vote summary report emerging markets april 2020 · 2020-06-09 · vote summary report date range...

April 2020 Emerging Markets Voting Report

Voting report Legal & General Investment Management

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Vote Summary Report

Date range covered: 04/01/2020 to 04/30/2020

Arca Continental SAB de CV

Meeting Date: 04/02/2020 Country: Mexico

Meeting Type: Annual

Primary Security ID: P0448R103

Ticker: AC

Primary ISIN: MX01AC100006

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1 Approve CEO's Report on Operations and

Results of Company Accompanied by

Auditor's Report and Board's Opinion

Mgmt For Against

Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.

1.2 Approve Report on Operations and Activities

Undertaken by Board and Accounting Policies

and Criteria and Information Followed in

Preparation of Financial Information

Mgmt

For

Against


1.3 Approve Report of Audit and Corporate

Practices Committee; Receive Report on

Adherence to Fiscal Obligations

Mgmt

For

Against


2 Approve Allocation of Income and Cash

Dividends of MXN 2.42 Per Share

Mgmt For For

3 Set Maximum Amount of Share Repurchase

Reserve

Mgmt For For

4 Elect Directors, Verify their Independence

Classification, Approve their Remuneration

and Elect Secretaries

Mgmt For Against

Blended Rationale: A vote AGAINST these items is warranted because: - The names of the director nominees are not disclosed

prior to the time that institutional shareholders are required to submit vote instructions; - The proposed director remuneration

is not disclosed; - The company has bundled the election of its directors into a single voting item; and - The board's current

level of independent under ISS policy is 15 percent, falling short of the 25-percent threshold required for Mexico.

5 Approve Remuneration of Board Committee

Members; Elect Chairman of Audit and

Corporate Practices Committee

Mgmt For Against

Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed

prior to the time that institutional shareholders are required to submit vote instructions;- The proposed director remuneration is

not disclosed;- The company has bundled the election of its directors into a single voting item; and- The board's current level

of independent under ISS policy is 15 percent, falling short of the 25-percent threshold required for Mexico.

6 Appoint Legal Representatives Mgmt For For

7 Approve Minutes of Meeting

Mgmt

For

For

Vote Summary Report


Hangzhou Tigermed Consulting Co., Ltd.

Meeting Date: 04/02/2020 Country: China

Meeting Type: Special

Primary Security ID: Y3043G100

Ticker: 300347

Primary ISIN: CNE100001KV8

Proposal Vote

Number Proposal Text Proponent Mgmt Rec Instruction

1

Approve Issuance of H Shares and Listing on

Main Board of Hong Kong Stock Exchange

Mgmt

For

For

APPROVE ISSUE OF H SHARES AND LISTING

ON MAIN BOARD OF HONG KONG STOCK

EXCHANGE

Mgmt

2.1 Approve Issue Type and Par Value Mgmt For For

2.2 Approve Issue Period Mgmt For For

2.3 Approve Issue Manner Mgmt For For

2.4 Approve Issue Scale Mgmt For For

2.5 Approve Pricing Method Mgmt For For

2.6 Approve Target Parties Mgmt For For

2.7 Approve Offer Sale Principles Mgmt For For

3 Approve Resolution Validity Period Mgmt For For

4 Approve Report on the Usage of Previously

Raised Funds

Mgmt For For

5 Approve Feasibility Analysis Report on the

Use of Proceeds

Mgmt For For

6 Approve Authorization of Board to Handle All

Related Matters

Mgmt For For

7 Approve Distribution Arrangement of

Cumulative Earnings

Mgmt For For

8 Approve Liability Insurance for Directors,

Supervisors and Senior Managers

Mgmt For For

9 Amend Articles of Association Mgmt For For

10 Amend Rules and Procedures Regarding

General Meetings of Shareholders

Mgmt For For


Meetings of Board of Directors

Mgmt For For

12 Amend Working System for Independent

Directors

Mgmt For For

13 Amend Related-Party Transaction

Management System

Mgmt For For

14 Amend Management System for Providing

External Guarantees

Mgmt For For

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

15

Amend Management System for External

Investment

Mgmt

For

For

16 Amend Management System of Raised Funds Mgmt For For

17 Amend Management System of Investment

Decision

Mgmt For For


Meetings of Board of Supervisors

Mgmt For For

Hengdian Group DMEGC Magnetics Co., Ltd.



Primary Security ID: Y3158L100

Ticker: 002056

Primary ISIN: CNE000001N70

Proposal Vote


1

Approve Annual Report and Summary

Mgmt

For

For

2 Approve Report of the Board of Directors Mgmt For For

3 Approve Report of the Board of Supervisors Mgmt For For

4 Approve Financial Statements Mgmt For For

5 Approve Financial Budget Report Mgmt For For

6 Approve Allocation of Income and Dividends Mgmt For For

7 Approve Appointment of Auditor Mgmt For For

8 Approve Daily Related-Party Transactions Mgmt For For

9 Approve Use of Idle Funds to Purchase

Financial Products

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary

risks.

ELECT NON-INDEPENDENT DIRECTORS VIA

CUMULATIVE VOTING

Mgmt

10.1 Elect He Shijin as Non-Independent Director Mgmt For For

10.2 Elect Xu Wencai as Non-Independent Director Mgmt For For

10.3 Elect Hu Tiangao as Non-Independent

Director

Mgmt For For

10.4 Elect Ren Hailiang as Non-Independent

Director

Mgmt For For

Vote Summary Report


Hengdian Group DMEGC Magnetics Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

ELECT INDEPENDENT DIRECTORS VIA

CUMULATIVE VOTING

Mgmt

11.1 Elect Yang Liuyong as Independent Director Mgmt For For

11.2 Elect Lv Yan as Independent Director Mgmt For For

11.3 Elect Liu Baoyu as Independent Director Mgmt For For

ELECT SUPERVISORS VIA CUMULATIVE

VOTING

Mgmt

12.1 Elect Li Guoping as Supervisor Mgmt For For

12.2 Elect Wu Weimin as Supervisor Mgmt For For

Kasikornbank Public Co. Ltd.

Meeting Date: 04/02/2020 Country: Thailand


Primary Security ID: Y4591R100

Ticker: KBANK

Primary ISIN: TH0016010009

Proposal Vote


1

Acknowledge Operation Results

Mgmt


3 Approve Allocation of Income and Dividend

Payment

Mgmt For For

4.1 Elect Suphajee Suthumpun as Director Mgmt For For

4.2 Elect Chanin Donavanik as Director Mgmt For For

4.3 Elect Sara Lamsam as Director Mgmt For Against

Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not

to hold too many external roles to ensure they can undertake their duties effectively.

4.4 Elect Kattiya Indaravijaya as Director Mgmt For For

4.5 Elect Patchara Samalapa as Director Mgmt For For

5 Elect Chonchanum Soonthornsaratoon as

Director

Mgmt For For

6 Approve Names and Number of Directors

Who Have Signing Authority

Mgmt For For

7 Approve Remuneration of Directors Mgmt For For

Vote Summary Report


Kasikornbank Public Co. Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

8 Approve KPMG Phoomchai Audit Limited as

Auditors and Authorize Board to Fix Their

Remuneration

Mgmt For Against

Blended Rationale: Auditor fees: A vote against is applied as LGIM does not expect excessive non-audit work to be conducted

by the company's external auditors as this brings into question the independence of their judgement.

9 Other Business Mgmt

Yunda Holding Co., Ltd.



Primary Security ID: Y62996106

Ticker: 002120

Primary ISIN: CNE100000015

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Draft and Summary of Performance

Shares Incentive Plan

Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied as the award of incentive remuneration to non-executive directors

may impair their independence.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to

be measured over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any

holding period to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive

performance shares under the scheme are involved in the administration of the scheme.

2 Approve Methods to Assess the Performance

of Plan Participants

Mgmt For Against

Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured

over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period

to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive performance shares

under the scheme are involved in the administration of the scheme.

3 Approve Authorization of the Board to Handle

All Related Matters

Mgmt For Against



to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive performance shares


360 Security Technology, Inc.



Primary Security ID: Y444T7106

Ticker: 601360

Primary ISIN: CNE100002RZ2

Vote Summary Report


360 Security Technology, Inc.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

APPROVE ADJUSTMENT FOR PRIVATE

PLACEMENT OF SHARES

Mgmt

1.1 Approve Target Subscribers and Subscription

Method

Mgmt For For

1.2 Approve Issue Price and Pricing Principles Mgmt For For

1.3 Approve Lock-up Period Mgmt For For

1.4 Approve Resolution Validity Period and

Shareholders' Meeting Authorization Period

Mgmt For For

2 Approve Plan on Private Placement of Shares

(Second Revision)

Mgmt For For

3 Approve Revised Impact of Dilution of Current

Returns on Major Financial Indicators and the

Relevant Measures to be Taken

Mgmt For For

4 Approve Purchase of Liability Insurance for

Directors, Supervisors and Senior

Management Members

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted given the non-disclosure.

ELECT INDEPENDENT DIRECTOR VIA

CUMULATIVE VOTING

5.1 Elect Xu Jingchang as Independent Director

Mgmt

Mgmt

For

For

Bank of Beijing Co., Ltd.




Ticker: 601169


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Non Fixed Term Capital Bonds

Issuance

Mgmt For For

China National Nuclear Power Co., Ltd.




Ticker: 601985


Vote Summary Report


China National Nuclear Power Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Investment Plan Mgmt For Against

Blended Rationale: A vote AGAINST is warranted due to lack of disclosure.

2 Approve Financial Budget Report

Mgmt

For

Against


APPROVE APPLICATION FOR RENEWABLE

BONDS

Mgmt




3.4 Approve Issue Period and Type Mgmt For For

3.5 Approve Usage of Raised Funds Mgmt For For

3.6 Approve Underwriting Method and Listing

Arrangement

Mgmt For For

3.7 Approve Issue Price Mgmt For For

3.8 Approve Guarantee Matters Mgmt For For

3.9 Approve Bond Interest Rate and

Determination Manner

Mgmt For For

3.10 Approve Issuer Renewal Options Mgmt For For

3.11 Approve Deferred Payment of Interest Mgmt For For

3.12 Approve Mandatory Interest Payment Mgmt For For

3.13 Approve Restrictions Under Interest Deferral Mgmt For For

3.14 Approve Redemption Clause Mgmt For For

3.15 Approve Resolution Validity Period Mgmt For For

3.16 Approve Authorization Matters Mgmt For For

ELECT NON-INDEPENDENT DIRECTOR VIA

CUMULATIVE VOTING

Mgmt

4.1 Elect Liu Xiuhong as Non-independent

Director

SH For For

4.2 Elect Wu Hanjing as Non-independent

Director

SH For For


VOTING

Mgmt

5.1 Elect Fan Mengren as Supervisor SH For For

Vote Summary Report


Equatorial Energia SA

Meeting Date: 04/03/2020 Country: Brazil


Primary Security ID: P3773H104

Ticker: EQTL3

Primary ISIN: BREQTLACNOR0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Corporate Purpose Mgmt For For

2 Amend Article 3 Re: Corporate Purpose

Mgmt

For

For

3 Consolidate Bylaws

Mgmt

For

For

4 Authorize Board to Ratify and Execute

Approved Resolutions

Mgmt

For

For

RiseSun Real Estate Development Co., Ltd.



Primary Security ID: Y7286J101

Ticker: 002146

Primary ISIN: CNE1000005Y9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

APPROVE ISSUANCE OF CORPORATE BONDS

Mgmt


1.2 Approve Issue Type and Period Mgmt For For

1.3 Approve Bond Interest Rate and Payment

Method

Mgmt For For


1.5 Approve Issue Manner and Target Parties Mgmt For For

1.6 Approve Guarantee Arrangement Mgmt For For

1.7 Approve Placement Arrangement to

Shareholders

Mgmt For For

1.8 Approve Listing Transfer Method Mgmt For For

1.9 Approve Safeguard Measures of Debts

Repayment

Mgmt For For



All Related Matters

Mgmt For For

Vote Summary Report


Alkem Laboratories Limited

Meeting Date: 04/04/2020 Country: India


Primary Security ID: Y0R6P5102

Ticker: 539523

Primary ISIN: INE540L01014

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Postal Ballot - Shareholder Proposals Mgmt

1 Approve Reappointment and Remuneration of SH

Basudeo N. Singh as Executive Chairman

For

Against

Blended Rationale: A vote AGAINST this resolution is warranted in the light of the following:- The proposed fixed remuneration

of Basudeo N. Singh is high when benchmarked to industry peers and other executives in the company- He is a member of the

compensation committee which poses a potential conflict of interest with respect to the objective determination of his

remuneration- The elimination of the variable component of the remuneration may reduce accountability and cause

misalignment between the nominee's pay and company performance- The provision of high annual increments in his salary

may lead to discretionary payouts

2 Elect Sarvesh Singh as Director and Approve SH

His Appointment and Remuneration as Whole

Time Director Designated as Executive

Director

For Against

Blended Rationale: A vote AGAINST the appointment and remuneration of Sarvesh Singh as executive director is warranted

given the following concerns with regards to his remuneration:- The provision of annual increments in his salary may lead to

discretionary payouts.- There is no variable component in his pay structure which leads to lack of accountability of the nominee

with regards to the performance and growth of the company

3 Elect Narendra Kumar Aneja as Director SH For For

Future Retail Limited

Meeting Date: 04/05/2020 Country: India


Primary Security ID: Y0R8CN111

Ticker: 540064

Primary ISIN: INE752P01024

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Postal Ballot Mgmt

1 Approve Redesignation and Remuneration of

Kishore Biyani as Executive Chairman

Mgmt

For

Against

Blended Rationale: Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped either as a

percentage of salary or a fixed number of shares.

2 Approve Redesignation and Remuneration of

Rakesh Biyani as Managing Director

Mgmt For Against



Vote Summary Report


Future Retail Limited

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3 Approve Pledging of Assets for Debt Mgmt For For

Beijing Dabeinong Technology Group Co., Ltd.



Primary Security ID: Y0772N108

Ticker: 002385


Proposal Vote


1

Approve Provision of Guarantee for Controlled

Subsidiary

Mgmt

For

For

2 Approve Provision Mortgage Guarantee by

Controlled Subsidiary

Mgmt For For

3 Approve Provision of Guarantee for Controlled

Subsidiary by Controlled Subsidiary

Mgmt For For

4 Approve Provision of Guarantee and Related

Party Transactions for Associate Company

Mgmt For For

5 Approve Daily Related Party Transaction Mgmt For For


Hang Zhou Great Star Industrial Co. Ltd.



Primary Security ID: Y3037V105

Ticker: 002444

Primary ISIN: CNE100000RC5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Amendments to Articles of

Association to Expand Business Scope

Mgmt For For

Vote Summary Report


Ningxia Baofeng Energy Group Co., Ltd.



Primary Security ID: Y6S057109

Ticker: 600989

Primary ISIN: CNE100003LF5

Proposal Vote


1

Approve Report of the Board of Directors

Mgmt

For

For


3 Approve Financial Statements and Financial

Budget Report

Mgmt For For

4 Approve Profit Distribution Mgmt For For

5 Approve Annual Report and Summary Mgmt For For

6 Approve Appointment of Auditor and Payment

of Remuneration

Mgmt For For

Tianma Microelectronics Co. Ltd.




Ticker: 000050

Primary ISIN: CNE000000HT1

Proposal Vote


1

Approve Financial Statements

Mgmt

For

For



4 Approve Report of the Independent Directors Mgmt For For



7 Approve Remuneration of Chairman of the

Board

Mgmt For For

8 Approve Comprehensive Credit Line

Application

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the proposed borrowing is considered excessive and may add to the

company's financial burden, which is deemed not in the best interests of shareholders.

9 Approve Provision of Guarantee to Shanghai

Tianma

Mgmt For For

Vote Summary Report


Tianma Microelectronics Co. Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

10 Approve Provision of Guarantee to Xiamen

Tianma

11 Approve Financial Derivatives Trading

Business

12 Approve Financial Derivatives Trading

Feasibility Analysis Report


Raised Funds

14 Approve Appointment of Auditor

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

For

For

For

For

TIM Participacoes SA



Primary Security ID: P91536469

Ticker: TIMP3

Primary ISIN: BRTIMPACNOR1

Proposal Vote


1

Accept Financial Statements and Statutory

Reports for Fiscal Year Ended Dec. 31, 2019

Mgmt

For

For


3 Ratify Election of Flavia Maria Bittencourt as

Director

Mgmt For For

4 Ratify Election of Carlo Filangieri as Director Mgmt For For

5 Ratify Election of Sabrina di Bartolomeo as

Director

Mgmt For For

6 Fix Number of Fiscal Council Members at

Three

Mgmt For For

7 Elect Fiscal Council Members Mgmt For For

8 In Case One of the Nominees Leaves the

Fiscal Council Slate Due to a Separate

Minority Election, as Allowed Under Articles

161 and 240 of the Brazilian Corporate Law,

May Your Votes Still Be Counted for the

Proposed Slate?

Mgmt None Against

9 Approve Remuneration of Company's

Management and Fiscal Council

Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.

Vote Summary Report


TIM Participacoes SA




Ticker: TIMP3

Primary ISIN: BRTIMPACNOR1

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Prolonging of Cooperation and

Support Agreement between Telecom Italia

S.p.A and TIM S.A.

Mgmt For For

2 Authorize Capitalization of Reserves

Mgmt

For

For

3 Amend Articles and Consolidate Bylaws

Mgmt

For

For

Gulf Energy Development Public Co. Ltd.




Ticker: GULF


Proposal Vote


1

Acknowledge Company's Performance

Mgmt

For

For



Payment

Mgmt For For

4.1 Elect Sommai Phasee as Director Mgmt For For

4.2 Elect Sarath Ratanavadi as Director Mgmt For For

4.3 Elect Porntipa Chinvetkitvanit as Director Mgmt For For

4.4 Elect Yupapin Wangviwat as Director Mgmt For For


6 Approve KPMG Phoomchai Audit Ltd. as

Auditors and Authorize Board to Fix Their

Remuneration

Mgmt For For

7 Approve Change in Par Value of Shares Mgmt For For

8 Amend Memorandum of Association to

Reflect Change in Par Value

Mgmt For For

Vote Summary Report


Gulf Energy Development Public Co. Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

9 Other Business Mgmt For Against

Blended Rationale: Governance Concerns: A vote AGAINST this resolution is warranted given the lack of information.

Hunan Valin Steel Co., Ltd.



Primary Security ID: Y3767Q102

Ticker: 000932


Proposal Vote


1


Mgmt

For

For





6 Approve Daily Related-Party Transactions Mgmt For Against

Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions

include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-

There are inherent risks associated with the financial services to be provided under this proposal.

7 Approve Fixed Assets Investment Plan Mgmt For For


9 Elect Huang Shaoming as Non-Independent

Director

SH For For

Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.




Ticker: 600872

Primary ISIN: CNE000000HK0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report


Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.

Proposal Vote


2

Approve Report of the Board of Supervisors

Mgmt

For

For


4 Approve Technology Upgrade Project Mgmt For For

5 Approve External Investment Management

System

Mgmt For For


7 Amend Articles of Association Mgmt For Against

Blended Rationale: A vote AGAINST is warranted given that the amendments would reduce shareholders' ability to review and

vote on material transactions at the company.

8 Approve Zhongshan Shandong Fengzhujiang Mgmt

Village Bank to Handle Deposit and

Settlement and Related Transactions

For

For

Raia Drogasil SA


Primary Security ID: P7942C102

Meeting Type: Annual Ticker: RADL3

Primary ISIN: BRRADLACNOR0

Proposal Vote


1



Mgmt

For

For



Management

Mgmt For For

4 Do You Wish to Request Installation of a

Fiscal Council, Under the Terms of Article 161

of the Brazilian Corporate Law?

Mgmt None For

5.1 Elect Gilberto Lerio as Fiscal Council Member

and Flavio Stamm as Alternate

Mgmt For Against

Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow

minority shareholders to concentrate their votes on the election of minority fiscal council candidates.

5.2 Elect Fernando Carvalho Braga as Fiscal

Council Member and Paulo Sergio Buzaid

Tohme as Alternate

Mgmt For Against



Vote Summary Report


Raia Drogasil SA

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

5.3 Elect Mario Antonio Luiz Correa as Fiscal

Council Member and Vivian do Valle Souza

Leao Mikui as Alternate

Mgmt For Against



6.1

6.2

7

8

Elect Felipe Elias Ribeiro David as Fiscal

Council Member and Marcello da Costa Silva

as Alternate Appointed by Minority

Shareholder

Elect Robert Juenemann as Fiscal Council

Member and Alessandra Eloy Gadelha as

Alternate Appointed by Minority Shareholder

Approve Remuneration of Fiscal Council

Members

In the Event of a Second Call, the Voting

Instructions Contained in this Remote Voting

Card May Also be Considered for the Second

Call?

SH

SH

Mgmt

Mgmt

None

None

For

None

Against

For

For

For

Raia Drogasil SA




Ticker: RADL3

Primary ISIN: BRRADLACNOR0

Proposal Vote


1

Amend Article 3 Re: Corporate Purpose

Mgmt

For

For

2 Amend Articles 7 and 8 Mgmt For For


4 Amend Article 14 Mgmt For For

5 Consolidate Bylaws Mgmt For For

6 In the Event of a Second Call, the Voting



Call?

Mgmt None For


Vote Summary Report


Shenzhen Overseas Chinese Town Co., Ltd.



Primary Security ID: Y7582E103

Ticker: 000069

Primary ISIN: CNE000000SS0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


CUMULATIVE VOTING

Mgmt

1.1 Elect Duan Xiannian as Non-independent

Director

Mgmt For For

1.2 Elect Yao Jun as Non-independent Director Mgmt For For

1.3 Elect Wang Xiaowen as Non-independent

Director

Mgmt For For


CUMULATIVE VOTING

Mgmt

2.1 Elect Wang Yijiang as Independent Director Mgmt For Against



2.2 Elect Sha Zhenquan as Independent Director Mgmt For For

2.3 Elect Song Ding as Independent Director Mgmt For For

2.4 Elect Zhang Yuming as Independent Director Mgmt For For


VOTING

Mgmt

3.1 Elect Chen Yuehua as Supervisor Mgmt For For

3.2 Elect Pan Fengwen as Supervisor Mgmt For For

Yunnan Energy New Material Co., Ltd.



Primary Security ID: Y9881M109

Ticker: 002812

Primary ISIN: CNE100002BR3

Proposal Vote


1


Mgmt

For

For



Vote Summary Report



Proposal Vote


4

Approve Profit Distribution

Mgmt

For

For


6 Approve Appointment of Financial Auditor and

Internal Control Auditor

Mgmt For For


8 Approve Comprehensive Credit Line Bank

Application

Mgmt For Against



9 Approve Guarantee within the Scope of

Consolidated Report

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some subsidiaries is

disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the

meeting circular.

10 Approve Performance Commitment on

Company's Acquisition by Cash and Issuance

of Shares as well as Raising Supporting Funds

Mgmt For For


CUMULATIVE VOTING

Mgmt

11.1 Elect Paul Xiaoming Lee as Non-Independent

Director

SH For Against

Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to

comprise independent directors.

11.2 Elect Li Xiaohua as Non-Independent Director SH For Against

Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of independent

directors.

11.3 Elect Yan Ma as Non-Independent Director SH For For

11.4 Elect Xu Ming as Non-Independent Director SH For For

11.5 Elect Feng Jie as Non-Independent Director SH For For

11.6 Elect Alex Cheng as Non-Independent

Director

SH For For


CUMULATIVE VOTING

Mgmt

12.1 Elect Tang Changjiang as Independent

Director

Mgmt For For

12.2 Elect Zheng Haiying as Independent Director Mgmt For For

12.3 Elect Lu Jiankai as Independent Director Mgmt For For


VOTING

Mgmt

13.1 Elect Zhang Tao as Supervisor Mgmt For For

13.2 Elect Chen Tao as Supervisor Mgmt For For

Vote Summary Report



Proposal Vote


14 Approve Establishment of Special Board

Committee

Mgmt For For

CCR SA



Primary Security ID: P2170M104

Ticker: CCRO3

Primary ISIN: BRCCROACNOR2

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Accept Financial Statements and Statutory


Mgmt For Against

Blended Rationale: Accounts: A vote against is applied as the auditors have expressed concerns regarding the company's

accounts.


3 Fix Number of Directors at 13 Mgmt For For

4 Do You Wish to Adopt Cumulative Voting for

the Election of the Members of the Board of

Directors, Under the Terms of Article 141 of

the Brazilian Corporate Law?

Mgmt None Against

5 Elect Directors Mgmt For Against

Blended Rationale: Committee independence: A vote against is applied as LGIM expects the Committee to be comprised of

independent directors.A vote AGAINST these items is warranted because:The existence of ongoing concerns regarding

egregious governance practices of the company's incumbent directors in the context of the approval of indemnification and

remuneration payments to former executives who admitted knowledge and/or participation in corruption practices;Growing

concerns of board entrenchment, following recent bylaw amendments to establish mandatory slate elections and increase the

board's term to two years and the relative low level of support of the incumbent candidates at the 2019 AGM.

6 In Case There is Any Change to the Board

Slate Composition, May Your Votes Still be

Counted for the Proposed Slate?

Mgmt None Against

7 In Case Cumulative Voting Is Adopted, Do

You Wish to Equally Distribute Your Votes

Amongst the Nominees below?

Mgmt None For

APPLIES ONLY IF CUMULATIVE VOTING IS

ADOPTED - If You Vote FOR on Item 7, Votes

Will Be Automatically Distributed in Equal %

Amongst The Nominees voted FOR below. If

You Vote AGST, Contact Your Client Service

Rep to Disproportionately Allocate % of Votes

Mgmt

8.1 Percentage of Votes to Be Assigned - Elect

Ana Maria Marcondes Penido Sant'Anna as

Director and Eduarda Penido Dalla Vecchia as

Alternate

Mgmt None Abstain

Vote Summary Report


CCR SA

Proposal Vote


8.2

Percentage of Votes to Be Assigned - Elect

Fernando Luiz Aguiar Filho as Director and

Leonardo de Almeida Massa as Alternate

Mgmt

None

Abstain


Ricardo Coutinho de Sena as Director and

Jose Henrique Braga Polido Lopes as

Alternate

Mgmt None Abstain


Flavio Mendes Aidar as Director and Livio

Hagime Kuze as Alternate

Mgmt None Abstain


Paulo Roberto Reckziegel Guedes as Director

and Fernando Santos Salles as Alternate

Mgmt None Abstain


Luis Claudio Rapparini Soares as Director and

Eduardo Penido Sant'Anna as Alternate

Mgmt None Abstain


Renato Torres de Faria as Director and Paulo

Marcio de Oliveira Monteiro as Alternate

Mgmt None Abstain


Henrique Sutton de Sousa Neves as Director

and Rosa Evangelina Penido Dalla Vecchia as

Alternate

Mgmt None Abstain


Luiz Carlos Cavalcanti Dutra Junior as Director

and Nelson Tambelini Junior as Alternate

Mgmt None Abstain


Luiz Alberto Colonna Rosman as Independent

Director

Mgmt None Abstain


Leonardo Porciuncula Gomes Pereira as

Independent Director

Mgmt None Abstain


Eduardo Bunker Gentil as Independent

Director

Mgmt None For


Eliane Aleixo Lustosa de Andrade as


Mgmt None For

9 As an Ordinary Shareholder, Would You like

to Request a Separate Minority Election of a

Member of the Board of Directors, Under the

Terms of Article 141 of the Brazilian

Corporate Law?

Mgmt None For

Vote Summary Report


CCR SA

Proposal Vote


10 Elect Ana Maria Marcondes Penido Sant'Anna

as Board Chairman and Ricardo Coutinhode

Sena as Board Vice-Chairman

Mgmt For Against

Blended Rationale: A vote AGAINST these items is warranted because:The existence of ongoing concerns regarding egregious

governance practices of the company's incumbent directors in the context of the approval of indemnification and remuneration

payments to former executives who admitted knowledge and/or participation in corruption practices;Growing concerns of

board entrenchment, following recent bylaw amendments to establish mandatory slate elections and increase the board's term

to two years and the relative low level of support of the incumbent candidates at the 2019 AGM.




Mgmt None For

12.1 Elect Adalgiso Fragoso de Faria as Fiscal

Council Member and Marcelo de Andrade as

Alternate

Mgmt For For

12.2 Elect Bruno Goncalves Siqueira as Fiscal

Council Member and Daniel da Silva Alves as

Alternate

Mgmt For For

12.3 Elect Piedade Mota da Fonseca as Fiscal

Council Member and Ronaldo Pires da Silva as

Alternate

Mgmt For For


Management

Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.A vote

AGAINST this item is warranted due to the existence of problematic pay practices.

14 Approve Remuneration of Fiscal Council

Members

Mgmt For For

China Northern Rare Earth (Group) High-Tech Co., Ltd.




Ticker: 600111

Primary ISIN: CNE000000T18

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

Vote Summary Report


CSC Financial Co., Ltd.



Primary Security ID: Y1818Y108

Ticker: 6066

Primary ISIN: CNE100002B89

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

EGM BALLOT FOR HOLDERS OF H SHARES Mgmt

1 Approve Extension of the Validity Period of

the Plan for the Non-Public Issuance of A

Shares


Full Authorization to the Board to Deal with

Relevant Matters in Relation to the Non-Public

Issuance

3 Approve General Mandate to Issue Onshore

and Offshore Debt Financing Instruments

4 Amend Articles of Association

Mgmt

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

For

For





Ticker: 6066


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

CLASS MEETING FOR HOLDERS OF H SHARES Mgmt



Shares




Issuance

Mgmt

Mgmt

For

For

For

For





Ticker: 6066


Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

EGM BALLOT FOR HOLDERS OF A SHARES Mgmt



Shares




Issuance

3 Approve General Mandate to Issue Onshore

and Offshore Debt Financing Instruments

4 Amend Articles of Association

Mgmt

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

For

For





Ticker: 6066


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

CLASS MEETING FOR HOLDERS OF A SHARES Mgmt



Shares




Issuance

Mgmt

Mgmt

For

For

For

For

M. Dias Branco SA Industria e Comercio de Alimentos




Ticker: MDIA3

Primary ISIN: BRMDIAACNOR7

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

2 Approve Allocation of Income Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because:* The company's payouts in recent years have consistently

fallen below 30 percent of net income; and* The company has underperformed the country's main equity index in recent years.

3 Elect Directors Mgmt For For




Mgmt None Against


You Wish Distribute Your Full Position to the

Above Nominee?

Mgmt None For







Mgmt


Maria Consuelo Saraiva Leao Dias Branco as

Board Chairman and Maria Regina Saraiva

Leao Dias Branco as Alternate

Mgmt None For


Francisco Claudio Saraiva Leao Dias Branco as

Board Vice-Chairman and Vera Maria

Rodrigues Ponte as Alternate

Mgmt None For


Maria das Gracas Dias Branco da Escossia as

Director and Francisco Marcos Saraiva Leao

Dias Branco as Alternate

Mgmt None For


Fernando Fontes Iunes as Independent

Director and Francisco Ivens de Sa Dias

Branco Junior as Alternate

Mgmt None For


Guilherme Affonso Ferreira as Independent

Director and Daniel Mota Gutierrez as

Alternate

Mgmt None Abstain


Daniel Perecim Funis as Independent Director

and Luiza Andrea Farias Nogueira as Alternate

Mgmt None For




Mgmt None For

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction





Mgmt None Against





Ticker: MDIA3

Primary ISIN: BRMDIAACNOR7

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Remuneration of Company's

Management Approved at the April 18, 2019,

AGM

Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because the company's proposal to increase by 45.6-percent the

previously approved 2019 global compensation cap lacks transparency, preventing international institutional shareholders from

making an informed voting decision.


Management

Mgmt For For

Ping An Insurance (Group) Co. of China Ltd.




Ticker: 2318

Primary ISIN: CNE1000003X6

Proposal Vote


AGM BALLOT FOR HOLDERS OF A SHARES

Mgmt

1 Approve 2019 Report of the Board of

Directors

Mgmt For For

2 Approve 2019 Report of the Supervisory

Committee

Mgmt For For

3 Approve 2019 Annual Report and Its

Summary

Mgmt For For

4 Approve 2019 Financial Statements and

Statutory Reports

Mgmt For For

Vote Summary Report


Ping An Insurance (Group) Co. of China Ltd.

Proposal Vote


5

Approve 2019 Profit Distribution Plan and

Distribution of Final Dividends

Mgmt

For

For

6 Approve PricewaterhouseCoopers Zhong Tian

LLP as PRC Auditor and

PricewaterhouseCoopers as International

Auditor and Authorize Board to Fix Their

Remuneration

Mgmt For For

7 Approve 2019 Performance Evaluation of

Independent Non-Executive Directors

Mgmt For For

8 Approve Issuance of Debt Financing

Instruments

Mgmt For For

9 Approve Issuance of Equity or Equity-Linked

Securities without Preemptive Rights for H

Shares

Mgmt For Against

Blended Rationale: Pre-emption rights: A vote AGAINST this resolution is warranted given that the H share issuance limit is

greater than 10 percent.


11 Elect Lu Min as Director

SH For

For

Ping An Insurance (Group) Company of China, Ltd.




Ticker: 2318


Proposal Vote


AGM BALLOT FOR HOLDERS OF H SHARES

Mgmt

1 Approve 2019 Report of the Board of

Directors

Mgmt For For

2 Approve 2019 Report of the Supervisory

Committee

Mgmt For For

3 Approve 2019 Annual Report and Its

Summary

Mgmt For For

4 Approve 2019 Financial Statements and

Statutory Reports

Mgmt For For

5 Approve 2019 Profit Distribution Plan and

Distribution of Final Dividends

Mgmt For For

Vote Summary Report


Ping An Insurance (Group) Company of China, Ltd.

Proposal Vote


6

Approve PricewaterhouseCoopers Zhong Tian

LLP as PRC Auditor and

PricewaterhouseCoopers as International

Auditor and Authorize Board to Fix Their

Remuneration

Mgmt

For

For

7 Approve 2019 Performance Evaluation of

Independent Non-Executive Directors

Mgmt For For


Instruments

Mgmt For For

9 Approve Issuance of Equity or Equity-Linked

Securities without Preemptive Rights for H

Shares

Mgmt For Against

Blended Rationale: Pre-emption rights: A vote AGAINST this resolution is warranted given that the H share issuance limit is

greater than 10 percent.


11 Elect Lu Min as Director

SH For

For

PT Bank Central Asia Tbk

Meeting Date: 04/09/2020 Country: Indonesia


Primary Security ID: Y7123P138

Ticker: BBCA

Primary ISIN: ID1000109507

Proposal Vote


1

Approve Financial Statements, Statutory

Reports, and Discharge of Directors and

Commissioners

Mgmt

For

For


3 Approve Changes in Board of Directors Mgmt For For

4 Approve Remuneration and Tantiem of

Directors and Commissioners

Mgmt For For

5 Approve Auditors Mgmt For For

6 Approve Payment of Interim Dividend Mgmt For For

7 Approve Updates in the Company's Recovery

Plan

Mgmt For For

Vote Summary Report






Ticker: 002812

Primary ISIN: CNE100002BR3

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1

Approve Company's Eligibility for Private

Placement of Shares

Mgmt

For

For

APPROVE ISSUANCE OF SHARES VIA

PRIVATE PLACEMENT

Mgmt


2.2 Approve Issue Manner and Period Mgmt For For

2.3 Approve Target Parties and Subscription

Method

Mgmt For For

2.4 Approve Pricing Reference Date, Issue Price

and Pricing Basis

Mgmt For For


2.6 Approve Restriction Period Mgmt For For

2.7 Approve Distribution Arrangement of

Undistributed Earnings

Mgmt For For


2.9 Approve Listing Location Mgmt For For


2.11 Approve Raised Funds Implementing Party

and Manner

Mgmt For For

3 Approve Plan on Private Placement of Shares Mgmt For For


Use of Proceeds

Mgmt For For

5 Approve Report on the Usage of Raised Funds Mgmt For For

6 Approve Impact of Dilution of Current Returns

on Major Financial Indicators and the


Mgmt For For

7 Approve Shareholder Return Plan Mgmt For For

8 Approve Special Raised Funds Account Mgmt For For


Related Matters

Mgmt For For

Vote Summary Report


China Fortune Land Development Co., Ltd.




Ticker: 600340

Primary ISIN: CNE000001GG8

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Instruments

Mgmt For For

Guosen Securities Co., Ltd.



Primary Security ID: Y295A2103

Ticker: 002736

Primary ISIN: CNE100001WS9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Financial Statements Mgmt For Against


accounts.


3 Approve Report of the Board of Directors

Mgmt

For

Against


accounts.

4 Approve Report of the Board of Supervisors Mgmt For Against


accounts.

5 Approve Annual Report and Summary Mgmt For Against


accounts.

APPROVE RELATED PARTY TRANSACTION Mgmt

6.1 Approve Related Party Transaction with

State-owned Assets Supervision and

Administration Commission of Shenzhen

Municipal People's Government, Shenzhen

Investment Holdings Co., Ltd. and Other

Affiliated Companies

Mgmt For For

6.2 Approve Related Party Transaction with China

Resources Shenzhen State Investment Trust

Co., Ltd.

Mgmt For For

Vote Summary Report


Guosen Securities Co., Ltd.

Proposal Vote


6.3

Approve Related Party Transaction with

Yunnan Hopewell (Group) Co., Ltd.

Mgmt

For

For


Penghua Fund Management Co., Ltd.

Mgmt For For

6.5 Approve Related Party Transaction with Other

Related Parties

Mgmt For For

7 Approve to Appoint Auditors and to Fix Their

Remuneration

Mgmt For For

8 Approve Self-Operated Investments Mgmt For For

9 Approve Provision of Guarantee to

Wholly-owned Subsidiary by Guoxin Securities

(Hong Kong) Financial Holdings Limited

Mgmt For For


Management System

Mgmt For For

Guosheng Financial Holding Inc.



Primary Security ID: Y2976X106

Ticker: 002670

Primary ISIN: CNE100001D21

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


CUMULATIVE VOTING

Mgmt

1.1 Elect Du Li as Non-Independent Director Mgmt For For

1.2 Elect Zhang Wei as Non-Independent Director Mgmt For For

1.3 Elect Zhao Cen as Non-Independent Director Mgmt For For

1.4 Elect Li Yingming as Non-Independent

Director

Mgmt For For

1.5 Elect Li E as Non-Independent Director Mgmt For For

1.6 Elect Yang Zhiping as Non-Independent

Director

Mgmt For For


CUMULATIVE VOTING

Mgmt

2.1 Elect Xu Qiangguo as Independent Director SH For For

2.2 Elect Shao Bin as Independent Director SH For For

2.3 Elect Fu Jijun as Independent Director SH For For

Vote Summary Report


Guosheng Financial Holding Inc.

Proposal Vote



VOTING

Mgmt

3.1 Elect Ye Qiang as Supervisor Mgmt For For

3.2 Elect Wang Xiaolong as Supervisor Mgmt For For

4 Approve Allowance of Directors and

Supervisors

Mgmt For For

Jilin Aodong Pharmaceutical Group Co., Ltd.




Ticker: 000623


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

APPROVE SHARE REPURCHASE PLAN

Mgmt

1.1 Approve Purpose, Manner and Price Range of

Share Repurchase

Mgmt For For

1.2 Approve Type, Usage, Size, Proportion to

Share Capital and Total Funds to be Used for

Share Repurchase

Mgmt For For

1.3 Approve Source of Funds of Share

Repurchase

Mgmt For For

1.4 Approve Implementation Period of Share

Repurchase

Mgmt For For


1.6 Approve Relevant Arrangements for

Cancellation or Transfer According to Law

After Repurchase of Shares and

Arrangements for Preventing Infringements

on the Interests of Creditors

Mgmt For For

1.7 Approve Authorization of Board and

Company's Management to Handle All Related

Matters

Mgmt For For

Ningbo Zhoushan Port Co., Ltd.




Ticker: 601018

Primary ISIN: CNE100000V12

Vote Summary Report


Ningbo Zhoushan Port Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Introduction to Matters Relating to

Strategic Investors

Mgmt For For

Shennan Circuits Co., Ltd.



Primary Security ID: Y774D3102

Ticker: 002916


Proposal Vote


1


Mgmt

For

For






7 Approve Provision of Guarantee Mgmt For For

8 Approve Adjustment to Allowance of

Independent Directors

Mgmt For For


VOTING

Mgmt

9.1 Elect Zheng Chunyang as Supervisor SH For For

Sinoma Science & Technology Co. Ltd.




Ticker: 002080

Primary ISIN: CNE000001P78

Vote Summary Report


Sinoma Science & Technology Co. Ltd.

Proposal Vote


1


Mgmt

For

For






7 Approve Loan Budget and Its Corresponding

Loan Authorizations

Mgmt For For

8 Approve Issuance of Corporate Bonds Mgmt For For

9 Approve Issuance of Medium-term Notes and

Other Bond Products

Mgmt For For


Chaozhou Three-Circle (Group) Co., Ltd.



Primary Security ID: Y1R99A101

Ticker: 300408


Proposal Vote


1


Mgmt

For

For





6 Approve to Appoint Auditor Mgmt For For

7 Approve Remuneration of Directors,

Supervisors

Mgmt For For

8 Approve Repurchase and Cancellation of

Performance Shares

Mgmt For For

9 Approve Change in Registered Capital Mgmt For For

Vote Summary Report


Chaozhou Three-Circle (Group) Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

10

Amend Articles of Association

Mgmt

For

For


CUMULATIVE VOTING

Mgmt

11.1 Elect Zhang Wanzhen as Non-independent

Director

Mgmt For For

11.2 Elect Li Gang as Non-independent Director Mgmt For For

11.3 Elect Huang Xueyun as Non-independent

Director

Mgmt For Against


directors.

11.4 Elect Qiu Jihua as Non-independent Director Mgmt For For


CUMULATIVE VOTING

Mgmt

12.1 Elect Gu Qun as Independent Director Mgmt For For

12.2 Elect Huang Weikun as Independent Director Mgmt For For

12.3 Elect Xu Yejun as Independent Director Mgmt For For


VOTING

Mgmt

13.1 Elect Zheng Kecheng as Supervisor Mgmt For For

13.2 Elect Zhang Xichong as Supervisor Mgmt For For

China Zhonghua Geotechnical Engineering Group Co., Ltd.



Primary Security ID: Y1565F104

Ticker: 002542

Primary ISIN: CNE100000ZV8

Proposal Vote


1

Approve Signing of Contract of Wholly-owned

Subsidiary Beijing Changdao Municipal

Engineering Group Co., Ltd.

Mgmt

For

For

2 Approve Signing of Contract of Wholly-owned

Subsidiary Beijing Quantai Technology

Development Co., Ltd.

Mgmt For For


Vote Summary Report


Shenzhen MTC Co., Ltd.




Ticker: 002429

Primary ISIN: CNE100000Q50

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Guarantee Provision Plan Mgmt For For

2 Approve Provision of Guarantee for Company

Mgmt

For

For

Sunwoda Electronic Co., Ltd.




Ticker: 300207


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve External Investment Mgmt For For

2 Approve Wholly-owned Subsidiary Provision

of Counter Guarantee to Corporate Bonds of

the Company

Mgmt

For

For

Walvax Biotechnology Co., Ltd.




Ticker: 300142

Primary ISIN: CNE100000WN2

Proposal Vote


1


Mgmt

For

For


3 Approve Audited Financial Report Mgmt For For



Vote Summary Report


Walvax Biotechnology Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


7 Approve Appointment of Auditor

Mgmt

For

For

Yango Group Co., Ltd.



Primary Security ID: Y2653W108

Ticker: 000671


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Approve Supply Chain Assets for Asset

Management

Mgmt

For

For

Zhejiang Chint Electrics Co., Ltd.



Primary Security ID: Y988AY103

Ticker: 601877

Primary ISIN: CNE100000KD8

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Employee Share Purchase Plan Draft

and Summary

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the terms in the ESPP is deemed not in the best interest of

shareholders.

2 Approve Management Method of Employee

Share Purchase Plan

Mgmt For Against


shareholders.


All Matters Related to Employee Share

Purchase Plan

Mgmt For Against


shareholders.

Vote Summary Report


Atacadao SA



Primary Security ID: P0565P138

Ticker: CRFB3

Primary ISIN: BRCRFBACNOR2

Proposal Vote


1



Mgmt

For

For


3 Fix Number of Directors at Nine Mgmt For For

4 Approve Classification of Marcelo Pavao

Lacerda and Luiz Fernando Vendramini Fleury

as Independent Directors

Mgmt For For


Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical

element of a board to protect shareholders.Committee independence: A vote against is applied as LGIM expects the

Committee to be comprised of independent directors.




Mgmt None Against




Mgmt None For







Mgmt


Matthieu Dominique Marie Malige as Director

Mgmt None Abstain


Edouard Balthazard Bertrand de Chavagnac as

Director

Mgmt None Abstain


Noel Frederic Georges Prioux as Director

Mgmt None Abstain


Claire Marie Du Payrat as Director

Mgmt None Abstain


Jerome Alexis Louis Nanty as Director

Mgmt None Abstain


Eduardo Pongracz Rossi as Director

Mgmt None Abstain


Abilio dos Santos Diniz as Director

Mgmt None Abstain

Vote Summary Report


Atacadao SA

Proposal Vote


8.8


Luiz Fernando Vendramini Fleury as


Mgmt

None

For


Marcelo Pavao Lacerda as Independent

Director

Mgmt None For





Corporate Law?

Mgmt None For





Mgmt None Against


Management

Mgmt For Against








Call?

Mgmt

Mgmt

None

None

For

For

Atacadao SA



Primary Security ID: P0565P138

Ticker: CRFB3

Primary ISIN: BRCRFBACNOR2

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Stock Option Plan Approved at the

June 26, 2017, EGM

Mgmt For Against

Blended Rationale: A vote AGAINST this request is warranted because the overall terms of the plan do not appear to

adequately align the interests of its beneficiaries and those of the shareholders.

2 Amend Article 5 to Reflect Changes in Capital Mgmt For For

3 Amend Article 18 Re: Indemnity Provision Mgmt For For

4 Amend Articles to Comply with New

Regulations of Novo Mercado of B3

Mgmt For For

Vote Summary Report


Atacadao SA

Proposal Vote


5

Approve Renumbering of Articles and

Consolidate Bylaws

Mgmt

For

For




Call?

Mgmt None For

China International Capital Corporation Limited



Primary Security ID: Y1R99Y109

Ticker: 3908


Proposal Vote


1

Approve Plan on the Initial Public Offering

and Listing of RMB Ordinary Shares (A

Shares)

Mgmt

For

For

2 Authorize Board to Deal with All Matters in

Relation to the Initial Public Offering and

Listing of RMB Ordinary Shares (A Shares)

Mgmt For For

3 Approve Use of Proceeds from the Initial

Public Offering and Listing of RMB Ordinary

Shares (A Shares)

Mgmt For For


5 Approve Dilution of Immediate Returns

Resulting from the Initial Public Offering of

RMB Ordinary Shares (A Shares) and the

Remedial Measures

Mgmt For For

6 Approve Price Stabilization Plan of A Shares

within Three Years Following the Initial Public

Offering and Listing of RMB Ordinary Shares

(A Shares)

Mgmt For For

7 Approve Undertakings on the Information

Disclosure in the Prospectus in Connection

with the Initial Public Offering and Listing of

RMB Ordinary Shares (A Shares)

Mgmt For For

8 Approve Plan for Shareholders' Return within

Three Years Following the Initial Public


(A Shares)

Mgmt For For

9 Approve Report on the Use of Previously

Raised Proceeds

Mgmt For For

10 Approve Directors' Remuneration Package Mgmt For For

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

11

Approve Supervisors' Remuneration Package

Mgmt

For

For


the A Shares Prospectus

Mgmt For For



Mgmt For For



Mgmt For For


Meetings of Supervisory Committee

Mgmt For For




Primary Security ID: Y1R99Y109

Ticker: 3908


Proposal Vote


CLASS MEETING FOR HOLDERS OF H SHARES

Mgmt

1 Approve Plan on the Initial Public Offering

and Listing of RMB Ordinary Shares (A

Shares)

Mgmt For For


Relation to the Initial Public Offering and

Listing of RMB Ordinary Shares (A Shares)

Mgmt For For

3 Approve Use of Proceeds from the Initial

Public Offering and Listing of RMB Ordinary

Shares (A Shares)

Mgmt For For

4 Approve Dilution of Immediate Returns

Resulting from the Initial Public Offering of

RMB Ordinary Shares (A Shares) and the

Remedial Measures

Mgmt For For

5 Approve Price Stabilization Plan of A Shares

within Three Years Following the Initial Public


(A Shares)

Mgmt For For

6 Approve Undertakings on the Information

Disclosure in the Prospectus in Connection

with the Initial Public Offering and Listing of

RMB Ordinary Shares (A Shares)

Mgmt For For

7 Approve Report on the Use of Previously

Raised Proceeds

Mgmt For For

Vote Summary Report


Lingyi iTech (Guangdong) Co.



Primary Security ID: Y446BS104

Ticker: 002600

Primary ISIN: CNE1000015L5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Credit Line Application and Provision

of Guarantee

Mgmt For For

2 Approve Financing and Provision of Guarantee Mgmt For For

Lomon Billions Group Co., Ltd.




Ticker: 002601

Primary ISIN: CNE1000015M3

Proposal Vote


1


Mgmt

For

For





6 Approve Internal Control Self-Evaluation

Report

Mgmt For For


Tibet Summit Resources Co. Ltd.




Ticker: 600338


Vote Summary Report


Tibet Summit Resources Co. Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Third Quarter Profit Distribution Mgmt For For

2 Approve to Appoint Auditor

Mgmt

For

For

Yixintang Pharmaceutical Group Co., Ltd.




Ticker: 002727

Primary ISIN: CNE100001WJ8

Proposal Vote


1


Mgmt

For

For


3 Approve Special Report on the Deposit and

Usage of Raised Funds

Mgmt For For





Shares Incentive Plan

Mgmt For Against



to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to

non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible to receive




Mgmt For Against






Vote Summary Report


Yixintang Pharmaceutical Group Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


All Related Matters

Mgmt For Against






10 Approve Adjustment to Business Scope and


Mgmt For For

11 Approve Use of Idle Own Funds to Purchase

Financial Products

Mgmt For For


Application and Guarantee Provision

Mgmt For For


Great Wall Motor Company Limited




Ticker: 2333


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


1 Approve 2020 Restricted Share and Share SH

Option Incentive Scheme (the First Revised

Draft) of Great Wall Motor Company Limited

and Its Summary

For

Against

Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be

measured over at least a 3 year performance period.

2 Approve Appraisal Measures for SH

Implementation of the 2020 Restricted Share

and Share Option Incentive Scheme (Revised)

of Great Wall Motor Company Limited

For Against




Relation to the 2020 Restricted Share and

Share Option Incentive Scheme of the

Company

Mgmt For Against



Vote Summary Report



Proposal Vote


4 Approve Expected Amount of Guarantee SH

Provided by the Company to Its Holding

Subsidiaries

For Against

Blended Rationale: A vote AGAINST this resolution is warranted due to lack of information to assess and justify the risk of the

proposed guarantees to other controlling subsidiaries.





Ticker: 2333


Proposal Vote


CLASS MEETING FOR HOLDERS OF H SHARES

Mgmt

1 Approve 2020 Restricted Share and Share

Option Incentive Scheme (the First Revised

Draft) of Great Wall Motor Company Limited

and Its Summary

SH For For

2 Approve Appraisal Measures for

Implementation of the 2020 Restricted Share

and Share Option Incentive Scheme (Revised)

of Great Wall Motor Company Limited

SH For For


Relation to the 2020 Restricted Share and

Share Option Incentive Scheme of the

Company

Mgmt For For

Haitong Securities Co. Ltd.




Ticker: 6837

Primary ISIN: CNE1000019K9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


ORDINARY RESOLUTION Mgmt

Vote Summary Report



Proposal Vote


1

Approve Dilution of Current Returns of the

Non-Public Issuance of A Shares of the

Company and the Remedial Measures

(Second Revision Proof)

Mgmt

For

For

SPECIAL RESOLUTIONS Mgmt

1 Approve Satisfaction of the Conditions of the

Non-Public Issue of A Shares of the Company

Mgmt For For

RESOLUTIONS IN RELATION TO THE

ADJUSTMENTS TO THE NON-PUBLIC

ISSUANCE OF A SHARE OF THE COMPANY

Mgmt

2.01 Approve Class and Nominal Value of Shares

to be Issued

Mgmt For For

2.02 Approve Method and Time of the Issuance Mgmt For For


Method

Mgmt For For

2.04 Approve Number of Shares to be Issued and

Amount of Proceeds to be Raised

Mgmt For For

2.05 Approve Issuance Price and Pricing Principle Mgmt For For

2.06 Approve Use of Proceeds Mgmt For For

2.07 Approve Lock-Up Period Mgmt For For

2.08 Approve Place of Listing Mgmt For For

2.09 Approve Arrangement for the Retained Profits

of the Company Prior to the Issuance

Mgmt For For

2.10 Approve Validity Period of the Resolution Mgmt For For

3 Approve Non-Public Issue of A Shares of the

Company (Second Revision Proof)

Mgmt For For


SUPPLEMENTAL AGREEMENTS TO THE

CONDITIONAL SUBSCRIPTION AGREEMENTS

ENTERED INTO WITH THE SPECIFIC TARGET

SUBSCRIBERS

Mgmt

4.01 Approve Supplemental Agreement to the

Subscription Agreement Entered into Between

Shanghai Guosheng Group Assets Co., Ltd.

and Haitong Securities Co., Ltd.

Mgmt For For



Shanghai Haiyan Investment Management

Company Limited and Haitong Securities Co.,

Ltd.

Mgmt For For



Bright Food (Group) Co., Ltd. and Haitong

Securities Co., Ltd.

Mgmt For For

Vote Summary Report



Proposal Vote


4.04

Approve Supplemental Agreement to the


Shanghai Electric (Group) Corporation and

Haitong Securities Co., Ltd.

Mgmt

For

For

5 Approve Related Party Transactions Involved

in the Company's Non-Public Issue of A

Shares

Mgmt For For


Relation to the Non-Public Issue of A Shares

of the Company

Mgmt For For





Ticker: 6837


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1

Approve Satisfaction of the Conditions of the

Non-Public Issue of A Shares of the Company

Mgmt

For

For


ADJUSTMENTS TO THE NON-PUBLIC

ISSUANCE OF A SHARE OF THE COMPANY

Mgmt

2.01 Approve Class and Nominal Value of Shares

to be Issued

Mgmt For For

2.02 Approve Method and Time of the Issuance Mgmt For For


Method

Mgmt For For

2.04 Approve Number of Shares to be Issued and

Amount of Proceeds to be Raised

Mgmt For For

2.05 Approve Issuance Price and Pricing Principle Mgmt For For


2.07 Approve Lock-Up Period Mgmt For For

2.08 Approve Place of Listing Mgmt For For

2.09 Approve Arrangement for the Retained Profits

of the Company Prior to the Issuance

Mgmt For For

2.10 Approve Validity Period of the Resolution Mgmt For For

3 Approve Non-Public Issue of A Shares of the

Company (Second Revision Proof)

Mgmt For For

Vote Summary Report



Proposal Vote



SUPPLEMENTAL AGREEMENTS TO THE

CONDITIONAL SUBSCRIPTION AGREEMENTS

ENTERED INTO WITH THE SPECIFIC TARGET

SUBSCRIBERS

Mgmt



Shanghai Guosheng Group Assets Co., Ltd.

and Haitong Securities Co., Ltd.

Mgmt For For



Shanghai Haiyan Investment Management

Company Limited and Haitong Securities Co.,

Ltd.

Mgmt For For



Bright Food (Group) Co., Ltd. and Haitong

Securities Co., Ltd.

Mgmt For For



Shanghai Electric (Group) Corporation and

Haitong Securities Co., Ltd.

Mgmt For For

5 Approve Related Party Transactions Involved

in the Company's Non-Public Issue of A

Shares

Mgmt For For

6 Approve Dilution of Current Returns of the

Non-Public Issuance of A Shares of the

Company and the Remedial Measures

(Second Revision Proof)

Mgmt For For


Relation to the Non-Public Issue of A Shares

of the Company

Mgmt For For

Hualan Biological Engineering, Inc.



Primary Security ID: Y3737H125

Ticker: 002007

Primary ISIN: CNE000001JN8

Proposal Vote


1


Mgmt

For

For



Vote Summary Report


Hualan Biological Engineering, Inc.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


5 Approve Profit Distribution and Capitalization

of Capital Reserves

6 Approve Use of Own Funds to Invest in

Financial Products

Mgmt

Mgmt

For

For

For

Against


risks.


8 Approve Waiver of Pre-emptive Right SH For For


CUMULATIVE VOTING

Mgmt

9.1 Elect Wang Yunlong as Independent Director Mgmt For For

9.2 Elect Liu Wanli as Independent Director Mgmt For For

Industrial Securities Co., Ltd.




Ticker: 601377

Primary ISIN: CNE100000V95

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Association

Mgmt For For

2 Approve Guarantee Provision Plan Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to its subsidiary is

disproportionate to the level of ownership in the said subsidiary. The company has failed to provide any justifications in the

meeting circular.

S.F. Holding Co., Ltd.



Primary Security ID: Y7T80Y105

Ticker: 002352


Vote Summary Report


S.F. Holding Co., Ltd.

Proposal Vote


1


Mgmt

For

For






7 Approve External Guarantee Provision Plan Mgmt For Against

Blended Rationale: A vote AGAINST Item 7 is warranted because the level of guarantee to be provided to some of the

guaranteed entities is disproportionate to the level of ownership in the said entities. The company has failed to provide any

justifications in the meeting circular.

8 Approve Use of Own Funds to Invest in

Financial Products

Mgmt For For

9 Approve Use of Idle Raised Funds to Conduct

Cash Management

Mgmt For For


Performance Shares

Mgmt For For

Ultrapar Participacoes SA




Ticker: UGPA3

Primary ISIN: BRUGPAACNOR8

Proposal Vote


1



Mgmt

For

For



Management

Mgmt For For

4.1 Elect Geraldo Toffanello as Fiscal Council

Member and Marcio Augustus Ribeiro as

Alternate

Mgmt For For

4.2 Elect Marcelo Amaral Moraes as Fiscal Council

Member and Pedro Ozires Predeus as

Alternate

Mgmt For For

Vote Summary Report


Ultrapar Participacoes SA Proposal

Number Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

4.3 Elect William Bezerra Cavalcanti Filho as

Fiscal Council Member and Carlos Roberto de

Albuquerque Sa as Alternate

Mgmt

For

For


Members

Mgmt For For

Ultrapar Participacoes SA




Ticker: UGPA3

Primary ISIN: BRUGPAACNOR8

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Article 5 to Reflect Changes in Share

Capital

Mgmt For For

AECC Aviation Power Co. Ltd.




Ticker: 600893

Primary ISIN: CNE000000JW1

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


CUMULATIVE VOTING

Mgmt

1.1 Elect Zhang Zi as Non-independent Director SH For For

1.2 Elect Jia Dafeng as Non-independent Director SH For For

ELECT SUPERVISOR VIA CUMULATIVE

VOTING

Mgmt

2.1 Elect Mou Xin as Supervisor SH For For

Vote Summary Report


Alsea SAB de CV



Primary Security ID: P0212A104

Ticker: ALSEA

Primary ISIN: MXP001391012

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Financial Statements, Statutory

Reports and Allocation of Income

Mgmt For Against


2 Approve Annual Report on Operations Carried Mgmt

by Key Board Committees

For For

3 Elect or Ratify Directors, Key Management Mgmt

and Members of Board Committees

For

For

4 Approve Remuneration of Directors, Key Mgmt

Management and Members of Board

Committees

For

For

5 Set Maximum Amount of Share Repurchase Mgmt

Reserve; Present Report on Share Repurchase

For

For

6 Authorize Company to Carry out Necessary Mgmt

Actions Due to Effects of Sanitary Emergency

(COVID-19), Including Amendments to Terms

of Commercial and Financial Operations

For

For

7 Authorize Board to Ratify and Execute Mgmt


For

For

Assore Ltd.

Meeting Date: 04/16/2020 Country: South Africa

Primary Security ID: S07525116

Meeting Type: Special Ticker: ASR

Primary ISIN: ZAE000146932

Proposal Vote


Special Resolutions

Mgmt

1 Approve Repurchase of the Scheme Shares Mgmt For For

2 Authorise Repurchase of the General Offer

Shares in Terms of Section 48(8) of the

Companies Act

Mgmt For For

3 Authorise Specific Repurchase of the General

Offer Shares in Terms of Paragraph 5.69(b)

of the Listings Requirements

Mgmt For For

Vote Summary Report


Assore Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Ordinary Resolution Mgmt

1 Approve Delisting of All Shares from JSE Mgmt For For

Changchun High & New Technology Industries (Group), Inc.




Ticker: 000661

Primary ISIN: CNE0000007J8

Proposal Vote


1


Mgmt

For

For




5 Approve Allocation of Income and

Capitalization of Capital Reserves

Mgmt For For


7 Approve Appoint of Internal Control Auditor Mgmt For For


Association

Mgmt For For



Mgmt For For



Mgmt For For

11 Amend Working System for Independent

Directors

Mgmt For For

12 Elect Zhang Yuzhi as Non-Independent

Director

SH For For

13 Approve Change of 2016 Raised Funds Usage Mgmt For For

China CSSC Holdings Ltd.




Ticker: 600150

Primary ISIN: CNE000000W05

Vote Summary Report


China CSSC Holdings Ltd.

Proposal Vote


1

Approve Acquisition

Mgmt

For

For

2 Approve Acquisition of 12.56% Equity Mgmt For For

APPROVE AMENDMENT OF ACQUISITION BY

CASH PAYMENT AND ISSUANCE OF NEW

SHARES AS WELL AS RAISING SUPPORTING

FUNDS

Mgmt

3.1 Approve Target Subscribers SH For For

3.2 Approve Pricing Basis SH For For

3.3 Approve Lock-Up Period Arrangement SH For For

COMPANIA de Transmissao de Energia Eletrica Paulista




Ticker: TRPL4

Primary ISIN: BRTRPLACNPR1

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Meeting for Preferred Shareholders Mgmt

1 Elect Andrea Costa Amancio Negrao as Fiscal

Council Member and Daniel Beltran Motta as

Alternate Appointed by Preferred Shareholder

2 Elect Roberto Brigido do Nascimento as

Director Appointed by Preferred Shareholder

3 In Case Neither Class of Shares Reaches the

Minimum Quorum Required by the Brazilian

Corporate Law to Elect a Board

Representative in Separate Elections, Would

You Like to Use Your Votes to Elect the

Candidate with More Votes to Represent Both

Classes?

SH

SH

Mgmt

None

None

None

For

For

For

CSG Holding Co., Ltd.



Primary Security ID: Y1R16V105

Ticker: 200012


Vote Summary Report


CSG Holding Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

EGM BALLOT FOR HOLDERS OF B SHARES

Mgmt

1 Approve Company's Eligibility for Private

Placement of Shares

Mgmt For For

APPROVE PRIVATE PLACEMENT OF SHARES Mgmt

2.1 Approve Share Type and Par Value Mgmt For For



Method

Mgmt For For

2.4 Approve Pricing Principle and Issue Price Mgmt For For

2.5 Approve Issue Size Mgmt For For


2.7 Approve Amount and Use of Proceeds Mgmt For For


Cumulative Earnings

Mgmt For For


2.10 Approve Listing Exchange Mgmt For For



Use of Proceeds

Mgmt For For

5 Approve the Notion that the Company Does

Not Need to Prepare Report on the Usage of

Previously Raised Funds

Mgmt For For




Mgmt For For



Related Matters

Mgmt For For

FangDa Carbon New Material Co., Ltd.




Ticker: 600516

Primary ISIN: CNE000001CC6

Vote Summary Report


FangDa Carbon New Material Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Related Party Transactions Mgmt For For

Foshan Haitian Flavouring & Food Co., Ltd.




Ticker: 603288

Primary ISIN: CNE100001SL2

Proposal Vote


1


Mgmt

For

For






of Capital Reserves

Mgmt For For

7 Approve Remuneration of Director and

Supervisors

Mgmt For For


9 Approve Use of Idle Funds for Entrusted

Asset Management

Mgmt For Against


risks.


Association

Mgmt For For

Jiangsu Hengrui Medicine Co., Ltd.




Ticker: 600276


Vote Summary Report


Jiangsu Hengrui Medicine Co., Ltd.

Proposal Vote


1


Mgmt

For

For





6 Approve Appointment of Auditor and Internal

Control Auditor as well as Fix Remuneration

Mgmt For For


8 Approve Remuneration of Independent

Directors

Mgmt For For

Shanghai Putailai New Energy Technology Co., Ltd.




Ticker: 603659

Primary ISIN: CNE100002TX3

Proposal Vote


1


Mgmt

For

For







Placement of Shares

Mgmt For For



8.2 Approve Issue Manner and Issue Time Mgmt For For

8.3 Approve Issue Size and Amount of Raised

Funds

Mgmt For For

Vote Summary Report


Shanghai Putailai New Energy Technology Co., Ltd.

Proposal Vote


8.4

Approve Target Subscribers and Subscription

Method

Mgmt

For

For


and Pricing Principle

Mgmt For For





Cumulative Earnings

Mgmt For For




Use of Proceeds

Mgmt For For


Raised Funds

Mgmt For For

12 Approve Signing of Conditional Share

Subscription Agreement and Equity Transfer

Agreement

Mgmt For For

13 Approve Related Party Transactions in

Connection to Private Placement

Mgmt For For




Mgmt For For


16 Approve Independence of Appraiser, the

Validity of Hypothesis, the Relevance of

Valuation Purpose and Approach

Mgmt For For

17 Approve Authorization of Board and Its

Authorized Person to Handle All Related

Matters

Mgmt For For

Tsingtao Brewery Co., Ltd.




Ticker: 168


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report


Tsingtao Brewery Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Elect Shi Kun as Director Mgmt For For



Mgmt

For

For

Beijing New Building Materials Public Co., Ltd.




Ticker: 000786

Primary ISIN: CNE000000QS4

Proposal Vote


1


Mgmt

For

For




5 Approve Payment of Remuneration and

Appointment of Auditor

Mgmt For For


7 Approve Credit Line Application Mgmt For For



Instruments

Mgmt For For

10 Approve Financial Services Agreement Mgmt For Against





Fujian Sunner Development Co., Ltd.




Ticker: 002299

Primary ISIN: CNE100000G78

Vote Summary Report


Fujian Sunner Development Co., Ltd.

Proposal Vote


1


Mgmt

For

For






7 Approve Application of Bank Credit Lines Mgmt For For



Supervisors and Senior Management

Mgmt For For

10 Approve Use of Idle Own Funds to Invest in

Entrusted Financial Products

Mgmt For Against


risks.

11 Approve Increase in Registered Capital and


Mgmt For For

Jiangsu Zhongnan Construction Group Co., Ltd.




Ticker: 000961

Primary ISIN: CNE0000011P7

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Provision of Loan Mgmt For For

2 Approve Provision of Guarantee

Mgmt

For

For


Instruments

Mgmt

For

For

Vote Summary Report


Zhejiang Huayou Cobalt Co., Ltd.




Ticker: 603799

Primary ISIN: CNE100001VW3

Proposal Vote


1


Mgmt

For

For




5 Approve 2019 Review of Related Party

Transactions

Mgmt For For

6 Approve 2020 Daily Related Party

Transactions

Mgmt For For



Supervisors and Senior Management Members

Mgmt For For


10 Approve 2020 Financing Credit Mgmt For Against



11 Approve Provision of Guarantee Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of its subsidiaries is


meeting circular.

12 Approve Issuance of Non-financial Corporate

Debt Financing Instruments

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted due to lack of disclosure on the pertinent details of the proposal.

13 Approve Forward Foreign Exchange

Transactions, Currency Swaps, Foreign

Exchange Options and Other Business

Transactions

Mgmt

For

Against

Blended Rationale: A vote AGAINST is warranted because the purpose of the proposed derivative transactions has not been

disclosed as of the date of this analysis.


15 Approve Acceptance of Financial Assistance

from Related Parties

Mgmt For For


CUMULATIVE VOTING

Mgmt

Vote Summary Report


Zhejiang Huayou Cobalt Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

16.1 Elect Chen Xuehua as Non-Independent

Director

Mgmt For Against

Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least

one woman. We expect companies to increase female participation both on the board and in leadership positions over time.

16.2 Elect Chen Hongliang as Non-Independent

Director

Mgmt For For

16.3 Elect Fang Qixue as Non-Independent

Director

Mgmt For For

16.4 Elect Qian Xiaoping as Non-Independent

Director

Mgmt For For


CUMULATIVE VOTING

Mgmt

17.1 Elect Zhu Guang as Independent Director Mgmt For For

17.2 Elect Yu Weiping as Independent Director Mgmt For For

17.3 Elect Qian Bolin as Independent Director Mgmt For For


VOTING

Mgmt

18.1 Elect Yuan Zhong as Supervisor Mgmt For For

Zhongjin Gold Corp. Ltd.




Ticker: 600489

Primary ISIN: CNE000001FM8

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


CUMULATIVE VOTING

1.1 Elect Lu Jin as Non-independent Director

Mgmt

SH

For

For

China Minsheng Banking Corp., Ltd.




Ticker: 1988

Primary ISIN: CNE100000HF9

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


1 Approve Postponement of the Change of

Session of the Board of Directors


Session of the Supervisory Board

Mgmt

Mgmt

For

For

For

For





Ticker: 1988

Primary ISIN: CNE100000HF9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Session of the Board of Directors


Session of the Supervisory Board

Mgmt

Mgmt

For

For

For

For

Dawning Information Industry Co., Ltd.



Primary Security ID: Y2022K108

Ticker: 603019

Primary ISIN: CNE100001TW7

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Approve Profit Distribution

Mgmt

For

For

3 Approve Application of Comprehensive Bank

Credit Lines

4 Approve Daily Related Party Transactions

Mgmt

Mgmt

For

For

For

For

Vote Summary Report


Dawning Information Industry Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

5

Approve Financial Statements and Financial

Budget Report

Mgmt

For

For






CUMULATIVE VOTING

Mgmt

10.1 Elect Li Guojie as Non-Independent Director Mgmt For For

10.2 Elect Xu Zhiwei as Non-Independent Director Mgmt For For

10.3 Elect Li Jun as Non-Independent Director Mgmt For For

10.4 Elect Xu Wenchao as Non-Independent

Director

Mgmt For Against




CUMULATIVE VOTING

Mgmt

11.1 Elect Liu Feng as Independent Director Mgmt For For

11.2 Elect Chen Lei as Independent Director Mgmt For For

11.3 Elect Yan Bingqi as Independent Director Mgmt For For


VOTING

Mgmt

12.1 Elect Yin Yuli as Supervisor Mgmt For For

12.2 Elect Fang Xinwo as Supervisor Mgmt For For

GigaDevice Semiconductor (Beijing), Inc.



Primary Security ID: Y270BL103

Ticker: 603986

Primary ISIN: CNE1000030S9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Approve Report of the Board of Supervisors

Mgmt

For

For

Vote Summary Report


GigaDevice Semiconductor (Beijing), Inc.

Proposal Vote


3


Mgmt

For

For




Mgmt For For


7 Approve Use of Idle Raised Funds to Conduct

Cash Management

Mgmt For For

8 Approve Use of Idle Own Funds to Conduct

Cash Management

Mgmt For Against


risks.

9 Approve Daily Related-Party Transaction

Framework Agreement and Relevant Daily

Related-Party Transaction Limits

Mgmt For For

10 Elect Cheng Taiyi as Non-Independent

Director

SH For For

11 Approve Change of Registered Capital and


Mgmt For For


Raised Funds

SH For For

GRG Banking Equipment Co., Ltd.




Ticker: 002152


Proposal Vote


1


Mgmt

For

For







Mgmt For For


8 Approve Provision for Asset Impairment Mgmt For For

Vote Summary Report


GRG Banking Equipment Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


10 Elect Zhang Xiaoli as Supervisor

Mgmt

For

For

Jinyu Bio-Technology Co., Ltd.




Ticker: 600201


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt

For

For

3 Approve Annual Report and Summary

Mgmt

For

For

4 Approve Financial Statements

Mgmt

For

For



6 Approve Report of the Independent Directors

Mgmt

Mgmt

For

For

For

For

7 Approve Provision of Guarantee

Mgmt

For

For

8 Approve to Appoint Auditor

Mgmt

For

For

9 Approve Amendment of Work Regulations of

Board of Directors

Mgmt

For

For

Neoenergia SA



Primary Security ID: P7133Y111

Ticker: NEOE3

Primary ISIN: BRNEOEACNOR3

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For


Vote Summary Report


Neoenergia SA

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3 Approve Capital Budget Mgmt For For

4 Ratify Election of Directors

Mgmt

For

Against


element of a board to protect shareholders.

5.1 Elect Francesco Gaudio as Fiscal Council

Member and Jose Antonio Lamenza as

Alternate

Mgmt For For

5.2 Elect Eduardo Valdes Sanchez as Fiscal

Council Member and Glaucia Janice Nitsche as

Alternate

Mgmt For For

5.3 Elect Joao Guilherme Lamenza as Fiscal

Council Member and Antonio Carlos Lopes as

Alternate

Mgmt For For

5.4 Elect Iara Pasian as Fiscal Council Member

and Paulo Mauricio Mantuano de Lima as

Alternate

Mgmt For For



Mgmt For Against


Neoenergia SA




Ticker: NEOE3

Primary ISIN: BRNEOEACNOR3

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Long-Term Incentive Plan Mgmt For Against

Blended Rationale: A vote AGAINST this request is warranted because the proposed plan does not appear to adequately align

the interests of its beneficiaries and those of the shareholders.

2 Amend Articles and Consolidate Bylaws Mgmt For For

TCL Technology Group Corp.



Primary Security ID: Y8549C107

Ticker: 000100

Primary ISIN: CNE000001GL8

Vote Summary Report


TCL Technology Group Corp.

Proposal Vote


1


Mgmt

For

For


3 Approve Financial Report Mgmt For For




7 Approve Shareholder Dividend Return Plan Mgmt For For

8 Approve Daily Related Party Transactions Mgmt For Against

Blended Rationale: Related party transaction: A vote AGAINST is warranted because the benefit of the proposal is unclear and

it may expose the company to unnecessary risks.


10 Approve Related Party Transaction in

Connection to Provision of Financial Services

and Renewed Financial Services Agreement

Mgmt For Against




Performance Shares

Mgmt For For

Yintai Gold Co., Ltd.




Ticker: 000975


Proposal Vote


1


Mgmt

For

For






Vote Summary Report


Yintai Gold Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

7 Approve Use of Own Idle Funds to Invest in

Entrusted Financial Products

Mgmt For Against


risks.


Yonyou Network Technology Co., Ltd.




Ticker: 600588


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1


Mgmt

For

For




5 Approve Cash Dividend Distribution from

Capital Reserve

Mgmt For For



8 Approve Appointment of Internal Control

Auditor

Mgmt For For

9 Approve 2019 Remuneration of Directors and

2020 Remuneration Plan

Mgmt For For

10 Approve 2019 Remuneration of Supervisors

and 2020 Remuneration Plan

Mgmt For For

11 Approve Change in Registered Capital Mgmt For For



CUMULATIVE VOTING

Mgmt

13.1 Elect Wang Wenjing as Non-Independent

Director

Mgmt For Against


comprise independent directors.Diversity: A vote against is applied as LGIM expects a company to have a diverse board,

including at least one woman. We expect companies to increase female participation both on the board and in leadership

positions over time.

Vote Summary Report


Yonyou Network Technology Co., Ltd.

Proposal Vote


13.2 Elect Guo Xinping as Non-Independent

Director

Mgmt For Against


directors.

13.3 Elect Wu Zhengping as Non-Independent Mgmt

Director

13.4 Elect Chen Qiangbing as Non-Independent Mgmt

Director

For

For

For

For

ELECT INDEPENDENT DIRECTORS VIA Mgmt

CUMULATIVE VOTING

14.1 Elect Zhang Weiguo as Independent Director Mgmt For

For

14.2 Elect Zhou Jian as Independent Director Mgmt For

For

14.3 Elect Wang Feng as Independent Director Mgmt For

For

ELECT SUPERVISORS VIA CUMULATIVE Mgmt

VOTING

15.1 Elect Zhang Ke as Supervisor SH For

For

15.2 Elect Gao Zhiyong as Supervisor SH For

For

Angel Yeast Co., Ltd.



Meeting Type: Annual Ticker: 600298


Proposal Vote


1


Mgmt

For

For




Budget Report

Mgmt For For




Vote Summary Report


Angel Yeast Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the meeting circular.

9 Approve Finance Lease Mgmt For For

10 Approve Foreign Exchange Risk and Interest

Rate Risk Management Business and

Establishment of Related Business

Management Systems

Mgmt For For


Instruments

Mgmt For For

12 Approve Bill Pool Business Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details for shareholder to

effectively assess the associated risks.

13 Approve Establishment of Anqi Niute Co., Ltd. Mgmt For For

14 Approve Yeast Technical Transformation

Project

Mgmt For For


Association

Mgmt For For

16 Approve Management System for

Remuneration of Director and Senior

Management Member

Mgmt For Against



17 Approve Remuneration Assessment Plan of

Directors and Senior Management Members

Mgmt For For

18 Approve Implementation of Enterprise

Annuities

Mgmt For For

19 Approve Internal Control Evaluation Report Mgmt For For

20 Approve Social Responsibility Report Mgmt For For

AVIC Jonhon Optronic Technology Co., Ltd.




Ticker: 002179

Primary ISIN: CNE1000007T5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report


AVIC Jonhon Optronic Technology Co., Ltd. Proposal Vote


2


Mgmt

For

For



5 Approve Daily Related Party Transactions Mgmt For Against





7 Approve Financial Budget Mgmt For For



Performance Shares

Mgmt For For


Association

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the proposed articles amendments are not considered to adequately

provide for accountability and transparency to shareholders


12 Amend Asset Write-off Management System

Mgmt

For

For

Chongqing Fuling Zhacai Group Co., Ltd.




Ticker: 002507

Primary ISIN: CNE100000WX1

Proposal Vote


1


Mgmt

For

For







8 Elect Li Jing as Non-independent Director SH For For

Vote Summary Report


Citic Pacific Special Steel Group Co., Ltd.




Ticker: 000708


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1


Mgmt

For

For




5 Approve Payment of Remuneration of

Financial and Internal Control Auditor

Mgmt For For



8 Approve Adjustment of Allowance of

Independent Directors

Mgmt For For

9 Approve Deposit and Loan Transactions with

CITIC Bank

Mgmt For For

10 Approve Related Party Transaction on Selling

of Pelletized Ore and Related Transactions

Mgmt For For


CUMULATIVE VOTING

Mgmt

11.1 Elect Qian Gang as Non-independent Director Mgmt For For

11.2 Elect Guo Wenliang as Non-independent

Director

Mgmt For For

11.3 Elect Luan Zhenjun as Non-independent

Director

Mgmt For For

11.4 Elect Guo Jiahua as Non-independent Director Mgmt For For

11.5 Elect Li Guozhong as Non-independent

Director

Mgmt For For

11.6 Elect Wang Wenjin as Non-independent

Director

Mgmt For For


CUMULATIVE VOTING

Mgmt

12.1 Elect Zhang Yue as Independent Director Mgmt For For

12.2 Elect Hou Degen as Independent Director Mgmt For For

12.3 Elect Zhu Zhenghong as Independent Director Mgmt For For


VOTING

Mgmt

Vote Summary Report


Citic Pacific Special Steel Group Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

13.1 Elect Jia Jinghong as Supervisor Mgmt For For

13.2 Elect Guo Peifeng as Supervisor

Mgmt

For

For

13.3 Elect Huang Jianghai as Supervisor

Mgmt

For

For

Hua Xia Bank Co., Ltd.




Ticker: 600015

Primary ISIN: CNE000001FW7

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

ELECT NON-INDEPENDENT DIRECTORS AND

INDEPENDENT DIRECTORS VIA CUMULATIVE

VOTING

1.1 Elect Wang Hongjun as Non-independent

Director

Mgmt

Mgmt

For

Against


element for a board to protect shareholders' interests.

1.2 Elect Zou Libin as Non-independent Director Mgmt For Against



1.3 Elect Luo Qianyi as Non-independent Director Mgmt For Against



1.4 Elect Ma Xiaoyan as Non-independent

Director

Mgmt For Against



1.5 Elect Xie Yiqun as Non-independent Director Mgmt For Against



1.6 Elect Zhang Wei as Non-independent Director Mgmt For Against



1.7 Elect Zou Xiulian as Non-independent Director Mgmt For Against



Vote Summary Report


Hua Xia Bank Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.8 Elect Li Minji as Non-independent Director Mgmt For Against



1.9 Elect Zhang Jianhua as Non-independent

Director

Mgmt For For

1.10 Elect Guan Wenjie as Non-independent

Director

Mgmt For For

1.11 Elect Wang Yiping as Non-independent

Director

Mgmt For For

1.12 Elect Song Jiqing as Non-independent

Director

Mgmt For For

1.13 Elect Ding Yi as Independent Director Mgmt For For

1.14 Elect Guo Qingwang as Independent Director Mgmt For For

1.15 Elect Zhao Hong as Independent Director Mgmt For For

1.16 Elect Gong Zhiqiang as Independent Director Mgmt For For

1.17 Elect Lv Wendong as Independent Director Mgmt For For


VOTING

Mgmt

2.1 Elect Hua Shiguo as Supervisor Mgmt For For

2.2 Elect Ding Shaohua as Supervisor Mgmt For For

2.3 Elect Lin Xin as Supervisor Mgmt For For

2.4 Elect Wu Changqi as Supervisor Mgmt For For

2.5 Elect Ma Yuanju as Supervisor Mgmt For For

2.6 Elect Zhu Xiaofang as Supervisor Mgmt For For

2.7 Elect Zhao Xijun as Supervisor Mgmt For For


Association

Mgmt For For

4 Approve Formulation of Remuneration

Measures of Directors

Mgmt For For

5 Approve Formulation of Remuneration

Measures of Supervisors

Mgmt For For

6 Approve Formulation of Equity Management

Measures

Mgmt For Against


Vote Summary Report


Huaibei Mining Holdings Co., Ltd.




Ticker: 600985

Primary ISIN: CNE000001HH4

Proposal Vote


1


Mgmt

For

For


Budget

Mgmt For For





7 Approve Related Party Transaction Mgmt For Against




8 Approve Application of Credit Lines Mgmt For For

9 Approve Capital Increase in Financial

Company

Mgmt

For

Against

Blended Rationale: A vote AGAINST is warranted because the proposed capital injection into a group finance company may

expose the company to unnecessary risks.

10 Approve Financial Service Agreement Mgmt For Against



11 Approve Company's Eligibility for Corporate

Bond Issuance

Mgmt For For

APPROVE CORPORATE BOND ISSUANCE Mgmt


12.2 Approve Par Value and Issue Price Mgmt For For

12.3 Approve Bond Period Mgmt For For



Mgmt For For


12.6 Approve Special Bond Provisions Mgmt For For



Vote Summary Report


Huaibei Mining Holdings Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

12.9

Approve Underwriting Method and Listing

Arrangement

Mgmt

For

For



Repayment

Mgmt For For



All Related Matters

Mgmt For For


VOTING

Mgmt

14.1 Elect Ma Xiangdong as Supervisor SH For For

Hundsun Technologies, Inc.




Ticker: 600570

Primary ISIN: CNE000001GD5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


CUMULATIVE VOTING

1.1 Elect Wang Xiangyao as Independent Director

Mgmt

Mgmt

For

For

Lepu Medical Technology (Beijing) Co., Ltd.




Ticker: 300003

Primary ISIN: CNE100000H44

Proposal Vote


1


Mgmt

For

For



Vote Summary Report



Proposal Vote


4


Mgmt

For

For


6 Approve Allowance of Directors Mgmt For For

7 Approve Allowance of Supervisors Mgmt For For



Placement of Shares

Mgmt For For



10.2 Approve Issuance Manner Mgmt For For


Method

Mgmt For For


10.5 Approve Issue Price and Pricing Principles Mgmt For For





Mgmt For For




12 Approve Demonstration Analysis Report in


Mgmt For For


Intended Usage of Raised Funds

Mgmt For For


Raised Funds

Mgmt For For

APPROVE INTRODUCTION OF STRATEGIC

INVESTORS

Mgmt

15.1 Approve Signing of Conditional Share

Subscription Agreement and Strategic

Cooperation Agreement with Guoxin

Investment Co., Ltd.

Mgmt For For



Cooperation Agreement with Guoxin Central

Enterprise Operation (Guangzhou)

Investment Fund (Limited Partnership)

Mgmt For For

Vote Summary Report



Proposal Vote


15.3

Approve Signing of Conditional Share


Cooperation Agreement with Government of

Singapore Investment Corporation (GIC

Private Limited)

Mgmt

For

For



Cooperation Agreement with Runhui

Investment Management Hong Kong Limited

Mgmt For For



Cooperation Agreement with Qingdao Minhe

Zhiwei Investment Center (Limited

Partnership)

Mgmt For For



Cooperation Agreement with Suzhou Yipu

Suxu Investment Partnership (Limited

Partnership)

Mgmt For For



Cooperation Agreement with Shenzhen

Capital Group Co., Ltd.

Mgmt For For


Related Matters

Mgmt For For




Mgmt For For


ELECT INDEPENDENT DIRECTOR Mgmt

19.1 Elect Wang Lihua as Independent Director Mgmt For For

20 Approve Capital Injection and Waiver of

Pre-emptive Right as well as Related Party

Transactions

SH For For

Red Star Macalline Group Corporation Ltd.



Primary Security ID: Y7S99R100

Ticker: 1528

Primary ISIN: CNE100001ZS2

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report



Proposal Vote


1 Approve 2020 Share Option Incentive Scheme

of Red Star Macalline Group Corporation Ltd.

(Draft) and Its Summary

Mgmt For Against


measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors

eligible to receive options under the proposed scheme are involved in the administration of the scheme.

2 Approve Assessment Measures in Respect of

the the Implementation of the 2020 Share

Option Incentive Scheme

Mgmt For Against





Relation to the 2020 Share Option Incentive

Scheme

Mgmt For Against




4 Approve Grant of Options and Issuance of

Shares Under the 2020 Share Option

Incentive Scheme

Mgmt For Against







Primary Security ID: Y7S99R100

Ticker: 1528

Primary ISIN: CNE100001ZS2

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

CLASS MEETING FOR HOLDERS OF H SHARES Mgmt

1 Approve 2020 Share Option Incentive Scheme

of Red Star Macalline Group Corporation Ltd.

(Draft) and Its Summary

Mgmt

For

Against




Vote Summary Report



Proposal Vote


2 Approve Assessment Measures in Respect of

the Implementation of the 2020 Share Option

Incentive Scheme

Mgmt For Against





Relation to the 2020 Share Option Incentive

Scheme

Mgmt For Against




4 Approve Grant of Options and Issuance of

Shares Under 2020 the Share Option

Incentive Scheme

Mgmt For Against




Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.




Ticker: 900932


Proposal Vote


EGM BALLOT FOR HOLDERS OF A SHARES

Mgmt


2 Approve Report of the Board of Directors,

Work Report and Work Plan Report

Mgmt For For





7 Approve Financing Amount Mgmt For For


9 Approve Accept Loans from Controlling

Shareholder

Mgmt For For

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

10 Approve Related Party Transaction Mgmt For For

11 Approve to Appoint Financial Auditor and


Mgmt For For

12 Approve Remuneration of Directors and

Supervisors

Mgmt For For


14 Approve Change in Registered Capital and


Mgmt For For


Bond Issuance

Mgmt For For

APPROVE ISSUANCE OF CORPORATE BONDS Mgmt







Mgmt For For


16.7 Approve Redemption and Resale Terms Mgmt For For




16.11 Approve Underwriter and Underwriting

Method

Mgmt For For


Repayment

Mgmt For For



All Related Matters

Mgmt For For

18 Elect Guo Rong as Non-independent Director Mgmt For For

19 Elect Li Minkun as Supervisor SH For For





Ticker: 900932


Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

EGM BALLOT FOR HOLDERS OF B SHARES

Mgmt


2 Approve Report of the Board of Directors,

Work Report and Work Plan Report

Mgmt For For





7 Approve Financing Amount Mgmt For For


9 Approve Accept Loans from Controlling

Shareholder

Mgmt For For


11 Approve to Appoint Financial Auditor and


Mgmt For For


Supervisors

Mgmt For For




Mgmt For For


Bond Issuance

Mgmt For For

APPROVE ISSUANCE OF CORPORATE BONDS Mgmt







Mgmt For For


16.7 Approve Redemption and Resale Terms Mgmt For For




Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

16.11 Approve Underwriter and Underwriting

Method

Mgmt For For


Repayment

Mgmt For For



All Related Matters

Mgmt For For

18 Elect Guo Rong as Non-independent Director Mgmt For For

19 Elect Li Minkun as Supervisor SH For For

Shengyi Technology Co., Ltd.




Ticker: 600183

Primary ISIN: CNE000000XL5

Proposal Vote


1


Mgmt

For

For







of Remuneration

Mgmt For For


Auditor and Payment of Remuneration

Mgmt For For

APPROVE DAILY RELATED-PARTY

TRANSACTIONS

Mgmt

9.1 Approve Daily Related-Party Transactions with

Yangzhou Tianqi, Dongguan Wanrong, Miluo

Wanrong and Yongxing Pengkun

Mgmt For For


Lianrui New Materials

Mgmt For For

10 Approve Issuance of Medium-term Notes Mgmt For For


All Related Matters

Mgmt For For

Vote Summary Report


Yunnan Baiyao Group Co., Ltd.




Ticker: 000538


Proposal Vote


1


Mgmt

For

For






Control Auditor

Mgmt For For

7 Approve Draft and Summary of Stock Option

Incentive Plan

Mgmt For Against




holding period to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive options


8 Approve Assessment and Management

Measures of the Stock Option Incentive Plan

Mgmt For Against






9 Approve Company Shares Repurchase to

Implement Employee Incentive Plan

Mgmt For For


Matters Related to the Stock Option Incentive

Plan

Mgmt For Against






11 Approve Authorize Board to Deal with All

Matters in Relation to the Share Repurchase

Mgmt For For

Vote Summary Report


BB Seguridade Participacoes SA



Primary Security ID: P1R1WJ103

Ticker: BBSE3

Primary ISIN: BRBBSEACNOR5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Amend Articles Re: Chapter IV

Mgmt

For

Against

Blended Rationale: A vote AGAINST this request is warranted because the company has failed to present a compelling rationale

for the proposed amendments.

3 Amend Articles Re: Chapter V Mgmt For For

4 Amend Articles Re: Chapter VI Mgmt For For

5 Amend Articles Re: Chapter VII Mgmt For For




9 Amend Articles Re: Chapter XI Mgmt For For

Glodon Co., Ltd.




Ticker: 002410

Primary ISIN: CNE100000PH8

Proposal Vote


1


Mgmt

For

For







Performance Shares

Mgmt For For

Vote Summary Report


Glodon Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

8

Approve Change in Registered Capital,

Change in Business Scope and Amend Articles

of Association

Mgmt

For

For


CUMULATIVE VOTING

Mgmt

9.1 Elect Diao Zhizhong as Non-independent

Director

Mgmt For For

9.2 Elect Yuan Zhenggang as Non-independent

Director

Mgmt For For

9.3 Elect Wang Aihua as Non-independent

Director

Mgmt For For

9.4 Elect Liu Qian as Non-independent Director Mgmt For For

9.5 Elect He Ping as Non-independent Director Mgmt For For

9.6 Elect Wu Zuomin as Non-independent

Director

Mgmt For For


CUMULATIVE VOTING

Mgmt

10.1 Elect Guo Xinping as Independent Director Mgmt For For

10.2 Elect Ma Yongyi as Independent Director Mgmt For For

10.3 Elect Chai Mingang as Independent Director Mgmt For For


VOTING

Mgmt

11.1 Elect Wang Jinhong as Supervisor SH For For

11.2 Elect Liao Lianghan as Supervisor SH For For





Ticker: 300347

Primary ISIN: CNE100001KV8

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend External Investment Management

System

Mgmt For For

2 Amend Investment Decision Management

System

3 Approve Remuneration of Directors

Mgmt

Mgmt

For

For

For

For

Vote Summary Report



Proposal Vote


4

Approve Remuneration of Supervisors

Mgmt

For

For


Performance Shares

Mgmt For For



VOTING

Mgmt

7.1 Elect Chen Zhimin as Supervisor Mgmt For For

7.2 Elect Zhang Binghui as Supervisor Mgmt For For


CUMULATIVE VOTING

Mgmt

8.1 Elect Ye Xiaoping as Non-Independent

Director

Mgmt For For

8.2 Elect Cao Xiaochun as Non-Independent

Director

Mgmt For Against

Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of

independent directors.

8.3 Elect ZHUAN YIN as Non-Independent Mgmt

Director

For

For


CUMULATIVE VOTING

9.1 Elect Yang Bo as Independent Director Mgmt For

For

9.2 Elect Zheng Biyun as Independent Director Mgmt For

For

9.3 Elect Liao Qiyu as Independent Director Mgmt For

For

Hypera SA



Meeting Type: Annual Ticker: HYPE3

Primary ISIN: BRHYPEACNOR0

Proposal Vote


1



Mgmt

For

For





Mgmt For For

Vote Summary Report


Hypera SA

Proposal Vote





Mgmt None For

Hypera SA




Ticker: HYPE3

Primary ISIN: BRHYPEACNOR0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Share Matching Plan Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied as LGIM does not support the use of this type of plan.

Industrias Bachoco SAB de CV



Primary Security ID: P5508Z127

Ticker: BACHOCOB

Primary ISIN: MX01BA1D0003

Proposal Vote


1

Approve CEO's Report Including Auditor's

Opinion and Board's Opinion on CEO's Report

Mgmt

For

For

2 Approve Board's Report on Principal Policies

and Accounting Criteria Followed in

Preparation of Financial Information

Mgmt For For

3 Approve Financial Statements and Statutory

Reports

Mgmt For Against


4 Approve Report of Audit and Corporate

Practices Committee

Mgmt For For

5 Present Report on Adherence to Fiscal

Obligations

Mgmt For For


Dividends

Mgmt For For

Vote Summary Report


Industrias Bachoco SAB de CV Proposal


Proponent

Mgmt Rec

Vote

Instruction


Reserve

Mgmt

For

For

8 Elect or Ratify Directors and Secretary; Verify

Independence Classification of Board

Members

Mgmt For Against


prior to the time that institutional shareholders are required to submit vote instructions;- The company has bundled the

election of its directors into a single voting item; and- The current board's level of independence of 17-percent falls short of the

25-percent threshold required for Mexico.

9 Elect or Ratify Chairman and Members of

Audit and Corporate Practices Committee

Mgmt For Against



election of its directors into a single voting item; and- The current board's level of independence of 17-percent falls short of the

25-percent threshold required for Mexico.

10 Approve Remuneration of Directors, Board

Secretary, and Audit and Corporate Practices

Committee Chairman and Members

Mgmt For For



Mgmt For For

12 Approve Minutes of Meeting Mgmt For For





Ticker: 002601


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


CUMULATIVE VOTING

Mgmt

1.1 Elect Xu Gang as Non-Independent Director SH For For

1.2 Elect Tan Ruiqing as Non-Independent

Director

SH For For

1.3 Elect Chang Yili as Non-Independent Director SH For Against



1.4 Elect Yang Minyue as Non-Independent SH

Director

1.5 Elect He Benliu as Non-Independent Director SH

For

For

For

For

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.6

1.7

1.8

2.1

Elect Shen Qingfei as Non-Independent

Director

Elect Zhang Qibin as Non-Independent

Director

Elect Zhou Xiaokui as Non-Independent

Director


CUMULATIVE VOTING

Elect Qiu Guanzhou as Independent Director

SH

SH

SH

Mgmt

Mgmt

For

For

For

For

For

For

For

For

2.2 Elect Yu Xiaohong as Independent Director

Mgmt

For

For

2.3 Elect Lin Suyue as Independent Director

Mgmt

For

For

2.4 Elect Li Li as Independent Director

Mgmt

For

For


VOTING

3.1 Elect Feng Jun as Supervisor

Mgmt

Mgmt

For

For

3.2 Elect Du Weili as Supervisor

Mgmt

For

For

Ninestar Corp.



Primary Security ID: Y9892Z107

Ticker: 002180


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Association

Mgmt

For

For

SG Micro Corp.




Ticker: 300661

Primary ISIN: CNE100002NT4

Vote Summary Report


SG Micro Corp.

Proposal Vote


1


Mgmt

For

For




Mgmt For For






Mgmt For For

8 Approve Use of Idle Raised Funds for Cash

Management

Mgmt For For

9 Approve Use of Idle Own Funds for Cash

Management

Mgmt For Against


risks.


Supervisors

Mgmt For For

Shandong Hualu-Hengsheng Chemical Co., Ltd.




Ticker: 600426

Primary ISIN: CNE000001BM7

Proposal Vote


1


Mgmt

For

For






of Capital Reserves

Mgmt For For


Vote Summary Report


Shandong Hualu-Hengsheng Chemical Co., Ltd.

Proposal Vote


8

Approve Appointment of Auditor

Mgmt

For

For

9 Approve 2020 Daily Related-Party Transaction

Forecast and Signing of Daily Related-Party

Transaction Agreement

Mgmt For For

10 Approve Use of Own Funds for Structure

Deposits

Mgmt For Against

Blended Rationale: A vote AGAINST Item 10 is warranted because the proposed investment could expose the company to

unnecessary risks

Shanghai Yuyuan Tourist Mart Group Co., Ltd.



Primary Security ID: Y7710N108

Ticker: 600655


Proposal Vote


1


Mgmt

For

For




Budget Report

Mgmt For For


6 Approve Loan and Provision of Guarantee Mgmt For Against



meeting circular.


of Remuneration

Mgmt For For



Mgmt For For

9 Approve Authorization for Total Investment in

Composite Real Estate Business

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because there is insufficient information for shareholder to decide on the

fairness of terms.

Vote Summary Report



Proposal Vote



Transactions in Relation to Sale and Purchase

of Goods, Provision and Acceptance of

Services, Rent and Lease, Deposits and Loans

of Related Companies and 2020 Daily Related

Party Transactions

Mgmt For Against





Transactions Relating to Property Lease and

2020 Daily Related Party Transactions

Mgmt For For



Management Members

Mgmt For For

13 Approve Equity Acquisition Mgmt For For

14 Approve White Wash Waiver and Related

Transactions

Mgmt For For


Related Matters Regarding White Wash

Waiver and Related Transactions

Mgmt For For


Bond Issuance

Mgmt For For

APPROVE CORPORATE BOND ISSUANCE Mgmt



17.3 Approve Bond Maturity and Type Mgmt For For

17.4 Approve Par Value, Issue Price and Bond

Coupon Rate

Mgmt For For


17.6 Approve Guarantee Manner Mgmt For For


Repayment

Mgmt For For

17.8 Approve Target Subscribers Mgmt For For

17.9 Approve Listing Arrangement Mgmt For For

17.10 Approve Authorization Matters Mgmt For For


18 Approve Use of Short-term Idle Funds for

Integrated Management

Mgmt For Against


risks.

Vote Summary Report



Proposal Vote


19 Approve Signing of Management Incentive

Agreement

Mgmt For For

Wuhu Shunrong Sanqi Interactive Entertainment Co., Ltd.




Ticker: 002555


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1


Mgmt

For

For





6 Approve Appointment of Financial Report

Auditor and Internal Control Auditor

Mgmt For For

7 Approve Guarantee Provision Between

Company and Subsidiaries

Mgmt For For


Placement of Shares

Mgmt For For




9.3 Approve Issue Price and Pricing Principle Mgmt For For



Method

Mgmt For For






Mgmt For For

9.10 Approve Validity Period Mgmt For For

Vote Summary Report


Wuhu Shunrong Sanqi Interactive Entertainment Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

10

Approve Plan on Private Placement of Shares

Mgmt

For

For


Use of Proceeds

Mgmt For For


Raised Funds

Mgmt For For




Mgmt For For



Related Matters

Mgmt For For

WUS Printed Circuit (Kunshan) Co., Ltd.




Ticker: 002463

Primary ISIN: CNE100000SP5

Proposal Vote


1


Mgmt

For

For







Association

Mgmt For For



Mgmt For For



Mgmt For For


Application

Mgmt For For

Vote Summary Report


China Jushi Co. Ltd.




Ticker: 600176

Primary ISIN: CNE000000YM1

Proposal Vote


1


Mgmt

For

For





6 Approve Cash Dividend Distribution from

Capital Reserve

Mgmt For For


Control Auditor as well as Payment of

Remuneration for Auditor

Mgmt For For

APPROVE DAILY RELATED-PARTY

TRANSACTIONS

Mgmt


CNBM International Corporation

Mgmt For For


Lianyungang Zhongfu Lianzhong Composites

Group Co., Ltd.

Mgmt For For


CNBM Technology Co., Ltd.

Mgmt For For

8.4 Approve Related Party Transactions with

Zhenshi Holding Group Co., Ltd. and Its Direct

and Indirect Controlling Company

Mgmt For For


Zhejiang Hengshi Fiber Base Industry Co.,

Ltd. and Its Direct and Indirect Controlling

Company

Mgmt For For

9 Approve Financing Credit Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the proposed credit line is considered excessive and may add to the



Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details of this loan

guarantee request.

11 Approve Issuance of Corporate Bonds and

Debt Financing Instruments

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details of this debt

financing request.

Vote Summary Report


China Jushi Co. Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

12 Approve Forward Foreign Exchange

Transactions, Currency Interest Rate Swaps,

and and Precious Metals Futures Trading

Business

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the company failed to disclose the purpose of the proposal, which

may include derivative investment scheme for speculation purpose deviating from the company's core business and expose the

company to unnecessary risks.

China National Medicines Co., Ltd.




Ticker: 600511


Proposal Vote


1


Mgmt

For

For






Transactions and 2020 Daily Related Party

Transactions

Mgmt For For

7 Approve Entrusted Loan Application and

Related Party Transactions

Mgmt For For

8 Approve Comprehensive Credit Line Bank

Application

Mgmt For For

9 Approve Provision of Internal Loan to

Wholly-Owned Subsidiary and Controlled

Subsidiary

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the level of loan to be provided to some of the receiving entities is

disproportionate to the company's ownership in the said entities. The company has failed to provide any justifications in the

meeting circular.

10 Approve Provision of Internal Loan to Beijing

Tianxingpuxin Bio-med Sinopharm Holding

Co., Ltd. and Related Party Transactions

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the level of loan to be provided to the receiving entity is

disproportionate to the company's ownership in the said entity. The company has failed to provide any justifications in the

meeting circular.

Vote Summary Report


China National Medicines Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

11

Approve Provision of Guarantee to Sinopharm

Airport (Beijing) International Trade Co., Ltd.

Mgmt

For

For


13 Approve Major Asset Restructuring Profit

Forecast Report

Mgmt For For



Mgmt For For

15 Approve Internal Control Audit Report and

Internal Control Self-Evaluation Report

Mgmt For For


Cia de Saneamento do Parana




Ticker: SAPR4

Primary ISIN: BRSAPRACNPR6

Proposal Vote


Meeting for Holders of Units

Mgmt



Mgmt For For




Mgmt For Against






Mgmt None Against

5.1 Elect Claudio Stabile as Director Mgmt For For

5.2 Elect Eduardo Francisco Sciarra as Director Mgmt For For

5.3 Elect Jacques Geovani Schinemann as

Director

Mgmt For For

5.4 Elect Marcia Carla Pereira Ribeiro as Director Mgmt For For

5.5 Elect Rodrigo Sanchez Rios as Director Mgmt For For

5.6 Elect Vilson Ribeiro de Andrade as


Mgmt For For

Vote Summary Report


Cia de Saneamento do Parana

Proposal Vote


6

In Case Cumulative Voting Is Adopted, Do



Mgmt

None

For







Mgmt


Claudio Stabile as Director

Mgmt None For


Eduardo Francisco Sciarra as Director

Mgmt None For


Jacques Geovani Schinemann as Director

Mgmt None For


Marcia Carla Pereira Ribeiro as Director

Mgmt None For


Rodrigo Sanchez Rios as Director

Mgmt None For


Vilson Ribeiro de Andrade as Independent

Director

Mgmt None For

8 Elect Adriano Cives Seabra as Director

Appointed by Minority Shareholder

SH None For







Classes?

Mgmt None For

10 Elect Joel Musman as Director Appointed by

Preferred Shareholder

SH None For







Classes?

Mgmt None For

12 Designate Newspapers to Publish Company's

Legal Announcements

Mgmt For For

Vote Summary Report


Companhia Brasileira de Distribuicao




Ticker: PCAR3

Primary ISIN: BRPCARACNOR3

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1

Amend Articles and Consolidate Bylaws

Mgmt

For

For




Call?

Mgmt None For

Companhia Brasileira de Distribuicao




Ticker: PCAR3

Primary ISIN: BRPCARACNOR3

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For




Mgmt

For

Against

Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed




Mgmt None For




Call?

Mgmt None For

DHC Software Co., Ltd.



Primary Security ID: Y2080B107

Ticker: 002065

Primary ISIN: CNE000001NL4

Vote Summary Report


DHC Software Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Termination of Ultimate Controller's

Capital Injection Plan

Mgmt For For

Energy Absolute Public Co. Ltd.




Ticker: EA


Proposal Vote


1

Approve Minutes of Previous Meeting

Mgmt

For

For

2 Acknowledge Directors' Report and Annual

Report

Mgmt


4 Approve Cancellation of Issuance of the

Remaining Unissued Debentures

Mgmt For For

5 Approve New Issuance and Offering of

Debentures

Mgmt For For

6.1 Approve Investment in Land Prosperity

Holding Co., Ltd. by Acquiring Ordinary

Shares from Prosperity Gain Holdings Ltd.

Mgmt For For

6.2 Approve Acquisition of the Leasehold Right

Over the Land Held by Amita Technology

(Thailand) Co., Ltd.

Mgmt For For


Payment

Mgmt For For


9.1 Elect Somchainuk Engtrakul as Director Mgmt For Against


one woman. We expect companies to increase female participation both on the board and in leadership positions over

time.Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not to hold too

many external roles to ensure they can undertake their duties effectively.

9.2 Elect Amornsuk Noparumpa as Director Mgmt For For

9.3 Elect Phatcharavat Wongsuwan as Director

Mgmt

For

Against

Blended Rationale: A vote AGAINST Phatcharavat Wongsuwan (Item 9.3) is warranted because he attended less than 75

percent of board and committee meetings over the most recent fiscal year, without a satisfactory explanation.

Vote Summary Report


Energy Absolute Public Co. Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

10 Elect Somphop Keerasuntonpong as Director Mgmt For For

11 Approve PricewaterhouseCoopers ABAS

Limited as Auditors and Authorize Board to

Fix Their Remuneration

Mgmt

For

For

Grupo Aeroportuario del Sureste SA de CV




Ticker: ASURB


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1a

Approve CEO's and Auditor's Reports on

Operations and Results of Company, and

Board's Opinion on Reports

Mgmt

For

For

1b Approve Board's Report on Accounting

Policies and Criteria for Preparation of

Financial Statements

Mgmt For For

1c Approve Report on Activities and Operations

Undertaken by Board

Mgmt For For

1d Approve Individual and Consolidated Financial

Statements

Mgmt For For

1e Approve Report of Audit Committee's

Activities and Report on Company's

Subsidiaries

Mgmt For For

1f Approve Report on Adherence to Fiscal

Obligations

Mgmt For For

2a Approve Increase in Legal Reserve by MXN

274.13 Million

Mgmt For For

2b Approve Cash Dividends of MXN 8.21 Per

Series B and BB Shares

Mgmt For For

2c Set Maximum Amount of MXN 2.75 Billion for

Share Repurchase; Approve Policy Related to

Acquisition of Own Shares

Mgmt For For

3a Approve Discharge of Board of Directors and

CEO

Mgmt For For

3b.1 Elect/Ratify Fernando Chico Pardo as Director Mgmt For Against


element for a board to protect shareholders' interests.Board mandates: A vote against is applied as LGIM expects a

CEO/CFO/FD or a non-executive director not to hold too many external roles to ensure they can undertake their duties

effectively.

Vote Summary Report



Proposal Vote


3b.2 Elect/Ratify Jose Antonio Perez Anton as

Director

Mgmt For Against



3b.3 Elect/Ratify Luis Chico Pardo as Director Mgmt For Against



3b.4 Elect/Ratify Aurelio Perez Alonso as Director Mgmt For Against



3b.5 Elect/Ratify Rasmus Christiansen as Director Mgmt For Against



3b.6 Elect/Ratify Francisco Garza Zambrano as

Director

Mgmt For Against



3b.7 Elect/Ratify Ricardo Guajardo Touche as

Director

Mgmt For Against


element for a board to protect shareholders' interests.Board mandates: A vote against is applied as LGIM expects a

CEO/CFO/FD or a non-executive director not to hold too many external roles to ensure they can undertake their duties

effectively.

3b.8 Elect/Ratify Guillermo Ortiz Martinez as

Director

Mgmt For Against



3b.9 Elect/Ratify Barbara Garza Laguera Gonda as

Director

Mgmt For For

3b.10 Elect/Ratify Rafael Robles Miaja as Secretary

(Non-Member) of Board

Mgmt For For

3b.11 Elect/Ratify Ana Maria Poblanno Chanona as

Alternate Secretary (Non-Member) of Board

Mgmt For For

3c.1 Elect/Ratify Ricardo Guajardo Touche as

Chairman of Audit Committee

Mgmt For For

3d.1 Elect/Ratify Fernando Chico Pardo as Member

of Nominations and Compensations

Committee

Mgmt For For

3d.2 Elect/Ratify Jose Antonio Perez Anton as

Member of Nominations and Compensations

Committee

Mgmt For For

3d.3 Elect/Ratify Barbara Garza Laguera Gonda as

Member of Nominations and Compensations

Committee

Mgmt For For

Vote Summary Report



Proposal Vote


3e.1

Approve Remuneration of Directors in the

Amount of MXN 72,600

Mgmt

For

For

3e.2 Approve Remuneration of Operations

Committee in the Amount of MXN 72,600

Mgmt For For

3e.3 Approve Remuneration of Nominations and

Compensations Committee in the Amount of

MXN 72,600

Mgmt For For

3e.4 Approve Remuneration of Audit Committee in

the Amount of MXN 102,850

Mgmt For For

3e.5 Approve Remuneration of Acquisitions and

Contracts Committee in the Amount of MXN

24,200

Mgmt For For

4a Authorize Claudio R. Gongora Morales to

Ratify and Execute Approved Resolutions

Mgmt For For

4b Authorize Rafael Robles Miaja to Ratify and

Execute Approved Resolutions

Mgmt For For

4c Authorize Ana Maria Poblanno Chanona to


Mgmt For For

Guangdong HEC Technology Holding Co., Ltd.




Ticker: 600673

Primary ISIN: CNE000000BL1

Proposal Vote


1


Mgmt

For

For






7 Approve Related-party Transaction Mgmt For For



Mgmt For For

Vote Summary Report


Guangdong HEC Technology Holding Co., Ltd.

Proposal Vote





meeting circular.

10 Approve Bill Pool Business Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details for shareholder to

effectively assess the associated risks.



CUMULATIVE VOTING

Mgmt

12.1 Elect Qin Jiwei as Independent Director Mgmt For For

12.2 Elect Fu Hailiang as Independent Director Mgmt For For

Hongta Securities Co., Ltd.




Ticker: 601236

Primary ISIN: CNE100003PY7

Proposal Vote


1


Mgmt

For

For






APPROVE RELATED PARTY TRANSACTION Mgmt


Yunnan Hopewell (Group) Co., Ltd.

Mgmt For For


Hongta Tobacco (Group) Co., Ltd.

Mgmt For For


Yunnan Tobacco Industry Co., Ltd.

Mgmt For For


Legal Persons or Other Organizations Holding

More Than 5% of the Company's Shares

Mgmt For For

Vote Summary Report


Hongta Securities Co., Ltd.

Proposal Vote


7.5

Approve Related Party Transaction with Other

Related Legal Persons

Mgmt

For

For


Related Natural Persons

Mgmt For For


Related Parties

Mgmt For For


9 Approve Authorization and Implementation of

Debt Financing

Mgmt For For

10 Approve Debt Financing Involving Related

Party

Mgmt For For

11 Elect Hua Shiguo as Non-independent

Director

Mgmt For For

12 Elect Wei Feng as Independent Director Mgmt For For

Industrias Penoles SAB de CV




Ticker: PE&OLES


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1 Approve Board's Report Mgmt For For

1.2 Approve CEO's Report and Auditors' Opinion

Mgmt

For

For

1.3 Approve Individual and Consolidated Financial

Statements

Mgmt

For

Against


1.4 Approve Report on Principal Policies and

Accounting Criteria and Information Followed

in Preparation of Financial Information

Mgmt For For

1.5 Approve Audit and Corporate Practices

Committee's Report

Mgmt For For

2 Resolutions on Allocation of Income Mgmt For For

3 Set Aggregate Nominal Amount of Share

Repurchase Reserve

Mgmt For For

Vote Summary Report


Industrias Penoles SAB de CV

Proposal Vote


4 Elect or Ratify Directors; Verify Director's

Independence Classification; Approve Their

Respective Remuneration

Mgmt For Against


prior to the time that institutional shareholders are required to submit vote instructions; - The proposed director remuneration

is not disclosed; and - The company has bundled the election of its directors into a single voting item.

5 Elect or Ratify Chairman of Audit and


Mgmt For Against



not disclosed; and- The company has bundled the election of its directors into a single voting item.



Jiangsu Expressway Company Limited



Primary Security ID: Y4443L103

Ticker: 177


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


1 Approve Loan Agreement Between the

Company and Wufengshan Toll Bridge

Company, Use of Proceeds Raised from

Corporate Bonds and Authorize Sun Xibin to

Deal with Related Matters Including Contract

Signing and Approval of Fund Allocation

Mgmt

For

Against

Blended Rationale: A vote AGAINST these resolutions is warranted given the lack of compelling rationale that justifies the

financial risk connected with the provision of loan.

2 Approve Loan Agreement Between the

Company and Changyi Company and Yichang

Company, Use of Proceeds Raised from

Corporate Bonds and Authorize Sun Xibin to

Deal with Related Matters Including Contract

Signing and Approval of Fund Allocation

Mgmt For Against

Blended Rationale: A vote AGAINST these resolutions is warranted given the lack of compelling rationale that justifies the

financial risk connected with the provision of loan.

3 Approve Merger by Absorption of

Wholly-Owned Subsidiary

Mgmt For For

Vote Summary Report


Jiangsu Expressway Company Limited

Proposal Vote


4 Elect Cheng Xiaoguang as Director and

Approve the Signing of a Service Contract

between the Company and Cheng Xiaoguang

Mgmt For For

Liaoning Cheng Da Co., Ltd.




Ticker: 600739

Primary ISIN: CNE000000LY3

Proposal Vote


1


Mgmt

For

For






Mgmt For For





meeting circular.

8 Approve Purchase of Short-term Financial

Products

Mgmt For Against


risks.

9 Approve Application for Financing Mgmt For For

10 Approve to Appoint Financial and Internal

Control Auditors and to Fix Their

Remuneration

Mgmt For For

11 Elect Xu Biao as Non-independent Director SH For For

12 Elect Qu Dongbo as Non-independent Director SH For For

13 Elect Liu Jiwei as Independent Director Mgmt For For

14 Approve the Company's Spin-off of Its

Subsidiaries to the Science and Technology

Board Continued to Comply with the "Several

Provisions on the Pilot Domestic Listing of

Subsidies of Listed Companies"

SH For For

Vote Summary Report



Proposal Vote


15

Approve Company's Spin-off Subsidiary

Liaoning Chengda Biotechnology Co.,Ltd. to

Science and Technology Board Listing Plan

(Revised)

SH

For

For

APPROVE THE COMPANY'S SUBSIDIARY

ISSUED AN IPO OF RMB ORDINARY SHARES

(A SHARES) ON THE SCIENCE AND

TECHNOLOGY BOARD

Mgmt

16.1 Approve The Purpose, Commercial Rationality

and Necessity of this Spin-off Listing

SH For For

16.2 Approve Types of Shares Issued SH For For

16.3 Approve Par Value of Shares Issued SH For For

16.4 Approve Issue Size SH For For

16.5 Approve Issue Manner SH For For

16.6 Approve Target Subscribers SH For For

16.7 Approve Pricing Method SH For For

16.8 Approve Use of Proceeds SH For For

16.9 Approve Underwriting Manner SH For For

16.10 Approve Listing Exchange and Sectors SH For For

16.11 Approve Issuance and Listing Time SH For For

16.12 Approve Increase Registered Capital SH For For

16.13 Approve Issuance Expenses SH For For

16.14 Approve Issue Plan Validity SH For For

17 Approve the Company's Spin-off Subsidiary

Liaoning Chengda Biotechnology Co.,Ltd. was

Listed on the Science and Technology Board

in Compliance with Relevant Laws and

Regulations

SH For For

18 Approve the Spin-off of Liaoning Chengda

Biotechnology Co.,Ltd.'s Listing on the

Science and Technology Board is Conducive

to Safeguarding the Legitimate Rights and

Interests of Shareholders and Creditors

SH For For

19 Approve the Company Maintains its

Independence and Ability to Continue

Operations

SH For For

20 Approve Liaoning Chengda Biotechnology

Co.,Ltd. has the Corresponding Standard

Operation Capabilities

SH For For

21 Approve the Completeness and Compliance of

Implementation of Legal Proceedings of the

Transactions and Validity of the Submitted

Legal Documents Regarding this Transaction

SH For For

Vote Summary Report



Proposal Vote


22 Approve the Explanation on Whether or Not SH

the Stock Price Volatility Achieve the Relevant

Standards in Article 5 Stated in the Notice

Regulating the Information Disclosure of

Listed Companies and the Acts of All the

Related Parties

23 Approve Authorization of the Board and Its SH

Authorized Person to Handle All Related

Matters

For

For

For

For

Localiza Rent A Car SA




Ticker: RENT3

Primary ISIN: BRRENTACNOR4

Proposal Vote


1



Mgmt

For

For



Management

Mgmt For For




Mgmt Against For

Blended Rationale: A vote FOR this item is warranted because the installation of a fiscal council could potentially improve the

company's governance and bring greater corporate oversight.

Localiza Rent A Car SA




Ticker: RENT3

Primary ISIN: BRRENTACNOR4

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Articles Mgmt For For


Mgmt

For

For

Vote Summary Report


Megacable Holdings SAB de CV



Primary Security ID: P652AE117

Ticker: MEGACPO

Primary ISIN: MX01ME090003

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Only Mexican Nationals Who hold A and CPO

Shares Can Vote

1 Approve CEO's Report

Mgmt

Mgmt

For

Against


2 Receive Directors' Opinions on CEO's Report

Mgmt

For

Against


3 Approve Board of Directors' Report

Mgmt

For

Against


4 Approve Reports of Corporate Practices and

Audit Committees Chairmen

Mgmt

For

Against


5 Approve Allocation of Income Mgmt For For

6 Approve Repurchase Transactions of CPOs Mgmt For For


Reserve

Mgmt For For

8 Elect or Ratify Directors, Secretary and their

Respective Alternates

Mgmt For Against


prior to the time that institutional shareholders are required to submit vote instructions; - The company has bundled the

election of its directors into a single voting item; and - The company's current board contains no directors considered

independent under ISS voting guidelines.

9 Classification of Principal and Alternate Board

Members' Independence

Mgmt For Against

Blended Rationale: Independence: A vote AGAINST these items is warranted because:- The names of the director nominees are

not disclosed prior to the time that institutional shareholders are required to submit vote instructions;- The company has

bundled the election of its directors into a single voting item; and- The company's current board contains no directors

considered independent under the voting guidelines.

10 Elect or Ratify Chairman of Audit Committee

and Corporate Practices Committee

Mgmt For Against



election of its directors into a single voting item; and- The company's current board contains no directors considered

independent under ISS voting guidelines.


Secretary, and Members of Audit and

Corporate Practices Committees

Mgmt For For

Vote Summary Report


Megacable Holdings SAB de CV

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

Nanjing Securities Co., Ltd.



Primary Security ID: Y619BG102

Ticker: 601990

Primary ISIN: CNE1000031R9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1


Placement of Shares

Mgmt

For

For

APPROVE AMENDMENT FOR PRIVATE

PLACEMENT OF SHARES

Mgmt




Method

Mgmt For For

2.4 Approve Issue Price and Pricing Method Mgmt For For


2.6 Approve Amount and Usage of Raised Funds Mgmt For For





Mgmt For For


3 Approve Plan on Private Placement of Shares

(Revised)

Mgmt For For

APPROVE RELATED PARTY TRANSACTIONS

IN CONNECTION TO PRIVATE PLACEMENT

Mgmt


Nanjing Zijin Investment Group Co., Ltd.

Mgmt For For


Nanjing Xingong Investment Group Co., Ltd.

Mgmt For For


Nanjing Traffic Construction Investment

Holdings (Group) Co., Ltd.

Mgmt For For

Vote Summary Report


Nanjing Securities Co., Ltd.

Proposal Vote


APPROVE SIGNING OF SUPPLEMENTAL

AGREEMENT TO THE CONDITIONAL SHARE

SUBSCRIPTION AGREEMENT

Mgmt

5.1 Approve Signing of Supplemental Agreement

to the Conditional Share Subscription

Agreement between Company and Nanjing

Zijin Investment Group Co., Ltd.

Mgmt For For




Xingong Investment Group Co., Ltd.

Mgmt For For




Traffic Construction Investment Holdings

(Group) Co., Ltd.

Mgmt For For



Relevant Measures to be Taken (Revised)

Mgmt For For

7 Approve Authorization of Board and Board

Delegated Person to Handle All Related

Matters

Mgmt For For


CUMULATIVE VOTING

Mgmt

8.1 Elect Li Xindan as Independent Director Mgmt For For

Tangshan Jidong Cement Co. Ltd.




Ticker: 000401

Primary ISIN: CNE000000GX5

Proposal Vote


1


Mgmt

For

For






Payment of Remuneration

Mgmt For For

Vote Summary Report



Proposal Vote


7

Approve Appointment of Internal Control


Mgmt

For

For

8 Approve Remuneration of Non-Independent

Directors

Mgmt For For

9 Approve Remuneration of Supervisors Mgmt For For


11 Approve Related Party Transaction in

Connection to Handling Financial Leasing

Business

Mgmt For For

12 Approve Company's Eligibility for Issuance of

Convertible Bonds

Mgmt For For

APPROVE ISSUANCE OF CONVERTIBLE

BONDS

Mgmt

13.1 Approve Type of Securities Mgmt For For



13.4 Approve Bond Maturity Mgmt For For

13.5 Approve Bond Interest Rate Mgmt For For

13.6 Approve Terms and Method of Debt

Repayment

Mgmt For For

13.7 Approve Conversion Period Mgmt For For

13.8 Approve Determination and Adjustment of

Conversion Price

Mgmt For For

13.9 Approve Terms for Downward Adjustment of

Conversion Price

Mgmt For For

13.10 Approve Method on Handling Fractional

Shares Upon Conversion

Mgmt For For

13.11 Approve Terms of Redemption Mgmt For For

13.12 Approve Terms of Sell-Back Mgmt For For

13.13 Approve Dividend Distribution Post

Conversion

Mgmt For For

13.14 Approve Issue Manner and Target Subscribers Mgmt For For

13.15 Approve Placing Arrangement for

Shareholders

Mgmt For For

13.16 Approve Matters Relating to Meetings of

Bondholders

Mgmt For For

13.17 Approve Raised Funds Management and

Deposit Account

Mgmt For For


Vote Summary Report



Proposal Vote


13.19

Approve Resolution Validity Period

Mgmt

For

For


14 Approve Plan on Issuance of Convertible

Bonds

Mgmt For For


Use of Proceeds

Mgmt For For




Mgmt For For

17 Approve Rules and Procedures Regarding

General Meetings of Convertible Bondholders

Mgmt For For



Authorized Persons to Handle All Related

Matters

Mgmt For For



Bonds Issuance

Mgmt For For

APPROVE CORPORATE BONDS ISSUANCE Mgmt

22.1 Approve Issue Type Mgmt For For



22.4 Approve Bond Period and Type Mgmt For For


22.6 Approve Issuance Method and Target

Subscribers

Mgmt For For


22.8 Approve Placement Arrangement to

Shareholders

Mgmt For For




Repayment

Mgmt For For


23 Approve Authorization of Board or Board


Matters

Mgmt For For

24 Approve Daily Related-Party Transactions with

BBMG Group Co., Ltd. and Its Subsidiaries

Mgmt For For

Vote Summary Report



Proposal Vote


25 Approve Daily Related-Party Transactions with

Jilin Cement (Group) Co., Ltd.

26 Approve Deposit Transactions with BBMG

Finance Co., Ltd.

Mgmt

Mgmt

For

For

For

Against




27 Approve Loan Transactions with BBMG

Finance Co., Ltd.

28 Approve Financial Assistance Provision

Mgmt

Mgmt

For

For

For

For

Yuan Longping High-Tech Agriculture Co., Ltd.




Ticker: 000998


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1


Placement of Shares

Mgmt

For

For





Method

Mgmt For For

2.4 Approve Issue Price and Pricing Principle Mgmt For For






Cumulative Earnings

Mgmt For For




Use of Proceeds

Mgmt For For

Vote Summary Report


Yuan Longping High-Tech Agriculture Co., Ltd.

Proposal Vote



Raised Funds

6 Approve Verification Report on the Usage of

Previously Raised Funds




8 Approve Special Self-inspection Report on

Company's Real Estate Business

9 Approve Commitment of Relevant Parties in

Relation to the Company's Real Estate

Business

10 Approve Shareholder Return Plan

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

For

For

For

For

For

For


Related Matters

12 Elect Peng Guangjian as Supervisor

Mgmt

Mgmt

For

For

For

For

Ambev SA



Primary Security ID: P0273U106

Ticker: ABEV3

Primary ISIN: BRABEVACNOR1

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For



4 Elect Directors

Mgmt

For

Against


element of a board to protect shareholders.Board mandates: A vote against is applied as LGIM expects a CEO or a

non-executive director not to hold too many external roles to ensure they can undertake their duties effectively.




Mgmt None Against




Mgmt None For

Vote Summary Report


Ambev SA

Proposal


Vote

Instruction Proponent Mgmt Rec







Mgmt


Victorio Carlos de Marchi as Director

Mgmt None Abstain


Carlos Alves de Brito as Director

Mgmt None Abstain


Milton Seligman as Director

Mgmt None Abstain


Jose Heitor Attilio Gracioso as Director

Mgmt None Abstain


Vicente Falconi Campos as Director

Mgmt None Abstain


Luis Felipe Pedreira Dutra Leite as Director

Mgmt None Abstain


Roberto Moses Thompson Motta as Director

Mgmt None Abstain


Nelson Jose Jamel as Director

Mgmt None Abstain


Cecilia Sicupira as Director

Mgmt None Abstain


Antonio Carlos Augusto Ribeiro Bonchristiano

as Independent Director

Mgmt None Abstain


Marcos de Barros Lisboa as Independent

Director

Mgmt None For


Carlos Eduardo Klutzenschell Lisboa as

Alternate Director

Mgmt None Abstain


Michel Dimitrios Doukeris as Alternate

Director

Mgmt None Abstain





Mgmt None Against

9 Elect Fiscal Council Members Mgmt For Against

Blended Rationale: An AGAINST vote is recommended for the management's fiscal council nominees, to allow minority

shareholders to concentrate their votes on the election of a minority fiscal council candidate, as further discussed under Item

11 of this meeting agenda.

Vote Summary Report


Ambev SA

Proposal


Vote

Instruction Proponent Mgmt Rec






Proposed Slate?

11 Elect Vinicius Balbino Bouhid as Fiscal Council

Member and Carlos Tersandro Fonseca

Adeodato as Alternate Appointed by Minority

Shareholder


Management


Members




Call?

Mgmt

SH

Mgmt

Mgmt

Mgmt

None

None

For

For

None

Against

For

For

For

For

Ambev SA




Ticker: ABEV3

Primary ISIN: BRABEVACNOR1

Proposal Vote


1

Amend Article 5 to Reflect Changes in Capital

Mgmt

For

For


3 Amend Articles 11, 15, 16, 17, 18 and 19 Mgmt For For


5 Amend Articles 22 to 34 Mgmt For For


7 Amend Restricted Stock Plan Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied as LGIM expects restricted stock units to be held for a minimum of

3 yearsA vote AGAINST this request is warranted because the proposed plan does not appear to adequately align the interests

of its beneficiaries and those of the shareholders.




Call?

Mgmt None For

Vote Summary Report


America Movil SAB de CV




Ticker: AMXL


Proposal Vote


Only Series L Shareholders Have Voting

Rights

Mgmt

1 Elect or Ratify Directors for Series L

Shareholders

Mgmt For For



Mgmt For For

CSSC Offshore & Marine Engineering (Group) Co., Ltd.




Ticker: 317


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


1 Approve Transfer of Equity Interest in CSSC

Chengxi Yangzhou Shipbuilding Company

Limited

Mgmt

For

For

Estacio Participacoes SA



Primary Security ID: P3784E132

Ticker: YDUQ3

Primary ISIN: BRYDUQACNOR3

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For

2 Accept Management Statements for Fiscal

Year Ended Dec. 31, 2019

Mgmt For For

Vote Summary Report



Proposal Vote


3

Approve Capital Budget

Mgmt

For

For







Mgmt None For





Mgmt None Against




Mgmt None For







Mgmt


Juan Pablo Zucchini as Independent Director

Mgmt None For


Mauricio Luis Luchetti as Independent

Director

Mgmt None For


Igor Xavier Correia Lima as Independent

Director

Mgmt None For


Eduardo Luiz Wurzmann as Independent

Director

Mgmt None For


Osvaldo Burgos Schirmer as Independent

Director

Mgmt None For


Flavio Benicio Jansen Ferreira as Independent

Director

Mgmt None For


Jackson Medeiros de Farias Schneider as


Mgmt None For


Brenno Raiko de Souza as Independent

Director

Mgmt None For


Claudia Sender Ramirez as Independent

Director

Mgmt None For

Vote Summary Report



Proposal Vote


11

As an Ordinary Shareholder, Would You like




Corporate Law?

Mgmt

None

For

12 Approve Classification of Independent

Directors

Mgmt For Against

Blended Rationale: A vote AGAINST this request is warranted because:- The company has presented this requested under a

single agenda item, thus preventing shareholders from voting on the independence classification of each nominee individually;-

Incumbent vice-chairman Mauricio Luis Luchetti has been serving on the board for 12 years and is, therefore, classified as

non-independent.

13 Install Fiscal Council Mgmt For For


Three

Mgmt For For

15.1 Elect Jorge Roberto Manoel as Fiscal Council

Member and Gustavo Matioli Vieira Janer as

Alternate

Mgmt For For

15.2 Elect Pedro Wagner Pereira Coelho as Fiscal

Council Member and Saulo de Tarso Alves

Lara as Alternate

Mgmt For For

15.3 Elect Regina Longo Sanchez as Fiscal Council

Member and Julio Cesar Garcia Pina

Rodrigues as Alternate

Mgmt For For

16 As an Ordinary Shareholder, Would You Like

to Request a Separate Election of a Member

of the Fiscal Council, Under the Terms of

Article 161 of the Brazilian Corporate Law?

Mgmt None Against



Mgmt For For





Ticker: YDUQ3

Primary ISIN: BRYDUQACNOR3

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Change Company Name to YDUQS

Participacoes S.A. and Amend Article 1

Accordingly

Mgmt For For

Vote Summary Report



Proposal Vote


2 Amend and Renumber Articles Mgmt For Against

Blended Rationale: A vote AGAINST Item 2 is warranted because:- The company has bundled unrelated article amendments not

allowing shareholders to vote separately on each proposal; and- The company has not provided a rationale for the amendment

to grant board authority to approve extraordinary in-kind dividend (to be paid with company's assets and goods), which

prevents international institutional shareholders from adequately assessing the impact of such bylaw amendment.




Mgmt

For

For

Gruma SAB de CV



Primary Security ID: P4948K121

Ticker: GRUMAB

Primary ISIN: MXP4948K1056

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Extraordinary Business

Mgmt

1 Authorize Cancellation of 15.47 Million Series

B Class I Repurchased Shares and

Consequently Reduction in Fixed Portion of

Capital; Amend Article 6

Mgmt For For

2 Consolidate Bylaws Mgmt For Against

Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the company has not published the

full text of the proposed bylaw amendments, preventing international institutional shareholders from making an informed

voting decision.



Mgmt For For

Gruma SAB de CV



Primary Security ID: P4948K121

Ticker: GRUMAB

Primary ISIN: MXP4948K1056

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Ordinary Business Mgmt

Vote Summary Report


Gruma SAB de CV

Proposal Vote



Reports

Mgmt For Against




Reserve and Present Report of Operations

with Treasury Shares

Mgmt For For

4 Elect Directors, Secretary, and Alternates,

Verify Independence Classification of

Directors and Approve Their Remuneration;

Approve Remuneration of Audit and

Corporate Practices Committees

Mgmt For For

5 Elect Chairmen of Audit and Corporate

Practices Committees

Mgmt For For



Mgmt For For

Grupo Financiero Banorte SAB de CV




Ticker: GFNORTEO


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.a

Approve CEO's Report on Financial

Statements and Statutory Reports

Mgmt

For

For

1.b Approve Board's Report on Policies and

Accounting Information and Criteria Followed


Mgmt For For

1.c Approve Board's Report on Operations and

Activities Undertaken by Board

Mgmt For For

1.d Approve Report on Activities of Audit and


Mgmt For For

1.e Approve All Operations Carried out by

Company and Ratify Actions Carried out by

Board, CEO and Audit and Corporate Practices

Committee

Mgmt For For


3 Receive Auditor's Report on Tax Position of

Company

Mgmt

Vote Summary Report



Proposal Vote


4.a1

Elect Carlos Hank Gonzalez as Board

Chairman

Mgmt

For

For

4.a2 Elect Juan Antonio Gonzalez Moreno as

Director

Mgmt For For

4.a3 Elect David Juan Villarreal Montemayor as

Director

Mgmt For For

4.a4 Elect Jose Marcos Ramirez Miguel as Director Mgmt For For

4.a5 Elect Carlos de la Isla Corry as Director Mgmt For Against



4.a6 Elect Everardo Elizondo Almaguer as Director Mgmt For For

4.a7 Elect Carmen Patricia Armendariz Guerra as

Director

Mgmt For For

4.a8 Elect Hector Federico Reyes Retana y Dahl as

Director

Mgmt For For

4.a9 Elect Alfredo Elias Ayub as Director Mgmt For For

4.a10 Elect Adrian Sada Cueva as Director Mgmt For Against



4.a11 Elect David Penaloza Alanis as Director Mgmt For For

4.a12

Elect Jose Antonio Chedraui Eguia as Director

Mgmt

For

For

4.a13

Elect Alfonso de Angoitia Noriega as Director

Mgmt

For

Against



4.a14 Elect Thomas Stanley Heather Rodriguez as

Director

Mgmt For For

4.a15 Elect Graciela Gonzalez Moreno as Alternate

Director

Mgmt For For

4.a16 Elect Juan Antonio Gonzalez Marcos as

Alternate Director

Mgmt For For

4.a17 Elect Alberto Halabe Hamui as Alternate

Director

Mgmt For For

4.a18 Elect Gerardo Salazar Viezca as Alternate

Director

Mgmt For For

4.a19 Elect Alberto Perez-Jacome Friscione as

Alternate Director

Mgmt For For

4.a20 Elect Diego Martinez Rueda-Chapital as

Alternate Director

Mgmt For For

4.a21 Elect Roberto Kelleher Vales as Alternate

Director

Mgmt For For

Vote Summary Report



Proposal Vote


4.a22

Elect Clemente Ismael Reyes Retana Valdes

as Alternate Director

Mgmt

For

For

4.a23 Elect Isaac Becker Kabacnik as Alternate

Director

Mgmt For For

4.a24 Elect Jose Maria Garza Trevino as Alternate

Director

Mgmt For For

4.a25 Elect Carlos Cesarman Kolteniuk as Alternate

Director

Mgmt For For

4.a26 Elect Humberto Tafolla Nunez as Alternate

Director

Mgmt For For

4.a27 Elect Guadalupe Phillips Margain as Alternate

Director

Mgmt For For

4.a28 Elect Ricardo Maldonado Yanez as Alternate

Director

Mgmt For For

4.b Elect Hector Avila Flores (Non-Member) as

Board Secretary

Mgmt For For

4.c Approve Directors Liability and

Indemnification

Mgmt For For


6 Elect Hector Federico Reyes Retana y Dahl as

Chairman of Audit and Corporate Practices

Committee

Mgmt For For

7.1 Approve Report on Share Repurchase Mgmt For For

7.2 Set Aggregate Nominal Amount of Share

Repurchase Reserve

Mgmt For For

8 Approve Certification of the Company's

Bylaws

Mgmt For For



Mgmt For For

Heilongjiang Agriculture Co., Ltd.




Ticker: 600598

Primary ISIN: CNE0000019Z9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt

For

For

Vote Summary Report


Heilongjiang Agriculture Co., Ltd.

Proposal Vote



4 Approve Report of the Independent Directors

Mgmt

For

For


Mgmt

For

For

6 Approve Annual Budget Report

Mgmt

For

For

7 Approve Daily Related-Party Transactions

Mgmt

For

For


of Remuneration

9 Approve Remuneration of the Person in

Charge

Mgmt

Mgmt

For

For

For

For

Novolipetsk Steel

Meeting Date: 04/24/2020 Country: Russia


Primary Security ID: X58996103

Ticker: NLMK

Primary ISIN: RU0009046452

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1

Approve Annual Report

Mgmt

For

For

2 Approve Annual Financial Statements Mgmt For For

3 Approve Allocation of Income and Dividends

of RUB 19.40 per Share

Mgmt For For

Elect Nine Directors via Cumulative Voting Mgmt

4.1 Elect Oleg Bagrin as Director Mgmt None Against

4.2 Elect Thomas Veraszto as Director Mgmt None For

4.3 Elect Nikolai Gagarin as Director Mgmt None Against

4.4 Elect Sergei Kravchenko as Director Mgmt None For

4.5 Elect Joachim Limberg as Director Mgmt None For

4.6 Elect Vladimir Lisin as Director Mgmt None Against

4.7 Elect Marjan Oudeman as Director Mgmt None For

4.8 Elect Karen Sarkisov as Director Mgmt None Against

4.9 Elect Stanislav Shekshnia as Director Mgmt None For

4.10 Elect Benedict Sciortino as Director Mgmt None Against

5 Elect Grigorii Fedorishin as President Mgmt For For

Vote Summary Report


Novolipetsk Steel

Proposal Vote



7.1 Ratify PricewaterhouseCoopers Audit as RAS

Auditor

7.2 Ratify PricewaterhouseCoopers Audit as IFRS

Auditor

Mgmt

Mgmt

For

For

For

For

Yango Group Co., Ltd.




Ticker: 000671


Proposal Vote


1

Approve Provision of Guarantee to Hangzhou

Biguang Real Estate Development Co., Ltd.

Mgmt

For

For

2 Approve Provision of Guarantee to Xuchang

Tiantu Real Estate Co., Ltd.

Mgmt For For

3 Approve Provision of Guarantee to Qixing

Guanhongji Real Estate Development Co., Ltd.

Mgmt For For

4 Approve Establishment of CMBN Asset Backed

Notes

Mgmt For For

5 Approve Debt Financing Mgmt For For

Zhejiang Huahai Pharmaceutical Co., Ltd.




Ticker: 600521

Primary ISIN: CNE000001DL5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Convertible Bonds

APPROVE ISSUANCE OF CONVERTIBLE

BONDS

Mgmt For For

Mgmt

2.1 Approve Issue Type Mgmt For For

Vote Summary Report



Proposal Vote


2.2

Approve Issue Scale

Mgmt

For

For




2.6 Approve Method and Term for the Repayment

of Principal and Interest

Mgmt For For


2.8 Approve Conversion Period Mgmt For For

2.9 Approve Method for Determining the Number

of Shares for Conversion

Mgmt For For

2.10 Approve Determination and Adjustment of

Conversion Price

Mgmt For For

2.11 Approve Terms for Downward Adjustment of

Conversion Price

Mgmt For For

2.12 Approve Redemption Mgmt For For

2.13 Approve Sell-Back Mgmt For For

2.14 Approve Dividend Distribution Post

Conversion

Mgmt For For

2.15 Approve Issue Manner and Target Subscribers Mgmt For For

2.16 Approve Placing Arrangement for

Shareholders

Mgmt For For

2.17 Approve Bondholders and Bondholders

Meeting

Mgmt For For


2.19 Approve Raised Funds Deposit Account Mgmt For For


3 Approve Plan for Issuance of Convertible

Bonds

Mgmt For For


Intended Usage of Raised Funds

Mgmt For For




Mgmt For For

6 Approve Formulation of Rules and Procedures

Regarding Convertible Corporate Bondholders

Meeting

Mgmt For For


Raised Funds

Mgmt For For


Vote Summary Report



Proposal Vote




Matters


Association

Mgmt

Mgmt

For

For

For

For

Banco del Bajio SA



Primary Security ID: P1R2ZN117

Ticker: BBAJIOO

Primary ISIN: MX41BB000000

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1

Approve Report of Audit and Corporate

Practices Committee

Mgmt

For

For

1.2 Approve Board's Opinion on CEO's Report Mgmt For For

1.3 Approve Auditor's Report Mgmt For For

1.4 Approve Commissioner's Report Mgmt For For

1.5 Approve Board's Report on Policies and

Accounting Criteria Followed in Preparation of

Financial Information

Mgmt For For

1.6 Approve Report on Operations and Activities

Undertaken by Board

Mgmt For For

2 Approve Report on Adherence to Fiscal

Obligations

Mgmt For For



for FY 2020; Approve Board's Report on

Share Repurchase for FY 2019

Mgmt For For

5.1a Elect Salvador Onate Ascencio as Director Mgmt For For

5.1b Elect Gerardo Plascencia Reyes as Alternate

Director

Mgmt For For

5.1c Elect Hector Armando Martinez Martinez as

Director

Mgmt For For

5.1d Elect Alejandro Martinez Martinez as Alternate

Director

Mgmt For For

5.1e Elect Rolando Uziel Candiotti as Director Mgmt For For

5.1f Elect Carlos Minvielle Lagos as Alternate

Director

Mgmt For For

Vote Summary Report


Banco del Bajio SA Proposal


Proponent

Mgmt Rec

Vote

Instruction

5.1g Elect Salvador Onate Barron as Director

Mgmt

For

For

5.1h Elect Javier Marina Tanda as Alternate

Director

Mgmt For For

5.1i Elect Carlos de la Cerda Serrano as Director Mgmt For For

5.1j Elect Fabian Federico Uribe Fernandez as

Alternate Director

Mgmt For For

5.1k Elect Barbara Jean Mair Rowberry as Director Mgmt For For

5.1l Elect Jorge Arturo Martinez Gonzalez as

Director

Mgmt For For

5.1m Elect Jose Oliveres Vidal as Director Mgmt For For

5.1n Elect Gabriel Ramirez Fernandez as Director Mgmt For For

5.1o Elect Fernando de Ovando Pacheco as

Director

Mgmt For For

5.1p Elect Dan Ostrosky Shejet as Director Mgmt For For

5.1q Elect Alfredo Emilio Colin Babio as Director Mgmt For For

5.1r Elect Ramon Santoyo Vazquez as Director Mgmt For For

5.1t Elect Genaro Carlos Leal Martinez as

Honorary Director

Mgmt For For

5.1u Elect Benjamin Zermeno Padilla as Honorary

Director

Mgmt For For

5.2 Approve Remuneration of Directors Mgmt For For

6.1a Elect Salvador Onate Ascencio as Board

Chairman

Mgmt For For

6.1b Elect Blanca Veronica Casillas Placencia as

Secretary (Non-Member) of Board

Mgmt For For

6.1c Elect Eduardo Gomez Navarro as

Commissioner

Mgmt For For

6.1d Elect Arturo Rabago Fonseca as Alternate

Commissioner

Mgmt For For

7 Ratify Gabriel Ramirez Fernandez as

Chairman of Audit and Corporate Practices

Committee

Mgmt For For

8 Authorize Joaquin David Dominguez Cuenca

and/or Blanca Veronica Casillas Placencia to


Mgmt For For

Vote Summary Report


BRF SA




Ticker: BRFS3

Primary ISIN: BRBRFSACNOR8

Proposal Vote


1



and Approve Treatment of Net Loss

Mgmt

For

For

2 Fix Number of Directors at Ten Mgmt For For





Mgmt None Abstain


Blended Rationale: Chair Independence: A vote against is applied as LGIM expects the Board Chair to be independent at the

time of appointment and therefore does not support a company's outgoing CEO taking on the role of Board Chair.Board

mandates: A vote against is applied as LGIM expects a CEO or a non-executive director not to hold too many external roles to

ensure they can undertake their duties effectively.




Mgmt None Against




Mgmt None Abstain







Mgmt


Augusto Marques da Cruz Filho as


Mgmt None For


Dan loschpe as Independent Director

Mgmt None Abstain


Flavia Buarque de Almeida as Independent

Director

Mgmt None For


Flavia Maria Bittencourt as Independent

Director

Mgmt None For


Jose Luiz Osorio as Independent Director

Mgmt None For


Luiz Fernando Furlan as Independent Director

Mgmt None For

Vote Summary Report


BRF SA

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

7.7

7.8

7.9

7.10

8

9

10.1

10.2

10.3

11


Pedro Pullen Parente as Independent Director


Ivandre Motiel da Silva as Director


Roberto Rodrigues as Independent Director


Marcelo F. Bacci as Independent Director

Elect Pedro Pullen Parente as Board Chairman

and Augusto Marques da Cruz Filho as Board

Vice-Chairman

Approve Remuneration of Company's

Management

Elect Attilio Guaspari as Fiscal Council

Member and Susana Hanna Stiphan Jabra as

Alternate

Elect Maria Paula Soares Aranha as Fiscal

Council Member and Monica Hojaij Carvalho

Molina as Alternate

Elect Andre Vicentini as Fiscal Council

Member and Valdecyr Maciel Gomes as

Alternate

Approve Remuneration of Fiscal Council

Members

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

None

None

None

None

For

For

For

For

For

For

Abstain

For

For

For

For

For

For

For

For

For

BRF SA




Ticker: BRFS3

Primary ISIN: BRBRFSACNOR8

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Approve Indemnification Agreement between

the Company and New Elected Directors

3 Amend Stock Option Plan and Share Matching

Plan

Mgmt

Mgmt

For

For

For

Against



Vote Summary Report


EVE Energy Co., Ltd.




Ticker: 300014

Primary ISIN: CNE100000GS4

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Guangdong Electric Power Development Co., Ltd.




Ticker: 200539

Primary ISIN: CNE000000HW5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

EGM BALLOT FOR HOLDERS OF B SHARES Mgmt

1 Approve Daily Related Party Transaction

Mgmt

For

For

2 Approve Signing of Financial Services

Framework Agreement

Mgmt

For

Against




3 Approve Signing of Financial Lease Mgmt

Cooperation Framework Agreement

For For

4 Approve Signing of Insurance and Risk Mgmt

Management Services Cooperation

Framework Agreement

For For

5 Approve Issuance of Super Short-term Mgmt

Commercial Papers

For For

6 Approve Signing of Withdrawal of Mgmt

State-owned Land Use Right Agreement

For For

SDIC Capital Co., Ltd.




Primary ISIN: CNE000000Q11

Vote Summary Report


SDIC Capital Co., Ltd.

Proposal Vote


1


Mgmt

For

For






Raised Funds and Verification Report

Mgmt For For

7 Approve Annual Work Report of the Board of

Directors Remuneration and Appraisal

Committee

Mgmt For For

8 Approve Company's Three-Year Development

Plan

Mgmt For For

9 Approve Daily Related-Party Transaction Mgmt For Against




10 Approve Credit Line Application Mgmt For For

11 Approve General Authorization to Issue

Domestic Debt Financing Instruments

Mgmt

For

For

Sealand Securities Co., Ltd.




Ticker: 000750


Proposal Vote


1


Mgmt

For

For





Vote Summary Report


Sealand Securities Co., Ltd.

Proposal Vote


6

Approve Securities Investment Scale and Risk

Limit

Mgmt

For

For




Mgmt For For


Management System

Mgmt For For

10 Elect Wang Hongping as Supervisor SH For For

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.




Ticker: 300760


Proposal Vote


1


Mgmt

For

For





6 Approve Social Responsibility Report Mgmt For For

7 Approve Termination of Partial Raised Funds

Investment Project

Mgmt For For



Association

Mgmt For For



Mgmt For For

11 Amend Related Party Transaction

Decision-making System

Mgmt For For

12 Amend Remuneration Management System of


Management Members

Mgmt For For

Vote Summary Report


TOTVS SA




Ticker: TOTS3

Primary ISIN: BRTOTSACNOR8

Proposal Vote


1



Mgmt

For

For



4 Fix Number of Directors at Seven Mgmt For For





Mgmt None For

6.1 Elect Eduardo Mazzilli de Vassimon as


Mgmt For For

6.2 Elect Gilberto Mifano as Independent Director Mgmt For For

6.3 Elect Guilherme Stocco Filho as Independent

Director

Mgmt For For

6.4 Elect Laercio Jose de Lucena Cosentino as

Director

Mgmt For For

6.5 Elect Maria Leticia de Freitas Costa as


Mgmt For For

6.6 Elect Mauro Gentile Rodrigues da Cunha as


Mgmt For For

6.7 Elect Sylvia de Souza Leao Wanderley as


Mgmt For For




Mgmt None For







Mgmt


Eduardo Mazzilli de Vassimon as Independent

Director

Mgmt None For


Gilberto Mifano as Independent Director

Mgmt None For

Vote Summary Report


TOTVS SA

Proposal Vote


8.3


Guilherme Stocco Filho as Independent

Director

Mgmt

None

For


Laercio Jose de Lucena Cosentino as Director

Mgmt None For


Maria Leticia de Freitas Costa as Independent

Director

Mgmt None For


Mauro Gentile Rodrigues da Cunha as


Mgmt None For


Sylvia de Souza Leao Wanderley as


Mgmt None For


Management

Mgmt For Against

Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of

awards to be assessed against performance conditions to ensure alignment of remuneration with company

performance.Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.A vote

AGAINST this item is warranted because:- There are ongoing concerns regarding problematic pay practices specifically related

to the terms of its equity compensation and the remuneration of its non-independent chair, who is also TOTVS' founder, former

CEO, and significant shareholder.







Call?

Mgmt

Mgmt

None

None

For

For

TOTVS SA




Ticker: TOTS3

Primary ISIN: BRTOTSACNOR8

Proposal Vote


1

Approve 3-for-1 Stock Split and Amend Article

5 Accordingly

Mgmt

For

For

2 Amend Article 5 to Reflect Changes in Capital

and Consolidate Bylaws

Mgmt For For




Mgmt None For

Vote Summary Report


TOTVS SA

Proposal Vote





Call?

Mgmt None For

Wanhua Chemical Group Co. Ltd.




Ticker: 600309


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt

For

For

3 Approve 2019 Investment Plan and 2020

Investment Plan

Mgmt

For

Against






8 Approve Payment of Remuneration to

Auditors

Mgmt For For



11 Approve Provision of Guarantee to

Subsidiaries and Mutual Guarantees between

Subsidiaries

Mgmt For Against



meeting circular.



Association

Mgmt For For

14 Approve Increase in Super Short-term

Commercial Papers Registration Limit

Mgmt For For

15 Elect Sun Xiao as External Supervisor Mgmt For For

Vote Summary Report


Wanhua Chemical Group Co. Ltd.

Proposal Vote


16

Elect Liu Zhijun as Supervisor

Mgmt

For

For


CUMULATIVE VOTING

Mgmt

17.1 Elect Liao Zengtai as Non-Independent

Director

Mgmt For For

17.2 Elect Kou Guangwu as Non-Independent

Director

Mgmt For For

17.3 Elect Hua Weiqi as Non-Independent Director Mgmt For For

17.4 Elect Rong Feng as Non-Independent Director Mgmt For For

17.5 Elect Chen Dianxin as Non-Independent

Director

Mgmt For For

17.6 Elect Qi Guishan as Non-Independent Director Mgmt For For

17.7 Elect Guo Xingtian as Non-Independent

Director

Mgmt For For


CUMULATIVE VOTING

Mgmt

18.1 Elect Bao Yongjian as Independent Director Mgmt For For

18.2 Elect Zhang Xiaorong as Independent Director Mgmt For For

18.3 Elect Zhang Wanbin as Independent Director Mgmt For For

18.4 Elect Li Zhongxiang as Independent Director Mgmt For For

Winning Health Technology Group Co. Ltd.




Ticker: 300253

Primary ISIN: CNE1000016F5

Proposal Vote


1


Mgmt

For

For






Vote Summary Report


Winning Health Technology Group Co. Ltd.

Proposal Vote


7

Approve Report on the Usage of Previously

Raised Funds (As of December 31, 2019)

Mgmt

For

For

8 Approve 2016 Repurchase Cancellation of

Performance Shares

Mgmt For For

9 Approve 2019 Repurchase Cancellation of

Performance Shares

Mgmt For For

10 Amend Related Party Transaction

Management System

Mgmt For For

Zhengzhou Yutong Bus Co., Ltd.




Ticker: 600066

Primary ISIN: CNE000000PY4

Proposal Vote


1


Mgmt

For

For




5 Approve Daily Related Party Transaction Mgmt For Against





7 Approve Payment of Remuneration and

Appointment of Auditor

Mgmt For For


AMEND COMPANY SYSTEMS Mgmt

9.1 Amend Rules and Procedures Regarding


Mgmt For For



Mgmt For For



Mgmt For For

9.4 Amend Rules and Procedures of Independent

Directors

Mgmt For For

Vote Summary Report


Zhengzhou Yutong Bus Co., Ltd.

Proposal Vote


9.5 Amend Management System of Raised Funds Mgmt For For

10 Approve Financing Authorization

Mgmt

For

Against


11 Approve Provision of Repurchase Liability Mgmt For For


CUMULATIVE VOTING

Mgmt

12.1 Elect Tang Yuxiang as Non-Independent

Director

Mgmt For For

12.2 Elect Cao Jianwei as Non-Independent

Director

Mgmt For For

12.3 Elect Yu Li as Non-Independent Director Mgmt For Against



12.4 Elect Lu Xinlei as Non-Independent Director Mgmt For

For


CUMULATIVE VOTING

13.1 Elect Li Keqiang as Independent Director Mgmt For

For

13.2 Elect Yin Xiaohua as Independent Director Mgmt For

For

13.3 Elect Gu Xiujuan as Independent Director Mgmt For

For


VOTING

14.1 Elect Zhang Tao as Supervisor Mgmt For

For

14.2 Elect Zhang Guohui as Supervisor Mgmt For

For

14.3 Elect Wei Yihui as Supervisor Mgmt For

For

AVIC Aircraft Co. Ltd.




Primary ISIN: CNE000000RF9

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Approve Report of the Board of Directors

Mgmt

For

For

Vote Summary Report


AVIC Aircraft Co. Ltd.

Proposal Vote




Mgmt

For

For

5 Approve Financial Budget Report

Mgmt

For

For


Mgmt

For

For

7 Approve Capital Injection

SH For

For

Banco BTG Pactual SA



Primary Security ID: P1S6B2119

Ticker: BPAC5

Primary ISIN: BRBPACACNPA0

Proposal Vote


1



Mgmt

For

For






Mgmt None Abstain

4.1 Elect Roberto Balls Sallouti as Director Mgmt For Against


independent directors.Board mandates: A vote against is applied as LGIM expects a CEO or a non-executive director not to hold

too many external roles to ensure they can undertake their duties effectively.

4.2 Elect Claudio Eugenio Stiller Galeazzi as


Mgmt For Against




4.3 Elect John Huw Gwili Jenkins as Director Mgmt For Against



4.4 Elect Mark Clifford Maletz as Independent

Director

Mgmt For For

Vote Summary Report



Proposal Vote


4.5 Elect Nelson Azevedo Jobim as Director Mgmt For Against


element of a board to protect shareholders.Diversity: A vote against is applied as LGIM expects a company to have a diverse

board, including at least one woman. We expect companies to further increase female participation on the board and

leadership positions over time.

4.6 Elect Guillermo Ortiz Martinez as Director Mgmt For Against



4.7 Elect Eduardo Henrique de Mello Motta Loyo

as Director

Mgmt For Against






Mgmt None Abstain







Mgmt


Roberto Balls Sallouti as Director

Mgmt None Abstain


Claudio Eugenio Stiller Galeazzi as


Mgmt None Abstain


John Huw Gwili Jenkins as Director

Mgmt None Abstain


Mark Clifford Maletz as Independent Director

Mgmt None For


Nelson Azevedo Jobim as Director

Mgmt None Abstain


Guillermo Ortiz Martinez as Director

Mgmt None Abstain


Eduardo Henrique de Mello Motta Loyo as

Director

Mgmt None Abstain





Corporate Law?

Mgmt None For

8 As a Preferred Shareholder, Would You like to

Request a Separate Minority Election of a



Corporate Law?

Mgmt None For

Vote Summary Report



Proposal Vote


9

In Case Neither Class of Shares Reaches the






Classes?

Mgmt

None

For


Management

Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed.




Mgmt

None

For





Ticker: BPAC5

Primary ISIN: BRBPACACNPA0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt

For

For

Beijing Capital Co., Ltd.




Ticker: 600008


Proposal Vote


1


Mgmt

For

For




Vote Summary Report


Beijing Capital Co., Ltd.

Proposal Vote


5


Mgmt

For

For


7 Approve Remuneration of Financial Auditor Mgmt For For

8 Approve Remuneration of Internal Control

Auditor

Mgmt For For

9 Approve Appointment of Financial Auditor Mgmt For For


Auditor

Mgmt For For




Management Members

Mgmt For For

13 Approve Provision of Entrusted Loan and

Related Transactions

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the level of loan to be provided to the receiving entity is

disproportionate to the company's ownership in the said entity. The company has failed to provide any justifications in the

meeting circular.

China Railway Construction Corporation Limited




Ticker: 1186


Proposal Vote


EGM BALLOT FOR HOLDERS OF H SHARES

Mgmt

1 Approve Initial Public Offering and Listing of

China Railway Construction Heavy Industry

Corporation Limited on the Science and

Technology Innovation Board of Shanghai

Stock Exchange

Mgmt For For

2 Approve Spin-Off and Listing of the Subsidiary

of the Company Continuously in Compliance

with the Relevant Conditions Under Certain

Provisions on Pilot Domestic Listing of

Spin-Off Subsidiaries of Listed Companies

Mgmt For For

Vote Summary Report



Proposal Vote


3

Approve Spin-Off of China Railway

Construction Heavy Industry Corporation

Limited on the Science and Technology

Innovation Board which Benefits the

Safeguarding of Legal Rights and Interests of

Shareholders and Creditors

Mgmt

For

For

4 Approve Ability to Maintain Independence and

Sustainable Operation Ability of the Company

Mgmt For For

5 Approve Corresponding Standardized

Operation Ability of China Railway


Limited

Mgmt For For

6 Approve Spin-Off and Listing of Subsidiary on

the Science and Technology Innovation Board


Regulations

Mgmt For For

7 Approve Explanation of the Completeness and

Compliance of Statutory Procedures and the

Validity of the Legal Documents Submitted in

the Spin-Off

Mgmt For For

8 Approve Objective, Business Reasonableness,

Necessity and Feasibility of the Spin-Off

Mgmt For For

9 Approve Consideration and Approval of the

Plan for the Spin-Off and Listing of China

Railway Construction Heavy Industry


Technology Innovation Board of China

Railway Construction Corporation Limited

(Revised)

Mgmt For For

10 Approve Authorization to the Board and Its

Authorized Persons to Deal with Matters

Relating to the Listing of CRCHI on the

Science and Technology Innovation Board at

their Full Discretion

Mgmt For For





Ticker: 1186


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report



Proposal Vote


1

Approve Initial Public Offering and Listing of

China Railway Construction Heavy Industry


Technology Innovation Board of Shanghai

Stock Exchange

Mgmt

For

For

2 Approve Spin-Off and Listing of the Subsidiary

of the Company Continuously in Compliance

with the Relevant Conditions Under Certain

Provisions on Pilot Domestic Listing of

Spin-Off Subsidiaries of Listed Companies

Mgmt For For

3 Approve Spin-Off of China Railway


Limited on the Science and Technology

Innovation Board which Benefits the

Safeguarding of Legal Rights and Interests of

Shareholders and Creditors

Mgmt For For

4 Approve Ability to Maintain Independence and

Sustainable Operation Ability of the Company

Mgmt For For

5 Approve Corresponding Standardized

Operation Ability of China Railway


Limited

Mgmt For For

6 Approve Spin-Off and Listing of Subsidiary on

the Science and Technology Innovation Board


Regulations

Mgmt For For

7 Approve Explanation of the Completeness and

Compliance of Statutory Procedures and the

Validity of the Legal Documents Submitted in

the Spin-Off

Mgmt For For

8 Approve Objective, Business Reasonableness,

Necessity and Feasibility of the Spin-Off

Mgmt For For

9 Approve Consideration and Approval of the

Plan for the Spin-Off and Listing of China

Railway Construction Heavy Industry


Technology Innovation Board of China

Railway Construction Corporation Limited

(Revised)

Mgmt For For

10 Approve Authorization to the Board and Its

Authorized Persons to Deal with Matters

Relating to the Listing of CRCHI on the

Science and Technology Innovation Board at

their Full Discretion

Mgmt For For

Vote Summary Report


Companhia de Saneamento Basico do Estado de Sao Paulo SABESP




Ticker: SBSP3

Primary ISIN: BRSBSPACNOR5

Proposal Vote


1



Mgmt

For

For






Mgmt None For





Corporate Law?

Mgmt None For

5.1 Elect Mario Engler Pinto Junior as Board

Chairman

Mgmt For For

5.2 Elect Benedito Pinto Ferreira Braga Junior as

Director

Mgmt For For

5.3 Elect Wilson Newton de Mello Neto as

Director

Mgmt For For

5.4 Elect Reinaldo Guerreiro as Director Mgmt For For

5.5 Elect Claudia Polto da Cunha as Director Mgmt For For

5.6 Elect Francisco Vidal Luna as Independent

Director

Mgmt For For

5.7 Elect Lucas Navarro Prado as Independent

Director

Mgmt For For

5.8 Elect Francisco Luiz Sibut Gomide as


Mgmt For For

5.9 Elect Eduardo de Freitas Teixeira as


Mgmt For For




Mgmt None For







Mgmt


Mario Engler Pinto Junior as Board Chairman

Mgmt None For

Vote Summary Report


Companhia de Saneamento Basico do Estado de Sao Paulo SABESP

Proposal Vote


7.2


Benedito Pinto Ferreira Braga Junior as

Director

Mgmt

None

For


Wilson Newton de Mello Neto as Director

Mgmt None For


Reinaldo Guerreiro as Director

Mgmt None For


Claudia Polto da Cunha as Director

Mgmt None For


Francisco Vidal Luna as Independent Director

Mgmt None For


Lucas Navarro Prado as Independent Director

Mgmt None For


Francisco Luiz Sibut Gomide as Independent

Director

Mgmt None For


Eduardo de Freitas Teixeira as Independent

Director

Mgmt None For

8.1 Elect Fabio Bernacchi Maia as Fiscal Council

Member and Marcio Cury Abumussi as

Alternate

Mgmt For For

8.2 Elect Pablo Andres Fernandez Uhart as Fiscal

Council Member and Cassiano Quevedo Rosas

de Avila as Alternate

Mgmt For For

8.3 Elect Edson Tomas de Lima Filho as Fiscal

Council Member and Nanci Cortazzo Mendes

Galuzio as Alternate

Mgmt For For

8.4 Elect Angelo Luiz Moreira Grossi as Fiscal

Council Member and Andrea Martins Botaro

as Alternate

Mgmt For For




Mgmt For For

Companhia Paranaense de Energia




Ticker: CPLE6

Primary ISIN: BRCPLEACNPB9

Vote Summary Report


Companhia Paranaense de Energia

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For



Management and Fiscal Council Member

4 Designate Newspapers to Publish Company

Announcements

Mgmt

Mgmt

For

For

For

For

Energisa SA



Primary Security ID: P3R69R155

Ticker: ENGI4

Primary ISIN: BRENGIACNPR7

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Management

Mgmt For Against



3 Designate Diario Oficial da Uniao and Diario Mgmt

do Comercio de Minas Gerais as Newspapers

to Publish Company's Legal Announcements

For

For

4 Consolidate Bylaws Mgmt For

For

Energisa SA


Primary Security ID: P3R69R155

Meeting Type: Annual Ticker: ENGI4

Primary ISIN: BRENGIACNPR7

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Meeting for Holders of Units Mgmt

Vote Summary Report


Energisa SA

Proposal Vote


1



Mgmt

For

For


3 Fix Number of Alternate Directors at Four Mgmt For For





Mgmt None For





Mgmt None Against




Mgmt None For







Mgmt


Ivan Muller Botelho as Director and Mauricio

Perez Botelho and/or Marcelo Silveira da

Rocha as Alternate

Mgmt None For


Ricardo Perez Botelho as Director and

Mauricio Perez Botelho and/or Marcelo

Silveira da Rocha as Alternate

Mgmt None For


Antonio Jose de Almeida Carneiro as Director

and Mauricio Perez Botelho and/or Marcelo

Silveira da Rocha as Alternate

Mgmt None For


Marcilio Marques Moreira as Independent

Director and Andre La Saigne de Botton as

Alternate

Mgmt None For


Omar Carneiro da Cunha Sobrinho as

Independent Director and Andre La Saigne de

Botton as Alternate

Mgmt None For


Jose Luiz Alqueres as Independent Director

and Andre La Saigne de Botton as Alternate

Mgmt None For





Corporate Law?

Mgmt None For

Vote Summary Report


Energisa SA

Proposal Vote


10







Classes?

Mgmt

None

For





Corporate Law?

Mgmt None For

12 Elect Luciana de Oliveira Cezar Coelho as

Independent Director and Pedro Renato

Arruda Stevaux as Alternate Appointed by


SH None Against







Classes?

Mgmt None For




Mgmt None For

15 Elect Fiscal Council Members Mgmt For Against


minority shareholders to concentrate their votes on the election of a minority fiscal council candidate as further discussed under

of this meeting agenda.






Proposed Slate?

Mgmt None Against

17.1 Elect Artemio Bertholini as Fiscal Council

Member and Atilio Gerson Bertoldi as


SH None For

17.2 Elect Vania Andrade de Souza as Fiscal

Council Member and Antonio Eduardo Bertolo

as Alternate Appointed by Preferred

Shareholder

SH None For

ENGIE Brasil Energia SA




Ticker: EGIE3

Primary ISIN: BREGIEACNOR9

Vote Summary Report



Proposal Vote


1



Mgmt

For

For


3 Approve Employees' Bonuses Mgmt For For


Management

Mgmt For For

5 Designate Noticias do Dia as Newspaper to

Publish Company's Legal Announcements

Mgmt For For







Mgmt None Against




Mgmt None Abstain







Mgmt


Mauricio Stolle Bahr as Director and Gustavo

Henrique Labanca Novo as Alternate

Mgmt None Abstain


Karin Koogan Breitman as Independent

Director and Manoel Arlindo Zaroni Torres as

Alternate

Mgmt None For


Richard Jacques Dumas as Director and

Leonardo Augusto Serpa as Alternate

Mgmt None Abstain


Paulo Jorge Tavares Almirante as Director

and Raphael Vincent Philippe Barreau as

Alternate

Mgmt None Abstain


Dirk Achiel Marc Beeuwsaert as Director and

Gil de Methodio Maranhao Neto as Alternate

Mgmt None Abstain


Simone Cristina de Paola Barbieri as Director

and Pierre Jean Bernard Guiollot as Alternate

Mgmt None Abstain

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

9.7

9.8

9.9

10


Paulo de Resende Salgado as Independent

Director and Antonio Alberto Gouvea Vieira as

Alternate


Jose Pais Rangel as Independent Director and

Raquel da Fonseca Cantarino as Alternate


Adir Flavio Sviderskei as Director and Rubens

Jose Nascimento as Alternate

Do You Wish to Request Installation of a



Mgmt

Mgmt

Mgmt

Mgmt

None

None

None

None

For

Abstain

Abstain

For

Grupo Televisa SAB



Primary Security ID: P4987V137

Ticker: TLEVISACPO

Primary ISIN: MXP4987V1378

Proposal Vote


Meeting for Holders of Series A and B Shares

(Held Directly or Through CPOs) Who are

Mexican Nationals May Vote in this Meeting

Mgmt


Reports as Required by Article 28 of Mexican

Securities Law, Approve Financial Statements;

Approve Discharge of Directors, CEO and

Board Committees

Mgmt For Against

Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.Additionally, a vote

AGAINST this proposal is warranted because:- The company has bundled the request to approve its financial statements and

the discharge of directors and CEO under the same proposal, preventing shareholders from voting on such key resolutions

separately;- The company is currently subject to multiple class action lawsuits, related to the investigations regarding alleged

payment of bribes to executives of FIFA, to secure broadcasting rights for upcoming World Cup tournaments;- The corruption

allegations, and the ongoing investigations, raise concerns regarding potential governance failure and breach of fiduciary duty

of the company's administrators and, although the company has denied any wrong doing, no additional information regarding

measures taken to address such concerns and other mitigating factors, if any, have been disclosed; and

2 Present Report on Compliance with Fiscal

Obligations

3 Approve Allocation of Income

Mgmt

Mgmt

For

For

For

For

Vote Summary Report


Grupo Televisa SAB

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Repurchase Reserve

Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because:- The company has not yet disclosed its proposed share

repurchase reserve; and- The company's most recent authority exceeded 10 percent of market capitalization, the threshold

recommended under ISS policy.

4.2 Receive Report on Policies and Board's

Decisions on Share Repurchase and Sale of

Treasury Shares

Mgmt For For

5 Elect or Ratify Members of Board, Secretary

and Other Officers

Mgmt For Against

Blended Rationale: A vote AGAINST these items is warranted because:- There are material concerns regarding potential

governance failure and breach of fiduciary duty in light of corruption investigations involving the company's administrators;-

The names of the director nominees are not disclosed prior to the time that institutional shareholders are required to submit

vote instructions; and- The company has bundled the election of its directors into a single voting item.

6 Elect or Ratify Members of Executive

Committee

Mgmt For Against





7 Elect or Ratify Chairman of Audit Committee Mgmt For Against





8 Elect or Ratify Chairman of Corporate

Practices Committee

Mgmt For Against





9 Approve Remuneration of Board Members,

Executive, Audit and Corporate Practices

Committees, and Secretaries

Mgmt For For



Mgmt For For

Guoyuan Securities Co., Ltd.




Ticker: 000728

Primary ISIN: CNE000000QZ9

Vote Summary Report


Guoyuan Securities Co., Ltd.

Proposal Vote


1


Mgmt

For

For






Special Assessment Report

Mgmt For For

7 Approve Remuneration of Supervisors and

Special Assessment Report

Mgmt For For

8 Approve Remuneration of Senior Management

Members and Special Assessment Report

Mgmt For For

9 Amend Articles of Association Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the proposed articles amendments are not considered to adequately

provide for accountability and transparency to shareholders.



Mgmt For For



Mgmt For For



Raised Funds

Mgmt For For

APPROVE DAILY RELATED PARTY

TRANSACTIONS

Mgmt

14.1 Approve Related Party Transaction with Anhui

Guoyuan Financial Holding Group Co., Ltd.

and Its Controlled Entities

Mgmt For For


Jian'an Investment Holding Group Co., Ltd.

and Its Controlled Entities

Mgmt For For


Changsheng Fund Management Co., Ltd.

Mgmt For For


Huishang Bank Co., Ltd.

Mgmt For For


Affiliates

Mgmt For For

Vote Summary Report


Hapvida Participacoes e Investimentos SA




Ticker: HAPV3

Primary ISIN: BRHAPVACNOR4

Proposal Vote


1



Mgmt

For

For






Mgmt None Abstain





leadership positions over time.Committee independence: A vote against is applied as LGIM expects the Committee to be

comprised of independent directors.




Mgmt None Against




Mgmt None Abstain







Mgmt


Candido Pinheiro Koren de Lima as Director

Mgmt None Abstain


Jorge Fontoura Pinheiro Koren de Lima as

Director

Mgmt None For


Candido Pinheiro Koren de Lima Junior as

Director

Mgmt None For


Wilson Carnevalli Filho as Director

Mgmt None Abstain


Geraldo Luciano Mattos Junior as Director

Mgmt None Abstain


Roberto Antonio Mendes as Independent

Director

Mgmt None For

Vote Summary Report



Proposal Vote


7.7


Marcio Luiz Simoes Utsch as Director

Mgmt

None

For





Corporate Law?

Mgmt None For


Management

Mgmt For For




Mgmt None For




Call?

Mgmt None For





Ticker: HAPV3

Primary ISIN: BRHAPVACNOR4

Proposal Vote


1

Approve Share Repurchase Program and

Reissuance of Repurchased Shares Re:

Acquisition of Remaining Shares of RN

Metropolitan Ltda.

Mgmt

For

For





Call?

Mgmt None For

Itau Unibanco Holding SA




Ticker: ITUB4

Primary ISIN: BRITUBACNPR1

Vote Summary Report



Proposal Vote


1



Mgmt

For

For







Mgmt None For

5.1 Elect Alfredo Egydio Setubal as Director Mgmt For Against

Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or a non-executive director not to hold

too many external roles to ensure they can undertake their duties effectively.

5.2 Elect Ana Lucia de Mattos Barretto Villela as

Director

Mgmt For For

5.3 Elect Fabio Colletti Barbosa as Independent

Director

Mgmt For For

5.4 Elect Frederico Trajano Inacio as Independent

Director

Mgmt For For

5.5 Elect Gustavo Jorge Laboissiere Loyola as


Mgmt For Against



5.6 Elect Joao Moreira Salles as Director Mgmt For For

5.7 Elect Jose Gallo as Independent Director Mgmt For For

5.8 Elect Marco Ambrogio Crespi Bonomi as


Mgmt For For

5.9 Elect Pedro Luiz Bodin de Moraes as


Mgmt For For

5.10 Elect Pedro Moreira Salles as Director Mgmt For For

5.11 Elect Ricardo Villela Marino as Director Mgmt For For

5.12 Elect Roberto Egydio Setubal as Director Mgmt For For




Mgmt None For







Mgmt

Vote Summary Report



Proposal Vote


7.1


Alfredo Egydio Setubal as Director

Mgmt

None

Abstain


Ana Lucia de Mattos Barretto Villela as

Director

Mgmt None For


Fabio Colletti Barbosa as Independent

Director

Mgmt None For


Frederico Trajano Inacio as Independent

Director

Mgmt None For


Gustavo Jorge Laboissiere Loyola as


Mgmt None Abstain


Joao Moreira Salles as Director

Mgmt None For


Jose Gallo as Independent Director

Mgmt None For


Marco Ambrogio Crespi Bonomi as


Mgmt None For


Pedro Luiz Bodin de Moraes as Independent

Director

Mgmt None For


Pedro Moreira Salles as Director

Mgmt None For


Ricardo Villela Marino as Director

Mgmt None For


Roberto Egydio Setubal as Director

Mgmt None For





Corporate Law?

Mgmt None For







Classes?

Mgmt None For

10.1 Elect Alkimar Ribeiro Moura as Fiscal Council

Member and Joao Costa as Alternate

Mgmt For For

10.2 Elect Jose Caruso Cruz Henriques as Fiscal

Council Member and Reinaldo Guerreiro as

Alternate

Mgmt For For

Vote Summary Report



Proposal Vote



Management


Members

Mgmt

Mgmt

For

For

For

For





Ticker: ITUB4


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Articles Re: Indemnity Provision Mgmt For Against

Blended Rationale: A vote AGAINST these proposals is warranted because shareholders are being asked to approve a broad

statutory indemnification provision in the absence of key information, including the mechanisms to address the potential

conflict of interest, acts that would be considered ineligible for indemnification, the financial impact of such provision, and the

specific terms of coverage in the event of a plea deal agreement signed by the company's administrators.


Blended Rationale: A vote AGAINST these proposals is warranted because shareholders are being asked to approve a broad

statutory indemnification provision in the absence of key information, including the mechanisms to address the potential

conflict of interest, acts that would be considered ineligible for indemnification, the financial impact of such provision, and the

specific terms of coverage in the event of a plea deal agreement signed by the company's administrators.





Ticker: ITUB4


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction






Corporate Law?

Mgmt

None

For

Vote Summary Report



Proposal Vote


2







Classes?

Mgmt

None

For

3 Elect Eduardo Azevedo do Valle as Fiscal

Council Member and Rene Guimaraes Andrich

as Alternate Appointed by Preferred

Shareholder

SH None For

Jafron Biomedical Co., Ltd.




Ticker: 300529


Proposal Vote


1


Mgmt

For

For




5 Approve Financial Report Mgmt For For



Senior Management Members

Mgmt For For

8 Approve Remuneration of Independent

Directors

Mgmt For For

9 Approve Remuneration of Non-Employee

Representative Supervisors

Mgmt For For

10 Approve Remuneration of Employee

Representative Supervisors

Mgmt For For


12 Approve Signing of Medical Device Industry

(Blood Purification) Project Investment

Cooperation Agreement

Mgmt For For


CUMULATIVE VOTING

Mgmt

Vote Summary Report


Jafron Biomedical Co., Ltd.

Proposal Vote


13.1 Elect Dong Fan as Non-Independent Director Mgmt For Against


directors.Remuneration Committee: A vote against has been applied because LGIM expects the Committee to comprise

independent directors.Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be

separate. These two roles are substantially different and a division of responsibilities ensures there is a proper balance of

authority and responsibility on the board.

13.2 Elect Lei Wen as Non-Independent Director Mgmt For For

13.3 Elect Tang Xianmin as Non-Independent Mgmt

Director

For

For

13.4 Elect Zhang Guanghai as Non-Independent Mgmt

Director

For

For

13.5 Elect Zeng Kai as Non-Independent Director Mgmt For

For

13.6 Elect Li Feng as Non-Independent Director Mgmt For

For


CUMULATIVE VOTING

14.1 Elect Cui Songning as Independent Director Mgmt For

For

14.2 Elect Zhou Linghong as Independent Director Mgmt For

For

14.3 Elect Yang Bai as Independent Director Mgmt For

For


VOTING

15.1 Elect Peng Xiaohong as Supervisor Mgmt For

For

15.2 Elect Fang Lihua as Supervisor Mgmt For

For

JBS SA



Meeting Type: Annual Ticker: JBSS3

Primary ISIN: BRJBSSACNOR8

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For


3 Fix Number of Fiscal Council Members at Four Mgmt For For

Vote Summary Report


JBS SA

Proposal Vote


4

As an Ordinary Shareholder, Would You Like

to Request a Separate Election of a Member

of the Fiscal Council, Under the Terms of

Article 161 of the Brazilian Corporate Law?

Mgmt

None

Against

5.1 Elect Adrian Lima da Hora as Fiscal Council

Member and Andre Alcantara Ocampos as

Alternate

Mgmt For Against

Blended Rationale: A vote AGAINST these items is warranted because: - The nominees are appointed for reelection by the

controlling shareholders; and - There are serious concerns regarding governance failures and potential breach of fiduciary duty

by the company's administrators, in light of ongoing investigations regarding corruption practices.

5.2 Elect Demetrius Nichele Macei as Fiscal

Council Member and Marcos Godoy Brogiato

as Alternate

Mgmt For Against




5.3 Elect Jose Paulo da Silva Filho as Fiscal

Council Member and Sandro Domingues

Raffai as Alternate

Mgmt For Against




5.4 Elect Mauricio Wanderley Estanislau da Costa

as Fiscal Council Member and Francisco

Vicente Santana Silva Telles as Alternate

Mgmt For For



Mgmt For Against


JBS SA




Ticker: JBSS3

Primary ISIN: BRJBSSACNOR8

Proposal Vote


1

Approve Agreement to Absorb Midup

Participacoes Ltda. (Midup)

Mgmt

For

For

2 Ratify Factum - Avaliacoes e Consultoria S/S -

EPP (Factum) as Independent Firm to

Appraise Proposed Transaction

Mgmt For For

3 Approve Independent Firm's Appraisal Mgmt For For

Vote Summary Report


JBS SA

Proposal Vote


4 Approve Absorption of Midup Participacoes

Ltda. (Midup) and Authorize Executives to


5 Re-Ratify Absorption of Midtown Participacoes

Ltda., Tannery do Brasil S.A. and IM Pecus

Industria e Comercio de Couros e Derivados

Ltda. for Regularization of Certain Company's

Real Estate Properties

Mgmt

Mgmt

For

For

For

For

Joyoung Co., Ltd.




Ticker: 002242

Primary ISIN: CNE100000BQ9

Proposal Vote


1


Mgmt

For

For






7 Approve Use of Funds to Purchase Financial

Products

Mgmt For Against


risks.


9 Approve Remuneration of Supervisors Mgmt For For

10 Approve Daily Related Party Transaction Mgmt For For


Performance Shares

Mgmt For For

12 Approve Adjustment of Performance Indicator

for Performance Share Incentive Plan

Mgmt For Against




non-executive directors may impair their independence.

13 Approve Decrease in Registered Capital

Mgmt

For

For

Vote Summary Report


Joyoung Co., Ltd.

Proposal Vote


14


Mgmt

For

For

15 Approve Allowance of Independent Directors Mgmt For For

ELECT NON-INDEPENDENT DIRECTORS Mgmt

16.1 Elect Wang Xuning as Non-Independent

Director

Mgmt For For

16.2 Elect Jiang Guangyong as Non-Independent

Director

Mgmt For For

16.3 Elect Yang Ningning as Non-Independent

Director

Mgmt For For

16.4 Elect Han Run as Non-Independent Director Mgmt For For

ELECT INDEPENDENT DIRECTORS Mgmt

17.1 Elect Han Shiyuan as Independent Director Mgmt For For

17.2 Elect Liu Hongxia as Independent Director Mgmt For For

17.3 Elect Wu Aiqi as Independent Director Mgmt For For

ELECT SUPERVISORS Mgmt

18.1 Elect Zhu Hongtao as Supervisor Mgmt For For

18.2 Elect Zhu Zechun as Supervisor Mgmt For For

Lens Technology Co., Ltd.




Ticker: 300433

Primary ISIN: CNE100001YW7

Proposal Vote


1


Placement of Shares

Mgmt

For

For



2.2 Approve Issue Manner and Issue Period Mgmt For For


and Pricing Principles

Mgmt For For

2.4 Approve Target Parties and Subscription

Manner

Mgmt For For

Vote Summary Report


Lens Technology Co., Ltd.

Proposal Vote


2.5

Approve Issue Scale

Mgmt

For

For

2.6 Approve Restriction Period Mgmt For For





Mgmt For For



4 Approve Demonstration Analysis Report in


Mgmt For For


Use of Proceeds

Mgmt For For


Raised Funds

Mgmt For For




Mgmt For For



Related Matters

Mgmt For For

10 Approve Change in Business Scope Mgmt For For


Association

Mgmt For For

Moscow Exchange MICEX-RTS PJSC

Meeting Date: 04/28/2020 Country: Russia


Primary Security ID: X6983N101

Ticker: MOEX

Primary ISIN: RU000A0JR4A1

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Annual Report Mgmt For For


Mgmt

For

For

3 Approve Allocation of Income and Dividends

of RUB 7.93 per Share

Elect Directors by Cumulative Voting

Mgmt

Mgmt

For

For

Vote Summary Report


Moscow Exchange MICEX-RTS PJSC

Proposal Vote


4.1

Elect Ramon Adarraga Morales as Director

Mgmt

None

For

4.2 Elect Paul Bodart as Director Mgmt None For

4.3 Elect Anatolii Braverman as Director Mgmt None Against

4.4 Elect Oleg Viugin as Director Mgmt None For

4.5 Elect Andrei Golikov as Director Mgmt None Against

4.6 Elect Mariia Gordon as Director Mgmt None For

4.7 Elect Valerii Goregliad as Director Mgmt None Against

4.8 Elect Dmitrii Eremeev as Director Mgmt None For

4.9 Elect Bella Zlatkis as Director Mgmt None Against

4.10 Elect Aleksandr Izosimov as Director Mgmt None For

4.11 Elect Maksim Krasnykh as Director Mgmt None For

4.12 Elect Vadim Kulik as Director Mgmt None Against

4.13 Elect Oskar Hartmann as Director Mgmt None For

5 Ratify Auditor Mgmt For For

6 Approve New Edition of Charter Mgmt For For

7 Approve New Edition of Regulations on

General Meetings

Mgmt For For

8 Approve New Edition of Regulations on Board

of Directors

Mgmt For For

Elect Three Members of Audit Commission Mgmt

9.1 Elect Mikhail Kireev as Member of Audit

Commission

Mgmt For For

9.2 Elect Natalia Perchatkina as Member of Audit

Commission

Mgmt For For

9.3 Elect Olga Romantsova as Member of Audit

Commission

Mgmt For For


11 Approve Remuneration of Members of Audit

Commission

Mgmt For For

12 Approve Termination of Company's

Membership in Russian Bank Association

Mgmt For For

Vote Summary Report


New Hope Liuhe Co., Ltd.




Ticker: 000876

Primary ISIN: CNE000000VB0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1


Mgmt

For

For




5 Approve Appointment of Financial Auditor Mgmt For For




Mgmt For For

8 Approve Provision of Guarantee for Raw

Material Procurement

Mgmt For For

9 Approve Financial Guarantee Mgmt For For

10 Approve Related Party Transaction with

Xinwang Financial Leasing (Tianjin) Co., Ltd.

Mgmt For For

11 Approve Related Party Transaction with

Xinxiwang (Tianjin) Commercial Factoring

Co., Ltd.

Mgmt For For


13 Approve Signing of Daily Related Party

Transaction Agreement

Mgmt For For


Renewable Corporate Bonds

Mgmt For For

APPROVE PLAN ON ISSUANCE OF

RENEWABLE CORPORATE BONDS

Mgmt



15.3 Approve Bond Interest Rate and Method of

Determination

Mgmt For For

15.4 Approve Deferred Payment of Interests Mgmt For For

15.5 Approve Mandatory Interest Payment Mgmt For For

15.6 Approve Deferred Interest Restrictions Mgmt For For

15.7 Approve Redemption Option Mgmt For For

15.8 Approve Repayment Order Mgmt For For

Vote Summary Report



Proposal Vote


15.9

Approve Par Value and Issue Price

Mgmt

For

For

15.10 Approve Issue Manner, Target Subscribers

and Placement Regulation

Mgmt For For

15.11 Approve Payment of Capital and Interest Mgmt For For


15.13 Approve Guarantee Method Mgmt For For

15.14 Approve Underwriting Manner and Listing

Arrangement

Mgmt For For


Repayment

Mgmt For For



Related Matters Regarding Renewable

Corporate Bonds

Mgmt For For


Placement of Shares

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the

company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market

price, which is seen not in the best interests of minority shareholders.


18.1 Approve Share Type and Par Value

Mgmt

For

Against




18.2 Approve Issue Manner and Time Mgmt For Against





Method

Mgmt For Against





and Pricing Basis

Mgmt For Against




18.5 Approve Issue Size Mgmt For Against




Vote Summary Report



Proposal Vote


18.6 Approve Lock-up Period Mgmt For Against




18.7 Approve Use of Proceeds Mgmt For Against




18.8 Approve Deposit Account of Raised Funds Mgmt For Against





Cumulative Earnings

Mgmt For Against




18.10 Approve Listing Exchange Mgmt For Against




18.11 Approve Resolution Validity Period Mgmt For Against




19 Approve Plan for Private Placement of New

Shares

Mgmt For Against





Raised Funds

Mgmt For Against





Use of Proceeds

Mgmt For Against




Vote Summary Report



Proposal Vote



Related Matters Regarding Private Placement

of New Shares

Mgmt For Against







Mgmt For Against




24 Approve Signing of Shares Subscription

Agreement

Mgmt For Against

Blended Rationale: Related party transaction: A vote AGAINST is warranted because the proposed private placement, once

approved, will allow the company to issue new shares to controlling shareholder and its controlled subsidiary at a significant

discount to the market price, which is seen not in the best interests of minority shareholders.

25 Approve Related Party Transactions in


Mgmt For Against

Blended Rationale: Related party transaction: A vote AGAINST is warranted because the proposed private placement, once

approved, will allow the company to issue new shares to controlling shareholder and its controlled subsidiary at a significant

discount to the market price, which is seen not in the best interests of minority shareholders.


Related Matters Regarding Share Repurchase

Plan

Mgmt For Against

Blended Rationale: A vote AGAINST is warranted due to a lack of disclosure.

OdontoPrev SA




Ticker: ODPV3

Primary ISIN: BRODPVACNOR4

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For



Management

Mgmt

For

Against


Vote Summary Report


OdontoPrev SA

Proposal Vote



Three

5 Elect Fiscal Council Members

Mgmt

Mgmt

For

For

For

Against

Blended Rationale: An AGAINST vote recommendation is warranted for the management's fiscal council nominees, to allow

minority shareholders to concentrate their votes on the election of a minority fiscal council candidate, as further discussed

under Item 7 of this meeting agenda.






Proposed Slate?

Mgmt None Against

7 Elect Ivan Maluf Junior as Fiscal Council

Member and Eduardo da Gama Godoy as


SH None For


Members

Mgmt For For

9 Fix Number of Directors at Eight Mgmt For For





Mgmt None Against




Committee to be comprised of independent directors.Diversity: A vote against is applied as LGIM expects a company to have a

diverse board, including at least one woman. We expect companies to further increase female participation on the board and

leadership positions over time.




Mgmt None Against




Mgmt None For


ADOPTED - If You Vote FOR on Item 13,

Votes Will Be Automatically Distributed in

Equal % Amongst The Nominees voted FOR

below. If You Vote AGST, Contact Your Client

Service Rep to Disproportionately Allocate %

of Votes

Mgmt


Luiz Carlos Trabuco Cappi as Director and

Vinicius Marinho da Cruz as Alternate

Mgmt None Abstain


Octavio de Lazari Junior as Director and

Flavio Bitter as Alternate

Mgmt None Abstain

Vote Summary Report


OdontoPrev SA

Proposal Vote


14.3


Manoel Antonio Peres as Director and

Americo Pinto Gomes as Alternate

Mgmt

None

Abstain


Ivan Luiz Gontijo Junior as Director

Mgmt None Abstain


Samuel Monteiro dos Santos Junior as

Director

Mgmt None Abstain


Vinicius Jose de Almeida Albernaz as Director

Mgmt None Abstain


Cesar Suaki dos Santos as Director and David

Casimiro Moreira as Alternate

Mgmt None For


Murilo Cesar Lemos dos Santos Passos as

Director and Jorge Kalache Filho as Alternate

Mgmt None Abstain

15 Elect Director Appointed by Minority

Shareholder

SH None Against







Classes?

Mgmt None For




Call?

Mgmt None For

Orbia Advance Corporation SAB de CV



Primary Security ID: P7S81Y105

Ticker: ORBIA

Primary ISIN: MX01OR010004

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1

Accept CEO's Report and Board's Report on

Operations and Results

Mgmt

For

For

1.2 Accept Individual and Consolidated Financial

Statements

Mgmt For For

1.3 Accept Report on Compliance of Fiscal

Obligations

Mgmt For For

Vote Summary Report



Proposal Vote


2

Accept Report of Audit Committee

Mgmt

For

For

3 Accept Report of Corporate Practices

Committee

Mgmt For For

4.1 Approve Individual and Consolidated Net

Profit after Minority Interest in the Amount of

USD 206.73 Million

Mgmt For For

4.2 Approve Allocation of Individual and or

Consolidated Profits and or Losses Referred

to in Previous Item to the Accumulated Net

Income Account

Mgmt For For

5.1 Ratify Antonio Del Valle Ruiz as Honorary and

Lifetime Board Chairman

Mgmt For For

5.2a Elect or Ratify Juan Pablo Del Valle Perochena

as Board Member

Mgmt For Against



5.2b Elect or Ratify Adolfo Del Valle Ruiz as Board

Member

Mgmt For For

5.2c Elect or Ratify Ignacio Del Valle Ruiz as Board

Member

Mgmt For Against

Blended Rationale: A vote AGAINST the reelection of Ignacio del Valle Ruiz, presented under Item 5.2c, is warranted because

the proposed incumbent nominee was fined by the Mexican Securities Regulator (CNBV) in relation to insider trading violations,

raising governance concerns regarding potential breach of fiduciary duty.

5.2d Elect or Ratify Antonio Del Valle Perochena as

Board Member

Mgmt For For

5.2e Elect or Ratify Maria Guadalupe Del Valle

Perochena as Board Member

Mgmt For For

5.2f Elect or Ratify Jaime Ruiz Sacristan as Board

Member

Mgmt For For

5.2g Elect or Ratify Fernando Ruiz Sahagun as

Board Member

Mgmt For Against



5.2h Elect or Ratify Eugenio Santiago Clariond

Reyes as Board Member

Mgmt For For

5.2i Elect or Ratify Eduardo Tricio Haro as Board

Member

Mgmt For For

5.2j Elect or Ratify Guillermo Ortiz Martinez as

Board Member

Mgmt For Against



5.2k Elect or Ratify Divo Milan Haddad as Board

Member

Mgmt For For

5.2l Elect or Ratify Alma Rosa Moreno Razo as

Board Member

Mgmt For For

Vote Summary Report



Proposal Vote


5.2m

Elect or Ratify Maria Teresa Altagracia Arnal

Machado as Board Member

Mgmt

For

For

5.2n Elect or Ratify Jack Goldstein as Board

Member

Mgmt For For

5.2o Elect or Ratify Anil Menon as Board Member Mgmt For For

5.3a Elect or Ratify Juan Pablo Del Valle Perochena

as Chairman of Board of Directors

Mgmt For For

5.3b Elect or Ratify Juan Pablo Del Rio Benitez as


Mgmt For For

5.3c Elect or Ratify Sheldon Hirt as Alternate


Mgmt For For

5.4a Elect or Ratify Fernando Ruiz Sahagun as

Chairman of Audit Committee

Mgmt For For

5.4b Elect or Ratify Eugenio Santiago Clariond

Reyes as Chairman of Corporate Practices

Committee

Mgmt For For

6 Approve Remuneration of Chairman of Board,

Audit Committee and Corporate Practices

Committee; Approve Remuneration of

Members of Board and Members of Audit

Committee and Corporate Practices

Committee

Mgmt For Against


may impair their independence.A vote AGAINST this item is warranted because:- The company has not provided the criteria to

be considered for a significant performance-based remuneration for the board chair; and- The company has not provided a

rationale for granting a significant annual remuneration to the honorary chair, a non-voting member of the board.

7.1 Approve Cancellation of Balance of Amount

Approved to be Used for Acquisition of

Company's Shares

Mgmt For For


Repurchase Reserve at USD 400 Million

Mgmt For For

8 Accept Report on Adoption or Modification of

Policies in Share Repurchases of Company

Mgmt For For



Mgmt For For

Usinas Siderurgicas de Minas Gerais SA-Usiminas




Ticker: USIM5

Primary ISIN: BRUSIMACNPA6

Vote Summary Report


Usinas Siderurgicas de Minas Gerais SA-Usiminas

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction






Corporate Law?

2 Elect Tiago Curi Isaac as Director and Adriana

de Andrade Sole as Alternate Appointed by








Classes?

4 Elect Fabricio Santos Debortoli as Fiscal

Council Member and Wilsa Figueiredo as


Mgmt

SH

Mgmt

SH

None

None

None

None

For

For

For

For

WEG SA



Primary Security ID: P9832B129

Ticker: WEGE3

Primary ISIN: BRWEGEACNOR0

Proposal Vote


1



Mgmt

For

For

2 Approve Capital Budget, Allocation of Income

and Dividends

Mgmt For For

3 Approve Classification of Dan Ioschpe as


Mgmt For For

4 Approve Classification of Miguel Normando

Abdalla Saad as Independent Director

Mgmt For For





Corporate Law?

Mgmt None For

Vote Summary Report


WEG SA

Proposal Vote






7 Elect Directors

Mgmt

Mgmt

None

For

Abstain

Against




leadership positions over time.Board mandates: A vote against is applied as LGIM expects a CEO or a non-executive director

not to hold too many external roles to ensure they can undertake their duties effectively.




Mgmt None Against




Mgmt None For







Mgmt


Dan Ioschpe as Independent Director

Mgmt None Abstain


Decio da Silva as Director

Mgmt None Abstain


Martin Werninghaus as Director

Mgmt None Abstain


Miguel Normando Abdalla Saad as


Mgmt None For


Nildemar Secches as Director

Mgmt None Abstain


Sergio Luiz Silva Schwartz as Director

Mgmt None Abstain


Siegfried Kreutzfeld as Director

Mgmt None For


Management

Mgmt For For

12 Elect Fiscal Council Members Mgmt For Abstain

Blended Rationale: An ABSTAIN recommendation is warranted for management's fiscal council nominees, to allow minority

shareholders to concentrate their votes on the election of a minority fiscal council candidate, as further discussed under Item

14 of this meeting agenda.

Vote Summary Report


WEG SA

Proposal Vote







Proposed Slate?

14 Elect Adelino Dias Pinho as Fiscal Council

Member and Jose Luiz Ribeiro de Carvalho as



Members

16 Designate Newspapers to Publish Company

Announcements

Mgmt

SH

Mgmt

Mgmt

None

None

For

For

Against

For

For

For

WEG SA




Ticker: WEGE3

Primary ISIN: BRWEGEACNOR0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Articles to Comply with New

Regulations of Novo Mercado of B3

Mgmt For Against

Blended Rationale: A vote AGAINST these proposals is warranted because: - The company has presented unrelated article

amendments under a single resolution, not allowing shareholders to vote on the proposed article amendments separately. and

- Among the bundled article amendments, the company seeks to establish a mandatory requirement for slate elections, which

is not required under the Brazilian Corporate Law and would negatively impact the company's governance standards in the

absence of a compelling rationale.

2 Validate the Amendment of Articles to Adapt

the Resolutions Approved in the Meeting in

Relation to the Previous Item

Mgmt For Against

Blended Rationale: A vote AGAINST these proposals is warranted because: - The company has presented unrelated article

amendments under a single resolution, not allowing shareholders to vote on the proposed article amendments separately. and

- Among the bundled article amendments, the company seeks to establish a mandatory requirement for slate elections, which

is not required under the Brazilian Corporate Law and would negatively impact the company's governance standards in the

absence of a compelling rationale.

Western Securities Co., Ltd.




Ticker: 002673


Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1


Mgmt

For

For




5 Approve Investment Business Scale and Risk

Limit

Mgmt For For

APPROVE DAILY RELATED PARTY

TRANSACTIONS

Mgmt


Shaanxi Investment Group Co., Ltd.

Mgmt For For


Shaanxi Huaqin Investment Group Co., Ltd.

Mgmt For For


Western Trust Co., Ltd.

Mgmt For For


Shaanxi Jintai Hengye Real Estate Co., Ltd.

and Shanghai Jinshan Industrial Development

Co., Ltd.

Mgmt For For

6.5 Approve Related Party Transactions with Xi'an

Renmin Dasha Co., Ltd.

Mgmt For For


Sofitel Xian Renmin Hotel

Mgmt For For


Shaanxi Jinxin Industry Development Co., Ltd.

Mgmt For For


Shaanxi Jinxin Catering Management Co., Ltd.

Mgmt For For


Shaanxi Huashan Venture Co., Ltd. and Its

Subsidiary

Mgmt For For


Macau Huashan Venture International

Economic and Technical Cooperation and

Trade Co., Ltd.

Mgmt For For


Shaanxi Shantou Capital Management Co.,

Ltd.

Mgmt For For


Shaanxi Coalfield Geology Group Co., Ltd.

Mgmt For For


Shaanxi Coalfield Wutan Surveying And

Mapping Co., Ltd.

Mgmt For For

Vote Summary Report



Proposal Vote


6.14

Approve Related Party Transactions with

Shaanxi Aviation Industry Development

Corporation

Mgmt

For

For


Shaanxi Energy Zhaoshipan Coal and

Electricity Co., Ltd.

Mgmt For For


Shaanxi Hydroelectric Power Development

Co., Ltd.

Mgmt For For


Shaanxi Huisen Coal Industry Transportation

Co., Ltd.

Mgmt For For


Shaanxi Investment Group International

Trade Co., Ltd.

Mgmt For For


Shaanxi Investment Group Finance Co., Ltd.

Mgmt For For


Shaanxi Juncheng Financial Leasing Co., Ltd.

Mgmt For For


Shaanxi Electric Power Construction

Investment Development Company

Mgmt For For


Shaanxi Aviation Industry Asset Management

Co., Ltd.

Mgmt For For


Shaanxi Qinlong Electric Power Co., Ltd.

Mgmt For For



Placement of Shares

Mgmt For For


9.1 Approve Type and Par Value Mgmt For For

9.2 Approve Issue Manner and Time Mgmt For For

9.3 Approve Issue Price and Pricing Basis Mgmt For For


Method

Mgmt For For



9.7 Approve Raised Funds Investment Mgmt For For


Cumulative Earnings

Mgmt For For


Vote Summary Report



Proposal Vote



10 Approve Plan for Private Placement of New

Shares

11 Approve Transaction Constitute as

Related-Party Transaction and Signing of

Shares Subscription Agreement


Use of Proceeds


Raised Funds

14 Approve White Wash Waiver

Mgmt

Mgmt

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

For

For

For

For

15 Approve Shareholder Return Plan

Mgmt

For

For





Related Matters Regarding Private Placement

of New Shares

Mgmt

Mgmt

For

For

For

For

Azul SA



Primary Security ID: P0R0AQ105

Ticker: AZUL4

Primary ISIN: BRAZULACNPR4

Proposal Vote


Meeting for Preferred Shareholders

Mgmt


Management

Mgmt For For




Mgmt None For

China Railway Group Limited




Ticker: 390


Vote Summary Report


China Railway Group Limited

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


1 Elect Wang Shiqi as Director

Mgmt

For

For

Datang International Power Generation Co., Ltd.




Ticker: 991


Proposal Vote


EGM BALLOT FOR HOLDERS OF H SHARES

Mgmt

1 Approve Merger by Absorption of Datang

International Nuclear Power Company Limited

Mgmt For For

2 Approve Financial Proposal of Datang

International as the Parent Company for the

Year of 2020

Mgmt For For

ELECT DIRECTORS Mgmt

3.1 Elect Qu Bo as Director SH For For

3.2 Elect Niu Dongxiao as Director SH For For

3.3 Approve Retirement of Wang Xin as Director SH For For

3.4 Approve Resignation of Feng Genfu as

Director

SH For For





Ticker: 991


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Merger by Absorption of Datang

International Nuclear Power Company Limited

2 Approve Financial Proposal of Datang

International as the Parent Company for the

Year of 2020

ELECT DIRECTORS

Mgmt

Mgmt

Mgmt

For

For

For

For

3.1 Elect Qu Bo as Director

SH For

For

3.2 Elect Niu Dongxiao as Director

SH For

For

3.3 Approve Retirement of Wang Xin as Director SH

For

For

3.4 Approve Resignation of Feng Genfu as SH

Director

For

For

Embraer SA




Ticker: EMBR3

Primary ISIN: BREMBRACNOR4

Proposal Vote


1



Mgmt

For

For

2 Approve Treatment of Net Loss Mgmt For For







Proposed Slate?

Mgmt None Against


Management

Mgmt For For


Members

Mgmt For For

Vote Summary Report


Embraer SA




Ticker: EMBR3

Primary ISIN: BREMBRACNOR4

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Articles Mgmt For Against

Blended Rationale: A vote AGAINST these proposals is warranted because the company seeks to amend the composition of its

board committees from currently 100 percent independent to majority independent, therefore, negatively impacting the overall

independence of such committees.

2 Amend Articles Re: Indemnity Provision Mgmt For Against

Blended Rationale: A vote AGAINST this request is warranted because shareholders are being asked to approve a broad

statutory provision in the absence of key information, such as the mechanisms to address the potential conflict of interest, the

financial impact of such provision, and the specific terms of coverage in the event of a plea deal agreement signed by the

company's administrators. In addition, the company is re-introducing the proposed amendment, which previously rejected by

shareholders at the May 27, 2019, EGM, without materially altering the proposal.


Blended Rationale: A vote AGAINST these proposals is warranted because the company seeks to amend the composition of its

board committees from currently 100 percent independent to majority independent, therefore, negatively impacting the overall

independence of such committees.

4 Approve Long-Term Incentive Plan Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied as LGIM does not support the use of this type of plan.

Eneva SA



Primary Security ID: P3719N116

Ticker: ENEV3

Primary ISIN: BRENEVACNOR8

Proposal Vote


1



Mgmt

For

For







Mgmt None Abstain

Vote Summary Report


Eneva SA

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction








Mgmt None Against




Mgmt None For







Mgmt


Jerson Kelman as Director

Mgmt None For


Jose Aurelio Drummond Jr. as Director

Mgmt None Abstain


Marcelo Pereira Lopes de Medeiros as


Mgmt None Abstain


Guilherme Bottura as Independent Director

Mgmt None Abstain


Renato Antonio Secondo Mazzola as


Mgmt None Abstain


Felipe Gottlieb as Independent Director

Mgmt None Abstain


Lavinia Hollanda as Independent Director

Mgmt None For


Management

Mgmt For Against





Mgmt

None

For

Eneva SA



Primary Security ID: P3719N116

Ticker: ENEV3

Primary ISIN: BRENEVACNOR8

Vote Summary Report


Eneva SA

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Stock Option Plan Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied as LGIM expects remuneration to be measured over at least a 3

year performance period.A vote AGAINST this request is warranted because the proposed plan does not appear to adequately

align the interests of its beneficiaries and those of the shareholders.

2 Re-Ratify Remuneration of Company's

Management for 2019

Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because: - The board has failed to provide a compelling rationale for

the material increase of 84.1-percent proposed for the 2019 global remuneration cap previously approved by shareholders; and

- The company has not provided specific information related to the bonus and to the equity compensation payments reported

for FY2019, which are significantly higher than the respective estimate figures disclosed prior to the 2019 AGM.

G-Bits Network Technology (Xiamen) Co., Ltd.




Ticker: 603444

Primary ISIN: CNE100002GK7

Proposal Vote


1


Mgmt

For

For





6 Approve Use of Idle Own Funds for Cash

Management

Mgmt For For


8 Approve Decrease of Registered Capital and


Mgmt For For

9 Approve Completion of Raised Funds

Investment Project and Use of Remaining

Raised Funds to Supplement Working Capital

Mgmt For For

Vote Summary Report


Grupo Bimbo SAB de CV




Ticker: BIMBOA


Proposal Vote


1

Approve Individual and Consolidated Financial

Statements and Statutory Reports

Mgmt

For

For

2 Approve Report on Adherence to Fiscal

Obligations

Mgmt For For


4 Approve Dividends of MXN 0.50 Per Share Mgmt For For

5 Elect or Ratify Directors and Approve their

Remuneration

Mgmt For For

6 Elect or Ratify Chairman and Members of

Audit and Corporate Practices Committee and

Approve their Remuneration

Mgmt For For

7 Approve Report on Repurchase of Shares and

Set Aggregate Nominal Amount of Share

Repurchase Reserve

Mgmt For For


Grupo Financiero Inbursa SAB de CV




Ticker: GFINBURO


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Ordinary Business

Mgmt

1.1 Approve CEO's Report and Auditor's Report;

Board's Opinion on Reports

Mgmt For For

1.2 Approve Board's Report on Accounting

Policies and Criteria Followed in Preparation

of Financial Statements

Mgmt For For

1.3 Approve Report on Activities and Operations

Undertaken by Board

Mgmt For For

1.4 Approve Individual and Consolidated Financial

Statements

Mgmt For For

Vote Summary Report



Proposal Vote


1.5

2

Approve Report on Activities Undertaken by

Audit and Corporate Practices Committees

Approve Allocation of Income

Mgmt

Mgmt

For

For

For

For

3 Elect or Ratify Directors and Company

Secretary

Mgmt

For

Against



election of its directors into a single voting item; and- The board's current level of independence of 17 percent under ISS voting

guidelines, falls short of the 25-percent threshold required in Mexico.


Company Secretary

Mgmt For For

5 Elect or Ratify Members of Corporate

Practices and Audit Committees

Mgmt For Against



election of its directors into a single voting item; and- The board's current level of independence of 17 percent under ISS voting

guidelines, falls short of the 25-percent threshold required in Mexico.

6 Approve Remuneration of Members of

Corporate Practices and Audit Committees

Mgmt For For


Reserve; Approve Share Repurchase Report

Mgmt For For

8 Approve Granting/Withdrawal of Powers Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because the company has not provided any details on the content of

the proposal.



Mgmt For For





Ticker: GFINBURO


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Extraordinary Business Mgmt

1 Amend Article 2

Mgmt

For

Against

Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the contents of the proposed

amendment have not been disclosed.

Vote Summary Report



Proposal Vote




Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted in light of the vote recommendation for the previous item.

Jinke Property Group Co., Ltd.




Ticker: 000656


Proposal Vote


1

Approve Issuance of Debt Financing

Instruments

Mgmt

For

For

APPROVE PLAN OF ISSUANCE OF DEBT

FINANCING INSTRUMENTS

Mgmt



2.3 Approve Issue Period and Type Mgmt For For


2.5 Approve Issue Cost Mgmt For For



Related Matters Regarding Issuance of Debt

Financing Instruments

Mgmt For For

4 Approve Use of Surplus Funds of Subsidiary

by the Company and its Partners According to

Shareholding Equity

Mgmt For For

5 Approve Cancellation of Guarantee of

Companies Participating in Real Estate

Projects and New Guarantee Amount

Mgmt For For

6 Approve Employee Share Purchase Plan

(Draft) and Summary

SH For Against


shareholders.

Vote Summary Report


Lojas Renner SA




Ticker: LREN3

Primary ISIN: BRLRENACNOR1

Proposal Vote


1



Mgmt

For

For







Mgmt None Against

5.1 Elect Jose Gallo as Director Mgmt For Against

Blended Rationale: Chair Independence: A vote against is applied as LGIM expects the Board Chair to be independent at the

time of appointment and therefore does not support a company's outgoing CEO taking on the role of Board Chair.

5.2 Elect Osvaldo Burgos Schirmer as


Mgmt For For

5.3 Elect Carlos Fernando Couto de Oliveira Souto

as Independent Director

Mgmt For For

5.4 Elect Fabio de Barros Pinheiro as Independent

Director

Mgmt For For

5.5 Elect Thomas Bier Herrmann as Independent

Director

Mgmt For For

5.6 Elect Juliana Rozenbaum Munemori as


Mgmt For For

5.7 Elect Christiane Almeida Edington as


Mgmt For For

5.8 Elect Alexandre Vartuli Gouvea as


Mgmt For For




Mgmt None For







Mgmt


Jose Gallo as Director

Mgmt None Abstain


Osvaldo Burgos Schirmer as Independent

Director

Mgmt None For

Vote Summary Report


Lojas Renner SA

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Carlos Fernando Couto de Oliveira Souto as


Mgmt None For


Fabio de Barros Pinheiro as Independent

Director

Mgmt None For


Thomas Bier Herrmann as Independent

Director

Mgmt None For


Juliana Rozenbaum Munemori as Independent

Director

Mgmt None For


Christiane Almeida Edington as Independent

Director

Mgmt None For


Alexandre Vartuli Gouvea as Independent

Director

Mgmt None For

8 As a Shareholder, Would You like to Request

the Election of a Board Representative in

Accordance with Article 17 of the Company's

Bylaws?

Mgmt None Against


Management

Mgmt For For


Three

Mgmt For For

11.1 Elect Joarez Jose Piccinini as Fiscal Council

Member and Roberto Zeller Branchi as

Alternate

Mgmt For For

11.2 Elect Ricardo Zaffari Grechi as Fiscal Council

Member and Roberto Frota Decourt as

Alternate

Mgmt For For

11.3 Elect Estela Maris Vieira de Souza as Fiscal

Council Member and Isabel Cristina

Bittencourt Santiago as Alternate

Mgmt For For


Members

Mgmt For For

Metallurgical Corp. of China Ltd.




Ticker: 1618

Primary ISIN: CNE100000FF3

Vote Summary Report


Metallurgical Corp. of China Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


1 Elect Ng Kar Ling, Johnny as Director SH

For

For

2 Approve Adjustment to the Remuneration of

Independent Non-executive Directors

Mgmt

For

For

Shanghai Baosight Software Co., Ltd.




Ticker: 900926


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Share Incentive Plan

Mgmt

For

Against




non-executive directors may impair their independence.Remuneration: A vote against is applied as LGIM expects all incentive

plans to be capped either as a percentage of salary or a fixed number of shares.Additionally, a vote AGAINST the company's

performance share incentive plan is warranted because directors eligible to receive performance shares under the scheme are

involved in the administration of the scheme.



Mgmt For Against









Matters Related to Performance Share

Incentive Plan

Mgmt For Against








Vote Summary Report


Shanghai Baosight Software Co., Ltd.




Ticker: 900926


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

EGM BALLOT FOR HOLDERS OF B SHARES Mgmt


Share Incentive Plan

Mgmt

For

Against



to align with long-term value creation.Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped

either as a percentage of salary or a fixed number of shares.Remuneration: A vote against is applied as the award of incentive

remuneration to non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible

to receive performance shares under the scheme are involved in the administration of the scheme.



Mgmt For Against








Matters Related to Performance Share

Incentive Plan

Mgmt For Against







Shanghai Electric Power Co., Ltd.




Ticker: 600021


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report


Shanghai Electric Power Co., Ltd.

Proposal Vote


2


Mgmt

For

For


Budget Report

Mgmt For For

4 Approve Annual Report Mgmt For For


6 Approve Daily Related-party Transactions Mgmt For Against




7 Approve External Guarantees Mgmt For Against

Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of the guaranteed

entities is disproportionate to the level of ownership in the said entities. The company has failed to provide any justifications in

the meeting circular.

8 Approve Issuance of Super Short-term

Commercial Papers

Mgmt For For


10 Elect He Lianhui as Non-Independent Director SH For For



Mgmt For For

Aliansce Shopping Centers SA




Ticker: ALSO3

Primary ISIN: BRALSOACNOR5

Proposal Vote


1



Mgmt

For

For







Mgmt None For

Vote Summary Report



Proposal Vote




element of a board to protect shareholders.Chair Independence: A vote against is applied as LGIM expects the Board Chair to

be independent at the time of appointment and therefore does not support a company's outgoing CEO taking on the role of

Board Chair.




Mgmt None Against




Mgmt None For







Mgmt


Renato Feitosa Rique as Director

Mgmt None Abstain


Peter Ballon as Director

Mgmt None Abstain


Marcela Drigo as Director

Mgmt None Abstain


Fernando Maria Guedes Machado Antunes de

Oliveira as Director

Mgmt None Abstain


Volker Kraft as Director

Mgmt None Abstain


Luiz Alves Paes de Barros as Independent

Director and Alexandre Silveira Dias as

Alternate

Mgmt None For


German Pasquale Quiroga Vilardo as


Mgmt None For





Corporate Law?

Mgmt None For


Management

Mgmt For Against





Mgmt

None

For

Vote Summary Report



Proposal Vote





Call?

Mgmt None For





Ticker: ALSO3


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Article 16 Re: Board Term Mgmt For For





Ticker: ALSO3


Proposal Vote


1

Re-Ratify Remuneration of Company's

Management for 2019

Mgmt

For

For

2 Designate Valor Economico as Newspaper to

Publish Company Announcements

Mgmt For For




Call?

Mgmt None For





Ticker: ALSO3


Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Stock Option and Share Based

Incentive Plan

Mgmt For Against



Alpargatas SA



Primary Security ID: P0246W106

Ticker: ALPA4

Primary ISIN: BRALPAACNPR7

Proposal Vote


Meeting for Preferred Shareholders

Mgmt





Corporate Law?

Mgmt None For

2 Elect Director Appointed by Preferred

Shareholder

SH None Against







Classes?

Mgmt None For




Mgmt None For




Call?

Mgmt None For

Vote Summary Report


Asymchem Laboratories (Tianjin) Co., Ltd.




Ticker: 002821

Primary ISIN: CNE100002BZ6

Proposal Vote


1


Mgmt

For

For







Supervisors and Senior Management

Mgmt For For

8 Approve Internal Control Evaluation Report Mgmt For For

9 Approve Implementation of Self-check

Internal Control Rules

Mgmt For For



Mgmt For For

11 Approve Repurchase and Cancellation of 2016

Performance Shares

Mgmt For For


Performance Shares

Mgmt For For


Performance Shares

Mgmt For For


Association

Mgmt For For

Avary Holding (Shenzhen) Co., Ltd.



Primary Security ID: Y0R9JY100

Ticker: 002938

Primary ISIN: CNE100003GF5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Vote Summary Report


Avary Holding (Shenzhen) Co., Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2


Mgmt

For

For








Supervisors

Mgmt For For



Management Members

Mgmt For For


Association

Mgmt For For



Mgmt For For


CUMULATIVE VOTING

Mgmt

13.1 Elect Shen Qingfang as Non-Independent

Director

Mgmt For For

13.2 Elect You Zhehong as Non-Independent

Director

Mgmt For For

13.3 Elect Huang Chongxing as Non-Independent

Director

Mgmt For For

13.4 Elect Long Long as Non-Independent Director Mgmt For For


CUMULATIVE VOTING

Mgmt

14.1 Elect Xu Renshou as Independent Director Mgmt For For

14.2 Elect Zhang Bo as Independent Director Mgmt For For

14.3 Elect Zhao Tianyang as Independent Director Mgmt For For


VOTING

Mgmt

15.1 Elect Ke Chengen as Supervisor Mgmt For For

15.2 Elect Zang Xiuqing as Supervisor Mgmt For For

Vote Summary Report


B2W Companhia Digital




Ticker: BTOW3

Primary ISIN: BRBTOWACNOR8

Proposal Vote


1



Mgmt

For

For


Management

Mgmt For For




Mgmt None For

B2W Companhia Digital




Ticker: BTOW3

Primary ISIN: BRBTOWACNOR8

Proposal Vote


1

Amend Corporate Purpose

Mgmt

For

For




5 Ratify Acquisition of SuperNow Portal e

Servicos de Internet Ltda

Mgmt For For

B3 SA-Brasil, Bolsa, Balcao



Primary Security ID: P1909G107

Ticker: B3SA3

Primary ISIN: BRB3SAACNOR6

Vote Summary Report



Proposal Vote


1



Mgmt

For

For



Management

Mgmt For For




Mgmt None For







Proposed Slate?

Mgmt None Against


Members

Mgmt For For





Ticker: B3SA3

Primary ISIN: BRB3SAACNOR6

Proposal Vote


1

Amend Articles to Reflect Changes in Capital

Mgmt

For

For

2 Amend Corporate Purpose Mgmt For For

3 Amend Article Mgmt For For

4 Remove Transitory Disposition in Article 79 Mgmt For For

5 Approve Renumbering of Articles Mgmt For For


Vote Summary Report


Banco Santander (Brasil) SA




Ticker: SANB11

Primary ISIN: BRSANBCDAM13

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For



Management

Mgmt

For

Against





Mgmt

None

For

Banco Santander (Brasil) SA




Ticker: SANB11

Primary ISIN: BRSANBCDAM13

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Articles 2, 21, 22 and 24 Mgmt For For


Mgmt

For

For

Companhia Siderurgica Nacional



Primary Security ID: P8661X103

Ticker: CSNA3

Primary ISIN: BRCSNAACNOR6

Vote Summary Report


Companhia Siderurgica Nacional

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For




Mgmt

For

Against


4 Designate Diario Oficial da Uniao (DOU) to

Publish Company Announcements




6 Elect Valmir Pedro Rossi as Fiscal Council

Member and Maria Aparecida Matanias

Hallack as Alternate Appointed by Minority

Shareholder

Mgmt

Mgmt

SH

For

None

None

For

For

For

Duratex SA




Ticker: DTEX3

Primary ISIN: BRDTEXACNOR3

Proposal Vote


1



Mgmt

For

For







Mgmt None For




Committee to be comprised of independent directors.Board mandates: A vote against is applied as LGIM expects a CEO or a

non-executive director not to hold too many external roles to ensure they can undertake their duties effectively.

Vote Summary Report


Duratex SA

Proposal Vote


6

In Case There is Any Change to the Board



Mgmt

None

Against




Mgmt None For







Mgmt


Alfredo Egydio Arruda Villela Filho as Director

and Ana Lucia de Mattos Barretto Villela as

Alternate

Mgmt None Abstain


Alfredo Egydio Setubal as Director and Paula

Lucas Setubal as Alternate

Mgmt None Abstain


Helio Seibel as Director and Andrea Laserna

Seibel as Alternate

Mgmt None Abstain


Juliana Rozenbaum Munemori as Independent

Director

Mgmt None For


Raul Calfat as Independent Director

Mgmt None For


Ricardo Egydio Setubal as Director and Paula

Lucas Setubal as Alternate

Mgmt None Abstain


Rodolfo Villela Marino as Director and Ana

Lucia de Mattos Barretto Villela as Alternate

Mgmt None Abstain


Salo Davi Seibel as Director and Andrea

Laserna Seibel as Alternate

Mgmt None Abstain





Corporate Law?

Mgmt None For

10 Elect Director Appointed by Minority

Shareholder

SH None For


Management

Mgmt For Against





Mgmt

None

For

Vote Summary Report


Duratex SA

Proposal Vote


13 Approve Minutes of Meeting Summary Mgmt For For

14 Approve Minutes of Meeting with Exclusion of

Shareholder Names

Mgmt

For

For

Duratex SA




Ticker: DTEX3

Primary ISIN: BRDTEXACNOR3

Proposal Vote


1

Amend Article 24

Mgmt

For

For


3 Amend Long-Term Incentive Plan Mgmt For Against

Blended Rationale: A vote AGAINST this request is warranted because the overall terms of the plan do not appear to

adequately align the interests of its beneficiaries and those of the shareholders.

4 Approve Minutes of Meeting Summary Mgmt For For

5 Approve Minutes of Meeting with Exclusion of

Shareholder Names

Mgmt

For

For

East Money Information Co., Ltd.




Ticker: 300059

Primary ISIN: CNE100000MD4

Proposal Vote


1


Mgmt

For

For





Vote Summary Report


East Money Information Co., Ltd.

Proposal Vote


6 Approve Capitalization of Capital Reserves

and Profit Distribution

7 Approve Formulation of Shareholder Dividend

Return Plan

8 Approve Guarantee Provision Plan

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

Fibra Uno Administracion SA de CV



Primary Security ID: P3515D163

Ticker: FUNO11

Primary ISIN: MXCFFU000001

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Meeting for Holders of REITs - ISIN

MXCFFU000001

Mgmt

1.i Accept Reports of Audit, Corporate Practices,

Nominating and Remuneration Committees

Mgmt For For

1.ii Accept Technical Committee Report on

Compliance in Accordance to Article 172 of

General Mercantile Companies Law

Mgmt For For

1.iii Accept Report of Trust Managers in

Accordance to Article 44-XI of Securities

Market Law, Including Technical Committee's

Opinion on that Report

Mgmt For For

1.iv Accept Technical Committee Report on

Operations and Activities Undertaken

Mgmt For For

2 Approve Financial Statements and Allocation

of Income

Mgmt For Against


3.a Elect or Ratify Ignacio Trigueros Legarreta as

Member of Technical Committee (Proposed

by Nominations and Compensations

Committee)

Mgmt For For

3.b Elect or Ratify Antonio Hugo Franck Cabrera

as Member of Technical Committee (Proposed


Committee)

Mgmt For For

3.c Elect or Ratify Ruben Goldberg Javkin as



Committee)

Mgmt For For

Vote Summary Report


Fibra Uno Administracion SA de CV

Proposal Vote


3.d Elect or Ratify Herminio Blanco Mendoza as



Committee)

Mgmt For Against


one woman. We expect companies to increase female participation both on the board and in leadership positions over time.

3.e Elect or Ratify Alberto Felipe Mulas Alonso as



Committee)

Mgmt For For

4 Elect or Ratify Members, Alternates and

Secretary (Non-Member) of Technical

Committee; Verify Independence

Classification

Mgmt For Against

Blended Rationale: A vote AGAINST Item 4 is warranted because the company has not disclosed the technical committee

nominees to be presented under this item.

5 Approve Remuneration of Technical

Committee Members

Mgmt For For



GMexico Transportes SAB de CV



Primary Security ID: P4R1BE119

Ticker: GMXT

Primary ISIN: MX01GM1Z0019

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.a

Approve Reports and Opinion Referred to in

Article 28-IV of Securities Market Law

Mgmt

For

For

1.b Approve Board's Report on Policies and

Accounting Information and Criteria Followed


Mgmt For For

1.c Approve Individual and Consolidated Financial

Statements

Mgmt For Against


1.d Approve Report on Compliance with Fiscal

Obligations

Mgmt For For

1.e Approve Allocation of Income Mgmt For For

2.a Approve Discharge of Board and CEO Mgmt For For

Vote Summary Report


GMexico Transportes SAB de CV

Proposal Vote


2.b Elect or Ratify Members of Board, Chairman

of Audit and Corporate Practices Committee,

Committee Members, CEO and Secretary

(Non-Member)

Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because:- The names of the director nominees are not disclosed

prior to the time that institutional shareholders are required to submit vote instructions; and- The company has bundled the

election of its directors into a single voting item.

2.c Approve their Remuneration Mgmt For For

3.a Set Maximum Amount of Share Repurchase

Reserve

Mgmt For For

3.b Approve Report on Policies of Share

Repurchase

Mgmt For For



Mgmt For For

Grupo Carso SAB de CV




Ticker: GCARSOA1


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Ordinary Meeting for Only Mexican Series A1

Shareholders Have Voting Rights


Reports

Mgmt

Mgmt

For

Against



Dividends of MXN 0.96 per Share to be

Distributed in Two Installments of MXN 0.48

per Share

Mgmt For For

3 Approve Discharge of Board of Directors and

CEO

Mgmt For For

4 Elect or Ratify Directors, Chairman and

Members of Audit and Corporate Practices

Committee; Verify Independence of Directors;

Approve Their Respective Remuneration

Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because:- The names of the director nominees are not disclosed


not disclosed; and- The current board contains no members considered independent under voting guidelines.


Reserve

Mgmt For For

Vote Summary Report



Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For





Ticker: GCARSOA1


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Extraordinary Meeting for Only Mexican Series

A1 Shareholders Have Voting Rights

1 Amend Articles 26, 27 and 28

Mgmt

Mgmt

For

Against

Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the contents of the proposed

amendments have not been disclosed.



Mgmt For Against

Blended Rationale: A vote AGAINST this closing formality is warranted in light of the vote recommendation for the prior agenda

item.

Grupo Mexico S.A.B. de C.V.




Ticker: GMEXICOB


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Consolidated Financial Statements

and Statutory Reports

Mgmt For Against


2 Present Report on Compliance with Fiscal

Obligations

Mgmt For For


4 Approve Policy Related to Acquisition of Own

Shares; Set Aggregate Nominal Amount of

Share Repurchase Reserve

Mgmt For For

Vote Summary Report


Grupo Mexico S.A.B. de C.V.

Proposal Vote


5

Approve Discharge of Board of Directors,

Executive Chairman and Board Committees

Mgmt

For

For

6 Ratify Auditors Mgmt For For

7 Elect or Ratify Directors; Verify Independence

of Board Members; Elect or Ratify Chairmen

and Members of Board Committees

Mgmt For Against

Blended Rationale: Future World Protection List: A vote against is applied as the company meets the criteria for inclusion in

LGIM’s Future World Protection List. Companies are incorporated into the List if they fail to meet minimum standards of

globally accepted business practices. This includes: companies involved in the manufacture and production of controversial

weapons; perennial violators of the United Nations Global Compact (UNGC); and pure coal miners.


Members of Board Committees

Mgmt For For



Mgmt For For

Infraestructura Energetica Nova SAB de CV



Primary Security ID: P5R19K107

Ticker: IENOVA

Primary ISIN: MX01IE060002

Proposal Vote


1

Approve Consolidated Financial Statements

and Statutory Reports

Mgmt

For

For

2 Approve Report on Compliance with Fiscal

Obligations

Mgmt For For


4 Elect or Ratify Directors and Secretary; Verify

Independence Classification of Directors

Mgmt For For

5 Elect or Ratify Members and Chairmen of

Audit and Corporate Practices Committees

Mgmt For For

6 Approve Remuneration of Directors Mgmt For Against

Blended Rationale: A vote AGAINST this item is warranted because although the company provided the proposed remuneration

of the independent directors, it includes equity compensation as part of a long-term incentive plan, whose terms are not

disclosed.


Reserve

Mgmt For For



Mgmt For For

Vote Summary Report


Lojas Americanas SA




Ticker: LAME4

Primary ISIN: BRLAMEACNPR6

Proposal Vote


1



Mgmt

For

For








Mgmt None For





Mgmt None Against




Mgmt None For







Mgmt


Carlos Alberto da Veiga Sicupira as Director

Mgmt None For


Claudio Moniz Barreto Garcia as Director

Mgmt None For


Eduardo Saggioro Garcia as Director

Mgmt None For


Paulo Alberto Lemann as Director

Mgmt None For


Paulo Veiga Ferraz Pereira as Independent

Director

Mgmt None For


Sidney Victor da Costa Breyer as Independent

Director

Mgmt None For


Vanessa Claro Lopes as Independent Director

Mgmt None For

Vote Summary Report


Lojas Americanas SA

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction





Management


Members

Mgmt

Mgmt

Mgmt

None

For

For

For

For

For

Lojas Americanas SA




Ticker: LAME4

Primary ISIN: BRLAMEACNPR6

Proposal Vote


1

Amend Article 4 Re: Corporate Purpose

Mgmt

For

For




Multiplan Empreendimentos Imobiliarios SA




Ticker: MULT3

Primary ISIN: BRMULTACNOR5

Proposal Vote


1



Mgmt

For

For







Mgmt None For

Vote Summary Report



Proposal Vote


5.1 Elect Jose Paulo Ferraz do Amaral as Director Mgmt For Against



5.2 Elect Jose Isaac Peres as Director Mgmt For For

5.3 Elect Eduardo Kaminitz Peres as Director Mgmt For For

5.4 Elect Ana Paula Kaminitz Peres as Director Mgmt For For

5.5 Elect John Michael Sullivan as Director Mgmt For Against



5.6 Elect Duncan George Osborne as Director Mgmt For Against



5.7 Elect Gustavo Henrique de Barroso Franco as


Mgmt For For




Mgmt None For







Mgmt


Jose Paulo Ferraz do Amaral as Director

Mgmt None Abstain


Jose Isaac Peres as Director

Mgmt None For


Eduardo Kaminitz Peres as Director

Mgmt None For


Ana Paula Kaminitz Peres as Director

Mgmt None For


John Michael Sullivan as Director

Mgmt None Abstain


Duncan George Osborne as Director

Mgmt None Abstain


Gustavo Henrique de Barroso Franco as


Mgmt None For





Corporate Law?

Mgmt None For

Vote Summary Report



Proposal Vote



Management




Mgmt

Mgmt

For

None

For

For





Ticker: MULT3

Primary ISIN: BRMULTACNOR5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Ratify Remuneration of Company's

Management for 2019

Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.A vote

AGAINST this item is warranted because:- Most of the proposed increase is related to the company's phantom share plan,

which includes concerning features.

2 Approve Postponement of Payment Date of

Dividends and Interest-on-Capital-Stock

Mgmt For For

Natura &Co Holding SA




Ticker: NTCO3

Primary ISIN: BRNTCOACNOR5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For



Vote Summary Report



Proposal Vote


4

Approve Classification of Carla Schmitzberger,

Gilberto Mifano, Fabio Colletti Barbosa,

Jessica DiLullo Herrin, Ian Martin Bickley,

Nancy Killefer, W. Don Cornwell and Andrew

George McMaster Jr. as Independent

Directors

Mgmt

For

For







Mgmt None Against




Mgmt None For







Mgmt


Pedro Luiz Barreiros Passos as Director

Mgmt None For


Antonio Luiz da Cunha Seabra as Director

Mgmt None For


Guilherme Peirao Leal as Director

Mgmt None For


Carla Schmitzberger as Independent Director

Mgmt None For


Roberto de Oliveira Marques as Director

Mgmt None Abstain


Gilberto Mifano as Independent Director

Mgmt None For


Fabio Colletti Barbosa as Independent

Director

Mgmt None For


Jessica DiLullo Herrin as Independent Director

Mgmt None For


Ian Martin Bickley as Independent Director

Mgmt None For


Nancy Killefer as Independent Director

Mgmt None For

8.11 Percentage of Votes to Be Assigned - Elect W.

Don Cornwell as Independent Director

Mgmt None For


Andrew George McMaster Jr. as Independent

Director

Mgmt None For

Vote Summary Report



Proposal Vote


9

As an Ordinary Shareholder, Would You like




Corporate Law?

Mgmt

None

For





Mgmt None For


Management

Mgmt For For




Mgmt Abstain For

Blended Rationale: A vote FOR this item is warranted because the installation of a fiscal council could potentially improve the

company's governance and bring greater corporate oversight.

13 In the Event of a Second Call, the Voting Mgmt None For Instructions Contained in this Remote Voting


Call?





Ticker: NTCO3

Primary ISIN: BRNTCOACNOR5

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


2 Amend Articles

Mgmt

For

Against

Blended Rationale: A vote AGAINST this request is warranted because: - The company proposes to increase its board term to

two years, which would prevent shareholders from holding directors accountable on an annual basis; and - The proposal allows

the same person to accumulate the CEO and chairman of the board positions, creating a chair-CEO structure that is not

considered good corporate governance practice.


4 Approve Creation of Operational Committee

and Amend Articles Accordingly

Mgmt For For


6 Amend Article 5 to Reflect Changes in Capital

and Consolidate Bylaws

Mgmt For For

Vote Summary Report



Proposal Vote





Call?

Mgmt None For

Nestle (Malaysia) Berhad

Meeting Date: 04/30/2020 Country: Malaysia



Ticker: 4707

Primary ISIN: MYL4707OO005

Proposal Vote


1

Elect Mohd. Rafik Bin Shah Mohamad as

Director

Mgmt

For

For

2 Approve Ernst & Young PLT as Auditors and

Authorize Board to Fix Their Remuneration

Mgmt For For

3 Approve Interim Dividend Mgmt

4 Approve Directors' Fees Mgmt For For

5 Approve Directors' Benefits Mgmt For For

6 Approve Mohd. Rafik Bin Shah Mohamad to

Continue Office as Independent Director

Mgmt For For

7 Approve Shareholders' Mandate for Recurrent

Related Party Transactions

Mgmt For For

Qualicorp Consultoria e Corretora de Seguros SA



Primary Security ID: P7S21H105

Ticker: QUAL3

Primary ISIN: BRQUALACNOR6

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction



Mgmt For For



Vote Summary Report



Proposal Vote






5 Elect Directors

Mgmt

Mgmt

None

For

For

Against


independent directors.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at

least one woman. We expect companies to further increase female participation on the board and leadership positions over

time.The company proposes to elect a seven-member board, presented as a slate, for a new one-year term. The slate includes

one incumbent director, Wilson Olivieri, involved in the support and approval of a non-compete agreement on Oct. 1, 2018,

signed with the company's CEO at the time and founder Jose Seripieri Filho, considered an egregious governance practice as it

granted material extraordinary compensation to the company's CEO to not compete with the company he works for. Both the

agreement and the directors who approved such practice, including incumbent nominee Wilson Olivieri, are under investigation

by the Brazilian Securities Regulator (CVM) and the Sao Paulo Public Prosecutor Office. Although the company has renewed

the majority of its board members, in light of the existing concerns regarding breach of fiduciary duty and egregious

governance practices surrounding the incumbent director, a vote AGAINST this bundled board election is recommended.




Mgmt None Against




Mgmt None For







Mgmt


Wilson Olivieri as Independent Director

Mgmt None Abstain


Murilo Ramos Neto as Independent Director

Mgmt None For


Roberto Martins de Souza as Independent

Director

Mgmt None For


Arthur Farme de D'Amoed Neto as


Mgmt None For


Heraclito de Brito Gomes Junior as

Independent Board Chairman

Mgmt None Abstain


Mauro Teixeira Sampaio as Independent

Director

Mgmt None For


Otavio de Garcia Lazcano as Independent

Director

Mgmt None Abstain

Vote Summary Report



Proposal Vote






Corporate Law?


Management




12 Elect Fiscal Council Members

Mgmt

Mgmt

Mgmt

Mgmt

None

For

None

For

For

For

For

For






Proposed Slate?


Members




Call?

Mgmt

Mgmt

Mgmt

None

For

None

Against

For

For

Telesites SAB de CV




Ticker: SITESB.1

Primary ISIN: MX01SI080038

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1

Approve CEO's Report Including External

Auditor's Report and Board's Opinion on

CEO's Report

Mgmt

For

For

1.2 Approve Board Report on Principal Accounting

Policies and Criteria Followed in Preparation

of Financial Information

Mgmt For For

1.3 Approve Report on Activities and Operations

Undertaken by Board

Mgmt For For

1.4 Approve Consolidated Financial Statements Mgmt For Against


Vote Summary Report


Telesites SAB de CV

Proposal Vote


1.5

Approve Audit and Corporate Practices

Committee's Report

Mgmt

For

For


3 Elect or Ratify Directors and Company

Secretary and Deputy Secretary; Verify

Independence of Directors

Mgmt For Against


prior to the time that institutional shareholders are required to submit vote instructions; and - The company has bundled the



Company Secretary and Deputy Secretary

Mgmt For For

5 Elect or Ratify Members of Audit and


Mgmt For Against


prior to the time that institutional shareholders are required to submit vote instructions; and - The company has bundled the


6 Approve Remuneration of Audit and


Mgmt For For



Mgmt For For

Tianjin Zhonghuan Semiconductor Co., Ltd.




Ticker: 002129


Proposal Vote


1


Mgmt

For

For







Mgmt For For


Association and Related Company System

Mgmt For Against

Blended Rationale: Governance Concerns: A vote AGAINST is warranted given that the amendments would reduce

shareholders' ability to review and vote on material transactions at the company.

Vote Summary Report


Tianjin Zhonghuan Semiconductor Co., Ltd.

Proposal Vote


8

Amend Equity Incentive Fund Plan

Mgmt

For

For



11 Elect Zhang Yonghong as Non-Independent

Director

SH For For

Transmissora Alianca de Energia Eletrica SA



Primary Security ID: P9T5CD126

Ticker: TAEE11

Primary ISIN: BRTAEECDAM10

Proposal Vote


Meeting for Holders of Units

Mgmt



Mgmt For For






Mgmt None For

4.1 Elect Bernardo Vargas Gibsone as Director Mgmt For For

4.2 Elect Cesar Augusto Ramirez Rojas as

Director

Mgmt For For

4.3 Elect Fernando Augusto Rojas Pinto as

Director

Mgmt For Against



4.4 Elect Fernando Bunker Gentil as Director Mgmt For For

4.5 Elect Hermes Jorge Chipp as Independent

Director

Mgmt For For

4.6 Elect Celso Maia de Barros as Independent

Director

Mgmt For For

4.7 Elect Daniel Faria Costa as Director Mgmt For For

4.8 Elect Paulo Mota Henriques as Director Mgmt For For

4.9 Elect Jose Joao Abdalla Filho as Director Mgmt For For

Vote Summary Report



Proposal Vote


4.10

Elect Francois Moreau as Independent

Director

Mgmt

For

For

4.11 Elect Reynaldo Passanezi Filho as Director Mgmt For For

4.12 Elect Rafael Falcao Noda as Director Mgmt For For

4.13 Elect Luis Augusto Barcelos Barbosa as


Mgmt For For




Mgmt None For







Mgmt


Bernardo Vargas Gibsone as Director

Mgmt None For


Cesar Augusto Ramirez Rojas as Director

Mgmt None For


Fernando Augusto Rojas Pinto as Director

Mgmt None Abstain


Fernando Bunker Gentil as Director

Mgmt None For


Hermes Jorge Chipp as Independent Director

Mgmt None For


Celso Maia de Barros as Independent Director

Mgmt None For


Daniel Faria Costa as Director

Mgmt None For


Paulo Mota Henriques as Director

Mgmt None For


Jose Joao Abdalla Filho as Director

Mgmt None For


Francois Moreau as Independent Director

Mgmt None For


Reynaldo Passanezi Filho as Director

Mgmt None For


Rafael Falcao Noda as Director

Mgmt None For


Luis Augusto Barcelos Barbosa as


Mgmt None For

7 Fix Number of Fiscal Council Members Mgmt For For

Vote Summary Report



Proposal Vote


8.1 Elect Manuel Domingues de Jesus e Pinho as

Fiscal Council Member and Joao Henrique

deSouza Brum as Alternate

Mgmt For Against


minority shareholders to concentrate their votes on the election of a minority fiscal council candidates, as further discussed

under Items 9.1-9.2 of this meeting agenda.

8.2 Elect Custodio Antonio de Mattos as Fiscal

Council Member and Eduardo Jose de Souza

as Alternate

Mgmt For Against




8.3 Elect Carlos Julia Figueiredo Goytacaz

SantAnna as Fiscal Council Member and Luiz

Felipeda Silva Veloso as Alternate

Mgmt For Against




9.1 Elect Marcello Joaquim Pacheco as Fiscal

Council Member and Alberto Jorge Oliveira da

Costa as Alternate Appointed by Minority

Shareholder

SH None For

9.2 Elect Rodrigo de Mesquita Pereira as Fiscal

Council Member and Octavio Rene

Lebarbenchon Neto as Alternate Appointed by

Minority Shareholder

SH None Against

10.1 Elect Murici dos Santos as Fiscal Council

Member and Renato Venicius da Silva as


SH None For

10.2 Elect Luciano Luiz Barsi as Fiscal Council

Member and Marcos Aurelio Pamplona da

Silva as Alternate Appointed by Preferred

Shareholder

SH None Against


Management

Mgmt For Against



Members

Mgmt

For

For

Vale SA



Primary Security ID: P9661Q155

Ticker: VALE3

Primary ISIN: BRVALEACNOR0

Vote Summary Report


Vale SA

Proposal Vote


1



Mgmt

For

For





Mgmt None For







Mgmt None Against




Mgmt None For







Mgmt


Jose Mauricio Pereira Coelho as Director and

Arthur Prado Silva as Alternate

Mgmt None Abstain


Fernando Jorge Buso Gomes as Director and

Johan Albino Ribeiro as Alternate

Mgmt None Abstain


Oscar Augusto Camargo Filho as Director and

Ken Yasuhara as Alternate

Mgmt None Abstain


Jose Luciano Duarte Penido as Director

Mgmt None Abstain


Eduardo de Oliveira Rodrigues Filho as

Director

Mgmt None Abstain


Marcel Juviniano Barros as Director and

Marcia Fragoso Soares as Alternate

Mgmt None Abstain


Toshiya Asahi as Director and Hugo Serrado

Stoffel as Alternate

Mgmt None Abstain


Roger Allan Downey as Director and Ivan Luiz

Modesto Schara as Alternate

Mgmt None Abstain

Vote Summary Report


Vale SA

Proposal Vote


6.9


Murilo Cesar Lemos dos Santos Passos as

Director and Joao Ernesto de Lima Mesquita

as Alternate

Mgmt

None

Abstain


Isabella Saboya de Albuquerque as

Independent Director and Adriano Cives

Seabra as Alternate

Mgmt None For


Sandra Maria Guerra de Azevedo as


Mgmt None For


Marcelo Gasparino da Silva as Independent

Director and Nuno Maria Pestana de Almeida

Alves as Alternate

Mgmt None For





Corporate Law?

Mgmt None For







Proposed Slate?

Mgmt None Against



Mgmt For Against

Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed

decision.Additionally, a vote AGAINST this proposal is warranted as the company registered net losses for 2019 in light of the

recognition of the impacts of the collapse of the Brumadinho dam, is not distributing dividends to shareholders for the second

year in a row, and investigations and legal cases are ongoing, while, under the 2020 global remuneration cap, Vale seeks

shareholder approval to distribute the 2019 variable remuneration to its executives which had been suspended in light of the

January 2019 deadly dam disaster.

Vale SA



Primary Security ID: P9661Q155

Ticker: VALE3

Primary ISIN: BRVALEACNOR0

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Amend Articles and Consolidate Bylaws Mgmt For Against

Vote Summary Report


Vale SA

Proposal Vote


Blended Rationale: A vote AGAINST this request is warranted because: - The company has bundled unrelated article

amendments not allowing shareholders to vote on the proposed changes separately; and - While the majority of the proposed

amendments are positive in nature, among the bundled resolution, the company proposes to grant the board authority to

appoint "other persons" to replace resigning board members, despite the existence of alternate members elected by

shareholders, which raises potential concerns regarding material changes to the board composition that had been previously

elected by shareholders.

2 Approve Agreement to Absorb Ferrous

Resources do Brasil S.A. (Ferrous) and

Mineracao Jacuipe S.A. (Jacuipe)

Mgmt For For

3 Ratify Premiumbravo Auditores

Independentes as Independent Firm to

Appraise Proposed Transaction

Mgmt For For

4 Approve Independent Firm's Appraisals Mgmt For For

5 Approve Absorption of Ferrous Resources do

Brasil S.A. (Ferrous) and Mineracao Jacuipe

S.A. (Jacuipe)

Mgmt For For

6 Approve Agreement to Absorb Minas da Serra

Geral S.A. (MSG), MSE - Servicos de

Operacao, Manutencao e Montagens Ltda.

(MSE), Retiro Novo Reflorestamento Ltda.

(Retiro Novo) and Mineracao Guariba Ltda.

(Guariba)

Mgmt For For

7 Ratify Macso Legate Auditores Independentes

as Independent Firm to Appraise Proposed

Transaction

Mgmt For For

8 Approve Independent Firm's Appraisals Mgmt For For

9 Approve Absorption of Minas da Serra Geral

S.A. (MSG), MSE - Servicos de Operacao,

Manutencao e Montagens Ltda. (MSE), Retiro

Novo Reflorestamento Ltda. (Retiro Novo)

and Mineracao Guariba Ltda. (Guariba)

Mgmt For For