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Longview Partners

PRI reporting framework 2017

Basic Information [OO 01 - 09] Gateway asset class implementation indicators [OO 10 - 12]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Implementation not in other modules [SG 12 - 16] Innovation [SG 17]

Direct - Listed Equity Incorporation

Overview [LEI 01 - 02] ESG incorporation in actively managed listed equities [LEI 03 - 12] Implementation processes [LEI 03 - 12] (C) Implementation: Integration of ESG issues [LEI 10 - 12] Outputs and outcomes [LEI 14 - 16] Communication [LEI 17]

Direct - Listed Equity Active Ownership

Engagement [LEA 01 - 16] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 15] Communication [LEA 16] (Proxy) voting and shareholder resolutions [LEA 17 - 27] Overview [LEA 17] Process [LEA 18 - 22] Communication [LEA 27]

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You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions » Outputs and outcomes

Outputs and outcomes

LEA 23. Percentage of (proxy) votes cast

23.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

We do track or collect this information

Votes cast (to the nearest 1%)

100 %

Specify the basis on which this percentage is calculated

of the total number of ballot items on which you could have issued instructions

of the total number of company meetings at which you could have voted

of the total value of your listed equity holdings on which you could have voted

23.2. Explain your reason(s) for not voting certain holdings

Shares were blocked

Notice, ballots or materials not received in time

Missed deadline

Geographical restrictions (non-home market)

Cost

Conflicts of interest

Holdings deemed too small

Administrative impediments (e.g., power of attorney requirements, ineligibility due to participation in share placement)

We do not vote on environmental resolutions

We do not vote on social resolutions

On request by clients

Other

          We voted 100% of the ballot items on which we could issue instructions.

We do not track or collect this information

23.3. Additional information. [Optional]

LEA 24. Proportion of ballot items that were for/against/abstentions

24.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

Yes, we track this information

24.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions	Breakdown as percentage of votes cast
For (supporting) management recommendations	93 %
Against (opposing) management recommendations	7 %
Abstentions	0 %

100%

24.3. Describe the actions you take after voting against management recommendations.

          At management's request, Longview will discuss any votes cast against management.

Where Longview becomes aware of a governance issue, or has concerns that the company’s management is not acting in shareholders’ interests, we are willing to challenge management in an attempt to protect and enhance the interests of our clients and will exercise our right to vote against management, where appropriate.  Furthermore, if after lengthy discussions we believed that management was failing to act in shareholders’ interests, we would reduce our Quality rating to Q3 and sell our holding in order to minimise the loss of shareholder value.