Non-Discretionary Proposal

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Non-Discretionary Proposal

A proposition on a proxy card requiring a response from the beneficial owner which does not fall under the Ten Day Rule. Therefore, the broker cannot vote on behalf of the beneficial owner, it can only vote after specific instructions have been received from the beneficial owner.

Non-Discretionary Proposal

A proxy vote whereby the proxy may vote on behalf of a shareholder, but only in a way that the shareholder directs. That is, in a non-discretionary proposal, a shareholder gives proxy to another party to vote at the general meeting and provides instructions as to how the proxy may vote.