Principal Global Investors' guiding principles in performing proxy voting are to make decisions that (i) favor proposals that tend to maximize shareholder value and (ii) are not influenced by conflicts of interest. These principles reflect our belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. Although governance is one factor in which decisions to invest in a particular company are made, it may not be the primary consideration.

Principal Global Investors understands the importance of voting proxies, however, there may be times when refraining from voting is in the client's best interest such as in share blocking markets or when the cost to the client is higher than the benefit. In these situations, Principal Global Investors will vote on a best-efforts basis.

Principal Global Investors has engaged the services of Institutional Shareholder Services ("ISS") and uses the standard voting guidelines of ISS. In certain case-by-case circumstances, we may disagree with the ISS recommendation and vote differently. Principal Global Investors does not file or co-file shareholder resolutions.

ISS' services include objective governance research and analysis. ISS delivers research and vote recommendations 15-20 days prior to the shareholder meeting.