SEI Japan Equity Fund Votes Against Management Report

Reo@ Voting Report

VOTING RECORDS FROM:01/04/2015 TO: 30/06/2015

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Aderans Co., Ltd.

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 8170

Primary ISIN: JP3121600005 Primary SEDOL: 6007395

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ishiko, Shigeru Mgmt For Against

Voter Rationale:

2.3 Elect Director Kanazawa, Hisatake Mgmt For Against

Voter Rationale:

2.4 Elect Director Tsumura, Yoshihiro Mgmt For Against

Voter Rationale:

Aichi Bank Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8527

Primary ISIN: JP3103000000 Primary SEDOL: 6196550

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Hayakawa, Jun Mgmt For Against

Voter Rationale:

2.4 Elect Director Suzuki, Toshiyuki Mgmt For Against

Voter Rationale:

2.5 Elect Director Miyachi, Eiji Mgmt For Against

Voter Rationale:

Page 1 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Aichi Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Ando, Haruhiko Mgmt For Against

Voter Rationale:

2.7 Elect Director Ogura, Minoru Mgmt For Against

Voter Rationale:

2.8 Elect Director Kobayashi, Masato Mgmt For Against

Voter Rationale:

2.9 Elect Director Ito, Yukinori Mgmt For Against

Voter Rationale:

2.10 Elect Director Ito, Yoshihiro Mgmt For Against

Voter Rationale:

2.11 Elect Director Hayashi, Akio Mgmt For Against

Voter Rationale:

2.12 Elect Director Takahashi, Tomoyuki Mgmt For Against

Voter Rationale:

2.13 Elect Director Ota, Wataru Mgmt For Against

Voter Rationale:

2.14 Elect Director Matsuno, Hiroyasu Mgmt For Against

Voter Rationale:

Aichi Electric Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6623

Primary ISIN: JP3104000009 Primary SEDOL: 6010081

Page 2 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Aichi Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Amano, Nozomu Mgmt For Against

Voter Rationale:

2.2 Elect Director Ando, Makoto Mgmt For Against

Voter Rationale:

2.3 Elect Director Ono, Teruo Mgmt For Against

Voter Rationale:

2.4 Elect Director Kato, Shinobu Mgmt For Against

Voter Rationale:

2.5 Elect Director Kato, Tatsuyoshi Mgmt For Against

Voter Rationale:

2.7 Elect Director Nagata, Toru Mgmt For Against

Voter Rationale:

2.8 Elect Director Nishimi, Toshio Mgmt For Against

Voter Rationale:

2.9 Elect Director Nonomura, Katsumi Mgmt For Against

Voter Rationale:

2.10 Elect Director Hosoe, Hideki Mgmt For Against

Voter Rationale:

2.11 Elect Director Yano, Hiroshi Mgmt For Against

Voter Rationale:

Page 3 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Aichi Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Tomita, Hidetaka Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Yamada, Makoto Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Air Water Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4088

Primary ISIN: JP3160670000 Primary SEDOL: 6441465

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Toyoda, Masahiro Mgmt For Against

Voter Rationale:

1.4 Elect Director Akatsu, Toshihiko Mgmt For Against

Voter Rationale:

1.5 Elect Director Fujita, Akira Mgmt For Against

Voter Rationale:

1.6 Elect Director Toyoda, Kikuo Mgmt For Against

Voter Rationale:

1.7 Elect Director Nakagawa, Junichi Mgmt For Against

Voter Rationale:

1.8 Elect Director Karato, Yu Mgmt For Against

Voter Rationale:

Page 4 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Air Water Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.9 Elect Director Matsubara, Yukio Mgmt For Against

Voter Rationale:

1.10 Elect Director Machida, Masato Mgmt For Against

Voter Rationale:

1.11 Elect Director Tsutsumi, Hideo Mgmt For Against

Voter Rationale:

1.12 Elect Director Nagata, Minoru Mgmt For Against

Voter Rationale:

1.13 Elect Director Shirai, Kiyoshi Mgmt For Against

Voter Rationale:

1.14 Elect Director Sogabe, Yasushi Mgmt For Against

Voter Rationale:

1.15 Elect Director Murakami, Yukio Mgmt For Against

Voter Rationale:

1.16 Elect Director Hasegawa, Masayuki Mgmt For Against

Voter Rationale:

1.17 Elect Director Hatano, Kazuhiko Mgmt For Against

Voter Rationale:

Aisan Industry

Meeting Date: 06/12/2015 Country: Japan Meeting Type: Annual Ticker: 7283

Primary ISIN: JP3101600009 Primary SEDOL: 6010649

Page 5 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Aisan Industry

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Indemnify Directors - Mgmt For Against Indemnify Statutory Auditors - Authorize Board to Determine Income Allocation Voter Rationale:

Changes in company's by-laws should not result in the erosion of shareholder rights.

3.2 Elect Director Nakano, Masataka Mgmt For Against

Voter Rationale:

3.3 Elect Director Isida, Tomoya Mgmt For Against

Voter Rationale:

3.4 Elect Director Takagi, Takaaki Mgmt For Against

Voter Rationale:

3.5 Elect Director Torii, Hisanao Mgmt For Against

Voter Rationale:

3.6 Elect Director Nakane, Toru Mgmt For Against

Voter Rationale:

3.7 Elect Director Tokimura, Haruki Mgmt For Against

Voter Rationale:

3.8 Elect Director Kosaka, Yoshifumi Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Inoue, Hiroyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 6 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Ajinomoto Co. Inc.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2802

Primary ISIN: JP3119600009 Primary SEDOL: 6010906

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Iwamoto, Tamotsu Mgmt For Against

Voter Rationale:

2.4 Elect Director Igarashi, Koji Mgmt For Against

Voter Rationale:

2.5 Elect Director Takato, Etsuhiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Shinada, Hideaki Mgmt For Against

Voter Rationale:

2.7 Elect Director Fukushi, Hiroshi Mgmt For Against

Voter Rationale:

2.8 Elect Director Ono, Hiromichi Mgmt For Against

Voter Rationale:

2.9 Elect Director Kimura, Takeshi Mgmt For Against

Voter Rationale:

2.10 Elect Director Tochio, Masaya Mgmt For Against

Voter Rationale:

2.11 Elect Director Murabayashi, Makoto Mgmt For Against

Voter Rationale:

Page 7 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Ajinomoto Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.14 Elect Director Nawa, Takashi Mgmt For Against

Voter Rationale:

Alfresa Holdings Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 2784

Primary ISIN: JP3126340003 Primary SEDOL: 6687214

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Fukujin, Kunio Mgmt For Against

Voter Rationale:

2.3 Elect Director Takita, Yasuo Mgmt For Against

Voter Rationale:

2.4 Elect Director Kanome, Hiroyuki Mgmt For Against

Voter Rationale:

2.5 Elect Director Takahashi, Hidetomi Mgmt For Against

Voter Rationale:

2.6 Elect Director Hasebe, Shozo Mgmt For Against

Voter Rationale:

2.7 Elect Director Kubo, Taizo Mgmt For Against

Voter Rationale:

2.8 Elect Director Miyake, Shunichi Mgmt For Against

Voter Rationale:

Page 8 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Alfresa Holdings Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Izumi, Yasuki Mgmt For Against

Voter Rationale:

2.10 Elect Director Shinohara, Tsuneo Mgmt For Against

Voter Rationale:

Alpha Systems Inc.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4719

Primary ISIN: JP3126330004 Primary SEDOL: 6149985

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ishikawa, Hidetomo Mgmt For Against

Voter Rationale:

2.4 Elect Director Takada, Satoshi Mgmt For Against

Voter Rationale:

2.5 Elect Director Tokura, Katsumi Mgmt For Against

Voter Rationale:

2.6 Elect Director Kawana, Takao Mgmt For Against

Voter Rationale:

2.7 Elect Director Saito, Kiyoshi Mgmt For Against

Voter Rationale:

2.8 Elect Director Yamauchi, Shinichi Mgmt For Against

Voter Rationale:

Page 9 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Alpha Systems Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Akazaki, Koji Mgmt For Against

Voter Rationale:

2.10 Elect Director Takada, Toshifumi Mgmt For Against

Voter Rationale:

2.11 Elect Director Kawahara, Yosaku Mgmt For Against

Voter Rationale:

2.12 Elect Director Nishimura, Seiichiro Mgmt For Against

Voter Rationale:

2.13 Elect Director Yanagiya, Takashi Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Yamada, Kunihiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Alpine Electronics Inc.

Meeting Date: 06/18/2015 Country: Japan Meeting Type: Annual Ticker: 6816

Primary ISIN: JP3126200009 Primary SEDOL: 6021481

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Morioka, Hirofumi Mgmt For Against

Voter Rationale:

2.3 Elect Director Kajiwara, Hitoshi Mgmt For Against

Voter Rationale:

Page 10 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Alpine Electronics Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Kataoka, Masataka Mgmt For Against

Voter Rationale:

2.5 Elect Director Kobayashi, Toshinori Mgmt For Against

Voter Rationale:

2.6 Elect Director Endo, Koichi Mgmt For Against

Voter Rationale:

2.7 Elect Director Mizuno, Naoki Mgmt For Against

Voter Rationale:

2.8 Elect Director Taguchi, shuji Mgmt For Against

Voter Rationale:

2.9 Elect Director Ikeuchi, Yasuhiro Mgmt For Against

Voter Rationale:

2.11 Elect Director Komeya, Nobuhiko Mgmt For Against

Voter Rationale:

2.12 Elect Director Kawarada, Yoji Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Kojima, Hideo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Ejiri, Kazushige Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 11 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Alps Electric Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 6770

Primary ISIN: JP3126400005 Primary SEDOL: 6021500

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Takamura, Shuji Mgmt For Against

2.4 Elect Director Kimoto, Takashi Mgmt For Against

2.5 Elect Director Umehara, Junichi Mgmt For Against

2.6 Elect Director Amagishi, Yoshitada Mgmt For Against

2.7 Elect Director Sasao, Yasuo Mgmt For Against

2.8 Elect Director Edagawa, Hitoshi Mgmt For Against

2.9 Elect Director Inoue, Shinji Mgmt For Against

2.10 Elect Director Daiomaru, Takeshi Mgmt For Against

2.12 Elect Director Kai, Seishi Mgmt For Against

Page 12 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Alps Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.13 Elect Director Okayasu, Akihiko Mgmt For Against

Alps Logistics Co. Ltd

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 9055

Primary ISIN: JP3126450000 Primary SEDOL: 6050764

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Yamazaki, Koichi Mgmt For Against

Voter Rationale:

2.3 Elect Director Saeki, Kazuyoshi Mgmt For Against

Voter Rationale:

2.5 Elect Director Kataoka, Masataka Mgmt For Against

Voter Rationale:

2.6 Elect Director Shimohiro, Katsuhiko Mgmt For Against

Voter Rationale:

2.7 Elect Director Nomura, Shinichi Mgmt For Against

Voter Rationale:

2.8 Elect Director Fukiyama, Koji Mgmt For Against

Voter Rationale:

2.9 Elect Director Nakamura, Kunihiko Mgmt For Against

Voter Rationale:

Page 13 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Alps Logistics Co. Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Toyama, Teijiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Takahashi, Kiyotaka Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Amada Holdings Co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6113

Primary ISIN: JP3122800000 Primary SEDOL: 6022105

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Abe, Atsushige Mgmt For Against

Voter Rationale:

2.4 Elect Director Yamamoto, Koji Mgmt For Against

Voter Rationale:

2.5 Elect Director Nakamura, Kazuo Mgmt For Against

Voter Rationale:

2.6 Elect Director Kawashita, Yasuhiro Mgmt For Against

Voter Rationale:

ANA Holdings Co.,Ltd.

Meeting Date: 06/29/2015 Country: Japan Meeting Type: Annual Ticker: 9202

Primary ISIN: JP3429800000 Primary SEDOL: 6014908

Page 14 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

ANA Holdings Co.,Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Takemura, Shigeyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Tonomoto, Kiyoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Nagamine, Toyoyuki Mgmt For Against

Voter Rationale:

3.6 Elect Director Hirako, Yuji Mgmt For Against

Voter Rationale:

3.7 Elect Director Shinobe, Osamu Mgmt For Against

Voter Rationale:

3.9 Elect Director Yamamoto, Ado Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Okawa, Sumihito Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Maruyama, Yoshinori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Anritsu Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 6754

Primary ISIN: JP3128800004 Primary SEDOL: 6044109

Page 15 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Anritsu Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

9 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

AOI Electronics

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6832

Primary ISIN: JP3105280006 Primary SEDOL: 6270960

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kinoshita, Kazuhiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Okada, Yoshio Mgmt For Against

Voter Rationale:

2.5 Elect Director Saeki, Norio Mgmt For Against

Voter Rationale:

2.6 Elect Director Kawasaki, Hideharu Mgmt For Against

Voter Rationale:

2.7 Elect Director Takao, Daisuke Mgmt For Against

Voter Rationale:

2.8 Elect Director Fukuda, kazuyuki Mgmt For Against

Voter Rationale:

Page 16 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Aozora Bank, Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8304

Primary ISIN: JP3711200000 Primary SEDOL: B1G1854

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Tanabe, Masaki Mgmt For Against

Voter Rationale:

1.4 Elect Director Saito, Takeo Mgmt For Against

Voter Rationale:

1.5 Elect Director Takeda, Shunsuke Mgmt For Against

Voter Rationale:

1.6 Elect Director Mizuta, Hiroyuki Mgmt For Against

Voter Rationale:

ARATA CORP.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2733

Primary ISIN: JP3125100002 Primary SEDOL: 6517515

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Elect Director Shimawaki, Akira Mgmt For Against

Voter Rationale:

4.3 Elect Director Suzuki, Yoichi Mgmt For Against

Voter Rationale:

Page 17 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

ARATA CORP.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.4 Elect Director Hatanaka, Seinosuke Mgmt For Against

Voter Rationale:

4.5 Elect Director Kobayashi, Fumiaki Mgmt For Against

Voter Rationale:

4.6 Elect Director Ito, Mikihisa Mgmt For Against

Voter Rationale:

4.7 Elect Director Ono, Yuzo Mgmt For Against

Voter Rationale:

4.8 Elect Director Furiyoshi, Takahiro Mgmt For Against

Voter Rationale:

4.9 Elect Director Kataoka, Haruki Mgmt For Against

Voter Rationale:

4.10 Elect Director Nakagawa, Takashi Mgmt For Against

Voter Rationale:

Arcs Co., Ltd.

Meeting Date: 05/26/2015 Country: Japan Meeting Type: Annual Ticker: 9948

Primary ISIN: JP3968600001 Primary SEDOL: 6721930

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Fukuhara, Tomoharu Mgmt For Against

Voter Rationale:

Page 18 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Arcs Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Furukawa, Koichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Moriya, Sumio Mgmt For Against

Voter Rationale:

2.6 Elect Director Muguruma, Akira Mgmt For Against

Voter Rationale:

2.7 Elect Director Kogarimai, Hideki Mgmt For Against

Voter Rationale:

2.8 Elect Director Fukuhara, Ikuharu Mgmt For Against

Voter Rationale:

2.9 Elect Director Inoue, Koichi Mgmt For Against

Voter Rationale:

2.10 Elect Director Endo, Sumio Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonus Payment for Mgmt For Against Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Asahi Broadcasting

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9405

Primary ISIN: JP3116800008 Primary SEDOL: 6054454

Page 19 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Asahi Broadcasting

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Okinaka, Susumu Mgmt For Against

Voter Rationale:

3.3 Elect Director Yamamoto, Shinya Mgmt For Against

Voter Rationale:

3.4 Elect Director Matsuda, Yasuhiro Mgmt For Against

Voter Rationale:

3.7 Elect Director Ozaki, Hiroshi Mgmt For Against

Voter Rationale:

3.8 Elect Director Kobayashi, Kenichi Mgmt For Against

Voter Rationale:

3.9 Elect Director Yoshida, Shinichi Mgmt For Against

Voter Rationale:

3.10 Elect Director Goto, Hisao Mgmt For Against

Voter Rationale:

3.11 Elect Director Chihara, Kuniyoshi Mgmt For Against

Voter Rationale:

3.12 Elect Director Ogata, Ken Mgmt For Against

Voter Rationale:

3.13 Elect Director Mochida, Shuzo Mgmt For Against

Voter Rationale:

Page 20 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Asahi Broadcasting

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.14 Elect Director Mita, Masashi Mgmt For Against

Voter Rationale:

3.15 Elect Director Yamada, Hiroyuki Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Sugano, koichiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Asahi Kasei Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3407

Primary ISIN: JP3111200006 Primary SEDOL: 6054603

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Kido, Shinsuke Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

ASKA Pharmaceutical Co.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4514

Primary ISIN: JP3541200006 Primary SEDOL: 6880820

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Maruo, Atsushi Mgmt For Against

Voter Rationale:

Page 21 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

ASKA Pharmaceutical Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Kato, Kazuhiko Mgmt For Against

Voter Rationale:

3.4 Elect Director Kawahara, Masayuki Mgmt For Against

Voter Rationale:

3.5 Elect Director Ueda, Eiji Mgmt For Against

Voter Rationale:

3.6 Elect Director Yoshimura, Yasunori Mgmt For Against

Voter Rationale:

4 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Bando Chemical Industries Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 5195

Primary ISIN: JP3779000003 Primary SEDOL: 6075068

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tamagaki, Yoshihisa Mgmt For Against

Voter Rationale:

2.3 Elect Director Nakamura, Kyosuke Mgmt For Against

Voter Rationale:

2.4 Elect Director Kashiwada, Shinji Mgmt For Against

Voter Rationale:

Page 22 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Bando Chemical Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Shigematsu, Takashi Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Kii, Hiroshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Bank of Yokohama Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 8332

Primary ISIN: JP3955400001 Primary SEDOL: 6986449

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Appoint Statutory Auditor Hiranuma, Yoshiyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Benesse Holdings Inc

Meeting Date: 06/27/2015 Country: Japan Meeting Type: Annual Ticker: 9783

Primary ISIN: JP3835620000 Primary SEDOL: 6121927

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Matsumoto, Yoshinori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Sakuragi, Kimie Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 23 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Benesse Holdings Inc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Appoint Statutory Auditor Izumo, Eiichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Bunka Shutter Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5930

Primary ISIN: JP3831600006 Primary SEDOL: 6152466

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Shiozaki, Toshihiko Mgmt For Against

Voter Rationale:

3.4 Elect Director Fujiyama, Satoru Mgmt For Against

Voter Rationale:

3.5 Elect Director Yabuki, Yoshio Mgmt For Against

Voter Rationale:

3.6 Elect Director Kushiro, Atsushi Mgmt For Against

Voter Rationale:

3.7 Elect Director Shimamura, Yoshinori Mgmt For Against

Voter Rationale:

3.8 Elect Director Ogura, Hiroyuki Mgmt For Against

Voter Rationale:

Page 24 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Bunka Shutter Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.9 Elect Director Oshima, Toru Mgmt For Against

Voter Rationale:

Casio Computer Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6952

Primary ISIN: JP3209000003 Primary SEDOL: 6178967

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Takagi, Akinori Mgmt For Against

Voter Rationale:

3.4 Elect Director Nakamura, Hiroshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Masuda, Yuichi Mgmt For Against

Voter Rationale:

3.6 Elect Director Yamagishi, Toshiyuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Kobayashi, Makoto Mgmt For Against

Voter Rationale:

3.8 Elect Director Ishikawa, Hirokazu Mgmt For Against

Voter Rationale:

3.10 Elect Director Takano, Shin Mgmt For Against

Voter Rationale:

Page 25 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Central Glass Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4044

Primary ISIN: JP3425000001 Primary SEDOL: 6184306

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Nakai, Hajime Mgmt For Against

Voter Rationale:

2.3 Elect Director Shimizu, Tadashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Takagi, Kazuyoshi Mgmt For Against

Voter Rationale:

2.5 Elect Director Murata, Shigeki Mgmt For Against

Voter Rationale:

2.6 Elect Director Takayama, Satoshi Mgmt For Against

Voter Rationale:

2.7 Elect Director Komata, Takeo Mgmt For Against

Voter Rationale:

2.8 Elect Director Maeda, Kazuhiko Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Ono, Katsunori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Ide, Yoshio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 26 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Central Japan Railway Co.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 9022

Primary ISIN: JP3566800003 Primary SEDOL: 6183552

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Uno, Mamoru Mgmt For Against

2.2 Elect Director Torkel Patterson Mgmt For Against

3.1 Appoint Statutory Auditor Fujii, Hidenori Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Emi, Hiromu Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Ishizu, Hajime Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Central Sports

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4801

Primary ISIN: JP3425600008 Primary SEDOL: 6293246

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Yamazaki, Yukio Mgmt For Against

Voter Rationale:

1.4 Elect Director Suzuki, Yoji Mgmt For Against

Voter Rationale:

Page 27 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Central Sports

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Tone, Yoshiyuki Mgmt For Against

Voter Rationale:

1.6 Elect Director Yada, Kyoichi Mgmt For Against

Voter Rationale:

1.7 Elect Director Nakazawa, Shinetsu Mgmt For Against

Voter Rationale:

1.8 Elect Director Kimoto, Tadasu Mgmt For Against

Voter Rationale:

1.9 Elect Director Matsuda, Yuji Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Imoto, Takashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Chiba Bank Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8331

Primary ISIN: JP3511800009 Primary SEDOL: 6190563

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Okubo, Toshikazu Mgmt For Against

Voter Rationale:

2.3 Elect Director Hatano, Shoichi Mgmt For Against

Voter Rationale:

Page 28 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Chiba Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Iijima, Daizo Mgmt For Against

Voter Rationale:

2.5 Elect Director Ikeda, Tomoyuki Mgmt For Against

Voter Rationale:

2.6 Elect Director Yazaki, Toyokuni Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Shirato, Akio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Chubu Shiryo

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2053

Primary ISIN: JP3525400002 Primary SEDOL: 6195665

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Fujita, Kyoichi Mgmt For Against

Voter Rationale:

3.4 Elect Director Hirano, Harunobu Mgmt For Against

Voter Rationale:

3.5 Elect Director Makita, Kenji Mgmt For Against

Voter Rationale:

3.6 Elect Director Kawakami, Masahiko Mgmt For Against

Voter Rationale:

Page 29 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Chubu Shiryo

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Kondo, Yuji Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Ito, Takafumi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Matsubayashi, Mgmt For Against Shigeharu Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Iwamoto, Hideyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Chuetsu Pulp & Paper Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 3877

Primary ISIN: JP3513400006 Primary SEDOL: 6195706

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kato, Akiyoshi Mgmt For Against

Voter Rationale:

The board should recruit an outside director as a first step to broaden and diversify board discussion. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director. The boards should by 2017 establish one-third independence to ensure appropriate balance of independence and objectivity. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

2.2 Elect Director Ubashima, Fumio Mgmt For Against

Voter Rationale:

2.3 Elect Director Uematsu, Hisashi Mgmt For Against

Voter Rationale:

Page 30 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Chuetsu Pulp & Paper Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Furuta, Kiyotaka Mgmt For Against

Voter Rationale:

2.5 Elect Director Takagishi, Shin Mgmt For Against

Voter Rationale:

2.6 Elect Director Kusuhara, Shoichi Mgmt For Against

Voter Rationale:

Chugoku Bank Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8382

Primary ISIN: JP3521000004 Primary SEDOL: 6195803

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Tsuboi, Hiromichi Mgmt For Against

Voter Rationale:

3.3 Elect Director Aoyama, Hajime Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamamoto, Yoshinori Mgmt For Against

Voter Rationale:

3.5 Elect Director Hanazawa, Hiroyuki Mgmt For Against

Voter Rationale:

Page 31 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Chugoku Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Asama, Yoshimasa Mgmt For Against

Voter Rationale:

3.7 Elect Director Fukuda, Masahiko Mgmt For Against

Voter Rationale:

3.8 Elect Director Ando, Hiromichi Mgmt For Against

Voter Rationale:

3.9 Elect Director Shiwaku, Kazushi Mgmt For Against

Voter Rationale:

3.10 Elect Director Tsurui, Tokikazu Mgmt For Against

Voter Rationale:

3.11 Elect Director Terasaka, Koji Mgmt For Against

Voter Rationale:

3.12 Elect Director Kato, Sadanori Mgmt For Against

Voter Rationale:

3.13 Elect Director Sato, Yoshio Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Tachimori, Nobuyasu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Chugoku Electric Power Co. Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9504

Primary ISIN: JP3522200009 Primary SEDOL: 6195900

Page 32 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Chugoku Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Iwasaki, Akimasa Mgmt For Against

Voter Rationale:

2.2 Elect Director Ogawa, Moriyoshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Sakotani, Akira Mgmt For Against

Voter Rationale:

2.5 Elect Director Shimizu, Mareshige Mgmt For Against

Voter Rationale:

2.6 Elect Director Segawa, Hiroshi Mgmt For Against

Voter Rationale:

2.8 Elect Director Nobusue, Kazuyuki Mgmt For Against

Voter Rationale:

2.9 Elect Director Hirano, Masaki Mgmt For Against

Voter Rationale:

2.10 Elect Director Furubayashi, Yukio Mgmt For Against

Voter Rationale:

2.11 Elect Director Matsuoka, Hideo Mgmt For Against

Voter Rationale:

2.12 Elect Director Matsumura, Hideo Mgmt For Against

Voter Rationale:

Page 33 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Chugoku Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.13 Elect Director Morimae, Shigehiko Mgmt For Against

Voter Rationale:

2.15 Elect Director Watanabe, Nobuo Mgmt For Against

Voter Rationale:

Chugoku Marine Paints Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4617

Primary ISIN: JP3522600000 Primary SEDOL: 6196000

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ono, Masashi Mgmt For Against

Voter Rationale:

3.3 Elect Director Tomochika, Junji Mgmt For Against

Voter Rationale:

3.4 Elect Director Kiseki, Yasuyuki Mgmt For Against

Voter Rationale:

6 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.

Citizen Holdings Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7762

Primary ISIN: JP3352400000 Primary SEDOL: 6197304

Page 34 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Citizen Holdings Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Aoyagi, Ryota Mgmt For Against

Voter Rationale:

3.3 Elect Director Kabata, Shigeru Mgmt For Against

Voter Rationale:

3.4 Elect Director Nakajima, Keiichi Mgmt For Against

Voter Rationale:

3.5 Elect Director Sato, Toshihiko Mgmt For Against

Voter Rationale:

Cleanup Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7955

Primary ISIN: JP3270200003 Primary SEDOL: 6203513

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Indemnify Directors - Mgmt For Against Indemnify Statutory Auditors - Indemnify Audit Firm Voter Rationale:

Any limits to auditors' liability should be based on proportionality and only applicable to a single year's accounts.

CYBERDYNE INC.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7779

Primary ISIN: JP3311530004 Primary SEDOL: BK0S445

Page 35 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

CYBERDYNE INC.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Nakata, Kinichi Mgmt For Against

Voter Rationale:

Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

4 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Daicel Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4202

Primary ISIN: JP3485800001 Primary SEDOL: 6250542

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Fukuda, Masumi Mgmt For Against

Voter Rationale:

3.3 Elect Director Ogawa, Yoshimi Mgmt For Against

Voter Rationale:

3.4 Elect Director Nishimura, Hisao Mgmt For Against

Voter Rationale:

3.5 Elect Director Goto, Noboru Mgmt For Against

Voter Rationale:

3.6 Elect Director Okada, Akishige Mgmt For Against

Voter Rationale:

Page 36 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Daicel Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Kondo, Tadao Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Masuda, Hiroyasu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Daihatsu Diesel Mfg

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6023

Primary ISIN: JP3497000004 Primary SEDOL: 6250337

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Iwabe, Hiroaki Mgmt For Against

Voter Rationale:

3.3 Elect Director Kinoshita, Shigeki Mgmt For Against

Voter Rationale:

3.4 Elect Director Nakajima, Ryotaro Mgmt For Against

Voter Rationale:

3.5 Elect Director Goda, Osamu Mgmt For Against

Voter Rationale:

3.6 Elect Director Yamashita, Masafumi Mgmt For Against

Voter Rationale:

3.7 Elect Director Sato, Kazutoshi Mgmt For Against

Voter Rationale:

Page 37 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Daihatsu Diesel Mfg

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Okauchi, Takashi Mgmt For Against

Voter Rationale:

3.9 Elect Director Uemura, Yuichi Mgmt For Against

Voter Rationale:

3.10 Elect Director Nakano, Hitoshi Mgmt For Against

Voter Rationale:

3.11 Elect Director Fujita, Toshiyuki Mgmt For Against

Voter Rationale:

3.12 Elect Director Saito, Takashi Mgmt For Against

Voter Rationale:

3.13 Elect Director Tsuda, Tamon Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Sugino, Yasuhiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Retirement Bonus Payment for Director Mgmt For Against and Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

DAIICHI KIGENSO KAGAKU-KOGYO CO LTD

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4082

Primary ISIN: JP3474350000 Primary SEDOL: B03KX18

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Okazaki, Isao Mgmt For Against

Page 38 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

DAIICHI KIGENSO KAGAKU-KOGYO CO LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Kojima, Akito Mgmt For Against

Voter Rationale:

2.4 Elect Director Kokubu, Hiroshi Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Kasama, Shiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Nishii, Nobuhiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Daikin Industries Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6367

Primary ISIN: JP3481800005 Primary SEDOL: 6250724

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Uematsu, Kosei Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Daio Paper Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3880

Primary ISIN: JP3440400004 Primary SEDOL: 6870898

Page 39 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Daio Paper Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Adachi, Toshihiro Mgmt For Against

Voter Rationale:

2.3 Elect Director Mori, Kenichi Mgmt For Against

Voter Rationale:

2.4 Elect Director Okazaki, Kunihiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Ohara, Hideki Mgmt For Against

Voter Rationale:

2.6 Elect Director Tsuzuki, Akihiro Mgmt For Against

Voter Rationale:

2.7 Elect Director Ono, Takashi Mgmt For Against

Voter Rationale:

2.8 Elect Director Yamasaki, Hiroshi Mgmt For Against

Voter Rationale:

2.9 Elect Director Shimizu, Yasunori Mgmt For Against

Voter Rationale:

2.10 Elect Director Shinohara, Yoshiyuki Mgmt For Against

Voter Rationale:

2.11 Elect Director Yamagami, Toshiki Mgmt For Against

Voter Rationale:

Page 40 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Daio Paper Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.14 Elect Director Kondo, Yasuyuki Mgmt For Against

Voter Rationale:

4 Approve Retirement Bonuses and Special Mgmt For Against Payments Related to Retirement Bonus System Abolition Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Daiwa House Industry Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1925

Primary ISIN: JP3505000004 Primary SEDOL: 6251363

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Ishibashi, Tamio Mgmt For Against

3.4 Elect Director Nishimura, Tatsushi Mgmt For Against

3.5 Elect Director Kawai, Katsutomo Mgmt For Against

3.6 Elect Director Ishibashi, Takuya Mgmt For Against

3.7 Elect Director Numata, Shigeru Mgmt For Against

3.8 Elect Director Fujitani, Osamu Mgmt For Against

Page 41 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Daiwa House Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.9 Elect Director Kosokabe, Takeshi Mgmt For Against

3.10 Elect Director Hama, Takashi Mgmt For Against

3.11 Elect Director Tsuchida, Kazuto Mgmt For Against

3.12 Elect Director Yamamoto, Makoto Mgmt For Against

3.13 Elect Director Hori, Fukujiro Mgmt For Against

3.14 Elect Director Yoshii, Keiichi Mgmt For Against

3.15 Elect Director Kiguchi, Masahiro Mgmt For Against

3.16 Elect Director Kamikawa, Koichi Mgmt For Against

3.17 Elect Director Tanabe, Yoshiaki Mgmt For Against

3.18 Elect Director Kimura, Kazuyoshi Mgmt For Against

3.19 Elect Director Shigemori, Yutaka Mgmt For Against

Page 42 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Daiwa House Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Appoint Statutory Auditor Oda, Shonosuke Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Daiwa Securities Group Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8601

Primary ISIN: JP3502200003 Primary SEDOL: 6251448

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Approve Stock Option Plan and Deep Discount Mgmt For Against Stock Option Plan Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

DCM Holdings Co., Ltd.

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 3050

Primary ISIN: JP3548660004 Primary SEDOL: B1B0V35

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Shimizu, Toshimitsu Mgmt For Against

Voter Rationale:

DeNA Co Ltd

Meeting Date: 06/20/2015 Country: Japan Meeting Type: Annual Ticker: 2432

Primary ISIN: JP3548610009 Primary SEDOL: B05L364

Page 43 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

DeNA Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Namba, Tomoko Mgmt For Against

Voter Rationale:

3.3 Elect Director Kawasaki, Shuhei Mgmt For Against

Voter Rationale:

3.4 Elect Director Hatoyama, Rehito Mgmt For Against

Voter Rationale:

Denso Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 6902

Primary ISIN: JP3551500006 Primary SEDOL: 6640381

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Elect Director Kobayashi, Koji Mgmt For Against

Voter Rationale:

4.4 Elect Director Miyaki, Masahiko Mgmt For Against

Voter Rationale:

4.5 Elect Director Maruyama, Haruya Mgmt For Against

Voter Rationale:

4.6 Elect Director Yamanaka, Yasushi Mgmt For Against

Voter Rationale:

Page 44 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Denso Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.7 Elect Director Tajima, Akio Mgmt For Against

Voter Rationale:

4.8 Elect Director Makino, Yoshikazu Mgmt For Against

Voter Rationale:

4.9 Elect Director Adachi, Michio Mgmt For Against

Voter Rationale:

4.10 Elect Director Iwata, Satoshi Mgmt For Against

Voter Rationale:

4.11 Elect Director Ito, Masahiko Mgmt For Against

Voter Rationale:

4.13 Elect Director Nawa, Takashi Mgmt For Against

Voter Rationale:

5.1 Appoint Statutory Auditor Shimmura, Atsuhiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5.2 Appoint Statutory Auditor Yoshida, Moritaka Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Dentsu Inc.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4324

Primary ISIN: JP3551520004 Primary SEDOL: 6416281

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Nakamoto, Shoichi Mgmt For Against

Page 45 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Dentsu Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

3.3 Elect Director Kato, Yuzuru Mgmt For Against

Voter Rationale:

3.4 Elect Director Timothy Andree Mgmt For Against

Voter Rationale:

3.5 Elect Director Matsushima, Kunihiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Takada, Yoshio Mgmt For Against

Voter Rationale:

3.7 Elect Director Tonouchi, Akira Mgmt For Against

Voter Rationale:

3.8 Elect Director Hattori, Kazufumi Mgmt For Against

Voter Rationale:

3.9 Elect Director Yamamoto, Toshihiro Mgmt For Against

Voter Rationale:

3.10 Elect Director Nishizawa, Yutaka Mgmt For Against

Voter Rationale:

3.11 Elect Director Fukuyama, Masaki Mgmt For Against

Voter Rationale:

Page 46 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

DMG Mori Seiki Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 6141

Primary ISIN: JP3924800000 Primary SEDOL: 6602563

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5.2 Elect Director Kondo, Tatsuo Mgmt For Against

Voter Rationale:

5.3 Elect Director Tamai, Hiroaki Mgmt For Against

Voter Rationale:

5.4 Elect Director Takayama, Naoshi Mgmt For Against

Voter Rationale:

5.5 Elect Director Oishi, Kenji Mgmt For Against

Voter Rationale:

6 Appoint Statutory Auditor Kimoto, Yasuyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

DTS Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 9682

Primary ISIN: JP3548500002 Primary SEDOL: 6255699

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kumasaka, Katsumi Mgmt For Against

Voter Rationale:

Page 47 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

DTS Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ito, Tatsumi Mgmt For Against

Voter Rationale:

2.4 Elect Director Sakamoto, Takao Mgmt For Against

Voter Rationale:

2.5 Elect Director Takeuchi, Minoru Mgmt For Against

Voter Rationale:

2.6 Elect Director Yoko, Isao Mgmt For Against

Voter Rationale:

2.7 Elect Director Hagiwara, Tadayuki Mgmt For Against

Voter Rationale:

2.8 Elect Director Suzuki, Shigehiko Mgmt For Against

Voter Rationale:

2.9 Elect Director Sakata, Shunichi Mgmt For Against

Voter Rationale:

2.10 Elect Director Hirata, Masayuki Mgmt For Against

Voter Rationale:

East Japan Railway Co.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 9020

Primary ISIN: JP3783600004 Primary SEDOL: 6298542

Page 48 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

East Japan Railway Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Hoshino, Shigeo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Higashikawa, Hajime Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Ishida, Yoshio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Edion Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2730

Primary ISIN: JP3164470001 Primary SEDOL: 6512714

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Okajima, Shoichi Mgmt For Against

Voter Rationale:

3.3 Elect Director Kato, Hirohisa Mgmt For Against

Voter Rationale:

3.4 Elect Director Funamori, Seiichi Mgmt For Against

Voter Rationale:

3.5 Elect Director Yamasaki, Norio Mgmt For Against

Voter Rationale:

3.6 Elect Director Umehara, Masayuki Mgmt For Against

Voter Rationale:

Page 49 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Edion Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Doho, Kazumasa Mgmt For Against

Voter Rationale:

3.8 Elect Director Ikehata, Yuji Mgmt For Against

Voter Rationale:

3.9 Elect Director Kato, Takahiro Mgmt For Against

Voter Rationale:

3.10 Elect Director Mishima, Tsuneo Mgmt For Against

Voter Rationale:

3.11 Elect Director Koyano, Kaoru Mgmt For Against

Voter Rationale:

Electric Power Development Co. (J-Power)

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9513

Primary ISIN: JP3551200003 Primary SEDOL: B02Q328

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Watanabe, Toshifumi Mgmt For Against

Voter Rationale:

2.4 Elect Director Murayama, Hitoshi Mgmt For Against

Voter Rationale:

2.5 Elect Director Uchiyama, Masato Mgmt For Against

Voter Rationale:

Page 50 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Electric Power Development Co. (J-Power)

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Nagashima, Junji Mgmt For Against

Voter Rationale:

2.7 Elect Director Fukuda, Naori Mgmt For Against

Voter Rationale:

2.8 Elect Director Eto, Shuji Mgmt For Against

Voter Rationale:

2.9 Elect Director Nakamura, Itaru Mgmt For Against

Voter Rationale:

2.10 Elect Director Onoi, Yoshiki Mgmt For Against

Voter Rationale:

2.11 Elect Director Urashima, Akihito Mgmt For Against

Voter Rationale:

Exedy Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7278

Primary ISIN: JP3161160001 Primary SEDOL: 6250412

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Matsuda, Masayuki Mgmt For Against

Voter Rationale:

2.4 Elect Director Masaoka, Hisayasu Mgmt For Against

Voter Rationale:

Page 51 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Exedy Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Okamura, Shogo Mgmt For Against

Voter Rationale:

2.6 Elect Director Toyohara, Hiroshi Mgmt For Against

Voter Rationale:

2.7 Elect Director Kojima, Yoshihiro Mgmt For Against

Voter Rationale:

2.8 Elect Director Nakahara, Tadashi Mgmt For Against

Voter Rationale:

2.9 Elect Director Fujimori, Fumio Mgmt For Against

Voter Rationale:

2.10 Elect Director Akita, Koji Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Nishigaki, Keizo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Fukuda, Tadashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Ezaki Glico Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 2206

Primary ISIN: JP3161200005 Primary SEDOL: 6327703

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 Approve Equity Compensation Plan Mgmt For Against

Page 52 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Ezaki Glico Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

FALCO SD HOLDINGS Co Ltd

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 4671

Primary ISIN: JP3802650006 Primary SEDOL: 6354853

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Akazawa, Hiroharu Mgmt For Against

Voter Rationale:

2.2 Elect Director Hirasaki, Kenjiro Mgmt For Against

Voter Rationale:

2.3 Elect Director Yasuda, Tadashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Eguchi, Hiroshi Mgmt For Against

Voter Rationale:

2.5 Elect Director Matsubara, Nobumasa Mgmt For Against

Voter Rationale:

4 Approve Retirement Bonus and Special Mgmt For Against Payments Related to Retirement Bonus System Abolition Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 53 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Foster Electric Co. Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 6794

Primary ISIN: JP3802800007 Primary SEDOL: 6349008

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kishi, Kazuhiro Mgmt For Against

Voter Rationale:

3.3 Elect Director Lu San tie Mgmt For Against

Voter Rationale:

3.4 Elect Director Shirakawa, Hidetoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Narikawa, Atsushi Mgmt For Against

Voter Rationale:

3.6 Elect Director Matsumoto, Minoru Mgmt For Against

Voter Rationale:

Fuji Kiko Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 7260

Primary ISIN: JP3809600004 Primary SEDOL: 6356503

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Takahashi, Noboru Mgmt For Against

Voter Rationale:

Page 54 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fuji Kiko Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Hisada, Nobuyoshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Aozawa, Shigetaka Mgmt For Against

Voter Rationale:

2.5 Elect Director Sugimoto, Naoyasu Mgmt For Against

Voter Rationale:

2.6 Elect Director Takayanagi, Moritaka Mgmt For Against

Voter Rationale:

2.7 Elect Director Itsuki, Noriyasu Mgmt For Against

Voter Rationale:

2.8 Elect Director Kitagawa, Tadaaki Mgmt For Against

Voter Rationale:

2.9 Elect Director Kuwaki, Hajime Mgmt For Against

Voter Rationale:

3.1 Appoint Alternate Statutory Auditor Nozue, Mgmt For Against Yukihide Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Alternate Statutory Auditor Makino, Mgmt For Against Kazuhisa Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 55 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fuji Machine Mfg. Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6134

Primary ISIN: JP3809200003 Primary SEDOL: 6356592

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Suhara, Shinsuke Mgmt For Against

Voter Rationale:

3.3 Elect Director Kodama, Seigo Mgmt For Against

Voter Rationale:

3.4 Elect Director Kawai, Takayoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Tatsumi, Mitsuji Mgmt For Against

Voter Rationale:

3.6 Elect Director Ezaki, Hajime Mgmt For Against

Voter Rationale:

FUJIFILM Holdings Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4901

Primary ISIN: JP3814000000 Primary SEDOL: 6356525

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Tamai, Koichi Mgmt For Against

Page 56 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

FUJIFILM Holdings Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Toda, Yuzo Mgmt For Against

3.5 Elect Director Takahashi, Toru Mgmt For Against

3.6 Elect Director Ishikawa, Takatoshi Mgmt For Against

3.7 Elect Director Sukeno, Kenji Mgmt For Against

3.8 Elect Director Asami, Masahiro Mgmt For Against

3.9 Elect Director Yamamoto, Tadahito Mgmt For Against

3.10 Elect Director Kitayama, Teisuke Mgmt For Against

3.12 Elect Director Miyazaki, Go Mgmt For Against

Fujikura Kasei Co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4620

Primary ISIN: JP3811200009 Primary SEDOL: 6356729

Page 57 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fujikura Kasei Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ueda, Hikoji Mgmt For Against

Voter Rationale:

3.3 Elect Director Shimoda, Yoshizo Mgmt For Against

Voter Rationale:

3.4 Elect Director Kajiwara, Hisashi Mgmt For Against

Voter Rationale:

3.5 Elect Director Watanabe, Hiroaki Mgmt For Against

Voter Rationale:

3.6 Elect Director Takano, Masahiro Mgmt For Against

Voter Rationale:

3.7 Elect Director Watanabe, Satoshi Mgmt For Against

Voter Rationale:

3.8 Elect Director Hasegawa, Yoshiaki Mgmt For Against

Voter Rationale:

3.9 Elect Director Ohashi, Kazuhiko Mgmt For Against

Voter Rationale:

3.10 Elect Director Tanaka, Osamu Mgmt For Against

Voter Rationale:

Page 58 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fujitec Co. Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 6406

Primary ISIN: JP3818800009 Primary SEDOL: 6356826

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Sekiguchi, Iwataro Mgmt For Against

Voter Rationale:

2.3 Elect Director Narayanapillai Sugumaran Mgmt For Against

Voter Rationale:

2.4 Elect Director Okada, Takao Mgmt For Against

Voter Rationale:

2.5 Elect Director Shigekane, Hisao Mgmt For Against

Voter Rationale:

Fujitsu Frontech Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 6945

Primary ISIN: JP3818200002 Primary SEDOL: 6357261

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Matsumori, Kunihiko Mgmt For Against

Voter Rationale:

1.3 Elect Director Imamura, Hiroshi Mgmt For Against

Voter Rationale:

Page 59 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fujitsu Frontech Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Ishioka, Tatsuya Mgmt For Against

Voter Rationale:

1.5 Elect Director Kawakami, Hiromu Mgmt For Against

Voter Rationale:

1.6 Elect Director Yoshida, Naoki Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Suzuki, Yoshiyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Horino, Yasuto Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.3 Appoint Statutory Auditor Suzuki, Yoji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Fukoku Co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5185

Primary ISIN: JP3807000009 Primary SEDOL: 6354626

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Inohara, Akira Mgmt For Against

Voter Rationale:

3.4 Elect Director Nakazawa, Akira Mgmt For Against

Voter Rationale:

Page 60 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fukoku Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Machida, Shoji Mgmt For Against

Voter Rationale:

7 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Fukuda Denshi (Electronics)

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6960

Primary ISIN: JP3806000000 Primary SEDOL: 6357012

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Share Exchange Agreement with Mgmt For Against Atomic Sangyo KK Voter Rationale: The company provides neither earnings projections of the combined entity nor specific synergies expected from the deal, failing to provide justification for the 21 percent dilution.* The stock market reaction was not favorable, consistent with the view that the deal is not beneficial to minority shareholders of Fukuda Denshi.

2.1 Elect Director Fukuda, Kotaro Mgmt For Against

Voter Rationale: The nominee should be held responsible for the company's continued failure to put its poison pill renewal to a vote.

2.2 Elect Director Shirai, Daijiro Mgmt For Against

Voter Rationale: The nominee should be held responsible for the company's continued failure to put its poison pill renewal to a vote.

2.3 Elect Director Tsubone, Izumi Mgmt For Against

2.4 Elect Director Shirakawa, Osamu Mgmt For Against

2.5 Elect Director Fukuda, Shuichi Mgmt For Against

2.6 Elect Director Sugiyama, Masaaki Mgmt For Against

3.1 Appoint Statutory Auditor Fujiwara, Junzo Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 61 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fukuda Denshi (Electronics)

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Appoint Statutory Auditor Suzuki, Isamu Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Funai Electric

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 6839

Primary ISIN: JP3825850005 Primary SEDOL: 6141550

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

7 Approve Retirement Bonus Payment for Mgmt For Against Statutory Auditors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Furukawa Electric Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 5801

Primary ISIN: JP3827200001 Primary SEDOL: 6357562

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Soma, Nobuyoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Tsukamoto, Osamu Mgmt For Against

Voter Rationale:

The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors. Furthermore, directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

3.6 Elect Director Teratani, Tatsuo Mgmt For Against

Voter Rationale:

Page 62 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Furukawa Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Amano, Nozomu Mgmt For Against

Voter Rationale:

3.8 Elect Director Kozuka, Takamitsu Mgmt For Against

Voter Rationale:

3.9 Elect Director Shinozaki, Suguru Mgmt For Against

Voter Rationale:

3.10 Elect Director Kobayashi, Keiichi Mgmt For Against

Voter Rationale:

3.11 Elect Director Kimura, Takahide Mgmt For Against

Voter Rationale:

3.12 Elect Director Ogiwara, Hiroyuki Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Sato, Tetsuya Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Furusato Industries

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8087

Primary ISIN: JP3828000004 Primary SEDOL: 6357595

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Onishi, Satoshi Mgmt For Against

Voter Rationale:

Page 63 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Furusato Industries

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kanasaki, Seiichi Mgmt For Against

Voter Rationale:

2.4 Elect Director Uraike, Masahiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Taniguchi, Hideyasu Mgmt For Against

Voter Rationale:

Fuso Pharmaceutical Industries Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 4538

Primary ISIN: JP3823600006 Primary SEDOL: 6357829

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Toda, Takao Mgmt For Against

Voter Rationale:

3.3 Elect Director Miyanagi, Junichi Mgmt For Against

Voter Rationale:

3.4 Elect Director Kita, Tetsuhiko Mgmt For Against

Voter Rationale:

3.5 Elect Director Chigita, Takahiko Mgmt For Against

Voter Rationale:

3.6 Elect Director Nishimura, Shokichi Mgmt For Against

Voter Rationale:

Page 64 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Fuso Pharmaceutical Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Matsui, Yukinobu Mgmt For Against

Voter Rationale:

3.8 Elect Director Takahashi, Sadao Mgmt For Against

Voter Rationale:

3.9 Elect Director Oka, Junichi Mgmt For Against

Voter Rationale:

3.10 Elect Director Ito, Masanori Mgmt For Against

Voter Rationale:

3.11 Elect Director Naka, Toshihito Mgmt For Against

Voter Rationale:

3.13 Elect Director Koga, Akira Mgmt For Against

Voter Rationale:

4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonus Payment for Director Mgmt For Against and Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Futaba Industrial Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 7241

Primary ISIN: JP3824000008 Primary SEDOL: 6357744

Page 65 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Futaba Industrial Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yoshiki, Hiroyoshi Mgmt For Against

Voter Rationale:

2.3 Elect Director Iwatsuki, Mikio Mgmt For Against

Voter Rationale:

2.4 Elect Director Futai, Koichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Yoshida, Takayuki Mgmt For Against

Voter Rationale:

2.6 Elect Director Takahashi, Tomohiro Mgmt For Against

Voter Rationale:

2.7 Elect Director Sammiya, Tsugumi Mgmt For Against

Voter Rationale:

2.8 Elect Director Asakawa, Keita Mgmt For Against

Voter Rationale:

2.9 Elect Director Ohashi, Fumio Mgmt For Against

Voter Rationale:

2.10 Elect Director Kinoshita, Kiyoshi Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Sugiki, Umenobu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 66 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Futaba Industrial Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Appoint Statutory Auditor Tamaki, Toshiaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Yoshimura, Yoshihiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Retirement Bonus Payment for Mgmt For Against Directors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

GEO Holdings Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 2681

Primary ISIN: JP3282400005 Primary SEDOL: 6296557

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Glory Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6457

Primary ISIN: JP3274400005 Primary SEDOL: 6374226

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Miwa, Motozumi Mgmt For Against

Voter Rationale:

Page 67 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Glory Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Yoshioka, Tetsu Mgmt For Against

Voter Rationale:

3.4 Elect Director Onoe, Hideo Mgmt For Against

Voter Rationale:

3.5 Elect Director Mabuchi, Shigetoshi Mgmt For Against

Voter Rationale:

3.6 Elect Director Kotani, Kaname Mgmt For Against

Voter Rationale:

3.9 Elect Director Harada, Akihiro Mgmt For Against

Voter Rationale:

6 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Gunze Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 3002

Primary ISIN: JP3275200008 Primary SEDOL: 6398709

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hattori, Kazunori Mgmt For Against

Voter Rationale:

2.3 Elect Director Hirochi, Atsushi Mgmt For Against

Voter Rationale:

Page 68 of 305

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Gunze Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Suzuki, Masakazu Mgmt For Against

Voter Rationale:

2.7 Elect Director Furukawa, Tomomi Mgmt For Against

Voter Rationale:

2.8 Elect Director Akase, Yasuhiro Mgmt For Against

Voter Rationale:

2.9 Elect Director Oka, Nobuya Mgmt For Against

Voter Rationale:

2.10 Elect Director Saguchi, Toshiyasu Mgmt For Against

Voter Rationale:

Gurunavi, Inc.

Meeting Date: 06/22/2015 Country: Japan Meeting Type: Annual Ticker: 2440

Primary ISIN: JP3274180003 Primary SEDOL: B06WPV5

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Fujita, Akihisa Mgmt For Against

Voter Rationale:

3.4 Elect Director Iizuka, Hisao Mgmt For Against

Voter Rationale:

3.5 Elect Director Watanabe, Masahiro Mgmt For Against

Voter Rationale:

Page 69 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Gurunavi, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Suzuki, Kiyoshi Mgmt For Against

Voter Rationale:

3.7 Elect Director Kikuchi, Toshihiko Mgmt For Against

Voter Rationale:

3.8 Elect Director Saito, Miho Mgmt For Against

Voter Rationale:

3.9 Elect Director Kakiuchi, Midori Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Masumoto, Masaru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Ishiwata, Tsuneo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

H2O Retailing Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8242

Primary ISIN: JP3774600005 Primary SEDOL: 6408705

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Araki, Naoya Mgmt For Against

Voter Rationale:

2.3 Elect Director Shijo, Haruya Mgmt For Against

Voter Rationale:

Page 70 of 305

SEI Japan Equity Fund Votes Against Management Report

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H2O Retailing Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Hayashi, Katsuhiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Sugioka, Shunichi Mgmt For Against

Voter Rationale:

2.6 Elect Director Sumi, Kazuo Mgmt For Against

Voter Rationale:

2.7 Elect Director Senno, Kazutoshi Mgmt For Against

Voter Rationale:

2.8 Elect Director Uchiyama, Keiji Mgmt For Against

Voter Rationale:

2.9 Elect Director Wada, Yutaka Mgmt For Against

Voter Rationale:

2.10 Elect Director Mori, Tadatsugu Mgmt For Against

Voter Rationale:

Happinet Corp.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 7552

Primary ISIN: JP3770300006 Primary SEDOL: 6042675

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ishikawa, Tetsuo Mgmt For Against

Voter Rationale:

Page 71 of 305

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Happinet Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kawashima, Haruo Mgmt For Against

Voter Rationale:

2.4 Elect Director Asatsu, Hideo Mgmt For Against

Voter Rationale:

2.5 Elect Director Enomoto, Seiichi Mgmt For Against

Voter Rationale:

2.6 Elect Director Suzuki, Shigeki Mgmt For Against

Voter Rationale:

2.7 Elect Director Takahashi, Yoshiyuki Mgmt For Against

Voter Rationale:

Haruyama Trading Co.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7416

Primary ISIN: JP3773600006 Primary SEDOL: 6419815

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ito, Taku Mgmt For Against

Voter Rationale:

2.3 Elect Director Okabe, Katsuyuki Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Nakagawa, Masafumi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 72 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Haseko Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1808

Primary ISIN: JP3768600003 Primary SEDOL: 6414401

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Muratsuka, Shosuke Mgmt For Against

Voter Rationale:

3.4 Elect Director Imanaka, Yuhei Mgmt For Against

Voter Rationale:

3.5 Elect Director Ikegami, Kazuo Mgmt For Against

Voter Rationale:

Hazama Ando Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1719

Primary ISIN: JP3767810009 Primary SEDOL: 6687991

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Higo, Mitsuaki Mgmt For Against

Voter Rationale:

3.4 Elect Director Kaneko, Haruyuki Mgmt For Against

Voter Rationale:

3.5 Elect Director Ueno, Hisanori Mgmt For Against

Voter Rationale:

Page 73 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Hazama Ando Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Yamazaki, Hikari Mgmt For Against

Voter Rationale:

3.7 Elect Director Kojima, Hidekazu Mgmt For Against

Voter Rationale:

3.8 Elect Director Sugimoto, Fumio Mgmt For Against

Voter Rationale:

3.9 Elect Director Fukunishi, Kiyoka Mgmt For Against

Voter Rationale:

3.10 Elect Director Kikuchi, Yasushi Mgmt For Against

Voter Rationale:

3.11 Elect Director Fujita, Yuzuru Mgmt For Against

Voter Rationale:

3.12 Elect Director Ikeda, Shoko Mgmt For Against

Voter Rationale:

Heiwado Co. Ltd.

Meeting Date: 05/14/2015 Country: Japan Meeting Type: Annual Ticker: 8276

Primary ISIN: JP3834400008 Primary SEDOL: 6419611

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hiramatsu, Masashi Mgmt For Against

Voter Rationale:

Page 74 of 305

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Heiwado Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kimura, Masato Mgmt For Against

Voter Rationale:

2.4 Elect Director Natsuhara, Kohei Mgmt For Against

Voter Rationale:

2.5 Elect Director Natsuhara, Yohei Mgmt For Against

Voter Rationale:

2.6 Elect Director Tabuchi, Hisashi Mgmt For Against

Voter Rationale:

2.7 Elect Director Fukushima, Shigeru Mgmt For Against

Voter Rationale:

Hirose Electric Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6806

Primary ISIN: JP3799000009 Primary SEDOL: 6428725

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Nakamura, Tatsuro Mgmt For Against

Voter Rationale:

3.3 Elect Director Nakamura, Mitsuo Mgmt For Against

Voter Rationale:

3.4 Elect Director Kondo, Makoto Mgmt For Against

Voter Rationale:

Page 75 of 305

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Hirose Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Nikaido, Kazuhisa Mgmt For Against

Voter Rationale:

3.6 Elect Director Iizuka, Kazuyuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Okano, Hiroaki Mgmt For Against

Voter Rationale:

3.8 Elect Director Hotta, Kensuke Mgmt For Against

Voter Rationale:

Hisamitsu Pharmaceutical Co. Inc.

Meeting Date: 05/21/2015 Country: Japan Meeting Type: Annual Ticker: 4530

Primary ISIN: JP3784600003 Primary SEDOL: 6428907

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Sugiyama, Kosuke Mgmt For Against

Voter Rationale:

3.4 Elect Director Akiyama, Tetsuo Mgmt For Against

Voter Rationale:

3.5 Elect Director Higo, Naruhito Mgmt For Against

Voter Rationale:

3.6 Elect Director Tsuruda, Toshiaki Mgmt For Against

Voter Rationale:

Page 76 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Hisamitsu Pharmaceutical Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Takao, Shinichiro Mgmt For Against

Voter Rationale:

3.8 Elect Director Saito, Kyu Mgmt For Against

Voter Rationale:

3.9 Elect Director Tsutsumi, Nobuo Mgmt For Against

Voter Rationale:

3.10 Elect Director Murayama, Shinichi Mgmt For Against

Voter Rationale:

3.11 Elect Director Ichikawa, Isao Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonuses and Special Mgmt For Against Payments Related to Retirement Bonus System Abolition Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

6 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Hokkan Holdings Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5902

Primary ISIN: JP3846600009 Primary SEDOL: 6431109

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Yamazaki, Setsumasa Mgmt For Against

Voter Rationale:

Page 77 of 305

SEI Japan Equity Fund Votes Against Management Report

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Hokkan Holdings Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Ikeda, Kosuke Mgmt For Against

Voter Rationale:

1.4 Elect Director Kubota, Hirokazu Mgmt For Against

Voter Rationale:

1.5 Elect Director Fujimoto, Ryoichi Mgmt For Against

Voter Rationale:

1.6 Elect Director Koike, Akio Mgmt For Against

Voter Rationale:

1.7 Elect Director Takeda, Takuya Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Takeda, Yuri Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Shinna, Takanobu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3 Appoint Alternate Statutory Auditor Tashiro, Mgmt For Against Hiroki Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Hokuetsu Kishu Paper Co Ltd

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3865

Primary ISIN: JP3841800000 Primary SEDOL: 6433105

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Aoki, Akihiro Mgmt For Against

Page 78 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Hokuetsu Kishu Paper Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

3.3 Elect Director Sakamoto, Masanori Mgmt For Against

Voter Rationale:

3.4 Elect Director Suzuki, Hiroshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Obata, Morinobu Mgmt For Against

Voter Rationale:

3.6 Elect Director Meguro, Yoshihito Mgmt For Against

Voter Rationale:

3.7 Elect Director Kawashima, Yoshinori Mgmt For Against

Voter Rationale:

3.8 Elect Director Yamamoto, Mitsushige Mgmt For Against

Voter Rationale:

3.9 Elect Director Uchiyama, Kimio Mgmt For Against

Voter Rationale:

3.11 Elect Director Ushijima, Shin Mgmt For Against

Voter Rationale:

Hokuhoku Financial Group Inc.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8377

Primary ISIN: JP3842400008 Primary SEDOL: 6683591

Page 79 of 305

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Hokuhoku Financial Group Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Sasahara, Masahiro Mgmt For Against

Voter Rationale:

3.3 Elect Director Mugino, Hidenori Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamakawa, Hiroyuki Mgmt For Against

Voter Rationale:

3.5 Elect Director Nakano, Takashi Mgmt For Against

Voter Rationale:

3.6 Elect Director Morita, Tsutomu Mgmt For Against

Voter Rationale:

3.7 Elect Director Ogura, Takashi Mgmt For Against

Voter Rationale:

3.8 Elect Director Oshima, Yuji Mgmt For Against

Voter Rationale:

Honda Motor Co. Ltd.

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 7267

Primary ISIN: JP3854600008 Primary SEDOL: 6435145

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ito, Takanobu Mgmt For Against

Page 80 of 305

SEI Japan Equity Fund Votes Against Management Report

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Honda Motor Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Iwamura, Tetsuo Mgmt For Against

2.4 Elect Director Fukuo, Koichi Mgmt For Against

2.5 Elect Director Matsumoto, Yoshiyuki Mgmt For Against

2.6 Elect Director Yamane, Yoshi Mgmt For Against

2.8 Elect Director Yoshida, Masahiro Mgmt For Against

2.9 Elect Director Takeuchi, Kohei Mgmt For Against

2.10 Elect Director Kuroyanagi, Nobuo Mgmt For Against

2.12 Elect Director Aoyama, Shinji Mgmt For Against

2.13 Elect Director Kaihara, Noriya Mgmt For Against

2.14 Elect Director Igarashi, Masayuki Mgmt For Against

Page 81 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Hoya Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 7741

Primary ISIN: JP3837800006 Primary SEDOL: 6441506

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

6 Amend Articles to Require Disclosure of SH Against For Individual Director and Executive Officer Compensation Voter Rationale:

A vote FOR this shareholder proposal is recommended because the proposed disclosure would promote accountability and help shareholders make better-informed decisions.

7 Amend Articles to Require a Non-Executive SH Against For Board Chairman Voter Rationale:

A vote FOR this proposal is recommended because the chief executive should be accountable to a board of directors with meaningful independent oversight powers, and the firm has no designated lead independent director.

Ibiden Co. Ltd.

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 4062

Primary ISIN: JP3148800000 Primary SEDOL: 6456102

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kuwayama, Yoichi Mgmt For Against

Voter Rationale:

2.3 Elect Director Nishida, Tsuyoshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Takagi, Takayuki Mgmt For Against

Voter Rationale:

2.5 Elect Director Aoki, Takeshi Mgmt For Against

Voter Rationale:

Page 82 of 305

SEI Japan Equity Fund Votes Against Management Report

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Ibiden Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Kodama, Kozo Mgmt For Against

Voter Rationale:

2.7 Elect Director Ono, Kazushige Mgmt For Against

Voter Rationale:

2.8 Elect Director Ikuta, Masahiko Mgmt For Against

Voter Rationale:

2.10 Elect Director Yamaguchi, Chiaki Mgmt For Against

Voter Rationale:

Ichinen Holdings Co., Ltd.

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 9619

Primary ISIN: JP3142100001 Primary SEDOL: 6455529

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kuroda, Katsuhiko Mgmt For Against

Voter Rationale:

2.3 Elect Director Kageyama, Tadahiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Kimura, Heihachi Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Aga, Toshifumi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 83 of 305

SEI Japan Equity Fund Votes Against Management Report

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Ichinen Holdings Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Appoint Statutory Auditor Makino, Masato Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Idemitsu Kosan Co., Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 5019

Primary ISIN: JP3142500002 Primary SEDOL: B1FF8P7

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Matsumoto, Yoshihisa Mgmt For Against

Voter Rationale:

1.3 Elect Director Seki, Daisuke Mgmt For Against

Voter Rationale:

1.4 Elect Director Seki, Hiroshi Mgmt For Against

Voter Rationale:

1.5 Elect Director Saito, Katsumi Mgmt For Against

Voter Rationale:

1.6 Elect Director Matsushita, Takashi Mgmt For Against

Voter Rationale:

1.7 Elect Director Kito, Shunichi Mgmt For Against

Voter Rationale:

1.8 Elect Director Nibuya, Susumu Mgmt For Against

Voter Rationale:

Page 84 of 305

SEI Japan Equity Fund Votes Against Management Report

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Idemitsu Kosan Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Appoint Statutory Auditor Hirano, Sakae Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

IHI Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7013

Primary ISIN: JP3134800006 Primary SEDOL: 6466985

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Degawa, Sadao Mgmt For Against

Voter Rationale:

2.4 Elect Director Sekido, Toshinori Mgmt For Against

Voter Rationale:

2.5 Elect Director Terai, Ichiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Sakamoto, Joji Mgmt For Against

Voter Rationale:

2.7 Elect Director Yoshida, Eiichi Mgmt For Against

Voter Rationale:

2.8 Elect Director Mitsuoka, Tsugio Mgmt For Against

Voter Rationale:

2.9 Elect Director Otani, Hiroyuki Mgmt For Against

Voter Rationale:

Page 85 of 305

SEI Japan Equity Fund Votes Against Management Report

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IHI Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.10 Elect Director Abe, Akinori Mgmt For Against

Voter Rationale:

2.12 Elect Director Okamura, Tadashi Mgmt For Against

Voter Rationale:

2.13 Elect Director Asakura, Hiroshi Mgmt For Against

Voter Rationale:

2.14 Elect Director Domoto, Naoya Mgmt For Against

Voter Rationale:

Information Service International - Dentsu, Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 4812

Primary ISIN: JP3551530003 Primary SEDOL: 6295974

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Fukuyama, Akihiro Mgmt For Against

Voter Rationale:

3.3 Elect Director Ichikawa, Kenji Mgmt For Against

Voter Rationale:

3.4 Elect Director Uehara, Nobuo Mgmt For Against

Voter Rationale:

3.5 Elect Director Umezawa, Konosuke Mgmt For Against

Voter Rationale:

Page 86 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Information Service International - Dentsu, Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Yoshimoto, Atsushi Mgmt For Against

Voter Rationale:

3.7 Elect Director Kobayashi, Akira Mgmt For Against

Voter Rationale:

3.8 Elect Director Morioka, Yasuo Mgmt For Against

Voter Rationale:

3.9 Elect Director Toya, Nobuyuki Mgmt For Against

Voter Rationale:

5 Appoint Alternate Statutory Auditor Ohara, Mgmt For Against Takeshi Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

6 Approve Retirement Bonus Payment for Mgmt For Against Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Inpex Corporation

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 1605

Primary ISIN: JP3294460005 Primary SEDOL: B10RB15

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Yui, Seiji Mgmt For Against

Voter Rationale:

3.4 Elect Director Sano, Masaharu Mgmt For Against

Voter Rationale:

Page 87 of 305

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Inpex Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Sugaya, Shunichiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Murayama, Masahiro Mgmt For Against

Voter Rationale:

3.7 Elect Director Ito, Seiya Mgmt For Against

Voter Rationale:

3.8 Elect Director Tanaka, Wataru Mgmt For Against

Voter Rationale:

3.9 Elect Director Ikeda, Takahiko Mgmt For Against

Voter Rationale:

3.10 Elect Director Kurasawa, Yoshikazu Mgmt For Against

Voter Rationale:

3.11 Elect Director Sato, Hiroshi Mgmt For Against

Voter Rationale:

3.12 Elect Director Kagawa, Yoshiyuki Mgmt For Against

Voter Rationale:

3.14 Elect Director Adachi, Hiroji Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Yamamoto, Kazuo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Sumiya, Koji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 88 of 305

SEI Japan Equity Fund Votes Against Management Report

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Inpex Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.4 Appoint Statutory Auditor Yamashita, Michiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Intage Holdings Inc.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4326

Primary ISIN: JP3152790006 Primary SEDOL: 6418146

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ishizuka, Noriaki Mgmt For Against

Voter Rationale:

2.3 Elect Director Matsumoto, Susumu Mgmt For Against

Voter Rationale:

2.4 Elect Director Uehara, Yukihiko Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Sakamoto, Toru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Nango, Itaru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Saito, Toshio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Page 89 of 305

SEI Japan Equity Fund Votes Against Management Report

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Ishihara Sangyo Kaisha Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4028

Primary ISIN: JP3136800004 Primary SEDOL: 6466866

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Terakawa, Yoshinari Mgmt For Against

Voter Rationale:

2.3 Elect Director Kobayashi, Akira Mgmt For Against

Voter Rationale:

2.4 Elect Director Suzuki, Yoshiyuki Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Higashiyama, Keiji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Akikuni, Yoshitaka Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

IT Holdings Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 3626

Primary ISIN: JP3104890003 Primary SEDOL: B2Q4CR0

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kuwano, Toru Mgmt For Against

Voter Rationale:

Page 90 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

IT Holdings Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Morita, Shigeo Mgmt For Against

Voter Rationale:

2.5 Elect Director Kusaka, Shigeki Mgmt For Against

Voter Rationale:

2.6 Elect Director Kawasaki, Kazunori Mgmt For Against

Voter Rationale:

2.7 Elect Director Kato, Akira Mgmt For Against

Voter Rationale:

Itochu Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 8001

Primary ISIN: JP3143600009 Primary SEDOL: 6467803

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Takayanagi, Koji Mgmt For Against

3.4 Elect Director Yoshida, Tomofumi Mgmt For Against

3.5 Elect Director Okamoto, Hitoshi Mgmt For Against

3.6 Elect Director Shiomi, Takao Mgmt For Against

Page 91 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Itochu Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Fukuda, Yuji Mgmt For Against

3.8 Elect Director Koseki, Shuichi Mgmt For Against

3.9 Elect Director Yonekura, Eiichi Mgmt For Against

3.10 Elect Director Kobayashi, Fumihiko Mgmt For Against

3.11 Elect Director Hachimura, Tsuyoshi Mgmt For Against

3.12 Elect Director Fujisaki, Ichiro Mgmt For Against

Itochu Enex Co. Ltd.

Meeting Date: 06/18/2015 Country: Japan Meeting Type: Annual Ticker: 8133

Primary ISIN: JP3144000001 Primary SEDOL: 6467825

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Arai, Hiroshi Mgmt For Against

Voter Rationale:

3.3 Elect Director Itoyama, Masaaki Mgmt For Against

Voter Rationale:

Page 92 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Itochu Enex Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Nagao, Tatsunosuke Mgmt For Against

Voter Rationale:

3.5 Elect Director Takasaka, Masahiko Mgmt For Against

Voter Rationale:

3.6 Elect Director Tanaka, Masayasu Mgmt For Against

Voter Rationale:

3.7 Elect Director Jinnouchi, Hiroto Mgmt For Against

Voter Rationale:

3.8 Elect Director Nakamura, Tsukasa Mgmt For Against

Voter Rationale:

3.9 Elect Director Yasuda, Takashi Mgmt For Against

Voter Rationale:

Iwasaki Electric Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6924

Primary ISIN: JP3150800005 Primary SEDOL: 6468129

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Fujii, Hideya Mgmt For Against

Voter Rationale:

3.3 Elect Director Kida, Yoshimasa Mgmt For Against

Voter Rationale:

Page 93 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Iwasaki Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Saotome, Kazuo Mgmt For Against

Voter Rationale:

3.5 Elect Director Kato, Masanori Mgmt For Against

Voter Rationale:

3.7 Elect Director Ito, Yoshitake Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Yoshii, Teruo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Ikeda, Koichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Appoint Alternate Statutory Auditor Yamashiro, Mgmt For Against Koei Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Izumi Co. Ltd.

Meeting Date: 05/21/2015 Country: Japan Meeting Type: Annual Ticker: 8273

Primary ISIN: JP3138400001 Primary SEDOL: 6468152

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kajihara, Yuichiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Mikamoto, Tatsuya Mgmt For Against

Voter Rationale:

Page 94 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Izumi Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Nakamura, Toyomi Mgmt For Against

Voter Rationale:

3 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

J. Front Retailing Co. Ltd.

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 3086

Primary ISIN: JP3386380004 Primary SEDOL: B23TC12

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Yoshimoto, Tatsuya Mgmt For Against

Voter Rationale:

2.4 Elect Director Makiyama, Kozo Mgmt For Against

Voter Rationale:

2.5 Elect Director Fujino, Haruyoshi Mgmt For Against

Voter Rationale:

2.6 Elect Director Kobayashi, Yasuyuki Mgmt For Against

Voter Rationale:

2.7 Elect Director Doi, Zenichi Mgmt For Against

Voter Rationale:

Page 95 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

JAFCO Co. Ltd.

Meeting Date: 06/16/2015 Country: Japan Meeting Type: Annual Ticker: 8595

Primary ISIN: JP3389900006 Primary SEDOL: 6471439

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yamada, Hiroshi Mgmt For Against

Voter Rationale:

2.3 Elect Director Shibusawa, Yoshiyuki Mgmt For Against

Voter Rationale:

2.4 Elect Director Kano, Tsunenori Mgmt For Against

Voter Rationale:

2.5 Elect Director Furuichi, Yoji Mgmt For Against

Voter Rationale:

2.6 Elect Director Miyoshi, Keisuke Mgmt For Against

Voter Rationale:

Japan AirLines Co. Ltd.

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 9201

Primary ISIN: JP3705200008 Primary SEDOL: B8BRV46

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Sato, Nobuhiro Mgmt For Against

Voter Rationale:

Page 96 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Japan AirLines Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Okawa, Junko Mgmt For Against

Voter Rationale:

3.5 Elect Director Fujita, Tadashi Mgmt For Against

Voter Rationale:

3.6 Elect Director Saito, Norikazu Mgmt For Against

Voter Rationale:

3.7 Elect Director Norita, Toshiaki Mgmt For Against

Voter Rationale:

Japan Aviation Electronics Industry Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 6807

Primary ISIN: JP3705600009 Primary SEDOL: 6470351

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Tamaki, Takashi Mgmt For Against

Voter Rationale:

1.4 Elect Director Takeda, Kazuo Mgmt For Against

Voter Rationale:

1.5 Elect Director Ogino, Yasutoshi Mgmt For Against

Voter Rationale:

Page 97 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

JCR Pharmaceuticals Co., Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 4552

Primary ISIN: JP3701000006 Primary SEDOL: 6467591

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Nishino, Katsuya Mgmt For Against

Voter Rationale:

2.3 Elect Director Tachibana, Katsuhiko Mgmt For Against

Voter Rationale:

2.4 Elect Director Yoshimoto, Hiroshi Mgmt For Against

Voter Rationale:

2.5 Elect Director Suzuki, Tatsuo Mgmt For Against

Voter Rationale:

2.6 Elect Director Philippe Fauchet Mgmt For Against

Voter Rationale:

2.8 Elect Director Ishikiriyama, Toshihiro Mgmt For Against

Voter Rationale:

2.9 Elect Director Kikuchi, Kanako Mgmt For Against

Voter Rationale:

4 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 98 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

JFE Holdings, Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 5411

Primary ISIN: JP3386030005 Primary SEDOL: 6543792

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Elect Director Kakigi, Koji Mgmt For Against

Voter Rationale:

4.3 Elect Director Okada, Shinichi Mgmt For Against

Voter Rationale:

4.4 Elect Director Maeda, Masafumi Mgmt For Against

Voter Rationale:

6 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

J-Oil Mills Inc.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 2613

Primary ISIN: JP3840000008 Primary SEDOL: 6512747

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Matsui, Shinichi Mgmt For Against

Voter Rationale:

3.3 Elect Director Yoshida, Satoshi Mgmt For Against

Voter Rationale:

Page 99 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

J-Oil Mills Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Zento, Katsuo Mgmt For Against

Voter Rationale:

3.5 Elect Director Goto, Yasuo Mgmt For Against

Voter Rationale:

3.6 Elect Director Bannai, Akio Mgmt For Against

Voter Rationale:

3.7 Elect Director Tashima, Ikukazu Mgmt For Against

Voter Rationale:

3.8 Elect Director Shinada, Hideaki Mgmt For Against

Voter Rationale:

3.9 Elect Director Imai, Yasuhiro Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Kajima Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 1812

Primary ISIN: JP3210200006 Primary SEDOL: 6481320

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Tajima, Yuichiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 100 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kaken Pharmaceutical Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4521

Primary ISIN: JP3207000005 Primary SEDOL: 6481643

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Approve Reverse Stock Split and Amend Articles Mgmt For Against to Effectively Increase Authorized Capital

Voter Rationale: A vote AGAINST this proposal is warranted because the proposed increase in authorized capital will give the company too much leeway for future share issuances.

3.2 Elect Director Konishi, Hirokazu Mgmt For Against

3.3 Elect Director Ieda, Yoshihiro Mgmt For Against

3.4 Elect Director Shibata, Noboru Mgmt For Against

3.5 Elect Director Sekitani, Kazuki Mgmt For Against

4.1 Appoint Statutory Auditor Iwamoto, Atsutada Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Sakurai, Toshio Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kamei Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8037

Primary ISIN: JP3219400003 Primary SEDOL: 6482550

Page 101 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kamei Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kamei, Junichi Mgmt For Against

Voter Rationale:

2.3 Elect Director Suzuki, Masashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Takahashi, Hiroyuki Mgmt For Against

Voter Rationale:

2.5 Elect Director Hirata, Sakae Mgmt For Against

Voter Rationale:

2.6 Elect Director Sato, Atsushi Mgmt For Against

Voter Rationale:

2.7 Elect Director Kikkawa, Koki Mgmt For Against

Voter Rationale:

2.8 Elect Director Abe, Jinichi Mgmt For Against

Voter Rationale:

2.9 Elect Director Takahashi, Kiyomitsu Mgmt For Against

Voter Rationale:

2.10 Elect Director Endo, Ryoichi Mgmt For Against

Voter Rationale:

2.11 Elect Director Omachi, Masafumi Mgmt For Against

Voter Rationale:

Page 102 of 305

SEI Japan Equity Fund Votes Against Management Report

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Kanaden Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8081

Primary ISIN: JP3215000005 Primary SEDOL: 6483304

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Shimamoto, Kazunori Mgmt For Against

Voter Rationale:

1.3 Elect Director Yanagida, Masahide Mgmt For Against

Voter Rationale:

1.4 Elect Director Jin, Takeshi Mgmt For Against

Voter Rationale:

1.5 Elect Director Hiraki, Hitoshi Mgmt For Against

Voter Rationale:

1.6 Elect Director Umezaki, Akimitsu Mgmt For Against

Voter Rationale:

1.7 Elect Director Tsunekawa, Yukio Mgmt For Against

Voter Rationale:

1.8 Elect Director Motohashi, Nobuyuki Mgmt For Against

Voter Rationale:

2.1 Appoint Alternate Statutory Auditor Torigoe, Mgmt For Against Junya Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Alternate Statutory Auditor Naito, Mgmt For Against Masakazu Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 103 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kanefusa Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 5984

Primary ISIN: JP3216800007 Primary SEDOL: 6491835

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ota, Masashi Mgmt For Against

Voter Rationale:

3.3 Elect Director Hirako, Tetsuro Mgmt For Against

Voter Rationale:

3.4 Elect Director Nishio, Satoru Mgmt For Against

Voter Rationale:

3.5 Elect Director Suzuki, Hitoshi Mgmt For Against

Voter Rationale:

3.6 Elect Director Kasuga, Akira Mgmt For Against

Voter Rationale:

3.7 Elect Director Mantani, Tetsuro Mgmt For Against

Voter Rationale:

3.8 Elect Director Ishida, Nobuyuki Mgmt For Against

Voter Rationale:

3.9 Elect Director Yamakawa, Toshiyasu Mgmt For Against

Voter Rationale:

3.10 Elect Director Hayashi, Shigeki Mgmt For Against

Voter Rationale:

Page 104 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kanematsu Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8020

Primary ISIN: JP3217100001 Primary SEDOL: 6483467

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hasegawa, Masao Mgmt For Against

Voter Rationale:

2.3 Elect Director Gunji, Takashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Tanigawa, Kaoru Mgmt For Against

Voter Rationale:

2.5 Elect Director Sakuyama, Nobuyoshi Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Nashimoto, Fumihiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Ogawa, Sohei Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Yamada, Yonosuke Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kansai Electric Power Co. Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9503

Primary ISIN: JP3228600007 Primary SEDOL: 6483489

Page 105 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kansai Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ikoma, Masao Mgmt For Against

Voter Rationale:

2.4 Elect Director Toyomatsu, Hideki Mgmt For Against

Voter Rationale:

2.5 Elect Director Kagawa, Jiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Iwane, Shigeki Mgmt For Against

Voter Rationale:

2.7 Elect Director Doi, Yoshihiro Mgmt For Against

Voter Rationale:

2.8 Elect Director Iwatani, Masahiro Mgmt For Against

Voter Rationale:

2.9 Elect Director Yashima, Yasuhiro Mgmt For Against

Voter Rationale:

2.10 Elect Director Sugimoto, Yasushi Mgmt For Against

Voter Rationale:

2.11 Elect Director Katsuda, Hironori Mgmt For Against

Voter Rationale:

2.12 Elect Director Yukawa, Hidehiko Mgmt For Against

Voter Rationale:

Page 106 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kansai Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.13 Elect Director Shirai, Ryohei Mgmt For Against

Voter Rationale:

2.14 Elect Director Inoue, Noriyuki Mgmt For Against

Voter Rationale:

Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

2.15 Elect Director Okihara, Takamune Mgmt For Against

Voter Rationale:

11 Amend Articles to Require Disclosure of SH Against For Individual Breakdown of Director Compensation

Voter Rationale:

A vote FOR this shareholder proposal is recommended because the proposed amendment would improve the flow of useful, relevant information to shareholders, and may enhance the utility's overall reputation for transparency and accountability.

Kawasaki Heavy Industries, Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7012

Primary ISIN: JP3224200000 Primary SEDOL: 6484620

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Iki, Joji Mgmt For Against

2.3 Elect Director Inoue, Eiji Mgmt For Against

2.4 Elect Director Kanehana, Yoshinori Mgmt For Against

2.5 Elect Director Murakami, Akio Mgmt For Against

Page 107 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kawasaki Heavy Industries, Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Ishikawa, Munenori Mgmt For Against

2.8 Elect Director Hida, Kazuo Mgmt For Against

2.9 Elect Director Tomida, Kenji Mgmt For Against

2.10 Elect Director Kuyama, Toshiyuki Mgmt For Against

2.11 Elect Director Ota, Kazuo Mgmt For Against

3 Appoint Statutory Auditor Torizumi, Takashi Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kawasaki Kisen Kaisha Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 9107

Primary ISIN: JP3223800008 Primary SEDOL: 6484686

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Suzuki, Toshiyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Aoki, Hiromichi Mgmt For Against

Voter Rationale:

Page 108 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kawasaki Kisen Kaisha Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Yamauchi, Tsuyoshi Mgmt For Against

Voter Rationale:

3.6 Elect Director Toriyama, Yukio Mgmt For Against

Voter Rationale:

3.7 Elect Director Nakagawa, Yutaka Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Yoshida, Keisuke Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Hayashi, Toshikazu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kawasumi Laboratories Inc.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 7703

Primary ISIN: JP3225800006 Primary SEDOL: 6484857

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Suwa, Shuji Mgmt For Against

Voter Rationale:

2.4 Elect Director Iseki, Takashi Mgmt For Against

Voter Rationale:

2.5 Elect Director Shirahama, Noriaki Mgmt For Against

Voter Rationale:

Page 109 of 305

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Kawasumi Laboratories Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Saino, Takeshi Mgmt For Against

Voter Rationale:

2.7 Elect Director Toda, Shigeru Mgmt For Against

Voter Rationale:

2.8 Elect Director Oi, Hideo Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Shiotsuki, Tetsuo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

6 Mandate Share Repurchase worth JPY 1 Billion SH Against For

Voter Rationale:

A vote FOR this proposal is recommended because the share buyback level is still modest in relation to the company's cash reserves, and the company has significant liquid assets leading to inefficient capital deployment.

Kayaba Industry Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7242

Primary ISIN: JP3220200004 Primary SEDOL: 6485009

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Change Company Name - Mgmt For Against Reduce Directors' Term - Indemnify Directors - Indemnify Statutory Auditors - Authorize Board to Determine Income Allocation Voter Rationale:

Changes in company's by-laws should not result in the erosion of shareholder rights.

Page 110 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kayaba Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ikenoya, Kazuhisa Mgmt For Against

Voter Rationale:

3.4 Elect Director Saito, Keisuke Mgmt For Against

Voter Rationale:

3.5 Elect Director Komiya, Morio Mgmt For Against

Voter Rationale:

3.6 Elect Director Kato, Takaaki Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Yamamoto, Moto Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Appoint Alternate Statutory Auditor Shigeta, Mgmt For Against Atsushi Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

KDDI Corporation

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 9433

Primary ISIN: JP3496400007 Primary SEDOL: 6248990

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Morozumi, Hirofumi Mgmt For Against

3.4 Elect Director Takahashi, Makoto Mgmt For Against

3.5 Elect Director Ishikawa, Yuzo Mgmt For Against

3.6 Elect Director Inoue, Masahiro Mgmt For Against

3.7 Elect Director Fukuzaki, Tsutomu Mgmt For Against

Page 111 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

KDDI Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Tajima, Hidehiko Mgmt For Against

3.9 Elect Director Uchida, Yoshiaki Mgmt For Against

3.10 Elect Director Kuba, Tetsuo Mgmt For Against

3.11 Elect Director Kodaira, Nobuyori Mgmt For Against

4 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

5 Approve Disposal of Treasury Shares for a Mgmt For Against Private Placement Voter Rationale: KDDI fails to provide a convincing justification for the donation of treasury shares to the KDDI Foundation, and fails to explain its benefits for common shareholders.

Keiyo Bank Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8544

Primary ISIN: JP3281600001 Primary SEDOL: 6190648

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kumagai, Toshiyuki Mgmt For Against

Voter Rationale:

2.2 Elect Director Maru, Tsuguo Mgmt For Against

Voter Rationale:

2.3 Elect Director Oshima, Hiroshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Tatekawa, Masahiko Mgmt For Against

Voter Rationale:

2.5 Elect Director Homma, Masahiro Mgmt For Against

Voter Rationale:

Page 112 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Keiyo Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Sakasai, Tetsuya Mgmt For Against

Voter Rationale:

2.7 Elect Director Kimizuka, Ichiro Mgmt For Against

Voter Rationale:

2.8 Elect Director Shimomura, Takeshi Mgmt For Against

Voter Rationale:

2.9 Elect Director Akiyama, Satoru Mgmt For Against

Voter Rationale:

Keyence Corp.

Meeting Date: 06/12/2015 Country: Japan Meeting Type: Annual Ticker: 6861

Primary ISIN: JP3236200006 Primary SEDOL: 6490995

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For Against Dividend of JPY 100 Voter Rationale: The proposed dividend is too low. The board should ensure cash is utilised efficiently to maximise returns for shareholders.

3.1 Elect Director Takizaki, Takemitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors. We are disappointed that the company's board composition falls short of the minimum of two independent directors that is mandated in the new Japanese Corporate Governance Code.

3.3 Elect Director Kanzawa, Akira Mgmt For Against

Page 113 of 305

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Keyence Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Kimura, Tsuyoshi Mgmt For Against

3.5 Elect Director Konishi, Masayuki Mgmt For Against

3.6 Elect Director Kimura, Keiichi Mgmt For Against

3.7 Elect Director Miki, Masayuki Mgmt For Against

3.8 Elect Director Yamada, Jumpei Mgmt For Against

3.9 Elect Director Fujimoto, Masato Mgmt For Against

Kinden Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 1944

Primary ISIN: JP3263000006 Primary SEDOL: 6492924

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Kawaguchi, Mitsunori Mgmt For Against

Voter Rationale:

3.4 Elect Director Urashima, Sumio Mgmt For Against

Voter Rationale:

Page 114 of 305

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Kinden Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Maeda, Hidetaka Mgmt For Against

Voter Rationale:

3.6 Elect Director Ishida, Koji Mgmt For Against

Voter Rationale:

3.7 Elect Director Onishi, Yoshio Mgmt For Against

Voter Rationale:

3.8 Elect Director Kobayashi, Kenji Mgmt For Against

Voter Rationale:

3.9 Elect Director Matsuo, Shiro Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Wada, Kaoru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kintetsu World Express, Inc.

Meeting Date: 06/16/2015 Country: Japan Meeting Type: Annual Ticker: 9375

Primary ISIN: JP3262900008 Primary SEDOL: 6282211

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Ueno, Hirohiko Mgmt For Against

Voter Rationale:

3.4 Elect Director Tomiyama, Joji Mgmt For Against

Voter Rationale:

Page 115 of 305

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Kintetsu World Express, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Watarai, Yoshinori Mgmt For Against

Voter Rationale:

3.6 Elect Director Mori, Kazuya Mgmt For Against

Voter Rationale:

3.7 Elect Director Aikawa, Shinya Mgmt For Against

Voter Rationale:

3.8 Elect Director Mitsuhashi, Yoshinobu Mgmt For Against

Voter Rationale:

3.9 Elect Director Hirata, Keisuke Mgmt For Against

Voter Rationale:

3.10 Elect Director Kase, Toshiyuki Mgmt For Against

Voter Rationale:

3.11 Elect Director Torii, Nobutoshi Mgmt For Against

Voter Rationale:

3.12 Elect Director Takahashi, Katsufumi Mgmt For Against

Voter Rationale:

3.13 Elect Director Yamanaka, Tetsuya Mgmt For Against

Voter Rationale:

3.14 Elect Director Kobayashi, Tetsuya Mgmt For Against

Voter Rationale:

3.15 Elect Director Ueno, Yukio Mgmt For Against

Voter Rationale:

Page 116 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kintetsu World Express, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Suzuki, Kanji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Hirosawa, Kiyoyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kita-Nippon Bank Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 8551

Primary ISIN: JP3238200004 Primary SEDOL: 6494287

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ishizuka, Masamichi Mgmt For Against

Voter Rationale:

3.3 Elect Director Sato, Tatsuya Mgmt For Against

Voter Rationale:

3.4 Elect Director Segawa, Mitsuo Mgmt For Against

Voter Rationale:

3.5 Elect Director Shibata, Katsuhiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Ota, Minoru Mgmt For Against

Voter Rationale:

3.8 Elect Director Takahashi, Yoshinori Mgmt For Against

Voter Rationale:

Page 117 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kita-Nippon Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.9 Elect Director Fujita, Katsuhiro Mgmt For Against

Voter Rationale:

3.10 Elect Director Sakamoto, Atsushi Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Kita, Hisao Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kitano Construction Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 1866

Primary ISIN: JP3240000004 Primary SEDOL: 6494168

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Appoint Statutory Auditor Takizawa, Noboru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Owa, Yoshichika Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.3 Appoint Statutory Auditor Nishimura, Toshiyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.4 Appoint Statutory Auditor Sakai, Nobuyoshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Kobe Steel Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 5406

Primary ISIN: JP3289800009 Primary SEDOL: 6496023

Page 118 of 305

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Kobe Steel Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Naraki, Kazuhide Mgmt For Against

Voter Rationale:

2.4 Elect Director Onoe, Yoshinori Mgmt For Against

Voter Rationale:

2.5 Elect Director Kaneko, Akira Mgmt For Against

Voter Rationale:

2.6 Elect Director Umehara, Naoto Mgmt For Against

Voter Rationale:

2.7 Elect Director Sugizaki, Yasuaki Mgmt For Against

Voter Rationale:

2.10 Elect Director Manabe, Shohei Mgmt For Against

Voter Rationale:

2.11 Elect Director Koshiishi, Fusaki Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Okimoto, Takashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Page 119 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kohnan Shoji Co., Ltd.

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 7516

Primary ISIN: JP3283750002 Primary SEDOL: 6504379

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Miyanaga, Shunichiro Mgmt For Against

Voter Rationale:

3.3 Elect Director Kato, Takaaki Mgmt For Against

Voter Rationale:

3.4 Elect Director Sakakieda, Mamoru Mgmt For Against

Voter Rationale:

3.5 Elect Director Tanoue, Kazumi Mgmt For Against

Voter Rationale:

3.6 Elect Director Tanaka, Yoshihiro Mgmt For Against

Voter Rationale:

3.7 Elect Director Takeuchi, Eigo Mgmt For Against

Voter Rationale:

3.8 Elect Director Yamanishi, Seiki Mgmt For Against

Voter Rationale:

3.10 Elect Director Murakami, Fumihiko Mgmt For Against

Voter Rationale:

4.2 Appoint Statutory Auditor Okuda, Junji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 120 of 305

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Kohnan Shoji Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.3 Appoint Statutory Auditor Miyaji, Nobuyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Koito Manufacturing Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7276

Primary ISIN: JP3284600008 Primary SEDOL: 6496324

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Yokoya, Yuji Mgmt For Against

Voter Rationale:

2.4 Elect Director Sakakibara, Koichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Arima, Kenji Mgmt For Against

Voter Rationale:

2.6 Elect Director Kawaguchi, Yohei Mgmt For Against

Voter Rationale:

2.7 Elect Director Otake, Takashi Mgmt For Against

Voter Rationale:

2.8 Elect Director Uchiyama, Masami Mgmt For Against

Voter Rationale:

2.9 Elect Director Kusakawa, Katsuyuki Mgmt For Against

Voter Rationale:

Page 121 of 305

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Koito Manufacturing Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.10 Elect Director Yamamoto, Hideo Mgmt For Against

Voter Rationale:

2.11 Elect Director Kato, Michiaki Mgmt For Against

Voter Rationale:

2.12 Elect Director Konagaya, Hideharu Mgmt For Against

Voter Rationale:

2.13 Elect Director Kobayashi, Mineo Mgmt For Against

Voter Rationale:

2.14 Elect Director Uehara, Haruya Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Kusano, Koichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Tsuruta, Mikio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Komatsu Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 6301

Primary ISIN: JP3304200003 Primary SEDOL: 6496584

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Fujitsuka, Mikio Mgmt For Against

Page 122 of 305

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Komatsu Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

3.4 Elect Director Takamura, Fujitoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Shinozuka, Hisashi Mgmt For Against

Voter Rationale:

3.6 Elect Director Kuromoto, Kazunori Mgmt For Against

Voter Rationale:

3.7 Elect Director Mori, Masanao Mgmt For Against

Voter Rationale:

3.9 Elect Director Oku, Masayuki Mgmt For Against

Voter Rationale:

6 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Kose Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4922

Primary ISIN: JP3283650004 Primary SEDOL: 6194468

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Hanagata, Kazumasa Mgmt For Against

Voter Rationale:

Page 123 of 305

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Kose Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Naito, Noboru Mgmt For Against

Voter Rationale:

3.3 Elect Director Nagahama, Kiyoto Mgmt For Against

Voter Rationale:

3.4 Elect Director Arakane, Kumi Mgmt For Against

Voter Rationale:

3.5 Elect Director Kumada, Atsuo Mgmt For Against

Voter Rationale:

3.6 Elect Director Shibusawa, Koichi Mgmt For Against

Voter Rationale:

3.7 Elect Director Kobayashi, Masanori Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonus Payment for Mgmt For Against Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Krosaki Harima Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5352

Primary ISIN: JP3272400007 Primary SEDOL: 6498007

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Odawara, Hiroshi Mgmt For Against

Voter Rationale:

Page 124 of 305

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Krosaki Harima Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Sakane, Junichi Mgmt For Against

Voter Rationale:

2.3 Elect Director Kawabe, Hideaki Mgmt For Against

Voter Rationale:

2.4 Elect Director Okumura, Hirohiko Mgmt For Against

Voter Rationale:

2.5 Elect Director Konishi, Jumpei Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Maruta, Keiichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Kataoka, Minoru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Morisaki, Masafumi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.1 Appoint Alternate Statutory Auditor Yukino, Seiji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Retirement Bonus Payment for Mgmt For Against Directors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Kyodo Printing Co.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7914

Primary ISIN: JP3252800002 Primary SEDOL: 6498308

Page 125 of 305

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Kyodo Printing Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Miyoshi, Mikio Mgmt For Against

Voter Rationale:

3.4 Elect Director Shimizu, Ichiji Mgmt For Against

Voter Rationale:

3.5 Elect Director Osawa, Haruo Mgmt For Against

Voter Rationale:

3.6 Elect Director Hitomi, Minoru Mgmt For Against

Voter Rationale:

3.7 Elect Director Ido, Kazuyoshi Mgmt For Against

Voter Rationale:

3.8 Elect Director Okubo, Takashi Mgmt For Against

Voter Rationale:

3.9 Elect Director Saito, Fumitaka Mgmt For Against

Voter Rationale:

3.10 Elect Director Imamura, Toshio Mgmt For Against

Voter Rationale:

3.11 Elect Director Watanabe, Hidenori Mgmt For Against

Voter Rationale:

3.12 Elect Director Satomura, Kenji Mgmt For Against

Voter Rationale:

Page 126 of 305

SEI Japan Equity Fund Votes Against Management Report

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Kyodo Printing Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.13 Elect Director Kumii, Takashi Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Ogasawara, Makoto Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Miyagi, Tadao Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Kumon, Takashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

KYORIN Holdings Inc

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 4569

Primary ISIN: JP3247090008 Primary SEDOL: B0YZFP0

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Miyashita, Mitsutomo Mgmt For Against

Voter Rationale:

1.4 Elect Director Matsumoto, Tomiharu Mgmt For Against

Voter Rationale:

1.5 Elect Director Ogihara, Yutaka Mgmt For Against

Voter Rationale:

1.6 Elect Director Komuro, Masakatsu Mgmt For Against

Voter Rationale:

Page 127 of 305

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KYORIN Holdings Inc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.7 Elect Director Ogihara, Shigeru Mgmt For Against

Voter Rationale:

1.8 Elect Director Kajino, Kunio Mgmt For Against

Voter Rationale:

1.11 Elect Director Takahashi, Takashi Mgmt For Against

Voter Rationale:

Kyowa Leather Cloth Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 3553

Primary ISIN: JP3256400007 Primary SEDOL: 6499505

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yamazaki, Hiroshi Mgmt For Against

Voter Rationale:

2.3 Elect Director Horie, Takashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Sezaki, Shoji Mgmt For Against

Voter Rationale:

2.5 Elect Director Fujisaka, Kazuyoshi Mgmt For Against

Voter Rationale:

2.6 Elect Director Masuda, Yoji Mgmt For Against

Voter Rationale:

Page 128 of 305

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Kyowa Leather Cloth Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Kawabata, Kazuo Mgmt For Against

Voter Rationale:

2.8 Elect Director Sawane, Satoshi Mgmt For Against

Voter Rationale:

2.9 Elect Director Oishi, Nobuhiro Mgmt For Against

Voter Rationale:

2.10 Elect Director Nakamura, Naoyoshi Mgmt For Against

Voter Rationale:

2.11 Elect Director Maejima, Noritaka Mgmt For Against

Voter Rationale:

2.12 Elect Director Amano, Toshiki Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Yokohori, Yoichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Masui, Keiji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Hirai, Tetsuro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.4 Appoint Statutory Auditor Yamada, Yoshinori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Retirement Bonus Payment for Mgmt For Against Directors and Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 129 of 305

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Kyudenko Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 1959

Primary ISIN: JP3247050002 Primary SEDOL: 6499969

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Ino, Seiki Mgmt For Against

Voter Rationale:

1.4 Elect Director Higaki, Hironori Mgmt For Against

Voter Rationale:

1.5 Elect Director Yamashita, Yukiharu Mgmt For Against

Voter Rationale:

1.6 Elect Director Takei, Hideki Mgmt For Against

Voter Rationale:

1.7 Elect Director Ishibashi, Kazuyuki Mgmt For Against

Voter Rationale:

1.8 Elect Director Maeda, Keiji Mgmt For Against

Voter Rationale:

1.9 Elect Director Jono, Masaaki Mgmt For Against

Voter Rationale:

1.10 Elect Director Kitamura, Kunihiko Mgmt For Against

Voter Rationale:

1.11 Elect Director Kitagawa, Tadatsugu Mgmt For Against

Voter Rationale:

Page 130 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Kyudenko Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.12 Elect Director Watanabe, Akiyoshi Mgmt For Against

Voter Rationale:

Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

2 Appoint Statutory Auditor Furukawa, Hidehiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Leopalace21 Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8848

Primary ISIN: JP3167500002 Primary SEDOL: 6598424

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Miyama, Tadahiro Mgmt For Against

Voter Rationale:

2.3 Elect Director Sekiya, Yuzuru Mgmt For Against

Voter Rationale:

2.4 Elect Director Tajiri, Kazuto Mgmt For Against

Voter Rationale:

2.5 Elect Director Miike, Yoshikazu Mgmt For Against

Voter Rationale:

2.6 Elect Director Harada, Hiroyuki Mgmt For Against

Voter Rationale:

2.7 Elect Director Takeda, hiroshi Mgmt For Against

Voter Rationale:

Page 131 of 305

SEI Japan Equity Fund Votes Against Management Report

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Leopalace21 Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.8 Elect Director Taya, Tetsuji Mgmt For Against

Voter Rationale:

Life Corp.

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 8194

Primary ISIN: JP3966600003 Primary SEDOL: 6515821

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Namiki, Toshiaki Mgmt For Against

Voter Rationale:

3.4 Elect Director Yuki, Hideki Mgmt For Against

Voter Rationale:

3.5 Elect Director Uchida, Ryoichi Mgmt For Against

Voter Rationale:

3.6 Elect Director Sumino, Takashi Mgmt For Against

Voter Rationale:

3.7 Elect Director Morishita, Tomehisa Mgmt For Against

Voter Rationale:

3.8 Elect Director Tsutsumi, Hayuru Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Yamamoto, Kenshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 132 of 305

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Life Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Appoint Statutory Auditor Hamahira, Junichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Retirement Bonus Payment for Mgmt For Against Directors and Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Maezawa Kasei Industries Co. Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 7925

Primary ISIN: JP3860250004 Primary SEDOL: 6559476

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Yashiro, Tadashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Sumitomo, Koji Mgmt For Against

Voter Rationale:

2.5 Elect Director Kubo, Junichi Mgmt For Against

Voter Rationale:

2.6 Elect Director Ito, Masahiro Mgmt For Against

Voter Rationale:

Makita Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 6586

Primary ISIN: JP3862400003 Primary SEDOL: 6555805

Page 133 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Makita Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Torii, Tadayoshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Kato, Tomoyasu Mgmt For Against

Voter Rationale:

2.5 Elect Director Niwa, Hisayoshi Mgmt For Against

Voter Rationale:

2.6 Elect Director Tomita, Shinichiro Mgmt For Against

Voter Rationale:

2.7 Elect Director Kaneko, Tetsuhisa Mgmt For Against

Voter Rationale:

2.8 Elect Director Aoki, Yoji Mgmt For Against

Voter Rationale:

2.9 Elect Director Ota, Tomoyuki Mgmt For Against

Voter Rationale:

2.10 Elect Director Goto, Munetoshi Mgmt For Against

Voter Rationale:

2.11 Elect Director Tsuchiya, Takashi Mgmt For Against

Voter Rationale:

2.12 Elect Director Yoshida, Masaki Mgmt For Against

Voter Rationale:

Page 134 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Makita Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Marubeni Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 8002

Primary ISIN: JP3877600001 Primary SEDOL: 6569464

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Akiyoshi, Mitsuru Mgmt For Against

Voter Rationale:

1.4 Elect Director Yamazoe, Shigeru Mgmt For Against

Voter Rationale:

1.5 Elect Director Iwasa, Kaoru Mgmt For Against

Voter Rationale:

1.6 Elect Director Kawai, Shinji Mgmt For Against

Voter Rationale:

1.7 Elect Director Matsumura, Yukihiko Mgmt For Against

Voter Rationale:

1.8 Elect Director Minami, Hikaru Mgmt For Against

Voter Rationale:

1.9 Elect Director Terakawa, Akira Mgmt For Against

Voter Rationale:

Page 135 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Marubeni Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.10 Elect Director Takahara, Ichiro Mgmt For Against

Voter Rationale:

2 Appoint Statutory Auditor Kuzume, Kaoru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Marubun Co.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7537

Primary ISIN: JP3877500003 Primary SEDOL: 6526500

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Iwamoto, Kazuaki Mgmt For Against

Voter Rationale:

3.3 Elect Director Fujino, Satoshi Mgmt For Against

Voter Rationale:

3.4 Elect Director Aihara, Shuji Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonus Payment for Director Mgmt For Against and Statutory Auditors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Marudai Food Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2288

Primary ISIN: JP3876400007 Primary SEDOL: 6569442

Page 136 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Marudai Food Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kato, Keiichi Mgmt For Against

Voter Rationale:

3.3 Elect Director Kuramori, Yoshio Mgmt For Against

Voter Rationale:

3.4 Elect Director Sawada, Yasushi Mgmt For Against

Voter Rationale:

3.5 Elect Director Kato, Nobuyoshi Mgmt For Against

Voter Rationale:

3.6 Elect Director Chiba, Shigeyoshi Mgmt For Against

Voter Rationale:

3.7 Elect Director Fukiage, Wataru Mgmt For Against

Voter Rationale:

3.8 Elect Director Shimazu, Susumu Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Okudaira, Takuji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Marui Group Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8252

Primary ISIN: JP3870400003 Primary SEDOL: 6569527

Page 137 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Marui Group Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Okajima, Etsuko Mgmt For Against

Voter Rationale:

2.4 Elect Director Sato, Motohiko Mgmt For Against

Voter Rationale:

2.5 Elect Director Nakamura, Masao Mgmt For Against

Voter Rationale:

2.6 Elect Director Ishii, Tomo Mgmt For Against

Voter Rationale:

Matsui Construction Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1810

Primary ISIN: JP3863600007 Primary SEDOL: 6572440

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Authorize Public Mgmt For Against Announcements in Electronic Format - Authorize Share Buybacks at Board's Discretion

Voter Rationale:

Changes in company's by-laws should not result in the erosion of shareholder rights.

4 Appoint Alternate Statutory Auditor Ishizaka, Mgmt For Against Fumito Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 138 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mazda Motor Corp.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 7261

Primary ISIN: JP3868400007 Primary SEDOL: 6900308

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Harada, Yuji Mgmt For Against

Voter Rationale:

2.2 Elect Director Nakamine, Yuji Mgmt For Against

Voter Rationale:

2.3 Elect Director Inamoto, Nobuhide Mgmt For Against

Voter Rationale:

Medipal Holdings Corp

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7459

Primary ISIN: JP3268950007 Primary SEDOL: 6782090

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Yoda, Toshihide Mgmt For Against

Voter Rationale:

2.4 Elect Director Sakon, Yuji Mgmt For Against

Voter Rationale:

2.5 Elect Director Chofuku, Yasuhiro Mgmt For Against

Voter Rationale:

Page 139 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Medipal Holdings Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Hasegawa, Takuro Mgmt For Against

Voter Rationale:

2.7 Elect Director Watanabe, Shinjiro Mgmt For Against

Voter Rationale:

2.8 Elect Director Orime, Koji Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Kise, Akira Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Hirasawa, Toshio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Meidensha Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6508

Primary ISIN: JP3919800007 Primary SEDOL: 6575900

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Masaki, Kozo Mgmt For Against

Voter Rationale:

2.4 Elect Director Yamamoto, Koichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Miida, Takeshi Mgmt For Against

Voter Rationale:

Page 140 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Meidensha Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Sugii, Mamoru Mgmt For Against

Voter Rationale:

2.7 Elect Director Machimura, Tadayoshi Mgmt For Against

Voter Rationale:

2.8 Elect Director Kuramoto, Masamichi Mgmt For Against

Voter Rationale:

2.9 Elect Director Takenaka, Hiroyuki Mgmt For Against

Voter Rationale:

2.10 Elect Director Takada, Kazuhiro Mgmt For Against

Voter Rationale:

Meiji Holdings Co Ltd

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2269

Primary ISIN: JP3918000005 Primary SEDOL: B60DQV3

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Hirahara, Takashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Saza, Michiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Shiozaki, Koichiro Mgmt For Against

Voter Rationale:

Page 141 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Meiji Holdings Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Furuta, Jun Mgmt For Against

Voter Rationale:

2.7 Elect Director Iwashita, Shuichi Mgmt For Against

Voter Rationale:

2.8 Elect Director Kawamura, Kazuo Mgmt For Against

Voter Rationale:

2.9 Elect Director Kobayashi, Daikichiro Mgmt For Against

Voter Rationale:

Meitec Corp.

Meeting Date: 06/18/2015 Country: Japan Meeting Type: Annual Ticker: 9744

Primary ISIN: JP3919200000 Primary SEDOL: 6576356

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Yoneda, Hiroshi Mgmt For Against

Voter Rationale:

3.3 Elect Director Nakajima, Kiyomasa Mgmt For Against

Voter Rationale:

3.4 Elect Director Uemura, Masato Mgmt For Against

Voter Rationale:

3.5 Elect Director Nagasaka, Hidenori Mgmt For Against

Voter Rationale:

Page 142 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Meitec Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Ogasawara, Akiyoshi Mgmt For Against

Voter Rationale:

3.7 Elect Director Rokugo, Hiroyuki Mgmt For Against

Voter Rationale:

Meiwa Estate Co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8869

Primary ISIN: JP3920850009 Primary SEDOL: 6562388

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Mizuno, Yusuke Mgmt For Against

Voter Rationale:

2.3 Elect Director Kakizaki, Koji Mgmt For Against

Voter Rationale:

2.4 Elect Director Yoshizawa, Shunsuke Mgmt For Against

Voter Rationale:

2.5 Elect Director Nagao, Yawara Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonus Payment for Mgmt For Against Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 143 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Minebea Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6479

Primary ISIN: JP3906000009 Primary SEDOL: 6642406

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Amend Business Lines - Mgmt For Against Reduce Directors' Term - Indemnify Directors - Indemnify Statutory Auditors - Authorize Board to Determine Income Allocation Voter Rationale:

Changes in company's by-laws should not result in the erosion of shareholder rights.

3.2 Elect Director Katogi, Hiroharu Mgmt For Against

Voter Rationale:

3.3 Elect Director Yajima, Hiroyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Fujita, Hirotaka Mgmt For Against

Voter Rationale:

3.5 Elect Director Konomi, Daishiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Uchibori, Tamio Mgmt For Against

Voter Rationale:

3.7 Elect Director Iwaya, Ryozo Mgmt For Against

Voter Rationale:

3.8 Elect Director None, Shigeru Mgmt For Against

Voter Rationale:

3.10 Elect Director Matsuoka, Takashi Mgmt For Against

Voter Rationale:

Page 144 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mirait Holdings Corp

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 1417

Primary ISIN: JP3910620008 Primary SEDOL: B64KR62

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Elect Director Sakashita, Keisuke Mgmt For Against

Voter Rationale:

Mitsubishi Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 8058

Primary ISIN: JP3898400001 Primary SEDOL: 6596785

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Nakahara, Hideto Mgmt For Against

Voter Rationale:

3.4 Elect Director Yanai, Jun Mgmt For Against

Voter Rationale:

3.5 Elect Director Kinukawa, Jun Mgmt For Against

Voter Rationale:

3.6 Elect Director Miyauchi, Takahisa Mgmt For Against

Voter Rationale:

3.7 Elect Director Uchino, Shuma Mgmt For Against

Voter Rationale:

Page 145 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Mori, Kazuyuki Mgmt For Against

Voter Rationale:

3.9 Elect Director Hirota, Yasuhito Mgmt For Against

Voter Rationale:

3.10 Elect Director Tsukuda, Kazuo Mgmt For Against

Voter Rationale:

3.12 Elect Director Konno, Hidehiro Mgmt For Against

Voter Rationale:

3.14 Elect Director Nishiyama, Akihiko Mgmt For Against

Voter Rationale:

Mitsubishi Electric Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6503

Primary ISIN: JP3902400005 Primary SEDOL: 6597045

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Miki, Shigemitsu Mgmt For Against

Voter Rationale:

Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Mitsubishi Gas Chemical Co. Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4182

Primary ISIN: JP3896800004 Primary SEDOL: 6596923

Page 146 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi Gas Chemical Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Sugita, Katsuhiko Mgmt For Against

Voter Rationale:

1.4 Elect Director Kawa, Kunio Mgmt For Against

Voter Rationale:

1.5 Elect Director Yamane, Yoshihiro Mgmt For Against

Voter Rationale:

1.6 Elect Director Hayashi, Katsushige Mgmt For Against

Voter Rationale:

1.7 Elect Director Jono, Masahiro Mgmt For Against

Voter Rationale:

1.8 Elect Director Inamasa, Kenji Mgmt For Against

Voter Rationale:

1.9 Elect Director Sato, Yasuhiro Mgmt For Against

Voter Rationale:

1.10 Elect Director Fujii, Masashi Mgmt For Against

Voter Rationale:

1.11 Elect Director Nihei, Yoshimasa Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Oya, Kunio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 147 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi Gas Chemical Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Appoint Statutory Auditor Kimura, Takashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.3 Appoint Statutory Auditor Matsuyama, Yasuomi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mitsubishi Materials Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5711

Primary ISIN: JP3903000002 Primary SEDOL: 6597089

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kato, Toshinori Mgmt For Against

Voter Rationale:

2.4 Elect Director Hamaji, Akio Mgmt For Against

Voter Rationale:

2.5 Elect Director Iida, Osamu Mgmt For Against

Voter Rationale:

2.6 Elect Director Ono, Naoki Mgmt For Against

Voter Rationale:

2.7 Elect Director Shibano, Nobuo Mgmt For Against

Voter Rationale:

Page 148 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi Motors Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7211

Primary ISIN: JP3899800001 Primary SEDOL: 6598446

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Harunari, Hiroshi Mgmt For Against

Voter Rationale:

3.4 Elect Director Nakao, Ryugo Mgmt For Against

Voter Rationale:

3.5 Elect Director Uesugi, Gayu Mgmt For Against

Voter Rationale:

3.6 Elect Director Aoto, Shuichi Mgmt For Against

Voter Rationale:

3.7 Elect Director Tabata, Yutaka Mgmt For Against

Voter Rationale:

3.8 Elect Director Hattori, Toshihiko Mgmt For Against

Voter Rationale:

3.9 Elect Director Izumisawa, Seiji Mgmt For Against

Voter Rationale:

3.10 Elect Director Ando, Takeshi Mgmt For Against

Voter Rationale:

3.11 Elect Director Sasaki, Mikio Mgmt For Against

Voter Rationale:

Page 149 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi Motors Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.13 Elect Director Miyanaga, Shunichi Mgmt For Against

Voter Rationale:

3.14 Elect Director Niinami, Takeshi Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Nakamura, Yoshikazu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mitsubishi Steel Mfg. Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 5632

Primary ISIN: JP3900800008 Primary SEDOL: 6597205

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Sato, Hiroshi Mgmt For Against

Voter Rationale:

3.3 Elect Director Takashima, Masayuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Hishikawa, Akira Mgmt For Against

Voter Rationale:

3.5 Elect Director Sekine, Hiroshi Mgmt For Against

Voter Rationale:

3.6 Elect Director Amano, Hiroshi Mgmt For Against

Voter Rationale:

Page 150 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi Steel Mfg. Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Takayama, Jun Mgmt For Against

Voter Rationale:

3.8 Elect Director Iizuka, Yasuhiko Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Yora, Toshiaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Hayasaka, Yoshihiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mitsubishi Tanabe Pharma Corp.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4508

Primary ISIN: JP3469000008 Primary SEDOL: 6870984

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kobayashi, Takashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Ishizaki, Yoshiaki Mgmt For Against

Voter Rationale:

2.5 Elect Director Murakami, Seiichi Mgmt For Against

Voter Rationale:

2.6 Elect Director Tabaru, Eizo Mgmt For Against

Voter Rationale:

Page 151 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi Tanabe Pharma Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Fujisawa, Koichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Iechika, Masanao Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Nishida, Takashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mitsubishi UFJ Lease & Finance Co.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8593

Primary ISIN: JP3499800005 Primary SEDOL: 6268976

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Sakata, Yasuyuki Mgmt For Against

Voter Rationale:

1.4 Elect Director Takahashi, Tatsuhisa Mgmt For Against

Voter Rationale:

1.5 Elect Director Kobayakawa, Hideki Mgmt For Against

Voter Rationale:

1.6 Elect Director Sato, Naoki Mgmt For Against

Voter Rationale:

1.7 Elect Director Kasuya, Tetsuo Mgmt For Against

Voter Rationale:

Page 152 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsubishi UFJ Lease & Finance Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.8 Elect Director Aoki, Katsuhiko Mgmt For Against

Voter Rationale:

1.9 Elect Director Yamashita, Hiroto Mgmt For Against

Voter Rationale:

1.10 Elect Director Nonoguchi, Tsuyoshi Mgmt For Against

Voter Rationale:

1.11 Elect Director Minoura, Teruyuki Mgmt For Against

Voter Rationale:

1.12 Elect Director Hiromoto, Yuichi Mgmt For Against

Voter Rationale:

1.13 Elect Director Kuroda, Tadashi Mgmt For Against

Voter Rationale:

1.14 Elect Director Inomata, Hajime Mgmt For Against

Voter Rationale:

1.15 Elect Director Haigo, Toshio Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Yamauchi, Kazuhide Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Tokumitsu, Shoji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 153 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsui Chemicals Inc.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 4183

Primary ISIN: JP3888300005 Primary SEDOL: 6597368

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Omura, Yasuji Mgmt For Against

Voter Rationale:

2.3 Elect Director Koshibe, Minoru Mgmt For Against

Voter Rationale:

2.4 Elect Director Kubo, Masaharu Mgmt For Against

Voter Rationale:

2.5 Elect Director Ayukawa, Akio Mgmt For Against

Voter Rationale:

2.6 Elect Director Isayama, Shigeru Mgmt For Against

Voter Rationale:

2.7 Elect Director Ueki, Kenji Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Nawa, Yasushi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Matsuda, Hiromu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Nishio, Hiroki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 154 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsui Fudosan Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8801

Primary ISIN: JP3893200000 Primary SEDOL: 6597603

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Asai, Hiroshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Mitsui High-tec Inc.

Meeting Date: 04/16/2015 Country: Japan Meeting Type: Annual Ticker: 6966

Primary ISIN: JP3892400007 Primary SEDOL: 6597432

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Appoint Statutory Auditor Suzuki, Yoshiki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.3 Appoint Statutory Auditor Nakashima, Teruhisa Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3 Approve Retirement Bonus Payment for Director Mgmt For Against and Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Mitsui Home Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 1868

Primary ISIN: JP3893800007 Primary SEDOL: 6599397

Page 155 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mitsui Home Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Hase, Yutaka Mgmt For Against

Voter Rationale:

3.3 Elect Director Kiyono, Hideki Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamamoto, Minoru Mgmt For Against

Voter Rationale:

3.5 Elect Director Mitsui, Senji Mgmt For Against

Voter Rationale:

3.6 Elect Director Nakamura, Kenichi Mgmt For Against

Voter Rationale:

4 Approve Retirement Bonus Payment for Mgmt For Against Directors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Mitsui O.S.K. Lines Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 9104

Primary ISIN: JP3362700001 Primary SEDOL: 6597584

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Nagata, Kenichi Mgmt For Against

Voter Rationale:

Page 156 of 305

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Mitsui O.S.K. Lines Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Tanabe, Masahiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Takahashi, Shizuo Mgmt For Against

Voter Rationale:

2.6 Elect Director Hashimoto, Takeshi Mgmt For Against

Voter Rationale:

2.7 Elect Director Komura, Takeshi Mgmt For Against

Voter Rationale:

5 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Mitsui-Soko Holdings Co., Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9302

Primary ISIN: JP3891200002 Primary SEDOL: 6597647

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ikari, Makoto Mgmt For Against

Voter Rationale:

2.4 Elect Director Nakaya, Yukihiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Nakayama, Nobuo Mgmt For Against

Voter Rationale:

Page 157 of 305

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Mitsui-Soko Holdings Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Ogawa, Ryoji Mgmt For Against

Voter Rationale:

2.7 Elect Director Koga, Hirobumi Mgmt For Against

Voter Rationale:

2.8 Elect Director Sato, Seiji Mgmt For Against

Voter Rationale:

2.9 Elect Director Uchida, Kazunari Mgmt For Against

Voter Rationale:

Mizuho Financial Group Inc.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 8411

Primary ISIN: JP3885780001 Primary SEDOL: 6591014

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Allow Shareholders to Submit SH Against For Income Allocation Proposals Voter Rationale: A vote FOR this proposal is warranted as the ability to submit alternate income allocation proposals will hold management accountable for efficient capital allocation and restore the right removed when the company adopted the board with three committee structure.

3 Amend Articles to Require Company to Urge SH Against For Subsidiaries Owning Shares in Allied Firms to Vote Shares Appropriately Voter Rationale: A vote FOR this shareholder proposal is recommended because constructive, well-considered voting serves the interests of both the shareholder and the portfolio company.

Mochida Pharmaceutical Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4534

Primary ISIN: JP3922800002 Primary SEDOL: 6598004

Page 158 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Mochida Pharmaceutical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Aoki, Makoto Mgmt For Against

Voter Rationale:

2.3 Elect Director Kono, Yoichi Mgmt For Against

Voter Rationale:

2.4 Elect Director Sagisaka, Keiichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Sakata, Chu Mgmt For Against

Voter Rationale:

2.6 Elect Director Karasawa, Akira Mgmt For Against

Voter Rationale:

2.7 Elect Director Hirata, Akira Mgmt For Against

Voter Rationale:

2.8 Elect Director Nakamura, Hiroshi Mgmt For Against

Voter Rationale:

2.9 Elect Director Sakaki, Junichi Mgmt For Against

Voter Rationale:

2.10 Elect Director Mizuguchi, Kiyoshi Mgmt For Against

Voter Rationale:

Page 159 of 305

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Morinaga Milk Industry Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2264

Primary ISIN: JP3926800008 Primary SEDOL: 6602648

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Noguchi, Junichi Mgmt For Against

Voter Rationale:

2.3 Elect Director Kobayashi, Hachiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Aoyama, Kazuo Mgmt For Against

Voter Rationale:

2.5 Elect Director Okawa, Teiichiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Tamura, Masaru Mgmt For Against

Voter Rationale:

2.7 Elect Director Onuki, Yoichi Mgmt For Against

Voter Rationale:

2.8 Elect Director Minato, Tsuyoshi Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Yoneda, Takatomo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 160 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Murakami Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7292

Primary ISIN: JP3914200005 Primary SEDOL: 6610232

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Tomino, Fumio Mgmt For Against

Voter Rationale:

3.3 Elect Director Yoshimura, Katsuyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Okuno, Masaharu Mgmt For Against

Voter Rationale:

3.5 Elect Director Murakami, Eiji Mgmt For Against

Voter Rationale:

3.6 Elect Director Mochizuki, Yoshito Mgmt For Against

Voter Rationale:

3.7 Elect Director Okimoto, Mitoshi Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Ishibashi, Mitsuhiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Murata Manufacturing Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6981

Primary ISIN: JP3914400001 Primary SEDOL: 6610403

Page 161 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Murata Manufacturing Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Inoue, Toru Mgmt For Against

Voter Rationale:

2.3 Elect Director Nakajima, Norio Mgmt For Against

Voter Rationale:

2.4 Elect Director Iwatsubo, Hiroshi Mgmt For Against

Voter Rationale:

2.5 Elect Director Takemura, Yoshito Mgmt For Against

Voter Rationale:

2.6 Elect Director Ishino, Satoshi Mgmt For Against

Voter Rationale:

NAFCO CO. LTD.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 2790

Primary ISIN: JP3651160008 Primary SEDOL: 6712815

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Fukamachi, Tadashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Ishida, Yoshiko Mgmt For Against

Voter Rationale:

Page 162 of 305

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NAFCO CO. LTD.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Takano, Masamitsu Mgmt For Against

Voter Rationale:

2.6 Elect Director Fukamachi, Keiji Mgmt For Against

Voter Rationale:

2.7 Elect Director Nakamura, Katsuhiko Mgmt For Against

Voter Rationale:

2.8 Elect Director Fujita, Tatsuji Mgmt For Against

Voter Rationale:

2.9 Elect Director Kishimoto, Junzo Mgmt For Against

Voter Rationale:

2.10 Elect Director Masumoto, Koji Mgmt For Against

Voter Rationale:

2.11 Elect Director Takase, Toshio Mgmt For Against

Voter Rationale:

2.12 Elect Director Mabuchi, Yuji Mgmt For Against

Voter Rationale:

2.13 Elect Director Fukumoto, Osamu Mgmt For Against

Voter Rationale:

2.14 Elect Director Kimura, Moriyuki Mgmt For Against

Voter Rationale:

2.15 Elect Director Suematsu, Yasuyuki Mgmt For Against

Voter Rationale:

Page 163 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

NAFCO CO. LTD.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Nagano Bank

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8521

Primary ISIN: JP3648300006 Primary SEDOL: 6636692

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Iwadare, Hiroshi Mgmt For Against

Voter Rationale:

3.3 Elect Director Shimizu, Akio Mgmt For Against

Voter Rationale:

3.4 Elect Director Maruyama, Yoshinari Mgmt For Against

Voter Rationale:

3.6 Elect Director Uchikawa, Hirofumi Mgmt For Against

Voter Rationale:

3.7 Elect Director Nishizawa, Hitoshi Mgmt For Against

Voter Rationale:

Nakano Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1827

Primary ISIN: JP3643600004 Primary SEDOL: 6620844

Page 164 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nakano Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Oshima, Yoshikazu Mgmt For Against

Voter Rationale:

3.2 Elect Director Asai, Akira Mgmt For Against

Voter Rationale:

3.4 Elect Director Hattori, Satoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Tanada, Hiroyuki Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Yamaya, Kohei Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Namura Shipbuilding Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7014

Primary ISIN: JP3651400008 Primary SEDOL: 6621063

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Rikitake, Mitsuo Mgmt For Against

Voter Rationale:

2.4 Elect Director Ikebe, Yoshihiro Mgmt For Against

Voter Rationale:

Page 165 of 305

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NATORI CO LTD

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2922

Primary ISIN: JP3651060000 Primary SEDOL: 6182054

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Natori, Yuichiro Mgmt For Against

Voter Rationale:

1.3 Elect Director Dejima, Nobuomi Mgmt For Against

Voter Rationale:

1.4 Elect Director Kobayashi, Makoto Mgmt For Against

Voter Rationale:

1.5 Elect Director Yamagata, Tadashi Mgmt For Against

Voter Rationale:

1.6 Elect Director Kitami, Hiroyuki Mgmt For Against

Voter Rationale:

1.7 Elect Director Nishimura, Yutaka Mgmt For Against

Voter Rationale:

1.8 Elect Director Okazaki, Masanori Mgmt For Against

Voter Rationale:

1.9 Elect Director Nakao, Masao Mgmt For Against

Voter Rationale:

Page 166 of 305

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ND Software Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3794

Primary ISIN: JP3165810007 Primary SEDOL: B0WD3M9

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

NDS Co., Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 1956

Primary ISIN: JP3738200009 Primary SEDOL: 6640392

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Saito, Hiroshi Mgmt For Against

Voter Rationale:

3.3 Elect Director Inoue, Kazuyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Abe, Hiroshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Sato, Kaneyasu Mgmt For Against

Voter Rationale:

3.6 Elect Director Ochiai, Masashi Mgmt For Against

Voter Rationale:

Page 167 of 305

SEI Japan Equity Fund Votes Against Management Report

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NDS Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Mori, Hidetoshi Mgmt For Against

Voter Rationale:

3.8 Elect Director Sato, Nobuhisa Mgmt For Against

Voter Rationale:

3.9 Elect Director Mochizuki, Akihiko Mgmt For Against

Voter Rationale:

3.10 Elect Director Honda, Ryutaro Mgmt For Against

Voter Rationale:

3.11 Elect Director Fujimoto, Kazuhisa Mgmt For Against

Voter Rationale:

NGK Spark Plug Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5334

Primary ISIN: JP3738600000 Primary SEDOL: 6619604

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Oshima, Takafumi Mgmt For Against

Voter Rationale:

1.3 Elect Director Shibagaki, Shinji Mgmt For Against

Voter Rationale:

1.4 Elect Director Kawajiri, Shogo Mgmt For Against

Voter Rationale:

Page 168 of 305

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NGK Spark Plug Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Nakagawa, Takeshi Mgmt For Against

Voter Rationale:

1.6 Elect Director Okawa, Teppei Mgmt For Against

Voter Rationale:

1.7 Elect Director Okuyama, Masahiko Mgmt For Against

Voter Rationale:

1.8 Elect Director Kawai, Takeshi Mgmt For Against

Voter Rationale:

1.10 Elect Director Yasui, Kanemaru Mgmt For Against

Voter Rationale:

2 Appoint Statutory Auditor Mizuno, Fumio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

NH Foods Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 2282

Primary ISIN: JP3743000006 Primary SEDOL: 6640767

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hata, Yoshihide Mgmt For Against

Voter Rationale:

2.3 Elect Director Kawamura, Koji Mgmt For Against

Voter Rationale:

Page 169 of 305

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NH Foods Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Okoso, Hiroji Mgmt For Against

Voter Rationale:

2.7 Elect Director Inoue, Katsumi Mgmt For Against

Voter Rationale:

2.8 Elect Director Shinohara, Kazunori Mgmt For Against

Voter Rationale:

2.9 Elect Director Kito, Tetsuhiro Mgmt For Against

Voter Rationale:

2.10 Elect Director Takamatsu, Hajime Mgmt For Against

Voter Rationale:

3.2 Appoint Statutory Auditor Nishihara, Koichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.4 Appoint Statutory Auditor Iwasaki, Atsushi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Nichiha Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7943

Primary ISIN: JP3662200009 Primary SEDOL: 6638331

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Mukasa, Koji Mgmt For Against

Page 170 of 305

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Nichiha Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Nanko, Tadashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Kodama, Kenetsu Mgmt For Against

Voter Rationale:

2.5 Elect Director Yoshida, Yasunori Mgmt For Against

Voter Rationale:

2.6 Elect Director Kochi, Kazuhiro Mgmt For Against

Voter Rationale:

2.7 Elect Director Kojima, Kazuyuki Mgmt For Against

Voter Rationale:

2.8 Elect Director Yasui, Kanemaru Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Shibata, Yoshihiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nichi-Iko Pharmaceutical Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4541

Primary ISIN: JP3687200000 Primary SEDOL: 6639903

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kongoji, Toshinori Mgmt For Against

Page 171 of 305

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Nichi-Iko Pharmaceutical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Urayama, Shuko Mgmt For Against

Voter Rationale:

2.4 Elect Director Akane, Kenji Mgmt For Against

Voter Rationale:

2.5 Elect Director Kawakami, Taizan Mgmt For Against

Voter Rationale:

2.6 Elect Director Yoshikawa, Takahiro Mgmt For Against

Voter Rationale:

2.7 Elect Director Inasaka, Noboru Mgmt For Against

Voter Rationale:

2.8 Elect Director Takagi, Shigeo Mgmt For Against

Voter Rationale:

2.9 Elect Director Sakai, Hideki Mgmt For Against

Voter Rationale:

4 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Nidec Corp.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 6594

Primary ISIN: JP3734800000 Primary SEDOL: 6640682

Page 172 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nidec Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.13 Elect Director Ishida, Noriko Mgmt For Against

Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Nifco Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7988

Primary ISIN: JP3756200006 Primary SEDOL: 6639163

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Fukawa, Kiyohiko Mgmt For Against

Voter Rationale:

Nintendo Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7974

Primary ISIN: JP3756600007 Primary SEDOL: 6639550

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Takeda, Genyo Mgmt For Against

Voter Rationale:

2.3 Elect Director Miyamoto, Shigeru Mgmt For Against

Voter Rationale:

Page 173 of 305

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Nintendo Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Kimishima, Tatsumi Mgmt For Against

Voter Rationale:

2.5 Elect Director Takahashi, Shigeyuki Mgmt For Against

Voter Rationale:

2.6 Elect Director Yamato, Satoshi Mgmt For Against

Voter Rationale:

2.7 Elect Director Tanaka, Susumu Mgmt For Against

Voter Rationale:

2.8 Elect Director Takahashi, Shinya Mgmt For Against

Voter Rationale:

2.9 Elect Director Shinshi, Hirokazu Mgmt For Against

Voter Rationale:

Nippo Corp.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 1881

Primary ISIN: JP3750200002 Primary SEDOL: 6640789

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Yamagata, Yukio Mgmt For Against

Voter Rationale:

3.4 Elect Director Yokoyama, Shigeru Mgmt For Against

Voter Rationale:

Page 174 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippo Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Ishikawa, Koichi Mgmt For Against

Voter Rationale:

3.6 Elect Director Terabun, Junichi Mgmt For Against

Voter Rationale:

3.7 Elect Director Takahashi, Akitsugu Mgmt For Against

Voter Rationale:

3.8 Elect Director Yoshikawa, Yoshikazu Mgmt For Against

Voter Rationale:

3.9 Elect Director Kimura, Yasushi Mgmt For Against

Voter Rationale:

3.10 Elect Director Kimura, Tsutomu Mgmt For Against

Voter Rationale:

Nippon Chemical Industrial Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4092

Primary ISIN: JP3691600005 Primary SEDOL: 6640314

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Tanahashi, Hirota Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamazaki, Nobuyuki Mgmt For Against

Voter Rationale:

Page 175 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Chemical Industrial Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Kinoshita, Masayuki Mgmt For Against

Voter Rationale:

3.6 Elect Director Eguchi, Yukio Mgmt For Against

Voter Rationale:

Nippon Chemi-Con Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6997

Primary ISIN: JP3701200002 Primary SEDOL: 6640358

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kakizaki, Noriaki Mgmt For Against

Voter Rationale:

2.3 Elect Director Minegishi, Yoshifumi Mgmt For Against

Voter Rationale:

2.4 Elect Director Shiraishi, Shuichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Komparu, Toru Mgmt For Against

Voter Rationale:

2.6 Elect Director Takahashi, Hideaki Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Aida, Toyoji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 176 of 305

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Nippon Chemi-Con Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Appoint Alternate Statutory Auditor Kanaida, Mgmt For Against Katsuji Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nippon Fine Chemical Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 4362

Primary ISIN: JP3720000003 Primary SEDOL: 6641298

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kawabayashi, Masanobu Mgmt For Against

Voter Rationale:

2.3 Elect Director Ohashi, Yukihiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Fukase, Shinichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Yano, Hiroshi Mgmt For Against

Voter Rationale:

2.6 Elect Director Kinomura, Keisuke Mgmt For Against

Voter Rationale:

2.7 Elect Director Suzuki, Kazunobu Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Ogiso, Masaya Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 177 of 305

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Nippon Fine Chemical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Appoint Statutory Auditor Horie, Kiyoshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nippon Hume Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5262

Primary ISIN: JP3745800007 Primary SEDOL: 6641265

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Toyoguchi, Naoki Mgmt For Against

Voter Rationale:

3.4 Elect Director Endo, Hirokuni Mgmt For Against

Voter Rationale:

3.5 Elect Director Asazuma, Masahiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Masubuchi, Tomoyuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Ohashi, Masataka Mgmt For Against

Voter Rationale:

3.9 Elect Director Urakami, Katsuji Mgmt For Against

Voter Rationale:

Page 178 of 305

SEI Japan Equity Fund Votes Against Management Report

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Nippon Konpo Unyu Soko Co. Ltd.

Meeting Date: 06/29/2015 Country: Japan Meeting Type: Annual Ticker: 9072

Primary ISIN: JP3709600005 Primary SEDOL: 6642202

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5.2 Elect Director Kuroiwa, Keita Mgmt For Against

Voter Rationale:

5.3 Elect Director Nagaoka, Toshimi Mgmt For Against

Voter Rationale:

5.4 Elect Director Kurisu, Takashi Mgmt For Against

Voter Rationale:

5.5 Elect Director Sano, Yasuyuki Mgmt For Against

Voter Rationale:

5.6 Elect Director Kawaguchi, Toshiaki Mgmt For Against

Voter Rationale:

5.7 Elect Director Matsuda, Yasunori Mgmt For Against

Voter Rationale:

Nippon Paint Holdings Co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4612

Primary ISIN: JP3749400002 Primary SEDOL: 6640507

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Nishijima, Kanji Mgmt For Against

Page 179 of 305

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Nippon Paint Holdings Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.4 Elect Director Minami, Manabu Mgmt For Against

Voter Rationale:

2.5 Elect Director Goh Hup Jin Mgmt For Against

Voter Rationale:

4 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Nippon Paper Industries co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3863

Primary ISIN: JP3721600009 Primary SEDOL: B8B8PJ2

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Marukawa, Shuhei Mgmt For Against

Voter Rationale:

2.4 Elect Director Yamasaki, Kazufumi Mgmt For Against

Voter Rationale:

2.5 Elect Director Utsumi, Akihiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Nozawa, Toru Mgmt For Against

Voter Rationale:

Page 180 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Paper Industries co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Fujimori, Hirofumi Mgmt For Against

Voter Rationale:

3 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Nippon Seisen Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5659

Primary ISIN: JP3721800005 Primary SEDOL: 6642547

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kishiki, Masahiko Mgmt For Against

Voter Rationale:

3.3 Elect Director Taga, Masahiro Mgmt For Against

Voter Rationale:

3.4 Elect Director Akita, Yasuaki Mgmt For Against

Voter Rationale:

3.5 Elect Director Tachibana, Kazuto Mgmt For Against

Voter Rationale:

3.6 Elect Director Hanai, Takeshi Mgmt For Against

Voter Rationale:

3.7 Elect Director Seki, Kimihiko Mgmt For Against

Voter Rationale:

Page 181 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Seisen Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Sumitomo, Kiyoshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Hanawa, Hiroshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Appoint Alternate Statutory Auditor Ito, Shimpei Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

6 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Nippon Shokubai Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4114

Primary ISIN: JP3715200006 Primary SEDOL: 6470588

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Nishii, Yasuhito Mgmt For Against

Voter Rationale:

3.3 Elect Director Yamamoto, Haruhisa Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamamoto, Masao Mgmt For Against

Voter Rationale:

3.5 Elect Director Takahashi, Yojiro Mgmt For Against

Voter Rationale:

Page 182 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Shokubai Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Goto, Yujiro Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Maruo, Taizo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Arita, Yoshihiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.4 Appoint Statutory Auditor Oba, Kunimitsu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nippon Signal Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 6741

Primary ISIN: JP3716000009 Primary SEDOL: 6642525

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Kawada, Shoji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Yoshikawa, Yukio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Tsunashima, Tsutomu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nippon Steel & Sumitomo Metal Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 5401

Primary ISIN: JP3381000003 Primary SEDOL: 6642569

Page 183 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Steel & Sumitomo Metal Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Elect Director Muneoka, Shoji Mgmt For Against

Voter Rationale: The nominee should be held responsible for the company's continued failure to put its poison pill renewal to a vote.

4.2 Elect Director Shindo, Kosei Mgmt For Against

Voter Rationale: The nominee should be held responsible for the company's continued failure to put its poison pill renewal to a vote.

4.3 Elect Director Higuchi, Shinya Mgmt For Against

Voter Rationale:

4.4 Elect Director Ota, Katsuhiko Mgmt For Against

Voter Rationale:

4.5 Elect Director Miyasaka, Akihiro Mgmt For Against

Voter Rationale:

4.6 Elect Director Yanagawa, Kinya Mgmt For Against

Voter Rationale:

4.7 Elect Director Sakuma, Soichiro Mgmt For Against

Voter Rationale:

4.8 Elect Director Saeki, Yasumitsu Mgmt For Against

Voter Rationale:

4.9 Elect Director Morinobu, Shinji Mgmt For Against

Voter Rationale:

4.10 Elect Director Iwai, Ritsuya Mgmt For Against

Voter Rationale:

Page 184 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Steel & Sumitomo Metal Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.11 Elect Director Nakata, Machi Mgmt For Against

Voter Rationale:

4.12 Elect Director Tanimoto, Shinji Mgmt For Against

Voter Rationale:

4.13 Elect Director Otsuka, Mutsutake Mgmt For Against

Voter Rationale:

5 Appoint Statutory Auditor Takeuchi, Yutaka Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nippon Suisan Kaisha Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 1332

Primary ISIN: JP3718800000 Primary SEDOL: 6640927

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Koike, Kunihiko Mgmt For Against

Voter Rationale:

1.3 Elect Director Matono, Akiyo Mgmt For Against

Voter Rationale:

1.4 Elect Director Sekiguchi, Yoichi Mgmt For Against

Voter Rationale:

1.5 Elect Director Oki, Shinsuke Mgmt For Against

Voter Rationale:

Page 185 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Suisan Kaisha Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.6 Elect Director Takahashi, Seiji Mgmt For Against

Voter Rationale:

1.7 Elect Director Yamamoto, Shinya Mgmt For Against

Voter Rationale:

1.8 Elect Director Kinoshita, Keishiro Mgmt For Against

Voter Rationale:

2 Appoint Statutory Auditor Sato, Koki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nippon Synthetic Chemical Industry Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4201

Primary ISIN: JP3710000005 Primary SEDOL: 6643540

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Mori, Tomoyuki Mgmt For Against

Voter Rationale:

2.3 Elect Director Takahashi, Keiichi Mgmt For Against

Voter Rationale:

2.4 Elect Director Takada, Kazunori Mgmt For Against

Voter Rationale:

2.5 Elect Director Wada, Masahiro Mgmt For Against

Voter Rationale:

Page 186 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Synthetic Chemical Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Waga, Masayuki Mgmt For Against

Voter Rationale:

2.7 Elect Director Urabe, Hiroshi Mgmt For Against

Voter Rationale:

Nippon Telegraph & Telephone Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 9432

Primary ISIN: JP3735400008 Primary SEDOL: 6641373

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Elect Director Hiroi, Takashi Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Kosaka, Kiyoshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Ide, Akiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Tomonaga, Michiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.4 Appoint Statutory Auditor Ochiai, Seiichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.5 Appoint Statutory Auditor Iida, Takashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 187 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Thompson Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6480

Primary ISIN: JP3739400004 Primary SEDOL: 6643562

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kondo, Toshio Mgmt For Against

Voter Rationale:

2.3 Elect Director Hattori, Shinichi Mgmt For Against

Voter Rationale:

2.4 Elect Director Tanaka, Kazuhiko Mgmt For Against

Voter Rationale:

2.5 Elect Director Akimoto, Toshitaka Mgmt For Against

Voter Rationale:

2.6 Elect Director Kimura, Toshinao Mgmt For Against

Voter Rationale:

2.7 Elect Director Miura, Toshio Mgmt For Against

Voter Rationale:

2.8 Elect Director Shimomura, Koji Mgmt For Against

Voter Rationale:

2.9 Elect Director Yoneda, Michio Mgmt For Against

Voter Rationale:

2.10 Elect Director Okajima, Toru Mgmt For Against

Voter Rationale:

Page 188 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Thompson Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Suzuki, Ichio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Ishibe, Kenji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Saito, Satoshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

5 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Nippon Yusen K.K.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 9101

Primary ISIN: JP3753000003 Primary SEDOL: 6643960

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Tazawa, Naoya Mgmt For Against

3.4 Elect Director Mizushima, Kenji Mgmt For Against

3.5 Elect Director Nagasawa, Hitoshi Mgmt For Against

3.6 Elect Director Chikaraishi, Koichi Mgmt For Against

Page 189 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nippon Yusen K.K.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Samitsu, Masahiro Mgmt For Against

3.8 Elect Director Maruyama, Hidetoshi Mgmt For Against

3.9 Elect Director Oshika, Hitoshi Mgmt For Against

3.10 Elect Director Ogasawara, Kazuo Mgmt For Against

3.13 Elect Director Yoshida, Yoshiyuki Mgmt For Against

4.1 Appoint Statutory Auditor Wasaki, Yoko Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Mita, Toshio Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Appoint Alternate Statutory Auditor Matsui, Mgmt For Against Michio Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nipro Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8086

Primary ISIN: JP3673600007 Primary SEDOL: 6641599

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Yogo, Takehito Mgmt For Against

Page 190 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nipro Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

Nishikawa Rubber

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5161

Primary ISIN: JP3657550004 Primary SEDOL: 6646862

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Yamamoto, Fumiharu Mgmt For Against

Voter Rationale:

3.3 Elect Director Kodama, Shoso Mgmt For Against

Voter Rationale:

3.4 Elect Director Fukuoka, Yoshitomo Mgmt For Against

Voter Rationale:

3.5 Elect Director Kataoka, Nobukazu Mgmt For Against

Voter Rationale:

3.6 Elect Director Nishikawa, Yasuo Mgmt For Against

Voter Rationale:

3.7 Elect Director Yoneyama, Shoichi Mgmt For Against

Voter Rationale:

3.8 Elect Director Marume, Yoshihiro Mgmt For Against

Voter Rationale:

Page 191 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nishikawa Rubber

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.9 Elect Director Sasaki, Masaharu Mgmt For Against

Voter Rationale:

3.10 Elect Director Naito, Makoto Mgmt For Against

Voter Rationale:

3.11 Elect Director Kyomoto, Keiji Mgmt For Against

Voter Rationale:

3.12 Elect Director Ogawa, Hideki Mgmt For Against

Voter Rationale:

3.14 Elect Director Yamamoto, Junichi Mgmt For Against

Voter Rationale:

4.2 Appoint Statutory Auditor Kurata, Osamu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nishi-Nippon City Bank Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8327

Primary ISIN: JP3658000009 Primary SEDOL: 6639721

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Isoyama, Seiji Mgmt For Against

Voter Rationale:

2.4 Elect Director Kawamoto, Soichi Mgmt For Against

Voter Rationale:

Page 192 of 305

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Nishi-Nippon City Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Urayama, Shigeru Mgmt For Against

Voter Rationale:

2.6 Elect Director Takata, Kiyota Mgmt For Against

Voter Rationale:

2.7 Elect Director Ishida, Yasuyuki Mgmt For Against

Voter Rationale:

2.8 Elect Director Irie, Hiroyuki Mgmt For Against

Voter Rationale:

2.9 Elect Director Hirota, Shinya Mgmt For Against

Voter Rationale:

2.10 Elect Director Murakami, Hideyuki Mgmt For Against

Voter Rationale:

2.11 Elect Director Sadano, Toshihiko Mgmt For Against

Voter Rationale:

2.12 Elect Director Uriu, Michiaki Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Ino, Seiji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Tanaka, Yuji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 193 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nissan Motor Co. Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 7201

Primary ISIN: JP3672400003 Primary SEDOL: 6642860

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Saikawa, Hiroto Mgmt For Against

Voter Rationale:

3.3 Elect Director Shiga, Toshiyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Greg Kelly Mgmt For Against

Voter Rationale:

3.5 Elect Director Sakamoto, Hideyuki Mgmt For Against

Voter Rationale:

3.6 Elect Director Matsumoto, Fumiaki Mgmt For Against

Voter Rationale:

3.7 Elect Director Nakamura, Kimiyasu Mgmt For Against

Voter Rationale:

3.8 Elect Director Jean-Baptiste Duzan Mgmt For Against

Voter Rationale:

3.9 Elect Director Bernard Rey Mgmt For Against

Voter Rationale:

4 Approve Stock Appreciation Rights Plan for Mgmt For Against Directors Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 194 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nissan Tokyo Sales Holdings Co., Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 8291

Primary ISIN: JP3587800008 Primary SEDOL: 6895749

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Tanaka, Toshiharu Mgmt For Against

Voter Rationale:

3.3 Elect Director Togawa, Takahiko Mgmt For Against

Voter Rationale:

3.4 Elect Director Nishimura, Kenji Mgmt For Against

Voter Rationale:

3.5 Elect Director Murai, Keiichi Mgmt For Against

Voter Rationale:

3.7 Elect Director Endo, Ken Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Kawaguchi, Masaaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nissha Printing Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 7915

Primary ISIN: JP3713200008 Primary SEDOL: 6641986

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hashimoto, Takao Mgmt For Against

Page 195 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nissha Printing Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Nishihara, Hayato Mgmt For Against

Voter Rationale:

2.4 Elect Director Tsuji, Yoshiharu Mgmt For Against

Voter Rationale:

2.5 Elect Director Kubota, Tamio Mgmt For Against

Voter Rationale:

2.6 Elect Director Kojima, Kenji Mgmt For Against

Voter Rationale:

Nisshin Fudosan Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8881

Primary ISIN: JP3677900007 Primary SEDOL: 6259345

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Sakairi, Takashi Mgmt For Against

Voter Rationale:

2.2 Elect Director Kamiyama, Takashi Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonus Payment for Mgmt For Against Statutory Auditors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 196 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

NISSHIN OILLIO GROUP LTD

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 2602

Primary ISIN: JP3677200002 Primary SEDOL: 6641049

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Seto, Akira Mgmt For Against

Voter Rationale:

2.3 Elect Director Ishigami, Takashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Fujii, Takashi Mgmt For Against

Voter Rationale:

2.5 Elect Director Ogami, Hidetoshi Mgmt For Against

Voter Rationale:

2.6 Elect Director Yoshida, Nobuaki Mgmt For Against

Voter Rationale:

2.7 Elect Director Kuno, Takahisa Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Kayanoma, Shoji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Nisshin Steel Co., Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 5413

Primary ISIN: JP3676200003 Primary SEDOL: B89C2N9

Page 197 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nisshin Steel Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Nariyoshi, Yukio Mgmt For Against

Voter Rationale:

1.3 Elect Director Mizumoto, Koji Mgmt For Against

Voter Rationale:

1.4 Elect Director Miyakusu, Katsuhisa Mgmt For Against

Voter Rationale:

1.5 Elect Director Minami, Kenji Mgmt For Against

Voter Rationale:

1.6 Elect Director Uchida, Yukio Mgmt For Against

Voter Rationale:

1.7 Elect Director Sasaki, Masahiro Mgmt For Against

Voter Rationale:

1.8 Elect Director Tanaka, Hideo Mgmt For Against

Voter Rationale:

1.9 Elect Director Miyoshi, Nobuhiro Mgmt For Against

Voter Rationale:

Nittetsu Mining Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1515

Primary ISIN: JP3680800004 Primary SEDOL: 6641027

Page 198 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nittetsu Mining Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Noguchi, Yoshifumi Mgmt For Against

Voter Rationale:

3.3 Elect Director Matsunaga, Jun Mgmt For Against

Voter Rationale:

3.4 Elect Director Koyama, Hiroshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Kawamura, Hideo Mgmt For Against

Voter Rationale:

3.7 Elect Director Yamasaki, Shinya Mgmt For Against

Voter Rationale:

Nitto Kogyo Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6651

Primary ISIN: JP3682400001 Primary SEDOL: 6643283

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Matsushita, Takayuki Mgmt For Against

Voter Rationale:

2.4 Elect Director Kurono, Toru Mgmt For Against

Voter Rationale:

Page 199 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Nitto Kogyo Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Ochiai, Moto Mgmt For Against

Voter Rationale:

2.6 Elect Director Nakajima, Masahiro Mgmt For Against

Voter Rationale:

2.8 Elect Director Koide, Yukihiro Mgmt For Against

Voter Rationale:

NOK Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7240

Primary ISIN: JP3164800009 Primary SEDOL: 6642428

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Doi, Kiyoshi Mgmt For Against

Voter Rationale:

2.3 Elect Director Iida, Jiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Kuroki, Yasuhiko Mgmt For Against

Voter Rationale:

2.5 Elect Director Watanabe, Akira Mgmt For Against

Voter Rationale:

2.6 Elect Director Tsuru, Tetsuji Mgmt For Against

Voter Rationale:

Page 200 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

NOK Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Kobayashi, Toshifumi Mgmt For Against

Voter Rationale:

Nomura Real Estate Holdings, Inc.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3231

Primary ISIN: JP3762900003 Primary SEDOL: B1CWJM5

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 Approve Aggregate Compensation Ceiling and Mgmt For Against Deep Discount Stock Option Plan for Directors Who Are Not Audit Committee Members

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

North Pacific Bank Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8524

Primary ISIN: JP3843400007 Primary SEDOL: B7VKZP7

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Tachikawa, Hiroshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 201 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

NTT Data Corp.

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 9613

Primary ISIN: JP3165700000 Primary SEDOL: 6125639

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Iwamoto, Toshio Mgmt For Against

Voter Rationale: Top management is responsible for the board composition at the controlled company which does not include at least two independent outsiders. We encourage the company to seek genuinely independent external directors.

3.2 Elect Director Kurishima, Satoshi Mgmt For Against

Voter Rationale:

3.3 Elect Director Shiina, Masanori Mgmt For Against

Voter Rationale:

3.4 Elect Director Homma, Yo Mgmt For Against

Voter Rationale:

3.5 Elect Director Sagae, Hironobu Mgmt For Against

Voter Rationale:

3.6 Elect Director Ueki, Eiji Mgmt For Against

Voter Rationale:

3.7 Elect Director Nishihata, Kazuhiro Mgmt For Against

Voter Rationale:

3.8 Elect Director Iwai, Toshio Mgmt For Against

Voter Rationale:

3.9 Elect Director Okamoto, Yukio Mgmt For Against

Voter Rationale:

Page 202 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

NTT Data Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.10 Elect Director Takaoka, Hiromasa Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Yamaguchi, Tetsuro Mgmt For Against

Voter Rationale: The outside statutory auditor nominee's affiliation with the company could compromise independence.

NTT DoCoMo Inc.

Meeting Date: 06/18/2015 Country: Japan Meeting Type: Annual Ticker: 9437

Primary ISIN: JP3165650007 Primary SEDOL: 6129277

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Shiotsuka, Naoto Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Okihara, Toshimune Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Obayashi Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1802

Primary ISIN: JP3190000004 Primary SEDOL: 6656407

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Harada, Shozo Mgmt For Against

Voter Rationale:

Page 203 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Obayashi Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Sugiyama, Nao Mgmt For Against

Voter Rationale:

3.5 Elect Director Tsuchiya, Kozaburo Mgmt For Against

Voter Rationale:

3.6 Elect Director Kishida, Makoto Mgmt For Against

Voter Rationale:

3.7 Elect Director Miwa, Akihisa Mgmt For Against

Voter Rationale:

3.8 Elect Director Shibata, Kenichi Mgmt For Against

Voter Rationale:

3.9 Elect Director Hasuwa, Kenji Mgmt For Against

Voter Rationale:

5 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Obayashi Road Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 1896

Primary ISIN: JP3190400006 Primary SEDOL: 6656441

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Tsubochi, Takuo Mgmt For Against

Voter Rationale:

Page 204 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Obayashi Road Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Hamada, Michihiro Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamauchi, Yorimichi Mgmt For Against

Voter Rationale:

3.5 Elect Director Saito, Katsumi Mgmt For Against

Voter Rationale:

3.7 Elect Director Sato, Toshimi Mgmt For Against

Voter Rationale:

Ohashi Technica

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7628

Primary ISIN: JP3173100003 Primary SEDOL: 6207957

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kobayashi, Shoichiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Toyoda, Koji Mgmt For Against

Voter Rationale:

2.5 Elect Director Nakamura, Yoshiji Mgmt For Against

Voter Rationale:

2.6 Elect Director Hirose, Masaya Mgmt For Against

Voter Rationale:

Page 205 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Ohashi Technica

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Oita Bank Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8392

Primary ISIN: JP3175200009 Primary SEDOL: 6657541

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Shimizu, Nobuhide Mgmt For Against

Voter Rationale:

3.3 Elect Director Goto, Tomiichiro Mgmt For Against

Voter Rationale:

3.4 Elect Director Kodama, Masaki Mgmt For Against

Voter Rationale:

3.5 Elect Director Kikuguchi, Kunihiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Tanaka, Kenji Mgmt For Against

Voter Rationale:

Okuma Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6103

Primary ISIN: JP3172100004 Primary SEDOL: 6657789

Page 206 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Okuma Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Mori, Yoshihiko Mgmt For Against

Voter Rationale:

2.3 Elect Director Ryoki, Masato Mgmt For Against

Voter Rationale:

2.4 Elect Director Ito, Masamichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Horie, Chikashi Mgmt For Against

Voter Rationale:

2.6 Elect Director Ieki, Atsushi Mgmt For Against

Voter Rationale:

2.7 Elect Director Kitagawa, Katsuyoshi Mgmt For Against

Voter Rationale:

2.8 Elect Director Yamamoto, Takeshi Mgmt For Against

Voter Rationale:

2.9 Elect Director Ishimaru, Osamu Mgmt For Against

Voter Rationale:

2.10 Elect Director Okaya, Tokuichi Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Maeba, Yoshinobu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 207 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Oriental Land Co.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4661

Primary ISIN: JP3198900007 Primary SEDOL: 6648891

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Irie, Norio Mgmt For Against

Voter Rationale:

2.4 Elect Director Takano, Yumiko Mgmt For Against

Voter Rationale:

2.5 Elect Director Kikuchi, Yoritoshi Mgmt For Against

Voter Rationale:

2.6 Elect Director Katayama, Yuichi Mgmt For Against

Voter Rationale:

2.7 Elect Director Yokota, Akiyoshi Mgmt For Against

Voter Rationale:

2.8 Elect Director Konobe, Hirofumi Mgmt For Against

Voter Rationale:

2.9 Elect Director Hanada, Tsutomu Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Suzuki, Shigeru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 208 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Origin Electric Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6513

Primary ISIN: JP3200400004 Primary SEDOL: 6661508

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Shinohara, Shinichi Mgmt For Against

Voter Rationale:

3.3 Elect Director Takagi, Katsuyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Genjima, Yasuhiro Mgmt For Against

Voter Rationale:

3.5 Elect Director Kadowaki, Masaru Mgmt For Against

Voter Rationale:

3.6 Elect Director Higuchi, Junichi Mgmt For Against

Voter Rationale:

3.7 Elect Director Tozuka, Shoichi Mgmt For Against

Voter Rationale:

3.8 Elect Director Yamamoto, Seiji Mgmt For Against

Voter Rationale:

3.9 Elect Director Takada, Tadayoshi Mgmt For Against

Voter Rationale:

Page 209 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Osaka Gas Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 9532

Primary ISIN: JP3180400008 Primary SEDOL: 6661768

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Kyutoku, Hirofumi Mgmt For Against

Voter Rationale:

3.4 Elect Director Matsuzaka, Hidetaka Mgmt For Against

Voter Rationale:

3.5 Elect Director Setoguchi, Tetsuo Mgmt For Against

Voter Rationale:

3.6 Elect Director Ikejima, Kenji Mgmt For Against

Voter Rationale:

3.7 Elect Director Fujita, Masaki Mgmt For Against

Voter Rationale:

3.8 Elect Director Ryoki, Yasuo Mgmt For Against

Voter Rationale:

3.9 Elect Director Yano, Kazuhisa Mgmt For Against

Voter Rationale:

3.10 Elect Director Inamura, Eiichi Mgmt For Against

Voter Rationale:

3.11 Elect Director Fujiwara, Toshimasa Mgmt For Against

Voter Rationale:

Page 210 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Osaka Gas Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.12 Elect Director Morishita, Shunzo Mgmt For Against

Voter Rationale:

3.13 Elect Director Miyahara, Hideo Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Irie, Akihiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Hatta, Eiji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Panasonic Corp

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 6752

Primary ISIN: JP3866800000 Primary SEDOL: 6572707

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Matsushita, Masayuki Mgmt For Against

Voter Rationale:

1.4 Elect Director Yamada, Yoshihiko Mgmt For Against

Voter Rationale:

1.5 Elect Director Takami, Kazunori Mgmt For Against

Voter Rationale:

1.6 Elect Director Kawai, Hideaki Mgmt For Against

Voter Rationale:

Page 211 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Panasonic Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.7 Elect Director Miyabe, Yoshiyuki Mgmt For Against

Voter Rationale:

1.8 Elect Director Ito, Yoshio Mgmt For Against

Voter Rationale:

1.9 Elect Director Yoshioka, Tamio Mgmt For Against

Voter Rationale:

1.10 Elect Director Toyama, Takashi Mgmt For Against

Voter Rationale:

1.11 Elect Director Ishii, Jun Mgmt For Against

Voter Rationale:

1.12 Elect Director Sato, Mototsugu Mgmt For Against

Voter Rationale:

1.13 Elect Director Oku, Masayuki Mgmt For Against

Voter Rationale:

1.14 Elect Director Ota, Hiroko Mgmt For Against

Voter Rationale:

1.15 Elect Director Enokido, Yasuji Mgmt For Against

Voter Rationale:

1.16 Elect Director Homma, Tetsuro Mgmt For Against

Voter Rationale:

1.17 Elect Director Tsutsui, Yoshinobu Mgmt For Against

Voter Rationale:

Page 212 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Panasonic Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Appoint Statutory Auditor Yasuhara, Hirofumi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Panasonic Information Systems Co., Ltd

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4283

Primary ISIN: JP3867800009 Primary SEDOL: 6368768

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Okajima, Maki Mgmt For Against

Voter Rationale:

2.3 Elect Director Hisano, Akira Mgmt For Against

Voter Rationale:

2.4 Elect Director Yoshikawa, Tatsuo Mgmt For Against

Voter Rationale:

2.5 Elect Director Onishi, Hajime Mgmt For Against

Voter Rationale:

2.6 Elect Director Maeda, Takashi Mgmt For Against

Voter Rationale:

2.7 Elect Director Nakagawa, Takahiro Mgmt For Against

Voter Rationale:

Page 213 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Pioneer Corporation

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 6773

Primary ISIN: JP3780200006 Primary SEDOL: 6688745

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kotani, Susumu Mgmt For Against

Voter Rationale:

2.2 Elect Director Okayasu, Hideki Mgmt For Against

Voter Rationale:

2.3 Elect Director Ono, Mikio Mgmt For Against

Voter Rationale:

2.4 Elect Director Kawashiri, Kunio Mgmt For Against

Voter Rationale:

2.5 Elect Director Kawamura, Masahiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Nakano, Takashige Mgmt For Against

Voter Rationale:

3.2 Appoint Statutory Auditor Wakamatsu, Hiroyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.1 Appoint Alternate Statutory Auditor Tsuji, Mgmt For Against Shinichi Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 214 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Prima Meat Packers Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2281

Primary ISIN: JP3833200003 Primary SEDOL: 6703400

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Elect Director Takada, Kazuyuki Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Okudaira, Hiroyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Sato, Koichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Ena, Masahiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Recruit Holdings Co., Ltd.

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 6098

Primary ISIN: JP3970300004 Primary SEDOL: BQRRZ00

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ikeuchi, Shogo Mgmt For Against

Voter Rationale:

2.3 Elect Director Kusahara, Shigeru Mgmt For Against

Voter Rationale:

2.4 Elect Director Sagawa, Keiichi Mgmt For Against

Voter Rationale:

Page 215 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Recruit Holdings Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Oyagi, Shigeo Mgmt For Against

Voter Rationale:

2.6 Elect Director Shingai, Yasushi Mgmt For Against

Voter Rationale:

4 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

5 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Rengo Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3941

Primary ISIN: JP3981400009 Primary SEDOL: 6732200

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Maeda, Moriaki Mgmt For Against

Voter Rationale:

1.3 Elect Director Hasegawa, Ichiro Mgmt For Against

Voter Rationale:

1.4 Elect Director Wakamatsu, Misao Mgmt For Against

Voter Rationale:

1.5 Elect Director Baba, Yasuhiro Mgmt For Against

Voter Rationale:

Page 216 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Rengo Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.6 Elect Director Sambe, Hiromi Mgmt For Against

Voter Rationale:

1.7 Elect Director Ishida, Shigechika Mgmt For Against

Voter Rationale:

1.8 Elect Director Kawamoto, Yosuke Mgmt For Against

Voter Rationale:

1.9 Elect Director Inoue, Sadatoshi Mgmt For Against

Voter Rationale:

1.10 Elect Director Yokota, Mitsumasa Mgmt For Against

Voter Rationale:

1.11 Elect Director Hori, Hirofumi Mgmt For Against

Voter Rationale:

1.12 Elect Director Osako, Toru Mgmt For Against

Voter Rationale:

1.13 Elect Director Nakano, Kenjiro Mgmt For Against

Voter Rationale:

1.14 Elect Director Hirano, Koichi Mgmt For Against

Voter Rationale:

1.15 Elect Director Hosokawa, Takeshi Mgmt For Against

Voter Rationale:

1.16 Elect Director Okano, Yukio Mgmt For Against

Voter Rationale:

Page 217 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Rengo Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Appoint Statutory Auditor Hashimoto, Kiwamu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Ricoh Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 7752

Primary ISIN: JP3973400009 Primary SEDOL: 6738220

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Elect Director Oyama, Akira Mgmt For Against

Voter Rationale:

Rinnai Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5947

Primary ISIN: JP3977400005 Primary SEDOL: 6740582

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Hayashi, Kenji Mgmt For Against

Voter Rationale:

3.4 Elect Director Narita, Tsunenori Mgmt For Against

Voter Rationale:

3.5 Elect Director Kosugi, Masao Mgmt For Against

Voter Rationale:

Page 218 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Rinnai Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Kondo, Yuji Mgmt For Against

Voter Rationale:

Rohto Pharmaceutical Co. Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 4527

Primary ISIN: JP3982400008 Primary SEDOL: 6747367

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Yoshida, Akiyoshi Mgmt For Against

Voter Rationale:

1.4 Elect Director Lekh Raj Juneja Mgmt For Against

Voter Rationale:

1.5 Elect Director Kambara, Yoichi Mgmt For Against

Voter Rationale:

1.6 Elect Director Kimura, Masanori Mgmt For Against

Voter Rationale:

1.7 Elect Director Kunisaki, Shinichi Mgmt For Against

Voter Rationale:

1.8 Elect Director Masumoto, Takeshi Mgmt For Against

Voter Rationale:

1.9 Elect Director Saito, Masaya Mgmt For Against

Voter Rationale:

Page 219 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Rohto Pharmaceutical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.10 Elect Director Yamada, Yasuhiro Mgmt For Against

Voter Rationale:

Ryohin Keikaku Co. Ltd.

Meeting Date: 05/20/2015 Country: Japan Meeting Type: Annual Ticker: 7453

Primary ISIN: JP3976300008 Primary SEDOL: 6758455

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Komori, Takashi Mgmt For Against

Voter Rationale:

3.3 Elect Director Okazaki, Satoshi Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamamoto, Yuki Mgmt For Against

Voter Rationale:

3.5 Elect Director Shimizu, Satoshi Mgmt For Against

Voter Rationale:

Sakai Chemical Industry Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4078

Primary ISIN: JP3312800000 Primary SEDOL: 6769402

Page 220 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sakai Chemical Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Yoshikawa, Yoshiyuki Mgmt For Against

Voter Rationale:

2.4 Elect Director Akamizu, Koji Mgmt For Against

Voter Rationale:

2.5 Elect Director Yoshioka, Akira Mgmt For Against

Voter Rationale:

2.6 Elect Director Chikada, Mitsuaki Mgmt For Against

Voter Rationale:

2.7 Elect Director Sado, Megumu Mgmt For Against

Voter Rationale:

2.8 Elect Director Ide, Akihiko Mgmt For Against

Voter Rationale:

2.9 Elect Director Nakanishi, Atsuya Mgmt For Against

Voter Rationale:

2.10 Elect Director Okamoto, Yasuhiro Mgmt For Against

Voter Rationale:

3 Approve Retirement Bonus and Special Mgmt For Against Payments Related to Retirement Bonus System Abolition Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 221 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

San-Ai Oil Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8097

Primary ISIN: JP3323600001 Primary SEDOL: 6772808

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tsukahara, Yukio Mgmt For Against

Voter Rationale:

2.3 Elect Director Magori, Yoshihiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Iwata, Hirotake Mgmt For Against

Voter Rationale:

2.5 Elect Director Soga, Joji Mgmt For Against

Voter Rationale:

2.6 Elect Director Yamashita, Tomonobu Mgmt For Against

Voter Rationale:

2.7 Elect Director Hayakawa, Tomoyuki Mgmt For Against

Voter Rationale:

2.8 Elect Director Matsuo, Koji Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Nakagawa, Hiroshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Retirement Bonus Payment for Director Mgmt For Against

Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Page 222 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sawai Pharmaceutical Co., Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4555

Primary ISIN: JP3323050009 Primary SEDOL: 6784955

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Iwasa, Takashi Mgmt For Against

Voter Rationale:

3.4 Elect Director Toya, Harumasa Mgmt For Against

Voter Rationale:

3.5 Elect Director Kimura, Keiichi Mgmt For Against

Voter Rationale:

3.6 Elect Director Kodama, Minoru Mgmt For Against

Voter Rationale:

3.7 Elect Director Sawai, Kenzo Mgmt For Against

Voter Rationale:

3.8 Elect Director Tokuyama, Shinichi Mgmt For Against

Voter Rationale:

5 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Secom Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9735

Primary ISIN: JP3421800008 Primary SEDOL: 6791591

Page 223 of 305

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Secom Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Iida, Makoto Mgmt For Against

Voter Rationale:

2.4 Elect Director Nakayama, Yasuo Mgmt For Against

Voter Rationale:

2.5 Elect Director Anzai, Kazuaki Mgmt For Against

Voter Rationale:

2.6 Elect Director Nakayama, Junzo Mgmt For Against

Voter Rationale:

2.7 Elect Director Furukawa, Kenichi Mgmt For Against

Voter Rationale:

2.8 Elect Director Yoshida, Yasuyuki Mgmt For Against

Voter Rationale:

2.9 Elect Director Fuse, Tatsuro Mgmt For Against

Voter Rationale:

Seiko Epson Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 6724

Primary ISIN: JP3414750004 Primary SEDOL: 6616508

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hama, Noriyuki Mgmt For Against

Page 224 of 305

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Seiko Epson Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Inoue, Shigeki Mgmt For Against

2.4 Elect Director Fukushima, Yoneharu Mgmt For Against

2.5 Elect Director Kubota, Koichi Mgmt For Against

2.6 Elect Director Okumura, Motonori Mgmt For Against

2.7 Elect Director Watanabe, Junichi Mgmt For Against

2.8 Elect Director Kawana, Masayuki Mgmt For Against

Seino Holdings Co Ltd

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9076

Primary ISIN: JP3415400005 Primary SEDOL: 6793423

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Taguchi, Takao Mgmt For Against

Voter Rationale:

Page 225 of 305

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Seino Holdings Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Otsuka, Shizutoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Maruta, Hidemi Mgmt For Against

Voter Rationale:

3.6 Elect Director Furuhashi, Harumi Mgmt For Against

Voter Rationale:

3.9 Elect Director Kamiya, Masahiro Mgmt For Against

Voter Rationale:

Sekisui Chemical Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4204

Primary ISIN: JP3419400001 Primary SEDOL: 6793821

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Kubo, Hajime Mgmt For Against

Voter Rationale:

3.4 Elect Director Uenoyama, Satoshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Sekiguchi, Shunichi Mgmt For Against

Voter Rationale:

3.6 Elect Director Kato, Keita Mgmt For Against

Voter Rationale:

Page 226 of 305

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Sekisui Chemical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Hirai, Yoshiyuki Mgmt For Against

Voter Rationale:

5 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Senshu Ikeda Holdings Inc

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8714

Primary ISIN: JP3132600002 Primary SEDOL: B40T3T4

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5.3 Elect Director Kubota, Hiroshi Mgmt For Against

Voter Rationale:

5.4 Elect Director Tsuji, Jiro Mgmt For Against

Voter Rationale:

5.5 Elect Director Tahara, Akira Mgmt For Against

Voter Rationale:

5.6 Elect Director Ukawa, Atsushi Mgmt For Against

Voter Rationale:

5.7 Elect Director Inoue, Motoshi Mgmt For Against

Voter Rationale:

5.8 Elect Director Maekawa, Hirotsugu Mgmt For Against

Voter Rationale:

Page 227 of 305

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Senshu Ikeda Holdings Inc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5.9 Elect Director Maeno, Hiro Mgmt For Against

Voter Rationale:

5.10 Elect Director Miyata, Koji Mgmt For Against

Voter Rationale:

5.11 Elect Director Ohashi, Taro Mgmt For Against

Voter Rationale:

5.12 Elect Director Hiramatsu, Kazuo Mgmt For Against

Voter Rationale:

Seven & i Holdings Co Ltd

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 3382

Primary ISIN: JP3422950000 Primary SEDOL: B0FS5D6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Shidax Corp. (4837)

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4837

Primary ISIN: JP3351650001 Primary SEDOL: 6338114

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Shida, Tsutomu Mgmt For Against

Page 228 of 305

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Shidax Corp. (4837)

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Kawamoto, Shigeki Mgmt For Against

Voter Rationale:

2.4 Elect Director Wakasa, Masayuki Mgmt For Against

Voter Rationale:

2.5 Elect Director Shirata, Toyohiko Mgmt For Against

Voter Rationale:

Shikoku Electric Power Co. Inc.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9507

Primary ISIN: JP3350800003 Primary SEDOL: 6804347

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Arai, Hiroshi Mgmt For Against

Voter Rationale:

3.2 Elect Director Ihara, Michiyo Mgmt For Against

Voter Rationale:

3.3 Elect Director Kakinoki, Kazutaka Mgmt For Against

Voter Rationale:

3.5 Elect Director Suezawa, Hitoshi Mgmt For Against

Voter Rationale:

Page 229 of 305

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Shikoku Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Takesaki, Katsuhiko Mgmt For Against

Voter Rationale:

3.7 Elect Director Tasaka, Seiichiro Mgmt For Against

Voter Rationale:

3.8 Elect Director Tamagawa, Koichi Mgmt For Against

Voter Rationale:

3.10 Elect Director Nagai, Keisuke Mgmt For Against

Voter Rationale:

3.11 Elect Director Harada, Masahito Mgmt For Against

Voter Rationale:

3.12 Elect Director Mizobuchi, Toshihiro Mgmt For Against

Voter Rationale:

3.13 Elect Director Miyauchi, Yoshinori Mgmt For Against

Voter Rationale:

3.14 Elect Director Yokoi, Ikuo Mgmt For Against

Voter Rationale:

Shin Nippon Air Technologies Co. Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 1952

Primary ISIN: JP3380250005 Primary SEDOL: 6805920

Page 230 of 305

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Shin Nippon Air Technologies Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Usami, Takeshi Mgmt For Against

3.4 Elect Director Kusuda, Morio Mgmt For Against

3.5 Elect Director Fuchino, Satoshi Mgmt For Against

3.6 Elect Director Akamatsu, Keiichi Mgmt For Against

3.7 Elect Director Omiya, Yoshimitsu Mgmt For Against

3.8 Elect Director Shimomoto, Satoshi Mgmt For Against

3.9 Elect Director Endo, Kiyoshi Mgmt For Against

3.10 Elect Director Ichimiya, Masahisa Mgmt For Against

4 Appoint Statutory Auditor Jono, Tatsumi Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

6 Approve Aggregate Compensation Ceilings for Mgmt For Against Directors and Statutory Auditors Voter Rationale: A vote AGAINST this proposal is warranted because financial and stock performance does not imply that the company has conducted business in the interests of shareholders.

Page 231 of 305

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Shinagawa Refractories Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5351

Primary ISIN: JP3353200003 Primary SEDOL: 6804466

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Yoshino, Ryoichi Mgmt For Against

Voter Rationale:

3.2 Elect Director Shirayama, Akira Mgmt For Against

Voter Rationale:

3.3 Elect Director Nomura, Osamu Mgmt For Against

Voter Rationale:

3.4 Elect Director Iida, Eiji Mgmt For Against

Voter Rationale:

3.5 Elect Director Kaneshige, Toshihiko Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Sato, Masanori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Shindengen Electric Mfg. Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6844

Primary ISIN: JP3377800002 Primary SEDOL: 6804541

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Sasaki, Nobuyuki Mgmt For Against

Page 232 of 305

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Shindengen Electric Mfg. Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Arahata, Yoshimitsu Mgmt For Against

Voter Rationale:

2.4 Elect Director Suzuki, Yoshinori Mgmt For Against

Voter Rationale:

2.5 Elect Director Negishi, Yasumi Mgmt For Against

Voter Rationale:

2.6 Elect Director Horiguchi, Kenji Mgmt For Against

Voter Rationale:

2.7 Elect Director Yamada, Ichiro Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Higo, Yoshiaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Appoint Alternate Statutory Auditor Kubota, Mgmt For Against Tokitaka Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Shin-Etsu Chemical Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4063

Primary ISIN: JP3371200001 Primary SEDOL: 6804585

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Frank Peter Popoff Mgmt For Against

Voter Rationale:

Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

Page 233 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Shin-Etsu Chemical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Okada, Osamu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Okamoto, Hiroaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

5 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

Shin-Etsu Polymer Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7970

Primary ISIN: JP3371600002 Primary SEDOL: 6805704

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kosaki, Hiroshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Koike, Tadahiko Mgmt For Against

Voter Rationale:

2.5 Elect Director Kawamura, Yutaka Mgmt For Against

Voter Rationale:

2.7 Elect Director Takayama, Toru Mgmt For Against

Voter Rationale:

Page 234 of 305

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Shin-Etsu Polymer Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.8 Elect Director Deto, Toshiaki Mgmt For Against

Voter Rationale:

2.9 Elect Director Furukawa, Mikio Mgmt For Against

Voter Rationale:

2.10 Elect Director Sugano, Satoru Mgmt For Against

Voter Rationale:

2.11 Elect Director Shibata, Yasushi Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Hosogi, Sachihito Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Shinko Electric Industries Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 6967

Primary ISIN: JP3375800004 Primary SEDOL: 6804927

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Fujimoto, Akira Mgmt For Against

Voter Rationale:

3.2 Elect Director Shimizu, Mitsuharu Mgmt For Against

Voter Rationale: The board should recruit an outside director as a first step to broaden and diversify board discussion. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director. The boards should by 2017 establish one-third independence to ensure appropriate balance of independence and objectivity. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors. Top management is also responsible for the company's unfavorable ROE performance.

Page 235 of 305

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Shinko Electric Industries Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Toyoki, Noriyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Yoda, Toshihisa Mgmt For Against

Voter Rationale:

3.5 Elect Director Asano, Yoshihiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Takayanagi, Hidenori Mgmt For Against

Voter Rationale:

3.7 Elect Director Hasebe, Hiroshi Mgmt For Against

Voter Rationale:

ShinMaywa Industries Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7224

Primary ISIN: JP3384600007 Primary SEDOL: 6804488

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kato, Mikiaki Mgmt For Against

Voter Rationale:

3.3 Elect Director Endo, Keisuke Mgmt For Against

Voter Rationale:

Page 236 of 305

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ShinMaywa Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Ishimaru, Kanji Mgmt For Against

Voter Rationale:

3.5 Elect Director Kanaida, Shoichi Mgmt For Against

Voter Rationale:

3.6 Elect Director Isogawa, Tatsuyuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Yamamoto, Nobutane Mgmt For Against

Voter Rationale:

Shinsei Bank Ltd.

Meeting Date: 06/17/2015 Country: Japan Meeting Type: Annual Ticker: 8303

Primary ISIN: JP3729000004 Primary SEDOL: 6730936

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

6 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Shinsho Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8075

Primary ISIN: JP3374000002 Primary SEDOL: 6804983

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Kobayashi, Kiyofumi Mgmt For Against

Page 237 of 305

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Shinsho Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

1.3 Elect Director Okamoto, Toshikazu Mgmt For Against

Voter Rationale:

1.4 Elect Director Hirono, Yasuo Mgmt For Against

Voter Rationale:

1.5 Elect Director Watanabe, Hiroshi Mgmt For Against

Voter Rationale:

1.7 Elect Director Tsumura, Hiroyoshi Mgmt For Against

Voter Rationale:

1.8 Elect Director Onishi, Kenji Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Kaneko, Masaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Yoshida, Hironobu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3 Appoint Alternate Statutory Auditor Kadowaki, Mgmt For Against Ryosaku Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Shionogi & Co., Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 4507

Primary ISIN: JP3347200002 Primary SEDOL: 6804682

Page 238 of 305

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Shionogi & Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Appoint Statutory Auditor Okamoto, Akira Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Ship Healthcare Holdings Inc

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3360

Primary ISIN: JP3274150006 Primary SEDOL: B05MTR0

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Ohashi, Futoshi Mgmt For Against

Voter Rationale:

3.4 Elect Director Okimoto, Koichi Mgmt For Against

Voter Rationale:

3.5 Elect Director Masuda, Jun Mgmt For Against

Voter Rationale:

3.6 Elect Director Kobayashi, Hiroyuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Yokoyama, Hiroshi Mgmt For Against

Voter Rationale:

3.8 Elect Director Hosokawa, Kenji Mgmt For Against

Voter Rationale:

Page 239 of 305

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Ship Healthcare Holdings Inc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.9 Elect Director Yamamoto, Hiroshi Mgmt For Against

Voter Rationale:

3.10 Elect Director Wada, Yoshiaki Mgmt For Against

Voter Rationale:

Showa Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7274

Primary ISIN: JP3360300002 Primary SEDOL: 6805629

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kadoya, Akira Mgmt For Against

Voter Rationale:

3.3 Elect Director Hirata, Hajime Mgmt For Against

Voter Rationale:

3.4 Elect Director Nagao, Takeshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Ono, Kenichi Mgmt For Against

Voter Rationale:

3.6 Elect Director Wakiyama, Narutoshi Mgmt For Against

Voter Rationale:

3.7 Elect Director Matsumura, Tetsuya Mgmt For Against

Voter Rationale:

Page 240 of 305

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Showa Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Ueno, Yutaka Mgmt For Against

Voter Rationale:

Showa Sangyo Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 2004

Primary ISIN: JP3366400004 Primary SEDOL: 6805607

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Sakuma, Jun Mgmt For Against

2.3 Elect Director Niitsuma, Kazuhiko Mgmt For Against

2.4 Elect Director Nakamura, Keisuke Mgmt For Against

2.5 Elect Director Hinokuma, Keiichi Mgmt For Against

2.6 Elect Director Tsuchiya, Nobuhito Mgmt For Against

2.7 Elect Director Tamai, Akira Mgmt For Against

2.8 Elect Director Yanagiya, Takashi Mgmt For Against

Page 241 of 305

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Showa Sangyo Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Kurihara, Kazuyasu Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Appoint Alternate Statutory Auditor Takahashi, Mgmt For Against Yoshiki Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Sintokogio Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 6339

Primary ISIN: JP3378200004 Primary SEDOL: 6804626

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Hirai, Shuji Mgmt For Against

Voter Rationale:

1.4 Elect Director Uratsuji, Ikuhisa Mgmt For Against

Voter Rationale:

1.5 Elect Director Kuno, Tsuneyasu Mgmt For Against

Voter Rationale:

1.6 Elect Director Izawa, Moriyasu Mgmt For Against

Voter Rationale:

1.7 Elect Director Takahashi, Shinji Mgmt For Against

Voter Rationale:

1.8 Elect Director Taniguchi, Yatsuka Mgmt For Against

Voter Rationale:

Page 242 of 305

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Sintokogio Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Appoint Statutory Auditor Natsume, Toshinobu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Kawakami, Kazuaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.4 Appoint Statutory Auditor Karaki, Yasumasa Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

SKY Perfect JSAT Holdings Inc

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 9412

Primary ISIN: JP3396350005 Primary SEDOL: B1TK234

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Ogawa, Akira Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Katsushima, Toshiaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Fujita, Tetsuya Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

SMC Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 6273

Primary ISIN: JP3162600005 Primary SEDOL: 6763965

Page 243 of 305

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SMC Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Usui, Ikuji Mgmt For Against

Voter Rationale:

2.4 Elect Director Kosugi, Seiji Mgmt For Against

Voter Rationale:

2.5 Elect Director Satake, Masahiko Mgmt For Against

Voter Rationale:

2.6 Elect Director Takada, Yoshiki Mgmt For Against

Voter Rationale:

2.7 Elect Director Ohashi, Eiji Mgmt For Against

Voter Rationale:

2.8 Elect Director Kuwahara, Osamu Mgmt For Against

Voter Rationale:

2.9 Elect Director Shikakura, Koichi Mgmt For Against

Voter Rationale:

2.10 Elect Director Ogura, Koji Mgmt For Against

Voter Rationale:

2.11 Elect Director Kawada, Motoichi Mgmt For Against

Voter Rationale:

2.12 Elect Director Takada, Susumu Mgmt For Against

Voter Rationale:

Page 244 of 305

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Soda Nikka Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8158

Primary ISIN: JP3431400005 Primary SEDOL: 6818810

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Shimada, Kenichiro Mgmt For Against

Voter Rationale:

2.3 Elect Director Kawanabe, Hiroshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Mori, Masato Mgmt For Against

Voter Rationale:

2.5 Elect Director Hayashi, Tetsuya Mgmt For Against

Voter Rationale:

2.6 Elect Director Miyamoto, Takahiro Mgmt For Against

Voter Rationale:

2.8 Elect Director Nishijima, Koji Mgmt For Against

Voter Rationale:

Sony Corporation

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 6758

Primary ISIN: JP3435000009 Primary SEDOL: 6821506

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Approve Stock Option Plan Mgmt For Against

Page 245 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sony Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Sony Financial Holdings Inc.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8729

Primary ISIN: JP3435350008 Primary SEDOL: B249SN5

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ishii, Shigeru Mgmt For Against

Voter Rationale:

3.3 Elect Director Kiyomiya, Hiroaki Mgmt For Against

Voter Rationale:

3.4 Elect Director Hagimoto, Tomoo Mgmt For Against

Voter Rationale:

3.5 Elect Director Ito, Yutaka Mgmt For Against

Voter Rationale:

3.6 Elect Director Niwa, Atsuo Mgmt For Against

Voter Rationale:

3.7 Elect Director Kambe, Shiro Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Hayase, Yasuyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 246 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Bakelite Co. Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 4203

Primary ISIN: JP3409400003 Primary SEDOL: 6858504

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Terasawa, Tsuneo Mgmt For Against

Voter Rationale:

3.3 Elect Director Muto, Shigeki Mgmt For Against

Voter Rationale:

3.4 Elect Director Yamawaki, Noboru Mgmt For Against

Voter Rationale:

3.5 Elect Director Fujiwara, Kazuhiko Mgmt For Against

Voter Rationale:

3.6 Elect Director Inagaki, Masayuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Asakuma, Sumitoshi Mgmt For Against

Voter Rationale:

3.9 Elect Director Ogawa, Ikuzo Mgmt For Against

Voter Rationale:

Sumitomo Chemical Co. Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 4005

Primary ISIN: JP3401400001 Primary SEDOL: 6858560

Page 247 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Chemical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Appoint Statutory Auditor Nagamatsu, Kenya Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Yoshida, Hiroaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Sumitomo Dainippon Pharma Co., Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 4506

Primary ISIN: JP3495000006 Primary SEDOL: 6250865

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Noguchi, Hiroshi Mgmt For Against

Voter Rationale:

2.3 Elect Director Hara, Makoto Mgmt For Against

Voter Rationale:

2.4 Elect Director Okada, Yoshihiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Ishidahara, Masaru Mgmt For Against

Voter Rationale:

2.6 Elect Director Nomura, Hiroshi Mgmt For Against

Voter Rationale:

Page 248 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Densetsu Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 1949

Primary ISIN: JP3407800006 Primary SEDOL: 6858689

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.3 Elect Director Shioyama, Yukio Mgmt For Against

Voter Rationale:

4.4 Elect Director Kojima, Wataru Mgmt For Against

Voter Rationale:

4.5 Elect Director Sakazaki, Masao Mgmt For Against

Voter Rationale:

4.6 Elect Director Noguchi, Toru Mgmt For Against

Voter Rationale:

4.7 Elect Director Tsuru, Kunio Mgmt For Against

Voter Rationale:

4.8 Elect Director Yamasaki, Kenji Mgmt For Against

Voter Rationale:

4.9 Elect Director Inoue, Ikuho Mgmt For Against

Voter Rationale:

5.1 Appoint Statutory Auditor Abe, Masanori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5.2 Appoint Statutory Auditor Uchiike, Kazuhiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 249 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Densetsu Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

6 Approve Retirement Bonus Payment for Director Mgmt For Against and Statutory Auditors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Sumitomo Electric Industries Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 5802

Primary ISIN: JP3407400005 Primary SEDOL: 6858708

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Nakano, Takahiro Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Inayama, Hideaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Ogura, Satoru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Sumitomo Heavy Industries, Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6302

Primary ISIN: JP3405400007 Primary SEDOL: 6858731

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Nishimura, Shinji Mgmt For Against

Voter Rationale:

Page 250 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Heavy Industries, Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Takaishi, Yuji Mgmt For Against

Voter Rationale:

2.5 Elect Director Tanaka, Toshiharu Mgmt For Against

Voter Rationale:

2.6 Elect Director Tomita, Yoshiyuki Mgmt For Against

Voter Rationale:

2.7 Elect Director Kaneshige, Kazuto Mgmt For Against

Voter Rationale:

2.8 Elect Director Ide, Mikio Mgmt For Against

Voter Rationale:

2.9 Elect Director Takahashi, Susumu Mgmt For Against

Voter Rationale:

Sumitomo Mitsui Financial Group, Inc.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8316

Primary ISIN: JP3890350006 Primary SEDOL: 6563024

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Appoint Statutory Auditor Mikami, Toru Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 251 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Osaka Cement Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5232

Primary ISIN: JP3400900001 Primary SEDOL: 6858548

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Nakao, Masafumi Mgmt For Against

Voter Rationale:

2.3 Elect Director Fujisue, Akira Mgmt For Against

Voter Rationale:

2.4 Elect Director Suga, Yushi Mgmt For Against

Voter Rationale:

2.5 Elect Director Mukai, Katsuji Mgmt For Against

Voter Rationale:

2.6 Elect Director Yoshitomi, Isao Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Sekine, Akio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Sumitomo Real Estate Sales Co.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8870

Primary ISIN: JP3409200007 Primary SEDOL: 6119449

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Iwai, Shigeto Mgmt For Against

Page 252 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Real Estate Sales Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit an outside director as a first step to broaden and diversify board discussion. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director. It is disappointing that the company continues to maintain an all-insider board. This falls significantly short of the recommendations of the new Japan corporate governance code. The boards should by 2017 establish one-third independence to ensure appropriate balance of independence and objectivity. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

2.2 Elect Director Tanaka, Toshikazu Mgmt For Against

Voter Rationale: The board should recruit an outside director as a first step to broaden and diversify board discussion. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director. It is disappointing that the company continues to maintain an all-insider board. This falls significantly short of the recommendations of the new Japan corporate governance code. The boards should by 2017 establish one-third independence to ensure appropriate balance of independence and objectivity. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

2.3 Elect Director Arai, Hiroshi Mgmt For Against

2.4 Elect Director Ashikawa, Kazuo Mgmt For Against

2.5 Elect Director Murai, Shinichiro Mgmt For Against

2.6 Elect Director Suzuki, Tetsuya Mgmt For Against

2.7 Elect Director Onda, Haruo Mgmt For Against

2.8 Elect Director Kato, Hiroshi Mgmt For Against

2.9 Elect Director Ito, Koji Mgmt For Against

3.1 Appoint Statutory Auditor Mori, Takenori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Izumoto, Toshifumi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4 Approve Retirement Bonus Payment for Mgmt For Against Directors and Statutory Auditors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Sumitomo Realty & Development Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8830

Primary ISIN: JP3409000001 Primary SEDOL: 6858902

Page 253 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sumitomo Realty & Development Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Nakamura, Yoshihumi Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Suzuken Co Ltd

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 9987

Primary ISIN: JP3398000004 Primary SEDOL: 6865560

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Miyata, Hiromi Mgmt For Against

Voter Rationale:

1.4 Elect Director Suzuki, Nobuo Mgmt For Against

Voter Rationale:

1.5 Elect Director Yoza, Keiji Mgmt For Against

Voter Rationale:

1.6 Elect Director Asano, Shigeru Mgmt For Against

Voter Rationale:

1.7 Elect Director Ueda, Keisuke Mgmt For Against

Voter Rationale:

Page 254 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Suzuki Motor Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7269

Primary ISIN: JP3397200001 Primary SEDOL: 6865504

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Honda, Osamu Mgmt For Against

Voter Rationale:

2.3 Elect Director Suzuki, Toshihiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Harayama, Yasuhito Mgmt For Against

Voter Rationale:

2.5 Elect Director Mochizuki, Eiji Mgmt For Against

Voter Rationale:

2.6 Elect Director Iwatsuki, Takashi Mgmt For Against

Voter Rationale:

2.7 Elect Director Nagao, Masahiko Mgmt For Against

Voter Rationale:

Sysmex Corp

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 6869

Primary ISIN: JP3351100007 Primary SEDOL: 6883807

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hayashi, Masayoshi Mgmt For Against

Page 255 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Sysmex Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Nakajima, Yukio Mgmt For Against

Voter Rationale:

2.4 Elect Director Tamura, Koji Mgmt For Against

Voter Rationale:

2.5 Elect Director Obe, Kazuya Mgmt For Against

Voter Rationale:

2.6 Elect Director Watanabe, Mitsuru Mgmt For Against

Voter Rationale:

2.7 Elect Director Asano, Kaoru Mgmt For Against

Voter Rationale:

2.8 Elect Director Tachibana, Kenji Mgmt For Against

Voter Rationale:

2.9 Elect Director Nishiura, Susumu Mgmt For Against

Voter Rationale:

T&D HOLDINGS INC.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8795

Primary ISIN: JP3539220008 Primary SEDOL: 6744294

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Yokoyama, Terunori Mgmt For Against

Page 256 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

T&D HOLDINGS INC.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

3.4 Elect Director Matsuyama, Haruka Mgmt For Against

Voter Rationale:

3.5 Elect Director Tanaka, Katsuhide Mgmt For Against

Voter Rationale:

3.6 Elect Director Kudo, Minoru Mgmt For Against

Voter Rationale:

3.7 Elect Director Shimada, Kazuyoshi Mgmt For Against

Voter Rationale:

Taiheiyo Cement Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 5233

Primary ISIN: JP3449020001 Primary SEDOL: 6660204

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kurasaki, Sho Mgmt For Against

Voter Rationale:

2.4 Elect Director Ogawa, Kenji Mgmt For Against

Voter Rationale:

2.5 Elect Director Minato, Takaki Mgmt For Against

Voter Rationale:

Page 257 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Taiheiyo Cement Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Kasamura, Hidehiko Mgmt For Against

Voter Rationale:

2.7 Elect Director Kikuchi, Ken Mgmt For Against

Voter Rationale:

2.8 Elect Director Kitabayashi, Yuichi Mgmt For Against

Voter Rationale:

2.9 Elect Director Matsushima, Shigeru Mgmt For Against

Voter Rationale:

2.10 Elect Director Fushihara, Masafumi Mgmt For Against

Voter Rationale:

2.11 Elect Director Nishimura, Toshihide Mgmt For Against

Voter Rationale:

2.12 Elect Director Otagaki, Keiichi Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Ishii, Koji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Nonaka, Takashi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Narukage, Yoshio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Taiko Pharmaceutical Co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4574

Primary ISIN: JP3442200006 Primary SEDOL: B55K3G6

Page 258 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Taiko Pharmaceutical Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Shibata, Hitoshi Mgmt For Against

Voter Rationale:

2.2 Elect Director Shibata, Takashi Mgmt For Against

Voter Rationale:

2.3 Elect Director Yoshikawa, Tomosada Mgmt For Against

Voter Rationale:

2.4 Elect Director Kato, Atsunori Mgmt For Against

Voter Rationale:

2.5 Elect Director Moroi, Masami Mgmt For Against

Voter Rationale:

Taisho Pharmaceutical Holdings Co., Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4581

Primary ISIN: JP3442850008 Primary SEDOL: B3QX5G4

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Uehara, Shigeru Mgmt For Against

Page 259 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Taisho Pharmaceutical Holdings Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ohira, Akira Mgmt For Against

2.4 Elect Director Uehara, Ken Mgmt For Against

2.5 Elect Director Fujita, Kenichi Mgmt For Against

2.6 Elect Director Kameo, Kazuya Mgmt For Against

2.7 Elect Director Watanabe, Tetsu Mgmt For Against

2.8 Elect Director Morikawa, Toshio Mgmt For Against

2.9 Elect Director Uemura, Hiroyuki Mgmt For Against

3.1 Appoint Statutory Auditor Sasaki, Yoshiaki Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Kobayashi, Kyuji Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.4 Appoint Statutory Auditor Sato, Junya Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Taiyo Yuden Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6976

Primary ISIN: JP3452000007 Primary SEDOL: 6870564

Page 260 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Taiyo Yuden Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tosaka, Shoichi Mgmt For Against

Voter Rationale:

2.3 Elect Director Nakano, Katsushige Mgmt For Against

Voter Rationale:

2.4 Elect Director Tsutsumi, Seiichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Masuyama, Shinji Mgmt For Against

Voter Rationale:

2.6 Elect Director Takahashi, Osamu Mgmt For Against

Voter Rationale:

TAKAMATSU CONSTRUCTION GROUP

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 1762

Primary ISIN: JP3457900003 Primary SEDOL: 6083135

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Reduce Directors' Term - Mgmt For Against Indemnify Directors - Indemnify Statutory Auditors - Authorize Board to Determine Income Allocation Voter Rationale:

A vote AGAINST this proposal is warranted because it is not in shareholders' interest to allow the company to determine income allocation solely at the board's discretion, and to ban shareholders from submitting their own proposals related to income allocation.

3.1 Elect Director Takamatsu, Takayuki Mgmt For Against

Voter Rationale:

Page 261 of 305

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TAKAMATSU CONSTRUCTION GROUP

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Takamatsu, Takayoshi Mgmt For Against

Voter Rationale:

3.4 Elect Director Takamatsu, Hirotaka Mgmt For Against

Voter Rationale:

3.5 Elect Director Ueno, Yasunobu Mgmt For Against

Voter Rationale:

3.6 Elect Director Yoshitake, Nobuhiko Mgmt For Against

Voter Rationale:

Takasago Thermal Engineering

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1969

Primary ISIN: JP3455200000 Primary SEDOL: 6870520

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Shima, Yasumitsu Mgmt For Against

Voter Rationale:

3.3 Elect Director Taniguchi, Emio Mgmt For Against

Voter Rationale:

3.4 Elect Director Watanabe, Junzo Mgmt For Against

Voter Rationale:

3.5 Elect Director Kamisugi, Keisuke Mgmt For Against

Voter Rationale:

Page 262 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Takasago Thermal Engineering

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Matsuura, Takuya Mgmt For Against

Voter Rationale:

3.7 Elect Director Takahara, Choichi Mgmt For Against

Voter Rationale:

3.8 Elect Director Tabuchi, Jun Mgmt For Against

Voter Rationale:

3.9 Elect Director Hara, Yoshiyuki Mgmt For Against

Voter Rationale:

3.10 Elect Director Yamawake, Hiroshi Mgmt For Against

Voter Rationale:

3.12 Elect Director Yabunaka, Mitoji Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Yamamoto, Yukitoshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Takashimaya Co. Ltd.

Meeting Date: 05/19/2015 Country: Japan Meeting Type: Annual Ticker: 8233

Primary ISIN: JP3456000003 Primary SEDOL: 6870401

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Koezuka, Miharu Mgmt For Against

Voter Rationale:

Page 263 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Takashimaya Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Akiyama, Hiroaki Mgmt For Against

Voter Rationale:

2.5 Elect Director Monda, Shinji Mgmt For Against

Voter Rationale:

2.6 Elect Director Takayama, Shunzo Mgmt For Against

Voter Rationale:

2.7 Elect Director Murata, Yoshio Mgmt For Against

Voter Rationale:

2.8 Elect Director Matsumoto, Yasuhiko Mgmt For Against

Voter Rationale:

2.10 Elect Director Goto, Akira Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Sukino, Kenji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Muto, Eiji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Takuma Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6013

Primary ISIN: JP3462600002 Primary SEDOL: 6870768

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Numata, Kengo Mgmt For Against

Page 264 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Takuma Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.3 Elect Director Ayukawa, Daisuke Mgmt For Against

Voter Rationale:

2.4 Elect Director Goto, Masashi Mgmt For Against

Voter Rationale:

2.5 Elect Director Nakagawa, Masafumi Mgmt For Against

Voter Rationale:

2.6 Elect Director Nanjo, Hiroaki Mgmt For Against

Voter Rationale:

2.7 Elect Director Izumi, Masahiko Mgmt For Against

Voter Rationale:

2.8 Elect Director Satake, Hiromichi Mgmt For Against

Voter Rationale:

3.1 Appoint Alternate Statutory Auditor Enomoto, Mgmt For Against Yasushi Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Tayca Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4027

Primary ISIN: JP3539300008 Primary SEDOL: 6880864

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Tozawa, Masaaki Mgmt For Against

Page 265 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Tayca Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.2 Elect Director Nishino, Masahiko Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Okada, Norikatsu Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Miyazaki, Akira Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.3 Appoint Statutory Auditor Yamada, Hiroyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

T-Gaia Corporation

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 3738

Primary ISIN: JP3893700009 Primary SEDOL: 6744670

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Katayama, Bumpei Mgmt For Against

Voter Rationale:

3.3 Elect Director Kanaji, Nobutaka Mgmt For Against

Voter Rationale:

3.5 Elect Director Tada, Soichiro Mgmt For Against

Voter Rationale:

3.6 Elect Director Naito, Tatsujiro Mgmt For Against

Voter Rationale:

Page 266 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

T-Gaia Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Konda, Tsuyoshi Mgmt For Against

Voter Rationale:

4 Appoint Statutory Auditor Koda, Yoshihiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Toa Road Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 1882

Primary ISIN: JP3558000000 Primary SEDOL: 6894586

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Maruo, Kazuhiro Mgmt For Against

Voter Rationale:

3.3 Elect Director Kawauchi, Tadashi Mgmt For Against

Voter Rationale:

3.4 Elect Director Morishita, Kyoichi Mgmt For Against

Voter Rationale:

3.5 Elect Director Shinya, Akira Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Mori, Shinichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 267 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Tochigi Bank Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8550

Primary ISIN: JP3627800000 Primary SEDOL: 6893550

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Takanohashi, Kazunari Mgmt For Against

Voter Rationale:

2.2 Elect Director Arai, Takashi Mgmt For Against

Voter Rationale:

2.3 Elect Director Kuromoto, Junnosuke Mgmt For Against

Voter Rationale:

2.4 Elect Director Inomata, Yoshifumi Mgmt For Against

Voter Rationale:

2.5 Elect Director Shimoyama, Koji Mgmt For Against

Voter Rationale:

2.6 Elect Director Nohara, Koji Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Kobayashi, Takao Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Toda Kogyo Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4100

Primary ISIN: JP3627400009 Primary SEDOL: 6893505

Page 268 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toda Kogyo Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Nakagawa, Takuo Mgmt For Against

Voter Rationale:

3.4 Elect Director Oka, Hiroshi Mgmt For Against

Voter Rationale:

3.6 Elect Director Ohori, Hideo Mgmt For Against

Voter Rationale:

5 Approve Retirement Bonuses and Special Mgmt For Against Payments Related to Retirement Bonus System Abolition Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

6 Approve Deep Discount Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Toenec Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 1946

Primary ISIN: JP3552230009 Primary SEDOL: 6895620

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Ito, Yasutaka Mgmt For Against

Voter Rationale:

3.2 Elect Director Okumura, Yoshiyuki Mgmt For Against

Voter Rationale:

Page 269 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toenec Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Saito, Hitoshi Mgmt For Against

Voter Rationale:

3.6 Elect Director Shimizu, Shigenobu Mgmt For Against

Voter Rationale:

3.7 Elect Director Sumida, Terutomo Mgmt For Against

Voter Rationale:

3.8 Elect Director Takagi, Isao Mgmt For Against

Voter Rationale:

3.9 Elect Director Mitsuishi, Takuji Mgmt For Against

Voter Rationale:

3.10 Elect Director Yamauchi, Tadashi Mgmt For Against

Voter Rationale:

Toho Holdings Co Ltd

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8129

Primary ISIN: JP3602600003 Primary SEDOL: 6895556

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Homma, Toshio Mgmt For Against

Voter Rationale:

2.4 Elect Director Matsutani, Takeo Mgmt For Against

Voter Rationale:

Page 270 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toho Holdings Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Morikubo, Mitsuo Mgmt For Against

Voter Rationale:

2.6 Elect Director Ogino, Mamoru Mgmt For Against

Voter Rationale:

2.7 Elect Director Kato, Katsuya Mgmt For Against

Voter Rationale:

2.8 Elect Director Matsutani, Takaaki Mgmt For Against

Voter Rationale:

2.9 Elect Director Edahiro, Hiromi Mgmt For Against

Voter Rationale:

2.10 Elect Director Naito, Atsuko Mgmt For Against

Voter Rationale:

2.11 Elect Director Watanabe, Shunsuke Mgmt For Against

Voter Rationale:

2.12 Elect Director Murayama, Shosaku Mgmt For Against

Voter Rationale:

2.13 Elect Director Nagasawa, Toru Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Matsumoto, Yoshio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 271 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

TOKAI Holdings Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3167

Primary ISIN: JP3552260006 Primary SEDOL: B3SF9N3

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Takahashi, Shingo Mgmt For Against

Voter Rationale:

2.3 Elect Director Mamuro, Takanori Mgmt For Against

Voter Rationale:

2.4 Elect Director Mizoguchi, Hidetsugu Mgmt For Against

Voter Rationale:

2.5 Elect Director Takada, Masahiko Mgmt For Against

Voter Rationale:

2.6 Elect Director Fukuda, Yasuhiro Mgmt For Against

Voter Rationale:

2.7 Elect Director Suzuki, Mitsuhaya Mgmt For Against

Voter Rationale:

2.8 Elect Director Oguri, Katsuo Mgmt For Against

Voter Rationale:

2.9 Elect Director Kobayashi, Kenichi Mgmt For Against

Voter Rationale:

2.10 Elect Director Sone, Masahiro Mgmt For Against

Voter Rationale:

Page 272 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Tokio Marine Holdings, Inc.

Meeting Date: 06/29/2015 Country: Japan Meeting Type: Annual Ticker: 8766

Primary ISIN: JP3910660004 Primary SEDOL: 6513126

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Oba, Masashi Mgmt For Against

Voter Rationale:

2.4 Elect Director Fujita, Hirokazu Mgmt For Against

Voter Rationale:

2.5 Elect Director Mimura, Akio Mgmt For Against

Voter Rationale:

Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.

2.6 Elect Director Sasaki, Mikio Mgmt For Against

Voter Rationale:

2.7 Elect Director Hirose, Shinichi Mgmt For Against

Voter Rationale:

2.8 Elect Director Ishii, Ichiro Mgmt For Against

Voter Rationale:

2.10 Elect Director Yuasa, Takayuki Mgmt For Against

Voter Rationale:

4 Approve Aggregate Compensation Ceiling for Mgmt For Against Directors and Amend Deep Discount Stock Option Plan Approved at 2006 AGM Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 273 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Tokyo Dome Corp.

Meeting Date: 04/28/2015 Country: Japan Meeting Type: Annual Ticker: 9681

Primary ISIN: JP3587600002 Primary SEDOL: 6496744

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Nomura, Ryusuke Mgmt For Against

Voter Rationale:

2.3 Elect Director Nagaoka, Tsutomu Mgmt For Against

Voter Rationale:

2.4 Elect Director Yamazumi, Akihiro Mgmt For Against

Voter Rationale:

2.5 Elect Director Honda, Kenji Mgmt For Against

Voter Rationale:

2.6 Elect Director Taniguchi, Yoshiyuki Mgmt For Against

Voter Rationale:

2.7 Elect Director Akiyama, Tomofumi Mgmt For Against

Voter Rationale:

2.8 Elect Director Mori, Nobuhiro Mgmt For Against

Voter Rationale:

2.9 Elect Director Inoue, Yoshihisa Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Tsutsumi, Junichi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 274 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Tokyo Gas Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 9531

Primary ISIN: JP3573000001 Primary SEDOL: 6895448

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Hataba, Matsuhiko Mgmt For Against

Voter Rationale:

2.4 Elect Director Kunigo, Yutaka Mgmt For Against

Voter Rationale:

2.5 Elect Director Mikami, Masahiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Kobayashi, Hiroaki Mgmt For Against

Voter Rationale:

2.7 Elect Director Uchida, Takashi Mgmt For Against

Voter Rationale:

2.8 Elect Director Yasuoka, Satoru Mgmt For Against

Voter Rationale:

2.9 Elect Director Nakagaki, Yoshihiko Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Obana, Hideaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 275 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Tokyo Sangyo Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8070

Primary ISIN: JP3576600005 Primary SEDOL: 6894348

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kanemaki, Yuji Mgmt For Against

Voter Rationale:

2.3 Elect Director Ito, Hiroshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Sudo, Takashi Mgmt For Against

Voter Rationale:

2.5 Elect Director Yoneyama, Yoshiaki Mgmt For Against

Voter Rationale:

2.6 Elect Director Fuse, Yoshiki Mgmt For Against

Voter Rationale:

2.7 Elect Director Kambara, Minoru Mgmt For Against

Voter Rationale:

2.8 Elect Director Ito, Ichiro Mgmt For Against

Voter Rationale:

4 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Page 276 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toli Corporation

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 7971

Primary ISIN: JP3620600001 Primary SEDOL: 6900342

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Suzuki, Jun Mgmt For Against

Voter Rationale:

2.3 Elect Director Tokushima, Hiroyasu Mgmt For Against

Voter Rationale:

2.4 Elect Director Amano, Hirofumi Mgmt For Against

Voter Rationale:

2.5 Elect Director Imazaki, Yasuo Mgmt For Against

Voter Rationale:

Topcon Corp.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7732

Primary ISIN: JP3630400004 Primary SEDOL: 6894241

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Sawaguchi, Shigeyuki Mgmt For Against

Voter Rationale:

1.3 Elect Director Iwasaki, Makoto Mgmt For Against

Voter Rationale:

Page 277 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Topcon Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Fukuma, Yasufumi Mgmt For Against

Voter Rationale:

1.5 Elect Director Taguchi, Hiroshi Mgmt For Against

Voter Rationale:

1.6 Elect Director Eto, Takashi Mgmt For Against

Voter Rationale:

1.7 Elect Director Akiyama, Haruhiko Mgmt For Against

Voter Rationale:

1.9 Elect Director Sudo, Akira Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Kobayashi, Haruhiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Nakamura, Hiroyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.3 Appoint Statutory Auditor Wakabayashi, Hiroshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Toppan Printing Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 7911

Primary ISIN: JP3629000005 Primary SEDOL: 6897024

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Furuya, Yoshihiro Mgmt For Against

Page 278 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toppan Printing Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.4 Elect Director Kumamoto, Yuichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Nagayama, Yoshiyuki Mgmt For Against

Voter Rationale:

2.6 Elect Director Okubo, Shinichi Mgmt For Against

Voter Rationale:

2.7 Elect Director Kakiya, Hidetaka Mgmt For Against

Voter Rationale:

2.8 Elect Director Ito, Atsushi Mgmt For Against

Voter Rationale:

2.9 Elect Director Arai, Makoto Mgmt For Against

Voter Rationale:

2.10 Elect Director Maro, Hideharu Mgmt For Against

Voter Rationale:

2.11 Elect Director Matsuda, Naoyuki Mgmt For Against

Voter Rationale:

2.12 Elect Director Sakuma, Kunio Mgmt For Against

Voter Rationale:

2.13 Elect Director Noma, Yoshinobu Mgmt For Against

Voter Rationale:

Page 279 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toppan Printing Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.14 Elect Director Sato, Nobuaki Mgmt For Against

Voter Rationale:

2.15 Elect Director Izawa, Taro Mgmt For Against

Voter Rationale:

2.16 Elect Director Ezaki, Sumio Mgmt For Against

Voter Rationale:

2.17 Elect Director Yamano, Yasuhiko Mgmt For Against

Voter Rationale:

2.18 Elect Director Kotani, Yuichiro Mgmt For Against

Voter Rationale:

2.19 Elect Director Iwase, Hiroshi Mgmt For Against

Voter Rationale:

2.20 Elect Director Yamanaka, Norio Mgmt For Against

Voter Rationale:

2.21 Elect Director Nakao, Mitsuhiro Mgmt For Against

Voter Rationale:

2.22 Elect Director Sato, Yuji Mgmt For Against

Voter Rationale:

2.23 Elect Director Sakai, Kazunori Mgmt For Against

Voter Rationale:

2.24 Elect Director Noguchi, Haruhiko Mgmt For Against

Voter Rationale:

Page 280 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toppan Printing Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.25 Elect Director Ueki, Tetsuro Mgmt For Against

Voter Rationale:

2.26 Elect Director Saito, Masanori Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Tanoue, Seishi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Takagi, Shinjiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Topy Industries Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 7231

Primary ISIN: JP3630200008 Primary SEDOL: 6897121

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Higashi, Akira Mgmt For Against

2.3 Elect Director Ishii, Yasuto Mgmt For Against

2.4 Elect Director Kojima, Tadashi Mgmt For Against

3.1 Appoint Statutory Auditor Yamamoto, Masaru Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Ogawa, Yukihiro Mgmt For Against

Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 281 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Topy Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 Approve Aggregate Compensation Ceiling for Mgmt For Against Directors Voter Rationale: A vote AGAINST this proposal is warranted because financial and stock performance does not imply that the company has conducted business in the interests of shareholders.

Tosoh Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4042

Primary ISIN: JP3595200001 Primary SEDOL: 6900289

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yamamoto, Toshinori Mgmt For Against

Voter Rationale:

2.3 Elect Director Ito, Sukehiro Mgmt For Against

Voter Rationale:

2.4 Elect Director Uchikura, Masaki Mgmt For Against

Voter Rationale:

2.5 Elect Director Nishizawa, Keiichiro Mgmt For Against

Voter Rationale:

2.6 Elect Director Tashiro, Katsushi Mgmt For Against

Voter Rationale:

2.7 Elect Director Kawamoto, Koji Mgmt For Against

Voter Rationale:

2.8 Elect Director Yamada, Masayuki Mgmt For Against

Voter Rationale:

Page 282 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Tosoh Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Murashige, Nobuaki Mgmt For Against

Voter Rationale:

2.10 Elect Director Murata, Hiroto Mgmt For Against

Voter Rationale:

2.11 Elect Director Abe, Tsutomu Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Inoue, Eiji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.1 Appoint Alternate Statutory Auditor Tanaka, Mgmt For Against Shinji Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Towa Bank Ltd.

Meeting Date: 06/25/2015 Country: Japan Meeting Type: Annual Ticker: 8558

Primary ISIN: JP3622400004 Primary SEDOL: 6897905

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kabe, Hideo Mgmt For Against

Voter Rationale:

3.3 Elect Director Osawa, Kiyomi Mgmt For Against

Voter Rationale:

3.4 Elect Director Ebara, Hiroshi Mgmt For Against

Voter Rationale:

Page 283 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Towa Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Sakurai, Hiroyuki Mgmt For Against

Voter Rationale:

6 Approve Retirement Bonus and Special Mgmt For Against Payments Related to Retirement Bonus System Abolition Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Towa Pharmaceutical Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 4553

Primary ISIN: JP3623150004 Primary SEDOL: 6899581

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Osawa, Takashi Mgmt For Against

Voter Rationale:

3.3 Elect Director Shirakawa, Toshio Mgmt For Against

Voter Rationale:

3.4 Elect Director Yabushita, Keiji Mgmt For Against

Voter Rationale:

3.5 Elect Director Nishikawa, Yoshiaki Mgmt For Against

Voter Rationale:

3.6 Elect Director Morino, Sadayuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Maeyama, Shigeru Mgmt For Against

Voter Rationale:

Page 284 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Towa Pharmaceutical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Konno, Kazuhiko Mgmt For Against

Voter Rationale:

3.9 Elect Director Okimoto, Kazuto Mgmt For Against

Voter Rationale:

3.10 Elect Director Mukuta, Takashi Mgmt For Against

Voter Rationale:

3.11 Elect Director Naito, Yasushi Mgmt For Against

Voter Rationale:

3.12 Elect Director Nagamura, Satoru Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Kurihara, Kazuo Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Minaki, Takehisa Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Morino, Jitsuhiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.4 Appoint Statutory Auditor Mimura, Junji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Retirement Bonus Payment for Mgmt For Against Directors and Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Toyo Kohan Co. Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 5453

Primary ISIN: JP3610200002 Primary SEDOL: 6900160

Page 285 of 305

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Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toyo Kohan Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Yoshitake, Junichiro Mgmt For Against

Voter Rationale:

3.4 Elect Director Miyaji, Masafumi Mgmt For Against

Voter Rationale:

3.7 Elect Director Otsuka, Ichio Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Namioka, Sadayuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Okinaka, Ichiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Appoint Alternate Statutory Auditor Dairaku, Mgmt For Against Takashi Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Toyo Securities Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8614

Primary ISIN: JP3611800008 Primary SEDOL: 6900234

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Hamba, Hiroaki Mgmt For Against

Voter Rationale:

1.4 Elect Director Kuwahara, Yoshiaki Mgmt For Against

Voter Rationale:

Page 286 of 305

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Toyo Securities Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Nawata, Masato Mgmt For Against

Voter Rationale:

1.6 Elect Director Suzuki, Mahito Mgmt For Against

Voter Rationale:

1.7 Elect Director Ishioka, Manabu Mgmt For Against

Voter Rationale:

Toyota Motor Corp.

Meeting Date: 06/16/2015 Country: Japan Meeting Type: Annual Ticker: 7203

Primary ISIN: JP3633400001 Primary SEDOL: 6900643

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kodaira, Nobuyori Mgmt For Against

Voter Rationale: We recognise the company's moves to improve its corporate governance structure - such as board reducing its size to 12 people, as well as the value brought by the three external directors. We however believe that the board should recruit at least three genuinely independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

2.4 Elect Director Kato, Mitsuhisa Mgmt For Against

2.5 Elect Director Sudo, Seiichi Mgmt For Against

2.6 Elect Director Terashi, Shigeki Mgmt For Against

2.7 Elect Director Hayakawa, Shigeru Mgmt For Against

2.8 Elect Director Didier Leroy Mgmt For Against

2.9 Elect Director Ijichi, Takahiko Mgmt For Against

2.10 Elect Director Uno, Ikuo Mgmt For Against

2.12 Elect Director Mark T. Hogan Mgmt For Against

3.1 Appoint Statutory Auditor Kato, Masahiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 287 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Toyota Motor Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Appoint Statutory Auditor Kagawa, Yoshiyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

7 Amend Articles to Create Class AA Shares and Mgmt For Against Approve Issuance of Class AA Shares Voter Rationale: Following our conversations with the company, we recognise that the company needs to clearly segregate R&D budgets. Nevertheless, we do not believe that the creation of a new AA share class is the most appropriate way to achieve this and we do not believe that this is in the interests of existing minority shareholders. Also, the most effective way for management and board to ensure long-term shareholders is through the effective management of the company.

transcosmos inc.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 9715

Primary ISIN: JP3635700002 Primary SEDOL: 6900955

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against

Voter Rationale:

4.1 Elect Director Okuda, Koki Mgmt For Against

Voter Rationale:

4.4 Elect Director Iwami, Koichi Mgmt For Against

Voter Rationale:

4.5 Elect Director Mukai, Hiroyuki Mgmt For Against

Voter Rationale:

4.6 Elect Director Moriyama, Masakatsu Mgmt For Against

Voter Rationale:

4.7 Elect Director Nagakura, Shinichi Mgmt For Against

Voter Rationale:

Page 288 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015 transcosmos inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.8 Elect Director Muta, Masaaki Mgmt For Against

Voter Rationale:

4.9 Elect Director Kono, Masatoshi Mgmt For Against

Voter Rationale:

4.10 Elect Director Honda, Hitoshi Mgmt For Against

Voter Rationale:

4.11 Elect Director Shiraishi, Kiyoshi Mgmt For Against

Voter Rationale:

4.12 Elect Director Ralph Wunsch Mgmt For Against

Voter Rationale:

4.13 Elect Director Natsuno, Takeshi Mgmt For Against

Voter Rationale:

4.14 Elect Director Yoshida, Nozomu Mgmt For Against

Voter Rationale:

4.15 Elect Director Uda, Eiji Mgmt For Against

Voter Rationale:

4.16 Elect Director Owen Mahoney Mgmt For Against

Voter Rationale:

UNY Group Holdings Co., Ltd.

Meeting Date: 05/21/2015 Country: Japan Meeting Type: Annual Ticker: 8270

Primary ISIN: JP3949600005 Primary SEDOL: 6918624

Page 289 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

UNY Group Holdings Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Koshida, Jiro Mgmt For Against

Voter Rationale:

3.3 Elect Director Ogawa, Takamasa Mgmt For Against

Voter Rationale:

3.4 Elect Director Takahashi, Jun Mgmt For Against

Voter Rationale:

3.5 Elect Director Ito, Akira Mgmt For Against

Voter Rationale:

3.6 Elect Director Takeuchi, Shuichi Mgmt For Against

Voter Rationale:

3.7 Elect Director Yoshida, Yuzuru Mgmt For Against

Voter Rationale:

3.8 Elect Director Kokado, Tamotsu Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Mizutani, Takumi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Tajima, Kazunori Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

VITAL KSK HOLDINGS CO LTD

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 3151

Primary ISIN: JP3778280002 Primary SEDOL: B60DQY6

Page 290 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

VITAL KSK HOLDINGS CO LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Fukada, Kazuo Mgmt For Against

Voter Rationale:

1.4 Elect Director Hattori, Tamotsu Mgmt For Against

Voter Rationale:

1.5 Elect Director Chihara, Hiroyuki Mgmt For Against

Voter Rationale:

1.6 Elect Director Ichijo, Takeshi Mgmt For Against

Voter Rationale:

1.7 Elect Director Ichijo, Hiroshi Mgmt For Against

Voter Rationale:

1.8 Elect Director Tsugoshi, Masaaki Mgmt For Against

Voter Rationale:

1.9 Elect Director Yoden, Takenori Mgmt For Against

Voter Rationale:

1.10 Elect Director Yamaki, Haruo Mgmt For Against

Voter Rationale:

1.11 Elect Director Kitanaka, Hiroshi Mgmt For Against

Voter Rationale:

1.12 Elect Director Matsui, Shutaro Mgmt For Against

Voter Rationale:

Page 291 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

VITAL KSK HOLDINGS CO LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.13 Elect Director Manabe, Masaaki Mgmt For Against

Voter Rationale:

1.14 Elect Director Yoshimura, Yasuaki Mgmt For Against

Voter Rationale:

2.1 Appoint Statutory Auditor Okuni, junji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

2.2 Appoint Statutory Auditor Saito, Mitsuhiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Warabeya Nichiyo Co., Ltd.

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 2918

Primary ISIN: JP3994400004 Primary SEDOL: 6961888

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Oki, Hisato Mgmt For Against

Voter Rationale:

3.4 Elect Director Moriura, Masana Mgmt For Against

Voter Rationale:

3.5 Elect Director Fujinuma, Yoshitomo Mgmt For Against

Voter Rationale:

3.6 Elect Director Shirai, Tsunehisa Mgmt For Against

Voter Rationale:

Page 292 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Warabeya Nichiyo Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Tsuboki, Masao Mgmt For Against

Voter Rationale:

3.8 Elect Director Asano, Naoshi Mgmt For Against

Voter Rationale:

3.9 Elect Director Sato, Goichi Mgmt For Against

Voter Rationale:

3.10 Elect Director Sakata, Yoichi Mgmt For Against

Voter Rationale:

3.11 Elect Director Tanamoto, Minoru Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Asahi, Teruyuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Kamiya, Kazuhiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Equity Compensation Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Xebio Co. Ltd.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8281

Primary ISIN: JP3428800001 Primary SEDOL: 6984948

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Elect Director Kitazawa, Takeshi Mgmt For Against

Page 293 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Xebio Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

4.3 Elect Director Yashiro, Masatake Mgmt For Against

Voter Rationale:

4.5 Elect Director Yamada, Junji Mgmt For Against

Voter Rationale:

7 Approve Stock Option Plan Mgmt For Against

Voter Rationale:

This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.

Yachiyo Industry Co. Ltd.

Meeting Date: 06/23/2015 Country: Japan Meeting Type: Annual Ticker: 7298

Primary ISIN: JP3933000006 Primary SEDOL: 6984711

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Itai, Kazuyoshi Mgmt For Against

Voter Rationale:

2.3 Elect Director Motoori, Tsugio Mgmt For Against

Voter Rationale:

2.4 Elect Director Ota, Yasushi Mgmt For Against

Voter Rationale:

2.5 Elect Director Asabuki, Kazuhiro Mgmt For Against

Voter Rationale:

Page 294 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yachiyo Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Kitamura, Tetsuya Mgmt For Against

Voter Rationale:

2.7 Elect Director Ozeki, Kenichi Mgmt For Against

Voter Rationale:

Yahoo Japan Corporation

Meeting Date: 06/18/2015 Country: Japan Meeting Type: Annual Ticker: 4689

Primary ISIN: JP3933800009 Primary SEDOL: 6084848

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Amend Articles to Abolish Board Structure with Mgmt For Against Statutory Auditors - Adopt Board Structure with Audit Committee - Decrease Maximum Board Size - Amend Provisions on Director Titles - Indemnify Directors

Voter Rationale:

A vote AGAINST this proposal is warranted because the company will not have any vacant seats on the board following this meeting.

2.3 Elect Director Son, Masayoshi Mgmt For Against

Voter Rationale:

2.4 Elect Director Miyauchi, Ken Mgmt For Against

Voter Rationale:

2.5 Elect Director Kenneth Goldman Mgmt For Against

Voter Rationale:

2.6 Elect Director Ronald Bell Mgmt For Against

Voter Rationale:

Page 295 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yamada Denki Co.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 9831

Primary ISIN: JP3939000000 Primary SEDOL: 6985026

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Fukuyama, Hiroyuki Mgmt For Against

Voter Rationale:

Yamazen Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 8051

Primary ISIN: JP3936800006 Primary SEDOL: 6985587

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Yamamoto, Masami Mgmt For Against

Voter Rationale:

2.4 Elect Director Kakegawa, Takashi Mgmt For Against

Voter Rationale:

2.5 Elect Director Fukuda, Hiroshi Mgmt For Against

Voter Rationale:

2.6 Elect Director Sekiya, Nobuo Mgmt For Against

Voter Rationale:

2.7 Elect Director Aso, Taichi Mgmt For Against

Voter Rationale:

Page 296 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yamazen Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.8 Elect Director Nagao, Yuji Mgmt For Against

Voter Rationale:

2.9 Elect Director Noumi, Toshiyasu Mgmt For Against

Voter Rationale:

2.10 Elect Director Sunayama, Shigeru Mgmt For Against

Voter Rationale:

Yashima Denki Co.,Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 3153

Primary ISIN: JP3931700003 Primary SEDOL: B4YRGK6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Indemnify Directors - Clarify Mgmt For Against Provisions on Alternate Statutory Auditors - Indemnify Statutory Auditors - Authorize Board to Determine Income Allocation

Voter Rationale:

Changes in company's by-laws should not result in the erosion of shareholder rights.

3.3 Elect Director Matsuo, Hiroyuki Mgmt For Against

Voter Rationale:

3.4 Elect Director Shiraishi, Seijin Mgmt For Against

Voter Rationale:

3.5 Elect Director Imamachi, Kazunori Mgmt For Against

Voter Rationale:

Page 297 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yashima Denki Co.,Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Mizumoto, Yoji Mgmt For Against

Voter Rationale:

3.7 Elect Director Ishizawa, Teruyuki Mgmt For Against

Voter Rationale:

4.1 Appoint Alternate Statutory Auditor Matsunami, Mgmt For Against Shigetaka Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Alternate Statutory Auditor Yamauchi, Mgmt For Against Yutaka Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Yellow Hat Ltd.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 9882

Primary ISIN: JP3131350005 Primary SEDOL: 6753591

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Shiraishi, Tadasu Mgmt For Against

Voter Rationale:

2.3 Elect Director Sato, Kazuyuki Mgmt For Against

Voter Rationale:

2.4 Elect Director Nagasawa, Ryuichi Mgmt For Against

Voter Rationale:

2.5 Elect Director Kimura, Yoshimi Mgmt For Against

Voter Rationale:

Page 298 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yellow Hat Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Minatani, Hidemitsu Mgmt For Against

Voter Rationale:

3 Appoint Statutory Auditor Tanaka, Kunihiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Yonekyu Corp.

Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 2290

Primary ISIN: JP3959800008 Primary SEDOL: 6986933

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Miyashita, Isao Mgmt For Against

Voter Rationale: Top management is responsible for the board composition at the controlled company which does not include at least two independent outsiders.

3.2 Elect Director Tanda, Masatoshi Mgmt For Against

3.3 Elect Director Fukunishi, Tsuyoshi Mgmt For Against

3.4 Elect Director Okuda, Hideto Mgmt For Against

3.5 Elect Director Horiuchi, Akihisa Mgmt For Against

Page 299 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yurtec Corp.

Meeting Date: 06/24/2015 Country: Japan Meeting Type: Annual Ticker: 1934

Primary ISIN: JP3946200007 Primary SEDOL: 6894672

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ono, Yasuhiko Mgmt For Against

Voter Rationale:

3.3 Elect Director Endo, Kazuo Mgmt For Against

Voter Rationale:

3.4 Elect Director Shoji, Masahiro Mgmt For Against

Voter Rationale:

3.5 Elect Director Ota, Yoshiharu Mgmt For Against

Voter Rationale:

3.7 Elect Director Maruyama, Minoru Mgmt For Against

Voter Rationale:

3.8 Elect Director Watanabe, Yoichi Mgmt For Against

Voter Rationale:

3.9 Elect Director Nakayama, Noriyoshi Mgmt For Against

Voter Rationale:

3.10 Elect Director Sakamoto, Mitsuhiro Mgmt For Against

Voter Rationale:

3.11 Elect Director Mitsui, Seiichi Mgmt For Against

Voter Rationale:

Page 300 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yurtec Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Sakamoto, Toshiaki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Yamamoto, Shunji Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

5 Approve Retirement Bonus Payment for Mgmt For Against Directors and Statutory Auditors Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

Yusen Logistics Co Ltd

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 9370

Primary ISIN: JP3946600008 Primary SEDOL: 6983763

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Murakami, Shoji Mgmt For Against

Voter Rationale:

2.2 Elect Director Kotoku, Kenichi Mgmt For Against

Voter Rationale:

2.3 Elect Director Futami, Akio Mgmt For Against

Voter Rationale:

2.4 Elect Director Kimura, Toshiyuki Mgmt For Against

Voter Rationale:

2.5 Elect Director Egawa, Hideo Mgmt For Against

Voter Rationale:

Page 301 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Yusen Logistics Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Approve Retirement Bonus Payment for Director Mgmt For Against and Statutory Auditor Voter Rationale:

There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.

ZENKOKU HOSHO Co., Ltd.

Meeting Date: 06/19/2015 Country: Japan Meeting Type: Annual Ticker: 7164

Primary ISIN: JP3429250008 Primary SEDOL: B92MT10

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Elect Director Aoki, Yuichi Mgmt For Against

Voter Rationale:

Zeon Corp.

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4205

Primary ISIN: JP3725400000 Primary SEDOL: 6644015

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Oshima, Masayoshi Mgmt For Against

Voter Rationale:

3.4 Elect Director Takegami, Hiroshi Mgmt For Against

Voter Rationale:

3.5 Elect Director Mitsuhira, Yoshiyuki Mgmt For Against

Voter Rationale:

Page 302 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Zeon Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Hirakawa, Hiroyuki Mgmt For Against

Voter Rationale:

3.7 Elect Director Nishijima, Toru Mgmt For Against

Voter Rationale:

3.8 Elect Director Ito, Kei Mgmt For Against

Voter Rationale:

3.9 Elect Director Furuya, Takeo Mgmt For Against

Voter Rationale:

3.12 Elect Director Nagumo, Tadamobu Mgmt For Against

Voter Rationale:

4.1 Appoint Statutory Auditor Minami, Tadayuki Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.2 Appoint Statutory Auditor Kori, Akio Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

4.3 Appoint Statutory Auditor Nishijima, Nobutake Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Zeria Pharmaceutical

Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 4559

Primary ISIN: JP3428850006 Primary SEDOL: 6137731

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Endo, Hirokazu Mgmt For Against

Page 303 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Zeria Pharmaceutical

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale:

2.4 Elect Director Furuhata, Shigeya Mgmt For Against

Voter Rationale:

2.5 Elect Director Kishimoto, Makoto Mgmt For Against

Voter Rationale:

2.6 Elect Director Ono, Akira Mgmt For Against

Voter Rationale:

2.7 Elect Director Hayashi, Yasuhiro Mgmt For Against

Voter Rationale:

2.8 Elect Director Fukahori, Masahiro Mgmt For Against

Voter Rationale:

2.9 Elect Director Hiraga, Yoshihiro Mgmt For Against

Voter Rationale:

2.10 Elect Director Ishii, Katsuyuki Mgmt For Against

Voter Rationale:

2.11 Elect Director Kato, Hiroki Mgmt For Against

Voter Rationale:

2.12 Elect Director Yokote, Hidekazu Mgmt For Against

Voter Rationale:

2.13 Elect Director Kawagoe, Toshiaki Mgmt For Against

Voter Rationale:

Page 304 of 305

SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015

Zeria Pharmaceutical

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.14 Elect Director Komori, Tetsuo Mgmt For Against

Voter Rationale:

3.1 Appoint Statutory Auditor Hanada, Masahiko Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.2 Appoint Statutory Auditor Takami, Kojiro Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

3.4 Appoint Statutory Auditor Wakabayashi, Hiroshi Mgmt For Against

Voter Rationale:

The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.

Page 305 of 305

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The information, opinions estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time. The report reﬂects voting instructions given, not votes cast and the information has been provided by an external supplier. BMO Global Asset Management may from time to time deal in investments that may be mentioned herein on behalf of their clients. © 2015 BMO Global Asset Management. All rights reserved. BMO Global Asset Management is a trading name of F&C Management Limited, which is authorised and regulated by the Financial Conduct Authority.