of such losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>A Fund may not be able to deduct any interest expenses or carrying charges</u>. During the offsetting period, any interest or carrying charges associated with the straddle are not currently tax deductible but must be capitalized (added to cost basis).

Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which generally will be taxed to shareholders either as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a Fund that did not engage in such hedging transactions.

Rules governing the tax aspects of swap agreements are in a developing stage and are not entirely clear in certain respects. Accordingly, while each Fund intends to account for such transactions in a manner they deem to be appropriate, the IRS might not accept such treatment. If it did not, the status of a Fund as a RIC might be affected. The Trust intends to monitor developments in this area.

Certain requirements that must be met under the Code in order for a Fund to qualify as a RIC, including the Income Requirement and Asset Diversification Test applicable to the Fund's assets may limit the extent to which the Fund will be able to engage in transactions in options, futures contracts, forward contracts, and swap agreements.

In addition, the use of swaps or other derivatives could adversely affect the character (capital gain vs. ordinary income) of the income recognized by a Fund for U.S. federal income tax purposes, as well as the amount and timing of such recognition, as compared to a direct investment in underlying securities, and could result in the Fund's recognition of income prior to the receipt of any corresponding cash. As a result of the use of swaps and derivatives, a larger portion of a Fund's distributions may be treated as ordinary income than would have been the case if the Fund did not enter into such swaps or derivatives. The tax treatment of swap agreements and other derivatives may also be affected by future legislation or U.S. Treasury Regulations and/or guidance issued by the IRS that could affect the character, timing and/or amount of a Fund's taxable income or gains and distributions made by the Fund.

*Short Sales*. Each Fund may engage in short sales of securities. In general, gain or loss on a short sale is recognized when a Fund closes the short sale by delivering the borrowed securities to the lender, not when the borrowed securities are sold. Short sales may increase the amount of short-term capital gain realized by a Fund, which generally would be taxed as ordinary income when distributed to shareholders. In addition, these rules may terminate the holding period of "substantially identical property" held by these Funds. Moreover, a loss recognized by a Fund on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by the Fund for more than one year. A Fund generally will not be permitted to deduct payments made to reimburse a lender of securities for dividends paid on borrowed securities if the short sale is closed on or before the 45th day after the Fund enters into the short sale. Short sales also may be subject to the "Constructive Sales" rules, discussed below.

*Constructive Sales*. Certain rules may affect the timing and character of gain if a Fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If a Fund enters into certain transactions in property while holding substantially identical property, the Fund would be treated as if it had sold and immediately repurchased the property and would be subject to tax on any gain (but not loss) from the constructive sale. The character of gain from a constructive sale would depend upon a Fund's holding period in the property. Loss from a constructive sale would be recognized when the property was subsequently disposed of, and its character would depend on a Fund's holding period and the application of various loss deferral provisions of the Code.

*Investments in REITs and REMICs*. Each Fund may invest in REITs. Such investments in REIT equity securities may require a Fund to accrue and distribute income not yet received. In order to generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. A Fund's investments in REIT equity securities may at other times result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes such amounts, such distribution could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income.

As discussed above, a Fund or some of the REITs in which the Fund may invest may be permitted to hold senior or residual interests in REMICs or debt or equity interests in TMPs. Generally, a portion of a Fund's income from a REIT that is attributable to the REIT's residual interest in a REMIC or a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. Excess inclusion income of a RIC, such as a Fund, will be allocated to shareholders of the RIC in proportion to the

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dividends received by shareholders, with the same consequences as if shareholders held the related REMIC residual or TMP interest directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute UBTI to entities (including a qualified pension plan, an IRA, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and that otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a non-U.S. investor, will not qualify for any reduction in U.S. federal withholding tax.

If at any time during any taxable year a "disqualified organization" (as defined in the Code) is a record holder of a share in a RIC earning excess inclusion income, then the RIC will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the highest corporate U.S. federal income tax rate. It is not expected that a substantial portion of a Fund's assets will be residual interests in REMICs. Additionally, a Fund does not intend to invest in REITs in which a substantial portion of the assets will consist of residual interests in REMICs.

*Investments in Commodities*. Each Fund may invest in physical commodities, exchange-traded commodities ("ETCs"), ETFs that are not taxable as RICs under the Code that in turn invest in commodities, or other direct or indirect exposure to commodities. The income a Fund receives from such commodity-related investments will generally not be qualifying income for purposes of the Fund satisfying the Income Requirement (as defined above under the heading "Taxes"). A Fund anticipates monitoring such commodity-related investments so as to keep the Fund's non-qualifying income within acceptable limits of the Income Requirement. However, it is possible that such non-qualifying income will be more than anticipated which could cause a Fund to inadvertently fail the Income Requirement thereby causing the Fund to fail to qualify as a RIC. In such a case, such Fund would be subject to the rules described above.

*Commodity-Linked Derivatives Tax Risk*. The tax treatment of commodity-linked derivative instruments is currently uncertain and may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, a Fund must satisfy the Income Requirement. On May 1, 2017, the IRS published a series of revocations of private letter rulings that had been issued to RICs. In each of the revocations, at least one of the rulings requested in the original private letter ruling was that the income from a commodity-linked note was qualified income for the purposes of the Income Requirement. Although the original rulings were favorable, the IRS indicated in the revocations that the rulings were not in accord with the current views of the IRS. If, as a result of any adverse future legislation, Treasury Regulations, and/or guidance issued by the IRS, the income of a Fund from certain commodity-linked derivatives were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to U.S. federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit a Fund's use of such derivative instruments.

**Backup Withholding** 

By law, a Fund may be required to backup withhold a portion of your taxable dividends and sales proceeds unless you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide your correct social security or taxpayer identification number,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that this number is correct,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that you are not subject to backup withholding, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certify that you are a U.S. person (including a U.S. resident alien).

A Fund also must backup withhold if the IRS instructs it to do so. When backup withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

**Non-U.S. Investors** 

This section applies to Non-U.S. investors.

Non-U.S. investors may be subject to U.S. federal withholding and estate tax and are subject to special U.S. federal tax certification requirements. Non-U.S. investors should consult their own tax advisors about the applicability of U.S. federal tax withholding and the use of the appropriate forms to certify their status.

*In General*. The United States imposes a flat 30% federal withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income dividends, paid to you by a Fund, subject to certain exemptions described below. However,

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notwithstanding such exemptions from U.S. federal withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Shares, will be subject to U.S. federal backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

*Capital Gain Dividends*. In general, capital gain dividends reported by a Fund to shareholders as paid from its net long-term capital gains, other than long-term capital gains realized on disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax.

*Short-Term Capital Gain Dividends and Interest-Related Dividends.* Short-term capital gain dividends reported by a Fund to shareholders as paid from its net short-term capital gains, other than short-term capital gains realized on disposition of U.S. real property interests (see the discussion below), generally are not subject to U.S. federal withholding tax. Similarly, dividends reported by a Fund to shareholders as interest-related dividends and paid from its qualified net interest income from U.S. sources generally are not subject to U.S. federal withholding tax. "Qualified interest income" includes, in general, U.S. source (i) bank deposit interest, (ii) short-term original discount, (iii) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which a Fund is a 10-percent shareholder or is contingent interest, and (iv) any interest-related dividend from another RIC. Each Fund reserves the right to not report amounts of short-term capital gain dividends or interest-related dividends. Additionally, a Fund's reporting of short-term capital gain dividends or interest-related dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

*Net Investment Income from Dividends on Stock and Foreign Source Interest Income Continue to be Subject to Withholding Tax; Foreign Tax Credits.* Ordinary dividends paid by a Fund to Non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations and (ii) the debt of foreign issuers continue to be subject to U.S. federal withholding tax. Non-U.S. investors may be subject to U.S. federal withholding tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

*Income Effectively Connected with a U.S. Trade or Business*. If the income from a Fund is effectively connected with a U.S. trade or business carried on by a Non-U.S. investor, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of Shares of a Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or corporations and require the filing of a nonresident U.S. federal income tax returns.

*Investment in U.S. Real Property*. The Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") makes non-U.S. persons subject to U.S. federal tax on disposition of a U.S. real property interest ("USRPI") as if they were U.S. persons. Such gain is sometimes referred to as FIRPTA gain. A Fund may invest in equity securities of corporations that invest in USRPI, which may trigger FIRPTA gain to the Fund's Non-U.S. investors.

The Code provides a look-through rule for distributions of FIRPTA gain when a RIC is classified as a qualified investment entity. A RIC will be classified as a qualified investment entity only with respect to any distribution by the RIC which is attributable directly or indirectly to a distribution to the RIC from a U.S. REIT ("FIRPTA distribution") and if, in general, 50% or more of the RIC's assets consist of interests in U.S. REITs and other U.S. real property holding corporations ("USRPHCs"). If a RIC is a qualified investment entity and the Non-U.S. investor owns more than 5% of a class of Shares at any time during the one-year period ending on the date of the FIRPTA distribution, the FIRPTA distribution to the Non-U.S. investor is treated as gain from the disposition of a USRPI, causing the distribution to be subject to U.S. federal withholding tax at a rate of 15%, and requiring the Non-U.S. investor to file a nonresident U.S. income tax return. In addition, even if the Non-U.S. investor does not own more than 5% of a class of Shares, but a Fund is a qualified investment entity, the FIRPTA distribution will be taxable as ordinary dividends (rather than as a capital gain or short-term capital gain dividend) subject to withholding at 30% or lower treaty rate.

It is currently unclear whether Congress will extend the look-through rules previously in effect before January 1, 2014 for distributions of FIRPTA gain to other types of distributions on or after January 1, 2014 from a RIC to a Non-U.S. investor from the RIC's direct or indirect investment in USRPI or what the terms of any such extension would be, including whether such extension would have retroactive effect.

*U.S. Estate Tax.* Transfers by gift of Shares by a Non-U.S. investor who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a Non-U.S. investor will nevertheless be subject to U.S. federal estate tax with respect to Shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. federal estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate.

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*U.S. Tax Certification Rules.* Special U.S. tax certification requirements may apply to Non-U.S. investors both to avoid U.S. federal backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the United States and the shareholder's country of residence. In general, if you are a Non-U.S. investor, you must provide an applicable Form W-8BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, U.S. federal withholding as a resident of a country with which the United States has an income tax treaty. Certain payees and payments are exempt from U.S. federal backup withholding.

The tax consequences to a Non-U.S. investor entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. investors are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in a Fund, including the applicability of foreign tax.

*Foreign Account Tax Compliance Act ("FATCA").* Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (i) income dividends paid by a Fund and (ii) possibly in the future, certain capital gain distributions and the proceeds arising from the sale of Shares paid by a Fund. FATCA withholding tax generally can be avoided: (i) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (ii) by an NFFE, if it: (a) certifies that it has no substantial U.S. persons as owners or (b) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA, generally on an applicable IRS Form W-8.

**Effect of Future Legislation or Administrative Changes; Local Tax Considerations** 

The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the U.S. Treasury Regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. investors may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their own tax advisors as to the consequences of these and other state and local tax rules affecting investment in a Fund.

**<u>FINANCIAL STATEMENTS</u>**

Financial Statements and Annual Reports will be available after the Funds have completed a fiscal period/year of operations. When available, you may request a copy of the Annual Report for the Funds at no charge by calling (215) 330-4476, or you may download the report from the Funds' website at https://sophus-capital-etfs.com.

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**<u>Appendix A</u>**

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**P**l![Proxy Heading.jpg](ck0001592900-20260309_g1.jpg)

Welcome as a new Proxy Policies and Insights data-driven template subscriber. As a template subscriber, you now have access to data driven guidelines at your fingertips when voting on proxies directly in Broadridge's ProxyEdge platform. The process for creating the template for which you subscribed is detailed below: Share- holder Value Template (the "SV Template")

The SV Template was created using the publicly disclosed vote records of top fund families, selected by Assets Under Management, and whose goal is to maximize shareholder value. The fund families used for the current version of the SV Template are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Asset Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;State Street Global Advisors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Investment Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Asset Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Allianz Global Investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Capital Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Asset Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Investment Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;PIMCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial (PGIM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Edwards Jones Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton

· &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Asset Management

· &nbsp;&nbsp;&nbsp;&nbsp;Invesco

· &nbsp;&nbsp;&nbsp;&nbsp;Nuveen

· &nbsp;&nbsp;&nbsp;&nbsp;Principal Global Investors

· &nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial

· &nbsp;&nbsp;&nbsp;&nbsp;AllianceBernstein

· &nbsp;&nbsp;&nbsp;&nbsp;Blackstone

· &nbsp;&nbsp;&nbsp;&nbsp;MFS Investment Management

· &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group (AMG)

· &nbsp;&nbsp;&nbsp;&nbsp;Dimensional Fund Advisors

· &nbsp;&nbsp;&nbsp;&nbsp;Schwab Asset Management

· &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes

· &nbsp;&nbsp;&nbsp;&nbsp;MassMutual

· &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Asset Management (Allspring Global Investments)

· &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman

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Broadridge has extracted meeting proposals, categorized, and linked all voting records from the N-PX filings of each such fund. Each recorded vote by the named institutions above was categorized based on the proposal type. The SV Template reflects the voting records for each proposal type, based on the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If > 60% voted FOR the proposal, the SV Template reflects "FOR";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If between 40-60% vote FOR on the proposal, the SV Template reflects "WITH MANAGEMENT";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If <40% vote FOR the proposal, the SV Template reflects "AGAINST";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to proposals with detailed data points (e.g., Election of Directors, Ratification of Audi-&nbsp;&nbsp;&nbsp;&nbsp;

tors, Proxy Access), the SV Template will reflect the most common voting policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to merger proposals (Approve Merger Agreement and Approve Merger by Absorption) the SV Template will reflect Case by Case due to the need to evaluate the specific merger being represented.

• With respect to a number of proposal types with limited voting information from the N-PX filing to reflect FOR or AGAINST, the SV Template will reflect With Management as a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the FOR percentage calculations, all "Not" votes shall be excluded.

Example of Rule Created for Provide Right to Call Special Meetings

~ 1K votes cast for Right to Call Special Meeting Proposals

~ 96% of votes cast were FOR

The SV Template will reflect proposals categorized as Provide Right To Call Special Meetings to vote "FOR"

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Proposal Desc** Provide Right to Call Special Meeting  | &nbsp;&nbsp;**Family Name** AB Funds  | &nbsp;&nbsp;&nbsp;&nbsp;**For** <br>33  | &nbsp;&nbsp;&nbsp;&nbsp;**Against** <br>10  | &nbsp;&nbsp;**Abstain**  | **Withold**  | **Not**  | **1 Year**  | **2 Year**  | **3 Year** |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;American Funds  | &nbsp;&nbsp;&nbsp;&nbsp;11  | &nbsp;&nbsp;&nbsp;&nbsp;2  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;BlackRock Funds  | &nbsp;&nbsp;&nbsp;&nbsp;66  | &nbsp;&nbsp;&nbsp;&nbsp;1  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Fidelity Funds  | &nbsp;&nbsp;&nbsp;&nbsp;258  | &nbsp;&nbsp;&nbsp;&nbsp;9  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Franklin Templeton Funds  | &nbsp;&nbsp;&nbsp;&nbsp;28  |  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Goldman Sachs Funds  | &nbsp;&nbsp;&nbsp;&nbsp;37  |  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Invesco Funds  | &nbsp;&nbsp;&nbsp;&nbsp;41  | &nbsp;&nbsp;&nbsp;&nbsp;4  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;JPMorgan Funds  | &nbsp;&nbsp;&nbsp;&nbsp;66  | &nbsp;&nbsp;&nbsp;&nbsp;8  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Morgan Stanley Funds  | &nbsp;&nbsp;&nbsp;&nbsp;16  | &nbsp;&nbsp;&nbsp;&nbsp;1  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Northern Funds  | &nbsp;&nbsp;&nbsp;&nbsp;9  |  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;PIMCO Funds  | &nbsp;&nbsp;&nbsp;&nbsp;3  | &nbsp;&nbsp;&nbsp;&nbsp;1  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Prudential Funds  | &nbsp;&nbsp;&nbsp;&nbsp;49  |  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;T Rowe Price Funds  | &nbsp;&nbsp;&nbsp;&nbsp;108  |  |  |  |  |  |  |  |
| Provide Right to Call Special Meeting  | &nbsp;&nbsp;Vanguard Funds  | &nbsp;&nbsp;&nbsp;&nbsp;237  | &nbsp;&nbsp;&nbsp;&nbsp;6  |  |  |  |  |  |  |

---

The SV Template is reviewed on a regular basis and new rules and categories are created from time to time, always using the logic described above.

The SV Template only reflects the actual recorded voting behavior based on the logic described above. Sub-

scribers to SV Template are in no way obligated to vote using the SV Template results. Subscribers must use their own judgment when deciding how to vote on any proposal.

THE SV TEMPLATE DOES NOT PROVIDE ANY VOTING ADVICE OR RECOMMENDATION IN CONNECTION WITH ANY PROPOSAL.

------

Policy Rules

**Proposal Type:** *Accept Consolidated Financial Statements and Statutory Reports* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Accept Financial Statements and Statutory Reports.* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Accept Financial Statements and Statutory Reports* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Accept/Approve Corporate Social Responsibility Report* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Acknowledge Proper Convening of Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Acquire Certain Assets of Another Company* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adjourn Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Adjust Executive Compensation Metrics for Share Buybacks* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adjust/Remove Exclusive Venue Provision* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Anti Gross-up Policy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Cumulative Voting for the Election of the Members of the Board of Directors at this Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Adopt Double Voting Rights for Long-Term Registered Shareholders* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Fair Price Provision* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Fee Shifting Bylaws* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Adopt Holy Land Principles* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Majority Voting for Uncontested Election of Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt New Articles of Association/Charter* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt or Amend Board Powers/Procedures/Qualifications* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt or Increase Supermajority Vote Requirement for Amendments* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Adopt or Increase Supermajority Vote Requirement for Mergers* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt or Increase Supermajority Vote Requirement for Removal of Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Adopt Policy on 10b5-1 Trading Plans* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Policy on Bonus Banking* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Adopt Policy on Succession Planning* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Retention Ratio for Executives/Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adopt Sexual Orientation Anti-Bias Policy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt the Jurisdiction of Incorporation as the Exclusive Forum for Certain Disputes* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt Transactions Policy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Adopt, Renew or Amend NOL Rights Plan (NOL Pill)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt, Renew or Amend Shareholder Rights Plan (Poison Pill)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt/Amend Dividend Reinvestment Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt/Amend Nomination Procedures for the Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Adopt/Implement CERES Principles* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Adult Entertaining* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Advisory Vote on Golden Parachutes* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Advisory Vote on Say on Pay Frequency* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;Vote AGAINST more than 1 year  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | The frequency with which an advisory vote for say on <br>proposals Is Greater than or Equal to 2 Years  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always VOTE 1 Year  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Advisory Vote to Ratify Named Executive Officers' Compensation* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Advisory Vote to Ratify Named Executive Officers' Compensation* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Allow Board to Appoint Additional Directors Between Annual Meetings* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Allow Board to Change the Investment Objective Without Shareholder Approval* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Allow Board to Use All Outstanding Capital Authorizations in the Event of a Public Tender Offer or S* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Allow Directors to Engage in Commercial Transactions with the Company and/or Be Involved with Other Companies* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Allow Directors to Engage in Commercial Transactions with the Company and/or Be Involved with Other Companies* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Allow Electronic Distribution of Company Communications* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Allow Questions* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Allow Shareholder Meetings to be Held in Virtual-Only Format* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Allow Shareholder Meetings to be Held in Virtual-Only Format* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles Board-Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Articles Board-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Amend Articles of Association Regarding Party Committee* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Articles to: (Japan)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter - Call Special Meetings* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter - Filling Vacancies* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter -- Non-Routine* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter -- Non-Routine* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter -- Organization-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Amend Articles/Bylaws/Charter - Removal of Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter -- Routine* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter -- Routine* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter to Include Antitakeover Provision(s)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter to Remove Antitakeover Provision(s)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Articles/Bylaws/Charter to Remove Antitakeover Provisions* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Articles/Charter Compensation-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Amend Articles/Charter Equity-Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles/Charter Equity-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles/Charter Governance-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Articles/Charter to Reflect Changes in Capital* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Asset Manager Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Bonus Matching Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Certificate of Incorporation to Add Federal Forum Selection Provision* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Corporate Purpose* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Amend Director/Officer Indemnification/Liability Provisions* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Equity Compensation Plan (Italy)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Executive Share Option Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Investment Advisory Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Meeting Procedures* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Amend Non-Employee Director Omnibus Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Non-Employee Director Restricted Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Amend Non-Employee Director Stock Option Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Non-Qualified Employee Stock Purchase Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Omnibus Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Ordinary Business Items* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Amend Proxy Access Right* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Amend Qualified Employee Stock Purchase Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Quorum Requirements* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Amend Restricted Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Right to Call Special Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Share Appreciation Rights/Amend Phantom Option Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Amend Terms of Outstanding Options* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Vote Requirements to Amend Articles/Bylaws/Charter* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Amend Votes Per Share of Existing Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Animal Slaughter Methods* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *Animal Testing* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Animal Welfare* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Announce Vacancies on the Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Anti-Discrimination Miscellaneous* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Anti-Social Proposal* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Appoint Alternate Internal Statutory Auditor(s) [and Approve Auditor's/Auditors' Remuneration]* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Appoint Alternate Internal Statutory Auditor(s) [and Approve Auditor's/Auditors' Remuneration]* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Appoint Alternate Internal Statutory Auditor(s) Nominated by Preferred Shareholders [and Approve Auditor's/Auditors' Remuneration]* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Appoint Appraiser/Special Auditor/Liquidator* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Appoint Auditors and Deputy Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Appoint Censor(s)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Appoint Chairman of Internal Statutory Auditor(s) [and Approve His/Her Remuneration]* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Appoint Corporate Governance Compliance Auditors for Fiscal Year 20XX and/or Authorize Board to Fix Their remuneration* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Appoint Firm to Evaluate Performance of Directors and Fix the Firm's Fees* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Appoint Internal Statutory Auditor(s) [and Approve Auditor's/Auditors' Remuneration]* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Appoint Internal Statutory Auditor(s) Nominated by Preferred Shareholders [and Approve Auditor's/Auditors' Remuneration]* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Appoint Internal Statutory Auditors (Bundled) [and Approve Auditors' Remuneration]* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Accounting Treatment of Merger, Absorption, or Similar Transaction* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Acquisition OR Issue Shares in Connection with Acquisition* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Additional Income Allocation/Distribution* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Affiliation Agreements with Subsidiaries* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Allocation of Income and Class Share Dividends* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Allocation of Income and Dividends* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Allocation of Income/Distribution Policy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Approve Alternative Equity Plan Financing* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Alternative Income Allocation/Distribution Policy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Approve Amendments to Lending Procedures and Caps* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Annual Bonus Payment for Directors and Statutory Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Asset Manager Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Audited Annual Report for the Fund* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Auditors and Authorize Board to Fix Their Remuneration Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Bond Repurchase* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Cancellation of Capital Authorization* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Capital Raising* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Change in Investment Objective* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Change of Fundamental Investment Policy* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Change-of-Control Clause* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Charitable Donations* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Commitment of Directors, Supervisors, Senior Managers and/or Controlling Shareholders in Connection with the Company's Business* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Company's Membership in an Association/Organizaton* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Compensation for Employees* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Continuation of Company as Investment Trust* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Control Share Acquisition* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Conversion from Closed-End to Open-End Fund* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Conversion to Series of Delaware Business Trust* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Cost Auditors and Authorize Board to Fix Their Remuneration* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Criteria for Measurement of Performance of the Board of Directors [and Sub-Committees]* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Decrease in Size of Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Delisting of Shares from Stock Exchange* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Director Performance Evaluation Report* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Director/Officer Liability and Indemnification* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge - Miscellaneous* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge of Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge of Board and President* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge of Directors and Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge of Management and Supervisory Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge of Management Board Member XXX/Executive Director XXX* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Discharge of Management Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge of Supervisory Board Member XXX/Non-Executive Board Member XXX* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Discharge of Supervisory Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Dispute Settlement with (Former) Director(s)/(Internal) Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Distribution Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Dividend Distribution Policy* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Dividends* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Early Termination of Powers of Audit Commission* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Equity Compensation Plan (Italy)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Equity Plan Financing* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Exchange of Debt for Equity* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Executive Appointment* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Executive Appointment* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Executive Share Option Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Financial Statements, Allocation of Income, and Discharge Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Formation of Holding Company* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Increase in Aggregate Compensation Ceiling for Directors and Statutory Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Increase in Aggregate Compensation Ceiling for Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Increase in Aggregate Compensation Ceiling for Statutory Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Increase in Borrowing Powers* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Increase in Limit on Foreign Shareholdings* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Increase in Size of Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Investment Advisory Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Investment and Financing Policy* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Investment in Another Company* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Issuance of Equity or Equity-Linked Securities with or without Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Issuance of Preferred Stock without Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Issuance of Securities Convertible into Debt* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Issuance of Shares Below Net Asset Value (NAV)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Issuance of Shares for a Private Placement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Issuance of Warrants/Convertible Debentures* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Joint Venture Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Large-Scale Transaction with Right of Withdrawal* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Listing of Shares on a Secondary Exchange* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Loan Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Meeting Procedures* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Merger Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Merger by Absorption* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;Always vote CASE-BY-CASE  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;Case-by-Case  |

---

**Proposal Type:** *Approve Merger of Funds* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Minutes of Previous Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Modification in Share Ownership Disclosure Threshold* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Multi-Manager Structure* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Non-Employee Director Omnibus Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Non-Employee Director Restricted Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Non-Employee Director Stock Option Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Non-Qualified Employee Stock Purchase Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Omnibus Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve or Amend Option Plan for Overseas Employees* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve or Amend Severance Agreements/Change-in-Control Agreements* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Outside Director Stock Awards/Options in Lieu of Cash* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Plan of Liquidation* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Pledging of Assets for Debt* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Political Donations* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Procurement of Legal Services* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Provision for Asset Impairment* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Provisionary Budget and Strategy for Fiscal Year 20XX* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Public Offering of Shares in Subsidiary* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Publication of Information in English* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Qualified Employee Stock Purchase Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Vote AGAINST if purchase price is less than 85% of market value  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | Exercise Price as percentage of Fair Market Value Is Less than 85 Percent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  | Vote AGAINST if more than 10% of outstanding shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;Potential Voting Power Dilution Percentage Is <br>Greater than 10 Percent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3  | &nbsp;&nbsp;&nbsp;&nbsp;Vote FOR if all other rules pass  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Recapitalization Plan for all Stock to Have One-vote* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Recapitalization Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Reduction in Share Capital* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Reduction/Cancellation of Share Premium Account* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Remuneration of Directors and Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Remuneration of Directors and/or Committee Members* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Remuneration of Executive Directors and/or Non-Executive Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Remuneration of Members of Audit Commission* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Remuneration Policy* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Reorganization/Restructuring Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Repricing of Options* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *Approve Request for Bankruptcy Protection* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Restricted Stock Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Retirement Bonuses for Directors and Statutory Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Approve Retirement Bonuses for Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Retirement Bonuses for Statutory Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Reverse Stock Split* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Sale of Company Assets* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Scheme of Arrangement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve Share Appreciation Rights/Approve Phantom Option Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Share Plan Grant* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Shares Issued for a Private Placement to a Director or Executive* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve SPAC Transaction* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Special Auditors' Report Regarding Related-Party Transactions* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Special Bonus for Family of Deceased Director* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Special Bonus for Family of Deceased Statutory Auditor* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Special Bonuses for Families of Deceased Directors and Statutory Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Special Payments to Continuing Directors in Connection with Abolition of Retirement Bonus System* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Approve Special/Interim Dividends* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Spin-Off Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Squeeze-Out of Minority Shareholders by the Majority Shareholder* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Standard Accounting Transfers* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Statutory Appointments* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Stock Dividend Program* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Stock Option Plan for Directors and Statutory Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Stock Option Plan Grants* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Stock Split* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Stock/Cash Award to Executive* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Supervisory Board Remuneration Policy* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Suspension of Shares from Trading* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve Tender Offer* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve the Destruction of Proxies* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve the Spill Resolution* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Transaction with a Related Party* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Treatment of Net Loss* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve Unlimited Capital Authorization* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve Use of Proceeds from Fund Raising Activities* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve X as Trustee of the Trust* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve XX XXX, 20XX, as Record Date for Effectiveness of This Meeting's Resolutions* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend All Employee Option Schemes* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Amend All Employee Share Schemes* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Board Committee Policy/Charter/Regulations* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Bonus Matching Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Bundled Remuneration Plans* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Approve/Amend Conversion of Securities* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Corporate Social Responsibility Charter/Policy* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Deferred Share Bonus Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Employee Share Ownership Trust* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Employment Agreements* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Executive Incentive Bonus Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Executive/Director Loans* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve/Amend Investment in Project* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Amend Investment or Operation Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Issuance of Warrants Reserved for Founders* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Approve/Amend Loan Guarantee to Subsidiary* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Non-Employee Director Deferred Share Unit Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Profit Sharing Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Amend Regulations on Audit Commission* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Amend Regulations on Board of Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve/Amend Regulations on General Meetings* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Regulations on Management* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Amend Retirement Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Amend Securities Transfer Restrictions* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Stock Ownership Limitations* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Amend Stock-for-Salary/Bonus Plan* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Approve/Amend Subadvisory Agreement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Approve/Amend Terms of Poison Pill* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Approve/Re-Approve Performance Metrics for Qualification under the Provisions of Section 162(m)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *As a Preferred Shareholder, request a separate minority election of a member of the Fiscal Council under the Brazilian Corporate Law.* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *As a Preferred Shareholder,request a separate minority election of a member of the Board of Directors under the Brazilian Corporate Law.* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *As an Ordinary Shareholder, request a separate minority Election of a Member of the Board of Directors under the Brazilian Corporate Law.* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *As an Ordinary Shareholder, request a separate minority Election of a Member of the Fiscal Council under the Brazilian Corporate Law.* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Auditor Rotation* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Authorize a New Class of Common Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board Chairman to Serve as CEO* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board to Fill Vacancies* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board to Fix Remuneration of External Auditor(s)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board to Fix Remuneration of Internal Statutory Auditor(s)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board to Increase Capital in the Event of Demand Exceeding Amounts Submitted to Shareholder Vote Above* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board to Issue Shares in the Event of a Public Tender Offer or Share Exchange Offer* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *Authorize Board to Ratify and Execute Approved Resolutions* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board to Repurchase Shares in the Event of a Public Tender Offer or Share Exchange Offer* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Authorize Board to Set Issue Price for 10 Percent of Issued Capital Pursuant to Issue Authority without Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Board to Set Terms of Preferred* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Authorize Capital Increase for Future Share Exchange Offers* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Capital Increase of up to 10 Percent of Issued Capital for Future Acquisitions* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Capitalization of Reserves for Bonus Issue or Increase in Par Value* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Authorize Company Subsidiary to Purchase Shares in Parent* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Authorize Directed Share Repurchase Program* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Filing of Required Documents/Other Formalities* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Issuance of Bonds/Debentures* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Issuance of Bonds/Debentures* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Authorize Issuance of Equity or Equity-Linked Securities with Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Issuance of Equity Upon Conversion of a Subsidiary's Equity-Linked Securities* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Authorize Issuance of Investment Certificates* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Issuance of Preferred Stock with Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Authorize Issuance of Warrants/Bonds with Warrants Attached/Convertible Bonds with Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Authorize Issuance of Warrants/Bonds with Warrants Attached/Convertible Bonds without Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Management Board Not to Disclose Individualized Remuneration of its Members* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Authorize New Class of Preferred Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Reissuance of Repurchased Shares* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Authorize Repurchase of Debt Instruments and Reissuance of Repurchased Debt Instruments* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Share Repurchase Program and Cancellation of Repurchased Shares* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Share Repurchase Program and Reissuance of Repurchased Shares* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Share Repurchase Program* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize the Company to Call EGM with Two Weeks Notice* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Authorize Use of Financial Derivatives* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Avoid Support of Abortion-Related Activities* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Black Economic Empowerment(BEE)Transactions(SouthAfrica)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Board Diversity* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Bondholder ProposalXXX* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Bundled Say on Pay/Golden Parachute Advisory Vote* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Burma - Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Call the Meeting to Order* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Change Company Name* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Change Date/Location of Annual Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Change Date/Time of Annual Meeting* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Change Fiscal Year End* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Change Jurisdiction of Incorporation [ ]* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Change Location of Registered Office/Headquarters* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Change of Corporate Form* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Change Range for Size of the Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Change Size of Board of Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Charitable Contributions* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *China Principles* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Classify Board and Elect Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Classify the Board of Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Claw-back Statements under Restatements* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Climate Change* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Climate Change Action* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *Close Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Community - Environment Impact* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Company Specific - Equity Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Company Specific Organization Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Company Specific--Board-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Company-Specific -- Miscellaneous* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Company-Specific -- Shareholder Miscellaneous* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Company-Specific Board-Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Company-Specific Compensation-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Company-Specific--Compensation-Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Company-Specific--Governance-Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Company-Specific--Organization-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Consent to Amended Bond Indenture* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Consider Measures to Address the Decline in the Company's Net Asset Value Relative to Its Capital* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Consider Non-Financial Effects of Mergers* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Conversion Rights for SPAC* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Convert Closed-End Fund to Open-End Fund* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Convert Multiple Voting Shares to Common Shares* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Country-by-Country Tax Reporting* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Death Benefits / Golden Coffins* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Declassify the Board of Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Declassify the Board of Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Deliberations on Possible Legal Action Against Directors/(Internal) Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Deliberations on Possible Legal Action Against Directors/(Internal) Auditors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Designate Inspector or Shareholder Representative(s) of Minutes of Meeting and/or Vote Tabulation* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Designate Newspaper to Publish Meeting Announcements* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Designate Risk Assessment Companies* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Designate X as Independent Proxy* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Disclose Information on Compensation Consultant* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Disclose Prior Government Service* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Discuss/Approve Company's Corporate Governance Structure/Statement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Discussion of Supervisory Board Profile* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Dismiss/Remove Director(s)/Auditor(s) (Non-contentious)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Dismiss/Remove Directors (Contentious)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Dismiss/Remove Statutory Auditor(s)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Do you wish to request installation of a Fiscal Council, under the terms of Article 161 of the Brazilian Corporate Law?* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect a Shareholder-Nominee to the Board (Non-Proxy-Access Nominee)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect a Shareholder-Nominee to the Board* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect a Shareholder-Nominee to the Supervisory Board* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Elect Alternate Director Nominated by Preferred Shareholders* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Alternate/Deputy Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Board Chairman/Vice-Chairman* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Elect Board of Directors and Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Board Representative for Holders of Savings Shares and Fix His/Her Remuneration* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Chairman of Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Company Clerk/Secretary* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Director (Cumulative Voting or More Nominees Than Board Seats)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Director (Cumulative Voting or More Nominees Than Board Seats)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Director (Not Cumulative Voting but more candidates than board seats)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Director and Approve Director's Remuneration* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Elect Director* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;Vote AGAINST if did not attend more than 75% Meetings  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;Director DID NOT attend at least 75% of meetings last year  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  | Vote AGAINST if majority of board is not independent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;Majority of Board is NOT Independent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3  | &nbsp;&nbsp;Vote WITHHOLD if did not attend more than 75% Meetings  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;Director DID NOT attend at least 75% of meetings last year  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4  | Vote WITHHOLD if majority of board is not indpendent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;Majority of Board is NOT Independent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withhold  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5  | &nbsp;&nbsp;&nbsp;&nbsp;Vote FOR if all other rules pass  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Directors (Bundled Management Slate)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Directors (Bundled Opposition Slate)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Directors (Bundled) and Approve Their Remuneration* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Directors (Bundled)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Directors (Management Slate)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Elect Directors (Opposition Slate)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Member(s) of X Committee* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Members and Deputy Members of Corporate Assembly and/or Committee of Representatives* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Members of Audit Committee (Bundled)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Members of Audit Committee* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Members of Nominating Committee* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Members of Nominating Committee (Bundled)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Elect Members of Remuneration Committee (Bundled)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Members of Remuneration Committee* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Members of X Committee (Bundled)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Minority Representative under Majority Board Election* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Elect Minority Representative under Majority Fiscal Council Election* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Preferred Stock Director* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Representative of Employee Shareholders to the Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Elect Subsidiary Director* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Supervisory Board Member* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Supervisory Board Members (Bundled)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Elect Supervisory Board Members (Bundled)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Eliminate Class of Common Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Eliminate Class of Preferred Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Eliminate Cumulative Voting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Eliminate Cumulative Voting* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Eliminate Discretionary Voting of Unmarked Proxies* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Eliminate or Restrict Severance Agreements (Change-in-Control)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Eliminate or Restrict Shareholder Rights Plan (Poison Pill)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Eliminate Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Eliminate/Adjust Par Value of Common Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Eliminate/Restrict Right to Act by Written Consent* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Eliminate/Restrict Right to Call a Special Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Employ Financial Advisor to Explore Alternatives to Maximize Value* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Employment Contract* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *End Production of Tobacco Products* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Energy Efficiency* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Environmental - Related (Japan)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Establish a Compensation Committee* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Establish a Nominating Committee* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Establish Director Stock Ownership Requirement* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Establish Environmental/Social Issue Board Committee* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Establish Mandatory Retirement Age for Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Establish Other Board Committee* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Establish Range for Board Size* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Establish SERP Policy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Establish Shareholder Advisory Committee* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Establish Term Limits for Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Establish/Alter Mandatory Retirement Policy for Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Facility Safety* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Fix Board Terms for Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Fix Maximum Variable Compensation Ratio* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Fix Number of and Elect Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Fix Number of Directors and/or Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Gender Pay Gap* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Genetically Modified Organisms (GMO)* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *GHG Emissions* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Glass Ceiling* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Going Dark Transaction* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Grant Authority to Board to Implement Antitakeover Measures During a Takeover* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Grant Equity Award to Third Party* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Human Rights Risk Assessment* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Hydraulic Fracturing* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Identifying a Controlling Shareholder* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Identifying a Senior Officer* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Identifying an institutional investor as definaed in the Supervision Financial Services Regulations 2009 or Joint Investment Trust Law 1994* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *If Cumulative Voting Is adopted, do you wish to equally distribute your votes to all nominees OR equally distribute for each supported nominee?* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *If neither class of shares reaches the minimum quorum to elect board representative, use your votes to elect the candidate with more votes for* 

*both.* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *If one of the nominees leaves the fiscal council slate due to a separate minority election, may your votes still be counted for the proposed slate?* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Improve Human Rights Standards or Policies* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *In Case of a Minority Separate Election, Would You Like to Cast Votes to the Minority Board Nominee Who Individually Obtains the Largest No of* 

*Votes?* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *In Case of a Minority Separate Election, Would You Like to Cast Votes to the Minority Fiscal Council Nominee Who Ind Obtains the Largest No of* 

*Votes?* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *In case there is any change to the Board Slate Composition, may your votes still be counted for the proposed slate?* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *In the Event of a Second Call, the Voting Instructions Contained in this Proxy Card may also be Considered for the Second Call* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Income Inequality* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Increase Authorized Common Stock and Authorize New Class of Common Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Increase Authorized Common Stock and Authorize New Class of Preferred Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Increase Authorized Common Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Increase Authorized Preferred and Common Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Increase Authorized Preferred Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Increase Authorized Stock and Issue Equity or Equity-linked Securities with or without Preemptive Rights* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *Increase Disclosure of Executive Compensation* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Indicate Personal Interest in Proposed Agenda Item* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Indicate That You Do Not Have Personal Interest in Proposed Agenda Item* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Indicate X as Independent Board Member* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Initiate Share Repurchase Program* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Install and/or Fix Size of Fiscal Council* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Internet Censorship* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Inverse Controlling Shareholder Statement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Investment in Financial Products* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Limit Auditor from Providing Non-Audit Services* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Limit Composition of Committee(s) to Independent Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Limit Executive Compensation* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Limit/Prohibit Accelerated Vesting of Awards* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Limit/Prohibit Executive Stock-Based Awards* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Limited Partnership/Limited Liability Corporation* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Link Executive Pay to Social Criteria* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always Vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Liquidate Company Assets and Distribute Proceeds* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *MacBride Principles* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Management Climate-Related Proposal* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Mandatory Arbitration on Employment Related Claims* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Miscellaneous -- Equity Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Miscellaneous Mutual Fund - Company-Specific* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Miscellaneous Proposal - Environmental* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Miscellaneous Proposal - Social* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Miscellaneous Proposal: Company-Specific* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Miscellaneous Subsidiary Related - Company-Specific* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Non-Employee Director Compensation* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Open Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Operations in Hgh Risk Countries* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Operations in Protected Areas* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Opt Out of State's Control Share Acquisition Law* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Other Business* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Pay for Superior Performance* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Performance-Based and/or Time-Based Equity Awards* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Permit Board to Amend Bylaws Without Shareholder Consent* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Phase Out Nuclear Facilities* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Plant Closures and Outsourcing* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Political Activities and Action* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Political Contributions and Lobbying* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Political Lobbying Disclosure* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Preferred Proposal* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Prepare and Approve List of Shareholders* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Prepare Report on Health Care Reform* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Prepare Tobacco-Related Report* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Private Company* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Product Toxicity and Safety* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Proposals Requesting Non-Binding Advisory Vote On Climate Action Plan* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Provide Directors May Only Be Removed for Cause* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Provide for Confidential Vote Tally* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Provide for Confidential Voting* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Provide Proxy Access Right* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;Vote AGAINST if less than 3% of total shareholder ownership  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;Shareholder ownership requirement Is Less than 3 Percent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  | Vote AGAINST if Minimum holding period is less than 3 years  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | Holding Period Is Less than 3 Years  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3  | Vote AGAINST if Board Percentage is more than 25%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;Maximum percentage of board nomination Is Greater than 25 Percent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4  | &nbsp;&nbsp;&nbsp;&nbsp;Vote FOR if all other rules pass  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Provide Right to Act by Written Consent* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Provide Right to Act by Written Consent* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Provide Right to Call Special Meeting* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Proxy Access* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;Vote AGAINST if less than 3% of total shareholder ownership  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;Shareholder ownership requirement Is Less than 3 Percent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  | Vote AGAINST if Minimum holding period is less than 3 years  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | Holding Period Is Less than 3 Years  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3  | Vote AGAINST if Board Percentage is more than 25%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;Maximum percentage of board nomination Is Greater than 25 Percent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4  | &nbsp;&nbsp;&nbsp;&nbsp;Vote FOR if all other rules pass  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Proxy Voting Disclosure* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Publish Two Degree Scenario Analysis* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Put Repricing of Stock Options to Shareholder Vote* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Racial Equity and/or Civil Rights Audit* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Ratify Alternate Auditor* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Ratify Auditors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Vote AGAINST if Audit Fees do not exceed Non Audit Fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic  | &nbsp;&nbsp;&nbsp;Audit Fees Percentage Is Less than or Equal to 50 Percent  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  | &nbsp;&nbsp;&nbsp;&nbsp;Vote FOR if all other rules pass  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Ratify Changes in the Composition of the Board* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Ratify Past Allocation of Income and Dividends* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Ratify Past Issuance of Shares* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Receive Consolidated Financial Statements and Statutory Reports (Non-Voting)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Receive Financial Statements and Statutory Reports (Non-Voting)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Receive/Approve Report/Announcement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Receive/Approve Special Report* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Recycling* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Redeem Shareholder Rights Plan (Poison Pill)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Reduce Authorized Common and/or Preferred Stock* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Reduce Supermajority Vote Requirement* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Reduce Supermajority Vote Requirement* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Reduce Tobacco Harm to Health* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Reimburse Proxy Contest Expenses* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Reimburse Proxy Contest Expenses* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Reincorporate in Another State [ ]* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Removal of Existing Board Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Remove Age Restriction for Directors* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Remove Double-Voting Rights for Long-Term Registered Shareholders* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Remuneration-Related* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Renew Partial Takeover Provision* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Renewable Energy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *Report on Coffee Sourcing Policies* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Report on EEO* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Report on Environmental Policies* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Report on Pay Disparity* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Require a Majority Vote for the Election of Directors* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Require Advance Notice for Shareholder Proposals/Nominations* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Require Director Nominee Qualifications* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Require Directors Fees to be Paid in Stock* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Require Environmental/Social Issue Qualifications for Direct* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Require Independent Board Chairman* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Require Majority of Independent Directors on Board* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Require More Director Nominations Than Open Seats* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Rescind Fair Price Provision* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Restore or Provide for Cumulative Voting* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Restore/Strengthen Shareholder Authority to Vote on Income Allocation* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Restrict Spending on Climate Change-Related Analysis or Actions* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Review Drug Pricing or Distribution* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Review Fair Lending Policy* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Review Foreign Military Sales* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Review Impact of Pandemics* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Review Tobacco Marketing* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *Rotate Annual Meeting Location* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Seek Sale of Company/Assets* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Set Global Limit for Capital Increase to Result From All Issuance Requests* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *Sever Links with Tobacco Industry* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Share Buyback Holding Period* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Share Re-registration Consent* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Social Proposal* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

------

**Proposal Type:** *Stock Retention/Holding Period* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Submit SERP to Shareholder Vote* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Submit Severance Agreement (Change-in-Control) to Shareholder Vote* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Submit Shareholder Rights Plan (Poison Pill) to Shareholder Vote* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Sustainability Activities and Action* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Sustainability Report* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

**Proposal Type:** *TARP Related Compensation* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**Proposal Type:** *The Undersigned Hereby Certifies that the Shares Represented by this Proxy are Owned and Controlled by a @ Citizen* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Toxic Emissions* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Transact Other Business (Non-Voting)* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Use GAAP for Executive Compensation Metrics* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Verifying Eligibility to Vote* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Waive Control Share Acquisition Provision* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Waive Requirement for Mandatory Offer to All Shareholders* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote FOR  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For  |

---

------

**Proposal Type:** *Weapons - Related* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always vote AGAINST  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Against  |

---

**Proposal Type:** *Wood Procurement* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Workplace Sexual Harassment* 

*Shareholder Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

**Proposal Type:** *Written Consent* 

*Management Proposal* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Priorities**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Policy Rules Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Region**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Condition**  | &nbsp;&nbsp;&nbsp;**Vote Instruction**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  | Always vote WITH MANAGEMENT (Minimal Data)  | &nbsp;&nbsp;&nbsp;Global / Domestic  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Always  | &nbsp;&nbsp;With Management  |

---

------

**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits:** 

Unless noted otherwise, each of the following exhibits, each previously filed as an exhibit to a post-effective amendment to the Registrant's registration statement on Form N-1A (File Nos. 333-195493 and 811-22961) ("PEA"), is hereby incorporated herein by reference to the PEA stated below.

---

| | | | |
|:---|:---|:---|:---|
| **(a)** | **Articles of Incorporation.** | **Articles of Incorporation.** | **Articles of Incorporation.** |
|  | (1) | <u>[Agreement and Declaration of Trust of EA Series Trust (the "Registrant"), previously filed as Exhibit (a)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493 and 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/agmtanddeclarationoftrust.htm)</u> | <u>[Agreement and Declaration of Trust of EA Series Trust (the "Registrant"), previously filed as Exhibit (a)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493 and 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/agmtanddeclarationoftrust.htm)</u> |
|  | (2) | <u>[Restated Certificate of Trust of EA Series Trust, as filed with the office of the Secretary of State of Delaware on April 21, 2022, previously filed as Exhibit (a)(4) with PEA 120 on May 13, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99a4.htm)</u> | <u>[Restated Certificate of Trust of EA Series Trust, as filed with the office of the Secretary of State of Delaware on April 21, 2022, previously filed as Exhibit (a)(4) with PEA 120 on May 13, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99a4.htm)</u> |
| **(b)** | **By-laws.** | **By-laws.** |  |
|  | (1) | <u>[By-laws of the Registrant, previously filed as Exhibit (b)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493 and 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/bylaws.htm)</u> | <u>[By-laws of the Registrant, previously filed as Exhibit (b)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493 and 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/bylaws.htm)</u> |
|  | (2) | <u>[Amended By-laws of the Registrant, previously filed as Exhibit (b) with PEA 275 on September 28, 2023](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006318/easeries_ex99b.htm).</u> | <u>[Amended By-laws of the Registrant, previously filed as Exhibit (b) with PEA 275 on September 28, 2023](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006318/easeries_ex99b.htm).</u> |
| **(c)** | **Instruments Defining Rights of Security Holders.** | **Instruments Defining Rights of Security Holders.** | **Instruments Defining Rights of Security Holders.** |
|  | (1) | Agreement and Declaration of Trust | Agreement and Declaration of Trust |
|  |  | (i) | Article III: Shares |
|  |  | (ii) | Article V: Shareholders' Voting Powers and Meetings |
|  |  | (iii) | Article VI: Net Asset Value; Distributions; Redemptions; Transfers |
|  |  | (iv) | Article VIII: Certain Transactions, Section 4 |
|  |  | (v) | Article X: Miscellaneous, Section 4 |
|  | (2) | By-Laws | By-Laws |
|  |  | (i) | Article II: Meetings of Shareholders |
|  |  | (ii) | Article VI: Records and Reports, Sections 1, 2, and 3 |
|  |  | (iii) | Article VII: General Matters, Sections 3, 4, 6, and 7 |
|  |  | (iv) | Article VIII: Amendments, Section 1 |
| **(d)** | **Investment Advisory Agreements.** | **Investment Advisory Agreements.** | **Investment Advisory Agreements.** |
|  | (1) | **Empowered Funds, LLC** | **Empowered Funds, LLC** |
|  |  | (i) | **<u>[Multiple Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm)</u><u>[Investment Advisory Agreement dated November 11, 2024, previously filed as Exhibit (d)(79) with PEA 399 on November 21, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002330/etfarchitect-advisoryagree.htm).</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated January 16, 2026, previously filed as Exhibit (d)(1(i)(A) with PEA 757 on January 23, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000248/etfarchitect-amendedschedu.htm)</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (B) | <u>[Amended Schedule A -](etfarchitect-amendedschedu.htm)</u>**<u>[Filed Herewith.](etfarchitect-amendedschedu.htm)</u>** |

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| | | |
|:---|:---|:---|
| | (ii) | **<u>[Alpha Architect ETFs](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/etfarchitect-advisoryagree.htm)</u><u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/etfarchitect-advisoryagree.htm)</u>**<u>[Investment Advisory Agreement dated September 6, 2024, with respect to the Alpha Architect US Equity ETF (AAUS), Alpha Architect International Equity ETF (AAGL), Alpha Architect 1-3 Year Box ETF (BOXS), Alpha Architect Intermediate-Term Treasury Bond ETF (BOXI), Alpha Architect Long-Term Treasury Bond ETF (BOXL), Alpha Architect Aggregate Bond ETF (BOXA), Alpha Architect Inflation-Protected Securities ETF (BOXP), and Alpha Architect Real Estate ETF (BOXR), previously filed as Exhibit (d)(88) with PEA 397 on November 14, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/etfarchitect-advisoryagree.htm)</u> |
| | (iii) | **<u>[Coastal Compass 100 ETF (ROPE)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)</u><u>[Investment Advisory Agreement dated September 6, 2024, previously filed as Exhibit (d)(86) with PEA 398 on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/advisoryagreementcoastaleq.htm)</u> |
| | (iv) | **<u>[Draco AI Evolution ETF (DRAI)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)</u><u>[Investment Advisory Agreement dated June 24, 2024, previously filed as Exhibit (d)(74) with PEA 353 on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/draco-advisoryagreement620.htm)</u> |
| | (v) | **<u>[Sparkline ETFs](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)</u><u>[Investment Advisory Agreement dated September 4, 2024, with respect to the Sparkline International Intangible Value ETF (DTAN), Sparkline US Small Cap Intangible Value ETF (STAN), and Sparkline Emerging Markets Intangible Value ETF (ETAN), previously filed as Exhibit (d)(74) with PEA 372 on September 6, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd74advisoryagreementdtan.htm)</u> |
| | (vi) | **<u>[Stance Sustainable Beta ETF (CHGX)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)</u><u>[Investment Advisory Agreement dated September 4, 2024, previously filed as Exhibit (d)(81) with PEA 357 on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stanceadvisoryagreement.htm)</u> |
| | (vii) | **<u>[StockSnips AI-Powered Sentiment US All Cap ETF (NEWZ)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)</u><u>[Investment Advisory Agreement dated March 9, 2024, previously filed as Exhibit (d)(55) with PEA 342 on April 8, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipsadvisoryagreement.htm)</u> |
| (2) | **Alpha Architect, LLC** | **Alpha Architect, LLC** |
|  | (i) | **<u>[Multiple Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 21, 2024, with respect to the Alpha Architect U.S. Quantitative Value ETF (QVAL), Alpha Architect International Quantitative Value ETF (IVAL), Alpha Architect U.S. Quantitative Momentum ETF (QMOM), Alpha Architect International Quantitative Momentum ETF (IMOM), Alpha Architect Global Factor Equity ETF (AAVM), and Alpha Architect High Inflation and Deflation ETF (HIDE), previously filed as Exhibit (d)(88) with PEA 364 on August 16, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/aacorefundssub-advisoryagr.htm)</u> |
|  | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated February 1, 2026 with respect to Alpha Architect US Equity ETF (AAUS), Alpha Architect International Equity ETF (AAGL), Alpha Architect US Equity 2 ETF (AAEQ), and Alpha Architect US Equity Growth ETF (AAGW), Alpha Architect US Equity 3 ETF (AAUA), Alpha Architect US Equity 4 ETF (AAUB), Alpha Architect US Equity 5 ETF (AAUD), and Alpha Architect US Equity 6 ETF (AAUE) -](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/aasub-advisoryagreementame.htm)[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/aasub-advisoryagreementame.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/aasub-advisoryagreementame.htm)[D)(3)(I)(A) with PEA](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/aasub-advisoryagreementame.htm)[578 on January](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/aasub-advisoryagreementame.htm)[28, 2026](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/aasub-advisoryagreementame.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/aasub-advisoryagreementame.htm)</u>** |
|  | (ii) | **<u>[Multiple Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Alpha Architect 1-3 Year Box ETF (BOXS), Alpha Architect Intermediate-Term Treasury Bond ETF (BOXI), Alpha Architect Long-Term Treasury Bond ETF (BOXL), Alpha Architect Aggregate Bond ETF (BOXA), Alpha Architect Inflation-Protected Securities ETF (BOXP), and Alpha Architect Real Estate ETF (BOXR), previously filed as Exhibit (d)(90) with PEA 397 on November 14, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aasub-advisoryagreementopt.htm)</u> |
|  | (iii) | **<u>[Multiple Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002648/aasub-advisoryagreementbox.htm)</u>**<u>[— Investment Sub-Advisory Agreement with respect to Alpha Architect 1-3 Month Box ETF (BOXX) and Alpha Architect Tail Risk ETF (CAOS), previously filed as Exhibit (d)(2)(iii) with PEA 530 on September 12, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002648/aasub-advisoryagreementbox.htm)</u> |

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| | | |
|:---|:---|:---|
| (3) | **<u>[Alpha Blue Capital Management LP](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/abcssub-advisory.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 12, 2023, with respect to Alpha Blue Capital US Small-Mid Cap Dynamic ETF (ABCS), previously filed as Exhibit (d)(64) with PEA 318 on December 12, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/abcssub-advisory.htm)</u> | **<u>[Alpha Blue Capital Management LP](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/abcssub-advisory.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 12, 2023, with respect to Alpha Blue Capital US Small-Mid Cap Dynamic ETF (ABCS), previously filed as Exhibit (d)(64) with PEA 318 on December 12, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/abcssub-advisory.htm)</u> |
| (4) | **<u>[Altrius Capital Management, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d45.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 26, 2022, with respect to the Altrius Global Dividend ETF (DIVD), previously filed as Exhibit (d)(45) with PEA 174 on September 26, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d45.htm)</u> | **<u>[Altrius Capital Management, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d45.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 26, 2022, with respect to the Altrius Global Dividend ETF (DIVD), previously filed as Exhibit (d)(45) with PEA 174 on September 26, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99d45.htm)</u> |
| (5) | **<u>[Amplius ETF Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/ampliusassetmanagementsub-.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Amplius Aggressive Allocation ETF (AAAA), previously filed as Exhibit (d)(100) with PEA 473 on April 25, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/ampliusassetmanagementsub-.htm)</u> | **<u>[Amplius ETF Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/ampliusassetmanagementsub-.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Amplius Aggressive Allocation ETF (AAAA), previously filed as Exhibit (d)(100) with PEA 473 on April 25, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/ampliusassetmanagementsub-.htm)</u> |
| (6) | **<u>[Angel Oak Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003298/angeloaksub-advisoryagreem.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Strive Total Return Bond ETF (STXT) and Strive Enhanced Income Short Maturity ETF (BUXX), previously filed as Exhibit (d)(6) with PEA 548 on October 28, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003298/angeloaksub-advisoryagreem.htm)</u> | **<u>[Angel Oak Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003298/angeloaksub-advisoryagreem.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Strive Total Return Bond ETF (STXT) and Strive Enhanced Income Short Maturity ETF (BUXX), previously filed as Exhibit (d)(6) with PEA 548 on October 28, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003298/angeloaksub-advisoryagreem.htm)</u> |
| (7) | **AOT Invest LLC** | **AOT Invest LLC** |
|  | (i) | **<u>AOT Growth and Innovation ETF (AOTG)</u>**<u>[— Investment Sub-Advisory Agreement dated June 17, 2022, previously filed as Exhibit (d)(37) with PEA 134 on June 22, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exd37.htm)</u> |
|  | (ii) | **<u>[AOT Software Platform ETF (AOTS)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004234/aots-subxadvisoryagreement.htm.)</u>**<u>[— Investment Sub-Advisory Agreement dated December 10, 2025, previously filed as Exhibit (d)(7)(ii) with PEA 564 on December 12, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004234/aots-subxadvisoryagreement.htm.)</u> |
| (8) | **Argent Capital Management** | **Argent Capital Management** |
|  | (i) | **<u>[Argent Mid Cap ETF (AMID)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exd35.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 17, 2022, previously filed as Exhibit (d)(35) with PEA 153 on August 15, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exd35.htm)</u> |
|  | (ii) | **<u>[Argent Focused Small Cap ETF (ALIL) and Argent Large Cap ETF (ABIG)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)</u>**<u>[— Amended Investment Sub-Advisory Agreement dated February 7, 2025, previously filed as Exhibit (d)(19)(i) with PEA 456 on March 20, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000650/argentsub-advisoryagreemen.htm)</u> |
| (9) | **Arin Risk Advisors, LLC** | **Arin Risk Advisors, LLC** |
|  | (i) | **<u>Alpha Architect ETFs</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[dated November 4, 2022,](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[with respect to the Alpha Architect Tail Risk ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[(CAOS)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[and Alpha Architect 1-3 Month Box ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[(BOXX)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[d](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[53](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)[191 on November 10, 2022](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99d53.htm)</u>** |
|  | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated September 6, 2024, with respect to the Alpha Architect 1-3 Year Box ETF (BOXS), Alpha Architect Intermediate-Term Treasury Bond ETF (BOXI), Alpha Architect Long-Term Treasury Bond ETF (BOXL), Alpha Architect Aggregate Bond ETF (BOXA), Alpha Architect Inflation-Protected Securities ETF (BOXP), and Alpha Architect Real Estate ETF(BOXR), previously filed as Exhibit (d)(33)(i) with PEA 397 on November 14, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/arin_amendno1toscheduleaxs.htm)</u> |
|  | (ii) | **<u>[Arin Tactical Tail Risk ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002389/arinattrsub-advisoryagreem.htm)[(ATTR)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002389/arinattrsub-advisoryagreem.htm)</u>**<u>[— Investment Sub-Advisory Agreement, previously filed as Exhibit (d)(9)(ii) with PEA 526 on August 29, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002389/arinattrsub-advisoryagreem.htm)</u> |
|  | (iii) | **<u>[BufferLABS US Equity Dynamic Buffer ETF (BFLB)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/bufferlabsarintradingsub-a.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 5, 2025, previously filed as Exhibit (d)(9)(iii) with PEA 534 on September 22, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/bufferlabsarintradingsub-a.htm)</u> |
|  | (iv) | **<u>[Castellan ETFs](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellanarinsub-advisorya.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Castellan Targeted Equity ETF (CTEF) and Castellan Targeted Income ETF (CTIF), previously filed as Exhibit (d)(110) with PEA 501 on June 9, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellanarinsub-advisorya.htm)</u> |
|  | (v) | **<u>[MRBL ETFs](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated January 10, 2025, with respect to the MRBL Enhanced Equity ETF (EDGE), previously filed as Exhibit (d)(93) with PEA 425 on January 15, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblarinsub-advisoryagreem.htm).</u> |

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| | | |
|:---|:---|:---|
| (10) | **<u>[ARS Investment Partners](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the ARS Core Equity Portfolio ETF and ARS Focused Opportunities Strategy ETF (AFOS), previously filed as Exhibit (d)(105) with PEA 493 on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)</u> | **<u>[ARS Investment Partners](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the ARS Core Equity Portfolio ETF and ARS Focused Opportunities Strategy ETF (AFOS), previously filed as Exhibit (d)(105) with PEA 493 on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arssub-advisoryagreement.htm)</u> |
| (11) | **<u>[Astoria Portfolio Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004856/easeriestrust_ex99d47.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 9, 2023, with respect to Astoria US Equal Weight Quality Kings ETF (ROE), previously filed as Exhibit (d)(47) with PEA 255 on July 24, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004856/easeriestrust_ex99d47.htm)</u> | **<u>[Astoria Portfolio Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004856/easeriestrust_ex99d47.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 9, 2023, with respect to Astoria US Equal Weight Quality Kings ETF (ROE), previously filed as Exhibit (d)(47) with PEA 255 on July 24, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004856/easeriestrust_ex99d47.htm)</u> |
|  | (i) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated April 25, 2025, with respect to the Astoria US Quality Growth Kings ETF (GQQQ), Astoria International Quality Growth Kings ETF (IROE), Astoria US Small Cap Quality Growth Kings ETF (SROE), EA Astoria Dynamic Core US Fixed Income ETF (AGGA), and Astoria US Enhanced Core Equity ETF (LCOR), previously filed as Exhibit (d)(47) with PEA 481 on May 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001085/astoria-amendedscheduleato.htm)</u> |
| (12) | **<u>[Avory & Co.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/avorycoavrysub-advisoryagr.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 10, 2025 with respect to the Avory Foundational ETF (AVRY), previously filed as Exhibit (d)(12) with PEA 567 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/avorycoavrysub-advisoryagr.htm)</u> | **<u>[Avory & Co.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/avorycoavrysub-advisoryagr.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 10, 2025 with respect to the Avory Foundational ETF (AVRY), previously filed as Exhibit (d)(12) with PEA 567 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/avorycoavrysub-advisoryagr.htm)</u> |
| (13) | **<u>[Avos Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)</u>**<u>[— Investment Sub-Advisory Agreemen](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[t dated January 16, 2026 with respect to the Avos Global Equities ETF (AVOS) previous](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[ly filed as Exhibit (d)(14) wit](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[h PEA](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[579 on January 28, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)</u> | **<u>[Avos Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)</u>**<u>[— Investment Sub-Advisory Agreemen](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[t dated January 16, 2026 with respect to the Avos Global Equities ETF (AVOS) previous](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[ly filed as Exhibit (d)(14) wit](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[h PEA](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)[579 on January 28, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avossub-advisoryagreement.htm)</u> |
| (14) | **<u>[Bastion Fiduciary, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionsub-advisoryagreeme.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the Bastion Energy ETF (BESF), previously filed as Exhibit (d)(98) PEA 443 on February 18, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionsub-advisoryagreeme.htm).</u> | **<u>[Bastion Fiduciary, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionsub-advisoryagreeme.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the Bastion Energy ETF (BESF), previously filed as Exhibit (d)(98) PEA 443 on February 18, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionsub-advisoryagreeme.htm).</u> |
| (15) | **<u>[Beacon Capital Management, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003012/astoriabeaconsub-subxadvis.htm)</u>**<u>[— Investment Sub-Sub-Advisory Agreement dated July 30, 2025, with respect to the EA Astoria Dynamic Core US Fixed Income ETF (AGGA), previously filed as Exhibit (d)(14) PEA 540 on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003012/astoriabeaconsub-subxadvis.htm)</u> | **<u>[Beacon Capital Management, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003012/astoriabeaconsub-subxadvis.htm)</u>**<u>[— Investment Sub-Sub-Advisory Agreement dated July 30, 2025, with respect to the EA Astoria Dynamic Core US Fixed Income ETF (AGGA), previously filed as Exhibit (d)(14) PEA 540 on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003012/astoriabeaconsub-subxadvis.htm)</u> |
| (16) | **<u>[Bridges Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[dated March 27, 2023,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[with respect to the Bridges Capital Tactical Equity](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[(BDGS),](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[d](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[57](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[with](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[PEA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[227 on April 5, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)</u> | **<u>[Bridges Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[dated March 27, 2023,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[with respect to the Bridges Capital Tactical Equity](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[(BDGS),](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[d](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[57](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[with](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[PEA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)[227 on April 5, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002565/easeries-bdgs_ex99d57.htm)</u> |
| (17) | **Bridgeway Capital Management, LLC** | **Bridgeway Capital Management, LLC** |
|  | (i) | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Multiple Funds](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99d41.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 17, 2022, with respect to the EA Bridgeway Blue Chip ETF (BBLU), previously filed as Exhibit (d)(41) with PEA 231 on April 19, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99d41.htm)</u> |
|  | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated September 26, 2022, with respect to the EA Bridgeway Omni Small-Cap Value ETF (BSVO), previously filed as Exhibit (d)(41)(i) with PEA 199 on December 19, 2022](https://www.sec.gov/Archives/edgar/data/1592900/000182912622020373/easeries_ex99d41i.htm).</u> |
|  | (ii) | &nbsp;&nbsp;&nbsp;&nbsp;**Multiple Funds** — Investment Sub-Advisory Agreement- to be filed by amendment. |
| (18) | **Burke Wealth Management LLC** - Investment Sub-Advisory Agreement - **to be filed by amendment.** | **Burke Wealth Management LLC** - Investment Sub-Advisory Agreement - **to be filed by amendment.** |
| (19) | **The Burney Company** | **The Burney Company** |
|  | (i) | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Burney U.S. Factor Rotation ETF (BRNY)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003736/sub-advisoryagreement_burn.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003736/sub-advisoryagreement_burn.htm)</u><u>[Investment Sub-Advisory Agreement dated September 26, 2022, previously filed as Exhibit (d)(18)(i) with PEA 553 on November 18, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003736/sub-advisoryagreement_burn.htm)</u> |
|  | (ii) | &nbsp;&nbsp;&nbsp;&nbsp;**<u>[Burney U.S. Equity Select ETF (BRES)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002081/burneybressub-advisoryagre.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002081/burneybressub-advisoryagre.htm)</u><u>[Investment Sub-Advisory Agreement dated July 18, 2025, previously filed as Exhibit (d)(29)(i) with PEA 525 on August 22, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002081/burneybressub-advisoryagre.htm)</u> |

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| | | |
|:---|:---|:---|
| (20) | **<u>[Cambria Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Cambria Global Shareholder Yield ETF (AYLD), Cambria Tax Aware ETF (TAX), and Cambria Endowment Style ETF (ENDW), previously filed as Exhibit (d)(85) with PEA 382 on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)</u> | **<u>[Cambria Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Cambria Global Shareholder Yield ETF (AYLD), Cambria Tax Aware ETF (TAX), and Cambria Endowment Style ETF (ENDW), previously filed as Exhibit (d)(85) with PEA 382 on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriasub-advisoryagreeme.htm)</u> |
|  | (i) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated April 25, 2025, with respect to the Cambria Global Equal Weight ETF (GEW) and Cambria US Equal Weight ETF (USEW),](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/cambriaamendmentno4tosched.htm)[Cambria](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/cambriaamendmentno4tosched.htm)[Endowment S](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/cambriaamendmentno4tosched.htm)[tyle 2 ETF (ENDQ), Cambria US Large Cap Equity ETF (USLE), Cambria Global EW 2 ETF (GEQ), and Cambria Gl](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/cambriaamendmentno4tosched.htm)[obal EW 3 ETF (GEX)](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/cambriaamendmentno4tosched.htm)[, previously filed as Exhibit (d)(21)(i) with PEA 584 on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/cambriaamendmentno4tosched.htm)</u> |
| (21) | **<u>[Castellan Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Castellan Targeted Equity ETF (CTEF) and Castellan Targeted Income ETF (CTIF), previously filed as Exhibit (d)(109) with PEA 501 on June 9, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)</u> | **<u>[Castellan Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Castellan Targeted Equity ETF (CTEF) and Castellan Targeted Income ETF (CTIF), previously filed as Exhibit (d)(109) with PEA 501 on June 9, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellangroupsub-advisory.htm)</u> |
| (22) | **<u>[City Different Investments](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated July 18, 2025, with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)[City Different Investments SMID Cap Core Equity ETF (CDSM) and City Different Investments Global Equity ETF (CDIG)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)[, previously filed as Exhibit (d)(20) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)</u> | **<u>[City Different Investments](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated July 18, 2025, with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)[City Different Investments SMID Cap Core Equity ETF (CDSM) and City Different Investments Global Equity ETF (CDIG)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)[, previously filed as Exhibit (d)(20) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/sub-advisoryagreementxcity.htm)</u> |
| (23) | **<u>[Cloverpoint](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Cloverpoint Core Alpha US ETF (CAUS), Cloverpoint Core Alpha International ETF (CAIN), Cloverpoint Core Alpha Global ETF (CAGB), and Cloverpoint Core Alpha Power Evolution ETF (CAPF), previously filed as Exhibit (d)(106) with PEA 505 on June 13, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)</u> | **<u>[Cloverpoint](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Cloverpoint Core Alpha US ETF (CAUS), Cloverpoint Core Alpha International ETF (CAIN), Cloverpoint Core Alpha Global ETF (CAGB), and Cloverpoint Core Alpha Power Evolution ETF (CAPF), previously filed as Exhibit (d)(106) with PEA 505 on June 13, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/sub-advisoryagreement_clov.htm)</u> |
| (24) | **<u>[Coastal Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Coastal Compass 100 ETF (ROPE), previously filed as Exhibit (d)(87) with PEA 398 on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)</u> | **<u>[Coastal Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Coastal Compass 100 ETF (ROPE), previously filed as Exhibit (d)(87) with PEA 398 on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitysub-advisorya.htm)</u> |
| (25) | **<u>[Concourse Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Concourse Capital Focused Equity ETF (CCFE), previously filed as Exhibit (d)(104) with PEA 499 on June 6, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)</u> | **<u>[Concourse Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the Concourse Capital Focused Equity ETF (CCFE), previously filed as Exhibit (d)(104) with PEA 499 on June 6, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursesub-advisoryagree.htm)</u> |
| (26) | **<u>[Consilium Investment Management, LLC](consilium-subxadvisoryagre.htm)</u>**<u>[– Investment Sub-Advisory Agreement -](consilium-subxadvisoryagre.htm)</u>**<u>[Filed Herewith.](consilium-subxadvisoryagre.htm)</u>** | **<u>[Consilium Investment Management, LLC](consilium-subxadvisoryagre.htm)</u>**<u>[– Investment Sub-Advisory Agreement -](consilium-subxadvisoryagre.htm)</u>**<u>[Filed Herewith.](consilium-subxadvisoryagre.htm)</u>** |
| (27) | **<u>[Dakota Wealth](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Dakota Active Equity ETF (DAK), previously filed as Exhibit (d)(107) with PEA 508 on June 20, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)</u> | **<u>[Dakota Wealth](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Dakota Active Equity ETF (DAK), previously filed as Exhibit (d)(107) with PEA 508 on June 20, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/dakota-subxadvisoryagreeme.htm)</u> |
| (28) | **<u>[Dividend Assets Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004086/sub-advisoryagreement_xdiv.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated October 10, 2025, with respect to the DAC 3D Dividend Growth ETF (DVGR), previously filed as Exhibit (d)(26) with PEA 561 on December 1, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004086/sub-advisoryagreement_xdiv.htm)</u> | **<u>[Dividend Assets Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004086/sub-advisoryagreement_xdiv.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated October 10, 2025, with respect to the DAC 3D Dividend Growth ETF (DVGR), previously filed as Exhibit (d)(26) with PEA 561 on December 1, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004086/sub-advisoryagreement_xdiv.htm)</u> |
| (29) | **<u>[Draco Evolution Corp](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)</u>**<u>[. — Investment Sub-Advisory Agreement dated June 24, 2024, with respect to the Draco AI Evolution ETF (DRAI), previously filed as Exhibit (d)(75) with PEA 353 on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)</u> | **<u>[Draco Evolution Corp](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)</u>**<u>[. — Investment Sub-Advisory Agreement dated June 24, 2024, with respect to the Draco AI Evolution ETF (DRAI), previously filed as Exhibit (d)(75) with PEA 353 on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracosub-advisoryagreement.htm)</u> |
| (30) | **<u>E[uclidean Technologies Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[dated March 27, 2023,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[with respect to the Euclidean Fundamental Value ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[(ECML)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[previously filed as](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[Exhibit (d)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[55](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[228](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[o](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[n April 6, 2023](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm).</u> | **<u>E[uclidean Technologies Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[dated March 27, 2023,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[with respect to the Euclidean Fundamental Value ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[(ECML)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[previously filed as](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[Exhibit (d)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[55](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[228](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[o](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm)[n April 6, 2023](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99d55.htm).</u> |
| (31) | **<u>[Freedom Day Solutions, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d11.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated April 30, 2021, with respect to the Freedom Day Dividend ETF (MBOX), previously filed as Exhibit (d)(11) with PEA 67 on May 3, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d11.htm)</u> | **<u>[Freedom Day Solutions, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d11.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated April 30, 2021, with respect to the Freedom Day Dividend ETF (MBOX), previously filed as Exhibit (d)(11) with PEA 67 on May 3, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99d11.htm)</u> |

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| | |
|:---|:---|
| (32) | **<u>Gadsden, LLC —</u>** <u>[Investment Sub-Advisory Agreement dated October 31, 2020, with respect to Gadsden Dynamic Multi-Asset ETF (GDMA), previously filed as Exhibit (d)(6) with PEA 41 on November 23, 2020.](https://www.sec.gov/Archives/edgar/data/1592900/000182912620000163/alphaarchitecttrust_ex99d6.htm)</u> |
| (33) | **<u>[GuruFocus Investments, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exd23.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 13, 2021, with respect to the Guru Favorite Stocks ETF (GFGF), previously filed as Exhibit (d)(23) with PEA 99 on December 14, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exd23.htm)</u> |
| (34) | **<u>[Honeytree Investment Management Ltd.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/beez-subxadvisoryagreement.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated June 9, 2023, with respect to the Honeytree U.S. Equity ETF (BEEZ), previously filed as Exhibit (d)(62) with PEA 300 on November 1, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/beez-subxadvisoryagreement.htm)</u> |
| (35) | **Humilis Investment Strategies, LLC** – Investment Sub-Advisory Agreement - To be filed by amendment. |
| (36) | **<u>[Intelligent Alpha](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Intelligent Livermore ETF (LIVR), Intelligent Omaha ETF (AIWB), Intelligent Equal Select ETF (ALPA), Intelligent Tech Focus ETF (QQAI), and Intelligent Small Cap Select ETF (AISM), previously filed as Exhibit (d)(78) with PEA 373 on September 10, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/sub-advisoryagreementintel.htm)</u> |
| (37) | **<u>[JLens](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated November 11, 2024, with respect to the JLens 500 Jewish Advocacy U.S. ETF (TOV), previously filed as Exhibit (d)(80) with PEA 405 on November 25, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenssub-advisoryagreement.htm)</u> |
| (38) | **<u>[Keating Investment Counselors, Inc](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 12, 2023, with respect to the Keating Active ETF (KEAT), previously filed as Exhibit (d)(73) with PEA 328 on February 9, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatsub-advisoryagreement2.htm)</u> |
| (39) | **<u>[Madison Avenue Financial Solutions, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007063/easeries_ex99d54.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007063/easeries_ex99d54.htm)</u><u>[Investment Sub-Advisory Agreement dated October 31, 2023 with respect to the TBG Dividend Focus ETF (TBG), previously filed as Exhibit (d)(54) with PEA 301on November 2, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623007063/easeries_ex99d54.htm)</u> |
| (40) | **<u>[Manzil Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004138/sub-advisoryagreementmanzi.htm)</u>**<u>[— Investment Sub-Advisory Agreement with respect to the Manzil Russell Halal USA Broad Market ETF (MNZL), previously filed as Exhibit (d)(37) with PEA 563 on December 4, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004138/sub-advisoryagreementmanzi.htm)</u> |
| (41) | **<u>[MarketDesk Indices, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99d50.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99d50.htm)</u><u>[Investment Sub-Advisory Agreement dated September 15, 2023, with respect to the MarketDesk Focused U.S. Dividend ETF (FDIV), previously filed as Exhibit (d)(50) with PEA 273 on September 15, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99d50.htm)</u> |
|  | &nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated February 7, 2025 with respect to MarketDesk Focused U.S. Momentum ETF (FMTM), previously filed as Exhibit (d)(48)(a) with PEA 449 on March 4, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000588/marketdeskamendedschedulea.htm)</u> |
| (42) | **<u>[Matrix Asset Advisors, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated November 11, 2024, with respect to the Matrix Advisors Value ETF (MAVF), previously filed as Exhibit (d)(95) with PEA 419 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixsub-advisoryagreement.htm)</u> |
| (43) | **<u>[McCarthy & Cox Retirement & Estate Specialists, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)</u><u>[Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the MC Trio Buffered ETF (TRIO), previously filed as Exhibit (d)(99) with PEA 444 on February 21, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxsub-advisoryagr.htm)</u> |
| (44) | **<u>[Militia Investments, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)</u><u>[Investment Sub-Advisory Agreement dated December 16, 2024, with respect to the Militia Long/Short Equity ETF (ORR), previously filed as Exhibit (d)(91) with PEA 418 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/sub-advisoryagreementxmili.htm)</u> |

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| | | |
|:---|:---|:---|
| (45) | **<u>[MKAM ETF LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u><u>[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[dated March 27, 2023,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[with respect to the MKAM ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[(MKAM)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[(d)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[59](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[229](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[on April 6, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u> | **<u>[MKAM ETF LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u><u>[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[dated March 27, 2023,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[with respect to the MKAM ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[(MKAM)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[(d)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[59](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[229](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)[on April 6, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99d59.htm)</u> |
| (46) | **Moonvest LLC** - Investment Sub-Advisory Agreement - **to be filed by amendment.** | **Moonvest LLC** - Investment Sub-Advisory Agreement - **to be filed by amendment.** |
| (47) | **<u>[Morgan Dempsey Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u><u>[Investment Sub-Advisory Agreement dated March 27, 2023, with respect to the Morgan Dempsey Large Cap Value ETF (MDLV), previously filed as Exhibit (d)(61) with PEA 231 on April 19, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u> | **<u>[Morgan Dempsey Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u><u>[Investment Sub-Advisory Agreement dated March 27, 2023, with respect to the Morgan Dempsey Large Cap Value ETF (MDLV), previously filed as Exhibit (d)(61) with PEA 231 on April 19, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99d61.htm)</u> |
| (48) | **<u>[MRBL Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated January 10, 2025, with respect to the MRBL Enhanced Equity ETF (EDGE), previously filed as Exhibit (d)(92) with PEA 425 on January 15, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u> | **<u>[MRBL Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated January 10, 2025, with respect to the MRBL Enhanced Equity ETF (EDGE), previously filed as Exhibit (d)(92) with PEA 425 on January 15, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblsub-advisoryagreement.htm)</u> |
| (49) | **<u>[NextGen EMP, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u><u>[Investment Sub-Advisory Agreement dated November 11, 2024, with respect to the Efficient Market Portfolio Plus ETF (EMPB) and Efficient Market Portfolio Long ETF (EMPL), previously filed as Exhibit (d)(97) with PEA 409 on December 6, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u> | **<u>[NextGen EMP, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u><u>[Investment Sub-Advisory Agreement dated November 11, 2024, with respect to the Efficient Market Portfolio Plus ETF (EMPB) and Efficient Market Portfolio Long ETF (EMPL), previously filed as Exhibit (d)(97) with PEA 409 on December 6, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenemp-subxadvisoryagr.htm)</u> |
| (50) | **<u>[Ogard Capital Market Research, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/sub-advisoryagreementxogar.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/sub-advisoryagreementxogar.htm)</u><u>[Investment Sub-Advisory Agreement with respect to the BufferLABS US Equity Dynamic Buffer ETF (BFLB), previously filed as Exhibit (d)(45) with PEA 534 on September 22, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/sub-advisoryagreementxogar.htm)</u> | **<u>[Ogard Capital Market Research, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/sub-advisoryagreementxogar.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/sub-advisoryagreementxogar.htm)</u><u>[Investment Sub-Advisory Agreement with respect to the BufferLABS US Equity Dynamic Buffer ETF (BFLB), previously filed as Exhibit (d)(45) with PEA 534 on September 22, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/sub-advisoryagreementxogar.htm)</u> |
| (51) | **Optimal Tax Asset Management, Inc.** - Investment Sub-Advisory Agreement - **To be filed by amendment.** | **Optimal Tax Asset Management, Inc.** - Investment Sub-Advisory Agreement - **To be filed by amendment.** |
| (52) | **Orcam Financial Group, LLC** | **Orcam Financial Group, LLC** |
|  | (i) | **<u>[Discipline Fund ETF (DSCF)](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99d21.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99d21.htm)</u><u>[Investment Sub-Advisory Agreement dated September 15, 2021, with respect to the Discipline Fund ETF (DSCF), previously filed as Exhibit (d)(21) with PEA 86 on September 15, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99d21.htm)</u> |
|  | (A) | <u>[Amendment No. 1 dated October 10, 2025, previously filed as Exhibit (d)(47)(i)(A) with PEA 555 on November 21, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003747/orcamsub-advisoryagreement.htm)</u> |
|  | (ii) | **<u>[Multiple Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003224/orcamsub-advisoryagreement.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated September 5, 2025, with respect to Defined Duration 5 ETF (DDV) and Defined Duration 20 ETF (DDXX), previously filed as Exhibit (d)(45)(ii) with PEA 542 on October 16, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003224/orcamsub-advisoryagreement.htm)</u> |
| (53) | **<u>[Rainwater Equity, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequity-subxadviso.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequity-subxadviso.htm)</u><u>[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Rainwater Equity ETF (RW), previously filed as Exhibit (d)(102) with PEA 483 on May 9, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequity-subxadviso.htm)</u> | **<u>[Rainwater Equity, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequity-subxadviso.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequity-subxadviso.htm)</u><u>[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Rainwater Equity ETF (RW), previously filed as Exhibit (d)(102) with PEA 483 on May 9, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequity-subxadviso.htm)</u> |
| (54) | **Raub Brock Capital Management, LP** - Investment Sub-Advisory Agreement - **To be filed by amendment.&nbsp;&nbsp;&nbsp;&nbsp;** | **Raub Brock Capital Management, LP** - Investment Sub-Advisory Agreement - **To be filed by amendment.&nbsp;&nbsp;&nbsp;&nbsp;** |
| (55) | **<u>[Relative Sentiment Technologies, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u><u>[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[dated March 18, 2022,](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[with respect to the Relative Sentiment Tactical Allocation ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[(MOOD)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[d](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[33](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[115 on April 1, 2022](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u> | **<u>[Relative Sentiment Technologies, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u><u>[Investment Sub-Advisory Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[dated March 18, 2022,](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[with respect to the Relative Sentiment Tactical Allocation ETF](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[(MOOD)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[d](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[)(](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[33](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[115 on April 1, 2022](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)[.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622007349/alpharchitect_exd33.htm)</u> |
| (56) | **<u>[Research Affiliates](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)</u><u>[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the RACWI US ETF (RAUS) and Research Affiliates Deletions ETF (NIXT), previously filed as Exhibit (d)(108) with PEA 507 on June 18, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)</u> | **<u>[Research Affiliates](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)</u><u>[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the RACWI US ETF (RAUS) and Research Affiliates Deletions ETF (NIXT), previously filed as Exhibit (d)(108) with PEA 507 on June 18, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/researchaffiliatessub-advi.htm)</u> |
| (57) | **Ritholtz Wealth Management** - Investment Sub-Advisory Agreement - **To be filed by amendment.** | **Ritholtz Wealth Management** - Investment Sub-Advisory Agreement - **To be filed by amendment.** |
| (58) | **<u>[The Rock Creek Group, LP](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u><u>[Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the RockCreek Global Equality ETF (RCGE), previously filed as Exhibit (d)(96) with PEA 441 on February 14, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u> | **<u>[The Rock Creek Group, LP](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u><u>[Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the RockCreek Global Equality ETF (RCGE), previously filed as Exhibit (d)(96) with PEA 441 on February 14, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rockcreeksub-advisoryagree.htm)</u> |

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|:---|:---|:---|
| (59) | **<u>[Sapient Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/sub-advisoryagreement_sapi.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 10, 2025, with respect to the Sapient Quality Select ETF (SQS), previously filed as Exhibit (d)(54) with PEA 570 on January 9, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/sub-advisoryagreement_sapi.htm)</u>  | **<u>[Sapient Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/sub-advisoryagreement_sapi.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 10, 2025, with respect to the Sapient Quality Select ETF (SQS), previously filed as Exhibit (d)(54) with PEA 570 on January 9, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/sub-advisoryagreement_sapi.htm)</u>  |
| (60) | **<u>[Sarmaya Partners, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u><u>[Investment Sub-Advisory Agreement dated January 10, 2025, with respect to the Sarmaya Thematic ETF (LENS), was previously filed as Exhibit (d)(83) with PEA 433 on January 24, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u> | **<u>[Sarmaya Partners, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u><u>[Investment Sub-Advisory Agreement dated January 10, 2025, with respect to the Sarmaya Thematic ETF (LENS), was previously filed as Exhibit (d)(83) with PEA 433 on January 24, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmayasub-advisoryagreeme.htm)</u> |
| (61) | **<u>[Sepio Capital, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated March 7, 2025, with respect to the Bushido Capital US Equity ETF (SMRI) and Bushido Capital US SMID Cap Equity ETF (RNIN), previously filed as Exhibit (d)(43) with PEA 468 on April 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u> | **<u>[Sepio Capital, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated March 7, 2025, with respect to the Bushido Capital US Equity ETF (SMRI) and Bushido Capital US SMID Cap Equity ETF (RNIN), previously filed as Exhibit (d)(43) with PEA 468 on April 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000899/sepiosub-advisoryagreement.htm)</u> |
| (62) | **<u>[Sequoia Financial Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated March 7, 2025, with respect to the CCM Global Equity ETF (CCMG), previously filed as Exhibit (d)(110) with PEA 461 on March 27, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u> | **<u>[Sequoia Financial Group](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)[, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated March 7, 2025, with respect to the CCM Global Equity ETF (CCMG), previously filed as Exhibit (d)(110) with PEA 461 on March 27, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/ccmg_sub-advisoryagreement.htm)</u> |
| (63) | **Significance Capital Management LLC** - Investment Sub-Advisory Agreement - **to be filed by amendment.** | **Significance Capital Management LLC** - Investment Sub-Advisory Agreement - **to be filed by amendment.** |
| (64) | **<u>[Smart Money Group, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u><u>[Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the Yoke Core ETF (YOKE), previously filed as Exhibit (d)(94) with PEA 439 on February 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u> | **<u>[Smart Money Group, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u><u>[Investment Sub-Advisory Agreement dated February 7, 2025, with respect to the Yoke Core ETF (YOKE), previously filed as Exhibit (d)(94) with PEA 439 on February 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-subxadvisoryagr.htm)</u> |
| (65) | **Sparkline Capital LP** | **Sparkline Capital LP** |
|  | (i) | **<u>[Sparkline Intangible Value ETF (ITAN)](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99d15.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99d15.htm)</u><u>[Investment Sub-Advisory Agreement dated June 22, 2021, previously filed as Exhibit (d)(15) with PEA 67 on June 23, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99d15.htm)</u> |
|  | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Am](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[ended](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[Schedule A](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[dated September 6, 2024](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[, previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[(d)(9)(i)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[with](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[PEA](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)[372 on September 6, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd9isparklineamendment1to.htm)</u> |
|  | (ii) | **<u>[Multiple Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated September 4, 2024, with respect to the Sparkline International Intangible Value ETF (DTAN), Sparkline US Small Cap Intangible Value ETF (STAN), and Sparkline Emerging Markets Intangible Value ETF (ETAN), previously filed as Exhibit (d)(75) with PEA 372 on September 6, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001727/exd75sub-advisoryagreement.htm)</u> |
| (66) | **<u>[Stance Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Stance Sustainable Beta ETF (CHGX), previously filed as Exhibit (d)(81) with PEA 357 on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u> | **<u>[Stance Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u><u>[Investment Sub-Advisory Agreement dated September 6, 2024, with respect to the Stance Sustainable Beta ETF (CHGX), previously filed as Exhibit (d)(81) with PEA 357 on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancesub-advisoryagreement.htm)</u> |
| (67) | **<u>[Stock Snips, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)</u><u>[Investment Sub-Advisory Agreement dated March 9, 2024, with respect to StockSnips AI-Powered Sentiment US All Cap ETF (NEWZ), as previously filed as Exhibit (d)(56) with PEA 342 on April 8, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)</u> | **<u>[Stock Snips, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)</u><u>[Investment Sub-Advisory Agreement dated March 9, 2024, with respect to StockSnips AI-Powered Sentiment US All Cap ETF (NEWZ), as previously filed as Exhibit (d)(56) with PEA 342 on April 8, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipssub-advisoryagre.htm)</u> |
| (68) | **<u>[Strive Asset Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u><u>[Investment Sub-Advisory Agreement dated July 26, 2022, with respect to the Strive U.S. Energy ETF (DRLL), Strive U.S. Semiconductor ETF (SHOC), Strive U.S. Technology ETF (STXT) and Strive Emerging Ex-China ETF (STXE), previously filed as Exhibit (d)(43) with PEA 146 on August 4, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u> | **<u>[Strive Asset Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u><u>[Investment Sub-Advisory Agreement dated July 26, 2022, with respect to the Strive U.S. Energy ETF (DRLL), Strive U.S. Semiconductor ETF (SHOC), Strive U.S. Technology ETF (STXT) and Strive Emerging Ex-China ETF (STXE), previously filed as Exhibit (d)(43) with PEA 146 on August 4, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28d43.htm)</u> |
|  | (i) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Schedule A dated June 7, 2024, with respect to the Strive International Developed Markets ETF (STXI), previously filed as Exhibit (d)(27)(i) with PEA 351 on June 11, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000954/strivesub-advisoryamendmen.htm)</u> |
| (69) | **<u>[Suncoast Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)</u><u>[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Suncoast Select Growth ETF (SEMG), previously filed as Exhibit (d)(103) with PEA 482 on May 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)</u> | **<u>[Suncoast Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)</u><u>[Investment Sub-Advisory Agreement dated April 25, 2025, with respect to the Suncoast Select Growth ETF (SEMG), previously filed as Exhibit (d)(103) with PEA 482 on May 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/sub-advisoryagreement_sunc.htm)</u> |

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| | (70) | **<u>[Towle & Co.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u><u>[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)[Towle Value](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u> <u>[ETF (TCV)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)[, previously filed as Exhibit (d)(114) with PEA 513 on July 11, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u> | **<u>[Towle & Co.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u><u>[Investment Sub-Advisory Agreement dated June 6, 2025, with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)[Towle Value](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u> <u>[ETF (TCV)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)[, previously filed as Exhibit (d)(114) with PEA 513 on July 11, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/sub-advisoryagreement_towl.htm)</u> |
| | (71) | **<u>[Variant Perception, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004299/variantperceptionsub-advis.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 10, 2025 with respect to the Variant Perception Cycle Aware US Equity ETF (VPX), previously filed as Exhibit (d)(63)(i) with PEA 566 on December 15, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004299/variantperceptionsub-advis.htm)</u> | **<u>[Variant Perception, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004299/variantperceptionsub-advis.htm)</u>**<u>[— Investment Sub-Advisory Agreement dated December 10, 2025 with respect to the Variant Perception Cycle Aware US Equity ETF (VPX), previously filed as Exhibit (d)(63)(i) with PEA 566 on December 15, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004299/variantperceptionsub-advis.htm)</u> |
| | (72) | **<u>[Warren Street Wealth Advisors](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)</u><u>[Investment Sub-Advisory Agreement with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)[Warren Street Global Equity ETF (WSGE) and Warren Street Global Bond ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)[(WSGB), previously filed as Exhibit (d)(61) with PEA 537 on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)</u> | **<u>[Warren Street Wealth Advisors](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)</u>** <u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)</u><u>[Investment Sub-Advisory Agreement with respect to the](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)[Warren Street Global Equity ETF (WSGE) and Warren Street Global Bond ETF](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)[(WSGB), previously filed as Exhibit (d)(61) with PEA 537 on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/sub-advisoryagreementxwarr.htm)</u> |
| | (73) | **<u>[White Wolf Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)</u><u>[Investment Sub-Advisory Agreement dated September 9, 2023, with respect to the WHITEWOLF Publicly Listed Private Equity ETF (LBO) and WHITEWOLF Commercial Real Estate Finance Income ETF (CREF), previously filed as Exhibit (d)(52) with PEA 278 on October 3, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)</u> | **<u>[White Wolf Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)</u>**<u>[—](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)</u><u>[Investment Sub-Advisory Agreement dated September 9, 2023, with respect to the WHITEWOLF Publicly Listed Private Equity ETF (LBO) and WHITEWOLF Commercial Real Estate Finance Income ETF (CREF), previously filed as Exhibit (d)(52) with PEA 278 on October 3, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/b15c1whitewolfsub-advisory.htm)</u> |
| **(e)** | **Underwriting Contracts.** | **Underwriting Contracts.** | **Underwriting Contracts.** |
|  | (1) | **ALPS Distributors, Inc.** | **ALPS Distributors, Inc.** |
|  |  | (i) | <u>[Distribution Agreement dated October 14, 2024, previously filed as Exhibit (e)(3) with PEA 388 on October 24, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002056/alpsdistributionagreement_.htm)</u> |
|  |  | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Appendix A dated](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/alpsdistributionagreements.htm)[January 16, 2026](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/alpsdistributionagreements.htm)[, prev](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/alpsdistributionagreements.htm)[iously filed as Exh](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/alpsdistributionagreements.htm)[ibit (e)(1)(i)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/alpsdistributionagreements.htm)[A) with PEA 584 on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/alpsdistributionagreements.htm)</u> |
|  |  | (ii) | <u>[Form of Authorized Participant Agreement, previously filed as Exhibit (e)(4) with PEA 382 on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpsformofapagreement.htm)</u> |
|  | (2) | **Pine Distributors LLC** | **Pine Distributors LLC** |
|  |  | (i) | <u>[Distribution Agreement dated August 1, 2025, previously filed as Exhibit (e)(3)(i) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/pddistributionagreementetf.htm)</u> |
|  |  | (A) | <u>[Amendment No. 4 to the Distribution Agreement dated January 16, 2026, previously filed as Exhibit (e)(2)(i)(A) with PEA 579 on January 28, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/pddistributionagreementame.htm)</u> |
|  |  | (ii) | <u>[Form of Authorized Participant Agreement, previously filed as Exhibit (e)(3)(ii) with PEA 529 on September 10, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/pdapagreementetf-formvf.htm).</u>  |
| **(f)** | **Bonus or Profit Sharing Contracts — Not applicable.** | **Bonus or Profit Sharing Contracts — Not applicable.** | **Bonus or Profit Sharing Contracts — Not applicable.** |
| **(g)** | **Custodian Agreements** | **Custodian Agreements** | **Custodian Agreements** |
|  | (1) | <u>[Custody Agreement between the Registrant and U.S. Bank National Association, previously filed as Exhibit (g)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/custodyagmnt.htm)</u> | <u>[Custody Agreement between the Registrant and U.S. Bank National Association, previously filed as Exhibit (g)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/custodyagmnt.htm)</u> |
|  |  | (i) | &nbsp;&nbsp;<u>[Thirtieth Amendment and Amended Exhibit C, previously filed as Exhibit g(1)(i) with PEA 254 on July 21, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99g1i.htm)</u> |
|  |  | (ii) | &nbsp;&nbsp;<u>[Fifty-second Amendment and Amended Exhibit B](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-custodyagmtx.htm)[, previously filed as Exhibit (G)(1)(II) with PEA 578 on J](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-custodyagmtx.htm)[anuary 28, 20](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-custodyagmtx.htm)[26](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-custodyagmtx.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-custodyagmtx.htm)</u>** |
| **(h)** | **Other Material Contracts.** | **Other Material Contracts.** | **Other Material Contracts.** |
|  | (1) | **<u>[Transfer Agent Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/transferagentservicingagmt.htm)</u>**<u>[between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit.(h)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/transferagentservicingagmt.htm)</u> | **<u>[Transfer Agent Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/transferagentservicingagmt.htm)</u>**<u>[between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit.(h)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/transferagentservicingagmt.htm)</u> |
|  |  | (i) | &nbsp;&nbsp;<u>[Thirtieth Amendment and Amended Exhibit B, previously filed as Exhibit (h)(1)(i) with PEA 254 on July 21, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99h1i.htm)</u> |
|  |  | (ii) | &nbsp;&nbsp;<u>[Fifty-second Amendment and Amended Exhibit A](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-taagmtxamend.htm)[,](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-taagmtxamend.htm)[previously filed as Exhibit (](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-taagmtxamend.htm)[H](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-taagmtxamend.htm)[)(1)(II) with PEA 578 on January 28, 2026](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-taagmtxamend.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-taagmtxamend.htm)</u>** |

---

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| | | |
|:---|:---|:---|
| (2) | **<u>[Fund Administration Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundadminservicingagmt.htm)</u>**<u>[between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit (h)(2) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundadminservicingagmt.htm)</u> | **<u>[Fund Administration Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundadminservicingagmt.htm)</u>**<u>[between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit (h)(2) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundadminservicingagmt.htm)</u> |
|  | (i) | &nbsp;&nbsp;<u>[Thirtieth Amendment and Amended Exhibit C, previously filed as Exhibit (h)(2)(i) with PEA 254 on July 21, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99h2i.htm)</u> |
|  | (ii) | &nbsp;&nbsp;<u>[Fifty-second Amendment and Amended Exhibit A](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-adminagmtxam.htm)[, previously filed as Exhibit (H)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-adminagmtxam.htm)[2](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-adminagmtxam.htm)[)(II) with PEA 578 on January 28, 2026](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-adminagmtxam.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-adminagmtxam.htm)</u>** |
| (3) | **<u>[Fund Accounting Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundaccountingservicingagmt.htm)</u>**<u>[between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit (h)(3) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundaccountingservicingagmt.htm)</u> | **<u>[Fund Accounting Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundaccountingservicingagmt.htm)</u>**<u>[between the Registrant and U.S. Bancorp Fund Services, LLC, previously filed as Exhibit (h)(3) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/fundaccountingservicingagmt.htm)</u> |
|  | (i) | &nbsp;&nbsp;<u>[Thirtieth Amendment and Amended Exhibit B, previously filed as Exhibit (h)(3)(i) with PEA 254 on July 21, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99h3i.htm)</u> |
|  | (ii) | &nbsp;&nbsp;<u>[Addendum to Fund Accounting Servicing Agreement dated August 25, 2025, previously filed as Exhibit (h)(3)(ii) with PEA 548 on October 28, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003298/easeriestrust-addendumtofu.htm)</u> |
|  | (iii) | &nbsp;&nbsp;<u>[Fifty-second Amendment and Amended Exhibit A](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-accountingag.htm)[, previously filed as Exhibit (H)(](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-accountingag.htm)[3](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-accountingag.htm)[)(II](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-accountingag.htm)[I](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-accountingag.htm)[) with PEA 578 on January 28, 2026](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-accountingag.htm)</u>**<u>[.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000290/easeriestrust-accountingag.htm)</u>** |
| (4) | Index Licensing Agreements. | Index Licensing Agreements. |
|  | (i) | **Freedom 100 Emerging Markets ETF (FRDM)** |
|  | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Index License Agreement dated May 6, 2019, previously filed as Exhibit (h)(5) with PEA 17 on May 17, 2019](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/license_agmnt.htm).</u> |
|  | (B) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Sublicense Agreement dated May 17, 2019, previously filed as Exhibit (h)(6) with PEA 17 on May 17, 2019.](https://www.sec.gov/Archives/edgar/data/1592900/000089418919003029/sublicense_agree.htm)</u> |
|  | (ii) | **<u>[JLens 500 Jewish Advocacy U.S. ETF (TOV) -](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)</u>**<u>[License Agreement dated November 11, 2024, previously filed as Exhibit (h)(29) on November 25, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/indexlicenseagreementjlens.htm)</u> |
|  | (iii) | **<u>[RACWI US ETF (RAUS)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/rausindexsublicenseagreeme.htm)</u>**<u>[- Sublicense Agreement dated June 6, 2025, previously filed as Exhibit (h)(27) with PEA 507 on June 18, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/rausindexsublicenseagreeme.htm)</u> |
|  | (iv) | **<u>[Research Affiliates Deletions ETF (NIXT)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)</u>**<u>[- Sublicense Agreement dated June 7, 2024, previously filed as Exhibit (h)(26) with PEA 370 on September 3, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001710/nixtindexsublicenseagreeme.htm)</u> |
|  | (v) | **<u>[Stance Sustainable Beta ETF (CHGX)](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/changefinancestancelicensi.htm)</u>**<u>[- Index License Agreement dated September 12, 2024, previously filed as Exhibit (h)(28) with PEA 375 on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/changefinancestancelicensi.htm)</u> |
|  | (vi) | **Strive ETFs** |
|  | (A) | &nbsp;&nbsp;**<u>[Empowered Funds, LLC -](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h21.htm)</u>**<u>[Master Index Services License Agreement dated October 25, 2022, with Bloomberg Index Services Limited, on behalf of the Strive 1000 Growth ETF (STXG), Strive 1000 Value ETF (STXV), Strive Small-Cap ETF (STXK), Strive 1000 Dividend Growth ETF (STXD) and Strive Natural Resources and Security ETF (FTWO), previously filed as Exhibit (h)(21) with PEA 188 on November 4, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h21.htm)</u> |
|  | (B) | &nbsp;&nbsp;**<u>[Strive Asset Management, LLC -](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h22.htm)</u>**<u>[Master Index Services License Agreement dated October 3, 2022, with Bloomberg Index Services Limited, on behalf of the Strive 1000 Growth ETF (STXG), Strive 1000 Value ETF (STXV), Strive Small-Cap ETF (STXK), Strive 1000 Dividend Growth ETF (STXD) and Strive Natural Resources and Security ETF (FTWO), previously filed as Exhibit (h)(22) with PEA 188 on November 4, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622018872/easeries_ex99h22.htm)</u> |
|  | (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Service Schedule dated October 6, 2022, on behalf of the Strive 500 ETF (STRV), previously filed as Exhibit (h)(27) with PEA 332 on March 11, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000437/h27strive500etfindexlicens.htm)</u> |

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| | | |
|:---|:---|:---|
| | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Service Schedule dated March 13, 2024, on behalf of the Strive U.S. Semiconductor ETF (SHOC), previously filed as Exhibit (h)(29) with PEA 332 on March 11, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000437/striveussemiconductoretfin.htm)</u> |
| | (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Service Schedule dated March 1, 2024, on behalf of the Strive Mid-Cap ETF (STXM), previously filed as Exhibit (h)(23) with PEA 332 on March 11, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000437/h23strivemidcapetfindexlic.htm)</u> |
| (5) | Fee Waiver Agreements. | Fee Waiver Agreements. |
|  | (i) | **<u>[Alpha Architect ETFs](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aaoptions-basedfundsfeewai.htm)</u>**<u>[- Fee Waiver Agreement with respect to Alpha Architect 1-3 Year Box ETF (BOXS), Alpha Architect Intermediate-Term Treasury Bond ETF (BOXI), Alpha Architect Long-Term Treasury Bond ETF (BOXL), Alpha Architect Aggregate Bond ETF (BOXA), Alpha Architect Inflation-Protected Securities ETF (BOXP), and Alpha Architect Real Estate ETF (BOXR), previously filed as Exhibit (h)(31) with PEA 397 on November 14, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/aaoptions-basedfundsfeewai.htm)</u> |
|  | (ii) | **<u>[Alpha Architect High Inflation and Deflation ETF (HIDE)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99h20.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(20) with PEA 192 on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019276/easeries_ex99h20.htm)</u> |
|  | (iii) | **<u>[Alpha Architect Tail Risk ETF (CAOS)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002648/a2025feewaiveragreementcaos.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(5)(iii) with PEA 530 on September 12, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002648/a2025feewaiveragreementcaos.htm)</u> |
|  | (iv) | **<u>[Alpha Architect 1-3 Month Box ETF (BOXX)](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019313/easeries-boxx_ex99h24.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(24) with PEA 193 on November 15, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019313/easeries-boxx_ex99h24.htm)</u> |
|  | (v) | **Amplius Aggressive Asset Allocation ETF (AAAA)** - Fee Waiver Agreement - to be filed by subsequent amendment. |
|  | (vi) | **<u>[Arin Tactical Tail Risk ETF (ATTR)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002389/feewaiveragreementattr.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(5)(vii) with PEA 526 on August 29, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002389/feewaiveragreementattr.htm)</u> |
|  | (vii) | **<u>[CCM Global Equity ETF (CCMG)](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmg-waiveragreement.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(18) with PEA 308 on November 21, 2023](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001047/ccmg-waiveragreement.htm).</u> |
|  | (viii) | **Defined Duration ETFs** |
|  | (A) | **<u>[Defined Duration 10 ETF (DDX)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003747/orcam-feewaiveragreementv1.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(5)(viii)(A) with PEA 555 on November 21, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003747/orcam-feewaiveragreementv1.htm)</u> |
|  | (B) | **<u>[Defined Duration 5 ETF (DDV) and Defined Duration 20 ETF (DDXX)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003747/orcamdisciplinedfunds-ddvd.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(5)(viii)(B) with PEA 555 on November 21, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003747/orcamdisciplinedfunds-ddvd.htm)</u> |
|  | (ix) | **Keating Active ETF (KEAT)** - Fee Waiver Agreement - to be filed by subsequent amendment. |
|  | (x) | **<u>[RACWI US ETF (RAUS)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003253/raus-waiveragreement9525ex.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(5)(xi) with PEA 546 on October 23, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003253/raus-waiveragreement9525ex.htm)</u> |
|  | (xi) | **<u>[Research Affiliates Deletions ETF (NIXT)](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003253/nixt-waiveragreement9525ex.htm)</u>**<u>[- Fee Waiver Agreement, previously filed as Exhibit (h)(5)(xii) with PEA 546 on October 23, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003253/nixt-waiveragreement9525ex.htm)</u> |
| (6) | 12d1-4 Fund of Fund Investment Agreements | 12d1-4 Fund of Fund Investment Agreements |
|  | (i) | **<u>[American Century ETF Trust](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/americancentury12d1-4agree.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(i) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/americancentury12d1-4agree.htm)</u> |
|  | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended Appendix A, previously filed as Exhibit (h)(6)(i)(A) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/americancentury12d1-4amend.htm)</u> |

---

------

---

| | | |
|:---|:---|:---|
| | (ii) | **Cambria ETF Trust** |
| | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Acquired Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(ii) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/cambria12d1-4agreement.htm)</u> |
| | (B) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Acquiring](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/cambria12d1-4agreementfinal.htm)</u> <u>[Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(ii)(B) with PEA 567 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/cambria12d1-4agreementfinal.htm)</u> |
| | (iii) | **<u>[Dimensional ETF Trust](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/dimensional12d1-4agreement.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(iii) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/dimensional12d1-4agreement.htm)</u>  |
| | (iv) | **<u>[DoubleLine ETF Trust -](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/doubleline12d1-4agreement.htm)</u>**<u>[Fund of Funds Investment Agreement](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/doubleline12d1-4agreement.htm)[, previously fi](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/doubleline12d1-4agreement.htm)[led as Exhibit (h)(6)(iv) with PEA 584 on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/doubleline12d1-4agreement.htm)</u> |
| | (v) | **ETF Series Solutions** |
| | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Fund of Funds Investment Agreement with respect to the Acquirers Small and Micro Deep Value ETF (DEEP), previously filed as Exhibit (h)(6)(iv)(A) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/acquirers12d1-4agreement.htm)</u>  |
| | (B) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Fund of Funds Investment Agreement with respect to the Distillate U.S. Fundamental Stability & Value ETF (DSTL), previously filed as Exhibit (h)(6)(iv)(B) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/distillate12d1-4agreement.htm)</u>  |
| | (vi) | **<u>[GraniteShares ETF Trust](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/graniteshares12d1-4agreeme.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(v) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/graniteshares12d1-4agreeme.htm)</u> |
| | (vii) | <u>[i](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/isharesblackrock12d1-4amen.htm)</u>**<u>[Shares, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/isharesblackrock12d1-4amen.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(vi) with PEA 567 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/isharesblackrock12d1-4amen.htm)</u> |
| | (A) | &nbsp;&nbsp;<u>[Amended Appendix A, previously filed as Exhibit (h)(6)(vi)(A) with PEA 570 on January 9, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/isharesblackrock12d1-4amen.htm)</u>  |
| | (viii) | **<u>[PFS Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/potomac12d1-4agreementfinal.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(vii) with PEA 567 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/potomac12d1-4agreementfinal.htm)</u> |
| | (ix) | **<u>[Putnam ETF Trust](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/franklintempletonputnam12d.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(viii) with PEA 570 on January 9, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/franklintempletonputnam12d.htm)</u>  |
| | (x) | **<u>[Tidal Trust I](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/tidaltrusti12d1-4agreement.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(vi) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/tidaltrusti12d1-4agreement.htm)</u>  |
| | (xi) | **<u>[Tidal Trust II](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/tidaltrustii12d1-4agreement.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(vii) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/tidaltrustii12d1-4agreement.htm)</u> |
| | (xii) | **<u>[Trailmark Series Trust](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/trailmark12d1-4agreement.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(viii) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/trailmark12d1-4agreement.htm)</u>  |
| | (xiii) | **<u>[WisdomTree Trust](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/wisdomtree12d1-4agreement.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(ix) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/wisdomtree12d1-4agreement.htm)</u>  |
| | (A) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Second Amended Appendix A](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/wisdomtree12d1-42ndamendme.htm)[, previously filed as Exhibit (h)(6)(xiii)(A) with PEA 584 on February 25, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000758/wisdomtree12d1-42ndamendme.htm)</u> |
| | (xiv) | **<u>[360 Funds](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/a360funds12d1-4agreement.htm)</u>**<u>[- Fund of Funds Investment Agreement, previously filed as Exhibit (h)(6)(x) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/a360funds12d1-4agreement.htm)</u>  |
| (7) | Loan Agreement | Loan Agreement |
|  | (i) | <u>[Loan Agreement between EA Series Trust and U.S. Bank National Association, previously filed as Exhibit (h)(26) with PEA 328 on February 9, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/easeriestrustalphaarchitec.htm)</u> |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | (A) | <u>[First Amendment, previously filed as Exhibit (h)(22)(a) with PEA 406 on November 26, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002387/easeriestrust-firstamendme.htm)</u> |
| **(i)** | **<u>[Opinion and Consent of Counsel – Filed Herewith.](sophuscapitalpractus485ble.htm)</u>** | **<u>[Opinion and Consent of Counsel – Filed Herewith.](sophuscapitalpractus485ble.htm)</u>** | **<u>[Opinion and Consent of Counsel – Filed Herewith.](sophuscapitalpractus485ble.htm)</u>** |
| **(j)** | **<u>[Consent of Independent Registered Public Accounting Firm – Filed Herewith.](sophusauditorconsentmarch26.htm)</u>** | **<u>[Consent of Independent Registered Public Accounting Firm – Filed Herewith.](sophusauditorconsentmarch26.htm)</u>** | **<u>[Consent of Independent Registered Public Accounting Firm – Filed Herewith.](sophusauditorconsentmarch26.htm)</u>** |
| **(k)** | **Omitted Financial Statements — Not applicable.** | **Omitted Financial Statements — Not applicable.** | **Omitted Financial Statements — Not applicable.** |
| **(l)** | **<u>[Initial Capital Agreement, previously filed as Exhibit (l) with PEA 2 on January 28, 2016.](https://www.sec.gov/Archives/edgar/data/1592900/000089418916007184/cap_agmnt.htm)</u>** | **<u>[Initial Capital Agreement, previously filed as Exhibit (l) with PEA 2 on January 28, 2016.](https://www.sec.gov/Archives/edgar/data/1592900/000089418916007184/cap_agmnt.htm)</u>** | **<u>[Initial Capital Agreement, previously filed as Exhibit (l) with PEA 2 on January 28, 2016.](https://www.sec.gov/Archives/edgar/data/1592900/000089418916007184/cap_agmnt.htm)</u>** |
| **(m)** | **Rule 12b-1 Plan.** | **Rule 12b-1 Plan.** | **Rule 12b-1 Plan.** |
|  | (1) | <u>[Distribution Plan pursuant to Rule 12b-1, previously filed as Exhibit (m)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionplan12b-1.htm)</u> | <u>[Distribution Plan pursuant to Rule 12b-1, previously filed as Exhibit (m)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement on Form N-1A (File Nos. 333-195493, 811-22961) on October 17, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionplan12b-1.htm)</u> |
|  |  | (i) | <u>[Amended Schedule I to the Distribution Plan dated March 6, 2026 -](amendedscheduleitodistribu.htm)</u>**<u>[Filed Herewith.](amendedscheduleitodistribu.htm)</u>** |
| **(n)** | **Rule 18f-3 Plan — Not applicable.** | **Rule 18f-3 Plan — Not applicable.** | **Rule 18f-3 Plan — Not applicable.** |
| **(o)** | **Reserved.** | **Reserved.** | **Reserved.** |
| **(p)** | **Code of Ethics.** | **Code of Ethics.** | **Code of Ethics.** |
|  | (1) | **<u>EA Series Trust</u>** <u>[- Code of Ethics, previously filed as Exhibit (p)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/codeofethicsregistrant.htm)[on Form N-1A (File Nos. 333-195493, 811-22961)](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionplan12b-1.htm) [on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/codeofethicsregistrant.htm)</u> | **<u>EA Series Trust</u>** <u>[- Code of Ethics, previously filed as Exhibit (p)(1) with Pre-Effective Amendment No. 2 to the Registrant's registration statement](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/codeofethicsregistrant.htm)[on Form N-1A (File Nos. 333-195493, 811-22961)](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/distributionplan12b-1.htm) [on October 17, 2014.](https://www.sec.gov/Archives/edgar/data/1592900/000158281614000543/codeofethicsregistrant.htm)</u> |
|  | (2) | **<u>[Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(2) with PEA 397 on November 14, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)</u> | **<u>[Empowered Funds, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(2) with PEA 397 on November 14, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002233/eacodeofethics112024_vf.htm)</u> |
|  | (3) | **<u>[Alpha Architect, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/alphaarchitectcodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(36) with PEA 364 on August 16, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/alphaarchitectcodeofethics.htm)</u> | **<u>[Alpha Architect, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/alphaarchitectcodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(36) with PEA 364 on August 16, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001309/alphaarchitectcodeofethics.htm)</u> |
|  | (4) | **<u>[Alpha Blue Capital Management LP](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/alphabluecodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(32) with PEA 318 on December 12, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/alphabluecodeofethics.htm)</u> | **<u>[Alpha Blue Capital Management LP](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/alphabluecodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(32) with PEA 318 on December 12, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023001348/alphabluecodeofethics.htm)</u> |
|  | (5) | **<u>[ALPS Distributors, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpscodeofethicspolicy.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(42) with PEA 382 on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpscodeofethicspolicy.htm)</u> | **<u>[ALPS Distributors, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpscodeofethicspolicy.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(42) with PEA 382 on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/alpscodeofethicspolicy.htm)</u> |
|  | (6) | **<u>[Altrius Capital Management, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99p22.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(22) with PEA 174 on September 26, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99p22.htm)</u> | **<u>[Altrius Capital Management, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99p22.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(22) with PEA 174 on September 26, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017154/easeries_ex99p22.htm)</u> |
|  | (7) | **<u>[Amplius ETF Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[Code of Ethics, previously filed as Exhibit (p)(49) with PEA 473 on April 25, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)</u> | **<u>[Amplius ETF Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)[Code of Ethics, previously filed as Exhibit (p)(49) with PEA 473 on April 25, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000941/codeofethics-ampliusassetm.htm)</u> |
|  | (8) | **<u>[Angel Oak Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[p](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[(27) with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[257 on August 4, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u> | **<u>[Angel Oak Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[,](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u>**<u>[previously filed as Exhibit](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[(](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[p](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[)](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[(27) with P](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[EA](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)[257 on August 4, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623005135/easeries_ex99p27.htm)</u> |
|  | (9) | **<u>[AOT Invest, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exp18.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(18) with PEA 134 on June 22, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exp18.htm)</u> | **<u>[AOT Invest, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exp18.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(18) with PEA 134 on June 22, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622013727/easeries_exp18.htm)</u> |
|  | (10) | **<u>[Argent Capital Management LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exp17.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(17) with PEA 153 on August 15, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exp17.htm)</u> | **<u>[Argent Capital Management LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exp17.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(17) with PEA 153 on August 15, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015845/easeries_exp17.htm)</u> |

---

------

(11) **<u>[Arin Risk Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99p21.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(21) with PEA 191 on November 10, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622019155/easeries_ex99p21.htm)</u>

(12) **<u>[ARS Investment Partners, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)[, previously filed as Exhibit (p)(55) with PEA 493 on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/arsinvptrcompliancemanuala.htm)</u>

(13) **<u>[Avory & Co.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/avorycocodeofethics.htm)</u>**<u>[— Code of Ethics, previously filed as Exhibit (p)(13) with PEA 567 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004437/avorycocodeofethics.htm)</u>

(14) **<u>[Avos Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avoscodeofethicsdecember20.htm)</u>**<u>[— Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avoscodeofethicsdecember20.htm)[, previously filed as Exhibit (p)(15) with PEA 579 on January 28, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000299/avoscodeofethicsdecember20.htm)</u>

(15) **<u>[Bastion Fiduciary, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(45) with PEA 443 on February 18, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000350/bastionfiduciary-codeofeth.htm)</u>

(16) **<u>[Beacon Capital Management, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003012/beaconcodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(15) PEA 540 on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025003012/beaconcodeofethics.htm)</u>

(17) **<u>[Bridges Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99p25.htm)</u>**<u>[– Code of Ethics, previously filed as Exhibit (p)(25) with PEA 228 on April 6, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99p25.htm)</u>

(18) **<u>[Bridgeway Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99p19.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(19) with PEA 151 on August 11, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015664/easeries_ex99p19.htm)</u>

(19) **Burke Wealth Management LLC** - Code of Ethics - **to be filed by amendment**.

(20) **<u>[The Burney Company](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017491/easeries_99p23.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(23) with PEA 180 on October 7, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622017491/easeries_99p23.htm)</u>

(21) **<u>[Cambria Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)</u>**<u>[- Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)[, previously filed as Exhibit (p)(36) with PEA 382 on October 1, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001989/cambriacodeofethics.htm)</u>

(22) **<u>[Castellan Group,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellancodeofethics.htm)[LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellancodeofethics.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellancodeofethics.htm)[Code of Ethics, previously filed as Exhibit (p)(58) with PEA 501 on June 9, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001507/castellancodeofethics.htm)</u>

(23) **<u>[City Different Investments](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/citydifferentcoe2025.htm)</u>**<u>[– Code of Ethics, previously filed as Exhibit (p)(22) with PEA 529 on September 10, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002612/citydifferentcoe2025.htm)</u>

(24) **<u>[Cloverpoint, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/cloverpoint-codeofethics.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/cloverpoint-codeofethics.htm)[Code of Ethics, previously filed as Exhibit (p)(56) with PEA 505 on June 13, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001547/cloverpoint-codeofethics.htm)</u>

(25) **<u>[Coastal Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)</u>**<u>[- Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)[, previously filed as Exhibit (p)(37) with PEA 398 on November 19, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002240/coastalequitymanagementcoe.htm)</u>

(26) **<u>[Concourse Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)[, previously filed as Exhibit (p)(54) with PEA 499 on June 6, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001485/concoursecodeofethics.htm)</u>

(27) **<u>[Consilium Investment Management, LLC](consiliumcodeofethics.htm)</u>**<u>[- Code of Ethics -](consiliumcodeofethics.htm)</u>**<u>[Filed Herewith.](consiliumcodeofethics.htm)</u>**

(28) **<u>[Dakota Wealth,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/codeofethics-dakotawealthl.htm)[LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/codeofethics-dakotawealthl.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/codeofethics-dakotawealthl.htm)[Code of Ethics, previously filed as Exhibit (p)(57) with PEA 508 on June 20, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001585/codeofethics-dakotawealthl.htm)</u>

(29) **<u>[Dividend Assets Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004086/daccodeofethics.htm)</u>**<u>[— Code of Ethics, previously filed as Exhibit (p)(27) with PEA 561 on December 1, 2025](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004086/daccodeofethics.htm)</u>

(30) **<u>[Draco Evolution Corp.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)</u>**<u>[- Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)[, previously filed as Exhibit (p)(34) with PEA 353 on June 26, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001124/dracocodeofethics4302024.htm)</u>

------

(31) **<u>[Euclidean Technologies Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99p24.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(24) with PEA 228 on April 6, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002582/easeriestrust_ex99p24.htm)</u>

(32) **<u>[Freedom Day Solutions, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99p5.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(5) with PEA 67 on May 3, 2021](https://www.sec.gov/Archives/edgar/data/1592900/000182912621003217/alphaarchitect_ex99p5.htm).</u>

(33) **<u>[Gadsden, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000121390020021586/s126856_ex99-p4.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(4) with PEA 31 on August 12, 2020](https://www.sec.gov/Archives/edgar/data/1592900/000121390020021586/s126856_ex99-p4.htm).</u>

(34) **<u>[GuruFocus Investments, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exp11.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(11) with PEA 99 on December 14, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621016287/alphaarchitect_exp11.htm)</u>

(35) **<u>[Honeytree Investment Management Ltd.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/honeytreecodeofethicsstand.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(31) with PEA 300 on November 1, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/honeytreecodeofethicsstand.htm)</u>

(36) **Humilis Investment Strategies, LLC** - Code of Ethics - To be filed by amendment.

(37) **<u>[Intelligent Alpha, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)</u>**<u>[- Code of Ethics,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)[previously filed as Exhibit (p)(8) with PEA 373 on September 10, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001750/intelligentalphacodeofethi.htm)</u>

(38) **<u>[JLens](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(34) with PEA 405 on November 25, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002381/jlenscodeofethics.htm)</u>

(39) **<u>[Keating Investment Counselors, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[Code of Ethics,](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)[previously filed as Exhibit (p)(33) with PEA 328 on February 9, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000233/keatinginvestmentcounselor.htm)</u>

(40) **<u>[Madison Avenue Financial Solutions, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/mascodeofethics_092022.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(25) with PEA 300 on November 1, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000977/mascodeofethics_092022.htm)</u>

(41) **<u>[Manzil Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004138/manzilmnzlcodeofethics-use.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(38) with PEA 563 on December 4, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004138/manzilmnzlcodeofethics-use.htm)</u>

(42) **<u>[MarketDesk Indices, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99p23.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(23) with PEA 273 on September 15, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623006126/easeries_ex99p23.htm)</u>

(43) **<u>[Matrix Asset Advisors, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(41) with PEA 419 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002719/matrixcodeofethics.htm)</u>

(44) **<u>[McCarthy & Cox Retirement & Estate Specialists, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)[Code of Ethics, previously filed as Exhibit (p)(48) with PEA 444 on February 21, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000383/mccarthycoxcodeofethics.htm)</u>

(45) **<u>[Militia Investments, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(45) with PEA 418 on December 23, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002705/militiacodeofethics.htm)</u>

(46) **<u>[MKAM ETF LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99p26.htm)</u>**<u>[– Code of Ethics, previously filed as Exhibit (p)(26) with PEA 229 on April 6, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002590/easeries-mkam_ex99p26.htm)</u>

(47) **Moonvest LLC** - Code of Ethics - to be filed by amendment.

(48) **<u>[Morgan Dempsey Capital Management LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99p27.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(27) with PEA 231 on April 19, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623002826/easeries_ex99p27.htm)</u>

(49) **<u>[MRBL Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)</u>**<u>[- Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)[, previously filed as Exhibit (p)(40) with PEA 425 on January 15, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000046/mrblcodeofethics.htm)</u>

------

(50) **<u>[NextGen EMP, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenempinccodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(43) with PEA 409 on December 6, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024002515/nextgenempinccodeofethics.htm)</u>

(51) **<u>[Ogard Capital Market Research, LLC dba BufferLABS](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/bufferlabscodeofethics.htm)</u>**<u>[– Code of Ethics, previously filed as Exhibit (p)(47) with PEA 534 on September 22, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002705/bufferlabscodeofethics.htm)</u>

(52) **Optimal Tax Asset Management, Inc.** - Code of Ethics - **To be filed by amendment.**

(53) **<u>[Orcam Financial Group, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99p10.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(10) with PEA 86 on September 15, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621010016/alphaarchitect_ex99p10.htm)</u>

(54) **<u>[Rainwater Equity, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(52) with PEA 483 on May 9, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001108/rainwaterequityllccomplian.htm)</u>

(55) **Raub Brock Capital Management, LP** - Code of Ethics - **To be filed by amendment.**

(56) **<u>[Relative Sentiment Technologies, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99p15.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(15) with PEA 120 on May 13, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622010925/easeries_ex99p15.htm)</u>

(57) **<u>[Research Affiliates, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/rallccodeofethicsaugust202.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/rallccodeofethicsaugust202.htm)[Code of Ethics, previously filed as Exhibit (p)(61) with PEA 507 on June 18, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001575/rallccodeofethicsaugust202.htm)</u>

(58) **Ritholtz Wealth Management** - Code of Ethics - **To be filed by amendment.**

(59) **<u>[The Rock Creek Group, LP](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rcgcodeofethicsjanuary2025.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(47) with PEA 441 on February 14, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000341/rcgcodeofethicsjanuary2025.htm)</u>

(60) **<u>[Sapient Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/sapientcodeofethicsmay2024.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(55) with PEA 570 on January 9, 2026.](https://www.sec.gov/Archives/edgar/data/1592900/000159290026000095/sapientcodeofethicsmay2024.htm)</u>

(61) **<u>[Sarmaya Partners, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)</u>**<u>[- Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)[, previously filed as Exhibit (p)(39) with PEA 433 on January 24, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000181/sarmaya-codeofethics.htm)</u>

(62) **<u>[Sequoia Financial Group,](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)[LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)[Code of Ethics, previously filed as Exhibit (p)(58) with PEA 461 on March 27, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000756/sfacodeofethics2025.htm)</u>

(63) **<u>[Sepio Capital L.P.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99p21.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(21) with PEA 254 on July 21, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000182912623004832/easeriestrust_ex99p21.htm)</u>

(64) **Significance Capital Management LLC** - Code of Ethics - **to be filed by amendment.**

(65) **<u>[Smart Money Group, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(46) with PEA 439 on February 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025000309/smartmoney-codeofethics122.htm)</u>

(66) **<u>[Sparkline Capital LP](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99p7.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(7) with PEA 67 on June 23, 2021.](https://www.sec.gov/Archives/edgar/data/1592900/000182912621005439/alphaarchitect_ex99p7.htm)</u>

(67) **<u>[Stance Capital, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(35) with PEA 357 on September 13, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024001770/stancecapitalcodeofethics.htm)</u>

(68) **<u>[Stock Snips, Inc.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)[, previously filed as Exhibit (p)(26) with PEA 342 on April 8, 2024.](https://www.sec.gov/Archives/edgar/data/1592900/000159290024000638/stocksnipscodeofethics.htm)</u>

(69) **<u>[Strive Asset Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28p20.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(20) with PEA 146 on August 4, 2022.](https://www.sec.gov/Archives/edgar/data/1592900/000182912622015055/easeries_ex28p20.htm)</u>

------

---

| | | |
|:---|:---|:---|
| | (70) | **<u>[Suncoast Equity Management, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)[Code of Ethics, previously filed as Exhibit (p)(53) with PEA 482 on May 7, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001089/codeofethics-suncoast.htm)</u> |
| | (71) | **<u>[Towle & Co.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/towlecodeofethics.htm)</u>**<u>[-](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/towlecodeofethics.htm)[Code of Ethics](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/towlecodeofethics.htm)[, previously filed as Exhibit (p)(60) with PEA 513 on July 11, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001795/towlecodeofethics.htm)</u> |
| | (72) | **<u>[Variant Perception, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004299/variantperceptioncodeofeth.htm)</u>**<u>[- Code of Ethics - previously filed as Exhibit (p)(64) with PEA 566.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025004299/variantperceptioncodeofeth.htm)</u> |
| | (73) | **<u>[Warren Street Wealth Advisors](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/warrenstreet-codeofethics.htm)</u>**<u>[– Code of Ethics, previously filed as Exhibit (p)(63) with PEA 537 on September 24, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025002730/warrenstreet-codeofethics.htm)</u> |
| | (74) | **<u>[White Wolf Capital Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/codeofethics-whitewolf.htm)</u>**<u>[- Code of Ethics, previously filed as Exhibit (p)(23) with PEA 278 on October 3, 2023.](https://www.sec.gov/Archives/edgar/data/1592900/000159290023000861/codeofethics-whitewolf.htm)</u> |
| **(q)** | **Other** | **Other** |
|  | (1) | <u>[Power of Attorney, previously filed as Exhibit (q)(1) with PEA 493 on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/poaregistrationstatements5.htm)</u> |

---

**Item 29. Persons Controlled By or Under Common Control with the Registrant:**

None.

**Item 30. Indemnification:**

Under the terms of the Delaware Statutory Trust Act ("DSTA") and the Registrant's Agreement and Declaration of Trust ("Declaration of Trust"), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817, permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

The Declaration of Trust provides that any person who is or was a Trustee, officer, employee or other agent, including the underwriter, of such Trust shall be liable to the Trust and its shareholders only for (1) any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing, or (2) the person's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person (such conduct referred to herein as Disqualifying Conduct) and for nothing else. Except in these instances and to the fullest extent that limitations of liability of agents are permitted by the DSTA, these Agents (as defined in the Declaration of Trust) shall not be responsible or liable for any act or omission of any other Agent of the Trust or any investment adviser or principal underwriter. Moreover, except and to the extent provided in these instances, none of these Agents, when acting in their respective capacity as such, shall be personally liable to any other person, other than such Trust or its shareholders, for any act, omission or obligation of the Trust or any trustee thereof.

The Trust shall indemnify, out of its property, to the fullest extent permitted under applicable law, any of the persons who was or is a party or is threatened to be made a party to any Proceeding (as defined in the Declaration of Trust) because the person is or was an Agent of such Trust. These persons shall be indemnified against any Expenses (as defined in the Declaration of Trust), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with the Proceeding if the person acted in good faith or, in the case of a criminal proceeding, had no reasonable cause to believe that the conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not in itself create a presumption that the person did not act in good faith or that the person had reasonable cause to believe that the person's conduct was unlawful. There shall nonetheless be no indemnification for a person's own Disqualifying Conduct.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is

------

against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with securities being registered, the Registrant may be required, unless in the opinion of its counsel the matter has been settled by controlling precedent, to submit to a court or appropriate jurisdiction the question whether such indemnification is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser:**

This Item incorporates by reference each investment adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trust's Statement of Additional Information.

---

| | |
|:---|:---|
| <u>Investment Adviser</u> | <u>SEC File No</u>. |
| Alpha Architect, LLC | 801-71697 |
| Alpha Blue Capital Management, LP | 801-128858 |
| Altrius Capital Management, Inc. | 801-63153 |
| Amplius ETF Advisors, LLC | 801-132157 |
| Angel Oak Capital Advisors, LLC | 801-70670 |
| AOT Invest LLC | 801-124742 |
| Argent Capital Management LLC | 801-55903 |
| Arin Risk Advisors, LLC | 801-70598 |
| ARS Investment Partners, LLC | 801-7566 |
| Astoria Portfolio Advisors, LLC | 801-119078 |
| Avory & Co. | 801-114763 |
| Avos Capital Management, LLC | 801-121167 |
| Bastion Fiduciary, LLC | 801-131510 |
| Beacon Capital Management, Inc. | 801-61249 |
| Bridges Capital, LLC | 801-127316 |
| Bridgeway Capital Management, LLC | 801-44394 |
| Burke Wealth Management LLC | [ ] |
| The Burney Company | 801-10232 |
| Cambria Investment Management, L.P. | 801-71786 |
| Castellan Group, LLC | 801-119581 |
| City Different Investments | 801-120293 |
| Cloverpoint, LLC | 801-132860 |
| Coastal Equity Management, LLC | 801-131249 |
| Concourse Capital Advisors, LLC | 801-132824 |
| Consilium Investment Management, LLC | 801-63245 |
| Dakota Wealth, LLC, dba Dakota Wealth Management | 801-114097 |
| Dividend Assets Capital, LLC | 801-62643 |
| Draco Evolution Corp. | 801-129504 |
| Empowered Funds, LLC | 801-79835 |
| Euclidean Technologies Management, LLC | 801-72806 |
| Freedom Day Solutions, LLC | 801-66190 |
| Gadsden, LLC | 801-112416 |
| GuruFocus Investments, LLC | 801-122727 |
| Honeytree Investment Management Ltd. | 801-120880 |

---

------

---

| | |
|:---|:---|
| <u>Investment Adviser</u> | <u>SEC File No</u>. |
| Humilis Investment Strategies, LLC | 801-134344 |
| Intelligent Alpha | 801-130980 |
| JLens | 801-131261 |
| Keating Investment Counselors, Inc. | 801-19820 |
| Madison Avenue Financial Solutions, LLC | 801-118936 |
| Manzil Inc. | 801-118747 |
| MarketDesk Indices LLC | 801-128530 |
| Matrix Asset Advisors, Inc. | 801-36872 |
| McCarthy & Cox Retirement & Estate Specialists, LLC | 801-128995 |
| Militia Investments, LLC | 801-131204 |
| MKAM ETF LLC | 801-127208 |
| Moonvest LLC | 801-135318 |
| Morgan Dempsey Capital Management, LLC | 801-48064 |
| MRBL Management, LLC | 801-131498 |
| NextGen EMP, Inc. | 801-131531 |
| Optimal Tax Asset Management, Inc. | 801-135549 |
| Orcam Financial Group, LLC d/b/a Discipline Funds | 801-121561 |
| Rainwater Equity, LLC | 801-132135 |
| Raub Brock Capital Management, LP | 801-71732 |
| Relative Sentiment Technologies, LLC | 801-123211 |
| Research Affiliates, LLC | 801-61153 |
| Ritholtz Wealth Management | 801-78479 |
| The Rock Creek Group LP | 801-61844 |
| Sapient Capital, LLC | 801-127298 |
| Sarmaya Partners, LLC | 801-131861 |
| Sepio Capital L.P. | 801-108889 |
| Sequoia Financial Group, LLC | 801-61089 |
| Significance Capital Management LLC | [ ] |
| Smart Money Group, LLC | 801-107979 |
| Sparkline Capital LP | 801-121161 |
| Stance Capital, LLC | 801-120103 |
| Stock Snips, Inc. | 801-129682 |
| Strive Asset Management, LLC | 801-125907 |
| Suncoast Equity Management, LLC | 801-62262 |
| Ogard Capital Market Research, LLC dba BufferLABS | 801-134261 |
| Towle & Co. | 801-16622 |
| Variant Perception, LLC | 801-134755 |
| Warren Street Wealth Advisors | 801-117597 |
| White Wolf Capital Advisors, LLC | 801-120718 |

---

**Item 32. PINE Distributors LLC**

(a) PINE Distributors LLC acts as the distributor for the Registrant and the following investment companies\*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crossmark ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hamilton Lane Private Secondary Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hamilton Lane Venture Capital and Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Keystone Private Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listed Funds Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manager Directed Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series Portfolios Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• THOR Financial Technologies Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Truth Social Funds Listed Funds Trust

\*&nbsp;&nbsp;&nbsp;&nbsp;Information provided as of December 1, 2025.

(b) To the best of Registrant's knowledge, as of December 1, 2025, the directors and executive officers of PINE Distributors LLC, are as follows:

---

| | | |
|:---|:---|:---|
| **Name\*** | **Position with Underwriter** | **Position with Registrant** |
| Mark Fairbanks | President | N/A |
| Alexander Woodcock | Senior Vice President, Principal Financial Officer | N/A |
| Susan Moscaritolo | Vice President, Chief Compliance Officer | N/A |
| Daryn Levesque | Vice President, Chief Operating Officer | N/A |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;The principal business address for each of the above directors and executive officers is 501 S. Cherry St., Suite 610, Denver, CO 80246.

(c) Not applicable.

**Item 33. Location of Accounts and Records:**

Information regarding the books and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules promulgated thereunder, are provided in the Registrant's most recent report on Form N-CEN.

**Item 34. Management Services:**

None.

**Item 35. Undertakings:**

None.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act") and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment (this "Amendment") to its Registration Statement on Form N-1A under rule 485(b) under the Securities Act and has duly caused this Amendment to be signed below on its behalf by the undersigned, duly authorized in the Village of Bayside, State of Wisconsin, on March 9, 2026.

---

| |
|:---|
| EA SERIES TRUST |
| By: /s/ Michael D. Barolsky |
| Michael D. Barolsky |
| Vice President & Secretary |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities indicated and on March 9, 2026.

---

| | |
|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| \*Wesley R. Gray | Trustee and President (principal executive officer) |
| Wesley R. Gray | |
| \*Sean R. Hegarty | Treasurer (principal financial officer) |
| Sean R. Hegarty | |
| \*Daniel Dorn | Trustee |
| Daniel Dorn | |
| \*Michael Pagano | Trustee |
| Michael Pagano | |
| \*Emeka Oguh | Trustee |
| Emeka Oguh | |

---

---

| | |
|:---|:---|
| \*By: | <u>/s/ Michael D. Barolsky</u> |
|  | Michael D. Barolsky |
|  | Attorney-in-Fact |
|  | \* (Pursuant to <u>[Power of Attorney](https://www.sec.gov/Archives/edgar/data/1592900/000159290025001393/poaregistrationstatements5.htm)</u> previously filed with Post-Effective Amendment No. 493 to the Registrant's registration statement on May 30, 2025.) |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (d)(1)(i)(B) | <u>[Amended Schedule A](etfarchitect-amendedschedu.htm)[to the](etfarchitect-amendedschedu.htm)[Advisory Agreement](etfarchitect-amendedschedu.htm)[dated](etfarchitect-amendedschedu.htm)[Ma](etfarchitect-amendedschedu.htm)[rch 6, 2026](etfarchitect-amendedschedu.htm)</u> |
| (d)(27) | <u>[Consilium Investment Management, LLC – Investment Sub-Advisory Agreement](consilium-subxadvisoryagre.htm)</u> |
| (i) | <u>[Opinion and Consent of Counsel](sophuscapitalpractus485ble.htm)</u> |
| (j) | <u>[Consent of Independent Registered Public Accounting Firm](sophusauditorconsentmarch26.htm)</u> |
| (m)(1)(i) | <u>[Amended Schedule I to the Distribution Plan dated March 6, 2026](amendedscheduleitodistribu.htm)</u> |
| (p)(28) | <u>[Consilium Investment Management, LLC - Code of Ethics](consiliumcodeofethics.htm)</u> |

---

## Ex-99.(D)(1)(I)(B)

**Schedule A**

**to the**

**Investment Advisory Agreement**

**Dated November 11, 2024**

**by and between**

**EA Series Trust and Empowered Funds, LLC**

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** | **<u>Original Effective Date</u>**<sup>1</sup> |
| Efficient Market Portfolio Long ETF | 1.00% |  |
| Efficient Market Portfolio Plus ETF | 1.00% |  |
| Intelligent Equal Select ETF | 0.69% |  |
| Intelligent Livermore ETF<sup>2</sup> | 0.69% | September 17, 2024 |
| Intelligent Omaha ETF | 0.69% |  |
| Intelligent Small Cap Select ETF | 0.69% |  |
| Intelligent Tech Focus ETF | 0.69% |  |
| JLens 500 Jewish Advocacy U.S. ETF | 0.18% |  |
| Matrix Advisors Value ETF | 0.75% |  |
| Militia Long/Short Equity ETF | 1.30% |  |
| MRBL Enhanced Equity ETF | 0.74% |  |
| Sarmaya Thematic ETF | 0.75% |  |
| MKAM ETF<sup>2</sup> | 0.50%<sup>3</sup> | March 27, 2023 |
| Alpha Architect Global Factor Equity ETF<sup>4</sup> | 0.05–0.45%<sup>5</sup> | February 6, 2017 |
| MarketDesk Focused U.S. Dividend ETF | 0.35% | September 15, 2023 |
| MarketDesk Focused U.S. Momentum ETF | 0.45% |  |
| RockCreek Global Equality ETF | 0.95% |  |
| Bastion Energy ETF | 0.80% |  |
| Cambria Global Shareholder Yield ETF<sup>2</sup> | 0.59% |  |
| Cambria Tax Aware ETF | 0.49% |  |
| Cambria Endowment Style ETF | 0.00% (zero) |  |
| Cambria Global EW ETF | 0.25% |  |
| Argent Mid Cap ETF<sup>2</sup> | 0.52% | June 17, 2022<sup>2</sup> |
| Argent Focused Small Cap ETF | 0.74% |  |
| Argent Large Cap ETF | 0.49% |  |
| MC Trio Buffered Equity ETF | 0.70% |  |
| Yoke Core ETF | 0.30% |  |
| Bushido Capital US Equity ETF<sup>2</sup> | 0.71% | June 9, 2023 |
| Bushido Capital US SMID Cap Equity ETF | 0.67% |  |
| Bridges Capital Tactical Equity ETF<sup>2</sup> | 0.78% | March 27, 2023 |
| AOT Growth and Innovation ETF<sup>2</sup> | 0.75% | June 17, 2022 |
| Euclidean Fundamental Value ETF<sup>2</sup> | 0.95% | March 27, 2023 |
| Guru Favorite Stocks ETF<sup>2</sup> | 0.65% | December 13, 2021 |
| Sparkline Intangible Value ETF<sup>2</sup> | 0.50% | June 22, 2021 |
| Freedom Day Dividend ETF<sup>2</sup> | 0.39% | April 30, 2021 |
| Morgan Dempsey Large Cap Value ETF<sup>2</sup> | 0.58% | March 27, 2023 |
| Relative Sentiment Tactical Allocation ETF<sup>2</sup> | 0.65% | March 18, 2022 |
| Dakota Active Equity ETF | 0.40% |  |
| Suncoast Select Growth ETF | 0.60% |  |

---

------

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** | **<u>Original Effective Date</u>**<sup>1</sup> |
| SCM Rainwater ETF | 1.25% |  |
| Astoria US Equal Weight Quality Kings ETF<sup>2</sup> | 0.49% | June 9, 2023 |
| Astoria US Quality Growth Kings ETF<sup>2</sup> | 0.35% | September 6, 2024 |
| Astoria International Quality Growth Kings ETF<sup>2</sup> | 0.58% | September 6, 2024 |
| Astoria US Small Cap Quality Growth Kings ETF | 0.45% |  |
| EA Astoria Dynamic Core US Fixed Income ETF | 0.48% |  |
| Astoria US Enhanced Core Equity ETF | 0.45%<sup>6</sup> |  |
| ARS Core Equity Portfolio ETF | 0.45% |  |
| ARS Focused Opportunities Strategy ETF | 0.45% |  |
| Cambria US EW ETF | 0.25% |  |
| Amplius Aggressive Asset Allocation ETF | 0.49% |  |
| Cloverpoint Core Alpha US ETF | 0.50% |  |
| Cloverpoint Core Alpha International ETF | 0.50% |  |
| Cloverpoint Core Alpha Global ETF | 0.50% |  |
| Cloverpoint Core Alpha Power Evolution ETF | 0.50% |  |
| Freedom 100 Emerging Markets ETF<sup>2</sup> | 0.49% | May 16, 2019 |
| Strive 500 ETF<sup>2</sup> | 0.0545% | September 7, 2022 |
| Strive 1000 Growth ETF<sup>2</sup> | 0.18% | November 7, 2022 |
| Strive 1000 Value ETF<sup>2</sup> | 0.18% | November 7, 2022 |
| Strive Small-Cap ETF<sup>2</sup> | 0.18% | November 7, 2022 |
| Strive 1000 Dividend Growth ETF<sup>2</sup> | 0.35% | November 7, 2022 |
| Strive Emerging Markets Ex-China ETF<sup>2</sup> | 0.32 | January 9, 2023 |
| Strive U.S. Energy ETF<sup>2</sup> | 0.41% | July 26, 2022 |
| Strive U.S. Semiconductor ETF<sup>2</sup> | 0.40% | July 26, 2022 |
| Strive Natural Resources and Security ETF<sup>2</sup> | 0.49% | July 21, 2023 |
| Strive Mid-Cap ETF<sup>2</sup> | 0.18% | March 9, 2024 |
| Strive International Developed Markets ETF<sup>2</sup> | 0.29% | June 7, 2024 |
| Strive Total Return Bond ETF<sup>2</sup> | 0.49% | July 21, 2023 |
| Strive Enhanced Income Short Maturity ETF<sup>2</sup> | 0.25% | July 21, 2023 |
| Alpha Architect U.S. Quantitative Value ETF<sup>2,8</sup> | 0.28% | January 31, 2024 |
| Alpha Architect International Quantitative Value ETF<sup>2,8</sup> | 0.38% | January 31, 2024 |
| Alpha Architect U.S. Quantitative Momentum ETF<sup>2,8</sup> | 0.28% | January 31, 2024 |
| Alpha Architect International Quantitative Momentum ETF<sup>2,8</sup> | 0.38% | January 31, 2024 |
| Alpha Architect High Inflation and Deflation ETF<sup>2</sup> | 0.29% | November 4, 2022 |
| Alpha Architect Tail Risk ETF<sup>2</sup> | 0.63% | November 4, 2022 |
| Alpha Architect 1-3 Month Box ETF<sup>2</sup> | 0.2449% | November 4, 2022 |
| EA Bridgeway Blue Chip ETF<sup>2</sup> | 0.15% on the first $3 billion<br>0.13% on the next $7 billion<br>0.12% on the next $10 billion<br>0.11% on assets above $20 billion | June 17, 2022 |
| EA Bridgeway Omni Small-Cap Value ETF<sup>2</sup> | 0.47% on the first $1 billion<br>0.42% on the next $1 billion<br>0.40% above $2 billion | March 13, 2023 |
| Concourse Capital Focused Equity ETF | 0.95% |  |
| Castellan Targeted Equity ETF | 0.45% |  |
| Castellan Targeted Income ETF | 0.45% |  |

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| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** | **<u>Original Effective Date</u>**<sup>1</sup> |
| Research Affiliates Deletions ETF | 0.39% |  |
| RACWI US ETF | 0.15% |  |
| Towle Value ETF | 0.85% |  |
| Arin Tactical Tail Risk ETF | 0.63% |  |
| Burney U.S. Equity Select ETF | 0.79% |  |
| City Different Investments Global Equity ETF | 0.75% |  |
| City Different Investments SMID Cap Core Equity ETF | 0.75% |  |
| Keating Active ETF | 0.85% | December 1, 2023 |
| CCM Global Equity ETF | 0.33% | September 15, 2023 |
| Altrius Global Dividend ETF | 0.49% | September 26, 2022 |
| Burney U.S. Factor Rotation ETF | 0.79% | September 26, 2022 |
| Gadsden Dynamic Multi-Asset ETF | 0.59% | October 31, 2020 |
| Discipline Fund ETF | 0.25%<sup>7</sup> | September 15, 2021 |
| Honeytree U.S. Equity ETF | 0.64% | September 15, 2023 |
| WHITEWOLF Commercial Real Estate Finance Income ETF | 0.70% | September 15, 2023 |
| WHITEWOLF Publicly Listed Private Equity ETF | 0.70% | September 15, 2023 |
| MarketDesk Focused U.S. Dividend ETF | 0.35% | September 15, 2023 |
| TBG Dividend Focus ETF | 0.59% | October 26, 2023 |
| Defined Duration 5 ETF | 0.25% |  |
| Defined Duration 20 ETF | 0.25% |  |
| Warren Street Global Equity ETF | 0.60% |  |
| Warren Street Global Bond ETF | 0.40% |  |
| Alpha Architect US Equity 2 ETF | 0.15% |  |
| Alpha Architect US Equity Growth ETF | 0.25% |  |
| BufferLABS US Equity Dynamic Buffer ETF | 0.79% |  |
| DAC 3D Dividend Growth ETF | 0.65% |  |
| Manzil Russell Halal USA Broad Market ETF | 0.40% |  |
| Alpha Architect US Equity 3 ETF | 0.15% |  |
| Alpha Architect US Equity 4 ETF | 0.15% |  |
| Alpha Architect US Equity 5 ETF | 0.15% |  |
| Alpha Architect US Equity 6 ETF | 0.15% |  |
| Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 0.40% | December 12, 2023 |
| AOT Software Platform ETF | 0.49% |  |
| Avory Foundational Equities ETF | 0.89% |  |
| Sapient Quality Select ETF | 0.80% |  |
| Variant Perception Large Cap US Equity ETF | 0.80% |  |
| Avos Global Equities ETF | 0.50% |  |
| Cambria Endowment Style 2 ETF | 0.00% |  |
| Cambria US Large Cap Equity ETF | 0.25% |  |
| Cambria Global EW 2 ETF | 0.25% |  |
| Cambria Global EW 3 ETF | 0.25% |  |
| Sparkline International Intangible Value ETF | 0.55% | September 4, 2024 |
| Sparkline US Small Cap Intangible Value ETF | 0.50% | September 4, 2024 |
| Sparkline Emerging Markets Intangible Value ETF | 0.60% | September 4, 2024 |
| StockSnips AI-Powered Sentiment US All Cap ETF | 0.75% | March 9, 2024 |

---

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| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** | **<u>Original Effective Date</u>**<sup>1</sup> |
| Sophus Capital Emerging Market ETF | 0.65% |  |
| Sophus Capital Emerging Market Small Cap ETF | 0.85% |  |
| Moonvest ETF | 0.75% |  |
| EA Bridgeway Ultra-Small Company Market ETF | 0.73% |  |
| EA Bridgeway Select Small-Cap Value ETF | 0.79% |  |
| EA Bridgeway Aggressive Investors ETF | 0.73% |  |

---

<sup>1</sup> The Original Effective Date column only applies to Funds whose original advisory agreement has been consolidated into this Agreement subsequent to its effectiveness.

<sup>2</sup> The Fund's original advisory agreement has been consolidated into this Agreement subsequent to the Fund's commencement of operations.

<sup>3</sup> Effective January 14, 2025, the management fee was reduced from 0.94% to 0.50%.

<sup>4</sup> Formerly known as the Alpha Architect Value Momentum Trend ETF.

<sup>5</sup> Effective January 31, 2025, the Fund's management fee applies on the daily average net assets of the Fund that are not invested in Alpha Architect U.S. Quantitative Value ETF, Alpha Architect International Quantitative Value ETF, Alpha Architect U.S. Quantitative Momentum ETF, or Alpha Architect International Quantitative Momentum ETF, subject to a minimum management fee of 0.05%.

<sup>6</sup> Effective on the first anniversary of the Astoria US Enhanced Core Equity ETF's commencement of operations, the management fee will be 0.40%.

<sup>7</sup> Effective November 5, 2025, the Fund's management fee was reduced from 0.39% to 0.25%.

<sup>8</sup> Reflects 0.01% fee reduction effective February 1, 2026.

*(signature page follows)*

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IN WITNESS WHEREOF, the parties hereto have this Schedule A to be executed by their duly authorized officers as of March 6, 2026.

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| | | | |
|:---|:---|:---|:---|
| EMPOWERED FUNDS, LLC | EMPOWERED FUNDS, LLC | EA SERIES TRUST, on behalf of each Fund listed on this Schedule A | EA SERIES TRUST, on behalf of each Fund listed on this Schedule A |
| By: | /s/ Sean Hegarty | By: | /s/ Michael D. Barolsky |
| Name: | Sean Hegarty | Name: | Michael D. Barolsky |
| Title: | Chief Operating Officer | Title: | Vice President and Secretary |

---

## Ex-99.(D)(27)

**EA SERIES TRUST**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**among**

**Empowered Funds, LLC, Consilium Investment Management, LLC, and EA Series Trust**

This INVESTMENT SUB-ADVISORY AGREEMENT (the "<u>Agreement</u>") is made as of March 6, 2026 by and between **Empowered Funds, LLC**, a Pennsylvania limited liability company with its principal place of business at 3803 West Chester Pike, Suite 150, Newtown Square, PA 19073, doing business as ETF Architect (the "<u>Adviser</u>"), **EA Series Trust** (the "<u>Trust</u>"), and **Consilium Investment Management, LLC**, a Florida limited liability company with its principal place of business located at 2400 E Commercial Blvd, Suite 900, Fort Lauderdale, FL 33308 (the "<u>Sub-Adviser</u>").

**BACKGROUND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The Adviser has entered into an Investment Advisory Agreement with respect to the Trust series identified on Schedule A to this Agreement (each, a "<u>Fund</u>," and together, the "<u>Funds</u>") as such Schedule may be amended from time to time upon mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.The Sub-Adviser is registered as an investment adviser under the Advisers Act and is engaged in the business of supplying investment advice as an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.The Investment Advisory Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.The Sub-Adviser is willing to furnish the services described herein to the Adviser and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.This Background section and Schedule A are hereby incorporated into, and made a part of, this Agreement.

**TERMS:**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1.<u>Appointment of the Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund, subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust (the "<u>Board</u>"), and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

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2.<u>Sub-Advisory Services</u>. The Sub-Adviser shall have full discretionary authority for portfolio investment decisions for each Fund, including determining, from time to time, what securities and other financial instruments (and weightings) shall be purchased for each Fund, what securities and other financial instruments (and weightings) shall be held or sold by each Fund, and what portion of a Fund's assets shall be held in cash, subject always to (i) the provisions of the Trust's Agreement and Declaration of Trust, By-Laws and each Fund's prospectus and statement of additional information as set forth in the Trust's registration statement on Form N-1A (the "<u>Registration Statement</u>") under the 1940 Act, and under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), covering Fund shares, as filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), and (ii) the investment objectives, policies and restrictions of each Fund, as shall be from time to time in effect and such other limitations, policies and procedures as the Board or the Adviser may reasonably impose from time to time and provide in writing to the Sub-Adviser (the "<u>Investment Policies</u>"). No reference in this Agreement to the Sub-Adviser having full discretionary authority over each Fund's portfolio investment decisions shall in any way limit the right of the Board or the Adviser to establish or revise policies in connection with the management of a Fund's assets or to otherwise exercise its right to control the overall management of the Trust and each Fund.

The Sub-Adviser shall be responsible for promptly informing the Adviser of each portfolio investment decision for a Fund in writing pursuant to mutually agreed notification protocols. The Sub-Adviser shall be responsible and hereby undertakes to correctly submit any investment instructions to the Adviser, including (i) the identity of any such securities and/or financial instruments to be executed by the Adviser; (ii) the correct amount or percentage of the Fund's investment portfolio to be executed by the Adviser in a particular transaction; and (iii) the type of transaction to be executed by the Adviser (e.g., buy, sell, sell short). In turn, the parties understand and acknowledge that the Adviser will fully rely on such notifications to effect the security or other financial instrument trading execution for each Fund's portfolio investments. In the event the Adviser desires clarification on a particular Sub-Adviser notification, the Adviser will seek guidance from the Sub-Adviser prior to executing any such transaction.

The Adviser shall also retain such discretionary authority as it deems appropriate for effecting in-kind and other transactions of Fund portfolio investments vis-à-vis "creation units." The Sub-Adviser acknowledges that the Board retains ultimate authority over each Fund and may take any and all actions necessary and reasonable to protect the interests of Fund shareholders.

3.<u>Representations and Warranties of the Sub-Adviser</u>. The Sub-Adviser represents, warrants, and covenants to the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.The Sub-Adviser has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.The Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided its current Form ADV, including the firm brochure and applicable brochure supplements to the Adviser. The Sub-Adviser shall promptly furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.The Sub-Adviser will maintain each such registration, license or membership in effect at all times during the term of this Agreement and will obtain and maintain such additional

&nbsp;&nbsp;&nbsp;&nbsp;2

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governmental, self-regulatory, exchange or other licenses, approvals and/or memberships and file and maintain effective such other registrations as may be required to enable the Sub-Adviser to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.The Sub-Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall provide prior written notice to the Adviser and the Trust (i) of any material changes in its insurance policies or insurance coverage or (ii) if any material claims will be made on its insurance policies. Furthermore, the Sub-Adviser shall upon reasonable request provide the Adviser and the Trust with any information it may reasonably require concerning the amount of or scope of such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.None of the Sub-Adviser, its affiliates, or any officer, director or employee of the Sub-Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Sub-Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Sub-Adviser will promptly notify the Adviser and the Trust upon the Sub-Adviser's discovery of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.The Sub-Adviser has adopted, implemented and will maintain written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of the Advisers Act by the Sub-Adviser, its employees, officers, and agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.The Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser (the policies and procedures referred to in this <u>Section 3.7</u>, along with the policies and procedures referred to in <u>Section 3.6</u>, are referred to herein as the Sub-Adviser's "<u>Compliance Program</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.Upon reasonable notice to and reasonable request, the Sub-Adviser shall provide the Adviser and the Trust with access to the records relating to the Compliance Program as they relate to the Funds. The Sub-Adviser will also provide, at the reasonable request of the Adviser or the Trust, periodic certifications, in a form reasonably acceptable to the Adviser or the Trust, attesting to such written policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.The Sub-Adviser shall implement and maintain a business continuity plan and policies and procedures reasonably designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards as the Sub-Adviser reasonably believes are necessary to protect each Fund's confidential information and the nonpublic personal information of Fund shareholders. The Sub-Adviser shall promptly notify the Adviser and the Trust of any material violations or breaches of such policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.The Sub-Adviser will not engage in any futures transactions, options on futures transactions or transactions in other commodity interests on behalf of a Fund prior to both the Sub-Adviser and Adviser becoming registered or filing a notice of exemption on behalf of the Fund with the National Futures Association; and

&nbsp;&nbsp;&nbsp;&nbsp;3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.Upon the Adviser's request, the Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications required under each Fund's liquidity risk management program in accordance with Rule 22e-4 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12.The Sub-Adviser will notify the Adviser and the Trust of any assignment (as defined in the 1940 Act) of this Agreement prior to such assignment. Notwithstanding any other provision hereunder, the Sub-Adviser hereby agrees to bear any and all expenses of the Trust, including but not limited to any costs and expenses (including reasonable attorneys' fees) related to any regulatory filings, shareholder notifications and solicitation of shareholder approval, if any, arising out of or related to any such assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.The Sub-Adviser acknowledges and agrees that it has not received legal or regulatory advice from the Fund, the Adviser or any of their respective employees or representatives, and is not entitled to rely on any statements or omissions by such employees or representatives regarding applicable law or regulation in satisfying its obligations hereunder, including its obligation to comply with all applicable laws and regulations.

4.<u>Representations and Warranties of the Adviser</u>. The Adviser represents, warrants, and covenants to the Sub-Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.The Adviser has all requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.The Adviser is registered as an investment adviser under the Advisers Act. None of the Adviser, its affiliates, or any officer, manager, partner or employee of the Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Adviser will promptly notify the Sub-Adviser upon the Adviser's discovery of an occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended, the Commodity Exchange Act ("CEA") and the rules and regulations thereunder, as applicable, as well all other applicable federal and state laws, rules, regulations and case law that relate to the Adviser's services described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.The Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser, subject to approval and oversight of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.The Adviser further represents and warrants that it has received a copy of the Sub-Adviser's current Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.The Adviser has provided the Sub-Adviser with each Fund's most current prospectus and statement of additional information contained in the Trust's registration statement and the Investment Policies, as in effect from time to time. The Adviser shall promptly furnish to the Sub-Adviser copies of all material amendments or supplements to the foregoing documents;

&nbsp;&nbsp;&nbsp;&nbsp;4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.The Adviser or its delegate will provide timely information to the Sub-Adviser regarding such matters as inflows to and outflows from each Fund and the cash requirements of, and cash available for investment in, the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.The Adviser or its delegate will timely provide the Sub-Adviser with copies of monthly accounting statements for each Fund, and such other information as may be reasonably necessary or appropriate in order for the Sub-Adviser to perform its responsibilities hereunder.

5.<u>Compliance</u>. The Sub-Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the CEA and the respective rules and regulations thereunder, as applicable, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Sub-Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Registration Statement, as amended or supplemented, of the Funds, and with any policies, guidelines, instructions and procedures approved by the Board or the Adviser and provided to the Sub-Adviser. In selecting each Fund's portfolio securities and performing the Sub-Adviser's obligations hereunder, the Sub-Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Sub-Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board or the Adviser shall limit the Sub-Adviser's full responsibility for any of the foregoing.

6.<u>Proxy Voting</u>. The Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's portfolio investments to the Adviser with the authority to delegate such responsibility to sub-advisers.

7.<u>Brokerage</u>. The Sub-Adviser will have no brokerage responsibilities or authority under this Agreement, nor any authority to place or execute securities transactions on behalf of any of the Funds.

8.<u>Records/Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.<u>Recordkeeping</u>. The Sub-Adviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Funds, except as otherwise provided herein or as may be necessary for the Sub-Adviser to supply to the Adviser, the Board or the Trust's chief compliance officer (the "<u>Chief Compliance Officer</u>" or "<u>CCO</u>") the information required to be supplied under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.The Sub-Adviser shall maintain separate books and detailed records of all matters pertaining to Fund assets advised by the Sub-Adviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any administrator, sub-administrator, custodian or transfer agent appointed by the Funds) relating to its responsibilities provided hereunder with respect to the Funds, and shall preserve such records for the periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act (the "<u>Funds' Books and Records</u>").

&nbsp;&nbsp;&nbsp;&nbsp;5

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The Funds' Books and Records shall be available to the Adviser, the Board and the Chief Compliance Officer at any time upon request, shall be delivered to the Adviser upon the termination of this Agreement and shall be available without delay during any day the Adviser is open for business. The Sub-Adviser agrees that all accounts, books and other records maintained and preserved by it on behalf of the Fund hereby shall be subject at any time, and from time to time, to such periodic, special and other examinations by the Securities and Exchange Commission, the Fund's auditors, the Fund or any representative of the Fund (including, without limitation, the Fund's Chief Compliance Officer), the Adviser, or any governmental agency or other instrumentality having regulatory authority over the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.<u>Holdings Information and Pricing</u>. The Sub-Adviser agrees to immediately notify the Adviser if the Sub-Adviser reasonably believes that the value of any security held by a Fund may not reflect its fair value. The Sub-Adviser agrees to provide any pricing information of which the Sub-Adviser is aware to the Trust, the Board, the Adviser and/or any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Trust's valuation procedures for the purpose of calculating each Fund's net asset value in accordance with procedures and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.<u>Cooperation with Agents of the Trust</u>. The Sub-Adviser agrees to cooperate with and provide reasonable assistance to the Adviser, the Trust, the Chief Compliance Officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents and all other agents and representatives of the Trust, with respect to all such information related to the Funds as they may reasonably request from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.<u>Information and Reporting</u>. The Sub-Adviser shall provide the Adviser and the Trust, and its respective officers, with such periodic reports concerning the obligations the Sub-Adviser has assumed under this Agreement as the Board or the Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.<u>Notification of Breach/Compliance Reports</u>. The Sub-Adviser shall notify the Adviser immediately upon detection of any breach of this Agreement or any applicable law. The Sub-Adviser agrees to correct any such breach promptly, work with the Adviser and the Board to enable them to correct any such breach promptly, and otherwise to take any action that the Adviser or the Board may reasonably request in connection with any such breach. Upon request, the Sub-Adviser shall also provide the officers of the Trust with supporting certifications in connection with such certifications of Fund financial statements and the Trust's disclosure controls adopted pursuant to the SarbanesOxley Act of 2002 (the "<u>Sarbanes-Oxley Act</u>"), and the implementing regulations adopted thereunder, and agrees to inform the Trust of any material development related to a Fund that the Adviser reasonably believes is relevant to the Fund's certification obligations under the SarbanesOxley Act. The Sub-Adviser will promptly notify the Adviser in the event (i) the Sub-Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust or the Adviser (excluding class action suits in which a Fund is a member of the plaintiff class by

&nbsp;&nbsp;&nbsp;&nbsp;6

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reason of the Fund's ownership of shares in the defendant) or the compliance by the Sub-Adviser with the federal or state securities laws or (ii) an actual change in control of the Sub-Adviser resulting in an "assignment" (as defined in the 1940 Act) has occurred or is otherwise proposed to occur.-Adviser agrees to correct any such -Oxley Act of 2002 (the "-Oxley Act. The Sub-Adviser will promptly notify the Adviser in the event (Without limiting the foregoing, the Sub-Adviser shall promptly provide to the Trust's CCO the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a report of any material violations of the Sub-Adviser's Compliance Program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)on a quarterly basis, a report of any material changes to the policies and procedures that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a copy of the Sub-Adviser's chief compliance officer's report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)an annual (or more frequently as the CCO may reasonably request) representation regarding the Sub-Adviser's compliance with Section 3 of this Agreement.

The Sub-Adviser shall also provide the CCO with reasonable access, during normal business hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.<u>Board and Filings Information</u>. The Sub-Adviser will also provide the Adviser and the Board with any information reasonably requested regarding the management of the Funds required for any meeting of the Board, or for any shareholder report, amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The Sub-Adviser will make its officers and employees available to meet with the Board from time to time on reasonable notice to review its investment management services to the Funds in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board to evaluate this Agreement or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.<u>Transaction Information</u>. The Sub-Adviser shall furnish to the Adviser, the Board or a designee such information concerning recommended portfolio transactions as may be necessary to enable the Adviser, the Board or a designated agent to perform such compliance testing on the Funds and the Sub-Adviser's services as the Adviser may, in its sole discretion, determine to be appropriate. The provision of such information by the Sub-Adviser to the Adviser, the Board or a designated agent in no way relieves the Sub-Adviser of its own responsibilities under this Agreement.

9.<u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Adviser and Trust. The Sub-Adviser shall ensure that its Access Persons (as defined in the Sub-Adviser's Code of Ethics) comply in all material respects with the Sub-Adviser's Code of Ethics, as in effect from time to time. Upon request, the Sub-Adviser shall provide the Adviser and the Trust with (i) a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time, and (ii) a

&nbsp;&nbsp;&nbsp;&nbsp;7

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certification that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Sub-Adviser's Code of Ethics. Annually, the Sub-Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning the Sub-Adviser's Code of Ethics to the Adviser and Trust. The Sub-Adviser shall respond to requests for information from the Adviser and the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Sub-Adviser. The Sub-Adviser shall immediately notify the Adviser of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

10.<u>Custody</u>. Nothing in this Agreement shall permit the Sub-Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

11.<u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.<u>Sub-Advisory Fee</u>. During the term of this Agreement, the Sub-Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay to the Sub-Adviser or its designated paying agent, an annual sub-advisory fee based upon the amount of the daily average net assets of each Fund shown on Schedule A attached hereto, payable on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.The initial fee under this Agreement shall be payable on the first business day of the first month following the effective date of this Agreement with respect to a Fund and shall be prorated as set forth below. If this Agreement is terminated with respect to a Fund prior to the end of any calendar month, the sub-advisory fee shall be prorated for the portion of any month in which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect, bears to the number of calendar days in the month, and shall be payable within 30 days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.The Sub-Adviser shall look exclusively to the Adviser for payment of the sub-advisory fee.

12.<u>Non-Exclusivity</u>. The services to be rendered by the Sub-Adviser under the provisions of this Agreement are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Sub-Adviser, its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a Fund or to any other investment company, corporation, association, firm, entity or individual.

13.<u>Liability and Standard of Care</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.The Sub-Adviser shall fully and faithfully discharge all its obligations, duties and responsibilities pursuant to this Agreement, (i) solely in the best interest of the Fund and its shareholders, (ii) in good faith and with the due care, skill, prudence, and diligence under the circumstances then prevailing that a prudent, professional fiduciary investment adviser acting in a like capacity, would use in the conduct of an enterprise of a like character and with like aims, and (iii) otherwise in accordance with documents and instruments governing the Trust and each Fund. For the avoidance of doubt, the Sub-Adviser shall not deliberately use any procedure in discharging its obligations hereunder that it believes is inferior to the procedures employed by it for any other similarly situated account for which the Sub-Adviser discharges

&nbsp;&nbsp;&nbsp;&nbsp;8

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obligations (either alone or in conjunction with others) similar to those undertaken by the Sub-Adviser hereunder, except if there is a good faith basis, consistent with the standard of care under this Section 13.1, for the use of the procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.The Sub-Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Adviser or the Trust or any of the Adviser Indemnitees (as defined below) as a result of any error of judgment by the Sub-Adviser with respect to the Fund, except as may otherwise be provided by the 1940 Act or any other federal securities or commodities law and except as provided below. Nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Sub-Adviser for, and the Sub-Adviser shall indemnify and hold harmless the Trust, the Adviser, and all affiliated persons thereof within the meaning of Section 2(a)(3) of the 1940 Act (collectively, "<u>Adviser Indemnitees</u>"), against any and all losses, claims, damages, liabilities or litigation (including reasonable and documented legal and other expenses) to which any of the Adviser Indemnitees may become subject under the 1933 Act, the 1934 Act, the 1940 Act, the Advisers Act, the Code, the CEA, under any other statute, law, rule or regulation, at common law or otherwise, arising out of the Sub-Adviser's responsibilities hereunder (i) to the extent of and as a result of the willful misconduct, bad faith, fraud, negligence or breach of fiduciary duty by the Sub-Adviser, any of the Sub-Adviser's employees or representatives or any affiliate of or any person acting on behalf of the Sub-Adviser, or (ii) as a result of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund, including any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading, if such a statement or omission was made in reliance upon and in conformity with written information furnished by the Sub-Adviser to the Adviser, the Trust or any affiliated person of the Adviser or the Trust or upon verbal information confirmed by the Sub-Adviser in writing, or (iii) to the extent of, and as a result of, the failure of the Sub-Adviser to provide the services under this Agreement in accordance with the requirements of applicable law, including the 1940 Act, the Internal Revenue Code, the CEA, the Registration Statement and the Investment Policies, or (iv) as a result of any failure by the Sub-Adviser to exercise the standard of care set forth in Section 13.1 of this Agreement, or (v) any breach of this Agreement including without limitation the Investment Policies, the Registration Statement or any representation or warranty contained herein; provided, however, that in no case is the Sub-Adviser's indemnity in favor of any Adviser Indemnitee deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misconduct, bad faith or negligence in the performance of such person's duties or by reason of such person's reckless disregard of obligations and duties under this Agreement. Notwithstanding the foregoing, the Sub-Adviser shall bear no responsibility hereunder for actions taken or not taken by the Sub-Adviser in strict conformity with the specific direction of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.The Adviser shall not be liable for any losses, claims, damages, liabilities or litigation (including legal and other expenses) incurred or suffered by the Sub-Adviser or any of the Sub-Adviser Indemnitees (as defined below) as a result of any error of judgment or mistake of law by the Adviser with respect to the Fund, except as may otherwise be provided by the 1940 Act or any other federal securities or commodities law and except as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;9

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Nothing in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Adviser for, and the Adviser shall indemnify and hold harmless the Sub-Adviser and any affiliated person of the Sub-Adviser (collectively, "<u>Sub-Adviser Indemnitees</u>"), against any and all losses, claims, damages, liabilities or litigation (including reasonable and documented legal and other expenses), to which any of the Sub-Adviser Indemnitees may become subject under the 1933 Act, the 1934 Act, the 1940 Act, the Advisers Act, the Internal Revenue Code, the CEA, under any other statute, law, rule or regulation, at common law or otherwise, arising out of the Adviser's responsibilities as investment adviser of the Fund (i) to the extent of and as a result of the willful misconduct, bad faith, fraud or negligence by the Adviser, any of the Adviser's employees or representatives or any affiliate of or any person acting on behalf of the Adviser, or (ii) as a result of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, proxy materials, reports, advertisements, sales literature or other materials pertaining to the Fund, including any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statement therein not misleading, if such a statement or omission was made other than in reliance upon and in conformity with written information furnished by the Sub-Adviser, or any affiliated person of the Sub-Adviser or other than upon verbal information confirmed by the Sub-Adviser in writing; provided, however, that in no case is the Adviser's indemnity in favor of any Sub-Adviser Indemnitee deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misconduct, bad faith or negligence in the performance of such person's duties or by reason of its reckless disregard of such person's obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.The Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results, either relative or absolute, will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.For the avoidance of doubt, neither Fund shareholders nor the members of the Board shall be personally liable under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6.**The parties to this Agreement acknowledge and agree that no Trustee, officer or holder of shares of beneficial interest of the Fund shall be personally liable for any and all litigation arising hereunder, whether direct or indirect, and of any and every nature whatsoever. The Trust's Certificate of Trust, as amended from time to time, is on file in the Office of the Secretary of State of the State of Delaware. Such Certificate of Trust and the Trust's Agreement and Declaration of Trust describe in detail the respective responsibilities and limitations on liability of the Trustees, officers, and holders of shares of beneficial interest.**

14.<u>Term/Approval/Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.This Agreement shall become effective with respect to a Fund upon the commencement of the Sub-Adviser's management of the Fund if approved: (i) by a vote of the Board, including a majority of those trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement (the "<u>Independent Trustees</u>"), cast in person (or, if then-permitted by law, rule, or regulatory guidance, virtually) at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Fund's outstanding

&nbsp;&nbsp;&nbsp;&nbsp;10

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securities (to the extent required under the 1940 Act). This Agreement shall continue in effect with respect to a Fund for an initial period of two years thereafter, and may be renewed annually thereafter only so long as such renewal and continuance is specifically approved at least annually by the Board provided that in such event such renewal and continuance shall also be approved by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.No material amendment to this Agreement shall be effective unless the terms thereof have been approved as required by the 1940 Act. The modification of any of the non-material terms of this Agreement may be approved by the vote, cast in person (or, if then-permitted by law, rule, or regulatory guidance, virtually) at a meeting called for such purpose, of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.In connection with such renewal or amendment, the Sub-Adviser shall furnish such information as may be reasonably necessary by the Adviser or the Board to evaluate the terms of this Agreement and any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.This Agreement may be terminated at any time, without the payment of any penalty, by the Board, including a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities of a Fund, on sixty (60) days' written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60) days' written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of any penalty, in the event the Investment Advisory Agreement between the Adviser and the Trust is assigned (as defined in the 1940 Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice. This Agreement will also automatically terminate in the event of its assignment (as defined in the 1940 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC from the provisions of the 1940 Act pertaining to the subject matter of this subsection.

15.<u>Nonpublic Personal Information</u>. Notwithstanding any provision herein to the contrary, the Sub-Adviser agrees on behalf of itself and its directors, shareholders, officers, and employees (1) to treat confidentially and as proprietary information of the Adviser and the Trust (a) all records and other information relative to each Fund's prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation S-P ("<u>Regulation S-P</u>"), promulgated under the Gramm-Leach-Bliley Act (the "<u>G-L-B Act</u>"), and (2) except after prior notification to and approval in writing by the Adviser or the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing to the Sub-Adviser. Such written approval shall not be unreasonably withheld by the Adviser or the Trust and may not be withheld where the Sub-Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities.

&nbsp;&nbsp;&nbsp;&nbsp;11

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16.<u>Anti-Money Laundering Compliance</u>. The Sub-Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "<u>AML Laws</u>"), the Trust has adopted an Anti-Money Laundering Policy. The Sub-Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, as the same may apply to the Sub-Adviser, now and in the future. The Sub-Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Sub-Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

17.<u>Notices</u>. Any notice required or permitted to be given by a party to the other parties shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth on the first page of this Agreement, or such other address(es) as may be specified in writing by one party to the other parties.

18.<u>Marks</u>. The parties agree that as between the parties, the name of the Sub-Adviser, and any logo, trademark, service mark, or trade name (collectively, "Sub-Adviser's Marks") are the valuable property of the Sub-Adviser. The Sub-Adviser hereby grants the Adviser and the Trust the right to use the Sub-Adviser's Marks during the term of this Agreement.

The Adviser and the Trust agree that the manner of use of the Sub-Adviser's Marks shall be subject to Sub-Adviser's prior approval. The Adviser and Trust will provide for review any advertisement, sales literature, or notice prior to its use that makes reference to the Sub-Adviser or uses the Sub-Adviser's Marks so that the Sub-Adviser may review the manner and context in which it is referred to or its marks used, it being agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials for purposes of the 1940 Act or other applicable laws and regulations.

19.<u>Effect of Termination</u>. Upon termination of this Agreement, the Adviser and the Trust shall cease to use the Sub-Adviser's Marks for the purpose of advertising or for the purpose of generating any revenue or income without the written consent of the Sub-Adviser.

20.<u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors of the parties hereto.

21.<u>Third-Party Beneficiary</u>. Each Fund is an intended third-party beneficiary under this Agreement and is entitled to enforce this Agreement as if it were a party hereto.

22.<u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding voting securities;" "interested persons;" and "assignment" shall have the meaning defined in the 1940 Act or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations of the SEC staff.

23.<u>Entire Agreement and Amendments</u>. This Agreement represents the entire agreement among the parties with regard to the investment management matters described herein and may not be added

&nbsp;&nbsp;&nbsp;&nbsp;12

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to or changed orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

24.<u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.

25.<u>Choice of Law/Forum Selection</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act. The Adviser and Sub-Adviser consent to the jurisdiction of courts, state or federal, in Delaware County, Pennsylvania, with respect to any dispute under this Agreement.

26.<u>Section Headings</u>. The headings of sections contained in this Agreement are provided for convenience only, form no part of this Agreement and shall not affect its construction.

27.<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

28.<u>Series of EA Series Trust</u>. Each Fund is a series of the Trust, and the parties hereto acknowledge that each series established under the Trust has the power and authority under the Delaware Statutory Trust Act and the Declaration of Trust of the Trust to enter into contractual arrangements solely in the name of such series and undertake obligations or liabilities separate and apart from the obligations or liabilities of any other series of the Trust or the Trust generally.

[Signature Page Follows]

&nbsp;&nbsp;&nbsp;&nbsp;13

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IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

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| | |
|:---|:---|
| EMPOWERED FUNDS, LLC<br>By: <u>/s/ Sean Hegarty</u> <br>Name: <u>Sean Hegarty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>Chief Operating Officer&nbsp;&nbsp;&nbsp;&nbsp;</u> | EA SERIES TRUST<br>By: <u>/s/ Michael D. Barolsky</u> <br>Name: <u>Michael D. Barolsky&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title: <u>Vice President & Secretary</u> |
| CONSILIUM INVESTMENT MANAGEMENT, LLC<br>By: <u>/s/ Charles Cassel</u> <br>Name: <u>Charles Cassel</u><br>Title: <u>Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;</u> |  |

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&nbsp;&nbsp;&nbsp;&nbsp;14

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**SCHEDULE A**

**to the**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**Dated March 6, 2026**

**among**

**Empowered Funds, LLC, Consilium Investment Management, LLC, and EA Series Trust**

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser's services rendered, a fee, computed daily at an annual rate based on the daily net assets of the respective Fund in accordance with the following fee schedule:

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| | |
|:---|:---|
| **Sub-Advisory Fee Schedule** | **Sub-Advisory Fee Schedule** |
| Sophus Capital Emerging Market Small Cap ETF | 0.43% |
| Sophus Capital Emerging Market ETF | 0.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;15

## Ex-99.(I)

![image_0.jpg](image_0.jpg)

March 9, 2026

EA Series Trust

3803 West Chester Pike, Suite 150

Newtown Square, PA 19073

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| | |
|:---|:---|
| **RE:** | **Opinion of Counsel regarding the Registration Statement filed on Form N-1A under the Investment Company Act of 1940, as amended (the "1940 Act"), and Securities Act of 1933, as amended (the "Securities Act") (File Nos. 333-195493 and 811-22961)** |

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Ladies and Gentlemen:

We have acted as counsel to EA Series Trust (the "Trust"), a statutory trust organized under the laws of the state of Delaware and registered under the 1940 Act as an open-end series management investment company.

This opinion relates to the Trust's Registration Statement on Form N-1A (the "Registration Statement") and is given in connection with the filing with the U.S. Securities and Exchange Commission (the "Commission") of a post-effective amendment under the Securities Act and an amendment under the 1940 Act (collectively, the "Amendment"), each to the Registration Statement. The Amendment relates to the registration of an indefinite number of shares of beneficial interest (collectively, the "Shares"), with no par value per share, for new series of the Trust – the Sophus Capital Emerging Market ETF and Sophus Capital Emerging Market Small Cap ETF(the "Funds"). We understand that the Amendment is being filed with the Commission pursuant to the requirements of the Securities Act and that our opinion is required to be filed as an exhibit to the Registration Statement.

In reaching the opinions set forth below, we have examined, among other things, copies of the Trust's Restated Certificate of Trust, Agreement and Declaration of Trust, applicable resolutions of the Board of Trustees, and originals or copies, certified or otherwise identified to our satisfaction, of such other documents, records and other instruments as we have deemed necessary or advisable for purposes of this opinion. We have also examined the prospectus and statement of additional information for the Funds, substantially in the form in which they are being filed in the Amendment (collectively, the "Prospectus").

As to any facts or questions of fact material to the opinions set forth below, we have relied exclusively upon the aforesaid documents and upon representations and declarations of the officers or other representatives of the Trust. We have made no independent investigation whatsoever as to such factual matters.

The Prospectus provides for issuance of the Shares from time to time at the net asset value thereof, plus any applicable sales charge. In reaching the opinions set forth below, we have assumed that upon sale of the Shares, the Trust will receive the net asset value thereof.

We have also assumed, without independent investigation or inquiry, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;all documents submitted to us as originals are authentic; all documents submitted to us as certified or photostatic copies conform to the original documents; all signatures on all documents submitted to us for examination are genuine; and all documents and public records reviewed are accurate and complete; and

**&nbsp;&nbsp;&nbsp;&nbsp;**![image_2.jpg](image_2.jpg)

**PRACTUS, LLP**

11300 Tomahawk Creek Pkwy ● Ste. 310 ● Leawood, Kansas 66211

Practus.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;all representations, warranties, certifications and statements with respect to matters of fact and other factual information (i) made by public officers, or (ii) made by officers or representatives of the Trust are accurate, true, correct and complete in all material respects.

The Delaware Statutory Trust Act provides that shareholders of the Trust shall be entitled to the same limitation on personal liability as is extended under the Delaware General Corporation Law to stockholders of private corporations for profit. There is a remote possibility, however, that, under certain circumstances, shareholders of a Delaware statutory trust may be held personally liable for that trust's obligations to the extent that the courts of another state which does not recognize such limited liability were to apply the laws of such state to a controversy involving such obligations. The Agreement and Declaration of Trust provides that neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any shareholder, or to call upon any shareholder for the payment of any sum of money or assessment whatsoever other than such as the shareholder may at any time agree to pay. Therefore, the risk of any shareholder incurring financial loss beyond his investment due to shareholder liability is limited to circumstances if the Funds are unable to meet its obligations and the express limitation of shareholder liabilities is determined not to be effective.

Based on our review of the foregoing and subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares to be offered for sale pursuant to the Prospectus are duly and validly authorized by all necessary actions on the part of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;The Shares, when issued and sold by the Trust for consideration pursuant to and in the manner contemplated by the Agreement and Declaration of Trust and the Trust's Registration Statement, will be validly issued and fully paid and non-assessable, subject to compliance with the Securities Act, the 1940 Act, and the applicable state laws regulating the sale of securities.

We express no opinion as to any other matters other than as expressly set forth above and no other opinion is intended or may be inferred herefrom. The opinions expressed herein are given as of the date hereof and we undertake no obligation and hereby disclaim any obligation to advise you of any change after the date of this opinion pertaining to any matter referred to herein.

We consent to the filing of this opinion as an exhibit to the Registration Statement. In rendering this opinion and giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

Sincerely,

/s/ PRACTUS, LLP

Practus, LLP

![image_2.jpg](image_2.jpg)

**2**

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Post-Effective Amendment No. 589 and Amendment No. 592 to the Registration Statement on Form N-1A of EA Series Trust with respect to Sophus Capital Emerging Market ETF and Sophus Capital Emerging Market Small Cap ETF, each a series of shares of EA Series Trust, under the heading "Other Service Providers" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ **TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**March 9, 2026**

## Ex-99.(M)(1)(I)

**Amended Schedule I to the Distribution and Service Plan**

**As of March 6, 2026**

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| | | |
|:---|:---|:---|
| **Series** | **Fee Rate** | **Commencement Date** |
| Alpha Architect U.S. Quantitative Value ETF | 0.25% | October 21, 2014 |
| Alpha Architect International Quantitative Value ETF | 0.25% | December 16, 2014 |
| Alpha Architect U.S. Quantitative Momentum ETF | 0.25% | December 1, 2015 |
| Alpha Architect International Quantitative Momentum ETF | 0.25% | December 22, 2015 |
| Alpha Architect Global Factor Equity ETF | 0.25% | May 2, 2017 |
| Gadsden Dynamic Multi-Asset ETF | 0.25% | November 14, 2018 |
| Freedom 100 Emerging Markets ETF | 0.25% | May 22, 2019 |
| Freedom Day Dividend ETF | 0.25% | May 4, 2021 |
| Sparkline Intangible Value ETF | 0.25% | June 6, 2021 |
| Discipline Fund ETF | 0.25% | September 20, 2021 |
| Guru Favorite Stocks ETF | 0.25% | December 15, 2021 |
| Relative Sentiment Tactical Allocation ETF | 0.25% | May 18, 2022 |
| AOT Growth and Innovation ETF | 0.25% | June 28, 2022 |
| Strive U.S. Energy ETF | 0.25% | August 8, 2022 |
| Argent Mid Cap ETF | 0.25% | August 16, 2022 |
| Strive 500 ETF | 0.25% | September 14, 2022 |
| Altrius Global Dividend ETF | 0.25% | September 29, 2022 |
| Strive U.S. Semiconductor ETF | 0.25% | October 5, 2022 |
| Burney U.S. Factor Rotation ETF | 0.25% | October 13, 2022 |
| EA Bridgeway Blue Chip ETF | 0.25% | October 14, 2022 |
| Strive 1000 Dividend Growth ETF | 0.25% | November 9, 2022 |
| Strive 1000 Growth ETF | 0.25% | November 9, 2022 |
| Strive Small-Cap ETF | 0.25% | November 9, 2022 |
| Strive 1000 Value ETF | 0.25% | November 9, 2022 |
| Alpha Architect High Inflation and Deflation ETF | 0.25% | November 16, 2022 |
| Alpha Architect 1-3 Month Box ETF | 0.25% | December 27, 2022 |
| Strive Emerging Markets Ex-China ETF | 0.25% | January 30, 2023 |
| Alpha Architect Tail Risk ETF | 0.25% | August 14, 2023 |
| EA Bridgeway Omni Small-Cap Value ETF | 0.25% | March 10, 2023 |
| MKAM ETF | 0.25% | April 11, 2023 |
| Morgan Dempsey Large Cap Value ETF | 0.25% | April 25, 2023 |
| Bridges Capital Tactical ETF | 0.25% | May 10, 2023 |
| Euclidean Fundamental Value ETF | 0.25% | May 17, 2023 |
| Astoria US Equal Weight Quality Kings ETF | 0.25% | July 31, 2023 |
| Strive Enhanced Income Short Maturity ETF | 0.25% | August 9, 2023 |
| Strive Total Return Bond ETF | 0.25% | August 9, 2023 |
| Strive Natural Resources and Security ETF | 0.25% | August 30, 2023 |
| Bushido Capital US Equity ETF | 0.25% | September 13, 2023 |
| MarketDesk Focused U.S. Dividend ETF | 0.25% | September 19, 2023 |
| TBG Dividend Focus ETF | 0.25% | November 6, 2023 |
| Honeytree U.S. Equity ETF | 0.25% | November 6, 2023 |
| ARK 21Shares Active Bitcoin Futures Strategy ETF | 0.25% | November 13, 2023 |
| ARK 21Shares Active Ethereum Futures Strategy ETF | 0.25% | November 13, 2023 |

---

------

---

| | | |
|:---|:---|:---|
| ARK 21Shares Active On-Chain Bitcoin Strategy ETF | 0.25% | November 14, 2023 |
| ARK 21Shares Active Ethereum Futures Strategy ETF | 0.25% | November 14, 2023 |
| ARK 21Shares Active Bitcoin Ethereum Strategy ETF | 0.25% | November 14, 2023 |
| WHITEWOLF Publicly Listed Private Equity ETF | 0.25% | November 29, 2023 |
| Alpha Blue Capital US Small-Mid Cap Dynamic ETF | 0.25% | December 18, 2023 |
| CCM Global Equity ETF | 0.25% | January 17, 2024 |
| Keating Active ETF | 0.25% | March 26, 2024 |
| Strive Mid-Cap ETF | 0.25% | April 10, 2024 |
| StockSnips AI-Powered Sentiment US All Cap ETF | 0.25% | April 11, 2024 |
| Strive International Intangible Developed Markets ETF | 0.25% | June 25, 2024 |
| Draco Evolution AI ETF | 0.25% | July 9, 2024 |
| Sparkline International Intangible Value ETF | 0.25% | September 9, 2024 |
| Research Affiliates Deletions ETF | 0.25% | September 9, 2024 |
| Intelligent Alpha Atlas ETF | 0.25% | September 17, 2024 |
| Astoria US Quality Growth Kings ETF | 0.25% | September 30, 2024 |
| Astoria International Quality Growth Kings ETF | 0.25% | \* |
| Cambria Tax Aware ETF | 0.25% | December 17, 2024 |
| Cambria Global Shareholder Yield ETF | 0.25% | \* |
| Cambria Endowment Style ETF | 0.25% | \* |
| Alpha Architect US Equity ETF | 0.25% | \* |
| Alpha Architect International Equity ETF | 0.25% | \* |
| Alpha Architect 1-3 Year Box ETF | 0.25% | \* |
| Alpha Architect Aggregate Bond ETF | 0.25% | December 17, 2024 |
| Alpha Architect Intermediate-Term Treasury Bond ETF | 0.25% | \* |
| Alpha Architect Long-Term Bond ETF | 0.25% | \* |
| Alpha Architect Inflation-Protected Securities ETF | 0.25% | \* |
| Alpha Architect Real Estate ETF | 0.25% | \* |
| Coastal Compass 100 ETF | 0.25% | December 17, 2024 |
| Stance Sustainable Beta ETF | 0.25% | November 14, 2024 |
| WHITEWOLF Commercial Real Estate Finance Income ETF | 0.25% | \* |
| Sparkline Emerging Markets Intangible Value ETF | 0.25% | \* |
| Sparkline U.S. Small Cap Intangible Value ETF | 0.25% | \* |
| Intelligent Omaha ETF | 0.25% | \* |
| Intelligent Equal Select ETF | 0.25% | \* |
| Intelligent Tech Focus ETF | 0.25% | \* |
| Intelligent Small Cap ETF | 0.25% | \* |
| JLens 500 Jewish Advocacy U.S. ETF | 0.25% | \* |
| Matrix Advisors Value ETF | 0.25% | \* |
| Militia Long/Short Equity ETF | 0.25% | January 14, 2025 |
| Efficient Market Portfolio Plus ETF | 0.25% | December 11, 2024 |
| Efficient Market Portfolio Long ETF | 0.25% | \* |
| Sarmaya Thematic ETF | 0.25% | January 28, 2025 |
| MRBL Enhanced Equity ETF | 0.25% | January 21, 2025 |
| RockCreek Global Equality ETF | 0.25% | \* |
| Bastion Energy ETF | 0.25% | \* |
| Cambria Global EW ETF | 0.25% | \* |
| MarketDesk Focused US Momentum ETF | 0.25% | \* |

---

------

---

| | | |
|:---|:---|:---|
| Argent Focused Small Cap ETF | 0.25% | \* |
| Argent Large Cap ETF | 0.25% | \* |
| MC Trio Equity Buffered ETF | 0.25% | \* |
| Yoke Core ETF | 0.25% | \* |
| Bushido Capital US SMID Cap Equity ETF | 0.25% | \* |
| Dakota Active Equity ETF | 0.25% | \* |
| Amplius Aggressive Asset Allocation ETF | 0.25% | \* |
| Astoria Dynamic Core US Fixed Income ETF | 0.25% | \* |
| Astoria US Small Cap Quality Growth Kings ETF | 0.25% | \* |
| Astoria US Enhanced Core Equity ETF | 0.25% | \* |
| Suncoast Select Growth ETF | 0.25% | \* |
| Rainwater Equity ETF | 0.25% | \* |
| ARS Focused Opportunities Strategy ETF | 0.25% | \* |
| ARS Core Equity Portfolio ETF | 0.25% | \* |
| Cambria US EW ETF | 0.25% | \* |
| Cloverpoint Core Alpha US ETF | 0.25% | \* |
| Cloverpoint Core Alpha International ETF | 0.25% | \* |
| Cloverpoint Core Alpha Global ETF | 0.25% | \* |
| Cloverpoint Core Alpha Energy Transition ETF | 0.25% | \* |
| Concourse Capital Focused Equity ETF | 0.25% | \* |
| Castellan Targeted Equity ETF | 0.25% | \* |
| Castellan Targeted Income ETF | 0.25% | \* |
| RACWI US ETF | 0.25% | \* |
| Towle Value ETF | 0.25% | \* |
| Burney U.S. Equity Select ETF | 0.25% | \* |
| City Different Investments SMID Cap Core Equity ETF | 0.25% | \* |
| City Different Investments Global Equity ETF | 0.25% | \* |
| Arin Tactical Tail Risk ETF | 0.25% | \* |
| Defined Duration 5 ETF | 0.25% | \* |
| Defined Duration 20 ETF | 0.25% | \* |
| Warren Street Global Equity ETF | 0.25% | \* |
| Warren Street Global Bond ETF | 0.25% | \* |
| Alpha Architect US Equity 2 ETF | 0.25% | \* |
| Alpha Architect US Equity Growth ETF | 0.25% | \* |
| BufferLABS US Equity Dynamic Buffer ETF | 0.25% | \* |
| DAC 3D Dividend Growth ETF | 0.25% | \* |
| Manzil Russell Halal USA Broad Market ETF | 0.25% | \* |
| Alpha Architect US Equity 3 ETF | 0.25% | \* |
| Alpha Architect US Equity 4 ETF | 0.25% | \* |
| Alpha Architect US Equity 5 ETF | 0.25% | \* |
| Alpha Architect US Equity 6 ETF | 0.25% | \* |
| AOT Software Platform ETF | 0.25% | \* |
| Avory Foundational Equities ETF | 0.25% | \* |
| Sapient Quality Select ETF | 0.25% | \* |
| Variant Perception Large Cap US Equity ETF | 0.25% | \* |
| Avos Global Equities ETF | 0.25% | \* |
| Cambria Endowment Style 2 ETF | 0.25% | \* |

---

------

---

| | | |
|:---|:---|:---|
| Cambria US Large Cap Equity ETF | 0.25% | \* |
| Cambria Global EW 2 ETF | 0.25% | \* |
| Cambria Global EW 3 ETF | 0.25% | \* |
| Sophus Capital Emerging Market ETF | 0.25% | \* |
| Sophus Capital Emerging Market Small Cap ETF | 0.25% | \* |
| Moonvest ETF | 0.25% | \* |
| EA Bridgeway Aggressive Investors ETF | 0.25% | \* |
| EA Bridgeway Select Small-Cap Value ETF | 0.25% | \* |
| EA Bridgeway Ultra-Small Company Market ETF | 0.25% | \* |

---

\* The date the Fund commences investment operations.

## Ex-99.(P)(28)

![image_0b.jpg](image_0b.jpg)

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**CODE OF ETHICS**

**<u>December 31, 2025</u>**

------

This document contains confidential information created and maintained by Consilium Investment Management and should not be reproduced without prior written authorization.

**Table of Contents**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 1: Statement of Policy](#i85edbce4baf14441899507afec63f8fa) | [\\| 6](#i85edbce4baf14441899507afec63f8fa) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 2: Scope](#i95234f212f8a4e6bb339d4e5c1ff3f53) | [\\| 7](#i95234f212f8a4e6bb339d4e5c1ff3f53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i09b835da66c940a39f24c5162c68069a) | [\\| 7](#i09b835da66c940a39f24c5162c68069a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Persons Covered by the Code](#i354292a8af3d4984a79cc0ecf8f88b0d) | [\\| 7](#i354292a8af3d4984a79cc0ecf8f88b0d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Securities Covered by the Code](#i2e6f9c38f33a463ab9ed3f00374448d4) | [\\| 7](#i2e6f9c38f33a463ab9ed3f00374448d4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Accounts Covered by the Code](#i5ebc87e95758407b925ced51bb071f7d) | [\\| 8](#i5ebc87e95758407b925ced51bb071f7d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Indirect Interest or Control](#i243b21d093534c6195b71a05b671f778) | [\\| 8](#i243b21d093534c6195b71a05b671f778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Beneficial Interest or Control - Trusts](#i75af8b4145474ccb818a9baeeb7504ee) | [\\| 8](#i75af8b4145474ccb818a9baeeb7504ee) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 3: Statement of General Principles and Code of Conduct](#i6234d2a11e734dee857f0d41c518ebd2) | [\\| 9](#i6234d2a11e734dee857f0d41c518ebd2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i50957d64fbb448d0b3f022e18d8ff576) | [\\| 9](#i50957d64fbb448d0b3f022e18d8ff576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Code of Conduct](#i86ceb73f455b41b29c8bedcffaff7346) | [\\| 9](#i86ceb73f455b41b29c8bedcffaff7346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Compliance with Laws, Rules and Regulations](#i103c6df60cba496ba8e13cf265ea73dc) | [\\| 9](#i103c6df60cba496ba8e13cf265ea73dc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Corporate Opportunities](#i5f0a2060045a4bbfab047d0e445d2db8) | [\\| 10](#i5f0a2060045a4bbfab047d0e445d2db8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Competition and Fair Dealing](#i568d6e9687fe4a24b04d105c53d18340) | [\\| 10](#i568d6e9687fe4a24b04d105c53d18340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Confidentiality](#id66846e8cc684565ad68b50090b0b357) | [\\| 10](#id66846e8cc684565ad68b50090b0b357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Privacy of Client Financial Information](#i5265381a7e1f4d36a0abf56c99cc2d49) | [\\| 11](#i5265381a7e1f4d36a0abf56c99cc2d49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Protection and Proper Use of the Company's Assets](#ia50a1b9fd196446ba555aba0846c4878) | [\\| 11](#ia50a1b9fd196446ba555aba0846c4878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payments to Government Personnel](#ieca412c400034622a1cda3e026d54e59) | [\\| 11](#ieca412c400034622a1cda3e026d54e59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Waivers of the Code](#i061ab25de1a645a384e8158e9b9b5ff8) | [\\| 11](#i061ab25de1a645a384e8158e9b9b5ff8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Disclosures and Controls](#i7b7aecda7a0d41cb90cfde062342a9cc) | [\\| 11](#i7b7aecda7a0d41cb90cfde062342a9cc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Rumor Controls](#ie48f7340294c4bed870dd81b48f6fc6a) | [\\| 12](#ie48f7340294c4bed870dd81b48f6fc6a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Public Disclosure and Financial Reporting](#idbdc7231b0cb4b04bf154215def48126) | [\\| 12](#idbdc7231b0cb4b04bf154215def48126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 4: Fiduciary Capacity](#ied51b71966ec44d4ae96ccad912a779d) | [\\| 14](#ied51b71966ec44d4ae96ccad912a779d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i245fbd08cc604f92a732b732f0322f65) | [\\| 14](#i245fbd08cc604f92a732b732f0322f65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fiduciary Duty](#if7aa5a50a89e4407a3fce9444682c9cc) | [\\| 14](#if7aa5a50a89e4407a3fce9444682c9cc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fiduciary Principles](#i953d90ee763346baae20602e3776932f) | [\\| 14](#i953d90ee763346baae20602e3776932f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Best Execution](#ibe7d92fb2f8c4648beb18c4137b8d5df) | [\\| 15](#ibe7d92fb2f8c4648beb18c4137b8d5df) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 5: Insider Trading](#ifc9c0d053cd04e9899eac9edbefe4903) | [\\| 16](#ifc9c0d053cd04e9899eac9edbefe4903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i9363ae2836f747e5bda12a73961981d5) | [\\| 16](#i9363ae2836f747e5bda12a73961981d5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Who is an Insider?](#i64cda173c1e3431da266fd2be8477717) | [\\| 16](#i64cda173c1e3431da266fd2be8477717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[What is Material Information?](#ie5b1171aa7424490995f1fa842bf950f) | [\\| 17](#ie5b1171aa7424490995f1fa842bf950f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[What is Non-Public Information?](#i3207a795d51547a0b4ae7b04f2ac45e7) | [\\| 17](#i3207a795d51547a0b4ae7b04f2ac45e7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Protection of Material Non-Public Information](#i121e9613cde14b019c0c0dd2e8086f9a) | [\\| 17](#i121e9613cde14b019c0c0dd2e8086f9a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Penalties for Insider Trading](#i2f1f9c32f26744539e62882300be773f) | [\\| 18](#i2f1f9c32f26744539e62882300be773f) |

---

Page \| 2

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures to Implement Insider Trading Policy](#i9a3aaec6a4db4b0a851b33d2b416e6be) | [\\| 18](#i9a3aaec6a4db4b0a851b33d2b416e6be) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Restricted/Watch Lists](#idc5599750f13487a9ac364f0cc167b4c) | [\\| 19](#idc5599750f13487a9ac364f0cc167b4c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Violations](#i2699d1d217c847dea8da39d2f93656f9) | [\\| 19](#i2699d1d217c847dea8da39d2f93656f9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures](#i72e81d371e4e4b5296700ede3cbc917e) | [\\| 19](#i72e81d371e4e4b5296700ede3cbc917e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 6: Personal Securities Policy](#i4111fe6366e14eac881450fb0a7d2035) | [\\| 21](#i4111fe6366e14eac881450fb0a7d2035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[And Reporting](#ic278da56a4f84c6f86088e3796e0cc9f) | [\\| 21](#ic278da56a4f84c6f86088e3796e0cc9f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#icb22ca10e2a34dad9408afd34e16cdcf) | [\\| 21](#icb22ca10e2a34dad9408afd34e16cdcf) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Trading in Pre-Approved Stocks](#i0a9a8f30a4014ee89540a75f5455eadf) | [\\| 22](#i0a9a8f30a4014ee89540a75f5455eadf) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reporting Requirements](#i086ab9eb17b14b03b6f69846a1e72f31) | [\\| 22](#i086ab9eb17b14b03b6f69846a1e72f31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures for Initial and Annual Reporting of Personal Securities Holdings](#i44bbc6dff92d4573a325b336b89dc0fc) | [\\| 23](#i44bbc6dff92d4573a325b336b89dc0fc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures for Quarterly Reporting of Personal Securities Transactions](#i956b90f7841f4691b8a9160c3074e4ec) | [\\| 23](#i956b90f7841f4691b8a9160c3074e4ec) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reporting](#i8c0fc73a5f7446f986ea5a497c00f567) | [\\| 24](#i8c0fc73a5f7446f986ea5a497c00f567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[IPOs and Private Placements Policy Pre–clearance](#i754c6e66ede14a5199ddcab974ff0aa3) | [\\| 24](#i754c6e66ede14a5199ddcab974ff0aa3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exceptions to Reporting](#if6196ed4a48746898d0aa7788c29d840) | [\\| 24](#if6196ed4a48746898d0aa7788c29d840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures](#i055199020bcf4a90978b7d703df0491c) | [\\| 24](#i055199020bcf4a90978b7d703df0491c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Pre-Clearance of Personal Securities Transactions](#i5c092231a342456da353396bc7ecda09) | [\\| 25](#i5c092231a342456da353396bc7ecda09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 7: Outside Business Activities Policy and Reporting](#i10442c972b7440a5938556ab8f81ccc7) | [\\| 26](#i10442c972b7440a5938556ab8f81ccc7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#ic308350d9d7f47ee9828e814b55988db) | [\\| 26](#ic308350d9d7f47ee9828e814b55988db) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Outside Business Activities](#i4c447f64f58445a59bc7850f1b1d40b1) | [\\| 26](#i4c447f64f58445a59bc7850f1b1d40b1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Preapproval](#i7807df906e71487a8355fc4b04954bfa) | [\\| 26](#i7807df906e71487a8355fc4b04954bfa) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Executor/Trustee](#if8fa7c7aeb9c4d6f9f8da36067cc3904) | [\\| 26](#if8fa7c7aeb9c4d6f9f8da36067cc3904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures](#i9eadb935886742adb677418900e01098) | [\\| 26](#i9eadb935886742adb677418900e01098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 8: Gifts and Entertainment Policy](#i0a7ed7c7826a4a458698bef7042d467d) | [\\| 27](#i0a7ed7c7826a4a458698bef7042d467d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i8c1259a0cb9b432cb254493b023fa3a3) | [\\| 27](#i8c1259a0cb9b432cb254493b023fa3a3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Gifts and Entertainment](#i37188489c83249a08a7172329d0c7488) | [\\| 27](#i37188489c83249a08a7172329d0c7488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 9: Conflict of Interest](#i8dd444943af94edfad09591fa3116550) | [\\| 28](#i8dd444943af94edfad09591fa3116550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 10: Other Transactions](#i19191b8ef9f8483a9fd6a06e58a0a884) | [\\| 29](#i19191b8ef9f8483a9fd6a06e58a0a884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 11: Social Media and Networking Policy](#iffa0eb9da8834c8c8d2e2c245ea2139d) | [\\| 30](#iffa0eb9da8834c8c8d2e2c245ea2139d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i6872b4f33e444a8fbdf781eea8be9fe2) | [\\| 30](#i6872b4f33e444a8fbdf781eea8be9fe2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Policy](#i37b878cd7e4e4ae094de53bb7cfe2a6f) | [\\| 30](#i37b878cd7e4e4ae094de53bb7cfe2a6f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures](#idf35266b31a046a79917bf2894838c4a) | [\\| 32](#idf35266b31a046a79917bf2894838c4a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 12: Political Contributions Policy and Reporting](#iebf55d9bff7743bfbfa16cbdb85e133f) | [\\| 33](#iebf55d9bff7743bfbfa16cbdb85e133f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#iad654f8364b44a35a48e886f48c4251e) | [\\| 33](#iad654f8364b44a35a48e886f48c4251e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Background](#i08da889e1e724364abc23ca5b9eeac91) | [\\| 33](#i08da889e1e724364abc23ca5b9eeac91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Policy](#i9269938e93d7408b9b287ca4299122cf) | [\\| 34](#i9269938e93d7408b9b287ca4299122cf) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 13: Code of Ethics Acknowledgements](#ia42d7b87ef524fa1b550751dc3e94a89) | [\\| 38](#ia42d7b87ef524fa1b550751dc3e94a89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i01c796b2e5d04f81b6a237ceb43277a4) | [\\| 38](#i01c796b2e5d04f81b6a237ceb43277a4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Acknowledgements](#ia0bead28f46941a8b5caa3a06877d24a) | [\\| 38](#ia0bead28f46941a8b5caa3a06877d24a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Procedures](#i375e5a931ec14a34a121447a124586a9) | [\\| 38](#i375e5a931ec14a34a121447a124586a9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 14: Form ADV Disclosure](#i1b3b295ebe064ae0b74fea5d1a5408c7) | [\\| 39](#i1b3b295ebe064ae0b74fea5d1a5408c7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#ie736bd47091a49b98f73e37b46bbe8a9) | [\\| 39](#ie736bd47091a49b98f73e37b46bbe8a9) |

---

Page \| 3

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 15: Violations and Sanctions](#i044de6ef485d450dacc4020417c2460e) | [\\| 40](#i044de6ef485d450dacc4020417c2460e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i3718754e96504f2499b0b33def71a895) | [\\| 40](#i3718754e96504f2499b0b33def71a895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reporting any Illegal or Unethical Behavior or Violations of this Code](#if24c2229be2a4cc0bc17297a521115e9) | [\\| 40](#if24c2229be2a4cc0bc17297a521115e9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sanctions](#i4e2f6f72e6dc4dc3aa734a9882fb499d) | [\\| 40](#i4e2f6f72e6dc4dc3aa734a9882fb499d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Enforcement of this Code](#i922cfa24a25d4786939fdca48813f965) | [\\| 40](#i922cfa24a25d4786939fdca48813f965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 16: Whistleblower Policy](#id954d97c59e64bbbbac586730ffe8f92) | [\\| 41](#id954d97c59e64bbbbac586730ffe8f92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i5acfb8a77a82483eba80d6a1b5f0fb31) | [\\| 41](#i5acfb8a77a82483eba80d6a1b5f0fb31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[General](#ie2a6238e7e5741a896f2fa5b556d0c37) | [\\| 41](#ie2a6238e7e5741a896f2fa5b556d0c37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reporting Responsibility](#icf674b1fb18a4ba9b614b38f5ccf3d43) | [\\| 41](#icf674b1fb18a4ba9b614b38f5ccf3d43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[No Retaliation](#iaf3b297e280348c5b2253a7dd3c6bfab) | [\\| 41](#iaf3b297e280348c5b2253a7dd3c6bfab) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reporting Violations](#i437ab3485eb74f2a975eabfb47c192d7) | [\\| 41](#i437ab3485eb74f2a975eabfb47c192d7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CCO](#i96b0b2512dd7496094099ddbd52cbf64) | [\\| 41](#i96b0b2512dd7496094099ddbd52cbf64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Accounting and Auditing Matters](#i18dff404bf754bf0b7ad7f76be4507d4) | [\\| 42](#i18dff404bf754bf0b7ad7f76be4507d4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Acting in Good Faith](#i419a58511ced45b6825019e63dbc982f) | [\\| 42](#i419a58511ced45b6825019e63dbc982f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Confidentiality](#i7f0927abd70949a68d64b9a50fea7a9c) | [\\| 42](#i7f0927abd70949a68d64b9a50fea7a9c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Handling of Reported Violations](#i15740ac76cd64d2b8fcac1f20d54f5b7) | [\\| 42](#i15740ac76cd64d2b8fcac1f20d54f5b7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Retention of Complaints](#i2ae1f01f5d43405082768411ae7020a8) | [\\| 43](#i2ae1f01f5d43405082768411ae7020a8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 17: Global Anti-Corruption Policy](#ic730798b4cd0447daa6b8aa0da82cddd) | [\\| 44](#ic730798b4cd0447daa6b8aa0da82cddd) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Overview of Global Anti-Corruption Laws](#i9e73b13da15a4eb090ae9af890bbfd80) | [\\| 45](#i9e73b13da15a4eb090ae9af890bbfd80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Policy Guidelines](#ib7e0e836a2bd426eb18af257100829fc) | [\\| 46](#ib7e0e836a2bd426eb18af257100829fc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Obligations of Supervised Persons](#i56fa50ddc5cf481f951c81d587ed4761) | [\\| 48](#i56fa50ddc5cf481f951c81d587ed4761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 18: Compliance Oversight](#ic1afb5b4cfe348798efa56d4a81f45c0) | [\\| 49](#ic1afb5b4cfe348798efa56d4a81f45c0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i4285d5b6cb2e4b18911b1b9b9924dbe6) | [\\| 49](#i4285d5b6cb2e4b18911b1b9b9924dbe6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Section 19: Recordkeeping](#i85e44c939ef44ad9833690b454fadb2a) | [\\| 50](#i85e44c939ef44ad9833690b454fadb2a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Relevant Exhibits](#i6d37fce87f07433084f70bd28465d691) | [\\| 50](#i6d37fce87f07433084f70bd28465d691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[EXHIBITS](#idb34ab6a3068405e904badc99d083838) | [\\| 51](#idb34ab6a3068405e904badc99d083838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit A – Covered Persons](#iad9012812fa6434a98082df1d24d4bf6) | [\\| 52](#iad9012812fa6434a98082df1d24d4bf6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit B – Definitions](#ibf057f6d8e4042dba0c2d331714d1305) | [\\| 53](#ibf057f6d8e4042dba0c2d331714d1305) |

---

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**<u>Code of Ethics_______________________________________________</u>**

The Investment Advisers Act of 1940 (Advisers Act) requires all Securities and Exchange Commission (SEC) registered investment advisers to adopt Codes of Ethics.

Consilium Investment Management, LLC ("CIM" or "Company") as an investment adviser is a fiduciary that owes its clients a duty of undivided loyalty. In order to educate our employees, protect the reputation of the Company and guard against violating the securities laws, both federal and state, CIM is adopting this Code of Ethics (the "Code") to establish standards of conduct to which its employees must adhere. In addition, the Code of Ethics addresses personal securities trading and requires reporting of personal holdings and securities transactions of certain employees.

The person named below is responsible for compliance with all regulatory jurisdictions' rules and regulations, (which includes the administration of this Code), the Company's internal policies and procedures, and the overall supervision of Covered Persons.

**Mr. Charles T. Cassel III**

**Managing Director, Chief Financial Officer,** 

**And Chief Compliance Officer**

**Consilium Investment Management, LLC**

**2400 E. Commercial Blvd, Suite 900**

**E-mail: ccassel@consimllc.com**

 **(954) 315-9381**

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**<u>Section 1: Statement of Policy</u>**

It is the policy of CIM to establish such procedures and guidelines governing the conduct of its business to prevent actual or potential conflicts of interest with its clients and to prevent violations of securities laws or other duties owed to clients.

In addition to the Company's fiduciary duty to its clients which requires each employee to act solely for the benefit of the clients, employees also have a duty to act in the best interests of the Company. Therefore, it is in the best of interests of CIM to avoid potential conflicts of interest, or even the appearance of such conflicts, in the conduct of our officers and employees.

While it is impossible to define all the situations which might pose a risk of securities laws violations or create conflicts, this Code is designed to address those circumstances where such concerns are most likely to arise. By complying with the guidelines below, the Company's employees can minimize their and the Company's potential exposure to violations of securities laws, prevent fraudulent activity and reinforce fiduciary principles.

Failure to comply with the provisions of this Code is a ground for disciplinary action, including discharge, by the Company. Adherence to the Code is considered a basic condition of your employment with the Company. If you have any doubt as to the propriety of any activity, you should consult with the person charged with the administration of this Code, who is the Company's Chief Compliance Officer ("CCO"), Charles T. Cassel III.

&nbsp;&nbsp;&nbsp;&nbsp;

A copy of this Code and any amendments will be provided to each supervised person (as defined in the Investment Advisers Act of 1940). Each person must acknowledge in writing the receipt of these copies. "Supervised Person" means any partner, Officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

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**<u>Section 2: Scope</u>**

**<u>Relevant Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit A** – List of Covered Persons

**<u>Persons Covered by the Code</u>**

The Code applies to Covered Persons, as defined below.

Supervised Persons are defined in Section 202(a) (25) of the Advisers Act as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Directors, officers, and partners (or other persons occupying a similar status or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Any other person who provides advice on behalf of the investment adviser and is subject to the investment adviser's supervision and control.

Supervised Persons include a subset, Access Persons, who are subject to personal securities reporting requirements. Access Persons are defined as any of the Company's Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Who have access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Fund the Company or its control affiliates manage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Who are involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

Note that under this last clause, even if an employee has no involvement in making recommendations, he or she may become an Access Person simply by learning of recommendations or decisions being made by CIM in the course of his/her employment duties.

The Company's directors are presumed to be Access Persons. However, certain directors of the Company may not be considered Access Persons if they do not otherwise fall under the definition of an Access Person.

The Company has elected to subject all Covered Persons to the provisions of this Code. All ***<u>Covered Persons</u>*** are listed on **Exhibit A** to this Code.

**<u>Securities Covered by the Code</u>**

A **Covered Security** includes any instrument that is considered a Security under the Advisers Act ***<u>except</u>*** the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Direct obligations of the U.S. government (e.g., treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short–term debt obligations, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Shares of open–end mutual funds that are not advised or sub–advised by the Company or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Shares issued by unit investment trusts that are invested exclusively in one or more open–end funds, none of which are funds advised or sub–advised by the Company or its affiliates; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Shares of ETFs held in college savings plans (529 Plans).

**<u>Accounts Covered by the Code</u>**

The Code applies to Accounts over which the Covered Person has ***<u>direct or indirect</u> <u>beneficial interest or control</u>***. The Company's Code requires a Covered Person to submit reports on all Covered Securities in all Covered Accounts.

***<u>Covered Persons have an interest in securities if they have the ability to directly or indirectly profit from a securities transaction.</u>***

**<u>Indirect Interest or Control</u>**

The following are examples of indirect interest or control of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Securities held by members of Covered Persons' immediate family sharing the same household. Immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. Adoptive relationships are included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Covered Persons' interests as a general partner in securities held by a general or limited partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Covered Persons' interests as a manager/member in the securities held by a limited liability company.

Covered Persons have ***<u>no</u>*** indirect interest in securities held by entities in which they hold an equity interest *<u>unless</u>* they are a controlling equity holder or they share investment control over the securities held by the entity.

**<u>Beneficial Interest or Control - Trusts</u>**

The following are examples of beneficial interest in securities held by a trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Ownership of securities as a trustee where either the Covered Person or members of the Covered Persons' immediate family have a vested interest in the principal or income of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Ownership of a vested beneficial interest in a trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A Covered Person's status as a settlor/grantor of a trust, unless the consent of all of the beneficiaries is required in order for the Covered Person to revoke the trust.

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**<u>Section 3: Statement of General Principles and Code of Conduct</u>**

**<u>Relevant Exhibits</u>**

None

&nbsp;&nbsp;&nbsp;&nbsp;

The Company is dedicated to providing effective and proper services to its clients and depends upon a high level of public and client confidence for its success. That confidence can be maintained only if the Company's Covered Persons maintain the highest standards of ethical behavior in the performance of their duties.

Covered Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Place interests of clients first, and must scrupulously avoid serving their own interests ahead of those of the clients when making any decision relating to personal investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Not take inappropriate advantage of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Keep information concerning client's investments confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Always provide professional investment management advice based upon unbiased independent judgment.

These principles govern ***<u>all conduct</u>*** by Covered Persons whether or not such conduct is covered by specific procedures.

**<u>Code of Conduct</u>**

The Advisers Act requires the Company's Code of Ethics to set forth a standard of business conduct required of all Covered Persons. As an investment advisor, the Company acknowledges that it is performing its obligations from a position of trust and fiduciary responsibility to its clients. This Code covers a wide range of business practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide all employees of the Company. All employees, partners, officers, directors and consultants (including those of under contractual obligation to the Company; hereafter collectively referred to as 'employees') must conduct themselves accordingly.

Employees must not only observe acceptable general principles of conduct and specific requirements surrounding personal trading and reporting, but must comply with applicable federal and state laws. The applicable regulations may include the Securities Act, the Investment Advisors Act, the Exchange Act as well as other regulations adopted by the Securities and Exchange Commission and other regulators. In the unexpected situation where a law conflicts with a policy in this Code or if an Employee has any questions about any potential conflicts, Employees should ask their manager, the Chief Compliance Officer (CCO) or other appropriate person how to handle the situation. Situations which arise where the Employee believes there is a conflict in actions required or requested between the code and the law must be immediately brought to the attention of the CCO.

The Company believes that these general principals to be detailed in this acknowledgement will assist the Company in fulfilling its fiduciary responsibilities as well as protect the integrity and reputation of the Company and its employees. Those who violate the standards in this Code will be subject to disciplinary action, up to and including termination of employment or other service or actions to remove the individual as an employee (refer to the full definition of employee set out above).

**<u>Compliance with Laws, Rules and Regulations</u>**

Obeying the law, both in letter and in spirit, is the foundation on which the Company's ethical standards are built. All employees of the Company must respect, obey and comply with all applicable governmental

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laws, rules and regulations, including those of the cities and states in which the Company operates. Although not all employees of the Company are expected to know the details of these laws, rules and regulations, it is important to know enough to determine when to seek advice from the CCO.

The Company will hold information and training sessions at least annually to promote compliance with laws, rules and regulations, including insider-trading laws at least annually.

<br>CIM's directors, officers, or employees may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;In communicating with the Company or any of its customers, counterparties or regulators, make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made accurate and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Engage in any act, practice or course of business which operates or could operate as a fraud or deceit upon the Company, any of its customers, counterparties or regulators, or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Cause the Company to violate any laws, rules and regulations applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Buy or sell securities of any issuer when in possession of material nonpublic information relating to the issuer, or recommend that another person buy, sell or hold the securities of such issuer.

**<u>Corporate Opportunities</u>**

Employees of the Company are prohibited from personally taking for themselves, opportunities that are discovered through the use of corporate property, information or position without the consent of the Managing Directors. No employee of the Company may use corporate property, information, or position for improper personal gain. Employees of the Company owe a duty to the Company to advance its legitimate interests when the opportunity to do so arises.

**<u>Competition and Fair Dealing</u>**

The Company seeks to outperform the competition fairly and honestly. Stealing proprietary information, possessing trade secret information that was obtained without the owner's consent, or inducing such disclosures by past or present employees of other companies is prohibited. Each employee of the Company should endeavor to respect the rights of and deal fairly with the Company's customers, suppliers, competitors, employees, officers and directors. No employee of the Company should take unfair advantages of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other intentional unfair-dealing practice. Any violation of this Code will subject the employee to sanctions that may include termination of employment.

**<u>Confidentiality</u>**

Employees of the Company must maintain the confidentiality of confidential information entrusted to them by the Company or its customers, except when disclosure is authorized by a company officer or legal counsel, or required by laws, rules or regulations. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its customers, if disclosed. It also includes information that suppliers and customers have entrusted to us. The obligation to preserve confidential information continues even after employment or other service ends. Any violation of the confidentiality portion of this Code will be cause for termination of employment. For additional details please refer to the Company's policy on Safeguarding Client Information.

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**<u>Privacy of Client Financial Information</u>**

The Company will not disclose any nonpublic personal information about a client to any nonaffiliated third party unless the client expressly gives permission to the Company to do so. The client must grant such permission or deny permission to the Company in writing. A copy of the permission/denial document will be filed in the client file. The permission/denial should be part of the client application.

The Company will ensure that in all dealings with third parties that the privacy policy, as articulated in the Company's Compliance Manual, will be followed.

**<u>Protection and Proper Use of the Company's Assets</u>**

All employees of the Company should endeavor to protect the Company's assets and ensure their efficient use. Theft, carelessness, and waste have a direct impact on the Company's profitability. Any suspected incident of fraud or theft should be immediately reported for investigation. Company equipment should not be used for non-Company business, though incidental personal use may be permitted.

The obligation of employees of the Company to protect the Company's assets includes its proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business, marketing and service plans, engineering and manufacturing ideas, designs, databases, records, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information would violate Company policy. It could also be illegal and result in civil or even criminal penalties.

**<u>Payments to Government Personnel</u>**

The U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. It is strictly prohibited to make payments to government officials of any country.

In addition, the U.S. government has a number of laws, rules and regulations regarding business gratuities which may be accepted by U.S. government personnel. The promise, offer or delivery to an official or employee of the U.S. government of a gift, favor or other gratuity in violation of these rules would not only violate Company policy but could also be a criminal offense. State and local governments, as well as foreign governments, may have similar rules. The CCO can provide guidance in this area. Policies regarding political contributions to state and local elections are covered in Section 12 of this Code.

**<u>Waivers of the Code</u>**

Any waiver of this Code may be made only by unanimity of the Managing Directors and will be promptly disclosed as required by law or regulation.

Waivers for one Managing Director may be made only by the other Managing Director. The Company will publicly report all waivers which apply to the Company's Managing Directors as required by applicable laws and regulations.

**<u>Disclosures and Controls</u>**

All employees of the Company are responsible for full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the SEC, other regulatory bodies and in other public communications made by the Company.

The Form ADV requires the reporting of past disciplinary actions taken against all "advisory affiliates." The term "advisory affiliates" includes directors and chief officers of an advisor; individuals who have the power to direct or cause the direction of the management or policies of a company; and all current employees except those performing only clerical administrative, support or similar functions. Many advisory affiliates must also provide biographical information which must be reported to the SEC.

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All advisory representatives are required to provide full information to the Company as to all relevant past disciplinary actions taken against them and, if necessary, to provide full biographical information. If any of the information previously provided becomes inaccurate or needs to be updated to make it accurate, it shall be your obligation to bring this to the attention of the CCO.

**<u>Rumor Controls</u>**

In conjunction with any and all SEC compliance requirements, CIM will not tolerate and forbids any form of manipulative or false rumors or gossip being created, transmitted or spread in any medium or to any entity, by any employee. Such rumors can unduly and unfairly affect pricing, valuation and trading of investment instruments. The creation of, spreading or furtherance of any type of such manipulative or false rumor, in any form or medium, to any person or entity, shall be cause for immediate dismissal from the Company for any and all employees that are involved in any way with such information. This includes, but is not limited to the creation, use, possession of any type of manipulative or suspect messages, paragraphs, comments, words or language in any type of medium, including written documents, electronic communications, (Email, PIN messages, instant messages, text messages, blogs, chat rooms, and PDA's) and phone messages. If the existence, or possible existence of any type of manipulative/false rumor is suspected/detected by any employee, he/she shall immediately report such incident directly to his/her supervisor, the CCO and/or a Managing Director. The CCO will immediately investigate the possible existence and veracity of such rumor, its origin, destination, and materiality. Further, as a regular policy and practice, the CCO will continually monitor and check all types of communications for detection of any such malicious and/or false rumors being created within or being received by CIM.

**<u>Public Disclosure and Financial Reporting</u>**

The Company requires that the information in its public communications, including SEC filings, be full, fair, accurate, timely and understandable. All directors, officers and employees who are involved in the Company's disclosure process, including the Managing Directors, are responsible for acting in furtherance of this policy. In particular, these individuals are required to maintain familiarity with the disclosure requirements applicable to the Company and are prohibited from knowingly misrepresenting, omitting, or causing others to misrepresent or omit, material facts about the Company to others, whether within or outside the Company, including the Company's independent auditors. In addition, any director, officer or employee who has a supervisory role in the Company's disclosure process has an obligation to discharge his or her responsibilities diligently.

The Company's Managing Directors are required to establish and manage the Company's reporting systems and procedures to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Business transactions are properly authorized and accurately recorded on the Company's books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The Company's records are maintained in accordance with applicable <br>&nbsp;&nbsp;&nbsp;&nbsp;legal and regulatory requirements and Company policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Periodic reporting and communications are communicated in a manner that offers the highest degree of clarity and meaning so that readers will be able to determine the significance and potential consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Personnel dealing with the finances of the Company are informed as to rules and regulations that affect the financial operation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The financial operation of the Company is monitored as to compliance with any applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Any identified error is corrected in a timely manner.

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**<u>Section 4: Fiduciary Capacity</u>**

**<u>Relevant Exhibits</u>**

None

**<u>Fiduciary Duty</u>**

Pursuant to *Section 206 of the Advisers Act*, both the Company and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. Compliance with this Section involves more than acting with honesty and good faith alone. It means that the Company has an affirmative duty of utmost good faith to act solely in the best interest of its clients.

**<u>Fiduciary Principles</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Disinterested Advice.** The Company must provide advice that is in the client's best interest and all personnel must not place their interests ahead of the client's interests under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Written Disclosures.** Both the Disclosure Brochure (Form ADV Part 2) and the Company's Client Advisory Agreement must include language detailing all material facts regarding the Company, the advisory services rendered, compensation and conflicts of interest. It is the responsibility of the CCO to ensure that all clients are provided with these documents and that they contain the proper disclosure language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Oral Disclosures.** Where regulations require specific oral disclosures to be provided to clients, the CCO should review with all personnel the proper manner in which to affect such disclosures, as well as establish procedures for monitoring compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Conflicts of Interest.** All personnel must disclose any potential or actual conflicts of interest when dealing with clients. For example, if investment advice includes transaction recommendations that would be executed through the Company or an affiliate of the Company, then the advice given would be subject to a potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Confidentiality.** Client records and financial information must be treated with strict confidentiality. Under no circumstances should any such information be disclosed to any third party that has not been granted a legal right from the client to receive such information; required by regulators or legal authorities; or service providers on a need-to-know basis entering into confidentiality agreements with a required reason to have temporary access (i.e. administrator)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Fraud.** Engaging in any fraudulent or deceitful conduct with clients or potential clients is strictly prohibited. Examples of fraudulent conduct include, but are not limited to: misrepresentation; nondisclosure of fees; and, misappropriation of client funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Fiduciary Obligations.** The Company and its employees are subject to the following specific fiduciary obligations when dealing with clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The duty to have a reasonable, independent basis for the investment advice provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The duty to obtain best execution for a client's securities transactions where the a covered person is in a position to direct brokerage transactions for that client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The duty to ensure that investment advice is suitable to meeting the client's individual objectives, needs, and circumstances; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.A duty to be loyal to client interests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Fiduciary Obligations under ERISA.** The Company, either directly with clients or through client ownership of managed private investment companies, does not manage ERISA assets. The CCO is aware of the definition and requirements involving ERISA assets, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Defined.** Under ERISA, a fiduciary is any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.exercises discretionary authority or control involving the management or disposition of plan assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.renders investment advice for a fee; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.has any discretionary authority or responsibility for the administration of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Requirements.** Where the Company acts as a fiduciary under ERISA, it must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.act solely in the interests of the participant and their beneficiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.offset the expenses of administration of the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.act with the care, skill, prudence, and diligence that a prudent man would use in the same situation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.diversify plan investments to reduce the risks of large losses unless it is clearly prudent not to do so; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.act according to the terms of the plan documents, to the extent the documents are consistent with ERISA.

**<u>Best Execution</u>**

CIM emphasizes, requires and monitors best execution principals in its daily business. CIM believes that best execution implicates duties: care and loyalty. The duty of care consists of four components: (1) best price; (2) fair commissions; (3) proper allocation and (4) good service. The duty of loyalty includes identifying conflicts of interest, mitigating them to the highest extent possible, and disclosing them to clients. CIM constantly reviews its policies in regards to broker selection, commissions; trade analytic systems; disclosure; and conflicts of interests. CIM emphasizes and requires all of its employees to understand, follow, and utilize all of its guidelines for continued best execution.

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**<u>Section 5: Insider Trading</u>**

**<u>Relevant Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;None

Employees of the Company who have access to confidential information (and any employee of the Advisor, officer or director could have access to such information) are not permitted to use or share that information for stock trading purposes or for any other purpose except the conduct of the Company's business. All non-public information about the Company should be considered confidential information. To use non-public information for personal financial benefit or to "tip" others who might make an investment decision or otherwise benefit on the basis of this information is not only unethical but also illegal.

In order to assist with compliance with laws against insider trading, the Company has adopted a specific policy governing employees, officers and directors trading in securities. This policy has been distributed to every employee of the Company. Any questions should be directed to the Company's CCO or the Company's legal counsel.

The Company forbids any officer, director, employee, investment advisory representative, or other associated persons from trading, either personally or on behalf of others, on material non-public information or communicating material non-public information to others in violation of the Insider Trading and Securities Fraud Enforcement Act of 1988. This conduct is frequently referred to as "insider trading." This policy applies to every officer, director, employee, investment advisory representative and other associated persons and extends to activities within and outside their duties at the Company.

The term "insider trading" is not clearly defined in federal or state securities laws, but generally is used to refer to the use of material non-public information to trade in securities (whether or not one is an "insider") or to communications of material non-public information to others. While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider on the basis of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider on the basis of material non-public information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating material non-public information to others.

The elements of insider trading and penalties for such unlawful conduct are discussed below. If, after reviewing this policy statement, any questions arise, Employees should consult the Company's CCO.

**<u>Who is an Insider?</u>**

The term "insider" is broadly defined. It includes officers, directors and employees of a company. In addition, a person can be a "temporary insider" if they enter into a special confidential relationship in the conduct of the Company's affairs and, as a result, is given access to information solely for the Company's purposes. A temporary insider can include, among others, the Company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations. In addition, the Company may become a temporary insider of a client's publicly-held firm to which it provides advice or for which it performs other services. If a client's publicly-held firm expects the Company to keep the disclosed non-public information confidential and the relationship implies such a duty, than the Company will be considered an insider.

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**<u>What is Material Information?</u>**

Trading on insider information is not a basis for liability unless the information is material. "Material information" generally is defined as information that a reasonable investor would most likely consider important in making their investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities, regardless of whether the information is related directly to the company's business.

Information that officers, directors, employees, investment advisory representatives and other associated persons should consider material includes, but is not limited to: dividend changes; earnings estimates; changes in previously released earnings estimates; significant merger or acquisition proposals or agreements; major litigation; liquidation problems; and extraordinary management developments. The foregoing is not intended to be an exhaustive list.

Examples of information about a company which should be presumed to be "material" include, but are not limited to, matters such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.dividend changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.dividend increases or decreases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.changes in previously released earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.significant new products or discoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.developments regarding major litigation by or against the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.liquidity or solvency problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.significant merger or acquisition proposals or agreements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.extraordinary management developments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.similar major events which would be viewed as having materially altered the information available to the public regarding the Company or the market for any of its securities.

The foregoing is not intended to be an exhaustive list.

**<u>What is Non-Public Information?</u>**

Information is non-public until it has been effectively communicated to the marketplace. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal or other publications of general circulation would be considered public information.

**<u>Protection of Material Non-Public Information</u>**

For purposes of this Code "material nonpublic information" includes information about the adviser's securities recommendations, client securities holdings and transactions and nonpublic information about a publicly traded company.

Client information should be accessed on a "need to know" basis and should be treated as inside information within the accepted use of the term. That is information which has not been disclosed generally to the marketplace, the disclosure of which is likely to affect the market value of the securities in question or is likely to be considered important to reasonable investors.

No employees of the firm shall make use of material non-public information ("inside") concerning any client or publicly traded company, nor shall any employee of the Company disclose any such inside information to other persons, including clients of the Company, if such use or disclosure would violate the Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder (together, the '"34 Act") or the spirit of the newly proposed Rule 204A-1. Every employee shall keep confidential any information communicated to such employee, including all information related to

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securities recommendations and investment decisions being made by the Company. No employee shall, in violation of the '34 Act, direct trades in securities for accounts of investment advisory clients as to which the Company, or either of its divisions, has discretionary authority while the Company is in possession of inside information. Such use, disclosure or trades may subject both the employee and the Company to substantial legal penalties under the '34 Act and other laws.

An employee, who comes to possess or believes that he or she may have come to possess inside information concerning any publicly traded company, shall discuss such information with the CCO who shall determine whether use of such information would violate the '34 Act or other laws. If the CCO determines that it would, he shall notify all employees that they are prohibited from disclosing to other persons ("tippees") inside information about the issuer in question and from trading in the securities in question in Personal Securities Transactions or for the accounts of clients until further notice. The CCO shall, on a monthly basis, review such reports as well as records of trades for client accounts in order to determine whether the provisions of this Section are being complied with.

**<u>Penalties for Insider Trading</u>**

Penalties for trading on or communicating material non-public information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties described below even if they do not personally benefit from the activities surrounding the violation. Penalties include: civil injunctions; treble damages; disgorgement of profits; jail sentences; fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and, fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided. In addition, any violation of this policy statement can be expected to result in serious sanctions by the Company, including dismissal of the persons involved.

**<u>Procedures to Implement Insider Trading Policy</u>**

The following procedures have been established to aid the officers, directors, employees, investment advisory representatives and other associated persons of the Company in avoiding insider trading. Failure to follow these procedures may result in dismissal, regulatory sanctions and criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Identify Insider Information

Before an Employee trades or makes investment recommendations for their self or others, including investment companies or private accounts managed by the Company, or in the securities of a company about which the Employee may have potential insider information, the Employee should ask themselves the following questions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Is the information material? Is this information that an investor would consider important in making an investment decision? Is this information that would substantially affect the market price of the securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Is the information non-public? To whom has this information been provided? Has the information been effectively communicated to the market place by being published in publications of general circulation?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Cease Communication and Report

If, after consideration of the above, the information is material and non-public, or if further questions arise as to whether the information is material and non-public, the following procedures shall be followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Report the matter immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Do not purchase, sell or recommend securities on behalf of the Employee or others, including accounts managed by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Do not communicate the information inside or outside the Company other than to the CCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.After the CCO has reviewed the issue, the Employee will be instructed as to the proper course of action to take.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Restricting Access to Material Non-Public Information

Information in the Employee's possession that the Employee identifies as material and non-public may not be communicated to anyone, including persons within the Company except as outlined in this section above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Resolving Issues Concerning Insider Trading

If, after consideration of the items set forth in this section, doubt remains as to whether information is material or non-public, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the CCO before trading or communicating the information to anyone. Current policy requires all employees to have a written pre-clearance approval to trade on any security.

**<u>Restricted/Watch Lists</u>**

Although the Company does not typically receive confidential information from public companies, it may, if it receives such information, take appropriate procedures to establish restricted or watch lists in certain securities.

The Company may place certain securities on a "restricted list." Covered Persons are ***<u>prohibited</u>*** from personally, or on behalf of an advisory account, purchasing or selling securities during any period in which they are listed. Securities issued by companies about which a number of Covered Persons are expected to regularly have material, nonpublic information should generally be placed on the restricted list. The Company shall take steps to immediately inform Covered Persons of the securities listed on the restricted list.

The Company may place certain securities on a "watch list." Securities issued by companies about which a limited number of Covered Persons possess material, nonpublic information should generally be placed on the watch list. The list will be disclosed only to the Covered Persons and a limited number of other persons who are deemed necessary recipients of the list because of their roles in compliance.

**<u>Violations</u>**

Insider trading violations are likely to result in harsh consequences for the individuals involved, including exposure to investigations by the SEC, criminal and civil prosecution, disgorgement of any profits realized or losses avoided through use of the nonpublic information, civil penalties, and exposure to additional liability in private actions, and incarceration.

***<u>Any improper trading or other misuse of material nonpublic information by any Covered Person will constitute grounds for immediate dismissal.</u>***

**<u>Procedures</u>**

Covered Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Consult the CCO when a question(s) arises regarding Insider Trading or when the employee suspects a potential Insider Trading violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Advise the CCO of all outside activities, directorships or material ownership in a public company (over 5%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Maintain awareness, reports and monitor clients who are shareholders, directors, or senior officers of public companies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Ensure that no trading of securities for which they have inside information occurs in their Covered Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Not disclose any insider information obtained from any source to inappropriate persons. Disclosure to family, friends or acquaintances will be grounds for immediate termination.

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**<u>Section 6: Personal Securities Policy</u>**

**<u>And Reporting</u>**

**<u>Relevant Exhibits</u>**

None

Essentially, this policy prohibits "Access Persons" from engaging in Personal Securities Transactions (as defined below) involving securities and financial instruments which the Company and any of its affiliates is recommending or trading or contemplates recommending to clients, and certain other securities and financial instruments.

No Access Person may engage in Personal Securities Transactions involving any financial instruments which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Owned by a client. This includes all collective investment schemes and managed accounts. This ban also holds true for financial instruments where a credit report is being prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Actively contemplated for transactions on behalf of clients, even though no buy or sell orders have been placed. This restriction applies from the moment that an employee has been informed in any fashion that any advisory representative intends to purchase or sell a specific security for clients' accounts. This is a particular sensitive area and one in which each employee must exercise caution to avoid actions which, to his or her knowledge, are in conflict or in competition with the interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Debt or equity securities, including closed-end funds, in emerging markets, defined as a country outside the G-10;

The prohibition in this Section of the Code, however, does not extend to sovereign debt securities, shares of open-end investment companies (mutual funds) and Exchange Traded Funds (ETF's).

Unless short sales, options, and margin transactions involve financial instruments which fall within the above prohibitions, employees may engage in such transactions; however, such transactions are strongly discouraged. Any employee engaging in such transactions should recognize the danger of being "frozen" because of the general restrictions which apply to personal transactions as noted above.

Any employee, who feels that the above prohibitions create a particular hardship for him or her in a particular case, should discuss the facts with the CCO. In specific cases of extreme hardship, an exception may be granted if the interests of the Company's clients permit.

For the purpose of this Code, "Personal Securities Transactions" include securities transactions for employees' own account or transactions for other accounts in which employee have "beneficial interest," unless employees have no direct or indirect influence or control over the account or the transaction. "Beneficial interest" means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject securities. An Access Person is deemed to have a beneficial interest in securities owned by members of his or her immediate family. Common examples of beneficial interest include joint accounts, spousal accounts, UTMA accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether an Access Person has a beneficial interest in a security should be brought to the attention of the CCO.

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"Immediate family" of an Access Person means any of the following persons who reside in the same household as the Access Person:

child&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;grandparent son-in-law

step-child&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;spouse daughter-in-law

grand-child&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sibling brother-in-law

parent&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mother-in-law sister-in-law

step-parent&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;father-in-law domestic partner

Immediate family includes adoptive relationships and any other relationship (whether or not recognized by law) which the CCO determines could lead to the possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety which this Code is intended to prevent.

If an employee has a substantial measure of influence or control over an account, but neither they nor employee's family have any direct or indirect beneficial interest (e.g., a trust for which you are trustee but not a direct or indirect beneficiary), the rules relating to Personal Securities Transactions are not considered to be directly applicable. Therefore, employee is not prohibited from engaging in Personal Securities Transactions with respect to such accounts, and reporting of such transactions (discussed below) is not required. In all transactions involving such accounts employee should, however, conform to the spirit of these rules and avoid any activity which might appear to conflict with Company's investment advisory clients or with respect to employee's position as a Supervised Person of the firm. In this regard, employees' attention is directed to Sections covering "Other Conflicts of Interest," and "Other Transactions," respectively, which do apply to such situations.

The term "securities" for the purpose of this Code has a broad meaning; it includes all notes, stocks, bonds, evidences of indebtedness, certificates, investment contracts, puts, calls, options, and in general all interests or instruments commonly known as securities. Also included in this definition for the purposes of this Code are any other traded financial instruments such as forward currency exchange contracts and currency futures. More specifically, "security" has the same meaning set forth in Section 2 (a) (36) of the Investment Company Act of 1940.

**<u>Trading in Pre-Approved Stocks</u>**

Prior to trading in any security held or considered for a client's portfolio (except the models), a Covered Person will need to submit an approval request to the Compliance Associate or CCO for each stock proposed in which the Covered Person seeks to hold interest in, with informational background on the stock along with a summary explaining the rationale of such stock not overlapping with a potential fund investment. The Compliance Associate or CCO will review and approve proposed stocks through the ComplySci platform<sup>1</sup> ("ComplySci"). Pre-approved stocks and pre-clearance requests will be assessed on a case by case basis. A pre-approved stock does not guarantee permissibility for Covered Persons to participate in any personal security transactions unless pre-cleared prior to trading. Records of approvals as well as a list of pre-approved stocks will be maintained by the CCO.

**<u>Reporting Requirements</u>**

The Securities and Exchange Commission ("SEC") has proposed Rule 204A-1 under the Advisers Act that would require Access Persons of investment advisors to report their personal securities transactions and holdings. Rule 17j-1 of the Investment Company Act was adopted in 1980 and has required that advisers to investment companies have procedures in place that require Access Persons to submit periodic reports regarding their personal securities holdings and transactions. CIM has determined to adopt policies under its Code that mirror many of the requirements under 17j-1.

<sup>1</sup> ComplySci is a web-based compliance monitoring solution that tracks employee activities against the Company's rules and regulations. (https://www.complysci.com/)

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**<u>Procedures for Initial and Annual Reporting of Personal Securities Holdings</u>**

**Initial**

The report must be made within 10 calendar days of becoming a Covered Person. The information must be current as of a date no more than 45 days prior to the date the person becomes a Covered Person.

**Annual**

The report must be made within 45 calendar days of calendar year end - by February 14th of each year. The information must be current as of a date no more than 45 days prior to the date the report was submitted.

**Content**

The Initial and Annual holdings reports must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Title and exchange, ticker symbol or CUSIP number, type of security, number of shares and principal amount (if applicable) of each Covered Security in which the Covered Person has any direct or indirect beneficial ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Name of any broker, dealer or bank with which the Covered Person maintains an account in which any securities are held for the Covered Person's direct or indirect benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Company has required that all confirmations and statements for outside brokerage activity be forwarded to the CCO directly from the carrying brokerage firm.

To comply with this policy, every Covered Person and members of their immediate family may also arrange for the compliance staff to receive from any broker, dealer, or bank that executes any Personal Securities Transaction, duplicate copies of statements for EACH brokerage account in which such Access Person or such immediate family member has a beneficial interest. Each month, the compliance staff will review the brokerage statements, together with the log of transactions in all client accounts and will discuss any apparent issues first with the Access Person. After this initial discussion, the CCO shall have sole discretion as to what action to take, including implementing the procedures in Section 8. In addition, Access Persons are required to present an Initial Statements of Holdings (upon first joining the company) and Annual Statements of holdings, as required by rule 17j-1.

**<u>Procedures for Quarterly Reporting of Personal Securities Transactions</u>**

**Quarterly Personal Security Transaction Reports** 

The report must be made within 20 calendar days after the end of each calendar quarter.

**Content**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Date and title of the transaction and the exchange, ticker symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Interest rate and maturity date (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Number of shares and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Nature of the transaction (purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Name of the broker, dealer or bank with or through which the transaction was effected.

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**<u>Reporting</u>**

The Company has required that all confirmations and statements for outside brokerage activity be forwarded to the CCO directly from the carrying brokerage firm. This procedure has been streamlined with ComplySci as all Broker accounts are registered in ComplySci and the system conducts automatic reconciliations of pre-trade request transactions. Account statements from financial institutions may be attached to the Report rather than duplicating information on the Report.

Quarterly Certificate Forms for all Covered Persons are available through the ComplySci. Completed forms should be submitted through ComplySci for the review of compliance staff. All Covered Persons must submit a Quarterly Certification Forms even if there were no reportable transactions during the quarter. All Quarterly Certification and periodic brokerage statements must be maintained in an easily accessible place for a period of not less than six (6) years, the first two (2) years being in an appropriate office of CIM or electronically stored in the ComplySci web-based system.

The compliance staff shall review all Quarterly Report certifications submitted by Covered Persons and shall compare such individual reports of transactions entered into by the Company, its advisory affiliates and its advisory clients. The Compliance Associate shall immediately report to the CCO and senior management at the next meeting following the receipt of any report which indicates that a Personal Securities Transaction violated a provision of this Code.

The CCO and senior management shall consider reports made to it hereunder and, upon discovering that a violation of the Code has occurred, may impose such sanctions as it deems appropriate, including, among other things, a letter of sanction or suspension or termination of the employment of the violator.

Questions regarding interpretation of the Code or questions about its application to particular situations should be directed to the CCO.

**<u>IPOs and Private Placements Policy Pre–clearance</u>**

All Covered Persons are required to pre–clear transactions in Initial Public Offerings (IPOs) and Private Placements (Limited Offerings) using the Company's Pre–Clearance Request Form via ComplySci. Pre–clearance will be valid for this the current offering.

The request to purchase a Limited Offering must include the offering documents.

**<u>Exceptions to Reporting</u>**

The Company's Code does not require a Covered Person to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A quarterly transaction report if the report duplicates information contained in confirmations or account statements received by the CCO as long as such information is received no later than thirty days after the end of the calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reports of transactions effected pursuant to an automatic investment plan.

**<u>Procedures</u>**

**Quarterly** 

The CCO is responsible for reviewing and monitoring personal securities transactions of Covered Persons of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Comparing the list of Covered Persons against the Quarterly Personal Securities Transaction Reports collected each quarter to assure reporting compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reviewing all personal securities transactions of Covered Persons at least quarterly for trading abuses and will compare to other Company documents as necessary to assure that trading is in compliance with Company requirements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Assessing any pre-approved stocks in Quarterly Personal Securities Transaction Reports and potential fund investments in the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Updating pre-approved list of stocks, as necessary, to evaluate continuous participation in such investments by Covered Persons.

**Annually**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Comparing the list of Covered Persons against the Annual Personal Securities Holdings Reports collected to assure reporting compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Annual Personal Securities Holdings reports should be compared to a sample of Personal Quarterly Securities Transaction Reports and/or statements from financial institutions holding the accounts to assure the Covered Person is reporting personal securities transactions as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Updating pre-approved list of stocks, as necessary, to evaluate continuous participation in such investments by Covered Persons.

**<u>Pre-Clearance of Personal Securities Transactions</u>**

As mentioned above, Access Persons must seek preclearance when trading in any security held or considered for a client's portfolio (except the models).

Any Access Person wishing to enter into such transactions shall submit via ComplySci - a notice to the CCO and/or the Compliance Associate. The notice shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)state the name of the issuer and type of security or pre-approved stock, the proposed transaction date, the number of shares or the face amount of the security proposed to be purchased or sold; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)represent that to the knowledge and belief of the advisory representative, after due inquiry, the proposed Personal Securities Transaction is not prohibited under the Code.

Such a notice shall be submitted, and approval of the proposed transaction shall be provided by the CCO or the Compliance Associate via the ComplySci platform, before execution of the proposed transaction. The Company's Chief Investment Officer or Compliance Associate will approve the transactions of the CCO. The CCO or the Compliance Associate is required to approve the transactions of other Access Persons. Pre-Clearance approval of any such transaction shall be effective for five (5) business days following such approval. If five (5) business days expire prior to the execution of such transaction, a new written request shall be provided by the Access Person.

If the proposed Personal Securities Transaction is approved, a copy of the document evidencing approval and a copy of the notice requesting approval shall be maintained in an easily accessible place by CIM for a period of not less than six (6) years, the first two years being in an appropriate office of CIM. In addition, each Access Person shall comply with the reporting requirements set forth in this Code. Each Personal Securities Transaction requires its own approval. Ongoing Personal Securities Transactions requested by Covered Persons related to a pre-approved stock are subject to further review upon consideration of potential fund investments in the Company's business.

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**<u>Section 7: Outside Business Activities Policy and Reporting</u>**

**<u>Relevant Exhibits</u>**

None

**<u>Outside Business Activities</u>**

The Company's Covered Persons may not participate in Outside Business Activities that may have a negative impact on the performance of their job, conflict with their obligations to the Company, or otherwise reflect adversely upon the Company's business, image or reputation.

In addition, as in business activities, Covered Persons' personal activities must be undertaken with the utmost integrity. This principle extends to how Covered Persons conducts personal financial and tax affairs, and requires conduct is in a manner that does not adversely impact the business, image or reputation of the Company or otherwise reflect adversely upon the Company's business, image or reputation.

**<u>Preapproval</u>**

The Company ***<u>requires</u>*** that Covered Persons obtain pre-approval for all Outside Business Activities including acting as either as a proprietor, partner, officer, director, employee, trustee, agent or otherwise.

The Company ***<u>does not require</u>*** Covered Persons to pre-approve non-investment related activity that is exclusively charitable (Donor Advised Fund), civic, religious or fraternal and is recognized as tax exempt.

If the Outside Business Activities could pose a real or perceived conflict of interest with Company's clients, or interfere with the Covered Person's responsibilities to the Company, the CCO may prohibit such activity.

**<u>Executor/Trustee</u>**

In addition, Covered Persons **<u>may not</u>** accept a position as executor of an estate, trustee, or power of attorney without the prior approval of the CCO unless such position is for a family member.

**<u>Procedures</u>**

All Covered Persons are required to complete:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Outside Business Activities Pre-Approval Form(s) available through ComplySci, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annual Outside Business Activities Disclosure form available through ComplySci; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.If any employee is currently engaged in any other business either as a proprietor, partner, officer, director, employee, trustee, agent or otherwise, it must also be disclosed on the individual's Form U-4 via the IARD system, if applicable.

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**<u>Section 8: Gifts and Entertainment Policy</u>**

**<u>Relevant Exhibits</u>**

None

**<u>Gifts and Entertainment</u>**

The purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships, not to gain unfair advantage with customers. No gift or entertainment should ever be offered, given, provided or accepted by any director, officer or employee of the Company, or any of their family members, unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff and (5) does not violate any laws or regulations. In addition to this Code of Ethics, the Company's Entertainment and Gift policy provides complete detail and guidance regarding the Company's specific policy. Each employee should discuss with the CCO any gifts or proposed gifts for which they are not certain as to being appropriate. However, for both the employee's protection and that of the Company, it is extremely important that even the appearance of a possible conflict of interest be avoided. Extreme caution is to be exercised in any instance in which business related travel and lodging are paid for other than by the Company, and whenever possible, prior approval should be sought from the CCO. Any question as to the propriety of such situations should be discussed with the CCO for ultimate approval or disapproval. Each employee shall report any and all such entertainment/gifts/requests to the CCO who will maintain a compliance log of all such requests.

Employees should also be aware that areas in addition to Personal Securities Transactions, gifts and sensitive payments may involve conflicts of interest. The following are examples of situations involving real or potential conflicts:

1.&nbsp;&nbsp;&nbsp;&nbsp;Information acquired in connection with employment with our organization may not be used in any way which might be contrary to or in competition with the interests of clients.

2.&nbsp;&nbsp;&nbsp;&nbsp;Information regarding actual or contemplated investment decisions, research priorities or client interests should not be disclosed to persons outside our organization and in no way can be used for personal gain.

3. All outside relationships such as directorships, trusteeships or memberships in investment organizations (e.g., an investment club) should be approved by the CCO prior to acceptance of any such position.

4. No advisory representative, other than one exercising discretionary authority over client funds, shall advise clients to purchase, hold or sell stock or other securities. No advisory representative having discretionary authority over clients' funds shall exercise such discretion to invest such funds in securities issued by the Company's parent or in that of other affiliates.

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**<u>Section 9: Conflict of Interest</u>**

Directors, officers and employees have a duty to act in the best interests of the Company and its shareholders at all times. As part of this duty, directors, officers and employees are prohibited from engaging in any transaction which involves an improper conflict of interest.

A "conflict of interest" exists when a person's private interests interfere in any way with the interests of the Company. A conflict situation can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when a director, officer or employee, or members of his or her family, receives improper personal benefits as a result of his or her position in the Company. Loans to, or guarantees of obligations of, employees and their family members may create conflicts of interest.

It is almost always a conflict of interest for a Company employee to work simultaneously for a competitor, customer or supplier. You are not allowed to work for a competitor as a consultant or board member. The best policy is to avoid any direct or indirect business connection with our customers, suppliers or competitors, except on our behalf.

Conflicts of interest are prohibited as a matter of Company policy, unless they have been approved by the Company. Wherever a conflict of interest arises, the person involved must promptly disclose the circumstances of the conflict to the CCO.

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**<u>Section 10: Other Transactions</u>**

No employee shall participation on behalf of the Company, or any client of the Company or on such employee's own behalf in any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Use of Company funds for political purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Payments or receipt of bribes, kickbacks or other amounts with any understanding that part or all of such amount will be refunded or delivered to a third party (such as consultants to plans subject to ERISA) in violation of any applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Payments to governmental officials or employees other than in the ordinary course of business for legal purposes (e.g., payment of taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Use of the funds or assets of the Company for any unlawful or improper purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)Use of any device, scheme, or practice which operates, or is intended to operate, as a fraud or deceit upon the Company or any client of the Company.

Whether a violation of any of these rules has occurred shall be determined by the Company in the reasonable exercise of its judgment, regardless of whether or not any civil or criminal procedures have been instituted by any person.

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**<u>Section 11: Social Media and Networking Policy</u>**

**<u>Relevant Exhibits</u>**

None

**<u>Policy</u>**

The use of social networks and social media (collectively "social networks") such as FaceBook, MySpace, X (formerly Twitter), LinkedIn, YouTube, etc., blogs, or other forms of online publishing or discussion) is widespread for both work and personal purposes. Employees who choose to create or participate in a social network must do so without interfering with the employees' primary job responsibilities.

While social networks can foster connections between colleagues, employees, and friends, and allow the sharing of information quickly, the information posted on social networking sites is in the public domain and may reflect on the Company's business. This is a real possibility, especially in an age where people regularly use search engines to find information about business contacts.

Employees who participate in social networking must adhere to the following guidelines relative to any communications related to the Company or to any Company personnel.

**Personal vs. Business Use**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.In general, employees must keep personal social media activity distinct and separate from professional networking activity, and communication with purely social media sites should be conducted from personal email accounts only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Personal social networking is not allowed on Company computers or other IT equipment at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Employees are personally responsible for what they post. Postings are public and will be available for a long time even if an employee tries to modify it or remove it later. The Company disclaims any responsibility or liability for any other errors, omissions, loss or damages claimed or incurred due to any employee posting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Employees are required to identify themselves when relevant and when publishing something about the Company, the work they do or any subjects associated with the Company use a disclaimer that the views expressed are exclusively their own. The disclaimer could say something like the following: "The views I express on this site are my own and do not represent those of the Company".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Employees must ensure that the choice of words used does not suggest that the employee is representing the Company's official position, **unless the employee has been authorized to do so**. For example, postings should be written in the first person ("I" rather "we"). Managers and executives of the Company must take special care when posting due to the nature of their positions; their personal postings may be interpreted as views and opinions of the Company even with standard disclosure language in place.

**Testimonials**

Federal securities laws prohibit advertising (which includes social media) that: refers to any testimonial concerning the adviser or any advice, analysis, report, or other service rendered by such adviser or any

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statement of a client's experience or an endorsement by a client. The following guidelines must be followed to avoid testimonials:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Preventing "online friends" to post comments or recommendations to an employee's social network, which may include the comments/recommendations of current and former Company employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Not writing recommendations or referrals for friends/associates. Employees are not to write any recommendations for others as it could create a potential liability situation. Requests for referrals should be directed to the CEO of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Restricting, where possible, the ability of others to post recommendations and should delete any recommendations received from others, where it is not possible to restrict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Not providing a link to the Company website or disclosure of the Company's website on the social networking site, **<u>(excluding LinkedIn).</u>**

**Privacy and Violations of Other Company Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Employees are prohibited from using, disclosing, or posting Company or client confidential, proprietary and non-public information, or any documents related to the Company, its clients, and known clients. Also, employees should not comment on the Company's confidential and financial information such as future business performance, business plans, or prospects. Disclosing such information may subject the employee or the Company to liability for insider trading or other violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Employees must not engage in any communication that violates the Company's policy prohibiting sexual and other unlawful harassment, the Company's conduct rules. The Company expects its employees to be courteous and respectful towards supervisors, co-workers, clients, and other persons associated with the Company. Do not engage in any personal attacks on such individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Employees are responsible for maintaining the security of passwords used to access social networking sites. Employees should not use the same password to access an external social media site that is used for internal company purposes, and should not give out passwords.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Employees must use caution about reposting information from other sites and should respect all copyright trademark, privacy, fair-use, financial disclosures and other laws. In accessing or using social networking employees must comply with the legal terms of code of conduct governing such sites.

**Use of Company Name and Representations**

Employees are prohibited from divulging the Company's name or their position on social networks except for approved professional networking sites (e.g. LinkedIn). Furthermore, if an employee elects to use the Company's name on LinkedIn and identifies themselves as a Company employee they must refrain from any disclosures that may harm the Company or misrepresent their job title or position, or post other negative comments.

**Use of Email**

Employees are prohibited from using the email function on any social networking site when communicating information that would be required to be retained under federal securities laws, which include all communications with clients as well as communications about client trades and client portfolios. In the event that an employee must use email to communicate, (for example, during a business continuity event) employee **<u>must send a copy of the email</u>** message to their Company's email address so the record will be retained as required.

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**Company Access**

The Company retains the right to monitor all files and messages stored on and transmitted through Company computers, so employees have no reasonable expectation of privacy on social network sites accessed through Company computers, even if a private account is used.

**<u>Procedures</u>**

The CCO will conduct audits to monitor participation in social media and the use of the guidelines listed above. The Company reserves the right to determine whether particular conduct violates any part of this policy or is otherwise inappropriate. Violation may result in discipline, up to and including an unpaid suspension and/or immediate termination.

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**<u>Section 12: Political Contributions Policy and Reporting</u>**

**<u>Relevant Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;None

**<u>Background</u>**

SEC regulations require that Investment Advisers collect reports on personal political contributions.

Individuals may have important personal reasons for seeking public office, supporting candidates for public office, or making charitable contributions. However, such activities could pose risks to an investment adviser. For example, federal and state "pay-to-play" laws have the potential to significantly limit an adviser's ability to manage assets and provide other services to government-related Clients. Rule 206(4)-5 of the Advisers Act encompasses activities of registered as well as unregistered investment advisers.<br>Rule 206(4)-5 (the "Pay-to-Play Rule") limits political contributions to state and local government officials, candidates, and political parties by:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registered investment advisers; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisers with fewer than fifteen clients that would be required to register with the SEC but for the "private advisor" exemption provided by Section 203(b)(3) of the Advisers Act; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firms that solicit clients or investors on behalf of the types of advisers described above; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Covered associates" of the entities listed above. A covered associate is any general partner, managing member or executive officer, or other individual with a similar status or function. |

---

The Pay-to-Play Rule defines "contributions" broadly to include gifts, loans, the payment of debts, and the provision of any other thing of value. Rule 206(4)-5 also includes a provision that prohibits any indirect action that would be prohibited if the same action was done directly.

The intent of Rule 206(4)-5 is to remove the connection between political contributions to state and local officials who may have influence over the awarding of government and public pension investment advisory business (i.e., "pay-to-play" practices). SEC Rule 206(4)-5 accomplishes this by:

• Prohibiting investment advisers from being compensated for investment advisory services provided to a state or local government entity for two years if covered employees of the firm make political contributions to certain officials of that government entity in excess of certain de Minimis levels;

• Prohibiting solicitation or coordination of political contributions to such officials or certain state or local party committees;

• Only allowing employees of the investment adviser and certain regulated entities to solicit investment advisory business from government entities; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Requiring investment advisers to maintain books and records relating to state and local government entity clients, political contributions, use of placement agents, and information relating to covered employees.

CIM Chief Compliance Officer shall oversee the procedures set forth in this Policy.

**<u>Policy</u>**

Notwithstanding this Policy, it is never permitted for the Company and its employees, consultants or affiliates to make, or direct or solicit any other person to make, any political contribution or provide anything else of value for the purpose of influencing or inducing the obtaining or retaining of investment advisory services business.

**A. Identifying Covered Associates and Restricted Persons** 

The CIM Compliance Department, with the assistance of supervisory personnel from other departments, shall identify actual or potential Covered Associates and Restricted Persons at CIM. Once identified, the CIM Compliance Department will notify each individual employee of his or her status as a Covered Associate or Restricted Person, execute the appropriate Look-Back procedure, and update respective Covered Associates/Restricted Persons lists as necessary.

Newly Qualified Covered Associates: Because Contributions made within two years prior to becoming a Covered Associate may trigger a ban on receiving compensation for Investment Advisory Services Business, the CIM Compliance Department will review each individual's prior Contributions before allowing him or her to become a Covered Associate. The following are examples of the types of employees who could be subject to the Look-Back procedure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Prospective new employees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Internal transfer or promotion of employees to Covered Associate positions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Solicitors (that is, any employee who Solicits Investment Advisory Services Business from a Government Entity).

**B. Pre-Approval Procedures for Becoming a Covered Associate** 

Employees may not solicit Investment Advisory Services Business, or be promoted, transferred, or otherwise occupy any of the positions listed in the definition of Covered Associate, unless they have been pre-approved by CIM Compliance Department.

**C. Pre-Approval of Personal Contributions, Coordination and Solicitation of Contributions, and Fundraising** 

1)Contributions: All Covered Associates and Restricted Persons are required to obtain approval from the CCO prior to making any Contribution of any value. However, contributions made to a candidate for federal office where the Candidate is not a state or local official at the time of the Contribution need not be pre-approved.

Covered Associates and Restricted Persons may obtain such approval from the CCO by completing a "Contribution Request Form." In the ComplySci platform. The CCO will review and evaluate each Contribution request to determine whether the Contribution is permissible based

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upon the requirements of Rule 206(4)-5 and other CIM policies. Covered Associates and their immediate supervisor(s) will be notified in writing of the CCO's final determination.

2)Coordinating or Soliciting Contributions, or Political Fundraising: All Covered Associates and Restricted Persons must obtain approval from the CCO prior to Coordinating or Soliciting Contributions, or engaging in any other political fundraising. Employees must use the Contribution Request Form to request approval for such activities. Coordinating or Soliciting Contributions, or political fundraising, may even include, for example, merely having one's name appear in the letterhead or any other portion of a fundraising letter.

**D. Prohibition Against Establishing or Controlling a Political Action Committee** 

Covered Associates and Restricted Persons are prohibited from establishing, controlling contributing to, or otherwise being involved with a PAC without receiving pre-approval from the CCO.

E. **Examples of Permissible or Potentially Permissible Contributions; Pre-Approval Required** 

Although all Contributions by Covered Associates and Restricted Persons described above have to be pre-approved, the Contributions described below are examples of those which may be approved pursuant to the pre-approval process.

Contributions to any state candidate, local candidate or official, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The employee is entitled to vote for such candidate and the Contribution(s) do not exceed $350 per election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The employee is not entitled to vote for the candidate and the Contribution(s) do not exceed $150 per election.

**F. Indirect Contributions** 

Employees are prohibited from performing any act which would result in a violation of Rule 206(4)-5 and/or this Policy, whether directly or indirectly, or through or by any other person or means. This means that they may not use other persons or entities, including CIM affiliates, placement agents, or third-party PACs, as "conduits" to circumvent Rule 206(4)-5 and/or this Policy.

Contributions made by others (for example, spouses, family members, placement agents, consultants, attorneys, businesses, etc.) at the direction or suggestion of an employee are considered to be made by that employee for purposes of this Policy. Because of the potential impact on CIM' business, this Policy prohibits employees from circumventing this Policy or Rule 206(4)-5 in such manner or any other manner.

**G. Contributions by CIM Covered Associates and Restricted Persons and Volunteering for a Campaign** 

All Contributions by CIM Covered Associates and Restricted Persons, including but not limited to in-kind Contributions, must be pre-cleared. Employees who wish to provide their services on a voluntary basis to political campaigns party committees or PACS must complete a "Contribution Request Form" and submit the Form to the CCO for final approval.

Covered Associates and Restricted Persons must also keep the following in mind:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.To the extent they incur expenses from personal resources (*e.g*., hosting a reception) or utilize CIM resources (such as facilities, office space, funds, or personnel) in connection with such volunteer services, it could be considered an in-kind Contribution either by the individual or CIM, requiring pre-approval or subject to a ban as described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Covered Associates and Restricted Persons who Solicit or Coordinate Contributions (such as serving on a candidate campaign's finance committee) must obtain pre-approval as described above in this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.No Covered Associates and Restricted Persons may undertake any political activity (i) using the CIM name, (ii) during working hours, (iii) on CIM premises and/or (iv) with the use of any CIM equipment, property, funds or personnel without obtaining pre-approval.

**H. Quarterly Political Contributions Certification Form** 

The Company requires periodic attestations and reporting of political contributions via the ComplySci platform. All disclosed political contributions will be reviewed and approved by the CCO. The ComplySci platform enables the Company to easily:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Run testing against political contribution preclearance requests or the Company's Code of Ethics policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Generate and save reports of all contributions made by employees, spouses, and dependents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Identify exceptions including instances where employees' preclearance requests or disclosures do not fully match with actual contributions

When reviewing the political contributions, the CCO will evaluate any potential conflicts of interest derived from any proposed or existing business of the Firm with any state or local government entities.

At the end of each three-month calendar quarter, the CIM Compliance Department will distribute to all Covered Associates and Restricted Persons a Quarterly Political Contributions Certification Form. This Form is intended to capture information regarding any Contribution made by each such employee during that calendar quarter.

Covered Associates and Restricted Persons must return the forms either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)acknowledging that no Contributions were made, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)disclosing all Contributions made, including Contributions for which the Covered Associate or Restricted Person received pre-clearance.

In order to protect the privacy of Covered Associates and Restricted Persons, the records shall be treated as confidential and may only be reviewed by person(s) with a "need to know" or for purposes of making necessary disclosures to the SEC, if required.

Based on the Company's scope of business, the Company typically will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Provide advisory services for compensation to a government entity, either directly or through a pooled investment vehicle (specifically, a private fund or a registered investment company that is an investment option of a participant-directed plan or program of a government entity, including a college savings plan like a 529 plan and a retirement plan like a 403(b) or 457 plan), for two years after the adviser or certain of its executives or employees makes political contributions to an elected official or candidate for political office above $350 for a candidate they are eligible to vote for and $150 for a candidate they are not eligible to vote for, if the office is directly or indirectly responsible for, or can influence that government entity's selection of the adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Pay or agree to pay a third-party placement agent or "finder" to solicit business from a government entity on the adviser's behalf unless the third party is a registered broker-dealer or SEC-registered investment adviser subject to pay to play restrictions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Allow either the Firm not certain of its executives and employees from soliciting or coordinating contributions (i.e., "bundling") from others to a political official, candidate or political party in a state or locality where the Firm provides or is seeking to provide advisory services.

If the Company opts not to collect reports, the Company will be unable to solicit or provide investment advisory services to state and local government entities for a period of 2 years ("2 year lock out").

**Policies and Procedure Regarding Solicitation of Investment Advisory Services Business** 

The only employees of CIM who are allowed to Solicit Investment Advisory Services Business are those who have been pre-approved by the CCO under the Pre-Approval Procedures described above. No CIM employee may directly or indirectly use a third-party or an affiliate (*i.e*., anyone who is not an employee of CIM) to Solicit Investment Advisory Services Business without pre-approval from the Legal Department. Among other things, Legal Department will ensure that the third-party or affiliate is a permissible placement agent under SEC Rule 206(4)-5.

**Federal PAC Administration Policies and Procedures** 

No CIM employee may be involved in the governance or operation of any PAC.

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**<u>Section 13: Code of Ethics Acknowledgements</u>**

**<u>Relevant Exhibits</u>**

None

**<u>Acknowledgements</u>**

The intent of the Code is to provide a framework for honesty and fair dealing, and to keep in compliance with the regulations which provide for the supervision of the business.

Every employee will receive a copy of this Code upon employment and at least annually thereafter. They will be required to annually acknowledge, in writing, their understanding of the Code and intent to comply with its intent. Additionally, employees have been provided to access with and have an understanding of the Compliance Manual.

Written acknowledgements of the Code must be submitted on the Initial/Annual Compliance Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Initially, when the Code is placed in service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Initially, within ten days of employment by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Any time there have been amendments to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Annually, within 45 days of calendar year end.

**<u>Procedures</u>**

The CCO is responsible for providing the Code and all amendments to the Code to Covered Persons and obtaining all required acknowledgements. Employee's acknowledgments will be completed via the ComplySci platform.

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**<u>Section 14: Form ADV Disclosure</u>**

**<u>Relevant Exhibits</u>**

None

The Company will describe the key provisions of its Code of Ethics in Form ADV Part 2 (or equivalent brochure). The disclosure will state that the Company will provide a copy of its Code of Ethics to any client or prospective client upon request. The CCO will approve the initial ADV disclosure relating to the Code and any amendments.

The CCO or designated person will make a record of all requests and the date and to whom the Code was delivered.

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**<u>Section 15: Violations and Sanctions</u>**

**<u>Relevant Exhibits</u>**

None

**<u>Reporting any Illegal or Unethical Behavior or Violations of this Code</u>**

Employees of the Company are required to talk to the Managing Directors or CCO about observed illegal or unethical behavior. Employees are expected to cooperate in internal investigations of misconduct. Employees of the Company must read the Company's Compliance Manual which describes procedures for the receipt, retention, and treatment of complaints received by the Company regarding accounting, internal accounting controls, auditing matters or any other complaint by clients.

Any employee of the Company may submit a good faith concern regarding questionable accounting or auditing matters, or any other area of concern without fear of dismissal or retaliation of any kind.

Each employee of the Company shall promptly bring to the attention of both Managing Directors, any information they may have concerning any perceived violation of this Code, including any actual, apparent or potential conflicts of interest between personal and professional relationships, involving any employee of the Company, its contractors, it agents or its clients. The CCO will keep records of any violation of the Code of Ethics as well as any action taken as a result of the violation.

**<u>Sanctions</u>**

The Company will investigate all reported violations of the Code and, if violations are found, may take disciplinary action, if appropriate, against the individuals involved, and may make reports, if appropriate, to civil, criminal or regulatory authorities. Sanctions may include warnings, suspensions, fines, disgorgement of profits, and termination of employment.

**<u>Enforcement of this Code</u>**

The Company has adopted the following procedure for enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Company will investigate all alleged violations of this Code. This investigation will be undertaken by the CCO and/or another person designated by the Managing Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company determines that a violation of this Code has occurred, the Company will take appropriate action against the violator, which may include termination of employment, reduction of authority or reduction in compensation.

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**<u>Section 16: Whistleblower Policy</u>**

**<u>Relevant Exhibits</u>**

None

**<u>General</u>**

CIM's Code of Ethics requires all Supervised Persons and Covered Persons to observe the highest ethical standards of business in the conduct of their duties and responsibilities. In addition, other policies within CIM's Compliance Manual (together with the Code, the "Manual") place similar duties and obligations on CIM's Supervised Persons. As employees, officers and/or representatives of CIM, you must observe exemplary standards of openness, integrity, honesty and trust in fulfilling your responsibilities, and comply with all applicable laws and regulations.

**<u>Reporting Responsibility</u>**

Each Supervised Person has a responsibility to report any violations of the Code, including any illegal acts or activity that is harmful to CIM, its Clients, or Investors. Deviations from controls or procedures that safeguard CIM or its Clients and Investors, should also be reported.

**<u>No Retaliation</u>**

No Supervised Person who in good faith reports a violation of the Manual shall suffer harassment, retaliation or adverse employment or any similar consequence. A Supervised Person who retaliates against someone who has reported a violation in good faith is subject to discipline up to and including termination of employment or a similar consequence if not employed by CIM. This Whistleblower Policy is intended to encourage and enable Supervised Persons and others to raise serious concerns within CIM prior to seeking resolution outside the CIM.

**<u>Reporting Violations</u>**

CIM encourages Supervised Persons to share their questions, concerns, suggestions or complaints with someone who can address them properly. In most cases, a Supervised Person's supervisor, or if not an employee then such person's principal liaison with CIM, is in the best position to address an area of concern. However, if you are not comfortable speaking with your supervisor or other similarly situated person, or you are not satisfied with such person's response, you are encouraged to speak with the Chief Compliance Officer ("CCO") or anyone in management whom you are comfortable in approaching. Supervisors and managers are required to report suspected violations of the Manual to the CCO, who has specific and exclusive responsibility to investigate all reported violations. For suspected fraud, or when you are not satisfied or uncomfortable with following CIM's open door policy, individuals should contact the CCO directly.

In addition to speaking with your direct supervisor or the CCO, CIM permits Supervised Persons to report violations anonymously via mail to the CIM.

**<u>CCO</u>**

The CCO is responsible for investigating and resolving all reported complaints and allegations concerning violations of the Manual and, at his discretion, shall advise the Managing Directors of CIM. The CCO is a member of management and is required to report on a regular basis to the Managing Directors on compliance activity. The CCO will provide a copy of the record of any complaint or allegation which relates to CIM Supervised Persons promptly upon becoming aware of any such complaint or allegation.

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**<u>Accounting and Auditing Matters</u>**

The Managing Directors shall address all reported concerns or complaints regarding accounting practices, internal controls or auditing and work until the matter is resolved.

**<u>Acting in Good Faith</u>**

Anyone filing a complaint concerning a violation or suspected violation of the Manual must be acting in good faith and have reasonable grounds for believing the information disclosed indicates a violation of the Manual. Any allegations that prove not to be substantiated and which prove to have been made maliciously or knowingly to be false will be viewed as a serious disciplinary offense.

**<u>Confidentiality</u>**

Violations or suspected violations may be submitted on a confidential basis by the complainant or may be submitted anonymously. Reports of violations or suspected violations will be kept confidential to the extent possible, consistent with the need to conduct an adequate investigation.

Anyone considering making an anonymous complaint is strongly urged to consider that anonymous complaints are, by their nature, susceptible to abuse, less reliable, and more difficult to resolve. In addition, anyone considering making an anonymous complaint should be aware that there are significant rights and protections available to them if they identify themselves when making a complaint, and that these rights and protections may be lost if they make the complaint on an anonymous basis. Therefore, CIM encourages Supervised Persons to identify themselves when making reports of suspected violations. In responding to anonymous complaints, CIM will pay due regard to:

the fairness to any individual named in the anonymous complaint;

the seriousness of the issue raised;

the credibility of the information or allegations in the complaint, with allegations that are conclusory or that do not have a specific factual basis being likely to receive less credence; and

the ability to ascertain the validity of the complaint and to appropriately resolve it without the assistance and cooperation of the person making the complaint.

**<u>Handling of Reported Violations</u>**

The CCO will notify the sender and acknowledge receipt of the reported violation or suspected violation within ten business days. All reports will be promptly investigated and appropriate corrective action will be taken if warranted by the investigation

Upon receipt of a complaint, investigations will be conducted as quickly as possible, taking into account the nature and complexity of the complaint and the issues raised therein. The CCO may enlist employees of the Company and outside legal, accounting and other advisors, as appropriate, to conduct an investigation of a complaint. The results of each investigation will be reported timely to the Managing Directors and prompt and appropriate remedial action will be taken as warranted in the judgment of the Managing Directors. Any actions taken in response to a complaint will be reported to the complainant to the extent allowed by law, unless the complaint was submitted on an anonymous basis.

A complainant who is not satisfied with the outcome of the initial investigation or the remedial action taken with respect thereto, if any, may submit directly to the CCO and Managing Directors Counsel for their review a written complaint with an explanation of why the investigation or remedial action was inadequate.

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A complainant may submit a revised complaint on an anonymous basis in their sole discretion. The complainant should forward the revised complaint to the attention of the CCO and Managing Directors in the same manner as set out above for the original complaint.

The CCO and Managing Directors will review the complainant's revised complaint, together with documentation of the initial investigation, and determine in its sole discretion if the revised complaint merits further investigation. CCO and Managing Directors will conduct a subsequent investigation to the extent and in the manner deemed appropriate. The CCO and Managing Directors may enlist employees of the Company and outside legal, accounting and other advisors, as appropriate, to undertake the subsequent investigation. CCO and Managing Directors or his designated representative will inform the complainant of any remedial action taken in response to a revised complaint to the extent allowed by law, unless the complaint was submitted on an anonymous basis.

**<u>Retention of Complaints</u>**

The CCO will maintain all complaints received, tracking their receipt, investigation and resolution. All complaints and reports will be maintained in accordance with CIM's record retention policy.

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**<u>Section 17: Global Anti-Corruption Policy</u>**

CIM requires its Supervised Persons, Covered Persons and anyone acting on behalf of the Company to maintain the highest standards of ethical business conduct. Supervised Persons are expected to act professionally, fairly and with integrity when acting on behalf of CIM. Among other things, this means that Supervised Persons must engage in honest competition and observe the Company's Global Anti-Corruption Policy (the "Policy"), which strictly prohibits all forms of bribery and corruption in both the public and private sector. In particular, the Policy:

Prohibits Supervised Persons from directly or indirectly offering or giving anything of value to any person or entity designed to improperly obtain a benefit for the Company or improperly influence the conduct of the recipient;

Prohibits Supervised Persons from directly or indirectly requesting or receiving anything of value from any person or entity doing or seeking to do business with CIM designed to improperly influence the conduct of CIM or any of its Supervised Persons; and

Requires Supervised Persons to strictly observe all anti-corruption laws and regulations that may apply to CIM when doing business outside the United States.

This Policy, which may be updated periodically, serves as a reference guide to help you make decisions that are consistent with global anti-corruption laws as well as identify potential compliance issues so that you may seek advice before taking a particular action or report within the Company a potential violation. The Policy is organized into three sections as follows:

Part I – Overview of Global Anti-Corruption Laws

Part II – Policy Guidelines

Part III –Obligations of Supervised Persons; Questions

In developing this Policy, CIM considered the material risks associated with administering a global anti-corruption policy. This analysis includes risks such as:

Supervised Persons and/or CIM do not identify and comply with applicable anti-corruption laws and regulations;

Supervised Persons and/or CIM violate anti-corruption laws by giving or accepting a gift, entertainment, or other hospitality;

Supervised Persons and/or CIM do not detect and/or prevent a bribe offered or made by another person or entity associated with CIM, including business partners, third party intermediaries, and portfolio companies and their employees;

Supervised Persons do not report an anti-corruption violation to the appropriate CIM supervisory personnel;

CIM does not provide this Policy to all Supervised Persons; and

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CIM does not retain all Supervised Persons' acknowledgements that they received and understand the Policy.

CIM has established the below guidelines to mitigate these risks.

**<u>Overview of Global Anti-Corruption Laws</u>**

When doing business outside the United States, CIM may be subject to certain anti-corruption laws and regulations, including the United States Foreign Corrupt Practices Act ("FCPA"). While a summary of the FCPA is provided below, this summary does not cover every aspect of those or other potentially applicable laws or regulations.

Many foreign countries, for example, have enacted their own anti-bribery laws and thus it is increasingly important to ensure that, in adhering to the Policy, you are familiar with the laws and regulations that apply to your area of responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Foreign Corrupt Practices Act** 

In 1977, the United States Congress enacted the FCPA. The statute contains two major types of provisions: the anti-bribery provisions and the accounting or books and records provisions. The anti-bribery provisions, which apply to United States (and some foreign) companies as well as their employees and agents, prohibit giving or offering to give anything of value to a foreign official, directly or indirectly, to corruptly retain business, secure future business, or obtain a commercial benefit. The accounting provisions of the FCPA serve to prevent payments prohibited under the FCPA's anti-bribery provisions by requiring companies registered on a United States securities exchange to take reasonable steps to protect against off-book accounts and disbursements and other unauthorized payments by implementing adequate controls and keeping accurate books and records.

The FCPA's anti-bribery provisions, which apply to CIM, are broadly written. They define improper payments as "anything of value," which can include not only cash but also gifts, meals, entertainment, transportation, lodging, excessive promotional activities, political or charitable donations, discounts, employment or business opportunities, among other things. The FCPA sets no minimum value for what constitutes a bribe.

The definition of "foreign official" under the FCPA is also expansive. It includes any elected or appointed government official or any employee of a foreign government. The official or employee's level within the hierarchy is irrelevant – payments to low-level officials are as improper as payments to high-level officials. Foreign officials also include candidates for public office and officers of public international organizations.

Improper payments to officers, directors, and employees of government-owned or government-controlled entities are also covered by the FCPA. Thus, in countries outside the United States where the government is heavily involved in the private sector, employees of banks, sovereign wealth funds, media organizations, companies involved in the sale or distribution of natural resources, such as oil and gas, and other entities may be considered "foreign officials" under the FCPA, even if the government is not the sole owner of the entity and the person and company at issue are performing what you may consider to be non-governmental functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Consequences for Anti-Corruption Law Violations** 

Violations of the FCPA, and other global anti-corruption laws by Supervised Persons can result in disciplinary action including termination of employment as well as criminal and civil liability for the Adviser and the Supervised Persons involved. Penalties can include significant jail time, millions of dollars in

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fines, disgorgement of profits, debarment from an industry or from government business, the risk of private lawsuits, as well as reputational damage and loss of good will. It should be noted that, under certain anti-corruption laws, companies are not permitted to reimburse employees for any fines imposed as a result of a violation.

**<u>Policy Guidelines</u>**

This next section addresses certain areas which present corruption risks for CIM and its Supervised Persons when doing business outside the United States. It also contains some guidelines to help you navigate these areas in a manner that is consistent with the Policy. This section and the below guidelines, however, do not address every situation that may pose a corruption risk for CIM and its Supervised Persons nor does it answer all questions regarding how the Policy should be applied or what action to take in a particular circumstance. Thus, if you have any questions regarding whether specific conduct would violate the Policy, you should obtain advice from your supervisor or CIM's Chief Compliance Officer in advance of taking any action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Gifts, Entertainment, and Other Hospitality** 

Regardless of the nature or value of the item, the giving or accepting of gifts, entertainment, and other hospitality can violate the FCPA, and other global anti-corruption laws if improperly given or accepted. Thus, in giving or accepting such items, Supervised Persons must take care to comply with this Policy, as well as other obligations such as those set forth in CIM's Gifts and Entertainment Policy. Supervised Persons may not offer or give any gifts, entertainment, and other hospitality that could be perceived as an attempt to improperly influence anyone with whom we are doing business. In the same light, Supervised Persons may not request or accept any gift, entertainment, or other hospitality that would give the impression that any Supervised Persons or the Company can be influenced by such items.

To help minimize the risk that the offering, giving, requesting or receiving of any gifts, entertainment, and other hospitality could be perceived as a violation of the Policy, Supervised Persons are required to observe the following guidelines in connection with all business relationships and activities:

All gifts, entertainment, and other hospitality must comply with *CIM's Gifts and Entertainment Policy* 

All gifts of cash or cash equivalents (e.g., gift cards or certificates) are prohibited

All gifts, entertainment, and other hospitality must be reasonable, proportionate, and consistent with industry norms

All gifts, entertainment, and other hospitality must not be excessive, lavish, or inappropriate

All gifts, entertainment, and other hospitality that you know or suspect would violate local laws or the policies of the giver or recipient's employer are prohibited

All gifts, entertainment, and other hospitality that are required to be reported must be timely and accurately reported and approved by the Chief Compliance Officer

In addition to the above guidelines, when considering whether to offer, give, request or receive any gifts, entertainment, or other hospitality, you should apply your common sense and good judgment. If you are unclear or have any questions as to whether a certain item is appropriate or permissible, please consult your supervisor or the Company's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Business Partners and Third Party Intermediaries** 

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In adhering to the Policy, Supervised Persons must be mindful that under the FCPA, and other global anti-corruption laws CIM and its Supervised Persons can be held liable for a bribe offered or made by another person or entity working with or acting on behalf of CIM, if the Company or its Supervised Persons knew or should have known about the improper payment. Thus, it is important that Supervised Persons undertake the following measures when working with any business partner or third party intermediary that conducts business outside the United States:

***Pre-Retention Anti-Corruption Due Diligence***

Before CIM enters into a relationship or transaction with a prospective business partner or third party intermediary, the Supervised Person who has the primary day-to-day responsibility for a particular transaction (the "Transaction Executive") must perform, in consultation with the CCO and, if necessary, a qualified third party firm, an anti-corruption due diligence review to determine whether the proposed party/transaction qualifies as appropriate for CIM.

***Anti-Corruption Contract Provisions***

The Transaction Executive should also ensure that there is a written contract containing appropriate global anti-corruption provisions. While each situation will vary and, accordingly, each contract will differ, at a minimum, a contract that has the potential to implicate global anti-corruption laws should contain provisions that (1) require the proposed contracting party to acknowledge that its owners and employees are aware of, understand, and agree to comply with the applicable anti-corruption laws; and (2) provide CIM with a right to terminate the relationship immediately in the event of any activities that may violate those laws.

***Post-Retention Anti-Corruption Inquiries***

If, at any point during the relationship or engagement, you learn of information that suggests the business partner or third party intermediary has or is expected to engage in conduct that may violate the Policy, you must report it to your supervisor or the CCO so that the Company can undertake an appropriate inquiry. If there is reason to question the activities of another person or entity working with or on behalf of CIM, you should immediately consider the possibility that, if not adequately investigated, that could indicate an anti-corruption violation for which you and CIM may be held responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Portfolio Companies** 

As with business partners and third party intermediaries, CIM and its Supervised Persons could be held liable for global anti-corruption law violations based on the actions of CIM's investee companies. This applies to companies in which CIM has a controlling or active investment (e.g., where a CIM Supervised Person joins the board or takes a key management position at the portfolio company) as well as companies in which CIM has a minority ownership or passive investment (e.g., where CIM merely provides an infusion of capital and does not participate in the management of the company). Thus, when contemplating investments in portfolio companies that are based overseas or that engage in business outside the United States, to the extent reasonable under the circumstances, Supervised Persons responsible for the portfolio company investment (or proposed portfolio company investment) are required to take the following steps:

***Pre-Investment Anti-Corruption Due Diligence***

Before making investments in companies with international operations, it is essential that the Transaction Executive, in consultation with the Company's CCO and, when appropriate, a qualified third party firm, conduct an appropriate anti-corruption due diligence review. With a prospective business partner or third

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party intermediary, the anti-corruption due diligence work plan should be tailored to the investee company's risk profile. Thus, the Transaction Executive should work with the Company's CCO and, when appropriate, a qualified third party firm, in developing and executing an appropriate plan.

**Ongoing Anti-Corruption Compliance** 

After the appropriate anti-corruption due diligence review is conducted, if a decision is made to invest in the company, the Transaction Executive should take appropriate and reasonable steps to ensure the portfolio company's ongoing compliance with applicable anti-corruption laws, including:

Address any anti-corruption compliance weaknesses uncovered during the pre-investment due diligence phase;

Assist with the development or enhancement of anti-corruption policies and training; and

Request that the portfolio company's employees sign an undertaking that they are aware of, understand, and agree to comply with the applicable anti-corruption laws.

**<u>Obligations of Supervised Persons</u>**

It is the responsibility of each and every Supervised Person to comply with CIM's Global Anti-Corruption Policy. Any Supervised Person who has questions regarding the Policy should contact his or her supervisor or the CCO so that those questions may be properly addressed.

Each Supervised Person will be required to complete and certify in writing on an annual basis, a CIM Global Anti-Corruption Policy Acknowledgment Statement confirming that the Supervised Person fully understands the Policy, and acknowledging his or her commitment to comply with the Policy. Failure to adhere to the Policy will be grounds for appropriate disciplinary action including termination of employment or other relationship with CIM, and may result in serious civil sanctions or criminal prosecution against the individuals involved and the Company.

It is also the responsibility of each and every Supervised Person to report any suspected or actual violation of the Policy. Should a Supervised Person become involved in any situation where a request or offer is made for a bribe, kickback, or any other payment the propriety of which is questionable or which may violate the Policy, or where the Supervised Person has any knowledge of such request or offer, the Supervised Person is required to immediately report such information to their supervisor or the CCO. Under no circumstances shall the reporting of any such information serve as a basis for any retaliatory actions to be taken against any Supervised Person making the report. No retaliation means that any Supervised Person who reports a concern in good faith cannot and will not be subjected to any adverse employment or other similar action.

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**<u>Section 18: Compliance Oversight</u>**

**<u>Relevant Exhibits</u>**

None

The CCO's responsibilities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Create and maintain a list of all Covered Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Monitor personal securities transactions, brokerage statements, and/or the clients' securities transactions for unusual trading patterns and reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Communicate Code policies to employees upon hiring and during compliance meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Require Covered Persons to read this Code and obtain required acknowledgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Monitor requests for a copy of the Company's Code and subsequent delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Review and revise the Code for adequacy and effectiveness at least annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Review and revise the Code of Ethics, as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Review and revise Form ADV disclosure of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Report material Code violations and sanctions to the Board of Directors, (as applicable), periodically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Implement measures to prevent dissemination of material non-public information, when it has been determined that an employee has obtained such information, and add the security to the Company's restricted list, (as applicable), thereby restricting officers, directors and employees from trading the securities for themselves or clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Document all Code violations or apparent violations promptly upon discovery and take appropriate action as necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Determine disciplinary action against any Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Ensure that Covered Persons have annual compliance training

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**<u>Section 19: Recordkeeping</u>**

**<u>Relevant Exhibits</u>**

None

The Company requires honest and accurate recording and reporting of information in order to make responsible business decisions. All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect actual transactions and must conform both to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation and with the signed acknowledgement of the CEO.

The CCO will ensure that the following books and records are maintained in electronic or hard copy form for at least five years, two years in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A copy of each Code that has been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A record of any violation of the Code and any action taken as a result of such violation for five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A record of all written acknowledgements of receipt of the Code and amendments for each person who is currently, or within the past five years was, a Covered Person; (These records must be kept for five years after the individual ceases to be a Covered Person of the Company.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Holdings and transactions reports made pursuant to the Code, including any brokerage confirmation and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.A list of the names of persons who are currently, or within the past five years were Covered Persons of the Company; and

As applicable, record of any decision and supporting reasons for approving the acquisition of securities by Covered Persons in IPO's or Limited Offerings for at least five years after the end of the fiscal year in which approval was granted.

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**<u>EXHIBITS</u>**

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**<u>Exhibit A – Covered Persons</u>**

**Chief Compliance Officer**

Charles T. Cassel III., serves as the Company's Chief Compliance Officer ("CCO"). Victor Maldonado serves as the Compliance Associate. In the event of Mr. Cassel being absent for any reason, Mr. Maldonado shall assume the role of CCO and all supervisory and compliance responsibilities until Mr. Cassel returns. In the event of both Mr. Cassel and Mr. Maldonado are absent simultaneously, Jonathan Binder shall assume the role of CCO, and all supervisory and compliance responsibilities until either Mr. Cassel or Mr. Maldonado return.

**Chief Investment Officer and Chief Risk Officer**

The Company has designated Charles T. Cassel III, Chief Risk Officer, and Jonathan Binder as the Chief Investment Officer of the Company.

**Access Persons**

---

| | | |
|:---|:---|:---|
| Charles T. Cassel III | Jonathan Binder | Victor Maldonado |
| Trevor Proulx | Angel Hernandez | Alicia Cantrell |
| Odile Bagao | Alex Ryshawy | Dominic Leoni |

---

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 **<u>Exhibit B – Definitions</u>**

**<u>Access Person</u>** includes any Supervised Person who:

1. Has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any fund the Company or its control affiliates manage; or

2. Is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic.

Because the Company's primary business is providing investment advice, all of the Company's directors, Officers, and partners are presumed to be Access Persons. (However, certain directors of the Company may not be considered Access Persons if they do not otherwise fall under the definition of Access Person.)

**<u>Advisory Person</u>** means:

1. Any Supervised Person of the Company or of any company in a control relationship to the Company, who, in connection with their regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by any client of the Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

2. Any natural person in a control relationship to the Company who obtains information concerning recommendations made to any client of the Company with regard to the purchase or sale of a security.

**<u>Beneficial Ownership</u>** has the same meaning as that term is defined in Rule 16a–1(a) (2) under the Securities Exchange Act of 1934, as amended (the Exchange Act), in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the Exchange Act. This means that a person should generally consider their self the beneficial owner of any securities in which they have a direct or indirect pecuniary interest. In addition, a person should consider their self the beneficial owner of securities held by their spouse, their minor children or a relative who shares their home, or held by other persons who through any contract, arrangement, understanding or relationship provide them with sole or shared voting or investment power over such securities.

**<u>Client or Client Account</u>** means any Fund advised by the Company, any private investment funds advised by the Company, and any outside private account for which the Company serves as investment adviser and in which the Company (and persons associated with the Company) has no ownership interest, direct or indirect (other than as a shareholder of the mutual fund or as a member, partner or shareholder of any private investment funds advised by the Company).

**<u>Control</u>** is the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting security is presumed to give the holder control over the company. (Investment Company Act Section 2(a) (9)).

**<u>Covered Account</u>** is generally any account in the name of the Company or an Access Person **<u>or</u>** in which the Company or Access Person:

1. Has any direct or indirect beneficial ownership interest; and

2. Exercises control or influence; and/or

3. An account carried in the name of, or for the direct beneficial interest of, a person related to the Access Person (related person).

**A Covered Account excludes** any such account over which the Access Person exercises no control or influence (i.e., an account over which a third party or entity exercises exclusive discretionary authority).

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**<u>Covered Security</u>** includes any instrument that is considered a Security under the Advisers Act with the exception of the following:

1. Direct obligations of the U.S. government (e.g., treasury securities);

2. Bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short–term debt obligations, including repurchase agreements;

3. Shares issued by money market funds;

4. Shares of open–end mutual funds that are not advised or sub–advised by the Company or its affiliates; and

5. Shares issued by unit investment trusts that are invested exclusively in one or more open–end funds, none of which are funds advised or sub–advised by the Company or its affiliates. .

**<u>Fund</u>** means an investment company registered under the Investment Company Act.

**<u>Initial Public Offering</u>** means any offering of securities registered under the Securities Act of 1933, the issue of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

**<u>Investment Advisers Act</u>** means the Investment Advisers Act of 1940, as amended.

**<u>Investment Company Act</u>** means the Investment Company Act of 1940, as amended.

**<u>Private Placement</u>** means any offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, 505 or 506 under the Securities Act of 1933. Private placements may include offerings of hedge funds and other private equity funds.

**<u>Purchase or sale of a security</u>** includes, among other things, the writing of an option to purchase or sell a security.

**<u>Related Person</u>** is deemed to include a Supervised Person's:

1. Spouse;

2. Minor children; and

3. A relative who shares their home,

**<u>Security</u>** means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

**<u>Supervised Persons</u>** are defined in Section 202(a) (25) of the Advisers Act as:

1. Directors, officers, and partners (or other persons occupying a similar status or performing similar functions);

2. Employees; and

3. Other person who provides advice on behalf of the investment adviser and is subject to the investment adviser's supervision and control.

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