SEI Japan Equity Fund As at 30th June, 2009

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1 Benchmark TOPIX Base Currency JPY Currencies Available EUR, GBP Fund Complex SEI Global Assets Fund PLC SEI Japan Equity Fund As at 30th June, 2009 SEI MANAGER OF MANAGERS PHILOSOPHY SEI employs a sophisticated investment process that allocates client portfolios across a wide variety of asset classes, investment styles and approaches in an effort to reduce risk and deliver more consistent long-term returns. Through a rigorous manager selection and monitoring process, SEI undertakes the burden of researching, hiring and combining managers that are able to exploit different sources of excess returns. Managers are then continuously monitored to ensure they are meeting these investment objectives. Sector Allocation* (%) Investment Objective The investment objective of The SEI Japan Equity Fund is long-term growth of capital and income through investment in a broadly diversified portfolio of Japanese equity securities. Fund Details Industrials Financials Consumer Discretionary Information Technology Health Care 5.87 Telecommunications 5.59 Materials 5.15 Utilities 4.75 Consumer Staples 4.48 Energy 2.07 The Fund will invest at least 65% of its assets in equity and equity-related securities (including warrants and convertible securities provided that no more than 5% of the Fund s net assets will be invested in warrants and no more than 25% of the Fund s net assets will be invested in convertible securities) issued by Japanese companies. Up to 10% of the Fund s net assets may be invested in fixed income securities and up to 5% of its assets may be invested in collective investment schemes that invest in Japanese fixed income securities. European, American and/or Global Depositary Receipts may also be held. The Fund may use derivative instruments such as futures, forwards, options, swaps, contracts for differences, credit derivatives, caps, floors and currency forward contracts to pursue its investment policies. The use of derivatives may increase the Fund s risk profile and may result in the Fund being leveraged; however, any such leverage will not exceed the Fund s net assets at any time. Top Ten Holdings* (%) Mitsubishi UFJ Financial 2.92 Sumitomo Mitsui Financial 2.88 Tokyo Electric Power 2.85 Toyota Motor 2.40 Nippon Telegraph & Telephone 2.06 Mitsui & Co Sony 1.80 Nomura Holdings 1.73 Softbank 1.70 Keyence 1.56 Total *As at 30th June Committed investments can and will change over time as opportunities present themselves.

2 Acadian Asset Management Inc (Acadian) Alpha Source: Value Acadian s investment process focuses on forecasting global equity returns using statistical modelling techniques. The manager's model lends itself to a value-tilted approach, while also incorporating a number of other factors, such as the price momentum, quality and size of companies. Acadian s portfolio construction process also aims to eliminate as much unrewarded risk as possible. Acadian employs a bottom-up, quantitative (computer-model driven) framework, which enables it to assess companies relative to their domestic and global peers, according to a weighted combination of factors. Although some of these factors may not be unique, Acadian aims to predict returns more consistently and efficiently by thoroughly extracting information available in the data. The manager may also adjust these factors to accommodate different time horizons, as certain factors may have shorter- or longerterm impacts. A global specialist in quantitative equity investing, Acadian is a wholly owned subsidiary of Old Mutual Asset Management. Established in 1977, Acadian has developed extensive databases over the course of its history, with a particular focus on ensuring accuracy of data. Analytic Investors Inc (Analytic) Alpha Source: Behavioural Analytic s quantitative (computer driven) process is based on the belief that investors reward stocks in a subtle, yet predictive fashion. As a result, the manager incorporates the element of adaptability in forecasting future stock returns by examining the relationship between returns and exposures to multiple stock characteristics. Analytic aims to capitalise on the complex and changing nature of investor preferences that emerge over the course of market cycles. Analytic s investment process begins with evaluating all characteristics that can impact returns. Then the manager quantifies the payoffs investors are assigning to each of these characteristics, and finally, uses these payoff estimates to position the portfolio toward those characteristics that are most likely to be rewarded. A distinguishing feature of Analytic s approach is that the stock characteristics the manager focuses on will change as investors propensity to reward or discount them alters, leading to rotation in and out of different market areas as appropriate. Analytic also evaluates longer-term risks associated with factors such as geography and sector, as well as the impacts from short-term sources of risk such as unexpected market shocks.

3 Analytic, based in Los Angeles, is owned by Old Mutual. Analytic, whose original expertise was in the options business, merged with quantitative equity manager TSA Capital Management in February Capital International Ltd (Capital) Alpha Source: Forward Insight Investment Approach: Fundamental Capital s investment philosophy is based on the belief that solid research is fundamental to sound investment decisions. The manager's research approach is driven by a desire to gain an information advantage relative to other investors and combines in-depth analysis with extensive management contacts. Capital s research capability, which benefits from significant resources and expertise, is split along global industry lines. In addition, Capital's long-term investment horizon is reflected in a low turnover of securities within its portfolios. The manager's research process aims to uncover information at the industry and company level that will enable more accurate forecasting of future earnings. Portfolios are divided into segments and managed by separate managers, who draw on the analysis of the research team to make investment decisions. A group of Capital s analysts also manage a portion of the portfolios, which reflect the strongest convictions from their respective areas of industry coverage. The final portfolio is reviewed by the lead portfolio manager and the portfolio control team. A thorough risk control system is used throughout the investment process. Capital is a wholly owned subsidiary of the Capital Group of companies. Capital was founded in 1931 and established a Tokyo office, where Japanese equity portfolios are managed for clients around the world, in The Hong Kong and Singapore offices were established in 1983 and 1989, respectively, and are responsible for the management of Pacific Ex-Japan Equities. JPMorgan Asset Management (UK) Ltd (JPM) Asset Class: European Equities Alpha Source: Behavioural JPM aims to exploit pricing inefficiencies that it believes are created by investors irrational behaviour and biased decisions. JPM also aims to reduce the potential for its own biases to impact on the firm's portfolios, limiting qualitative input to data validation and oversight.

4 A proprietary quantitative (computer driven) system is used to create stock universes for each portfolio. These stocks are ranked daily using a dynamic, four-factor process that incorporates valuations, growth estimates, price momentum and earnings revisions. JPM believes this process enables them to focus on areas where there are greater opportunities to generate excess return. JPM tends to have a large number of holdings in its portfolios as a result of the systematic way its managers look to exploit behavioural biases. JPM s behavioural finance team is part of the global group of asset management companies owned by major US investment bank JPMorgan Chase & Co. The Londonbased team running this platform was established in 1999 out of the former Fleming investment business.

5 Important Information Past performance is not a guarantee of future performance. Investment in the range of SEI s Funds is intended as a long-term investment. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Additionally, this investment may not be suitable for everyone. If you should have any doubt whether it is suitable for you, you should obtain expert advice. No offer of any security is made hereby. Recipients of this information who intend to apply for shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts. If the investment is withdrawn in the early years it may not return the full amount invested. In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Products of companies in which technology funds invest may be subject to severe competition and rapid obsolescence. SEI Funds may use derivative instruments such as futures, forwards, options, swaps, contracts for differences, credit derivatives, caps, floors and currency forward contracts. These instruments may be used for hedging purposes and/or investment purposes. While considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. This information is issued by SEI Investments (Europe) Limited, 4th Floor, Time & Life Building 1 Bruton Street, London W1J 6TL which is authorised and regulated by the Financial Services Authority. Please refer to our latest Full Prospectus (which includes information in relation to the use of derivatives and the risks associated with the use of derivative instruments), Simplified Prospectus and latest Annual or Interim Short Reports for more information on our funds.. This information can be obtained by contacting your Financial Advisor or using the contact details shown above. The opinions and views contained in this document are solely those of SEI and are subject to change; descriptions relating to organisational structure, teams and investment processes herein may differ significantly from those prescribed by underlying managers regarding their own investment houses and investments.