PROXY VOTING

What is proxy voting?

Proxy voting is how shareholders vote on company decisions without needing to attend a meeting in person. If you own stock in a company, you have a say in certain decisions, and proxy voting is how that vote gets cast.

What kinds of things are being voted on?

Shareholders typically vote on:

• Who serves on the company's board of directors
• Executive compensation
• Major company decisions like mergers
• Shareholder proposals

Why do companies hold these votes?

Public companies are required to hold shareholder votes, usually once a year, to give investors a voice in how the company is run.

Who gets to vote?

If you own shares of a company on a specific cutoff date (called the "record date"), you're eligible to vote.

Do I need to attend a meeting to vote?

No. Most don't attend in person. Instead, votes are typically submitted online, by phone, or by mail.

What does "proxy" actually mean?

Think of it like an absentee ballot, you're casting your vote without being there in person.

What role do I play?

In most cases, you won't need to take any action.

Depending on how your accounts are structured, proxy voting is typically handled by the investment managers, fund providers, or custodians associated with your portfolio. They follow established guidelines designed to support long-term shareholder value.

What role does Semmax play?

Our role is to:

• Select and monitor the investment managers we use
• Ensure they follow disciplined, consistent processes
• Keep your portfolio aligned with your long-term goals

If you ever receive proxy materials directly, you can review and vote on them, but there is no requirement to do so, and we're always happy to walk through anything that stands out.

How will I know if I can vote?

If you're eligible, you may receive information from the company or your account provider. This could come:

• By mail
• By email
• Or as a notice with instructions to view materials online

How do I submit a vote if I choose to?

Most companies allow you to vote in several ways:

• Online
• By phone
• By mail
• Or by attending the meeting (in person or virtually)

Instructions are included with the materials you receive.

Can I change my vote after submitting it?

Yes, if you make the change before the voting deadline.

What do the voting options mean?

• For: You support the proposal
• Against: You do not support it
• Abstain: You're choosing not to vote either way
• Withhold: You're not supporting a specific nominee (used in certain director elections)

Why does this matter?

Owning shares means having a voice, even if you don't use it directly. Proxy voting is one way companies stay accountable to their investors, and part of how long-term value is created over time.