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Corporate governance - proxy voting

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1 UBS Asset Management Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19 Meeting Date Company (AGM/EGM) Resolution Vote cast Comments 03 Jun 19 Greencoat UK Wind Plc EGM 1 For Agenda item : Authorise Issue of Equity Pursuant to the Share Issuance Programme. 03 Jun 19 Greencoat UK Wind Plc EGM 2 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights Pursuant to the Share Issuance Programme. 03 Jun 19 Greencoat UK Wind Plc EGM 3 For Agenda item : Authorise Market Purchase of Ordinary Shares. 03 Jun 19 Metro Bank Plc EGM 1 For Agenda item : Approve Terms of the Placing. 03 Jun 19 Metro Bank Plc EGM 2 For Agenda item : Authorise Issue of Equity Pursuant to the Placing. 03 Jun 19 Metro Bank Plc EGM 3 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights Pursuant to the Placing. 03 Jun 19 Nexteer Automotive Group Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports. 03 Jun 19 Nexteer Automotive Group Limited AGM 2 For Agenda item : Approve Final Dividend. 03 Jun 19 Nexteer Automotive Group Limited AGM 3a1 Opposed Agenda item : Elect Zhao Guibin as Director. UBS note : We believe there should be an appropriate counterbalance when the positions of CEO and Chair are combined. 03 Jun 19 Nexteer Automotive Group Limited AGM 3a2 For Agenda item : Elect Fan, Yi as Director. 03 Jun 19 Nexteer Automotive Group Limited AGM 3a3 For Agenda item : Elect Liu, Jianjun as Director. 03 Jun 19 Nexteer Automotive Group Limited AGM 3b Opposed Agenda item : Elect Wang, Jian as Director. UBS note : We will not support the election of non-independent non-executive directors when less than 1/3 of the Board is independent. 03 Jun 19 Nexteer Automotive Group Limited AGM 3c Opposed Agenda item : Elect Liu, Ping as Director. UBS note : We will not support the election of non-independent non-executive directors when less than 1/3 of the Board is independent. 03 Jun 19 Nexteer Automotive Group Limited AGM 3d For Agenda item : Authorise Board to Fix Remuneration of Directors. 03 Jun 19 Nexteer Automotive Group Limited AGM 4 For Agenda item : Approve PricewaterhouseCoopers as Auditor and Authorise Board to Fix Their Remuneration. 03 Jun 19 Nexteer Automotive Group Limited AGM 5A Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without Pre-emptive Rights. UBS note : We will not support routine authorities to issue shares without pre-emption rights exceeding 10% of the issued share capital as this is
Transcript

1 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

03 Jun 19 Greencoat UK Wind Plc EGM 1 For Agenda item : Authorise Issue of Equity Pursuant to the Share Issuance

Programme.

03 Jun 19 Greencoat UK Wind Plc EGM 2 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights Pursuant

to the Share Issuance Programme.

03 Jun 19 Greencoat UK Wind Plc EGM 3 For Agenda item : Authorise Market Purchase of Ordinary Shares.

03 Jun 19 Metro Bank Plc EGM 1 For Agenda item : Approve Terms of the Placing.

03 Jun 19 Metro Bank Plc EGM 2 For Agenda item : Authorise Issue of Equity Pursuant to the Placing.

03 Jun 19 Metro Bank Plc EGM 3 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights Pursuant

to the Placing.

03 Jun 19 Nexteer Automotive Group Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

03 Jun 19 Nexteer Automotive Group Limited AGM 2 For Agenda item : Approve Final Dividend.

03 Jun 19 Nexteer Automotive Group Limited AGM 3a1 Opposed Agenda item : Elect Zhao Guibin as Director.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

03 Jun 19 Nexteer Automotive Group Limited AGM 3a2 For Agenda item : Elect Fan, Yi as Director.

03 Jun 19 Nexteer Automotive Group Limited AGM 3a3 For Agenda item : Elect Liu, Jianjun as Director.

03 Jun 19 Nexteer Automotive Group Limited AGM 3b Opposed Agenda item : Elect Wang, Jian as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

03 Jun 19 Nexteer Automotive Group Limited AGM 3c Opposed Agenda item : Elect Liu, Ping as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

03 Jun 19 Nexteer Automotive Group Limited AGM 3d For Agenda item : Authorise Board to Fix Remuneration of Directors.

03 Jun 19 Nexteer Automotive Group Limited AGM 4 For Agenda item : Approve PricewaterhouseCoopers as Auditor and Authorise

Board to Fix Their Remuneration.

03 Jun 19 Nexteer Automotive Group Limited AGM 5A Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

UBS Asset Management 2

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

potentially overly dilutive for existing shareholders.

03 Jun 19 Nexteer Automotive Group Limited AGM 5B For Agenda item : Authorise Repurchase of Issued Share Capital.

03 Jun 19 Nexteer Automotive Group Limited AGM 5C Opposed Agenda item : Authorise Reissuance of Repurchased Shares.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 2 For Agenda item : Approve Final Dividend.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 3 For Agenda item : Approve Special Dividend.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 4 For Agenda item : Elect Teruo Nagano as Director and Authorise Board to Fix His

Remuneration.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 5 For Agenda item : Elect Wei, Hong-Chen as Director and Authorise Board to Fix

His Remuneration.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 6 Opposed Agenda item : Elect Hsu, Shin-Chun as Director and Authorise Board to Fix His

Remuneration.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 7 For Agenda item : Approve Mazars CPA Limited as Auditors and Authorise Board

to Fix Their Remuneration.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 8 Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 9 For Agenda item : Authorise Repurchase of Issued Share Capital.

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 10 Opposed Agenda item : Authorise Reissuance of Repurchased Shares.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

3 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

03 Jun 19 Tingyi (Cayman Islands) Holding Corp. AGM 11 For Agenda item : Amend Articles of Association.

03 Jun 19 UnitedHealth Group Incorporated AGM 1a Opposed Agenda item : Elect Director William C. Ballard, Jr.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

03 Jun 19 UnitedHealth Group Incorporated AGM 1b Opposed Agenda item : Elect Director Richard T. Burke.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

03 Jun 19 UnitedHealth Group Incorporated AGM 1c For Agenda item : Elect Director Timothy P. Flynn.

03 Jun 19 UnitedHealth Group Incorporated AGM 1d For Agenda item : Elect Director Stephen J. Hemsley.

03 Jun 19 UnitedHealth Group Incorporated AGM 1e Opposed Agenda item : Elect Director Michele J. Hooper.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

03 Jun 19 UnitedHealth Group Incorporated AGM 1f For Agenda item : Elect Director F. William McNabb, III.

03 Jun 19 UnitedHealth Group Incorporated AGM 1g For Agenda item : Elect Director Valerie C. Montgomery Rice.

03 Jun 19 UnitedHealth Group Incorporated AGM 1h For Agenda item : Elect Director John H. Noseworthy.

03 Jun 19 UnitedHealth Group Incorporated AGM 1i For Agenda item : Elect Director Glenn M. Renwick.

03 Jun 19 UnitedHealth Group Incorporated AGM 1j For Agenda item : Elect Director David S. Wichmann.

03 Jun 19 UnitedHealth Group Incorporated AGM 1k Opposed Agenda item : Elect Director Gail R. Wilensky.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

03 Jun 19 UnitedHealth Group Incorporated AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

03 Jun 19 UnitedHealth Group Incorporated AGM 3 For Agenda item : Ratify Deloitte & Touche LLP as Auditors.

03 Jun 19 UnitedHealth Group Incorporated AGM 4 For Agenda item : Amend Proxy Access Right.

UBS note : We will support proposals that increase shareholders' rights such

as proxy access proposals when the conditions are reasonable.

04 Jun 19 Alliance Data Systems Corporation AGM 1.1 Opposed Agenda item : Elect Director Bruce K. Anderson.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

UBS Asset Management 4

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 Alliance Data Systems Corporation AGM 1.2 Opposed Agenda item : Elect Director Roger H. Ballou.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 Alliance Data Systems Corporation AGM 1.3 For Agenda item : Elect Director Kelly J. Barlow.

04 Jun 19 Alliance Data Systems Corporation AGM 1.4 For Agenda item : Elect Director Edward J. Heffernan.

04 Jun 19 Alliance Data Systems Corporation AGM 1.5 Opposed Agenda item : Elect Director Kenneth R. Jensen.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 Alliance Data Systems Corporation AGM 1.6 Opposed Agenda item : Elect Director Robert A. Minicucci.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 Alliance Data Systems Corporation AGM 1.7 For Agenda item : Elect Director Timothy J. Theriault.

04 Jun 19 Alliance Data Systems Corporation AGM 1.8 For Agenda item : Elect Director Laurie A. Tucker.

04 Jun 19 Alliance Data Systems Corporation AGM 1.9 For Agenda item : Elect Director Sharen J. Turney.

04 Jun 19 Alliance Data Systems Corporation AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

04 Jun 19 Alliance Data Systems Corporation AGM 3 Opposed Agenda item : Ratify Deloitte & Touche LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

04 Jun 19 Arrow Global Group Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

04 Jun 19 Arrow Global Group Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : We will vote against when the level of disclosure provided does not

allow shareholders to make an informed assessment of executive remuneration

granted during the year.

04 Jun 19 Arrow Global Group Plc AGM 3 For Agenda item : Approve Final Dividend.

04 Jun 19 Arrow Global Group Plc AGM 4 For Agenda item : Re-elect Jonathan Bloomer as Director.

04 Jun 19 Arrow Global Group Plc AGM 5 For Agenda item : Re-elect Lee Rochford as Director.

04 Jun 19 Arrow Global Group Plc AGM 6 For Agenda item : Re-elect Paul Cooper as Director.

5 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 Arrow Global Group Plc AGM 7 For Agenda item : Re-elect Lan Tu as Director.

04 Jun 19 Arrow Global Group Plc AGM 8 For Agenda item : Re-elect Maria Luis Albuquerque as Director.

04 Jun 19 Arrow Global Group Plc AGM 9 For Agenda item : Re-elect Andrew Fisher as Director.

04 Jun 19 Arrow Global Group Plc AGM 10 For Agenda item : Reappoint KPMG LLP as Auditors.

04 Jun 19 Arrow Global Group Plc AGM 11 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

04 Jun 19 Arrow Global Group Plc AGM 12 For Agenda item : Authorise EU Political Donations and Expenditure.

04 Jun 19 Arrow Global Group Plc AGM 13 For Agenda item : Authorise Issue of Equity.

04 Jun 19 Arrow Global Group Plc AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

04 Jun 19 Arrow Global Group Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

04 Jun 19 Arrow Global Group Plc AGM 16 For Agenda item : Authorise Market Purchase of Ordinary Shares.

04 Jun 19 Arrow Global Group Plc AGM 17 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.1 Withhold Agenda item : Elect Director Jean-Jacques Bienaime.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.10 For Agenda item : Elect Director Dennis J. Slamon.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.2 For Agenda item : Elect Director Willard Dere.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.3 Withhold Agenda item : Elect Director Michael Grey.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.4 Withhold Agenda item : Elect Director Elaine J. Heron.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.5 For Agenda item : Elect Director Robert J. Hombach.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.6 Withhold Agenda item : Elect Director V. Bryan Lawlis.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.7 Withhold Agenda item : Elect Director Alan J. Lewis.

UBS Asset Management 6

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.8 Withhold Agenda item : Elect Director Richard A. Meier.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 1.9 For Agenda item : Elect Director David E.I. Pyott.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 2 For Agenda item : Ratify KPMG LLP as Auditors.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 4 For Agenda item : Amend Omnibus Stock Plan.

04 Jun 19 BioMarin Pharmaceutical Inc. AGM 5 For Agenda item : Amend Qualified Employee Stock Purchase Plan.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 2 For Agenda item : Approve Remuneration Report.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 3 For Agenda item : Approve Final Dividend.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 4 For Agenda item : Elect Ronald Gould as Director.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 5 For Agenda item : Re-elect Caroline Burton as Director.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 6 For Agenda item : Re-elect Michael Peacock as Director.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 7 For Agenda item : Re-elect Susan Platts-Martin as Director.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 8 Opposed Agenda item : Re-elect Robert Robertson as Director.

UBS note : We expect the Lead Director to be independent.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 9 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 10 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 11 For Agenda item : Authorise Issue of Equity.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

04 Jun 19 BlackRock Smaller Cos. Trust Plc AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

7 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 Citrix Systems, Inc. AGM 1a For Agenda item : Elect Director Robert M. Calderoni.

04 Jun 19 Citrix Systems, Inc. AGM 1b For Agenda item : Elect Director Nanci E. Caldwell.

04 Jun 19 Citrix Systems, Inc. AGM 1c For Agenda item : Elect Director Jesse A. Cohn.

04 Jun 19 Citrix Systems, Inc. AGM 1d For Agenda item : Elect Director Robert D. Daleo.

04 Jun 19 Citrix Systems, Inc. AGM 1e For Agenda item : Elect Director Murray J. Demo.

04 Jun 19 Citrix Systems, Inc. AGM 1f For Agenda item : Elect Director Ajei S. Gopal.

04 Jun 19 Citrix Systems, Inc. AGM 1g For Agenda item : Elect Director David J. Henshall.

04 Jun 19 Citrix Systems, Inc. AGM 1h For Agenda item : Elect Director Thomas E. Hogan.

04 Jun 19 Citrix Systems, Inc. AGM 1i For Agenda item : Elect Director Moira A. Kilcoyne.

04 Jun 19 Citrix Systems, Inc. AGM 1j For Agenda item : Elect Director Peter J. Sacripanti.

04 Jun 19 Citrix Systems, Inc. AGM 2 For Agenda item : Amend Omnibus Stock Plan.

04 Jun 19 Citrix Systems, Inc. AGM 3 Opposed Agenda item : Ratify Ernst & Young LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

04 Jun 19 Citrix Systems, Inc. AGM 4 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1a Opposed Agenda item : Elect Director Zein Abdalla.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1b For Agenda item : Elect Director Maureen Breakiron-Evans.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1c For Agenda item : Elect Director Jonathan Chadwick.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1d For Agenda item : Elect Director John M. Dineen.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1e For Agenda item : Elect Director Francisco D'Souza.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1f For Agenda item : Elect Director John N. Fox, Jr.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1g For Agenda item : Elect Director Brian Humphries.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1h For Agenda item : Elect Director John E. Klein.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1i For Agenda item : Elect Director Leo S. Mackay, Jr.

UBS Asset Management 8

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1j For Agenda item : Elect Director Michael Patsalos-Fox.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 1k For Agenda item : Elect Director Joseph M. Velli.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 3 Opposed Agenda item : Ratify PricewaterhouseCoopers LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 4 For Agenda item : Report on Political Contributions.

UBS note : We will not support company proposals allowing companies to

make political donations and will support shareholder proposals requiring

companies to be transparent concerning such donations.

04 Jun 19 Cognizant Technology Solutions Corporation AGM 5 For Agenda item : Require Independent Board Chairman.

UBS note : We normally support proposals to separate the positions of

Chairman and CEO.

04 Jun 19 Fortive Corporation AGM 1A Opposed Agenda item : Elect Director Mitchell P. Rales.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

04 Jun 19 Fortive Corporation AGM 1B For Agenda item : Elect Director Steven M. Rales.

04 Jun 19 Fortive Corporation AGM 1C For Agenda item : Elect Director Jeannine Sargent.

04 Jun 19 Fortive Corporation AGM 1D Opposed Agenda item : Elect Director Alan G. Spoon.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

04 Jun 19 Fortive Corporation AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditors.

04 Jun 19 Fortive Corporation AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

9 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

04 Jun 19 Fortive Corporation AGM 4 For Agenda item : Eliminate Supermajority Vote Requirement.

04 Jun 19 Gem Diamonds Ltd. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

04 Jun 19 Gem Diamonds Ltd. AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

04 Jun 19 Gem Diamonds Ltd. AGM 3 For Agenda item : Ratify Ernst & Young Inc as Auditors.

04 Jun 19 Gem Diamonds Ltd. AGM 4 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

04 Jun 19 Gem Diamonds Ltd. AGM 5 Opposed Agenda item : Re-elect Harry Kenyon-Slaney as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

04 Jun 19 Gem Diamonds Ltd. AGM 6 For Agenda item : Re-elect Mike Brown as Director.

04 Jun 19 Gem Diamonds Ltd. AGM 7 For Agenda item : Re-elect Michael Lynch-Bell as Director.

04 Jun 19 Gem Diamonds Ltd. AGM 8 For Agenda item : Re-elect Clifford Elphick as Director.

04 Jun 19 Gem Diamonds Ltd. AGM 9 For Agenda item : Re-elect Michael Michael as Director.

04 Jun 19 Gem Diamonds Ltd. AGM 10 For Agenda item : Elect Johnny Velloza as Director.

04 Jun 19 Gem Diamonds Ltd. AGM 11 For Agenda item : Authorise Issue of Equity.

04 Jun 19 Gem Diamonds Ltd. AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

04 Jun 19 Gem Diamonds Ltd. AGM 13 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

04 Jun 19 Gem Diamonds Ltd. AGM 14 For Agenda item : Authorise Market Purchase of Ordinary Shares.

04 Jun 19 General Motors Company AGM 1a For Agenda item : Elect Director Mary T. Barra.

04 Jun 19 General Motors Company AGM 1b Opposed Agenda item : Elect Director Wesley G. Bush.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

04 Jun 19 General Motors Company AGM 1c For Agenda item : Elect Director Linda R. Gooden.

UBS Asset Management 10

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 General Motors Company AGM 1d For Agenda item : Elect Director Joseph Jimenez.

04 Jun 19 General Motors Company AGM 1e For Agenda item : Elect Director Jane L. Mendillo.

04 Jun 19 General Motors Company AGM 1f For Agenda item : Elect Director Judith A. Miscik.

04 Jun 19 General Motors Company AGM 1g For Agenda item : Elect Director Patricia F. Russo.

04 Jun 19 General Motors Company AGM 1h For Agenda item : Elect Director Thomas M. Schoewe.

04 Jun 19 General Motors Company AGM 1i For Agenda item : Elect Director Theodore M. Solso.

04 Jun 19 General Motors Company AGM 1j For Agenda item : Elect Director Carol M. Stephenson.

04 Jun 19 General Motors Company AGM 1k For Agenda item : Elect Director Devin N. Wenig.

04 Jun 19 General Motors Company AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

04 Jun 19 General Motors Company AGM 3 For Agenda item : Ratify Ernst & Young LLP as Auditors.

04 Jun 19 General Motors Company AGM 4 For Agenda item : Require Independent Board Chairman.

UBS note : We normally support proposals to separate the positions of

Chairman and CEO.

04 Jun 19 General Motors Company AGM 5 For Agenda item : Report on Lobbying Payments and Policy.

UBS note : In general, we will support shareholder proposals seeking greater

transparency on company lobbying except where covered by existing

legislation and where the company meets such regulation, unless there is a

direct reputational risk.

04 Jun 19 GoDaddy Inc. AGM 1.1 For Agenda item : Elect Director Caroline Donahue.

04 Jun 19 GoDaddy Inc. AGM 1.2 For Agenda item : Elect Director Charles J. Robel.

04 Jun 19 GoDaddy Inc. AGM 1.3 For Agenda item : Elect Director Scott W. Wagner.

04 Jun 19 GoDaddy Inc. AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditors.

04 Jun 19 GoDaddy Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 2 For Agenda item : Reappoint Somekh Chaikin as Auditors and Authorise Board to

11 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Ltd. Fix Their Remuneration.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 3.1 For Agenda item : Re-elect Yair Hamburger as Director.

Ltd.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 3.2 For Agenda item : Re-elect Ben Hamburger as Director.

Ltd.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 3.3 For Agenda item : Re-elect Gideon Hamburger as Director.

Ltd.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 3.4 For Agenda item : Re-elect Yoav Manor as Director.

Ltd.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 3.5 For Agenda item : Re-elect Doron Cohen as Director.

Ltd.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 3.6 For Agenda item : Re-elect Joseph Ciechanover as Director.

Ltd.

04 Jun 19 Harel Insurance Investments & Financial Services AGM 3.7 For Agenda item : Re-elect Eliahu Defes as Director.

Ltd.

04 Jun 19 Harel Insurance Investments & Financial Services AGM A Opposed Agenda item : Vote FOR if you are a controlling shareholder or have a

Ltd. personal interest in one or several resolutions, as indicated in the proxy card;

otherwise, vote AGAINST. You may not abstain. If you vote FOR, please

provide an explanation to your account manager.

04 Jun 19 Harel Insurance Investments & Financial Services AGM B1 Opposed Agenda item : If you are an Interest Holder as defined in Section 1 of the

Ltd. Securities Law, 1968, vote FOR. Otherwise, vote against.

04 Jun 19 Harel Insurance Investments & Financial Services AGM B2 Opposed Agenda item : If you are a Senior Officer as defined in Section 37(D) of the

Ltd. Securities Law, 1968, vote FOR. Otherwise, vote against.

04 Jun 19 Harel Insurance Investments & Financial Services AGM B3 For Agenda item : If you are an Institutional Investor as defined in Regulation 1 of

Ltd. the Supervision Financial Services Regulations 2009 or a Manager of a Joint

Investment Trust Fund as defined in the Joint Investment Trust Law, 1994, vote

FOR. Otherwise, vote against.

04 Jun 19 Hermes International SCA Annual/Special 1 For Agenda item : Approve Financial Statements and Statutory Reports.

04 Jun 19 Hermes International SCA Annual/Special 2 For Agenda item : Approve Consolidated Financial Statements and Statutory

UBS Asset Management 12

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Reports.

04 Jun 19 Hermes International SCA Annual/Special 3 For Agenda item : Approve Discharge of General Managers.

04 Jun 19 Hermes International SCA Annual/Special 4 For Agenda item : Approve Allocation of Income and Dividends of EUR 4.55 per

Share.

04 Jun 19 Hermes International SCA Annual/Special 5 Opposed Agenda item : Approve Auditors' Special Report on Related-Party

Transactions.

UBS note : We will not support related party transactions that are not in line

with shareholders' interests and/or when disclosure is below best market

practice.

04 Jun 19 Hermes International SCA Annual/Special 6 Opposed Agenda item : Authorise Repurchase of Up to 10 Percent of Issued Share

Capital.

UBS note : We will not support the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

04 Jun 19 Hermes International SCA Annual/Special 7 Opposed Agenda item : Approve Compensation of Axel Dumas, General Manager.

UBS note : We will vote against when the level of disclosure provided does not

allow shareholders to make an informed assessment of executive remuneration

granted during the year.

04 Jun 19 Hermes International SCA Annual/Special 8 Opposed Agenda item : Approve Compensation of Emile Hermes SARL, General

Manager.

UBS note : We will vote against when the level of disclosure provided does not

allow shareholders to make an informed assessment of executive remuneration

granted during the year.

04 Jun 19 Hermes International SCA Annual/Special 9 Opposed Agenda item : Re-elect Charles-Eric Bauer as Supervisory Board Member.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

04 Jun 19 Hermes International SCA Annual/Special 10 For Agenda item : Re-elect Julie Guerrand as Supervisory Board Member.

04 Jun 19 Hermes International SCA Annual/Special 11 For Agenda item : Re-elect Dominique Senequier as Supervisory Board Member.

13 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 Hermes International SCA Annual/Special 12 For Agenda item : Elect Alexandre Viros as Supervisory Board Member.

04 Jun 19 Hermes International SCA Annual/Special 13 For Agenda item : Elect Estelle Brachlianoff as Supervisory Board Member.

04 Jun 19 Hermes International SCA Annual/Special 14 For Agenda item : Authorise Decrease in Share Capital via Cancellation of

Repurchased Shares.

04 Jun 19 Hermes International SCA Annual/Special 15 Opposed Agenda item : Authorise Capitalization of Reserves of up to 40 Percent of

Issued Capital for Bonus Issue or Increase in Par Value.

UBS note : We will not support the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

04 Jun 19 Hermes International SCA Annual/Special 16 Opposed Agenda item : Authorise Issuance of Equity or Equity-Linked Securities with

Pre-emptive Rights up to 40 Percent of Issued Capital.

UBS note : We are not supportive of authorities that could be used as an

anti-takeover device and potentially help to entrench underperforming

management.

04 Jun 19 Hermes International SCA Annual/Special 17 Opposed Agenda item : Authorise Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights up to 40 Percent of Issued Capital.

UBS note : We are not supportive of authorities that could be used as an

anti-takeover device and potentially help to entrench underperforming

management.

04 Jun 19 Hermes International SCA Annual/Special 18 For Agenda item : Authorise Capital Issuances for Use in Employee Stock Purchase

Plans.

04 Jun 19 Hermes International SCA Annual/Special 19 Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities up to 20

Percent of Issued Capital Per Year for Private Placements.

UBS note : We are not supportive of authorities that could be used as an

anti-takeover device and potentially help to entrench underperforming

management.

04 Jun 19 Hermes International SCA Annual/Special 20 Opposed Agenda item : Authorise Capital Increase of up to 10 Percent of Issued Capital

for Contributions in Kind.

UBS note : We are not supportive of authorities that could be used as an

UBS Asset Management 14

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

anti-takeover device and potentially help to entrench underperforming

management.

04 Jun 19 Hermes International SCA Annual/Special 21 For Agenda item : Authorise Filing of Required Documents/Other Formalities.

04 Jun 19 New York Community Bancorp, Inc. AGM 1a Opposed Agenda item : Elect Director Michael J. Levine.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 New York Community Bancorp, Inc. AGM 1b For Agenda item : Elect Director Ronald A. Rosenfeld.

04 Jun 19 New York Community Bancorp, Inc. AGM 1c For Agenda item : Elect Director Lawrence J. Savarese.

04 Jun 19 New York Community Bancorp, Inc. AGM 1d Opposed Agenda item : Elect Director John M. Tsimbinos.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 New York Community Bancorp, Inc. AGM 2 Opposed Agenda item : Ratify KPMG LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

04 Jun 19 New York Community Bancorp, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

04 Jun 19 New York Community Bancorp, Inc. AGM 4 Opposed Agenda item : Limit Executive Compensation.

04 Jun 19 New York Community Bancorp, Inc. AGM 5 For Agenda item : Adopt Simple Majority Vote.

UBS note : We will support proposals that reduce supermajority voting limits.

04 Jun 19 New York Community Bancorp, Inc. AGM 6 Opposed Agenda item : Establish Term Limits for Directors.

04 Jun 19 Newmont Mining Corporation AGM 1.1 For Agenda item : Elect Director Gregory H. Boyce.

04 Jun 19 Newmont Mining Corporation AGM 1.10 For Agenda item : Elect Director Jane Nelson.

04 Jun 19 Newmont Mining Corporation AGM 1.11 For Agenda item : Elect Director Julio M. Quintana.

04 Jun 19 Newmont Mining Corporation AGM 1.12 For Agenda item : Elect Director Molly P. Zhang.

04 Jun 19 Newmont Mining Corporation AGM 1.2 For Agenda item : Elect Director Bruce R. Brook.

04 Jun 19 Newmont Mining Corporation AGM 1.3 For Agenda item : Elect Director J. Kofi Bucknor.

04 Jun 19 Newmont Mining Corporation AGM 1.4 Opposed Agenda item : Elect Director Joseph A. Carrabba.

UBS note : We will not support the election of a non-independent,

15 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

04 Jun 19 Newmont Mining Corporation AGM 1.5 Opposed Agenda item : Elect Director Noreen Doyle.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

04 Jun 19 Newmont Mining Corporation AGM 1.6 For Agenda item : Elect Director Gary J. Goldberg.

04 Jun 19 Newmont Mining Corporation AGM 1.7 Opposed Agenda item : Elect Director Veronica M. Hagen.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

04 Jun 19 Newmont Mining Corporation AGM 1.8 For Agenda item : Elect Director Sheri E. Hickok.

04 Jun 19 Newmont Mining Corporation AGM 1.9 For Agenda item : Elect Director Rene Medori.

04 Jun 19 Newmont Mining Corporation AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

04 Jun 19 Newmont Mining Corporation AGM 3 For Agenda item : Ratify Ernst & Young LLP as Auditors.

04 Jun 19 Nostrum Oil & Gas Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

04 Jun 19 Nostrum Oil & Gas Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

04 Jun 19 Nostrum Oil & Gas Plc AGM 3 Opposed Agenda item : Approve Remuneration Policy.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

04 Jun 19 Nostrum Oil & Gas Plc AGM 4 For Agenda item : Re-elect Atul Gupta as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 5 For Agenda item : Re-elect Kai-Uwe Kessel as Director.

UBS Asset Management 16

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 Nostrum Oil & Gas Plc AGM 6 For Agenda item : Re-elect Tom Richardson as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 7 For Agenda item : Re-elect Kaat Van Hecke as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 8 For Agenda item : Re-elect Sir Christopher Codrington as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 9 For Agenda item : Re-elect Mark Martin as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 10 For Agenda item : Re-elect Michael Calvey as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 11 For Agenda item : Re-elect Simon Byrne as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 12 For Agenda item : Re-elect Martin Cocker as Director.

04 Jun 19 Nostrum Oil & Gas Plc AGM 13 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

04 Jun 19 Nostrum Oil & Gas Plc AGM 14 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

04 Jun 19 Nostrum Oil & Gas Plc AGM 15 For Agenda item : Authorise Issue of Equity.

04 Jun 19 Nostrum Oil & Gas Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

04 Jun 19 Nostrum Oil & Gas Plc AGM 17 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

04 Jun 19 Nostrum Oil & Gas Plc AGM 18 For Agenda item : Authorise Market Purchase of Ordinary Shares.

04 Jun 19 Nostrum Oil & Gas Plc AGM 19 For Agenda item : Authorise Off-Market Purchase of Shares.

04 Jun 19 The Gym Group Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

04 Jun 19 The Gym Group Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : The salary of the incoming Chief Executive is positioned above that

of his/her predecessor without an adequate rationale.

04 Jun 19 The Gym Group Plc AGM 3 For Agenda item : Approve Remuneration Policy.

04 Jun 19 The Gym Group Plc AGM 4 For Agenda item : Approve Final Dividend.

04 Jun 19 The Gym Group Plc AGM 5 For Agenda item : Re-elect Penny Hughes as Director.

04 Jun 19 The Gym Group Plc AGM 6 For Agenda item : Re-elect Paul Gilbert as Director.

04 Jun 19 The Gym Group Plc AGM 7 For Agenda item : Re-elect John Treharne as Director.

04 Jun 19 The Gym Group Plc AGM 8 For Agenda item : Re-elect Richard Darwin as Director.

04 Jun 19 The Gym Group Plc AGM 9 For Agenda item : Re-elect David Kelly as Director.

04 Jun 19 The Gym Group Plc AGM 10 For Agenda item : Re-elect Emma Woods as Director.

04 Jun 19 The Gym Group Plc AGM 11 For Agenda item : Elect Mark George as Director.

04 Jun 19 The Gym Group Plc AGM 12 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

17 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 The Gym Group Plc AGM 13 For Agenda item : Authorise the Audit and Risk Committee to Fix Remuneration

of Auditors.

04 Jun 19 The Gym Group Plc AGM 14 For Agenda item : Authorise Political Donations and Expenditure.

04 Jun 19 The Gym Group Plc AGM 15 For Agenda item : Authorise Issue of Equity.

04 Jun 19 The Gym Group Plc AGM 16 For Agenda item : Approve Deferred Share Bonus Plan.

04 Jun 19 The Gym Group Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

04 Jun 19 The Gym Group Plc AGM 18 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

04 Jun 19 The Gym Group Plc AGM 19 For Agenda item : Authorise Shares for Market Purchase.

04 Jun 19 The Gym Group Plc AGM 20 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

04 Jun 19 The North American Income Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

04 Jun 19 The North American Income Trust Plc AGM 2 For Agenda item : Approve Remuneration Report.

04 Jun 19 The North American Income Trust Plc AGM 3 For Agenda item : Approve Final Dividend.

04 Jun 19 The North American Income Trust Plc AGM 4 Opposed Agenda item : Re-elect James Ferguson as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

04 Jun 19 The North American Income Trust Plc AGM 5 For Agenda item : Elect Karyn Lamont as Director.

04 Jun 19 The North American Income Trust Plc AGM 6 For Agenda item : Elect Susannah Nicklin as Director.

04 Jun 19 The North American Income Trust Plc AGM 7 For Agenda item : Re-elect Charles Park as Director.

04 Jun 19 The North American Income Trust Plc AGM 8 For Agenda item : Re-elect Susan Rice as Director.

04 Jun 19 The North American Income Trust Plc AGM 9 For Agenda item : Reappoint KPMG LLP as Auditors.

04 Jun 19 The North American Income Trust Plc AGM 10 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

04 Jun 19 The North American Income Trust Plc AGM 11 For Agenda item : Authorise Issue of Equity.

04 Jun 19 The North American Income Trust Plc AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

04 Jun 19 The North American Income Trust Plc AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

04 Jun 19 The North American Income Trust Plc AGM 14 For Agenda item : Approve Limit in the Aggregate Fees Paid to the Directors.

04 Jun 19 The North American Income Trust Plc AGM 15 For Agenda item : Approve Share Sub-Division.

04 Jun 19 The TJX Companies, Inc. AGM 1.1 For Agenda item : Elect Director Zein Abdalla.

UBS Asset Management 18

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

04 Jun 19 The TJX Companies, Inc. AGM 1.10 Opposed Agenda item : Elect Director John F. O'Brien.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 The TJX Companies, Inc. AGM 1.11 Opposed Agenda item : Elect Director Willow B. Shire.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 The TJX Companies, Inc. AGM 1.2 Opposed Agenda item : Elect Director Alan M. Bennett.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 The TJX Companies, Inc. AGM 1.3 For Agenda item : Elect Director Rosemary T. Berkery.

04 Jun 19 The TJX Companies, Inc. AGM 1.4 Opposed Agenda item : Elect Director David T. Ching.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 The TJX Companies, Inc. AGM 1.5 For Agenda item : Elect Director Ernie Herrman.

04 Jun 19 The TJX Companies, Inc. AGM 1.6 Opposed Agenda item : Elect Director Michael F. Hines.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 The TJX Companies, Inc. AGM 1.7 Opposed Agenda item : Elect Director Amy B. Lane.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 The TJX Companies, Inc. AGM 1.8 For Agenda item : Elect Director Carol Meyrowitz.

04 Jun 19 The TJX Companies, Inc. AGM 1.9 For Agenda item : Elect Director Jackwyn L. Nemerov.

04 Jun 19 The TJX Companies, Inc. AGM 2 Opposed Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

04 Jun 19 The TJX Companies, Inc. AGM 3 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

04 Jun 19 The TJX Companies, Inc. AGM 4 Opposed Agenda item : Report on Gender, Race, or Ethnicity Pay Equity.

04 Jun 19 The TJX Companies, Inc. AGM 5 For Agenda item : Report on Prison Labor in Supply Chain.

UBS note : We are supportive of resolutions seeking reports from issuers on

19 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

specific issues on the condition these are not overly demanding or beyond the

remit of the company's reporting.

04 Jun 19 The TJX Companies, Inc. AGM 6 For Agenda item : Report on Human Rights Risks in Operations and Supply Chain.

UBS note : A report on human rights risks would provide shareholders with

meaningful information about how well the Company is managing this risk.

04 Jun 19 Tiffany & Co. AGM 1a For Agenda item : Elect Director Alessandro Bogliolo.

04 Jun 19 Tiffany & Co. AGM 1b For Agenda item : Elect Director Rose Marie Bravo.

04 Jun 19 Tiffany & Co. AGM 1c For Agenda item : Elect Director Hafize Gaye Erkan.

04 Jun 19 Tiffany & Co. AGM 1d For Agenda item : Elect Director Roger N. Farah.

04 Jun 19 Tiffany & Co. AGM 1e For Agenda item : Elect Director Jane Hertzmark Hudis.

04 Jun 19 Tiffany & Co. AGM 1f For Agenda item : Elect Director Abby F. Kohnstamm.

04 Jun 19 Tiffany & Co. AGM 1g For Agenda item : Elect Director James E. Lillie.

04 Jun 19 Tiffany & Co. AGM 1h For Agenda item : Elect Director William A. Shutzer.

04 Jun 19 Tiffany & Co. AGM 1i For Agenda item : Elect Director Robert S. Singer.

04 Jun 19 Tiffany & Co. AGM 1j For Agenda item : Elect Director Francesco Trapani.

04 Jun 19 Tiffany & Co. AGM 1k For Agenda item : Elect Director Annie Young-Scrivner.

04 Jun 19 Tiffany & Co. AGM 2 Opposed Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

04 Jun 19 Tiffany & Co. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

04 Jun 19 Zillow Group, Inc. AGM 1.1 For Agenda item : Elect Director Richard N. Barton.

04 Jun 19 Zillow Group, Inc. AGM 1.2 For Agenda item : Elect Director Lloyd D. Frink.

04 Jun 19 Zillow Group, Inc. AGM 1.3 For Agenda item : Elect Director April Underwood.

04 Jun 19 Zillow Group, Inc. AGM 1.4 Withhold Agenda item : Elect Director Amy C. Bohutinsky.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

04 Jun 19 Zillow Group, Inc. AGM 2 For Agenda item : Ratify Deloitte & Touche LLP as Auditor.

UBS Asset Management 20

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

05 Jun 19 AA Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

05 Jun 19 AA Plc AGM 2 For Agenda item : Approve Remuneration Report.

05 Jun 19 AA Plc AGM 3 For Agenda item : Approve Final Dividend.

05 Jun 19 AA Plc AGM 4 For Agenda item : Elect Mark Brooker as Director.

05 Jun 19 AA Plc AGM 5 For Agenda item : Elect Steve Barber as Director.

05 Jun 19 AA Plc AGM 6 For Agenda item : Re-elect John Leach as Director.

05 Jun 19 AA Plc AGM 7 For Agenda item : Re-elect Simon Breakwell as Director.

05 Jun 19 AA Plc AGM 8 For Agenda item : Re-elect Andrew Blowers as Director.

05 Jun 19 AA Plc AGM 9 For Agenda item : Re-elect Cathryn Riley as Director.

05 Jun 19 AA Plc AGM 10 For Agenda item : Re-elect Suzi Williams as Director.

05 Jun 19 AA Plc AGM 11 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

05 Jun 19 AA Plc AGM 12 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

05 Jun 19 AA Plc AGM 13 For Agenda item : Authorise EU Political Donations and Expenditure.

05 Jun 19 AA Plc AGM 14 For Agenda item : Authorise Issue of Equity.

05 Jun 19 AA Plc AGM 15 For Agenda item : Authorise Issue of Equity in Connection with a Rights Issue.

05 Jun 19 AA Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

05 Jun 19 AA Plc AGM 17 For Agenda item : Authorise Market Purchase of Ordinary Shares.

05 Jun 19 AA Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

05 Jun 19 Allegion Plc AGM 1a For Agenda item : Elect Director Carla Cico.

05 Jun 19 Allegion Plc AGM 1b For Agenda item : Elect Director Kirk S. Hachigian.

05 Jun 19 Allegion Plc AGM 1c For Agenda item : Elect Director Nicole Parent Haughey.

05 Jun 19 Allegion Plc AGM 1d For Agenda item : Elect Director David D. Petratis.

05 Jun 19 Allegion Plc AGM 1e For Agenda item : Elect Director Dean I. Schaffer.

05 Jun 19 Allegion Plc AGM 1f For Agenda item : Elect Director Charles L. Szews.

05 Jun 19 Allegion Plc AGM 1g For Agenda item : Elect Director Martin E. Welch, III.

05 Jun 19 Allegion Plc AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

21 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

are in excess of 2yrs fixed salary plus average bonus pay.

05 Jun 19 Allegion Plc AGM 3 For Agenda item : Approve PricewaterhouseCoopers as Auditors and Authorise

Board to Fix Their Remuneration.

05 Jun 19 Allegion Plc AGM 4 For Agenda item : Renew the Board's Authority to Issue Shares Under Irish Law.

05 Jun 19 Allegion Plc AGM 5 For Agenda item : Renew the Board's Authority to Opt-Out of Statutory

Pre-Emptions Rights.

05 Jun 19 Card Factory Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

05 Jun 19 Card Factory Plc AGM 2 For Agenda item : Approve Final Dividend.

05 Jun 19 Card Factory Plc AGM 3 For Agenda item : Elect Paul Moody as Director.

05 Jun 19 Card Factory Plc AGM 4 For Agenda item : Re-elect Karen Hubbard as Director.

05 Jun 19 Card Factory Plc AGM 5 For Agenda item : Re-elect Kristian Lee as Director.

05 Jun 19 Card Factory Plc AGM 6 For Agenda item : Re-elect Octavia Morley as Director.

05 Jun 19 Card Factory Plc AGM 7 For Agenda item : Re-elect David Stead as Director.

05 Jun 19 Card Factory Plc AGM 8 For Agenda item : Re-elect Paul McCrudden as Director.

05 Jun 19 Card Factory Plc AGM 9 For Agenda item : Re-elect Roger Whiteside as Director.

05 Jun 19 Card Factory Plc AGM 10 Opposed Agenda item : Approve Remuneration Report.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

05 Jun 19 Card Factory Plc AGM 11 For Agenda item : Reappoint KPMG LLP as Auditors.

05 Jun 19 Card Factory Plc AGM 12 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

05 Jun 19 Card Factory Plc AGM 13 For Agenda item : Authorise Issue of Equity.

05 Jun 19 Card Factory Plc AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

05 Jun 19 Card Factory Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

05 Jun 19 Card Factory Plc AGM 16 For Agenda item : Authorise Market Purchase of Ordinary Shares.

05 Jun 19 Card Factory Plc AGM 17 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

05 Jun 19 CoStar Group, Inc. AGM 1a Opposed Agenda item : Elect Director Michael R. Klein.

UBS Asset Management 22

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of a non-independent

non-executive director who shall serve on the Remuneration Committee when

the Committee is not made up of majority of independent directors.

05 Jun 19 CoStar Group, Inc. AGM 1b For Agenda item : Elect Director Andrew C. Florance.

05 Jun 19 CoStar Group, Inc. AGM 1c For Agenda item : Elect Director Laura Cox Kaplan.

05 Jun 19 CoStar Group, Inc. AGM 1d For Agenda item : Elect Director Michael J. Glosserman.

05 Jun 19 CoStar Group, Inc. AGM 1e For Agenda item : Elect Director John W. Hill.

05 Jun 19 CoStar Group, Inc. AGM 1f Opposed Agenda item : Elect Director Christopher J. Nassetta.

UBS note : We will not support the election of a non-independent

non-executive director who shall serve on the Remuneration Committee when

the Committee is not made up of majority of independent directors.

05 Jun 19 CoStar Group, Inc. AGM 1g For Agenda item : Elect Director David J. Steinberg.

05 Jun 19 CoStar Group, Inc. AGM 2 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

05 Jun 19 CoStar Group, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

05 Jun 19 Comcast Corporation AGM 1.1 Withhold Agenda item : Elect Director Kenneth J. Bacon.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

05 Jun 19 Comcast Corporation AGM 1.10 For Agenda item : Elect Director Brian L. Roberts.

05 Jun 19 Comcast Corporation AGM 1.2 For Agenda item : Elect Director Madeline S. Bell.

05 Jun 19 Comcast Corporation AGM 1.3 For Agenda item : Elect Director Sheldon M. Bonovitz.

05 Jun 19 Comcast Corporation AGM 1.4 For Agenda item : Elect Director Edward D. Breen.

05 Jun 19 Comcast Corporation AGM 1.5 For Agenda item : Elect Director Gerald L. Hassell.

05 Jun 19 Comcast Corporation AGM 1.6 Withhold Agenda item : Elect Director Jeffrey A. Honickman.

UBS note : We will not support the election of a non-independent,

23 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

05 Jun 19 Comcast Corporation AGM 1.7 For Agenda item : Elect Director Maritza G. Montiel.

05 Jun 19 Comcast Corporation AGM 1.8 For Agenda item : Elect Director Asuka Nakahara.

05 Jun 19 Comcast Corporation AGM 1.9 For Agenda item : Elect Director David C. Novak.

05 Jun 19 Comcast Corporation AGM 2 Opposed Agenda item : Ratify Deloitte & Touche LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

05 Jun 19 Comcast Corporation AGM 3 For Agenda item : Approve Nonqualified Employee Stock Purchase Plan.

05 Jun 19 Comcast Corporation AGM 4 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

05 Jun 19 Comcast Corporation AGM 5 For Agenda item : Require Independent Board Chairman.

UBS note : We normally support proposals to separate the positions of

Chairman and CEO.

05 Jun 19 Comcast Corporation AGM 6 For Agenda item : Report on Lobbying Payments and Policy.

UBS note : In general, we will support shareholder proposals seeking greater

transparency on company lobbying except where covered by existing

legislation and where the company meets such regulation, unless there is a

direct reputational risk.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports for Fiscal

2018.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.37 per

Share.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 3 For Agenda item : Approve Discharge of Personally Liable Partner for Fiscal 2018.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 4 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 5.1 For Agenda item : Ratify KPMG AG as Auditors for Fiscal 2019.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 5.2 For Agenda item : Ratify Ernst & Young GmbH as Auditors for the 2020 Interim

UBS Asset Management 24

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Financial Statements.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 6 For Agenda item : Authorise Share Repurchase Program and Reissuance or

Cancellation of Repurchased Shares.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 7 For Agenda item : Authorise Use of Financial Derivatives when Repurchasing

Shares.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 8.1 For Agenda item : Elect Richard Morris to the Supervisory Board.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 8.2 For Agenda item : Elect Annabelle Bexiga to the Supervisory Board.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 9 For Agenda item : Fix Maximum Variable Compensation Ratio for Key Employees

to 200 Percent of Fixed Remuneration.

05 Jun 19 DWS Group GmbH & Co. KGaA AGM 10 For Agenda item : Approve Issuance of Warrants/Bonds with Warrants

Attached/Convertible Bonds without Pre-emptive Rights up to Aggregate

Nominal Amount of EUR 600 Million; Approve Creation of EUR 20 Million Pool

of Capital to Guarantee Conversion Rights.

05 Jun 19 Devon Energy Corporation AGM 1.1 For Agenda item : Elect Director Barbara M. Baumann.

05 Jun 19 Devon Energy Corporation AGM 1.10 For Agenda item : Elect Director Keith O. Rattie.

05 Jun 19 Devon Energy Corporation AGM 1.11 Withhold Agenda item : Elect Director Mary P. Ricciardello.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

05 Jun 19 Devon Energy Corporation AGM 1.2 For Agenda item : Elect Director John E. Bethancourt.

05 Jun 19 Devon Energy Corporation AGM 1.3 For Agenda item : Elect Director Ann G. Fox.

05 Jun 19 Devon Energy Corporation AGM 1.4 For Agenda item : Elect Director David A. Hager.

05 Jun 19 Devon Energy Corporation AGM 1.5 For Agenda item : Elect Director Robert H. Henry.

05 Jun 19 Devon Energy Corporation AGM 1.6 Withhold Agenda item : Elect Director Michael M. Kanovsky.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

05 Jun 19 Devon Energy Corporation AGM 1.7 For Agenda item : Elect Director John Krenicki, Jr.

05 Jun 19 Devon Energy Corporation AGM 1.8 For Agenda item : Elect Director Robert A. Mosbacher, Jr.

25 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

05 Jun 19 Devon Energy Corporation AGM 1.9 For Agenda item : Elect Director Duane C. Radtke.

05 Jun 19 Devon Energy Corporation AGM 2 Opposed Agenda item : Ratify KPMG LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

05 Jun 19 Devon Energy Corporation AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

05 Jun 19 Funding Circle Holdings Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

05 Jun 19 Funding Circle Holdings Plc AGM 2 For Agenda item : Approve Remuneration Report.

05 Jun 19 Funding Circle Holdings Plc AGM 3 For Agenda item : Approve Remuneration Policy.

05 Jun 19 Funding Circle Holdings Plc AGM 4 For Agenda item : Appoint PricewaterhouseCoopers LLP as Auditors.

05 Jun 19 Funding Circle Holdings Plc AGM 5 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

05 Jun 19 Funding Circle Holdings Plc AGM 6 For Agenda item : Elect Eric Daniels as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 7 For Agenda item : Elect Samir Desai as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 8 For Agenda item : Elect Sean Glithero as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 9 For Agenda item : Elect Geeta Gopalan as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 10 For Agenda item : Elect Catherine Keers as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 11 For Agenda item : Elect Andrew Learoyd as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 12 For Agenda item : Elect Hendrik Nelis as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 13 For Agenda item : Elect Robert Steel as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 14 For Agenda item : Elect Neil Rimer as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 15 For Agenda item : Elect Edward Wray as Director.

05 Jun 19 Funding Circle Holdings Plc AGM 16 For Agenda item : Authorise Issue of Equity.

05 Jun 19 Funding Circle Holdings Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

05 Jun 19 Funding Circle Holdings Plc AGM 18 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

05 Jun 19 Funding Circle Holdings Plc AGM 19 For Agenda item : Authorise Market Purchase of Ordinary Shares.

05 Jun 19 Funding Circle Holdings Plc AGM 20 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

UBS Asset Management 26

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

05 Jun 19 Funding Circle Holdings Plc AGM 21 For Agenda item : Authorise EU Political Donations and Expenditure.

05 Jun 19 GVC Holdings Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

05 Jun 19 GVC Holdings Plc AGM 2 For Agenda item : Approve Remuneration Report.

05 Jun 19 GVC Holdings Plc AGM 3 For Agenda item : Ratify KPMG LLP as Auditors.

05 Jun 19 GVC Holdings Plc AGM 4 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

05 Jun 19 GVC Holdings Plc AGM 5 For Agenda item : Elect Pierre Bouchut as Director.

05 Jun 19 GVC Holdings Plc AGM 6 For Agenda item : Elect Virginia McDowell as Director.

05 Jun 19 GVC Holdings Plc AGM 7 For Agenda item : Elect Rob Wood as Director.

05 Jun 19 GVC Holdings Plc AGM 8 For Agenda item : Re-elect Kenneth Alexander as Director.

05 Jun 19 GVC Holdings Plc AGM 9 For Agenda item : Re-elect Jane Anscombe as Director.

05 Jun 19 GVC Holdings Plc AGM 10 For Agenda item : Re-elect Lee Feldman as Director.

05 Jun 19 GVC Holdings Plc AGM 11 For Agenda item : Re-elect Peter Isola as Director.

05 Jun 19 GVC Holdings Plc AGM 12 For Agenda item : Re-elect Stephen Morana as Director.

05 Jun 19 GVC Holdings Plc AGM 13 For Agenda item : Authorise Issue of Equity.

05 Jun 19 GVC Holdings Plc AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

05 Jun 19 GVC Holdings Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

05 Jun 19 GVC Holdings Plc AGM 16 For Agenda item : Authorise Market Purchase of Ordinary Shares.

05 Jun 19 GVC Holdings Plc AGM 17 For Agenda item : Amend Articles of Association.

05 Jun 19 Hess Corporation AGM 1.1 For Agenda item : Elect Director Rodney F. Chase.

05 Jun 19 Hess Corporation AGM 1.10 For Agenda item : Elect Director James H. Quigley.

05 Jun 19 Hess Corporation AGM 1.11 For Agenda item : Elect Director William G. Schrader.

05 Jun 19 Hess Corporation AGM 1.2 For Agenda item : Elect Director Terrence J. Checki.

05 Jun 19 Hess Corporation AGM 1.3 For Agenda item : Elect Director Leonard S. Coleman, Jr.

05 Jun 19 Hess Corporation AGM 1.4 For Agenda item : Elect Director John B. Hess.

05 Jun 19 Hess Corporation AGM 1.5 Opposed Agenda item : Elect Director Edith E. Holiday.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

27 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

05 Jun 19 Hess Corporation AGM 1.6 For Agenda item : Elect Director Risa Lavizzo-Mourey.

05 Jun 19 Hess Corporation AGM 1.7 For Agenda item : Elect Director Marc S. Lipschultz.

05 Jun 19 Hess Corporation AGM 1.8 For Agenda item : Elect Director David McManus.

05 Jun 19 Hess Corporation AGM 1.9 For Agenda item : Elect Director Kevin O. Meyers.

05 Jun 19 Hess Corporation AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

05 Jun 19 Hess Corporation AGM 3 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

05 Jun 19 KCOM Group Plc Court 1 For Agenda item : Approve Scheme of Arrangement.

05 Jun 19 KCOM Group Plc EGM 1 For Agenda item : Approve Cash Acquisition of KCOM Group plc by Humber

Bidco Limited.

05 Jun 19 Prysmian SpA AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

05 Jun 19 Prysmian SpA AGM 2 For Agenda item : Approve Allocation of Income.

05 Jun 19 Prysmian SpA AGM 3 For Agenda item : Elect Francesco Gori as Director.

05 Jun 19 Prysmian SpA AGM 4.1 Do Not Vote Agenda item : Slate 1 Submitted by Clubtre SpA.

05 Jun 19 Prysmian SpA AGM 4.2 For Agenda item : Slate 2 Submitted by Institutional Investors (Assogestioni).

05 Jun 19 Prysmian SpA AGM 5 For Agenda item : Approve Internal Auditors' Remuneration.

05 Jun 19 Prysmian SpA AGM 6 For Agenda item : Authorise Share Repurchase Program and Reissuance of

Repurchased Shares.

05 Jun 19 Prysmian SpA AGM 7 For Agenda item : Approve Remuneration Policy.

05 Jun 19 Prysmian SpA AGM A Abstain Agenda item : Deliberations on Possible Legal Action Against Directors if

Presented by Shareholders.

05 Jun 19 Shangri-La Asia Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

05 Jun 19 Shangri-La Asia Limited AGM 2 For Agenda item : Approve Final Dividend.

05 Jun 19 Shangri-La Asia Limited AGM 3A For Agenda item : Elect Li Kwok Cheung Arthur as Director.

05 Jun 19 Shangri-La Asia Limited AGM 3B For Agenda item : Elect Li Xiaodong as Director.

05 Jun 19 Shangri-La Asia Limited AGM 4 For Agenda item : Authorise Board to Fix Remuneration of Directors.

UBS Asset Management 28

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

05 Jun 19 Shangri-La Asia Limited AGM 5 For Agenda item : Approve PricewaterhouseCoopers as Auditor and Authorise

Board to Fix Their Remuneration.

05 Jun 19 Shangri-La Asia Limited AGM 6A Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

05 Jun 19 Shangri-La Asia Limited AGM 6B For Agenda item : Authorise Repurchase of Issued Share Capital.

05 Jun 19 Shangri-La Asia Limited AGM 6C Opposed Agenda item : Authorise Reissuance of Repurchased Shares.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.1 For Agenda item : Elect Director Joan L. Amble.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.10 For Agenda item : Elect Director Michael Rapino.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.11 For Agenda item : Elect Director Kristina M. Salen.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.12 Withhold Agenda item : Elect Director Carl E. Vogel.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.13 Withhold Agenda item : Elect Director David M. Zaslav.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.2 For Agenda item : Elect Director George W. Bodenheimer.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.3 Withhold Agenda item : Elect Director Mark D. Carleton.

UBS note : We will not support the election of an Executive Director being

elected to serve on the Compensation/Remuneration Committee.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.4 For Agenda item : Elect Director Eddy W. Hartenstein.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.5 For Agenda item : Elect Director James P. Holden.

29 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

05 Jun 19 Sirius XM Holdings Inc. AGM 1.6 For Agenda item : Elect Director Gregory B. Maffei.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.7 For Agenda item : Elect Director Evan D. Malone.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.8 For Agenda item : Elect Director James E. Meyer.

05 Jun 19 Sirius XM Holdings Inc. AGM 1.9 For Agenda item : Elect Director James F. Mooney.

05 Jun 19 Sirius XM Holdings Inc. AGM 2 For Agenda item : Ratify KPMG LLP as Auditors.

05 Jun 19 Thomson Reuters Corporation AGM 1.1 For Agenda item : Elect Director David Thomson.

05 Jun 19 Thomson Reuters Corporation AGM 1.10 For Agenda item : Elect Director Peter J. Thomson.

05 Jun 19 Thomson Reuters Corporation AGM 1.11 For Agenda item : Elect Director Wulf von Schimmelmann.

05 Jun 19 Thomson Reuters Corporation AGM 1.2 For Agenda item : Elect Director James C. Smith.

05 Jun 19 Thomson Reuters Corporation AGM 1.3 For Agenda item : Elect Director Sheila C. Bair.

05 Jun 19 Thomson Reuters Corporation AGM 1.4 For Agenda item : Elect Director David W. Binet.

05 Jun 19 Thomson Reuters Corporation AGM 1.5 For Agenda item : Elect Director W. Edmund Clark.

05 Jun 19 Thomson Reuters Corporation AGM 1.6 Withhold Agenda item : Elect Director Michael E. Daniels.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

05 Jun 19 Thomson Reuters Corporation AGM 1.7 Withhold Agenda item : Elect Director Vance K. Opperman.

UBS note : We expect the Lead Director to be independent.

05 Jun 19 Thomson Reuters Corporation AGM 1.8 For Agenda item : Elect Director Kristin C. Peck.

05 Jun 19 Thomson Reuters Corporation AGM 1.9 For Agenda item : Elect Director Barry Salzberg.

05 Jun 19 Thomson Reuters Corporation AGM 2 For Agenda item : Approve PricewaterhouseCoopers LLP as Auditors and

Authorise Board to Fix Their Remuneration.

05 Jun 19 Thomson Reuters Corporation AGM 3 Opposed Agenda item : Advisory Vote on Executive Compensation Approach.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

05 Jun 19 Thomson Reuters Corporation AGM 4 Opposed Agenda item : Commission a Report on the Pay Grades and/or Salary Ranges

of All Classifications of Company Employees, to Be Considered When Setting

Target Amounts for Compensation of Named Executive Officers.

05 Jun 19 Ulta Beauty, Inc. AGM 1.1 For Agenda item : Elect Director Sally E. Blount.

UBS Asset Management 30

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

05 Jun 19 Ulta Beauty, Inc. AGM 1.2 For Agenda item : Elect Director Mary N. Dillon.

05 Jun 19 Ulta Beauty, Inc. AGM 1.3 For Agenda item : Elect Director Charles Heilbronn.

05 Jun 19 Ulta Beauty, Inc. AGM 1.4 For Agenda item : Elect Director Michael R. MacDonald.

05 Jun 19 Ulta Beauty, Inc. AGM 2 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

05 Jun 19 Ulta Beauty, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 1.1 For Agenda item : Elect Director Sangeeta N. Bhatia.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 1.2 Opposed Agenda item : Elect Director Lloyd Carney.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 1.3 For Agenda item : Elect Director Terrence C. Kearney.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 1.4 For Agenda item : Elect Director Yuchun Lee.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 1.5 Opposed Agenda item : Elect Director Jeffrey M. Leiden.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 1.6 Opposed Agenda item : Elect Director Bruce I. Sachs.

UBS note : We expect the Lead Director to be independent.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 2 For Agenda item : Amend Omnibus Stock Plan.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 3 For Agenda item : Amend Qualified Employee Stock Purchase Plan.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 4 For Agenda item : Ratify Ernst & Young LLP as Auditors.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 5 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 6 Opposed Agenda item : Report on Integrating Risks Related to Drug Pricing into Senior

31 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Executive Compensation.

05 Jun 19 Vertex Pharmaceuticals Incorporated AGM 7 For Agenda item : Report on Lobbying Payments and Policy.

UBS note : In general, we will support shareholder proposals seeking greater

transparency on company lobbying except where covered by existing

legislation and where the company meets such regulation, unless there is a

direct reputational risk.

05 Jun 19 Walmart Inc. AGM 1a For Agenda item : Elect Director Cesar Conde.

05 Jun 19 Walmart Inc. AGM 1b For Agenda item : Elect Director Stephen "Steve" J. Easterbrook.

05 Jun 19 Walmart Inc. AGM 1c For Agenda item : Elect Director Timothy "Tim" P. Flynn.

05 Jun 19 Walmart Inc. AGM 1d For Agenda item : Elect Director Sarah J. Friar.

05 Jun 19 Walmart Inc. AGM 1e For Agenda item : Elect Director Carla A. Harris.

05 Jun 19 Walmart Inc. AGM 1f For Agenda item : Elect Director Thomas "Tom" W. Horton.

05 Jun 19 Walmart Inc. AGM 1g For Agenda item : Elect Director Marissa A. Mayer.

05 Jun 19 Walmart Inc. AGM 1h For Agenda item : Elect Director C. Douglas "Doug" McMillon.

05 Jun 19 Walmart Inc. AGM 1i For Agenda item : Elect Director Gregory "Greg" B. Penner.

05 Jun 19 Walmart Inc. AGM 1j For Agenda item : Elect Director Steven "Steve" S Reinemund.

05 Jun 19 Walmart Inc. AGM 1k For Agenda item : Elect Director S. Robson "Rob" Walton.

05 Jun 19 Walmart Inc. AGM 1l For Agenda item : Elect Director Steuart L. Walton.

05 Jun 19 Walmart Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

05 Jun 19 Walmart Inc. AGM 3 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

05 Jun 19 Walmart Inc. AGM 4 Opposed Agenda item : Report on Sexual Harassment.

05 Jun 19 Walmart Inc. AGM 5 For Agenda item : Provide for Cumulative Voting.

UBS note : We generally support cumulative voting proposals at controlled

companies where cumulative voting could enable unaffiliated shareholders to

UBS Asset Management 32

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

elect representatives to the board, thus enhancing shareholders' rights and

promoting management accountability.

05 Jun 19 lululemon athletica inc. AGM 1a For Agenda item : Elect Director Kathryn Henry.

05 Jun 19 lululemon athletica inc. AGM 1b For Agenda item : Elect Director Jon McNeill.

05 Jun 19 lululemon athletica inc. AGM 2 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

05 Jun 19 lululemon athletica inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

06 Jun 19 Booking Holdings Inc. AGM 1.1 For Agenda item : Elect Director Timothy M. Armstrong.

06 Jun 19 Booking Holdings Inc. AGM 1.10 For Agenda item : Elect Director Nicholas J. Read.

06 Jun 19 Booking Holdings Inc. AGM 1.11 For Agenda item : Elect Director Thomas E. Rothman.

06 Jun 19 Booking Holdings Inc. AGM 1.12 For Agenda item : Elect Director Lynn M. Vojvodich.

06 Jun 19 Booking Holdings Inc. AGM 1.13 For Agenda item : Elect Director Vanessa A. Wittman.

06 Jun 19 Booking Holdings Inc. AGM 1.2 For Agenda item : Elect Director Jeffery H. Boyd.

06 Jun 19 Booking Holdings Inc. AGM 1.3 For Agenda item : Elect Director Glenn D. Fogel.

06 Jun 19 Booking Holdings Inc. AGM 1.4 For Agenda item : Elect Director Mirian Graddick-Weir.

06 Jun 19 Booking Holdings Inc. AGM 1.5 Withhold Agenda item : Elect Director James M. Guyette.

UBS note : We expect the Lead Director to be independent.

06 Jun 19 Booking Holdings Inc. AGM 1.6 For Agenda item : Elect Director Wei Hopeman.

06 Jun 19 Booking Holdings Inc. AGM 1.7 For Agenda item : Elect Director Robert J. Mylod, Jr.

06 Jun 19 Booking Holdings Inc. AGM 1.8 For Agenda item : Elect Director Charles H. Noski.

06 Jun 19 Booking Holdings Inc. AGM 1.9 For Agenda item : Elect Director Nancy B. Peretsman.

06 Jun 19 Booking Holdings Inc. AGM 2 Opposed Agenda item : Ratify Deloitte & Touche LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

06 Jun 19 Booking Holdings Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

33 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

are in excess of 2yrs fixed salary plus average bonus pay.

06 Jun 19 Booking Holdings Inc. AGM 4 For Agenda item : Amend Proxy Access Bylaw.

UBS note : We will support proposals that increase shareholders' rights such

as proxy access proposals when the conditions are reasonable.

06 Jun 19 Charter Court Financial Services Group Plc Court 1 For Agenda item : Approve Scheme of Arrangement.

06 Jun 19 Charter Court Financial Services Group Plc EGM 1 For Agenda item : Approve Matters Relating to the All-Share Combination of

OneSavings Bank plc and Charter Court Financial Services Group plc.

06 Jun 19 China Mengniu Dairy Company Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

06 Jun 19 China Mengniu Dairy Company Limited AGM 2 For Agenda item : Approve Final Dividend.

06 Jun 19 China Mengniu Dairy Company Limited AGM 3a Opposed Agenda item : Elect Tim Orting Jorgensen as Director and Authorise Board to

Fix His Remuneration.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

06 Jun 19 China Mengniu Dairy Company Limited AGM 3b For Agenda item : Elect Zhang Xiaoya as Director and Authorise Board to Fix His

Remuneration.

06 Jun 19 China Mengniu Dairy Company Limited AGM 3c For Agenda item : Elect Yau Ka Chi as Director and Authorise Board to Fix His

Remuneration.

06 Jun 19 China Mengniu Dairy Company Limited AGM 3d Opposed Agenda item : Elect Chen Lang as Director and Authorise Board to Fix His

Remuneration.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

06 Jun 19 China Mengniu Dairy Company Limited AGM 4 For Agenda item : Approve Ernst & Young as Auditors and Authorise Board to Fix

Their Remuneration.

06 Jun 19 China Mengniu Dairy Company Limited AGM 5 For Agenda item : Authorise Repurchase of Issued Share Capital.

06 Jun 19 China Mengniu Dairy Company Limited AGM 6 Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights.

UBS note : We will not support share issue authorities when the information

available is not sufficient to make an informed assessment of the proposed

authority.

UBS Asset Management 34

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 1 For Agenda item : Approve Financial Statements and Statutory Reports.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 2 For Agenda item : Approve Consolidated Financial Statements and Statutory

Reports.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 3 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.33 per

Share.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 4 For Agenda item : Re-elect Anne-Marie Idrac as Director.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 5 Opposed Agenda item : Re-elect Dominique Leroy as Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 6 For Agenda item : Re-elect Denis Ranque as Director.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 7 For Agenda item : Re-elect Jacques Pestre as Representative of Employee

Shareholders to the Board.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 8 For Agenda item : Approve Compensation of Pierre-Andre de Chalendar,

Chairman and CEO.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 9 For Agenda item : Approve Remuneration Policy of Chairman and CEO.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 10 For Agenda item : Approve Remuneration Policy of Vice-CEO.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 11 For Agenda item : Approve Severance Agreement of Benoit Bazin, Vice-CEO.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 12 For Agenda item : Approve Additional Pension Scheme Agreement with Benoit

Bazin.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 13 For Agenda item : Approve Health Insurance Agreement with Benoit Bazin.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 14 For Agenda item : Authorise Repurchase of Up to 10 Percent of Issued Share

Capital.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 15 For Agenda item : Authorise Issuance of Equity or Equity-Linked Securities with

Pre-emptive Rights up to Aggregate Nominal Amount of EUR 437 Million.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 16 For Agenda item : Authorise Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights up to Aggregate Nominal Amount of EUR 218 Million.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 17 For Agenda item : Approve Issuance of Equity or Equity-Linked Securities for

Private Placements up to Aggregate Nominal Amount of EUR 218 Million.

35 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 18 For Agenda item : Authorise Board to Increase Capital in the Event of Additional

Demand Related to Delegation Submitted to Shareholder Vote Above.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 19 For Agenda item : Authorise Capital Increase of up to 10 Percent of Issued Capital

for Contributions in Kind.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 20 For Agenda item : Authorise Capitalization of Reserves of Up to EUR 109 Million

for Bonus Issue or Increase in Par Value.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 21 For Agenda item : Authorise Board to Set Issue Price for 10 Percent Per Year of

Issued Capital Pursuant to Issue Authority without Pre-emptive Rights.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 22 For Agenda item : Authorise Capital Issuances for Use in Employee Stock Purchase

Plans.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 23 For Agenda item : Authorise up to 1.5 Percent of Issued Capital for Use in Stock

Option Plans Reserved For Executive Officers.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 24 For Agenda item : Authorise up to 1.2 Percent of Issued Capital for Use in

Restricted Stock Plans Reserved For Executive Officers.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 25 For Agenda item : Authorise Decrease in Share Capital via Cancellation of

Repurchased Shares.

06 Jun 19 Compagnie de Saint-Gobain SA Annual/Special 26 For Agenda item : Authorise Filing of Required Documents/Other Formalities.

06 Jun 19 Diamondback Energy, Inc. AGM 1.1 For Agenda item : Elect Director Steven E. West.

06 Jun 19 Diamondback Energy, Inc. AGM 1.2 For Agenda item : Elect Director Travis D. Stice.

06 Jun 19 Diamondback Energy, Inc. AGM 1.3 For Agenda item : Elect Director Michael L. Hollis.

06 Jun 19 Diamondback Energy, Inc. AGM 1.4 For Agenda item : Elect Director Michael P. Cross.

06 Jun 19 Diamondback Energy, Inc. AGM 1.5 Opposed Agenda item : Elect Director David L. Houston.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

06 Jun 19 Diamondback Energy, Inc. AGM 1.6 For Agenda item : Elect Director Mark L. Plaumann.

06 Jun 19 Diamondback Energy, Inc. AGM 1.7 For Agenda item : Elect Director Melanie M. Trent.

06 Jun 19 Diamondback Energy, Inc. AGM 2 For Agenda item : Amend Omnibus Stock Plan.

06 Jun 19 Diamondback Energy, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

UBS Asset Management 36

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

06 Jun 19 Diamondback Energy, Inc. AGM 4 For Agenda item : Ratify Grant Thornton LLP as Auditors.

06 Jun 19 Hochschild Mining Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

06 Jun 19 Hochschild Mining Plc AGM 2 For Agenda item : Approve Remuneration Report.

06 Jun 19 Hochschild Mining Plc AGM 3 For Agenda item : Approve Final Dividend.

06 Jun 19 Hochschild Mining Plc AGM 4 For Agenda item : Re-elect Graham Birch as Director.

06 Jun 19 Hochschild Mining Plc AGM 5 For Agenda item : Re-elect Jorge Born Jr as Director.

06 Jun 19 Hochschild Mining Plc AGM 6 For Agenda item : Re-elect Ignacio Bustamante as Director.

06 Jun 19 Hochschild Mining Plc AGM 7 Opposed Agenda item : Re-elect Eduardo Hochschild as Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

06 Jun 19 Hochschild Mining Plc AGM 8 For Agenda item : Re-elect Eileen Kamerick as Director.

06 Jun 19 Hochschild Mining Plc AGM 9 Opposed Agenda item : Re-elect Dionisio Romero Paoletti as Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

06 Jun 19 Hochschild Mining Plc AGM 10 For Agenda item : Re-elect Michael Rawlinson as Director.

06 Jun 19 Hochschild Mining Plc AGM 11 For Agenda item : Re-elect Sanjay Sarma as Director.

06 Jun 19 Hochschild Mining Plc AGM 12 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

06 Jun 19 Hochschild Mining Plc AGM 13 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

06 Jun 19 Hochschild Mining Plc AGM 14 For Agenda item : Authorise Issue of Equity.

06 Jun 19 Hochschild Mining Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

06 Jun 19 Hochschild Mining Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

06 Jun 19 Hochschild Mining Plc AGM 17 For Agenda item : Authorise Market Purchase of Ordinary Shares.

37 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 Hochschild Mining Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1a For Agenda item : Elect Director Kirk E. Arnold.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1b For Agenda item : Elect Director Ann C. Berzin.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1c For Agenda item : Elect Director John Bruton.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1d For Agenda item : Elect Director Jared L. Cohon.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1e For Agenda item : Elect Director Gary D. Forsee.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1f For Agenda item : Elect Director Linda P. Hudson.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1g Opposed Agenda item : Elect Director Michael W. Lamach.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1h For Agenda item : Elect Director Myles P. Lee.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1i For Agenda item : Elect Director Karen B. Peetz.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1j For Agenda item : Elect Director John P. Surma.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1k Opposed Agenda item : Elect Director Richard J. Swift.

UBS note : We expect the Lead Director to be independent.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 1l For Agenda item : Elect Director Tony L. White.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 3 Opposed Agenda item : Approve PricewaterhouseCoopers LLP as Auditors and

Authorise Board to Fix Their Remuneration.

UBS note : The tenure of auditor used by the company exceeds 20 years.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 4 For Agenda item : Authorise Issue of Equity.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 5 For Agenda item : Renew Directors' Authority to Issue Shares for Cash.

06 Jun 19 Ingersoll-Rand Public Limited Company AGM 6 For Agenda item : Authorise Reissuance of Repurchased Shares.

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

Plc

UBS Asset Management 38

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 2 For Agenda item : Approve Remuneration Policy.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 3 For Agenda item : Approve Remuneration Report.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 4 For Agenda item : Approve Final Dividend.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 5 Opposed Agenda item : Re-elect Richard Brooman as Director.

Plc

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 6 For Agenda item : Re-elect Christopher Fletcher as Director.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 7 For Agenda item : Re-elect Bridget Guerin as Director.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 8 For Agenda item : Re-elect Jane Lewis as Director.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 9 For Agenda item : Appoint Ernst & Young LLP as Auditors.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 10 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Plc Auditors.

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 11 For Agenda item : Authorise Issue of Equity.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

Plc

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 14 For Agenda item : Authorise the Company to Call General Meeting with Two

Plc Weeks' Notice.

39 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 Invesco Perpetual UK Smaller Cos. Investment Trust AGM 15 For Agenda item : Approve Continuation of Company as Investment Trust.

Plc

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.1 Opposed Agenda item : Elect Director Mark Carleton.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.10 Opposed Agenda item : Elect Director Randall T. Mays.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.11 For Agenda item : Elect Director Michael Rapino.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.12 For Agenda item : Elect Director Mark S. Shapiro.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.13 For Agenda item : Elect Director Dana Walden.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.2 For Agenda item : Elect Director Maverick Carter.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.3 Opposed Agenda item : Elect Director Ariel Emanuel.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.4 For Agenda item : Elect Director Robert Ted Enloe, III.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.5 For Agenda item : Elect Director Ping Fu.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.6 Opposed Agenda item : Elect Director Jeffrey T. Hinson.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.7 For Agenda item : Elect Director James Iovine.

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.8 Opposed Agenda item : Elect Director James S. Kahan.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

UBS Asset Management 40

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 Live Nation Entertainment, Inc. AGM 1.9 Opposed Agenda item : Elect Director Gregory B. Maffei.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

06 Jun 19 Live Nation Entertainment, Inc. AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditors.

06 Jun 19 Monster Beverage Corporation AGM 1.1 Withhold Agenda item : Elect Director Rodney C. Sacks.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

06 Jun 19 Monster Beverage Corporation AGM 1.10 Withhold Agenda item : Elect Director Mark S. Vidergauz.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

06 Jun 19 Monster Beverage Corporation AGM 1.2 For Agenda item : Elect Director Hilton H. Schlosberg.

06 Jun 19 Monster Beverage Corporation AGM 1.3 For Agenda item : Elect Director Mark J. Hall.

06 Jun 19 Monster Beverage Corporation AGM 1.4 Withhold Agenda item : Elect Director Kathleen E. Ciaramello.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

06 Jun 19 Monster Beverage Corporation AGM 1.5 For Agenda item : Elect Director Gary P. Fayard.

06 Jun 19 Monster Beverage Corporation AGM 1.6 For Agenda item : Elect Director Jeanne P. Jackson.

06 Jun 19 Monster Beverage Corporation AGM 1.7 For Agenda item : Elect Director Steven G. Pizula.

06 Jun 19 Monster Beverage Corporation AGM 1.8 Withhold Agenda item : Elect Director Benjamin M. Polk.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

06 Jun 19 Monster Beverage Corporation AGM 1.9 Withhold Agenda item : Elect Director Sydney Selati.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

06 Jun 19 Monster Beverage Corporation AGM 2 Opposed Agenda item : Ratify Deloitte & Touche LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

06 Jun 19 Monster Beverage Corporation AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

41 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

06 Jun 19 Netflix, Inc. AGM 1a Withhold Agenda item : Elect Director Timothy M. Haley.

UBS note : We will not support the election of directors who have overruled or

ignored a proposal which gained majority shareholder support at the last

AGM.

06 Jun 19 Netflix, Inc. AGM 1b Withhold Agenda item : Elect Director Leslie Kilgore.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

06 Jun 19 Netflix, Inc. AGM 1c Withhold Agenda item : Elect Director Ann Mather.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

06 Jun 19 Netflix, Inc. AGM 1d Withhold Agenda item : Elect Director Susan Rice.

UBS note : We will not support the election of directors who have overruled or

ignored a proposal which gained majority shareholder support at the last

AGM.

06 Jun 19 Netflix, Inc. AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditor.

06 Jun 19 Netflix, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Executive pay granted/vested during the year is not aligned with

performance.

06 Jun 19 Netflix, Inc. AGM 4 For Agenda item : Report on Political Contributions.

UBS note : We will not support company proposals allowing companies to

make political donations and will support shareholder proposals requiring

companies to be transparent concerning such donations.

06 Jun 19 Netflix, Inc. AGM 5 For Agenda item : Adopt Simple Majority Vote.

UBS note : We will support proposals that reduce supermajority voting limits.

UBS Asset Management 42

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 OneSavings Bank Plc EGM 1 For Agenda item : Approve the Combination and Authority to Allot the New

Shares.

06 Jun 19 P2P Global Investments PLC AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

06 Jun 19 P2P Global Investments PLC AGM 2 For Agenda item : Approve Remuneration Report.

06 Jun 19 P2P Global Investments PLC AGM 3 For Agenda item : Approve Dividend Policy.

06 Jun 19 P2P Global Investments PLC AGM 4 Opposed Agenda item : Re-elect Stuart Cruickshank as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

06 Jun 19 P2P Global Investments PLC AGM 5 For Agenda item : Re-elect Simon King as Director.

06 Jun 19 P2P Global Investments PLC AGM 6 For Agenda item : Re-elect Michael Cassidy as Director.

06 Jun 19 P2P Global Investments PLC AGM 7 For Agenda item : Re-elect Mahnaz Akbary-Safa as Director.

06 Jun 19 P2P Global Investments PLC AGM 8 For Agenda item : Re-elect David Fisher as Director.

06 Jun 19 P2P Global Investments PLC AGM 9 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

06 Jun 19 P2P Global Investments PLC AGM 10 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

06 Jun 19 P2P Global Investments PLC AGM 11 For Agenda item : Authorise Issue of Equity.

06 Jun 19 P2P Global Investments PLC AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

06 Jun 19 P2P Global Investments PLC AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

06 Jun 19 P2P Global Investments PLC AGM 14 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

06 Jun 19 RHI Magnesita NV AGM 4 For Agenda item : Accept Financial Statements and Statutory Reports.

06 Jun 19 RHI Magnesita NV AGM 5 For Agenda item : Approve Final Dividend.

06 Jun 19 RHI Magnesita NV AGM 6 For Agenda item : Approve Discharge of Directors.

06 Jun 19 RHI Magnesita NV AGM 7a For Agenda item : Re-elect Stefan Borgas as Director.

06 Jun 19 RHI Magnesita NV AGM 7b For Agenda item : Elect Ian Botha as Director.

UBS note : We expect the Lead Director to be independent.

06 Jun 19 RHI Magnesita NV AGM 8a For Agenda item : Re-elect Herbert Cordt as Director.

UBS note : We expect the Lead Director to be independent.

06 Jun 19 RHI Magnesita NV AGM 8b For Agenda item : Re-elect Wolfgang Ruttenstorfer as Director.

43 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 RHI Magnesita NV AGM 8c For Agenda item : Re-elect Stanislaus Prinz zu Sayn-Wittgenstein-Berleburg as

Director.

UBS note : We expect the Lead Director to be independent.

06 Jun 19 RHI Magnesita NV AGM 8d For Agenda item : Re-elect David Schlaff as Director.

UBS note : We expect the Lead Director to be independent.

06 Jun 19 RHI Magnesita NV AGM 8e For Agenda item : Re-elect Karl Sevelda as Director.

06 Jun 19 RHI Magnesita NV AGM 8f For Agenda item : Re-elect Celia Baxter as Director.

06 Jun 19 RHI Magnesita NV AGM 8g For Agenda item : Re-elect Jim Leng as Director.

06 Jun 19 RHI Magnesita NV AGM 8h For Agenda item : Re-elect John Ramsay as Director.

06 Jun 19 RHI Magnesita NV AGM 8i For Agenda item : Re-elect Andrew Hosty as Director.

06 Jun 19 RHI Magnesita NV AGM 8j For Agenda item : Elect Janet Ashdown as Director.

06 Jun 19 RHI Magnesita NV AGM 8k For Agenda item : Elect Fiona Paulus as Director.

06 Jun 19 RHI Magnesita NV AGM 9 For Agenda item : Reappoint PricewaterhouseCoopers Accountants N.V. as

Auditors.

06 Jun 19 RHI Magnesita NV AGM 10 For Agenda item : Approve Remuneration Report.

06 Jun 19 RHI Magnesita NV AGM 11 For Agenda item : Authorise Issue of Equity.

06 Jun 19 RHI Magnesita NV AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

06 Jun 19 RHI Magnesita NV AGM 13 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

06 Jun 19 RHI Magnesita NV AGM 14 For Agenda item : Authorise Market Purchase of Shares.

06 Jun 19 Rocket Internet SE AGM 2 For Agenda item : Approve Allocation of Income and Omission of Dividends.

06 Jun 19 Rocket Internet SE AGM 3 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

06 Jun 19 Rocket Internet SE AGM 4 For Agenda item : Approve Discharge of Supervisory Board for Fiscal 2018.

06 Jun 19 Rocket Internet SE AGM 5 For Agenda item : Ratify Ernst & Young GmbH as Auditors for Fiscal 2019.

06 Jun 19 Rocket Internet SE AGM 6.1 Opposed Agenda item : Re-elect Marcus Englert to the Supervisory Board.

UBS note : We will not support the election of non-independent directors

when the Board, in its entirety, lacks independence.

06 Jun 19 Rocket Internet SE AGM 6.2 Opposed Agenda item : Re-elect Norbert Lang to the Supervisory Board.

UBS note : We will not support the election of non-independent

UBS Asset Management 44

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-executive directors when less than 1/3 of the Board is independent.

06 Jun 19 Rocket Internet SE AGM 6.3 Opposed Agenda item : Re-elect Pierre Louette to the Supervisory Board.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

06 Jun 19 Rocket Internet SE AGM 6.4 Opposed Agenda item : Re-elect Joachim Schindler to the Supervisory Board.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

06 Jun 19 Rocket Internet SE AGM 7 For Agenda item : Amend Corporate Purpose.

06 Jun 19 Rocket Internet SE AGM 8 For Agenda item : Amend Articles Re: Supervisory Board Remuneration.

06 Jun 19 Rocket Internet SE AGM 9 Opposed Agenda item : Authorise Management Board Not to Disclose Individualized

Remuneration of its Members.

UBS note : We will not support amendments to articles which are against

shareholders' interests.

06 Jun 19 Rocket Internet SE AGM 10 For Agenda item : Authorise Share Repurchase Program and Reissuance or

Cancellation of Repurchased Shares.

06 Jun 19 Rocket Internet SE AGM 11 For Agenda item : Authorise Use of Financial Derivatives when Repurchasing

Shares.

06 Jun 19 Samsonite International SA AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

06 Jun 19 Samsonite International SA AGM 2 For Agenda item : Approve Allocation of Results for the Year 2018.

06 Jun 19 Samsonite International SA AGM 3 For Agenda item : Approve Cash Distribution.

06 Jun 19 Samsonite International SA AGM 4a For Agenda item : Elect Timothy Charles Parker as Director.

06 Jun 19 Samsonite International SA AGM 4b For Agenda item : Elect Paul Kenneth Etchells as Director.

06 Jun 19 Samsonite International SA AGM 4c For Agenda item : Elect Bruce Hardy McLain as Director.

06 Jun 19 Samsonite International SA AGM 5 For Agenda item : Renew Mandate Granted to KPMG Luxembourg as Statutory

Auditor.

06 Jun 19 Samsonite International SA AGM 6 For Agenda item : Approve KPMG LLP as External Auditor.

06 Jun 19 Samsonite International SA AGM 7 For Agenda item : Authorise Issuance Shares Up to 10 Percent of the Total Issued

Shares.

06 Jun 19 Samsonite International SA AGM 8 For Agenda item : Authorise Repurchase of Issued Share Capital.

45 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 Samsonite International SA AGM 9 Opposed Agenda item : Approve Grant of Restricted Share Units Pursuant to the Share

Award Scheme.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

06 Jun 19 Samsonite International SA AGM 10 Opposed Agenda item : Amend Share Award Scheme.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

06 Jun 19 Samsonite International SA AGM 11 Opposed Agenda item : Approve Grant of Restricted Share Units to Kyle Francis

Gendreau Under the Share Award Scheme.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

06 Jun 19 Samsonite International SA AGM 12 Opposed Agenda item : Approve Grant of Restricted Share Units to Other Connected

Participants Under the Share Award Scheme.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

06 Jun 19 Samsonite International SA AGM 13 For Agenda item : Approve Discharge of Directors and Auditors.

06 Jun 19 Samsonite International SA AGM 14 For Agenda item : Approve Remuneration of Directors.

06 Jun 19 Samsonite International SA AGM 15 For Agenda item : Authorise Board to Fix the Remuneration of KPMG

Luxembourg.

06 Jun 19 Telefonica SA AGM 1.1 For Agenda item : Approve Consolidated and Standalone Financial Statements.

06 Jun 19 Telefonica SA AGM 1.2 For Agenda item : Approve Non-Financial Information Report.

06 Jun 19 Telefonica SA AGM 1.3 For Agenda item : Approve Discharge of Board.

06 Jun 19 Telefonica SA AGM 2 For Agenda item : Approve Allocation of Income.

06 Jun 19 Telefonica SA AGM 3 For Agenda item : Approve Dividends.

06 Jun 19 Telefonica SA AGM 4 For Agenda item : Authorise Board to Ratify and Execute Approved Resolutions.

06 Jun 19 Telefonica SA AGM 5 Opposed Agenda item : Advisory Vote on Remuneration Report.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

06 Jun 19 W.R. Berkley Corporation AGM 1a For Agenda item : Elect Director W. Robert Berkley, Jr.

UBS Asset Management 46

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 W.R. Berkley Corporation AGM 1b Opposed Agenda item : Elect Director Ronald E. Blaylock.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

06 Jun 19 W.R. Berkley Corporation AGM 1c Opposed Agenda item : Elect Director Mary C. Farrell.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

06 Jun 19 W.R. Berkley Corporation AGM 1d For Agenda item : Elect Director Leigh Ann Pusey.

06 Jun 19 W.R. Berkley Corporation AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

06 Jun 19 W.R. Berkley Corporation AGM 3 Opposed Agenda item : Ratify KPMG LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

06 Jun 19 salesforce.com, inc. AGM 1a For Agenda item : Elect Director Marc Benioff.

06 Jun 19 salesforce.com, inc. AGM 1b For Agenda item : Elect Director Keith Block.

06 Jun 19 salesforce.com, inc. AGM 1c For Agenda item : Elect Director Parker Harris.

06 Jun 19 salesforce.com, inc. AGM 1d For Agenda item : Elect Director Craig Conway.

06 Jun 19 salesforce.com, inc. AGM 1e For Agenda item : Elect Director Alan Hassenfeld.

06 Jun 19 salesforce.com, inc. AGM 1f For Agenda item : Elect Director Neelie Kroes.

06 Jun 19 salesforce.com, inc. AGM 1g For Agenda item : Elect Director Colin Powell.

06 Jun 19 salesforce.com, inc. AGM 1h Opposed Agenda item : Elect Director Sanford Robertson.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

06 Jun 19 salesforce.com, inc. AGM 1i For Agenda item : Elect Director John V. Roos.

06 Jun 19 salesforce.com, inc. AGM 1j For Agenda item : Elect Director Bernard Tyson.

06 Jun 19 salesforce.com, inc. AGM 1k Opposed Agenda item : Elect Director Robin Washington.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

06 Jun 19 salesforce.com, inc. AGM 1l For Agenda item : Elect Director Maynard Webb.

06 Jun 19 salesforce.com, inc. AGM 1m For Agenda item : Elect Director Susan Wojcicki.

47 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

06 Jun 19 salesforce.com, inc. AGM 2a For Agenda item : Eliminate Supermajority Vote Requirement to Amend

Certificate of Incorporation and Bylaws.

06 Jun 19 salesforce.com, inc. AGM 2b For Agenda item : Eliminate Supermajority Vote Requirement to Remove

Directors.

06 Jun 19 salesforce.com, inc. AGM 3 For Agenda item : Amend Omnibus Stock Plan.

06 Jun 19 salesforce.com, inc. AGM 4 For Agenda item : Ratify Ernst & Young LLP as Auditors.

06 Jun 19 salesforce.com, inc. AGM 5 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

06 Jun 19 salesforce.com, inc. AGM 6 Opposed Agenda item : Disclose Board Diversity and Qualifications Matrix.

07 Jun 19 Ferrexpo Plc AGM 1 Opposed Agenda item : Accept Financial Statements and Statutory Reports.

UBS note : We will not support financial accounts where the Company has

failed to publish its accounts on time or there are strong concerns relating to

their accuracy or reliability.

07 Jun 19 Ferrexpo Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

07 Jun 19 Ferrexpo Plc AGM 3 For Agenda item : Approve Final Dividend.

07 Jun 19 Ferrexpo Plc AGM 4 For Agenda item : Elect Lucio Genovese as Director.

07 Jun 19 Ferrexpo Plc AGM 5 For Agenda item : Re-elect Vitalii Lisovenko as Director.

07 Jun 19 Ferrexpo Plc AGM 6 Opposed Agenda item : Re-elect Stephen Lucas as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

07 Jun 19 Ferrexpo Plc AGM 7 For Agenda item : Re-elect Christopher Mawe as Director.

07 Jun 19 Ferrexpo Plc AGM 8 For Agenda item : Re-elect Kostyantin Zhevago as Director.

07 Jun 19 Ferrexpo Plc AGM 9 For Agenda item : Authorise Issue of Equity.

07 Jun 19 Ferrexpo Plc AGM 10 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

07 Jun 19 Ferrexpo Plc AGM 11 For Agenda item : Authorise Market Purchase of Ordinary Shares.

07 Jun 19 Ferrexpo Plc AGM 12 For Agenda item : Authorise the Company to Call General Meeting with Two

UBS Asset Management 48

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Weeks' Notice.

07 Jun 19 Garmin Ltd. AGM 1 For Agenda item : Accept Consolidated Financial Statements and Statutory

Reports.

07 Jun 19 Garmin Ltd. AGM 2 For Agenda item : Approve Allocation of Income and Dividends.

07 Jun 19 Garmin Ltd. AGM 3 For Agenda item : Approve Dividends.

07 Jun 19 Garmin Ltd. AGM 4 For Agenda item : Approve Discharge of Board and Senior Management.

07 Jun 19 Garmin Ltd. AGM 5.1 For Agenda item : Elect Director Min H. Kao.

07 Jun 19 Garmin Ltd. AGM 5.2 Opposed Agenda item : Elect Director Jonathan C. Burrell.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

07 Jun 19 Garmin Ltd. AGM 5.3 For Agenda item : Elect Director Joseph J. Hartnett.

07 Jun 19 Garmin Ltd. AGM 5.4 Opposed Agenda item : Elect Director Charles W. Peffer.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

07 Jun 19 Garmin Ltd. AGM 5.5 For Agenda item : Elect Director Clifton A. Pemble.

07 Jun 19 Garmin Ltd. AGM 5.6 For Agenda item : Elect Director Catherine A. Lewis.

07 Jun 19 Garmin Ltd. AGM 6 For Agenda item : Elect Min H. Kao as Board Chairman.

07 Jun 19 Garmin Ltd. AGM 7.1 For Agenda item : Appoint Joseph J. Hartnett as Member of the Compensation

Committee.

07 Jun 19 Garmin Ltd. AGM 7.2 Opposed Agenda item : Appoint Charles W. Peffer as Member of the Compensation

Committee.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

07 Jun 19 Garmin Ltd. AGM 7.3 Opposed Agenda item : Appoint Jonathan C. Burrell as Member of the Compensation

Committee.

UBS note : We will not support the election of the Chair of the Nomination

49 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

07 Jun 19 Garmin Ltd. AGM 7.4 For Agenda item : Appoint Catherine A. Lewis as Member of the Compensation

Committee.

07 Jun 19 Garmin Ltd. AGM 8 For Agenda item : Designate Wuersch & Gering LLP as Independent Proxy.

07 Jun 19 Garmin Ltd. AGM 9 Opposed Agenda item : Ratify Ernst & Young LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

07 Jun 19 Garmin Ltd. AGM 10 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

07 Jun 19 Garmin Ltd. AGM 11 Opposed Agenda item : Approve Fiscal Year 2020 Maximum Aggregate Compensation

for the Executive Management.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

07 Jun 19 Garmin Ltd. AGM 12 For Agenda item : Approve Maximum Aggregate Compensation for the Board of

Directors for the Period Between the 2019 AGM and the 2020 AGM.

07 Jun 19 Garmin Ltd. AGM 13 For Agenda item : Amend Qualified Employee Stock Purchase Plan.

07 Jun 19 Garmin Ltd. AGM 14 For Agenda item : Amend Omnibus Stock Plan.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1a Opposed Agenda item : Elect Director Robert J. Gamgort.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1b For Agenda item : Elect Director Olivier Goudet.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1c Opposed Agenda item : Elect Director Peter Harf.

UBS note : We will not support the election of an Executive Director being

elected to serve on the Compensation/Remuneration Committee.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1d For Agenda item : Elect Director Genevieve Hovde.

UBS Asset Management 50

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

07 Jun 19 Keurig Dr Pepper Inc. AGM 1e For Agenda item : Elect Director Anna-Lena Kamenetzky.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1f For Agenda item : Elect Director Paul S. Michaels.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1g For Agenda item : Elect Director Pamela H. Patsley.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1h For Agenda item : Elect Director Gerhard Pleuhs.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1i For Agenda item : Elect Director Fabien Simon.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1j For Agenda item : Elect Director Robert Singer.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1k For Agenda item : Elect Director Dirk Van de Put.

07 Jun 19 Keurig Dr Pepper Inc. AGM 1l For Agenda item : Elect Director Larry D. Young.

07 Jun 19 Keurig Dr Pepper Inc. AGM 2 For Agenda item : Ratify Deloitte & Touche LLP as Auditors.

07 Jun 19 Keurig Dr Pepper Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

07 Jun 19 Keurig Dr Pepper Inc. AGM 4 For Agenda item : Approve Omnibus Stock Plan.

07 Jun 19 The Macerich Company AGM 1a Opposed Agenda item : Elect Director Peggy Alford.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

07 Jun 19 The Macerich Company AGM 1b For Agenda item : Elect Director John H. Alschuler.

07 Jun 19 The Macerich Company AGM 1c Opposed Agenda item : Elect Director Eric K. Brandt.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

07 Jun 19 The Macerich Company AGM 1d For Agenda item : Elect Director Edward C. Coppola.

07 Jun 19 The Macerich Company AGM 1e For Agenda item : Elect Director Steven R. Hash.

07 Jun 19 The Macerich Company AGM 1f For Agenda item : Elect Director Daniel J. Hirsch.

07 Jun 19 The Macerich Company AGM 1g For Agenda item : Elect Director Diana M. Laing.

07 Jun 19 The Macerich Company AGM 1h For Agenda item : Elect Director Thomas E. O'Hern.

07 Jun 19 The Macerich Company AGM 1i For Agenda item : Elect Director Steven L. Soboroff.

51 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

07 Jun 19 The Macerich Company AGM 1j For Agenda item : Elect Director Andrea M. Stephen.

07 Jun 19 The Macerich Company AGM 2 For Agenda item : Ratify KPMG LLP as Auditors.

07 Jun 19 The Macerich Company AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

10 Jun 19 MercadoLibre, Inc. AGM 1.1 For Agenda item : Elect Director Emiliano Calemzuk.

10 Jun 19 MercadoLibre, Inc. AGM 1.2 For Agenda item : Elect Director Marcos Galperin.

10 Jun 19 MercadoLibre, Inc. AGM 1.3 Withhold Agenda item : Elect Director Roberto Balls Sallouti.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

10 Jun 19 MercadoLibre, Inc. AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

10 Jun 19 MercadoLibre, Inc. AGM 3 For Agenda item : Amend Omnibus Stock Plan.

10 Jun 19 MercadoLibre, Inc. AGM 4 For Agenda item : Ratify Deloitte & Co. S.A. as Auditor.

10 Jun 19 Roper Technologies, Inc. AGM 1.1 For Agenda item : Elect Director Shellye L. Archambeau.

10 Jun 19 Roper Technologies, Inc. AGM 1.10 Withhold Agenda item : Elect Director Christopher Wright.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

10 Jun 19 Roper Technologies, Inc. AGM 1.2 For Agenda item : Elect Director Amy Woods Brinkley.

10 Jun 19 Roper Technologies, Inc. AGM 1.3 Withhold Agenda item : Elect Director John F. Fort, III.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

10 Jun 19 Roper Technologies, Inc. AGM 1.4 For Agenda item : Elect Director L. Neil Hunn.

10 Jun 19 Roper Technologies, Inc. AGM 1.5 Withhold Agenda item : Elect Director Robert D. Johnson.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

10 Jun 19 Roper Technologies, Inc. AGM 1.6 For Agenda item : Elect Director Robert E. Knowling, Jr.

UBS Asset Management 52

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

10 Jun 19 Roper Technologies, Inc. AGM 1.7 Withhold Agenda item : Elect Director Wilbur J. Prezzano.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

10 Jun 19 Roper Technologies, Inc. AGM 1.8 For Agenda item : Elect Director Laura G. Thatcher.

10 Jun 19 Roper Technologies, Inc. AGM 1.9 Withhold Agenda item : Elect Director Richard F. Wallman.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

10 Jun 19 Roper Technologies, Inc. AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

10 Jun 19 Roper Technologies, Inc. AGM 3 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

10 Jun 19 Roper Technologies, Inc. AGM 4 For Agenda item : Report on Political Contributions Disclosure.

UBS note : We will not support company proposals allowing companies to

make political donations and will support shareholder proposals requiring

companies to be transparent concerning such donations.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 2 For Agenda item : Approve Remuneration Report.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 3 For Agenda item : Approve Remuneration Policy.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 4 For Agenda item : Approve Dividend Policy.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 5 For Agenda item : Elect Caroline Gulliver as Director.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 6 For Agenda item : Elect John Heawood as Director.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 7 For Agenda item : Elect Tony Roper as Director.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 8 For Agenda item : Elect Diane Wilde as Director.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 9 For Agenda item : Appoint KPMG LLP as Auditors.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 10 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 11 For Agenda item : Authorise Issue of Equity.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

11 Jun 19 Aberdeen Standard European Logistics Income Plc AGM 14 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

53 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Best Buy Co., Inc. AGM 1a For Agenda item : Elect Director Corie S. Barry.

11 Jun 19 Best Buy Co., Inc. AGM 1b For Agenda item : Elect Director Lisa M. Caputo.

11 Jun 19 Best Buy Co., Inc. AGM 1c For Agenda item : Elect Director J. Patrick Doyle.

11 Jun 19 Best Buy Co., Inc. AGM 1d For Agenda item : Elect Director Russell P. Fradin.

11 Jun 19 Best Buy Co., Inc. AGM 1e For Agenda item : Elect Director Kathy J. Higgins Victor.

11 Jun 19 Best Buy Co., Inc. AGM 1f For Agenda item : Elect Director Hubert Joly.

11 Jun 19 Best Buy Co., Inc. AGM 1g For Agenda item : Elect Director David W. Kenny.

11 Jun 19 Best Buy Co., Inc. AGM 1h For Agenda item : Elect Director Cindy R. Kent.

11 Jun 19 Best Buy Co., Inc. AGM 1i For Agenda item : Elect Director Karen A. McLoughlin.

11 Jun 19 Best Buy Co., Inc. AGM 1j For Agenda item : Elect Director Thomas L. "Tommy" Millner.

11 Jun 19 Best Buy Co., Inc. AGM 1k For Agenda item : Elect Director Claudia F. Munce.

11 Jun 19 Best Buy Co., Inc. AGM 1l For Agenda item : Elect Director Richelle P. Parham.

11 Jun 19 Best Buy Co., Inc. AGM 1m For Agenda item : Elect Director Eugene A. Woods.

11 Jun 19 Best Buy Co., Inc. AGM 2 For Agenda item : Ratify Deloitte & Touche LLP as Auditor.

11 Jun 19 Best Buy Co., Inc. AGM 3 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

11 Jun 19 Equitrans Midstream Corporation AGM 1.1 For Agenda item : Elect Director Vicky A. Bailey.

11 Jun 19 Equitrans Midstream Corporation AGM 1.2 For Agenda item : Elect Director Kenneth M. Burke.

11 Jun 19 Equitrans Midstream Corporation AGM 1.3 For Agenda item : Elect Director Margaret K. Dorman.

11 Jun 19 Equitrans Midstream Corporation AGM 1.4 For Agenda item : Elect Director Thomas F. Karam.

11 Jun 19 Equitrans Midstream Corporation AGM 1.5 For Agenda item : Elect Director David L. Porges.

11 Jun 19 Equitrans Midstream Corporation AGM 1.6 For Agenda item : Elect Director Norman J. Szydlowski.

11 Jun 19 Equitrans Midstream Corporation AGM 1.7 For Agenda item : Elect Director Robert F. Vagt.

11 Jun 19 Equitrans Midstream Corporation AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

11 Jun 19 Equitrans Midstream Corporation AGM 4 For Agenda item : Ratify Ernst & Young LLP as Auditor.

11 Jun 19 Funding Circle Sme Income Fund Ltd. EGM 1 For Agenda item : Amend Investment Objective and Policy.

UBS Asset Management 54

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Funding Circle Sme Income Fund Ltd. EGM 2 For Agenda item : Appoint Funding Circle Global Partners Limited to Facilitate

Potential Portfolio Sales on Behalf of the Company.

11 Jun 19 Funding Circle Sme Income Fund Ltd. EGM 3 For Agenda item : Adopt New Articles of Incorporation.

11 Jun 19 Funding Circle Sme Income Fund Ltd. EGM 4 For Agenda item : Approve Change of Company Name to SME Credit Realisation

Fund Limited.

11 Jun 19 Hansteen Holdings Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

11 Jun 19 Hansteen Holdings Plc AGM 2 For Agenda item : Approve Remuneration Report.

11 Jun 19 Hansteen Holdings Plc AGM 3 Opposed Agenda item : Approve Remuneration Policy.

UBS note : New policy will be more balanced towards short term.

11 Jun 19 Hansteen Holdings Plc AGM 4 For Agenda item : Re-elect Ian Watson as Director.

11 Jun 19 Hansteen Holdings Plc AGM 5 For Agenda item : Re-elect Morgan Jones as Director.

11 Jun 19 Hansteen Holdings Plc AGM 6 For Agenda item : Re-elect Rick Lowes as Director.

11 Jun 19 Hansteen Holdings Plc AGM 7 Opposed Agenda item : Re-elect Melvyn Egglenton as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

11 Jun 19 Hansteen Holdings Plc AGM 8 For Agenda item : Re-elect David Rough as Director.

11 Jun 19 Hansteen Holdings Plc AGM 9 For Agenda item : Re-elect Jim Clarke as Director.

11 Jun 19 Hansteen Holdings Plc AGM 10 For Agenda item : Reappoint Deloitte LLP as Auditors.

11 Jun 19 Hansteen Holdings Plc AGM 11 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

11 Jun 19 Hansteen Holdings Plc AGM 12 For Agenda item : Authorise EU Political Donations and Expenditure.

11 Jun 19 Hansteen Holdings Plc AGM 13 For Agenda item : Authorise Issue of Equity.

11 Jun 19 Hansteen Holdings Plc AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

11 Jun 19 Hansteen Holdings Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

11 Jun 19 Hansteen Holdings Plc AGM 16 For Agenda item : Authorise Market Purchase of Ordinary Shares.

11 Jun 19 Hansteen Holdings Plc AGM 17 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

11 Jun 19 Ingenico Group SA Annual/Special 1 For Agenda item : Approve Financial Statements and Statutory Reports.

55 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Ingenico Group SA Annual/Special 2 For Agenda item : Approve Consolidated Financial Statements and Statutory

Reports.

11 Jun 19 Ingenico Group SA Annual/Special 3 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.10 per

Share.

11 Jun 19 Ingenico Group SA Annual/Special 4 For Agenda item : Approve Stock Dividend Program.

11 Jun 19 Ingenico Group SA Annual/Special 5 For Agenda item : Approve Auditors' Special Report on Related-Party

Transactions.

11 Jun 19 Ingenico Group SA Annual/Special 6 For Agenda item : Approve Severance Agreement with Nicolas Huss, CEO.

11 Jun 19 Ingenico Group SA Annual/Special 7 For Agenda item : Ratify Appointment of Nicolas Huss as Director.

11 Jun 19 Ingenico Group SA Annual/Special 8 For Agenda item : Re-elect Nicolas Huss as Director.

11 Jun 19 Ingenico Group SA Annual/Special 9 For Agenda item : Re-elect Diaa Elyaacoubi as Director.

11 Jun 19 Ingenico Group SA Annual/Special 10 For Agenda item : Re-elect Sophie Stabile as Director.

11 Jun 19 Ingenico Group SA Annual/Special 11 For Agenda item : Elect Agnes Audier as Director.

11 Jun 19 Ingenico Group SA Annual/Special 12 For Agenda item : Elect Nazan Somer Ozelgin as Director.

11 Jun 19 Ingenico Group SA Annual/Special 13 For Agenda item : Elect Michael Stollarz as Director.

11 Jun 19 Ingenico Group SA Annual/Special 14 For Agenda item : Approve Compensation of Philippe Lazare, Chairman and CEO

Until Nov. 5, 2018.

11 Jun 19 Ingenico Group SA Annual/Special 15 For Agenda item : Approve Compensation of Nicolas Huss, CEO Since Nov. 5,

2018.

11 Jun 19 Ingenico Group SA Annual/Special 16 For Agenda item : Approve Compensation of Bernard Bourigeaud, Chairman of

the Board Since Nov. 5, 2018.

11 Jun 19 Ingenico Group SA Annual/Special 17 For Agenda item : Approve Remuneration Policy of CEO.

11 Jun 19 Ingenico Group SA Annual/Special 18 For Agenda item : Approve Remuneration Policy of Chairman of the Board.

11 Jun 19 Ingenico Group SA Annual/Special 19 For Agenda item : Approve Remuneration of Directors in the Aggregate Amount

of EUR 750,000.

11 Jun 19 Ingenico Group SA Annual/Special 20 For Agenda item : Authorise Repurchase of Up to 10 Percent of Issued Share

Capital.

11 Jun 19 Ingenico Group SA Annual/Special 21 For Agenda item : Authorise Capitalization of Reserves of Up to EUR 10 Million for

Bonus Issue or Increase in Par Value.

UBS Asset Management 56

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Ingenico Group SA Annual/Special 22 For Agenda item : Authorise Capital Issuances for Use in Employee Stock Purchase

Plans.

11 Jun 19 Ingenico Group SA Annual/Special 23 For Agenda item : Authorise Capital Issuances for Use in Employee Stock Purchase

Plans Reserved for Employees of International Subsidiaries.

11 Jun 19 Ingenico Group SA Annual/Special 24 For Agenda item : Authorise up to 3 Percent of Issued Capital for Use in Restricted

Stock Plans.

11 Jun 19 Ingenico Group SA Annual/Special 25 For Agenda item : Amend Article 13 of Bylaws Re: Age Limit for Chairman of the

Board.

11 Jun 19 Ingenico Group SA Annual/Special 26 For Agenda item : Amend Articles 12 and 13 of Bylaws Re: Vice-Chairman

Nomination.

11 Jun 19 Ingenico Group SA Annual/Special 27 For Agenda item : Amend Article 12 of Bylaws Re: Board-Ownership of Shares.

11 Jun 19 Ingenico Group SA Annual/Special 28 For Agenda item : Authorise Filing of Required Documents/Other Formalities.

11 Jun 19 Liberty Global plc AGM 1 For Agenda item : Elect Director Andrew J. Cole.

11 Jun 19 Liberty Global plc AGM 2 For Agenda item : Elect Director Richard R. Green.

11 Jun 19 Liberty Global plc AGM 3 Opposed Agenda item : Elect Director David E. Rapley.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

11 Jun 19 Liberty Global plc AGM 4 Opposed Agenda item : Approve Remuneration Report.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

11 Jun 19 Liberty Global plc AGM 5 Opposed Agenda item : Amend Omnibus Stock Plan.

UBS note : We will not support an Omnibus Plan where we believe it is too

expensive, causes excessive dilution or is not in line with market best practice.

11 Jun 19 Liberty Global plc AGM 6 For Agenda item : Ratify KPMG LLP (U.S.) as Auditors.

11 Jun 19 Liberty Global plc AGM 7 For Agenda item : Ratify KPMG LLP (U.K.) as Auditors.

11 Jun 19 Liberty Global plc AGM 8 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

11 Jun 19 Liberty Global plc AGM 9 For Agenda item : Authorise Share Repurchase Program.

57 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Liberty Global plc AGM 10 Opposed Agenda item : Authorise Issue of Equity.

UBS note : We will not support routine authorities to issue shares with

pre-emption rights exceeding 1/3 of the issued share capital as they are

potentially overly dilutive and therefore not in the interest of existing

shareholders.

11 Jun 19 Liberty Global plc AGM 11 Opposed Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 2 For Agenda item : Approve Remuneration Report.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 3 For Agenda item : Approve Remuneration Policy.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 4 For Agenda item : Approve Dividend Policy.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 5 For Agenda item : Re-elect Neil Gaskell as Director.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 6 For Agenda item : Re-elect Marian Glen as Director.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 7 For Agenda item : Re-elect Gary Le Sueur as Director.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 8 For Agenda item : Re-elect Gillian Watson as Director.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 9 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 10 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 11 For Agenda item : Authorise Issue of Equity.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 12 For Agenda item : Adopt Revised Investment Objective and Policy.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

11 Jun 19 Martin Currie Global Portfolio Trust Plc AGM 15 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

11 Jun 19 Primary Health Properties Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

11 Jun 19 Primary Health Properties Plc AGM 2 For Agenda item : Approve Remuneration Report.

11 Jun 19 Primary Health Properties Plc AGM 3 For Agenda item : Approve the Company's Dividend Policy.

11 Jun 19 Primary Health Properties Plc AGM 4 For Agenda item : Reappoint Deloitte LLP as Auditors.

UBS Asset Management 58

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Primary Health Properties Plc AGM 5 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

11 Jun 19 Primary Health Properties Plc AGM 6 For Agenda item : Re-elect Steven Owen as Director.

11 Jun 19 Primary Health Properties Plc AGM 7 For Agenda item : Re-elect Harry Hyman as Director.

11 Jun 19 Primary Health Properties Plc AGM 8 For Agenda item : Re-elect Richard Howell as Director.

11 Jun 19 Primary Health Properties Plc AGM 9 For Agenda item : Re-elect Dr Stephen Kell as Director.

11 Jun 19 Primary Health Properties Plc AGM 10 For Agenda item : Re-elect Ian Krieger as Director.

11 Jun 19 Primary Health Properties Plc AGM 11 For Agenda item : Elect Peter Cole as Director.

11 Jun 19 Primary Health Properties Plc AGM 12 For Agenda item : Elect Helen Mahy as Director.

11 Jun 19 Primary Health Properties Plc AGM 13 For Agenda item : Elect Laure Duhot as Director.

11 Jun 19 Primary Health Properties Plc AGM 14 For Agenda item : Authorise Issue of Equity.

11 Jun 19 Primary Health Properties Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

11 Jun 19 Primary Health Properties Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

11 Jun 19 Primary Health Properties Plc AGM 17 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

11 Jun 19 Primary Health Properties Plc AGM 18 For Agenda item : Authorise Market Purchase of Ordinary Shares.

11 Jun 19 Primary Health Properties Plc AGM 19 For Agenda item : Approve Scrip Dividend.

11 Jun 19 Primary Health Properties Plc AGM 20 For Agenda item : Authorise EU Political Donations and Expenditure.

11 Jun 19 Restaurant Brands International Inc. AGM 1.1 Withhold Agenda item : Elect Director Alexandre Behring.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

11 Jun 19 Restaurant Brands International Inc. AGM 1.10 For Agenda item : Elect Director Carlos Alberto Sicupira.

11 Jun 19 Restaurant Brands International Inc. AGM 1.11 For Agenda item : Elect Director Roberto Moses Thompson Motta.

11 Jun 19 Restaurant Brands International Inc. AGM 1.12 For Agenda item : Elect Director Alexandre Van Damme.

11 Jun 19 Restaurant Brands International Inc. AGM 1.2 For Agenda item : Elect Director Marc Caira.

11 Jun 19 Restaurant Brands International Inc. AGM 1.3 For Agenda item : Elect Director Joao M. Castro-Neves.

11 Jun 19 Restaurant Brands International Inc. AGM 1.4 For Agenda item : Elect Director Martin E. Franklin.

59 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Restaurant Brands International Inc. AGM 1.5 For Agenda item : Elect Director Paul J. Fribourg.

11 Jun 19 Restaurant Brands International Inc. AGM 1.6 For Agenda item : Elect Director Neil Golden.

11 Jun 19 Restaurant Brands International Inc. AGM 1.7 For Agenda item : Elect Director Ali G. Hedayat.

11 Jun 19 Restaurant Brands International Inc. AGM 1.8 For Agenda item : Elect Director Golnar Khosrowshahi.

11 Jun 19 Restaurant Brands International Inc. AGM 1.9 For Agenda item : Elect Director Daniel S. Schwartz.

11 Jun 19 Restaurant Brands International Inc. AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

11 Jun 19 Restaurant Brands International Inc. AGM 3 Withhold Agenda item : Approve KPMG LLP as Auditors and Authorise Board to Fix

Their Remuneration.

UBS note : The tenure of auditor used by the company exceeds 20 years.

11 Jun 19 Restaurant Brands International Inc. AGM 4 For Agenda item : Report on Minimum Requirements and Standards Related to

Workforce Practices.

UBS note : We are supportive of resolutions seeking reports from issuers on

specific issues on the condition these are not overly demanding or beyond the

remit of the company's reporting.

11 Jun 19 Restaurant Brands International Inc. AGM 5 For Agenda item : Report on Policy to Reduce Deforestation in Supply Chain.

UBS note : We will support proposals that seek to promote greater disclosure

and transparency in corporate environmental policies as long as: a) the issues

are not already effectively dealt with through legislation or regulation; b) the

company has not already responded in a sufficient manner; and c) the proposal

is not unduly burdensome or overly prescriptive.

11 Jun 19 Restaurant Brands International Inc. AGM 6 For Agenda item : Report on Sustainable Packaging.

UBS note : A report addressing plastic pollution and recycling as part of a

comprehensive policy on sustainable packaging would allow shareholders to

better understand the company's efforts to manage and mitigate any issues

associated with its post-consumer packaging waste and compare those efforts

to other companies. Therefore, support for this proposal is warranted.

11 Jun 19 Rubis SCA Annual/Special 1 For Agenda item : Approve Financial Statements and Statutory Reports.

11 Jun 19 Rubis SCA Annual/Special 2 For Agenda item : Approve Consolidated Financial Statements and Statutory

UBS Asset Management 60

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Reports.

11 Jun 19 Rubis SCA Annual/Special 3 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.59 per

Share and of EUR 0.79 per Preferred Shares.

11 Jun 19 Rubis SCA Annual/Special 4 For Agenda item : Approve Stock Dividend Program.

11 Jun 19 Rubis SCA Annual/Special 5 For Agenda item : Re-elect Chantal Mazzacurati as Supervisory Board Member.

11 Jun 19 Rubis SCA Annual/Special 6 For Agenda item : Re-elect Marie Helene Dessailly as Supervisory Board Member.

11 Jun 19 Rubis SCA Annual/Special 7 For Agenda item : Elect Aurelie Goulart Lechevalier as Supervisory Board Member.

11 Jun 19 Rubis SCA Annual/Special 8 For Agenda item : Elect Carole Fiquemont as Supervisory Board Member.

11 Jun 19 Rubis SCA Annual/Special 9 For Agenda item : Elect Marc-Olivier Laurent as Supervisory Board Member.

11 Jun 19 Rubis SCA Annual/Special 10 For Agenda item : Approve Remuneration of Supervisory Board Members in the

Aggregate Amount of EUR 200,000.

11 Jun 19 Rubis SCA Annual/Special 11 For Agenda item : Approve Compensation of Gilles Gobin, General Manager.

11 Jun 19 Rubis SCA Annual/Special 12 For Agenda item : Approve Compensation of Sorgema SARL, General Manager.

11 Jun 19 Rubis SCA Annual/Special 13 For Agenda item : Approve Compensation of Agena SAS, General Manager.

11 Jun 19 Rubis SCA Annual/Special 14 For Agenda item : Approve Compensation of Olivier Heckenroth, Chairman of the

Supervisory Board.

11 Jun 19 Rubis SCA Annual/Special 15 For Agenda item : Authorise Repurchase of Up to 1 Percent of Issued Share

Capital.

11 Jun 19 Rubis SCA Annual/Special 16 For Agenda item : Approve Auditors' Special Report on Related-Party

Transactions.

11 Jun 19 Rubis SCA Annual/Special 17 For Agenda item : Set Total Limit for Capital Increase to Result from Issuance

Requests Under Items 18-19 and 21-24 at EUR 32 Million.

11 Jun 19 Rubis SCA Annual/Special 18 For Agenda item : Authorise Issuance of Equity or Equity-Linked Securities with

Pre-emptive Rights up to Aggregate Nominal Amount of EUR 24 Million.

11 Jun 19 Rubis SCA Annual/Special 19 For Agenda item : Authorise Board to Increase Capital in the Event of Additional

Demand Related to Delegation Submitted to Shareholder Vote Above.

11 Jun 19 Rubis SCA Annual/Special 20 For Agenda item : Authorise Capitalization of Reserves of Up to EUR 9.7 Million

for Bonus Issue or Increase in Par Value.

11 Jun 19 Rubis SCA Annual/Special 21 For Agenda item : Authorise Capital Increase of up to EUR 8 Million for

61 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Contributions in Kind.

11 Jun 19 Rubis SCA Annual/Special 22 For Agenda item : Authorise up to 1.25 Percent of Issued Capital for Use in

Restricted Stock Plans.

11 Jun 19 Rubis SCA Annual/Special 23 For Agenda item : Authorise up to 0.25 Percent of Issued Capital for Use in Stock

Option Plans.

11 Jun 19 Rubis SCA Annual/Special 24 For Agenda item : Authorise Capital Issuances for Use in Employee Stock Purchase

Plans.

11 Jun 19 Rubis SCA Annual/Special 25 For Agenda item : Amend Article 1 of Bylaws Re: Company Form.

11 Jun 19 Rubis SCA Annual/Special 26 For Agenda item : Authorise Filing of Required Documents/Other Formalities.

11 Jun 19 S-Oil Corp. EGM 1.1 For Agenda item : Elect Hussain A. Al-Qahtani as Inside Director.

11 Jun 19 S-Oil Corp. EGM 1.2 For Agenda item : Elect Ziad T. Al-Murshed as Non-Independent Non-Executive

Director.

11 Jun 19 SJM Holdings Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

11 Jun 19 SJM Holdings Limited AGM 2 For Agenda item : Approve Final Dividend.

11 Jun 19 SJM Holdings Limited AGM 3.1 For Agenda item : Elect Ng Chi Sing as Director.

11 Jun 19 SJM Holdings Limited AGM 3.2 For Agenda item : Elect Chau Tak Hay as Director.

11 Jun 19 SJM Holdings Limited AGM 4 Opposed Agenda item : Elect Tsang On Yip, Patrick as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

11 Jun 19 SJM Holdings Limited AGM 5 For Agenda item : Elect Wong Yu Pok, Marina as Director.

11 Jun 19 SJM Holdings Limited AGM 6 For Agenda item : Authorise Board to Fix Remuneration of Directors.

11 Jun 19 SJM Holdings Limited AGM 7 For Agenda item : Approve Deloitte Touche Tohmatsu as Auditor and Authorise

Board to Fix Their Remuneration.

11 Jun 19 SJM Holdings Limited AGM 8 Opposed Agenda item : Approve Grant of Options Under the Share Option Scheme.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

11 Jun 19 SJM Holdings Limited AGM 9 For Agenda item : Authorise Repurchase of Issued Share Capital.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.1 For Agenda item : Elect Director Mahesh Aditya.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.10 For Agenda item : Elect Director William Rainer.

UBS Asset Management 62

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.2 For Agenda item : Elect Director Jose Doncel.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.3 For Agenda item : Elect Director Stephen A. Ferriss.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.4 For Agenda item : Elect Director Victor Hill.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.5 For Agenda item : Elect Director Edith E. Holiday.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.6 Withhold Agenda item : Elect Director Javier Maldonado.

UBS note : We will not support the election of an Executive Director being

elected to serve on the Compensation/Remuneration Committee.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.7 For Agenda item : Elect Director Robert J. McCarthy.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.8 For Agenda item : Elect Director William F. Muir.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 1.9 For Agenda item : Elect Director Scott Powell.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 2 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

11 Jun 19 Santander Consumer USA Holdings Inc. AGM 3 Opposed Agenda item : Report on Risk of Racial Discrimination in Vehicle Lending.

11 Jun 19 Ted Baker Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

11 Jun 19 Ted Baker Plc AGM 2 For Agenda item : Approve Remuneration Report.

11 Jun 19 Ted Baker Plc AGM 3 For Agenda item : Ratify Non-Executive Directors' Fees; Approve Increase in the

Aggregate Limit of Fees Payable to Non-Executive Directors.

11 Jun 19 Ted Baker Plc AGM 4 For Agenda item : Approve Additional Fees to Non-Executive Directors.

11 Jun 19 Ted Baker Plc AGM 5 For Agenda item : Approve Final Dividend.

11 Jun 19 Ted Baker Plc AGM 6 For Agenda item : Re-elect Lindsay Page as Director.

11 Jun 19 Ted Baker Plc AGM 7 For Agenda item : Re-elect David Bernstein as Director.

11 Jun 19 Ted Baker Plc AGM 8 Opposed Agenda item : Re-elect Ron Stewart as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

11 Jun 19 Ted Baker Plc AGM 9 For Agenda item : Re-elect Andrew Jennings as Director.

11 Jun 19 Ted Baker Plc AGM 10 For Agenda item : Re-elect Jennifer Roebuck as Director.

11 Jun 19 Ted Baker Plc AGM 11 For Agenda item : Elect Sharon Baylay as Director.

11 Jun 19 Ted Baker Plc AGM 12 For Agenda item : Elect Helena Feltham as Director.

11 Jun 19 Ted Baker Plc AGM 13 For Agenda item : Reappoint KPMG LLP as Auditors.

11 Jun 19 Ted Baker Plc AGM 14 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

63 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Auditors.

11 Jun 19 Ted Baker Plc AGM 15 For Agenda item : Authorise Issue of Equity.

11 Jun 19 Ted Baker Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

11 Jun 19 Ted Baker Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

11 Jun 19 Ted Baker Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

11 Jun 19 Tesla, Inc. AGM 1.1 Opposed Agenda item : Elect Director Ira Ehrenpreis.

UBS note : The nominee is Chair of the Remuneration Committee and there

are concerns regarding executive pay at the company.

11 Jun 19 Tesla, Inc. AGM 1.2 For Agenda item : Elect Director Kathleen Wilson-Thompson.

11 Jun 19 Tesla, Inc. AGM 2 Opposed Agenda item : Approve Omnibus Stock Plan.

UBS note : We will not support an Omnibus Plan where we believe it is too

expensive, causes excessive dilution or is not in line with market best practice.

11 Jun 19 Tesla, Inc. AGM 3 For Agenda item : Approve Qualified Employee Stock Purchase Plan.

11 Jun 19 Tesla, Inc. AGM 4 For Agenda item : Eliminate Supermajority Vote Requirement.

11 Jun 19 Tesla, Inc. AGM 5 For Agenda item : Amend Certificate of Incorporation to Reduce Director Terms.

11 Jun 19 Tesla, Inc. AGM 6 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

11 Jun 19 Tesla, Inc. AGM 7 Opposed Agenda item : Establish Public Policy Committee.

11 Jun 19 Tesla, Inc. AGM 8 For Agenda item : Adopt Simple Majority Vote.

UBS note : We will support proposals that reduce supermajority voting limits.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 1a For Agenda item : Elect Director Amir Elstein.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 1b For Agenda item : Elect Director Roberto A. Mignone.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 1c For Agenda item : Elect Director Perry D. Nisen.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

UBS Asset Management 64

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 3 Opposed Agenda item : Approve Amended Compensation Policy for Executive Officers

and Directors of the Company.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 3a Opposed Agenda item : Vote FOR if you are a controlling shareholder or have a

personal interest in Item 3, as indicated in the proxy card; otherwise, vote

AGAINST. You may not abstain. If you vote FOR, please provide an explanation

to your account manager.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 4a Opposed Agenda item : Approve Compensation of Non-Employee Directors.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 4b Opposed Agenda item : Approve Compensation of the Non-Executive Chairman of the

Board.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

11 Jun 19 Teva Pharmaceutical Industries Limited AGM 5 Opposed Agenda item : Ratify Kesselman & Kesselman as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

11 Jun 19 Toyota Industries Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 80.

11 Jun 19 Toyota Industries Corp. AGM 2.1 For Agenda item : Elect Director Toyoda, Tetsuro.

11 Jun 19 Toyota Industries Corp. AGM 2.10 Opposed Agenda item : Elect Director Kato, Mitsuhisa.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

11 Jun 19 Toyota Industries Corp. AGM 2.2 Opposed Agenda item : Elect Director Onishi, Akira.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

11 Jun 19 Toyota Industries Corp. AGM 2.3 For Agenda item : Elect Director Sasaki, Kazue.

11 Jun 19 Toyota Industries Corp. AGM 2.4 For Agenda item : Elect Director Sasaki, Takuo.

11 Jun 19 Toyota Industries Corp. AGM 2.5 For Agenda item : Elect Director Yamamoto, Taku.

65 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 Toyota Industries Corp. AGM 2.6 For Agenda item : Elect Director Mizuno, Yojiro.

11 Jun 19 Toyota Industries Corp. AGM 2.7 For Agenda item : Elect Director Ishizaki, Yuji.

11 Jun 19 Toyota Industries Corp. AGM 2.8 For Agenda item : Elect Director Sumi, Shuzo.

11 Jun 19 Toyota Industries Corp. AGM 2.9 For Agenda item : Elect Director Yamanishi, Kenichiro.

11 Jun 19 Toyota Industries Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Tomozoe, Masanao.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

11 Jun 19 Toyota Industries Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Takeuchi, Jun.

11 Jun 19 Toyota Industries Corp. AGM 5 For Agenda item : Approve Annual Bonus.

11 Jun 19 TripAdvisor, Inc. AGM 1.1 Withhold Agenda item : Elect Director Gregory B. Maffei.

UBS note : We will not support the election of an Executive Director being

elected to serve on the Compensation/Remuneration Committee.

11 Jun 19 TripAdvisor, Inc. AGM 1.2 For Agenda item : Elect Director Stephen Kaufer.

11 Jun 19 TripAdvisor, Inc. AGM 1.3 For Agenda item : Elect Director Trynka Shineman Blake.

11 Jun 19 TripAdvisor, Inc. AGM 1.4 For Agenda item : Elect Director Jay C. Hoag.

11 Jun 19 TripAdvisor, Inc. AGM 1.5 For Agenda item : Elect Director Betsy L. Morgan.

11 Jun 19 TripAdvisor, Inc. AGM 1.6 For Agenda item : Elect Director Jeremy Philips.

11 Jun 19 TripAdvisor, Inc. AGM 1.7 For Agenda item : Elect Director Spencer M. Rascoff.

11 Jun 19 TripAdvisor, Inc. AGM 1.8 For Agenda item : Elect Director Albert E. Rosenthaler.

11 Jun 19 TripAdvisor, Inc. AGM 1.9 For Agenda item : Elect Director Robert S. Wiesenthal.

11 Jun 19 TripAdvisor, Inc. AGM 2 For Agenda item : Ratify KPMG LLP as Auditors.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 2 For Agenda item : Approve Remuneration Report.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 3 For Agenda item : Approve Remuneration Policy.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 4 For Agenda item : Approve Dividend Policy.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 5 For Agenda item : Elect Mark Katzenellenbogen as Director.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 6 For Agenda item : Re-elect Kevin Ingram as Director.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 7 For Agenda item : Re-elect Richard Levy as Director.

UBS Asset Management 66

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

11 Jun 19 VPC Specialty Lending Investments Plc AGM 8 For Agenda item : Re-elect Elizabeth Passey as Director.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 9 For Agenda item : Re-elect Clive Peggram as Director.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 10 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 11 For Agenda item : Authorise the Audit and Valuation Committee to Fix

Remuneration of Auditors.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 12 For Agenda item : Authorise Issue of Equity.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 13 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 14 For Agenda item : Authorise Market Purchase of Ordinary Shares.

11 Jun 19 VPC Specialty Lending Investments Plc AGM 15 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

11 Jun 19 WFD Unibail-Rodamco N.V. AGM 1 For Agenda item : Adopt Financial Statements and Statutory Reports.

11 Jun 19 WFD Unibail-Rodamco N.V. AGM 2 For Agenda item : Approve Discharge of Management Board.

11 Jun 19 WFD Unibail-Rodamco N.V. AGM 3 For Agenda item : Approve Discharge of Supervisory Board.

11 Jun 19 WFD Unibail-Rodamco N.V. AGM 4 For Agenda item : Ratify Ernst & Young Accountants LLP as Auditors.

11 Jun 19 WFD Unibail-Rodamco N.V. AGM 5 For Agenda item : Authorise Repurchase of Shares.

11 Jun 19 WFD Unibail-Rodamco N.V. AGM 7 For Agenda item : Approve Cancellation of Repurchased Shares.

12 Jun 19 American Airlines Group Inc. AGM 1a For Agenda item : Elect Director James F. Albaugh.

12 Jun 19 American Airlines Group Inc. AGM 1b For Agenda item : Elect Director Jeffrey D. Benjamin.

12 Jun 19 American Airlines Group Inc. AGM 1c For Agenda item : Elect Director John T. Cahill.

12 Jun 19 American Airlines Group Inc. AGM 1d For Agenda item : Elect Director Michael J. Embler.

12 Jun 19 American Airlines Group Inc. AGM 1e For Agenda item : Elect Director Matthew J. Hart.

12 Jun 19 American Airlines Group Inc. AGM 1f For Agenda item : Elect Director Susan D. Kronick.

12 Jun 19 American Airlines Group Inc. AGM 1g For Agenda item : Elect Director Martin H. Nesbitt.

12 Jun 19 American Airlines Group Inc. AGM 1h For Agenda item : Elect Director Denise M. O'Leary.

12 Jun 19 American Airlines Group Inc. AGM 1i For Agenda item : Elect Director W. Douglas Parker.

12 Jun 19 American Airlines Group Inc. AGM 1j Opposed Agenda item : Elect Director Ray M. Robinson.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

67 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

12 Jun 19 American Airlines Group Inc. AGM 2 For Agenda item : Ratify KPMG LLP as Auditors.

12 Jun 19 American Airlines Group Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

12 Jun 19 American Airlines Group Inc. AGM 4 For Agenda item : Report on Political Contributions and Expenditures.

UBS note : We will not support company proposals allowing companies to

make political donations and will support shareholder proposals requiring

companies to be transparent concerning such donations.

12 Jun 19 Autodesk, Inc. AGM 1a For Agenda item : Elect Director Andrew Anagnost.

12 Jun 19 Autodesk, Inc. AGM 1b For Agenda item : Elect Director Karen Blasing.

12 Jun 19 Autodesk, Inc. AGM 1c For Agenda item : Elect Director Reid French.

12 Jun 19 Autodesk, Inc. AGM 1d For Agenda item : Elect Director Blake Irving.

12 Jun 19 Autodesk, Inc. AGM 1e For Agenda item : Elect Director Mary T. McDowell.

12 Jun 19 Autodesk, Inc. AGM 1f For Agenda item : Elect Director Stephen Milligan.

12 Jun 19 Autodesk, Inc. AGM 1g For Agenda item : Elect Director Lorrie M. Norrington.

12 Jun 19 Autodesk, Inc. AGM 1h For Agenda item : Elect Director Betsy Rafael.

12 Jun 19 Autodesk, Inc. AGM 1i For Agenda item : Elect Director Stacy J. Smith.

12 Jun 19 Autodesk, Inc. AGM 2 Opposed Agenda item : Ratify Ernst & Young LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

12 Jun 19 Autodesk, Inc. AGM 3 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

12 Jun 19 Caterpillar Inc. AGM 1.1 For Agenda item : Elect Director Kelly A. Ayotte.

12 Jun 19 Caterpillar Inc. AGM 1.10 For Agenda item : Elect Director D. James Umpleby, III.

12 Jun 19 Caterpillar Inc. AGM 1.11 For Agenda item : Elect Director Miles D. White.

12 Jun 19 Caterpillar Inc. AGM 1.12 For Agenda item : Elect Director Rayford Wilkins, Jr.

12 Jun 19 Caterpillar Inc. AGM 1.2 For Agenda item : Elect Director David L. Calhoun.

12 Jun 19 Caterpillar Inc. AGM 1.3 For Agenda item : Elect Director Daniel M. Dickinson.

12 Jun 19 Caterpillar Inc. AGM 1.4 For Agenda item : Elect Director Juan Gallardo.

UBS Asset Management 68

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

12 Jun 19 Caterpillar Inc. AGM 1.5 For Agenda item : Elect Director Dennis A. Muilenburg.

12 Jun 19 Caterpillar Inc. AGM 1.6 Opposed Agenda item : Elect Director William A. Osborn.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

12 Jun 19 Caterpillar Inc. AGM 1.7 For Agenda item : Elect Director Debra L. Reed-Klages.

12 Jun 19 Caterpillar Inc. AGM 1.8 For Agenda item : Elect Director Edward B. Rust, Jr.

12 Jun 19 Caterpillar Inc. AGM 1.9 For Agenda item : Elect Director Susan C. Schwab.

12 Jun 19 Caterpillar Inc. AGM 2 Opposed Agenda item : Ratify PricewaterhouseCoopers as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

12 Jun 19 Caterpillar Inc. AGM 3 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

12 Jun 19 Caterpillar Inc. AGM 4 Opposed Agenda item : Amend Proxy Access Right.

12 Jun 19 Caterpillar Inc. AGM 5 Opposed Agenda item : Report on Risks of Doing Business in Conflict-Affected Areas.

12 Jun 19 Delivery Hero SE AGM 2 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.1 For Agenda item : Approve Discharge of Supervisory Board Member Martin

Enderle for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.10 For Agenda item : Approve Discharge of Supervisory Board Member Janis Zech for

Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.2 For Agenda item : Approve Discharge of Supervisory Board Member Hilary Gosher

for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.3 For Agenda item : Approve Discharge of Supervisory Board Member Bjoern

Ljungberg for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.4 For Agenda item : Approve Discharge of Supervisory Board Member Patrick Kolek

for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.5 For Agenda item : Approve Discharge of Supervisory Board Member Vera

Stachowiak for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.6 For Agenda item : Approve Discharge of Supervisory Board Member Semih Yalcin

for Fiscal 2018.

69 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

12 Jun 19 Delivery Hero SE AGM 3.7 For Agenda item : Approve Discharge of Supervisory Board Member Jonathan

Green for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.8 For Agenda item : Approve Discharge of Supervisory Board Member Jeffrey

Lieberman for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 3.9 For Agenda item : Approve Discharge of Supervisory Board Member Georg Graf

von Waldersee for Fiscal 2018.

12 Jun 19 Delivery Hero SE AGM 4 For Agenda item : Ratify KPMG AG as Auditors for Fiscal 2019.

12 Jun 19 Delivery Hero SE AGM 5 Opposed Agenda item : Approve Creation of EUR 54.1 Million Pool of Capital without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

12 Jun 19 Delivery Hero SE AGM 6 Opposed Agenda item : Approve Issuance of Warrants/Bonds with Warrants

Attached/Convertible Bonds without Pre-emptive Rights up to Aggregate

Nominal Amount of EUR 2 Billion; Approve Creation of EUR 61.2 Million Pool

of Capital to Guarantee Conversion Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

12 Jun 19 Delivery Hero SE AGM 7 For Agenda item : Amend Articles Re: AGM Convocation.

12 Jun 19 Delivery Hero SE AGM 8 For Agenda item : Approve Remuneration of Supervisory Board.

12 Jun 19 Delivery Hero SE AGM 9 For Agenda item : Amend Articles Re: Number of Employee Representatives in the

Supervisory Board.

12 Jun 19 Delivery Hero SE AGM 10 For Agenda item : Amend Articles Re: Annulment of the Court and Arbitration

Proceedings Clause.

12 Jun 19 Delivery Hero SE AGM 11 For Agenda item : Approve Stock Option Plan for Key Employees; Approve

Creation of EUR 3 Million Pool of Conditional Capital to Guarantee Conversion

Rights.

12 Jun 19 Delivery Hero SE AGM 12 For Agenda item : Amend 2017 Stock Option Plan and Connected Pool of

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Conditional Capital.

12 Jun 19 Fidelity National Financial, Inc. AGM 1.1 Withhold Agenda item : Elect Director Richard N. Massey.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

12 Jun 19 Fidelity National Financial, Inc. AGM 1.2 Withhold Agenda item : Elect Director Daniel D. "Ron" Lane.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

12 Jun 19 Fidelity National Financial, Inc. AGM 1.3 Withhold Agenda item : Elect Director Cary H. Thompson.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

12 Jun 19 Fidelity National Financial, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

12 Jun 19 Fidelity National Financial, Inc. AGM 3 For Agenda item : Ratify Ernst & Young LLP as Auditors.

12 Jun 19 FleetCor Technologies Inc. AGM 1.1 Opposed Agenda item : Elect Director Ronald F. Clarke.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

12 Jun 19 FleetCor Technologies Inc. AGM 1.2 For Agenda item : Elect Director Joseph W. Farrelly.

12 Jun 19 FleetCor Technologies Inc. AGM 1.3 For Agenda item : Elect Director Richard Macchia.

12 Jun 19 FleetCor Technologies Inc. AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditors.

12 Jun 19 FleetCor Technologies Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

12 Jun 19 FleetCor Technologies Inc. AGM 4 For Agenda item : Declassify the Board of Directors.

12 Jun 19 FleetCor Technologies Inc. AGM 5 For Agenda item : Adopt Clawback Policy.

UBS note : A vote for this proposal is warranted because the proposed

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clawback policy would expand the company's current accountability tools and

would require the company to disclose instances of recoupments, within

reason. Such a policy and the accompanying disclosure would benefit

shareholders.

12 Jun 19 FleetCor Technologies Inc. AGM 6 For Agenda item : Adjust Executive Compensation Metrics for Share Buybacks.

UBS note : The short and long-term incentive programs rely significantly on an

adjusted EPS metric, which is dependent upon the number of shares

outstanding. As shareholders are unable to assess the impact of share

repurchases on the outcome, support for this proposal is warranted.

12 Jun 19 Freeport-McMoRan Inc. AGM 1.1 For Agenda item : Elect Director Richard C. Adkerson.

12 Jun 19 Freeport-McMoRan Inc. AGM 1.2 Opposed Agenda item : Elect Director Gerald J. Ford.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

12 Jun 19 Freeport-McMoRan Inc. AGM 1.3 For Agenda item : Elect Director Lydia H. Kennard.

12 Jun 19 Freeport-McMoRan Inc. AGM 1.4 Opposed Agenda item : Elect Director Dustan E. McCoy.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

12 Jun 19 Freeport-McMoRan Inc. AGM 1.5 For Agenda item : Elect Director Frances Fragos Townsend.

12 Jun 19 Freeport-McMoRan Inc. AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditor.

12 Jun 19 Freeport-McMoRan Inc. AGM 3 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

12 Jun 19 Hapag-Lloyd AG AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 0.15 per

Share.

12 Jun 19 Hapag-Lloyd AG AGM 3 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

12 Jun 19 Hapag-Lloyd AG AGM 4 For Agenda item : Approve Discharge of Supervisory Board for Fiscal 2018.

12 Jun 19 Hapag-Lloyd AG AGM 5 For Agenda item : Ratify KPMG AG as Auditors for Fiscal 2019.

12 Jun 19 Hapag-Lloyd AG AGM 6 Opposed Agenda item : Elect Michael Behrendt to the Supervisory Board.

UBS note : We will not support the election of a non-independent

non-executive director who shall serve on the Remuneration Committee when

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the Committee is not made up of majority of independent directors.

12 Jun 19 Hapag-Lloyd AG AGM 7 For Agenda item : Approve Remuneration of Supervisory Board.

12 Jun 19 IAC/InterActiveCorp AGM 1.1 For Agenda item : Elect Director Edgar Bronfman, Jr.

12 Jun 19 IAC/InterActiveCorp AGM 1.10 Withhold Agenda item : Elect Director Alan G. Spoon.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

12 Jun 19 IAC/InterActiveCorp AGM 1.11 For Agenda item : Elect Director Alexander von Furstenberg.

12 Jun 19 IAC/InterActiveCorp AGM 1.12 For Agenda item : Elect Director Richard F. Zannino.

12 Jun 19 IAC/InterActiveCorp AGM 1.2 For Agenda item : Elect Director Chelsea Clinton.

12 Jun 19 IAC/InterActiveCorp AGM 1.3 For Agenda item : Elect Director Barry Diller.

12 Jun 19 IAC/InterActiveCorp AGM 1.4 For Agenda item : Elect Director Michael D. Eisner.

12 Jun 19 IAC/InterActiveCorp AGM 1.5 For Agenda item : Elect Director Bonnie S. Hammer.

12 Jun 19 IAC/InterActiveCorp AGM 1.6 For Agenda item : Elect Director Victor A. Kaufman.

12 Jun 19 IAC/InterActiveCorp AGM 1.7 For Agenda item : Elect Director Joseph Levin.

12 Jun 19 IAC/InterActiveCorp AGM 1.8 Withhold Agenda item : Elect Director Bryan Lourd.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

12 Jun 19 IAC/InterActiveCorp AGM 1.9 For Agenda item : Elect Director David Rosenblatt.

12 Jun 19 IAC/InterActiveCorp AGM 2 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

12 Jun 19 LXI REIT Plc EGM 1 For Agenda item : Authorise Issue of Equity Pursuant to the Capital Raising.

12 Jun 19 LXI REIT Plc EGM 2 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights Pursuant

to the Capital Raising.

12 Jun 19 ProSiebenSat.1 Media SE AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.19 per

Share.

12 Jun 19 ProSiebenSat.1 Media SE AGM 3 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

12 Jun 19 ProSiebenSat.1 Media SE AGM 4 For Agenda item : Approve Discharge of Supervisory Board for Fiscal 2018.

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12 Jun 19 ProSiebenSat.1 Media SE AGM 5 For Agenda item : Ratify Ernst & Young GmbH as Auditors for Fiscal 2019.

12 Jun 19 ProSiebenSat.1 Media SE AGM 6 For Agenda item : Amend Articles Re: Supervisory Board Composition and Term

of Office.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.1 For Agenda item : Elect Erik Huggers to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.2 For Agenda item : Elect Marjorie Kaplan to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.3 For Agenda item : Elect Ketan Mehta to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.4 For Agenda item : Elect Lawrence Aidem to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.5 For Agenda item : Elect Angelika Gifford to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.6 For Agenda item : Elect Marion Helmes to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.7 For Agenda item : Elect Werner Brandt to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.8 For Agenda item : Elect Adam Cahan to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 7.9 For Agenda item : Elect Rolf Nonnenmacher to the Supervisory Board.

12 Jun 19 ProSiebenSat.1 Media SE AGM 8 For Agenda item : Authorise Share Repurchase Program and Reissuance or

Cancellation of Repurchased Shares.

12 Jun 19 ProSiebenSat.1 Media SE AGM 9 For Agenda item : Authorise Use of Financial Derivatives when Repurchasing

Shares.

12 Jun 19 Renault SA Annual/Special 1 For Agenda item : Approve Financial Statements and Statutory Reports.

12 Jun 19 Renault SA Annual/Special 2 For Agenda item : Approve Consolidated Financial Statements and Statutory

Reports.

12 Jun 19 Renault SA Annual/Special 3 For Agenda item : Approve Allocation of Income and Dividends of EUR 3.55 per

Share.

12 Jun 19 Renault SA Annual/Special 4 For Agenda item : Receive Auditor's Special Reports Re: Remuneration of

Redeemable Shares.

12 Jun 19 Renault SA Annual/Special 5 For Agenda item : Approve Auditors' Special Report on Related-Party

Transactions.

12 Jun 19 Renault SA Annual/Special 6 For Agenda item : Approve Amendment of Transaction with Nissan Motor Co Ltd,

Daimler AG, Renault-issan B V and Mitsubishi Motors Corporation Re: Master

Cooperation Agreement.

12 Jun 19 Renault SA Annual/Special 7 For Agenda item : Ratify Appointment of Thomas Courbe as Director.

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12 Jun 19 Renault SA Annual/Special 8 For Agenda item : Ratify Appointment of Jean-Dominique Senard as Director.

12 Jun 19 Renault SA Annual/Special 9 For Agenda item : Elect Annette Winkler as Director.

12 Jun 19 Renault SA Annual/Special 10 Opposed Agenda item : Approve Compensation of Chairman and CEO.

12 Jun 19 Renault SA Annual/Special 11 For Agenda item : Approve Remuneration Policy of Chairman and CEO.

12 Jun 19 Renault SA Annual/Special 12 For Agenda item : Approve Remuneration Policy of Chairman of the Board.

12 Jun 19 Renault SA Annual/Special 13 For Agenda item : Approve Remuneration Policy of CEO.

12 Jun 19 Renault SA Annual/Special 14 For Agenda item : Approve Non-Compete Agreement with Thierry Bollore, CEO.

12 Jun 19 Renault SA Annual/Special 15 For Agenda item : Approve Additional Pension Scheme Agreement with Thierry

Bollore, CEO.

12 Jun 19 Renault SA Annual/Special 16 For Agenda item : Authorise Repurchase of Up to 10 Percent of Issued Share

Capital.

12 Jun 19 Renault SA Annual/Special 17 For Agenda item : Authorise Decrease in Share Capital via Cancellation of

Repurchased Shares.

12 Jun 19 Renault SA Annual/Special 18 For Agenda item : Authorise up to 2 Percent of Issued Capital for Use in Restricted

Stock Plans.

12 Jun 19 Renault SA Annual/Special 19 For Agenda item : Authorise Filing of Required Documents/Other Formalities.

12 Jun 19 Resideo Technologies, Inc. AGM 1a For Agenda item : Elect Director Paul Deninger.

12 Jun 19 Resideo Technologies, Inc. AGM 1b For Agenda item : Elect Director Michael Nefkens.

12 Jun 19 Resideo Technologies, Inc. AGM 1c For Agenda item : Elect Director Sharon Wienbar.

12 Jun 19 Resideo Technologies, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

12 Jun 19 Resideo Technologies, Inc. AGM 4 For Agenda item : Ratify Deloitte & Touche LLP as Auditor.

12 Jun 19 ServiceNow, Inc. AGM 1a For Agenda item : Elect Director Teresa Briggs.

12 Jun 19 ServiceNow, Inc. AGM 1b For Agenda item : Elect Director Paul E. Chamberlain.

12 Jun 19 ServiceNow, Inc. AGM 1c For Agenda item : Elect Director Tamar O. Yehoshua.

12 Jun 19 ServiceNow, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

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UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

12 Jun 19 ServiceNow, Inc. AGM 3 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 32.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.1 Opposed Agenda item : Elect Director Miura, Kenji.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.10 For Agenda item : Elect Director Hotta, Masato.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.11 For Agenda item : Elect Director Sato, Masahiko.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.12 Opposed Agenda item : Elect Director Yamanaka, Yasushi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.13 For Agenda item : Elect Director Fujioka, Kei.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.2 For Agenda item : Elect Director Sato, Koki.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.3 For Agenda item : Elect Director Noguchi, Kazuhiko.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.4 For Agenda item : Elect Director Tanaka, Yoshihiro.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.5 For Agenda item : Elect Director Ono, Hideki.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.6 For Agenda item : Elect Director Hayashi, Shigeru.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.7 For Agenda item : Elect Director Akita, Toshiki.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.8 For Agenda item : Elect Director Imaeda, Koki.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 2.9 For Agenda item : Elect Director Nishida, Hiroshi.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 3.1 For Agenda item : Appoint Statutory Auditor Yamada, Yoshinori.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Yamashina, Tadashi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

12 Jun 19 TOKAI RIKA CO., LTD. AGM 4 For Agenda item : Approve Annual Bonus.

12 Jun 19 Target Corporation AGM 1a For Agenda item : Elect Director Roxanne S. Austin.

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12 Jun 19 Target Corporation AGM 1b For Agenda item : Elect Director Douglas M. Baker, Jr.

12 Jun 19 Target Corporation AGM 1c For Agenda item : Elect Director George S. Barrett.

12 Jun 19 Target Corporation AGM 1d For Agenda item : Elect Director Brian C. Cornell.

12 Jun 19 Target Corporation AGM 1e For Agenda item : Elect Director Calvin Darden.

12 Jun 19 Target Corporation AGM 1f For Agenda item : Elect Director Henrique De Castro.

12 Jun 19 Target Corporation AGM 1g For Agenda item : Elect Director Robert L. Edwards.

12 Jun 19 Target Corporation AGM 1h For Agenda item : Elect Director Melanie L. Healey.

12 Jun 19 Target Corporation AGM 1i For Agenda item : Elect Director Donald R. Knauss.

12 Jun 19 Target Corporation AGM 1j For Agenda item : Elect Director Monica C. Lozano.

12 Jun 19 Target Corporation AGM 1k For Agenda item : Elect Director Mary E. Minnick.

12 Jun 19 Target Corporation AGM 1l For Agenda item : Elect Director Kenneth L. Salazar.

12 Jun 19 Target Corporation AGM 1m For Agenda item : Elect Director Dmitri L. Stockton.

12 Jun 19 Target Corporation AGM 2 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

12 Jun 19 Target Corporation AGM 3 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

12 Jun 19 Target Corporation AGM 4 For Agenda item : Amend Proxy Access Right.

UBS note : We will support proposals that increase shareholders' rights such

as proxy access proposals when the conditions are reasonable.

12 Jun 19 Toyota Boshoku Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 28.

12 Jun 19 Toyota Boshoku Corp. AGM 2.1 Opposed Agenda item : Elect Director Toyoda, Shuhei.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

12 Jun 19 Toyota Boshoku Corp. AGM 2.10 Opposed Agenda item : Elect Director Ina, Hiroyuki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

12 Jun 19 Toyota Boshoku Corp. AGM 2.2 For Agenda item : Elect Director Numa, Takeshi.

12 Jun 19 Toyota Boshoku Corp. AGM 2.3 For Agenda item : Elect Director Suzuki, Teruo.

12 Jun 19 Toyota Boshoku Corp. AGM 2.4 For Agenda item : Elect Director Ito, Yoshihiro.

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12 Jun 19 Toyota Boshoku Corp. AGM 2.5 For Agenda item : Elect Director Kano, Shinji.

12 Jun 19 Toyota Boshoku Corp. AGM 2.6 For Agenda item : Elect Director Fueta, Yasuhiro.

12 Jun 19 Toyota Boshoku Corp. AGM 2.7 Opposed Agenda item : Elect Director Ogasawara, Takeshi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

12 Jun 19 Toyota Boshoku Corp. AGM 2.8 For Agenda item : Elect Director Koyama, Akihiro.

12 Jun 19 Toyota Boshoku Corp. AGM 2.9 For Agenda item : Elect Director Sasaki, Kazue.

12 Jun 19 Toyota Boshoku Corp. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Mizutani, Terukatsu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

12 Jun 19 Toyota Boshoku Corp. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Yokoyama, Hiroyuki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

12 Jun 19 Toyota Boshoku Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Aida, Masakazu.

12 Jun 19 Toyota Boshoku Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Kawamura, Kazuo.

12 Jun 19 Toyota Boshoku Corp. AGM 5 For Agenda item : Approve Annual Bonus.

12 Jun 19 WPP Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

12 Jun 19 WPP Plc AGM 2 For Agenda item : Approve Final Dividend.

12 Jun 19 WPP Plc AGM 3 For Agenda item : Approve Remuneration Report.

12 Jun 19 WPP Plc AGM 4 For Agenda item : Elect Mark Read as Director.

12 Jun 19 WPP Plc AGM 5 For Agenda item : Elect Cindy Rose as Director.

12 Jun 19 WPP Plc AGM 6 For Agenda item : Re-elect Roberto Quarta as Director.

12 Jun 19 WPP Plc AGM 7 For Agenda item : Re-elect Dr Jacques Aigrain as Director.

12 Jun 19 WPP Plc AGM 8 For Agenda item : Re-elect Tarek Farahat as Director.

12 Jun 19 WPP Plc AGM 9 For Agenda item : Re-elect Sir John Hood as Director.

12 Jun 19 WPP Plc AGM 10 For Agenda item : Re-elect Daniela Riccardi as Director.

12 Jun 19 WPP Plc AGM 11 For Agenda item : Re-elect Paul Richardson as Director.

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12 Jun 19 WPP Plc AGM 12 For Agenda item : Re-elect Nicole Seligman as Director.

12 Jun 19 WPP Plc AGM 13 For Agenda item : Re-elect Sally Susman as Director.

12 Jun 19 WPP Plc AGM 14 For Agenda item : Re-elect Solomon Trujillo as Director.

12 Jun 19 WPP Plc AGM 15 For Agenda item : Reappoint Deloitte LLP as Auditors.

12 Jun 19 WPP Plc AGM 16 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

12 Jun 19 WPP Plc AGM 17 For Agenda item : Authorise Issue of Equity.

12 Jun 19 WPP Plc AGM 18 For Agenda item : Authorise Market Purchase of Ordinary Shares.

12 Jun 19 WPP Plc AGM 19 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 2 For Agenda item : Approve Final Dividend.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 3 For Agenda item : Approve Remuneration Report.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 4 For Agenda item : Re-elect Dermot McMeekin as Director.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 5 For Agenda item : Appoint Ernst & Young LLP as Auditors.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 6 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 7 For Agenda item : Authorise Issue of Equity.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 8 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 9 For Agenda item : Authorise Market Purchase of Ordinary Shares.

12 Jun 19 Witan Pacific Investment Trust Plc AGM 10 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Acacia Mining Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Acacia Mining Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : Executive pay granted/vested during the year is not aligned with

performance.

13 Jun 19 Acacia Mining Plc AGM 3 For Agenda item : Re-elect Peter Geleta as Director.

13 Jun 19 Acacia Mining Plc AGM 4 For Agenda item : Re-elect Rachel English as Director.

13 Jun 19 Acacia Mining Plc AGM 5 Opposed Agenda item : Re-elect Andre Falzon as Director.

UBS note : Candidate is not considered independent and is serving on a

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committee that should be fully independent.

13 Jun 19 Acacia Mining Plc AGM 6 Opposed Agenda item : Re-elect Michael Kenyon as Director.

UBS note : We expect the Lead Director to be independent.

13 Jun 19 Acacia Mining Plc AGM 7 For Agenda item : Re-elect Steve Lucas as Director.

13 Jun 19 Acacia Mining Plc AGM 8 For Agenda item : Elect Alan Ashworth as Director.

13 Jun 19 Acacia Mining Plc AGM 9 For Agenda item : Elect Deborah Gudgeon as Director.

13 Jun 19 Acacia Mining Plc AGM 10 For Agenda item : Elect Adrian Reynolds as Director.

13 Jun 19 Acacia Mining Plc AGM 11 For Agenda item : Re-elect Stephen Galbraith as Director.

13 Jun 19 Acacia Mining Plc AGM 12 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

13 Jun 19 Acacia Mining Plc AGM 13 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

13 Jun 19 Acacia Mining Plc AGM 14 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Acacia Mining Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Acacia Mining Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 Acacia Mining Plc AGM 17 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Acacia Mining Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Brenntag AG AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.20 per

Share.

13 Jun 19 Brenntag AG AGM 3 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

13 Jun 19 Brenntag AG AGM 4 For Agenda item : Approve Discharge of Supervisory Board for Fiscal 2018.

13 Jun 19 Brenntag AG AGM 5 For Agenda item : Ratify PricewaterhouseCoopers GmbH as Auditors for Fiscal

2019.

13 Jun 19 Dignity Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Dignity Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

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13 Jun 19 Dignity Plc AGM 3 For Agenda item : Approve Remuneration Policy.

13 Jun 19 Dignity Plc AGM 4 For Agenda item : Re-elect Mike McCollum as Director.

13 Jun 19 Dignity Plc AGM 5 For Agenda item : Re-elect Richard Portman as Director.

13 Jun 19 Dignity Plc AGM 6 For Agenda item : Re-elect Steve Whittern as Director.

13 Jun 19 Dignity Plc AGM 7 For Agenda item : Re-elect Jane Ashcroft as Director.

13 Jun 19 Dignity Plc AGM 8 For Agenda item : Re-elect David Blackwood as Director.

13 Jun 19 Dignity Plc AGM 9 For Agenda item : Re-elect Mary McNamara as Director.

13 Jun 19 Dignity Plc AGM 10 For Agenda item : Elect James Wilson as Director.

13 Jun 19 Dignity Plc AGM 11 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

13 Jun 19 Dignity Plc AGM 12 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

13 Jun 19 Dignity Plc AGM 13 For Agenda item : Approve Final Dividend.

13 Jun 19 Dignity Plc AGM 14 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Dignity Plc AGM 15 For Agenda item : Authorise EU Political Donations and Expenditure.

13 Jun 19 Dignity Plc AGM 16 For Agenda item : Approve Long-Term Incentive Plan.

13 Jun 19 Dignity Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Dignity Plc AGM 18 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 Dignity Plc AGM 19 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Dignity Plc AGM 20 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Dollar Tree, Inc. AGM 1.1 For Agenda item : Elect Director Arnold S. Barron.

13 Jun 19 Dollar Tree, Inc. AGM 1.10 Opposed Agenda item : Elect Director Stephanie P. Stahl.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

13 Jun 19 Dollar Tree, Inc. AGM 1.11 For Agenda item : Elect Director Carrie A. Wheeler.

13 Jun 19 Dollar Tree, Inc. AGM 1.12 Opposed Agenda item : Elect Director Thomas E. Whiddon.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

81 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

executives.

13 Jun 19 Dollar Tree, Inc. AGM 1.13 For Agenda item : Elect Director Carl P. Zeithaml.

13 Jun 19 Dollar Tree, Inc. AGM 1.2 For Agenda item : Elect Director Gregory M. Bridgeford.

13 Jun 19 Dollar Tree, Inc. AGM 1.3 For Agenda item : Elect Director Thomas W. Dickson.

13 Jun 19 Dollar Tree, Inc. AGM 1.4 For Agenda item : Elect Director Conrad M. Hall.

13 Jun 19 Dollar Tree, Inc. AGM 1.5 For Agenda item : Elect Director Lemuel E. Lewis.

13 Jun 19 Dollar Tree, Inc. AGM 1.6 For Agenda item : Elect Director Jeffrey G. Naylor.

13 Jun 19 Dollar Tree, Inc. AGM 1.7 For Agenda item : Elect Director Gary M. Philbin.

13 Jun 19 Dollar Tree, Inc. AGM 1.8 For Agenda item : Elect Director Bob Sasser.

13 Jun 19 Dollar Tree, Inc. AGM 1.9 For Agenda item : Elect Director Thomas A. Saunders, III.

13 Jun 19 Dollar Tree, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

13 Jun 19 Dollar Tree, Inc. AGM 3 Opposed Agenda item : Ratify KPMG LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

13 Jun 19 Dollarama Inc. AGM 1.1 Withhold Agenda item : Elect Director Joshua Bekenstein.

UBS note : We will not support the election of a non-independent

non-executive director who shall serve on the Remuneration Committee when

the Committee is not made up of majority of independent directors.

13 Jun 19 Dollarama Inc. AGM 1.2 For Agenda item : Elect Director Gregory David.

13 Jun 19 Dollarama Inc. AGM 1.3 For Agenda item : Elect Director Elisa D. Garcia C.

13 Jun 19 Dollarama Inc. AGM 1.4 For Agenda item : Elect Director Stephen Gunn.

13 Jun 19 Dollarama Inc. AGM 1.5 For Agenda item : Elect Director Kristin Mugford.

13 Jun 19 Dollarama Inc. AGM 1.6 Withhold Agenda item : Elect Director Nicholas Nomicos.

UBS note : We will not support the election of a non-independent

non-executive director who shall serve on the Remuneration Committee when

the Committee is not made up of majority of independent directors.

13 Jun 19 Dollarama Inc. AGM 1.7 For Agenda item : Elect Director Neil Rossy.

UBS Asset Management 82

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Dollarama Inc. AGM 1.8 For Agenda item : Elect Director Richard Roy.

13 Jun 19 Dollarama Inc. AGM 1.9 For Agenda item : Elect Director Huw Thomas.

13 Jun 19 Dollarama Inc. AGM 2 For Agenda item : Approve PricewaterhouseCoopers LLP as Auditors and

Authorise Board to Fix Their Remuneration.

13 Jun 19 Dollarama Inc. AGM 3 For Agenda item : Advisory Vote on Executive Compensation Approach.

13 Jun 19 Dollarama Inc. AGM 4 Opposed Agenda item : SP 1: Production of an Annual Sustainability Report.

13 Jun 19 Dollarama Inc. AGM 5 Opposed Agenda item : SP 2: Production of an Annual Report on Risks to Human

Rights.

13 Jun 19 Dollarama Inc. AGM 6 Opposed Agenda item : SP 3: Adoption of a Living Wage Policy.

13 Jun 19 Energean Oil & Gas Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Energean Oil & Gas Plc AGM 2 For Agenda item : Approve Remuneration Report.

13 Jun 19 Energean Oil & Gas Plc AGM 3 For Agenda item : Approve Remuneration Policy.

13 Jun 19 Energean Oil & Gas Plc AGM 4 For Agenda item : Re-elect Simon Heale as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 5 For Agenda item : Re-elect Matthaios Rigas as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 6 For Agenda item : Re-elect Panagiotis Benos as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 7 For Agenda item : Re-elect Andrew Bartlett as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 8 For Agenda item : Re-elect Robert Peck as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 9 For Agenda item : Re-elect Ohad Marani as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 10 Opposed Agenda item : Re-elect Karen Simon as Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

13 Jun 19 Energean Oil & Gas Plc AGM 11 For Agenda item : Re-elect David Bonanno as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 12 For Agenda item : Re-elect Efstathios Topouzoglou as Director.

13 Jun 19 Energean Oil & Gas Plc AGM 13 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

13 Jun 19 Energean Oil & Gas Plc AGM 14 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

13 Jun 19 Energean Oil & Gas Plc AGM 15 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Energean Oil & Gas Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Energean Oil & Gas Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

83 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 Energean Oil & Gas Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Energean Oil & Gas Plc AGM 19 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 20.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Sumi, Kazuo.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Sugiyama, Takehiro.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Shin, Masao.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Fujiwara, Takaoki.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Inoue, Noriyuki.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Mori, Shosuke.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Shimatani, Yoshishige.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Araki, Naoya.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Endo, Noriko.

13 Jun 19 Hankyu Hanshin Holdings, Inc. AGM 3 For Agenda item : Approve Trust-Type Equity Compensation Plan.

13 Jun 19 Hospitality Properties Trust AGM 1.1 Opposed Agenda item : Elect Director Donna D. Fraiche.

UBS note : Company has received a significant vote against its executive

compensation on each of the last 2 occasions that the remuneration has been

put to a shareholder vote.

13 Jun 19 Hospitality Properties Trust AGM 1.2 Opposed Agenda item : Elect Director Adam D. Portnoy.

UBS note : We will not support the election of directors who have overruled or

ignored a proposal which gained majority shareholder support at the last

AGM.

13 Jun 19 Hospitality Properties Trust AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

13 Jun 19 Hospitality Properties Trust AGM 3 For Agenda item : Ratify Ernst & Young LLP as Auditors.

13 Jun 19 Hospitality Properties Trust AGM 4 For Agenda item : Adopt Plurality Voting for Contested Election of Directors.

UBS Asset Management 84

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 1.1 For Agenda item : Approve Consolidated Financial Statements.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 1.2 For Agenda item : Approve Standalone Financial Statements.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 2.1 For Agenda item : Approve Allocation of Income.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 2.2 For Agenda item : Approve Dividends.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 3 For Agenda item : Approve Discharge of Board.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 4 For Agenda item : Renew Appointment of PricewaterhouseCoopers as Auditor.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 5 Opposed Agenda item : Authorise Increase in Capital up to 50 Percent via Issuance of

Equity or Equity-Linked Securities, Excluding Pre-emptive Rights of up to 20

Percent.

UBS note : We support routine authorities to issue shares with pre-emption

rights of up to 1/3 of the issued share capital combined, a maximum 10% of

which can be without pre-emption rights. We will vote against any proposals

above these limits as they are potentially overly dilutive and therefore not in

the interest of existing shareholders.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 6 For Agenda item : Authorise Company to Call EGM with 15 Days' Notice.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 7 For Agenda item : Fix Number of Directors at 13.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 8.1 For Agenda item : Ratify Appointment of and Elect Silvia Monica Alonso-Castrillo

Allain as Director.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 8.2 For Agenda item : Elect Ana Peralta Moreno as Director.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 8.3 For Agenda item : Allow Ana Bolado Valle to Be Involved in Other Companies.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 8.4 For Agenda item : Elect Ana Bolado Valle as Director.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 9 Opposed Agenda item : Advisory Vote on Remuneration Report.

UBS note : We will vote against when the level of disclosure provided does not

allow shareholders to make an informed assessment of executive remuneration

granted during the year.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 10 Opposed Agenda item : Approve Remuneration Policy.

UBS note : The disclosure provided does not allow shareholders to make an

informed assessment of the proposed remuneration policy.

13 Jun 19 Inmobiliaria Colonial SOCIMI SA AGM 11 For Agenda item : Authorise Board to Ratify and Execute Approved Resolutions.

85 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 JPJ Group Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 JPJ Group Plc AGM 2 For Agenda item : Approve Remuneration Report.

13 Jun 19 JPJ Group Plc AGM 3 For Agenda item : Reappoint BDO LLP as Auditors.

13 Jun 19 JPJ Group Plc AGM 4 For Agenda item : Authorise the Audit and Risk Committee to Fix Remuneration

of Auditors.

13 Jun 19 JPJ Group Plc AGM 5 For Agenda item : Re-elect Neil Goulden as Director.

13 Jun 19 JPJ Group Plc AGM 6 For Agenda item : Re-elect Simon Wykes as Director.

13 Jun 19 JPJ Group Plc AGM 7 For Agenda item : Re-elect Keith Laslop as Director.

13 Jun 19 JPJ Group Plc AGM 8 For Agenda item : Re-elect Nigel Brewster as Director.

13 Jun 19 JPJ Group Plc AGM 9 For Agenda item : Re-elect Jim Ryan as Director.

13 Jun 19 JPJ Group Plc AGM 10 For Agenda item : Re-elect Colin Sturgeon as Director.

13 Jun 19 JPJ Group Plc AGM 11 For Agenda item : Elect Andria Vidler as Director.

13 Jun 19 JPJ Group Plc AGM 12 For Agenda item : Authorise Issue of Equity.

13 Jun 19 JPJ Group Plc AGM 13 For Agenda item : Authorise EU Political Donations and Expenditure.

13 Jun 19 JPJ Group Plc AGM 14 For Agenda item : Approve Share Incentive Plan.

13 Jun 19 JPJ Group Plc AGM 15 For Agenda item : Approve Save As You Earn Plan.

13 Jun 19 JPJ Group Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 JPJ Group Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 JPJ Group Plc AGM 18 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 JPJ Group Plc AGM 19 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 JPJ Group Plc AGM 20 For Agenda item : Adopt New Articles of Association.

13 Jun 19 Just Group Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Just Group Plc AGM 2 For Agenda item : Approve Remuneration Report.

13 Jun 19 Just Group Plc AGM 3 For Agenda item : Re-elect Chris Gibson-Smith as Director.

13 Jun 19 Just Group Plc AGM 4 For Agenda item : Re-elect Paul Bishop as Director.

13 Jun 19 Just Group Plc AGM 5 For Agenda item : Re-elect Ian Cormack as Director.

13 Jun 19 Just Group Plc AGM 6 For Agenda item : Re-elect Michael Deakin as Director.

UBS Asset Management 86

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Just Group Plc AGM 7 For Agenda item : Re-elect Steve Melcher as Director.

13 Jun 19 Just Group Plc AGM 8 For Agenda item : Re-elect Keith Nicholson as Director.

13 Jun 19 Just Group Plc AGM 9 For Agenda item : Re-elect David Richardson as Director.

13 Jun 19 Just Group Plc AGM 10 For Agenda item : Re-elect Clare Spottiswoode as Director.

13 Jun 19 Just Group Plc AGM 11 For Agenda item : Reappoint KPMG LLP as Auditors.

13 Jun 19 Just Group Plc AGM 12 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

13 Jun 19 Just Group Plc AGM 13 For Agenda item : Authorise EU Political Donations and Expenditure.

13 Jun 19 Just Group Plc AGM 14 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Just Group Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Just Group Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 Just Group Plc AGM 17 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Just Group Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 50.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Kobayashi, Tetsuya.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Okamoto, Kunie.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.11 For Agenda item : Elect Director Ueda, Tsuyoshi.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.12 Opposed Agenda item : Elect Director Murata, Ryuichi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.13 Opposed Agenda item : Elect Director Yanagi, Masanori.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

87 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.14 For Agenda item : Elect Director Tsuji, Takashi.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.2 For Agenda item : Elect Director Yoshida, Yoshinori.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Yasumoto, Yoshihiro.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Morishima, Kazuhiro.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Shirakawa, Masaaki.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Murai, Hiroyuki.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Wakai, Takashi.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.8 For Agenda item : Elect Director Nakayama, Tsutomu.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kurahashi, Takahisa.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Suzuki, Kazumi.

13 Jun 19 Kintetsu Group Holdings Co., Ltd. AGM 4 For Agenda item : Approve Cash Compensation Ceiling and Restricted Stock Plan

for Directors.

13 Jun 19 MISUMI Group Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

10.99.

13 Jun 19 MISUMI Group Inc. AGM 2.1 Opposed Agenda item : Elect Director Ono, Ryusei.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

13 Jun 19 MISUMI Group Inc. AGM 2.2 For Agenda item : Elect Director Ikeguchi, Tokuya.

13 Jun 19 MISUMI Group Inc. AGM 2.3 For Agenda item : Elect Director Nishimoto, Kosuke.

13 Jun 19 MISUMI Group Inc. AGM 2.4 For Agenda item : Elect Director Otokozawa, Ichiro.

13 Jun 19 MISUMI Group Inc. AGM 2.5 For Agenda item : Elect Director Sato, Toshinari.

13 Jun 19 MISUMI Group Inc. AGM 2.6 For Agenda item : Elect Director Ogi, Takehiko.

13 Jun 19 MISUMI Group Inc. AGM 2.7 For Agenda item : Elect Director Nakano, Yoichi.

13 Jun 19 Melco International Development Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Melco International Development Limited AGM 2 For Agenda item : Approve Final Dividend.

13 Jun 19 Melco International Development Limited AGM 3a1 For Agenda item : Elect Karuna Evelyne Shinsho as Director.

13 Jun 19 Melco International Development Limited AGM 3a2 For Agenda item : Elect Evan Andrew Winkler as Director.

13 Jun 19 Melco International Development Limited AGM 3a3 For Agenda item : Elect Chow Kwong Fai, Edward as Director.

13 Jun 19 Melco International Development Limited AGM 3b For Agenda item : Authorise Board to Fix Remuneration of Directors.

UBS Asset Management 88

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Melco International Development Limited AGM 4 Opposed Agenda item : Approve Ernst & Young as Auditor and Authorise Board to Fix

Their Remuneration.

UBS note : Auditors have received high fees for non-audit services without

valid justification.

13 Jun 19 Melco International Development Limited AGM 5 For Agenda item : Authorise Repurchase of Issued Share Capital.

13 Jun 19 Melco International Development Limited AGM 6.1 Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

13 Jun 19 Melco International Development Limited AGM 6.2 Opposed Agenda item : Authorise Reissuance of Repurchased Shares.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

13 Jun 19 Middlefield Canadian Income PCC AGM 1 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Middlefield Canadian Income PCC AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Middlefield Canadian Income PCC AGM 2 For Agenda item : Ratify Deloitte LLP as Auditors.

13 Jun 19 Middlefield Canadian Income PCC AGM 2 For Agenda item : Authorise Market Purchase of Shares.

13 Jun 19 Middlefield Canadian Income PCC AGM 3 For Agenda item : Adopt New Articles of Association.

13 Jun 19 Middlefield Canadian Income PCC AGM 3 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

13 Jun 19 Middlefield Canadian Income PCC AGM 4 For Agenda item : Approve Remuneration of Directors.

13 Jun 19 Middlefield Canadian Income PCC AGM 5 For Agenda item : Approve Dividend Policy.

13 Jun 19 Middlefield Canadian Income PCC EGM 1 Opposed Agenda item : Re-elect Philip Bisson as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

13 Jun 19 Middlefield Canadian Income PCC EGM 2 For Agenda item : Re-elect Thomas Grose as Director.

13 Jun 19 Middlefield Canadian Income PCC EGM 3 Opposed Agenda item : Re-elect Nicholas Villiers as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

89 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Middlefield Canadian Income PCC EGM 4 For Agenda item : Elect Richard Hughes as Director.

13 Jun 19 Middlefield Canadian Income PCC EGM 5 Opposed Agenda item : Re-elect Dean Orrico as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

13 Jun 19 Norwegian Cruise Line Holdings Ltd. AGM 1a For Agenda item : Elect Director Frank J. Del Rio.

13 Jun 19 Norwegian Cruise Line Holdings Ltd. AGM 1b For Agenda item : Elect Director Chad A. Leat.

13 Jun 19 Norwegian Cruise Line Holdings Ltd. AGM 1c For Agenda item : Elect Director Steve Martinez.

13 Jun 19 Norwegian Cruise Line Holdings Ltd. AGM 1d For Agenda item : Elect Director Pamela Thomas-Graham.

13 Jun 19 Norwegian Cruise Line Holdings Ltd. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

13 Jun 19 Norwegian Cruise Line Holdings Ltd. AGM 3 For Agenda item : Amend Bylaws.

13 Jun 19 Norwegian Cruise Line Holdings Ltd. AGM 4 Opposed Agenda item : Ratify PricewaterhouseCoopers LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

13 Jun 19 Petropavlovsk Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Petropavlovsk Plc AGM 2 For Agenda item : Approve Remuneration Report.

13 Jun 19 Petropavlovsk Plc AGM 3 For Agenda item : Reappoint Deloitte LLP as Auditors.

13 Jun 19 Petropavlovsk Plc AGM 4 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

13 Jun 19 Petropavlovsk Plc AGM 5 For Agenda item : Elect James Cameron Jr as Director.

13 Jun 19 Petropavlovsk Plc AGM 6 For Agenda item : Elect Damien Hackett as Director.

13 Jun 19 Petropavlovsk Plc AGM 7 For Agenda item : Elect Harry Kenyon-Slaney as Director.

13 Jun 19 Petropavlovsk Plc AGM 8 For Agenda item : Elect Bektas Mukazhanov as Director.

13 Jun 19 Petropavlovsk Plc AGM 9 Opposed Agenda item : Re-elect Sir Roderic Lyne as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

13 Jun 19 Petropavlovsk Plc AGM 10 For Agenda item : Re-elect Dr Pavel Maslovskiy as Director.

13 Jun 19 Petropavlovsk Plc AGM 11 For Agenda item : Re-elect Robert Jenkins as Director.

UBS Asset Management 90

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Petropavlovsk Plc AGM 12 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Petropavlovsk Plc AGM 13 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Petropavlovsk Plc AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 Petropavlovsk Plc AGM 15 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Raiffeisen Bank International AG AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 0.93 per

Share.

13 Jun 19 Raiffeisen Bank International AG AGM 3 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

13 Jun 19 Raiffeisen Bank International AG AGM 4 For Agenda item : Approve Discharge of Supervisory Board for Fiscal 2018.

13 Jun 19 Raiffeisen Bank International AG AGM 5 For Agenda item : Ratify KPMG Austria GmbH as Auditors for Fiscal 2020.

13 Jun 19 Raiffeisen Bank International AG AGM 6 Opposed Agenda item : Re-elect Martin Schaller as Supervisory Board Member.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

13 Jun 19 Raiffeisen Bank International AG AGM 7 Opposed Agenda item : Approve Creation of EUR 501.6 Million Pool of Capital without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

13 Jun 19 Raiffeisen Bank International AG AGM 8 For Agenda item : Amend Articles Re: Annulment of the Share Capital and Shares,

and the Participation and Voting Rights Clause.

13 Jun 19 Sirius Minerals Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Sirius Minerals Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : Executive pay granted/vested during the year is not aligned with

performance.

13 Jun 19 Sirius Minerals Plc AGM 3 For Agenda item : Re-elect Russell Scrimshaw as Director.

13 Jun 19 Sirius Minerals Plc AGM 4 For Agenda item : Re-elect Chris Fraser as Director.

13 Jun 19 Sirius Minerals Plc AGM 5 For Agenda item : Re-elect Thomas Staley as Director.

13 Jun 19 Sirius Minerals Plc AGM 6 For Agenda item : Re-elect Noel Harwerth as Director.

91 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Sirius Minerals Plc AGM 7 Opposed Agenda item : Re-elect Keith Clarke as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

13 Jun 19 Sirius Minerals Plc AGM 8 For Agenda item : Re-elect Louise Hardy as Director.

13 Jun 19 Sirius Minerals Plc AGM 9 Opposed Agenda item : Re-elect Lord Hutton as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

13 Jun 19 Sirius Minerals Plc AGM 10 For Agenda item : Re-elect Jane Lodge as Director.

13 Jun 19 Sirius Minerals Plc AGM 11 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

13 Jun 19 Sirius Minerals Plc AGM 12 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

13 Jun 19 Sirius Minerals Plc AGM 13 Opposed Agenda item : Authorise EU Political Donations and Expenditure.

UBS note : We will not support company proposals allowing companies to

make political donations and will support shareholder proposals requiring

companies to be transparent concerning such donations.

13 Jun 19 Sirius Minerals Plc AGM 14 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Sirius Minerals Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Sirius Minerals Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 Sirius Minerals Plc AGM 17 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Sirius Minerals Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Sonova Holding AG AGM 1.1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Sonova Holding AG AGM 1.2 For Agenda item : Approve Remuneration Report.

13 Jun 19 Sonova Holding AG AGM 2 For Agenda item : Approve Allocation of Income and Dividends of CHF 2.90 per

Share.

13 Jun 19 Sonova Holding AG AGM 3 For Agenda item : Approve Discharge of Board and Senior Management.

13 Jun 19 Sonova Holding AG AGM 4.1.1 For Agenda item : Re-elect Robert Spoerry as Director and Board Chairman.

13 Jun 19 Sonova Holding AG AGM 4.1.2 For Agenda item : Re-elect Beat Hess as Director.

UBS Asset Management 92

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Sonova Holding AG AGM 4.1.3 For Agenda item : Re-elect Lynn Bleil as Director.

13 Jun 19 Sonova Holding AG AGM 4.1.4 For Agenda item : Re-elect Lukas Braunschweiler as Director.

13 Jun 19 Sonova Holding AG AGM 4.1.5 For Agenda item : Re-elect Michael Jacobi as Director.

13 Jun 19 Sonova Holding AG AGM 4.1.6 For Agenda item : Re-elect Stacy Seng as Director.

13 Jun 19 Sonova Holding AG AGM 4.1.7 For Agenda item : Re-elect Ronald van der Vis as Director.

13 Jun 19 Sonova Holding AG AGM 4.1.8 For Agenda item : Re-elect Jinlong Wang as Director.

13 Jun 19 Sonova Holding AG AGM 4.2.1 For Agenda item : Reappoint Robert Spoerry as Member of the Nomination and

Compensation Committee.

13 Jun 19 Sonova Holding AG AGM 4.2.2 For Agenda item : Reappoint Beat Hess as Member of the Nomination and

Compensation Committee.

13 Jun 19 Sonova Holding AG AGM 4.2.3 For Agenda item : Reappoint Stacy Enxing Seng as Member of the Nomination

and Compensation Committee.

13 Jun 19 Sonova Holding AG AGM 4.3 For Agenda item : Ratify PricewaterhouseCoopers AG as Auditors.

13 Jun 19 Sonova Holding AG AGM 4.4 For Agenda item : Designate Keller KLG as Independent Proxy.

13 Jun 19 Sonova Holding AG AGM 5.1 For Agenda item : Approve Remuneration of Directors in the Amount of CHF 2.9

Million.

13 Jun 19 Sonova Holding AG AGM 5.2 For Agenda item : Approve Remuneration of Executive Committee in the Amount

of CHF 15.3 Million.

13 Jun 19 Sonova Holding AG AGM 6 For Agenda item : Approve CHF 46,637 Reduction in Share Capital via

Cancellation of Registered Shares.

13 Jun 19 Sonova Holding AG AGM 7 Abstain Agenda item : Transact Other Business (Voting).

UBS note : We will abstain on any unspecified items included in the agenda of

the general meeting of shareholders.

13 Jun 19 Splunk Inc. AGM 1a For Agenda item : Elect Director Mark Carges.

13 Jun 19 Splunk Inc. AGM 1b For Agenda item : Elect Director Elisa Steele.

13 Jun 19 Splunk Inc. AGM 1c For Agenda item : Elect Director Sri Viswanath.

13 Jun 19 Splunk Inc. AGM 2 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditor.

13 Jun 19 Splunk Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

93 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 2 For Agenda item : Approve Remuneration Report.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 3 For Agenda item : Approve Remuneration Policy.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 4 For Agenda item : Approve Dividend Policy.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 5 For Agenda item : Ratify Deloitte LLP as Auditors.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 6 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 7 For Agenda item : Elect Jill May as Director.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 8 For Agenda item : Re-elect Huw Evans as Director.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 9 For Agenda item : Re-elect Robert Peto as Director.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 10 For Agenda item : Re-elect Michael Balfour as Director.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 11 For Agenda item : Re-elect James Clifton-Brown as Director.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 12 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Standard Life Investments Property Income Trust Ltd AGM 13 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 T-Mobile US, Inc. AGM 1.1 For Agenda item : Elect Director Srikant M. Datar.

13 Jun 19 T-Mobile US, Inc. AGM 1.10 For Agenda item : Elect Director G. Michael "Mike" Sievert.

13 Jun 19 T-Mobile US, Inc. AGM 1.11 For Agenda item : Elect Director Teresa A. Taylor.

13 Jun 19 T-Mobile US, Inc. AGM 1.12 For Agenda item : Elect Director Kelvin R. Westbrook.

13 Jun 19 T-Mobile US, Inc. AGM 1.2 For Agenda item : Elect Director Srini Gopalan.

13 Jun 19 T-Mobile US, Inc. AGM 1.3 For Agenda item : Elect Director Lawrence H. Guffey.

13 Jun 19 T-Mobile US, Inc. AGM 1.4 For Agenda item : Elect Director Timotheus Hottges.

13 Jun 19 T-Mobile US, Inc. AGM 1.5 For Agenda item : Elect Director Christian P. Illek.

13 Jun 19 T-Mobile US, Inc. AGM 1.6 For Agenda item : Elect Director Bruno Jacobfeuerborn.

13 Jun 19 T-Mobile US, Inc. AGM 1.7 For Agenda item : Elect Director Raphael Kubler.

13 Jun 19 T-Mobile US, Inc. AGM 1.8 For Agenda item : Elect Director Thorsten Langheim.

13 Jun 19 T-Mobile US, Inc. AGM 1.9 For Agenda item : Elect Director John J. Legere.

13 Jun 19 T-Mobile US, Inc. AGM 2 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

UBS Asset Management 94

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 T-Mobile US, Inc. AGM 3 For Agenda item : Limit Accelerated Vesting of Equity Awards Upon a Change in

Control.

UBS note : We will support proposals that ask the Board to apply a policy of

pro-rated vesting of awards in case of termination upon a change in control.

13 Jun 19 Tesco Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Tesco Plc AGM 2 For Agenda item : Approve Remuneration Report.

13 Jun 19 Tesco Plc AGM 3 For Agenda item : Approve Final Dividend.

13 Jun 19 Tesco Plc AGM 4 For Agenda item : Elect Melissa Bethell as Director.

13 Jun 19 Tesco Plc AGM 5 For Agenda item : Re-elect John Allan as Director.

13 Jun 19 Tesco Plc AGM 6 For Agenda item : Re-elect Mark Armour as Director.

13 Jun 19 Tesco Plc AGM 7 For Agenda item : Re-elect Stewart Gilliland as Director.

13 Jun 19 Tesco Plc AGM 8 For Agenda item : Re-elect Steve Golsby as Director.

13 Jun 19 Tesco Plc AGM 9 For Agenda item : Re-elect Byron Grote as Director.

13 Jun 19 Tesco Plc AGM 10 For Agenda item : Re-elect Dave Lewis as Director.

13 Jun 19 Tesco Plc AGM 11 For Agenda item : Re-elect Mikael Olsson as Director.

13 Jun 19 Tesco Plc AGM 12 For Agenda item : Re-elect Deanna Oppenheimer as Director.

13 Jun 19 Tesco Plc AGM 13 For Agenda item : Re-elect Simon Patterson as Director.

13 Jun 19 Tesco Plc AGM 14 For Agenda item : Re-elect Alison Platt as Director.

13 Jun 19 Tesco Plc AGM 15 For Agenda item : Re-elect Lindsey Pownall as Director.

13 Jun 19 Tesco Plc AGM 16 For Agenda item : Re-elect Alan Stewart as Director.

13 Jun 19 Tesco Plc AGM 17 For Agenda item : Reappoint Deloitte LLP as Auditors.

13 Jun 19 Tesco Plc AGM 18 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

13 Jun 19 Tesco Plc AGM 19 For Agenda item : Approve Deferred Bonus Plan.

13 Jun 19 Tesco Plc AGM 20 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Tesco Plc AGM 21 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Tesco Plc AGM 22 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

13 Jun 19 Tesco Plc AGM 23 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Tesco Plc AGM 24 For Agenda item : Approve Scrip Dividend.

95 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Tesco Plc AGM 25 For Agenda item : Authorise EU Political Donations and Expenditure.

13 Jun 19 Tesco Plc AGM 26 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

13 Jun 19 Toyota Motor Corp. AGM 1.1 For Agenda item : Elect Director Uchiyamada, Takeshi.

13 Jun 19 Toyota Motor Corp. AGM 1.2 For Agenda item : Elect Director Hayakawa, Shigeru.

13 Jun 19 Toyota Motor Corp. AGM 1.3 For Agenda item : Elect Director Toyoda, Akio.

13 Jun 19 Toyota Motor Corp. AGM 1.4 For Agenda item : Elect Director Kobayashi, Koji.

13 Jun 19 Toyota Motor Corp. AGM 1.5 For Agenda item : Elect Director Didier Leroy.

13 Jun 19 Toyota Motor Corp. AGM 1.6 For Agenda item : Elect Director Terashi, Shigeki.

13 Jun 19 Toyota Motor Corp. AGM 1.7 For Agenda item : Elect Director Sugawara, Ikuro.

13 Jun 19 Toyota Motor Corp. AGM 1.8 For Agenda item : Elect Director Sir Philip Craven.

13 Jun 19 Toyota Motor Corp. AGM 1.9 For Agenda item : Elect Director Kudo, Teiko.

13 Jun 19 Toyota Motor Corp. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Kato, Haruhiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

13 Jun 19 Toyota Motor Corp. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Ogura, Katsuyuki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

13 Jun 19 Toyota Motor Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Wake, Yoko.

13 Jun 19 Toyota Motor Corp. AGM 2.4 For Agenda item : Appoint Statutory Auditor Ozu, Hiroshi.

13 Jun 19 Toyota Motor Corp. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Sakai, Ryuji.

13 Jun 19 Toyota Motor Corp. AGM 4 For Agenda item : Approve Cash Compensation Ceiling and Restricted Stock Plan

for Directors.

13 Jun 19 W.P. Carey, Inc. AGM 1a For Agenda item : Elect Director Mark A. Alexander.

13 Jun 19 W.P. Carey, Inc. AGM 1b For Agenda item : Elect Director Peter J. Farrell.

13 Jun 19 W.P. Carey, Inc. AGM 1c For Agenda item : Elect Director Robert J. Flanagan.

13 Jun 19 W.P. Carey, Inc. AGM 1d For Agenda item : Elect Director Jason E. Fox.

UBS Asset Management 96

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 W.P. Carey, Inc. AGM 1e For Agenda item : Elect Director Benjamin H. Griswold, IV.

13 Jun 19 W.P. Carey, Inc. AGM 1f For Agenda item : Elect Director Axel K.A. Hansing.

13 Jun 19 W.P. Carey, Inc. AGM 1g For Agenda item : Elect Director Jean Hoysradt.

13 Jun 19 W.P. Carey, Inc. AGM 1h For Agenda item : Elect Director Margaret G. Lewis.

13 Jun 19 W.P. Carey, Inc. AGM 1i For Agenda item : Elect Director Christopher J. Niehaus.

13 Jun 19 W.P. Carey, Inc. AGM 1j For Agenda item : Elect Director Nick J.M. van Ommen.

13 Jun 19 W.P. Carey, Inc. AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

13 Jun 19 W.P. Carey, Inc. AGM 3 Opposed Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 2 For Agenda item : Approve Remuneration Report.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 3 For Agenda item : Approve Final Dividend.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 4 For Agenda item : Approve Special Dividend.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 5 Opposed Agenda item : Re-elect Andrew Higginson as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 6 For Agenda item : Re-elect David Potts as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 7 For Agenda item : Re-elect Trevor Strain as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 8 For Agenda item : Re-elect Rooney Anand as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 9 For Agenda item : Re-elect Neil Davidson as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 10 For Agenda item : Re-elect Kevin Havelock as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 11 For Agenda item : Re-elect Belinda Richards as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 12 For Agenda item : Re-elect Tony van Kralingen as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 13 For Agenda item : Re-elect Paula Vennells as Director.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 14 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 15 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 16 For Agenda item : Authorise EU Political Donations and Expenditure.

97 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

13 Jun 19 Wm Morrison Supermarkets Plc AGM 17 For Agenda item : Authorise Issue of Equity.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 18 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 19 For Agenda item : Authorise Market Purchase of Ordinary Shares.

13 Jun 19 Wm Morrison Supermarkets Plc AGM 20 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.1 For Agenda item : Elect Director M. Elyse Allan.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.2 For Agenda item : Elect Director Angela F. Braly.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.3 For Agenda item : Elect Director Maureen Kempston Darkes.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.4 For Agenda item : Elect Director Murilo Ferreira.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.5 Withhold Agenda item : Elect Director Frank J. McKenna.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.6 Withhold Agenda item : Elect Director Rafael Miranda.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.7 For Agenda item : Elect Director Seek Ngee Huat.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 1.8 For Agenda item : Elect Director Diana L. Taylor.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 2 Withhold Agenda item : Approve Deloitte LLP as Auditors and Authorise Board to Fix

Their Remuneration.

UBS note : The tenure of auditor used by the company exceeds 20 years.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 3 For Agenda item : Advisory Vote on Executive Compensation Approach.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 4 For Agenda item : Approve Stock Option Plan.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 5 Opposed Agenda item : SP 1: Report on the Feasibility of Integrating Workplace Sexual

Misconduct Measures into the Performance Metrics for Executive

Compensation.

14 Jun 19 Brookfield Asset Management Inc. Annual/Special 6 For Agenda item : SP 2: Inclusion of Key Performance Indicators (KPIs) in the

Annual Disclosure to Shareholders.

UBS Asset Management 98

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We are supportive of resolutions seeking reports from issuers on

specific issues on the condition these are not overly demanding or beyond the

remit of the company's reporting.

14 Jun 19 Carrefour SA Annual/Special 1 For Agenda item : Approve Financial Statements and Statutory Reports.

14 Jun 19 Carrefour SA Annual/Special 2 For Agenda item : Approve Consolidated Financial Statements and Statutory

Reports.

14 Jun 19 Carrefour SA Annual/Special 3 For Agenda item : Approve Allocation of Income and Dividends of EUR 0.46 per

Share.

14 Jun 19 Carrefour SA Annual/Special 4 For Agenda item : Ratify Change Location of Registered Office to 93 Avenue de

Paris, 91300 Massy.

14 Jun 19 Carrefour SA Annual/Special 5 For Agenda item : Ratify Appointment of Claudia Almeida e Silva as Director.

14 Jun 19 Carrefour SA Annual/Special 6 Opposed Agenda item : Ratify Appointment of Alexandre Arnault as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

14 Jun 19 Carrefour SA Annual/Special 7 Opposed Agenda item : Re-elect Thierry Breton as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

14 Jun 19 Carrefour SA Annual/Special 8 Opposed Agenda item : Re-elect Flavia Buarque de Almeida as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

14 Jun 19 Carrefour SA Annual/Special 9 Opposed Agenda item : Re-elect Abilio Diniz as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

14 Jun 19 Carrefour SA Annual/Special 10 For Agenda item : Re-elect Charles Edelstenne as Director.

14 Jun 19 Carrefour SA Annual/Special 11 For Agenda item : Approve Remuneration of Directors in the Aggregate Amount

of EUR 1.28 Million.

14 Jun 19 Carrefour SA Annual/Special 12 For Agenda item : Approve Auditors' Special Report on Related-Party Transactions

Mentioning the Absence of New Transactions.

14 Jun 19 Carrefour SA Annual/Special 13 Opposed Agenda item : Approve Non-Compete Agreement with Alexandre Bompard,

99 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Chairman and CEO.

UBS note : We will not support golden parachute/termination payments

where the cap is not in line with best market practice.

14 Jun 19 Carrefour SA Annual/Special 14 Opposed Agenda item : Approve Compensation of Alexandre Bompard, Chairman and

CEO.

UBS note : We will vote against when the level of disclosure provided does not

allow shareholders to make an informed assessment of executive remuneration

granted during the year.

14 Jun 19 Carrefour SA Annual/Special 15 Opposed Agenda item : Approve Remuneration Policy of Alexandre Bompard, Chairman

and CEO.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

14 Jun 19 Carrefour SA Annual/Special 16 For Agenda item : Authorise Repurchase of Up to 10 Percent of Issued Share

Capital.

14 Jun 19 Carrefour SA Annual/Special 17 For Agenda item : Amend Bylaws Re: Adding a Preamble.

14 Jun 19 Carrefour SA Annual/Special 18 For Agenda item : Authorise Decrease in Share Capital via Cancellation of

Repurchased Shares.

14 Jun 19 Carrefour SA Annual/Special 19 For Agenda item : Authorise Issuance of Equity or Equity-Linked Securities with

Pre-emptive Rights up to Aggregate Nominal Amount of EUR 500 Million.

14 Jun 19 Carrefour SA Annual/Special 20 For Agenda item : Authorise Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights up to Aggregate Nominal Amount of EUR 175 Million.

14 Jun 19 Carrefour SA Annual/Special 21 For Agenda item : Approve Issuance of Equity or Equity-Linked Securities for

Private Placements, up to Aggregate Nominal Amount of EUR 175 Million.

14 Jun 19 Carrefour SA Annual/Special 22 For Agenda item : Authorise Board to Increase Capital in the Event of Additional

Demand Related to Delegation Submitted to Shareholder Vote Above.

14 Jun 19 Carrefour SA Annual/Special 23 For Agenda item : Authorise Capital Increase of up to 10 Percent of Issued Capital

for Contributions in Kind.

14 Jun 19 Carrefour SA Annual/Special 24 For Agenda item : Authorise Capitalization of Reserves of Up to EUR 500 Million

for Bonus Issue or Increase in Par Value.

UBS Asset Management 100

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

14 Jun 19 Carrefour SA Annual/Special 25 Opposed Agenda item : Authorise up to 0.8 Percent of Issued Capital for Use in

Restricted Stock Plans.

UBS note : The disclosure provided does not allow shareholders to make an

informed assessment of the Plan.

14 Jun 19 Carrefour SA Annual/Special 26 For Agenda item : Authorise Capital Issuances for Use in Employee Stock Purchase

Plans.

14 Jun 19 Carrefour SA Annual/Special 27 For Agenda item : Authorise Filing of Required Documents/Other Formalities.

14 Jun 19 IBIDEN Co., Ltd. AGM 1.1 For Agenda item : Elect Director Takenaka, Hiroki.

14 Jun 19 IBIDEN Co., Ltd. AGM 1.2 For Agenda item : Elect Director Aoki, Takeshi.

14 Jun 19 IBIDEN Co., Ltd. AGM 1.3 For Agenda item : Elect Director Kodama, Kozo.

14 Jun 19 IBIDEN Co., Ltd. AGM 1.4 For Agenda item : Elect Director Ikuta, Masahiko.

14 Jun 19 IBIDEN Co., Ltd. AGM 1.5 For Agenda item : Elect Director Yamaguchi, Chiaki.

14 Jun 19 IBIDEN Co., Ltd. AGM 1.6 For Agenda item : Elect Director Mita, Toshio.

14 Jun 19 IBIDEN Co., Ltd. AGM 1.7 For Agenda item : Elect Director Yoshihisa, Koichi.

14 Jun 19 IBIDEN Co., Ltd. AGM 2.1 For Agenda item : Elect Director and Audit Committee Member Sakashita, Keiichi.

14 Jun 19 IBIDEN Co., Ltd. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Kuwayama,

Yoichi.

14 Jun 19 IBIDEN Co., Ltd. AGM 2.3 For Agenda item : Elect Director and Audit Committee Member Kato, Fumio.

14 Jun 19 IBIDEN Co., Ltd. AGM 2.4 For Agenda item : Elect Director and Audit Committee Member Horie, Masaki.

14 Jun 19 IBIDEN Co., Ltd. AGM 2.5 For Agenda item : Elect Director and Audit Committee Member Kawai, Nobuko.

14 Jun 19 IBIDEN Co., Ltd. AGM 3 For Agenda item : Elect Alternate Director and Audit Committee Member Komori,

Shogo.

14 Jun 19 KEYENCE Corp. AGM 1 Opposed Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

100.

UBS note : Support is not warranted, in order to signal dissatisfaction with the

Company's consistently low dividend payouts and consistently poor disclosure

of capital strategies.

14 Jun 19 KEYENCE Corp. AGM 2.1 For Agenda item : Elect Director Takizaki, Takemitsu.

14 Jun 19 KEYENCE Corp. AGM 2.2 Opposed Agenda item : Elect Director Yamamoto, Akinori.

101 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

14 Jun 19 KEYENCE Corp. AGM 2.3 For Agenda item : Elect Director Kimura, Keiichi.

14 Jun 19 KEYENCE Corp. AGM 2.4 For Agenda item : Elect Director Yamaguchi, Akiji.

14 Jun 19 KEYENCE Corp. AGM 2.5 For Agenda item : Elect Director Miki, Masayuki.

14 Jun 19 KEYENCE Corp. AGM 2.6 For Agenda item : Elect Director Nakata, Yu.

14 Jun 19 KEYENCE Corp. AGM 2.7 For Agenda item : Elect Director Kanzawa, Akira.

14 Jun 19 KEYENCE Corp. AGM 2.8 For Agenda item : Elect Director Tanabe, Yoichi.

14 Jun 19 KEYENCE Corp. AGM 2.9 For Agenda item : Elect Director Taniguchi, Seiichi.

14 Jun 19 KEYENCE Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Komura, Koichiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

14 Jun 19 KEYENCE Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Yamamoto, Masaharu.

14 Jun 19 Regeneron Pharmaceuticals, Inc. AGM 1a For Agenda item : Elect Director Bonnie L. Bassler.

14 Jun 19 Regeneron Pharmaceuticals, Inc. AGM 1b Opposed Agenda item : Elect Director Michael S. Brown.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

14 Jun 19 Regeneron Pharmaceuticals, Inc. AGM 1c For Agenda item : Elect Director Leonard S. Schleifer.

14 Jun 19 Regeneron Pharmaceuticals, Inc. AGM 1d For Agenda item : Elect Director George D. Yancopoulos.

14 Jun 19 Regeneron Pharmaceuticals, Inc. AGM 2 Opposed Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 11.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.1 For Agenda item : Elect Director Nakanishi, Katsunori.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.10 For Agenda item : Elect Director Ito, Motoshige.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.2 For Agenda item : Elect Director Shibata, Hisashi.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.3 For Agenda item : Elect Director Sugimoto, Hirotoshi.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.4 For Agenda item : Elect Director Yagi, Minoru.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.5 For Agenda item : Elect Director Nagasawa, Yoshihiro.

UBS Asset Management 102

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.6 For Agenda item : Elect Director Iio, Hidehito.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.7 For Agenda item : Elect Director Kobayashi, Mitsuru.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.8 For Agenda item : Elect Director Yamamoto, Toshihiko.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 2.9 For Agenda item : Elect Director Fujisawa, Kumi.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Saito, Hiroki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kozuki, Kazuo.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Yamashita, Yoshihiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

14 Jun 19 The Shizuoka Bank, Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Ushio, Naomi.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.1 For Agenda item : Elect Director Miyazaki, Naoki.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.2 For Agenda item : Elect Director Hashimoto, Masakazu.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.3 For Agenda item : Elect Director Koyama, Toru.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.4 For Agenda item : Elect Director Yamada, Tomonobu.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.5 For Agenda item : Elect Director Yasuda, Hiroshi.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.6 For Agenda item : Elect Director Oka, Masaki.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.7 For Agenda item : Elect Director Tsuchiya, Sojiro.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.8 For Agenda item : Elect Director Yamaka, Kimio.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 3.9 For Agenda item : Elect Director Matsumoto, Mayumi.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 4 For Agenda item : Appoint Statutory Auditor Miyake, Hideomi.

14 Jun 19 Toyoda Gosei Co., Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

14 Jun 19 Zenkoku Hosho Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 87.

17 Jun 19 Capcom Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 20.

103 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

17 Jun 19 Capcom Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

17 Jun 19 Capcom Co., Ltd. AGM 3.1 Opposed Agenda item : Elect Director Tsujimoto, Kenzo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

17 Jun 19 Capcom Co., Ltd. AGM 3.2 For Agenda item : Elect Director Tsujimoto, Haruhiro.

17 Jun 19 Capcom Co., Ltd. AGM 3.3 For Agenda item : Elect Director Egawa, Yoichi.

17 Jun 19 Capcom Co., Ltd. AGM 3.4 For Agenda item : Elect Director Nomura, Kenkichi.

17 Jun 19 Capcom Co., Ltd. AGM 3.5 For Agenda item : Elect Director Neo, Kunio.

17 Jun 19 Capcom Co., Ltd. AGM 3.6 For Agenda item : Elect Director Sato, Masao.

17 Jun 19 Capcom Co., Ltd. AGM 3.7 For Agenda item : Elect Director Muranaka, Toru.

17 Jun 19 Capcom Co., Ltd. AGM 3.8 For Agenda item : Elect Director Mizukoshi, Yutaka.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 1 For Agenda item : Approve Consolidated and Standalone Financial Statements.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 2 For Agenda item : Approve Discharge of Board.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 3 For Agenda item : Approve Allocation of Income and Dividends.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 4 For Agenda item : Approve Scrip Dividends.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 5.1 For Agenda item : Fix Number of Directors at 13.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 5.2 For Agenda item : Elect Maria Luisa Guibert Ucin as Director.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 5.3 For Agenda item : Elect Ana Maria Plaza Arregui as Director.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 5.4 For Agenda item : Re-elect Ramon Carne Casas as Director.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 5.5 For Agenda item : Re-elect Juan March Juan as Director.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 5.6 Opposed Agenda item : Re-elect Anton Pradera Jauregui as Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 6 For Agenda item : Advisory Vote on Remuneration Report.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 7.1 Opposed Agenda item : Approve Remuneration Policy.

UBS note : The aggregate overall level of pay is considered excessive.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 7.2 Opposed Agenda item : Approve Annual Maximum Remuneration.

UBS note : The proposed aggregate cap on non-executive pay is excessive and

UBS Asset Management 104

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

not adequately justified.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 8 For Agenda item : Approve Share Appreciation Rights Plan.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 9 For Agenda item : Authorise Share Repurchase and Capital Reduction via

Amortization of Repurchased Shares.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 10.1 Opposed Agenda item : Authorise Increase in Capital up to 20 Percent via Issuance of

Equity or Equity-Linked Securities without Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 10.2 Opposed Agenda item : Authorise Increase in Capital up to 50 Percent via Issuance of

Equity or Equity-Linked Securities with Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares with

pre-emption rights exceeding 1/3 of the issued share capital as they are

potentially overly dilutive and therefore not in the interest of existing

shareholders.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 10.3 Opposed Agenda item : Set Global Limit for Capital Increase to Result From All Issuance

Requests.

UBS note : We will not support routine authorities to issue shares with

pre-emption rights exceeding 1/3 of the issued share capital as they are

potentially overly dilutive and therefore not in the interest of existing

shareholders.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 11 Opposed Agenda item : Authorise Issuance of Non-Convertible and/or Convertible

Bonds, Debentures, Warrants, and Other Debt Securities without Pre-emptive

Rights up to EUR 500 Million.

UBS note : We will not support proposals to issue convertible shares which

exceed 10% of the issued share capital, as this risks excessive dilution for

existing shareholders.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 12 For Agenda item : Authorise Board to Ratify and Execute Approved Resolutions.

17 Jun 19 Corporacion Financiera Alba SA Annual/Special 13 For Agenda item : Approve Minutes of Meeting.

105 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

17 Jun 19 DaVita Inc. AGM 1a For Agenda item : Elect Director Pamela M. Arway.

17 Jun 19 DaVita Inc. AGM 1b Opposed Agenda item : Elect Director Charles G. Berg.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

17 Jun 19 DaVita Inc. AGM 1c For Agenda item : Elect Director Barbara J. Desoer.

17 Jun 19 DaVita Inc. AGM 1d For Agenda item : Elect Director Pascal Desroches.

17 Jun 19 DaVita Inc. AGM 1e For Agenda item : Elect Director Paul J. Diaz.

17 Jun 19 DaVita Inc. AGM 1f Opposed Agenda item : Elect Director Peter T. Grauer.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

17 Jun 19 DaVita Inc. AGM 1g Opposed Agenda item : Elect Director John M. Nehra.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

17 Jun 19 DaVita Inc. AGM 1h For Agenda item : Elect Director Javier J. Rodriguez.

17 Jun 19 DaVita Inc. AGM 1i Opposed Agenda item : Elect Director William L. Roper.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

17 Jun 19 DaVita Inc. AGM 1j For Agenda item : Elect Director Kent J. Thiry.

17 Jun 19 DaVita Inc. AGM 1k For Agenda item : Elect Director Phyllis R. Yale.

17 Jun 19 DaVita Inc. AGM 2 For Agenda item : Ratify KPMG LLP as Auditors.

17 Jun 19 DaVita Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 35.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.1 For Agenda item : Elect Director Nakayama, Joji.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.2 For Agenda item : Elect Director Manabe, Sunao.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sai, Toshiaki.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.4 For Agenda item : Elect Director Tojo, Toshiaki.

UBS Asset Management 106

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.5 For Agenda item : Elect Director Uji, Noritaka.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.6 For Agenda item : Elect Director Fukui, Tsuguya.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kimura, Satoru.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kama, Kazuaki.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 2.9 For Agenda item : Elect Director Nohara, Sawako.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Watanabe, Ryoichi.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Sato, Kenji.

17 Jun 19 Daiichi Sankyo Co., Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 6.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.1 For Agenda item : Elect Director Akamatsu, Ken.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.2 For Agenda item : Elect Director Sugie, Toshihiko.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.3 For Agenda item : Elect Director Takeuchi, Toru.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.4 For Agenda item : Elect Director Muto, Takaaki.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.5 For Agenda item : Elect Director Igura, Hidehiko.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.6 For Agenda item : Elect Director Kuboyama, Michiko.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.7 For Agenda item : Elect Director Iijima, Masami.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.8 For Agenda item : Elect Director Doi, Miwako.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 2.9 For Agenda item : Elect Director Oyamada, Takashi.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Shirai, Toshinori.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

17 Jun 19 Isetan Mitsukoshi Holdings Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 1 For Agenda item : Amend Articles to Reflect Changes in Law.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.1 For Agenda item : Elect Director Uehira, Mitsuhiko.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.10 For Agenda item : Elect Director Satake, Akira.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.2 For Agenda item : Elect Director Horigane, Masaaki.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.3 For Agenda item : Elect Director Nagato, Masatsugu.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.4 For Agenda item : Elect Director Suzuki, Masako.

107 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.5 For Agenda item : Elect Director Saito, Tamotsu.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ozaki, Michiaki.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yamada, Meyumi.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.8 For Agenda item : Elect Director Komuro, Yoshie.

17 Jun 19 JAPAN POST INSURANCE Co., Ltd. AGM 2.9 For Agenda item : Elect Director Harada, Kazuyuki.

17 Jun 19 NXP Semiconductors NV AGM 2c For Agenda item : Adopt Financial Statements and Statutory Reports.

17 Jun 19 NXP Semiconductors NV AGM 2d For Agenda item : Approve Discharge of Board Members.

17 Jun 19 NXP Semiconductors NV AGM 3a For Agenda item : Re-elect Richard L. Clemmer as Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3b For Agenda item : Re-elect Peter Bonfield as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3c For Agenda item : Re-elect Kenneth A. Goldman as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3d Opposed Agenda item : Re-elect Josef Kaeser as Non-Executive Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

17 Jun 19 NXP Semiconductors NV AGM 3e For Agenda item : Elect Lena Olving as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3f For Agenda item : Re-elect Peter Smitham as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3g For Agenda item : Re-elect Julie Southern as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3h For Agenda item : Elect Jasmin Staiblin as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3i For Agenda item : Re-elect Gregory Summe as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 3j For Agenda item : Elect Karl-Henrik Sundstrom as Non-Executive Director.

17 Jun 19 NXP Semiconductors NV AGM 4a For Agenda item : Grant Board Authority to Issue Shares Up To 10 Percent of

Issued Capital.

17 Jun 19 NXP Semiconductors NV AGM 4b For Agenda item : Authorise Board to Exclude Pre-emptive Rights from Share

Issuances.

17 Jun 19 NXP Semiconductors NV AGM 5 Opposed Agenda item : Approve NXP 2019 Omnibus Incentive Plan.

UBS note : The quantum of shares issuable to satisfy awards under the plan is

overly dilutive for current shareholders.

17 Jun 19 NXP Semiconductors NV AGM 6 For Agenda item : Authorise Repurchase of Shares.

UBS note : We will normally support share repurchase programs in line with

UBS Asset Management 108

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

local market regulations. Any proposals exceeding 15% will be given further

consideration to ensure proposals are in the best interests of shareholders.

17 Jun 19 NXP Semiconductors NV AGM 7 For Agenda item : Approve Cancellation of Repurchased Shares.

17 Jun 19 NXP Semiconductors NV AGM 8 For Agenda item : Ratify KPMG Accountants N.V. as Auditors.

17 Jun 19 QIAGEN NV AGM 4 For Agenda item : Adopt Financial Statements and Statutory Reports.

17 Jun 19 QIAGEN NV AGM 6 For Agenda item : Approve Discharge of Management Board.

17 Jun 19 QIAGEN NV AGM 7 For Agenda item : Approve Discharge of Supervisory Board.

17 Jun 19 QIAGEN NV AGM 8.a For Agenda item : Re-elect Stephane Bancel to Supervisory Board.

17 Jun 19 QIAGEN NV AGM 8.b For Agenda item : Re-elect Hakan Bjorklund to Supervisory Board.

17 Jun 19 QIAGEN NV AGM 8.c For Agenda item : Re-elect Metin Colpan to Supervisory Board.

17 Jun 19 QIAGEN NV AGM 8.d For Agenda item : Re-elect Ross L. Levine to Supervisory Board.

17 Jun 19 QIAGEN NV AGM 8.e For Agenda item : Re-elect Elaine Mardis to Supervisory Board.

17 Jun 19 QIAGEN NV AGM 8.f For Agenda item : Re-elect Lawrence A. Rosen to Supervisory Board.

17 Jun 19 QIAGEN NV AGM 8.g For Agenda item : Re-elect Elizabeth E. Tallett to Supervisory Board.

17 Jun 19 QIAGEN NV AGM 9.a For Agenda item : Re-elect Peer M. Schatz to Management Board.

17 Jun 19 QIAGEN NV AGM 9.b For Agenda item : Re-elect Roland Sackers to Management Board.

17 Jun 19 QIAGEN NV AGM 10 For Agenda item : Ratify KPMG as Auditors.

17 Jun 19 QIAGEN NV AGM 11.a Opposed Agenda item : Grant Board Authority to Issue Shares.

UBS note : We will not support routine authorities to issue shares with

pre-emption rights exceeding 1/3 of the issued share capital as they are

potentially overly dilutive and therefore not in the interest of existing

shareholders.

17 Jun 19 QIAGEN NV AGM 11.b For Agenda item : Authorise Board to Exclude Pre-emptive Rights from Share

Issuances.

17 Jun 19 QIAGEN NV AGM 11.c Opposed Agenda item : Authorise Board to Exclude Pre-emptive Rights from Share

Issuances in Connection to Mergers, Acquisitions or Strategic Alliances.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

109 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

17 Jun 19 QIAGEN NV AGM 12 For Agenda item : Authorise Repurchase of Issued Share Capital.

17 Jun 19 QIAGEN NV AGM 13 For Agenda item : Amend Articles of Association.

17 Jun 19 SQN Asset Finance Income Fund Ltd. EGM 1 For Agenda item : Amend Articles of Incorporation.

17 Jun 19 Seven Bank Ltd. AGM 1.1 For Agenda item : Elect Director Futagoishi, Kensuke.

17 Jun 19 Seven Bank Ltd. AGM 1.10 For Agenda item : Elect Director Kuroda, Yukiko.

17 Jun 19 Seven Bank Ltd. AGM 1.2 For Agenda item : Elect Director Funatake, Yasuaki.

17 Jun 19 Seven Bank Ltd. AGM 1.3 For Agenda item : Elect Director Ishiguro, Kazuhiko.

17 Jun 19 Seven Bank Ltd. AGM 1.4 For Agenda item : Elect Director Kawada, Hisanao.

17 Jun 19 Seven Bank Ltd. AGM 1.5 For Agenda item : Elect Director Inagaki, Kazutaka.

17 Jun 19 Seven Bank Ltd. AGM 1.6 For Agenda item : Elect Director Goto, Katsuhiro.

17 Jun 19 Seven Bank Ltd. AGM 1.7 For Agenda item : Elect Director Kigawa, Makoto.

17 Jun 19 Seven Bank Ltd. AGM 1.8 For Agenda item : Elect Director Itami, Toshihiko.

17 Jun 19 Seven Bank Ltd. AGM 1.9 For Agenda item : Elect Director Fukuo, Koichi.

17 Jun 19 Seven Bank Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Terashima, Hideaki.

17 Jun 19 Seven Bank Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Toge, Yukie.

17 Jun 19 Seven Bank Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Eda, Chieko.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 2 For Agenda item : Approve Dividend Policy.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 3 For Agenda item : Approve Remuneration Policy.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 4 For Agenda item : Approve Remuneration Report.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 5 For Agenda item : Approve Limit in the Aggregate Fees Paid to the Directors.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 6 For Agenda item : Ratify Deloitte LLP as Auditors.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 7 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 8 For Agenda item : Re-elect Michael Ayre as Director.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 9 For Agenda item : Re-elect Ken McCullagh as Director.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 10 For Agenda item : Re-elect Sandra Platts as Director.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 11 Opposed Agenda item : Re-elect Andrew Wilson as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

UBS Asset Management 110

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

17 Jun 19 UK Commercial Property REIT Ltd. AGM 12 For Agenda item : Re-elect Margaret Littlejohns as Director.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 13 For Agenda item : Re-elect Robert Fowlds as Director.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

17 Jun 19 UK Commercial Property REIT Ltd. AGM 15 For Agenda item : Authorise Market Purchase of Ordinary Shares.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 90.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.1 For Agenda item : Elect Director Toyoda, Kanshiro.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ise, Kiyotaka.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.3 For Agenda item : Elect Director Mitsuya, Makoto.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.4 For Agenda item : Elect Director Mizushima, Toshiyuki.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.5 For Agenda item : Elect Director Ozaki, Kazuhisa.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kobayashi, Toshio.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.7 For Agenda item : Elect Director Haraguchi, Tsunekazu.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hamada, Michiyo.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 2.9 For Agenda item : Elect Director Otake, Tetsuya.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Kato, Mitsuhisa.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors.

18 Jun 19 Aisin Seiki Co., Ltd. AGM 6 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

18 Jun 19 Amadeus IT Group SA AGM 1 For Agenda item : Approve Consolidated and Standalone Financial Statements.

18 Jun 19 Amadeus IT Group SA AGM 2 For Agenda item : Approve Non-Financial Information Report.

18 Jun 19 Amadeus IT Group SA AGM 3 For Agenda item : Approve Allocation of Income and Dividends.

18 Jun 19 Amadeus IT Group SA AGM 4 For Agenda item : Approve Discharge of Board.

18 Jun 19 Amadeus IT Group SA AGM 5 For Agenda item : Approve Reduction in Share Capital via Amortization of

Treasury Shares.

111 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Amadeus IT Group SA AGM 6 For Agenda item : Fix Number of Directors at 13.

18 Jun 19 Amadeus IT Group SA AGM 7.1 For Agenda item : Elect Josep Pique Camps as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.2 For Agenda item : Elect William Connelly as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.3 For Agenda item : Re-elect Jose Antonio Tazon Garcia as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.4 For Agenda item : Re-elect Luis Maroto Camino as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.5 For Agenda item : Re-elect David Webster as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.6 For Agenda item : Re-elect Guillermo de la Dehesa Romero as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.7 For Agenda item : Re-elect Clara Furse as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.8 For Agenda item : Re-elect Pierre-Henri Gourgeon as Director.

18 Jun 19 Amadeus IT Group SA AGM 7.9 For Agenda item : Re-elect Francesco Loredan as Director.

18 Jun 19 Amadeus IT Group SA AGM 8 For Agenda item : Advisory Vote on Remuneration Report.

18 Jun 19 Amadeus IT Group SA AGM 9 For Agenda item : Approve Remuneration of Directors.

18 Jun 19 Amadeus IT Group SA AGM 10 For Agenda item : Authorise Issuance of Convertible Bonds, Debentures,

Warrants, and Other Debt Securities without Pre-emptive Rights up to EUR 5

Billion.

18 Jun 19 Amadeus IT Group SA AGM 11 For Agenda item : Authorise Board to Ratify and Execute Approved Resolutions.

18 Jun 19 Astellas Pharma, Inc. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 19.

18 Jun 19 Astellas Pharma, Inc. AGM 2 For Agenda item : Amend Articles to Authorise Board to Determine Income

Allocation.

18 Jun 19 Astellas Pharma, Inc. AGM 3.1 For Agenda item : Elect Director Hatanaka, Yoshihiko.

18 Jun 19 Astellas Pharma, Inc. AGM 3.2 For Agenda item : Elect Director Yasukawa, Kenji.

18 Jun 19 Astellas Pharma, Inc. AGM 3.3 For Agenda item : Elect Director Okamura, Naoki.

18 Jun 19 Astellas Pharma, Inc. AGM 3.4 For Agenda item : Elect Director Sekiyama, Mamoru.

18 Jun 19 Astellas Pharma, Inc. AGM 3.5 For Agenda item : Elect Director Yamagami, Keiko.

18 Jun 19 Astellas Pharma, Inc. AGM 3.6 For Agenda item : Elect Director Kawabe, Hiroshi.

18 Jun 19 Astellas Pharma, Inc. AGM 3.7 For Agenda item : Elect Director Ishizuka, Tatsuro.

18 Jun 19 Astellas Pharma, Inc. AGM 4 For Agenda item : Elect Director and Audit Committee Member Shibumura,

Haruko.

18 Jun 19 Astellas Pharma, Inc. AGM 5 For Agenda item : Elect Alternate Director and Audit Committee Member

UBS Asset Management 112

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Takahashi, Raita.

18 Jun 19 Astellas Pharma, Inc. AGM 6 For Agenda item : Approve Fixed Cash Compensation Ceiling and Annual Bonus

Ceiling for Directors Who Are Not Audit Committee Members.

18 Jun 19 Astellas Pharma, Inc. AGM 7 For Agenda item : Approve Trust-Type Equity Compensation Plan.

18 Jun 19 Astellas Pharma, Inc. AGM 8 For Agenda item : Approve Annual Bonus.

18 Jun 19 BOC Aviation Limited EGM 1 For Agenda item : Approve Proposed Annual Caps in Relation to Continuing

Connected Transactions.

18 Jun 19 Coca-Cola HBC AG AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

18 Jun 19 Coca-Cola HBC AG AGM 2.1 For Agenda item : Approve Allocation of Income.

18 Jun 19 Coca-Cola HBC AG AGM 2.2 For Agenda item : Approve Dividend from Reserves.

18 Jun 19 Coca-Cola HBC AG AGM 3 For Agenda item : Approve Discharge of Board and Senior Management.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.1 Opposed Agenda item : Re-elect Anastassis David as Director and as Board Chairman.

UBS note : We will not support the election of non-independent directors

when the Board, in its entirety, lacks independence.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.2 For Agenda item : Re-elect Alexandra Papalexopoulou as Director and as Member

of the Remuneration Committee.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.3 Opposed Agenda item : Re-elect Reto Francioni as Director and as Member of the

Remuneration Committee.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.4 For Agenda item : Re-elect Charlotte Boyle as Director and as Member of the

Remuneration Committee.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.5 For Agenda item : Re-elect Zoran Bogdanovic as Director.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.6 For Agenda item : Re-elect Olusola David-Borha as Director.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.7 Opposed Agenda item : Re-elect William Douglas III as Director.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

113 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Coca-Cola HBC AG AGM 4.1.8 Opposed Agenda item : Re-elect Anastasios Leventis as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.9 Opposed Agenda item : Re-elect Christodoulos Leventis as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.A Opposed Agenda item : Re-elect Jose Octavio Reyes as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.B Opposed Agenda item : Re-elect Robert Rudolph as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

18 Jun 19 Coca-Cola HBC AG AGM 4.1.C For Agenda item : Re-elect John Sechi as Director.

18 Jun 19 Coca-Cola HBC AG AGM 4.2 Opposed Agenda item : Elect Alfredo Rivera as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

18 Jun 19 Coca-Cola HBC AG AGM 5 For Agenda item : Designate Ines Poeschel as Independent Proxy.

18 Jun 19 Coca-Cola HBC AG AGM 6.1 For Agenda item : Reappoint PricewaterhouseCoopers AG as Auditors.

18 Jun 19 Coca-Cola HBC AG AGM 6.2 For Agenda item : Advisory Vote on Reappointment of the Independent

Registered Public Accounting Firm PricewaterhouseCoopers SA for UK

Purposes.

18 Jun 19 Coca-Cola HBC AG AGM 7 For Agenda item : Approve UK Remuneration Report.

18 Jun 19 Coca-Cola HBC AG AGM 8 Opposed Agenda item : Approve Remuneration Policy.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

18 Jun 19 Coca-Cola HBC AG AGM 9 For Agenda item : Approve Swiss Remuneration Report.

18 Jun 19 Coca-Cola HBC AG AGM 10.1 For Agenda item : Approve Maximum Aggregate Amount of Remuneration for

Directors.

18 Jun 19 Coca-Cola HBC AG AGM 10.2 For Agenda item : Approve Maximum Aggregate Amount of Remuneration for

UBS Asset Management 114

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

the Operating Committee.

18 Jun 19 Coca-Cola HBC AG AGM 11 For Agenda item : Approve Share Capital Reduction by Cancelling Treasury

Shares.

18 Jun 19 Deutsche Wohnen SE AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 0.87 per

Share.

18 Jun 19 Deutsche Wohnen SE AGM 3 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

18 Jun 19 Deutsche Wohnen SE AGM 4 For Agenda item : Approve Discharge of Supervisory Board for Fiscal 2018.

18 Jun 19 Deutsche Wohnen SE AGM 5 For Agenda item : Ratify KPMG AG as Auditors for Fiscal 2019.

18 Jun 19 Deutsche Wohnen SE AGM 6 For Agenda item : Elect Arwed Fischer to the Supervisory Board.

18 Jun 19 EVRAZ Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

18 Jun 19 EVRAZ Plc AGM 2 For Agenda item : Approve Remuneration Report.

18 Jun 19 EVRAZ Plc AGM 3 For Agenda item : Re-elect Alexander Abramov as Director.

18 Jun 19 EVRAZ Plc AGM 4 For Agenda item : Re-elect Alexander Frolov as Director.

18 Jun 19 EVRAZ Plc AGM 5 For Agenda item : Re-elect Eugene Shvidler as Director.

18 Jun 19 EVRAZ Plc AGM 6 For Agenda item : Re-elect Eugene Tenenbaum as Director.

18 Jun 19 EVRAZ Plc AGM 7 For Agenda item : Elect Laurie Argo as Director.

18 Jun 19 EVRAZ Plc AGM 8 For Agenda item : Re-elect Karl Gruber as Director.

18 Jun 19 EVRAZ Plc AGM 9 For Agenda item : Re-elect Deborah Gudgeon as Director.

18 Jun 19 EVRAZ Plc AGM 10 For Agenda item : Re-elect Alexander Izosimov as Director.

18 Jun 19 EVRAZ Plc AGM 11 Opposed Agenda item : Re-elect Sir Michael Peat as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

18 Jun 19 EVRAZ Plc AGM 12 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

18 Jun 19 EVRAZ Plc AGM 13 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

18 Jun 19 EVRAZ Plc AGM 14 For Agenda item : Authorise Issue of Equity.

18 Jun 19 EVRAZ Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

18 Jun 19 EVRAZ Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

115 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Connection with an Acquisition or Other Capital Investment.

18 Jun 19 EVRAZ Plc AGM 17 For Agenda item : Authorise Market Purchase of Ordinary Shares.

18 Jun 19 EVRAZ Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.1 For Agenda item : Elect Director Izumoto, Sayoko.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.2 For Agenda item : Elect Director Urano, Mitsudo.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.3 For Agenda item : Elect Director Tanaka, Koji.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.4 Opposed Agenda item : Elect Director Fusayama, Tetsu.

UBS note : For Japanese companies with 3 committee board structure, we will

not support the election of non-independent outside directors where less than

1/3 of board members are independent outside directors and where each

committee is not comprised of a majority of independent outside directors.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.5 For Agenda item : Elect Director Magoshi, Emiko.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.6 Opposed Agenda item : Elect Director Maruta, Hiroshi.

UBS note : For Japanese companies with 3 committee board structure, we will

not support the election of non-independent outside directors where less than

1/3 of board members are independent outside directors and where each

committee is not comprised of a majority of independent outside directors.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.7 For Agenda item : Elect Director Jinguji, Takashi.

18 Jun 19 Hitachi Transport System, Ltd. AGM 1.8 For Agenda item : Elect Director Nakatani, Yasuo.

18 Jun 19 JSR Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

18 Jun 19 JSR Corp. AGM 2 For Agenda item : Amend Articles to Amend Provisions on Director Titles - Clarify

Director Authority on Board Meetings.

18 Jun 19 JSR Corp. AGM 3.1 For Agenda item : Elect Director Eric Johnson.

18 Jun 19 JSR Corp. AGM 3.2 For Agenda item : Elect Director Kawahashi, Nobuo.

18 Jun 19 JSR Corp. AGM 3.3 Opposed Agenda item : Elect Director Koshiba, Mitsunobu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

18 Jun 19 JSR Corp. AGM 3.4 For Agenda item : Elect Director Kawasaki, Koichi.

UBS Asset Management 116

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 JSR Corp. AGM 3.5 For Agenda item : Elect Director Miyazaki, Hideki.

18 Jun 19 JSR Corp. AGM 3.6 For Agenda item : Elect Director Matsuda, Yuzuru.

18 Jun 19 JSR Corp. AGM 3.7 For Agenda item : Elect Director Sugata, Shiro.

18 Jun 19 JSR Corp. AGM 3.8 For Agenda item : Elect Director Seki, Tadayuki.

18 Jun 19 JSR Corp. AGM 3.9 For Agenda item : Elect Director Miyasaka, Manabu.

18 Jun 19 JSR Corp. AGM 4.1 For Agenda item : Appoint Alternate Statutory Auditor Doi, Makoto.

18 Jun 19 JSR Corp. AGM 4.2 For Agenda item : Appoint Alternate Statutory Auditor Chiba, Akira.

18 Jun 19 JSR Corp. AGM 5 For Agenda item : Approve Fixed Cash Compensation Ceiling, Annual Bonus

Ceiling, Mid-term Performance-Based Cash Compensation Ceiling and

Restricted Stock Plan for Directors.

18 Jun 19 Japan Airlines Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.1 For Agenda item : Elect Director Ueki, Yoshiharu.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Hatchoji, Sonoko.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.2 For Agenda item : Elect Director Akasaka, Yuji.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.3 For Agenda item : Elect Director Fujita, Tadashi.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kikuyama, Hideki.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.5 For Agenda item : Elect Director Shimizu, Shinichiro.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.6 For Agenda item : Elect Director Toyoshima, Ryuzo.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.7 For Agenda item : Elect Director Gondo, Nobuyoshi.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kobayashi, Eizo.

18 Jun 19 Japan Airlines Co., Ltd. AGM 2.9 For Agenda item : Elect Director Ito, Masatoshi.

18 Jun 19 Japan Airlines Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Saito, Norikazu.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.1 For Agenda item : Elect Director Ikeda, Norito.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.10 For Agenda item : Elect Director Chubachi, Ryoji.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.11 For Agenda item : Elect Director Takeuchi, Keisuke.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.12 For Agenda item : Elect Director Kaiwa, Makoto.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.13 For Agenda item : Elect Director Aihara, Risa.

117 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.2 For Agenda item : Elect Director Tanaka, Susumu.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.3 For Agenda item : Elect Director Nagato, Masatsugu.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.4 For Agenda item : Elect Director Nakazato, Ryoichi.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.5 For Agenda item : Elect Director Arita, Tomoyoshi.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.6 For Agenda item : Elect Director Nohara, Sawako.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.7 For Agenda item : Elect Director Machida, Tetsu.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.8 For Agenda item : Elect Director Akashi, Nobuko.

18 Jun 19 Japan Post Bank Co., Ltd. AGM 1.9 For Agenda item : Elect Director Ikeda, Katsuaki.

18 Jun 19 Kakaku.com, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 18.

18 Jun 19 Kakaku.com, Inc. AGM 2.1 For Agenda item : Elect Director Hayashi, Kaoru.

18 Jun 19 Kakaku.com, Inc. AGM 2.10 For Agenda item : Elect Director Miyajima, Kazuyoshi.

18 Jun 19 Kakaku.com, Inc. AGM 2.2 For Agenda item : Elect Director Hata, Shonosuke.

18 Jun 19 Kakaku.com, Inc. AGM 2.3 For Agenda item : Elect Director Fujiwara, Kenji.

18 Jun 19 Kakaku.com, Inc. AGM 2.4 For Agenda item : Elect Director Yuki, Shingo.

18 Jun 19 Kakaku.com, Inc. AGM 2.5 For Agenda item : Elect Director Murakami, Atsuhiro.

18 Jun 19 Kakaku.com, Inc. AGM 2.6 For Agenda item : Elect Director Miyazaki, Kanako.

18 Jun 19 Kakaku.com, Inc. AGM 2.7 For Agenda item : Elect Director Hayakawa, Yoshiharu.

18 Jun 19 Kakaku.com, Inc. AGM 2.8 For Agenda item : Elect Director Kato, Tomoharu.

18 Jun 19 Kakaku.com, Inc. AGM 2.9 Opposed Agenda item : Elect Director Niori, Shingo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

18 Jun 19 Kakaku.com, Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Hirai, Hirofumi.

18 Jun 19 Kakaku.com, Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Maeno, Hiroshi.

18 Jun 19 Knorr-Bremse AG AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.75 per

Share.

18 Jun 19 Knorr-Bremse AG AGM 3 For Agenda item : Approve Discharge of Management Board for Fiscal 2018.

18 Jun 19 Knorr-Bremse AG AGM 4 For Agenda item : Approve Discharge of Supervisory Board for Fiscal 2018.

18 Jun 19 Knorr-Bremse AG AGM 5 For Agenda item : Ratify KPMG AG as Auditors for Fiscal 2019.

18 Jun 19 Komatsu Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 59.

UBS Asset Management 118

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Komatsu Ltd. AGM 2.1 For Agenda item : Elect Director Ohashi, Tetsuji.

18 Jun 19 Komatsu Ltd. AGM 2.2 For Agenda item : Elect Director Ogawa, Hiroyuki.

18 Jun 19 Komatsu Ltd. AGM 2.3 For Agenda item : Elect Director Urano, Kuniko.

18 Jun 19 Komatsu Ltd. AGM 2.4 Opposed Agenda item : Elect Director Oku, Masayuki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

18 Jun 19 Komatsu Ltd. AGM 2.5 For Agenda item : Elect Director Yabunaka, Mitoji.

18 Jun 19 Komatsu Ltd. AGM 2.6 Opposed Agenda item : Elect Director Kigawa, Makoto.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

18 Jun 19 Komatsu Ltd. AGM 2.7 For Agenda item : Elect Director Moriyama, Masayuki.

18 Jun 19 Komatsu Ltd. AGM 2.8 For Agenda item : Elect Director Mizuhara, Kiyoshi.

18 Jun 19 Komatsu Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Shinotsuka, Eiko.

18 Jun 19 Konica Minolta, Inc. AGM 1.1 For Agenda item : Elect Director Matsuzaki, Masatoshi.

18 Jun 19 Konica Minolta, Inc. AGM 1.10 For Agenda item : Elect Director Hatano, Seiji.

18 Jun 19 Konica Minolta, Inc. AGM 1.11 For Agenda item : Elect Director Taiko, Toshimitsu.

18 Jun 19 Konica Minolta, Inc. AGM 1.12 For Agenda item : Elect Director Uchida, Masafumi.

18 Jun 19 Konica Minolta, Inc. AGM 1.2 For Agenda item : Elect Director Yamana, Shoei.

18 Jun 19 Konica Minolta, Inc. AGM 1.3 For Agenda item : Elect Director Nomi, Kimikazu.

18 Jun 19 Konica Minolta, Inc. AGM 1.4 For Agenda item : Elect Director Hatchoji, Takashi.

18 Jun 19 Konica Minolta, Inc. AGM 1.5 For Agenda item : Elect Director Fujiwara, Taketsugu.

18 Jun 19 Konica Minolta, Inc. AGM 1.6 For Agenda item : Elect Director Hodo, Chikatomo.

18 Jun 19 Konica Minolta, Inc. AGM 1.7 For Agenda item : Elect Director Sakie Tachibana Fukushima.

18 Jun 19 Konica Minolta, Inc. AGM 1.8 For Agenda item : Elect Director Ito, Toyotsugu.

18 Jun 19 Konica Minolta, Inc. AGM 1.9 For Agenda item : Elect Director Suzuki, Hiroyuki.

18 Jun 19 MetLife, Inc. AGM 1a Opposed Agenda item : Elect Director Cheryl W. Grise.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

119 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 MetLife, Inc. AGM 1b For Agenda item : Elect Director Carlos M. Gutierrez.

18 Jun 19 MetLife, Inc. AGM 1c For Agenda item : Elect Director Gerald L. Hassell.

18 Jun 19 MetLife, Inc. AGM 1d For Agenda item : Elect Director David L. Herzog.

18 Jun 19 MetLife, Inc. AGM 1e Opposed Agenda item : Elect Director R. Glenn Hubbard.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

18 Jun 19 MetLife, Inc. AGM 1f For Agenda item : Elect Director Edward J. Kelly, III.

18 Jun 19 MetLife, Inc. AGM 1g For Agenda item : Elect Director William E. Kennard.

18 Jun 19 MetLife, Inc. AGM 1h For Agenda item : Elect Director Michel A. Khalaf.

18 Jun 19 MetLife, Inc. AGM 1i Opposed Agenda item : Elect Director James M. Kilts.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

18 Jun 19 MetLife, Inc. AGM 1j For Agenda item : Elect Director Catherine R. Kinney.

18 Jun 19 MetLife, Inc. AGM 1k For Agenda item : Elect Director Diana L. McKenzie.

18 Jun 19 MetLife, Inc. AGM 1l For Agenda item : Elect Director Denise M. Morrison.

18 Jun 19 MetLife, Inc. AGM 2 Opposed Agenda item : Ratify Deloitte & Touche LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

18 Jun 19 MetLife, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

18 Jun 19 NIDEC Corp. AGM 1.1 Opposed Agenda item : Elect Director Nagamori, Shigenobu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

18 Jun 19 NIDEC Corp. AGM 1.2 For Agenda item : Elect Director Yoshimoto, Hiroyuki.

18 Jun 19 NIDEC Corp. AGM 1.3 For Agenda item : Elect Director Kobe, Hiroshi.

18 Jun 19 NIDEC Corp. AGM 1.4 For Agenda item : Elect Director Katayama, Mikio.

UBS Asset Management 120

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 NIDEC Corp. AGM 1.5 For Agenda item : Elect Director Sato, Akira.

18 Jun 19 NIDEC Corp. AGM 1.6 For Agenda item : Elect Director Miyabe, Toshihiko.

18 Jun 19 NIDEC Corp. AGM 1.7 For Agenda item : Elect Director Sato, Teiichi.

18 Jun 19 NIDEC Corp. AGM 1.8 For Agenda item : Elect Director Shimizu, Osamu.

18 Jun 19 NIDEC Corp. AGM 2 For Agenda item : Appoint Statutory Auditor Nakane, Takeshi.

18 Jun 19 NTT DoCoMo, Inc. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 55.

18 Jun 19 NTT DoCoMo, Inc. AGM 2.1 For Agenda item : Elect Director Tsubouchi, Koji.

18 Jun 19 NTT DoCoMo, Inc. AGM 2.2 For Agenda item : Elect Director Fujiwara, Michio.

18 Jun 19 NTT DoCoMo, Inc. AGM 2.3 For Agenda item : Elect Director Tateishi, Mayumi.

18 Jun 19 NTT DoCoMo, Inc. AGM 2.4 For Agenda item : Elect Director Kuroda, Katsumi.

18 Jun 19 NTT DoCoMo, Inc. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Sagae, Hironobu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

18 Jun 19 NTT DoCoMo, Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kajikawa, Mikio.

18 Jun 19 NTT DoCoMo, Inc. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Nakata, Katsumi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

18 Jun 19 NTT DoCoMo, Inc. AGM 3.4 Opposed Agenda item : Appoint Statutory Auditor Tsujiyama, Eiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

18 Jun 19 OMRON Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 42.

18 Jun 19 OMRON Corp. AGM 2.1 For Agenda item : Elect Director Tateishi, Fumio.

18 Jun 19 OMRON Corp. AGM 2.2 For Agenda item : Elect Director Yamada, Yoshihito.

18 Jun 19 OMRON Corp. AGM 2.3 For Agenda item : Elect Director Miyata, Kiichiro.

18 Jun 19 OMRON Corp. AGM 2.4 For Agenda item : Elect Director Nitto, Koji.

18 Jun 19 OMRON Corp. AGM 2.5 For Agenda item : Elect Director Ando, Satoshi.

121 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 OMRON Corp. AGM 2.6 For Agenda item : Elect Director Kobayashi, Eizo.

18 Jun 19 OMRON Corp. AGM 2.7 For Agenda item : Elect Director Nishikawa, Kuniko.

18 Jun 19 OMRON Corp. AGM 2.8 For Agenda item : Elect Director Kamigama, Takehiro.

18 Jun 19 OMRON Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kondo, Kiichiro.

18 Jun 19 OMRON Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Yoshikawa, Kiyoshi.

18 Jun 19 OMRON Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Watanabe, Toru.

18 Jun 19 Plus500 Ltd. AGM 1 For Agenda item : Re-elect Penelope Judd as Director.

18 Jun 19 Plus500 Ltd. AGM 2 For Agenda item : Re-elect Gal Haber as Director.

18 Jun 19 Plus500 Ltd. AGM 3 For Agenda item : Re-elect Asaf Elimelech as Director.

18 Jun 19 Plus500 Ltd. AGM 4 For Agenda item : Re-elect Elad Even-Chen as Director.

18 Jun 19 Plus500 Ltd. AGM 5 For Agenda item : Re-elect Steven Baldwin as Director.

18 Jun 19 Plus500 Ltd. AGM 6 For Agenda item : Re-elect Charles Fairbairn as Director.

18 Jun 19 Plus500 Ltd. AGM 7 For Agenda item : Re-elect Daniel King as Director.

18 Jun 19 Plus500 Ltd. AGM 8 For Agenda item : Reappoint Kesselman & Kesselman as Auditors.

18 Jun 19 Plus500 Ltd. AGM 9 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

18 Jun 19 Plus500 Ltd. AGM 10 For Agenda item : Authorise Issue of Equity.

18 Jun 19 Plus500 Ltd. AGM 11 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

18 Jun 19 Plus500 Ltd. AGM 12 For Agenda item : Authorise Market Purchase of Ordinary Shares.

18 Jun 19 Shionogi & Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 50.

18 Jun 19 Shionogi & Co., Ltd. AGM 2.1 For Agenda item : Elect Director Shiono, Motozo.

18 Jun 19 Shionogi & Co., Ltd. AGM 2.2 For Agenda item : Elect Director Teshirogi, Isao.

18 Jun 19 Shionogi & Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sawada, Takuko.

18 Jun 19 Shionogi & Co., Ltd. AGM 2.4 For Agenda item : Elect Director Mogi, Teppei.

18 Jun 19 Shionogi & Co., Ltd. AGM 2.5 For Agenda item : Elect Director Ando, Keiichi.

18 Jun 19 Shionogi & Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ozaki, Hiroshi.

18 Jun 19 Shionogi & Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Okamoto, Akira.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

UBS Asset Management 122

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Shionogi & Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Fujinuma, Tsuguoki.

18 Jun 19 Shionogi & Co., Ltd. AGM 4 For Agenda item : Approve Compensation Ceiling for Statutory Auditors.

18 Jun 19 Sony Corp. AGM 1.1 For Agenda item : Elect Director Yoshida, Kenichiro.

18 Jun 19 Sony Corp. AGM 1.10 For Agenda item : Elect Director Oka, Toshiko.

18 Jun 19 Sony Corp. AGM 1.11 For Agenda item : Elect Director Akiyama, Sakie.

18 Jun 19 Sony Corp. AGM 1.12 For Agenda item : Elect Director Wendy Becker.

18 Jun 19 Sony Corp. AGM 1.13 For Agenda item : Elect Director Hatanaka, Yoshihiko.

18 Jun 19 Sony Corp. AGM 1.2 For Agenda item : Elect Director Totoki, Hiroki.

18 Jun 19 Sony Corp. AGM 1.3 For Agenda item : Elect Director Sumi, Shuzo.

18 Jun 19 Sony Corp. AGM 1.4 For Agenda item : Elect Director Tim Schaaff.

18 Jun 19 Sony Corp. AGM 1.5 For Agenda item : Elect Director Matsunaga, Kazuo.

18 Jun 19 Sony Corp. AGM 1.6 For Agenda item : Elect Director Miyata, Koichi.

18 Jun 19 Sony Corp. AGM 1.7 For Agenda item : Elect Director John V. Roos.

18 Jun 19 Sony Corp. AGM 1.8 For Agenda item : Elect Director Sakurai, Eriko.

18 Jun 19 Sony Corp. AGM 1.9 For Agenda item : Elect Director Minakawa, Kunihito.

18 Jun 19 Sony Corp. AGM 2 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

18 Jun 19 Square, Inc. AGM 1.1 For Agenda item : Elect Director Jack Dorsey.

18 Jun 19 Square, Inc. AGM 1.2 For Agenda item : Elect Director David Viniar.

18 Jun 19 Square, Inc. AGM 1.3 For Agenda item : Elect Director Paul Deighton.

18 Jun 19 Square, Inc. AGM 1.4 For Agenda item : Elect Director Anna Patterson.

18 Jun 19 Square, Inc. AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

18 Jun 19 Tokyo Electron Ltd. AGM 1.1 For Agenda item : Elect Director Tsuneishi, Tetsuo.

18 Jun 19 Tokyo Electron Ltd. AGM 1.10 For Agenda item : Elect Director Sasaki, Michio.

18 Jun 19 Tokyo Electron Ltd. AGM 1.11 For Agenda item : Elect Director Eda, Makiko.

18 Jun 19 Tokyo Electron Ltd. AGM 1.2 For Agenda item : Elect Director Kawai, Toshiki.

18 Jun 19 Tokyo Electron Ltd. AGM 1.3 For Agenda item : Elect Director Sasaki, Sadao.

123 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Tokyo Electron Ltd. AGM 1.4 For Agenda item : Elect Director Nagakubo, Tatsuya.

18 Jun 19 Tokyo Electron Ltd. AGM 1.5 For Agenda item : Elect Director Sunohara, Kiyoshi.

18 Jun 19 Tokyo Electron Ltd. AGM 1.6 For Agenda item : Elect Director Nunokawa, Yoshikazu.

18 Jun 19 Tokyo Electron Ltd. AGM 1.7 For Agenda item : Elect Director Ikeda, Seisu.

18 Jun 19 Tokyo Electron Ltd. AGM 1.8 For Agenda item : Elect Director Mitano, Yoshinobu.

18 Jun 19 Tokyo Electron Ltd. AGM 1.9 For Agenda item : Elect Director Charles D Lake II.

18 Jun 19 Tokyo Electron Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Harada, Yoshiteru.

18 Jun 19 Tokyo Electron Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Tahara, Kazushi.

18 Jun 19 Tokyo Electron Ltd. AGM 3 For Agenda item : Approve Annual Bonus.

18 Jun 19 Tokyo Electron Ltd. AGM 4 For Agenda item : Approve Deep Discount Stock Option Plan.

18 Jun 19 Tokyo Electron Ltd. AGM 5 For Agenda item : Approve Deep Discount Stock Option Plan.

18 Jun 19 Tokyo Electron Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors.

18 Jun 19 USS Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

25.8.

18 Jun 19 USS Co., Ltd. AGM 2 For Agenda item : Amend Articles to Clarify Director Authority on Shareholder

Meetings - Clarify Director Authority on Board Meetings.

18 Jun 19 USS Co., Ltd. AGM 3.1 For Agenda item : Elect Director Ando, Yukihiro.

18 Jun 19 USS Co., Ltd. AGM 3.10 For Agenda item : Elect Director Takagi, Nobuko.

18 Jun 19 USS Co., Ltd. AGM 3.2 For Agenda item : Elect Director Seta, Dai.

18 Jun 19 USS Co., Ltd. AGM 3.3 For Agenda item : Elect Director Masuda, Motohiro.

18 Jun 19 USS Co., Ltd. AGM 3.4 For Agenda item : Elect Director Yamanaka, Masafumi.

18 Jun 19 USS Co., Ltd. AGM 3.5 For Agenda item : Elect Director Mishima, Toshio.

18 Jun 19 USS Co., Ltd. AGM 3.6 For Agenda item : Elect Director Akase, Masayuki.

18 Jun 19 USS Co., Ltd. AGM 3.7 For Agenda item : Elect Director Ikeda, Hiromitsu.

18 Jun 19 USS Co., Ltd. AGM 3.8 For Agenda item : Elect Director Tamura, Hitoshi.

18 Jun 19 USS Co., Ltd. AGM 3.9 For Agenda item : Elect Director Kato, Akihiko.

18 Jun 19 VEON Ltd. AGM 1 For Agenda item : Ratify PricewaterhouseCoopers as Auditor.

18 Jun 19 VEON Ltd. AGM 2 For Agenda item : Approve Increase in Size of Board from 11 to 12.

18 Jun 19 VEON Ltd. AGM 3.1 Opposed Agenda item : Elect Guillaume Bacuvier as Director.

UBS Asset Management 124

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 VEON Ltd. AGM 3.10 Opposed Agenda item : Elect Guy Laurence as Director.

18 Jun 19 VEON Ltd. AGM 3.11 Opposed Agenda item : Elect Alexander Pertsovsky as Director.

18 Jun 19 VEON Ltd. AGM 3.12 Opposed Agenda item : Elect Muhterem Kaan Terzioglu as Director.

18 Jun 19 VEON Ltd. AGM 3.2 Opposed Agenda item : Elect Osama Bedier as Director.

18 Jun 19 VEON Ltd. AGM 3.3 For Agenda item : Elect Ursula Burns as Director.

18 Jun 19 VEON Ltd. AGM 3.4 Opposed Agenda item : Elect Mikhail Fridman as Director.

18 Jun 19 VEON Ltd. AGM 3.5 Opposed Agenda item : Elect Gennady Gazin as Director.

18 Jun 19 VEON Ltd. AGM 3.6 Opposed Agenda item : Elect Andrei Gusev as Director.

18 Jun 19 VEON Ltd. AGM 3.7 Opposed Agenda item : Elect Gunnar Holt as Director.

18 Jun 19 VEON Ltd. AGM 3.8 Opposed Agenda item : Elect Sir Julian Horn-Smith as Director.

18 Jun 19 VEON Ltd. AGM 3.9 Opposed Agenda item : Elect Robert Jan van de Kraats as Director.

18 Jun 19 VEON Ltd. AGM 4.1 Opposed Agenda item : Elect Guillaume Bacuvier as Director.

18 Jun 19 VEON Ltd. AGM 4.10 Opposed Agenda item : Elect Guy Laurence as Director.

18 Jun 19 VEON Ltd. AGM 4.11 Opposed Agenda item : Elect Alexander Pertsovsky as Director.

18 Jun 19 VEON Ltd. AGM 4.12 Opposed Agenda item : Elect Muhterem Kaan Terzioglu as Director.

18 Jun 19 VEON Ltd. AGM 4.2 Opposed Agenda item : Elect Osama Bedier as Director.

18 Jun 19 VEON Ltd. AGM 4.3 For Agenda item : Elect Ursula Burns as Director.

18 Jun 19 VEON Ltd. AGM 4.4 Opposed Agenda item : Elect Mikhail Fridman as Director.

18 Jun 19 VEON Ltd. AGM 4.5 Opposed Agenda item : Elect Gennady Gazin as Director.

18 Jun 19 VEON Ltd. AGM 4.6 Opposed Agenda item : Elect Andrei Gusev as Director.

18 Jun 19 VEON Ltd. AGM 4.7 Opposed Agenda item : Elect Gunnar Holt as Director.

18 Jun 19 VEON Ltd. AGM 4.8 Opposed Agenda item : Elect Sir Julian Horn-Smith as Director.

18 Jun 19 VEON Ltd. AGM 4.9 Opposed Agenda item : Elect Robert Jan van de Kraats as Director.

18 Jun 19 VEON Ltd. AGM 5 For Agenda item : If you are holding less than 5% of the Company's total issued

and outstanding shares, vote FOR. Otherwise vote AGAINST.

18 Jun 19 Wirecard AG AGM 2 For Agenda item : Approve Allocation of Income and Dividends of EUR 0.20 per

Share.

18 Jun 19 Wirecard AG AGM 3.1 For Agenda item : Approve Discharge of Management Board Member Markus

Braun for Fiscal 2018.

125 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Wirecard AG AGM 3.2 For Agenda item : Approve Discharge of Management Board Member Alexander

von Knoop for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 3.3 For Agenda item : Approve Discharge of Management Board Member Jan

Marsalek for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 3.4 For Agenda item : Approve Discharge of Management Board Member Susanne

Steidl for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 4.1 For Agenda item : Approve Discharge of Supervisory Board Member Wulf

Matthias for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 4.2 For Agenda item : Approve Discharge of Supervisory Board Member Alfons

Henseler for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 4.3 For Agenda item : Approve Discharge of Supervisory Board Member Stefan Klestil

for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 4.4 For Agenda item : Approve Discharge of Supervisory Board Member Vuyiswa

M'Cwabeni for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 4.5 For Agenda item : Approve Discharge of Supervisory Board Member Anastassia

Lauterbach for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 4.6 For Agenda item : Approve Discharge of Supervisory Board Member Susanna

Quintana-Plaza for Fiscal 2018.

18 Jun 19 Wirecard AG AGM 5 For Agenda item : Ratify Ernst & Young GmbH as Auditors for Fiscal 2019.

18 Jun 19 Wirecard AG AGM 6 For Agenda item : Elect Thomas Eichelmann to the Supervisory Board.

18 Jun 19 Wirecard AG AGM 7 For Agenda item : Approve Remuneration of Supervisory Board.

18 Jun 19 Wirecard AG AGM 8 For Agenda item : Approve Issuance of Warrants/Bonds with Warrants

Attached/Convertible Bonds without Pre-emptive Rights up to Aggregate

Nominal Amount of EUR 900 Million; Approve Creation of EUR 8 Million Pool

of Capital to Guarantee Conversion Rights.

18 Jun 19 Workday, Inc. AGM 1.1 For Agenda item : Elect Director Carl M. Eschenbach.

18 Jun 19 Workday, Inc. AGM 1.2 For Agenda item : Elect Director Michael M. McNamara.

18 Jun 19 Workday, Inc. AGM 1.3 For Agenda item : Elect Director Jerry Yang.

18 Jun 19 Workday, Inc. AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS Asset Management 126

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

18 Jun 19 Workday, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

18 Jun 19 Yahoo Japan Corp. AGM 1 For Agenda item : Approve Adoption of Holding Company Structure and Transfer

of Yahoo! Japan Operations to Wholly Owned Subsidiary.

18 Jun 19 Yahoo Japan Corp. AGM 2 For Agenda item : Amend Articles to Change Company Name - Amend Business

Lines.

18 Jun 19 Yahoo Japan Corp. AGM 3.1 For Agenda item : Elect Director Kawabe, Kentaro.

18 Jun 19 Yahoo Japan Corp. AGM 3.2 For Agenda item : Elect Director Ozawa, Takao.

18 Jun 19 Yahoo Japan Corp. AGM 3.3 For Agenda item : Elect Director Son, Masayoshi.

18 Jun 19 Yahoo Japan Corp. AGM 3.4 For Agenda item : Elect Director Miyauchi, Ken.

18 Jun 19 Yahoo Japan Corp. AGM 3.5 For Agenda item : Elect Director Fujihara, Kazuhiko.

18 Jun 19 Yahoo Japan Corp. AGM 3.6 For Agenda item : Elect Director Oketani, Taku.

18 Jun 19 Yahoo Japan Corp. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Yoshii, Shingo.

18 Jun 19 Yahoo Japan Corp. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Onitsuka, Hiromi.

18 Jun 19 Yahoo Japan Corp. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Usumi, Yoshio.

18 Jun 19 Yahoo Japan Corp. AGM 5 For Agenda item : Elect Alternate Director and Audit Committee Member Tobita,

Hiroshi.

19 Jun 19 Alphabet Inc. AGM 1.1 For Agenda item : Elect Director Larry Page.

19 Jun 19 Alphabet Inc. AGM 1.10 Withhold Agenda item : Elect Director Robin L. Washington.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

19 Jun 19 Alphabet Inc. AGM 1.2 For Agenda item : Elect Director Sergey Brin.

19 Jun 19 Alphabet Inc. AGM 1.3 Withhold Agenda item : Elect Director John L. Hennessy.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

19 Jun 19 Alphabet Inc. AGM 1.4 Withhold Agenda item : Elect Director L. John Doerr.

127 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

19 Jun 19 Alphabet Inc. AGM 1.5 For Agenda item : Elect Director Roger W. Ferguson, Jr.

19 Jun 19 Alphabet Inc. AGM 1.6 For Agenda item : Elect Director Ann Mather.

19 Jun 19 Alphabet Inc. AGM 1.7 For Agenda item : Elect Director Alan R. Mulally.

19 Jun 19 Alphabet Inc. AGM 1.8 For Agenda item : Elect Director Sundar Pichai.

19 Jun 19 Alphabet Inc. AGM 1.9 Withhold Agenda item : Elect Director K. Ram Shriram.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

19 Jun 19 Alphabet Inc. AGM 2 For Agenda item : Ratify Ernst & Young LLP as Auditors.

19 Jun 19 Alphabet Inc. AGM 3 Opposed Agenda item : Amend Omnibus Stock Plan.

UBS note : We will not support an Omnibus Plan where we believe it is too

expensive, causes excessive dilution or is not in line with market best practice.

19 Jun 19 Alphabet Inc. AGM 4 For Agenda item : Approve Recapitalization Plan for all Stock to Have One-vote

per Share.

UBS note : We will not support proposals to create dual classes of stock as we

believe in the one-share one-vote principle.

19 Jun 19 Alphabet Inc. AGM 5 Opposed Agenda item : Adopt a Policy Prohibiting Inequitable Employment Practices.

19 Jun 19 Alphabet Inc. AGM 6 Opposed Agenda item : Establish Societal Risk Oversight Committee.

19 Jun 19 Alphabet Inc. AGM 7 For Agenda item : Report on Sexual Harassment Policies.

UBS note : We are supportive of resolutions seeking reports from issuers on

specific issues on the condition these are not overly demanding or beyond the

remit of the company's reporting.

19 Jun 19 Alphabet Inc. AGM 8 For Agenda item : Require a Majority Vote for the Election of Directors.

UBS note : We support proposals to require a majority vote for the election of

directors.

19 Jun 19 Alphabet Inc. AGM 9 For Agenda item : Report on Gender Pay Gap.

UBS note : Publishing the median gender pay gap statistic could increase

accountability for diversity efforts.

UBS Asset Management 128

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Alphabet Inc. AGM 10 Opposed Agenda item : Employ Advisors to Explore Alternatives to Maximize Value.

19 Jun 19 Alphabet Inc. AGM 11 Opposed Agenda item : Approve Nomination of Employee Representative Director.

19 Jun 19 Alphabet Inc. AGM 12 Opposed Agenda item : Adopt Simple Majority Vote.

19 Jun 19 Alphabet Inc. AGM 13 Opposed Agenda item : Assess Feasibility of Including Sustainability as a Performance

Measure for Senior Executive Compensation.

19 Jun 19 Alphabet Inc. AGM 14 Opposed Agenda item : Report on Human Rights Risk Assessment.

19 Jun 19 Alphabet Inc. AGM 15 For Agenda item : Adopt Compensation Clawback Policy.

UBS note : The proposed clawback policy would expand the company's

current recoupment tools, allowing for potential recoupment in circumstances

other than a financial restatement. Accordingly, the adoption of such a policy

would also benefit shareholders.

19 Jun 19 Alphabet Inc. AGM 16 Opposed Agenda item : Report on Policies and Risks Related to Content Governance.

19 Jun 19 Biogen Inc. AGM 1b For Agenda item : Elect Director Alexander J. Denner.

19 Jun 19 Biogen Inc. AGM 1c For Agenda item : Elect Director Caroline D. Dorsa.

19 Jun 19 Biogen Inc. AGM 1d For Agenda item : Elect Director William A. Hawkins.

19 Jun 19 Biogen Inc. AGM 1e For Agenda item : Elect Director Nancy L. Leaming.

19 Jun 19 Biogen Inc. AGM 1f For Agenda item : Elect Director Jesus B. Mantas.

19 Jun 19 Biogen Inc. AGM 1g For Agenda item : Elect Director Richard C. Mulligan.

19 Jun 19 Biogen Inc. AGM 1h For Agenda item : Elect Director Robert W. Pangia.

19 Jun 19 Biogen Inc. AGM 1i Opposed Agenda item : Elect Director Stelios Papadopoulos.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

19 Jun 19 Biogen Inc. AGM 1j For Agenda item : Elect Director Brian S. Posner.

19 Jun 19 Biogen Inc. AGM 1k For Agenda item : Elect Director Eric K. Rowinsky.

19 Jun 19 Biogen Inc. AGM 1l For Agenda item : Elect Director Lynn Schenk.

19 Jun 19 Biogen Inc. AGM 1m For Agenda item : Elect Director Stephen A. Sherwin.

19 Jun 19 Biogen Inc. AGM 1n For Agenda item : Elect Director Michel Vounatsos.

19 Jun 19 Biogen Inc. AGM 2 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

129 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Biogen Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

19 Jun 19 CALBEE, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 48.

19 Jun 19 CALBEE, Inc. AGM 2.1 For Agenda item : Elect Director Ito, Shuji.

19 Jun 19 CALBEE, Inc. AGM 2.2 For Agenda item : Elect Director Ehara, Makoto.

19 Jun 19 CALBEE, Inc. AGM 2.3 For Agenda item : Elect Director Kikuchi, Koichi.

19 Jun 19 CALBEE, Inc. AGM 2.4 For Agenda item : Elect Director Mogi, Yuzaburo.

19 Jun 19 CALBEE, Inc. AGM 2.5 For Agenda item : Elect Director Takahara, Takahisa.

19 Jun 19 CALBEE, Inc. AGM 2.6 For Agenda item : Elect Director Fukushima, Atsuko.

19 Jun 19 CALBEE, Inc. AGM 2.7 For Agenda item : Elect Director Miyauchi, Yoshihiko.

19 Jun 19 CALBEE, Inc. AGM 2.8 For Agenda item : Elect Director Anne Tse.

19 Jun 19 CALBEE, Inc. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Mataichi, Yoshio.

19 Jun 19 CALBEE, Inc. AGM 4 For Agenda item : Approve Annual Bonus.

19 Jun 19 CALBEE, Inc. AGM 5 For Agenda item : Approve Trust-Type Equity Compensation Plan.

19 Jun 19 Check Point Software Technologies Ltd. AGM 1.1 For Agenda item : Elect Gil Shwed as Director.

19 Jun 19 Check Point Software Technologies Ltd. AGM 1.2 Opposed Agenda item : Elect Marius Nacht as Director.

UBS note : We will not support the election of non-independent directors

when the Board, in its entirety, lacks independence.

19 Jun 19 Check Point Software Technologies Ltd. AGM 1.3 Opposed Agenda item : Elect Jerry Ungerman as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

19 Jun 19 Check Point Software Technologies Ltd. AGM 1.4 Opposed Agenda item : Elect Dan Propper as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

19 Jun 19 Check Point Software Technologies Ltd. AGM 1.5 Opposed Agenda item : Elect Tal Shavit as Director.

UBS note : We will not support the election of non-independent

UBS Asset Management 130

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-executive directors when less than 50% of the Board is independent.

19 Jun 19 Check Point Software Technologies Ltd. AGM 1.6 For Agenda item : Elect Shai Weiss as Director.

19 Jun 19 Check Point Software Technologies Ltd. AGM 2 Opposed Agenda item : Reappoint Kost, Forer, Gabbay & Kasierer as Auditors and

Authorise Board to Fix Their Remuneration.

UBS note : The tenure of auditor used by the company exceeds 20 years.

19 Jun 19 Check Point Software Technologies Ltd. AGM 3 Opposed Agenda item : Approve Employment Terms of Gil Shwed, CEO.

UBS note : The disclosure provided does not allow shareholders to make an

informed assessment of the proposed remuneration policy.

19 Jun 19 Check Point Software Technologies Ltd. AGM 4 Opposed Agenda item : Approve Compensation Policy for the Directors and Officers of

the Company.

UBS note : The disclosure provided does not allow shareholders to make an

informed assessment of the proposed remuneration policy.

19 Jun 19 Check Point Software Technologies Ltd. AGM 5 For Agenda item : Approve Amended Employee Stock Purchase Plan.

19 Jun 19 Check Point Software Technologies Ltd. AGM A Opposed Agenda item : Vote FOR if you are a controlling shareholder or have a

personal interest in one or several resolutions, as indicated in the proxy card;

otherwise, vote AGAINST. You may not abstain. If you vote FOR, please

provide an explanation to your account manager.

19 Jun 19 Concordia Financial Group, Ltd. AGM 1.1 For Agenda item : Elect Director Kawamura, Kenichi.

19 Jun 19 Concordia Financial Group, Ltd. AGM 1.2 For Agenda item : Elect Director Oya, Yasuyoshi.

19 Jun 19 Concordia Financial Group, Ltd. AGM 1.3 Opposed Agenda item : Elect Director Okanda,Tomo.

UBS note : The company has experienced governance failings, for which the

board are accountable.

19 Jun 19 Concordia Financial Group, Ltd. AGM 1.4 For Agenda item : Elect Director Nozawa, Yasutaka.

19 Jun 19 Concordia Financial Group, Ltd. AGM 1.5 For Agenda item : Elect Director Morio, Minoru.

19 Jun 19 Concordia Financial Group, Ltd. AGM 1.6 For Agenda item : Elect Director Nemoto, Naoko.

19 Jun 19 Concordia Financial Group, Ltd. AGM 1.7 For Agenda item : Elect Director Akiyoshi, Mitsuru.

19 Jun 19 Concordia Financial Group, Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Maehara, Kazuhiro.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 2 Opposed Agenda item : Amend Articles to Authorise Board to Determine Income

131 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Allocation.

UBS note : Investors should be provided with the opportunity to vote upon

income distribution.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.1 For Agenda item : Elect Director Komaru, Shigehiro.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.2 For Agenda item : Elect Director Kumano, Hiroyuki.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.3 For Agenda item : Elect Director Nagahara, Eiju.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.4 For Agenda item : Elect Director Mukai, Shuya.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.5 For Agenda item : Elect Director Wadabayashi, Michiyoshi.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.6 For Agenda item : Elect Director Kusaka, Shingo.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.7 For Agenda item : Elect Director Arita, Tomoyoshi.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.8 For Agenda item : Elect Director Maeda, Miho.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 3.9 For Agenda item : Elect Director Nonaka, Tomoko.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 4 For Agenda item : Appoint Statutory Auditor Sasaki, Nobuhiko.

19 Jun 19 Fukuyama Transporting Co., Ltd. AGM 5 Opposed Agenda item : Approve Director Retirement Bonus.

UBS note : We will not support annual bonuses for Directors and Statutory

Auditors when the amounts are not disclosed.

19 Jun 19 Hino Motors, Ltd. AGM 1.1 Opposed Agenda item : Elect Director Ichihashi, Yasuhiko.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

19 Jun 19 Hino Motors, Ltd. AGM 1.10 For Agenda item : Elect Director Terashi, Shigeki.

19 Jun 19 Hino Motors, Ltd. AGM 1.2 For Agenda item : Elect Director Shimo, Yoshio.

19 Jun 19 Hino Motors, Ltd. AGM 1.3 For Agenda item : Elect Director Mori, Satoru.

19 Jun 19 Hino Motors, Ltd. AGM 1.4 For Agenda item : Elect Director Muta, Hirofumi.

19 Jun 19 Hino Motors, Ltd. AGM 1.5 For Agenda item : Elect Director Endo, Shin.

19 Jun 19 Hino Motors, Ltd. AGM 1.6 For Agenda item : Elect Director Nakane, Taketo.

19 Jun 19 Hino Motors, Ltd. AGM 1.7 For Agenda item : Elect Director Sato, Shinichi.

19 Jun 19 Hino Motors, Ltd. AGM 1.8 For Agenda item : Elect Director Hagiwara, Toshitaka.

19 Jun 19 Hino Motors, Ltd. AGM 1.9 For Agenda item : Elect Director Yoshida, Motokazu.

19 Jun 19 Hino Motors, Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Inoue, Tomoko.

UBS Asset Management 132

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Hino Motors, Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Kitahara, Yoshiaki.

19 Jun 19 Hino Motors, Ltd. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

19 Jun 19 Hitachi Ltd. AGM 1.1 For Agenda item : Elect Director Ihara, Katsumi.

19 Jun 19 Hitachi Ltd. AGM 1.10 For Agenda item : Elect Director Nakamura, Toyoaki.

19 Jun 19 Hitachi Ltd. AGM 1.11 For Agenda item : Elect Director Higashihara, Toshiaki.

19 Jun 19 Hitachi Ltd. AGM 1.2 For Agenda item : Elect Director Cynthia Carroll.

19 Jun 19 Hitachi Ltd. AGM 1.3 For Agenda item : Elect Director Joe Harlan.

19 Jun 19 Hitachi Ltd. AGM 1.4 For Agenda item : Elect Director George Buckley.

19 Jun 19 Hitachi Ltd. AGM 1.5 For Agenda item : Elect Director Louise Pentland.

19 Jun 19 Hitachi Ltd. AGM 1.6 For Agenda item : Elect Director Mochizuki, Harufumi.

19 Jun 19 Hitachi Ltd. AGM 1.7 For Agenda item : Elect Director Yamamoto, Takatoshi.

19 Jun 19 Hitachi Ltd. AGM 1.8 For Agenda item : Elect Director Yoshihara, Hiroaki.

19 Jun 19 Hitachi Ltd. AGM 1.9 For Agenda item : Elect Director Nakanishi, Hiroaki.

19 Jun 19 Hitachi Ltd. AGM 2 Opposed Agenda item : Remove Existing Director Nakamura, Toyoaki.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.1 For Agenda item : Elect Director Mikoshiba, Toshiaki.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.2 For Agenda item : Elect Director Hachigo, Takahiro.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.3 For Agenda item : Elect Director Kuraishi, Seiji.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.4 For Agenda item : Elect Director Yamane, Yoshi.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.5 For Agenda item : Elect Director Takeuchi, Kohei.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.6 For Agenda item : Elect Director Ozaki, Motoki.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.7 For Agenda item : Elect Director Koide, Hiroko.

19 Jun 19 Honda Motor Co., Ltd. AGM 1.8 For Agenda item : Elect Director Ito, Takanobu.

19 Jun 19 Honda Motor Co., Ltd. AGM 2.1 For Agenda item : Elect Director and Audit Committee Member Yoshida,

Masahiro.

19 Jun 19 Honda Motor Co., Ltd. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Suzuki,

Masafumi.

19 Jun 19 Honda Motor Co., Ltd. AGM 2.3 For Agenda item : Elect Director and Audit Committee Member Takaura, Hideo.

133 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Honda Motor Co., Ltd. AGM 2.4 For Agenda item : Elect Director and Audit Committee Member Tamura, Mayumi.

19 Jun 19 Honda Motor Co., Ltd. AGM 2.5 For Agenda item : Elect Director and Audit Committee Member Sakai, Kunihiko.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 26.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 2.1 For Agenda item : Elect Director Kikuchi, Satoshi.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 2.2 For Agenda item : Elect Director Matsushima, Toru.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 2.3 For Agenda item : Elect Director Okubo, Tadataka.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 2.4 For Agenda item : Elect Director Iwasaki, Naoko.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 2.5 For Agenda item : Elect Director Motomura, Aya.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 2.6 For Agenda item : Elect Director Imagawa, Kiyoshi.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Harada, Yasuyuki.

19 Jun 19 ITOCHU Techno-Solutions Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Hara, Katsuhiko.

19 Jun 19 International Consolidated Airlines Group SA AGM 1 For Agenda item : Approve Consolidated and Standalone Financial Statements.

19 Jun 19 International Consolidated Airlines Group SA AGM 2 For Agenda item : Approve Non-Financial Information Statement.

19 Jun 19 International Consolidated Airlines Group SA AGM 3 For Agenda item : Approve Discharge of Board.

19 Jun 19 International Consolidated Airlines Group SA AGM 4 For Agenda item : Reappoint Ernst & Young SL as Auditors.

19 Jun 19 International Consolidated Airlines Group SA AGM 5 For Agenda item : Approve Allocation of Income.

19 Jun 19 International Consolidated Airlines Group SA AGM 6 For Agenda item : Approve Final Dividend.

19 Jun 19 International Consolidated Airlines Group SA AGM 7 For Agenda item : Approve Special Dividend.

19 Jun 19 International Consolidated Airlines Group SA AGM 8a For Agenda item : Re-elect Antonio Vazquez Romero as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8b For Agenda item : Re-elect William Walsh as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8c Opposed Agenda item : Re-elect Marc Bolland as Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

19 Jun 19 International Consolidated Airlines Group SA AGM 8d For Agenda item : Re-elect Deborah Kerr as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8e For Agenda item : Re-elect Maria Fernanda Mejia Campuzano as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8f For Agenda item : Re-elect Kieran Poynter as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8g For Agenda item : Re-elect Emilio Saracho Rodriguez de Torres as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8h For Agenda item : Re-elect Nicola Shaw as Director.

UBS Asset Management 134

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 International Consolidated Airlines Group SA AGM 8i For Agenda item : Re-elect Alberto Terol Esteban as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8j For Agenda item : Elect Margaret Ewing as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8k For Agenda item : Elect Francisco Javier Ferran Larraz as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 8l For Agenda item : Elect Stephen Gunning as Director.

19 Jun 19 International Consolidated Airlines Group SA AGM 9 For Agenda item : Approve Remuneration Report.

19 Jun 19 International Consolidated Airlines Group SA AGM 10 For Agenda item : Authorise Market Purchase of Ordinary Shares.

19 Jun 19 International Consolidated Airlines Group SA AGM 11 For Agenda item : Authorise Issue of Equity.

19 Jun 19 International Consolidated Airlines Group SA AGM 12 For Agenda item : Authorise Issue of Convertible Bonds, Debentures, Warrants,

and Other Debt Securities.

19 Jun 19 International Consolidated Airlines Group SA AGM 13 For Agenda item : Authorise Issue of Convertible Bonds, Debentures, Warrants,

and Other Debt Securities without Pre-emptive Rights.

19 Jun 19 International Consolidated Airlines Group SA AGM 14 For Agenda item : Authorise the Company to Call General Meeting with 15 Days'

Notice.

19 Jun 19 International Consolidated Airlines Group SA AGM 15 For Agenda item : Authorise Board to Ratify and Execute Approved Resolutions.

19 Jun 19 Japan Exchange Group, Inc. AGM 1 For Agenda item : Amend Articles to Amend Business Lines.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.1 For Agenda item : Elect Director Tsuda, Hiroki.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.10 For Agenda item : Elect Director Koda, Main.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.11 For Agenda item : Elect Director Kobayashi, Eizo.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.12 For Agenda item : Elect Director Minoguchi, Makoto.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.13 For Agenda item : Elect Director Mori, Kimitaka.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.14 For Agenda item : Elect Director Yoneda, Tsuyoshi.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.2 For Agenda item : Elect Director Kiyota, Akira.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.3 For Agenda item : Elect Director Miyahara, Koichiro.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.4 For Agenda item : Elect Director Yamaji, Hiromi.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.5 For Agenda item : Elect Director Miyama, Hironaga.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.6 For Agenda item : Elect Director Christina L. Ahmadjian.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.7 For Agenda item : Elect Director Endo, Nobuhiro.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.8 For Agenda item : Elect Director Ogita, Hitoshi.

19 Jun 19 Japan Exchange Group, Inc. AGM 2.9 For Agenda item : Elect Director Kubori, Hideaki.

135 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.1 For Agenda item : Elect Director Nagato, Masatsugu.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.10 For Agenda item : Elect Director Charles D. Lake II.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.11 For Agenda item : Elect Director Hirono, Michiko.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.12 For Agenda item : Elect Director Okamoto, Tsuyoshi.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.13 For Agenda item : Elect Director Koezuka, Miharu.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.14 For Agenda item : Elect Director Aonuma, Takayuki.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.15 For Agenda item : Elect Director Akiyama, Sakie.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.2 For Agenda item : Elect Director Suzuki, Yasuo.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.3 For Agenda item : Elect Director Ikeda, Norito.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.4 For Agenda item : Elect Director Yokoyama, Kunio.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.5 For Agenda item : Elect Director Uehira, Mitsuhiko.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.6 For Agenda item : Elect Director Mukai, Riki.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.7 For Agenda item : Elect Director Mimura, Akio.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.8 For Agenda item : Elect Director Yagi, Tadashi.

19 Jun 19 Japan Post Holdings Co. Ltd. AGM 1.9 For Agenda item : Elect Director Ishihara, Kunio.

19 Jun 19 KDDI Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

19 Jun 19 KDDI Corp. AGM 2.1 For Agenda item : Elect Director Tanaka, Takashi.

19 Jun 19 KDDI Corp. AGM 2.10 Opposed Agenda item : Elect Director Yamaguchi, Goro.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

19 Jun 19 KDDI Corp. AGM 2.11 Opposed Agenda item : Elect Director Yamamoto, Keiji.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

19 Jun 19 KDDI Corp. AGM 2.12 For Agenda item : Elect Director Nemoto, Yoshiaki.

19 Jun 19 KDDI Corp. AGM 2.13 For Agenda item : Elect Director Oyagi, Shigeo.

19 Jun 19 KDDI Corp. AGM 2.14 For Agenda item : Elect Director Kano, Riyo.

19 Jun 19 KDDI Corp. AGM 2.2 For Agenda item : Elect Director Morozumi, Hirofumi.

19 Jun 19 KDDI Corp. AGM 2.3 For Agenda item : Elect Director Takahashi, Makoto.

19 Jun 19 KDDI Corp. AGM 2.4 For Agenda item : Elect Director Uchida, Yoshiaki.

UBS Asset Management 136

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 KDDI Corp. AGM 2.5 For Agenda item : Elect Director Shoji, Takashi.

19 Jun 19 KDDI Corp. AGM 2.6 For Agenda item : Elect Director Muramoto, Shinichi.

19 Jun 19 KDDI Corp. AGM 2.7 For Agenda item : Elect Director Mori, Keiichi.

19 Jun 19 KDDI Corp. AGM 2.8 For Agenda item : Elect Director Morita, Kei.

19 Jun 19 KDDI Corp. AGM 2.9 For Agenda item : Elect Director Amamiya, Toshitake.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

17.5.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kato, Yoshifumi.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.2 Opposed Agenda item : Elect Director Ishimaru, Masahiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Miura, Tatsuya.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Inachi, Toshihiko.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nakano, Michio.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ueno, Masaya.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Murao, Kazutoshi.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hashizume, Shinya.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Nagahama,

Tetsuo.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Nakatani,

Masakazu.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Umezaki, Hisashi.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 3.4 Opposed Agenda item : Elect Director and Audit Committee Member Tahara, Nobuyuki.

UBS note : Where the independence of an outside director is in question, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 3.5 For Agenda item : Elect Director and Audit Committee Member Kusao, Koichi.

19 Jun 19 Keihan Holdings Co., Ltd. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member Hata,

137 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Shuhei.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Erikawa, Keiko.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.10 For Agenda item : Elect Director Kobayashi, Hiroshi.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.11 For Agenda item : Elect Director Sato, Tatsuo.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.2 For Agenda item : Elect Director Erikawa, Yoichi.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Koinuma, Hisashi.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Asano, Kenjiro.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Hayashi, Yosuke.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Sakaguchi, Kazuyoshi.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Erikawa, Mei.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kakihara, Yasuharu.

19 Jun 19 Koei Tecmo Holdings Co., Ltd. AGM 2.9 For Agenda item : Elect Director Tejima, Masao.

19 Jun 19 Nippon Yusen KK AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 10.

19 Jun 19 Nippon Yusen KK AGM 2.1 For Agenda item : Elect Director Naito, Tadaaki.

19 Jun 19 Nippon Yusen KK AGM 2.2 For Agenda item : Elect Director Nagasawa, Hitoshi.

19 Jun 19 Nippon Yusen KK AGM 2.3 For Agenda item : Elect Director Yoshida, Yoshiyuki.

19 Jun 19 Nippon Yusen KK AGM 2.4 For Agenda item : Elect Director Takahashi, Eiichi.

19 Jun 19 Nippon Yusen KK AGM 2.5 For Agenda item : Elect Director Harada, Hiroki.

19 Jun 19 Nippon Yusen KK AGM 2.6 For Agenda item : Elect Director Katayama, Yoshihiro.

19 Jun 19 Nippon Yusen KK AGM 2.7 For Agenda item : Elect Director Kuniya, Hiroko.

19 Jun 19 Nippon Yusen KK AGM 2.8 For Agenda item : Elect Director Tanabe, Eiichi.

19 Jun 19 Nippon Yusen KK AGM 3.1 For Agenda item : Appoint Statutory Auditor Miyamoto, Noriko.

19 Jun 19 Nippon Yusen KK AGM 3.2 For Agenda item : Appoint Statutory Auditor Kanemoto, Toshinori.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 1.1 Opposed Agenda item : Elect Director Minegishi, Masumi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 1.2 For Agenda item : Elect Director Ikeuchi, Shogo.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 1.3 For Agenda item : Elect Director Idekoba, Hisayuki.

UBS Asset Management 138

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Recruit Holdings Co., Ltd. AGM 1.4 For Agenda item : Elect Director Sagawa, Keiichi.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 1.5 For Agenda item : Elect Director Rony Kahan.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 1.6 For Agenda item : Elect Director Izumiya, Naoki.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 1.7 For Agenda item : Elect Director Totoki, Hiroki.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Inoue, Hiroki.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 2.2 For Agenda item : Appoint Alternate Statutory Auditor Shinkawa, Asa.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 3 For Agenda item : Approve Compensation Ceiling for Directors.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 4 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

19 Jun 19 Recruit Holdings Co., Ltd. AGM 5 For Agenda item : Approve Transfer of Capital Reserves and Other Capital Surplus

to Capital.

19 Jun 19 Saga Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

19 Jun 19 Saga Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : Executive pay granted/vested during the year is not aligned with

performance.

19 Jun 19 Saga Plc AGM 3 For Agenda item : Approve Final Dividend.

19 Jun 19 Saga Plc AGM 4 For Agenda item : Re-elect Patrick O'Sullivan as Director.

19 Jun 19 Saga Plc AGM 5 For Agenda item : Re-elect Lance Batchelor as Director.

19 Jun 19 Saga Plc AGM 6 For Agenda item : Re-elect Orna NiChionna as Director.

19 Jun 19 Saga Plc AGM 7 For Agenda item : Re-elect Ray King as Director.

19 Jun 19 Saga Plc AGM 8 For Agenda item : Re-elect Gareth Williams as Director.

19 Jun 19 Saga Plc AGM 9 For Agenda item : Elect Eva Eisenschimmel as Director.

19 Jun 19 Saga Plc AGM 10 For Agenda item : Elect Julie Hopes as Director.

19 Jun 19 Saga Plc AGM 11 For Agenda item : Elect Gareth Hoskin as Director.

19 Jun 19 Saga Plc AGM 12 For Agenda item : Elect James Quin as Director.

19 Jun 19 Saga Plc AGM 13 For Agenda item : Reappoint KPMG LLP as Auditors.

19 Jun 19 Saga Plc AGM 14 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

139 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Saga Plc AGM 15 For Agenda item : Authorise EU Political Donations and Expenditure.

19 Jun 19 Saga Plc AGM 16 For Agenda item : Authorise Issue of Equity.

19 Jun 19 Saga Plc AGM 17 For Agenda item : Amend Long-Term Incentive Plan.

19 Jun 19 Saga Plc AGM 18 For Agenda item : Amend Deferred Bonus Plan.

19 Jun 19 Saga Plc AGM 19 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

19 Jun 19 Saga Plc AGM 20 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

19 Jun 19 Saga Plc AGM 21 For Agenda item : Authorise Market Purchase of Ordinary Shares.

19 Jun 19 Saga Plc AGM 22 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

19 Jun 19 Shinsei Bank, Ltd. AGM 1.1 For Agenda item : Elect Director Kudo, Hideyuki.

19 Jun 19 Shinsei Bank, Ltd. AGM 1.2 For Agenda item : Elect Director Kozano, Yoshiaki.

19 Jun 19 Shinsei Bank, Ltd. AGM 1.3 For Agenda item : Elect Director J. Christopher Flowers.

19 Jun 19 Shinsei Bank, Ltd. AGM 1.4 For Agenda item : Elect Director Ernest M. Higa.

19 Jun 19 Shinsei Bank, Ltd. AGM 1.5 For Agenda item : Elect Director Makihara, Jun.

19 Jun 19 Shinsei Bank, Ltd. AGM 1.6 For Agenda item : Elect Director Murayama, Rie.

19 Jun 19 Shinsei Bank, Ltd. AGM 1.7 For Agenda item : Elect Director Tomimura, Ryuichi.

19 Jun 19 Shinsei Bank, Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Akamatsu, Ikuko.

19 Jun 19 Shinsei Bank, Ltd. AGM 3 Opposed Agenda item : Appoint Shareholder Director Nominee James B. Rosenwald III.

19 Jun 19 SoftBank Group Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

19 Jun 19 SoftBank Group Corp. AGM 2.1 For Agenda item : Elect Director Son, Masayoshi.

19 Jun 19 SoftBank Group Corp. AGM 2.10 For Agenda item : Elect Director Yanai, Tadashi.

19 Jun 19 SoftBank Group Corp. AGM 2.11 For Agenda item : Elect Director Iijima, Masami.

19 Jun 19 SoftBank Group Corp. AGM 2.12 For Agenda item : Elect Director Matsuo, Yutaka.

19 Jun 19 SoftBank Group Corp. AGM 2.2 For Agenda item : Elect Director Ronald Fisher.

19 Jun 19 SoftBank Group Corp. AGM 2.3 For Agenda item : Elect Director Marcelo Claure.

19 Jun 19 SoftBank Group Corp. AGM 2.4 For Agenda item : Elect Director Sago, Katsunori.

19 Jun 19 SoftBank Group Corp. AGM 2.5 For Agenda item : Elect Director Rajeev Misra.

19 Jun 19 SoftBank Group Corp. AGM 2.6 For Agenda item : Elect Director Miyauchi, Ken.

UBS Asset Management 140

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 SoftBank Group Corp. AGM 2.7 For Agenda item : Elect Director Simon Segars.

19 Jun 19 SoftBank Group Corp. AGM 2.8 For Agenda item : Elect Director Yun Ma.

19 Jun 19 SoftBank Group Corp. AGM 2.9 For Agenda item : Elect Director Yasir O. Al-Rumayyan.

19 Jun 19 SoftBank Group Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Toyama, Atsushi.

19 Jun 19 Tarsus Group Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

19 Jun 19 Tarsus Group Plc AGM 2 Opposed Agenda item : Approve Remuneration Policy.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

19 Jun 19 Tarsus Group Plc AGM 3 For Agenda item : Approve Remuneration Report.

19 Jun 19 Tarsus Group Plc AGM 4 For Agenda item : Approve Final Dividend.

19 Jun 19 Tarsus Group Plc AGM 5 Opposed Agenda item : Re-elect Neville Buch as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

19 Jun 19 Tarsus Group Plc AGM 6 For Agenda item : Re-elect Douglas Emslie as Director.

19 Jun 19 Tarsus Group Plc AGM 7 For Agenda item : Re-elect Daniel O'Brien as Director.

19 Jun 19 Tarsus Group Plc AGM 8 Opposed Agenda item : Re-elect David Gilbertson as Director.

UBS note : Company has received a significant vote against its executive

compensation on each of the last 2 occasions that the remuneration has been

put to a shareholder vote.

19 Jun 19 Tarsus Group Plc AGM 9 Opposed Agenda item : Re-elect Robert Ware as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

19 Jun 19 Tarsus Group Plc AGM 10 For Agenda item : Re-elect Keith Mansfield as Director.

19 Jun 19 Tarsus Group Plc AGM 11 For Agenda item : Reappoint Deloitte LLP as Auditors.

19 Jun 19 Tarsus Group Plc AGM 12 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

19 Jun 19 Tarsus Group Plc AGM 13 For Agenda item : Authorise Issue of Equity.

19 Jun 19 Tarsus Group Plc AGM 14 For Agenda item : Authorise Company to Hold Shares which it has Repurchased

141 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

as Treasury Shares.

19 Jun 19 Tarsus Group Plc AGM 15 For Agenda item : Authorise Company to Execute Documents to Enable it to Hold

Shares which it has Repurchased as Treasury Shares.

19 Jun 19 Tarsus Group Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

19 Jun 19 Tarsus Group Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

19 Jun 19 Tarsus Group Plc AGM 18 For Agenda item : Authorise Market Purchase of Ordinary Shares.

19 Jun 19 Whitbread Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

19 Jun 19 Whitbread Plc AGM 2 For Agenda item : Approve Remuneration Report.

19 Jun 19 Whitbread Plc AGM 3 For Agenda item : Approve Final Dividend.

19 Jun 19 Whitbread Plc AGM 4 For Agenda item : Elect Frank Fiskers as Director.

19 Jun 19 Whitbread Plc AGM 5 For Agenda item : Re-elect David Atkins as Director.

19 Jun 19 Whitbread Plc AGM 6 For Agenda item : Re-elect Alison Brittain as Director.

19 Jun 19 Whitbread Plc AGM 7 For Agenda item : Re-elect Nicholas Cadbury as Director.

19 Jun 19 Whitbread Plc AGM 8 For Agenda item : Re-elect Adam Crozier as Director.

19 Jun 19 Whitbread Plc AGM 9 For Agenda item : Re-elect Richard Gillingwater as Director.

19 Jun 19 Whitbread Plc AGM 10 For Agenda item : Re-elect Chris Kennedy as Director.

19 Jun 19 Whitbread Plc AGM 11 For Agenda item : Re-elect Deanna Oppenheimer as Director.

19 Jun 19 Whitbread Plc AGM 12 For Agenda item : Re-elect Louise Smalley as Director.

19 Jun 19 Whitbread Plc AGM 13 For Agenda item : Re-elect Susan Martin as Director.

19 Jun 19 Whitbread Plc AGM 14 For Agenda item : Reappoint Deloitte LLP as Auditors.

19 Jun 19 Whitbread Plc AGM 15 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

19 Jun 19 Whitbread Plc AGM 16 For Agenda item : Authorise EU Political Donations and Expenditure.

19 Jun 19 Whitbread Plc AGM 17 For Agenda item : Authorise Issue of Equity.

19 Jun 19 Whitbread Plc AGM 18 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

19 Jun 19 Whitbread Plc AGM 19 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

19 Jun 19 Whitbread Plc AGM 20 For Agenda item : Authorise Market Purchase of Ordinary Shares.

UBS Asset Management 142

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

19 Jun 19 Whitbread Plc AGM 21 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

19 Jun 19 Whitbread Plc EGM 1 For Agenda item : Authorise Market Purchase of Ordinary Shares in Connection

with the Tender Offer.

19 Jun 19 Whitbread Plc EGM 2 For Agenda item : Approve Share Consolidation.

19 Jun 19 Whitbread Plc EGM 3 For Agenda item : Amend Articles of Association.

19 Jun 19 Whitbread Plc EGM 4 For Agenda item : Authorise Market Purchase of Ordinary Shares.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.1 For Agenda item : Elect Director Negishi, Takashige.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.10 For Agenda item : Elect Director Yasuda, Ryuji.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.11 For Agenda item : Elect Director Fukuoka, Masayuki.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.12 For Agenda item : Elect Director Maeda, Norihito.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.13 Opposed Agenda item : Elect Director Pascal Yves De Petrini.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.14 For Agenda item : Elect Director Imada, Masao.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.15 For Agenda item : Elect Director Tobe, Naoko.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.2 For Agenda item : Elect Director Narita, Hiroshi.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.3 For Agenda item : Elect Director Wakabayashi, Hiroshi.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.4 For Agenda item : Elect Director Ishikawa, Fumiyasu.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.5 For Agenda item : Elect Director Ito, Masanori.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.6 For Agenda item : Elect Director Doi, Akifumi.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.7 For Agenda item : Elect Director Hayashida, Tetsuya.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.8 For Agenda item : Elect Director Hirano, Susumu.

19 Jun 19 Yakult Honsha Co., Ltd. AGM 1.9 For Agenda item : Elect Director Richard Hall.

20 Jun 19 Activision Blizzard, Inc. AGM 1.1 For Agenda item : Elect Director Reveta Bowers.

20 Jun 19 Activision Blizzard, Inc. AGM 1.10 For Agenda item : Elect Director Elaine Wynn.

20 Jun 19 Activision Blizzard, Inc. AGM 1.2 Opposed Agenda item : Elect Director Robert Corti.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

143 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

executives.

20 Jun 19 Activision Blizzard, Inc. AGM 1.3 For Agenda item : Elect Director Hendrik Hartong, III.

20 Jun 19 Activision Blizzard, Inc. AGM 1.4 For Agenda item : Elect Director Brian Kelly.

20 Jun 19 Activision Blizzard, Inc. AGM 1.5 For Agenda item : Elect Director Robert A. Kotick.

20 Jun 19 Activision Blizzard, Inc. AGM 1.6 For Agenda item : Elect Director Barry Meyer.

20 Jun 19 Activision Blizzard, Inc. AGM 1.7 Opposed Agenda item : Elect Director Robert Morgado.

UBS note : We expect the Lead Director to be independent.

20 Jun 19 Activision Blizzard, Inc. AGM 1.8 For Agenda item : Elect Director Peter Nolan.

20 Jun 19 Activision Blizzard, Inc. AGM 1.9 For Agenda item : Elect Director Casey Wasserman.

20 Jun 19 Activision Blizzard, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

20 Jun 19 Activision Blizzard, Inc. AGM 3 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

20 Jun 19 BH Macro Ltd. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

20 Jun 19 BH Macro Ltd. AGM 2 For Agenda item : Ratify KPMG Channel Islands Limited as Auditors.

20 Jun 19 BH Macro Ltd. AGM 3 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

20 Jun 19 BH Macro Ltd. AGM 4 For Agenda item : Elect Richard Horlick as Director.

20 Jun 19 BH Macro Ltd. AGM 5 For Agenda item : Re-elect John Le Poidevin as Director.

20 Jun 19 BH Macro Ltd. AGM 6 For Agenda item : Re-elect Colin Maltby as Director.

20 Jun 19 BH Macro Ltd. AGM 7 For Agenda item : Re-elect Claire Whittet as Director.

20 Jun 19 BH Macro Ltd. AGM 8 For Agenda item : Approve Remuneration Report.

20 Jun 19 BH Macro Ltd. AGM 9 For Agenda item : Authorise Issue of Equity.

20 Jun 19 BH Macro Ltd. AGM 10 For Agenda item : Authorise Market Purchase of Shares.

20 Jun 19 BH Macro Ltd. AGM 11 For Agenda item : Authorise Issue of Equity with Pre-emptive Rights.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 80.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Morikawa, Keizo.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 2.2 For Agenda item : Elect Director Kiriyama, Hiroshi.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Noji, Masayoshi.

UBS Asset Management 144

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Suzuki, Yasuhiro.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Uematsu, Takayuki.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 2.6 Opposed Agenda item : Elect Director Musabbeh Al Kaabi.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 2.7 Opposed Agenda item : Elect Director Khalifa Al Suwaidi.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Kanno, Sakae.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Takayama,

Yasuko.

20 Jun 19 Cosmo Energy Holdings Co., Ltd. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member

Yukawa, Soichi.

20 Jun 19 Credit Saison Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 45.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.1 For Agenda item : Elect Director Rinno, Hiroshi.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.10 For Agenda item : Elect Director Ashikaga, Shunji.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.11 For Agenda item : Elect Director Ono, Kazutoshi.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.12 For Agenda item : Elect Director Yasumori, Kazue.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.13 For Agenda item : Elect Director Hayashi, Kaoru.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.14 For Agenda item : Elect Director Togashi, Naoki.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.15 For Agenda item : Elect Director Otsuki, Nana.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.2 For Agenda item : Elect Director Yamashita, Masahiro.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takahashi, Naoki.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.4 For Agenda item : Elect Director Mizuno, Katsumi.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.5 For Agenda item : Elect Director Okamoto, Tatsunari.

145 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Credit Saison Co., Ltd. AGM 2.6 For Agenda item : Elect Director Miura, Yoshiaki.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.7 For Agenda item : Elect Director Matsuda, Akihiro.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.8 For Agenda item : Elect Director Baba, Shingo.

20 Jun 19 Credit Saison Co., Ltd. AGM 2.9 For Agenda item : Elect Director Isobe, Yasuyuki.

20 Jun 19 Credit Saison Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kaneko, Haruhisa.

20 Jun 19 Credit Saison Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Harada, Munehiro.

20 Jun 19 Credit Saison Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Igawa, Hiroaki.

20 Jun 19 Credit Saison Co., Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Kasahara, Chie.

20 Jun 19 Credit Saison Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Yokokura, Hitoshi.

20 Jun 19 Delta Air Lines, Inc. AGM 1a For Agenda item : Elect Director Edward H. Bastian.

20 Jun 19 Delta Air Lines, Inc. AGM 1b Opposed Agenda item : Elect Director Francis S. Blake.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

20 Jun 19 Delta Air Lines, Inc. AGM 1c For Agenda item : Elect Director Daniel A. Carp.

20 Jun 19 Delta Air Lines, Inc. AGM 1d For Agenda item : Elect Director Ashton B. Carter.

20 Jun 19 Delta Air Lines, Inc. AGM 1e For Agenda item : Elect Director David G. DeWalt.

20 Jun 19 Delta Air Lines, Inc. AGM 1f For Agenda item : Elect Director William H. Easter, III.

20 Jun 19 Delta Air Lines, Inc. AGM 1g For Agenda item : Elect Director Christopher A. Hazleton.

20 Jun 19 Delta Air Lines, Inc. AGM 1h For Agenda item : Elect Director Michael P. Huerta.

20 Jun 19 Delta Air Lines, Inc. AGM 1i For Agenda item : Elect Director Jeanne P. Jackson.

20 Jun 19 Delta Air Lines, Inc. AGM 1j For Agenda item : Elect Director George N. Mattson.

20 Jun 19 Delta Air Lines, Inc. AGM 1k For Agenda item : Elect Director Sergio A. L. Rial.

20 Jun 19 Delta Air Lines, Inc. AGM 1l For Agenda item : Elect Director Kathy N. Waller.

20 Jun 19 Delta Air Lines, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

20 Jun 19 Delta Air Lines, Inc. AGM 3 For Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS Asset Management 146

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Delta Air Lines, Inc. AGM 4 For Agenda item : Provide Right to Act by Written Consent.

UBS note : We support resolutions that require the right to act by written

consent, should they not be too restrictive and are in line with market practice.

20 Jun 19 Denka Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 60.

20 Jun 19 Denka Co., Ltd. AGM 2 For Agenda item : Amend Articles to Adopt Board Structure with Audit

Committee - Amend Provisions on Number of Directors - Authorise Directors to

Execute Day to Day Operations without Full Board Approval.

20 Jun 19 Denka Co., Ltd. AGM 3.1 For Agenda item : Elect Director Yoshitaka, Shinsuke.

20 Jun 19 Denka Co., Ltd. AGM 3.2 For Agenda item : Elect Director Yamamoto, Manabu.

20 Jun 19 Denka Co., Ltd. AGM 3.3 For Agenda item : Elect Director Shimizu, Norihiro.

20 Jun 19 Denka Co., Ltd. AGM 3.4 For Agenda item : Elect Director Suzuki, Masaharu.

20 Jun 19 Denka Co., Ltd. AGM 3.5 For Agenda item : Elect Director Imai, Toshio.

20 Jun 19 Denka Co., Ltd. AGM 3.6 For Agenda item : Elect Director Yamamoto, Akio.

20 Jun 19 Denka Co., Ltd. AGM 3.7 For Agenda item : Elect Director Fujihara, Tatsutsugu.

20 Jun 19 Denka Co., Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Ayabe, Mitsukuni.

20 Jun 19 Denka Co., Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Kimura, Junichi.

20 Jun 19 Denka Co., Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Sato, Yasuo.

20 Jun 19 Denka Co., Ltd. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Kinoshita, Toshio.

20 Jun 19 Denka Co., Ltd. AGM 4.5 For Agenda item : Elect Director and Audit Committee Member Yamamoto,

Hiroko.

20 Jun 19 Denka Co., Ltd. AGM 5 For Agenda item : Elect Alternate Director and Audit Committee Member Ichiki,

Gotaro.

20 Jun 19 Denka Co., Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

20 Jun 19 Denka Co., Ltd. AGM 7 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

20 Jun 19 Denka Co., Ltd. AGM 8 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

147 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Eisai Co., Ltd. AGM 1.1 For Agenda item : Elect Director Naito, Haruo.

20 Jun 19 Eisai Co., Ltd. AGM 1.10 For Agenda item : Elect Director Uchiyama, Hideyo.

20 Jun 19 Eisai Co., Ltd. AGM 1.11 For Agenda item : Elect Director Hayashi, Hideki.

20 Jun 19 Eisai Co., Ltd. AGM 1.2 For Agenda item : Elect Director Kato, Yasuhiko.

20 Jun 19 Eisai Co., Ltd. AGM 1.3 For Agenda item : Elect Director Kanai, Hirokazu.

20 Jun 19 Eisai Co., Ltd. AGM 1.4 For Agenda item : Elect Director Kakizaki, Tamaki.

20 Jun 19 Eisai Co., Ltd. AGM 1.5 For Agenda item : Elect Director Tsunoda, Daiken.

20 Jun 19 Eisai Co., Ltd. AGM 1.6 For Agenda item : Elect Director Bruce Aronson.

20 Jun 19 Eisai Co., Ltd. AGM 1.7 For Agenda item : Elect Director Tsuchiya, Yutaka.

20 Jun 19 Eisai Co., Ltd. AGM 1.8 For Agenda item : Elect Director Kaihori, Shuzo.

20 Jun 19 Eisai Co., Ltd. AGM 1.9 For Agenda item : Elect Director Murata, Ryuichi.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 2 For Agenda item : Amend Articles to Authorise Public Announcements in

Electronic Format - Limit Number of Shareholder Representatives at Meetings.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.1 For Agenda item : Elect Director Shimizu, Hiroshi.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.10 For Agenda item : Elect Director Nishi, Hidenori.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.2 For Agenda item : Elect Director Sakai, Mikio.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.3 For Agenda item : Elect Director Matsumoto, Tomoki.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.4 For Agenda item : Elect Director Omori, Tatsuji.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.5 For Agenda item : Elect Director Sumiya, Takehiko.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.6 For Agenda item : Elect Director Kadota, Takashi.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.7 For Agenda item : Elect Director Kida, Haruyasu.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.8 For Agenda item : Elect Director Mishina, Kazuhiro.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 3.9 For Agenda item : Elect Director Ueno, Yuko.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 4 Opposed Agenda item : Appoint Statutory Auditor Uozumi, Ryuta.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

20 Jun 19 Fuji Oil Holdings, Inc. AGM 5 For Agenda item : Appoint Alternate Statutory Auditor Fukuda, Tadashi.

UBS Asset Management 148

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 H2O Retailing Corp. AGM 1 For Agenda item : Amend Articles to Amend Business Lines - Remove All

Provisions on Advisory Positions.

20 Jun 19 H2O Retailing Corp. AGM 2.1 For Agenda item : Elect Director Suzuki, Atsushi.

20 Jun 19 H2O Retailing Corp. AGM 2.2 For Agenda item : Elect Director Araki, Naoya.

20 Jun 19 H2O Retailing Corp. AGM 2.3 For Agenda item : Elect Director Hayashi, Katsuhiro.

20 Jun 19 H2O Retailing Corp. AGM 2.4 For Agenda item : Elect Director Yagi, Makoto.

20 Jun 19 H2O Retailing Corp. AGM 2.5 For Agenda item : Elect Director Sumi, Kazuo.

20 Jun 19 H2O Retailing Corp. AGM 2.6 For Agenda item : Elect Director Mori, Tadatsugu.

20 Jun 19 H2O Retailing Corp. AGM 3 For Agenda item : Approve Annual Bonus.

20 Jun 19 H2O Retailing Corp. AGM 4 For Agenda item : Approve Deep Discount Stock Option Plan.

20 Jun 19 H2O Retailing Corp. AGM 5 Opposed Agenda item : Approve Deep Discount Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

20 Jun 19 IHI Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

20 Jun 19 IHI Corp. AGM 2.1 For Agenda item : Elect Director Saito, Tamotsu.

20 Jun 19 IHI Corp. AGM 2.10 For Agenda item : Elect Director Kimura, Hiroshi.

20 Jun 19 IHI Corp. AGM 2.11 For Agenda item : Elect Director Ishimura, Kazuhiko.

20 Jun 19 IHI Corp. AGM 2.2 For Agenda item : Elect Director Mitsuoka, Tsugio.

20 Jun 19 IHI Corp. AGM 2.3 For Agenda item : Elect Director Otani, Hiroyuki.

20 Jun 19 IHI Corp. AGM 2.4 For Agenda item : Elect Director Yamada, Takeshi.

20 Jun 19 IHI Corp. AGM 2.5 For Agenda item : Elect Director Shikina, Tomoharu.

20 Jun 19 IHI Corp. AGM 2.6 For Agenda item : Elect Director Mizumoto, Nobuko.

20 Jun 19 IHI Corp. AGM 2.7 For Agenda item : Elect Director Nagano, Masafumi.

20 Jun 19 IHI Corp. AGM 2.8 For Agenda item : Elect Director Murakami, Koichi.

20 Jun 19 IHI Corp. AGM 2.9 For Agenda item : Elect Director Fujiwara, Taketsugu.

20 Jun 19 IHI Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Iwamoto, Toshio.

20 Jun 19 Kiwi Property Group Limited AGM 1 For Agenda item : Elect Mary Jane Daly as Director.

20 Jun 19 Kiwi Property Group Limited AGM 2 For Agenda item : Authorise Board to Fix Remuneration of the Auditors.

20 Jun 19 Kiwi Property Group Limited AGM 3 For Agenda item : Approve the Amendments to the Company's Constitution.

149 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Kobe Steel, Ltd. AGM 1.1 For Agenda item : Elect Director Yamaguchi, Mitsugu.

20 Jun 19 Kobe Steel, Ltd. AGM 1.10 For Agenda item : Elect Director Bamba, Hiroyuki.

20 Jun 19 Kobe Steel, Ltd. AGM 1.11 For Agenda item : Elect Director Ito, Yumiko.

20 Jun 19 Kobe Steel, Ltd. AGM 1.2 For Agenda item : Elect Director Onoe, Yoshinori.

20 Jun 19 Kobe Steel, Ltd. AGM 1.3 For Agenda item : Elect Director Koshiishi, Fusaki.

20 Jun 19 Kobe Steel, Ltd. AGM 1.4 For Agenda item : Elect Director Ohama, Takao.

20 Jun 19 Kobe Steel, Ltd. AGM 1.5 For Agenda item : Elect Director Shibata, Koichiro.

20 Jun 19 Kobe Steel, Ltd. AGM 1.6 For Agenda item : Elect Director Manabe, Shohei.

20 Jun 19 Kobe Steel, Ltd. AGM 1.7 For Agenda item : Elect Director Kitagawa, Jiro.

20 Jun 19 Kobe Steel, Ltd. AGM 1.8 For Agenda item : Elect Director Katsukawa, Yoshihiko.

20 Jun 19 Kobe Steel, Ltd. AGM 1.9 For Agenda item : Elect Director Kitabata, Takao.

20 Jun 19 Kobe Steel, Ltd. AGM 2 For Agenda item : Elect Alternate Director and Audit Committee Member Miura,

Kunio.

20 Jun 19 LINTEC Corp. AGM 1 For Agenda item : Amend Articles to Make Technical Changes.

20 Jun 19 LINTEC Corp. AGM 2.1 For Agenda item : Elect Director Ouchi, Akihiko.

20 Jun 19 LINTEC Corp. AGM 2.10 Opposed Agenda item : Elect Director Oharu, Atsushi.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

20 Jun 19 LINTEC Corp. AGM 2.11 Opposed Agenda item : Elect Director Iizuka, Masanobu.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

20 Jun 19 LINTEC Corp. AGM 2.2 For Agenda item : Elect Director Nishio, Hiroyuki.

20 Jun 19 LINTEC Corp. AGM 2.3 For Agenda item : Elect Director Hattori, Makoto.

20 Jun 19 LINTEC Corp. AGM 2.4 For Agenda item : Elect Director Nakamura, Takashi.

20 Jun 19 LINTEC Corp. AGM 2.5 For Agenda item : Elect Director Kawamura, Gohei.

UBS Asset Management 150

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 LINTEC Corp. AGM 2.6 For Agenda item : Elect Director Mochizuki, Tsunetoshi.

20 Jun 19 LINTEC Corp. AGM 2.7 For Agenda item : Elect Director Morikawa, Shuji.

20 Jun 19 LINTEC Corp. AGM 2.8 For Agenda item : Elect Director Nishikawa, Junichi.

20 Jun 19 LINTEC Corp. AGM 2.9 For Agenda item : Elect Director Wakasa, Takehiko.

20 Jun 19 LINTEC Corp. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Okada, Hiroshi.

20 Jun 19 LINTEC Corp. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Ooka, Satoshi.

20 Jun 19 LINTEC Corp. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Osawa, Kanako.

20 Jun 19 LondonMetric Property Plc EGM 1 For Agenda item : Approve Acquisition of the Entire Issued Share Capital of A&J

Mucklow Group Plc.

20 Jun 19 Marui Group Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 26.

20 Jun 19 Marui Group Co., Ltd. AGM 2.1 For Agenda item : Elect Director Aoi, Hiroshi.

20 Jun 19 Marui Group Co., Ltd. AGM 2.2 For Agenda item : Elect Director Okajima, Etsuko.

20 Jun 19 Marui Group Co., Ltd. AGM 2.3 For Agenda item : Elect Director Taguchi, Yoshitaka.

20 Jun 19 Marui Group Co., Ltd. AGM 2.4 For Agenda item : Elect Director Muroi, Masahiro.

20 Jun 19 Marui Group Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nakamura, Masao.

20 Jun 19 Marui Group Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kato, Hirotsugu.

20 Jun 19 Marui Group Co., Ltd. AGM 2.7 For Agenda item : Elect Director Aoki, Masahisa.

20 Jun 19 Marui Group Co., Ltd. AGM 2.8 For Agenda item : Elect Director Ito, Yuko.

20 Jun 19 Marui Group Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Fujizuka, Hideaki.

20 Jun 19 Marui Group Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Nozaki, Akira.

20 Jun 19 Marui Group Co., Ltd. AGM 5 For Agenda item : Approve Trust-Type Equity Compensation Plan.

20 Jun 19 Marui Group Co., Ltd. AGM 6 For Agenda item : Appoint PricewaterhouseCoopers Aarata LLC as New External

Audit Firm.

20 Jun 19 Mitsui & Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.1 For Agenda item : Elect Director Iijima, Masami.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.10 For Agenda item : Elect Director Muto, Toshiro.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.11 For Agenda item : Elect Director Kobayashi, Izumi.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.12 For Agenda item : Elect Director Jenifer Rogers.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.13 For Agenda item : Elect Director Samuel Walsh.

151 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Mitsui & Co., Ltd. AGM 2.14 For Agenda item : Elect Director Uchiyamada, Takeshi.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.2 For Agenda item : Elect Director Yasunaga, Tatsuo.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.3 For Agenda item : Elect Director Fujii, Shinsuke.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kitamori, Nobuaki.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.5 For Agenda item : Elect Director Takebe, Yukio.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.6 For Agenda item : Elect Director Uchida, Takakazu.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.7 For Agenda item : Elect Director Hori, Kenichi.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.8 For Agenda item : Elect Director Fujiwara, Hirotatsu.

20 Jun 19 Mitsui & Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kometani, Yoshio.

20 Jun 19 Mitsui & Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Suzuki, Makoto.

20 Jun 19 Mitsui & Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Shiotani, Kimiro.

20 Jun 19 Mitsui & Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Ozu, Hiroshi.

20 Jun 19 Mitsui & Co., Ltd. AGM 4 For Agenda item : Approve Restricted Stock Plan.

20 Jun 19 NMC Health Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

20 Jun 19 NMC Health Plc AGM 2 For Agenda item : Approve Remuneration Report.

20 Jun 19 NMC Health Plc AGM 3 For Agenda item : Approve Final Dividend.

20 Jun 19 NMC Health Plc AGM 4 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

20 Jun 19 NMC Health Plc AGM 5 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

20 Jun 19 NMC Health Plc AGM 6 Opposed Agenda item : Re-elect Mark Tompkins as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

20 Jun 19 NMC Health Plc AGM 7 For Agenda item : Re-elect Dr Bavaguthu Shetty as Director.

20 Jun 19 NMC Health Plc AGM 8 For Agenda item : Re-elect Khalifa Bin Butti as Director.

20 Jun 19 NMC Health Plc AGM 9 For Agenda item : Re-elect Prasanth Manghat as Director.

20 Jun 19 NMC Health Plc AGM 10 For Agenda item : Re-elect Hani Buttikhi as Director.

20 Jun 19 NMC Health Plc AGM 11 For Agenda item : Re-elect Dr Ayesha Abdullah as Director.

20 Jun 19 NMC Health Plc AGM 12 For Agenda item : Elect Tarek Alnabulsi as Director.

UBS Asset Management 152

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 NMC Health Plc AGM 13 For Agenda item : Re-elect Abdulrahman Basaddiq as Director.

20 Jun 19 NMC Health Plc AGM 14 For Agenda item : Re-elect Jonathan Bomford as Director.

20 Jun 19 NMC Health Plc AGM 15 For Agenda item : Re-elect Lord Clanwilliam as Director.

20 Jun 19 NMC Health Plc AGM 16 For Agenda item : Re-elect Salma Hareb as Director.

20 Jun 19 NMC Health Plc AGM 17 For Agenda item : Authorise EU Political Donations and Expenditure.

20 Jun 19 NMC Health Plc AGM 18 For Agenda item : Authorise Issue of Equity.

20 Jun 19 NMC Health Plc AGM 19 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

20 Jun 19 NMC Health Plc AGM 20 For Agenda item : Amend Articles of Association.

20 Jun 19 NMC Health Plc AGM 21 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

20 Jun 19 NTT DATA Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 8.5.

20 Jun 19 NTT DATA Corp. AGM 2 For Agenda item : Amend Articles to Amend Provisions on Number of Directors.

20 Jun 19 NTT DATA Corp. AGM 3.1 For Agenda item : Elect Director Homma, Yo.

20 Jun 19 NTT DATA Corp. AGM 3.10 For Agenda item : Elect Director Hirano, Eiji.

20 Jun 19 NTT DATA Corp. AGM 3.11 For Agenda item : Elect Director Ebihara, Takashi.

20 Jun 19 NTT DATA Corp. AGM 3.12 For Agenda item : Elect Director John McCain.

20 Jun 19 NTT DATA Corp. AGM 3.13 For Agenda item : Elect Director Fujii, Mariko.

20 Jun 19 NTT DATA Corp. AGM 3.2 For Agenda item : Elect Director Yanagi, Keiichiro.

20 Jun 19 NTT DATA Corp. AGM 3.3 For Agenda item : Elect Director Yamaguchi, Shigeki.

20 Jun 19 NTT DATA Corp. AGM 3.4 For Agenda item : Elect Director Fujiwara, Toshi.

20 Jun 19 NTT DATA Corp. AGM 3.5 For Agenda item : Elect Director Kitani, Tsuyoshi.

20 Jun 19 NTT DATA Corp. AGM 3.6 For Agenda item : Elect Director Takeuchi, Shunichi.

20 Jun 19 NTT DATA Corp. AGM 3.7 For Agenda item : Elect Director Ito, Koji.

20 Jun 19 NTT DATA Corp. AGM 3.8 For Agenda item : Elect Director Matsunaga, Hisashi.

20 Jun 19 NTT DATA Corp. AGM 3.9 For Agenda item : Elect Director Okamoto, Yukio.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 90.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Goto, Yujiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

153 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.2 For Agenda item : Elect Director Yamamoto, Masao.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takahashi, Yojiro.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.4 For Agenda item : Elect Director Yamada, Koichiro.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.5 For Agenda item : Elect Director Iriguchi, Jiro.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.6 For Agenda item : Elect Director Matsumoto, Yukihiro.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.7 For Agenda item : Elect Director Arao, Kozo.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hasebe, Shinji.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 2.9 For Agenda item : Elect Director Setoguchi, Tetsuo.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Arita, Yoshihiro.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Wada, Teruhisa.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Wada, Yoritomo.

20 Jun 19 Nippon Shokubai Co., Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.1 For Agenda item : Elect Director Konomoto, Shingo.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.2 For Agenda item : Elect Director Momose, Hironori.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.3 For Agenda item : Elect Director Ueno, Ayumu.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.4 For Agenda item : Elect Director Fukami, Yasuo.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.5 For Agenda item : Elect Director Shimamoto, Tadashi.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.6 For Agenda item : Elect Director Usumi, Yoshio.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.7 For Agenda item : Elect Director Doi, Miwako.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.8 For Agenda item : Elect Director Matsuzaki, Masatoshi.

20 Jun 19 Nomura Research Institute Ltd. AGM 1.9 For Agenda item : Elect Director Omiya, Hideaki.

20 Jun 19 Nomura Research Institute Ltd. AGM 2 Opposed Agenda item : Appoint Statutory Auditor Nishimura, Motoya.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

22.5.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Sagara, Gyo.

UBS note : We will not support the election of the Chair of the Nomination

UBS Asset Management 154

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Committee where there are no female directors on the board.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Awata, Hiroshi.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sano, Kei.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kawabata, Kazuhito.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Ono, Isao.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kato, Yutaka.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kurihara, Jun.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 2.8 For Agenda item : Elect Director Nomura, Masao.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Fujiyoshi, Shinji.

20 Jun 19 Ono Pharmaceutical Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Sakka, Hiromi.

20 Jun 19 Osaka Gas Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Ozaki, Hiroshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.10 For Agenda item : Elect Director Takeuchi, Kei.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.11 For Agenda item : Elect Director Miyahara, Hideo.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.12 For Agenda item : Elect Director Sasaki, Takayuki.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.13 For Agenda item : Elect Director Murao, Kazutoshi.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.2 For Agenda item : Elect Director Honjo, Takehiro.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.3 For Agenda item : Elect Director Fujiwara, Masataka.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.4 For Agenda item : Elect Director Miyagawa, Tadashi.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.5 For Agenda item : Elect Director Matsui, Takeshi.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.6 For Agenda item : Elect Director Tasaka, Takayuki.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yoneyama, Hisaichi.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.8 For Agenda item : Elect Director Takeguchi, Fumitoshi.

20 Jun 19 Osaka Gas Co., Ltd. AGM 2.9 For Agenda item : Elect Director Chikamoto, Shigeru.

20 Jun 19 Osaka Gas Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Fujiwara, Toshimasa.

20 Jun 19 Osaka Gas Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Hatta, Eiji.

20 Jun 19 PVH Corp. AGM 1a For Agenda item : Elect Director Mary Baglivo.

155 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 PVH Corp. AGM 1b For Agenda item : Elect Director Brent Callinicos.

20 Jun 19 PVH Corp. AGM 1c Opposed Agenda item : Elect Director Emanuel Chirico.

UBS note : We believe there should be an appropriate counterbalance when

the positions of CEO and Chair are combined.

20 Jun 19 PVH Corp. AGM 1d For Agenda item : Elect Director Juan R. Figuereo.

20 Jun 19 PVH Corp. AGM 1e Opposed Agenda item : Elect Director Joseph B. Fuller.

UBS note : We will not support the election of a non-independent,

non-executive directors who shall serve on the Nomination Committee where

the committee is not made up of a majority of independent directors.

20 Jun 19 PVH Corp. AGM 1f For Agenda item : Elect Director V. James Marino.

20 Jun 19 PVH Corp. AGM 1g For Agenda item : Elect Director G. Penny McIntyre.

20 Jun 19 PVH Corp. AGM 1h For Agenda item : Elect Director Amy McPherson.

20 Jun 19 PVH Corp. AGM 1i Opposed Agenda item : Elect Director Henry Nasella.

UBS note : We will not support the election of a non-independent

non-executive director who shall serve on the Remuneration Committee when

the Committee is not made up of majority of independent directors.

20 Jun 19 PVH Corp. AGM 1j For Agenda item : Elect Director Edward R. Rosenfeld.

20 Jun 19 PVH Corp. AGM 1k Opposed Agenda item : Elect Director Craig Rydin.

UBS note : We will not support the election of a non-independent

non-executive director who shall serve on the Remuneration Committee when

the Committee is not made up of majority of independent directors.

20 Jun 19 PVH Corp. AGM 1l For Agenda item : Elect Director Judith Amanda Sourry Knox.

20 Jun 19 PVH Corp. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

20 Jun 19 PVH Corp. AGM 3 For Agenda item : Eliminate Supermajority Vote Requirement for Certain

Transactions.

20 Jun 19 PVH Corp. AGM 4 For Agenda item : Eliminate Supermajority Vote Requirement for By-Law

UBS Asset Management 156

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Amendments.

20 Jun 19 PVH Corp. AGM 5 Opposed Agenda item : Ratify Ernst & Young LLP as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

20 Jun 19 Rengo Co., Ltd. AGM 1.1 Opposed Agenda item : Elect Director Otsubo, Kiyoshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

20 Jun 19 Rengo Co., Ltd. AGM 1.10 For Agenda item : Elect Director Hirano, Koichi.

20 Jun 19 Rengo Co., Ltd. AGM 1.11 For Agenda item : Elect Director Yokota, Mitsumasa.

20 Jun 19 Rengo Co., Ltd. AGM 1.12 For Agenda item : Elect Director Hosokawa, Takeshi.

20 Jun 19 Rengo Co., Ltd. AGM 1.13 For Agenda item : Elect Director Hori, Hirofumi.

20 Jun 19 Rengo Co., Ltd. AGM 1.14 For Agenda item : Elect Director Osako, Toru.

20 Jun 19 Rengo Co., Ltd. AGM 1.15 For Agenda item : Elect Director Okano, Yukio.

20 Jun 19 Rengo Co., Ltd. AGM 1.16 Opposed Agenda item : Elect Director Sato, Yoshio.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

20 Jun 19 Rengo Co., Ltd. AGM 1.17 Opposed Agenda item : Elect Director Oku, Masayuki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

20 Jun 19 Rengo Co., Ltd. AGM 1.2 For Agenda item : Elect Director Maeda, Moriaki.

20 Jun 19 Rengo Co., Ltd. AGM 1.3 For Agenda item : Elect Director Ishida, Shigechika.

20 Jun 19 Rengo Co., Ltd. AGM 1.4 For Agenda item : Elect Director Hasegawa, Ichiro.

20 Jun 19 Rengo Co., Ltd. AGM 1.5 For Agenda item : Elect Director Baba, Yasuhiro.

20 Jun 19 Rengo Co., Ltd. AGM 1.6 For Agenda item : Elect Director Sambe, Hiromi.

20 Jun 19 Rengo Co., Ltd. AGM 1.7 For Agenda item : Elect Director Kawamoto, Yosuke.

20 Jun 19 Rengo Co., Ltd. AGM 1.8 For Agenda item : Elect Director Inoue, Sadatoshi.

20 Jun 19 Rengo Co., Ltd. AGM 1.9 For Agenda item : Elect Director Ebihara, Hiroshi.

20 Jun 19 Rengo Co., Ltd. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Hashimoto, Kiwamu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

157 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

auditors are independent.

20 Jun 19 Rengo Co., Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Ishii, Junzo.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 23.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.1 For Agenda item : Elect Director Koge, Teiji.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.2 For Agenda item : Elect Director Kato, Keita.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.3 For Agenda item : Elect Director Hirai, Yoshiyuki.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.4 For Agenda item : Elect Director Taketomo, Hiroyuki.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.5 For Agenda item : Elect Director Kamiyoshi, Toshiyuki.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.6 For Agenda item : Elect Director Shimizu, Ikusuke.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.7 For Agenda item : Elect Director Kase, Yutaka.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.8 For Agenda item : Elect Director Oeda, Hiroshi.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 3.9 For Agenda item : Elect Director Ishikura, Yoko.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 4.1 For Agenda item : Appoint Statutory Auditor Suzuki, Kazuyuki.

20 Jun 19 Sekisui Chemical Co., Ltd. AGM 4.2 For Agenda item : Appoint Statutory Auditor Shimizu, Ryoko.

20 Jun 19 Sojitz Corp. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 9.5.

20 Jun 19 Sojitz Corp. AGM 2.1 For Agenda item : Elect Director Hara, Takashi.

20 Jun 19 Sojitz Corp. AGM 2.2 For Agenda item : Elect Director Fujimoto, Masayoshi.

20 Jun 19 Sojitz Corp. AGM 2.3 For Agenda item : Elect Director Tanaka, Seiichi.

20 Jun 19 Sojitz Corp. AGM 2.4 For Agenda item : Elect Director Nishihara, Shigeru.

20 Jun 19 Sojitz Corp. AGM 2.5 For Agenda item : Elect Director Naito, Kayoko.

20 Jun 19 Sojitz Corp. AGM 2.6 For Agenda item : Elect Director Otsuka, Norio.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 19.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.1 For Agenda item : Elect Director Tada, Masayo.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.2 For Agenda item : Elect Director Nomura, Hiroshi.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.3 For Agenda item : Elect Director Odagiri, Hitoshi.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kimura, Toru.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.5 For Agenda item : Elect Director Tamura, Nobuhiko.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.6 Opposed Agenda item : Elect Director Atomi, Yutaka.

UBS Asset Management 158

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.7 For Agenda item : Elect Director Arai, Saeko.

20 Jun 19 Sumitomo Dainippon Pharma Co., Ltd. AGM 2.8 For Agenda item : Elect Director Endo, Nobuhiro.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 13.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.1 Opposed Agenda item : Elect Director Ichihara, Yujiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.2 For Agenda item : Elect Director Uehara, Masahiro.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.3 For Agenda item : Elect Director Nagata, Kenji.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.4 For Agenda item : Elect Director Futamata, Kazuyuki.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.5 For Agenda item : Elect Director Thomas S. Kallman.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.6 For Agenda item : Elect Director Eduardo G. Elejoste.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.7 For Agenda item : Elect Director Yamada, Akio.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.8 For Agenda item : Elect Director Katsumaru, Mitsuhiro.

20 Jun 19 Taiyo Nippon Sanso Corp. AGM 2.9 For Agenda item : Elect Director Date, Hidefumi.

20 Jun 19 Teijin Ltd. AGM 1.1 For Agenda item : Elect Director Suzuki, Jun.

20 Jun 19 Teijin Ltd. AGM 1.2 For Agenda item : Elect Director Yamamoto, Kazuhiro.

20 Jun 19 Teijin Ltd. AGM 1.3 For Agenda item : Elect Director Takesue, Yasumichi.

20 Jun 19 Teijin Ltd. AGM 1.4 For Agenda item : Elect Director Sonobe, Yoshihisa.

20 Jun 19 Teijin Ltd. AGM 1.5 For Agenda item : Elect Director Nabeshima, Akihisa.

20 Jun 19 Teijin Ltd. AGM 1.6 For Agenda item : Elect Director Otsubo, Fumio.

20 Jun 19 Teijin Ltd. AGM 1.7 For Agenda item : Elect Director Uchinaga, Yukako.

20 Jun 19 Teijin Ltd. AGM 1.8 For Agenda item : Elect Director Suzuki, Yoichi.

20 Jun 19 Teijin Ltd. AGM 1.9 For Agenda item : Elect Director Onishi, Masaru.

20 Jun 19 Teijin Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Shimai, Masanori.

20 Jun 19 Teijin Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Ikegami, Gen.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.1 For Agenda item : Elect Director Kamei, Koichi.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.10 For Agenda item : Elect Director Wada, Kishiko.

159 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.11 For Agenda item : Elect Director Yokoyama, Yoshikazu.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.2 For Agenda item : Elect Director Harazono, Koichi.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.3 For Agenda item : Elect Director Tanaka, Yoshikatsu.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.4 For Agenda item : Elect Director Kitabayashi, Masayuki.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.5 For Agenda item : Elect Director Yamazaki, Yasuo.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.6 For Agenda item : Elect Director Tsuruhara, Kazunori.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.7 For Agenda item : Elect Director Shiotsuki, Koji.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.8 For Agenda item : Elect Director Uchino, Kazuhiro.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 1.9 For Agenda item : Elect Director Tada, Nobuyuki.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Yabu, Tomohiko.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Ishii, Takashi.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Goso, Yoji.

20 Jun 19 Toshiba Plant Systems & Services Corp. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Nagaya, Fumihiro.

20 Jun 19 Veeva Systems Inc. AGM 1.1 For Agenda item : Elect Director Ronald E.F. Codd.

20 Jun 19 Veeva Systems Inc. AGM 1.2 For Agenda item : Elect Director Peter P. Gassner.

20 Jun 19 Veeva Systems Inc. AGM 2 For Agenda item : Ratify KPMG LLP as Auditors.

20 Jun 19 West Japan Railway Co. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

87.5.

20 Jun 19 West Japan Railway Co. AGM 2.1 For Agenda item : Elect Director Manabe, Seiji.

20 Jun 19 West Japan Railway Co. AGM 2.10 For Agenda item : Elect Director Hirano, Yoshihisa.

20 Jun 19 West Japan Railway Co. AGM 2.11 For Agenda item : Elect Director Kurasaka, Shoji.

20 Jun 19 West Japan Railway Co. AGM 2.12 For Agenda item : Elect Director Nakamura, Keijiro.

20 Jun 19 West Japan Railway Co. AGM 2.13 For Agenda item : Elect Director Matsuoka, Toshihiro.

20 Jun 19 West Japan Railway Co. AGM 2.14 For Agenda item : Elect Director Sugioka, Atsushi.

20 Jun 19 West Japan Railway Co. AGM 2.15 For Agenda item : Elect Director Kawai, Tadashi.

20 Jun 19 West Japan Railway Co. AGM 2.2 For Agenda item : Elect Director Sato, Yumiko.

20 Jun 19 West Japan Railway Co. AGM 2.3 For Agenda item : Elect Director Murayama, Yuzo.

20 Jun 19 West Japan Railway Co. AGM 2.4 For Agenda item : Elect Director Saito, Norihiko.

20 Jun 19 West Japan Railway Co. AGM 2.5 For Agenda item : Elect Director Miyahara, Hideo.

UBS Asset Management 160

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

20 Jun 19 West Japan Railway Co. AGM 2.6 For Agenda item : Elect Director Takagi, Hikaru.

20 Jun 19 West Japan Railway Co. AGM 2.7 For Agenda item : Elect Director Kijima, Tatsuo.

20 Jun 19 West Japan Railway Co. AGM 2.8 For Agenda item : Elect Director Ogata, Fumito.

20 Jun 19 West Japan Railway Co. AGM 2.9 For Agenda item : Elect Director Hasegawa, Kazuaki.

20 Jun 19 West Japan Railway Co. AGM 3.1 For Agenda item : Appoint Statutory Auditor Nishikawa, Naoki.

20 Jun 19 West Japan Railway Co. AGM 3.2 For Agenda item : Appoint Statutory Auditor Shibata, Makoto.

20 Jun 19 West Japan Railway Co. AGM 3.3 For Agenda item : Appoint Statutory Auditor Katsuki, Yasumi.

20 Jun 19 West Japan Railway Co. AGM 3.4 For Agenda item : Appoint Statutory Auditor Tsutsui, Yoshinobu.

21 Jun 19 ACOM Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 1.

21 Jun 19 ACOM Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Kinoshita, Shigeyoshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 ACOM Co., Ltd. AGM 2.2 For Agenda item : Elect Director Wachi, Kaoru.

21 Jun 19 ACOM Co., Ltd. AGM 2.3 For Agenda item : Elect Director Kinoshita, Masataka.

21 Jun 19 ACOM Co., Ltd. AGM 2.4 For Agenda item : Elect Director Sagehashi, Teruyuki.

21 Jun 19 ACOM Co., Ltd. AGM 2.5 For Agenda item : Elect Director Hori, Naoki.

21 Jun 19 ACOM Co., Ltd. AGM 2.6 For Agenda item : Elect Director Uchida, Tomomi.

21 Jun 19 ACOM Co., Ltd. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Ito, Tatsuya.

21 Jun 19 ACOM Co., Ltd. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Fukumoto,

Kazuo.

21 Jun 19 ACOM Co., Ltd. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Ishikawa,

Masahide.

21 Jun 19 ACOM Co., Ltd. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member Shimbo,

Hitoshi.

21 Jun 19 ANA HOLDINGS INC. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 75.

21 Jun 19 ANA HOLDINGS INC. AGM 2.1 For Agenda item : Elect Director Ito, Shinichiro.

21 Jun 19 ANA HOLDINGS INC. AGM 2.10 For Agenda item : Elect Director Kobayashi, Izumi.

21 Jun 19 ANA HOLDINGS INC. AGM 2.2 For Agenda item : Elect Director Katanozaka, Shinya.

21 Jun 19 ANA HOLDINGS INC. AGM 2.3 For Agenda item : Elect Director Nagamine, Toyoyuki.

161 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 ANA HOLDINGS INC. AGM 2.4 For Agenda item : Elect Director Takada, Naoto.

21 Jun 19 ANA HOLDINGS INC. AGM 2.5 For Agenda item : Elect Director Ito, Yutaka.

21 Jun 19 ANA HOLDINGS INC. AGM 2.6 For Agenda item : Elect Director Fukuzawa, Ichiro.

21 Jun 19 ANA HOLDINGS INC. AGM 2.7 For Agenda item : Elect Director Hirako, Yuji.

21 Jun 19 ANA HOLDINGS INC. AGM 2.8 For Agenda item : Elect Director Mori, Shosuke.

21 Jun 19 ANA HOLDINGS INC. AGM 2.9 For Agenda item : Elect Director Yamamoto, Ado.

21 Jun 19 ANA HOLDINGS INC. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Kano, Nozomu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 ANA HOLDINGS INC. AGM 4 For Agenda item : Approve Compensation Ceiling for Statutory Auditors.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 57.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Tagawa, Tomoki.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 2.2 For Agenda item : Elect Director Iwaki, Katsutoshi.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 2.3 For Agenda item : Elect Director Shirakawa, Naoki.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 2.4 For Agenda item : Elect Director Uchida, Yoshikazu.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 2.5 For Agenda item : Elect Director Matsumoto, Koichi.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 2.6 For Agenda item : Elect Director Iwaki, Koji.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 3.1 Opposed Agenda item : Elect Director and Audit Committee Member Isaka, Kenichi.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 3.2 Opposed Agenda item : Elect Director and Audit Committee Member Ono, Takeyoshi.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

UBS Asset Management 162

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

independent directors.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 3.3 Opposed Agenda item : Elect Director and Audit Committee Member Takeshita,

Naoyoshi.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

21 Jun 19 ARIAKE JAPAN Co., Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

21 Jun 19 Alps Alpine Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

21 Jun 19 Alps Alpine Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kuriyama, Toshihiro.

21 Jun 19 Alps Alpine Co., Ltd. AGM 2.2 For Agenda item : Elect Director Komeya, Nobuhiko.

21 Jun 19 Alps Alpine Co., Ltd. AGM 2.3 For Agenda item : Elect Director Kimoto, Takashi.

21 Jun 19 Alps Alpine Co., Ltd. AGM 2.4 For Agenda item : Elect Director Endo, Koichi.

21 Jun 19 Alps Alpine Co., Ltd. AGM 2.5 For Agenda item : Elect Director Kinoshita, Satoshi.

21 Jun 19 Alps Alpine Co., Ltd. AGM 2.6 For Agenda item : Elect Director Sasao, Yasuo.

21 Jun 19 Alps Alpine Co., Ltd. AGM 3 For Agenda item : Elect Director and Audit Committee Member Gomi, Yuko.

21 Jun 19 Alps Alpine Co., Ltd. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 Alps Alpine Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

21 Jun 19 Aon plc AGM 1.1 For Agenda item : Elect Director Jin-Yong Cai.

21 Jun 19 Aon plc AGM 1.10 Opposed Agenda item : Elect Director Gloria Santona.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Aon plc AGM 1.11 Opposed Agenda item : Elect Director Carolyn Y. Woo.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Aon plc AGM 1.2 Opposed Agenda item : Elect Director Jeffrey C. Campbell.

163 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

21 Jun 19 Aon plc AGM 1.3 For Agenda item : Elect Director Gregory C. Case.

21 Jun 19 Aon plc AGM 1.4 For Agenda item : Elect Director Fulvio Conti.

21 Jun 19 Aon plc AGM 1.5 For Agenda item : Elect Director Cheryl A. Francis.

21 Jun 19 Aon plc AGM 1.6 Opposed Agenda item : Elect Director Lester B. Knight.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Aon plc AGM 1.7 Opposed Agenda item : Elect Director J. Michael Losh.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Aon plc AGM 1.8 Opposed Agenda item : Elect Director Richard B. Myers.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Aon plc AGM 1.9 Opposed Agenda item : Elect Director Richard C. Notebaert.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Aon plc AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

21 Jun 19 Aon plc AGM 3 Opposed Agenda item : Advisory Vote to Ratify Directors' Remuneration Report.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

21 Jun 19 Aon plc AGM 4 For Agenda item : Accept Financial Statements and Statutory Reports.

21 Jun 19 Aon plc AGM 5 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

21 Jun 19 Aon plc AGM 6 Opposed Agenda item : Ratify Ernst & Young LLP as Aon's U.K. Statutory Auditor.

UBS Asset Management 164

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : The tenure of auditor used by the company exceeds 20 years.

21 Jun 19 Aon plc AGM 7 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

21 Jun 19 Aon plc AGM 8 Opposed Agenda item : Amend Omnibus Stock Plan.

UBS note : We will not support an Omnibus Plan where we believe it is too

expensive, causes excessive dilution or is not in line with market best practice.

21 Jun 19 Aon plc AGM 9 For Agenda item : Approve Reduction of Capital.

21 Jun 19 Aon plc AGM 10 For Agenda item : Adopt New Articles of Association.

21 Jun 19 Aon plc AGM 11 For Agenda item : Authorise Shares for Market Purchase.

21 Jun 19 Aon plc AGM 12 For Agenda item : Authorise Issue of Equity.

21 Jun 19 Aon plc AGM 13 For Agenda item : Issue of Equity or Equity-Linked Securities without Pre-emptive

Rights.

21 Jun 19 Aon plc AGM 14 For Agenda item : Approve Political Donations.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 2 For Agenda item : Amend Articles to Adopt Board Structure with Audit

Committee - Amend Provisions on Number of Directors - Authorise Directors to

Execute Day to Day Operations without Full Board Approval.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 3.1 For Agenda item : Elect Director Kobayashi, Kiomi.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 3.2 For Agenda item : Elect Director Horii, Yugo.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 3.3 For Agenda item : Elect Director Kumakura, Eiichi.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 3.4 For Agenda item : Elect Director Takayama, Yoshiko.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Sumino, Kozo.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Kakegai, Yukio.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Miyake,

Minesaburo.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

21 Jun 19 Autobacs Seven Co., Ltd. AGM 7 Opposed Agenda item : Approve Restricted Stock Plan.

165 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 BH Global Ltd. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

21 Jun 19 BH Global Ltd. AGM 2 For Agenda item : Ratify KPMG Channel Islands Limited as Auditors.

21 Jun 19 BH Global Ltd. AGM 3 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

21 Jun 19 BH Global Ltd. AGM 4 For Agenda item : Re-elect Sir Michael Bunbury as Director.

21 Jun 19 BH Global Ltd. AGM 5 For Agenda item : Re-elect Julia Chapman as Director.

21 Jun 19 BH Global Ltd. AGM 6 For Agenda item : Re-elect Sally-Ann Farnon as Director.

21 Jun 19 BH Global Ltd. AGM 7 Opposed Agenda item : Re-elect Graham Harrison as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

21 Jun 19 BH Global Ltd. AGM 8 For Agenda item : Elect Andreas Tautscher as Director.

21 Jun 19 BH Global Ltd. AGM 9 For Agenda item : Approve Remuneration Report.

21 Jun 19 BH Global Ltd. AGM 10 For Agenda item : Authorise Issue of Equity.

21 Jun 19 BH Global Ltd. AGM 11 For Agenda item : Authorise Market Purchase of US Dollar Shares and Sterling

Shares.

21 Jun 19 BH Global Ltd. AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

21 Jun 19 Central Japan Railway Co. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 75.

21 Jun 19 Central Japan Railway Co. AGM 2 For Agenda item : Elect Director Niwa, Shunsuke.

21 Jun 19 Central Japan Railway Co. AGM 3.1 For Agenda item : Appoint Statutory Auditor Fujii, Hidenori.

21 Jun 19 Central Japan Railway Co. AGM 3.2 For Agenda item : Appoint Statutory Auditor Ishizu, Hajime.

21 Jun 19 Central Japan Railway Co. AGM 3.3 For Agenda item : Appoint Statutory Auditor Yamashita, Fumio.

21 Jun 19 Central Japan Railway Co. AGM 3.4 For Agenda item : Appoint Statutory Auditor Kifuji, Shigeo.

21 Jun 19 Central Japan Railway Co. AGM 3.5 For Agenda item : Appoint Statutory Auditor Nasu, Kunihiro.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 58.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Watanabe, Koichiro.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Inoue, Yuriko.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Shingai, Yasushi.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Inagaki, Seiji.

UBS Asset Management 166

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Tsuyuki, Shigeo.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Tsutsumi, Satoru.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Ishii, Kazuma.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Taketomi, Masao.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Teramoto, Hideo.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.8 For Agenda item : Elect Director George Olcott.

21 Jun 19 Dai-ichi Life Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Maeda, Koichi.

21 Jun 19 Daicel Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 16.

21 Jun 19 Daicel Corp. AGM 2 For Agenda item : Amend Articles to Amend Provisions on Number of Directors.

21 Jun 19 Daicel Corp. AGM 3.1 For Agenda item : Elect Director Fudaba, Misao.

21 Jun 19 Daicel Corp. AGM 3.10 For Agenda item : Elect Director Asano, Toshio.

21 Jun 19 Daicel Corp. AGM 3.2 For Agenda item : Elect Director Ogawa, Yoshimi.

21 Jun 19 Daicel Corp. AGM 3.3 For Agenda item : Elect Director Sugimoto, Kotaro.

21 Jun 19 Daicel Corp. AGM 3.4 For Agenda item : Elect Director Imanaka, Hisanori.

21 Jun 19 Daicel Corp. AGM 3.5 For Agenda item : Elect Director Takabe, Akihisa.

21 Jun 19 Daicel Corp. AGM 3.6 For Agenda item : Elect Director Nogimori, Masafumi.

21 Jun 19 Daicel Corp. AGM 3.7 Opposed Agenda item : Elect Director Okamoto, Kunie.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Daicel Corp. AGM 3.8 Opposed Agenda item : Elect Director Kitayama, Teisuke.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Daicel Corp. AGM 3.9 Opposed Agenda item : Elect Director Hatchoji, Sonoko.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Daicel Corp. AGM 4 For Agenda item : Appoint Statutory Auditor Fujita, Shinji.

21 Jun 19 Daicel Corp. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors.

21 Jun 19 Daifuku Co., Ltd. AGM 1.1 For Agenda item : Elect Director Tanaka, Akio.

21 Jun 19 Daifuku Co., Ltd. AGM 1.10 For Agenda item : Elect Director Kato, Kaku.

167 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Daifuku Co., Ltd. AGM 1.11 For Agenda item : Elect Director Kaneko, Keiko.

21 Jun 19 Daifuku Co., Ltd. AGM 1.2 For Agenda item : Elect Director Geshiro, Hiroshi.

21 Jun 19 Daifuku Co., Ltd. AGM 1.3 For Agenda item : Elect Director Inohara, Mikio.

21 Jun 19 Daifuku Co., Ltd. AGM 1.4 For Agenda item : Elect Director Honda, Shuichi.

21 Jun 19 Daifuku Co., Ltd. AGM 1.5 For Agenda item : Elect Director Iwamoto, Hidenori.

21 Jun 19 Daifuku Co., Ltd. AGM 1.6 For Agenda item : Elect Director Nakashima, Yoshiyuki.

21 Jun 19 Daifuku Co., Ltd. AGM 1.7 For Agenda item : Elect Director Sato, Seiji.

21 Jun 19 Daifuku Co., Ltd. AGM 1.8 Opposed Agenda item : Elect Director Ozawa, Yoshiaki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Daifuku Co., Ltd. AGM 1.9 For Agenda item : Elect Director Sakai, Mineo.

21 Jun 19 Daifuku Co., Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Wada, Nobuo.

21 Jun 19 Daiichikosho Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 56.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.1 For Agenda item : Elect Director Hoshi, Tadahiro.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.10 For Agenda item : Elect Director Hoshi, Harutoshi.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.11 For Agenda item : Elect Director Furuta, Atsuya.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.12 For Agenda item : Elect Director Masuda, Chika.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.2 For Agenda item : Elect Director Wada, Yasutaka.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.3 For Agenda item : Elect Director Kumagai, Tatsuya.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.4 For Agenda item : Elect Director Murai, Yuichi.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.5 For Agenda item : Elect Director Watanabe, Yasuhito.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.6 For Agenda item : Elect Director Takehana, Noriyuki.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.7 For Agenda item : Elect Director Otsuka, Kenji.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.8 For Agenda item : Elect Director Baba, Katsuhiko.

21 Jun 19 Daiichikosho Co., Ltd. AGM 2.9 For Agenda item : Elect Director Iijima, Takeshi.

21 Jun 19 East Japan Railway Co. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 75.

21 Jun 19 East Japan Railway Co. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Takiguchi, Keiji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

UBS Asset Management 168

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

auditors are independent.

21 Jun 19 East Japan Railway Co. AGM 2.2 For Agenda item : Appoint Statutory Auditor Kinoshita, Takashi.

21 Jun 19 East Japan Railway Co. AGM 2.3 Opposed Agenda item : Appoint Statutory Auditor Hashiguchi, Nobuyuki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 FIT Hon Teng Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

21 Jun 19 FIT Hon Teng Limited AGM 2 For Agenda item : Approve Final Dividend.

21 Jun 19 FIT Hon Teng Limited AGM 3a1 For Agenda item : Elect Pipkin Chester John as Director.

21 Jun 19 FIT Hon Teng Limited AGM 3a2 For Agenda item : Elect Curwen Peter D as Director.

21 Jun 19 FIT Hon Teng Limited AGM 3a3 For Agenda item : Elect Tang Kwai Chang as Director.

21 Jun 19 FIT Hon Teng Limited AGM 3a4 For Agenda item : Elect Chan Wing Yuen Hubert as Director.

21 Jun 19 FIT Hon Teng Limited AGM 3b For Agenda item : Authorise Board to Fix Remuneration of Directors.

21 Jun 19 FIT Hon Teng Limited AGM 4 For Agenda item : Approve PricewaterhouseCoopers as Auditors and Authorise

Board to Fix Their Remuneration.

21 Jun 19 FIT Hon Teng Limited AGM 5A Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

21 Jun 19 FIT Hon Teng Limited AGM 5B For Agenda item : Authorise Repurchase of Issued Share Capital.

21 Jun 19 FIT Hon Teng Limited AGM 5C Opposed Agenda item : Authorise Reissuance of Repurchased Shares.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

21 Jun 19 FIT Hon Teng Limited AGM 6a For Agenda item : Elect Trainor-Degirolamo Sheldon as Director.

21 Jun 19 FIT Hon Teng Limited AGM 6b For Agenda item : Authorise Board to Fix the Remuneration of Trainor-Degirolamo

Sheldon.

21 Jun 19 FIT Hon Teng Limited EGM a For Agenda item : Approve Product Purchase Transaction, Proposed Purchase

169 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Annual Caps and Related Transactions.

21 Jun 19 FIT Hon Teng Limited EGM b For Agenda item : Approve Product Sales Transaction, Proposed Sales Annual

Caps and Related Transactions.

21 Jun 19 FIT Hon Teng Limited EGM c For Agenda item : Approve Sub-Contracting Services Transaction, Proposed

Sub-Contracting Services Annual Caps and Related Transactions.

21 Jun 19 FIT Hon Teng Limited EGM d For Agenda item : Approve Proposed Change in Pricing Policy of Model Three in

Respect of the Product Purchase Transaction.

21 Jun 19 FIT Hon Teng Limited EGM e For Agenda item : Authorise Board to Deal with All Matters in Relation to the

Product Purchase Transaction, Product Sales Transaction and Sub-Contracting

Services Transaction.

21 Jun 19 First Pacific Company Limited AGM 1 For Agenda item : Approve Financial Statements and Statutory Reports.

21 Jun 19 First Pacific Company Limited AGM 2 For Agenda item : Approve Final Cash Distribution.

21 Jun 19 First Pacific Company Limited AGM 3 For Agenda item : Approve Ernst & Young as Independent Auditor and Authorise

Board or Audit and Risk Management Committee to Fix Their Remuneration.

21 Jun 19 First Pacific Company Limited AGM 4.1 Opposed Agenda item : Elect Manuel V. Pangilinan as Director.

UBS note : We will not support the election of an Executive Director being

elected to serve on the Compensation/Remuneration Committee.

21 Jun 19 First Pacific Company Limited AGM 4.2 Opposed Agenda item : Elect Edward K.Y. Chen as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

21 Jun 19 First Pacific Company Limited AGM 4.3 For Agenda item : Elect Margaret Leung Ko May Yee as Director.

21 Jun 19 First Pacific Company Limited AGM 4.4 For Agenda item : Elect Madeleine Lee Suh Shin as Director.

21 Jun 19 First Pacific Company Limited AGM 4.5 Opposed Agenda item : Elect Tedy Djuhar as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

21 Jun 19 First Pacific Company Limited AGM 5 For Agenda item : Authorise Board or Remuneration Committee to Fix

Remuneration of Directors.

21 Jun 19 First Pacific Company Limited AGM 6 For Agenda item : Authorise Board to Appoint Additional Directors.

21 Jun 19 First Pacific Company Limited AGM 7 For Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

UBS Asset Management 170

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Pre-emptive Rights.

21 Jun 19 First Pacific Company Limited AGM 8 For Agenda item : Authorise Repurchase of Issued Share Capital.

21 Jun 19 Fortinet, Inc. AGM 1.1 For Agenda item : Elect Director Ken Xie.

21 Jun 19 Fortinet, Inc. AGM 1.2 For Agenda item : Elect Director Ming Hsieh.

21 Jun 19 Fortinet, Inc. AGM 1.3 Opposed Agenda item : Elect Director Gary Locke.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

21 Jun 19 Fortinet, Inc. AGM 1.4 Opposed Agenda item : Elect Director Christopher B. Paisley.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

21 Jun 19 Fortinet, Inc. AGM 1.5 For Agenda item : Elect Director Judith Sim.

21 Jun 19 Fortinet, Inc. AGM 2 For Agenda item : Ratify Deloitte & Touche LLP as Auditors.

21 Jun 19 Fortinet, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

21 Jun 19 Fortinet, Inc. AGM 4 For Agenda item : Amend Omnibus Stock Plan.

21 Jun 19 Fujitsu General Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 13.

21 Jun 19 Fujitsu General Ltd. AGM 2.1 For Agenda item : Elect Director Murashima, Junichi.

21 Jun 19 Fujitsu General Ltd. AGM 2.10 For Agenda item : Elect Director Yokoyama, Hiroyuki.

21 Jun 19 Fujitsu General Ltd. AGM 2.11 For Agenda item : Elect Director Sugiyama, Masaki.

21 Jun 19 Fujitsu General Ltd. AGM 2.12 For Agenda item : Elect Director Hasegawa, Tadashi.

21 Jun 19 Fujitsu General Ltd. AGM 2.2 For Agenda item : Elect Director Saito, Etsuro.

21 Jun 19 Fujitsu General Ltd. AGM 2.3 For Agenda item : Elect Director Niwayama, Hiroshi.

21 Jun 19 Fujitsu General Ltd. AGM 2.4 For Agenda item : Elect Director Sakamaki, Hisashi.

21 Jun 19 Fujitsu General Ltd. AGM 2.5 For Agenda item : Elect Director Terasaka, Fumiaki.

21 Jun 19 Fujitsu General Ltd. AGM 2.6 For Agenda item : Elect Director Kuwayama, Mieko.

171 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Fujitsu General Ltd. AGM 2.7 Opposed Agenda item : Elect Director Yamaguchi, Hirohisa.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Fujitsu General Ltd. AGM 2.8 For Agenda item : Elect Director Kosuda, Tsunenao.

21 Jun 19 Fujitsu General Ltd. AGM 2.9 For Agenda item : Elect Director Yamaichi, Norio.

21 Jun 19 Fujitsu General Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Inoue, Akira.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Fujitsu General Ltd. AGM 4 Opposed Agenda item : Appoint Alternate Statutory Auditor Murashima, Toshihiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Fujitsu General Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

110.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.1 For Agenda item : Elect Director Sato, Takashi.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.2 Opposed Agenda item : Elect Director Tsujita, Yasunori.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.3 For Agenda item : Elect Director Kazama, Shozo.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.4 For Agenda item : Elect Director Aizawa, Shinya.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.5 For Agenda item : Elect Director Takebe, Yoriaki.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.6 For Agenda item : Elect Director Hosoi, Soichi.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.7 For Agenda item : Elect Director Isshiki, Seiichi.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.8 For Agenda item : Elect Director Ichikawa, Hideo.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 3.9 For Agenda item : Elect Director Yamamura, Masayuki.

21 Jun 19 Fuyo General Lease Co., Ltd. AGM 4 Opposed Agenda item : Appoint Alternate Statutory Auditor Bando, Yoshihito.

UBS Asset Management 172

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Genesis Emerging Markets Fund Ltd. EGM 1 For Agenda item : Approve Appointment of JPMorgan Chase Bank, NA as the

Custodian Pursuant to a Global Custody Agreement.

21 Jun 19 Genesis Emerging Markets Fund Ltd. EGM 1 For Agenda item : Approve New Investment Management Agreements.

21 Jun 19 Genesis Emerging Markets Fund Ltd. EGM 2 For Agenda item : Amend Articles of Incorporation re: Article 5(B).

21 Jun 19 Genesis Emerging Markets Fund Ltd. EGM 3 For Agenda item : Amend Articles of Incorporation re: Articles 6(B), 6(C), 6(D) and

6(E).

21 Jun 19 Genesis Emerging Markets Fund Ltd. EGM 4 For Agenda item : Amend Articles of Incorporation re: Article 152(1).

21 Jun 19 Genesis Emerging Markets Fund Ltd. EGM 5 For Agenda item : Amend Articles of Incorporation re: Article 161.

21 Jun 19 Glory Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 33.

21 Jun 19 Glory Ltd. AGM 2.1 For Agenda item : Elect Director Onoe, Hirokazu.

21 Jun 19 Glory Ltd. AGM 2.2 Opposed Agenda item : Elect Director Miwa, Motozumi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Glory Ltd. AGM 2.3 For Agenda item : Elect Director Onoe, Hideo.

21 Jun 19 Glory Ltd. AGM 2.4 For Agenda item : Elect Director Mabuchi, Shigetoshi.

21 Jun 19 Glory Ltd. AGM 2.5 For Agenda item : Elect Director Kotani, Kaname.

21 Jun 19 Glory Ltd. AGM 2.6 For Agenda item : Elect Director Harada, Akihiro.

21 Jun 19 Glory Ltd. AGM 2.7 For Agenda item : Elect Director Iki, Joji.

21 Jun 19 Glory Ltd. AGM 2.8 For Agenda item : Elect Director Uchida, Junji.

21 Jun 19 Glory Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Nagashima, Masakazu.

21 Jun 19 Glory Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Fujita, Toru.

21 Jun 19 Glory Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Hamada, Satoshi.

21 Jun 19 Glory Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Kato, Keiichi.

21 Jun 19 Hikari Tsushin, Inc. AGM 1 For Agenda item : Amend Articles to Amend Provisions on Director Titles.

21 Jun 19 Hikari Tsushin, Inc. AGM 2.1 Opposed Agenda item : Elect Director Shigeta, Yasumitsu.

UBS note : We will not support the election of the Chair of the Nomination

173 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Committee where there are no female directors on the board.

21 Jun 19 Hikari Tsushin, Inc. AGM 2.2 For Agenda item : Elect Director Wada, Hideaki.

21 Jun 19 Hikari Tsushin, Inc. AGM 2.3 For Agenda item : Elect Director Tamamura, Takeshi.

21 Jun 19 Hikari Tsushin, Inc. AGM 2.4 For Agenda item : Elect Director Gido, Ko.

21 Jun 19 Hikari Tsushin, Inc. AGM 2.5 For Agenda item : Elect Director Owada, Seiya.

21 Jun 19 Hikari Tsushin, Inc. AGM 2.6 For Agenda item : Elect Director Takahashi, Masato.

21 Jun 19 Hikari Tsushin, Inc. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Watanabe,

Masataka.

21 Jun 19 Hikari Tsushin, Inc. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Takano, Ichiro.

21 Jun 19 Hikari Tsushin, Inc. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Niimura, Ken.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.1 For Agenda item : Elect Director Tanaka, Kazuyuki.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.10 For Agenda item : Elect Director Yamashita, Hiroyuki.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.2 For Agenda item : Elect Director George Olcott.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.3 For Agenda item : Elect Director Sarumaru, Masayuki.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.4 For Agenda item : Elect Director Richard Dyck.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.5 For Agenda item : Elect Director Matsuda, Chieko.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.6 For Agenda item : Elect Director Kitamatsu, Yoshihito.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.7 For Agenda item : Elect Director Maruyama, Hisashi.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.8 For Agenda item : Elect Director Shintaku, Yutaro.

21 Jun 19 Hitachi Chemical Co., Ltd. AGM 1.9 For Agenda item : Elect Director Morita, Mamoru.

21 Jun 19 Hitachi High-Technologies Corp. AGM 1 For Agenda item : Amend Articles to Change Company Name.

21 Jun 19 Hitachi High-Technologies Corp. AGM 2.1 For Agenda item : Elect Director Kitayama, Ryuichi.

21 Jun 19 Hitachi High-Technologies Corp. AGM 2.2 For Agenda item : Elect Director Miyazaki, Masahiro.

21 Jun 19 Hitachi High-Technologies Corp. AGM 2.3 For Agenda item : Elect Director Nakashima, Ryuichi.

21 Jun 19 Hitachi High-Technologies Corp. AGM 2.4 For Agenda item : Elect Director Hayakawa, Hideyo.

21 Jun 19 Hitachi High-Technologies Corp. AGM 2.5 For Agenda item : Elect Director Toda, Hiromichi.

21 Jun 19 Hitachi High-Technologies Corp. AGM 2.6 For Agenda item : Elect Director Nishimi, Yuji.

21 Jun 19 Hitachi High-Technologies Corp. AGM 2.7 For Agenda item : Elect Director Tamura, Mayumi.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 44.

UBS Asset Management 174

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 2.1 Opposed Agenda item : Elect Director Ihori, Eishin.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 2.2 For Agenda item : Elect Director Sasahara, Masahiro.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 2.3 For Agenda item : Elect Director Mugino, Hidenori.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 2.4 For Agenda item : Elect Director Kanema, Yuji.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 2.5 For Agenda item : Elect Director Nakazawa, Hiroshi.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 2.6 For Agenda item : Elect Director Kobayashi, Masahiko.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 2.7 For Agenda item : Elect Director Kaji, Takayuki.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Kitagawa,

Hirokuni.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 3.2 Opposed Agenda item : Elect Director and Audit Committee Member Kawada, Tatsuo.

UBS note : Where the independence of an outside director is in question, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Nakagawa, Ryoji.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 3.4 For Agenda item : Elect Director and Audit Committee Member Manabe,

Masaaki.

21 Jun 19 Hokuhoku Financial Group, Inc. AGM 3.5 For Agenda item : Elect Director and Audit Committee Member Suzuki, Nobuya.

21 Jun 19 ITOCHU Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 46.

21 Jun 19 ITOCHU Corp. AGM 2.1 For Agenda item : Elect Director Okafuji, Masahiro.

21 Jun 19 ITOCHU Corp. AGM 2.10 For Agenda item : Elect Director Nakamori, Makiko.

21 Jun 19 ITOCHU Corp. AGM 2.2 For Agenda item : Elect Director Suzuki, Yoshihisa.

21 Jun 19 ITOCHU Corp. AGM 2.3 For Agenda item : Elect Director Yoshida, Tomofumi.

21 Jun 19 ITOCHU Corp. AGM 2.4 For Agenda item : Elect Director Fukuda, Yuji.

21 Jun 19 ITOCHU Corp. AGM 2.5 For Agenda item : Elect Director Kobayashi, Fumihiko.

21 Jun 19 ITOCHU Corp. AGM 2.6 For Agenda item : Elect Director Hachimura, Tsuyoshi.

21 Jun 19 ITOCHU Corp. AGM 2.7 For Agenda item : Elect Director Muraki, Atsuko.

175 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 ITOCHU Corp. AGM 2.8 For Agenda item : Elect Director Mochizuki, Harufumi.

21 Jun 19 ITOCHU Corp. AGM 2.9 For Agenda item : Elect Director Kawana, Masatoshi.

21 Jun 19 ITOCHU Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Uryu, Kentaro.

21 Jun 19 ITOCHU Corp. AGM 4 For Agenda item : Approve Fixed Cash Compensation Ceiling and

Performance-Based Cash Compensation Ceiling for Directors.

21 Jun 19 JFE Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 50.

21 Jun 19 JFE Holdings, Inc. AGM 2.1 Opposed Agenda item : Elect Director Kakigi, Koji.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 JFE Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Kitano, Yoshihisa.

21 Jun 19 JFE Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Terahata, Masashi.

21 Jun 19 JFE Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Oda, Naosuke.

21 Jun 19 JFE Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Oshita, Hajime.

21 Jun 19 JFE Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Yoshida, Masao.

21 Jun 19 JFE Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Yamamoto, Masami.

21 Jun 19 JFE Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Kemori, Nobumasa.

21 Jun 19 JFE Holdings, Inc. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Baba, Kumiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 JFE Holdings, Inc. AGM 4 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 JFE Holdings, Inc. AGM 5 Opposed Agenda item : Remove Existing Director Hayashida, Eiji.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.1 Opposed Agenda item : Elect Director Onohara, Tsutomu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.2 For Agenda item : Elect Director Ogino, Yasutoshi.

UBS Asset Management 176

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.3 For Agenda item : Elect Director Urano, Minoru.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.4 For Agenda item : Elect Director Murano, Seiji.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.5 For Agenda item : Elect Director Nakamura, Tetsuya.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.6 For Agenda item : Elect Director Hirohata, Shiro.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.7 For Agenda item : Elect Director Sakaba, Mitsuo.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 1.8 For Agenda item : Elect Director Morita, Takayuki.

21 Jun 19 Japan Aviation Electronics Industry, Ltd. AGM 2 For Agenda item : Approve Annual Bonus.

21 Jun 19 KOMERI CO., LTD. AGM 1.1 Opposed Agenda item : Elect Director Sasage, Yuichiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 KOMERI CO., LTD. AGM 1.2 For Agenda item : Elect Director Ishizawa, Noboru.

21 Jun 19 KOMERI CO., LTD. AGM 1.3 For Agenda item : Elect Director Tanabe, Tadashi.

21 Jun 19 KOMERI CO., LTD. AGM 1.4 For Agenda item : Elect Director Matsuda, Shuichi.

21 Jun 19 KOMERI CO., LTD. AGM 1.5 For Agenda item : Elect Director Kiuchi, Masao.

21 Jun 19 KOMERI CO., LTD. AGM 1.6 For Agenda item : Elect Director Hayakawa, Hiroshi.

21 Jun 19 KOMERI CO., LTD. AGM 1.7 For Agenda item : Elect Director Suzuki, Katsushi.

21 Jun 19 KOMERI CO., LTD. AGM 1.8 For Agenda item : Elect Director Hosaka, Naoshi.

21 Jun 19 KOMERI CO., LTD. AGM 2.1 For Agenda item : Appoint Statutory Auditor Sumiyoshi, Shojiro.

21 Jun 19 KOMERI CO., LTD. AGM 2.2 For Agenda item : Appoint Statutory Auditor Fujita, Zenroku.

21 Jun 19 KOMERI CO., LTD. AGM 2.3 For Agenda item : Appoint Statutory Auditor Takubo, Takeshi.

21 Jun 19 KOMERI CO., LTD. AGM 3 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Hogawa, Minoru.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.10 For Agenda item : Elect Director Shigematsu, Ken.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.11 For Agenda item : Elect Director Watanabe, Hiromi.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Ogihara, Yutaka.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Ogihara, Shigeru.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Akutsu, Kenji.

177 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 KYORIN Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Sasahara, Tomiya.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Onota, Michiro.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Hagihara, Koichiro.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.8 For Agenda item : Elect Director Sugibayashi, Masahide.

21 Jun 19 KYORIN Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Shikanai, Noriyuki.

21 Jun 19 KYORIN Holdings, Inc. AGM 2 For Agenda item : Appoint Statutory Auditor Yamaguchi, Takao.

21 Jun 19 Kaneka Corp. AGM 1.1 For Agenda item : Elect Director Sugawara, Kimikazu.

21 Jun 19 Kaneka Corp. AGM 1.10 For Agenda item : Elect Director Enoki, Jun.

21 Jun 19 Kaneka Corp. AGM 1.11 For Agenda item : Elect Director Inokuchi, Takeo.

21 Jun 19 Kaneka Corp. AGM 1.12 For Agenda item : Elect Director Mori, Mamoru.

21 Jun 19 Kaneka Corp. AGM 1.2 Opposed Agenda item : Elect Director Kadokura, Mamoru.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Kaneka Corp. AGM 1.3 For Agenda item : Elect Director Tanaka, Minoru.

21 Jun 19 Kaneka Corp. AGM 1.4 For Agenda item : Elect Director Kametaka, Shinichiro.

21 Jun 19 Kaneka Corp. AGM 1.5 For Agenda item : Elect Director Ishihara, Shinobu.

21 Jun 19 Kaneka Corp. AGM 1.6 For Agenda item : Elect Director Iwazawa, Akira.

21 Jun 19 Kaneka Corp. AGM 1.7 For Agenda item : Elect Director Fujii, Kazuhiko.

21 Jun 19 Kaneka Corp. AGM 1.8 For Agenda item : Elect Director Nuri, Yasuaki.

21 Jun 19 Kaneka Corp. AGM 1.9 For Agenda item : Elect Director Doro, Katsunobu.

21 Jun 19 Kaneka Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Kishine, Masami.

21 Jun 19 Kaneka Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Fujiwara, Hiroshi.

21 Jun 19 Kaneka Corp. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Nakahigashi, Masafumi.

21 Jun 19 Kaneka Corp. AGM 4 For Agenda item : Approve Annual Bonus.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.1 Opposed Agenda item : Elect Director Murakami, Eizo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.10 Opposed Agenda item : Elect Director Uchida, Ryuhei.

UBS note : Nominee is not classified as independent and shall be serving on a

UBS Asset Management 178

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

board that is not comprised of one-third of independent members.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.2 For Agenda item : Elect Director Myochin, Yukikazu.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.3 For Agenda item : Elect Director Nihei, Harusato.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.4 For Agenda item : Elect Director Asano, Atsuo.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.5 For Agenda item : Elect Director Harigai, Kazuhiko.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.6 For Agenda item : Elect Director Toriyama, Yukio.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.7 For Agenda item : Elect Director Okabe, Akira.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.8 For Agenda item : Elect Director Tanaka, Seiichi.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 1.9 For Agenda item : Elect Director Yamada, Keiji.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Yamauchi, Tsuyoshi.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Arai, Kunihiko.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 2.3 For Agenda item : Appoint Statutory Auditor Harasawa, Atsumi.

21 Jun 19 Kawasaki Kisen Kaisha, Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Kubo, Shinsuke.

21 Jun 19 Kyowa Exeo Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 38.

21 Jun 19 Kyowa Exeo Corp. AGM 2.1 For Agenda item : Elect Director Kozono, Fuminori.

21 Jun 19 Kyowa Exeo Corp. AGM 2.10 For Agenda item : Elect Director Kubozono, Hiroaki.

21 Jun 19 Kyowa Exeo Corp. AGM 2.11 For Agenda item : Elect Director Kumamoto, Toshihiko.

21 Jun 19 Kyowa Exeo Corp. AGM 2.12 For Agenda item : Elect Director Ue, Toshiro.

21 Jun 19 Kyowa Exeo Corp. AGM 2.13 For Agenda item : Elect Director Kanazawa, Kazuteru.

21 Jun 19 Kyowa Exeo Corp. AGM 2.14 For Agenda item : Elect Director Kohara, Yasushi.

21 Jun 19 Kyowa Exeo Corp. AGM 2.15 For Agenda item : Elect Director Iwasaki, Naoko.

21 Jun 19 Kyowa Exeo Corp. AGM 2.2 For Agenda item : Elect Director Funabashi, Tetsuya.

21 Jun 19 Kyowa Exeo Corp. AGM 2.3 For Agenda item : Elect Director Matsuzaka, Yoshiaki.

21 Jun 19 Kyowa Exeo Corp. AGM 2.4 For Agenda item : Elect Director Totani, Noritsugu.

21 Jun 19 Kyowa Exeo Corp. AGM 2.5 For Agenda item : Elect Director Otsubo, Yasuo.

21 Jun 19 Kyowa Exeo Corp. AGM 2.6 For Agenda item : Elect Director Kurosawa, Tomohiro.

21 Jun 19 Kyowa Exeo Corp. AGM 2.7 For Agenda item : Elect Director Koyama, Yuichi.

21 Jun 19 Kyowa Exeo Corp. AGM 2.8 For Agenda item : Elect Director Higuchi, Hideo.

21 Jun 19 Kyowa Exeo Corp. AGM 2.9 For Agenda item : Elect Director Sakuyama, Yuki.

179 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Kyowa Exeo Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Sato, Kazuo.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Kyowa Exeo Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Yamada, Shinnosuke.

21 Jun 19 Kyowa Exeo Corp. AGM 5 For Agenda item : Approve Restricted Stock Plan.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.1 Opposed Agenda item : Elect Director Matsuyama, Sumihiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.10 For Agenda item : Elect Director Nemoto, Yuji.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.2 For Agenda item : Elect Director Kasahara, Yoshihisa.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.3 For Agenda item : Elect Director Mogami, Tsuyoshi.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.4 For Agenda item : Elect Director Nakamura, Tsutomu.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.5 For Agenda item : Elect Director Hayashida, Toru.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.6 For Agenda item : Elect Director Tokunaga, Tadataka.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.7 For Agenda item : Elect Director Kai, Takahiro.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.8 For Agenda item : Elect Director Kamimura, Motohiro.

21 Jun 19 Kyushu Financial Group, Inc. AGM 1.9 For Agenda item : Elect Director Watanabe, Katsuaki.

21 Jun 19 Kyushu Financial Group, Inc. AGM 2.1 For Agenda item : Appoint Statutory Auditor Tanabe, Yuichi.

21 Jun 19 Kyushu Financial Group, Inc. AGM 2.2 For Agenda item : Appoint Statutory Auditor Kaigakura, Hirofumi.

21 Jun 19 Kyushu Financial Group, Inc. AGM 2.3 For Agenda item : Appoint Statutory Auditor Sekiguchi, Kenichi.

21 Jun 19 Kyushu Financial Group, Inc. AGM 2.4 For Agenda item : Appoint Statutory Auditor Tanaka, Katsuro.

21 Jun 19 Kyushu Financial Group, Inc. AGM 2.5 For Agenda item : Appoint Statutory Auditor Tashima, Yuko.

21 Jun 19 Kyushu Railway Co. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

51.5.

21 Jun 19 Kyushu Railway Co. AGM 2.1 For Agenda item : Elect Director Karaike, Koji.

21 Jun 19 Kyushu Railway Co. AGM 2.10 For Agenda item : Elect Director Ichikawa, Toshihide.

21 Jun 19 Kyushu Railway Co. AGM 2.11 For Agenda item : Elect Director Asatsuma, Shinji.

21 Jun 19 Kyushu Railway Co. AGM 2.2 For Agenda item : Elect Director Aoyagi, Toshihiko.

UBS Asset Management 180

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Kyushu Railway Co. AGM 2.3 For Agenda item : Elect Director Maeda, Hayato.

21 Jun 19 Kyushu Railway Co. AGM 2.4 For Agenda item : Elect Director Tanaka, Ryuji.

21 Jun 19 Kyushu Railway Co. AGM 2.5 For Agenda item : Elect Director Furumiya, Yoji.

21 Jun 19 Kyushu Railway Co. AGM 2.6 For Agenda item : Elect Director Mori, Toshihiro.

21 Jun 19 Kyushu Railway Co. AGM 2.7 For Agenda item : Elect Director Toshima, Koji.

21 Jun 19 Kyushu Railway Co. AGM 2.8 For Agenda item : Elect Director Nuki, Masayoshi.

21 Jun 19 Kyushu Railway Co. AGM 2.9 For Agenda item : Elect Director Kuwano, Izumi.

21 Jun 19 Kyushu Railway Co. AGM 3 For Agenda item : Elect Director and Audit Committee Member Hirokawa,

Masaya.

21 Jun 19 Kyushu Railway Co. AGM 4.1 For Agenda item : Elect Director Karaike, Koji if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.10 For Agenda item : Elect Director Ichikawa, Toshihide if Adoption of Three

Committee Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.11 For Agenda item : Elect Director Asatsuma, Shinji if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.12 For Agenda item : Elect Director Kuga, Eiichi if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.13 For Agenda item : Elect Director Hirokawa, Masaya if Adoption of Three

Committee Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.14 For Agenda item : Elect Director Ide, Kazuhide if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.15 For Agenda item : Elect Director Eto, Yasunori if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.2 For Agenda item : Elect Director Aoyagi, Toshihiko if Adoption of Three

Committee Board Structure in Item 8 is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.3 For Agenda item : Elect Director Maeda, Hayato if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.4 For Agenda item : Elect Director Tanaka, Ryuji if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

181 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Kyushu Railway Co. AGM 4.5 For Agenda item : Elect Director Furumiya, Yoji if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.6 For Agenda item : Elect Director Mori, Toshihiro if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.7 For Agenda item : Elect Director Toshima, Koji if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.8 For Agenda item : Elect Director Nuki, Masayoshi if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 4.9 For Agenda item : Elect Director Kuwano, Izumi if Adoption of Three Committee

Board Structure in Item 8 Is Approved.

21 Jun 19 Kyushu Railway Co. AGM 5 For Agenda item : Approve Trust-Type Equity Compensation Plan.

21 Jun 19 Kyushu Railway Co. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

21 Jun 19 Kyushu Railway Co. AGM 7 For Agenda item : Authorise Share Repurchase of Up To 16 Million Shares in the

Coming Year.

UBS note : The buyback proposal is reasonable and would improve the

company's capital allocation and structure.

21 Jun 19 Kyushu Railway Co. AGM 8 Opposed Agenda item : Amend Articles to Adopt Board Structure with Three

Committees.

21 Jun 19 Kyushu Railway Co. AGM 9.1 For Agenda item : Elect Shareholder Director Nominee Toshiya Justin Kuroda.

UBS note : The nominee has relevant board level experience and real estate

investment background.

21 Jun 19 Kyushu Railway Co. AGM 9.2 For Agenda item : Elect Shareholder Director Nominee Kuroda, Keigo.

UBS note : The nominee has relevant board level experience and real estate

investment background.

21 Jun 19 Kyushu Railway Co. AGM 9.3 Opposed Agenda item : Elect Shareholder Director Nominee J.Michael Owen.

21 Jun 19 Kyushu Railway Co. AGM 10.1 For Agenda item : Elect Shareholder Director Nominee Toshiya Justin Kuroda if

Item 8 Is Rejected.

UBS note : The nominee has relevant board level experience and real estate

UBS Asset Management 182

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

investment background.

21 Jun 19 Kyushu Railway Co. AGM 10.2 For Agenda item : Elect Shareholder Director Nominee Kuroda, Keigo if Item 8 Is

Rejected.

UBS note : The nominee has relevant board level experience and real estate

investment background.

21 Jun 19 Kyushu Railway Co. AGM 10.3 Opposed Agenda item : Elect Shareholder Director Nominee J.Michael Owen if Item 8 Is

Rejected.

21 Jun 19 Kyushu Railway Co. AGM 11 Opposed Agenda item : Approve Restricted Stock Plan if Item 8 Is Rejected.

21 Jun 19 Kyushu Railway Co. AGM 12 For Agenda item : Approve Compensation Ceiling for Outside Directors Who Are

Not Audit Committee Members if Item 8 Is Rejected and Item 10 Is Approved.

UBS note : This is a reasonable request, based upon whether other proposals

are accepted.

21 Jun 19 Maeda Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 20.

21 Jun 19 Maeda Corp. AGM 2.1 For Agenda item : Elect Director Fukuta, Kojiro.

21 Jun 19 Maeda Corp. AGM 2.10 For Agenda item : Elect Director Nakanishi, Takao.

21 Jun 19 Maeda Corp. AGM 2.11 For Agenda item : Elect Director Dobashi, Akio.

21 Jun 19 Maeda Corp. AGM 2.12 For Agenda item : Elect Director Makuta, Hideo.

21 Jun 19 Maeda Corp. AGM 2.2 Opposed Agenda item : Elect Director Maeda, Soji.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Maeda Corp. AGM 2.3 For Agenda item : Elect Director Sekimoto, Shogo.

21 Jun 19 Maeda Corp. AGM 2.4 For Agenda item : Elect Director Adachi, Hiromi.

21 Jun 19 Maeda Corp. AGM 2.5 For Agenda item : Elect Director Kondo, Seiichi.

21 Jun 19 Maeda Corp. AGM 2.6 For Agenda item : Elect Director Imaizumi, Yasuhiko.

21 Jun 19 Maeda Corp. AGM 2.7 For Agenda item : Elect Director Kibe, Kazunari.

21 Jun 19 Maeda Corp. AGM 2.8 For Agenda item : Elect Director Okawa, Naoya.

21 Jun 19 Maeda Corp. AGM 2.9 For Agenda item : Elect Director Nakashima, Nobuyuki.

21 Jun 19 Maeda Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ito, Masanori.

21 Jun 19 Maeda Corp. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Oshima, Yoshitaka.

183 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Maeda Corp. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Ogasahara, Shiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Maeda Corp. AGM 3.4 Opposed Agenda item : Appoint Statutory Auditor Sato, Motohiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Maeda Corp. AGM 3.5 For Agenda item : Appoint Statutory Auditor Shino, Ren.

21 Jun 19 Maeda Corp. AGM 4 For Agenda item : Approve Compensation Ceilings for Directors and Statutory

Auditors.

21 Jun 19 Maeda Corp. AGM 5 For Agenda item : Approve Trust-Type Equity Compensation Plan.

21 Jun 19 Maeda Corp. AGM 6 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

UBS note : We will vote against the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

21 Jun 19 Marubeni Corp. AGM 1.1 For Agenda item : Elect Director Kokubu, Fumiya.

21 Jun 19 Marubeni Corp. AGM 1.10 For Agenda item : Elect Director Okina, Yuri.

21 Jun 19 Marubeni Corp. AGM 1.2 For Agenda item : Elect Director Kakinoki, Masumi.

21 Jun 19 Marubeni Corp. AGM 1.3 For Agenda item : Elect Director Matsumura, Yukihiko.

21 Jun 19 Marubeni Corp. AGM 1.4 For Agenda item : Elect Director Takahara, Ichiro.

21 Jun 19 Marubeni Corp. AGM 1.5 For Agenda item : Elect Director Yabe, Nobuhiro.

21 Jun 19 Marubeni Corp. AGM 1.6 For Agenda item : Elect Director Miyata, Hirohisa.

21 Jun 19 Marubeni Corp. AGM 1.7 For Agenda item : Elect Director Kitabata, Takao.

21 Jun 19 Marubeni Corp. AGM 1.8 For Agenda item : Elect Director Takahashi, Kyohei.

21 Jun 19 Marubeni Corp. AGM 1.9 For Agenda item : Elect Director Fukuda, Susumu.

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21 Jun 19 Marubeni Corp. AGM 2 For Agenda item : Appoint Statutory Auditor Minami, Hikaru.

21 Jun 19 Miraca Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Takeuchi, Shigekazu.

21 Jun 19 Miraca Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Kitamura, Naoki.

21 Jun 19 Miraca Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Aoyama, Shigehiro.

21 Jun 19 Miraca Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Amano, Futomichi.

21 Jun 19 Miraca Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Ishiguro, Miyuki.

21 Jun 19 Miraca Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Ito, Ryoji.

21 Jun 19 Miraca Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Yamauchi, Susumu.

21 Jun 19 Mitsubishi Corp. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 63.

21 Jun 19 Mitsubishi Corp. AGM 2 For Agenda item : Amend Articles to Remove Provision on Appointment of Senior

Statutory Auditors from Full-time Statutory Auditors.

21 Jun 19 Mitsubishi Corp. AGM 3.1 For Agenda item : Elect Director Kobayashi, Ken.

21 Jun 19 Mitsubishi Corp. AGM 3.10 Opposed Agenda item : Elect Director Oka, Toshiko.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Mitsubishi Corp. AGM 3.11 For Agenda item : Elect Director Saiki, Akitaka.

21 Jun 19 Mitsubishi Corp. AGM 3.12 For Agenda item : Elect Director Tatsuoka, Tsuneyoshi.

21 Jun 19 Mitsubishi Corp. AGM 3.13 Opposed Agenda item : Elect Director Miyanaga, Shunichi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Mitsubishi Corp. AGM 3.2 For Agenda item : Elect Director Kakiuchi, Takehiko.

21 Jun 19 Mitsubishi Corp. AGM 3.3 For Agenda item : Elect Director Nishiura, Kanji.

21 Jun 19 Mitsubishi Corp. AGM 3.4 For Agenda item : Elect Director Masu, Kazuyuki.

21 Jun 19 Mitsubishi Corp. AGM 3.5 For Agenda item : Elect Director Yoshida, Shinya.

21 Jun 19 Mitsubishi Corp. AGM 3.6 For Agenda item : Elect Director Murakoshi, Akira.

21 Jun 19 Mitsubishi Corp. AGM 3.7 For Agenda item : Elect Director Sakakida, Masakazu.

21 Jun 19 Mitsubishi Corp. AGM 3.8 For Agenda item : Elect Director Takaoka, Hidenori.

21 Jun 19 Mitsubishi Corp. AGM 3.9 For Agenda item : Elect Director Nishiyama, Akihiko.

21 Jun 19 Mitsubishi Corp. AGM 4 For Agenda item : Appoint Statutory Auditor Hirano, Hajime.

185 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Mitsubishi Corp. AGM 5 For Agenda item : Approve Annual Bonus.

21 Jun 19 Mitsubishi Corp. AGM 6 For Agenda item : Approve Fixed Cash Compensation Ceiling and

Performance-Based Cash Compensation Ceilings for Directors.

21 Jun 19 Mitsubishi Corp. AGM 7 For Agenda item : Approve Deep Discount Stock Option Plan.

21 Jun 19 Mitsubishi Corp. AGM 8 For Agenda item : Approve Compensation Ceiling for Statutory Auditors.

21 Jun 19 Mitsubishi Materials Corp. AGM 1 For Agenda item : Amend Articles to Abolish Board Structure with Statutory

Auditors - Adopt Board Structure with Three Committees - Amend Provisions

on Number of Directors.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.1 For Agenda item : Elect Director Takeuchi, Akira.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.10 For Agenda item : Elect Director Kasai, Naoto.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.11 Opposed Agenda item : Elect Director Wakabayashi, Tatsuo.

UBS note : For Japanese companies with 3 committee board structure 1/3 of

members should be independent outside directors. Also, each committee

should be comprised of a majority of independent outside directors. Where

this is not the case we will vote against any nominee not regarded as being

independent.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.2 For Agenda item : Elect Director Ono, Naoki.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.3 For Agenda item : Elect Director Shibata, Makoto.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.4 For Agenda item : Elect Director Kubota, Hiroshi.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.5 For Agenda item : Elect Director Fukui, Soichi.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.6 For Agenda item : Elect Director Tokuno, Mariko.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.7 For Agenda item : Elect Director Watanabe, Hiroshi.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.8 For Agenda item : Elect Director Sugi, Hikaru.

21 Jun 19 Mitsubishi Materials Corp. AGM 2.9 Opposed Agenda item : Elect Director Sato, Hiroshi.

UBS note : For Japanese companies with 3 committee board structure 1/3 of

members should be independent outside directors. Also, each committee

should be comprised of a majority of independent outside directors. Where

this is not the case we will vote against any nominee not regarded as being

independent.

UBS Asset Management 186

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Mitsubishi Motors Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 10.

21 Jun 19 Mitsubishi Motors Corp. AGM 2 For Agenda item : Amend Articles to Abolish Board Structure with Statutory

Auditors - Adopt Board Structure with Three Committees - Clarify Director

Authority on Shareholder Meetings - Amend Provisions on Director Titles.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.1 Opposed Agenda item : Elect Director Masuko, Osamu.

UBS note : As the lead executive the nominee has accountability for the fuel

economy test falsification incident.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.10 For Agenda item : Elect Director Takeoka, Yaeko.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.11 For Agenda item : Elect Director Oba, Yoshitsugu.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.12 Opposed Agenda item : Elect Director Sasae, Kenichiro.

UBS note : For Japanese companies with 3 committee board structure, we will

not support the election of non-independent outside directors where less than

1/3 of board members are independent outside directors and where each

committee is not be comprised of a majority of independent outside directors.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.13 For Agenda item : Elect Director Sono, Kiyoshi.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.14 For Agenda item : Elect Director Sakamoto, Hideyuki.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.15 For Agenda item : Elect Director Miyagawa, Mitsuko.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.2 For Agenda item : Elect Director Kato, Takao.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.3 For Agenda item : Elect Director Shiraji, Kozo.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.4 For Agenda item : Elect Director Miyanaga, Shunichi.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.5 Opposed Agenda item : Elect Director Kobayashi, Ken.

UBS note : For Japanese companies with 3 committee board structure, we will

not support the election of non-independent outside directors where less than

1/3 of board members are independent outside directors and where each

committee is not be comprised of a majority of independent outside directors.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.6 Opposed Agenda item : Elect Director Kawaguchi, Hitoshi.

UBS note : For Japanese companies with 3 committee board structure, we will

not support the election of non-independent outside directors where less than

1/3 of board members are independent outside directors and where each

187 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

committee is not be comprised of a majority of independent outside directors.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.7 For Agenda item : Elect Director Karube, Hiroshi.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.8 For Agenda item : Elect Director Egami, Setsuko.

21 Jun 19 Mitsubishi Motors Corp. AGM 3.9 For Agenda item : Elect Director Koda, Main.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 28.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.1 Opposed Agenda item : Elect Director Mitsuka, Masayuki.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.2 For Agenda item : Elect Director Kobayashi, Takashi.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.3 For Agenda item : Elect Director Tabaru, Eizo.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.4 For Agenda item : Elect Director Ueno, Hiroaki.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.5 For Agenda item : Elect Director Kobayashi, Yoshihiro.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.6 For Agenda item : Elect Director Matsumoto,Takeshi.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.7 For Agenda item : Elect Director Iwane, Shigeki.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.8 For Agenda item : Elect Director Kamijo, Tsutomu.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 2.9 For Agenda item : Elect Director Murao, Kazutoshi.

21 Jun 19 Mitsubishi Tanabe Pharma Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Maru, Mitsue.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.1 For Agenda item : Elect Director Sakai, Tatsufumi.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.10 For Agenda item : Elect Director Kainaka, Tatsuo.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.11 For Agenda item : Elect Director Abe, Hirotake.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.12 For Agenda item : Elect Director Yamamoto, Masami.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.13 For Agenda item : Elect Director Ota, Hiroko.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.14 For Agenda item : Elect Director Kobayashi, Izumi.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.2 For Agenda item : Elect Director Ishii, Satoshi.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.3 For Agenda item : Elect Director Umemiya, Makoto.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.4 For Agenda item : Elect Director Wakabayashi, Motonori.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.5 For Agenda item : Elect Director Ehara, Hiroaki.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.6 For Agenda item : Elect Director Sato, Yasuhiro.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.7 For Agenda item : Elect Director Hirama, Hisaaki.

UBS Asset Management 188

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.8 For Agenda item : Elect Director Kosugi, Masahiro.

21 Jun 19 Mizuho Financial Group, Inc. AGM 1.9 For Agenda item : Elect Director Seki, Tetsuo.

21 Jun 19 Mizuho Financial Group, Inc. AGM 2 Opposed Agenda item : Amend Articles to Renounce Qualification of JGB Market

Special Participant.

21 Jun 19 Mylan N.V. AGM 1A For Agenda item : Elect Director Heather Bresch.

21 Jun 19 Mylan N.V. AGM 1B For Agenda item : Elect Director Robert J. Cindrich.

21 Jun 19 Mylan N.V. AGM 1C For Agenda item : Elect Director Robert J. Coury.

21 Jun 19 Mylan N.V. AGM 1D Opposed Agenda item : Elect Director JoEllen Lyons Dillon.

UBS note : Company has received a significant vote against its executive

compensation on each of the last 2 occasions that the remuneration has been

put to a shareholder vote.

21 Jun 19 Mylan N.V. AGM 1E Opposed Agenda item : Elect Director Neil Dimick.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

21 Jun 19 Mylan N.V. AGM 1F For Agenda item : Elect Director Melina Higgins.

21 Jun 19 Mylan N.V. AGM 1G For Agenda item : Elect Director Harry A. Korman.

21 Jun 19 Mylan N.V. AGM 1H For Agenda item : Elect Director Rajiv Malik.

21 Jun 19 Mylan N.V. AGM 1I For Agenda item : Elect Director Richard Mark.

21 Jun 19 Mylan N.V. AGM 1J For Agenda item : Elect Director Mark W. Parrish.

21 Jun 19 Mylan N.V. AGM 1K For Agenda item : Elect Director Pauline van der Meer Mohr.

21 Jun 19 Mylan N.V. AGM 1L For Agenda item : Elect Director Randall L. (Pete) Vanderveen.

21 Jun 19 Mylan N.V. AGM 1M For Agenda item : Elect Director Sjoerd S. Vollebregt.

21 Jun 19 Mylan N.V. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

21 Jun 19 Mylan N.V. AGM 3 For Agenda item : Adopt Financial Statements and Statutory Reports.

21 Jun 19 Mylan N.V. AGM 4 Opposed Agenda item : Ratify Deloitte & Touche LLP as Auditors.

189 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : The tenure of auditor used by the company exceeds 20 years.

21 Jun 19 Mylan N.V. AGM 5 Opposed Agenda item : Instruction to Deloitte Accountants B.V. for the Audit of the

Company's Dutch Statutory Annual Accounts for Fiscal Year 2019.

UBS note : The tenure of auditor used by the company exceeds 20 years.

21 Jun 19 Mylan N.V. AGM 6 For Agenda item : Authorise Share Repurchase Program.

21 Jun 19 Mylan N.V. AGM 7 Opposed Agenda item : Grant Board Authority to Issue Shares Up To 20 Percent of

Issued Capital and Restrict/Exclude Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

21 Jun 19 Mylan N.V. AGM 8 For Agenda item : Discussion Item - Shareholder Proposal Relating To the

Company's Clawback Policy.

21 Jun 19 NGK Insulators, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

21 Jun 19 NGK Insulators, Ltd. AGM 2.1 For Agenda item : Elect Director Oshima, Taku.

21 Jun 19 NGK Insulators, Ltd. AGM 2.10 For Agenda item : Elect Director Kamano, Hiroyuki.

21 Jun 19 NGK Insulators, Ltd. AGM 2.11 For Agenda item : Elect Director Hamada, Emiko.

21 Jun 19 NGK Insulators, Ltd. AGM 2.12 For Agenda item : Elect Director Furukawa, Kazuo.

21 Jun 19 NGK Insulators, Ltd. AGM 2.2 For Agenda item : Elect Director Takeuchi, Yukihisa.

21 Jun 19 NGK Insulators, Ltd. AGM 2.3 For Agenda item : Elect Director Kanie, Hiroshi.

21 Jun 19 NGK Insulators, Ltd. AGM 2.4 For Agenda item : Elect Director Sakabe, Susumu.

21 Jun 19 NGK Insulators, Ltd. AGM 2.5 For Agenda item : Elect Director Iwasaki, Ryohei.

21 Jun 19 NGK Insulators, Ltd. AGM 2.6 For Agenda item : Elect Director Niwa, Chiaki.

21 Jun 19 NGK Insulators, Ltd. AGM 2.7 For Agenda item : Elect Director Ishikawa, Shuhei.

21 Jun 19 NGK Insulators, Ltd. AGM 2.8 For Agenda item : Elect Director Saji, Nobumitsu.

21 Jun 19 NGK Insulators, Ltd. AGM 2.9 For Agenda item : Elect Director Matsuda, Atsushi.

21 Jun 19 NGK Insulators, Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Sugiyama, Ken.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

UBS Asset Management 190

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 NGK Insulators, Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Shimazaki, Takeshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 NGK Insulators, Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Sakaguchi, Masayoshi.

21 Jun 19 NGK Insulators, Ltd. AGM 4.1 Opposed Agenda item : Appoint Shareholder Director Nominee Shimbara, Noboru.

21 Jun 19 NGK Insulators, Ltd. AGM 4.2 Opposed Agenda item : Appoint Shareholder Director Nominee Nagata, Akira.

21 Jun 19 NGK Insulators, Ltd. AGM 4.3 Opposed Agenda item : Appoint Shareholder Director Nominee Ishida, Noboru.

21 Jun 19 NS Solutions Corp. AGM 1.1 For Agenda item : Elect Director Morita, Hiroyuki.

21 Jun 19 NS Solutions Corp. AGM 1.10 For Agenda item : Elect Director Ishii, Atsuko.

21 Jun 19 NS Solutions Corp. AGM 1.2 For Agenda item : Elect Director Kondo, Kazumasa.

21 Jun 19 NS Solutions Corp. AGM 1.3 For Agenda item : Elect Director Oshiro, Takashi.

21 Jun 19 NS Solutions Corp. AGM 1.4 For Agenda item : Elect Director Kunimoto, Mamoru.

21 Jun 19 NS Solutions Corp. AGM 1.5 For Agenda item : Elect Director Fukushima, Tetsuji.

21 Jun 19 NS Solutions Corp. AGM 1.6 For Agenda item : Elect Director Tamaoki, Kazuhiko.

21 Jun 19 NS Solutions Corp. AGM 1.7 For Agenda item : Elect Director Yoshida, Katsuhiko.

21 Jun 19 NS Solutions Corp. AGM 1.8 For Agenda item : Elect Director Shashiki, Munetaka.

21 Jun 19 NS Solutions Corp. AGM 1.9 For Agenda item : Elect Director Aoshima, Yaichi.

21 Jun 19 NS Solutions Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Higuchi, Tetsuro.

21 Jun 19 NS Solutions Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Okada, Kyoko.

21 Jun 19 NS Solutions Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Hoshi, Shuichiro.

21 Jun 19 NS Solutions Corp. AGM 2.4 For Agenda item : Appoint Statutory Auditor Asaya, Sachihiko.

21 Jun 19 Nagase & Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 24.

21 Jun 19 Nagase & Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Nagase, Hiroshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Nagase & Co., Ltd. AGM 2.2 For Agenda item : Elect Director Nagase, Reiji.

21 Jun 19 Nagase & Co., Ltd. AGM 2.3 For Agenda item : Elect Director Asakura, Kenji.

21 Jun 19 Nagase & Co., Ltd. AGM 2.4 For Agenda item : Elect Director Wakabayashi, Ichiro.

191 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Nagase & Co., Ltd. AGM 2.5 For Agenda item : Elect Director Ikemoto, Masaya.

21 Jun 19 Nagase & Co., Ltd. AGM 2.6 For Agenda item : Elect Director Nishi, Hidenori.

21 Jun 19 Nagase & Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kemori, Nobumasa.

21 Jun 19 Nagase & Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Kanno, Mitsuru.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Nagase & Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Miyaji, Hidekado.

21 Jun 19 Nagase & Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Statutory Auditors.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 2 For Agenda item : Amend Articles to Remove Provisions on Takeover Defense -

Reduce Directors' Term - Amend Provisions on Director Titles.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.1 For Agenda item : Elect Director Achikita, Teruhiko.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.2 For Agenda item : Elect Director Kanamori, Tetsuro.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.3 For Agenda item : Elect Director Takagi, Toshiyuki.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.4 For Agenda item : Elect Director Ashibe, Naoto.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.5 For Agenda item : Elect Director Uraji, Koyo.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.6 For Agenda item : Elect Director Kajitani, Satoshi.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.7 Opposed Agenda item : Elect Director Sono, Kiyoshi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.8 Opposed Agenda item : Elect Director Tsunekage, Hitoshi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 3.9 For Agenda item : Elect Director Koezuka, Miharu.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 4 Opposed Agenda item : Appoint Statutory Auditor Iwai, Keiichi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

UBS Asset Management 192

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 5 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 Nankai Electric Railway Co., Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors.

21 Jun 19 Nifco Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 31.

21 Jun 19 Nifco Inc. AGM 2.1 For Agenda item : Elect Director Yamamoto, Toshiyuki.

21 Jun 19 Nifco Inc. AGM 2.2 For Agenda item : Elect Director Iwasaki, Fukuo.

21 Jun 19 Nifco Inc. AGM 2.3 For Agenda item : Elect Director Shibao, Masaharu.

21 Jun 19 Nifco Inc. AGM 2.4 For Agenda item : Elect Director Yauchi, Toshiki.

21 Jun 19 Nifco Inc. AGM 2.5 For Agenda item : Elect Director Tachikawa, Keiji.

21 Jun 19 Nifco Inc. AGM 2.6 For Agenda item : Elect Director Nonogaki, Yoshiko.

21 Jun 19 Nifco Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kato, Tomoyasu.

21 Jun 19 Nifco Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Matsumoto, Mitsuhiro.

21 Jun 19 Nifco Inc. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Wakabayashi, Masakazu.

21 Jun 19 Nifco Inc. AGM 5 For Agenda item : Approve Trust-Type Equity Compensation Plan.

21 Jun 19 Nitto Denko Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 90.

21 Jun 19 Nitto Denko Corp. AGM 2 For Agenda item : Approve Annual Bonus.

21 Jun 19 Nitto Denko Corp. AGM 3.1 Opposed Agenda item : Elect Director Takasaki, Hideo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Nitto Denko Corp. AGM 3.2 For Agenda item : Elect Director Umehara, Toshiyuki.

21 Jun 19 Nitto Denko Corp. AGM 3.3 For Agenda item : Elect Director Takeuchi, Toru.

21 Jun 19 Nitto Denko Corp. AGM 3.4 For Agenda item : Elect Director Todokoro, Nobuhiro.

21 Jun 19 Nitto Denko Corp. AGM 3.5 For Agenda item : Elect Director Miki, Yosuke.

21 Jun 19 Nitto Denko Corp. AGM 3.6 For Agenda item : Elect Director Furuse, Yoichiro.

21 Jun 19 Nitto Denko Corp. AGM 3.7 For Agenda item : Elect Director Hatchoji, Takashi.

21 Jun 19 Nitto Denko Corp. AGM 3.8 For Agenda item : Elect Director Fukuda, Tamio.

21 Jun 19 Nitto Denko Corp. AGM 4.1 Opposed Agenda item : Appoint Statutory Auditor Kanzaki, Masami.

UBS note : We will vote against the appointment of the internal or

193 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Nitto Denko Corp. AGM 4.2 Opposed Agenda item : Appoint Statutory Auditor Tokuyasu, Shin.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Nitto Denko Corp. AGM 4.3 For Agenda item : Appoint Statutory Auditor Toyoda, Masakazu.

21 Jun 19 ORIX Corp. AGM 1.1 For Agenda item : Elect Director Inoue, Makoto.

21 Jun 19 ORIX Corp. AGM 1.10 For Agenda item : Elect Director Takenaka, Heizo.

21 Jun 19 ORIX Corp. AGM 1.11 For Agenda item : Elect Director Michael Cusumano.

21 Jun 19 ORIX Corp. AGM 1.12 For Agenda item : Elect Director Akiyama, Sakie.

21 Jun 19 ORIX Corp. AGM 1.2 For Agenda item : Elect Director Nishigori, Yuichi.

21 Jun 19 ORIX Corp. AGM 1.3 For Agenda item : Elect Director Stan Koyanagi.

21 Jun 19 ORIX Corp. AGM 1.4 For Agenda item : Elect Director Irie, Shuji.

21 Jun 19 ORIX Corp. AGM 1.5 For Agenda item : Elect Director Taniguchi, Shoji.

21 Jun 19 ORIX Corp. AGM 1.6 For Agenda item : Elect Director Matsuzaki, Satoru.

21 Jun 19 ORIX Corp. AGM 1.7 For Agenda item : Elect Director Tsujiyama, Eiko.

21 Jun 19 ORIX Corp. AGM 1.8 For Agenda item : Elect Director Usui, Nobuaki.

21 Jun 19 ORIX Corp. AGM 1.9 For Agenda item : Elect Director Yasuda, Ryuji.

21 Jun 19 Okuma Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 65.

21 Jun 19 Okuma Corp. AGM 2 For Agenda item : Approve Accounting Transfers.

21 Jun 19 Okuma Corp. AGM 3.1 For Agenda item : Elect Director Hanaki, Yoshimaro.

21 Jun 19 Okuma Corp. AGM 3.10 For Agenda item : Elect Director Okaya, Tokuichi.

21 Jun 19 Okuma Corp. AGM 3.11 For Agenda item : Elect Director Ozawa, Masatoshi.

21 Jun 19 Okuma Corp. AGM 3.2 Opposed Agenda item : Elect Director Ieki, Atsushi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Okuma Corp. AGM 3.3 For Agenda item : Elect Director Ryoki, Masato.

21 Jun 19 Okuma Corp. AGM 3.4 For Agenda item : Elect Director Horie, Chikashi.

UBS Asset Management 194

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Okuma Corp. AGM 3.5 For Agenda item : Elect Director Yamamoto, Takeshi.

21 Jun 19 Okuma Corp. AGM 3.6 For Agenda item : Elect Director Ishimaru, Osamu.

21 Jun 19 Okuma Corp. AGM 3.7 For Agenda item : Elect Director Senda, Harumitsu.

21 Jun 19 Okuma Corp. AGM 3.8 For Agenda item : Elect Director Komura, Kinya.

21 Jun 19 Okuma Corp. AGM 3.9 For Agenda item : Elect Director Asahi, Yasuhiro.

21 Jun 19 PG&E Corporation AGM 1.1 For Agenda item : Elect Director Richard R. Barrera.

21 Jun 19 PG&E Corporation AGM 1.10 For Agenda item : Elect Director Dominique Mielle.

21 Jun 19 PG&E Corporation AGM 1.11 For Agenda item : Elect Director Meridee A. Moore.

21 Jun 19 PG&E Corporation AGM 1.12 For Agenda item : Elect Director Eric D. Mullins.

21 Jun 19 PG&E Corporation AGM 1.13 For Agenda item : Elect Director Kristine M. Schmidt.

21 Jun 19 PG&E Corporation AGM 1.14 For Agenda item : Elect Director Alejandro D. Wolff.

21 Jun 19 PG&E Corporation AGM 1.2 For Agenda item : Elect Director Jeffrey L. Bleich.

21 Jun 19 PG&E Corporation AGM 1.3 For Agenda item : Elect Director Nora Mead Brownell.

21 Jun 19 PG&E Corporation AGM 1.4 For Agenda item : Elect Director Frederick W. Buckman.

21 Jun 19 PG&E Corporation AGM 1.5 For Agenda item : Elect Director Cheryl F. Campbell.

21 Jun 19 PG&E Corporation AGM 1.6 For Agenda item : Elect Director Fred J. Fowler.

21 Jun 19 PG&E Corporation AGM 1.7 For Agenda item : Elect Director William "Bill" D. Johnson.

21 Jun 19 PG&E Corporation AGM 1.8 For Agenda item : Elect Director Michael J. Leffell.

21 Jun 19 PG&E Corporation AGM 1.9 For Agenda item : Elect Director Kenneth Liang.

21 Jun 19 PG&E Corporation AGM 2 For Agenda item : Approve Increase in Size of Board.

21 Jun 19 PG&E Corporation AGM 3 For Agenda item : Ratify Deloitte & Touche LLP as Auditors.

21 Jun 19 PG&E Corporation AGM 4 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

21 Jun 19 PG&E Corporation AGM 5 Opposed Agenda item : Approve Corporation Structure Reform.

21 Jun 19 PG&E Corporation AGM 6 For Agenda item : Amend Proxy Access Right.

UBS note : We will support proposals that increase shareholders' rights such

as proxy access proposals when the conditions are reasonable.

195 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Paltac Corp. AGM 1.1 For Agenda item : Elect Director Mikita, Kunio.

21 Jun 19 Paltac Corp. AGM 1.10 For Agenda item : Elect Director Oishi, Kaori.

21 Jun 19 Paltac Corp. AGM 1.2 For Agenda item : Elect Director Kasutani, Seiichi.

21 Jun 19 Paltac Corp. AGM 1.3 For Agenda item : Elect Director Wada, Osamu.

21 Jun 19 Paltac Corp. AGM 1.4 For Agenda item : Elect Director Tashiro, Masahiko.

21 Jun 19 Paltac Corp. AGM 1.5 For Agenda item : Elect Director Noma, Masahiro.

21 Jun 19 Paltac Corp. AGM 1.6 For Agenda item : Elect Director Moriya, Akiyoshi.

21 Jun 19 Paltac Corp. AGM 1.7 For Agenda item : Elect Director Isobe, Ryohei.

21 Jun 19 Paltac Corp. AGM 1.8 For Agenda item : Elect Director Yogo, Katsutoshi.

21 Jun 19 Paltac Corp. AGM 1.9 For Agenda item : Elect Director Matsumoto, Ryu.

21 Jun 19 Paltac Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Shintani, Takashi.

21 Jun 19 Paltac Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Suzuki, Hideo.

21 Jun 19 Paltac Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Kamei, Hiroshi.

21 Jun 19 Paltac Corp. AGM 2.4 For Agenda item : Appoint Statutory Auditor Hara, Mayuko.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : The grant of performance-based pay to non-executive directors

potentially undermines their independent oversight.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 3 For Agenda item : Approve Final Dividend.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 4 Opposed Agenda item : Re-elect Robert Hingley as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 5 Opposed Agenda item : Re-elect Quentin Spicer as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 6 Opposed Agenda item : Re-elect Charlotte Valeur as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 7 Opposed Agenda item : Re-elect Jonathan Thompson as Director.

UBS Asset Management 196

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 8 Opposed Agenda item : Re-elect Monique O'Keefe as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 9 For Agenda item : Ratify RSM UK Audit LLP as Auditors.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 10 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 11 For Agenda item : Authorise Market Purchase of Ordinary Shares.

21 Jun 19 Phoenix Spree Deutschland Ltd. AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

21 Jun 19 Resona Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Higashi, Kazuhiro.

21 Jun 19 Resona Holdings, Inc. AGM 1.10 For Agenda item : Elect Director Baba, Chiharu.

21 Jun 19 Resona Holdings, Inc. AGM 1.11 For Agenda item : Elect Director Iwata, Kimie.

21 Jun 19 Resona Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Iwanaga, Shoichi.

21 Jun 19 Resona Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Fukuoka, Satoshi.

21 Jun 19 Resona Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Minami, Masahiro.

21 Jun 19 Resona Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Isono, Kaoru.

21 Jun 19 Resona Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Sanuki, Yoko.

21 Jun 19 Resona Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Urano, Mitsudo.

21 Jun 19 Resona Holdings, Inc. AGM 1.8 For Agenda item : Elect Director Matsui, Tadamitsu.

21 Jun 19 Resona Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Sato, Hidehiko.

21 Jun 19 Resona Holdings, Inc. AGM 2 Opposed Agenda item : Amend Articles to Hand over Petition Calling for Abolition of

Negative Interest Rate Policy to Governor of the Bank of Japan.

21 Jun 19 Ricoh Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 13.

21 Jun 19 Ricoh Co., Ltd. AGM 2.1 For Agenda item : Elect Director Yamashita, Yoshinori.

21 Jun 19 Ricoh Co., Ltd. AGM 2.2 For Agenda item : Elect Director Inaba, Nobuo.

21 Jun 19 Ricoh Co., Ltd. AGM 2.3 For Agenda item : Elect Director Matsuishi, Hidetaka.

21 Jun 19 Ricoh Co., Ltd. AGM 2.4 For Agenda item : Elect Director Sakata, Seiji.

21 Jun 19 Ricoh Co., Ltd. AGM 2.5 For Agenda item : Elect Director Azuma, Makoto.

197 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Ricoh Co., Ltd. AGM 2.6 For Agenda item : Elect Director Iijima, Masami.

21 Jun 19 Ricoh Co., Ltd. AGM 2.7 For Agenda item : Elect Director Hatano, Mutsuko.

21 Jun 19 Ricoh Co., Ltd. AGM 2.8 For Agenda item : Elect Director Mori, Kazuhiro.

21 Jun 19 Ricoh Co., Ltd. AGM 3 For Agenda item : Approve Annual Bonus.

21 Jun 19 Ricoh Co., Ltd. AGM 4 For Agenda item : Approve Trust-Type Equity Compensation Plan.

21 Jun 19 Ricoh Co., Ltd. AGM 5 For Agenda item : Appoint Deloitte Touche Tohmatsu LLC as New External Audit

Firm.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 1 For Agenda item : Amend Articles to Amend Business Lines.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.1 For Agenda item : Elect Director Takada, Shinji.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.10 For Agenda item : Elect Director Fujiwara, Hiroshi.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.11 Opposed Agenda item : Elect Director Oga, Kimiko.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.2 For Agenda item : Elect Director Yonekura, Eiichi.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.3 For Agenda item : Elect Director Nito, Masao.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.4 For Agenda item : Elect Director Fukuoka, Toru.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.5 For Agenda item : Elect Director Omatsuzawa, Kiyohiro.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.6 For Agenda item : Elect Director Ogawa, Masato.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.7 For Agenda item : Elect Director Nakatani, Iwao.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.8 For Agenda item : Elect Director Iijima, Kazunobu.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 2.9 Opposed Agenda item : Elect Director Kosugi, Yoshinobu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ogawa, Akira.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kokubu, Mikio.

21 Jun 19 SKY Perfect JSAT Holdings Inc. AGM 3.3 For Agenda item : Appoint Statutory Auditor Takahashi, Tsutomu.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Satomi, Hajime.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.10 For Agenda item : Elect Director Melanie Brock.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Satomi, Haruki.

UBS Asset Management 198

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Tsurumi, Naoya.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Fukazawa, Koichi.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Okamura, Hideki.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Yoshizawa, Hideo.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Natsuno, Takeshi.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.8 Opposed Agenda item : Elect Director Katsukawa, Kohei.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Onishi, Hiroshi.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 2 For Agenda item : Appoint Statutory Auditor Okubo, Kazutaka.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Inaoka, Kazuaki.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors.

21 Jun 19 Sega Sammy Holdings, Inc. AGM 5 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 Seibu Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

18.5.

21 Jun 19 Seibu Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Ogawa, Shuichiro.

21 Jun 19 Seibu Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Oya, Eiko.

21 Jun 19 Seibu Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Ogi, Takehiko.

21 Jun 19 Seibu Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Goto, Keiji.

21 Jun 19 Seibu Holdings, Inc. AGM 3 For Agenda item : Approve Trust-Type Equity Compensation Plan.

21 Jun 19 Semiconductor Manufacturing International AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

Corporation

21 Jun 19 Semiconductor Manufacturing International AGM 2a For Agenda item : Elect Liang Mong Song as Director.

Corporation

21 Jun 19 Semiconductor Manufacturing International AGM 2b Opposed Agenda item : Elect Zhou Jie as Director.

Corporation

UBS note : We will not support the election of non-independent

199 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Semiconductor Manufacturing International AGM 2c Opposed Agenda item : Elect Ren Kai as Director.

Corporation

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

21 Jun 19 Semiconductor Manufacturing International AGM 2d For Agenda item : Elect Chiang Shang-Yi as Director.

Corporation

21 Jun 19 Semiconductor Manufacturing International AGM 2e For Agenda item : Elect Cong Jingsheng Jason as Director.

Corporation

21 Jun 19 Semiconductor Manufacturing International AGM 2f For Agenda item : Elect Lau Lawrence Juen-Yee as Director.

Corporation

21 Jun 19 Semiconductor Manufacturing International AGM 2g Opposed Agenda item : Elect Fan Ren Da Anthony as Director.

Corporation

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

21 Jun 19 Semiconductor Manufacturing International AGM 2h For Agenda item : Authorise Board to Fix Remuneration of Directors.

Corporation

21 Jun 19 Semiconductor Manufacturing International AGM 3 For Agenda item : Approve PricewaterhouseCoopers and PricewaterhouseCoopers

Corporation Zhong Tian LLP as Auditors for Hong Kong Financial Reporting and U.S.

Financial Reporting Purposes, Respectively and Authorise Audit Committee of

the Board to Fix Their Remuneration.

21 Jun 19 Semiconductor Manufacturing International AGM 4 Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Corporation Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

21 Jun 19 Semiconductor Manufacturing International AGM 5 For Agenda item : Authorise Repurchase of Issued Share Capital.

Corporation

UBS Asset Management 200

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Semiconductor Manufacturing International AGM 6 Opposed Agenda item : Authorise Reissuance of Repurchased Shares.

Corporation

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

21 Jun 19 Sony Financial Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

62.5.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Ishii, Shigeru.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Ikeuchi, Shogo.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Kiyomiya, Hiroaki.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Ito, Yutaka.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Totoki, Hiroki.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Kambe, Shiro.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Matsuoka, Naomi.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Kuniya, Shiro.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Ito, Takatoshi.

21 Jun 19 Sony Financial Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Oka, Masashi.

21 Jun 19 Sony Financial Holdings, Inc. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Hayase, Yasuyuki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 Sony Financial Holdings, Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Makiyama, Yoshimichi.

21 Jun 19 Sony Financial Holdings, Inc. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Saegusa, Takaharu.

21 Jun 19 Square Enix Holdings Co., Ltd. AGM 1.1 Opposed Agenda item : Elect Director Matsuda, Yosuke.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Square Enix Holdings Co., Ltd. AGM 1.2 For Agenda item : Elect Director Chida, Yukinobu.

21 Jun 19 Square Enix Holdings Co., Ltd. AGM 1.3 For Agenda item : Elect Director Yamamura, Yukihiro.

21 Jun 19 Square Enix Holdings Co., Ltd. AGM 1.4 For Agenda item : Elect Director Nishiura, Yuji.

201 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Square Enix Holdings Co., Ltd. AGM 1.5 For Agenda item : Elect Director Ogawa, Masato.

21 Jun 19 Subaru Corp. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 72.

21 Jun 19 Subaru Corp. AGM 2.1 Opposed Agenda item : Elect Director Yoshinaga, Yasuyuki.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Subaru Corp. AGM 2.2 For Agenda item : Elect Director Nakamura, Tomomi.

21 Jun 19 Subaru Corp. AGM 2.3 For Agenda item : Elect Director Hosoya, Kazuo.

21 Jun 19 Subaru Corp. AGM 2.4 For Agenda item : Elect Director Okada, Toshiaki.

21 Jun 19 Subaru Corp. AGM 2.5 For Agenda item : Elect Director Kato, Yoichi.

21 Jun 19 Subaru Corp. AGM 2.6 For Agenda item : Elect Director Onuki, Tetsuo.

21 Jun 19 Subaru Corp. AGM 2.7 For Agenda item : Elect Director Aoyama, Shigehiro.

21 Jun 19 Subaru Corp. AGM 2.8 For Agenda item : Elect Director Abe, Yasuyuki.

21 Jun 19 Subaru Corp. AGM 2.9 For Agenda item : Elect Director Yago, Natsunosuke.

21 Jun 19 Subaru Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Mabuchi, Akira.

21 Jun 19 Subaru Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Nosaka, Shigeru.

21 Jun 19 Subaru Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Okada, Kyoko.

21 Jun 19 Subaru Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Ryu, Hirohisa.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.1 For Agenda item : Elect Director Tokura, Masakazu.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.10 For Agenda item : Elect Director Ikeda, Koichi.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.11 For Agenda item : Elect Director Tomono, Hiroshi.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.12 For Agenda item : Elect Director Ito, Motoshige.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.13 For Agenda item : Elect Director Muraki, Atsuko.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.2 For Agenda item : Elect Director Iwata, Keiichi.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.3 For Agenda item : Elect Director Nishimoto, Rei.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.4 For Agenda item : Elect Director Takeshita, Noriaki.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.5 For Agenda item : Elect Director Ueda, Hiroshi.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.6 For Agenda item : Elect Director Niinuma, Hiroshi.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.7 For Agenda item : Elect Director Shigemori, Takashi.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.8 For Agenda item : Elect Director Matsui, Masaki.

UBS Asset Management 202

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 1.9 For Agenda item : Elect Director Akahori, Kingo.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Nozaki, Kunio.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Yoshida, Hiroaki.

21 Jun 19 Sumitomo Chemical Co., Ltd. AGM 2.3 For Agenda item : Appoint Statutory Auditor Kato, Yoshitaka.

21 Jun 19 Sumitomo Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 38.

21 Jun 19 Sumitomo Corp. AGM 2.1 For Agenda item : Elect Director Nakamura, Kuniharu.

21 Jun 19 Sumitomo Corp. AGM 2.10 For Agenda item : Elect Director Yamazaki, Hisashi.

21 Jun 19 Sumitomo Corp. AGM 2.2 For Agenda item : Elect Director Hyodo, Masayuki.

21 Jun 19 Sumitomo Corp. AGM 2.3 For Agenda item : Elect Director Takahata, Koichi.

21 Jun 19 Sumitomo Corp. AGM 2.4 For Agenda item : Elect Director Yamano, Hideki.

21 Jun 19 Sumitomo Corp. AGM 2.5 For Agenda item : Elect Director Nambu, Toshikazu.

21 Jun 19 Sumitomo Corp. AGM 2.6 For Agenda item : Elect Director Seishima, Takayuki.

21 Jun 19 Sumitomo Corp. AGM 2.7 For Agenda item : Elect Director Ehara, Nobuyoshi.

21 Jun 19 Sumitomo Corp. AGM 2.8 Opposed Agenda item : Elect Director Ishida, Koji.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 Sumitomo Corp. AGM 2.9 For Agenda item : Elect Director Iwata, Kimie.

21 Jun 19 Sumitomo Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Hosono, Michihiko.

21 Jun 19 Sumitomo Corp. AGM 4 For Agenda item : Approve Annual Bonus.

21 Jun 19 Sumitomo Electric Industries Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 24.

21 Jun 19 Sumitomo Electric Industries Ltd. AGM 2 For Agenda item : Elect Director Kobayashi, Nobuyuki.

21 Jun 19 Sumitomo Electric Industries Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ogura, Satoru.

21 Jun 19 Sumitomo Electric Industries Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Hayashi, Akira.

21 Jun 19 Sumitomo Electric Industries Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

21 Jun 19 Sumitomo Forestry Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 20.

21 Jun 19 Sumitomo Forestry Co., Ltd. AGM 2 Opposed Agenda item : Appoint Statutory Auditor Toi, Noriaki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

203 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Sumitomo Forestry Co., Ltd. AGM 3 For Agenda item : Approve Annual Bonus.

21 Jun 19 Sysmex Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 36.

21 Jun 19 Sysmex Corp. AGM 2.1 For Agenda item : Elect Director Ietsugu, Hisashi.

21 Jun 19 Sysmex Corp. AGM 2.2 For Agenda item : Elect Director Nakajima, Yukio.

21 Jun 19 Sysmex Corp. AGM 2.3 For Agenda item : Elect Director Asano, Kaoru.

21 Jun 19 Sysmex Corp. AGM 2.4 For Agenda item : Elect Director Tachibana, Kenji.

21 Jun 19 Sysmex Corp. AGM 2.5 For Agenda item : Elect Director Yamamoto, Junzo.

21 Jun 19 Sysmex Corp. AGM 2.6 For Agenda item : Elect Director Matsui, Iwane.

21 Jun 19 Sysmex Corp. AGM 2.7 For Agenda item : Elect Director Kanda, Hiroshi.

21 Jun 19 Sysmex Corp. AGM 2.8 For Agenda item : Elect Director Takahashi, Masayo.

21 Jun 19 Sysmex Corp. AGM 2.9 For Agenda item : Elect Director Ota, Kazuo.

21 Jun 19 Sysmex Corp. AGM 3 For Agenda item : Elect Alternate Director and Audit Committee Member

Nishiura, Susumu.

21 Jun 19 Sysmex Corp. AGM 4 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 TS TECH CO., LTD. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 42.

21 Jun 19 TS TECH CO., LTD. AGM 2 For Agenda item : Appoint Alternate Statutory Auditor Yamada, Hideo.

21 Jun 19 Takara Bio Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 7.

21 Jun 19 Takara Bio Inc. AGM 2.1 For Agenda item : Elect Director Nakao, Koichi.

21 Jun 19 Takara Bio Inc. AGM 2.2 For Agenda item : Elect Director Omiya, Hisashi.

21 Jun 19 Takara Bio Inc. AGM 2.3 For Agenda item : Elect Director Matsuzaki, Shuichiro.

21 Jun 19 Takara Bio Inc. AGM 2.4 For Agenda item : Elect Director Mineno, Junichi.

21 Jun 19 Takara Bio Inc. AGM 2.5 For Agenda item : Elect Director Kimura, Masanobu.

21 Jun 19 Takara Bio Inc. AGM 2.6 For Agenda item : Elect Director Miyamura, Tsuyoshi.

21 Jun 19 Takara Bio Inc. AGM 2.7 For Agenda item : Elect Director Jawaharlal Bhatt.

21 Jun 19 Takara Bio Inc. AGM 2.8 For Agenda item : Elect Director Kawashima, Nobuko.

21 Jun 19 Takara Bio Inc. AGM 2.9 For Agenda item : Elect Director Kimura, Kazuko.

21 Jun 19 Takara Bio Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kita, Akihiko.

UBS Asset Management 204

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Takara Bio Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Tamaki, Masahide.

21 Jun 19 Terumo Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 27.

21 Jun 19 Terumo Corp. AGM 2.1 For Agenda item : Elect Director Mimura, Takayoshi.

21 Jun 19 Terumo Corp. AGM 2.2 For Agenda item : Elect Director Sato, Shinjiro.

21 Jun 19 Terumo Corp. AGM 2.3 For Agenda item : Elect Director Takagi, Toshiaki.

21 Jun 19 Terumo Corp. AGM 2.4 For Agenda item : Elect Director Hatano, Shoji.

21 Jun 19 Terumo Corp. AGM 2.5 For Agenda item : Elect Director Nishikawa, Kyo.

21 Jun 19 Terumo Corp. AGM 2.6 For Agenda item : Elect Director Mori, Ikuo.

21 Jun 19 Terumo Corp. AGM 2.7 For Agenda item : Elect Director Ueda, Ryuzo.

21 Jun 19 Terumo Corp. AGM 2.8 For Agenda item : Elect Director Kuroda,Yukiko.

21 Jun 19 Terumo Corp. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Kimura,

Yoshihiro.

21 Jun 19 Terumo Corp. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Nakamura,

Masaichi.

21 Jun 19 Terumo Corp. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Uno, Soichiro.

21 Jun 19 Terumo Corp. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member

Sakaguchi, Koichi.

21 Jun 19 Terumo Corp. AGM 5 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 8.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 2.1 For Agenda item : Elect Director Yumoto, Shoichi.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 2.2 For Agenda item : Elect Director Matsushita, Masaki.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 2.3 For Agenda item : Elect Director Funami, Hideo.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 2.4 For Agenda item : Elect Director Yoshie, Muneo.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 2.5 For Agenda item : Elect Director Miyahara, Hiroyuki.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 2.6 For Agenda item : Elect Director Asai, Takahiko.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 2.7 For Agenda item : Elect Director Kurosawa, Sokichi.

21 Jun 19 The Hachijuni Bank, Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kadota, Takeshi.

205 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 The Hachijuni Bank, Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Wada, Yasuyoshi.

21 Jun 19 The Japan Steel Works Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.1 Opposed Agenda item : Elect Director Miyauchi, Naotaka.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.2 For Agenda item : Elect Director Higashiizumi, Yutaka.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.3 For Agenda item : Elect Director Shibata, Takashi.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.4 For Agenda item : Elect Director Oshita, Masao.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.5 For Agenda item : Elect Director Matsuo, Toshio.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.6 For Agenda item : Elect Director Deguchi, Junichiro.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.7 For Agenda item : Elect Director Iwamoto, Takashi.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.8 For Agenda item : Elect Director Mochida, Nobuo.

21 Jun 19 The Japan Steel Works Ltd. AGM 2.9 For Agenda item : Elect Director Degawa, Sadao.

21 Jun 19 The Japan Steel Works Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Nishiyama, Toru.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 The Japan Steel Works Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Tanizawa, Fumihiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 1 Opposed Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

UBS note : The proposal to increase the level of dividend warrants support.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 2 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 3 For Agenda item : Amend Articles to Amend Business Lines.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.1 For Agenda item : Elect Director Yagi, Makoto.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.10 For Agenda item : Elect Director Inoue, Noriyuki.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.11 Opposed Agenda item : Elect Director Okihara, Takamune.

UBS Asset Management 206

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.12 For Agenda item : Elect Director Kobayashi, Tetsuya.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.13 For Agenda item : Elect Director Makimura, Hisako.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.2 For Agenda item : Elect Director Iwane, Shigeki.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.3 For Agenda item : Elect Director Doi, Yoshihiro.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.4 For Agenda item : Elect Director Morimoto, Takashi.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.5 For Agenda item : Elect Director Misono, Toyokazu.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.6 For Agenda item : Elect Director Inada, Koji.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.7 For Agenda item : Elect Director Morinaka, Ikuo.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.8 For Agenda item : Elect Director Shimamoto, Yasuji.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 4.9 For Agenda item : Elect Director Matsumura, Takao.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 5.1 For Agenda item : Appoint Statutory Auditor Yashima, Yasuhiro.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 5.2 For Agenda item : Appoint Statutory Auditor Sugimoto, Yasushi.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 5.3 For Agenda item : Appoint Statutory Auditor Higuchi, Yukishige.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 5.4 For Agenda item : Appoint Statutory Auditor Toichi, Tsutomu.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 5.5 For Agenda item : Appoint Statutory Auditor Otsubo, Fumio.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 5.6 For Agenda item : Appoint Statutory Auditor Sasaki, Shigeo.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 5.7 For Agenda item : Appoint Statutory Auditor Kaga, Atsuko.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 6 Opposed Agenda item : Amend Articles to Promote Renewable Energies.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 7 Opposed Agenda item : Amend Articles to Record Shareholder Meeting Proceedings

Accurately and Disclose Them.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 8 Opposed Agenda item : Amend Articles to Add Provisions Concerning Management

Based on CSR.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 9 Opposed Agenda item : Amend Articles to Add Provisions Concerning Management

Based on CSR.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 10 For Agenda item : Approve Alternative Allocation of Income, with a Final Dividend

of JPY 5 Higher Than Management Proposal.

UBS note : The proposal to increase the level of dividend warrants support.

207 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 11 Opposed Agenda item : Remove Incumbent Director Iwane, Shigeki.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 12 Opposed Agenda item : Amend Articles to Require Individual Performance and

Compensation Disclosure for Directors.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 13 Opposed Agenda item : Amend Articles to Add Provisions on Processing and Control of

Spent Nuclear Fuels.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 14 Opposed Agenda item : Amend Articles to Ban Investment to and Debt Guarantee for

Japan Atomic Power Company.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 15 Opposed Agenda item : Amend Articles to Ban Reprocessing of Spent Nuclear Fuels.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 16 Opposed Agenda item : Amend Articles to Ban Operation of Nuclear Power Plants.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 17 Opposed Agenda item : Amend Articles to Launch Committee on Aging of Nuclear

Power Plants.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 18 Opposed Agenda item : Amend Articles to Promote Maximum Disclosure to Gain

Consumer Trust.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 19 For Agenda item : Amend Articles to Require Individual Compensation Disclosure

for Directors.

UBS note : The amendment may enhance the company's overall reputation for

transparency and accountability.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 20 Opposed Agenda item : Amend Articles to Encourage Dispersed Renewable and Natural

Gas Power.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 21 Opposed Agenda item : Amend Articles to Request the Government to Develop

Necessary Legal System to Promote Separation of Power Generation and

Transmission.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 22 Opposed Agenda item : Amend Articles to Cease Nuclear Operations and

Decommission All Nuclear Facilities as Soon as Possible.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 23 Opposed Agenda item : Amend Articles to Commit to Nurture of Work Climate

Conducive to Improving Quality of Nuclear Safety Mechanisms Through

Debate Among Employees.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 24 Opposed Agenda item : Amend Articles to Ban Hiring or Service on the Board or at the

Company by Former Government Officials.

UBS Asset Management 208

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 25 Opposed Agenda item : Amend Articles to Reduce Maximum Board Size from 20 to 10

and Require Majority Outsider Board.

21 Jun 19 The Kansai Electric Power Co., Inc. AGM 26 Opposed Agenda item : Amend Articles to End Reliance on Nuclear Power.

21 Jun 19 Tobu Railway Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

17.5.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Nezu, Yoshizumi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.10 For Agenda item : Elect Director Ojiro, Akihiro.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.2 For Agenda item : Elect Director Tsunoda, Kenichi.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.3 For Agenda item : Elect Director Miwa, Hiroaki.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.4 For Agenda item : Elect Director Sekiguchi, Koichi.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.5 For Agenda item : Elect Director Onodera, Toshiaki.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kobiyama, Takashi.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yamamoto, Tsutomu.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.8 For Agenda item : Elect Director Shibata, Mitsuyoshi.

21 Jun 19 Tobu Railway Co., Ltd. AGM 2.9 For Agenda item : Elect Director Ando, Takaharu.

21 Jun 19 Tobu Railway Co., Ltd. AGM 3 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

21 Jun 19 Tokuyama Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

21 Jun 19 Tokuyama Corp. AGM 2.1 For Agenda item : Elect Director Yokota, Hiroshi.

21 Jun 19 Tokuyama Corp. AGM 2.2 For Agenda item : Elect Director Adachi, Hideki.

21 Jun 19 Tokuyama Corp. AGM 2.3 For Agenda item : Elect Director Sugimura, Hideo.

21 Jun 19 Tokuyama Corp. AGM 2.4 For Agenda item : Elect Director Nomura, Hiroshi.

21 Jun 19 Tokuyama Corp. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Miyamoto, Yoji.

21 Jun 19 Tokuyama Corp. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Kato, Shin.

21 Jun 19 Tokuyama Corp. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Kawamori, Yuzo.

21 Jun 19 Tokuyama Corp. AGM 3.4 Opposed Agenda item : Elect Director and Audit Committee Member Matsumoto,

209 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Naoki.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

21 Jun 19 Tokuyama Corp. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member Iwasaki,

Michiya.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 9.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 2 Opposed Agenda item : Amend Articles to Abolish Board Structure with Statutory

Auditors - Adopt Board Structure with Audit Committee - Amend Provisions on

Number of Directors - Authorise Directors to Execute Day to Day Operations

without Full Board Approval.

UBS note : The size of the Board is not proportioned to the Company's

dimension and scope.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.1 For Agenda item : Elect Director Ogawa, Kentaro.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.10 For Agenda item : Elect Director Hagiwara, Toshitaka.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.11 For Agenda item : Elect Director Ito, Chiaki.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.12 For Agenda item : Elect Director Ando, Takaharu.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.2 For Agenda item : Elect Director Takei, Koichi.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.3 For Agenda item : Elect Director Ogawa, Kazumasa.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.4 For Agenda item : Elect Director Kunii, Yoshiro.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.5 For Agenda item : Elect Director Hirano, Makoto.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.6 For Agenda item : Elect Director Eto, Naomi.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.7 For Agenda item : Elect Director Ogawa, Yohei.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.8 For Agenda item : Elect Director Imamura, Masashi.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 3.9 For Agenda item : Elect Director Nonoshita, Shinya.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Watanabe, Hideo.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Honda, Yutaka.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Takeuchi, Koji.

UBS Asset Management 210

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

21 Jun 19 Zensho Holdings Co., Ltd. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Miyajima, Yukio.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

21 Jun 19 Zensho Holdings Co., Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

22 Jun 19 Benesse Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Adachi, Tamotsu.

22 Jun 19 Benesse Holdings, Inc. AGM 1.10 For Agenda item : Elect Director Ihara, Katsumi.

22 Jun 19 Benesse Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Iwata, Shinjiro.

22 Jun 19 Benesse Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Kobayashi, Hitoshi.

22 Jun 19 Benesse Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Takiyama, Shinya.

22 Jun 19 Benesse Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Yamasaki, Masaki.

22 Jun 19 Benesse Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Okada, Haruna.

22 Jun 19 Benesse Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Tsujimura, Kiyoyuki.

22 Jun 19 Benesse Holdings, Inc. AGM 1.8 For Agenda item : Elect Director Fukutake, Hideaki.

22 Jun 19 Benesse Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Yasuda, Ryuji.

22 Jun 19 Benesse Holdings, Inc. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Matsumoto, Yoshinori.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

22 Jun 19 Benesse Holdings, Inc. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Saito, Naoto.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

22 Jun 19 Benesse Holdings, Inc. AGM 2.3 Opposed Agenda item : Appoint Statutory Auditor Izumo, Eiichi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

22 Jun 19 Benesse Holdings, Inc. AGM 2.4 For Agenda item : Appoint Statutory Auditor Ishiguro, Miyuki.

22 Jun 19 DeNA Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

211 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

22 Jun 19 DeNA Co., Ltd. AGM 2.1 For Agenda item : Elect Director Namba, Tomoko.

22 Jun 19 DeNA Co., Ltd. AGM 2.2 For Agenda item : Elect Director Moriyasu, Isao.

22 Jun 19 DeNA Co., Ltd. AGM 2.3 For Agenda item : Elect Director Okamura, Shingo.

22 Jun 19 DeNA Co., Ltd. AGM 2.4 For Agenda item : Elect Director Domae, Nobuo.

22 Jun 19 DeNA Co., Ltd. AGM 2.5 For Agenda item : Elect Director Funatsu, Koji.

22 Jun 19 DeNA Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Inaba, Nobuko.

22 Jun 19 DeNA Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Sato, Atsuko.

22 Jun 19 FANCL Corp. AGM 1.1 For Agenda item : Elect Director Ikemori, Kenji.

22 Jun 19 FANCL Corp. AGM 1.2 For Agenda item : Elect Director Miyajima, Kazuyoshi.

22 Jun 19 FANCL Corp. AGM 1.3 Opposed Agenda item : Elect Director Shimada, Kazuyuki.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

22 Jun 19 FANCL Corp. AGM 1.4 For Agenda item : Elect Director Yamaguchi, Tomochika.

22 Jun 19 FANCL Corp. AGM 1.5 For Agenda item : Elect Director Tsurusaki, Toru.

22 Jun 19 FANCL Corp. AGM 1.6 For Agenda item : Elect Director Ishigami, Yukihiro.

22 Jun 19 FANCL Corp. AGM 1.7 For Agenda item : Elect Director Ikeda, Norito.

22 Jun 19 FANCL Corp. AGM 1.8 For Agenda item : Elect Director Koseki, Katsunori.

22 Jun 19 FANCL Corp. AGM 1.9 For Agenda item : Elect Director Nakakubo, Mitsuaki.

22 Jun 19 Sundrug Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 33.

22 Jun 19 Sundrug Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

22 Jun 19 Sundrug Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Yamashita, Kazutoshi.

23 Jun 19 Matsui Securities Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 65.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.1 For Agenda item : Elect Director Matsui, Michio.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.2 For Agenda item : Elect Director Warita, Akira.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sato, Kunihiko.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.4 For Agenda item : Elect Director Uzawa, Shinichi.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.5 For Agenda item : Elect Director Saiga, Moto.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.6 For Agenda item : Elect Director Shibata, Masashi.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.7 For Agenda item : Elect Director Haga, Manako.

UBS Asset Management 212

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.8 For Agenda item : Elect Director Igawa, Moto.

23 Jun 19 Matsui Securities Co., Ltd. AGM 2.9 For Agenda item : Elect Director Annen, Junji.

23 Jun 19 Matsui Securities Co., Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Yoshida, Yoshio.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 2 For Agenda item : Approve Remuneration Report.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 3 For Agenda item : Approve Final Dividend.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 4 For Agenda item : Re-elect Lim Siew Kim as Director.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 5 Opposed Agenda item : Re-elect Dato' John Lim Ewe Chuan as Director.

UBS note : We will not support the election of any Executive Director being

elected to serve on the Audit Committee.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 6 For Agenda item : Re-elect Lim Tian Huat as Director.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 7 For Agenda item : Re-elect Jonathan Law Ngee Song as Director.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 8 For Agenda item : Reappoint BDO LLP as Auditors.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 9 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 10 For Agenda item : Authorise Issue of Equity.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 11 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 12 For Agenda item : Authorise Market Purchase of Ordinary Shares.

24 Jun 19 Anglo-Eastern Plantations Plc AGM 13 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

127.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.1 For Agenda item : Elect Director Taguchi, Mitsuaki.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.10 For Agenda item : Elect Director Kuwabara, Satoko.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.11 For Agenda item : Elect Director Noma, Mikiharu.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.12 For Agenda item : Elect Director Kawana, Koichi.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.2 For Agenda item : Elect Director Otsu, Shuji.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.3 For Agenda item : Elect Director Asako, Yuji.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.4 For Agenda item : Elect Director Kawaguchi, Masaru.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.5 For Agenda item : Elect Director Miyakawa, Yasuo.

213 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.6 For Agenda item : Elect Director Hagiwara, Hitoshi.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.7 For Agenda item : Elect Director Kawashiro, Kazumi.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.8 For Agenda item : Elect Director Asanuma, Makoto.

24 Jun 19 BANDAI NAMCO Holdings Inc. AGM 2.9 For Agenda item : Elect Director Matsuda, Yuzuru.

24 Jun 19 Brother Industries, Ltd. AGM 1.1 For Agenda item : Elect Director Koike, Toshikazu.

24 Jun 19 Brother Industries, Ltd. AGM 1.10 For Agenda item : Elect Director Takeuchi, Keisuke.

24 Jun 19 Brother Industries, Ltd. AGM 1.11 For Agenda item : Elect Director Shirai, Aya.

24 Jun 19 Brother Industries, Ltd. AGM 1.2 For Agenda item : Elect Director Sasaki, Ichiro.

24 Jun 19 Brother Industries, Ltd. AGM 1.3 For Agenda item : Elect Director Ishiguro, Tadashi.

24 Jun 19 Brother Industries, Ltd. AGM 1.4 For Agenda item : Elect Director Kawanabe, Tasuku.

24 Jun 19 Brother Industries, Ltd. AGM 1.5 For Agenda item : Elect Director Kamiya, Jun.

24 Jun 19 Brother Industries, Ltd. AGM 1.6 For Agenda item : Elect Director Tada, Yuichi.

24 Jun 19 Brother Industries, Ltd. AGM 1.7 For Agenda item : Elect Director Nishijo, Atsushi.

24 Jun 19 Brother Industries, Ltd. AGM 1.8 For Agenda item : Elect Director Fukaya, Koichi.

24 Jun 19 Brother Industries, Ltd. AGM 1.9 For Agenda item : Elect Director Matsuno, Soichi.

24 Jun 19 Brother Industries, Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Kanda, Masaaki.

24 Jun 19 Brother Industries, Ltd. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Jono, Kazuya.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 Brother Industries, Ltd. AGM 3 For Agenda item : Approve Annual Bonus.

24 Jun 19 Centene Corporation EGM 1 For Agenda item : Issue Shares in Connection with Merger.

24 Jun 19 Centene Corporation EGM 2 For Agenda item : Adjourn Meeting.

24 Jun 19 Fujitsu Ltd. AGM 1.1 For Agenda item : Elect Director Tanaka, Tatsuya.

24 Jun 19 Fujitsu Ltd. AGM 1.10 For Agenda item : Elect Director Yasui, Mitsuya.

24 Jun 19 Fujitsu Ltd. AGM 1.2 For Agenda item : Elect Director Yamamoto, Masami.

24 Jun 19 Fujitsu Ltd. AGM 1.3 For Agenda item : Elect Director Kojima, Kazuto.

24 Jun 19 Fujitsu Ltd. AGM 1.4 For Agenda item : Elect Director Yokota, Jun.

24 Jun 19 Fujitsu Ltd. AGM 1.5 For Agenda item : Elect Director Mukai, Chiaki.

UBS Asset Management 214

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 Fujitsu Ltd. AGM 1.6 For Agenda item : Elect Director Abe, Atsushi.

24 Jun 19 Fujitsu Ltd. AGM 1.7 For Agenda item : Elect Director Kojo, Yoshiko.

24 Jun 19 Fujitsu Ltd. AGM 1.8 For Agenda item : Elect Director Tokita, Takahito.

24 Jun 19 Fujitsu Ltd. AGM 1.9 For Agenda item : Elect Director Furuta, Hidenori.

24 Jun 19 Fujitsu Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Hatsukawa, Koji.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.1 For Agenda item : Elect Director Okuhara, Kazushige.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.10 For Agenda item : Elect Director Hirano, Kotaro.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.2 For Agenda item : Elect Director Toyama, Haruyuki.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.3 For Agenda item : Elect Director Hirakawa, Junko.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.4 For Agenda item : Elect Director Katsurayama, Tetsuo.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.5 For Agenda item : Elect Director Sakurai, Toshikazu.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.6 For Agenda item : Elect Director Sumioka, Koji.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.7 For Agenda item : Elect Director Takahashi, Hideaki.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.8 For Agenda item : Elect Director Toyoshima, Seishi.

24 Jun 19 Hitachi Construction Machinery Co., Ltd. AGM 1.9 For Agenda item : Elect Director Hasunuma, Toshitake.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Suzuki, Hisahito.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Arima, Akira.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Ikeo, Kazuhito.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.12 For Agenda item : Elect Director Tobimatsu, Junichi.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Karasawa, Yasuyoshi.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Hara, Noriyuki.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Kanasugi, Yasuzo.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Fujii, Shiro.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Higuchi, Masahiro.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Kuroda, Takashi.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Matsunaga, Mari.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Bando, Mariko.

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 3 For Agenda item : Appoint Statutory Auditor Jinno, Hidema.

215 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 MS&AD Insurance Group Holdings, Inc. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

24 Jun 19 Microgen Plc EGM 1 For Agenda item : Approve Matters Relating to the Disposal of Microgen Financial

Systems Limited to Moscow Bidco Limited.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines - Change Location of

Head Office.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.1 For Agenda item : Elect Director Moriyama, Toru.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.10 For Agenda item : Elect Director Teshima, Nobuyuki.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.2 For Agenda item : Elect Director Furuya, Toshiki.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.3 For Agenda item : Elect Director Sugiyama, Yoshihiko.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.4 For Agenda item : Elect Director Enomoto, Koichi.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.5 For Agenda item : Elect Director Mori, Shinsaku.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.6 For Agenda item : Elect Director Onose, Takashi.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.7 For Agenda item : Elect Director Yamana, Kazuaki.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.8 For Agenda item : Elect Director Yamasaki, Nodoka.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 3.9 For Agenda item : Elect Director Kakizaki, Tamaki.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 4.1 Opposed Agenda item : Appoint Statutory Auditor Kizaki, Hiroshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 Mitsubishi Shokuhin Co., Ltd. AGM 4.2 Opposed Agenda item : Appoint Statutory Auditor Takahashi, Yoshio.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 NEC Corp. AGM 1 For Agenda item : Amend Articles to Amend Business Lines - Clarify Director

Authority on Shareholder Meetings.

24 Jun 19 NEC Corp. AGM 2.1 For Agenda item : Elect Director Endo, Nobuhiro.

UBS Asset Management 216

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 NEC Corp. AGM 2.10 For Agenda item : Elect Director Ito, Masatoshi.

24 Jun 19 NEC Corp. AGM 2.11 For Agenda item : Elect Director Nakamura, Kuniharu.

24 Jun 19 NEC Corp. AGM 2.2 For Agenda item : Elect Director Niino, Takashi.

24 Jun 19 NEC Corp. AGM 2.3 For Agenda item : Elect Director Morita, Takayuki.

24 Jun 19 NEC Corp. AGM 2.4 For Agenda item : Elect Director Ishiguro, Norihiko.

24 Jun 19 NEC Corp. AGM 2.5 For Agenda item : Elect Director Matsukura, Hajime.

24 Jun 19 NEC Corp. AGM 2.6 For Agenda item : Elect Director Nishihara, Moto.

24 Jun 19 NEC Corp. AGM 2.7 For Agenda item : Elect Director Kunibe, Takeshi.

24 Jun 19 NEC Corp. AGM 2.8 For Agenda item : Elect Director Seto, Kaoru.

24 Jun 19 NEC Corp. AGM 2.9 For Agenda item : Elect Director Iki, Noriko.

24 Jun 19 NEC Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Nakata, Nobuo.

24 Jun 19 NEC Corp. AGM 4 For Agenda item : Approve Compensation Ceilings for Directors and Statutory

Auditors.

24 Jun 19 NEC Corp. AGM 5 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

24 Jun 19 NEC Corp. AGM 6 For Agenda item : Approve Trust-Type Equity Compensation Plan.

24 Jun 19 Nippo Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

24 Jun 19 Nippo Corp. AGM 2.1 Opposed Agenda item : Elect Director Iwata, Hiromi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

24 Jun 19 Nippo Corp. AGM 2.10 For Agenda item : Elect Director Ueda, Muneaki.

24 Jun 19 Nippo Corp. AGM 2.2 For Agenda item : Elect Director Yoshikawa, Yoshikazu.

24 Jun 19 Nippo Corp. AGM 2.3 For Agenda item : Elect Director Takahashi, Akitsugu.

24 Jun 19 Nippo Corp. AGM 2.4 For Agenda item : Elect Director Miyazaki, Masahiro.

24 Jun 19 Nippo Corp. AGM 2.5 For Agenda item : Elect Director Hashimoto, Yuji.

24 Jun 19 Nippo Corp. AGM 2.6 For Agenda item : Elect Director Arai, Akio.

24 Jun 19 Nippo Corp. AGM 2.7 For Agenda item : Elect Director Numajiri, Osamu.

24 Jun 19 Nippo Corp. AGM 2.8 For Agenda item : Elect Director Kawada, Junichi.

217 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 Nippo Corp. AGM 2.9 Opposed Agenda item : Elect Director Kimura, Tsutomu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

24 Jun 19 Nomura Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Koga, Nobuyuki.

24 Jun 19 Nomura Holdings, Inc. AGM 1.10 For Agenda item : Elect Director Laura Simone Unger.

24 Jun 19 Nomura Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Nagai, Koji.

24 Jun 19 Nomura Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Nagamatsu, Shoichi.

24 Jun 19 Nomura Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Miyashita, Hisato.

24 Jun 19 Nomura Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Kimura, Hiroshi.

24 Jun 19 Nomura Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Ishimura, Kazuhiko.

24 Jun 19 Nomura Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Shimazaki, Noriaki.

24 Jun 19 Nomura Holdings, Inc. AGM 1.8 Opposed Agenda item : Elect Director Sono, Mari.

UBS note : For Japanese companies with 3 committee board structure, we will

not support the election of non-independent outside directors where less than

1/3 of board members are independent outside directors and where each

committee is not comprised of a majority of independent outside directors.

24 Jun 19 Nomura Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Michael Lim Choo San.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Noda, Masahiro.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Kawanishi, Atsushi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.2 For Agenda item : Elect Director Wada, Shigefumi.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.3 For Agenda item : Elect Director Wada, Hiroko.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.4 For Agenda item : Elect Director Nakayama, Shigeru.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.5 For Agenda item : Elect Director Karakama, Katsuhiko.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ogino, Toshio.

UBS Asset Management 218

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.7 Opposed Agenda item : Elect Director Tachibana, Shoichi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.8 For Agenda item : Elect Director Ito, Chiaki.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 2.9 For Agenda item : Elect Director Okihara, Takamune.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Kurozu, Shigekazu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Isaka, Shinji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Takahashi, Toshiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 4 For Agenda item : Approve Bonus Related to Retirement Bonus System Abolition.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 5 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

24 Jun 19 OBIC Business Consultants Co., Ltd. AGM 6 For Agenda item : Approve Annual Bonus.

24 Jun 19 Shun Tak Holdings Limited AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

24 Jun 19 Shun Tak Holdings Limited AGM 2 For Agenda item : Approve Final Dividend.

24 Jun 19 Shun Tak Holdings Limited AGM 3.1 Opposed Agenda item : Elect Ho Tsu Kwok, Charles as Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

24 Jun 19 Shun Tak Holdings Limited AGM 3.2 For Agenda item : Elect Yip Ka Kay, Kevin as Director.

24 Jun 19 Shun Tak Holdings Limited AGM 3.3 Opposed Agenda item : Elect Ho Chiu Fung, Daisy as Director.

219 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of an Executive Director being

elected to serve on the Compensation/Remuneration Committee.

24 Jun 19 Shun Tak Holdings Limited AGM 3.4 For Agenda item : Elect Shum Hong Kuen, David as Director.

24 Jun 19 Shun Tak Holdings Limited AGM 4 For Agenda item : Approve Directors' Fees.

24 Jun 19 Shun Tak Holdings Limited AGM 5 For Agenda item : Approve PricewaterhouseCoopers as Auditor and Authorise

Board to Fix Their Remuneration.

24 Jun 19 Shun Tak Holdings Limited AGM 6 For Agenda item : Authorise Repurchase of Issued Share Capital.

24 Jun 19 Shun Tak Holdings Limited AGM 7 Opposed Agenda item : Approve Issuance of Equity or Equity-Linked Securities without

Pre-emptive Rights.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

24 Jun 19 Shun Tak Holdings Limited AGM 8 Opposed Agenda item : Authorise Reissuance of Repurchased Shares.

UBS note : We will not support routine authorities to issue shares without

pre-emption rights exceeding 10% of the issued share capital as this is

potentially overly dilutive for existing shareholders.

24 Jun 19 SoftBank Corp. AGM 1.1 For Agenda item : Elect Director Son, Masayoshi.

24 Jun 19 SoftBank Corp. AGM 1.10 For Agenda item : Elect Director Oki, Kazuaki.

24 Jun 19 SoftBank Corp. AGM 1.11 For Agenda item : Elect Director Uemura, Kyoko.

24 Jun 19 SoftBank Corp. AGM 1.2 For Agenda item : Elect Director Miyauchi, Ken.

24 Jun 19 SoftBank Corp. AGM 1.3 For Agenda item : Elect Director Shimba, Jun.

24 Jun 19 SoftBank Corp. AGM 1.4 For Agenda item : Elect Director Imai, Yasuyuki.

24 Jun 19 SoftBank Corp. AGM 1.5 For Agenda item : Elect Director Miyakawa, Junichi.

24 Jun 19 SoftBank Corp. AGM 1.6 For Agenda item : Elect Director Fujihara, Kazuhiko.

24 Jun 19 SoftBank Corp. AGM 1.7 For Agenda item : Elect Director Kawabe, Kentaro.

24 Jun 19 SoftBank Corp. AGM 1.8 For Agenda item : Elect Director Horiba, Atsushi.

24 Jun 19 SoftBank Corp. AGM 1.9 For Agenda item : Elect Director Kamigama, Takehiro.

24 Jun 19 SoftBank Corp. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Shimagami, Eiji.

UBS note : We will vote against the appointment of the internal or

UBS Asset Management 220

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 SoftBank Corp. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Yamada, Yasuharu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 SoftBank Corp. AGM 2.3 Opposed Agenda item : Appoint Statutory Auditor Kimiwada, Kazuko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 Sompo Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 65.

24 Jun 19 Sompo Holdings, Inc. AGM 2 For Agenda item : Amend Articles to Abolish Board Structure with Statutory

Auditors - Adopt Board Structure with Three Committees.

24 Jun 19 Sompo Holdings, Inc. AGM 3.1 For Agenda item : Elect Director Sakurada, Kengo.

24 Jun 19 Sompo Holdings, Inc. AGM 3.10 For Agenda item : Elect Director Uchiyama, Hideyo.

24 Jun 19 Sompo Holdings, Inc. AGM 3.11 For Agenda item : Elect Director Muraki, Atsuko.

24 Jun 19 Sompo Holdings, Inc. AGM 3.2 For Agenda item : Elect Director Tsuji, Shinji.

24 Jun 19 Sompo Holdings, Inc. AGM 3.3 For Agenda item : Elect Director Hanawa, Masaki.

24 Jun 19 Sompo Holdings, Inc. AGM 3.4 For Agenda item : Elect Director Hanada, Hidenori.

24 Jun 19 Sompo Holdings, Inc. AGM 3.5 For Agenda item : Elect Director Nohara, Sawako.

24 Jun 19 Sompo Holdings, Inc. AGM 3.6 For Agenda item : Elect Director Endo, Isao.

24 Jun 19 Sompo Holdings, Inc. AGM 3.7 For Agenda item : Elect Director Murata, Tamami.

24 Jun 19 Sompo Holdings, Inc. AGM 3.8 For Agenda item : Elect Director Scott Trevor Davis.

24 Jun 19 Sompo Holdings, Inc. AGM 3.9 For Agenda item : Elect Director Yanagida, Naoki.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

37.5.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Hayashi, Shigeru.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

221 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Deguchi, Toshihisa.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.2 For Agenda item : Elect Director Fujiwara, Kazuhiko.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.3 For Agenda item : Elect Director Inagaki, Masayuki.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.4 For Agenda item : Elect Director Asakuma, Sumitoshi.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nakamura, Takashi.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kuwaki, Goichiro.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kobayashi, Takashi.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.8 For Agenda item : Elect Director Abe, Hiroyuki.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 2.9 For Agenda item : Elect Director Matsuda, Kazuo.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Terasawa, Tsuneo.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Aoki, Katsushige.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Yamagishi, Kazuhiko.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Nagashima, Etsuko.

24 Jun 19 Sumitomo Bakelite Co., Ltd. AGM 3.5 For Agenda item : Appoint Alternate Statutory Auditor Yufu, Setsuko.

24 Jun 19 TBC Bank Group Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

24 Jun 19 TBC Bank Group Plc AGM 2 For Agenda item : Approve Remuneration Report.

24 Jun 19 TBC Bank Group Plc AGM 3 For Agenda item : Approve Final Dividend.

24 Jun 19 TBC Bank Group Plc AGM 4 For Agenda item : Re-elect Mamuka Khazaradze as Director.

24 Jun 19 TBC Bank Group Plc AGM 5 For Agenda item : Re-elect Badri Japaridze as Director.

24 Jun 19 TBC Bank Group Plc AGM 6 For Agenda item : Re-elect Nikoloz Enukidze as Director.

24 Jun 19 TBC Bank Group Plc AGM 7 For Agenda item : Re-elect Nicholas Haag as Director.

24 Jun 19 TBC Bank Group Plc AGM 8 For Agenda item : Re-elect Vakhtang Butskhrikidze as Director.

24 Jun 19 TBC Bank Group Plc AGM 9 For Agenda item : Re-elect Giorgi Shagidze as Director.

24 Jun 19 TBC Bank Group Plc AGM 10 For Agenda item : Elect Maria Luisa Cicognani as Director.

24 Jun 19 TBC Bank Group Plc AGM 11 For Agenda item : Elect Tsira Kemularia as Director.

24 Jun 19 TBC Bank Group Plc AGM 12 For Agenda item : Reappoint PricewaterhouseCoopers LLP as Auditors.

24 Jun 19 TBC Bank Group Plc AGM 13 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

UBS Asset Management 222

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Auditors.

24 Jun 19 TBC Bank Group Plc AGM 14 For Agenda item : Authorise Issue of Equity.

24 Jun 19 TBC Bank Group Plc AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

24 Jun 19 TBC Bank Group Plc AGM 16 For Agenda item : Authorise Market Purchase of Ordinary Shares.

24 Jun 19 TBC Bank Group Plc AGM 17 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 90.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Nagano, Tsuyoshi.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Hirose, Shinichi.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Harashima, Akira.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.12 For Agenda item : Elect Director Okada, Kenji.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Okada, Makoto.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Yuasa, Takayuki.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Fujita, Hirokazu.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Komiya, Satoru.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Mimura, Akio.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Egawa, Masako.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Mitachi, Takashi.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Endo, Nobuhiro.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ito, Takashi.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Horii, Akinari.

24 Jun 19 Tokio Marine Holdings, Inc. AGM 4 Opposed Agenda item : Approve Cash Compensation Ceiling and Deep Discount Stock

Option Plan for Directors.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

24 Jun 19 Tokyo Century Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 63.

24 Jun 19 Tokyo Century Corp. AGM 2.1 For Agenda item : Elect Director Tamba, Toshihito.

24 Jun 19 Tokyo Century Corp. AGM 2.10 For Agenda item : Elect Director Yukiya, Masataka.

24 Jun 19 Tokyo Century Corp. AGM 2.11 For Agenda item : Elect Director Baba, Koichi.

223 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 Tokyo Century Corp. AGM 2.12 For Agenda item : Elect Director Tamano, Osamu.

24 Jun 19 Tokyo Century Corp. AGM 2.13 For Agenda item : Elect Director Mizuno, Seiichi.

24 Jun 19 Tokyo Century Corp. AGM 2.14 For Agenda item : Elect Director Naruse, Akihiro.

24 Jun 19 Tokyo Century Corp. AGM 2.15 For Agenda item : Elect Director Nakagawa, Ko.

24 Jun 19 Tokyo Century Corp. AGM 2.2 Opposed Agenda item : Elect Director Asada, Shunichi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

24 Jun 19 Tokyo Century Corp. AGM 2.3 For Agenda item : Elect Director Shimizu, Yoshinori.

24 Jun 19 Tokyo Century Corp. AGM 2.4 For Agenda item : Elect Director Yoshida, Masao.

24 Jun 19 Tokyo Century Corp. AGM 2.5 For Agenda item : Elect Director Higaki, Yukito.

24 Jun 19 Tokyo Century Corp. AGM 2.6 For Agenda item : Elect Director Nakamura, Akio.

24 Jun 19 Tokyo Century Corp. AGM 2.7 For Agenda item : Elect Director Asano, Toshio.

24 Jun 19 Tokyo Century Corp. AGM 2.8 For Agenda item : Elect Director Nogami, Makoto.

24 Jun 19 Tokyo Century Corp. AGM 2.9 For Agenda item : Elect Director Okada, Akihiko.

24 Jun 19 Tokyo Century Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Amamoto, Katsuya.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

24 Jun 19 Tokyo Century Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Iwanaga, Toshihiko.

24 Jun 19 WellCare Health Plans, Inc. EGM 1 For Agenda item : Approve Merger Agreement.

24 Jun 19 WellCare Health Plans, Inc. EGM 2 For Agenda item : Advisory Vote on Golden Parachutes.

24 Jun 19 WellCare Health Plans, Inc. EGM 3 For Agenda item : Adjourn Meeting.

24 Jun 19 Yamaha Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

24 Jun 19 Yamaha Corp. AGM 2.1 For Agenda item : Elect Director Nakata, Takuya.

24 Jun 19 Yamaha Corp. AGM 2.2 For Agenda item : Elect Director Yamahata, Satoshi.

24 Jun 19 Yamaha Corp. AGM 2.3 For Agenda item : Elect Director Ito, Masatoshi.

24 Jun 19 Yamaha Corp. AGM 2.4 For Agenda item : Elect Director Nakajima, Yoshimi.

24 Jun 19 Yamaha Corp. AGM 2.5 For Agenda item : Elect Director Fukui, Taku.

24 Jun 19 Yamaha Corp. AGM 2.6 For Agenda item : Elect Director Hidaka, Yoshihiro.

UBS Asset Management 224

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

24 Jun 19 Yamaha Corp. AGM 2.7 For Agenda item : Elect Director Fujitsuka, Mikio.

24 Jun 19 Yamaha Corp. AGM 2.8 For Agenda item : Elect Director Paul Candland.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 1 For Agenda item : Amend Articles to Change Fiscal Year End.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.1 For Agenda item : Elect Director Suzuki, Masaki.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.10 For Agenda item : Elect Director Nakajima, Yoshimi.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.11 For Agenda item : Elect Director Yamazawa, Kotaro.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.12 For Agenda item : Elect Director Sakuma, Tatsuya.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.2 For Agenda item : Elect Director Kawahara, Kenji.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.3 For Agenda item : Elect Director Mizuno, Masao.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.4 For Agenda item : Elect Director Wakabayashi, Hideki.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.5 For Agenda item : Elect Director Mangetsu, Masaaki.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.6 For Agenda item : Elect Director Yamada, Yoshitaka.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.7 For Agenda item : Elect Director Mitsufuji, Tomoyuki.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.8 For Agenda item : Elect Director Watanabe, Hiroyuki.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 2.9 For Agenda item : Elect Director Hakoda, Junya.

25 Jun 19 AEON Financial Service Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Yogo, Yuko.

25 Jun 19 AIFUL Corp. AGM 1 For Agenda item : Approve Capital Reduction.

25 Jun 19 AIFUL Corp. AGM 2.1 Opposed Agenda item : Elect Director Fukuda, Yoshitaka.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 AIFUL Corp. AGM 2.2 For Agenda item : Elect Director Sato, Masayuki.

25 Jun 19 AIFUL Corp. AGM 2.3 For Agenda item : Elect Director Oishi, Kazumitsu.

25 Jun 19 AIFUL Corp. AGM 2.4 For Agenda item : Elect Director Nakagawa, Tsuguo.

25 Jun 19 AIFUL Corp. AGM 2.5 For Agenda item : Elect Director Fukuda, Mitsuhide.

25 Jun 19 AIFUL Corp. AGM 2.6 For Agenda item : Elect Director Uemura, Hiroshi.

25 Jun 19 AIFUL Corp. AGM 2.7 For Agenda item : Elect Director Masui, Keiji.

25 Jun 19 AIFUL Corp. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Toda, Satoru.

25 Jun 19 AIFUL Corp. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Tanaka, Yoshiaki.

25 Jun 19 AIFUL Corp. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Suzuki, Haruichi.

225 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 AIFUL Corp. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member Imada,

Satoru.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 56.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Ono, Yuji.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.2 For Agenda item : Elect Director Todo, Satoshi.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.3 For Agenda item : Elect Director Iwase, Yukihiro.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.4 For Agenda item : Elect Director Omura, Nobuyuki.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.5 For Agenda item : Elect Director Mori, Ryoji.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ebihara, Kenji.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.7 For Agenda item : Elect Director Ogura, Kenji.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hanamura, Toshiiku.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Iwata, Terutoku.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kosemura, Hisashi.

25 Jun 19 Aica Kogyo Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Miyamoto, Shoji.

25 Jun 19 Ajinomoto Co., Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 16.

25 Jun 19 Ajinomoto Co., Inc. AGM 2 For Agenda item : Amend Articles to Clarify Director Authority on Board

Meetings.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.1 For Agenda item : Elect Director Ito, Masatoshi.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.2 For Agenda item : Elect Director Nishii, Takaaki.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.3 For Agenda item : Elect Director Fukushi, Hiroshi.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.4 For Agenda item : Elect Director Tochio, Masaya.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.5 For Agenda item : Elect Director Nosaka, Chiaki.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.6 For Agenda item : Elect Director Takato, Etsuhiro.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.7 For Agenda item : Elect Director Saito, Yasuo.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.8 For Agenda item : Elect Director Nawa, Takashi.

25 Jun 19 Ajinomoto Co., Inc. AGM 3.9 For Agenda item : Elect Director Iwata, Kimie.

25 Jun 19 Aozora Bank Ltd. AGM 1.1 For Agenda item : Elect Director Fukuda, Makoto.

UBS Asset Management 226

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Aozora Bank Ltd. AGM 1.2 For Agenda item : Elect Director Baba, Shinsuke.

25 Jun 19 Aozora Bank Ltd. AGM 1.3 For Agenda item : Elect Director Tanikawa, Kei.

25 Jun 19 Aozora Bank Ltd. AGM 1.4 For Agenda item : Elect Director Takeda, Shunsuke.

25 Jun 19 Aozora Bank Ltd. AGM 1.5 For Agenda item : Elect Director Mizuta, Hiroyuki.

25 Jun 19 Aozora Bank Ltd. AGM 1.6 For Agenda item : Elect Director Murakami, Ippei.

25 Jun 19 Aozora Bank Ltd. AGM 1.7 For Agenda item : Elect Director Ito, Tomonori.

25 Jun 19 Aozora Bank Ltd. AGM 1.8 For Agenda item : Elect Director Akutagawa, Tomomi.

25 Jun 19 Aozora Bank Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Hagiwara, Kiyoto.

25 Jun 19 Aozora Bank Ltd. AGM 3.1 For Agenda item : Appoint Alternate Statutory Auditor Uchida, Keiichiro.

25 Jun 19 Aozora Bank Ltd. AGM 3.2 For Agenda item : Appoint Alternate Statutory Auditor Mitch R. Fulscher.

25 Jun 19 Asahi Kasei Corp. AGM 1.1 For Agenda item : Elect Director Kobori, Hideki.

25 Jun 19 Asahi Kasei Corp. AGM 1.2 For Agenda item : Elect Director Takayama, Shigeki.

25 Jun 19 Asahi Kasei Corp. AGM 1.3 For Agenda item : Elect Director Shibata, Yutaka.

25 Jun 19 Asahi Kasei Corp. AGM 1.4 For Agenda item : Elect Director Yoshida, Hiroshi.

25 Jun 19 Asahi Kasei Corp. AGM 1.5 For Agenda item : Elect Director Sakamoto, Shuichi.

25 Jun 19 Asahi Kasei Corp. AGM 1.6 For Agenda item : Elect Director Kawabata, Fumitoshi.

25 Jun 19 Asahi Kasei Corp. AGM 1.7 For Agenda item : Elect Director Shiraishi, Masumi.

25 Jun 19 Asahi Kasei Corp. AGM 1.8 For Agenda item : Elect Director Tatsuoka, Tsuneyoshi.

25 Jun 19 Asahi Kasei Corp. AGM 1.9 For Agenda item : Elect Director Okamoto, Tsuyoshi.

25 Jun 19 Asahi Kasei Corp. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Nakao, Masafumi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Asahi Kasei Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Ito, Tetsuo.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 2 For Agenda item : Approve Remuneration Report.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 3 Opposed Agenda item : Approve Remuneration Policy.

UBS note : The aggregate overall level of pay is considered excessive.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 4 For Agenda item : Elect Penny Hughes as Director.

227 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 5 For Agenda item : Elect Dr Andy Palmer as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 6 For Agenda item : Elect Mark Wilson as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 7 For Agenda item : Elect Lord Matthew Carrington as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 8 For Agenda item : Elect Peter Espenhahn as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 9 For Agenda item : Elect Richard Solomons as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 10 For Agenda item : Elect Imelda Walsh as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 11 For Agenda item : Elect Tensie Whelan as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 12 For Agenda item : Elect Najeeb Al Humaidhi as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 13 Opposed Agenda item : Elect Amr Ali Abdallah AbouelSeoud as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 14 For Agenda item : Elect Saoud Al Humaidhi as Director.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 15 Opposed Agenda item : Elect Mahmoud Samy Mohamed Aly El Sayed as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 16 Opposed Agenda item : Elect Dante Razzano as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 17 Opposed Agenda item : Elect Peter Rogers as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 18 For Agenda item : Appoint Ernst & Young LLP as Auditors.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 19 For Agenda item : Authorise the Audit and Risk Committee to Fix Remuneration

of Auditors.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 20 For Agenda item : Authorise EU Political Donations and Expenditure.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 21 For Agenda item : Authorise Issue of Equity.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 22 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 23 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

UBS Asset Management 228

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 24 For Agenda item : Authorise Market Purchase of Ordinary Shares.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 25 Opposed Agenda item : Approve Rule 9 Panel Waiver in Respect of the Adeem/PW

Controlling Shareholder Group.

UBS note : Where we have concerns over creeping control we may not

support company requests to be exempt from Rule 9 of the Takeover Code.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 26 Opposed Agenda item : Approve Rule 9 Panel Waiver in Respect of the Investindustrial

Controlling Shareholder Group.

UBS note : Where we have concerns over creeping control we may not

support company requests to be exempt from Rule 9 of the Takeover Code.

25 Jun 19 Aston Martin Lagonda Global Holdings Plc AGM 27 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

25 Jun 19 Azbil Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 23.

25 Jun 19 Azbil Corp. AGM 2 For Agenda item : Elect Director Nagahama, Mitsuhiro.

25 Jun 19 Azbil Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Matsuyasu, Tomohiko.

25 Jun 19 Azbil Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Katsuta, Hisaya.

25 Jun 19 Azbil Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Fujimoto, Kinya.

25 Jun 19 Azbil Corp. AGM 3.4 For Agenda item : Appoint Statutory Auditor Sakuma, Minoru.

25 Jun 19 Azbil Corp. AGM 3.5 For Agenda item : Appoint Statutory Auditor Sato, Fumitoshi.

25 Jun 19 Benefit One Inc. AGM 1 For Agenda item : Amend Articles to Adopt Board Structure with Audit

Committee - Amend Provisions on Number of Directors - Authorise Directors to

Execute Day to Day Operations without Full Board Approval.

25 Jun 19 Benefit One Inc. AGM 2.1 For Agenda item : Elect Director Fukasawa, Junko.

25 Jun 19 Benefit One Inc. AGM 2.2 For Agenda item : Elect Director Shiraishi, Norio.

25 Jun 19 Benefit One Inc. AGM 2.3 For Agenda item : Elect Director Tanaka, Hideyo.

25 Jun 19 Benefit One Inc. AGM 2.4 For Agenda item : Elect Director Ozaki, Kenji.

25 Jun 19 Benefit One Inc. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Umekita, Takuo.

25 Jun 19 Benefit One Inc. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Kubo, Nobuyasu.

25 Jun 19 Benefit One Inc. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Hamada,

Toshiaki.

229 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Benefit One Inc. AGM 3.4 For Agenda item : Elect Director and Audit Committee Member Fujiike, Tomonori.

25 Jun 19 Benefit One Inc. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

25 Jun 19 Benefit One Inc. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

25 Jun 19 Benefit One Inc. AGM 6 For Agenda item : Approve Trust-Type Equity Compensation Plan.

25 Jun 19 COMSYS Holdings Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

25 Jun 19 COMSYS Holdings Corp. AGM 2.1 Opposed Agenda item : Elect Director Kagaya, Takashi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 COMSYS Holdings Corp. AGM 2.2 For Agenda item : Elect Director Omura, Yoshihisa.

25 Jun 19 COMSYS Holdings Corp. AGM 2.3 For Agenda item : Elect Director Sakamoto, Shigemi.

25 Jun 19 COMSYS Holdings Corp. AGM 2.4 For Agenda item : Elect Director Aoyama, Akihiko.

25 Jun 19 COMSYS Holdings Corp. AGM 2.5 For Agenda item : Elect Director Tamamura, Satoshi.

25 Jun 19 COMSYS Holdings Corp. AGM 2.6 For Agenda item : Elect Director Fukumoto, Hidenori.

25 Jun 19 COMSYS Holdings Corp. AGM 2.7 For Agenda item : Elect Director Kumagai, Hitoshi.

25 Jun 19 COMSYS Holdings Corp. AGM 2.8 For Agenda item : Elect Director Sato, Kenichi.

25 Jun 19 COMSYS Holdings Corp. AGM 2.9 For Agenda item : Elect Director Ozaki, Hidehiko.

25 Jun 19 COMSYS Holdings Corp. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Kamiwaki,

Koichiro.

25 Jun 19 COMSYS Holdings Corp. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Narumiya,

Kenichi.

25 Jun 19 COMSYS Holdings Corp. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Miyashita,

Masahiko.

25 Jun 19 COMSYS Holdings Corp. AGM 3.4 For Agenda item : Elect Director and Audit Committee Member Onohara,

Kazuyoshi.

25 Jun 19 COMSYS Holdings Corp. AGM 3.5 For Agenda item : Elect Director and Audit Committee Member Nakatogawa,

Kenichi.

25 Jun 19 COMSYS Holdings Corp. AGM 3.6 For Agenda item : Elect Director and Audit Committee Member Kawana, Koichi.

UBS Asset Management 230

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 COMSYS Holdings Corp. AGM 4 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 CarMax, Inc. AGM 1.1 For Agenda item : Elect Director Peter J. Bensen.

25 Jun 19 CarMax, Inc. AGM 1.10 For Agenda item : Elect Director Marcella Shinder.

25 Jun 19 CarMax, Inc. AGM 1.11 For Agenda item : Elect Director Mitchell D. Steenrod.

25 Jun 19 CarMax, Inc. AGM 1.2 For Agenda item : Elect Director Ronald E. Blaylock.

25 Jun 19 CarMax, Inc. AGM 1.3 For Agenda item : Elect Director Sona Chawla.

25 Jun 19 CarMax, Inc. AGM 1.4 For Agenda item : Elect Director Thomas J. Folliard.

25 Jun 19 CarMax, Inc. AGM 1.5 For Agenda item : Elect Director Shira Goodman.

25 Jun 19 CarMax, Inc. AGM 1.6 For Agenda item : Elect Director Robert J. Hombach.

25 Jun 19 CarMax, Inc. AGM 1.7 For Agenda item : Elect Director David W. McCreight.

25 Jun 19 CarMax, Inc. AGM 1.8 For Agenda item : Elect Director William D. Nash.

25 Jun 19 CarMax, Inc. AGM 1.9 For Agenda item : Elect Director Pietro Satriano.

25 Jun 19 CarMax, Inc. AGM 2 Opposed Agenda item : Ratify KPMG LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

25 Jun 19 CarMax, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

25 Jun 19 CarMax, Inc. AGM 4 For Agenda item : Amend Omnibus Stock Plan.

25 Jun 19 CarMax, Inc. AGM 5 For Agenda item : Report on Political Contributions.

UBS note : We will not support company proposals allowing companies to

make political donations and will support shareholder proposals requiring

companies to be transparent concerning such donations.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 2 For Agenda item : Approve Remuneration Report.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 3 For Agenda item : Approve Dividend Payment Policy.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 4 For Agenda item : Ratify PricewaterhouseCoopers CI LLP as Auditors and

231 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Authorise Their Remuneration.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 5 For Agenda item : Re-elect Tim Scholefield as Director.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 6 For Agenda item : Re-elect Philip Taylor as Director.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 7 For Agenda item : Re-elect Philip Austin as Director.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 8 For Agenda item : Re-elect John Boothman as Director.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 9 For Agenda item : Approve Continuation of Company as Investment Trust.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 10 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 11 For Agenda item : Authorise Market Purchase of Ordinary Shares.

25 Jun 19 City Merchants High Yield Trust Ltd. AGM 12 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

25 Jun 19 DISCO Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

208.

25 Jun 19 DISCO Corp. AGM 2 For Agenda item : Amend Articles to Clarify Provisions on Alternate Statutory

Auditors.

25 Jun 19 DISCO Corp. AGM 3.1 Opposed Agenda item : Elect Director Sekiya, Kazuma.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 DISCO Corp. AGM 3.2 For Agenda item : Elect Director Yoshinaga, Noboru.

25 Jun 19 DISCO Corp. AGM 3.3 For Agenda item : Elect Director Sekiya, Hideyuki.

25 Jun 19 DISCO Corp. AGM 3.4 For Agenda item : Elect Director Tamura, Takao.

25 Jun 19 DISCO Corp. AGM 3.5 For Agenda item : Elect Director Inasaki, Ichiro.

25 Jun 19 DISCO Corp. AGM 3.6 For Agenda item : Elect Director Tamura, Shinichi.

25 Jun 19 DISCO Corp. AGM 4.1 For Agenda item : Appoint Statutory Auditor Takayanagi, Tadao.

25 Jun 19 DISCO Corp. AGM 4.2 For Agenda item : Appoint Statutory Auditor Yamaguchi, Yusei.

25 Jun 19 DISCO Corp. AGM 4.3 For Agenda item : Appoint Statutory Auditor Tokimaru, Kazuyoshi.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.1 For Agenda item : Elect Director Yamada, Masao.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.2 For Agenda item : Elect Director Sekiguchi, Akira.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.3 For Agenda item : Elect Director Mitsune, Yutaka.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.4 For Agenda item : Elect Director Matsushita, Katsuji.

UBS Asset Management 232

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.5 For Agenda item : Elect Director Kagaya, Susumu.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.6 For Agenda item : Elect Director Kawaguchi, Jun.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.7 For Agenda item : Elect Director Hosoda, Eiji.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 1.8 For Agenda item : Elect Director Koizumi, Yoshiko.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Takeda, Jin.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Egawa, Shigeru.

25 Jun 19 DOWA HOLDINGS Co., Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Oba, Koichiro.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.1 For Agenda item : Elect Director Sato, Katsuya.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.2 Opposed Agenda item : Elect Director Namiki, Fujio.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.3 For Agenda item : Elect Director Hasegawa, Satoshi.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.4 For Agenda item : Elect Director Hirokawa, Kazuyoshi.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.5 For Agenda item : Elect Director Watanabe, Takuya.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.6 For Agenda item : Elect Director Obara, Kiyofumi.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.7 For Agenda item : Elect Director Takahashi, Makoto.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 1.8 For Agenda item : Elect Director Ueguri, Michiro.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 2 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 3 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

25 Jun 19 Daishi Hokuetsu Financial Group, Inc. AGM 4 Opposed Agenda item : Approve Deep Discount Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

309.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kobayashi, Katsuma.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.10 For Agenda item : Elect Director Sasaki, Mami.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.11 For Agenda item : Elect Director Shoda, Takashi.

233 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.2 For Agenda item : Elect Director Kawai, Shuji.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takeuchi, Kei.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.4 For Agenda item : Elect Director Uchida, Kanitsu.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.5 For Agenda item : Elect Director Saito, Kazuhiko.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.6 For Agenda item : Elect Director Nakagawa, Takeshi.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.7 For Agenda item : Elect Director Sato, Koji.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.8 For Agenda item : Elect Director Nakagami, Fumiaki.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 2.9 For Agenda item : Elect Director Yamaguchi, Toshiaki.

25 Jun 19 Daito Trust Construction Co., Ltd. AGM 3 For Agenda item : Approve Trust-Type Equity Compensation Plan.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 64.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.1 For Agenda item : Elect Director Higuchi, Takeo.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.10 For Agenda item : Elect Director Urakawa, Tatsuya.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.11 For Agenda item : Elect Director Dekura, Kazuhito.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.12 For Agenda item : Elect Director Ariyoshi, Yoshinori.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.13 For Agenda item : Elect Director Shimonishi, Keisuke.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.14 For Agenda item : Elect Director Kimura, Kazuyoshi.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.15 For Agenda item : Elect Director Shigemori, Yutaka.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.16 For Agenda item : Elect Director Yabu, Yukiko.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.2 For Agenda item : Elect Director Yoshii, Keiichi.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.3 For Agenda item : Elect Director Ishibashi, Tamio.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kosokabe, Takeshi.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.5 For Agenda item : Elect Director Tsuchida, Kazuto.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.6 For Agenda item : Elect Director Fujitani, Osamu.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yamamoto, Makoto.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.8 For Agenda item : Elect Director Tanabe, Yoshiaki.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 2.9 For Agenda item : Elect Director Otomo, Hirotsugu.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Oda, Shonosuke.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 4 For Agenda item : Approve Compensation Ceiling for Statutory Auditors.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

UBS Asset Management 234

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 6 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Daiwa House Industry Co., Ltd. AGM 7 For Agenda item : Approve Restricted Stock Plan.

25 Jun 19 DuPont de Nemours, Inc. AGM 1a For Agenda item : Elect Director Edward D. Breen.

25 Jun 19 DuPont de Nemours, Inc. AGM 1b For Agenda item : Elect Director Ruby R. Chandy.

25 Jun 19 DuPont de Nemours, Inc. AGM 1c For Agenda item : Elect Director Franklin K. Clyburn, Jr.

25 Jun 19 DuPont de Nemours, Inc. AGM 1d For Agenda item : Elect Director Terrence R. Curtin.

25 Jun 19 DuPont de Nemours, Inc. AGM 1e Opposed Agenda item : Elect Director Alexander M. Cutler.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

25 Jun 19 DuPont de Nemours, Inc. AGM 1f For Agenda item : Elect Director C. Marc Doyle.

25 Jun 19 DuPont de Nemours, Inc. AGM 1g For Agenda item : Elect Director Eleuthere I. du Pont.

25 Jun 19 DuPont de Nemours, Inc. AGM 1h For Agenda item : Elect Director Rajiv L. Gupta.

25 Jun 19 DuPont de Nemours, Inc. AGM 1i For Agenda item : Elect Director Luther C. Kissam.

25 Jun 19 DuPont de Nemours, Inc. AGM 1j For Agenda item : Elect Director Frederick M. Lowery.

25 Jun 19 DuPont de Nemours, Inc. AGM 1k For Agenda item : Elect Director Raymond J. Milchovich.

25 Jun 19 DuPont de Nemours, Inc. AGM 1l For Agenda item : Elect Director Steven M. Sterin.

25 Jun 19 DuPont de Nemours, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

25 Jun 19 DuPont de Nemours, Inc. AGM 3 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditor.

25 Jun 19 DuPont de Nemours, Inc. AGM 4 For Agenda item : Provide Right to Act by Written Consent.

UBS note : We support resolutions that require the right to act by written

consent, should they not be too restrictive and are in line with market practice.

25 Jun 19 DuPont de Nemours, Inc. AGM 5 Opposed Agenda item : Report on Pay Disparity.

25 Jun 19 DuPont de Nemours, Inc. AGM 6 For Agenda item : Report on Public Health Risks of Petrochemical Operations in

235 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Flood Prone Areas.

UBS note : We will support proposals that seek to promote greater disclosure

and transparency in corporate environmental policies as long as: a) the issues

are not already effectively dealt with through legislation or regulation; b) the

company has not already responded in a sufficient manner; and c) the proposal

is not unduly burdensome or overly prescriptive.

25 Jun 19 DuPont de Nemours, Inc. AGM 7 For Agenda item : Report on Efforts to Reduce Plastic Pellet Pollution.

UBS note : We will support proposals that seek to promote greater disclosure

and transparency in corporate environmental policies as long as: a) the issues

are not already effectively dealt with through legislation or regulation; b) the

company has not already responded in a sufficient manner; and c) the proposal

is not unduly burdensome or overly prescriptive.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 1 For Agenda item : Amend Articles to Change Fiscal Year End.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 2.1 For Agenda item : Elect Director Ezaki, Katsuhisa.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ezaki, Etsuro.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 2.3 For Agenda item : Elect Director Kuriki, Takashi.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 2.4 For Agenda item : Elect Director Masuda, Tetsuo.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 2.5 For Agenda item : Elect Director Kato, Takatoshi.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 2.6 For Agenda item : Elect Director Oishi, Kanoko.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 2.7 For Agenda item : Elect Director Hara, Joji.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Onuki, Akira.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Iwai, Shintaro.

25 Jun 19 Ezaki Glico Co., Ltd. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Kudo, Minoru.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

UBS Asset Management 236

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 FirstGroup Plc EGM a For Agenda item : Remove Wolfhart Hauser as Director.

UBS note : We do not support the Board's current strategy.

25 Jun 19 FirstGroup Plc EGM b Abstain Agenda item : Remove Matthew Gregory as Director.

UBS note : We do not support the Board's current strategy.

25 Jun 19 FirstGroup Plc EGM c Abstain Agenda item : Remove Imelda Walsh as Director.

UBS note : We do not support the Board's current strategy.

25 Jun 19 FirstGroup Plc EGM d Abstain Agenda item : Remove Stephen Gunning as Director.

UBS note : We do not support the Board's current strategy.

25 Jun 19 FirstGroup Plc EGM e Abstain Agenda item : Remove James Winestock as Director.

UBS note : We do not support the Board's current strategy.

25 Jun 19 FirstGroup Plc EGM f Abstain Agenda item : Remove Martha Poulter as Director.

UBS note : We do not support the Board's current strategy.

25 Jun 19 FirstGroup Plc EGM g Abstain Agenda item : Remove Any Person Appointed as a Director since the Date of

the Requisition of the General Meeting.

UBS note : We do not support the Board's current strategy.

25 Jun 19 FirstGroup Plc EGM h For Agenda item : Elect Steven Norris, a Shareholder Nominee to the Board.

UBS note : We support the dissident proposal to appoint a new Board Chair.

25 Jun 19 FirstGroup Plc EGM i Opposed Agenda item : Elect Bob Stefanowski, a Shareholder Nominee to the Board.

25 Jun 19 FirstGroup Plc EGM j Opposed Agenda item : Elect David Martin, a Shareholder Nominee to the Board.

25 Jun 19 FirstGroup Plc EGM k Opposed Agenda item : Elect Jim Compton, a Shareholder Nominee to the Board.

25 Jun 19 FirstGroup Plc EGM l Opposed Agenda item : Elect Elizabeth Filkin, a Shareholder Nominee to the Board.

25 Jun 19 FirstGroup Plc EGM m Opposed Agenda item : Elect Patricia Barron, a Shareholder Nominee to the Board.

25 Jun 19 FirstGroup Plc EGM n Opposed Agenda item : Elect Uwe Doerken, a Shareholder Nominee to the Board.

25 Jun 19 Foresight Solar Fund Ltd. AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

25 Jun 19 Foresight Solar Fund Ltd. AGM 2 For Agenda item : Approve Remuneration Report.

25 Jun 19 Foresight Solar Fund Ltd. AGM 3 For Agenda item : Approve Remuneration Policy.

25 Jun 19 Foresight Solar Fund Ltd. AGM 4 For Agenda item : Ratify KPMG LLP as Auditors.

25 Jun 19 Foresight Solar Fund Ltd. AGM 5 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

25 Jun 19 Foresight Solar Fund Ltd. AGM 6 For Agenda item : Approve Dividend Policy.

237 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Foresight Solar Fund Ltd. AGM 7 For Agenda item : Elect Monique O'Keefe as Director.

25 Jun 19 Foresight Solar Fund Ltd. AGM 8 For Agenda item : Re-elect Alexander Ohlsson as Director.

25 Jun 19 Foresight Solar Fund Ltd. AGM 9 For Agenda item : Re-elect Chris Ambler as Director.

25 Jun 19 Foresight Solar Fund Ltd. AGM 10 For Agenda item : Re-elect Peter Dicks as Director.

25 Jun 19 Foresight Solar Fund Ltd. AGM 11 For Agenda item : Approve Scrip Dividend Alternative.

25 Jun 19 Foresight Solar Fund Ltd. AGM 12 For Agenda item : Amend Articles of Association.

25 Jun 19 Foresight Solar Fund Ltd. AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

25 Jun 19 Foresight Solar Fund Ltd. AGM 14 For Agenda item : Authorise the Company to Cancel Any Repurchased Shares or

Hold Such Shares as Treasury Shares.

25 Jun 19 Foresight Solar Fund Ltd. AGM 15 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.1 Opposed Agenda item : Elect Director Kitazawa, Michihiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.2 For Agenda item : Elect Director Sugai, Kenzo.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.3 For Agenda item : Elect Director Abe, Michio.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.4 For Agenda item : Elect Director Tomotaka, Masatsugu.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.5 For Agenda item : Elect Director Arai, Junichi.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.6 For Agenda item : Elect Director Tamba, Toshihito.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.7 Opposed Agenda item : Elect Director Tachikawa, Naomi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Fuji Electric Co., Ltd. AGM 1.8 For Agenda item : Elect Director Hayashi, Yoshitsugu.

25 Jun 19 Fuji Seal International, Inc. AGM 1.1 For Agenda item : Elect Director Kato, Fumio.

25 Jun 19 Fuji Seal International, Inc. AGM 1.2 For Agenda item : Elect Director Shioji, Hiromi.

25 Jun 19 Fuji Seal International, Inc. AGM 1.3 For Agenda item : Elect Director Maki, Tatsundo.

25 Jun 19 Fuji Seal International, Inc. AGM 1.4 For Agenda item : Elect Director Seki, Yuichi.

25 Jun 19 Fuji Seal International, Inc. AGM 1.5 For Agenda item : Elect Director Okazaki, Shigeko.

25 Jun 19 Fuji Seal International, Inc. AGM 1.6 For Agenda item : Elect Director Sonoda, Takato.

25 Jun 19 Fuji Seal International, Inc. AGM 1.7 For Agenda item : Elect Director Furusawa, Rikio.

UBS Asset Management 238

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Fuji Seal International, Inc. AGM 1.8 For Agenda item : Elect Director Shirokawa, Masayuki.

25 Jun 19 Gunma Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 7.

25 Jun 19 Gunma Bank, Ltd. AGM 2.1 Opposed Agenda item : Elect Director Saito, Kazuo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Gunma Bank, Ltd. AGM 2.2 For Agenda item : Elect Director Fukai, Akihiko.

25 Jun 19 Gunma Bank, Ltd. AGM 2.3 For Agenda item : Elect Director Horie, Nobuyuki.

25 Jun 19 Gunma Bank, Ltd. AGM 2.4 For Agenda item : Elect Director Hanasaki, Satoshi.

25 Jun 19 Gunma Bank, Ltd. AGM 2.5 For Agenda item : Elect Director Yuasa, Yukio.

25 Jun 19 Gunma Bank, Ltd. AGM 2.6 For Agenda item : Elect Director Inoue, Satoshi.

25 Jun 19 Gunma Bank, Ltd. AGM 2.7 For Agenda item : Elect Director Irisawa, Hiroyuki.

25 Jun 19 Gunma Bank, Ltd. AGM 2.8 For Agenda item : Elect Director Muto, Eiji.

25 Jun 19 Gunma Bank, Ltd. AGM 2.9 For Agenda item : Elect Director Kondo, Jun.

25 Jun 19 Gunma Bank, Ltd. AGM 3 For Agenda item : Approve Restricted Stock Plan and Performance Share Plan.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.1 For Agenda item : Elect Director Omori, Shinichiro.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.2 For Agenda item : Elect Director Hiraki, Akitoshi.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.3 For Agenda item : Elect Director Uenoyama, Makoto.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.4 For Agenda item : Elect Director Oka, Toshiko.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.5 For Agenda item : Elect Director Fukuo, Koichi.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.6 For Agenda item : Elect Director Sasaka, Katsuro.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.7 For Agenda item : Elect Director Sato, Koji.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.8 For Agenda item : Elect Director Nakamura, Toyoaki.

25 Jun 19 Hitachi Metals, Ltd. AGM 1.9 For Agenda item : Elect Director Nishiie, Kenichi.

25 Jun 19 House Foods Group Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

25 Jun 19 House Foods Group Inc. AGM 2 For Agenda item : Amend Articles to Remove Provisions on Takeover Defense.

25 Jun 19 House Foods Group Inc. AGM 3.1 Opposed Agenda item : Elect Director Urakami, Hiroshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 House Foods Group Inc. AGM 3.10 For Agenda item : Elect Director Saito, Kyuzo.

239 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 House Foods Group Inc. AGM 3.2 For Agenda item : Elect Director Matsumoto, Keiji.

25 Jun 19 House Foods Group Inc. AGM 3.3 For Agenda item : Elect Director Hiroura, Yasukatsu.

25 Jun 19 House Foods Group Inc. AGM 3.4 For Agenda item : Elect Director Kudo, Masahiko.

25 Jun 19 House Foods Group Inc. AGM 3.5 For Agenda item : Elect Director Fujii, Toyoaki.

25 Jun 19 House Foods Group Inc. AGM 3.6 For Agenda item : Elect Director Koike, Akira.

25 Jun 19 House Foods Group Inc. AGM 3.7 For Agenda item : Elect Director Osawa, Yoshiyuki.

25 Jun 19 House Foods Group Inc. AGM 3.8 For Agenda item : Elect Director Miyaoku, Yoshiyuki.

25 Jun 19 House Foods Group Inc. AGM 3.9 Opposed Agenda item : Elect Director Yamamoto, Kunikatsu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 House Foods Group Inc. AGM 4 For Agenda item : Appoint Statutory Auditor Kamano, Hiroyuki.

25 Jun 19 INPEX Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

25 Jun 19 INPEX Corp. AGM 2 For Agenda item : Amend Articles to Amend Business Lines - Authorise Public

Announcements in Electronic Format - Change Fiscal Year End.

25 Jun 19 INPEX Corp. AGM 3.1 For Agenda item : Elect Director Kitamura, Toshiaki.

25 Jun 19 INPEX Corp. AGM 3.10 For Agenda item : Elect Director Yanai, Jun.

25 Jun 19 INPEX Corp. AGM 3.11 For Agenda item : Elect Director Iio, Norinao.

25 Jun 19 INPEX Corp. AGM 3.12 For Agenda item : Elect Director Nishimura, Atsuko.

25 Jun 19 INPEX Corp. AGM 3.13 For Agenda item : Elect Director Kimura, Yasushi.

25 Jun 19 INPEX Corp. AGM 3.14 For Agenda item : Elect Director Ogino, Kiyoshi.

25 Jun 19 INPEX Corp. AGM 3.2 For Agenda item : Elect Director Ueda, Takayuki.

25 Jun 19 INPEX Corp. AGM 3.3 For Agenda item : Elect Director Murayama, Masahiro.

25 Jun 19 INPEX Corp. AGM 3.4 For Agenda item : Elect Director Ito, Seiya.

25 Jun 19 INPEX Corp. AGM 3.5 For Agenda item : Elect Director Ikeda, Takahiko.

25 Jun 19 INPEX Corp. AGM 3.6 For Agenda item : Elect Director Yajima, Shigeharu.

25 Jun 19 INPEX Corp. AGM 3.7 For Agenda item : Elect Director Kittaka, Kimihisa.

25 Jun 19 INPEX Corp. AGM 3.8 For Agenda item : Elect Director Sase, Nobuharu.

25 Jun 19 INPEX Corp. AGM 3.9 For Agenda item : Elect Director Okada, Yasuhiko.

25 Jun 19 INPEX Corp. AGM 4.1 For Agenda item : Appoint Statutory Auditor Himata, Noboru.

UBS Asset Management 240

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 INPEX Corp. AGM 4.2 For Agenda item : Appoint Statutory Auditor Toyama, Hideyuki.

25 Jun 19 INPEX Corp. AGM 4.3 For Agenda item : Appoint Statutory Auditor Miyake, Shinya.

25 Jun 19 INPEX Corp. AGM 4.4 For Agenda item : Appoint Statutory Auditor Akiyoshi, Mitsuru.

25 Jun 19 INPEX Corp. AGM 4.5 For Agenda item : Appoint Statutory Auditor Kiba, Hiroko.

25 Jun 19 INPEX Corp. AGM 5 For Agenda item : Approve Annual Bonus.

25 Jun 19 INPEX Corp. AGM 6 For Agenda item : Approve Compensation Ceiling for Statutory Auditors.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 31.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 2 For Agenda item : Amend Articles to Change Location of Head Office.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.1 For Agenda item : Elect Director Mori, Kazuhiko.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.10 For Agenda item : Elect Director Asano, Masahiro.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.11 For Agenda item : Elect Director Sasaki, Toshihiko.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.12 For Agenda item : Elect Director Chiba, Yujiro.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.2 Opposed Agenda item : Elect Director Nishikawa, Yoichi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.3 For Agenda item : Elect Director Kanei, Masashi.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.4 For Agenda item : Elect Director Yamamoto, Shigeo.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.5 For Agenda item : Elect Director Hisabayashi, Yoshinari.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.6 For Agenda item : Elect Director Horiguchi, Tadayoshi.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.7 For Agenda item : Elect Director Nishino, Hiroshi.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.8 For Agenda item : Elect Director Matsubayashi, Shigeyuki.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 3.9 For Agenda item : Elect Director Kodera, Kazuhiro.

25 Jun 19 Iida Group Holdings Co., Ltd. AGM 4 For Agenda item : Appoint Statutory Auditor Kaneko, Tatsuyuki.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Ogawa, Hiromichi.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Miyashita, Isao.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Shibayama, Ikuro.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Horiuchi, Akihisa.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Ito, Katsuhiro.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Yamaguchi, Ken.

241 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Yoneda, Masayuki.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.8 For Agenda item : Elect Director Ichige, Yumiko.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Ito, Aya.

25 Jun 19 Itoham Yonekyu Holdings, Inc. AGM 2 Opposed Agenda item : Appoint Statutory Auditor Ichikawa, Ichiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Kajima Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 26.

25 Jun 19 Kajima Corp. AGM 2.1 For Agenda item : Elect Director Oshimi, Yoshikazu.

25 Jun 19 Kajima Corp. AGM 2.2 For Agenda item : Elect Director Atsumi, Naoki.

25 Jun 19 Kajima Corp. AGM 2.3 For Agenda item : Elect Director Koizumi, Hiroyoshi.

25 Jun 19 Kajima Corp. AGM 2.4 For Agenda item : Elect Director Uchida, Ken.

25 Jun 19 Kajima Corp. AGM 2.5 For Agenda item : Elect Director Furukawa, Koji.

25 Jun 19 Kajima Corp. AGM 2.6 For Agenda item : Elect Director Sakane, Masahiro.

25 Jun 19 Kajima Corp. AGM 2.7 For Agenda item : Elect Director Saito, Kiyomi.

25 Jun 19 Kajima Corp. AGM 2.8 For Agenda item : Elect Director Machida, Yukio.

25 Jun 19 Kajima Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Terawaki, Kazumine.

25 Jun 19 Kajima Corp. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Kikkoman Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 21.

25 Jun 19 Kikkoman Corp. AGM 2.1 For Agenda item : Elect Director Mogi, Yuzaburo.

25 Jun 19 Kikkoman Corp. AGM 2.10 For Agenda item : Elect Director Ozaki, Mamoru.

25 Jun 19 Kikkoman Corp. AGM 2.11 For Agenda item : Elect Director Inokuchi, Takeo.

25 Jun 19 Kikkoman Corp. AGM 2.12 For Agenda item : Elect Director Iino, Masako.

25 Jun 19 Kikkoman Corp. AGM 2.2 For Agenda item : Elect Director Horikiri, Noriaki.

25 Jun 19 Kikkoman Corp. AGM 2.3 For Agenda item : Elect Director Yamazaki, Koichi.

25 Jun 19 Kikkoman Corp. AGM 2.4 For Agenda item : Elect Director Shimada, Masanao.

25 Jun 19 Kikkoman Corp. AGM 2.5 For Agenda item : Elect Director Nakano, Shozaburo.

UBS Asset Management 242

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Kikkoman Corp. AGM 2.6 For Agenda item : Elect Director Shimizu, Kazuo.

25 Jun 19 Kikkoman Corp. AGM 2.7 For Agenda item : Elect Director Mogi, Osamu.

25 Jun 19 Kikkoman Corp. AGM 2.8 For Agenda item : Elect Director Matsuyama, Asahi.

25 Jun 19 Kikkoman Corp. AGM 2.9 For Agenda item : Elect Director Fukui, Toshihiko.

25 Jun 19 Kikkoman Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Ozawa, Takashi.

25 Jun 19 Kikkoman Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Endo, Kazuyoshi.

25 Jun 19 Kikkoman Corp. AGM 5 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

UBS note : We will vote against the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

25 Jun 19 Kinden Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 16.

25 Jun 19 Kinden Corp. AGM 2 For Agenda item : Approve Annual Bonus.

25 Jun 19 Kinden Corp. AGM 3.1 Opposed Agenda item : Elect Director Ikoma, Masao.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Kinden Corp. AGM 3.10 For Agenda item : Elect Director Nishimura, Hiroshi.

25 Jun 19 Kinden Corp. AGM 3.11 For Agenda item : Elect Director Sato, Moriyoshi.

25 Jun 19 Kinden Corp. AGM 3.12 For Agenda item : Elect Director Yoshida, Harunori.

25 Jun 19 Kinden Corp. AGM 3.13 For Agenda item : Elect Director Toriyama, Hanroku.

25 Jun 19 Kinden Corp. AGM 3.2 For Agenda item : Elect Director Maeda, Yukikazu.

25 Jun 19 Kinden Corp. AGM 3.3 For Agenda item : Elect Director Morimoto, Masatake.

25 Jun 19 Kinden Corp. AGM 3.4 For Agenda item : Elect Director Tanigaki, Yoshihiro.

25 Jun 19 Kinden Corp. AGM 3.5 For Agenda item : Elect Director Amisaki, Masaya.

25 Jun 19 Kinden Corp. AGM 3.6 For Agenda item : Elect Director Hayashi, Hiroyuki.

25 Jun 19 Kinden Corp. AGM 3.7 For Agenda item : Elect Director Yukawa, Hidehiko.

25 Jun 19 Kinden Corp. AGM 3.8 For Agenda item : Elect Director Uesaka, Takao.

25 Jun 19 Kinden Corp. AGM 3.9 For Agenda item : Elect Director Tanaka, Hideo.

25 Jun 19 Kissei Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

25 Jun 19 Kissei Pharmaceutical Co., Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Yonekubo, Makoto.

243 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Kissei Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Nakagawa, Kando.

25 Jun 19 Kissei Pharmaceutical Co., Ltd. AGM 3 Opposed Agenda item : Approve Annual Bonus.

UBS note : We will not support retirement or special bonus/share plan when

the amount is not disclosed or when payment is to non-executive directors.

25 Jun 19 Kyocera Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 80.

25 Jun 19 Kyocera Corp. AGM 2.1 For Agenda item : Elect Director Yamaguchi, Goro.

25 Jun 19 Kyocera Corp. AGM 2.10 For Agenda item : Elect Director Sato, Takashi.

25 Jun 19 Kyocera Corp. AGM 2.11 For Agenda item : Elect Director Jinno, Junichi.

25 Jun 19 Kyocera Corp. AGM 2.12 For Agenda item : Elect Director John Sarvis.

25 Jun 19 Kyocera Corp. AGM 2.13 For Agenda item : Elect Director Robert Wisler.

25 Jun 19 Kyocera Corp. AGM 2.14 For Agenda item : Elect Director Mizobata, Hiroto.

25 Jun 19 Kyocera Corp. AGM 2.15 For Agenda item : Elect Director Aoyama, Atsushi.

25 Jun 19 Kyocera Corp. AGM 2.16 For Agenda item : Elect Director Koyano, Akiko.

25 Jun 19 Kyocera Corp. AGM 2.2 For Agenda item : Elect Director Tanimoto, Hideo.

25 Jun 19 Kyocera Corp. AGM 2.3 For Agenda item : Elect Director Ishii, Ken.

25 Jun 19 Kyocera Corp. AGM 2.4 For Agenda item : Elect Director Fure, Hiroshi.

25 Jun 19 Kyocera Corp. AGM 2.5 For Agenda item : Elect Director Date, Yoji.

25 Jun 19 Kyocera Corp. AGM 2.6 For Agenda item : Elect Director Ina, Norihiko.

25 Jun 19 Kyocera Corp. AGM 2.7 For Agenda item : Elect Director Itsukushima, Keiji.

25 Jun 19 Kyocera Corp. AGM 2.8 For Agenda item : Elect Director Kano, Koichi.

25 Jun 19 Kyocera Corp. AGM 2.9 For Agenda item : Elect Director Aoki, Shoichi.

25 Jun 19 Kyocera Corp. AGM 3 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 LIXIL Group Corp. AGM 1.1 Opposed Agenda item : Elect Director Uchibori, Tamio.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 1.2 Opposed Agenda item : Elect Director Kawahara, Haruo.

UBS Asset Management 244

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 1.3 Opposed Agenda item : Elect Director Kurt M. Campbell.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 1.4 Opposed Agenda item : Elect Director Takeuchi, Yo.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 1.5 Opposed Agenda item : Elect Director Fukuhara, Kenichi.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 1.6 Opposed Agenda item : Elect Director Matsuzaki, Masatoshi.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 1.7 Opposed Agenda item : Elect Director Miura, Zenji.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 1.8 Opposed Agenda item : Elect Director Otsubo, Kazuhiko.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 2.1 For Agenda item : Elect Shareholder Director Nominee Onimaru, Kaoru (Who Is

Also Nominated by the Company).

245 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 LIXIL Group Corp. AGM 2.2 For Agenda item : Elect Shareholder Director Nominee Suzuki, Teruo (Who Is Also

Nominated by the Company).

25 Jun 19 LIXIL Group Corp. AGM 3.1 Opposed Agenda item : Elect Shareholder Director Nominee Nishiura, Yuji.

25 Jun 19 LIXIL Group Corp. AGM 3.2 For Agenda item : Elect Shareholder Director Nominee Hamaguchi, Daisuke.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 3.3 For Agenda item : Elect Shareholder Director Nominee Ina, Keiichiro.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 3.4 For Agenda item : Elect Shareholder Director Nominee Kawamoto, Ryuichi.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 3.5 For Agenda item : Elect Shareholder Director Nominee Yoshida, Satoshi.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 LIXIL Group Corp. AGM 3.6 For Agenda item : Elect Shareholder Director Nominee Seto, Kinya.

UBS note : Current management appear to lack the credentials to act for the

interest of shareholders in a fair and transparent manner, thus board change

would be of benefit.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 1.1 For Agenda item : Elect Director Suzuki, Hiroyuki.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 1.2 For Agenda item : Elect Director Yoshimura, Yoshinori.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 1.3 For Agenda item : Elect Director Horikawa, Daiji.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 1.4 For Agenda item : Elect Director Meguro, Yoshitaka.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 1.5 Opposed Agenda item : Elect Director Nakano, Kenjiro.

UBS note : Nominee is not classified as independent and shall be serving on a

UBS Asset Management 246

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

board that is not comprised of one-third of independent members.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 1.6 For Agenda item : Elect Director Ushino, Kenichiro.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 1.7 For Agenda item : Elect Director Fujioka, Yuka.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Terao, Takehiko.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Uchiyama, Yuki.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 3 For Agenda item : Approve Compensation Ceiling for Directors.

25 Jun 19 Maruichi Steel Tube Ltd. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Mastercard Incorporated AGM 1a Opposed Agenda item : Elect Director Richard Haythornthwaite.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

25 Jun 19 Mastercard Incorporated AGM 1b For Agenda item : Elect Director Ajay Banga.

25 Jun 19 Mastercard Incorporated AGM 1c Opposed Agenda item : Elect Director David R. Carlucci.

UBS note : We will not support the election of non-independent,

non-executive directors should the Audit Committee not comprise of 2/3

independent directors.

25 Jun 19 Mastercard Incorporated AGM 1d For Agenda item : Elect Director Richard K. Davis.

25 Jun 19 Mastercard Incorporated AGM 1e Opposed Agenda item : Elect Director Steven J. Freiberg.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

25 Jun 19 Mastercard Incorporated AGM 1f Opposed Agenda item : Elect Director Julius Genachowski.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

25 Jun 19 Mastercard Incorporated AGM 1g Opposed Agenda item : Elect Director Choon Phong Goh.

UBS note : The nominee holds a significant number of positions on the boards

247 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

25 Jun 19 Mastercard Incorporated AGM 1h For Agenda item : Elect Director Merit E. Janow.

25 Jun 19 Mastercard Incorporated AGM 1i Opposed Agenda item : Elect Director Oki Matsumoto.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

25 Jun 19 Mastercard Incorporated AGM 1j For Agenda item : Elect Director Youngme Moon.

25 Jun 19 Mastercard Incorporated AGM 1k For Agenda item : Elect Director Rima Qureshi.

25 Jun 19 Mastercard Incorporated AGM 1l For Agenda item : Elect Director Jose Octavio Reyes Lagunes.

25 Jun 19 Mastercard Incorporated AGM 1m For Agenda item : Elect Director Gabrielle Sulzberger.

25 Jun 19 Mastercard Incorporated AGM 1n For Agenda item : Elect Director Jackson Tai.

25 Jun 19 Mastercard Incorporated AGM 1o For Agenda item : Elect Director Lance Uggla.

25 Jun 19 Mastercard Incorporated AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

25 Jun 19 Mastercard Incorporated AGM 3 Opposed Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

25 Jun 19 Mastercard Incorporated AGM 4 For Agenda item : Report on Gender Pay Gap.

UBS note : Disclosure would provide shareholders with useful information

regarding how effectively management is assessing and mitigating risks that

may rise from inequitable worker treatment.

25 Jun 19 Mastercard Incorporated AGM 5 Opposed Agenda item : Establish Human Rights Board Committee.

25 Jun 19 Mebuki Financial Group, Inc. AGM 1.1 For Agenda item : Elect Director Sasajima, Ritsuo.

25 Jun 19 Mebuki Financial Group, Inc. AGM 1.2 For Agenda item : Elect Director Matsushita, Masanao.

25 Jun 19 Mebuki Financial Group, Inc. AGM 1.3 For Agenda item : Elect Director Murashima, Eiji.

25 Jun 19 Mebuki Financial Group, Inc. AGM 1.4 For Agenda item : Elect Director Horie, Yutaka.

25 Jun 19 Mebuki Financial Group, Inc. AGM 1.5 For Agenda item : Elect Director Akino, Tetsuya.

25 Jun 19 Mebuki Financial Group, Inc. AGM 1.6 For Agenda item : Elect Director Ono, Hiromichi.

25 Jun 19 Mebuki Financial Group, Inc. AGM 1.7 For Agenda item : Elect Director Shu, Yoshimi.

UBS Asset Management 248

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.1 For Agenda item : Elect Director Kobayashi, Yoshimitsu.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.10 For Agenda item : Elect Director Hashimoto, Takayuki.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.11 For Agenda item : Elect Director Hodo, Chikatomo.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.12 For Agenda item : Elect Director Kikuchi, Kiyomi.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.2 For Agenda item : Elect Director Ochi, Hitoshi.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.3 For Agenda item : Elect Director Fujiwara, Ken.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.4 For Agenda item : Elect Director Glenn H. Fredrickson.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.5 For Agenda item : Elect Director Urata, Hisao.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.6 For Agenda item : Elect Director Date, Hidefumi.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.7 For Agenda item : Elect Director Kobayashi, Shigeru.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.8 For Agenda item : Elect Director Ito, Taigi.

25 Jun 19 Mitsubishi Chemical Holdings Corp. AGM 1.9 For Agenda item : Elect Director Kunii, Hideko.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.1 Opposed Agenda item : Elect Director Kurai, Toshikiyo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.10 For Agenda item : Elect Director Tanigawa, Kazuo.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.11 For Agenda item : Elect Director Sato, Tsugio.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.2 For Agenda item : Elect Director Fujii, Masashi.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.3 For Agenda item : Elect Director Mizukami, Masamichi.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.4 For Agenda item : Elect Director Jono, Masahiro.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.5 For Agenda item : Elect Director Inari, Masato.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.6 For Agenda item : Elect Director Ariyoshi, Nobuhisa.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.7 For Agenda item : Elect Director Okubo, Tomohiko.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.8 For Agenda item : Elect Director Otsuka, Hiroyuki.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 1.9 For Agenda item : Elect Director Kato, Kenji.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Kimura, Takashi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

249 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Kawa, Kunio.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 2.3 Opposed Agenda item : Appoint Statutory Auditor Matsuyama, Yasuomi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Mitsubishi Gas Chemical Co., Inc. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Kanzaki, Hiroaki.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.1 Opposed Agenda item : Elect Director Shiraishi, Tadashi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.2 For Agenda item : Elect Director Yanai, Takahiro.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.3 For Agenda item : Elect Director Urabe, Toshimitsu.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.4 For Agenda item : Elect Director Nonoguchi, Tsuyoshi.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.5 For Agenda item : Elect Director Shimoyama, Yoichi.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.6 For Agenda item : Elect Director Minoura, Teruyuki.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.7 For Agenda item : Elect Director Haigo, Toshio.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.8 Opposed Agenda item : Elect Director Icho, Mitsumasa.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 1.9 Opposed Agenda item : Elect Director Hayashi, Naomi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Mitsubishi UFJ Lease & Finance Co., Ltd. AGM 2 Opposed Agenda item : Appoint Statutory Auditor Miake, Shuji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Mitsui Chemicals, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 50.

UBS Asset Management 250

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.1 For Agenda item : Elect Director Tannowa, Tsutomu.

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.2 For Agenda item : Elect Director Kubo, Masaharu.

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.3 For Agenda item : Elect Director Matsuo, Hideki.

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.4 For Agenda item : Elect Director Shimogori, Takayoshi.

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.5 For Agenda item : Elect Director Hashimoto, Osamu.

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.6 For Agenda item : Elect Director Kuroda, Yukiko.

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.7 For Agenda item : Elect Director Bada, Hajime.

25 Jun 19 Mitsui Chemicals, Inc. AGM 2.8 For Agenda item : Elect Director Yoshimaru, Yukiko.

25 Jun 19 Mitsui Chemicals, Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Tokuda, Shozo.

25 Jun 19 Mitsui Chemicals, Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Fujitsuka, Mikio.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.1 For Agenda item : Elect Director Ikeda, Junichiro.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.2 For Agenda item : Elect Director Takahashi, Shizuo.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.3 For Agenda item : Elect Director Hashimoto, Takeshi.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.4 For Agenda item : Elect Director Ono, Akihiko.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.5 For Agenda item : Elect Director Maruyama, Takashi.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.6 Opposed Agenda item : Elect Director Fujii, Hideto.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.7 For Agenda item : Elect Director Katsu, Etsuko.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 3.8 For Agenda item : Elect Director Onishi, Masaru.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 4.1 For Agenda item : Appoint Statutory Auditor Takeda, Toshiaki.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 4.2 For Agenda item : Appoint Statutory Auditor Imura, Junko.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 5 For Agenda item : Appoint Alternate Statutory Auditor Toda, Atsuji.

25 Jun 19 Mitsui O.S.K. Lines, Ltd. AGM 6 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.1 For Agenda item : Elect Director Odo, Shinichi.

251 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.10 For Agenda item : Elect Director Mackenzie Donald Clugston.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.2 Opposed Agenda item : Elect Director Kawai, Takeshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.3 For Agenda item : Elect Director Matsui, Toru.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.4 For Agenda item : Elect Director Kato, Mikihiko.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.5 For Agenda item : Elect Director Kojima, Takio.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.6 For Agenda item : Elect Director Isobe, Kenji.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.7 For Agenda item : Elect Director Maeda, Hiroyuki.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.8 For Agenda item : Elect Director Otaki, Morihiko.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 1.9 Opposed Agenda item : Elect Director Yasui, Kanemaru.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 2 Opposed Agenda item : Appoint Statutory Auditor Matsubara, Yoshihiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 NGK SPARK PLUG CO., LTD. AGM 3 For Agenda item : Approve Trust-Type Equity Compensation Plan.

25 Jun 19 NH Foods Ltd. AGM 1.1 For Agenda item : Elect Director Hata, Yoshihide.

25 Jun 19 NH Foods Ltd. AGM 1.2 For Agenda item : Elect Director Inoue, Katsumi.

25 Jun 19 NH Foods Ltd. AGM 1.3 For Agenda item : Elect Director Kito, Tetsuhiro.

25 Jun 19 NH Foods Ltd. AGM 1.4 For Agenda item : Elect Director Takamatsu, Hajime.

25 Jun 19 NH Foods Ltd. AGM 1.5 For Agenda item : Elect Director Ikawa, Nobuhisa.

25 Jun 19 NH Foods Ltd. AGM 1.6 For Agenda item : Elect Director Kono, Yasuko.

25 Jun 19 NH Foods Ltd. AGM 1.7 For Agenda item : Elect Director Miyagai, Sadanori.

25 Jun 19 NH Foods Ltd. AGM 1.8 For Agenda item : Elect Director Iwasaki, Atsushi.

25 Jun 19 NH Foods Ltd. AGM 1.9 For Agenda item : Elect Director Arase, Hideo.

25 Jun 19 NH Foods Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Nishihara, Koichi.

25 Jun 19 NH Foods Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Shiba, Akihiko.

UBS Asset Management 252

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 NH Foods Ltd. AGM 2.3 For Agenda item : Appoint Statutory Auditor Tazawa, Nobuyuki.

25 Jun 19 NH Foods Ltd. AGM 2.4 For Agenda item : Appoint Statutory Auditor Kitaguchi, Masayuki.

25 Jun 19 NH Foods Ltd. AGM 2.5 For Agenda item : Appoint Statutory Auditor Yamasaki, Tokushi.

25 Jun 19 NH Foods Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Nishiyama, Shigeru.

25 Jun 19 NSK Ltd. AGM 1.1 For Agenda item : Elect Director Uchiyama, Toshihiro.

25 Jun 19 NSK Ltd. AGM 1.10 For Agenda item : Elect Director Mochizuki, Akemi.

25 Jun 19 NSK Ltd. AGM 1.11 For Agenda item : Elect Director Iwamoto, Toshio.

25 Jun 19 NSK Ltd. AGM 1.12 For Agenda item : Elect Director Fujita, Yoshitaka.

25 Jun 19 NSK Ltd. AGM 1.2 For Agenda item : Elect Director Nogami, Saimon.

25 Jun 19 NSK Ltd. AGM 1.3 For Agenda item : Elect Director Suzuki, Shigeyuki.

25 Jun 19 NSK Ltd. AGM 1.4 For Agenda item : Elect Director Kamio, Yasuhiro.

25 Jun 19 NSK Ltd. AGM 1.5 For Agenda item : Elect Director Ichii, Akitoshi.

25 Jun 19 NSK Ltd. AGM 1.6 For Agenda item : Elect Director Goto, Nobuo.

25 Jun 19 NSK Ltd. AGM 1.7 For Agenda item : Elect Director Enomoto, Toshihiko.

25 Jun 19 NSK Ltd. AGM 1.8 Opposed Agenda item : Elect Director Ikeda, Teruhiko.

UBS note : For Japanese companies with 3 committee board structure, we will

not support the election of non-independent outside directors where less than

1/3 of board members are independent outside directors and where each

committee is not comprised of a majority of independent outside directors.

25 Jun 19 NSK Ltd. AGM 1.9 For Agenda item : Elect Director Bada, Hajime.

25 Jun 19 NTN Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 7.5.

25 Jun 19 NTN Corp. AGM 2 For Agenda item : Amend Articles to Adopt Board Structure with Three

Committees - Clarify Director Authority on Shareholder Meetings - Amend

Provisions on Director Titles - Clarify Director Authority on Board Meetings -

Indemnify Directors.

25 Jun 19 NTN Corp. AGM 3.1 Opposed Agenda item : Elect Director Okubo, Hiroshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 NTN Corp. AGM 3.10 For Agenda item : Elect Director Kagono, Tadao.

253 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 NTN Corp. AGM 3.11 For Agenda item : Elect Director Kawakami, Ryo.

25 Jun 19 NTN Corp. AGM 3.2 For Agenda item : Elect Director Inoue, Hironori.

25 Jun 19 NTN Corp. AGM 3.3 For Agenda item : Elect Director Terasaka, Yoshinori.

25 Jun 19 NTN Corp. AGM 3.4 For Agenda item : Elect Director Miyazawa, Hideaki.

25 Jun 19 NTN Corp. AGM 3.5 For Agenda item : Elect Director Shiratori, Toshinori.

25 Jun 19 NTN Corp. AGM 3.6 For Agenda item : Elect Director Ukai, Eiichi.

25 Jun 19 NTN Corp. AGM 3.7 For Agenda item : Elect Director Wada, Akira.

25 Jun 19 NTN Corp. AGM 3.8 For Agenda item : Elect Director Tsuda, Noboru.

25 Jun 19 NTN Corp. AGM 3.9 For Agenda item : Elect Director Kawahara, Koji.

25 Jun 19 Nichirei Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 16.

25 Jun 19 Nichirei Corp. AGM 2.1 For Agenda item : Elect Director Otani, Kunio.

25 Jun 19 Nichirei Corp. AGM 2.10 For Agenda item : Elect Director Shoji, Kuniko.

25 Jun 19 Nichirei Corp. AGM 2.2 For Agenda item : Elect Director Okushi, Kenya.

25 Jun 19 Nichirei Corp. AGM 2.3 For Agenda item : Elect Director Taguchi, Takumi.

25 Jun 19 Nichirei Corp. AGM 2.4 For Agenda item : Elect Director Kaneko, Yoshifumi.

25 Jun 19 Nichirei Corp. AGM 2.5 For Agenda item : Elect Director Kawasaki, Junji.

25 Jun 19 Nichirei Corp. AGM 2.6 For Agenda item : Elect Director Umezawa, Kazuhiko.

25 Jun 19 Nichirei Corp. AGM 2.7 For Agenda item : Elect Director Takenaga, Masahiko.

25 Jun 19 Nichirei Corp. AGM 2.8 For Agenda item : Elect Director Uzawa, Shizuka.

25 Jun 19 Nichirei Corp. AGM 2.9 For Agenda item : Elect Director Wanibuchi, Mieko.

25 Jun 19 Nichirei Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Saito, Yuhiko.

25 Jun 19 Nichirei Corp. AGM 4 For Agenda item : Approve Fixed Cash Compensation Ceiling and

Performance-Based Annual Bonus Ceiling for Directors.

25 Jun 19 Nichirei Corp. AGM 5 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Nihon M&A Center Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 12.

25 Jun 19 Nihon M&A Center Inc. AGM 2.1 For Agenda item : Elect Director Wakebayashi, Yasuhiro.

25 Jun 19 Nihon M&A Center Inc. AGM 2.2 Opposed Agenda item : Elect Director Miyake, Suguru.

UBS Asset Management 254

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

25 Jun 19 Nihon M&A Center Inc. AGM 2.3 For Agenda item : Elect Director Naraki, Takamaro.

25 Jun 19 Nihon M&A Center Inc. AGM 2.4 For Agenda item : Elect Director Otsuki, Masahiko.

25 Jun 19 Nihon M&A Center Inc. AGM 2.5 For Agenda item : Elect Director Takeuchi, Naoki.

25 Jun 19 Nihon M&A Center Inc. AGM 2.6 For Agenda item : Elect Director Mori, Tokihiko.

25 Jun 19 Nihon M&A Center Inc. AGM 3 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.1 For Agenda item : Elect Director Tachibana, Yukio.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.2 Opposed Agenda item : Elect Director Wakumoto, Atsuhiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.3 For Agenda item : Elect Director Shibuya, Tomo.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.4 For Agenda item : Elect Director Oizumi, Masaru.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.5 For Agenda item : Elect Director Mikami, Hiroshi.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ota, Yo.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.7 For Agenda item : Elect Director Fujishima, Yasuyuki.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.8 For Agenda item : Elect Director Ishida, Yoshitsugu.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 2.9 For Agenda item : Elect Director Koizumi, Kazuto.

25 Jun 19 Nippon Kayaku Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Kojima, Akihiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Nippon Steel Corp. /New/ AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.1 For Agenda item : Elect Director Shindo, Kosei.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.10 For Agenda item : Elect Director Ando, Yutaka.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.11 For Agenda item : Elect Director Otsuka, Mutsutake.

255 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.12 For Agenda item : Elect Director Fujisaki, Ichiro.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.13 For Agenda item : Elect Director Iki, Noriko.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.2 For Agenda item : Elect Director Hashimoto, Eiji.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.3 For Agenda item : Elect Director Tanimoto, Shinji.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.4 For Agenda item : Elect Director Nakamura, Shinichi.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.5 For Agenda item : Elect Director Inoue, Akihiko.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.6 For Agenda item : Elect Director Miyamoto, Katsuhiro.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.7 For Agenda item : Elect Director Migita, Akio.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.8 For Agenda item : Elect Director Nishiura, Shin.

25 Jun 19 Nippon Steel Corp. /New/ AGM 2.9 For Agenda item : Elect Director Iijima, Atsushi.

25 Jun 19 Nippon Steel Corp. /New/ AGM 3.1 For Agenda item : Appoint Statutory Auditor Matsuno, Masato.

25 Jun 19 Nippon Steel Corp. /New/ AGM 3.2 For Agenda item : Appoint Statutory Auditor Yoshikawa, Hiroshi.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 95.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 2.1 For Agenda item : Elect Director Oka, Atsuko.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 2.2 For Agenda item : Elect Director Sakamura, Ken.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 2.3 For Agenda item : Elect Director Takegawa, Keiko.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ide, Akiko.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Maezawa, Takao.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Iida, Takashi.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 3.4 For Agenda item : Appoint Statutory Auditor Kanda, Hideki.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 3.5 For Agenda item : Appoint Statutory Auditor Kashima, Kaoru.

25 Jun 19 Nippon Telegraph & Telephone Corp. AGM 4 Opposed Agenda item : Remove Existing Director Shimada, Akira.

25 Jun 19 Nissan Motor Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY

28.5.

25 Jun 19 Nissan Motor Co., Ltd. AGM 2 For Agenda item : Amend Articles to Abolish Board Structure with Statutory

Auditors - Adopt Board Structure with Three Committees - Clarify Director

Authority on Shareholder Meetings - Amend Provisions on Director Titles -

Clarify Director Authority on Board Meetings.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.1 For Agenda item : Elect Director Ihara, Keiko.

UBS Asset Management 256

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.10 Opposed Agenda item : Elect Director Saikawa, Hiroto.

UBS note : Mr Saikawa served on the Board for 14 years during which he

worked closely with Carlos Ghosn, which raises concerns over the effectiveness

of his oversight.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.11 For Agenda item : Elect Director Yamauchi, Yasuhiro.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.2 For Agenda item : Elect Director Toyoda, Masakazu.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.3 For Agenda item : Elect Director Bernard Delmas.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.4 For Agenda item : Elect Director Andrew House.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.5 For Agenda item : Elect Director Kimura, Yasushi.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.6 For Agenda item : Elect Director Nagai, Moto.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.7 For Agenda item : Elect Director Jenifer Rogers.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.8 For Agenda item : Elect Director Thierry Bollore.

25 Jun 19 Nissan Motor Co., Ltd. AGM 3.9 For Agenda item : Elect Director Jean-Dominique Senard.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Yoshikawa, Atsushi.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Kutsukake, Eiji.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Miyajima, Seiichi.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Seki, Toshiaki.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Haga, Makoto.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Shinohara, Satoko.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Higashi, Tetsuro.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 2.1 For Agenda item : Elect Director and Audit Committee Member Orihara, Takao.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Takayama,

Yasushi.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 2.3 For Agenda item : Elect Director and Audit Committee Member Ono, Akira.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 2.4 For Agenda item : Elect Director and Audit Committee Member Mogi, Yoshio.

25 Jun 19 Nomura Real Estate Holdings, Inc. AGM 2.5 For Agenda item : Elect Director and Audit Committee Member Miyakawa, Akiko.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 2 For Agenda item : Approve Remuneration Report.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 3 For Agenda item : Approve Final Dividend.

257 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 4 For Agenda item : Elect Charles Wake as Director.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 5 Opposed Agenda item : Re-elect Christopher Mills as Director.

UBS note : We will not support the election of executive directors on the

Board of Investment Trusts.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 6 Opposed Agenda item : Re-elect Peregrine Moncreiffe as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 7 For Agenda item : Re-elect George Loewenbaum as Director.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 8 For Agenda item : Re-elect Lord Howard as Director.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 9 For Agenda item : Reappoint KPMG LLP as Auditors.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 10 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 11 For Agenda item : Authorise Issue of Equity.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 14 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

25 Jun 19 North Atlantic Smaller Cos Investment Trust Plc AGM 15 Opposed Agenda item : Approve Waiver on Rule 9 of the Takeover Code for the

Concert Party.

UBS note : Where we have concerns over creeping control we may not

support company requests to be exempt from Rule 9 of the Takeover Code.

25 Jun 19 Obayashi Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 18.

25 Jun 19 Obayashi Corp. AGM 2.1 Opposed Agenda item : Elect Director Obayashi, Takeo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Obayashi Corp. AGM 2.10 For Agenda item : Elect Director Izumiya, Naoki.

25 Jun 19 Obayashi Corp. AGM 2.2 For Agenda item : Elect Director Hasuwa, Kenji.

25 Jun 19 Obayashi Corp. AGM 2.3 For Agenda item : Elect Director Ura, Shingo.

25 Jun 19 Obayashi Corp. AGM 2.4 For Agenda item : Elect Director Sato, Takehito.

25 Jun 19 Obayashi Corp. AGM 2.5 For Agenda item : Elect Director Kotera, Yasuo.

UBS Asset Management 258

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Obayashi Corp. AGM 2.6 For Agenda item : Elect Director Murata, Toshihiko.

25 Jun 19 Obayashi Corp. AGM 2.7 For Agenda item : Elect Director Sato, Toshimi.

25 Jun 19 Obayashi Corp. AGM 2.8 For Agenda item : Elect Director Otake, Shinichi.

25 Jun 19 Obayashi Corp. AGM 2.9 For Agenda item : Elect Director Koizumi, Shinichi.

25 Jun 19 Obayashi Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Yokokawa, Hiroshi.

25 Jun 19 Olympus Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

25 Jun 19 Olympus Corp. AGM 2 For Agenda item : Amend Articles to Adopt Board Structure with Three

Committees - Clarify Director Authority on Shareholder Meetings - Amend

Provisions on Director Titles - Indemnify Directors.

25 Jun 19 Olympus Corp. AGM 3.1 For Agenda item : Elect Director Takeuchi, Yasuo.

25 Jun 19 Olympus Corp. AGM 3.10 For Agenda item : Elect Director Iwamura, Tetsuo.

25 Jun 19 Olympus Corp. AGM 3.11 For Agenda item : Elect Director Masuda, Yasumasa.

25 Jun 19 Olympus Corp. AGM 3.12 For Agenda item : Elect Director Natori, Katsuya.

25 Jun 19 Olympus Corp. AGM 3.13 For Agenda item : Elect Director Iwasaki, Atsushi.

25 Jun 19 Olympus Corp. AGM 3.14 For Agenda item : Elect Director D. Robert Hale.

25 Jun 19 Olympus Corp. AGM 3.15 For Agenda item : Elect Director Jim C. Beasley.

25 Jun 19 Olympus Corp. AGM 3.2 For Agenda item : Elect Director Sasa, Hiroyuki.

25 Jun 19 Olympus Corp. AGM 3.3 For Agenda item : Elect Director Stefan Kaufmann.

25 Jun 19 Olympus Corp. AGM 3.4 For Agenda item : Elect Director Koga, Nobuyuki.

25 Jun 19 Olympus Corp. AGM 3.5 For Agenda item : Elect Director Shimizu, Masashi.

25 Jun 19 Olympus Corp. AGM 3.6 For Agenda item : Elect Director Fujita, Sumitaka.

25 Jun 19 Olympus Corp. AGM 3.7 For Agenda item : Elect Director Katayama, Takayuki.

25 Jun 19 Olympus Corp. AGM 3.8 For Agenda item : Elect Director Kaminaga, Susumu.

25 Jun 19 Olympus Corp. AGM 3.9 For Agenda item : Elect Director Kikawa, Michijiro.

25 Jun 19 Orient Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 2.

25 Jun 19 Orient Corp. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

25 Jun 19 Orient Corp. AGM 3.1 For Agenda item : Elect Director Saito, Masayuki.

25 Jun 19 Orient Corp. AGM 3.10 For Agenda item : Elect Director Inuzuka, Shizue.

25 Jun 19 Orient Corp. AGM 3.11 Opposed Agenda item : Elect Director Shingu, Tatsushi.

259 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Orient Corp. AGM 3.12 Opposed Agenda item : Elect Director Okabe, Toshitsugu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Orient Corp. AGM 3.13 For Agenda item : Elect Director Nishino, Kazumi.

25 Jun 19 Orient Corp. AGM 3.2 For Agenda item : Elect Director Kono, Masaaki.

25 Jun 19 Orient Corp. AGM 3.3 For Agenda item : Elect Director Miyake, Yukihiro.

25 Jun 19 Orient Corp. AGM 3.4 For Agenda item : Elect Director Maeda, Kosuke.

25 Jun 19 Orient Corp. AGM 3.5 For Agenda item : Elect Director Matsuo, Hideki.

25 Jun 19 Orient Corp. AGM 3.6 For Agenda item : Elect Director Nakabayashi, Yoshio.

25 Jun 19 Orient Corp. AGM 3.7 For Agenda item : Elect Director Itagaki, Satoshi.

25 Jun 19 Orient Corp. AGM 3.8 For Agenda item : Elect Director Higuchi, Chiharu.

25 Jun 19 Orient Corp. AGM 3.9 For Agenda item : Elect Director Ogo, Naoki.

25 Jun 19 Orient Corp. AGM 4.1 Opposed Agenda item : Appoint Statutory Auditor Fukasawa, Yuji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Orient Corp. AGM 4.2 Opposed Agenda item : Appoint Statutory Auditor Ozawa, Yoshimasa.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Orient Corp. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Mizuta, Masamichi.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 2.2 For Agenda item : Elect Director Takahashi, Hirotoshi.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Wada, Takao.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Seki, Kiyoshi.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 2.5 Opposed Agenda item : Elect Director Tamakoshi, Ryosuke.

UBS Asset Management 260

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 2.6 Opposed Agenda item : Elect Director Peter W. Quigley.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 3 For Agenda item : Elect Director and Audit Committee Member Ozawa, Toshihiro.

25 Jun 19 PERSOL Holdings Co., Ltd. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member

Tsukamoto, Hideo.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 19.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Shimizu, Takuzo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Furuya, Naoki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ueda, Kazuya.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.3 For Agenda item : Elect Director Noguchi, Tetsushi.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.4 For Agenda item : Elect Director Tahara, Ryoji.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.5 For Agenda item : Elect Director Watanabe, Hiroshi.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.6 For Agenda item : Elect Director Katsumura, Junji.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yamashita, Tomoyuki.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kawashima, Yasuhiro.

25 Jun 19 Penta-Ocean Construction Co., Ltd. AGM 2.9 Opposed Agenda item : Elect Director Takahashi, Hidenori.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

261 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Relo Group, Inc. AGM 1.1 For Agenda item : Elect Director Sasada, Masanori.

25 Jun 19 Relo Group, Inc. AGM 1.2 Opposed Agenda item : Elect Director Nakamura, Kenichi.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

25 Jun 19 Relo Group, Inc. AGM 1.3 For Agenda item : Elect Director Kadota, Yasushi.

25 Jun 19 Relo Group, Inc. AGM 1.4 For Agenda item : Elect Director Koshinaga, Kenji.

25 Jun 19 Relo Group, Inc. AGM 1.5 For Agenda item : Elect Director Shimizu, Yasuji.

25 Jun 19 Relo Group, Inc. AGM 1.6 For Agenda item : Elect Director Kawano, Takeshi.

25 Jun 19 Relo Group, Inc. AGM 1.7 For Agenda item : Elect Director Onogi, Takashi.

25 Jun 19 Relo Group, Inc. AGM 1.8 For Agenda item : Elect Director Udagawa, Kazuya.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 97.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kakiuchi, Eiji.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.2 Opposed Agenda item : Elect Director Hiroe, Toshio.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Oki, Katsutoshi.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Nadahara, Soichi.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Kondo, Yoichi.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ando, Kimito.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Saito, Shigeru.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.8 For Agenda item : Elect Director Yoda, Makoto.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 2.9 For Agenda item : Elect Director Takasu, Hidemi.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Ota, Hirofumi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 SCREEN Holdings Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Umeda, Akio.

UBS note : We will vote against the appointment of the internal or

UBS Asset Management 262

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 SCSK Corp. AGM 1.1 For Agenda item : Elect Director Tabuchi, Masao.

25 Jun 19 SCSK Corp. AGM 1.2 For Agenda item : Elect Director Tanihara, Toru.

25 Jun 19 SCSK Corp. AGM 1.3 For Agenda item : Elect Director Fukunaga, Tetsuya.

25 Jun 19 SCSK Corp. AGM 1.4 For Agenda item : Elect Director Kato, Kei.

25 Jun 19 SCSK Corp. AGM 1.5 For Agenda item : Elect Director Tamura, Tatsuro.

25 Jun 19 SCSK Corp. AGM 1.6 For Agenda item : Elect Director Watanabe, Kazumasa.

25 Jun 19 SCSK Corp. AGM 1.7 Opposed Agenda item : Elect Director Matsuda, Kiyoto.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

25 Jun 19 SCSK Corp. AGM 2.1 For Agenda item : Elect Director and Audit Committee Member Anzai, Yasunori.

25 Jun 19 SCSK Corp. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Yabuki, Kimitoshi.

25 Jun 19 SCSK Corp. AGM 2.3 For Agenda item : Elect Director and Audit Committee Member Nakamura,

Masaichi.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.1 For Agenda item : Elect Director Kuriwada, Eiichi.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.2 For Agenda item : Elect Director Araki, Hideo.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.3 For Agenda item : Elect Director Nakajima, Shunichi.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.4 For Agenda item : Elect Director Sano, Tomoki.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.5 For Agenda item : Elect Director Motomura, Masahide.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.6 For Agenda item : Elect Director Kawanago, Katsuhiro.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.7 For Agenda item : Elect Director Matsumoto, Hidekazu.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.8 Opposed Agenda item : Elect Director Takaoka, Mika.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 SG Holdings Co., Ltd. AGM 1.9 For Agenda item : Elect Director Sagisaka, Osami.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 35.

263 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.1 Opposed Agenda item : Elect Director Murai, Atsushi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.10 For Agenda item : Elect Director Ono, Seiei.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.11 Opposed Agenda item : Elect Director Kadowaki, Hideharu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.12 For Agenda item : Elect Director Ando, Toyoaki.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.2 For Agenda item : Elect Director Aoyama, Yukiyasu.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.3 For Agenda item : Elect Director Kayaki, Ikuji.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.4 For Agenda item : Elect Director Hokari, Hirohisa.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.5 For Agenda item : Elect Director Murai, Tsuyoshi.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.6 For Agenda item : Elect Director Nomura, Shigeki.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.7 For Agenda item : Elect Director Yagi, Masato.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.8 For Agenda item : Elect Director Suzuki, Motohisa.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 2.9 For Agenda item : Elect Director Iwaki, Masakazu.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kono, Akira.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 3.2 For Agenda item : Appoint Statutory Auditor Oiwa, Takeshi.

25 Jun 19 SOHGO SECURITY SERVICES CO., LTD. AGM 3.3 For Agenda item : Appoint Statutory Auditor Nakano, Shinichiro.

25 Jun 19 San-in Godo Bank Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 19.

25 Jun 19 San-in Godo Bank Ltd. AGM 2 For Agenda item : Amend Articles to Adopt Board Structure with Audit

Committee - Amend Provisions on Number of Directors - Authorise Directors to

Execute Day to Day Operations without Full Board Approval - Indemnify

Directors.

25 Jun 19 San-in Godo Bank Ltd. AGM 3.1 For Agenda item : Elect Director Kubota, Ichiro.

25 Jun 19 San-in Godo Bank Ltd. AGM 3.2 For Agenda item : Elect Director Ishimaru, Fumio.

25 Jun 19 San-in Godo Bank Ltd. AGM 3.3 For Agenda item : Elect Director Yamasaki, Toru.

25 Jun 19 San-in Godo Bank Ltd. AGM 3.4 For Agenda item : Elect Director Sugihara, Nobuharu.

25 Jun 19 San-in Godo Bank Ltd. AGM 3.5 For Agenda item : Elect Director Imawaka, Yasuhiro.

UBS Asset Management 264

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 San-in Godo Bank Ltd. AGM 3.6 For Agenda item : Elect Director Tago, Hideto.

25 Jun 19 San-in Godo Bank Ltd. AGM 3.7 For Agenda item : Elect Director Tanabe, Choemon.

25 Jun 19 San-in Godo Bank Ltd. AGM 3.8 For Agenda item : Elect Director Kuratsu, Yasuyuki.

25 Jun 19 San-in Godo Bank Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Yoshida, Takashi.

25 Jun 19 San-in Godo Bank Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Miyauchi, Koji.

25 Jun 19 San-in Godo Bank Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Kawamoto,

Michihiro.

25 Jun 19 San-in Godo Bank Ltd. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Imaoka, Shoichi.

25 Jun 19 San-in Godo Bank Ltd. AGM 4.5 For Agenda item : Elect Director and Audit Committee Member Adachi, Tamaki.

25 Jun 19 San-in Godo Bank Ltd. AGM 5 For Agenda item : Elect Alternate Director and Audit Committee Member

Maruyama, Hajime.

25 Jun 19 San-in Godo Bank Ltd. AGM 6 For Agenda item : Approve Fixed Cash Compensation Ceiling and

Performance-Based Cash Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

25 Jun 19 San-in Godo Bank Ltd. AGM 7 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

25 Jun 19 San-in Godo Bank Ltd. AGM 8 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 13.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kurokawa, Akira.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Taniuchi, Shigeo.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Ito, Takeshi.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Oishi, Kanoko.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Shintaku, Yutaro.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Minakawa, Kunihito.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Yasuhara, Hirofumi.

25 Jun 19 Santen Pharmaceutical Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Ito, Yumiko.

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

265 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 2.1 For Agenda item : Elect Director Sawai, Hiroyuki.

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Sawai, Mitsuo.

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sawai, Kenzo.

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Sueyoshi, Kazuhiko.

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Terashima, Toru.

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Todo, Naomi.

25 Jun 19 Sawai Pharmaceutical Co., Ltd. AGM 2.7 For Agenda item : Elect Director Ohara, Masatoshi.

25 Jun 19 Sharp Corp. AGM 1.1 Opposed Agenda item : Elect Director Tai Jeng-Wu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Sharp Corp. AGM 1.2 For Agenda item : Elect Director Nomura, Katsuaki.

25 Jun 19 Sharp Corp. AGM 1.3 For Agenda item : Elect Director Ishida, Yoshihisa.

25 Jun 19 Sharp Corp. AGM 1.4 For Agenda item : Elect Director Woo Kwok Fai.

25 Jun 19 Sharp Corp. AGM 1.5 For Agenda item : Elect Director Chung-Cheng Lin.

25 Jun 19 Sharp Corp. AGM 1.6 For Agenda item : Elect Director Wei-Ming Chen.

25 Jun 19 Sharp Corp. AGM 2.1 Opposed Agenda item : Elect Director and Audit Committee Member Hse-Tung Lu.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

25 Jun 19 Sharp Corp. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Himeiwa, Yasuo.

25 Jun 19 Sharp Corp. AGM 2.3 For Agenda item : Elect Director and Audit Committee Member Tsusue, Yoichi.

25 Jun 19 Sharp Corp. AGM 3 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Sharp Corp. AGM 4 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Sharp Corp. AGM 5 Opposed Agenda item : Approve Stock Option Plan.

UBS Asset Management 266

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.1 Opposed Agenda item : Elect Director Kitano, Takanori.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.10 For Agenda item : Elect Director Kono, Hirokazu.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.2 For Agenda item : Elect Director Hiratsuka, Yutaka.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.3 For Agenda item : Elect Director Tanabe, Toru.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.4 For Agenda item : Elect Director Iino, Katsutoshi.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.5 For Agenda item : Elect Director Takamori, Hiroyuki.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.6 For Agenda item : Elect Director Yoneya, Mitsuhiro.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.7 For Agenda item : Elect Director Kaizumi, Yasuaki.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.8 For Agenda item : Elect Director Ueda, Keisuke.

25 Jun 19 Stanley Electric Co., Ltd. AGM 1.9 For Agenda item : Elect Director Mori, Masakatsu.

25 Jun 19 Stanley Electric Co., Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Yamaguchi, Ryuta.

25 Jun 19 Stanley Electric Co., Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Kanno, Hiroshi.

25 Jun 19 Stanley Electric Co., Ltd. AGM 2.3 For Agenda item : Appoint Statutory Auditor Uehira, Koichi.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.1 For Agenda item : Elect Director Nakazato, Yoshiaki.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.2 For Agenda item : Elect Director Nozaki, Akira.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.3 For Agenda item : Elect Director Asai, Hiroyuki.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.4 For Agenda item : Elect Director Asahi, Hiroshi.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.5 For Agenda item : Elect Director Matsumoto, Nobuhiro.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.6 For Agenda item : Elect Director Taimatsu, Hitoshi.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.7 For Agenda item : Elect Director Nakano, Kazuhisa.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 2.8 For Agenda item : Elect Director Ishii, Taeko.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Yamada, Yuichi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

267 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

auditors are independent.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Mishina, Kazuhiro.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

25 Jun 19 Sumitomo Metal Mining Co., Ltd. AGM 6 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

UBS note : We will vote against the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

25 Jun 19 TADANO Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 13.

25 Jun 19 TADANO Ltd. AGM 2.1 Opposed Agenda item : Elect Director Tadano, Koichi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 TADANO Ltd. AGM 2.2 For Agenda item : Elect Director Suzuki, Tadashi.

25 Jun 19 TADANO Ltd. AGM 2.3 For Agenda item : Elect Director Okuyama, Tamaki.

25 Jun 19 TADANO Ltd. AGM 2.4 For Agenda item : Elect Director Nishi, Yoichiro.

25 Jun 19 TADANO Ltd. AGM 2.5 For Agenda item : Elect Director Yoshida, Yasuyuki.

25 Jun 19 TADANO Ltd. AGM 2.6 For Agenda item : Elect Director Ujiie, Toshiaki.

25 Jun 19 TADANO Ltd. AGM 2.7 For Agenda item : Elect Director Noguchi, Yoshinori.

25 Jun 19 TIS, Inc. (Japan) AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 50.

25 Jun 19 TIS, Inc. (Japan) AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

25 Jun 19 TIS, Inc. (Japan) AGM 3.1 For Agenda item : Elect Director Kuwano, Toru.

25 Jun 19 TIS, Inc. (Japan) AGM 3.2 For Agenda item : Elect Director Adachi, Masahiko.

25 Jun 19 TIS, Inc. (Japan) AGM 3.3 For Agenda item : Elect Director Okamoto, Yasushi.

25 Jun 19 TIS, Inc. (Japan) AGM 3.4 For Agenda item : Elect Director Yanai, Josaku.

25 Jun 19 TIS, Inc. (Japan) AGM 3.5 For Agenda item : Elect Director Kitaoka, Takayuki.

25 Jun 19 TIS, Inc. (Japan) AGM 3.6 For Agenda item : Elect Director Shinkai, Akira.

25 Jun 19 TIS, Inc. (Japan) AGM 3.7 For Agenda item : Elect Director Sano, Koichi.

25 Jun 19 TIS, Inc. (Japan) AGM 3.8 For Agenda item : Elect Director Tsuchiya, Fumio.

25 Jun 19 TIS, Inc. (Japan) AGM 3.9 Opposed Agenda item : Elect Director Mizukoshi, Naoko.

UBS note : Nominee is not classified as independent and shall be serving on a

UBS Asset Management 268

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

board that is not comprised of one-third of independent members.

25 Jun 19 TIS, Inc. (Japan) AGM 4 For Agenda item : Appoint Statutory Auditor Matsuoka, Tatsufumi.

25 Jun 19 TOHO GAS Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

27.5.

25 Jun 19 TOHO GAS Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.1 Opposed Agenda item : Elect Director Yasui, Koichi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.2 For Agenda item : Elect Director Tominari, Yoshiro.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.3 For Agenda item : Elect Director Niwa, Shinji.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.4 For Agenda item : Elect Director Ito, Katsuhiko.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.5 For Agenda item : Elect Director Kodama, Mitsuhiro.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.6 For Agenda item : Elect Director Senda, Shinichi.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.7 For Agenda item : Elect Director Masuda, Nobuyuki.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.8 For Agenda item : Elect Director Miyahara, Koji.

25 Jun 19 TOHO GAS Co., Ltd. AGM 3.9 For Agenda item : Elect Director Hattori, Tetsuo.

25 Jun 19 TOHO GAS Co., Ltd. AGM 4.1 Opposed Agenda item : Appoint Statutory Auditor Nakamura, Osamu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 TOHO GAS Co., Ltd. AGM 4.2 Opposed Agenda item : Appoint Statutory Auditor Kato, Hiroaki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 TOHO GAS Co., Ltd. AGM 4.3 Opposed Agenda item : Appoint Statutory Auditor Kokado, Tamotsu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 TOHO GAS Co., Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

269 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 TOTO Ltd. AGM 1.1 Opposed Agenda item : Elect Director Harimoto, Kunio.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 TOTO Ltd. AGM 1.10 For Agenda item : Elect Director Tamura, Shinya.

25 Jun 19 TOTO Ltd. AGM 1.11 For Agenda item : Elect Director Masuda, Kazuhiko.

25 Jun 19 TOTO Ltd. AGM 1.12 For Agenda item : Elect Director Shimono, Masatsugu.

25 Jun 19 TOTO Ltd. AGM 1.13 For Agenda item : Elect Director Tsuda, Junji.

25 Jun 19 TOTO Ltd. AGM 1.2 For Agenda item : Elect Director Kitamura, Madoka.

25 Jun 19 TOTO Ltd. AGM 1.3 For Agenda item : Elect Director Kiyota, Noriaki.

25 Jun 19 TOTO Ltd. AGM 1.4 For Agenda item : Elect Director Morimura, Nozomu.

25 Jun 19 TOTO Ltd. AGM 1.5 For Agenda item : Elect Director Abe, Soichi.

25 Jun 19 TOTO Ltd. AGM 1.6 For Agenda item : Elect Director Hayashi, Ryosuke.

25 Jun 19 TOTO Ltd. AGM 1.7 For Agenda item : Elect Director Aso, Taiichi.

25 Jun 19 TOTO Ltd. AGM 1.8 For Agenda item : Elect Director Shirakawa, Satoshi.

25 Jun 19 TOTO Ltd. AGM 1.9 For Agenda item : Elect Director Taguchi, Tomoyuki.

25 Jun 19 TOTO Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Sarasawa, Shuichi.

25 Jun 19 TOTO Ltd. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Marumori, Yasushi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 TOTO Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Miyano, Tsutomu.

25 Jun 19 Toray Industries, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 8.

25 Jun 19 Toray Industries, Inc. AGM 2 For Agenda item : Amend Articles to Amend Provisions on Number of Statutory

Auditors.

25 Jun 19 Toray Industries, Inc. AGM 3 For Agenda item : Elect Director Inohara, Nobuyuki.

25 Jun 19 Toray Industries, Inc. AGM 4.1 Opposed Agenda item : Appoint Statutory Auditor Masuda, Shogo.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

UBS Asset Management 270

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Toray Industries, Inc. AGM 4.2 Opposed Agenda item : Appoint Statutory Auditor Taneichi, Shoshiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Toray Industries, Inc. AGM 4.3 For Agenda item : Appoint Statutory Auditor Nagai, Toshio.

25 Jun 19 Toray Industries, Inc. AGM 4.4 Opposed Agenda item : Appoint Statutory Auditor Jono, Kazuya.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

25 Jun 19 Toray Industries, Inc. AGM 4.5 For Agenda item : Appoint Statutory Auditor Kumasaka, Hiroyuki.

25 Jun 19 Toray Industries, Inc. AGM 5 For Agenda item : Approve Compensation Ceiling for Statutory Auditors.

25 Jun 19 Toray Industries, Inc. AGM 6 For Agenda item : Approve Annual Bonus.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.1 For Agenda item : Elect Amir Elstein as Director and Approve His Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.10 For Agenda item : Elect Jerry Neal as Director and Approve His Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.2 For Agenda item : Elect Russell Ellwanger as Director and Approve His

Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.3 For Agenda item : Elect Kalman Kaufman as Director and Approve His

Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.4 For Agenda item : Elect Alex Kornhauser as Director and Approve His

Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.5 For Agenda item : Elect Dana Gross as Director and Approve Her Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.6 For Agenda item : Elect Ilan Flato as Director and Approve His Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.7 For Agenda item : Elect Rami Guzman as Director and Approve His Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.8 For Agenda item : Elect Yoav Chelouche as Director and Approve His

Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 1.9 For Agenda item : Elect Iris Avner as Director and Approve Her Remuneration.

25 Jun 19 Tower Semiconductor Ltd. AGM 2 For Agenda item : Appoint Amir Elstein as Chairman and Approve his Terms of

Compensation.

25 Jun 19 Tower Semiconductor Ltd. AGM 3 Opposed Agenda item : Approve Equity Grant to Russell Ellwanger, CEO.

271 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : The proposed plan does not provide a sufficiently strong link

between awards and shareholder long-term interest.

25 Jun 19 Tower Semiconductor Ltd. AGM 4 Opposed Agenda item : Approve Equity Grant to Certain Directors.

UBS note : The proposed plan does not provide a sufficiently strong link

between awards and shareholder long-term interest.

25 Jun 19 Tower Semiconductor Ltd. AGM 5 For Agenda item : Renew Liability Insurance Policy to Directors/Officers.

25 Jun 19 Tower Semiconductor Ltd. AGM 6 Opposed Agenda item : Appoint Brightman Almagor & Co. as Auditors and Authorise

Board to Fix Their Remuneration.

UBS note : The tenure of auditor used by the company exceeds 20 years.

25 Jun 19 Tower Semiconductor Ltd. AGM A Opposed Agenda item : Vote FOR if you are a controlling shareholder or have a

personal interest in one or several resolutions, as indicated in the proxy card;

otherwise, vote AGAINST. You may not abstain. If you vote FOR, please

provide an explanation to your account manager.

25 Jun 19 Tower Semiconductor Ltd. AGM B1 Opposed Agenda item : If you are an Interest Holder as defined in Section 1 of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

25 Jun 19 Tower Semiconductor Ltd. AGM B2 Opposed Agenda item : If you are a Senior Officer as defined in Section 37(D) of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

25 Jun 19 Tower Semiconductor Ltd. AGM B3 For Agenda item : If you are an Institutional Investor as defined in Regulation 1 of

the Supervision Financial Services Regulations 2009 or a Manager of a Joint

Investment Trust Fund as defined in the Joint Investment Trust Law, 1994, vote

FOR. Otherwise, vote against.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 7.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.1 For Agenda item : Elect Director Nakai, Takao.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.10 For Agenda item : Elect Director Asatsuma, Kei.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.11 For Agenda item : Elect Director Suzuki, Hiroshi.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.12 For Agenda item : Elect Director Shibasaka, Mamoru.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.13 For Agenda item : Elect Director Taniguchi, Mami.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.2 For Agenda item : Elect Director Otsuka, Ichio.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.3 For Agenda item : Elect Director Sumida, Hirohiko.

UBS Asset Management 272

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.4 For Agenda item : Elect Director Gobun, Masashi.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.5 For Agenda item : Elect Director Soejima, Masakazu.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.6 For Agenda item : Elect Director Murohashi, Kazuo.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.7 For Agenda item : Elect Director Ogasawara, Koki.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.8 For Agenda item : Elect Director Kobayashi, Hideaki.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 2.9 For Agenda item : Elect Director Katayama, Tsutao.

25 Jun 19 Toyo Seikan Group Holdings Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Ikuta, Shoichi.

25 Jun 19 Toyobo Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

25 Jun 19 Toyobo Co., Ltd. AGM 2.1 For Agenda item : Elect Director Sakamoto, Ryuzo.

25 Jun 19 Toyobo Co., Ltd. AGM 2.10 For Agenda item : Elect Director Sakuragi, Kimie.

25 Jun 19 Toyobo Co., Ltd. AGM 2.2 For Agenda item : Elect Director Narahara, Seiji.

25 Jun 19 Toyobo Co., Ltd. AGM 2.3 For Agenda item : Elect Director Watanabe, Masaru.

25 Jun 19 Toyobo Co., Ltd. AGM 2.4 For Agenda item : Elect Director Takenaka, Shigeo.

25 Jun 19 Toyobo Co., Ltd. AGM 2.5 For Agenda item : Elect Director Ueno, Hitoshi.

25 Jun 19 Toyobo Co., Ltd. AGM 2.6 For Agenda item : Elect Director Nishiyama, Shigeo.

25 Jun 19 Toyobo Co., Ltd. AGM 2.7 For Agenda item : Elect Director Oka, Taketoshi.

25 Jun 19 Toyobo Co., Ltd. AGM 2.8 For Agenda item : Elect Director Nakamura, Masaru.

25 Jun 19 Toyobo Co., Ltd. AGM 2.9 For Agenda item : Elect Director Isogai, Takafumi.

25 Jun 19 Toyobo Co., Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Satoi, Yoshinori.

25 Jun 19 Toyobo Co., Ltd. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

25 Jun 19 Toyota Tsusho Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 50.

25 Jun 19 Toyota Tsusho Corp. AGM 2.1 For Agenda item : Elect Director Karube, Jun.

25 Jun 19 Toyota Tsusho Corp. AGM 2.10 For Agenda item : Elect Director Komoto, Kunihito.

25 Jun 19 Toyota Tsusho Corp. AGM 2.11 Opposed Agenda item : Elect Director Didier Leroy.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Toyota Tsusho Corp. AGM 2.2 For Agenda item : Elect Director Kashitani, Ichiro.

273 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Toyota Tsusho Corp. AGM 2.3 For Agenda item : Elect Director Murata, Minoru.

25 Jun 19 Toyota Tsusho Corp. AGM 2.4 For Agenda item : Elect Director Yanase, Hideki.

25 Jun 19 Toyota Tsusho Corp. AGM 2.5 For Agenda item : Elect Director Nagai, Yasuhiro.

25 Jun 19 Toyota Tsusho Corp. AGM 2.6 For Agenda item : Elect Director Tominaga, Hiroshi.

25 Jun 19 Toyota Tsusho Corp. AGM 2.7 For Agenda item : Elect Director Iwamoto, Hideyuki.

25 Jun 19 Toyota Tsusho Corp. AGM 2.8 For Agenda item : Elect Director Kawaguchi, Yoriko.

25 Jun 19 Toyota Tsusho Corp. AGM 2.9 For Agenda item : Elect Director Fujisawa, Kumi.

25 Jun 19 Toyota Tsusho Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Takahashi, Tsutomu.

25 Jun 19 Toyota Tsusho Corp. AGM 4 For Agenda item : Approve Annual Bonus.

25 Jun 19 VMware, Inc. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

25 Jun 19 VMware, Inc. AGM 3 For Agenda item : Amend Omnibus Stock Plan.

25 Jun 19 VMware, Inc. AGM 4 For Agenda item : Amend Qualified Employee Stock Purchase Plan.

25 Jun 19 VMware, Inc. AGM 5 For Agenda item : Ratify PricewaterhouseCoopers LLP as Auditors.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 1.1 Opposed Agenda item : Elect Director Yoshimura, Takeshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 1.2 For Agenda item : Elect Director Umemoto, Hirohide.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 1.3 For Agenda item : Elect Director Koda, Ichinari.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 1.4 For Agenda item : Elect Director Oda, Koji.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 1.5 For Agenda item : Elect Director Kato, Mitsuru.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 1.6 For Agenda item : Elect Director Kusunoki, Masao.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 2.1 For Agenda item : Elect Director and Audit Committee Member Tsukuda, Kazuo.

25 Jun 19 Yamaguchi Financial Group, Inc. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Kunimasa,

Michiaki.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.1 For Agenda item : Elect Director Yamauchi, Masaki.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.2 For Agenda item : Elect Director Nagao, Yutaka.

UBS Asset Management 274

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.3 For Agenda item : Elect Director Kanda, Haruo.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.4 For Agenda item : Elect Director Shibasaki, Kenichi.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.5 For Agenda item : Elect Director Mori, Masakatsu.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.6 For Agenda item : Elect Director Tokuno, Mariko.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.7 For Agenda item : Elect Director Kobayashi, Yoichi.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 1.8 For Agenda item : Elect Director Sugata, Shiro.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Kawasaki, Yoshihiro.

25 Jun 19 Yamato Holdings Co., Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Yokose, Motoharu.

25 Jun 19 Yaoko Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

32.5.

25 Jun 19 Yaoko Co., Ltd. AGM 2 For Agenda item : Amend Articles to Reduce Directors' Term.

25 Jun 19 Yaoko Co., Ltd. AGM 3.1 For Agenda item : Elect Director Kawano, Yukio.

25 Jun 19 Yaoko Co., Ltd. AGM 3.10 Opposed Agenda item : Elect Director Kurokawa, Shigeyuki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 Yaoko Co., Ltd. AGM 3.11 For Agenda item : Elect Director Yano, Asako.

25 Jun 19 Yaoko Co., Ltd. AGM 3.12 For Agenda item : Elect Director Sakamaki, Hisashi.

25 Jun 19 Yaoko Co., Ltd. AGM 3.2 For Agenda item : Elect Director Kawano, Sumito.

25 Jun 19 Yaoko Co., Ltd. AGM 3.3 For Agenda item : Elect Director Kobayashi, Masao.

25 Jun 19 Yaoko Co., Ltd. AGM 3.4 For Agenda item : Elect Director Arai, Noriaki.

25 Jun 19 Yaoko Co., Ltd. AGM 3.5 For Agenda item : Elect Director Kamiike, Masanobu.

25 Jun 19 Yaoko Co., Ltd. AGM 3.6 For Agenda item : Elect Director Kozawa, Mitsuo.

25 Jun 19 Yaoko Co., Ltd. AGM 3.7 For Agenda item : Elect Director Ishizuka, Takanori.

25 Jun 19 Yaoko Co., Ltd. AGM 3.8 For Agenda item : Elect Director Togawa, Shinichi.

25 Jun 19 Yaoko Co., Ltd. AGM 3.9 For Agenda item : Elect Director Yagihashi, Hiroaki.

25 Jun 19 Yokogawa Electric Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 17.

25 Jun 19 Yokogawa Electric Corp. AGM 2.1 For Agenda item : Elect Director Nishijima, Takashi.

25 Jun 19 Yokogawa Electric Corp. AGM 2.2 For Agenda item : Elect Director Nara, Hitoshi.

25 Jun 19 Yokogawa Electric Corp. AGM 2.3 For Agenda item : Elect Director Anabuki, Junichi.

275 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

25 Jun 19 Yokogawa Electric Corp. AGM 2.4 For Agenda item : Elect Director Dai, Yu.

25 Jun 19 Yokogawa Electric Corp. AGM 2.5 For Agenda item : Elect Director Uji, Noritaka.

25 Jun 19 Yokogawa Electric Corp. AGM 2.6 For Agenda item : Elect Director Seki, Nobuo.

25 Jun 19 Yokogawa Electric Corp. AGM 2.7 For Agenda item : Elect Director Sugata, Shiro.

25 Jun 19 Yokogawa Electric Corp. AGM 2.8 For Agenda item : Elect Director Uchida, Akira.

25 Jun 19 ZOZO, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 10.

25 Jun 19 ZOZO, Inc. AGM 2 For Agenda item : Amend Articles to Clarify Provisions on Alternate Statutory

Auditors.

25 Jun 19 ZOZO, Inc. AGM 3.1 Opposed Agenda item : Elect Director Maezawa, Yusaku.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

25 Jun 19 ZOZO, Inc. AGM 3.2 For Agenda item : Elect Director Yanagisawa, Koji.

25 Jun 19 ZOZO, Inc. AGM 3.3 For Agenda item : Elect Director Sawada, Kotaro.

25 Jun 19 ZOZO, Inc. AGM 3.4 For Agenda item : Elect Director Ito, Masahiro.

25 Jun 19 ZOZO, Inc. AGM 3.5 Opposed Agenda item : Elect Director Ono, Koji.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

25 Jun 19 ZOZO, Inc. AGM 3.6 For Agenda item : Elect Director Hotta, Kazunori.

25 Jun 19 ZOZO, Inc. AGM 4.1 For Agenda item : Appoint Statutory Auditor Motai, Junichi.

25 Jun 19 ZOZO, Inc. AGM 4.2 For Agenda item : Appoint Statutory Auditor Igarashi, Hiroko.

25 Jun 19 ZOZO, Inc. AGM 5 For Agenda item : Appoint Alternate Statutory Auditor Hattori, Shichiro.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Okamoto, Mitsuo.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.2 For Agenda item : Elect Director Isobe, Tsutomu.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.3 For Agenda item : Elect Director Shibata, Kotaro.

UBS Asset Management 276

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kudo, Hidekazu.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.5 For Agenda item : Elect Director Miwa, Kazuhiko.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.6 For Agenda item : Elect Director Mazuka, Michiyoshi.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.7 For Agenda item : Elect Director Chino, Toshitake.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 2.8 Opposed Agenda item : Elect Director Miyoshi, Hidekazu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Shigeta, Takaya.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Takenouchi, Akira.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Murata, Makoto.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

26 Jun 19 AMADA HOLDINGS Co., Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.1 Opposed Agenda item : Elect Director Shimizu, Tetsuro.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.2 For Agenda item : Elect Director Okuda, Shoichi.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.3 For Agenda item : Elect Director Nankoin, Masayuki.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.4 For Agenda item : Elect Director Honda, Toshio.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.5 For Agenda item : Elect Director Kagita, Hiroyuki.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.6 For Agenda item : Elect Director Kozano, Yoshiaki.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.7 For Agenda item : Elect Director Hirasawa, Akira.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 1.8 Opposed Agenda item : Elect Director Uchikawa, Haruya.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Hokino, Hideaki.

26 Jun 19 APLUS FINANCIAL Co., Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Jimbo, Takuya.

26 Jun 19 Advantest Corp. AGM 1.1 For Agenda item : Elect Director Yoshida, Yoshiaki.

26 Jun 19 Advantest Corp. AGM 1.2 For Agenda item : Elect Director Karatsu, Osamu.

277 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Advantest Corp. AGM 1.3 For Agenda item : Elect Director Urabe, Toshimitsu.

26 Jun 19 Advantest Corp. AGM 1.4 For Agenda item : Elect Director Nicholas Benes.

26 Jun 19 Advantest Corp. AGM 1.5 For Agenda item : Elect Director Hans-Juergen Wagner.

26 Jun 19 Advantest Corp. AGM 1.6 For Agenda item : Elect Director Tsukakoshi, Soichi.

26 Jun 19 Advantest Corp. AGM 1.7 For Agenda item : Elect Director Fujita, Atushi.

26 Jun 19 Advantest Corp. AGM 2.1 For Agenda item : Elect Director and Audit Committee Member Kurita, Yuichi.

26 Jun 19 Advantest Corp. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Namba, Koichi.

26 Jun 19 Advantest Corp. AGM 3 For Agenda item : Elect Alternate Director and Audit Committee Member Karatsu,

Osamu.

26 Jun 19 Air Water Inc. AGM 1 For Agenda item : Amend Articles to Change Location of Head Office - Clarify

Director Authority on Shareholder Meetings - Amend Provisions on Director

Titles - Clarify Director Authority on Board Meetings.

26 Jun 19 Air Water Inc. AGM 2.1 For Agenda item : Elect Director Toyoda, Masahiro.

26 Jun 19 Air Water Inc. AGM 2.10 For Agenda item : Elect Director Kawata, Hirokazu.

26 Jun 19 Air Water Inc. AGM 2.11 For Agenda item : Elect Director Kajiwara, Katsumi.

26 Jun 19 Air Water Inc. AGM 2.12 For Agenda item : Elect Director Iinaga, Atsushi.

26 Jun 19 Air Water Inc. AGM 2.13 For Agenda item : Elect Director Komura, Kosuke.

26 Jun 19 Air Water Inc. AGM 2.14 For Agenda item : Elect Director Toyonaga, Akihiro.

26 Jun 19 Air Water Inc. AGM 2.15 For Agenda item : Elect Director Matsubayashi, Ryosuke.

26 Jun 19 Air Water Inc. AGM 2.16 For Agenda item : Elect Director Kanazawa, Masahiro.

26 Jun 19 Air Water Inc. AGM 2.17 For Agenda item : Elect Director Kato, Yasunori.

26 Jun 19 Air Water Inc. AGM 2.18 For Agenda item : Elect Director Tanaka, Koji.

26 Jun 19 Air Water Inc. AGM 2.19 For Agenda item : Elect Director Sakamoto, Yukiko.

26 Jun 19 Air Water Inc. AGM 2.2 For Agenda item : Elect Director Imai, Yasuo.

26 Jun 19 Air Water Inc. AGM 2.20 For Agenda item : Elect Director Shimizu, Isamu.

26 Jun 19 Air Water Inc. AGM 2.3 For Agenda item : Elect Director Toyoda, Kikuo.

26 Jun 19 Air Water Inc. AGM 2.4 For Agenda item : Elect Director Shirai, Kiyoshi.

26 Jun 19 Air Water Inc. AGM 2.5 For Agenda item : Elect Director Karato, Yu.

26 Jun 19 Air Water Inc. AGM 2.6 For Agenda item : Elect Director Machida, Masato.

UBS Asset Management 278

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Air Water Inc. AGM 2.7 For Agenda item : Elect Director Tsutsumi, Hideo.

26 Jun 19 Air Water Inc. AGM 2.8 For Agenda item : Elect Director Shiomi, Yoshio.

26 Jun 19 Air Water Inc. AGM 2.9 For Agenda item : Elect Director Sogabe, Yasushi.

26 Jun 19 Air Water Inc. AGM 3 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Alfresa Holdings Corp. AGM 1.1 For Agenda item : Elect Director Kanome, Hiroyuki.

26 Jun 19 Alfresa Holdings Corp. AGM 1.10 For Agenda item : Elect Director Yatsurugi, Yoichiro.

26 Jun 19 Alfresa Holdings Corp. AGM 1.11 For Agenda item : Elect Director Konno, Shiho.

26 Jun 19 Alfresa Holdings Corp. AGM 1.2 For Agenda item : Elect Director Kubo, Taizo.

26 Jun 19 Alfresa Holdings Corp. AGM 1.3 For Agenda item : Elect Director Masunaga, Koichi.

26 Jun 19 Alfresa Holdings Corp. AGM 1.4 For Agenda item : Elect Director Izumi, Yasuki.

26 Jun 19 Alfresa Holdings Corp. AGM 1.5 For Agenda item : Elect Director Arakawa, Ryuji.

26 Jun 19 Alfresa Holdings Corp. AGM 1.6 For Agenda item : Elect Director Kishida, Seiichi.

26 Jun 19 Alfresa Holdings Corp. AGM 1.7 For Agenda item : Elect Director Katsuki, Hisashi.

26 Jun 19 Alfresa Holdings Corp. AGM 1.8 For Agenda item : Elect Director Shimada, Koichi.

26 Jun 19 Alfresa Holdings Corp. AGM 1.9 For Agenda item : Elect Director Terai, Kimiko.

26 Jun 19 Alfresa Holdings Corp. AGM 2 For Agenda item : Approve Trust-Type Equity Compensation Plan.

26 Jun 19 Aroundtown SA AGM 3 Do Not Vote Agenda item : Approve Financial Statements.

26 Jun 19 Aroundtown SA AGM 4 Do Not Vote Agenda item : Approve Consolidated Financial Statements.

26 Jun 19 Aroundtown SA AGM 5 Do Not Vote Agenda item : Approve Allocation of Income.

26 Jun 19 Aroundtown SA AGM 6 Do Not Vote Agenda item : Approve Discharge of Directors.

26 Jun 19 Aroundtown SA AGM 7 Do Not Vote Agenda item : Re-elect Jelena Afxentiou as Director.

26 Jun 19 Aroundtown SA AGM 8 Do Not Vote Agenda item : Re-elect Oschrie Massatschi as Director.

26 Jun 19 Aroundtown SA AGM 9 Do Not Vote Agenda item : Re-elect Frank Roseen as Director.

26 Jun 19 Aroundtown SA AGM 10 Do Not Vote Agenda item : Re-elect Markus Leininger as Director.

26 Jun 19 Aroundtown SA AGM 11 Do Not Vote Agenda item : Re-elect Markus Kreuter as Director.

26 Jun 19 Aroundtown SA AGM 12 Do Not Vote Agenda item : Renew Appointment of KPMG Luxembourg as Auditor.

26 Jun 19 Aroundtown SA AGM 13 Do Not Vote Agenda item : Approve Dividends of EUR 0.2535 Per Share.

279 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 CSR Limited AGM 2 For Agenda item : Elect Matthew Quinn as Director.

26 Jun 19 CSR Limited AGM 3 For Agenda item : Approve Remuneration Report.

26 Jun 19 CSR Limited AGM 4 For Agenda item : Approve Grant of Performance Rights to Julie Coates.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 2 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 3 For Agenda item : Amend Articles to Amend Business Lines.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.1 For Agenda item : Elect Director Mizuno, Akihisa.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.10 For Agenda item : Elect Director Nemoto, Naoko.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.11 For Agenda item : Elect Director Hashimoto, Takayuki.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.12 For Agenda item : Elect Director Shimao, Tadashi.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.2 For Agenda item : Elect Director Katsuno, Satoru.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.3 For Agenda item : Elect Director Kataoka, Akinori.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.4 For Agenda item : Elect Director Kurata, Chiyoji.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.5 For Agenda item : Elect Director Masuda, Hiromu.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.6 For Agenda item : Elect Director Misawa, Taisuke.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.7 For Agenda item : Elect Director Ichikawa, Yaoji.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.8 For Agenda item : Elect Director Hayashi, Kingo.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 4.9 For Agenda item : Elect Director Hiraiwa, Yoshiro.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 5.1 For Agenda item : Appoint Statutory Auditor Terada, Shuichi.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 5.2 For Agenda item : Appoint Statutory Auditor Hamaguchi, Michinari.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 6 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 7 Opposed Agenda item : Amend Articles to Amend Provisions on Exemption of Liabilities

of Directors.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 8 Opposed Agenda item : Amend Articles to Decommission Hamaoka Nuclear Power

Plant.

26 Jun 19 Chubu Electric Power Co., Inc. AGM 9 Opposed Agenda item : Amend Articles to Prohibit Discharge of Spent Nuclear Fuels

UBS Asset Management 280

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

and High-Level Radioactive Wastes.

26 Jun 19 Citizen Watch Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 10.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.1 For Agenda item : Elect Director Tokura, Toshio.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.10 For Agenda item : Elect Director Kuboki, Toshiko.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.11 For Agenda item : Elect Director Osawa, Yoshio.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.2 For Agenda item : Elect Director Sato, Toshihiko.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takeuchi, Norio.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.4 For Agenda item : Elect Director Furukawa, Toshiyuki.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nakajima, Keiichi.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.6 For Agenda item : Elect Director Shirai, Shinji.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.7 For Agenda item : Elect Director Oji, Yoshitaka.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.8 For Agenda item : Elect Director Miyamoto, Yoshiaki.

26 Jun 19 Citizen Watch Co., Ltd. AGM 2.9 For Agenda item : Elect Director Terasaka, Fumiaki.

26 Jun 19 Citizen Watch Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Ishida, Yaeko.

26 Jun 19 Citizen Watch Co., Ltd. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors.

26 Jun 19 DENSO Corp. AGM 1.1 For Agenda item : Elect Director Arima, Koji.

26 Jun 19 DENSO Corp. AGM 1.2 For Agenda item : Elect Director Yamanaka, Yasushi.

26 Jun 19 DENSO Corp. AGM 1.3 For Agenda item : Elect Director Wakabayashi, Hiroyuki.

26 Jun 19 DENSO Corp. AGM 1.4 For Agenda item : Elect Director Tsuzuki, Shoji.

26 Jun 19 DENSO Corp. AGM 1.5 For Agenda item : Elect Director Toyoda, Akio.

26 Jun 19 DENSO Corp. AGM 1.6 For Agenda item : Elect Director George Olcott.

26 Jun 19 DENSO Corp. AGM 1.7 For Agenda item : Elect Director Kushida, Shigeki.

26 Jun 19 DENSO Corp. AGM 1.8 For Agenda item : Elect Director Mitsuya, Yuko.

26 Jun 19 DENSO Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Shimmura, Atsuhiko.

26 Jun 19 DENSO Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Goto, Yasuko.

26 Jun 19 DENSO Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Kitamura, Haruo.

26 Jun 19 DENSO Corp. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Kitagawa, Hiromi.

26 Jun 19 DENSO Corp. AGM 4 For Agenda item : Approve Annual Bonus.

26 Jun 19 Daido Steel Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 65.

281 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Daido Steel Co., Ltd. AGM 2.1 For Agenda item : Elect Director Shimao, Tadashi.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Jimbo, Mutsuko.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ishiguro, Takeshi.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.3 For Agenda item : Elect Director Nishimura, Tsukasa.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.4 For Agenda item : Elect Director Tachibana, Kazuto.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.5 For Agenda item : Elect Director Yoshida, Satoshi.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.6 For Agenda item : Elect Director Amano, Hajime.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kajita, Akihito.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.8 Opposed Agenda item : Elect Director Soma, Shuji.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Daido Steel Co., Ltd. AGM 2.9 For Agenda item : Elect Director Tanemura, Hitoshi.

26 Jun 19 Daido Steel Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Shimura, Susumu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Daido Steel Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Mizutani, Kiyoshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Daido Steel Co., Ltd. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Matsuo, Kenji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Daido Steel Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Hattori, Yutaka.

26 Jun 19 Daido Steel Co., Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.1 For Agenda item : Elect Director Hibino, Takashi.

UBS Asset Management 282

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Daiwa Securities Group Inc. AGM 1.10 For Agenda item : Elect Director Ogasawara, Michiaki.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.11 For Agenda item : Elect Director Takeuchi, Hirotaka.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.12 For Agenda item : Elect Director Nishikawa, Ikuo.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.13 For Agenda item : Elect Director Kawai, Eriko.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.14 For Agenda item : Elect Director Nishikawa, Katsuyuki.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.2 For Agenda item : Elect Director Nakata, Seiji.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.3 For Agenda item : Elect Director Matsui, Toshihiro.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.4 For Agenda item : Elect Director Takahashi, Kazuo.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.5 For Agenda item : Elect Director Tashiro, Keiko.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.6 For Agenda item : Elect Director Komatsu, Mikita.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.7 For Agenda item : Elect Director Nakagawa, Masahisa.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.8 For Agenda item : Elect Director Hanaoka, Sachiko.

26 Jun 19 Daiwa Securities Group Inc. AGM 1.9 For Agenda item : Elect Director Onodera, Tadashi.

26 Jun 19 EXEDY Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 45.

26 Jun 19 EXEDY Corp. AGM 2.1 Opposed Agenda item : Elect Director Hisakawa, Hidehito.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 EXEDY Corp. AGM 2.10 Opposed Agenda item : Elect Director Yoshikawa, Ichizo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 EXEDY Corp. AGM 2.11 For Agenda item : Elect Director Takano, Toshiki.

26 Jun 19 EXEDY Corp. AGM 2.2 For Agenda item : Elect Director Okamura, Shogo.

26 Jun 19 EXEDY Corp. AGM 2.3 For Agenda item : Elect Director Toyohara, Hiroshi.

26 Jun 19 EXEDY Corp. AGM 2.4 For Agenda item : Elect Director Fujimoto, Shinji.

26 Jun 19 EXEDY Corp. AGM 2.5 For Agenda item : Elect Director Yoshinaga, Tetsuya.

26 Jun 19 EXEDY Corp. AGM 2.6 For Agenda item : Elect Director Hirose, Yuzuru.

26 Jun 19 EXEDY Corp. AGM 2.7 For Agenda item : Elect Director Yamakawa, Junji.

26 Jun 19 EXEDY Corp. AGM 2.8 Opposed Agenda item : Elect Director Mitsuya, Makoto.

283 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 EXEDY Corp. AGM 2.9 For Agenda item : Elect Director Akita, Koji.

26 Jun 19 EXEDY Corp. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Nishigaki, Keizo.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 EXEDY Corp. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Fukuda, Tadashi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 EXEDY Corp. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Tsubota, Satoshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Electric Power Development Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Kitamura, Masayoshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.10 For Agenda item : Elect Director Honda, Makoto.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.11 For Agenda item : Elect Director Kanno, Hitoshi.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.12 For Agenda item : Elect Director Kajitani, Go.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.13 Opposed Agenda item : Elect Director Ito, Tomonori.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.14 For Agenda item : Elect Director John Buchanan.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.2 For Agenda item : Elect Director Watanabe, Toshifumi.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.3 For Agenda item : Elect Director Murayama, Hitoshi.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.4 For Agenda item : Elect Director Uchiyama, Masato.

UBS Asset Management 284

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.5 For Agenda item : Elect Director Urashima, Akihito.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.6 For Agenda item : Elect Director Onoi, Yoshiki.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.7 For Agenda item : Elect Director Minaminosono, Hiromi.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.8 For Agenda item : Elect Director Sugiyama, Hiroyasu.

26 Jun 19 Electric Power Development Co., Ltd. AGM 2.9 For Agenda item : Elect Director Tsukuda, Hideki.

26 Jun 19 Electric Power Development Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Otsuka, Mutsutake.

26 Jun 19 Electric Power Development Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Nakanishi, Kiyoshi.

26 Jun 19 FP Corp. AGM 1.1 For Agenda item : Elect Director Sato, Morimasa.

26 Jun 19 FP Corp. AGM 1.10 For Agenda item : Elect Director Tawara, Takehiko.

26 Jun 19 FP Corp. AGM 1.11 For Agenda item : Elect Director Fukiyama, Iwao.

26 Jun 19 FP Corp. AGM 1.12 For Agenda item : Elect Director Nishimura, Kimiko.

26 Jun 19 FP Corp. AGM 1.13 For Agenda item : Elect Director Ogawa, Hiroshi.

26 Jun 19 FP Corp. AGM 1.2 For Agenda item : Elect Director Nagai, Nobuyuki.

26 Jun 19 FP Corp. AGM 1.3 For Agenda item : Elect Director Ikegami, Isao.

26 Jun 19 FP Corp. AGM 1.4 For Agenda item : Elect Director Yasuda, Kazuyuki.

26 Jun 19 FP Corp. AGM 1.5 For Agenda item : Elect Director Takahashi, Masanobu.

26 Jun 19 FP Corp. AGM 1.6 For Agenda item : Elect Director Oka, Koji.

26 Jun 19 FP Corp. AGM 1.7 For Agenda item : Elect Director Sato, Osamu.

26 Jun 19 FP Corp. AGM 1.8 For Agenda item : Elect Director Nagao, Hidetoshi.

26 Jun 19 FP Corp. AGM 1.9 For Agenda item : Elect Director Kobayashi, Kenji.

26 Jun 19 FP Corp. AGM 2 Opposed Agenda item : Approve Director Retirement Bonus.

UBS note : We will not support retirement or special bonus/share plan when

the amount is not disclosed or when payment is to non-executive directors.

26 Jun 19 Fuji Media Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.1 Opposed Agenda item : Elect Director Miyauchi, Masaki.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Kiyohara, Takehiko.

285 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.11 Opposed Agenda item : Elect Director Shimatani, Yoshishige.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.12 Opposed Agenda item : Elect Director Miki, Akihiro.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.13 Opposed Agenda item : Elect Director Terasaki, Kazuo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.14 For Agenda item : Elect Director Shimizu, Kenji.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.15 For Agenda item : Elect Director Yoshimoto, Osamu.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.16 For Agenda item : Elect Director Ogawa, Shinichi.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.17 Opposed Agenda item : Elect Director Fukui, Sumio.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.18 Opposed Agenda item : Elect Director Uchida, Masaru.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Kanemitsu, Osamu.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Wagai, Takashi.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Habara, Tsuyoshi.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Hieda, Hisashi.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Endo, Ryunosuke.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Kishimoto, Ichiro.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Matsumura, Kazutoshi.

26 Jun 19 Fuji Media Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Ishihara, Takashi.

26 Jun 19 Fuji Media Holdings, Inc. AGM 3 For Agenda item : Appoint Statutory Auditor Mogi, Yuzaburo.

26 Jun 19 Fuji Media Holdings, Inc. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Iizuka, Hirohiko.

26 Jun 19 GOLDWIN INC. AGM 1.1 For Agenda item : Elect Director Nishida, Akio.

UBS Asset Management 286

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 GOLDWIN INC. AGM 1.10 For Agenda item : Elect Director Akiyama, Rie.

26 Jun 19 GOLDWIN INC. AGM 1.2 For Agenda item : Elect Director Futatsukawa, Kiyoto.

26 Jun 19 GOLDWIN INC. AGM 1.3 For Agenda item : Elect Director Watanabe, Takao.

26 Jun 19 GOLDWIN INC. AGM 1.4 For Agenda item : Elect Director Nishida, Yoshiteru.

26 Jun 19 GOLDWIN INC. AGM 1.5 For Agenda item : Elect Director Homma, Eiichiro.

26 Jun 19 GOLDWIN INC. AGM 1.6 For Agenda item : Elect Director Asami, Yasuo.

26 Jun 19 GOLDWIN INC. AGM 1.7 For Agenda item : Elect Director Yamamichi, Shuhei.

26 Jun 19 GOLDWIN INC. AGM 1.8 Opposed Agenda item : Elect Director Suzuki, Masatoshi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 GOLDWIN INC. AGM 1.9 For Agenda item : Elect Director Moriguchi, Yuko.

26 Jun 19 GOLDWIN INC. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Kondo, Masaaki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 GOLDWIN INC. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Morita, Tsutomu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 HOYA Corp. AGM 1.1 For Agenda item : Elect Director Uchinaga, Yukako.

26 Jun 19 HOYA Corp. AGM 1.2 For Agenda item : Elect Director Urano, Mitsudo.

26 Jun 19 HOYA Corp. AGM 1.3 For Agenda item : Elect Director Takasu, Takeo.

26 Jun 19 HOYA Corp. AGM 1.4 For Agenda item : Elect Director Kaihori, Shuzo.

26 Jun 19 HOYA Corp. AGM 1.5 For Agenda item : Elect Director Yoshihara, Hiroaki.

26 Jun 19 HOYA Corp. AGM 1.6 For Agenda item : Elect Director Suzuki, Hiroshi.

26 Jun 19 Hitachi Capital Corp. AGM 1 For Agenda item : Amend Articles to Amend Provisions on Director Titles.

26 Jun 19 Hitachi Capital Corp. AGM 2.1 For Agenda item : Elect Director Hiraiwa, Koichiro.

26 Jun 19 Hitachi Capital Corp. AGM 2.2 For Agenda item : Elect Director Sueyoshi, Wataru.

26 Jun 19 Hitachi Capital Corp. AGM 2.3 For Agenda item : Elect Director Nakamura, Takashi.

287 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Hitachi Capital Corp. AGM 2.4 For Agenda item : Elect Director Sasaki, Yuri.

26 Jun 19 Hitachi Capital Corp. AGM 2.5 For Agenda item : Elect Director Tsuda, Yoshitaka.

26 Jun 19 Hitachi Capital Corp. AGM 2.6 For Agenda item : Elect Director Kobayashi, Makoto.

26 Jun 19 Hitachi Capital Corp. AGM 2.7 For Agenda item : Elect Director Kawabe, Seiji.

26 Jun 19 Hitachi Capital Corp. AGM 2.8 For Agenda item : Elect Director Kojima, Kiyoshi.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 10.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 2 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 3 For Agenda item : Amend Articles to Indemnify Directors - Indemnify Statutory

Auditors.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 4 For Agenda item : Amend Articles to Remove Provisions on Non-Common Shares.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.1 For Agenda item : Elect Director Mayumi, Akihiko.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.10 For Agenda item : Elect Director Ueno, Masahiro.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.11 For Agenda item : Elect Director Ichikawa, Shigeki.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.12 For Agenda item : Elect Director Ukai, Mitsuko.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.2 For Agenda item : Elect Director Fujii, Yutaka.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.3 For Agenda item : Elect Director Sakai, Ichiro.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.4 For Agenda item : Elect Director Ujiie, Kazuhiko.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.5 For Agenda item : Elect Director Uozumi, Gen.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.6 For Agenda item : Elect Director Yabushita, Hiromi.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.7 For Agenda item : Elect Director Seo, Hideo.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.8 For Agenda item : Elect Director Funane, Shunichi.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 5.9 For Agenda item : Elect Director Matsubara, Hiroki.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 6 Opposed Agenda item : Appoint Statutory Auditor Fujii, Fumiyo.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 7 Opposed Agenda item : Amend Articles to Promote Dispersed Power Generation

System.

UBS Asset Management 288

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 8 Opposed Agenda item : Amend Articles to Ban Resumption of Nuclear Power

Generation.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 9 Opposed Agenda item : Amend Articles to Ban Recycling of Spent Nuclear Fuels from

Tomari Nuclear Power Station.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 10 Opposed Agenda item : Amend Articles to Develop Crisis Management System, to Be

Inspected by Third-Party.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 11 Opposed Agenda item : Amend Articles to Promote Sales of Liquefied Natural Gas.

26 Jun 19 Hokkaido Electric Power Co., Inc. AGM 12 Opposed Agenda item : Remove All Incumbent Directors.

26 Jun 19 Hokuriku Electric Power Co. AGM 1 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

26 Jun 19 Hokuriku Electric Power Co. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.1 Opposed Agenda item : Elect Director Ataka, Tateki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.10 For Agenda item : Elect Director Matsuda, Koji.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.11 For Agenda item : Elect Director Mizutani, Kazuhisa.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.12 For Agenda item : Elect Director Mizuno, Koichi.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.2 For Agenda item : Elect Director Ishiguro, Nobuhiko.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.3 For Agenda item : Elect Director Ojima, Shiro.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.4 For Agenda item : Elect Director Kanai, Yutaka.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.5 For Agenda item : Elect Director Kawada, Tatsuo.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.6 Opposed Agenda item : Elect Director Kyuwa, Susumu.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.7 For Agenda item : Elect Director Shiotani, Seisho.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.8 For Agenda item : Elect Director Sugawa, Motonobu.

26 Jun 19 Hokuriku Electric Power Co. AGM 3.9 Opposed Agenda item : Elect Director Takagi, Shigeo.

UBS note : Nominee is not classified as independent and shall be serving on a

289 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

board that is not comprised of one-third of independent members.

26 Jun 19 Hokuriku Electric Power Co. AGM 4 Opposed Agenda item : Amend Articles to Ban the Use of Nuclear Power Energy.

26 Jun 19 Hokuriku Electric Power Co. AGM 5 Opposed Agenda item : Amend Articles to Withdraw from Nuclear Fuel Recycling

Business.

26 Jun 19 Hokuriku Electric Power Co. AGM 6 Opposed Agenda item : Amend Articles to Establish Committees to Study Safe Storage,

Management and Disposal of On-Site Spent Nuclear Fuel, and Study Disposal

of Other Radioactive Waste as Reactors are Dismantled.

26 Jun 19 Hokuriku Electric Power Co. AGM 7 Opposed Agenda item : Amend Articles to Prioritize Grid Access for Renewable Energy.

26 Jun 19 Hokuriku Electric Power Co. AGM 8 Opposed Agenda item : Amend Articles to Take Financial Responsibility for Future Major

Accidents.

26 Jun 19 Hokuriku Electric Power Co. AGM 9 For Agenda item : Amend Articles to Require Individual Compensation Disclosure

for Directors, Statutory Auditors and Senior Advisers.

UBS note : All senior management and board compensation should be

disclosed within annual financial statements, including the value of fringe

benefits, company pension contributions, deferred compensation and any

company loans.

26 Jun 19 Isuzu Motors Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 19.

26 Jun 19 Isuzu Motors Ltd. AGM 2.1 For Agenda item : Elect Director Katayama, Masanori.

26 Jun 19 Isuzu Motors Ltd. AGM 2.2 For Agenda item : Elect Director Takahashi, Shinichi.

26 Jun 19 Isuzu Motors Ltd. AGM 2.3 For Agenda item : Elect Director Ito, Masatoshi.

26 Jun 19 Isuzu Motors Ltd. AGM 2.4 For Agenda item : Elect Director Seto, Koichi.

26 Jun 19 Isuzu Motors Ltd. AGM 2.5 For Agenda item : Elect Director Igeta, Kazuya.

26 Jun 19 Isuzu Motors Ltd. AGM 2.6 For Agenda item : Elect Director Ikemoto, Tetsuya.

26 Jun 19 Isuzu Motors Ltd. AGM 2.7 For Agenda item : Elect Director Aiba, Tetsuya.

26 Jun 19 JTEKT Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

26 Jun 19 JTEKT Corp. AGM 2.1 For Agenda item : Elect Director Agata, Tetsuo.

26 Jun 19 JTEKT Corp. AGM 2.10 For Agenda item : Elect Director Yamamoto, Katsumi.

26 Jun 19 JTEKT Corp. AGM 2.11 For Agenda item : Elect Director Makino, Kazuhisa.

26 Jun 19 JTEKT Corp. AGM 2.2 For Agenda item : Elect Director Kaijima, Hiroyuki.

UBS Asset Management 290

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 JTEKT Corp. AGM 2.3 For Agenda item : Elect Director Matsumoto, Takumi.

26 Jun 19 JTEKT Corp. AGM 2.4 For Agenda item : Elect Director Sano, Makoto.

26 Jun 19 JTEKT Corp. AGM 2.5 For Agenda item : Elect Director Kato, Shinji.

26 Jun 19 JTEKT Corp. AGM 2.6 For Agenda item : Elect Director Matsuoka, Hirofumi.

26 Jun 19 JTEKT Corp. AGM 2.7 Opposed Agenda item : Elect Director Miyatani, Takao.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 JTEKT Corp. AGM 2.8 For Agenda item : Elect Director Okamoto, Iwao.

26 Jun 19 JTEKT Corp. AGM 2.9 Opposed Agenda item : Elect Director Uchiyamada, Takeshi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 JTEKT Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Sakurai, Yumiko.

26 Jun 19 JTEKT Corp. AGM 4 For Agenda item : Approve Annual Bonus.

26 Jun 19 JXTG Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 11.

26 Jun 19 JXTG Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Sugimori, Tsutomu.

26 Jun 19 JXTG Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Ota, Hiroko.

26 Jun 19 JXTG Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Otsuka, Mutsutake.

26 Jun 19 JXTG Holdings, Inc. AGM 2.12 For Agenda item : Elect Director Miyata, Yoshiiku.

26 Jun 19 JXTG Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Muto, Jun.

26 Jun 19 JXTG Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Kawada, Junichi.

26 Jun 19 JXTG Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Adachi, Hiroji.

26 Jun 19 JXTG Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Taguchi, Satoshi.

26 Jun 19 JXTG Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Ota, Katsuyuki.

26 Jun 19 JXTG Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Hosoi, Hiroshi.

26 Jun 19 JXTG Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Ouchi, Yoshiaki.

26 Jun 19 JXTG Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Murayama, Seiichi.

26 Jun 19 JXTG Holdings, Inc. AGM 3 For Agenda item : Elect Director and Audit Committee Member Mitsuya, Yuko.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Takashiro, Isao.

291 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.10 For Agenda item : Elect Director Tanaka, Kazuhito.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.11 For Agenda item : Elect Director Harada, Kazuyuki.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.12 Opposed Agenda item : Elect Director Ueki, Yoshiharu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.13 Opposed Agenda item : Elect Director Nagamine, Toyoyuki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.14 For Agenda item : Elect Director Kimura, Keiji.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.15 For Agenda item : Elect Director Tanji, Yasuo.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.2 For Agenda item : Elect Director Yokota, Nobuaki.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.3 For Agenda item : Elect Director Suzuki, Hisayasu.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.4 For Agenda item : Elect Director Akahori, Masatoshi.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.5 For Agenda item : Elect Director Miyauchi, Toyohisa.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.6 For Agenda item : Elect Director Onishi, Hiroshi.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yonemoto, Yasuhide.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kawashita, Haruhisa.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 2.9 For Agenda item : Elect Director Ishizeki, Kiyoshi.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kakizaki, Tamaki.

26 Jun 19 Japan Airport Terminal Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Morita, Yasuko.

26 Jun 19 K's Holdings Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

26 Jun 19 K's Holdings Corp. AGM 2 Opposed Agenda item : Amend Articles to Adopt Board Structure with Audit

Committee - Amend Provisions on Number of Directors - Authorise Directors to

Execute Day to Day Operations without Full Board Approval - Indemnify

Directors.

UBS note : The size of the Board is not proportioned to the Company's

dimension and scope.

UBS Asset Management 292

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 K's Holdings Corp. AGM 3.1 For Agenda item : Elect Director Yamada, Yasushi.

26 Jun 19 K's Holdings Corp. AGM 3.2 For Agenda item : Elect Director Hiramoto, Tadashi.

26 Jun 19 K's Holdings Corp. AGM 3.3 For Agenda item : Elect Director Suzuki, Kazuyoshi.

26 Jun 19 K's Holdings Corp. AGM 3.4 For Agenda item : Elect Director Osaka, Naoto.

26 Jun 19 K's Holdings Corp. AGM 3.5 For Agenda item : Elect Director Mizuno, Keiichi.

26 Jun 19 K's Holdings Corp. AGM 3.6 For Agenda item : Elect Director Yoshihara, Yuji.

26 Jun 19 K's Holdings Corp. AGM 3.7 For Agenda item : Elect Director Yuasa, Tomoyuki.

26 Jun 19 K's Holdings Corp. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Suzuki, Hiroshi.

26 Jun 19 K's Holdings Corp. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Onose, Masuo.

26 Jun 19 K's Holdings Corp. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Takahashi,

Hisako.

26 Jun 19 K's Holdings Corp. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Bundo, Hiroyuki.

26 Jun 19 K's Holdings Corp. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

26 Jun 19 K's Holdings Corp. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

26 Jun 19 K's Holdings Corp. AGM 7 Opposed Agenda item : Approve Deep Discount Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 K's Holdings Corp. AGM 8 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 K's Holdings Corp. AGM 9 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Kansai Mirai Financial Group, Inc. AGM 1.1 Opposed Agenda item : Elect Director Kan, Tetsuya.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Kansai Mirai Financial Group, Inc. AGM 1.2 For Agenda item : Elect Director Hashimoto, Kazumasa.

293 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Kansai Mirai Financial Group, Inc. AGM 1.3 For Agenda item : Elect Director Hattori, Hiroaki.

26 Jun 19 Kansai Mirai Financial Group, Inc. AGM 1.4 For Agenda item : Elect Director Nakamae, Koji.

26 Jun 19 Kansai Mirai Financial Group, Inc. AGM 1.5 For Agenda item : Elect Director Isono, Kaoru.

26 Jun 19 Kansai Mirai Financial Group, Inc. AGM 2 For Agenda item : Elect Director and Audit Committee Member Nishikawa,

Tetsuya.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 35.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.1 For Agenda item : Elect Director Murayama, Shigeru.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.10 For Agenda item : Elect Director Jenifer Rogers.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.11 For Agenda item : Elect Director Shimokawa, Hiroyoshi.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.2 For Agenda item : Elect Director Kanehana, Yoshinori.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.3 For Agenda item : Elect Director Tomida, Kenji.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.4 For Agenda item : Elect Director Watanabe, Tatsuya.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.5 For Agenda item : Elect Director Yoneda, Michio.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.6 For Agenda item : Elect Director Yamamoto, Katsuya.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.7 For Agenda item : Elect Director Namiki, Sukeyuki.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.8 For Agenda item : Elect Director Hashimoto, Yasuhiko.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 2.9 For Agenda item : Elect Director Tamura, Yoshiaki.

26 Jun 19 Kawasaki Heavy Industries, Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Saito, Ryoichi.

26 Jun 19 Konami Holdings Corp. AGM 1.1 For Agenda item : Elect Director Kozuki, Kagemasa.

26 Jun 19 Konami Holdings Corp. AGM 1.2 For Agenda item : Elect Director Kozuki, Takuya.

26 Jun 19 Konami Holdings Corp. AGM 1.3 For Agenda item : Elect Director Nakano, Osamu.

26 Jun 19 Konami Holdings Corp. AGM 1.4 For Agenda item : Elect Director Higashio, Kimihiko.

26 Jun 19 Konami Holdings Corp. AGM 1.5 For Agenda item : Elect Director Sakamoto, Satoshi.

26 Jun 19 Konami Holdings Corp. AGM 1.6 For Agenda item : Elect Director Matsura, Yoshihiro.

26 Jun 19 Konami Holdings Corp. AGM 1.7 For Agenda item : Elect Director Gemma, Akira.

26 Jun 19 Konami Holdings Corp. AGM 1.8 For Agenda item : Elect Director Yamaguchi, Kaori.

26 Jun 19 Konami Holdings Corp. AGM 1.9 For Agenda item : Elect Director Kubo, Kimito.

26 Jun 19 Konami Holdings Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Yashiro, Takayoshi.

26 Jun 19 Konami Holdings Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Kawakita, Chikara.

UBS Asset Management 294

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Konami Holdings Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Shimada, Hideo.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.1 For Agenda item : Elect Director Ishizuka, Haruhisa.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.10 For Agenda item : Elect Director Yokoyama, Hiroshi.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.11 For Agenda item : Elect Director Momose, Rie.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.12 For Agenda item : Elect Director Terayama, Akihide.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.13 For Agenda item : Elect Director Kubo, Shigeto.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ueda, Takumi.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.3 For Agenda item : Elect Director Inoue, Eisuke.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.4 For Agenda item : Elect Director Nakamura, Koji.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.5 For Agenda item : Elect Director Sagara, Yukihiro.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ishii, Masahiro.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.7 For Agenda item : Elect Director Ito, Satoru.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.8 For Agenda item : Elect Director Suzuki, Masaki.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kimizuka, Yoshio.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Ikeda, Junichi.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 3.2 Opposed Agenda item : Elect Director and Audit Committee Member Miyagi, Toshiaki.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 3.3 Opposed Agenda item : Elect Director and Audit Committee Member Kawashima,

Tokio.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member

Kameyama, Harunobu.

295 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

26 Jun 19 Kyoritsu Maintenance Co., Ltd. AGM 6 For Agenda item : Approve Director Retirement Bonus.

26 Jun 19 Kyudenko Corp. AGM 1.1 Opposed Agenda item : Elect Director Sato, Naofumi.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 Kyudenko Corp. AGM 1.10 For Agenda item : Elect Director Watanabe, Akiyoshi.

26 Jun 19 Kyudenko Corp. AGM 1.11 Opposed Agenda item : Elect Director Kuratomi, Sumio.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Kyudenko Corp. AGM 1.2 For Agenda item : Elect Director Nishimura, Matsuji.

26 Jun 19 Kyudenko Corp. AGM 1.3 For Agenda item : Elect Director Ino, Seiki.

26 Jun 19 Kyudenko Corp. AGM 1.4 For Agenda item : Elect Director Higaki, Hironori.

26 Jun 19 Kyudenko Corp. AGM 1.5 For Agenda item : Elect Director Ishibashi, Kazuyuki.

26 Jun 19 Kyudenko Corp. AGM 1.6 For Agenda item : Elect Director Jono, Masaaki.

26 Jun 19 Kyudenko Corp. AGM 1.7 For Agenda item : Elect Director Kitamura, Kunihiko.

26 Jun 19 Kyudenko Corp. AGM 1.8 For Agenda item : Elect Director Kashima, Yasuhiro.

26 Jun 19 Kyudenko Corp. AGM 1.9 For Agenda item : Elect Director Fukui, Keizo.

26 Jun 19 Kyudenko Corp. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Kato, Shinji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Kyudenko Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Michinaga, Yukinori.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 2 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 3 For Agenda item : Amend Articles to Amend Provisions on Class A Preferred

Shares.

UBS Asset Management 296

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 4 For Agenda item : Approve Disposal of Class A Preferred Shares for Private

Placements.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.1 For Agenda item : Elect Director Uriu, Michiaki.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.10 For Agenda item : Elect Director Watanabe, Akiyoshi.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.11 For Agenda item : Elect Director Kikukawa, Ritsuko.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.2 For Agenda item : Elect Director Ikebe, Kazuhiro.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.3 For Agenda item : Elect Director Sasaki, Yuzo.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.4 For Agenda item : Elect Director Yakushinji, Hideomi.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.5 For Agenda item : Elect Director Watanabe, Yoshiro.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.6 For Agenda item : Elect Director Osa, Nobuya.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.7 For Agenda item : Elect Director Fujii, Ichiro.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.8 For Agenda item : Elect Director Toyoshima, Naoyuki.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 5.9 For Agenda item : Elect Director Toyoma, Makoto.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 6 For Agenda item : Elect Director and Audit Committee Member Uruma, Michihiro.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 7 Opposed Agenda item : Remove Existing Director Ikebe, Kazuhiro.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 8 Opposed Agenda item : Amend Articles to Abolish Decommissioning Plans.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 9 Opposed Agenda item : Amend Articles to Ban Construction of Dry Storage Facilities for

Spent Nuclear Fuels.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 10 Opposed Agenda item : Amend Articles to Establish Foundation for Research on Health

Damage from Fukushima Nuclear Accident.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 11 Opposed Agenda item : Amend Articles to Launch Supervisory Committee on Wheeling

Charge.

26 Jun 19 Kyushu Electric Power Co., Inc. AGM 12 Opposed Agenda item : Amend Articles to Withdraw from Spent Nuclear Fuel Recycling

Business.

26 Jun 19 LXI REIT Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

26 Jun 19 LXI REIT Plc AGM 2 For Agenda item : Approve Remuneration Report.

26 Jun 19 LXI REIT Plc AGM 3 For Agenda item : Re-elect Stephen Hubbard as Director.

26 Jun 19 LXI REIT Plc AGM 4 For Agenda item : Re-elect John Cartwright as Director.

26 Jun 19 LXI REIT Plc AGM 5 For Agenda item : Re-elect Jeannette Etherden as Director.

297 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 LXI REIT Plc AGM 6 For Agenda item : Re-elect Colin Smith as Director.

26 Jun 19 LXI REIT Plc AGM 7 For Agenda item : Reappoint BDO LLP as Auditors.

26 Jun 19 LXI REIT Plc AGM 8 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

26 Jun 19 LXI REIT Plc AGM 9 For Agenda item : Approve Final Dividend.

26 Jun 19 LXI REIT Plc AGM 10 For Agenda item : Authorise Issue of Equity.

26 Jun 19 LXI REIT Plc AGM 11 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

26 Jun 19 LXI REIT Plc AGM 12 For Agenda item : Authorise Market Purchase of Ordinary Shares.

26 Jun 19 LXI REIT Plc AGM 13 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 1.1 For Agenda item : Elect Director Nishio, Keiji.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 1.2 For Agenda item : Elect Director Nishibaba, Shigeru.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 1.3 For Agenda item : Elect Director Motoi, Hideki.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 1.4 For Agenda item : Elect Director Kosaka, Shinya.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 1.5 For Agenda item : Elect Director Tsuchioka, Hideaki.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 1.6 For Agenda item : Elect Director Anan, Hisa.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 2.1 For Agenda item : Elect Alternate Director and Audit Committee Member Omori,

Setsuya.

26 Jun 19 MEGMILK SNOW BRAND Co., Ltd. AGM 2.2 For Agenda item : Elect Alternate Director and Audit Committee Member

Manabe, Tomohiko.

26 Jun 19 Makita Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 52.

26 Jun 19 Makita Corp. AGM 2.1 Opposed Agenda item : Elect Director Goto, Masahiko.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 Makita Corp. AGM 2.10 For Agenda item : Elect Director Omote, Takashi.

26 Jun 19 Makita Corp. AGM 2.11 For Agenda item : Elect Director Otsu, Yukihiro.

26 Jun 19 Makita Corp. AGM 2.12 For Agenda item : Elect Director Morita, Akiyoshi.

26 Jun 19 Makita Corp. AGM 2.13 For Agenda item : Elect Director Sugino, Masahiro.

26 Jun 19 Makita Corp. AGM 2.2 For Agenda item : Elect Director Goto, Munetoshi.

UBS Asset Management 298

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Makita Corp. AGM 2.3 For Agenda item : Elect Director Torii, Tadayoshi.

26 Jun 19 Makita Corp. AGM 2.4 For Agenda item : Elect Director Niwa, Hisayoshi.

26 Jun 19 Makita Corp. AGM 2.5 For Agenda item : Elect Director Tomita, Shinichiro.

26 Jun 19 Makita Corp. AGM 2.6 For Agenda item : Elect Director Kaneko, Tetsuhisa.

26 Jun 19 Makita Corp. AGM 2.7 For Agenda item : Elect Director Ota, Tomoyuki.

26 Jun 19 Makita Corp. AGM 2.8 For Agenda item : Elect Director Tsuchiya, Takashi.

26 Jun 19 Makita Corp. AGM 2.9 For Agenda item : Elect Director Yoshida, Masaki.

26 Jun 19 Makita Corp. AGM 3 For Agenda item : Approve Annual Bonus.

26 Jun 19 Makita Corp. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Maruha Nichiro Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

26 Jun 19 Maruha Nichiro Corp. AGM 2.1 For Agenda item : Elect Director Ito, Shigeru.

26 Jun 19 Maruha Nichiro Corp. AGM 2.10 Opposed Agenda item : Elect Director Hatchoji, Sonoko.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Maruha Nichiro Corp. AGM 2.2 For Agenda item : Elect Director Yoneoka, Junichiro.

26 Jun 19 Maruha Nichiro Corp. AGM 2.3 For Agenda item : Elect Director Oshikubo, Naoki.

26 Jun 19 Maruha Nichiro Corp. AGM 2.4 For Agenda item : Elect Director Nakajima, Masayuki.

26 Jun 19 Maruha Nichiro Corp. AGM 2.5 For Agenda item : Elect Director Ikemi, Masaru.

26 Jun 19 Maruha Nichiro Corp. AGM 2.6 For Agenda item : Elect Director Momiyama, Osamu.

26 Jun 19 Maruha Nichiro Corp. AGM 2.7 For Agenda item : Elect Director Hanzawa, Sadahiko.

26 Jun 19 Maruha Nichiro Corp. AGM 2.8 Opposed Agenda item : Elect Director Nakabe, Yoshiro.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Maruha Nichiro Corp. AGM 2.9 For Agenda item : Elect Director Iimura, Somuku.

26 Jun 19 Maruha Nichiro Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Aya, Ryusuke.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

299 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

auditors are independent.

26 Jun 19 Mazda Motor Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 20.

26 Jun 19 Mazda Motor Corp. AGM 2 For Agenda item : Amend Articles to Adopt Board Structure with Audit

Committee - Limit Rights of Odd-Lot Holders - Amend Provisions on Number of

Directors - Authorise Directors to Execute Day to Day Operations without Full

Board Approval.

26 Jun 19 Mazda Motor Corp. AGM 3.1 For Agenda item : Elect Director Kogai, Masamichi.

26 Jun 19 Mazda Motor Corp. AGM 3.2 For Agenda item : Elect Director Marumoto, Akira.

26 Jun 19 Mazda Motor Corp. AGM 3.3 For Agenda item : Elect Director Fujiwara, Kiyoshi.

26 Jun 19 Mazda Motor Corp. AGM 3.4 For Agenda item : Elect Director Shobuda, Kiyotaka.

26 Jun 19 Mazda Motor Corp. AGM 3.5 For Agenda item : Elect Director Ono, Mitsuru.

26 Jun 19 Mazda Motor Corp. AGM 3.6 For Agenda item : Elect Director Koga, Akira.

26 Jun 19 Mazda Motor Corp. AGM 3.7 For Agenda item : Elect Director Moro, Masahiro.

26 Jun 19 Mazda Motor Corp. AGM 3.8 For Agenda item : Elect Director Sato, Kiyoshi.

26 Jun 19 Mazda Motor Corp. AGM 3.9 For Agenda item : Elect Director Ogawa, Michiko.

26 Jun 19 Mazda Motor Corp. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Maruyama,

Masatoshi.

26 Jun 19 Mazda Motor Corp. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Yasuda,

Masahiro.

26 Jun 19 Mazda Motor Corp. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Sakai, Ichiro.

26 Jun 19 Mazda Motor Corp. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Tamano,

Kunihiko.

26 Jun 19 Mazda Motor Corp. AGM 4.5 For Agenda item : Elect Director and Audit Committee Member Kitamura, Akira.

26 Jun 19 Mazda Motor Corp. AGM 4.6 For Agenda item : Elect Director and Audit Committee Member Shibasaki, Hiroko.

26 Jun 19 Mazda Motor Corp. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

26 Jun 19 Mazda Motor Corp. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

26 Jun 19 Mazda Motor Corp. AGM 7 Opposed Agenda item : Approve Deep Discount Stock Option Plan.

UBS Asset Management 300

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Medipal Holdings Corp. AGM 1.1 For Agenda item : Elect Director Watanabe, Shuichi.

26 Jun 19 Medipal Holdings Corp. AGM 1.10 For Agenda item : Elect Director Shoji, Kuniko.

26 Jun 19 Medipal Holdings Corp. AGM 1.2 For Agenda item : Elect Director Chofuku, Yasuhiro.

26 Jun 19 Medipal Holdings Corp. AGM 1.3 For Agenda item : Elect Director Yoda, Toshihide.

26 Jun 19 Medipal Holdings Corp. AGM 1.4 For Agenda item : Elect Director Sakon, Yuji.

26 Jun 19 Medipal Holdings Corp. AGM 1.5 For Agenda item : Elect Director Hasegawa, Takuro.

26 Jun 19 Medipal Holdings Corp. AGM 1.6 For Agenda item : Elect Director Watanabe, Shinjiro.

26 Jun 19 Medipal Holdings Corp. AGM 1.7 For Agenda item : Elect Director Kasutani, Seiichi.

26 Jun 19 Medipal Holdings Corp. AGM 1.8 For Agenda item : Elect Director Kagami, Mitsuko.

26 Jun 19 Medipal Holdings Corp. AGM 1.9 For Agenda item : Elect Director Asano, Toshio.

26 Jun 19 Medipal Holdings Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Hirasawa, Toshio.

26 Jun 19 Medipal Holdings Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Kanda, Shigeru.

26 Jun 19 Medipal Holdings Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Kitagawa, Tetsuo.

26 Jun 19 Medipal Holdings Corp. AGM 2.4 For Agenda item : Appoint Statutory Auditor Sanuki, Yoko.

26 Jun 19 NHK Spring Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 12.

26 Jun 19 NHK Spring Co., Ltd. AGM 2.1 For Agenda item : Elect Director Tamamura, Kazumi.

26 Jun 19 NHK Spring Co., Ltd. AGM 2.2 For Agenda item : Elect Director Kayamoto, Takashi.

26 Jun 19 NHK Spring Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sugiyama, Toru.

26 Jun 19 NHK Spring Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kammei, Kiyohiko.

26 Jun 19 NHK Spring Co., Ltd. AGM 2.5 For Agenda item : Elect Director Uemura, Kazuhisa.

26 Jun 19 NHK Spring Co., Ltd. AGM 2.6 For Agenda item : Elect Director Sue, Keiichiro.

26 Jun 19 NHK Spring Co., Ltd. AGM 2.7 For Agenda item : Elect Director Tanaka, Katsuko.

26 Jun 19 NHK Spring Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Toyoda, Masakazu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 NHK Spring Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Mukai, Nobuaki.

301 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 NOK Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

26 Jun 19 NOK Corp. AGM 2.1 For Agenda item : Elect Director Tsuru, Masato.

26 Jun 19 NOK Corp. AGM 2.2 Opposed Agenda item : Elect Director Doi, Kiyoshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 NOK Corp. AGM 2.3 For Agenda item : Elect Director Iida, Jiro.

26 Jun 19 NOK Corp. AGM 2.4 For Agenda item : Elect Director Kuroki, Yasuhiko.

26 Jun 19 NOK Corp. AGM 2.5 For Agenda item : Elect Director Watanabe, Akira.

26 Jun 19 NOK Corp. AGM 2.6 For Agenda item : Elect Director Nagasawa, Shinji.

26 Jun 19 NOK Corp. AGM 2.7 For Agenda item : Elect Director Kobayashi, Toshifumi.

26 Jun 19 NOK Corp. AGM 2.8 For Agenda item : Elect Director Hogen, Kensaku.

26 Jun 19 NOK Corp. AGM 2.9 For Agenda item : Elect Director Fujioka, Makoto.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

27.5.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.1 For Agenda item : Elect Director Yamamoto, Ado.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.10 For Agenda item : Elect Director Adachi, Munenori.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.11 For Agenda item : Elect Director Iwakiri, Michio.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.12 For Agenda item : Elect Director Hibino, Hiroshi.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.13 For Agenda item : Elect Director Momiyama, Mitsugu.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.14 For Agenda item : Elect Director Ozawa, Satoshi.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.15 For Agenda item : Elect Director Fukushima, Atsuko.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ando, Takashi.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takagi, Hideki.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.4 For Agenda item : Elect Director Haigo, Toshio.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.5 For Agenda item : Elect Director Iwase, Masaaki.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.6 For Agenda item : Elect Director Takasaki, Hiroki.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.7 For Agenda item : Elect Director Suzuki, Kiyomi.

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.8 For Agenda item : Elect Director Yoshikawa, Takuo.

UBS Asset Management 302

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Nagoya Railroad Co., Ltd. AGM 2.9 For Agenda item : Elect Director Yano, Hiroshi.

26 Jun 19 Nihon Kohden Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 18.

26 Jun 19 Nihon Kohden Corp. AGM 2.1 Opposed Agenda item : Elect Director Ogino, Hirokazu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Nihon Kohden Corp. AGM 2.2 For Agenda item : Elect Director Tamura, Takashi.

26 Jun 19 Nihon Kohden Corp. AGM 2.3 For Agenda item : Elect Director Hasegawa, Tadashi.

26 Jun 19 Nihon Kohden Corp. AGM 2.4 For Agenda item : Elect Director Yanagihara, Kazuteru.

26 Jun 19 Nihon Kohden Corp. AGM 2.5 For Agenda item : Elect Director Hirose, Fumio.

26 Jun 19 Nihon Kohden Corp. AGM 2.6 For Agenda item : Elect Director Tanaka, Eiichi.

26 Jun 19 Nihon Kohden Corp. AGM 2.7 For Agenda item : Elect Director Yoshitake, Yasuhiro.

26 Jun 19 Nihon Kohden Corp. AGM 2.8 For Agenda item : Elect Director Yamauchi, Masaya.

26 Jun 19 Nihon Kohden Corp. AGM 2.9 For Agenda item : Elect Director Obara, Minoru.

26 Jun 19 Nihon Unisys, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.1 For Agenda item : Elect Director Hiraoka, Akiyoshi.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.2 For Agenda item : Elect Director Mukai, Susumu.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.3 For Agenda item : Elect Director Mukai, Toshio.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.4 For Agenda item : Elect Director Saito, Noboru.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.5 For Agenda item : Elect Director Katsuya, Koji.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.6 For Agenda item : Elect Director Sugimoto, Toshiki.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.7 For Agenda item : Elect Director Kawada, Go.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.8 For Agenda item : Elect Director Sonoda, Ayako.

26 Jun 19 Nihon Unisys, Ltd. AGM 2.9 For Agenda item : Elect Director Sato, Chie.

26 Jun 19 Nihon Unisys, Ltd. AGM 3 For Agenda item : Approve Deep Discount Stock Option Plan.

26 Jun 19 Nippon Gas Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 47.

26 Jun 19 Nippon Gas Co., Ltd. AGM 2 For Agenda item : Amend Articles to Reduce Directors' Term - Remove All

Provisions on Advisory Positions.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.1 Opposed Agenda item : Elect Director Wada, Shinji.

UBS note : We will not support the election of the Chair of the Nomination

303 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.10 For Agenda item : Elect Director Ide, Takashi.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.11 Opposed Agenda item : Elect Director Kawano, Tetsuo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.2 For Agenda item : Elect Director Watanabe, Daijo.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.3 For Agenda item : Elect Director Kashiwaya, Kunihiko.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.4 For Agenda item : Elect Director Morishita, Junichi.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.5 For Agenda item : Elect Director Mukai, Masahiro.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.6 For Agenda item : Elect Director Otsuki, Shohei.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.7 For Agenda item : Elect Director Suzuki, Toshiomi.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.8 For Agenda item : Elect Director Ozaku, Keiichi.

26 Jun 19 Nippon Gas Co., Ltd. AGM 3.9 For Agenda item : Elect Director Kiyota, Shinichi.

26 Jun 19 Nippon Gas Co., Ltd. AGM 4.1 For Agenda item : Appoint Statutory Auditor Ando, Katsuhiko.

26 Jun 19 Nippon Gas Co., Ltd. AGM 4.2 For Agenda item : Appoint Statutory Auditor Gomi, Yuko.

26 Jun 19 Nipro Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 9.

26 Jun 19 Nipro Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Nomiya, Takayuki.

26 Jun 19 Nipro Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Irie, Kazumichi.

26 Jun 19 Nipro Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Hasegawa, Masayoshi.

26 Jun 19 Nipro Corp. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Yanagase, Shigeru.

26 Jun 19 Nipro Corp. AGM 4 For Agenda item : Approve Director Retirement Bonus.

26 Jun 19 Nissan Chemical Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 42.

26 Jun 19 Nissan Chemical Corp. AGM 2.1 Opposed Agenda item : Elect Director Kinoshita, Kojiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Nissan Chemical Corp. AGM 2.2 For Agenda item : Elect Director Miyazaki, Junichi.

26 Jun 19 Nissan Chemical Corp. AGM 2.3 For Agenda item : Elect Director Fukuro, Hiroyoshi.

26 Jun 19 Nissan Chemical Corp. AGM 2.4 For Agenda item : Elect Director Miyaji, Katsuaki.

UBS Asset Management 304

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Nissan Chemical Corp. AGM 2.5 For Agenda item : Elect Director Honda, Takashi.

26 Jun 19 Nissan Chemical Corp. AGM 2.6 For Agenda item : Elect Director Suzuki, Hitoshi.

26 Jun 19 Nissan Chemical Corp. AGM 2.7 For Agenda item : Elect Director Kajiyama, Chisato.

26 Jun 19 Nissan Chemical Corp. AGM 2.8 For Agenda item : Elect Director Oe, Tadashi.

26 Jun 19 Nissan Chemical Corp. AGM 2.9 For Agenda item : Elect Director Obayashi, Hidehito.

26 Jun 19 Nissan Chemical Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Onitsuka, Hiroshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Nissan Chemical Corp. AGM 4 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 6.5.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Kimura, Shohei.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 2.2 For Agenda item : Elect Director Mabuchi, Yuichi.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 2.3 For Agenda item : Elect Director Otsuka, Hiroyuki.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kotaki, Shin.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 2.5 For Agenda item : Elect Director Ichikawa, Seiichiro.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 2.6 For Agenda item : Elect Director Imai, Masayuki.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ikeda, Tetsunobu.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Inoue, Izumi.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Ito, Tomonori.

26 Jun 19 Nissan Shatai Co., Ltd. AGM 5 For Agenda item : Amend Articles to Adopt Board Structure with Three

Committees.

UBS note : Adopting a three-committee systems should serve to demonstrate

the company's commitment to improving it's governance.

305 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Nissan Shatai Co., Ltd. AGM 6 For Agenda item : Amend Articles to Appoint Outside Director as Chairman of the

Board.

UBS note : Appointing an outside director as Chairman should serve to

demonstrate the company's commitment to improving it's governance.

26 Jun 19 Nisshin Seifun Group Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 16.

26 Jun 19 Nisshin Seifun Group Inc. AGM 2 For Agenda item : Amend Articles to Adopt Board Structure with Audit

Committee - Amend Provisions on Number of Directors - Authorise Directors to

Execute Day to Day Operations without Full Board Approval.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.1 For Agenda item : Elect Director Kemmoku, Nobuki.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.10 For Agenda item : Elect Director Nagai, Moto.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.2 For Agenda item : Elect Director Takizawa, Michinori.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.3 For Agenda item : Elect Director Harada, Takashi.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.4 For Agenda item : Elect Director Mori, Akira.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.5 For Agenda item : Elect Director Yamada, Takao.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.6 For Agenda item : Elect Director Koike, Yuji.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.7 For Agenda item : Elect Director Mimura, Akio.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.8 For Agenda item : Elect Director Fushiya, Kazuhiko.

26 Jun 19 Nisshin Seifun Group Inc. AGM 3.9 For Agenda item : Elect Director Iwasaki, Koichi.

26 Jun 19 Nisshin Seifun Group Inc. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Ouchi, Sho.

26 Jun 19 Nisshin Seifun Group Inc. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Kawawa, Tetsuo.

26 Jun 19 Nisshin Seifun Group Inc. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Ito, Satoshi.

26 Jun 19 Nisshin Seifun Group Inc. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Tomita, Mieko.

26 Jun 19 Nisshin Seifun Group Inc. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

26 Jun 19 Nisshin Seifun Group Inc. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

26 Jun 19 Nisshin Seifun Group Inc. AGM 7 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

UBS Asset Management 306

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Ando, Koki.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ando, Noritaka.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Yokoyama, Yukio.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kobayashi, Ken.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Okafuji, Masahiro.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Karube, Isao.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Mizuno, Masato.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 2.8 For Agenda item : Elect Director Nakagawa, Yukiko.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Mukai, Chisugi.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Kamei, Naohiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Nissin Foods Holdings Co., Ltd. AGM 4 Opposed Agenda item : Appoint Alternate Statutory Auditor Sugiura, Tetsuro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 North Pacific Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 5.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.1 For Agenda item : Elect Director Ishii, Junji.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.10 For Agenda item : Elect Director Hayashi, Mikako.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.11 For Agenda item : Elect Director Ubagai, Rieko.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.12 For Agenda item : Elect Director Shimamoto, Kazuaki.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.2 For Agenda item : Elect Director Shibata, Ryu.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.3 For Agenda item : Elect Director Yasuda, Mitsuharu.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.4 For Agenda item : Elect Director Takeuchi, Iwao.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.5 For Agenda item : Elect Director Nagano, Minoru.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.6 For Agenda item : Elect Director Shindo, Satoshi.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.7 For Agenda item : Elect Director Hiatari, Takafumi.

307 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 North Pacific Bank, Ltd. AGM 2.8 For Agenda item : Elect Director Wakakuri, Nobuo.

26 Jun 19 North Pacific Bank, Ltd. AGM 2.9 For Agenda item : Elect Director Maiya, Yoshiharu.

26 Jun 19 North Pacific Bank, Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Kubota, Hitoshi.

26 Jun 19 Rinnai Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 48.

26 Jun 19 Rinnai Corp. AGM 2.1 For Agenda item : Elect Director Hayashi, Kenji.

26 Jun 19 Rinnai Corp. AGM 2.2 Opposed Agenda item : Elect Director Naito, Hiroyasu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Rinnai Corp. AGM 2.3 For Agenda item : Elect Director Narita, Tsunenori.

26 Jun 19 Rinnai Corp. AGM 2.4 For Agenda item : Elect Director Kosugi, Masao.

26 Jun 19 Rinnai Corp. AGM 2.5 For Agenda item : Elect Director Kondo, Yuji.

26 Jun 19 Rinnai Corp. AGM 2.6 For Agenda item : Elect Director Matsui, Nobuyuki.

26 Jun 19 Rinnai Corp. AGM 2.7 For Agenda item : Elect Director Kamio, Takashi.

26 Jun 19 Rinnai Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Shinji, Katsuhiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Rinnai Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Ishikawa, Yoshiro.

26 Jun 19 SECOM Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 85.

26 Jun 19 SECOM Co., Ltd. AGM 2.1 For Agenda item : Elect Director Iida, Makoto.

26 Jun 19 SECOM Co., Ltd. AGM 2.10 For Agenda item : Elect Director Watanabe, Hajime.

26 Jun 19 SECOM Co., Ltd. AGM 2.2 For Agenda item : Elect Director Nakayama, Yasuo.

26 Jun 19 SECOM Co., Ltd. AGM 2.3 For Agenda item : Elect Director Yoshida, Yasuyuki.

26 Jun 19 SECOM Co., Ltd. AGM 2.4 Opposed Agenda item : Elect Director Ozeki, Ichiro.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

26 Jun 19 SECOM Co., Ltd. AGM 2.5 For Agenda item : Elect Director Fuse, Tatsuro.

26 Jun 19 SECOM Co., Ltd. AGM 2.6 For Agenda item : Elect Director Izumida, Tatsuya.

UBS Asset Management 308

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 SECOM Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kurihara, Tatsushi.

26 Jun 19 SECOM Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hirose, Takaharu.

26 Jun 19 SECOM Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kawano, Hirobumi.

26 Jun 19 SECOM Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ito, Takayuki.

26 Jun 19 SECOM Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kato, Koji.

26 Jun 19 SECOM Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Kato, Hideki.

26 Jun 19 SECOM Co., Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Yasuda, Makoto.

26 Jun 19 SECOM Co., Ltd. AGM 3.5 For Agenda item : Appoint Statutory Auditor Tanaka, Setsuo.

26 Jun 19 Sankyu Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

26 Jun 19 Sankyu Inc. AGM 2.1 Opposed Agenda item : Elect Director Nakamura, Kimikazu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Sankyu Inc. AGM 2.2 For Agenda item : Elect Director Nakamura, Kimihiro.

26 Jun 19 Sankyu Inc. AGM 2.3 For Agenda item : Elect Director Ago, Yasuto.

26 Jun 19 Sankyu Inc. AGM 2.4 For Agenda item : Elect Director Miyoshi, Hideki.

26 Jun 19 Sankyu Inc. AGM 2.5 For Agenda item : Elect Director Yonago, Tetsuro.

26 Jun 19 Sankyu Inc. AGM 2.6 For Agenda item : Elect Director Okuda, Masahiko.

26 Jun 19 Sankyu Inc. AGM 2.7 For Agenda item : Elect Director Hori, Keijiro.

26 Jun 19 Sankyu Inc. AGM 2.8 For Agenda item : Elect Director Morofuji, Katsuaki.

26 Jun 19 Sankyu Inc. AGM 2.9 For Agenda item : Elect Director Taketa, Masafumi.

26 Jun 19 Sankyu Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Ogawa, Norihisa.

26 Jun 19 Sankyu Inc. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Arita, Hiroshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 Sanwa Holdings Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 16.

26 Jun 19 Sanwa Holdings Corp. AGM 2.1 Opposed Agenda item : Elect Director Takayama, Toshitaka.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

309 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Sanwa Holdings Corp. AGM 2.2 For Agenda item : Elect Director Takayama, Yasushi.

26 Jun 19 Sanwa Holdings Corp. AGM 2.3 For Agenda item : Elect Director Fujisawa, Hiroatsu.

26 Jun 19 Sanwa Holdings Corp. AGM 2.4 For Agenda item : Elect Director Fukuda, Masahiro.

26 Jun 19 Sanwa Holdings Corp. AGM 2.5 For Agenda item : Elect Director Takayama, Meiji.

26 Jun 19 Sanwa Holdings Corp. AGM 2.6 For Agenda item : Elect Director Yasuda, Makoto.

26 Jun 19 Seiko Epson Corp. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 31.

26 Jun 19 Seiko Epson Corp. AGM 2.1 For Agenda item : Elect Director Usui, Minoru.

26 Jun 19 Seiko Epson Corp. AGM 2.2 For Agenda item : Elect Director Kubota, Koichi.

26 Jun 19 Seiko Epson Corp. AGM 2.3 For Agenda item : Elect Director Seki, Tatsuaki.

26 Jun 19 Seiko Epson Corp. AGM 2.4 For Agenda item : Elect Director Ogawa, Yasunori.

26 Jun 19 Seiko Epson Corp. AGM 2.5 For Agenda item : Elect Director Kawana, Masayuki.

26 Jun 19 Seiko Epson Corp. AGM 2.6 For Agenda item : Elect Director Takahata, Toshiya.

26 Jun 19 Seiko Epson Corp. AGM 2.7 For Agenda item : Elect Director Omiya, Hideaki.

26 Jun 19 Seiko Epson Corp. AGM 2.8 For Agenda item : Elect Director Matsunaga, Mari.

26 Jun 19 Seiko Epson Corp. AGM 3 For Agenda item : Approve Annual Bonus.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 2 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 3 For Agenda item : Amend Articles to Amend Business Lines - Amend Provisions on

Director Titles.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.1 For Agenda item : Elect Director Saeki, Hayato.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.2 For Agenda item : Elect Director Nagai, Keisuke.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.3 For Agenda item : Elect Director Manabe, Nobuhiko.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.4 For Agenda item : Elect Director Yokoi, Ikuo.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.5 For Agenda item : Elect Director Yamada, Kenji.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.6 For Agenda item : Elect Director Shirai, Hisashi.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.7 For Agenda item : Elect Director Nishizaki, Akifumi.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.8 For Agenda item : Elect Director Kobayashi, Isao.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 4.9 For Agenda item : Elect Director Yamasaki, Tassei.

UBS Asset Management 310

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 5.1 For Agenda item : Elect Director and Audit Committee Member Arai, Hiroshi.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 5.2 For Agenda item : Elect Director and Audit Committee Member Kawahara,

Hiroshi.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 5.3 Opposed Agenda item : Elect Director and Audit Committee Member Morita, Koji.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 5.4 For Agenda item : Elect Director and Audit Committee Member Ihara, Michiyo.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 5.5 For Agenda item : Elect Director and Audit Committee Member Takeuchi,

Katsuyuki.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 5.6 Opposed Agenda item : Elect Director and Audit Committee Member Kagawa, Ryohei.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 6 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 7.1 Opposed Agenda item : Remove Incumbent Director Chiba, Akira.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 7.2 Opposed Agenda item : Remove Incumbent Director Saeki, Hayato.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 7.3 Opposed Agenda item : Remove Incumbent Director and Audit Committee Member

Morita, Koji.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 7.4 Opposed Agenda item : Remove Incumbent Director and Audit Committee Member

Ihara, Michiyo.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 7.5 Opposed Agenda item : Remove Incumbent Director and Audit Committee Member

Takeuchi, Katsuyuki.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 8 Opposed Agenda item : Amend Articles to Promote Renewable Energy and Ban Control

over Electricity Purchase from Solar Power Generation Companies.

311 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 9 Opposed Agenda item : Amend Articles to Decommission Ikata Nuclear Reactor No. 3.

26 Jun 19 Shikoku Electric Power Co., Inc. AGM 10 Opposed Agenda item : Amend Articles to Conclude Nuclear Safety Agreements with

All Municipalities Within a Radius of 30 kilometers from Ikata Nuclear Power

Station.

26 Jun 19 Shimadzu Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 15.

26 Jun 19 Shimadzu Corp. AGM 2.1 For Agenda item : Elect Director Nakamoto, Akira.

26 Jun 19 Shimadzu Corp. AGM 2.2 For Agenda item : Elect Director Ueda, Teruhisa.

26 Jun 19 Shimadzu Corp. AGM 2.3 For Agenda item : Elect Director Miura, Yasuo.

26 Jun 19 Shimadzu Corp. AGM 2.4 For Agenda item : Elect Director Furusawa, Koji.

26 Jun 19 Shimadzu Corp. AGM 2.5 For Agenda item : Elect Director Kitaoka, Mitsuo.

26 Jun 19 Shimadzu Corp. AGM 2.6 For Agenda item : Elect Director Sawaguchi, Minoru.

26 Jun 19 Shimadzu Corp. AGM 2.7 For Agenda item : Elect Director Fujiwara, Taketsugu.

26 Jun 19 Shimadzu Corp. AGM 2.8 For Agenda item : Elect Director Wada, Hiroko.

26 Jun 19 Shimadzu Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Koyazaki, Makoto.

26 Jun 19 Shimadzu Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Nishio, Masahiro.

26 Jun 19 Suzuken Co., Ltd. AGM 1.1 For Agenda item : Elect Director Bessho, Yoshiki.

26 Jun 19 Suzuken Co., Ltd. AGM 1.2 Opposed Agenda item : Elect Director Miyata, Hiromi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Suzuken Co., Ltd. AGM 1.3 For Agenda item : Elect Director Asano, Shigeru.

26 Jun 19 Suzuken Co., Ltd. AGM 1.4 For Agenda item : Elect Director Saito, Masao.

26 Jun 19 Suzuken Co., Ltd. AGM 1.5 For Agenda item : Elect Director Izawa, Yoshimichi.

26 Jun 19 Suzuken Co., Ltd. AGM 1.6 For Agenda item : Elect Director Tamura, Hisashi.

26 Jun 19 Suzuken Co., Ltd. AGM 1.7 Opposed Agenda item : Elect Director Ueda, Keisuke.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Suzuken Co., Ltd. AGM 1.8 For Agenda item : Elect Director Iwatani, Toshiaki.

26 Jun 19 Suzuken Co., Ltd. AGM 1.9 For Agenda item : Elect Director Usui, Yasunori.

26 Jun 19 Suzuken Co., Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Muranaka, Toru.

UBS Asset Management 312

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 T&D Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

26 Jun 19 T&D Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Kida, Tetsuhiro.

26 Jun 19 T&D Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Soejima, Naoki.

26 Jun 19 T&D Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Kudo, Minoru.

26 Jun 19 T&D Holdings, Inc. AGM 2.12 For Agenda item : Elect Director Itasaka, Masafumi.

26 Jun 19 T&D Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Uehara, Hirohisa.

26 Jun 19 T&D Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Seike, Koichi.

26 Jun 19 T&D Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Nagata, Mitsuhiro.

26 Jun 19 T&D Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Tamura, Yasuro.

26 Jun 19 T&D Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Tanaka, Yoshihisa.

26 Jun 19 T&D Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Matsuyama, Haruka.

26 Jun 19 T&D Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Ogo, Naoki.

26 Jun 19 T&D Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Higaki, Seiji.

26 Jun 19 T&D Holdings, Inc. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Watanabe, Kensaku.

26 Jun 19 TAISEI Corp. (1801) AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

26 Jun 19 TAISEI Corp. (1801) AGM 2 For Agenda item : Amend Articles to Reduce Directors' Term.

26 Jun 19 TAISEI Corp. (1801) AGM 3.1 For Agenda item : Elect Director Yamauchi, Takashi.

26 Jun 19 TAISEI Corp. (1801) AGM 3.10 For Agenda item : Elect Director Murakami, Takao.

26 Jun 19 TAISEI Corp. (1801) AGM 3.11 For Agenda item : Elect Director Otsuka, Norio.

26 Jun 19 TAISEI Corp. (1801) AGM 3.12 For Agenda item : Elect Director Kokubu, Fumiya.

26 Jun 19 TAISEI Corp. (1801) AGM 3.2 For Agenda item : Elect Director Murata, Yoshiyuki.

26 Jun 19 TAISEI Corp. (1801) AGM 3.3 For Agenda item : Elect Director Sakurai, Shigeyuki.

26 Jun 19 TAISEI Corp. (1801) AGM 3.4 For Agenda item : Elect Director Tanaka, Shigeyoshi.

26 Jun 19 TAISEI Corp. (1801) AGM 3.5 For Agenda item : Elect Director Yaguchi, Norihiko.

26 Jun 19 TAISEI Corp. (1801) AGM 3.6 For Agenda item : Elect Director Shirakawa, Hiroshi.

26 Jun 19 TAISEI Corp. (1801) AGM 3.7 For Agenda item : Elect Director Aikawa, Yoshiro.

26 Jun 19 TAISEI Corp. (1801) AGM 3.8 For Agenda item : Elect Director Kimura, Hiroshi.

26 Jun 19 TAISEI Corp. (1801) AGM 3.9 For Agenda item : Elect Director Nishimura, Atsuko.

26 Jun 19 TAISEI Corp. (1801) AGM 4.1 Opposed Agenda item : Appoint Statutory Auditor Hayashi, Takashi.

313 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 TAISEI Corp. (1801) AGM 4.2 Opposed Agenda item : Appoint Statutory Auditor Noma, Akihiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 TAISEI Corp. (1801) AGM 4.3 Opposed Agenda item : Appoint Statutory Auditor Maeda, Terunobu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 The Chiba Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 8.

26 Jun 19 The Chiba Bank, Ltd. AGM 2.1 For Agenda item : Elect Director Sakuma, Hidetoshi.

26 Jun 19 The Chiba Bank, Ltd. AGM 2.2 For Agenda item : Elect Director Yonemoto, Tsutomu.

26 Jun 19 The Chiba Bank, Ltd. AGM 2.3 For Agenda item : Elect Director Wakabayashi, Junya.

26 Jun 19 The Chiba Bank, Ltd. AGM 2.4 For Agenda item : Elect Director Yokota, Tomoyuki.

26 Jun 19 The Chiba Bank, Ltd. AGM 2.5 For Agenda item : Elect Director Tashima, Yuko.

26 Jun 19 The Chiba Bank, Ltd. AGM 2.6 For Agenda item : Elect Director Takayama, Yasuko.

26 Jun 19 The Chiba Bank, Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Yoshida, Masakazu.

26 Jun 19 The Chugoku Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 12.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.1 For Agenda item : Elect Director Miyanaga, Masato.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.10 For Agenda item : Elect Director Kodera, Akira.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.2 For Agenda item : Elect Director Kato, Sadanori.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.3 For Agenda item : Elect Director Terasaka, Koji.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.4 For Agenda item : Elect Director Harada, Ikuhide.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.5 For Agenda item : Elect Director Taniguchi, Shinichi.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.6 For Agenda item : Elect Director Hiramoto, Tatsuo.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.7 For Agenda item : Elect Director Ohara, Hiroyuki.

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.8 For Agenda item : Elect Director Kato, Hiromichi.

UBS Asset Management 314

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 The Chugoku Bank, Ltd. AGM 2.9 For Agenda item : Elect Director Sato, Yoshio.

26 Jun 19 The Chugoku Bank, Ltd. AGM 3 For Agenda item : Elect Director and Audit Committee Member Kogame, Kotaro.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 2 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 3 For Agenda item : Amend Articles to Amend Business Lines.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.1 For Agenda item : Elect Director Karita, Tomohide.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.10 For Agenda item : Elect Director Yamashita, Masahiro.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.11 For Agenda item : Elect Director Kanda, Hisashi.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.2 For Agenda item : Elect Director Shimizu, Mareshige.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.3 For Agenda item : Elect Director Ogawa, Moriyoshi.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.4 For Agenda item : Elect Director Hirano, Masaki.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.5 For Agenda item : Elect Director Matsuoka, Hideo.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.6 For Agenda item : Elect Director Iwasaki, Akimasa.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.7 For Agenda item : Elect Director Ashitani, Shigeru.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.8 For Agenda item : Elect Director Shigeto, Takafumi.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 4.9 For Agenda item : Elect Director Takimoto, Natsuhiko.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 5 Opposed Agenda item : Amend Articles to Separate Ownership of Electricity

Transmission and Distribution Business, and Power Generation and Retail

Business.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 6 Opposed Agenda item : Amend Articles to Withdraw from Nuclear Power Generation.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 7 Opposed Agenda item : Amend Articles to Ban Reprocessing of Spent Nuclear Fuels.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 8 Opposed Agenda item : Amend Articles to Add Provisions on Nuclear Safety

Agreements with Municipalities, and Formulation of Nuclear Accident

Evacuation Plans.

26 Jun 19 The Chugoku Electric Power Co., Inc. AGM 9 Opposed Agenda item : Amend Articles to Promote Renewable Energy.

26 Jun 19 The Hiroshima Bank Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 10.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.1 For Agenda item : Elect Director Ikeda, Koji.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.10 For Agenda item : Elect Director Miura, Satoshi.

315 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.2 For Agenda item : Elect Director Heya, Toshio.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.3 For Agenda item : Elect Director Hirota, Toru.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.4 For Agenda item : Elect Director Kojiri, Yasushi.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.5 For Agenda item : Elect Director Nakama, Katsuhiko.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.6 For Agenda item : Elect Director Maeda, Akira.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.7 For Agenda item : Elect Director Ogi, Akira.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.8 For Agenda item : Elect Director Sumikawa, Masahiro.

26 Jun 19 The Hiroshima Bank Ltd. AGM 2.9 For Agenda item : Elect Director Maeda, Kaori.

26 Jun 19 The Hiroshima Bank Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Eki, Yuji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 The Hiroshima Bank Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Takei, Yasutoshi.

26 Jun 19 The Hiroshima Bank Ltd. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Takahashi, Yoshinori.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

26 Jun 19 The Hiroshima Bank Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Yoshida, Masako.

26 Jun 19 The Shiga Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

22.5.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.1 For Agenda item : Elect Director Daido, Yoshio.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.10 For Agenda item : Elect Director Takeuchi, Minako.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.2 For Agenda item : Elect Director Takahashi, Shojiro.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.3 For Agenda item : Elect Director Imai, Etsuo.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.4 For Agenda item : Elect Director Ono, Yasunaga.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.5 For Agenda item : Elect Director Nishi, Motohiro.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.6 For Agenda item : Elect Director Saito, Takahiro.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.7 For Agenda item : Elect Director Kubota, Shinya.

26 Jun 19 The Shiga Bank, Ltd. AGM 2.8 For Agenda item : Elect Director Horiuchi, Katsuyoshi.

UBS Asset Management 316

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 The Shiga Bank, Ltd. AGM 2.9 For Agenda item : Elect Director Yasui, Hajime.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 20.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 2 For Agenda item : Approve Transfer of Electric Transmission and Distribution

Operations to Wholly Owned Subsidiary.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.1 For Agenda item : Elect Director Kaiwa, Makoto.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.10 For Agenda item : Elect Director Ito, Hirohiko.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.11 For Agenda item : Elect Director Kondo, Shiro.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.12 For Agenda item : Elect Director Ogata, Masaki.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.13 For Agenda item : Elect Director Kamijo, Tsutomu.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.2 For Agenda item : Elect Director Harada, Hiroya.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.3 For Agenda item : Elect Director Sakamoto, Mitsuhiro.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.4 For Agenda item : Elect Director Okanobu, Shinichi.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.5 For Agenda item : Elect Director Masuko, Jiro.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.6 For Agenda item : Elect Director Higuchi, Kojiro.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.7 For Agenda item : Elect Director Yamamoto, Shunji.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.8 For Agenda item : Elect Director Abe, Toshinori.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 3.9 For Agenda item : Elect Director Yashiro, Hirohisa.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 4 For Agenda item : Elect Director and Audit Committee Member Miyahara, Ikuko.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 5 Opposed Agenda item : Amend Articles to Withdraw from Nuclear Power Generation

and Ban Investments to Nuclear Power Companies.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 6 Opposed Agenda item : Amend Articles to Formulate Decommissioning Plan for

Onagawa Nuclear Power Plant.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 7 Opposed Agenda item : Amend Articles to Abolish Electricity Supply Contract with

Japan Atomic Power Company.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 8 Opposed Agenda item : Amend Articles to Secure Preapproval from Local Municipalities

before Constriction of Nuclear Power-Related Facilities.

26 Jun 19 Tohoku Electric Power Co., Inc. AGM 9 Opposed Agenda item : Amend Articles to Separate Ownership of Electricity

Transmission and Distribution Business, and Power Generation and Retail

Business.

317 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 4.

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Ishida, Tateaki.

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Kawamoto, Masahide.

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Mizuno, Ichiro.

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Nakayama, Tsunehiro.

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Fujiwara, Hiroshi.

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 3 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

26 Jun 19 Tokai Tokyo Financial Holdings, Inc. AGM 4 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

UBS note : We will vote against the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Kawamura, Takashi.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.10 For Agenda item : Elect Director Akimoto, Nobuhide.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.11 For Agenda item : Elect Director Makino, Shigenori.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.12 For Agenda item : Elect Director Yamashita, Ryuichi.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.13 For Agenda item : Elect Director Morishita, Yoshihito.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Kunii, Hideko.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Utsuda, Shoei.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Takaura, Hideo.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Annen, Junji.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Toyama, Kazuhiko.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Kobayakawa, Tomoaki.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.8 For Agenda item : Elect Director Fubasami, Seiichi.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Moriya, Seiji.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 2 Opposed Agenda item : Amend Articles to Freeze Decommissioning Plan of Fukushima

Daiichi Nuclear Plant.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 3 Opposed Agenda item : Amend Articles to Develop Technologies for Storage of

UBS Asset Management 318

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Radiation-Tainted Water and Extraction of Radionuclide from Tainted Water.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 4 Opposed Agenda item : Amend Articles to Add Provisions on Evacuation Plan in Nuclear

Accident Emergency.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 5 Opposed Agenda item : Amend Articles to Ban Support for Japan Atomic Power

Company.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 6 Opposed Agenda item : Amend Articles to Directly Hire On-Site Workers at Nuclear

Power Plants.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 7 Opposed Agenda item : Amend Articles to Promote Decentralized Electricity

Transmission System.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 8 Opposed Agenda item : Amend Articles to Allow Consumers to Opt-out from the Use

of Smart Meter.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 9 Opposed Agenda item : Amend Articles to Promote Female Directors and Executives.

26 Jun 19 Tokyo Electric Power Co. Holdings, Inc. AGM 10 Opposed Agenda item : Amend Articles to Add Provisions on Recording, Maintenance

and Disclosure of Meeting Minutes.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 8.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.1 For Agenda item : Elect Director Kanazashi, Kiyoshi.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.10 For Agenda item : Elect Director Iki, Koichi.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.11 For Agenda item : Elect Director Kaiami, Makoto.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.12 For Agenda item : Elect Director Arai, Saeko.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.13 For Agenda item : Elect Director Ogasawara, Michiaki.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.2 For Agenda item : Elect Director Okuma, Yuji.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.3 For Agenda item : Elect Director Sakaki, Shinji.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.4 For Agenda item : Elect Director Uemura, Hitoshi.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.5 For Agenda item : Elect Director Saiga, Katsuhide.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.6 For Agenda item : Elect Director Nishikawa, Hironori.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.7 For Agenda item : Elect Director Okada, Masashi.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.8 For Agenda item : Elect Director Kimura, Shohei.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 2.9 For Agenda item : Elect Director Nomoto, Hirofumi.

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Mochida, Kazuo.

319 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Tokyu Fudosan Holdings Corp. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Nagao, Ryo.

26 Jun 19 Topcon Corp. AGM 1.1 For Agenda item : Elect Director Hirano, Satoshi.

26 Jun 19 Topcon Corp. AGM 1.2 For Agenda item : Elect Director Iwasaki, Makoto.

26 Jun 19 Topcon Corp. AGM 1.3 For Agenda item : Elect Director Eto, Takashi.

26 Jun 19 Topcon Corp. AGM 1.4 For Agenda item : Elect Director Fukuma, Yasufumi.

26 Jun 19 Topcon Corp. AGM 1.5 For Agenda item : Elect Director Akiyama, Haruhiko.

26 Jun 19 Topcon Corp. AGM 1.6 For Agenda item : Elect Director Yamazaki, Takayuki.

26 Jun 19 Topcon Corp. AGM 1.7 Opposed Agenda item : Elect Director Matsumoto, Kazuyuki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Topcon Corp. AGM 1.8 For Agenda item : Elect Director Sudo, Akira.

26 Jun 19 Topcon Corp. AGM 1.9 For Agenda item : Elect Director Yamazaki, Naoko.

26 Jun 19 Topcon Corp. AGM 2.1 For Agenda item : Appoint Statutory Auditor Nakamura, Shokyu.

26 Jun 19 Topcon Corp. AGM 2.2 For Agenda item : Appoint Statutory Auditor Mitake, Akinori.

26 Jun 19 Topcon Corp. AGM 2.3 For Agenda item : Appoint Statutory Auditor Kuroyanagi, Tatsuya.

26 Jun 19 Topcon Corp. AGM 2.4 For Agenda item : Appoint Statutory Auditor Taketani, Keiji.

26 Jun 19 Topcon Corp. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Kadota, Takeshi.

26 Jun 19 Toshiba Corp. AGM 1 For Agenda item : Amend Articles to Recognize Validity of Board Resolutions in

Written or Electronic Format.

26 Jun 19 Toshiba Corp. AGM 2.1 For Agenda item : Elect Director Kurumatani, Nobuaki.

26 Jun 19 Toshiba Corp. AGM 2.10 For Agenda item : Elect Director Ayako Hirota Weissman.

26 Jun 19 Toshiba Corp. AGM 2.11 For Agenda item : Elect Director Jerome Thomas Black.

26 Jun 19 Toshiba Corp. AGM 2.12 For Agenda item : Elect Director George Raymond Zage III.

26 Jun 19 Toshiba Corp. AGM 2.2 For Agenda item : Elect Director Tsunakawa, Satoshi.

26 Jun 19 Toshiba Corp. AGM 2.3 For Agenda item : Elect Director Furuta, Yuki.

26 Jun 19 Toshiba Corp. AGM 2.4 For Agenda item : Elect Director Kobayashi, Yoshimitsu.

26 Jun 19 Toshiba Corp. AGM 2.5 For Agenda item : Elect Director Ota, Junji.

26 Jun 19 Toshiba Corp. AGM 2.6 For Agenda item : Elect Director Kobayashi, Nobuyuki.

26 Jun 19 Toshiba Corp. AGM 2.7 For Agenda item : Elect Director Yamauchi, Takashi.

UBS Asset Management 320

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

26 Jun 19 Toshiba Corp. AGM 2.8 For Agenda item : Elect Director Fujimori, Yoshiaki.

26 Jun 19 Toshiba Corp. AGM 2.9 For Agenda item : Elect Director Paul J. Brough.

26 Jun 19 Tosoh Corp. AGM 1.1 Opposed Agenda item : Elect Director Yamamoto, Toshinori.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

26 Jun 19 Tosoh Corp. AGM 1.2 For Agenda item : Elect Director Tashiro, Katsushi.

26 Jun 19 Tosoh Corp. AGM 1.3 For Agenda item : Elect Director Yamada, Masayuki.

26 Jun 19 Tosoh Corp. AGM 1.4 For Agenda item : Elect Director Tsutsumi, Shingo.

26 Jun 19 Tosoh Corp. AGM 1.5 For Agenda item : Elect Director Ikeda, Etsuya.

26 Jun 19 Tosoh Corp. AGM 1.6 Opposed Agenda item : Elect Director Abe, Tsutomu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Tosoh Corp. AGM 1.7 Opposed Agenda item : Elect Director Ogawa, Kenji.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

26 Jun 19 Tosoh Corp. AGM 2 For Agenda item : Appoint Statutory Auditor Kawamoto, Koji.

26 Jun 19 Tosoh Corp. AGM 3.1 For Agenda item : Appoint Alternate Statutory Auditor Tanaka, Yasuhiko.

26 Jun 19 Tosoh Corp. AGM 3.2 For Agenda item : Appoint Alternate Statutory Auditor Nagao, Kenta.

26 Jun 19 Unilever NV EGM 2 For Agenda item : Abolish Depositary Receipt Structure.

27 Jun 19 3i Group Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

27 Jun 19 3i Group Plc AGM 2 For Agenda item : Approve Remuneration Report.

27 Jun 19 3i Group Plc AGM 3 For Agenda item : Approve Final Dividend.

27 Jun 19 3i Group Plc AGM 4 For Agenda item : Re-elect Jonathan Asquith as Director.

27 Jun 19 3i Group Plc AGM 5 For Agenda item : Re-elect Caroline Banszky as Director.

27 Jun 19 3i Group Plc AGM 6 For Agenda item : Re-elect Simon Borrows as Director.

27 Jun 19 3i Group Plc AGM 7 For Agenda item : Re-elect Stephen Daintith as Director.

27 Jun 19 3i Group Plc AGM 8 For Agenda item : Re-elect Peter Grosch as Director.

27 Jun 19 3i Group Plc AGM 9 For Agenda item : Re-elect David Hutchison as Director.

27 Jun 19 3i Group Plc AGM 10 For Agenda item : Elect Coline McConville as Director.

321 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 3i Group Plc AGM 11 For Agenda item : Re-elect Simon Thompson as Director.

27 Jun 19 3i Group Plc AGM 12 For Agenda item : Re-elect Julia Wilson as Director.

27 Jun 19 3i Group Plc AGM 13 For Agenda item : Reappoint Ernst & Young LLP as Auditors.

27 Jun 19 3i Group Plc AGM 14 For Agenda item : Authorise Board Acting Through the Audit and Compliance

Committee to Fix Remuneration of Auditors.

27 Jun 19 3i Group Plc AGM 15 For Agenda item : Authorise EU Political Donations and Expenditure.

27 Jun 19 3i Group Plc AGM 16 For Agenda item : Authorise Issue of Equity.

27 Jun 19 3i Group Plc AGM 17 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

27 Jun 19 3i Group Plc AGM 18 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

27 Jun 19 3i Group Plc AGM 19 For Agenda item : Authorise Market Purchase of Ordinary Shares.

27 Jun 19 3i Group Plc AGM 20 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 2 For Agenda item : Approve Accounting Transfers.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 3.1 Opposed Agenda item : Elect Director Aoyama, Osamu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 3.2 For Agenda item : Elect Director Okano, Shinji.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 3.3 For Agenda item : Elect Director Zaitsu, Shinji.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 3.4 For Agenda item : Elect Director Yamane, Koichi.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 3.5 For Agenda item : Elect Director Uchibayashi, Seishi.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 3.6 For Agenda item : Elect Director Kobayashi, Hiroaki.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 3.7 For Agenda item : Elect Director Watanabe, Toru.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 4.1 For Agenda item : Appoint Statutory Auditor Osako, Tomokazu.

27 Jun 19 AOYAMA TRADING Co., Ltd. AGM 4.2 For Agenda item : Appoint Statutory Auditor Nogami, Masaki.

27 Jun 19 Avangrid, Inc. AGM 1.1 Opposed Agenda item : Elect Director Ignacio Sanchez Galan.

UBS note : We will not support the election of an Executive Director being

elected to serve on the Compensation/Remuneration Committee.

UBS Asset Management 322

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Avangrid, Inc. AGM 1.10 For Agenda item : Elect Director Juan Carlos Rebollo Liceaga.

27 Jun 19 Avangrid, Inc. AGM 1.11 For Agenda item : Elect Director Jose Sainz Armada.

27 Jun 19 Avangrid, Inc. AGM 1.12 For Agenda item : Elect Director Alan D. Solomont.

27 Jun 19 Avangrid, Inc. AGM 1.13 For Agenda item : Elect Director Elizabeth Timm.

27 Jun 19 Avangrid, Inc. AGM 1.14 For Agenda item : Elect Director James P. Torgerson.

27 Jun 19 Avangrid, Inc. AGM 1.2 For Agenda item : Elect Director John E. Baldacci.

27 Jun 19 Avangrid, Inc. AGM 1.3 For Agenda item : Elect Director Robert Duffy.

27 Jun 19 Avangrid, Inc. AGM 1.4 For Agenda item : Elect Director Carol L. Folt.

27 Jun 19 Avangrid, Inc. AGM 1.5 For Agenda item : Elect Director Teresa Herbert.

27 Jun 19 Avangrid, Inc. AGM 1.6 For Agenda item : Elect Director Patricia Jacobs.

27 Jun 19 Avangrid, Inc. AGM 1.7 For Agenda item : Elect Director John L. Lahey.

27 Jun 19 Avangrid, Inc. AGM 1.8 For Agenda item : Elect Director Santiago Martinez Garrido.

27 Jun 19 Avangrid, Inc. AGM 1.9 For Agenda item : Elect Director Sonsoles Rubio Reinoso.

27 Jun 19 Avangrid, Inc. AGM 2 For Agenda item : Ratify KPMG US, LLP as Auditors.

27 Jun 19 Avangrid, Inc. AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : The proposed Plan does not provide a sufficiently strong link

between awards and company and/or executive performance.

27 Jun 19 Casio Computer Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, With a Final Dividend of JPY 25.

27 Jun 19 Casio Computer Co., Ltd. AGM 2 For Agenda item : Approve Accounting Transfers.

27 Jun 19 Casio Computer Co., Ltd. AGM 3 For Agenda item : Amend Articles to Abolish Board Structure with Statutory

Auditors - Adopt Board Structure with Audit Committee - Amend Provisions on

Number of Directors - Authorise Directors to Execute Day to Day Operations

without Full Board Approval.

27 Jun 19 Casio Computer Co., Ltd. AGM 4.1 For Agenda item : Elect Director Kashio, Kazuhiro.

27 Jun 19 Casio Computer Co., Ltd. AGM 4.2 For Agenda item : Elect Director Yamagishi, Toshiyuki.

27 Jun 19 Casio Computer Co., Ltd. AGM 4.3 For Agenda item : Elect Director Takano, Shin.

27 Jun 19 Casio Computer Co., Ltd. AGM 4.4 For Agenda item : Elect Director Kashio, Tetsuo.

27 Jun 19 Casio Computer Co., Ltd. AGM 4.5 For Agenda item : Elect Director Ozaki, Motoki.

323 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Casio Computer Co., Ltd. AGM 5.1 For Agenda item : Elect Director and Audit Committee Member Uchiyama,

Tomoyuki.

27 Jun 19 Casio Computer Co., Ltd. AGM 5.2 For Agenda item : Elect Director and Audit Committee Member Chiba, Michiko.

27 Jun 19 Casio Computer Co., Ltd. AGM 5.3 For Agenda item : Elect Director and Audit Committee Member Abe, Hirotomo.

27 Jun 19 Casio Computer Co., Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

27 Jun 19 Casio Computer Co., Ltd. AGM 7 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

27 Jun 19 Casio Computer Co., Ltd. AGM 8 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Casio Computer Co., Ltd. AGM 9 For Agenda item : Approve Career Achievement Bonus for Director.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 32.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kitajima, Yoshitoshi.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.2 Opposed Agenda item : Elect Director Kitajima, Yoshinari.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.3 For Agenda item : Elect Director Morino, Tetsuji.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.4 For Agenda item : Elect Director Wada, Masahiko.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.5 For Agenda item : Elect Director Inoue, Satoru.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.6 For Agenda item : Elect Director Miya, Kenji.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.7 Opposed Agenda item : Elect Director Tsukada, Tadao.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.8 For Agenda item : Elect Director Miyajima, Tsukasa.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 2.9 For Agenda item : Elect Director Tomizawa, Ryuichi.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Hoshino, Naoki.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Matsura, Makoto.

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Sano, Toshio.

UBS Asset Management 324

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Dai Nippon Printing Co., Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Morigayama, Kazuhisa.

27 Jun 19 Daikin Industries Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 90.

27 Jun 19 Daikin Industries Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Uematsu, Kosei.

27 Jun 19 Daikin Industries Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Tamori, Hisao.

27 Jun 19 Daikin Industries Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Ono, Ichiro.

27 Jun 19 Equity Residential AGM 1.1 Withhold Agenda item : Elect Director Charles L. Atwood.

UBS note : We expect the Lead Director to be independent.

27 Jun 19 Equity Residential AGM 1.10 For Agenda item : Elect Director Mark S. Shapiro.

27 Jun 19 Equity Residential AGM 1.11 For Agenda item : Elect Director Stephen E. Sterrett.

27 Jun 19 Equity Residential AGM 1.12 For Agenda item : Elect Director Samuel Zell.

27 Jun 19 Equity Residential AGM 1.2 For Agenda item : Elect Director Raymond Bennett.

27 Jun 19 Equity Residential AGM 1.3 For Agenda item : Elect Director Linda Walker Bynoe.

27 Jun 19 Equity Residential AGM 1.4 For Agenda item : Elect Director Connie K. Duckworth.

27 Jun 19 Equity Residential AGM 1.5 For Agenda item : Elect Director Mary Kay Haben.

27 Jun 19 Equity Residential AGM 1.6 For Agenda item : Elect Director Bradley A. Keywell.

27 Jun 19 Equity Residential AGM 1.7 Withhold Agenda item : Elect Director John E. Neal.

UBS note : We expect the Audit Committee Chair to be independent and will

not support nominees considered non-independent directors, as well as former

executives.

27 Jun 19 Equity Residential AGM 1.8 For Agenda item : Elect Director David J. Neithercut.

27 Jun 19 Equity Residential AGM 1.9 For Agenda item : Elect Director Mark J. Parrell.

27 Jun 19 Equity Residential AGM 2 Opposed Agenda item : Ratify Ernst & Young LLP as Auditors.

UBS note : The tenure of auditor used by the company exceeds 20 years.

27 Jun 19 Equity Residential AGM 3 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : We will not support the remuneration where severance packages

are in excess of 2yrs fixed salary plus average bonus pay.

27 Jun 19 Equity Residential AGM 4 For Agenda item : Approve Omnibus Stock Plan.

27 Jun 19 FANUC Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

325 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

404.92.

27 Jun 19 FANUC Corp. AGM 2.1 Opposed Agenda item : Elect Director Inaba, Yoshiharu.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 FANUC Corp. AGM 2.10 For Agenda item : Elect Director Imai, Yasuo.

27 Jun 19 FANUC Corp. AGM 2.11 For Agenda item : Elect Director Ono, Masato.

27 Jun 19 FANUC Corp. AGM 2.2 For Agenda item : Elect Director Yamaguchi, Kenji.

27 Jun 19 FANUC Corp. AGM 2.3 For Agenda item : Elect Director Uchida, Hiroyuki.

27 Jun 19 FANUC Corp. AGM 2.4 For Agenda item : Elect Director Gonda, Yoshihiro.

27 Jun 19 FANUC Corp. AGM 2.5 For Agenda item : Elect Director Saito, Yutaka.

27 Jun 19 FANUC Corp. AGM 2.6 For Agenda item : Elect Director Inaba, Kiyonori.

27 Jun 19 FANUC Corp. AGM 2.7 For Agenda item : Elect Director Noda, Hiroshi.

27 Jun 19 FANUC Corp. AGM 2.8 For Agenda item : Elect Director Richard E. Schneider.

27 Jun 19 FANUC Corp. AGM 2.9 For Agenda item : Elect Director Tsukuda, Kazuo.

27 Jun 19 FANUC Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kohari, Katsuo.

27 Jun 19 FANUC Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Mitsumura, Katsuya.

27 Jun 19 FANUC Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Yokoi, Hidetoshi.

27 Jun 19 FUJIFILM Holdings Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.1 For Agenda item : Elect Director Komori, Shigetaka.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.10 For Agenda item : Elect Director Eda, Makiko.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.11 For Agenda item : Elect Director Ishikawa, Takatoshi.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.2 For Agenda item : Elect Director Sukeno, Kenji.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.3 For Agenda item : Elect Director Tamai, Koichi.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.4 For Agenda item : Elect Director Okada, Junji.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.5 For Agenda item : Elect Director Iwasaki, Takashi.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.6 For Agenda item : Elect Director Goto, Teiichi.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.7 For Agenda item : Elect Director Kawada, Tatsuo.

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.8 For Agenda item : Elect Director Kaiami, Makoto.

UBS Asset Management 326

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 FUJIFILM Holdings Corp. AGM 2.9 For Agenda item : Elect Director Kitamura, Kunitaro.

27 Jun 19 FUJIFILM Holdings Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Mitsuhashi, Masataka.

27 Jun 19 Fujikura Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 5.

27 Jun 19 Fujikura Ltd. AGM 2 Opposed Agenda item : Amend Articles to Amend Provisions on Number of Directors.

UBS note : The size of the Board is not proportioned to the Company's

dimension and scope.

27 Jun 19 Fujikura Ltd. AGM 3.1 For Agenda item : Elect Director Ito, Masahiko.

27 Jun 19 Fujikura Ltd. AGM 3.2 For Agenda item : Elect Director Wada, Akira.

27 Jun 19 Fujikura Ltd. AGM 3.3 For Agenda item : Elect Director Kitajima, Takeaki.

27 Jun 19 Fujikura Ltd. AGM 3.4 For Agenda item : Elect Director Hosoya, Hideyuki.

27 Jun 19 Fujikura Ltd. AGM 3.5 For Agenda item : Elect Director Takizawa, Takashi.

27 Jun 19 Fujikura Ltd. AGM 3.6 For Agenda item : Elect Director Ito, Tetsu.

27 Jun 19 Fujikura Ltd. AGM 3.7 For Agenda item : Elect Director Joseph E. Gallagher.

27 Jun 19 Fujikura Ltd. AGM 3.8 For Agenda item : Elect Director Kobayashi, Ikuo.

27 Jun 19 Fujikura Ltd. AGM 3.9 For Agenda item : Elect Director Inaba, Masato.

27 Jun 19 Fujikura Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Oda, Yasuyuki.

27 Jun 19 Fujikura Ltd. AGM 4.2 Opposed Agenda item : Elect Director and Audit Committee Member Shimojima,

Masaaki.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 Fujikura Ltd. AGM 4.3 Opposed Agenda item : Elect Director and Audit Committee Member Abe, Kenichiro.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 Fujikura Ltd. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Shirai, Yoshio.

27 Jun 19 Fujikura Ltd. AGM 4.5 For Agenda item : Elect Director and Audit Committee Member Murata, Tsuneko.

327 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Fujikura Ltd. AGM 4.6 For Agenda item : Elect Director and Audit Committee Member Hanazaki,

Hamako.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

42.5.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.1 Opposed Agenda item : Elect Director Shibato, Takashige.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.10 For Agenda item : Elect Director Mori, Takujiro.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.11 For Agenda item : Elect Director Fukutomi, Takashi.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.12 For Agenda item : Elect Director Fukasawa, Masahiko.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.13 For Agenda item : Elect Director Kosugi, Toshiya.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.2 For Agenda item : Elect Director Yoshida, Yasuhiko.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.3 For Agenda item : Elect Director Shirakawa, Yuji.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.4 For Agenda item : Elect Director Morikawa, Yasuaki.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.5 For Agenda item : Elect Director Yokota, Koji.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.6 For Agenda item : Elect Director Nomura Toshimi.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.7 For Agenda item : Elect Director Aoyagi, Masayuki.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.8 For Agenda item : Elect Director Yoshizawa, Shunsuke.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 2.9 For Agenda item : Elect Director Oba, Shinichi.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Tanaka, Kazunori.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Yamada, Hideo.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 4.1 For Agenda item : Appoint Alternate Statutory Auditor Gondo, Naohiko.

27 Jun 19 Fukuoka Financial Group, Inc. AGM 4.2 For Agenda item : Appoint Alternate Statutory Auditor Miura, Masamichi.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 85.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.1 For Agenda item : Elect Director Shibata, Mitsuyoshi.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.10 For Agenda item : Elect Director Miyamoto, Satoshi.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.11 For Agenda item : Elect Director Maki, Ken.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.12 For Agenda item : Elect Director Fukunaga, Akihiro.

UBS Asset Management 328

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.2 For Agenda item : Elect Director Kobayashi, Keiichi.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.3 For Agenda item : Elect Director Fujita, Sumitaka.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.4 For Agenda item : Elect Director Tsukamoto, Osamu.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nakamoto, Akira.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.6 For Agenda item : Elect Director Miyokawa, Yoshiro.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yabu, Yukiko.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.8 For Agenda item : Elect Director Ogiwara, Hiroyuki.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kuroda, Osamu.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Mizota, Yoshiaki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Koroyasu, Kenji.

27 Jun 19 Furukawa Electric Co., Ltd. AGM 5 For Agenda item : Approve Trust-Type Equity Compensation Plan.

27 Jun 19 GS Yuasa Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 35.

27 Jun 19 GS Yuasa Corp. AGM 2.1 Opposed Agenda item : Elect Director Murao, Osamu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 GS Yuasa Corp. AGM 2.2 For Agenda item : Elect Director Nishida, Kei.

27 Jun 19 GS Yuasa Corp. AGM 2.3 For Agenda item : Elect Director Nakagawa, Toshiyuki.

27 Jun 19 GS Yuasa Corp. AGM 2.4 For Agenda item : Elect Director Kuragaki, Masahide.

27 Jun 19 GS Yuasa Corp. AGM 2.5 For Agenda item : Elect Director Furukawa, Akio.

27 Jun 19 GS Yuasa Corp. AGM 2.6 For Agenda item : Elect Director Otani, Ikuo.

27 Jun 19 GS Yuasa Corp. AGM 2.7 For Agenda item : Elect Director Matsunaga, Takayoshi.

27 Jun 19 GS Yuasa Corp. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Murakami, Masayuki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 GS Yuasa Corp. AGM 4 For Agenda item : Approve Annual Bonus.

329 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 HASEKO Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

27 Jun 19 HASEKO Corp. AGM 2 For Agenda item : Amend Articles to Reduce Directors' Term.

27 Jun 19 HASEKO Corp. AGM 3.1 For Agenda item : Elect Director Oguri, Ikuo.

27 Jun 19 HASEKO Corp. AGM 3.10 For Agenda item : Elect Director Takahashi, Osamu.

27 Jun 19 HASEKO Corp. AGM 3.11 For Agenda item : Elect Director Ichimura, Kazuhiko.

27 Jun 19 HASEKO Corp. AGM 3.12 For Agenda item : Elect Director Kogami, Tadashi.

27 Jun 19 HASEKO Corp. AGM 3.13 For Agenda item : Elect Director Nagasaki, Mami.

27 Jun 19 HASEKO Corp. AGM 3.2 For Agenda item : Elect Director Tsuji, Noriaki.

27 Jun 19 HASEKO Corp. AGM 3.3 For Agenda item : Elect Director Muratsuka, Shosuke.

27 Jun 19 HASEKO Corp. AGM 3.4 For Agenda item : Elect Director Ikegami, Kazuo.

27 Jun 19 HASEKO Corp. AGM 3.5 For Agenda item : Elect Director Tani, Junichi.

27 Jun 19 HASEKO Corp. AGM 3.6 For Agenda item : Elect Director Tani, Nobuhiro.

27 Jun 19 HASEKO Corp. AGM 3.7 For Agenda item : Elect Director Murakawa, Toshiyuki.

27 Jun 19 HASEKO Corp. AGM 3.8 For Agenda item : Elect Director Naraoka, Shoji.

27 Jun 19 HASEKO Corp. AGM 3.9 For Agenda item : Elect Director Amano, Kohei.

27 Jun 19 HASEKO Corp. AGM 4 For Agenda item : Appoint Statutory Auditor Chikayama, Takahisa.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

120.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 2 For Agenda item : Amend Articles to Amend Provisions on Director Titles.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.1 Opposed Agenda item : Elect Director Ishii, Kazunori.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.2 For Agenda item : Elect Director Nakamura, Mitsuo.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.3 For Agenda item : Elect Director Kiriya, Yukio.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.4 For Agenda item : Elect Director Okano, Hiroaki.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.5 For Agenda item : Elect Director Fukumoto, Hiroshi.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.6 For Agenda item : Elect Director Sato, Hiroshi.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.7 For Agenda item : Elect Director Sang-Yeob Lee.

UBS Asset Management 330

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.8 Opposed Agenda item : Elect Director Hotta, Kensuke.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 HIROSE ELECTRIC CO., LTD. AGM 3.9 For Agenda item : Elect Director Motonaga, Tetsuji.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 14.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Narita, Junji.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Yajima, Hirotake.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Matsuda, Noboru.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.12 Opposed Agenda item : Elect Director Hattori, Nobumichi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.13 For Agenda item : Elect Director Yamashita, Toru.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.2 Opposed Agenda item : Elect Director Toda, Hirokazu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Matsuzaki, Mitsumasa.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Imaizumi, Tomoyuki.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Nakatani, Yoshitaka.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Nishioka, Masanori.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Mizushima, Masayuki.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Ochiai, Hiroshi.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Fujinuma, Daisuke.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Nishimura, Osamu.

27 Jun 19 Hakuhodo DY Holdings, Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Yamaguchi, Katsuyuki.

27 Jun 19 Heiwa Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

27 Jun 19 Heiwa Corp. AGM 2 For Agenda item : Elect Director Mizushima, Yuji.

27 Jun 19 Heiwa Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Eguchi, Yuichiro.

27 Jun 19 ICG Enterprise Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

27 Jun 19 ICG Enterprise Trust Plc AGM 2 For Agenda item : Approve Final Dividend.

331 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 ICG Enterprise Trust Plc AGM 3 For Agenda item : Re-elect Jeremy Tigue as Director.

27 Jun 19 ICG Enterprise Trust Plc AGM 4 For Agenda item : Re-elect Alastair Bruce as Director.

27 Jun 19 ICG Enterprise Trust Plc AGM 5 For Agenda item : Re-elect Sandra Pajarola as Director.

27 Jun 19 ICG Enterprise Trust Plc AGM 6 For Agenda item : Re-elect Lucinda Riches as Director.

27 Jun 19 ICG Enterprise Trust Plc AGM 7 For Agenda item : Elect Jane Tufnell as Director.

27 Jun 19 ICG Enterprise Trust Plc AGM 8 For Agenda item : Appoint Ernst & Young LLP as Auditors.

27 Jun 19 ICG Enterprise Trust Plc AGM 9 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

27 Jun 19 ICG Enterprise Trust Plc AGM 10 For Agenda item : Approve Remuneration Report.

27 Jun 19 ICG Enterprise Trust Plc AGM 11 For Agenda item : Authorise Issue of Equity.

27 Jun 19 ICG Enterprise Trust Plc AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

27 Jun 19 ICG Enterprise Trust Plc AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

27 Jun 19 ICG Enterprise Trust Plc AGM 14 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 1.1 For Agenda item : Re-elect Yoav Doppelt as Director.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 1.2 For Agenda item : Re-elect Aviad Kaufman as Director.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 1.3 Opposed Agenda item : Re-elect Avisar Paz as Director.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 1.4 For Agenda item : Re-elect Sagi Kabla as Director.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 1.5 For Agenda item : Re-elect Ovadia Eli as Director.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 1.6 For Agenda item : Re-elect Reem Aminoach as Director.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 1.7 For Agenda item : Re-elect Lior Reitblatt as Director.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 2 For Agenda item : Reappoint Somekh Chaikin as Auditors.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 4 For Agenda item : Approve Compensation Policy for the Directors and Officers of

the Company.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM 5 Opposed Agenda item : Approval Equity Compensation Grant to Raviv Zoller, CEO.

UBS note : The proposed plan does not provide a sufficiently strong link

between awards and shareholder long-term interest.

UBS Asset Management 332

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 ICL-Israel Chemicals Ltd. AGM A Opposed Agenda item : Vote FOR if you are a controlling shareholder or have a

personal interest in one or several resolutions, as indicated in the proxy card;

otherwise, vote AGAINST. You may not abstain. If you vote FOR, please

provide an explanation to your account manager.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM B1 Opposed Agenda item : If you are an Interest Holder as defined in Section 1 of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM B2 Opposed Agenda item : If you are a Senior Officer as defined in Section 37(D) of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

27 Jun 19 ICL-Israel Chemicals Ltd. AGM B3 For Agenda item : If you are an Institutional Investor as defined in Regulation 1 of

the Supervision Financial Services Regulations 2009 or a Manager of a Joint

Investment Trust Fund as defined in the Joint Investment Trust Law, 1994, vote

FOR. Otherwise, vote against.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.1 For Agenda item : Elect Director Tsukioka, Takashi.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.10 For Agenda item : Elect Director Mackenzie Clugston.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.11 For Agenda item : Elect Director Otsuka, Norio.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.12 For Agenda item : Elect Director Yasuda, Yuko.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.13 For Agenda item : Elect Director Koshiba, Mitsunobu.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.2 For Agenda item : Elect Director Kameoka, Tsuyoshi.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.3 For Agenda item : Elect Director Kito, Shunichi.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.4 For Agenda item : Elect Director Okada, Tomonori.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.5 For Agenda item : Elect Director Matsushita, Takashi.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.6 For Agenda item : Elect Director Shindome, Katsuaki.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.7 For Agenda item : Elect Director Idemitsu, Masakazu.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.8 For Agenda item : Elect Director Kubohara, Kazunari.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 1.9 For Agenda item : Elect Director Kikkawa, Takeo.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 2 For Agenda item : Appoint Alternate Statutory Auditor Kai, Junko.

27 Jun 19 Idemitsu Kosan Co., Ltd. AGM 3 For Agenda item : Approve Trust-Type Equity Compensation Plan.

27 Jun 19 Israel Corp. Ltd. EGM 1 Opposed Agenda item : Approve Employment Terms of Yoav Doppelt, Incoming CEO.

UBS note : Accelerated vesting of outstanding awards is contrary to the

333 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

alignment between executive pay and shareholder long-term interest.

27 Jun 19 Israel Corp. Ltd. EGM 2 For Agenda item : Issue Indemnification Agreements to Johanan Locker, Director.

27 Jun 19 Israel Corp. Ltd. EGM A Opposed Agenda item : Vote FOR if you are a controlling shareholder or have a

personal interest in one or several resolutions, as indicated in the proxy card;

otherwise, vote AGAINST. You may not abstain. If you vote FOR, please

provide an explanation to your account manager.

27 Jun 19 Israel Corp. Ltd. EGM B1 Opposed Agenda item : If you are an Interest Holder as defined in Section 1 of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

27 Jun 19 Israel Corp. Ltd. EGM B2 Opposed Agenda item : If you are a Senior Officer as defined in Section 37(D) of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

27 Jun 19 Israel Corp. Ltd. EGM B3 For Agenda item : If you are an Institutional Investor as defined in Regulation 1 of

the Supervision Financial Services Regulations 2009 or a Manager of a Joint

Investment Trust Fund as defined in the Joint Investment Trust Law, 1994, vote

FOR. Otherwise, vote against.

27 Jun 19 JGC Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

28.5.

27 Jun 19 JGC Corp. AGM 2 For Agenda item : Approve Adoption of Holding Company Structure and Transfer

of Operations to Wholly Owned Subsidiaries.

27 Jun 19 JGC Corp. AGM 3 For Agenda item : Amend Articles to Change Company Name - Amend Business

Lines - Amend Provisions on Number of Directors - Amend Provisions on

Director Titles - Remove All Provisions on Advisory Positions - Indemnify

Directors - Indemnify Statutory Auditors.

27 Jun 19 JGC Corp. AGM 4.1 Opposed Agenda item : Elect Director Sato, Masayuki.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 JGC Corp. AGM 4.2 For Agenda item : Elect Director Ishizuka, Tadashi.

27 Jun 19 JGC Corp. AGM 4.3 For Agenda item : Elect Director Yamazaki, Yutaka.

27 Jun 19 JGC Corp. AGM 4.4 For Agenda item : Elect Director Terajima, Kiyotaka.

UBS Asset Management 334

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 JGC Corp. AGM 4.5 For Agenda item : Elect Director Suzuki, Masanori.

27 Jun 19 JGC Corp. AGM 4.6 For Agenda item : Elect Director Muramoto, Tetsuya.

27 Jun 19 JGC Corp. AGM 4.7 For Agenda item : Elect Director Endo, Shigeru.

27 Jun 19 JGC Corp. AGM 4.8 For Agenda item : Elect Director Matsushima, Masayuki.

27 Jun 19 JGC Corp. AGM 4.9 For Agenda item : Elect Director Ueda, Kazuo.

27 Jun 19 JGC Corp. AGM 5 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.1 For Agenda item : Elect Director Watanabe, Osamu.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.10 For Agenda item : Elect Director Yamashita, Michiro.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.11 For Agenda item : Elect Director Ishii, Yoshitaka.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.12 For Agenda item : Elect Director Kojima, Akira.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.13 For Agenda item : Elect Director Ito, Tetsuo.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.14 For Agenda item : Elect Director Yamashita, Yukari.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.2 For Agenda item : Elect Director Okada, Hideichi.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.3 For Agenda item : Elect Director Fujita, Masahiro.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.4 For Agenda item : Elect Director Higai, Yosuke.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.5 For Agenda item : Elect Director Inoue, Takahisa.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ozeki, Kazuhiko.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.7 For Agenda item : Elect Director Ito, Hajime.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.8 For Agenda item : Elect Director Tanaka, Hirotaka.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 2.9 For Agenda item : Elect Director Hirata, Toshiyuki.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Watanabe, Hiroyasu.

27 Jun 19 Japan Petroleum Exploration Co., Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

27 Jun 19 KOSÿ Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 95.

27 Jun 19 KOSÿ Corp. AGM 2.1 For Agenda item : Elect Director Kumada, Atsuo.

27 Jun 19 KOSÿ Corp. AGM 2.2 For Agenda item : Elect Director Kobayashi, Masanori.

27 Jun 19 KOSÿ Corp. AGM 2.3 For Agenda item : Elect Director Shibusawa, Koichi.

335 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 KOSÿ Corp. AGM 2.4 For Agenda item : Elect Director Yanai, Michihito.

27 Jun 19 KOSÿ Corp. AGM 2.5 For Agenda item : Elect Director Yuasa, Norika.

27 Jun 19 KOSÿ Corp. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Suzuki, Kazuhiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 KOSÿ Corp. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Matsumoto, Noboru.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 KOSÿ Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Miyama, Toru.

27 Jun 19 KOSÿ Corp. AGM 4 Opposed Agenda item : Approve Statutory Auditor Retirement Bonus.

UBS note : We will not support retirement or special bonus/share plan when

the amount is not disclosed or when payment is to non-executive directors.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 75.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.1 For Agenda item : Elect Director Onuma, Tetsuo.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Horiuchi, Hiroyuki.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takaoka, Atsushi.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Watanabe, Fumihiro.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Ieda, Chikara.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Enomoto, Eiki.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.7 For Agenda item : Elect Director Tanabe, Yoshio.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kamibeppu Kiyoko.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Iwamoto, Atsutada.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Hara, Kazuo.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Endo, Hirotoshi.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Inoue, Yasutomo.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 5 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

UBS Asset Management 336

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

deep discount plan without performance conditions.

27 Jun 19 Kaken Pharmaceutical Co., Ltd. AGM 6 For Agenda item : Approve Annual Bonus.

27 Jun 19 Kamigumi Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 23.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kubo, Masami.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.2 For Agenda item : Elect Director Fukai, Yoshihiro.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.3 For Agenda item : Elect Director Makita, Hideo.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.4 For Agenda item : Elect Director Tahara, Norihito.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.5 For Agenda item : Elect Director Horiuchi, Toshihiro.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.6 For Agenda item : Elect Director Murakami, Katsumi.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kobayashi, Yasuo.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.8 For Agenda item : Elect Director Baba, Koichi.

27 Jun 19 Kamigumi Co., Ltd. AGM 2.9 For Agenda item : Elect Director Ishibashi, Nobuko.

27 Jun 19 Kamigumi Co., Ltd. AGM 3 For Agenda item : Appoint Alternate Statutory Auditor Komae, Masahide.

27 Jun 19 Kamigumi Co., Ltd. AGM 4 For Agenda item : Approve Restricted Stock Plan.

27 Jun 19 Kandenko Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 13.

27 Jun 19 Kandenko Co., Ltd. AGM 2.1 For Agenda item : Elect Director Ishizuka, Masataka.

27 Jun 19 Kandenko Co., Ltd. AGM 2.10 For Agenda item : Elect Director Nagaoka, Shigeru.

27 Jun 19 Kandenko Co., Ltd. AGM 2.11 For Agenda item : Elect Director Nakama, Toshio.

27 Jun 19 Kandenko Co., Ltd. AGM 2.12 For Agenda item : Elect Director Miyauchi, Shinichi.

27 Jun 19 Kandenko Co., Ltd. AGM 2.13 For Agenda item : Elect Director Morito, Yoshimi.

27 Jun 19 Kandenko Co., Ltd. AGM 2.14 For Agenda item : Elect Director Yukimura, Toru.

27 Jun 19 Kandenko Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ueda, Yuji.

27 Jun 19 Kandenko Co., Ltd. AGM 2.3 For Agenda item : Elect Director Uchino, Takashi.

27 Jun 19 Kandenko Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kashiwabara, Shoichiro.

27 Jun 19 Kandenko Co., Ltd. AGM 2.5 For Agenda item : Elect Director Kitayama, Shinichiro.

27 Jun 19 Kandenko Co., Ltd. AGM 2.6 Opposed Agenda item : Elect Director Goto, Kiyoshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

337 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Kandenko Co., Ltd. AGM 2.7 Opposed Agenda item : Elect Director Saito, Hajime.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Kandenko Co., Ltd. AGM 2.8 For Agenda item : Elect Director Takaoka, Shigenori.

27 Jun 19 Kandenko Co., Ltd. AGM 2.9 For Agenda item : Elect Director Takahashi, Kenichi.

27 Jun 19 Kandenko Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Muto, Shoichi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Kandenko Co., Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

27 Jun 19 Kansai Paint Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 14.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.1 For Agenda item : Elect Director Mori, Kunishi.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.2 For Agenda item : Elect Director Furukawa, Hidenori.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.3 For Agenda item : Elect Director Seno, Jun.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.4 For Agenda item : Elect Director Teraoka, Naoto.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.5 For Agenda item : Elect Director Yoshida, Kazuhiro.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.6 For Agenda item : Elect Director Harishchandra Meghraj Bharuka.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yoshikawa, Keiji.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.8 For Agenda item : Elect Director Ando, Tomoko.

27 Jun 19 Kansai Paint Co., Ltd. AGM 2.9 For Agenda item : Elect Director John P.Durkin.

27 Jun 19 Kansai Paint Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Colin P.A.Jones.

27 Jun 19 Kansai Paint Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Nakai, Hiroe.

27 Jun 19 Keikyu Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 8.

27 Jun 19 Keikyu Corp. AGM 2 For Agenda item : Amend Articles to Change Location of Head Office - Amend

Provisions on Director Titles.

27 Jun 19 Keikyu Corp. AGM 3.1 For Agenda item : Elect Director Ishiwata, Tsuneo.

27 Jun 19 Keikyu Corp. AGM 3.10 For Agenda item : Elect Director Sato, Kenji.

27 Jun 19 Keikyu Corp. AGM 3.11 For Agenda item : Elect Director Sasaki, Kenji.

27 Jun 19 Keikyu Corp. AGM 3.12 Opposed Agenda item : Elect Director Tomonaga, Michiko.

UBS Asset Management 338

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Keikyu Corp. AGM 3.13 Opposed Agenda item : Elect Director Terajima, Yoshinori.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Keikyu Corp. AGM 3.2 For Agenda item : Elect Director Harada, Kazuyuki.

27 Jun 19 Keikyu Corp. AGM 3.3 For Agenda item : Elect Director Ogura, Toshiyuki.

27 Jun 19 Keikyu Corp. AGM 3.4 For Agenda item : Elect Director Michihira, Takashi.

27 Jun 19 Keikyu Corp. AGM 3.5 For Agenda item : Elect Director Honda, Toshiaki.

27 Jun 19 Keikyu Corp. AGM 3.6 For Agenda item : Elect Director Hirai, Takeshi.

27 Jun 19 Keikyu Corp. AGM 3.7 For Agenda item : Elect Director Urabe, Kazuo.

27 Jun 19 Keikyu Corp. AGM 3.8 For Agenda item : Elect Director Watanabe, Shizuyoshi.

27 Jun 19 Keikyu Corp. AGM 3.9 For Agenda item : Elect Director Kawamata, Yukihiro.

27 Jun 19 Keikyu Corp. AGM 4 For Agenda item : Appoint Statutory Auditor Hirokawa, Yuichiro.

27 Jun 19 Keio Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

27 Jun 19 Keio Corp. AGM 2.1 Opposed Agenda item : Elect Director Nagata, Tadashi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Keio Corp. AGM 2.10 For Agenda item : Elect Director Tsumura, Satoshi.

27 Jun 19 Keio Corp. AGM 2.11 Opposed Agenda item : Elect Director Takahashi, Atsushi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Keio Corp. AGM 2.12 Opposed Agenda item : Elect Director Furuichi, Takeshi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Keio Corp. AGM 2.13 For Agenda item : Elect Director Yamamoto, Mamoru.

27 Jun 19 Keio Corp. AGM 2.14 For Agenda item : Elect Director Komada, Ichiro.

27 Jun 19 Keio Corp. AGM 2.15 For Agenda item : Elect Director Maruyama, So.

27 Jun 19 Keio Corp. AGM 2.16 For Agenda item : Elect Director Kawase, Akinobu.

339 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Keio Corp. AGM 2.17 For Agenda item : Elect Director Koshimizu, Yotaro.

27 Jun 19 Keio Corp. AGM 2.18 For Agenda item : Elect Director Wakabayashi, Katsuyoshi.

27 Jun 19 Keio Corp. AGM 2.2 For Agenda item : Elect Director Komura, Yasushi.

27 Jun 19 Keio Corp. AGM 2.3 For Agenda item : Elect Director Nakaoka, Kazunori.

27 Jun 19 Keio Corp. AGM 2.4 For Agenda item : Elect Director Ito, Shunji.

27 Jun 19 Keio Corp. AGM 2.5 For Agenda item : Elect Director Minami, Yoshitaka.

27 Jun 19 Keio Corp. AGM 2.6 For Agenda item : Elect Director Nakajima, Kazunari.

27 Jun 19 Keio Corp. AGM 2.7 For Agenda item : Elect Director Sakurai, Toshiki.

27 Jun 19 Keio Corp. AGM 2.8 For Agenda item : Elect Director Terada, Yuichiro.

27 Jun 19 Keio Corp. AGM 2.9 For Agenda item : Elect Director Yamagishi, Masaya.

27 Jun 19 Keio Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Mizuno, Satoshi.

27 Jun 19 Keio Corp. AGM 4 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

UBS note : We will vote against the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 9.5.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Saigusa, Norio.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.10 For Agenda item : Elect Director Furukawa, Yasunobu.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.11 For Agenda item : Elect Director Tochigi, Shotaro.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.12 Opposed Agenda item : Elect Director Ito, Yukihiro.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.2 For Agenda item : Elect Director Kobayashi, Toshiya.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.3 For Agenda item : Elect Director Kato, Masaya.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.4 For Agenda item : Elect Director Muroya, Masahiro.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.5 For Agenda item : Elect Director Amano, Takao.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kawasumi, Makoto.

UBS Asset Management 340

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.7 For Agenda item : Elect Director Toshima, Susumu.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.8 For Agenda item : Elect Director Tanaka, Tsuguo.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kaneko, Shokichi.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Sato, Kenji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Keisei Electric Railway Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Kobayashi, Takeshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 52.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.1 For Agenda item : Elect Director Otake, Masahiro.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.10 For Agenda item : Elect Director Yamamoto, Hideo.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.11 For Agenda item : Elect Director Toyota, Jun.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.12 For Agenda item : Elect Director Katsuda, Takayuki.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.13 Opposed Agenda item : Elect Director Uehara, Haruya.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.14 Opposed Agenda item : Elect Director Sakurai, Kingo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.2 Opposed Agenda item : Elect Director Mihara, Hiroshi.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sakakibara, Koichi.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.4 For Agenda item : Elect Director Arima, Kenji.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.5 For Agenda item : Elect Director Uchiyama, Masami.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kato, Michiaki.

341 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.7 For Agenda item : Elect Director Konagaya, Hideharu.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kusakawa, Katsuyuki.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 2.9 For Agenda item : Elect Director Otake, Takashi.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Kimeda, Hiroshi.

27 Jun 19 Koito Manufacturing Co., Ltd. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors.

27 Jun 19 Kurita Water Industries Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 27.

27 Jun 19 Kurita Water Industries Ltd. AGM 2 For Agenda item : Amend Articles to Reflect Changes in Law.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.1 For Agenda item : Elect Director Iioka, Koichi.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.10 For Agenda item : Elect Director Sugiyama, Ryoko.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.11 For Agenda item : Elect Director Tanaka, Keiko.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.2 For Agenda item : Elect Director Kadota, Michiya.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.3 For Agenda item : Elect Director Ito, Kiyoshi.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.4 For Agenda item : Elect Director Kodama, Toshitaka.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.5 For Agenda item : Elect Director Yamada, Yoshio.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.6 For Agenda item : Elect Director Ejiri, Hirohiko.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.7 For Agenda item : Elect Director Kobayashi, Toshimi.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.8 For Agenda item : Elect Director Suzuki, Yasuo.

27 Jun 19 Kurita Water Industries Ltd. AGM 3.9 For Agenda item : Elect Director Moriwaki, Tsuguto.

27 Jun 19 Kurita Water Industries Ltd. AGM 4 For Agenda item : Appoint Statutory Auditor Muto, Yukihiko.

27 Jun 19 Kurita Water Industries Ltd. AGM 5 For Agenda item : Appoint Alternate Statutory Auditor Tada, Toshiaki.

27 Jun 19 M3, Inc. AGM 1 For Agenda item : Amend Articles to Amend Business Lines.

27 Jun 19 M3, Inc. AGM 2.1 For Agenda item : Elect Director Tanimura, Itaru.

27 Jun 19 M3, Inc. AGM 2.2 For Agenda item : Elect Director Tomaru, Akihiko.

27 Jun 19 M3, Inc. AGM 2.3 For Agenda item : Elect Director Tsuchiya, Eiji.

27 Jun 19 M3, Inc. AGM 2.4 For Agenda item : Elect Director Tsuji, Takahiro.

27 Jun 19 M3, Inc. AGM 2.5 For Agenda item : Elect Director Izumiya, Kazuyuki.

27 Jun 19 M3, Inc. AGM 2.6 For Agenda item : Elect Director Urae, Akinori.

27 Jun 19 M3, Inc. AGM 2.7 For Agenda item : Elect Director Yoshida, Kenichiro.

27 Jun 19 M3, Inc. AGM 2.8 For Agenda item : Elect Director Mori, Kenichi.

UBS Asset Management 342

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 M3, Inc. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Ii, Masako.

27 Jun 19 M3, Inc. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Yamazaki,

Mayuka.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Imaeda, Ryozo.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.10 For Agenda item : Elect Director Iwasaki, Akira.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.2 For Agenda item : Elect Director Takekawa, Hideya.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.3 For Agenda item : Elect Director Nishikawa, Hirotaka.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.4 For Agenda item : Elect Director Fujii, Kaoru.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nagumo, Masaji.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.6 For Agenda item : Elect Director Onishi, Kunio.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yokomizo, Takashi.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kajiki, Hisashi.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 2.9 For Agenda item : Elect Director Watanabe, Akira.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Amano, Yoshihiko.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Oba, Tamio.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Kitamura, Nobuhiko.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Muroi, Masaru.

27 Jun 19 Maeda Road Construction Co., Ltd. AGM 3.5 For Agenda item : Appoint Statutory Auditor Tanaka, Nobuyoshi.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 35.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Matsumoto, Namio.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.2 Opposed Agenda item : Elect Director Matsumoto, Kiyo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Matsumoto, Takashi.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Ota, Takao.

343 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Obe, Shingo.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ishibashi, Akio.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Matsushita, Isao.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.8 For Agenda item : Elect Director Omura, Hiro.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kimura, Keiji.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Honta, Hisao.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Seno, Yoshiaki.

27 Jun 19 Matsumotokiyoshi Holdings Co., Ltd. AGM 5 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.1 For Agenda item : Elect Director Matsuo, Masahiko.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.10 For Agenda item : Elect Director Matsumura, Mariko.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.2 For Agenda item : Elect Director Kawamura, Kazuo.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.3 For Agenda item : Elect Director Saza, Michiro.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.4 For Agenda item : Elect Director Shiozaki, Koichiro.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.5 For Agenda item : Elect Director Furuta, Jun.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.6 For Agenda item : Elect Director Kobayashi, Daikichiro.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.7 For Agenda item : Elect Director Matsuda, Katsunari.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.8 For Agenda item : Elect Director Iwashita, Tomochika.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 1.9 For Agenda item : Elect Director Murayama, Toru.

27 Jun 19 Meiji Holdings Co., Ltd. AGM 2 For Agenda item : Appoint Alternate Statutory Auditor Imamura, Makoto.

27 Jun 19 Minebea Mitsumi, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 14.

27 Jun 19 Minebea Mitsumi, Inc. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.1 For Agenda item : Elect Director Kainuma, Yoshihisa.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.10 For Agenda item : Elect Director Matsumura, Atsuko.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.11 For Agenda item : Elect Director Matsuoka, Takashi.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.2 For Agenda item : Elect Director Moribe, Shigeru.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.3 For Agenda item : Elect Director Iwaya, Ryozo.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.4 For Agenda item : Elect Director Tsuruta, Tetsuya.

UBS Asset Management 344

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.5 For Agenda item : Elect Director None, Shigeru.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.6 For Agenda item : Elect Director Uehara, Shuji.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.7 For Agenda item : Elect Director Kagami, Michiya.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.8 For Agenda item : Elect Director Aso, Hiroshi.

27 Jun 19 Minebea Mitsumi, Inc. AGM 3.9 For Agenda item : Elect Director Murakami, Koshi.

27 Jun 19 Minebea Mitsumi, Inc. AGM 4.1 For Agenda item : Appoint Statutory Auditor Kimura, Naoyuki.

27 Jun 19 Minebea Mitsumi, Inc. AGM 4.2 For Agenda item : Appoint Statutory Auditor Yoshino, Koichi.

27 Jun 19 Minebea Mitsumi, Inc. AGM 4.3 For Agenda item : Appoint Statutory Auditor Hoshino, Makoto.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.1 For Agenda item : Elect Director Sakuyama, Masaki.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.10 For Agenda item : Elect Director Watanabe, Kazunori.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.11 For Agenda item : Elect Director Koide, Hiroko.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.12 For Agenda item : Elect Director Oyamada, Takashi.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.2 For Agenda item : Elect Director Sugiyama, Takeshi.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.3 For Agenda item : Elect Director Okuma, Nobuyuki.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.4 For Agenda item : Elect Director Matsuyama, Akihiro.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.5 For Agenda item : Elect Director Sagawa, Masahiko.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.6 For Agenda item : Elect Director Harada, Shinji.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.7 For Agenda item : Elect Director Kawagoishi, Tadashi.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.8 For Agenda item : Elect Director Yabunaka, Mitoji.

27 Jun 19 Mitsubishi Electric Corp. AGM 1.9 For Agenda item : Elect Director Obayashi, Hiroshi.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 17.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.1 For Agenda item : Elect Director Sugiyama, Hirotaka.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.10 For Agenda item : Elect Director Ebihara, Shin.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.11 For Agenda item : Elect Director Narukawa, Tetsuo.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.12 For Agenda item : Elect Director Shirakawa, Masaaki.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.13 For Agenda item : Elect Director Nagase, Shin.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.14 For Agenda item : Elect Director Egami, Setsuko.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.15 For Agenda item : Elect Director Taka, Iwao.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.2 For Agenda item : Elect Director Yoshida, Junichi.

345 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.3 For Agenda item : Elect Director Tanisawa, Junichi.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.4 For Agenda item : Elect Director Arimori, Tetsuji.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.5 For Agenda item : Elect Director Katayama, Hiroshi.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.6 For Agenda item : Elect Director Naganuma, Bunroku.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kato, Jo.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.8 For Agenda item : Elect Director Okusa, Toru.

27 Jun 19 Mitsubishi Estate Co., Ltd. AGM 2.9 For Agenda item : Elect Director Okamoto, Tsuyoshi.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 65.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 2.1 For Agenda item : Elect Director Miyanaga, Shunichi.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 2.2 For Agenda item : Elect Director Izumisawa, Seiji.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 2.3 For Agenda item : Elect Director Koguchi, Masanori.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 2.4 For Agenda item : Elect Director Mishima, Masahiko.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 2.5 Opposed Agenda item : Elect Director Shinohara, Naoyuki.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 2.6 Opposed Agenda item : Elect Director Kobayashi, Ken.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Goto, Toshifumi.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Christina

Ahmadjian.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Unoura, Hiro.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 3.4 Opposed Agenda item : Elect Director and Audit Committee Member Hirano, Nobuyuki.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

UBS Asset Management 346

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 Mitsubishi Heavy Industries, Ltd. AGM 4 For Agenda item : Approve Trust-Type Equity Compensation Plan.

27 Jun 19 Mitsubishi Logistics Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.1 Opposed Agenda item : Elect Director Matsui, Akio.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.10 For Agenda item : Elect Director Miyahara, Koji.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.11 For Agenda item : Elect Director Nakashima, Tatsushi.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.12 Opposed Agenda item : Elect Director Wakabayashi, Tatsuo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.13 For Agenda item : Elect Director Kitazawa, Toshifumi.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.14 For Agenda item : Elect Director Yamao, Akira.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.15 For Agenda item : Elect Director Miura, Akio.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.2 For Agenda item : Elect Director Fujikura, Masao.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.3 For Agenda item : Elect Director Ohara, Yoshiji.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.4 For Agenda item : Elect Director Wakabayashi, Hitoshi.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.5 For Agenda item : Elect Director Saito, Yasushi.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.6 For Agenda item : Elect Director Kimura, Shinji.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.7 For Agenda item : Elect Director Naraba, Saburo.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.8 For Agenda item : Elect Director Nishikawa, Hiroshi.

27 Jun 19 Mitsubishi Logistics Corp. AGM 2.9 For Agenda item : Elect Director Makihara, Minoru.

27 Jun 19 Mitsubishi Logistics Corp. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Watanabe, Toru.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Mitsubishi Logistics Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Hasegawa, Mikine.

27 Jun 19 Mitsubishi Logistics Corp. AGM 4 Opposed Agenda item : Approve Annual Bonus.

347 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support retirement or special bonus/share plan when

the amount is not disclosed or when payment is to non-executive directors.

27 Jun 19 Mitsubishi Logistics Corp. AGM 5 Opposed Agenda item : Approve Compensation Ceilings for Directors and Statutory

Auditors.

UBS note : In certain instances when we do not have enough information we

may choose to abstain or vote against a particular proposal.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 11.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.1 For Agenda item : Elect Director Fujii, Mariko.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.10 For Agenda item : Elect Director Kuroda, Tadashi.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.11 For Agenda item : Elect Director Okamoto, Junichi.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.12 For Agenda item : Elect Director Hirano, Nobuyuki.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.13 For Agenda item : Elect Director Ikegaya, Mikio.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.14 For Agenda item : Elect Director Araki, Saburo.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.15 For Agenda item : Elect Director Mike, Kanetsugu.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.16 For Agenda item : Elect Director Kamezawa, Hironori.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.2 For Agenda item : Elect Director Kato, Kaoru.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.3 For Agenda item : Elect Director Matsuyama, Haruka.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.4 For Agenda item : Elect Director Toby S. Myerson.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.5 For Agenda item : Elect Director Nomoto, Hirofumi.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.6 For Agenda item : Elect Director Okuda, Tsutomu.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.7 For Agenda item : Elect Director Shingai, Yasushi.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.8 For Agenda item : Elect Director Tarisa Watanagase.

27 Jun 19 Mitsubishi UFJ Financial Group, Inc. AGM 2.9 For Agenda item : Elect Director Yamate, Akira.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 24.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.1 For Agenda item : Elect Director Iwasa, Hiromichi.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.10 For Agenda item : Elect Director Nogimori, Masafumi.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.11 Opposed Agenda item : Elect Director Nakayama, Tsunehiro.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

UBS Asset Management 348

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.12 For Agenda item : Elect Director Ito, Shinichiro.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.2 For Agenda item : Elect Director Komoda, Masanobu.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.3 For Agenda item : Elect Director Kitahara, Yoshikazu.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.4 For Agenda item : Elect Director Fujibayashi, Kiyotaka.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.5 For Agenda item : Elect Director Onozawa, Yasuo.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ishigami, Hiroyuki.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yamamoto, Takashi.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hamamoto, Wataru.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 2.9 For Agenda item : Elect Director Egawa, Masako.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Sato, Masatoshi.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kato, Yoshitaka.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Manago, Yasushi.

27 Jun 19 Mitsui Fudosan Co., Ltd. AGM 4 For Agenda item : Approve Annual Bonus.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 2 For Agenda item : Amend Articles to Reduce Directors' Term.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 3.1 Opposed Agenda item : Elect Director Nishida, Keiji.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 3.2 For Agenda item : Elect Director No, Takeshi.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 3.3 For Agenda item : Elect Director Hisaoka, Isshi.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 3.4 For Agenda item : Elect Director Oshima, Takashi.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 3.5 For Agenda item : Elect Director Matsunaga, Morio.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 3.6 For Agenda item : Elect Director Miura, Masaharu.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 4 For Agenda item : Appoint Statutory Auditor Takegawa, Keiko.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 5 Opposed Agenda item : Remove All Incumbent Directors.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 6 Opposed Agenda item : Mandate Share Repurchase of 6 Million Shares.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 7 Opposed Agenda item : Amend Articles to Add Provisions to Prevent Leakage of

Confidential Matters for Board of Statutory Auditors.

349 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 8 For Agenda item : Amend Articles to Require Individual Compensation Disclosure

for Directors.

UBS note : All senior management and board compensation should be

disclosed within annual financial statements, including the value of fringe

benefits, company pension contributions, deferred compensation and any

company loans.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 9 Opposed Agenda item : Amend Articles to Establish Contact Point for Whistleblowers in

Audit Committee.

27 Jun 19 Mitsui Mining & Smelting Co., Ltd. AGM 10 For Agenda item : Amend Articles to Separate Chairman of the Board and CEO.

UBS note : We normally support proposals to separate the positions of

Chairman and CEO.

27 Jun 19 Miura Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 19.

27 Jun 19 Miura Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

27 Jun 19 Miura Co., Ltd. AGM 3.1 For Agenda item : Elect Director Takahashi, Yuji.

27 Jun 19 Miura Co., Ltd. AGM 3.2 Opposed Agenda item : Elect Director Miyauchi, Daisuke.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Miura Co., Ltd. AGM 3.3 For Agenda item : Elect Director Nishihara, Masakatsu.

27 Jun 19 Miura Co., Ltd. AGM 3.4 For Agenda item : Elect Director Takechi, Noriyuki.

27 Jun 19 Miura Co., Ltd. AGM 3.5 For Agenda item : Elect Director Morimatsu, Takashi.

27 Jun 19 Miura Co., Ltd. AGM 3.6 For Agenda item : Elect Director Kojima, Yoshihiro.

27 Jun 19 Miura Co., Ltd. AGM 3.7 For Agenda item : Elect Director Yoneda, Tsuyoshi.

27 Jun 19 Miura Co., Ltd. AGM 3.8 For Agenda item : Elect Director Higuchi, Tateshi.

27 Jun 19 Miura Co., Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Harada,

Toshihide.

27 Jun 19 Miura Co., Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Yamamoto,

Takuya.

27 Jun 19 Miura Co., Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Saiki, Naoki.

UBS Asset Management 350

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Miura Co., Ltd. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Ando, Yoshiaki.

27 Jun 19 Miura Co., Ltd. AGM 5 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 90.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Mochida, Naoyuki.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Sogawa, Hirokuni.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Sakata, Chu.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sagisaka, Keiichi.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kono, Yoichi.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Sakaki, Junichi.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Mizuguchi, Kiyoshi.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.7 For Agenda item : Elect Director Kawakami, Yutaka.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hashimoto, Yoshiharu.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kugisawa, Tomo.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Takahashi, Ichiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Suzuki, Akiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Mochida Pharmaceutical Co., Ltd. AGM 4 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

351 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will vote against the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

27 Jun 19 Morinaga & Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 66.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.1 For Agenda item : Elect Director Ota, Eijiro.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.2 For Agenda item : Elect Director Miyai, Machiko.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.3 For Agenda item : Elect Director Hirakue, Takashi.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.4 For Agenda item : Elect Director Uchiyama, Shinichi.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.5 For Agenda item : Elect Director Sakai, Toshiyuki.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.6 For Agenda item : Elect Director Mori, Shinya.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.7 For Agenda item : Elect Director Fujii, Daisuke.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.8 For Agenda item : Elect Director Hirota, Masato.

27 Jun 19 Morinaga & Co., Ltd. AGM 2.9 For Agenda item : Elect Director Takano, Shiho.

27 Jun 19 Morinaga & Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Igarashi, Akiyuki.

27 Jun 19 Morinaga & Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Iwamoto, Hiroshi.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Miyahara, Michio.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Yoneda, Takatomo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.2 For Agenda item : Elect Director Noguchi, Junichi.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.3 For Agenda item : Elect Director Okawa, Teiichiro.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.4 For Agenda item : Elect Director Onuki, Yoichi.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.5 For Agenda item : Elect Director Minato, Tsuyoshi.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kusano, Shigemi.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.7 For Agenda item : Elect Director Saito, Mitsumasa.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.8 For Agenda item : Elect Director Ohara, Kenichi.

UBS Asset Management 352

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kawakami, Shoji.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Yamamoto, Mayumi.

27 Jun 19 Morinaga Milk Industry Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Fujiwara, Hiroshi.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

140.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.1 For Agenda item : Elect Director Murata, Tsuneo.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.10 For Agenda item : Elect Director Yamamoto, Takatoshi.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.2 For Agenda item : Elect Director Inoue, Toru.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.3 For Agenda item : Elect Director Nakajima, Norio.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.4 For Agenda item : Elect Director Iwatsubo, Hiroshi.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.5 For Agenda item : Elect Director Takemura, Yoshito.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.6 For Agenda item : Elect Director Miyamoto, Ryuji.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.7 For Agenda item : Elect Director Minamide, Masanori.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.8 For Agenda item : Elect Director Yoshihara, Hiroaki.

27 Jun 19 Murata Manufacturing Co. Ltd. AGM 2.9 For Agenda item : Elect Director Shigematsu, Takashi.

27 Jun 19 NOF Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 46.

27 Jun 19 NOF Corp. AGM 2.1 For Agenda item : Elect Director Kobayashi, Akiharu.

27 Jun 19 NOF Corp. AGM 2.2 Opposed Agenda item : Elect Director Miyaji, Takeo.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 NOF Corp. AGM 2.3 For Agenda item : Elect Director Inoue, Kengo.

27 Jun 19 NOF Corp. AGM 2.4 For Agenda item : Elect Director Ihori, Makoto.

27 Jun 19 NOF Corp. AGM 2.5 For Agenda item : Elect Director Sakahashi, Hideaki.

27 Jun 19 NOF Corp. AGM 2.6 For Agenda item : Elect Director Maeda, Kazuhito.

27 Jun 19 NOF Corp. AGM 2.7 Opposed Agenda item : Elect Director Arima, Yasuyuki.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 NOF Corp. AGM 2.8 Opposed Agenda item : Elect Director Kodera, Masayuki.

UBS note : Nominee is not classified as independent and shall be serving on a

353 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

board that is not comprised of one-third of independent members.

27 Jun 19 NOF Corp. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Kato, Kazushige.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 NOF Corp. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Hayashi, Toshiyuki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 NOF Corp. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Tanaka, Shinichiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 NOF Corp. AGM 3.4 Opposed Agenda item : Appoint Statutory Auditor Tahara, Ryoichi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 NOF Corp. AGM 4 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Nikon Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

27 Jun 19 Nikon Corp. AGM 2.1 Opposed Agenda item : Elect Director Ushida, Kazuo.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Nikon Corp. AGM 2.2 For Agenda item : Elect Director Umatate, Toshikazu.

27 Jun 19 Nikon Corp. AGM 2.3 For Agenda item : Elect Director Oka, Masashi.

27 Jun 19 Nikon Corp. AGM 2.4 For Agenda item : Elect Director Odajima, Takumi.

27 Jun 19 Nikon Corp. AGM 2.5 For Agenda item : Elect Director Hagiwara, Satoshi.

UBS Asset Management 354

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Nikon Corp. AGM 2.6 Opposed Agenda item : Elect Director Negishi, Akio.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 Nikon Corp. AGM 2.7 For Agenda item : Elect Director Hiruta, Shiro.

27 Jun 19 Nikon Corp. AGM 3 For Agenda item : Elect Director and Audit Committee Member Honda, Takaharu.

27 Jun 19 Nikon Corp. AGM 4 For Agenda item : Approve Trust-Type Equity Compensation Plan.

27 Jun 19 Nintendo Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

640.

27 Jun 19 Nintendo Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Furukawa, Shuntaro.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Nintendo Co., Ltd. AGM 2.2 For Agenda item : Elect Director Miyamoto, Shigeru.

27 Jun 19 Nintendo Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takahashi, Shinya.

27 Jun 19 Nintendo Co., Ltd. AGM 2.4 For Agenda item : Elect Director Shiota, Ko.

27 Jun 19 Nintendo Co., Ltd. AGM 2.5 For Agenda item : Elect Director Shibata, Satoru.

27 Jun 19 Nippon Express Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 85.

27 Jun 19 Nippon Express Co., Ltd. AGM 2 For Agenda item : Amend Articles to Clarify Director Authority on Board

Meetings.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.1 For Agenda item : Elect Director Watanabe, Kenji.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.2 For Agenda item : Elect Director Saito, Mitsuru.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.3 For Agenda item : Elect Director Ishii, Takaaki.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.4 For Agenda item : Elect Director Taketsu, Hisao.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.5 For Agenda item : Elect Director Akita, Susumu.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.6 For Agenda item : Elect Director Masuda, Takashi.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.7 For Agenda item : Elect Director Sugiyama, Masahiro.

27 Jun 19 Nippon Express Co., Ltd. AGM 3.8 For Agenda item : Elect Director Nakayama, Shigeo.

355 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Nippon Express Co., Ltd. AGM 3.9 For Agenda item : Elect Director Yasuoka, Sadako.

27 Jun 19 Nippon Express Co., Ltd. AGM 4 For Agenda item : Approve Trust-Type Equity Compensation Plan.

27 Jun 19 Nippon Express Co., Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.1 For Agenda item : Elect Director Manoshiro, Fumio.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.2 For Agenda item : Elect Director Nozawa, Toru.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.3 For Agenda item : Elect Director Yamasaki, Kazufumi.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.4 For Agenda item : Elect Director Utsumi, Akihiro.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.5 For Agenda item : Elect Director Konno, Takeo.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.6 For Agenda item : Elect Director Iizuka, Masanobu.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.7 For Agenda item : Elect Director Aoyama, Yoshimitsu.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.8 For Agenda item : Elect Director Fujioka, Makoto.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 2.9 For Agenda item : Elect Director Hatta, Yoko.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Tatsu, Kazunari.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Aono, Nanako.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 4 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Nippon Paper Industries Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 41.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.1 For Agenda item : Elect Director Maekawa, Shigenobu.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.10 For Agenda item : Elect Director Sakata, Hitoshi.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.11 For Agenda item : Elect Director Sakurai, Miyuki.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.12 For Agenda item : Elect Director Wada, Yoshinao.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.2 For Agenda item : Elect Director Matsura, Akira.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.3 For Agenda item : Elect Director Saito, Hitoshi.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.4 For Agenda item : Elect Director Kobayashi, Kenro.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.5 For Agenda item : Elect Director Sano, Shozo.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.6 For Agenda item : Elect Director Takaya, Takashi.

UBS Asset Management 356

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.7 For Agenda item : Elect Director Edamitsu, Takanori.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.8 For Agenda item : Elect Director Nakai, Toru.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 2.9 For Agenda item : Elect Director Sugiura, Yukio.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Matsura, Morio.

27 Jun 19 Nippon Shinyaku Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Maruyama, Sumitaka.

27 Jun 19 Nippon Television Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Okubo, Yoshio.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Kakizoe, Tadao.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Manago, Yasushi.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.12 Opposed Agenda item : Elect Director Yamaguchi, Toshikazu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.13 Opposed Agenda item : Elect Director Sugiyama, Yoshikuni.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.2 Opposed Agenda item : Elect Director Kosugi, Yoshinobu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Ishizawa, Akira.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Ichimoto, Hajime.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Tamai, Tadayuki.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Sakamaki, Kazuya.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.7 Opposed Agenda item : Elect Director Watanabe, Tsuneo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Imai, Takashi.

27 Jun 19 Nippon Television Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Sato, Ken.

27 Jun 19 Nippon Television Holdings, Inc. AGM 3.1 For Agenda item : Appoint Statutory Auditor Kanemoto, Toshinori.

27 Jun 19 Nippon Television Holdings, Inc. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Muraoka, Akitoshi.

357 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Nippon Television Holdings, Inc. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Ohashi, Yoshimitsu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Nippon Television Holdings, Inc. AGM 4 Opposed Agenda item : Appoint Alternate Statutory Auditor Nose, Yasuhiro.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Nishi-Nippon Financial Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

17.5.

27 Jun 19 Nishi-Nippon Financial Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Kubota, Isao.

27 Jun 19 Nishi-Nippon Financial Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Tanigawa, Hiromichi.

27 Jun 19 Nishi-Nippon Financial Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Kawamoto, Soichi.

27 Jun 19 Nishi-Nippon Financial Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Takata, Kiyota.

27 Jun 19 Nishi-Nippon Financial Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Murakami, Hideyuki.

27 Jun 19 Nishi-Nippon Financial Holdings, Inc. AGM 3 For Agenda item : Elect Director and Audit Committee Member Sakemi, Toshio.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

17.5.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.1 Opposed Agenda item : Elect Director Takeshima, Kazuyuki.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.10 For Agenda item : Elect Director Harimoto, Kunio.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.11 For Agenda item : Elect Director Yoshimatsu, Tamio.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.2 For Agenda item : Elect Director Kuratomi, Sumio.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.3 For Agenda item : Elect Director Hiya, Yuji.

UBS Asset Management 358

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.4 For Agenda item : Elect Director Takasaki, Shigeyuki.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.5 For Agenda item : Elect Director Kitamura, Shinji.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.6 For Agenda item : Elect Director Shozaki, Hideaki.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.7 For Agenda item : Elect Director Shimizu, Nobuhiko.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.8 For Agenda item : Elect Director Toda, Koichiro.

27 Jun 19 Nishi-Nippon Railroad Co., Ltd. AGM 3.9 For Agenda item : Elect Director Hayashida, Koichi.

27 Jun 19 OBIC Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

77.5.

27 Jun 19 OBIC Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Business Lines.

27 Jun 19 OBIC Co., Ltd. AGM 3.1 For Agenda item : Elect Director Noda, Masahiro.

27 Jun 19 OBIC Co., Ltd. AGM 3.2 For Agenda item : Elect Director Tachibana, Shoichi.

27 Jun 19 OBIC Co., Ltd. AGM 3.3 For Agenda item : Elect Director Kawanishi, Atsushi.

27 Jun 19 OBIC Co., Ltd. AGM 3.4 For Agenda item : Elect Director Noda, Mizuki.

27 Jun 19 OBIC Co., Ltd. AGM 3.5 For Agenda item : Elect Director Fujimoto, Takao.

27 Jun 19 OBIC Co., Ltd. AGM 3.6 For Agenda item : Elect Director Ida, Hideshi.

27 Jun 19 OBIC Co., Ltd. AGM 3.7 For Agenda item : Elect Director Ueno, Takemitsu.

27 Jun 19 OBIC Co., Ltd. AGM 3.8 Opposed Agenda item : Elect Director Gomi, Yasumasa.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 OBIC Co., Ltd. AGM 3.9 For Agenda item : Elect Director Ejiri, Takashi.

27 Jun 19 OBIC Co., Ltd. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 11.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.1 For Agenda item : Elect Director Yamaki, Toshimitsu.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.10 Opposed Agenda item : Elect Director Nomakuchi, Tamotsu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.11 For Agenda item : Elect Director Nakayama, Hiroko.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.12 For Agenda item : Elect Director Koyanagi, Jun.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.13 For Agenda item : Elect Director Hayama, Takashi.

359 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.14 For Agenda item : Elect Director Tateyama, Akinori.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.15 For Agenda item : Elect Director Kuroda, Satoshi.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.2 For Agenda item : Elect Director Hoshino, Koji.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.3 For Agenda item : Elect Director Ogawa, Mikio.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.4 For Agenda item : Elect Director Shimoka, Yoshihiko.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.5 For Agenda item : Elect Director Yamamoto, Toshiro.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.6 For Agenda item : Elect Director Arakawa, Isamu.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.7 For Agenda item : Elect Director Igarashi, Shu.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.8 For Agenda item : Elect Director Nagano, Shinji.

27 Jun 19 Odakyu Electric Railway Co., Ltd. AGM 2.9 Opposed Agenda item : Elect Director Morita, Tomijiro.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Oil Refineries Ltd. Annual/Special 1 Opposed Agenda item : Approve Employment Terms of Yochanan Locker, Incoming

Chairman.

UBS note : Pay frameworks where long-term incentive plans have a

performance period of less than three years do not provide adequate

alignment with shareholders' long-term interests.

27 Jun 19 Oil Refineries Ltd. Annual/Special 2 For Agenda item : Approve Amended Compensation Policy for the Directors and

Officers of the Company.

27 Jun 19 Oil Refineries Ltd. Annual/Special A Opposed Agenda item : Vote FOR if you are a controlling shareholder or have a

personal interest in one or several resolutions, as indicated in the proxy card;

otherwise, vote AGAINST. You may not abstain. If you vote FOR, please

provide an explanation to your account manager.

27 Jun 19 Oil Refineries Ltd. Annual/Special B1 Opposed Agenda item : If you are an Interest Holder as defined in Section 1 of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

27 Jun 19 Oil Refineries Ltd. Annual/Special B2 Opposed Agenda item : If you are a Senior Officer as defined in Section 37(D) of the

Securities Law, 1968, vote FOR. Otherwise, vote against.

27 Jun 19 Oil Refineries Ltd. Annual/Special B3 For Agenda item : If you are an Institutional Investor as defined in Regulation 1 of

the Supervision Financial Services Regulations 2009 or a Manager of a Joint

UBS Asset Management 360

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Investment Trust Fund as defined in the Joint Investment Trust Law, 1994, vote

FOR. Otherwise, vote against.

27 Jun 19 Oji Holdings Corp. AGM 1 For Agenda item : Amend Articles to Amend Business Lines.

27 Jun 19 Oji Holdings Corp. AGM 2.1 Opposed Agenda item : Elect Director Yajima, Susumu.

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Oji Holdings Corp. AGM 2.10 For Agenda item : Elect Director Ishida, Koichi.

27 Jun 19 Oji Holdings Corp. AGM 2.11 For Agenda item : Elect Director Shindo, Fumio.

27 Jun 19 Oji Holdings Corp. AGM 2.12 For Agenda item : Elect Director Nara, Michihiro.

27 Jun 19 Oji Holdings Corp. AGM 2.13 For Agenda item : Elect Director Takata, Toshihisa.

27 Jun 19 Oji Holdings Corp. AGM 2.2 For Agenda item : Elect Director Kaku, Masatoshi.

27 Jun 19 Oji Holdings Corp. AGM 2.3 For Agenda item : Elect Director Watari, Ryoji.

27 Jun 19 Oji Holdings Corp. AGM 2.4 For Agenda item : Elect Director Takeda, Yoshiaki.

27 Jun 19 Oji Holdings Corp. AGM 2.5 For Agenda item : Elect Director Fujiwara, Shoji.

27 Jun 19 Oji Holdings Corp. AGM 2.6 For Agenda item : Elect Director Koseki, Yoshiki.

27 Jun 19 Oji Holdings Corp. AGM 2.7 For Agenda item : Elect Director Kisaka, Ryuichi.

27 Jun 19 Oji Holdings Corp. AGM 2.8 For Agenda item : Elect Director Kamada, Kazuhiko.

27 Jun 19 Oji Holdings Corp. AGM 2.9 For Agenda item : Elect Director Isono, Hiroyuki.

27 Jun 19 Oji Holdings Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Otsuka, Nobuko.

27 Jun 19 Oriental Land Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 22.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kagami, Toshio.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.10 For Agenda item : Elect Director Kambara, Rika.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.2 For Agenda item : Elect Director Uenishi, Kyoichiro.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takano, Yumiko.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.4 For Agenda item : Elect Director Katayama, Yuichi.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.5 For Agenda item : Elect Director Yokota, Akiyoshi.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.6 For Agenda item : Elect Director Takahashi, Wataru.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.7 Opposed Agenda item : Elect Director Hanada, Tsutomu.

UBS note : Nominee is not classified as independent and shall be serving on a

361 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

board that is not comprised of one-third of independent members.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.8 For Agenda item : Elect Director Mogi, Yuzaburo.

27 Jun 19 Oriental Land Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kaneki, Yuichi.

27 Jun 19 Orpea SA Annual/Special 1 For Agenda item : Approve Financial Statements and Statutory Reports.

27 Jun 19 Orpea SA Annual/Special 2 For Agenda item : Approve Consolidated Financial Statements and Statutory

Reports.

27 Jun 19 Orpea SA Annual/Special 3 For Agenda item : Approve Allocation of Income and Dividends of EUR 1.20 per

Share.

27 Jun 19 Orpea SA Annual/Special 4 Opposed Agenda item : Approve Severance Agreement with Yves Le Masne.

UBS note : We will not support golden parachute/termination payments

where the cap is not in line with best market practice.

27 Jun 19 Orpea SA Annual/Special 5 Opposed Agenda item : Approve Severance Agreement with Jean-Claude Brdenk.

UBS note : We will not support golden parachute/termination payments

where the cap is not in line with best market practice.

27 Jun 19 Orpea SA Annual/Special 6 For Agenda item : Approve Auditors' Special Report on Related-Party

Transactions.

27 Jun 19 Orpea SA Annual/Special 7 For Agenda item : Ratify Appointment of Moritz Krautkramer as Director.

27 Jun 19 Orpea SA Annual/Special 8 For Agenda item : Re-elect Philippe Charrier as Director.

27 Jun 19 Orpea SA Annual/Special 9 For Agenda item : Re-elect Yves Le Masne as Director.

27 Jun 19 Orpea SA Annual/Special 10 For Agenda item : Re-elect FFP Invest as Director.

27 Jun 19 Orpea SA Annual/Special 11 For Agenda item : Re-elect Joy Verle as Director.

27 Jun 19 Orpea SA Annual/Special 12 For Agenda item : Approve Compensation of Philippe Charrier, Chairman of the

Board.

27 Jun 19 Orpea SA Annual/Special 13 Opposed Agenda item : Approve Compensation of Yves Le Masne, CEO.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

27 Jun 19 Orpea SA Annual/Special 14 Opposed Agenda item : Approve Compensation of Jean-Claude Brdenk, Vice-CEO.

UBS note : Pay frameworks where short-term incentives are more valuable

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than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

27 Jun 19 Orpea SA Annual/Special 15 For Agenda item : Approve Remuneration Policy of Philippe Charrier, Chairman of

the Board.

27 Jun 19 Orpea SA Annual/Special 16 Opposed Agenda item : Approve Remuneration Policy of Yves Le Masne, CEO.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

27 Jun 19 Orpea SA Annual/Special 17 Opposed Agenda item : Approve Remuneration Policy of Jean-Claude Brdenk,

Vice-CEO.

UBS note : Pay frameworks where short-term incentives are more valuable

than long-term incentives do not provide adequate alignment with

shareholders' long-term interests.

27 Jun 19 Orpea SA Annual/Special 18 Opposed Agenda item : Authorise Repurchase of Up to 10 Percent of Issued Share

Capital.

UBS note : We will not support the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

27 Jun 19 Orpea SA Annual/Special 19 For Agenda item : Authorise Decrease in Share Capital via Cancellation of

Repurchased Shares.

27 Jun 19 Orpea SA Annual/Special 20 For Agenda item : Amend Article 26 of Bylaws to Comply with Legal Changes Re:

General Meeting Participation.

27 Jun 19 Orpea SA Annual/Special 21 For Agenda item : Authorise Filing of Required Documents/Other Formalities.

27 Jun 19 Pacific Assets Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

27 Jun 19 Pacific Assets Trust Plc AGM 2 For Agenda item : Approve Remuneration Report.

27 Jun 19 Pacific Assets Trust Plc AGM 3 For Agenda item : Approve Final Dividend.

27 Jun 19 Pacific Assets Trust Plc AGM 4 For Agenda item : Re-elect Charlotta Ginman as Director.

27 Jun 19 Pacific Assets Trust Plc AGM 5 For Agenda item : Re-elect Sian Hansen as Director.

27 Jun 19 Pacific Assets Trust Plc AGM 6 Opposed Agenda item : Re-elect Terence Mahony as Director.

363 UBS Asset Management

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

27 Jun 19 Pacific Assets Trust Plc AGM 7 For Agenda item : Re-elect Robert Talbut as Director.

27 Jun 19 Pacific Assets Trust Plc AGM 8 For Agenda item : Re-elect James Williams as Director.

27 Jun 19 Pacific Assets Trust Plc AGM 9 For Agenda item : Reappoint KPMG LLP as Auditors.

27 Jun 19 Pacific Assets Trust Plc AGM 10 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

27 Jun 19 Pacific Assets Trust Plc AGM 11 For Agenda item : Authorise Issue of Equity.

27 Jun 19 Pacific Assets Trust Plc AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

27 Jun 19 Pacific Assets Trust Plc AGM 13 For Agenda item : Authorise Market Purchase of Ordinary Shares.

27 Jun 19 Pacific Assets Trust Plc AGM 14 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

27 Jun 19 Panasonic Corp. AGM 1.1 For Agenda item : Elect Director Nagae, Shusaku.

27 Jun 19 Panasonic Corp. AGM 1.10 For Agenda item : Elect Director Homma, Tetsuro.

27 Jun 19 Panasonic Corp. AGM 1.11 For Agenda item : Elect Director Noji, Kunio.

27 Jun 19 Panasonic Corp. AGM 1.2 For Agenda item : Elect Director Tsuga, Kazuhiro.

27 Jun 19 Panasonic Corp. AGM 1.3 For Agenda item : Elect Director Sato, Mototsugu.

27 Jun 19 Panasonic Corp. AGM 1.4 For Agenda item : Elect Director Higuchi, Yasuyuki.

27 Jun 19 Panasonic Corp. AGM 1.5 For Agenda item : Elect Director Tsutsui, Yoshinobu.

27 Jun 19 Panasonic Corp. AGM 1.6 For Agenda item : Elect Director Ota, Hiroko.

27 Jun 19 Panasonic Corp. AGM 1.7 For Agenda item : Elect Director Toyama, Kazuhiko.

27 Jun 19 Panasonic Corp. AGM 1.8 For Agenda item : Elect Director Umeda, Hirokazu.

27 Jun 19 Panasonic Corp. AGM 1.9 For Agenda item : Elect Director Laurence W.Bates.

27 Jun 19 Panasonic Corp. AGM 2 For Agenda item : Appoint Statutory Auditor Tominaga, Toshihide.

27 Jun 19 Panasonic Corp. AGM 3 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 ROHM Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 75.

27 Jun 19 ROHM Co., Ltd. AGM 2 Opposed Agenda item : Amend Articles to Adopt Board Structure with Audit

UBS Asset Management 364

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Committee - Amend Provisions on Number of Directors - Authorise Directors to

Execute Day to Day Operations without Full Board Approval - Indemnify

Directors.

UBS note : The size of the Board is not proportioned to the Company's

dimension and scope.

27 Jun 19 ROHM Co., Ltd. AGM 3.1 For Agenda item : Elect Director Fujiwara, Tadanobu.

27 Jun 19 ROHM Co., Ltd. AGM 3.2 For Agenda item : Elect Director Azuma, Katsumi.

27 Jun 19 ROHM Co., Ltd. AGM 3.3 For Agenda item : Elect Director Matsumoto, Isao.

27 Jun 19 ROHM Co., Ltd. AGM 3.4 For Agenda item : Elect Director Yamazaki, Masahiko.

27 Jun 19 ROHM Co., Ltd. AGM 3.5 For Agenda item : Elect Director Suenaga, Yoshiaki.

27 Jun 19 ROHM Co., Ltd. AGM 3.6 For Agenda item : Elect Director Uehara, Kunio.

27 Jun 19 ROHM Co., Ltd. AGM 3.7 For Agenda item : Elect Director Sato, Kenichiro.

27 Jun 19 ROHM Co., Ltd. AGM 3.8 For Agenda item : Elect Director Nishioka, Koichi.

27 Jun 19 ROHM Co., Ltd. AGM 3.9 For Agenda item : Elect Director Tateishi, Tetsuo.

27 Jun 19 ROHM Co., Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Nii, Hiroyuki.

27 Jun 19 ROHM Co., Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Chimori, Hidero.

27 Jun 19 ROHM Co., Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Miyabayashi,

Toshiro.

27 Jun 19 ROHM Co., Ltd. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Tanaka, Kumiko.

27 Jun 19 ROHM Co., Ltd. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

27 Jun 19 ROHM Co., Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

27 Jun 19 Resorttrust, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 23.

27 Jun 19 Resorttrust, Inc. AGM 2.1 For Agenda item : Elect Director Ito, Yoshiro.

27 Jun 19 Resorttrust, Inc. AGM 2.10 For Agenda item : Elect Director Furukawa, Tetsuya.

27 Jun 19 Resorttrust, Inc. AGM 2.11 For Agenda item : Elect Director Nonaka, Tomoyo.

27 Jun 19 Resorttrust, Inc. AGM 2.12 For Agenda item : Elect Director Terazawa, Asako.

27 Jun 19 Resorttrust, Inc. AGM 2.2 For Agenda item : Elect Director Ito, Katsuyasu.

365 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Resorttrust, Inc. AGM 2.3 For Agenda item : Elect Director Fushimi, Ariyoshi.

27 Jun 19 Resorttrust, Inc. AGM 2.4 For Agenda item : Elect Director Iuchi, Katsuyuki.

27 Jun 19 Resorttrust, Inc. AGM 2.5 For Agenda item : Elect Director Shintani, Atsuyuki.

27 Jun 19 Resorttrust, Inc. AGM 2.6 For Agenda item : Elect Director Uchiyama, Toshihiko.

27 Jun 19 Resorttrust, Inc. AGM 2.7 For Agenda item : Elect Director Takagi, Naoshi.

27 Jun 19 Resorttrust, Inc. AGM 2.8 For Agenda item : Elect Director Hanada, Shinichiro.

27 Jun 19 Resorttrust, Inc. AGM 2.9 For Agenda item : Elect Director Ogino, Shigetoshi.

27 Jun 19 Resorttrust, Inc. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Taniguchi,

Yoshitaka.

27 Jun 19 Resorttrust, Inc. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Aiba, Yoichi.

27 Jun 19 Resorttrust, Inc. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Akahori, Satoshi.

27 Jun 19 Resorttrust, Inc. AGM 3.4 Opposed Agenda item : Elect Director and Audit Committee Member Nakatani,

Toshihisa.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 Resorttrust, Inc. AGM 3.5 For Agenda item : Elect Director and Audit Committee Member Minowa,

Hidenobu.

27 Jun 19 Resorttrust, Inc. AGM 4 Opposed Agenda item : Approve Director Retirement Bonus.

UBS note : We will not support retirement or special bonus/share plan when

the amount is not disclosed or when payment is to non-executive directors.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Amend Articles to Add Provisions on Management Philosophy

- Amend Business Lines.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.1 For Agenda item : Elect Director Yamada, Kunio.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.10 For Agenda item : Elect Director Matsunaga, Mari.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.11 For Agenda item : Elect Director Torii, Shingo.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.12 For Agenda item : Elect Director Iriyama, Akie.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Sugimoto, Masashi.

UBS Asset Management 366

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Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Lekh Raj Juneja.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Saito, Masaya.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Kunisaki, Shinichi.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Yamada, Tetsumasa.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.7 For Agenda item : Elect Director Uemura, Hideto.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.8 For Agenda item : Elect Director Rikiishi, Masako.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 2.9 For Agenda item : Elect Director Segi, Hidetoshi.

27 Jun 19 Rohto Pharmaceutical Co., Ltd. AGM 3 For Agenda item : Appoint Ernst & Young ShinNihon LLC as New External Audit

Firm.

27 Jun 19 SBI Holdings, Inc. AGM 1.1 For Agenda item : Elect Director Kitao, Yoshitaka.

27 Jun 19 SBI Holdings, Inc. AGM 1.10 For Agenda item : Elect Director Suzuki, Yasuhiro.

27 Jun 19 SBI Holdings, Inc. AGM 1.11 For Agenda item : Elect Director Kusakabe, Satoe.

27 Jun 19 SBI Holdings, Inc. AGM 1.12 For Agenda item : Elect Director Kubo, Junko.

27 Jun 19 SBI Holdings, Inc. AGM 1.2 For Agenda item : Elect Director Kawashima, Katsuya.

27 Jun 19 SBI Holdings, Inc. AGM 1.3 For Agenda item : Elect Director Nakagawa, Takashi.

27 Jun 19 SBI Holdings, Inc. AGM 1.4 For Agenda item : Elect Director Takamura, Masato.

27 Jun 19 SBI Holdings, Inc. AGM 1.5 For Agenda item : Elect Director Morita, Shumpei.

27 Jun 19 SBI Holdings, Inc. AGM 1.6 For Agenda item : Elect Director Yamada, Masayuki.

27 Jun 19 SBI Holdings, Inc. AGM 1.7 For Agenda item : Elect Director Yoshida, Masaki.

27 Jun 19 SBI Holdings, Inc. AGM 1.8 For Agenda item : Elect Director Sato, Teruhide.

27 Jun 19 SBI Holdings, Inc. AGM 1.9 For Agenda item : Elect Director Takenaka, Heizo.

27 Jun 19 SBI Holdings, Inc. AGM 2 For Agenda item : Appoint Alternate Statutory Auditor Wakatsuki, Tetsutaro.

27 Jun 19 SBI Holdings, Inc. AGM 3 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 SMC Corp. (Japan) AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

200.

27 Jun 19 SMC Corp. (Japan) AGM 2.1 For Agenda item : Elect Director Takada, Yoshiyuki.

27 Jun 19 SMC Corp. (Japan) AGM 2.10 For Agenda item : Elect Director Kagawa, Toshiharu.

367 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 SMC Corp. (Japan) AGM 2.2 Opposed Agenda item : Elect Director Maruyama, Katsunori.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 SMC Corp. (Japan) AGM 2.3 For Agenda item : Elect Director Usui, Ikuji.

27 Jun 19 SMC Corp. (Japan) AGM 2.4 For Agenda item : Elect Director Kosugi, Seiji.

27 Jun 19 SMC Corp. (Japan) AGM 2.5 For Agenda item : Elect Director Satake, Masahiko.

27 Jun 19 SMC Corp. (Japan) AGM 2.6 For Agenda item : Elect Director Takada, Yoshiki.

27 Jun 19 SMC Corp. (Japan) AGM 2.7 For Agenda item : Elect Director Isoe, Toshio.

27 Jun 19 SMC Corp. (Japan) AGM 2.8 For Agenda item : Elect Director Ota, Masahiro.

27 Jun 19 SMC Corp. (Japan) AGM 2.9 For Agenda item : Elect Director Kaizu, Masanobu.

27 Jun 19 SMC Corp. (Japan) AGM 3.1 For Agenda item : Appoint Statutory Auditor Moriyama, Naoto.

27 Jun 19 SMC Corp. (Japan) AGM 3.2 For Agenda item : Appoint Statutory Auditor Toyoshi, Arata.

27 Jun 19 SMC Corp. (Japan) AGM 3.3 For Agenda item : Appoint Statutory Auditor Uchikawa, Haruya.

27 Jun 19 SMC Corp. (Japan) AGM 4 For Agenda item : Approve Director Retirement Bonus.

27 Jun 19 Sankyo Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 75.

27 Jun 19 Sankyo Co., Ltd. AGM 2.1 For Agenda item : Appoint Statutory Auditor Okubo, Takafumi.

27 Jun 19 Sankyo Co., Ltd. AGM 2.2 For Agenda item : Appoint Statutory Auditor Ishiyama, Toshiaki.

27 Jun 19 Sankyo Co., Ltd. AGM 2.3 For Agenda item : Appoint Statutory Auditor Sanada, Yoshiro.

27 Jun 19 Sankyo Co., Ltd. AGM 2.4 For Agenda item : Appoint Statutory Auditor Noda, Fumiyoshi.

27 Jun 19 Sanrio Co., Ltd. AGM 1 For Agenda item : Amend Articles to Clarify Provisions on Alternate Statutory

Auditors.

27 Jun 19 Sanrio Co., Ltd. AGM 2.1 For Agenda item : Elect Director Tsuji, Shintaro.

27 Jun 19 Sanrio Co., Ltd. AGM 2.10 For Agenda item : Elect Director Shimomura, Yoichiro.

27 Jun 19 Sanrio Co., Ltd. AGM 2.11 For Agenda item : Elect Director Tsuji, Yuko.

27 Jun 19 Sanrio Co., Ltd. AGM 2.12 For Agenda item : Elect Director Tanimura, Kazuaki.

27 Jun 19 Sanrio Co., Ltd. AGM 2.13 For Agenda item : Elect Director Kitamura, Norio.

27 Jun 19 Sanrio Co., Ltd. AGM 2.14 For Agenda item : Elect Director Shimaguchi, Mitsuaki.

27 Jun 19 Sanrio Co., Ltd. AGM 2.2 For Agenda item : Elect Director Tsuji, Tomokuni.

UBS Asset Management 368

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Sanrio Co., Ltd. AGM 2.3 For Agenda item : Elect Director Emori, Susumu.

27 Jun 19 Sanrio Co., Ltd. AGM 2.4 For Agenda item : Elect Director Fukushima, Kazuyoshi.

27 Jun 19 Sanrio Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nakaya, Takahide.

27 Jun 19 Sanrio Co., Ltd. AGM 2.6 For Agenda item : Elect Director Miyauchi, Saburo.

27 Jun 19 Sanrio Co., Ltd. AGM 2.7 For Agenda item : Elect Director Nomura, Kosho.

27 Jun 19 Sanrio Co., Ltd. AGM 2.8 For Agenda item : Elect Director Kishimura, Jiro.

27 Jun 19 Sanrio Co., Ltd. AGM 2.9 For Agenda item : Elect Director Sakiyama, Yuko.

27 Jun 19 Sanrio Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Furuhashi, Yoshio.

27 Jun 19 Sanrio Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Omori, Shoji.

UBS note : We will not support the election of statutory auditors where we

have concerns over the attendance record.

27 Jun 19 Sanrio Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Hiramatsu, Takemi.

27 Jun 19 Sanrio Co., Ltd. AGM 3.4 For Agenda item : Appoint Statutory Auditor Ohashi, Kazuo.

27 Jun 19 Sanrio Co., Ltd. AGM 3.5 For Agenda item : Appoint Alternate Statutory Auditor Inoyama, Takehisa.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 2 For Agenda item : Approve Remuneration Report.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 3 For Agenda item : Approve Final Dividend.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 4 Opposed Agenda item : Re-elect Fiona McBain as Director.

UBS note : Candidate is not considered independent and is serving on a

committee that should be fully independent.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 5 For Agenda item : Re-elect Justin Dowley as Director.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 6 Opposed Agenda item : Re-elect John Kay as Director.

UBS note : We expect the Lead Director to be independent.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 7 For Agenda item : Re-elect Patrick Maxwell as Director.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 8 For Agenda item : Re-elect Paola Subacchi as Director.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 9 For Agenda item : Appoint PricewaterhouseCoopers LLP as Auditors.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 10 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 11 For Agenda item : Authorise Issue of Equity.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 12 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

369 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 13 For Agenda item : Authorise Directors to Allot Ordinary Shares and to Sell

Treasury Shares for Cash at a Price Below the Net Asset Value.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 14 For Agenda item : Authorise Market Purchase of Ordinary Shares.

27 Jun 19 Scottish Mortgage Investment Trust Plc AGM 15 For Agenda item : Approve Limit in the Aggregate Fees Paid to the Directors.

27 Jun 19 Seino Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 21.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.1 For Agenda item : Elect Director Taguchi, Yoshitaka.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.2 For Agenda item : Elect Director Taguchi, Takao.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Kamiya, Masahiro.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Maruta, Hidemi.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Furuhashi, Harumi.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Nozu, Nobuyuki.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Yamada, Meyumi.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.8 For Agenda item : Elect Director Takai, Shintaro.

27 Jun 19 Seino Holdings Co., Ltd. AGM 2.9 For Agenda item : Elect Director Ichimaru, Yoichiro.

27 Jun 19 Shima Seiki Mfg. Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

27 Jun 19 Shima Seiki Mfg. Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Nomura, Sachiko.

27 Jun 19 Shimizu Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 23.

27 Jun 19 Shimizu Corp. AGM 2 For Agenda item : Amend Articles to Reduce Directors' Term.

27 Jun 19 Shimizu Corp. AGM 3.1 For Agenda item : Elect Director Miyamoto, Yoichi.

27 Jun 19 Shimizu Corp. AGM 3.10 For Agenda item : Elect Director Iwamoto, Tamotsu.

27 Jun 19 Shimizu Corp. AGM 3.11 For Agenda item : Elect Director Murakami, Aya.

27 Jun 19 Shimizu Corp. AGM 3.12 For Agenda item : Elect Director Tamura, Mayumi.

27 Jun 19 Shimizu Corp. AGM 3.2 For Agenda item : Elect Director Inoue, Kazuyuki.

27 Jun 19 Shimizu Corp. AGM 3.3 For Agenda item : Elect Director Terada, Osamu.

27 Jun 19 Shimizu Corp. AGM 3.4 For Agenda item : Elect Director Imaki, Toshiyuki.

27 Jun 19 Shimizu Corp. AGM 3.5 For Agenda item : Elect Director Higashide, Koichiro.

27 Jun 19 Shimizu Corp. AGM 3.6 For Agenda item : Elect Director Yamaji, Toru.

27 Jun 19 Shimizu Corp. AGM 3.7 For Agenda item : Elect Director Ikeda, Koji.

27 Jun 19 Shimizu Corp. AGM 3.8 For Agenda item : Elect Director Yamanaka, Tsunehiko.

UBS Asset Management 370

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Shimizu Corp. AGM 3.9 For Agenda item : Elect Director Shimizu, Motoaki.

27 Jun 19 Shimizu Corp. AGM 4 For Agenda item : Approve Annual Bonus.

27 Jun 19 Shimizu Corp. AGM 5 For Agenda item : Approve Compensation Ceiling for Directors.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

100.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.1 For Agenda item : Elect Director Saito, Yasuhiko.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.10 For Agenda item : Elect Director Maruyama, Kazumasa.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Ishihara, Toshinobu.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Ueno, Susumu.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Matsui, Yukihiro.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Miyajima, Masaki.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Frank Peter Popoff.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.7 For Agenda item : Elect Director Miyazaki, Tsuyoshi.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.8 For Agenda item : Elect Director Fukui, Toshihiko.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 2.9 For Agenda item : Elect Director Kasahara, Toshiyuki.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Okamoto, Hiroaki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Nagano, Kiyoshi.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Onezawa, Hidenori.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Shin-Etsu Chemical Co., Ltd. AGM 4 Opposed Agenda item : Approve Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Sotetsu Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

27 Jun 19 Sotetsu Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Hayashi, Hidekazu.

371 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Sotetsu Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Kato, Takamasa.

27 Jun 19 Sotetsu Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Hirano, Masayuki.

27 Jun 19 Sotetsu Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Kagami, Mitsuko.

27 Jun 19 Sotetsu Holdings, Inc. AGM 2.5 Opposed Agenda item : Elect Director Yamaki, Toshimitsu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Sotetsu Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Takizawa, Hideyuki.

27 Jun 19 Sotetsu Holdings, Inc. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Kojima, Hiroshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Sotetsu Holdings, Inc. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Yoneda, Seiichi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Sotetsu Holdings, Inc. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Nakanishi, Satoru.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Sotetsu Holdings, Inc. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 62.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.1 Opposed Agenda item : Elect Director Betsukawa, Shunsuke.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.2 For Agenda item : Elect Director Shimomura, Shinji.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.3 For Agenda item : Elect Director Tomita, Yoshiyuki.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.4 For Agenda item : Elect Director Tanaka, Toshiharu.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.5 For Agenda item : Elect Director Okamura, Tetsuya.

UBS Asset Management 372

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.6 For Agenda item : Elect Director Suzuki, Hideo.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.7 For Agenda item : Elect Director Kojima, Eiji.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.8 Opposed Agenda item : Elect Director Takahashi, Susumu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 2.9 For Agenda item : Elect Director Kojima, Hideo.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Nogusa, Jun.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Nakamura, Masaichi.

27 Jun 19 Sumitomo Heavy Industries, Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Kato, Tomoyuki.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 95.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.1 For Agenda item : Elect Director Kunibe, Takeshi.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.10 For Agenda item : Elect Director Arthur M. Mitchell.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.11 For Agenda item : Elect Director Yamazaki, Shozo.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.12 For Agenda item : Elect Director Kono, Masaharu.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.13 For Agenda item : Elect Director Tsutsui, Yoshinobu.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.14 For Agenda item : Elect Director Shimbo, Katsuyoshi.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.15 For Agenda item : Elect Director Sakurai, Eriko.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.2 For Agenda item : Elect Director Ota, Jun.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.3 For Agenda item : Elect Director Takashima, Makoto.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.4 For Agenda item : Elect Director Nagata, Haruyuki.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.5 For Agenda item : Elect Director Nakashima, Toru.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.6 For Agenda item : Elect Director Inoue, Atsuhiko.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.7 For Agenda item : Elect Director Mikami, Toru.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.8 For Agenda item : Elect Director Kubo, Tetsuya.

27 Jun 19 Sumitomo Mitsui Financial Group, Inc. AGM 2.9 For Agenda item : Elect Director Matsumoto, Masayuki.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 75.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Okubo, Tetsuo.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Araki, Mikio.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Matsushita, Isao.

373 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.12 For Agenda item : Elect Director Saito, Shinichi.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.13 For Agenda item : Elect Director Yoshida, Takashi.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.14 For Agenda item : Elect Director Kawamoto, Hiroko.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.15 For Agenda item : Elect Director Aso, Mitsuhiro.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.2 For Agenda item : Elect Director Araumi, Jiro.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Nishida, Yutaka.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Hashimoto, Masaru.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Kitamura, Kunitaro.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Tsunekage, Hitoshi.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Shudo, Kuniyuki.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Tanaka, Koji.

27 Jun 19 Sumitomo Mitsui Trust Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Suzuki, Takeshi.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 55.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.1 For Agenda item : Elect Director Sekine, Fukuichi.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.2 For Agenda item : Elect Director Onishi, Toshihiko.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.3 For Agenda item : Elect Director Konishi, Mikio.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.4 For Agenda item : Elect Director Morohashi, Hirotsune.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.5 For Agenda item : Elect Director Doi, Ryoji.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.6 For Agenda item : Elect Director Aoki, Hideki.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.7 For Agenda item : Elect Director Saida, Kunitaro.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 2.8 For Agenda item : Elect Director Makino, Mitsuko.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Takase, Yoshinori.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Sumitomo Osaka Cement Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Tomosawa, Fuminori.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 16.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Takashima, Junji.

UBS note : We will not support the election of the Chair of the Nomination

UBS Asset Management 374

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.10 For Agenda item : Elect Director Izuhara, Yozo.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.11 For Agenda item : Elect Director Kemori, Nobumasa.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.2 For Agenda item : Elect Director Onodera, Kenichi.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.3 For Agenda item : Elect Director Nishima, Kojun.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.4 For Agenda item : Elect Director Takemura, Nobuaki.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.5 For Agenda item : Elect Director Kobayashi, Masato.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.6 For Agenda item : Elect Director Kato, Hiroshi.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.7 For Agenda item : Elect Director Katayama, Hisatoshi.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.8 For Agenda item : Elect Director Odai, Yoshiyuki.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 2.9 For Agenda item : Elect Director Ito, Koji.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Nakamura, Yoshifumi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Tanaka, Toshikazu.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Norihisa, Yoshiyuki.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Uno, Kozo.

27 Jun 19 Sumitomo Realty & Development Co., Ltd. AGM 5 Opposed Agenda item : Approve Takeover Defence Plan (Poison Pill).

UBS note : We will vote against the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

27 Jun 19 Suzuki Motor Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 37.

27 Jun 19 Suzuki Motor Corp. AGM 2.1 Opposed Agenda item : Elect Director Suzuki, Osamu.

UBS note : We will not support the election of the Chair of the Nomination

375 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Suzuki Motor Corp. AGM 2.2 For Agenda item : Elect Director Harayama, Yasuhito.

27 Jun 19 Suzuki Motor Corp. AGM 2.3 For Agenda item : Elect Director Suzuki, Toshihiro.

27 Jun 19 Suzuki Motor Corp. AGM 2.4 For Agenda item : Elect Director Honda, Osamu.

27 Jun 19 Suzuki Motor Corp. AGM 2.5 For Agenda item : Elect Director Nagao, Masahiko.

27 Jun 19 Suzuki Motor Corp. AGM 2.6 For Agenda item : Elect Director Hasuike, Toshiaki.

27 Jun 19 Suzuki Motor Corp. AGM 2.7 For Agenda item : Elect Director Iguchi, Masakazu.

27 Jun 19 Suzuki Motor Corp. AGM 2.8 For Agenda item : Elect Director Tanino, Sakutaro.

27 Jun 19 Suzuki Motor Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Sugimoto, Toyokazu.

27 Jun 19 Suzuki Motor Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kasai, Masato.

27 Jun 19 Suzuki Motor Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Nagano, Norihisa.

27 Jun 19 TDK Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 80.

27 Jun 19 TDK Corp. AGM 2.1 For Agenda item : Elect Director Ishiguro, Shigenao.

27 Jun 19 TDK Corp. AGM 2.2 For Agenda item : Elect Director Yamanishi, Tetsuji.

27 Jun 19 TDK Corp. AGM 2.3 For Agenda item : Elect Director Sumita, Makoto.

27 Jun 19 TDK Corp. AGM 2.4 For Agenda item : Elect Director Osaka, Seiji.

27 Jun 19 TDK Corp. AGM 2.5 For Agenda item : Elect Director Yoshida, Kazumasa.

27 Jun 19 TDK Corp. AGM 2.6 For Agenda item : Elect Director Ishimura, Kazuhiko.

27 Jun 19 TDK Corp. AGM 2.7 For Agenda item : Elect Director Yagi, Kazunori.

27 Jun 19 TDK Corp. AGM 3.1 For Agenda item : Appoint Statutory Auditor Sueki, Satoru.

27 Jun 19 TDK Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Momozuka, Takakazu.

27 Jun 19 TDK Corp. AGM 3.3 For Agenda item : Appoint Statutory Auditor Ishii, Jun.

27 Jun 19 TDK Corp. AGM 3.4 For Agenda item : Appoint Statutory Auditor Douglas K. Freeman.

27 Jun 19 TDK Corp. AGM 3.5 For Agenda item : Appoint Statutory Auditor Chiba, Michiko.

27 Jun 19 TV Asahi Holdings Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

27 Jun 19 TV Asahi Holdings Corp. AGM 2 For Agenda item : Amend Articles to Amend Business Lines - Amend Provisions on

Director Titles.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.1 Opposed Agenda item : Elect Director Hayakawa, Hiroshi.

UBS Asset Management 376

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.10 For Agenda item : Elect Director Kayama, Keizo.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.11 For Agenda item : Elect Director Hamashima, Satoshi.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.12 Opposed Agenda item : Elect Director Okada, Tsuyoshi.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.13 For Agenda item : Elect Director Okinaka, Susumu.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.14 Opposed Agenda item : Elect Director Watanabe, Masataka.

UBS note : In case the independence of an outside director is questioned, we

will vote against the nominee if the company is adopting an audit committee

structure, as we expect the company to appoint at least 1/3 outside

independent directors.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.15 For Agenda item : Elect Director Itabashi, Junji.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.16 For Agenda item : Elect Director Nishi, Arata.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.2 For Agenda item : Elect Director Yoshida, Shinichi.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.3 For Agenda item : Elect Director Takeda, Toru.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.4 For Agenda item : Elect Director Fujinoki, Masaya.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.5 For Agenda item : Elect Director Sunami, Gengo.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.6 For Agenda item : Elect Director Kameyama, Keiji.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.7 For Agenda item : Elect Director Kawaguchi, Tadahisa.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.8 For Agenda item : Elect Director Morozumi, Koichi.

27 Jun 19 TV Asahi Holdings Corp. AGM 3.9 For Agenda item : Elect Director Shinozuka, Hiroshi.

27 Jun 19 TV Asahi Holdings Corp. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Yabuchi,

Yoshihisa.

27 Jun 19 TV Asahi Holdings Corp. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Ikeda, Katsuhiko.

27 Jun 19 TV Asahi Holdings Corp. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Gemma, Akira.

377 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 TV Asahi Holdings Corp. AGM 5 For Agenda item : Elect Alternate Director and Audit Committee Member Kenjo,

Mieko.

27 Jun 19 TV Asahi Holdings Corp. AGM 6 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Taiheiyo Cement Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 30.

27 Jun 19 Taiheiyo Cement Corp. AGM 2 For Agenda item : Amend Articles to Change Location of Head Office - Indemnify

Directors - Indemnify Statutory Auditors.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.1 For Agenda item : Elect Director Fukuda, Shuji.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.10 For Agenda item : Elect Director Asakura, Hideaki.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.11 For Agenda item : Elect Director Ohashi, Tetsuya.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.12 For Agenda item : Elect Director Taura, Yoshifumi.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.13 For Agenda item : Elect Director Koizumi, Yoshiko.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.14 Opposed Agenda item : Elect Director Arima, Yuzo.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.2 For Agenda item : Elect Director Fushihara, Masafumi.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.3 For Agenda item : Elect Director Kitabayashi, Yuichi.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.4 For Agenda item : Elect Director Miura, Keiichi.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.5 For Agenda item : Elect Director Karino, Masahiro.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.6 For Agenda item : Elect Director Ando, Kunihiro.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.7 For Agenda item : Elect Director Fukuhara, Katsuhide.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.8 For Agenda item : Elect Director Suzuki, Toshiaki.

27 Jun 19 Taiheiyo Cement Corp. AGM 3.9 For Agenda item : Elect Director Uenoyama, Yoshiyuki.

27 Jun 19 Taiheiyo Cement Corp. AGM 4.1 For Agenda item : Appoint Statutory Auditor Matsushima, Shigeru.

27 Jun 19 Taiheiyo Cement Corp. AGM 4.2 For Agenda item : Appoint Statutory Auditor Fujima, Yoshio.

27 Jun 19 Taiheiyo Cement Corp. AGM 5 For Agenda item : Appoint Alternate Statutory Auditor Aoki, Toshihito.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.1 Opposed Agenda item : Elect Director Uehara, Akira.

UBS Asset Management 378

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

UBS note : We will not support the election of the Chair of the Nomination

Committee where there are no female directors on the board.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.2 For Agenda item : Elect Director Uehara, Shigeru.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.3 For Agenda item : Elect Director Ohira, Akira.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.4 For Agenda item : Elect Director Uehara, Ken.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.5 For Agenda item : Elect Director Fujita, Kenichi.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.6 For Agenda item : Elect Director Watanabe, Tetsu.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.7 For Agenda item : Elect Director Osawa, Katsuichi.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.8 Opposed Agenda item : Elect Director Kunibe, Takeshi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 2.9 For Agenda item : Elect Director Uemura, Hiroyuki.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Kobayashi, Kyuji.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Kameo, Kazuya.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Aoi, Chushiro.

27 Jun 19 Taisho Pharmaceutical Holdings Co., Ltd. AGM 3.4 Opposed Agenda item : Appoint Statutory Auditor Sato, Junya.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 11.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.1 For Agenda item : Elect Director Tosaka, Shoichi.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.2 For Agenda item : Elect Director Masuyama, Shinji.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.3 For Agenda item : Elect Director Sase, Katsuya.

379 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.4 For Agenda item : Elect Director Takahashi, Osamu.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.5 For Agenda item : Elect Director Umezawa, Kazuya.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.6 For Agenda item : Elect Director Hiraiwa, Masashi.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.7 For Agenda item : Elect Director Koike, Seiichi.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 2.8 Opposed Agenda item : Elect Director Hamada, Emiko.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Mishuku, Toshio.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Fujita, Tomomi.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors.

27 Jun 19 Taiyo Yuden Co., Ltd. AGM 5 Opposed Agenda item : Approve Deep Discount Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Takara Holdings Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 18.

27 Jun 19 Takara Holdings Inc. AGM 2.1 For Agenda item : Elect Director Omiya, Hisashi.

27 Jun 19 Takara Holdings Inc. AGM 2.2 For Agenda item : Elect Director Kimura, Mutsumi.

27 Jun 19 Takara Holdings Inc. AGM 2.3 For Agenda item : Elect Director Nakao, Koichi.

27 Jun 19 Takara Holdings Inc. AGM 2.4 For Agenda item : Elect Director Murata, Kenji.

27 Jun 19 Takara Holdings Inc. AGM 2.5 For Agenda item : Elect Director Takahashi, Hideo.

27 Jun 19 Takara Holdings Inc. AGM 2.6 For Agenda item : Elect Director Mori, Keisuke.

27 Jun 19 Takara Holdings Inc. AGM 2.7 For Agenda item : Elect Director Yoshida, Toshihiko.

27 Jun 19 Takara Holdings Inc. AGM 2.8 For Agenda item : Elect Director Tomotsune, Masako.

27 Jun 19 Takara Holdings Inc. AGM 2.9 For Agenda item : Elect Director Kawakami, Tomoko.

27 Jun 19 Takara Holdings Inc. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Watanabe, Yuzo.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Takara Holdings Inc. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kitai, Kumiko.

27 Jun 19 Takara Holdings Inc. AGM 4 For Agenda item : Approve Compensation Ceiling for Directors.

UBS Asset Management 380

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 90.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.1 For Agenda item : Elect Director Christophe Weber.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.10 For Agenda item : Elect Director Shiga, Toshiyuki.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.11 For Agenda item : Elect Director Jean-Luc Butel.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.12 For Agenda item : Elect Director Kuniya, Shiro.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.2 For Agenda item : Elect Director Iwasaki, Masato.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.3 For Agenda item : Elect Director Andrew Plump.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.4 For Agenda item : Elect Director Constantine Saroukos.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.5 For Agenda item : Elect Director Sakane, Masahiro.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.6 For Agenda item : Elect Director Olivier Bohuon.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.7 For Agenda item : Elect Director Ian Clark.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.8 For Agenda item : Elect Director Fujimori, Yoshiaki.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 2.9 For Agenda item : Elect Director Steven Gillis.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Higashi, Emiko.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Michel Orsinger.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 4 Opposed Agenda item : Approve Trust-Type Equity Compensation Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan when the vesting starts in less than two years.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 5 For Agenda item : Approve Trust-Type Equity Compensation Plan.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 6 Opposed Agenda item : Approve Annual Bonus.

UBS note : Misalignment between bonuses granted and Company's

performance.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 7 Abstain Agenda item : Amend Articles to Require Individual Compensation Disclosure

for Directors.

UBS note : The amendment may enhance the Company's overall reputation

for transparency and accountability.

27 Jun 19 Takeda Pharmaceutical Co., Ltd. AGM 8 Abstain Agenda item : Amend Articles to Add Compensation Claw-back Provision.

UBS note : Addition of a clawback provision appears beneficial to

shareholders, as that would serve as a healthy check-and-balance mechanism.

381 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 The 77 Bank, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 25.

27 Jun 19 The 77 Bank, Ltd. AGM 2 For Agenda item : Amend Articles to Amend Provisions on Number of Directors.

27 Jun 19 The 77 Bank, Ltd. AGM 3.1 For Agenda item : Elect Director Ujiie, Teruhiko.

27 Jun 19 The 77 Bank, Ltd. AGM 3.10 For Agenda item : Elect Director Nakamura, Ken.

27 Jun 19 The 77 Bank, Ltd. AGM 3.11 For Agenda item : Elect Director Okuyama, Emiko.

27 Jun 19 The 77 Bank, Ltd. AGM 3.2 For Agenda item : Elect Director Kobayashi, Hidefumi.

27 Jun 19 The 77 Bank, Ltd. AGM 3.3 For Agenda item : Elect Director Igarashi, Makoto.

27 Jun 19 The 77 Bank, Ltd. AGM 3.4 For Agenda item : Elect Director Sugawara, Toru.

27 Jun 19 The 77 Bank, Ltd. AGM 3.5 For Agenda item : Elect Director Suzuki, Koichi.

27 Jun 19 The 77 Bank, Ltd. AGM 3.6 For Agenda item : Elect Director Shito, Atsushi.

27 Jun 19 The 77 Bank, Ltd. AGM 3.7 For Agenda item : Elect Director Onodera, Yoshikazu.

27 Jun 19 The 77 Bank, Ltd. AGM 3.8 For Agenda item : Elect Director Tabata, Takuji.

27 Jun 19 The 77 Bank, Ltd. AGM 3.9 For Agenda item : Elect Director Sugita, Masahiro.

27 Jun 19 The 77 Bank, Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Nagayama,

Yoshiaki.

27 Jun 19 The 77 Bank, Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Chubachi,

Mitsuo.

27 Jun 19 The 77 Bank, Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Suzuki, Toshio.

27 Jun 19 The 77 Bank, Ltd. AGM 4.4 For Agenda item : Elect Director and Audit Committee Member Yamaura, Masai.

27 Jun 19 The 77 Bank, Ltd. AGM 4.5 For Agenda item : Elect Director and Audit Committee Member Wako, Masahiro.

27 Jun 19 The 77 Bank, Ltd. AGM 4.6 For Agenda item : Elect Director and Audit Committee Member Ushio, Yoko.

27 Jun 19 The Awa Bank Ltd. AGM 1 For Agenda item : Amend Articles to Make Technical Changes.

27 Jun 19 The Awa Bank Ltd. AGM 2.1 For Agenda item : Elect Director Okada, Yoshifumi.

27 Jun 19 The Awa Bank Ltd. AGM 2.2 For Agenda item : Elect Director Nagaoka, Susumu.

27 Jun 19 The Awa Bank Ltd. AGM 2.3 For Agenda item : Elect Director Onishi, Yasuo.

27 Jun 19 The Awa Bank Ltd. AGM 2.4 For Agenda item : Elect Director Fukunaga, Takehisa.

27 Jun 19 The Awa Bank Ltd. AGM 2.5 For Agenda item : Elect Director Miyoshi, Toshiyuki.

27 Jun 19 The Awa Bank Ltd. AGM 2.6 For Agenda item : Elect Director Yamato, Shiro.

27 Jun 19 The Awa Bank Ltd. AGM 2.7 For Agenda item : Elect Director Miura, Atsunori.

UBS Asset Management 382

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 The Awa Bank Ltd. AGM 2.8 For Agenda item : Elect Director Nishi, Hirokazu.

27 Jun 19 The Awa Bank Ltd. AGM 3 For Agenda item : Elect Director and Audit Committee Member Sumitomo,

Yasuhiko.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 70.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.1 For Agenda item : Elect Director Takasaki, Hideo.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.2 For Agenda item : Elect Director Doi, Nobuhiro.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.3 For Agenda item : Elect Director Hitomi, Hiroshi.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.4 For Agenda item : Elect Director Anami, Masaya.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.5 For Agenda item : Elect Director Iwahashi, Toshiro.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.6 For Agenda item : Elect Director Yasui, Mikiya.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.7 For Agenda item : Elect Director Hata, Hiroyuki.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.8 Opposed Agenda item : Elect Director Koishihara, Norikazu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 2.9 For Agenda item : Elect Director Otagiri, Junko.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Naka, Masahiko.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 3.2 Opposed Agenda item : Appoint Statutory Auditor Sato, Nobuaki.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 The Bank of Kyoto, Ltd. AGM 3.3 For Agenda item : Appoint Statutory Auditor Ishibashi, Masaki.

27 Jun 19 The Iyo Bank, Ltd. AGM 1.1 For Agenda item : Elect Director Otsuka, Iwao.

27 Jun 19 The Iyo Bank, Ltd. AGM 1.2 For Agenda item : Elect Director Takata, Kenji.

27 Jun 19 The Iyo Bank, Ltd. AGM 1.3 For Agenda item : Elect Director Miyoshi, Kenji.

27 Jun 19 The Iyo Bank, Ltd. AGM 1.4 For Agenda item : Elect Director Todo, Muneaki.

27 Jun 19 The Iyo Bank, Ltd. AGM 1.5 For Agenda item : Elect Director Takeuchi, Tetsuo.

383 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 The Iyo Bank, Ltd. AGM 1.6 For Agenda item : Elect Director Kono, Haruhiro.

27 Jun 19 The Iyo Bank, Ltd. AGM 2.1 For Agenda item : Elect Director and Audit Committee Member Hirano, Shiro.

27 Jun 19 The Iyo Bank, Ltd. AGM 2.2 For Agenda item : Elect Director and Audit Committee Member Saeki, Kaname.

27 Jun 19 The Iyo Bank, Ltd. AGM 2.3 For Agenda item : Elect Director and Audit Committee Member Ichikawa, Takeshi.

27 Jun 19 The Iyo Bank, Ltd. AGM 2.4 For Agenda item : Elect Director and Audit Committee Member Yanagisawa,

Yasunobu.

27 Jun 19 The Iyo Bank, Ltd. AGM 2.5 For Agenda item : Elect Director and Audit Committee Member Joko, Keiji.

27 Jun 19 The Iyo Bank, Ltd. AGM 3 For Agenda item : Amend Articles to Change Record Date of Annual Shareholder

Meetings to April 30.

UBS note : Moving the record date away from the peak day would alleviate a

proxy voting logistical hurdle especially for institutional investors, who face a

disproportionate concentration of meetings in late June. The change would

enable investors to spend time and resources more efficiently to evaluate

voting agendas and consistently apply sensible guidelines that support

corporate value.

27 Jun 19 The Iyo Bank, Ltd. AGM 4 For Agenda item : Amend Articles to Abolish Advisory Positions.

UBS note : The elimination of these posts, which are typically awarded to

retired top level executives, would demonstrate a commitment to transparent

governance by removing an avenue for former senior executives to exert

influence over the bank's decision making.

27 Jun 19 The Iyo Bank, Ltd. AGM 5 Opposed Agenda item : Remove Incumbent Director Otsuka, Iwao.

27 Jun 19 The Iyo Bank, Ltd. AGM 6 Opposed Agenda item : Remove Incumbent Director and Audit Committee Member

Hirano, Shiro.

27 Jun 19 The Kroger Co. AGM 1a For Agenda item : Elect Director Nora A. Aufreiter.

27 Jun 19 The Kroger Co. AGM 1b For Agenda item : Elect Director Anne Gates.

27 Jun 19 The Kroger Co. AGM 1c Opposed Agenda item : Elect Director Susan J. Kropf.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

27 Jun 19 The Kroger Co. AGM 1d For Agenda item : Elect Director W. Rodney McMullen.

UBS Asset Management 384

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 The Kroger Co. AGM 1e Opposed Agenda item : Elect Director Jorge P. Montoya.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

27 Jun 19 The Kroger Co. AGM 1f Opposed Agenda item : Elect Director Clyde R. Moore.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

27 Jun 19 The Kroger Co. AGM 1g Opposed Agenda item : Elect Director James A. Runde.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

27 Jun 19 The Kroger Co. AGM 1h Opposed Agenda item : Elect Director Ronald L. Sargent.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

27 Jun 19 The Kroger Co. AGM 1i Opposed Agenda item : Elect Director Bobby S. Shackouls.

UBS note : We will not support the election of non-independent

non-executive directors when less than 50% of the Board is independent.

27 Jun 19 The Kroger Co. AGM 1j For Agenda item : Elect Director Mark S. Sutton.

27 Jun 19 The Kroger Co. AGM 1k For Agenda item : Elect Director Ashok Vemuri.

27 Jun 19 The Kroger Co. AGM 2 Opposed Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

UBS note : Accelerated vesting of outstanding awards is contrary to the

alignment between executive pay and shareholder long-term interest.

27 Jun 19 The Kroger Co. AGM 3 For Agenda item : Approve Omnibus Stock Plan.

27 Jun 19 The Kroger Co. AGM 4 For Agenda item : Amend Bylaws.

27 Jun 19 The Kroger Co. AGM 5 Opposed Agenda item : Ratify PricewaterhouseCoopers LLC as Auditor.

UBS note : The tenure of auditor used by the company exceeds 20 years.

27 Jun 19 The Kroger Co. AGM 6 Opposed Agenda item : Assess Environmental Impact of Non-Recyclable Packaging.

27 Jun 19 The Kroger Co. AGM 7 For Agenda item : Require Independent Board Chairman.

UBS note : We normally support proposals to separate the positions of

Chairman and CEO.

385 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Toda Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 20.

27 Jun 19 Toda Corp. AGM 2.1 Opposed Agenda item : Elect Director Imai, Masanori.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Toda Corp. AGM 2.10 For Agenda item : Elect Director Itami, Toshihiko.

27 Jun 19 Toda Corp. AGM 2.2 For Agenda item : Elect Director Kikutani, Yushi.

27 Jun 19 Toda Corp. AGM 2.3 For Agenda item : Elect Director Miyazaki, Hiroyuki.

27 Jun 19 Toda Corp. AGM 2.4 For Agenda item : Elect Director Fujita, Ken.

27 Jun 19 Toda Corp. AGM 2.5 For Agenda item : Elect Director Toda, Morimichi.

27 Jun 19 Toda Corp. AGM 2.6 For Agenda item : Elect Director Otomo, Toshihiro.

27 Jun 19 Toda Corp. AGM 2.7 For Agenda item : Elect Director Uekusa, Hiroshi.

27 Jun 19 Toda Corp. AGM 2.8 For Agenda item : Elect Director Shimomura, Setsuhiro.

27 Jun 19 Toda Corp. AGM 2.9 For Agenda item : Elect Director Amiya, Shunsuke.

27 Jun 19 Toda Corp. AGM 3 For Agenda item : Appoint Statutory Auditor Momoi, Shunji.

27 Jun 19 Toda Corp. AGM 4 For Agenda item : Approve Trust-Type Equity Compensation Plan.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 17.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.1 For Agenda item : Elect Director Takeda, Shinji.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.10 For Agenda item : Elect Director Chisaki, Masaya.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.11 For Agenda item : Elect Director Iwata, Eiichi.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.12 For Agenda item : Elect Director Watanabe, Shoichi.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.13 For Agenda item : Elect Director Ryuho, Masamine.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.14 For Agenda item : Elect Director Asahina, Yutaka.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.15 Opposed Agenda item : Elect Director Ishii, Tadashi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.16 Opposed Agenda item : Elect Director Mimura, Keiichi.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

UBS Asset Management 386

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.17 For Agenda item : Elect Director Kashiwaki, Hitoshi.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.2 Opposed Agenda item : Elect Director Sasaki, Takashi.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.3 For Agenda item : Elect Director Kawai, Toshiaki.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.4 For Agenda item : Elect Director Sugai, Tatsuo.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.5 For Agenda item : Elect Director Kokubu, Mikio.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.6 For Agenda item : Elect Director Sonoda, Ken.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.7 For Agenda item : Elect Director Aiko, Hiroyuki.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.8 For Agenda item : Elect Director Nakao, Masashi.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 2.9 For Agenda item : Elect Director Isano, Hideki.

27 Jun 19 Tokyo Broadcasting System Holdings, Inc. AGM 3 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY

32.5.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.1 For Agenda item : Elect Director Hirose, Michiaki.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.2 For Agenda item : Elect Director Uchida, Takashi.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.3 For Agenda item : Elect Director Takamatsu, Masaru.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.4 For Agenda item : Elect Director Anamizu, Takashi.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.5 For Agenda item : Elect Director Nohata, Kunio.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.6 For Agenda item : Elect Director Igarashi, Chika.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.7 For Agenda item : Elect Director Saito, Hitoshi.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.8 For Agenda item : Elect Director Takami, Kazunori.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 2.9 For Agenda item : Elect Director Edahiro, Junko.

27 Jun 19 Tokyo Gas Co., Ltd. AGM 3 Opposed Agenda item : Appoint Statutory Auditor Nakajima, Isao.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

387 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

auditors are independent.

27 Jun 19 Tokyu Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 10.

27 Jun 19 Tokyu Corp. AGM 2 For Agenda item : Approve Transfer of Operations to Wholly Owned Subsidiary.

27 Jun 19 Tokyu Corp. AGM 3 For Agenda item : Amend Articles to Change Company Name - Amend Business

Lines.

27 Jun 19 Tokyu Corp. AGM 4.1 For Agenda item : Elect Director Nomoto, Hirofumi.

27 Jun 19 Tokyu Corp. AGM 4.10 For Agenda item : Elect Director Horie, Masahiro.

27 Jun 19 Tokyu Corp. AGM 4.11 For Agenda item : Elect Director Murai, Jun.

27 Jun 19 Tokyu Corp. AGM 4.12 For Agenda item : Elect Director Konaga, Keiichi.

27 Jun 19 Tokyu Corp. AGM 4.13 For Agenda item : Elect Director Kanazashi, Kiyoshi.

27 Jun 19 Tokyu Corp. AGM 4.14 For Agenda item : Elect Director Kanise, Reiko.

27 Jun 19 Tokyu Corp. AGM 4.15 Opposed Agenda item : Elect Director Okamoto, Kunie.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Tokyu Corp. AGM 4.2 For Agenda item : Elect Director Takahashi, Kazuo.

27 Jun 19 Tokyu Corp. AGM 4.3 For Agenda item : Elect Director Tomoe, Masao.

27 Jun 19 Tokyu Corp. AGM 4.4 For Agenda item : Elect Director Watanabe, Isao.

27 Jun 19 Tokyu Corp. AGM 4.5 For Agenda item : Elect Director Hoshino, Toshiyuki.

27 Jun 19 Tokyu Corp. AGM 4.6 For Agenda item : Elect Director Ichiki, Toshiyuki.

27 Jun 19 Tokyu Corp. AGM 4.7 For Agenda item : Elect Director Fujiwara, Hirohisa.

27 Jun 19 Tokyu Corp. AGM 4.8 For Agenda item : Elect Director Takahashi, Toshiyuki.

27 Jun 19 Tokyu Corp. AGM 4.9 For Agenda item : Elect Director Hamana, Setsu.

27 Jun 19 Tokyu Corp. AGM 5 For Agenda item : Appoint Alternate Statutory Auditor Matsumoto, Taku.

27 Jun 19 Toppan Printing Co., Ltd. AGM 1 For Agenda item : Amend Articles to Amend Business Lines.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.1 For Agenda item : Elect Director Kaneko, Shingo.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.10 For Agenda item : Elect Director Kurobe, Takashi.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.11 Opposed Agenda item : Elect Director Sakuma, Kunio.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

UBS Asset Management 388

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.12 Opposed Agenda item : Elect Director Noma, Yoshinobu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.13 For Agenda item : Elect Director Toyama, Ryoko.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.14 For Agenda item : Elect Director Kotani, Yuichiro.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.15 For Agenda item : Elect Director Sakai, Kazunori.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.16 For Agenda item : Elect Director Saito, Masanori.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.2 For Agenda item : Elect Director Maro, Hideharu.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.3 For Agenda item : Elect Director Maeda, Yukio.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.4 For Agenda item : Elect Director Okubo, Shinichi.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.5 For Agenda item : Elect Director Arai, Makoto.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.6 For Agenda item : Elect Director Ezaki, Sumio.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.7 For Agenda item : Elect Director Ueki, Tetsuro.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.8 For Agenda item : Elect Director Yamano, Yasuhiko.

27 Jun 19 Toppan Printing Co., Ltd. AGM 2.9 For Agenda item : Elect Director Nakao, Mitsuhiro.

27 Jun 19 Toppan Printing Co., Ltd. AGM 3 For Agenda item : Appoint Statutory Auditor Kubozono, Itaru.

27 Jun 19 Toppan Printing Co., Ltd. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.1 For Agenda item : Elect Director Tsutsumi, Tadasu.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.10 For Agenda item : Elect Director Murakami, Yoshiji.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.11 For Agenda item : Elect Director Murakami, Osamu.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.12 For Agenda item : Elect Director Murayama, Ichiro.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.13 For Agenda item : Elect Director Yazaki, Hirokazu.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.14 For Agenda item : Elect Director Ogawa, Susumu.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.15 For Agenda item : Elect Director Yachi, Hiroyasu.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.16 For Agenda item : Elect Director Mineki, Machiko.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.2 For Agenda item : Elect Director Imamura, Masanari.

389 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.3 For Agenda item : Elect Director Sumimoto, Noritaka.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.4 For Agenda item : Elect Director Oki, Hitoshi.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.5 For Agenda item : Elect Director Takahashi, Kiyoshi.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.6 For Agenda item : Elect Director Makiya, Rieko.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.7 For Agenda item : Elect Director Mochizuki, Masahisa.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.8 For Agenda item : Elect Director Tsubaki, Hiroshige.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 2.9 For Agenda item : Elect Director Kusunoki, Satoru.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 3.1 For Agenda item : Appoint Statutory Auditor Oikawa, Masaharu.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 3.2 For Agenda item : Appoint Statutory Auditor Takano, Ikuo.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 4 For Agenda item : Appoint Alternate Statutory Auditor Ushijima, Tsutomu.

27 Jun 19 Toyo Suisan Kaisha, Ltd. AGM 5 For Agenda item : Approve Annual Bonus.

27 Jun 19 Tsumura & Co. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 32.

27 Jun 19 Tsumura & Co. AGM 2.1 For Agenda item : Elect Director Kato, Terukazu.

27 Jun 19 Tsumura & Co. AGM 2.2 For Agenda item : Elect Director Adachi, Susumu.

27 Jun 19 Tsumura & Co. AGM 2.3 For Agenda item : Elect Director Handa, Muneki.

27 Jun 19 Tsumura & Co. AGM 2.4 For Agenda item : Elect Director Sugimoto, Shigeru.

27 Jun 19 Tsumura & Co. AGM 2.5 For Agenda item : Elect Director Matsui, Kenichi.

27 Jun 19 Tsumura & Co. AGM 2.6 For Agenda item : Elect Director Miyake, Hiroshi.

27 Jun 19 Tsumura & Co. AGM 3.1 For Agenda item : Elect Director and Audit Committee Member Okochi, Kimikazu.

27 Jun 19 Tsumura & Co. AGM 3.2 For Agenda item : Elect Director and Audit Committee Member Matsushita,

Mitsutoshi.

27 Jun 19 Tsumura & Co. AGM 3.3 For Agenda item : Elect Director and Audit Committee Member Mochizuki,

Akemi.

27 Jun 19 Tsumura & Co. AGM 4 For Agenda item : Elect Alternate Director and Audit Committee Member Noda,

Seiko.

27 Jun 19 Tsumura & Co. AGM 5 For Agenda item : Approve Performance Share Plan.

27 Jun 19 Ube Industries Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 80.

27 Jun 19 Ube Industries Ltd. AGM 2 For Agenda item : Amend Articles to Abolish Board Structure with Statutory

Auditors - Adopt Board Structure with Audit Committee - Amend Provisions on

UBS Asset Management 390

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

Number of Directors - Authorise Directors to Execute Day to Day Operations

without Full Board Approval.

27 Jun 19 Ube Industries Ltd. AGM 3.1 Opposed Agenda item : Elect Director Yamamoto, Yuzuru.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 Ube Industries Ltd. AGM 3.2 For Agenda item : Elect Director Izumihara, Masato.

27 Jun 19 Ube Industries Ltd. AGM 3.3 For Agenda item : Elect Director Koyama, Makoto.

27 Jun 19 Ube Industries Ltd. AGM 3.4 For Agenda item : Elect Director Fujii, Masayuki.

27 Jun 19 Ube Industries Ltd. AGM 3.5 For Agenda item : Elect Director Terui, Keiko.

27 Jun 19 Ube Industries Ltd. AGM 3.6 For Agenda item : Elect Director Higashi, Tetsuro.

27 Jun 19 Ube Industries Ltd. AGM 4.1 For Agenda item : Elect Director and Audit Committee Member Yamamoto,

Atsushi.

27 Jun 19 Ube Industries Ltd. AGM 4.2 For Agenda item : Elect Director and Audit Committee Member Ochiai, Seiichi.

27 Jun 19 Ube Industries Ltd. AGM 4.3 For Agenda item : Elect Director and Audit Committee Member Shoda, Takashi.

27 Jun 19 Ube Industries Ltd. AGM 5 For Agenda item : Elect Alternate Director and Audit Committee Member Terui,

Keiko.

27 Jun 19 Ube Industries Ltd. AGM 6 For Agenda item : Approve Compensation Ceiling for Directors Who Are Not

Audit Committee Members.

27 Jun 19 Ube Industries Ltd. AGM 7 For Agenda item : Approve Compensation Ceiling for Directors Who Are Audit

Committee Members.

27 Jun 19 Ube Industries Ltd. AGM 8 Opposed Agenda item : Approve Deep Discount Stock Option Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Ushio, Inc. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 50.

27 Jun 19 Ushio, Inc. AGM 2.1 For Agenda item : Elect Director Ushio, Jiro.

27 Jun 19 Ushio, Inc. AGM 2.2 For Agenda item : Elect Director Naito, Koji.

27 Jun 19 Ushio, Inc. AGM 2.3 For Agenda item : Elect Director Kawamura, Naoki.

27 Jun 19 Ushio, Inc. AGM 2.4 For Agenda item : Elect Director Ushio, Shiro.

391 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Ushio, Inc. AGM 2.5 For Agenda item : Elect Director Kamiyama, Kazuhisa.

27 Jun 19 Ushio, Inc. AGM 2.6 For Agenda item : Elect Director Hara, Yoshinari.

27 Jun 19 Ushio, Inc. AGM 2.7 For Agenda item : Elect Director Kanemaru, Yasufumi.

27 Jun 19 Ushio, Inc. AGM 2.8 For Agenda item : Elect Director Sakie Tachibana Fukushima.

27 Jun 19 Ushio, Inc. AGM 2.9 For Agenda item : Elect Director Sasaki, Toyonari.

27 Jun 19 Wacoal Holdings Corp. AGM 1.1 For Agenda item : Elect Director Tsukamoto, Yoshikata.

27 Jun 19 Wacoal Holdings Corp. AGM 1.2 For Agenda item : Elect Director Yasuhara, Hironobu.

27 Jun 19 Wacoal Holdings Corp. AGM 1.3 For Agenda item : Elect Director Yamaguchi, Masashi.

27 Jun 19 Wacoal Holdings Corp. AGM 1.4 For Agenda item : Elect Director Miyagi, Akira.

27 Jun 19 Wacoal Holdings Corp. AGM 1.5 For Agenda item : Elect Director Mayuzumi, Madoka.

27 Jun 19 Wacoal Holdings Corp. AGM 1.6 For Agenda item : Elect Director Saito, Shigeru.

27 Jun 19 Wacoal Holdings Corp. AGM 1.7 For Agenda item : Elect Director Iwai, Tsunehiko.

27 Jun 19 Wacoal Holdings Corp. AGM 2.1 Opposed Agenda item : Appoint Statutory Auditor Hiroshima, Kiyotaka.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Wacoal Holdings Corp. AGM 2.2 Opposed Agenda item : Appoint Statutory Auditor Shirai, Hiroshi.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 Wacoal Holdings Corp. AGM 3 For Agenda item : Approve Annual Bonus.

27 Jun 19 Wincanton Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

27 Jun 19 Wincanton Plc AGM 2 For Agenda item : Approve Remuneration Report.

27 Jun 19 Wincanton Plc AGM 3 For Agenda item : Approve Final Dividend.

27 Jun 19 Wincanton Plc AGM 4 For Agenda item : Re-elect Stewart Oades as Director.

27 Jun 19 Wincanton Plc AGM 5 For Agenda item : Re-elect Adrian Colman as Director.

27 Jun 19 Wincanton Plc AGM 6 For Agenda item : Re-elect Tim Lawlor as Director.

27 Jun 19 Wincanton Plc AGM 7 For Agenda item : Re-elect Paul Dean as Director.

27 Jun 19 Wincanton Plc AGM 8 For Agenda item : Re-elect David Radcliffe as Director.

UBS Asset Management 392

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Wincanton Plc AGM 9 For Agenda item : Re-elect Gill Barr as Director.

27 Jun 19 Wincanton Plc AGM 10 For Agenda item : Elect Dr Martin Read as Director.

27 Jun 19 Wincanton Plc AGM 11 For Agenda item : Elect Debbie Lentz as Director.

27 Jun 19 Wincanton Plc AGM 12 For Agenda item : Reappoint KPMG LLP as Auditors.

27 Jun 19 Wincanton Plc AGM 13 For Agenda item : Authorise Board to Fix Remuneration of Auditors.

27 Jun 19 Wincanton Plc AGM 14 For Agenda item : Authorise EU Political Donations and Expenditure.

27 Jun 19 Wincanton Plc AGM 15 For Agenda item : Authorise Issue of Equity.

27 Jun 19 Wincanton Plc AGM 16 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

27 Jun 19 Wincanton Plc AGM 17 For Agenda item : Authorise Market Purchase of Ordinary Shares.

27 Jun 19 Wincanton Plc AGM 18 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

27 Jun 19 Yamada Denki Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 13.

27 Jun 19 Yamada Denki Co., Ltd. AGM 2 For Agenda item : Appoint Statutory Auditor Takahashi, Masamitsu.

27 Jun 19 Yamada Denki Co., Ltd. AGM 3 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 40.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 2 For Agenda item : Amend Articles to Amend Provisions on Number of Directors.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.1 For Agenda item : Elect Director Inoue, Hiroyuki.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.2 For Agenda item : Elect Director Tsukamoto, Kazuhiro.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.3 For Agenda item : Elect Director Nakaya, Kengo.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.4 For Agenda item : Elect Director Kohata, Katsumasa.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.5 For Agenda item : Elect Director Maruyama, Motoyoshi.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.6 For Agenda item : Elect Director Damri Tunshevavong.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.7 For Agenda item : Elect Director Yasufuku, Takenosuke.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.8 For Agenda item : Elect Director Yonezawa, Kazumi.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 3.9 For Agenda item : Elect Director Takeda, Kunitoshi.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 4.1 For Agenda item : Appoint Statutory Auditor Fukuhara, Hisakazu.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 4.2 For Agenda item : Appoint Statutory Auditor Katayama, Shigeaki.

393 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 4.3 For Agenda item : Appoint Statutory Auditor Nakajo, Mikio.

27 Jun 19 Yamato Kogyo Co., Ltd. AGM 5 For Agenda item : Appoint Alternate Statutory Auditor Tanibayashi, Kazunori.

27 Jun 19 Yandex NV AGM 1 For Agenda item : Approve to Extend the Period for Preparing the Annual

Account for the Financial Year 2018.

27 Jun 19 Yandex NV AGM 2 For Agenda item : Adopt Financial Statements and Statutory Reports.

27 Jun 19 Yandex NV AGM 3 For Agenda item : Approve Discharge of Directors.

27 Jun 19 Yandex NV AGM 4 For Agenda item : Re-elect Rogier Rijnja as Non-Executive Director.

27 Jun 19 Yandex NV AGM 5 For Agenda item : Re-elect Charles Ryan as Non-Executive Director.

27 Jun 19 Yandex NV AGM 6 Opposed Agenda item : Re-elect Alexander Voloshin as Non-Executive Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

27 Jun 19 Yandex NV AGM 7 Opposed Agenda item : Elect Mikhail Parakhin as Non-Executive Director.

UBS note : We will not support the election of non-independent

non-executive directors when less than 1/3 of the Board is independent.

27 Jun 19 Yandex NV AGM 8 For Agenda item : Elect Tigran Khudaverdyan as Executive Director.

27 Jun 19 Yandex NV AGM 9 For Agenda item : Approve Cancellation of Outstanding Class C Shares.

27 Jun 19 Yandex NV AGM 10 For Agenda item : Ratify Auditors.

27 Jun 19 Yandex NV AGM 11 Opposed Agenda item : Amend 2016 Equity Incentive Plan.

UBS note : The proposed plan does not provide a sufficiently strong link

between awards and shareholder long-term interest.

27 Jun 19 Yandex NV AGM 12 Opposed Agenda item : Grant Board Authority to Issue Class A Shares and Preference

Shares.

UBS note : We will not support the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

shareholders.

27 Jun 19 Yandex NV AGM 13 Opposed Agenda item : Authorise Board to Exclude Pre-emptive Rights from Share

Issuances.

UBS note : We will not support the introduction of takeover defence

mechanisms such as Poison Pills. Such proposals are not in the interests of

UBS Asset Management 394

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

shareholders.

27 Jun 19 Yandex NV AGM 14 Opposed Agenda item : Authorise Repurchase of Up to 20 Percent of Issued Share

Capital.

UBS note : We will normally support share repurchase programs in line with

local market regulations. Any proposals exceeding 15% will be given further

consideration to ensure proposals are in the best interests of shareholders.

27 Jun 19 ZEON Corp. AGM 1 For Agenda item : Approve Allocation of Income, with a Final Dividend of JPY 10.

27 Jun 19 ZEON Corp. AGM 2.1 Opposed Agenda item : Elect Director Furukawa, Naozumi.

UBS note : We will not support the election of the Chair of the Nomination

Committee or other board member responsible for the nomination process

where the gender balance is not considered to be in line with our expectations.

27 Jun 19 ZEON Corp. AGM 2.10 Opposed Agenda item : Elect Director Nagumo, Tadanobu.

UBS note : Nominee is not classified as independent and shall be serving on a

board that is not comprised of one-third of independent members.

27 Jun 19 ZEON Corp. AGM 2.2 For Agenda item : Elect Director Tanaka, Kimiaki.

27 Jun 19 ZEON Corp. AGM 2.3 For Agenda item : Elect Director Hirakawa, Hiroyuki.

27 Jun 19 ZEON Corp. AGM 2.4 For Agenda item : Elect Director Nishijima, Toru.

27 Jun 19 ZEON Corp. AGM 2.5 For Agenda item : Elect Director Hayashi, Sachio.

27 Jun 19 ZEON Corp. AGM 2.6 For Agenda item : Elect Director Fujisawa, Hiroshi.

27 Jun 19 ZEON Corp. AGM 2.7 For Agenda item : Elect Director Matsura, Kazuyoshi.

27 Jun 19 ZEON Corp. AGM 2.8 For Agenda item : Elect Director Ito, Haruo.

27 Jun 19 ZEON Corp. AGM 2.9 For Agenda item : Elect Director Kitabata, Takao.

27 Jun 19 ZEON Corp. AGM 3.1 Opposed Agenda item : Appoint Statutory Auditor Furuya, Takeo.

UBS note : We will vote against the appointment of the internal or

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 ZEON Corp. AGM 3.2 For Agenda item : Appoint Statutory Auditor Kori, Akio.

27 Jun 19 ZEON Corp. AGM 3.3 Opposed Agenda item : Appoint Statutory Auditor Nishijima, Nobutake.

UBS note : We will vote against the appointment of the internal or

395 UBS Asset Management

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

non-independent outside statutory auditor if less than half of the statutory

auditors are independent.

27 Jun 19 ZEON Corp. AGM 4 Opposed Agenda item : Approve Restricted Stock Plan.

UBS note : We will not support proposals to issue shares under a stock plan /

deep discount plan without performance conditions.

28 Jun 19 Allied Minds Plc AGM 1 For Agenda item : Accept Financial Statements and Statutory Reports.

28 Jun 19 Allied Minds Plc AGM 2 Opposed Agenda item : Approve Remuneration Report.

UBS note : We will vote against when the level of disclosure provided does not

allow shareholders to make an informed assessment of executive remuneration

granted during the year.

28 Jun 19 Allied Minds Plc AGM 3 Opposed Agenda item : Approve Remuneration Policy.

UBS note : The aggregate overall level of pay is considered excessive.

28 Jun 19 Allied Minds Plc AGM 4 For Agenda item : Reappoint KPMG LLP as Auditors.

28 Jun 19 Allied Minds Plc AGM 5 For Agenda item : Authorise the Audit Committee to Fix Remuneration of

Auditors.

28 Jun 19 Allied Minds Plc AGM 6 Opposed Agenda item : Re-elect Peter Dolan as Director.

UBS note : We will not support the election of the Chair of the Nomination

Committee where the gender balance on the Board is not considered to be in

line with our expectation for this market.

28 Jun 19 Allied Minds Plc AGM 7 For Agenda item : Re-elect Jill Smith as Director.

28 Jun 19 Allied Minds Plc AGM 8 For Agenda item : Re-elect Harry Rein as Director.

28 Jun 19 Allied Minds Plc AGM 9 For Agenda item : Re-elect Jeffrey Rohr as Director.

28 Jun 19 Allied Minds Plc AGM 10 For Agenda item : Re-elect Kevin Sharer as Director.

28 Jun 19 Allied Minds Plc AGM 11 For Agenda item : Elect Fritz Foley as Director.

28 Jun 19 Allied Minds Plc AGM 12 For Agenda item : Authorise Issue of Equity.

28 Jun 19 Allied Minds Plc AGM 13 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights.

28 Jun 19 Allied Minds Plc AGM 14 For Agenda item : Authorise Issue of Equity without Pre-emptive Rights in

Connection with an Acquisition or Other Capital Investment.

28 Jun 19 Allied Minds Plc AGM 15 For Agenda item : Authorise EU Political Donations and Expenditure.

UBS Asset Management 396

Corporate governance - proxy voting from 01 Jun 19 to 30 Jun 19

Meeting Date Company (AGM/EGM) Resolution Vote cast Comments

28 Jun 19 Allied Minds Plc AGM 16 For Agenda item : Authorise Market Purchase of Ordinary Shares.

28 Jun 19 Allied Minds Plc AGM 17 For Agenda item : Authorise the Company to Call General Meeting with Two

Weeks' Notice.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.1 For Agenda item : Elect Director Tudor Brown.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.10 For Agenda item : Elect Director Robert E. Switz.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.2 For Agenda item : Elect Director Brad Buss.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.3 For Agenda item : Elect Director Edward H. Frank.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.4 Opposed Agenda item : Elect Director Richard S. Hill.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.5 Opposed Agenda item : Elect Director Oleg Khaykin.

UBS note : The nominee holds a significant number of positions on the boards

of listed companies, raising concerns over their ability to commit sufficient time

to the role.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.6 For Agenda item : Elect Director Bethany Mayer.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.7 For Agenda item : Elect Director Donna Morris.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.8 For Agenda item : Elect Director Matthew J. Murphy.

28 Jun 19 Marvell Technology Group Ltd. AGM 1.9 For Agenda item : Elect Director Michael Strachan.

28 Jun 19 Marvell Technology Group Ltd. AGM 2 For Agenda item : Advisory Vote to Ratify Named Executive Officers'

Compensation.

28 Jun 19 Marvell Technology Group Ltd. AGM 3 For Agenda item : Approve Deloitte & Touche LLP as Auditors and Authorise

Board to Fix Their Remuneration.

Please note: This report only includes exception votes.


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