Reo@ Voting Report

SEI Japan Equity Fund Votes Against Management Report

VOTING RECORDS FROM:01/04/2014 TO: 30/06/2014

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Aeon Hokkaido Corp

Meeting Date: 05/23/2014 Country: Japan Meeting Type: Annual Ticker: 7512

Primary ISIN: JP3860270002 Primary SEDOL: 6544751

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Tenhiro, Toshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Takegaki, Yoshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Shimizu, Nobuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Hashimoto, Masaru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Yamada, Shigemichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Yamaguchi, Soichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Ahresty Corp.

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 5852

Primary ISIN: JP3100600000 Primary SEDOL: 6357807

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Ishimaru, Hiroshi Mgmt For Against

Page 1 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Ahresty Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Nonaka, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Gamo, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Hara, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Furuya, 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.

3 Amend Deep Discount Stock Option Plan Mgmt For Against 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.

Aichi Electric Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6623

Primary ISIN: JP3104000009 Primary SEDOL: 6010081

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Appoint Statutory Auditor Takagi, Isao 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.

Aichi Steel Corp.

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 5482

Primary ISIN: JP3103600007 Primary SEDOL: 6010207

Page 2 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Aichi Steel Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Yasukawa, Shokichi 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 board should eventually include at least three outside and independent directors 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 Fujioka, Takahiro 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 board should eventually include at least three outside and independent directors 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 Asano, Hiroaki 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Ukai, Masao 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Shinohara, Kunihiko 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Suzuki, Tetsuo 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Chino, Hiroaki 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Nakano, Shoichi 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 board should eventually include at least three outside and independent directors 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.

3.2 Appoint Statutory Auditor Funo, 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.

Page 3 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Alfresa Holdings Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 2784

Primary ISIN: JP3126340003 Primary SEDOL: 6687214

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Takita, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Kanome, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Takahashi, Hidetomi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Hasebe, Shozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Shinohara, Tsuneo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Kubo, Taizo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Miyake, Shunichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Izumi, Yasuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.12 Elect Director Kimura, Kazuko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 4 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Alpha Systems Inc.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4719

Primary ISIN: JP3126330004 Primary SEDOL: 6149985

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Ishikawa, Hidetomo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Takada, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Tokura, Katsumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Kawana, Takao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Saito, Kiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Akazaki, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Takada, Toshifumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Kawahara, Yosaku Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Yamauchi, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 5 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Alpha Systems Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.12 Elect Director Yanagiya, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.1 Appoint Statutory Auditor Asaoka, 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.

Alpine Electronics Inc.

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 6816

Primary ISIN: JP3126200009 Primary SEDOL: 6021481

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kajiwara, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Kataoka, Masataka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Kobayashi, Toshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Endo, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Ikeuchi, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Page 6 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Alps Logistics Co. Ltd

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 9055

Primary ISIN: JP3126450000 Primary SEDOL: 6050764

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles To Authorize Share Buybacks at Mgmt For Against Board's Discretion - Reduce Directors' Term Voter Rationale: Allowing the company to repurchase shares solely at the board's discretion is not in shareholders' interest.

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.

Anritsu Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 6754

Primary ISIN: JP3128800004 Primary SEDOL: 6044109

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.

6 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.

Aozora Bank, Ltd.

Meeting Date: 06/26/2014 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

Page 7 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Aozora Bank, Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Takeda, Shunsuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Mizuta, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Saito, Takeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

7 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.

Arakawa Chemical Industries

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 4968

Primary ISIN: JP3125000004 Primary SEDOL: 6185837

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Manabe, Yoshiteru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Une, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Suemura, Nagahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 8 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Arakawa Chemical Industries

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Nobuhiro, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Tatsumi, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Nishikawa, Manabu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Sano, Tetsuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Miyashita, Yasutomo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Arakawa, Toshimasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

ARATA CORP.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 2733

Primary ISIN: JP3125100002 Primary SEDOL: 6517515

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Hatanaka, Nobuyuki 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 board should eventually include at least three outside and independent directors 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.

Page 9 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

ARATA CORP.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Shimawaki, Akira 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Suzuki, Yoichi 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Hatanaka, Seinosuke 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Motoyama, Saburo 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Kobayashi, Fumiaki 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 board should eventually include at least three outside and independent directors 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.

3.7 Elect Director Ito, Mikihisa 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 board should eventually include at least three outside and independent directors 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.

3.8 Elect Director Kataoka, Haruki 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 board should eventually include at least three outside and independent directors 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.

4 Approve Special Payments in Connection with Mgmt For Against Abolition of Retirement Bonus System Voter Rationale: A vote AGAINST this proposal is warranted because the bonus amounts are not disclosed.

5 Approve Performance-Based Equity Mgmt For Against Compensation 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 10 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Arcs Co., Ltd.

Meeting Date: 05/27/2014 Country: Japan Meeting Type: Annual Ticker: 9948

Primary ISIN: JP3968600001 Primary SEDOL: 6721930

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Fukuhara, Tomoharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Furukawa, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Moriya, Sumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Muguruma, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Kogarimai, Hideki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Fukuhara, Ikuharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Inoue, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Endo, Sumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

6 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.

Page 11 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Arcs Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

7 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.

Arrk Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 7873

Primary ISIN: JP3100050008 Primary SEDOL: 6041649

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Tsujino, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Nakagiri, Satoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Nakanishi, Masaya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Takahashi, Kazushige Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Sakurada, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kamiya, Tatsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Yoshida, 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.

Page 12 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Asahi Broadcasting

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9405

Primary ISIN: JP3116800008 Primary SEDOL: 6054454

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Wada, Shoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Okinaka, Susumu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Yamamoto, Shinya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Matsuda, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Sakai, Shinya 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. Furthermore, the board should recruit at least three independent directors 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.

3.8 Elect Director Ozaki, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Kobayashi, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Mochida, Shuuzo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Yoshida, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 13 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Asahi Broadcasting

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.12 Elect Director Kanazawa, Hajime Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Chihara, Kuniyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.14 Elect Director Umeda, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.15 Elect Director Ogata, Ken Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

ASKA Pharmaceutical Co.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4514

Primary ISIN: JP3541200006 Primary SEDOL: 6880820

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 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: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 5195

Primary ISIN: JP3779000003 Primary SEDOL: 6075068

Page 14 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Bando Chemical Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kashiwada, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Tamagaki, Yoshihisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Nakamura, Kyosuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 Appoint Statutory Auditor Matsusaka, Takahiro 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: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 8332

Primary ISIN: JP3955400001 Primary SEDOL: 6986449

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Okubo, Chiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Takano, Kengo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Mochizuki, Atsushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 15 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Bank of Yokohama Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Koshida, Susumu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Oya, Yasuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kawamura, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Shibuya, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Morio, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Ishida, 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.

Belluna Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9997

Primary ISIN: JP3835650007 Primary SEDOL: 6070353

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Yasuno, Kiyoshi 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 board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Yasuno, Yuuichiro 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 board should eventually include at least three outside and independent directors 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.

Page 16 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Belluna Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Shishido, Junko 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Shimano, Takeo 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Oikawa, Masakazu 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Shimokawa, Hideshi 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 board should eventually include at least three outside and independent directors 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.

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.

Bunka Shutter Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 5930

Primary ISIN: JP3831600006 Primary SEDOL: 6152466

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 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.

Page 17 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Capcom Co. Ltd.

Meeting Date: 06/16/2014 Country: Japan Meeting Type: Annual Ticker: 9697

Primary ISIN: JP3218900003 Primary SEDOL: 6173694

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 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.

Carlit Holdings Co., Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4275

Primary ISIN: JP3205320009 Primary SEDOL: BDD24X4

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles To Amend Business Lines Mgmt For Against

Voter Rationale: It is not in shareholders' interest to effectively give the board carte blanche to engage in any lawful business activities.

3.2 Elect Director Tomizawa, Mitsuru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Hirohashi, Kenichi Mgmt For Against

3.4 Elect Director Yamamoto, Hideo Mgmt For Against

4 Appoint Alternate Statutory Auditor Yamamoto, Mgmt For Against Mitsusuke Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control. The outside statutory auditor nominee's affiliation with the company could compromise independence.

Central Japan Railway Co.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 9022

Primary ISIN: JP3566800003 Primary SEDOL: 6183552

Page 18 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Central Japan Railway Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kasai, Yoshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kaneko, Shin Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Yoshikawa, Naotoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Osada, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Miyazawa, Katsumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Tanaka, Kimiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Shoji, Hideyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Suyama, Yoshiki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Igarashi, Kazuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Cho, Fujio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 19 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Chiba Bank Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8331

Primary ISIN: JP3511800009 Primary SEDOL: 6190563

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Hanashima, Kyoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Kimura, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Morimoto, Masao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Nomura, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Taniguchi, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Owaku, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Sawai, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Chubu Electric Power Co. Inc.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9502

Primary ISIN: JP3526600006 Primary SEDOL: 6195609

Page 20 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Chubu Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Iwata, Yoshifumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Ono, Tomohiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Katsuno, Satoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kurata, Chiyoji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Sakaguchi, Masatoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Ban, Kozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Matsuura, Masanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Matsubara, Kazuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Watanabe, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 21 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Chuetsu Pulp & Paper Co. Ltd.

Meeting Date: 06/25/2014 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 board should eventually include at least three outside and independent directors 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: 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 board should eventually include at least three outside and independent directors 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 Uematsu, Hisashi 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Furuta, Kiyotaka 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Takagishi, Shin 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Kusuhara, Shouichi 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 board should eventually include at least three outside and independent directors 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.

CKD Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 6407

Primary ISIN: JP3346800000 Primary SEDOL: 6160050

Page 22 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

CKD Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Nozawa, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Tokuda, Shigetomo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Uchinaga, Kyoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Nishio, Tatsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Cleanup Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7955

Primary ISIN: JP3270200003 Primary SEDOL: 6203513

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Inoue, Kyoichi 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 board should eventually include at least three outside and independent directors 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 Kato, Ryoichi 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 board should eventually include at least three outside and independent directors 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 Kojima, Teruo 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 board should eventually include at least three outside and independent directors 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.

Page 23 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Cleanup Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Komatsu, Yuuko 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Sato, Shigeru 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Fujimoto, Shinichi 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Shimazaki, Norio 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 board should eventually include at least three outside and independent directors 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.

Daibiru Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8806

Primary ISIN: JP3497200000 Primary SEDOL: 6661672

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Yada, Takeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Nishiguchi, 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.

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.

Page 24 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daifuku Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 6383

Primary ISIN: JP3497400006 Primary SEDOL: 6250025

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kobayashi, Fumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Inohara, Mikio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Tanaka, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Moriya, Susumu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Honda, shuuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Inoue, Masayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Hiramoto, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Iwamoto, Hidenori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Ozawa, Yoshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 25 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daifuku Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Appoint Statutory Auditor Kimura, Yoshihisa 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: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6023

Primary ISIN: JP3497000004 Primary SEDOL: 6250337

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Furukawa, Yoshiro 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 board should eventually include at least three outside and independent directors 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 Harada, Takeshi 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 board should eventually include at least three outside and independent directors 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 Iwabe, Hiroaki 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Nakajima, Ryotaro 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Goda, Osamu 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Yamashita, Masafumi 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 board should eventually include at least three outside and independent directors 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.

Page 26 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daihatsu Diesel Mfg

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Kinoshita, Shigeki 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Okauchi, Takashi 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 board should eventually include at least three outside and independent directors 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.

2.9 Elect Director Sato, Kazutoshi 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 board should eventually include at least three outside and independent directors 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.

2.10 Elect Director Uemura, Yuuichi 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 board should eventually include at least three outside and independent directors 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.

2.11 Elect Director Nakano, Hitoshi 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 board should eventually include at least three outside and independent directors 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.

2.12 Elect Director Fujita, Toshiyuki 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 board should eventually include at least three outside and independent directors 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.

3.1 Appoint Statutory Auditor Yamada, Hideki 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 Morita, 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.

3.3 Appoint Statutory Auditor Fujiwara, Ryuzo 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 Narano, Ryuichi 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 27 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daihatsu Diesel Mfg

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 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.

Daiichi Kensetsu Corp

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1799

Primary ISIN: JP3474610007 Primary SEDOL: 6255019

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Banzai, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Watabe, kazuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Nagai, 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.

3.2 Appoint Statutory Auditor Anami, Tetsuhiro 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.

DAIICHI KIGENSO KAGAKU-KOGYO CO LTD

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 4082

Primary ISIN: JP3474350000 Primary SEDOL: B03KX18

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Ouchi, Kimio Mgmt For Against

Page 28 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

DAIICHI KIGENSO KAGAKU-KOGYO CO LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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 Terada, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Horiuchi, Tetsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Dai-ichi Life Insurance Co., Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 8750

Primary ISIN: JP3476480003 Primary SEDOL: B601QS4

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Tsuyuki, Shigeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ishii, Kazuma Mgmt For Against

2.5 Elect Director Asano, Tomoyasu Mgmt For Against

2.6 Elect Director Teramoto, Hideo Mgmt For Against

2.7 Elect Director Sakurai, Kenji Mgmt For Against

2.8 Elect Director Nagahama, Morinobu Mgmt For Against

2.9 Elect Director Funabashi, Haruo Mgmt For Against

3.1 Appoint Statutory Auditor Nagayama, Atushi 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 Wachi, 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 29 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daiichi Sankyo Co. Ltd.

Meeting Date: 06/23/2014 Country: Japan Meeting Type: Annual Ticker: 4568

Primary ISIN: JP3475350009 Primary SEDOL: B0J7D91

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Sato, Yuuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Sakai, Manabu Mgmt For Against

2.4 Elect Director Ogita, Takeshi Mgmt For Against

2.5 Elect Director Hirokawa, Kazunori Mgmt For Against

2.6 Elect Director Hirabayashi, Hiroshi Mgmt For Against

2.7 Elect Director Ishihara, Kunio Mgmt For Against

2.8 Elect Director Manabe, Sunao Mgmt For Against

2.10 Elect Director Toda, Hiroshi Mgmt For Against

Daikin Industries Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6367

Primary ISIN: JP3481800005 Primary SEDOL: 6250724

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Kawamura, Guntaro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Tayano, Ken Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Minaka, Masatsugu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 30 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daikin Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Tomita, Jiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Matsuzaki, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Takahashi, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Frans Hoorelbeke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director David Swift Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Daikoku Denki Co., Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 6430

Primary ISIN: JP3483100008 Primary SEDOL: 6548656

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Kayamori, Ken Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Nemoto, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Sato, Shingo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 31 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daikoku Denki Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.6 Elect Director Oue, Seiichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kayamori, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Dainichiseika Colour & Chem Mfg. Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4116

Primary ISIN: JP3492200005 Primary SEDOL: 6250962

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Yoshida, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Nakajo, Kengo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Nakamura, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Hanada, Kazuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Sannan, Takanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 32 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Dainichiseika Colour & Chem Mfg. Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Hattori, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Sakakibara, Toshiya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 Appoint Alternate Statutory Auditor Ito, Kimio 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.

7 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.

DaiNippon Screen Mfg. Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7735

Primary ISIN: JP3494600004 Primary SEDOL: 6251028

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 Appoint Statutory Auditor Nishikawa, Kenzaburo 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 Appoint Alternate Statutory Auditor Toyobe, Mgmt For Against Katsuyuki Voter Rationale: The Kansayaku 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 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.

Page 33 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daito Trust Construction Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 1878

Primary ISIN: JP3486800000 Primary SEDOL: 6250508

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Uchida, Kanitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.2 Elect Director Takeuchi, Kei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Daiwa House Industry Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1925

Primary ISIN: JP3505000004 Primary SEDOL: 6251363

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ogawa, Tetsuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ishibashi, Tamio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Nishimura, Tatsushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Kawai, Katsutomo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 34 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daiwa House Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Ishibashi, Takuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Numata, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Fujitani, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Hama, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Tsuchida, Kazuto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Yamamoto, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Hori, Fukujiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Kosokabe, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.15 Elect Director Yoshii, Keiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.16 Elect Director Kiguchi, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.17 Elect Director Kamikawa, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 35 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Daiwa House Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.18 Elect Director Kimura, Kazuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.19 Elect Director Shigemori, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Matsumoto, Kuniaki 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: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 8601

Primary ISIN: JP3502200003 Primary SEDOL: 6251448

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 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.

Denso Corp.

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 6902

Primary ISIN: JP3551500006 Primary SEDOL: 6640381

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 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.

Page 36 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Dentsu Inc.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4324

Primary ISIN: JP3551520004 Primary SEDOL: 6416281

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Nakamoto, Shoichi Mgmt For Against

2.3 Elect Director Kato, Yuzuru Mgmt For Against

2.4 Elect Director Timothy Andree Mgmt For Against

2.5 Elect Director Sugimoto, Akira Mgmt For Against

2.6 Elect Director Matsushima, Kunihiro Mgmt For Against

2.7 Elect Director Takada, Yoshio Mgmt For Against

2.8 Elect Director Tonouchi, Akira Mgmt For Against

2.9 Elect Director Hattori, Kazufumi Mgmt For Against

2.10 Elect Director Yamamoto, Toshihiro Mgmt For Against

2.11 Elect Director Nishizawa, Yutaka Mgmt For Against

2.12 Elect Director Fukuyama, Masaki Mgmt For Against

Denyo Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6517

Primary ISIN: JP3551600004 Primary SEDOL: 6263777

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Masui, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Shiratori, Shoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 37 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Denyo Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Eto, Yoji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Yashiro, Teruo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Mizuno, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Sugiyama, 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.

DMG Mori Seiki Co. Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 6141

Primary ISIN: JP3924800000 Primary SEDOL: 6602563

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Mori, Masahiko Mgmt For Against

Voter Rationale: F&C votes against all directors at the company as this board consists only of insiders. 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 board should eventually include at least three outside and independent directors 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. F&C has written to the company President in April 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

2.2 Elect Director Kondo, Tatsuo Mgmt For Against

2.3 Elect Director Tamai, Hiroaki Mgmt For Against

2.4 Elect Director Takayama, Naoshi Mgmt For Against

2.5 Elect Director Oishi, Kenji Mgmt For Against

3.1 Appoint Statutory Auditor Sato, 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.

Page 38 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

DTS Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 9682

Primary ISIN: JP3548500002 Primary SEDOL: 6255699

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Yokoo, Isao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Sakata, Shunichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

East Japan Railway Co.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 9020

Primary ISIN: JP3783600004 Primary SEDOL: 6298542

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ogata, Masaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. F&C has written to the company in May 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting. The board also should be no larger than 15 directors to enable effective communication.

2.4 Elect Director Fukasawa, Yuuji Mgmt For Against

2.5 Elect Director Yagishita, Naomichi Mgmt For Against

2.6 Elect Director Morimoto, Yuuji Mgmt For Against

2.7 Elect Director Haraguchi, Tsukasa Mgmt For Against

2.8 Elect Director Kawanobe, Osamu Mgmt For Against

2.9 Elect Director Ichinose, Toshiro Mgmt For Against

2.10 Elect Director Sawamoto, Takashi Mgmt For Against

2.11 Elect Director Nakai, Masahiko Mgmt For Against

2.12 Elect Director Umehara, Yasuyoshi Mgmt For Against

Page 39 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

East Japan Railway Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.13 Elect Director Takahashi, Makoto Mgmt For Against

2.14 Elect Director Fukuda, Yasushi Mgmt For Against

2.15 Elect Director Nishiyama, Takao Mgmt For Against

2.16 Elect Director Eto, Takashi Mgmt For Against

2.17 Elect Director Sasaki, Takeshi Mgmt For Against

2.18 Elect Director Hamaguchi, Tomokazu Mgmt For Against

8 Amend Articles to Require Disclosure of Top SH Against For Five Individual Director Compensation in Proxy Materials Voter Rationale: The amendment may enhance the company's overall reputation for transparency and accountability.

9 Amend Articles to Require At Least Three SH Against For Outsiders on Board of Directors Voter Rationale: This would be a step, albeit a fairly modest one, toward viable, independent board oversight.

Eidai Co., Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7822

Primary ISIN: JP3160840009 Primary SEDOL: B1P9X54

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Yoshikawa, Yasunaga Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Kimura, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Kumazawa, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Shien, Nobuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 40 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Eidai Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Uemura, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Tabe, Tadamitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Ishii, Naoki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.1 Appoint Statutory Auditor Mikami, 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.

5 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.

Electric Power Development Co. (J-Power)

Meeting Date: 06/26/2014 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 Sakanashi, Yoshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Hino, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Watanabe, Toshifumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 41 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Electric Power Development Co. (J-Power)

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Mizunuma, Seigo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Takemata, Kuniharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Nagashima, Junji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Murayama, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Uchiyama, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Fukuda, Naori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Exedy Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7278

Primary ISIN: JP3161160001 Primary SEDOL: 6250412

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hisakawa, Hidehito Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Masaoka, Hisayasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 42 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Exedy Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Matsuda, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Toyohara, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Nakahara, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Kojima, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Fujimori, Fumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Fukumura, Kagenori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

F T COMMUNICATIONS CO LTD

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 2763

Primary ISIN: JP3166940001 Primary SEDOL: 6589268

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Shimizu, Naoya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ishida, Makoto Mgmt For Against

2.5 Elect Director Shigekawa, Haruhiko Mgmt For Against

2.6 Elect Director Yamamoto, Hiroyuki Mgmt For Against

Page 43 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

F T COMMUNICATIONS CO LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Sasaki, Tsuyoshi 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. Furthermore, the board should recruit at least three independent directors 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.

FALCO SD HOLDINGS Co Ltd

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 4671

Primary ISIN: JP3802650006 Primary SEDOL: 6354853

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 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.

Fanuc Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6954

Primary ISIN: JP3802400006 Primary SEDOL: 6356934

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Yamaguchi, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. F&C has written to the company President in May 2014 urging a reform of board independence and to move to a third-independence by 2017 annual shareholders meeting.

3.3 Elect Director Uchida, Hiroyuki Mgmt For Against

3.4 Elect Director Gonda, Yoshihiro Mgmt For Against

3.5 Elect Director Inaba, Kiyonori Mgmt For Against

3.6 Elect Director Matsubara, Shunsuke Mgmt For Against

3.7 Elect Director Noda, Hiroshi Mgmt For Against

Page 44 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fanuc Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Kohari, Katsuo Mgmt For Against

3.9 Elect Director Okada, Toshiya Mgmt For Against

3.10 Elect Director Richard E. Schneider Mgmt For Against

3.11 Elect Director Olaf C. Gehrels Mgmt For Against

3.12 Elect Director Ono, Masato Mgmt For Against

Foster Electric Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 6794

Primary ISIN: JP3802800007 Primary SEDOL: 6349008

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Shirakawa, Hidetoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Fudo Tetra Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 1813

Primary ISIN: JP3825600004 Primary SEDOL: 6355005

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Matsuoka, Michio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Okuda, Shinya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 45 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fudo Tetra Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Yamashita, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Shirakawa, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Fuji Electric Co., Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 6504

Primary ISIN: JP3820000002 Primary SEDOL: 6356365

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Okuno, Yoshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Abe, Michio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Matsumoto, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Sugai, Kenzo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Eguchi, Naoya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kurokawa, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 46 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fuji Electric Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.9 Elect Director Sako, Mareto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Shinozaki, 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.

Fuji Heavy Industries Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7270

Primary ISIN: JP3814800003 Primary SEDOL: 6356406

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kondo, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. As we have written to the company in May 2014, we urge Japanese companies to establish one-third independence on the board by the 2017 AGM.

3.3 Elect Director Mabuchi, Akira Mgmt For Against

3.4 Elect Director Muto, Naoto Mgmt For Against

3.5 Elect Director Takahashi, Mitsuru Mgmt For Against

3.6 Elect Director Tachimori, Takeshi Mgmt For Against

Fuji Kiko Ltd.

Meeting Date: 06/20/2014 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

Page 47 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fuji Kiko Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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 Yamazaki, Kiyohiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Aozawa, Shigetaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sugimoto, Naoyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Takayanagi, Moritaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Itsuki, Noriyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Kuwaki, Hajime Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Fuji Machine Mfg. Co. Ltd.

Meeting Date: 06/27/2014 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

Page 48 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fuji Machine Mfg. Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Takeuchi, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Kodama, Seigo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Kawai, Takayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Tatsumi, Mitsuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

5 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.

FUJIFILM Holdings Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4901

Primary ISIN: JP3814000000 Primary SEDOL: 6356525

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Tamai, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We have written to the company on this issue in May 2014. By 2017, we urge Japanese companies to establish one-third independence on the board.

2.4 Elect Director Toda, Yuuzo Mgmt For Against

2.5 Elect Director Ishikawa, Takatoshi Mgmt For Against

2.6 Elect Director Sukeno, Kenji Mgmt For Against

Page 49 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

FUJIFILM Holdings Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Furuya, Kazuhiko Mgmt For Against

2.8 Elect Director Asami, Masahiro Mgmt For Against

2.9 Elect Director Yamamoto, Tadahito Mgmt For Against

2.10 Elect Director Kitayama, Teisuke Mgmt For Against

2.11 Elect Director Takahashi, Toru Mgmt For Against

Fujikura Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5803

Primary ISIN: JP3811000003 Primary SEDOL: 6356707

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Sato, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Naruse, Hideo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Sugo, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Miyagi, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Nomura, Yoshikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Shiwa, Hideo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 50 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fujikura Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.8 Elect Director Wada, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Abe, Kenichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Koike, 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.

Fujitec Co. Ltd.

Meeting Date: 06/24/2014 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: The board should recruit at least three independent directors 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 Narayanapillai Sugumaran Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Okada, Takao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Shigekane, Hisao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Saeki, Terumichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 51 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fujitec Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Ishikawa, Kenichi 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.

Fujitsu Frontech Ltd.

Meeting Date: 06/24/2014 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: The board should recruit at least three independent directors 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.

1.3 Elect Director Kawakami, Hiromu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Imamura, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Ishioka, Tatsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Fujitsu General Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 6755

Primary ISIN: JP3818400008 Primary SEDOL: 6364283

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Watanabe, Nobuyuki Mgmt For Against

Page 52 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fujitsu General Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Kato, 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.

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

Fujitsu Ltd.

Meeting Date: 06/23/2014 Country: Japan Meeting Type: Annual Ticker: 6702

Primary ISIN: JP3818000006 Primary SEDOL: 6356945

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Mazuka, Michiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Fujita, Masami Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Urakawa, Chikafumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Ito, Haruo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Okimoto, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 53 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fujitsu Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.7 Elect Director Furukawa, Tatsuzumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Suda, Miyako Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Kudo, Yoshikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Taniguchi, Norihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Fukoku Co., Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5185

Primary ISIN: JP3807000009 Primary SEDOL: 6354626

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kawamoto, Taro 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 board should eventually include at least three outside and independent directors 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 Kawamoto, Jiro 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 board should eventually include at least three outside and independent directors 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 Inohara, Akira 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 board should eventually include at least three outside and independent directors 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.

Page 54 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Fukoku Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Nakazawa, Akira 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Machida, Shoji 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 board should eventually include at least three outside and independent directors 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.

Fukuda Denshi (Electronics)

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6960

Primary ISIN: JP3806000000 Primary SEDOL: 6357012

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Fukuda, Kotaro Mgmt For Against

Voter Rationale: We welcome the company's decision to appoint an external director to the board for the first time in its history. This is an issue that we have communicated to the company over the years and we value the company implementing our recommendations on corporate governance reform. As a next step, the board should recruit at least three independent directors 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. By 2017, we urge Japanese companies to establish one-third independence on the board. However, we vote against this nominee for the company's continued failure to put its poison pill renewal to a vote.

1.2 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.

Furukawa Electric Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 5801

Primary ISIN: JP3827200001 Primary SEDOL: 6357562

Page 55 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Furukawa Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Soma, Nobuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.

3.6 Elect Director Sato, Tetsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Otake, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Yasunaga, Tetsuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Amano, Nozomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Kozuka, Takamitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Kimura, Takahide Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Ogiwara, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.1 Appoint Statutory Auditor Sakura, 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.

Page 56 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Furukawa Electric Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Appoint Statutory Auditor Koroyasu, 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.

G-7 HOLDINGS Inc

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7508

Primary ISIN: JP3172450003 Primary SEDOL: 6034188

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Kinoshita, Norio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Kishimoto, Yasumasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Matsuda, Yukitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Okumoto, Keiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Gamecard-Joyco Holdings Inc

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 6249

Primary ISIN: JP3282270002 Primary SEDOL: B3NNBT2

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Yanagi, Kango Mgmt For Against

Page 57 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Gamecard-Joyco Holdings Inc

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. The board should eventually include at least three outside and independent directors 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.

GRANDY HOUSE CORP

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8999

Primary ISIN: JP3274030000 Primary SEDOL: B0NSG91

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Kikuchi, Toshio 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 board should eventually include at least three outside and independent directors 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.

1.2 Elect Director Murata, Hiroyuki 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 board should eventually include at least three outside and independent directors 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.

1.3 Elect Director Hayashi, Yasuro 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 board should eventually include at least three outside and independent directors 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.

1.4 Elect Director Saito, Atsuo 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 board should eventually include at least three outside and independent directors 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.

1.5 Elect Director Sayama, Yasushi 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 board should eventually include at least three outside and independent directors 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.

1.6 Elect Director Tani, Hideki 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 board should eventually include at least three outside and independent directors 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.

Page 58 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

GRANDY HOUSE CORP

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.7 Elect Director Ishikawa, Masayasu 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 board should eventually include at least three outside and independent directors 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.

1.8 Elect Director Hayashi, Kazuhisa 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 board should eventually include at least three outside and independent directors 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.

1.9 Elect Director Koiso, Yutaka 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 board should eventually include at least three outside and independent directors 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.

3 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.

GS YUASA CORP.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6674

Primary ISIN: JP3385820000 Primary SEDOL: 6744250

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Yoda, Makoto Mgmt For Against

Voter Rationale: F&C votes against all directors at the company as this board consists only of insiders. 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 board should eventually include at least three outside and independent directors 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. F&C has written to the company President in April 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

2.2 Elect Director Shiina, Koichi Mgmt For Against

2.3 Elect Director Yoshimura, Hideaki Mgmt For Against

2.4 Elect Director Nishida, Kei Mgmt For Against

2.5 Elect Director Kuragaki, Masahide Mgmt For Against

2.6 Elect Director Tatsumi, Shinji Mgmt For Against

2.7 Elect Director Sawada, Masaru Mgmt For Against

Page 59 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

GS YUASA CORP.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.8 Elect Director Nakagawa, Toshiyuki Mgmt For Against

2.9 Elect Director Bomoto, Toru Mgmt For Against

2.10 Elect Director Konishi, Hirosuke Mgmt For Against

2.11 Elect Director Murao, Osamu Mgmt For Against

Gunma Bank Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8334

Primary ISIN: JP3276400003 Primary SEDOL: 6398088

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kibe, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Takai, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Tsunoda, Hisao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Kimura, Takaya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Tsukui, Isamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Kurihara, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 60 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Gunma Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Horie, Nobuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Fukai, Akihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Minami, Shigeyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Hirasawa, Yoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Kanai, Yuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Hagiwara, 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.

3.2 Appoint Statutory Auditor Fukushima, Kaneo 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: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 8242

Primary ISIN: JP3774600005 Primary SEDOL: 6408705

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Araki, Naoya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 61 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

H2O Retailing Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Shijo, Haruya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Sumi, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Senno, Kazutoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Uchiyama, Keiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Wada, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Mori, Tadatsugu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Hayashi, Katsuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Kuromatsu, Hiroyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Hachijuni Bank Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 8359

Primary ISIN: JP3769000005 Primary SEDOL: 6400626

Page 62 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hachijuni Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hamamura, Kunio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.2 Appoint Statutory Auditor Miyashita, 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.

Hamakyorex

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 9037

Primary ISIN: JP3771150004 Primary SEDOL: 6051444

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Yamazaki, Hiroyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Uchiyama, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Nakane, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Hibino, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Sugiyama, 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 Appoint Alternate Statutory Auditor Fujita, Mgmt For Against Masaharu Voter Rationale: The Kansayaku 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 63 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hamakyorex

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

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.

Happinet Corp.

Meeting Date: 06/21/2014 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 Kawashima, Haruo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Ishikawa, Tetsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Asatsu, Hideo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Enomoto, Seiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Suzuki, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Takahashi, Yoshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 64 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Haruyama Trading Co.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7416

Primary ISIN: JP3773600006 Primary SEDOL: 6419815

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Haruyama, Masashi 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 board should eventually include at least three outside and independent directors 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 Ito, Taku 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 board should eventually include at least three outside and independent directors 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 Okabe, Katsuyuki 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 board should eventually include at least three outside and independent directors 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.

3 Elect Alternate Director Kishida, Takeshi 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 board should eventually include at least three outside and independent directors 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.

Haseko Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1808

Primary ISIN: JP3768600003 Primary SEDOL: 6414401

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Nishino, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 65 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Haseko Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Shimada, Morio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Yoshida, Ryuichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kitamura, Kinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Tani, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Tsunematsu, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Hirano, Fujio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Hazama Ando Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1719

Primary ISIN: JP3767810009 Primary SEDOL: 6687991

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Ono, Toshio 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 board should eventually include at least three outside and independent directors 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.

Page 66 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hazama Ando Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Nomura, Toshiaki 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Higo, Mitsuaki 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Kaneko, Haruyuki 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Ueno, Hisanori 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Yamazaki, Hikari 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 board should eventually include at least three outside and independent directors 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.

3.7 Elect Director Kojima, Hidekazu 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 board should eventually include at least three outside and independent directors 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.

3.8 Elect Director Kinoshita, Hisayoshi 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 board should eventually include at least three outside and independent directors 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.

3.9 Elect Director Sugimoto, Fumio 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 board should eventually include at least three outside and independent directors 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.

3.10 Elect Director Fukunishi, Kiyoka 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 board should eventually include at least three outside and independent directors 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.

Page 67 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hazama Ando Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Baba, Yoshihiko 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.

Hino Motors Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 7205

Primary ISIN: JP3792600003 Primary SEDOL: 6428305

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Ichikawa, Masakazu 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 board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Ichihashi, Yasuhiko 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Wagu, Kenji 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Ojima, Koichi 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Kokaji, Hiroshi 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Suzuki, Kenji 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 board should eventually include at least three outside and independent directors 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.

Page 68 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hino Motors Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Kajikawa, Hiroshi 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 board should eventually include at least three outside and independent directors 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.

3.8 Elect Director Mita, Susumu 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 board should eventually include at least three outside and independent directors 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.

Hirose Electric Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6806

Primary ISIN: JP3799000009 Primary SEDOL: 6428725

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

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.

Hisamitsu Pharmaceutical Co. Inc.

Meeting Date: 05/22/2014 Country: Japan Meeting Type: Annual Ticker: 4530

Primary ISIN: JP3784600003 Primary SEDOL: 6428907

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Nakatomi, Hirotaka Mgmt For Against

Voter Rationale: F&C votes against all directors at the company as this board consists only of insiders. 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 board should eventually include at least three outside and independent directors 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. F&C has written to the company President in April 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

Page 69 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hisamitsu Pharmaceutical Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Nakatomi, Kazuhide Mgmt For Against

2.3 Elect Director Akiyama, Tetsuo Mgmt For Against

2.4 Elect Director Sugiyama, Kosuke Mgmt For Against

2.5 Elect Director Tsuruta, Toshiaki Mgmt For Against

2.6 Elect Director Higo, Naruhito Mgmt For Against

2.7 Elect Director Kabashima, Mitsumasa Mgmt For Against

2.8 Elect Director Takao, Shinichiro Mgmt For Against

2.9 Elect Director Saito, Kyu Mgmt For Against

2.10 Elect Director Tsutsumi, Nobuo Mgmt For Against

2.11 Elect Director Murayama, Shinichi Mgmt For Against

3 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.

4 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.

Hitachi Koki Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 6581

Primary ISIN: JP3787400005 Primary SEDOL: 6429182

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Yoshimizu, Chikai Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Tanaka, Yoichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 70 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hitachi Koki Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Yoshida, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Yoshinari, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Fukui, Yasushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Sakuma, Shoichi 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 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.

Hitachi Zosen Fukui Corp

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 6163

Primary ISIN: JP3160830000 Primary SEDOL: B1G61K5

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Soda, Seiichi 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 board should eventually include at least three outside and independent directors 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 Hatanaka, Norio 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 board should eventually include at least three outside and independent directors 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.

Page 71 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hitachi Zosen Fukui Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kakimoto, Seiichi 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Hata, Tsutae 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Miyagawa, Tetsuro 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Azuma, Mitsunobu 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Ito, Toshiyuki 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 board should eventually include at least three outside and independent directors 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.

Hokkan Holdings Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5902

Primary ISIN: JP3846600009 Primary SEDOL: 6431109

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kudo, Tsunenobu 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 board should eventually include at least three outside and independent directors 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.

Page 72 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hokkan Holdings Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yamazaki, Setsumasa 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 board should eventually include at least three outside and independent directors 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 Ikeda, Kosuke 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Kubota, Hirokazu 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Fujimoto, Ryoichi 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Koike, Akio 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Takeda, Takuya 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 board should eventually include at least three outside and independent directors 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.

3 Appoint Statutory Auditor Ando, Nobuhiko 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: 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.

Hokuhoku Financial Group Inc.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8377

Primary ISIN: JP3842400008 Primary SEDOL: 6683591

Page 73 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hokuhoku Financial Group Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Mugino, Hidenori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Sasahara, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Nakano, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Morita, Tsutomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Nikaido, Hirotaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Oshima, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Hokuriku Electrical Construction Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1930

Primary ISIN: JP3845000003 Primary SEDOL: 6433279

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Ikeda, Toshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 74 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hokuriku Electrical Construction Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Onishi, Mitsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Okamoto, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Taniguchi, Shigenobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Tamura, Toshitaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Tsuji, Shozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Tsurutani, Yukio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Haguro, Toshioi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Hongo, Hironao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Minabe, Mitsuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Muranishi, Kinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Morimoto, Seiichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 75 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Hokuriku Electrical Construction 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.

Honda Motor Co. Ltd.

Meeting Date: 06/13/2014 Country: Japan Meeting Type: Annual Ticker: 7267

Primary ISIN: JP3854600008 Primary SEDOL: 6435145

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Iwamura, Tetsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. We urge the company to have one-third (33%) of board members to be independent directors by the 2017 AGM. We communicated our views in a joint-investor letter in May to the company.

2.4 Elect Director Yamamoto, Takashi Mgmt For Against

2.5 Elect Director Yamamoto, Yoshiharu Mgmt For Against

2.6 Elect Director Nonaka, Toshihiko Mgmt For Against

2.7 Elect Director Yoshida, Masahiro Mgmt For Against

2.8 Elect Director Kuroyanagi, Nobuo Mgmt For Against

2.10 Elect Director Shiga, Yuuji Mgmt For Against

2.11 Elect Director Takeuchi, Kohei Mgmt For Against

2.12 Elect Director Aoyama, Shinji Mgmt For Against

2.13 Elect Director Kaihara, Noriya Mgmt For Against

Idemitsu Kosan Co., Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 5019

Primary ISIN: JP3142500002 Primary SEDOL: B1FF8P7

Page 76 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Idemitsu Kosan Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Kuniyasu, Takanori 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: 06/27/2014 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 Nakamura, Fusayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Degawa, Sadao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sekido, Toshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Sakamoto, Joji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Terai, Ichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Iwamoto, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 77 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

IHI Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Hamamura, Hiromitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Yoshida, Eiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Okamura, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Mitsuoka, Tsugio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Otani, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.15 Elect Director Abe, Akinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Inabata & Co., Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8098

Primary ISIN: JP3146000009 Primary SEDOL: 6461601

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Otsuki, Nobuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Nishimura, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 78 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Inabata & Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Suganuma, Toshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Akao, Toyohiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Yokota, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Sato, Tomohiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Fukubayashi, Kenjiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Inabata, Katsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Information Service International - Dentsu, Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 4812

Primary ISIN: JP3551530003 Primary SEDOL: 6295974

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Fukuyama, Akihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Ichikawa, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 79 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Information Service International - Dentsu, Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Uehara, Nobuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Umezawa, Konosuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yoshimoto, Atsushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Kobayashi, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Horisawa, Shin Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Toya, Nobuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Tani, 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.

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

Innotech Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 9880

Primary ISIN: JP3147800001 Primary SEDOL: 6462530

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kaburagi, Yosuke Mgmt For Against

Page 80 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Innotech Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Takahashi, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Otsuka, Nobuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Tanahashi, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Mabuchi, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Kawashima, Ryoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Murase, Mitsumasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Inui Steamship Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9113

Primary ISIN: JP3146400001 Primary SEDOL: 6465863

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Abe, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 81 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Inui Steamship Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Maeda, Tetsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Alternate Statutory Auditor Kiyota, Mgmt For Against Masahiro Voter Rationale: The Kansayaku 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: 06/25/2014 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: The board should recruit at least three independent directors 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.

2.4 Elect Director Morita, Shigeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Takizawa, koju Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Kawasaki, Kazunori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Kato, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 82 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Itochu Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 8001

Primary ISIN: JP3143600009 Primary SEDOL: 6467803

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kobayashi, Yoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Seki, Tadayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Aoki, Yoshihisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Takayanagi, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Yoshida, Tomofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Okamoto, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Shiomi, Takao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Fukuda, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Yonekura, Eiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 83 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Itochu Techno-Solutions Corp.

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 4739

Primary ISIN: JP3143900003 Primary SEDOL: 6200194

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ikeda, Shuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Matsushima, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Matsuzawa, Masaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Takatori, Shigemitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Susaki, Takahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Shirota, Katsuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Okubo, Tadataka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Noda, Shunsuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 84 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Itoham Foods Inc.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 2284

Primary ISIN: JP3144400003 Primary SEDOL: 6467900

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Ishii, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Ikeuchi, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Shibayama, Ikuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Ito, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Ichida, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Misono, Kazuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

J. Front Retailing Co. Ltd.

Meeting Date: 05/22/2014 Country: Japan Meeting Type: Annual Ticker: 3086

Primary ISIN: JP3386380004 Primary SEDOL: B23TC12

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Yoshimoto, Tatsuya Mgmt For Against

Page 85 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

J. Front Retailing Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Makiyama, Kozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Kobayashi, Yasuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Hayashi, Toshiyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Fujino, Haruyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Japan AirLines Co. Ltd.

Meeting Date: 06/18/2014 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: The board should recruit at least three independent directors 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.

3.4 Elect Director Kamikawa, Hirohide Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Okawa, Junko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 86 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Japan AirLines Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Fujita, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Saito, Norikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Japan Petroleum Exploration Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 1662

Primary ISIN: JP3421100003 Primary SEDOL: 6711696

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Hyodo, Motofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Nakajima, Norio 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 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.

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.

Japan Tobacco Inc

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 2914

Primary ISIN: JP3726800000 Primary SEDOL: 6474535

Page 87 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Japan Tobacco Inc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Shingai, Yasushi Mgmt For Against

3.4 Elect Director Okubo, Noriaki Mgmt For Against

3.5 Elect Director Saeki, Akira Mgmt For Against

3.6 Elect Director Miyazaki, Hideki Mgmt For Against

6 Authorize Share Repurchase of Up To 200 SH Against For Million Shares in the Coming Year Voter Rationale: A vote FOR this proposal is recommended because the proposed authorization would not bind Japan Tobacco to actually repurchase any shares, and therefore, there are no viable reasons why the request would be disadvantageous to shareholders.

7 Amend Articles to Allow Binding Shareholder SH Against For Meeting Resolutions on Cancellation of Treasury Shares Voter Rationale: A vote FOR this proposal is recommended because the shareholder proposal would increase shareholder say in the company's capital management.

8 Cancel the Company's Treasury Shares SH Against For

Voter Rationale: A vote FOR this proposal is recommended because cancellation of shares should not negatively impact JT's equity financing ability for strategic options, the company fails to present any specific plans to use its treasury shares, and cancellation of treasury shares will generally reduce shareholder concern about dilution.

JCR Pharmaceuticals Co., Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 4552

Primary ISIN: JP3701000006 Primary SEDOL: 6467591

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Nishino, Katsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Tachibana, Katsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 88 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

JCR Pharmaceuticals Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Suzuki, Tatsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yoshimoto, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Philippe Fauchet Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Sugimoto, Shunjiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 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.

JFE Holdings, Inc.

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 5411

Primary ISIN: JP3386030005 Primary SEDOL: 6543792

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Hayashida, Eiji Mgmt For Against

Voter Rationale: The board should recruit independent directors 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. F&C has written to the company in May 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting..

3.3 Elect Director Okada, Shinichi Mgmt For Against

3.4 Elect Director Ashida, Akimitsu Mgmt For Against

3.5 Elect Director Maeda, Masafumi Mgmt For Against

Page 89 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

JGC Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1963

Primary ISIN: JP3667600005 Primary SEDOL: 6473468

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ishizuka, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Yamazaki, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Akabane, Tsutomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Miura, Hideaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Sato, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Miyoshi, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Suzuki, Masanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

JK Holdings Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9896

Primary ISIN: JP3389570007 Primary SEDOL: 6570187

Page 90 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

JK Holdings Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yoshida, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ogawa, Akinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kuroiwa, Kota Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Watanabe, Shoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Narita, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Azuma, 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 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.

Justsystems Corp

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 4686

Primary ISIN: JP3388450003 Primary SEDOL: 6079792

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Fukura, Tomoaki Mgmt For Against

Page 91 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Justsystems Corp

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. The board should eventually include at least three outside and independent directors 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.

1.2 Elect Director Naito, Okito Mgmt For Against

1.3 Elect Director Ideno, Tomohide Mgmt For Against

1.4 Elect Director Miki, Masayuki Mgmt For Against

1.5 Elect Director Sekinada, Kyotaro Mgmt For Against

JVC Kenwood Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 6632

Primary ISIN: JP3386410009 Primary SEDOL: B3CY5L6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Eguchi, Shoichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Aigami, Kazuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Kurihara, Naokazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Tamura, Seiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Kaga Electronics

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8154

Primary ISIN: JP3206200002 Primary SEDOL: 6480758

Page 92 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kaga Electronics

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Tanaka, Yuuichiro 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.

Kajima Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1812

Primary ISIN: JP3210200006 Primary SEDOL: 6481320

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Nakamura, Mitsuyoshi Mgmt For Against

Voter Rationale: F&C votes against all directors at the company as this board consists only of insiders. 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 board should eventually include at least three outside and independent directors 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. F&C has written to the company President in April 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

2.2 Elect Director Kaneko, Hiroshi Mgmt For Against

2.3 Elect Director Hinago, Takashi Mgmt For Against

2.4 Elect Director Ishikawa, Hiroshi Mgmt For Against

2.5 Elect Director Takano, Hironobu Mgmt For Against

2.6 Elect Director Hiraizumi, Nobuyuki Mgmt For Against

2.7 Elect Director Kajima, Shoichi Mgmt For Against

2.8 Elect Director Kayano, Masayasu Mgmt For Against

3.1 Appoint Statutory Auditor Nakamura, Kinro 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 93 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kakaku.com Inc

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 2371

Primary ISIN: JP3206000006 Primary SEDOL: 6689533

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Hata, Shonosuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Ieuji, Taizo Mgmt For Against

3.5 Elect Director Fujiwara, Kenji Mgmt For Against

3.6 Elect Director Uemura, Hajime Mgmt For Against

3.7 Elect Director Yuuki, Shingo Mgmt For Against

3.8 Elect Director Murakami, Atsuhiro Mgmt For Against

3.9 Elect Director Matsumoto, Oki Mgmt For Against

3.11 Elect Director Akiyama, Ryuuhei Mgmt For Against

Kamei Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8037

Primary ISIN: JP3219400003 Primary SEDOL: 6482550

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Takahashi, Kiyomitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Omachi, Masafumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 94 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kamigumi Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9364

Primary ISIN: JP3219000001 Primary SEDOL: 6482668

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Makita, Hideo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Hirase, Toshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Saeki, Kuniharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Tahara, Norihito Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Horiuchi, Toshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Ichihara, Yoichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Murakami, Katsumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Kandenko Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 1942

Primary ISIN: JP3230600003 Primary SEDOL: 6483586

Page 95 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kandenko Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Abe, Hideto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Arai, Yukio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kitayama, Shinichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kinoshita, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Goto, Kiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Serizawa, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Terauchi, Haruhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Nagayama, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Nomura, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Hasegawa, Tsutomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 96 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kandenko Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.13 Elect Director Morito, Yoshimi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Nakamura, Kenichi 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 Yamaguti, Takehiro 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.

Kanematsu Corp.

Meeting Date: 06/24/2014 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: The board should recruit at least three independent directors 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 Murao, Tetsuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Gunji, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sakuyama, Nobuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Ito, Michishiro 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 97 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kansai Electric Power Co. Inc.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9503

Primary ISIN: JP3228600007 Primary SEDOL: 6483489

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Ikoma, Masao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Toyomatsu, Hideki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Kagawa, Jiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Iwane, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Hashimoto, Noriaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Mukae, Yoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Doi, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Iwatani, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Yashima, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 98 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kansai Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.12 Elect Director Sugimoto, Yasushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Shirai, Ryohei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.16 Elect Director Okihara, Takamune Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

19 Amend Articles to Require Individual Breakdown SH Against For in Disclosure of Director Pay Voter Rationale: A vote FOR this shareholder proposal is recommended because the amendment may enhance the company's overall reputation for transparency and accountability.

Kawasaki Heavy Industries, Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7012

Primary ISIN: JP3224200000 Primary SEDOL: 6484620

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Matsuoka, Kyohei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Takata, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Iki, Joji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Inoue, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 99 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kawasaki Heavy Industries, Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Kanehana, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Makimura, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Murakami, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Ishikawa, Munenori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Hida, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Kiyama, Shigehiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Tomida, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Shibahara, 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.

Kawasaki Kisen Kaisha Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 9107

Primary ISIN: JP3223800008 Primary SEDOL: 6484686

Page 100 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kawasaki Kisen Kaisha Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Murakami, Eizo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Torizumi, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Suzuki, Toshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Aoki, Hiromichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yamauchi, Tsuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Toriyama, Yukio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Nakagawa, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Tsutsumi, Norio 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.

KDDI Corporation

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 9433

Primary ISIN: JP3496400007 Primary SEDOL: 6248990

Page 101 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

KDDI Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Morozumi, Hirofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. We wrote to the company in May 2014 urging Japanese companies to establish one-third independence on the board by 2017 AGM.

2.4 Elect Director Takahashi, Makoto Mgmt For Against

2.5 Elect Director Ishikawa, Yuuzo Mgmt For Against

2.6 Elect Director Inoue, Masahiro Mgmt For Against

2.7 Elect Director Yuasa, Hideo Mgmt For Against

2.8 Elect Director Fukuzaki, Tsutomu Mgmt For Against

2.9 Elect Director Tajima, Hidehiko Mgmt For Against

2.10 Elect Director Uchida, Yoshiaki Mgmt For Against

2.11 Elect Director Kuba, Tetsuo Mgmt For Against

2.12 Elect Director Kodaira, Nobuyori Mgmt For Against

3 Appoint Statutory Auditor Kobayashi, 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.

Keyence Corp.

Meeting Date: 06/12/2014 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 30 Voter Rationale: The proposed dividend is too low. The board should ensure cash is utilised efficiently to maximise returns for shareholders. The payout ratio has been consistently low for many years, and the company has never provided a satisfactory explanation.

Page 102 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kinden Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 1944

Primary ISIN: JP3263000006 Primary SEDOL: 6492924

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Fujita, Kunihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Kawaguchi, Mitsunori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Kawagoe, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Urashima, Sumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Maeda, Hidetaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Ishida, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Onishi, Yoshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Kobayashi, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Matsuo, Shiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 103 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kinden Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 Appoint Statutory Auditor Satake, Ikuzo 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: 06/17/2014 Country: Japan Meeting Type: Annual Ticker: 9375

Primary ISIN: JP3262900008 Primary SEDOL: 6282211

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ueno, Hirohiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Tomiyama, Joji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Hoshiai, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Watarai, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Mori, Kazuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Aikawa, Shinya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Mitsuhashi, Yoshinobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 104 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kintetsu World Express, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.10 Elect Director Kase, Toshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Torii, Nobutoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Hirata, Keisuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Takahashi, Katsufumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Kobayashi, Tetsuya 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. Furthermore, the board should recruit at least three independent directors 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.

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

Kissei Pharmaceutical Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4547

Primary ISIN: JP3240600001 Primary SEDOL: 6494061

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Akahane, Masuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Sato, Hiroe Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 105 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kissei Pharmaceutical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Isaji, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Fukushima, Keiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Furihata, Yoshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Asakawa, Takuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Hashimoto, Kaname Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Takehana, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director So, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Kanai, Hidetoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Takayama, Tetsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.14 Elect Director Shimizu, Shigetaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 106 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Komatsu Ltd.

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 6301

Primary ISIN: JP3304200003 Primary SEDOL: 6496584

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Fujitsuka, Mikio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Takamura, Fujitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Shinozuka, Hisashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Kuromoto, Kazunori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Mori, Masanao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Oku, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Komori Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 6349

Primary ISIN: JP3305800009 Primary SEDOL: 6496658

Page 107 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Komori Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles To Transfer Authority to Preside Mgmt For Against over Board Meetings from President to Chairman - Authorize Board to Determine Income Allocation Voter Rationale: It is not in shareholders' interest to allow the company to determine income allocation at the board's discretion.

4.2 Elect Director Mochida, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.3 Elect Director Saito, Kazunori Mgmt For Against

4.4 Elect Director Kondo, Makoto Mgmt For Against

4.5 Elect Director Kajita, Eiji Mgmt For Against

4.6 Elect Director Matsuno, Koichi Mgmt For Against

4.7 Elect Director Yoshikawa, Masamitsu Mgmt For Against

Konoike Transport Co., Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 9025

Primary ISIN: JP3288970001 Primary SEDOL: B99HH03

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Fujiwara, Kazumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Shimizu, Tadayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Mizutani, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 108 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Konoike Transport Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.6 Elect Director Aiba, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kawashima, Toshikata Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Nakayama, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

4 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.

5 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.

Krosaki Harima Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5352

Primary ISIN: JP3272400007 Primary SEDOL: 6498007

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hamamoto, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Tsuneoka, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 109 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Krosaki Harima Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Kuroda, Kotaro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Ishimaru, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Tanaka, Yasuto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Takata, Shuzo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Tanaka, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Kubota Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 6326

Primary ISIN: JP3266400005 Primary SEDOL: 6497509

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Kimata, Masatoshi Mgmt For Against

Voter Rationale: The board should include at least three outside and independent directors 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. F&C has written to the company President in April 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

1.3 Elect Director Kubo, Toshihiro Mgmt For Against

1.4 Elect Director Kimura, Shigeru Mgmt For Against

1.5 Elect Director Ogawa, Kenshiro Mgmt For Against

1.6 Elect Director Kitao, Yuuichi Mgmt For Against

Page 110 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kubota Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Appoint Statutory Auditor Sakamoto, 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.

2.2 Appoint Statutory Auditor Fukuyama, 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.

Kyodo Printing Co.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7914

Primary ISIN: JP3252800002 Primary SEDOL: 6498308

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Inagi, Toshiaki 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 board should eventually include at least three outside and independent directors 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 Fujimori, Yoshiaki 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 board should eventually include at least three outside and independent directors 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 Miyoshi, Mikio 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Shimizu, Ichiji 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Osawa, Haruo 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 board should eventually include at least three outside and independent directors 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.

Page 111 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kyodo Printing Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Hitomi, Minoru 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Ido, Kazuyoshi 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Okubo, Takashi 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 board should eventually include at least three outside and independent directors 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.

2.9 Elect Director Saito, Fumitaka 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 board should eventually include at least three outside and independent directors 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.

2.10 Elect Director Imamura, Toshio 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 board should eventually include at least three outside and independent directors 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.

2.11 Elect Director Kajiyama, Masayoshi 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 board should eventually include at least three outside and independent directors 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.

2.12 Elect Director Watanabe, Hidenori 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 board should eventually include at least three outside and independent directors 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.

2.13 Elect Director Satomura, Kenji 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 board should eventually include at least three outside and independent directors 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.

2.14 Elect Director Kumii, Takashi 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 board should eventually include at least three outside and independent directors 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.

Page 112 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kyodo Printing Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 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 Appoint Alternate Statutory Auditor Ito, 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.

Kyowa Leather Cloth Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 3553

Primary ISIN: JP3256400007 Primary SEDOL: 6499505

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Yamazaki, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Suga, Tamaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Horie, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Hirao, Sadayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Sezaki, Shoji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Fujisaka, Kazuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 113 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kyowa Leather Cloth Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Masuda, Yoji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Kawabata, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Sawane, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Oishi, Nobuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Nakamura, Naoyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Amano, Toshiki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 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.

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.

Kyudenko Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 1959

Primary ISIN: JP3247050002 Primary SEDOL: 6499969

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Araki, Toshihiro Mgmt For Against

Page 114 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kyudenko Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ino, Seiki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kakimoto, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Ueda, Saiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Higaki, Hironori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Yamashita, Yukiharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Takei, Hideki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Ishibashi, Kazuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Kitamura, Kunihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Hashida, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 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.

Page 115 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kyushu Electric Power Co. Inc.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9508

Primary ISIN: JP3246400000 Primary SEDOL: 6499806

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.3 Elect Director Yamamoto, Haruyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.4 Elect Director Chinzei, Masanao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.5 Elect Director Yoshizako, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.6 Elect Director Sato, Naofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.7 Elect Director Aramaki, Tomoyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.8 Elect Director Hirata, Sojuu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.9 Elect Director Oshima, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.10 Elect Director Izaki, Kazuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.11 Elect Director Yakushinji, Hideomi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 116 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Kyushu Electric Power Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.12 Elect Director Sasaki, Yuzo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Leopalace21 Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8848

Primary ISIN: JP3167500002 Primary SEDOL: 6598424

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Miyama, Tadahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Sekiya, Yuzuru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Tajiri, Kazuto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Miike, Yoshikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Kimura, Ko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Harada, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Taya, Tetsuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 117 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Maeda Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 1824

Primary ISIN: JP3861200008 Primary SEDOL: 6554705

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Ejiri, Masayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Fukuta, Kojiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kakinuma, Akihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Maeda, Soji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Nagao, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Hayasaka, Yoshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Sekimoto, Shogo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Shoji, Toshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Kawanobe, Masakazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 118 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Maeda Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.11 Elect Director Adachi, Hiromi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Watanabe, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Maezawa Kasei Industries Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7925

Primary ISIN: JP3860250004 Primary SEDOL: 6559476

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kubota, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Yashiro, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Sumitomo, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kubo, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Ito, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 119 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Maezawa Kyuso Industries Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 6485

Primary ISIN: JP3860300007 Primary SEDOL: 6554415

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Sato, Hidetoshi 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 board should eventually include at least three outside and independent directors 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 Yamamoto, Haruki 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 board should eventually include at least three outside and independent directors 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 Hori, Toshiya 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Murata, Hideaki 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Taniai, Yuuichi 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 board should eventually include at least three outside and independent directors 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.

3 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.

Marubeni Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 8002

Primary ISIN: JP3877600001 Primary SEDOL: 6569464

Page 120 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Marubeni Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Ota, Michihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Akiyoshi, Mitsuru Mgmt For Against

1.5 Elect Director Yamazoe, Shigeru Mgmt For Against

1.6 Elect Director Kawai, Shinji Mgmt For Against

1.7 Elect Director Tanaka, Kazuaki Mgmt For Against

1.8 Elect Director Matsumura, Yukihiko Mgmt For Against

1.9 Elect Director Terakawa, Akira Mgmt For Against

1.10 Elect Director Takahara, Ichiro Mgmt For Against

1.11 Elect Director Kitabata, Takao Mgmt For Against

Voter Rationale: In the absence of a persuasive rationale for Kitabata's presence on the board, on balance, his appointment would not be in the interests of shareholders.

Marubun Co.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7537

Primary ISIN: JP3877500003 Primary SEDOL: 6526500

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Iwamoto, Kazuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.2 Elect Director Aihara, Shuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Watanabe, Yasuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 121 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Marubun Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 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.

Marui Group Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 8252

Primary ISIN: JP3870400003 Primary SEDOL: 6569527

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Sato, Motohiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Nakamura, Masao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Wakashima, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Ishii, Tomo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Takimoto, Toshikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Fuse, Nariaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Sasaki, Hajime Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 122 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Marui Group Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 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.

Maruichi Steel Tube Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 5463

Primary ISIN: JP3871200006 Primary SEDOL: 6569505

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Horikawa, Daiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Suzuki, Shozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Meguro, Yoshitaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Takasago, Yoshifumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Nakano, Kenjiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Mazda Motor Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7261

Primary ISIN: JP3868400007 Primary SEDOL: 6900308

Page 123 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mazda Motor Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.3 Elect Director Marumoto, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

5 Appoint Statutory Auditor Kawamura, 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.

Medipal Holdings Corp

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 7459

Primary ISIN: JP3268950007 Primary SEDOL: 6782090

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Yoda, Toshihide Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Sakon, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Chofuku, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Hasegawa, Takuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Watanabe, Shinjiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 124 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Medipal Holdings Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.8 Elect Director Orime, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Meidensha Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6508

Primary ISIN: JP3919800007 Primary SEDOL: 6575900

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Appoint Statutory Auditor Ando, Toshihiko 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 Uzawa, Mgmt For Against Akiomi Voter Rationale: The Kansayaku 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: 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.

Meiji Holdings Co Ltd

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 2269

Primary ISIN: JP3918000005 Primary SEDOL: B60DQV3

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Hirahara, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 125 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Meiji Holdings Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Saza, Michiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Furuta, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Iwashita, Shuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kawamura, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Kobayashi, Daikichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Minebea Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6479

Primary ISIN: JP3906000009 Primary SEDOL: 6642406

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 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.

Ministop Co. Ltd.

Meeting Date: 05/22/2014 Country: Japan Meeting Type: Annual Ticker: 9946

Primary ISIN: JP3905950006 Primary SEDOL: 6583851

Page 126 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Ministop Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Miyashita, Naoyuki 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 board should eventually include at least three outside and independent directors 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.

1.2 Elect Director Maeda, Akihiko 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 board should eventually include at least three outside and independent directors 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.

1.3 Elect Director Ozeki, Satoshi 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 board should eventually include at least three outside and independent directors 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.

1.4 Elect Director Hotta, Masashi 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 board should eventually include at least three outside and independent directors 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.

1.5 Elect Director Oike, Manabu 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 board should eventually include at least three outside and independent directors 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 Appoint Statutory Auditor Shimizu, Takato 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.

Misawa Homes Co Ltd

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1722

Primary ISIN: JP3885010003 Primary SEDOL: 6652676

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Tachibana, Teiji Mgmt For Against

Page 127 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Misawa Homes Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Isogai, Masashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Hirata, Toshitsugu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Tanaka, Hiroomi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Yokota, Sumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Sakuo, Tetsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Tokai, Takeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Goto, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Mitani

Meeting Date: 06/13/2014 Country: Japan Meeting Type: Annual Ticker: 8066

Primary ISIN: JP3886800006 Primary SEDOL: 6596473

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Yamamoto, Yoshitaka Mgmt For Against

Page 128 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitani

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Yamamoto, Katsunori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Sugahara, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Sano, Toshikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 Appoint Statutory Auditor Yamazaki, 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.

5 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.

Mitsubishi Gas Chemical Co. Inc.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 4182

Primary ISIN: JP3896800004 Primary SEDOL: 6596923

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Watanabe, Takayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Sakai, Yukio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 129 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsubishi Gas Chemical Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Sugita, Katsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Yamane, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kawa, Kunio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Hayashi, Katsushige Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Jono, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Inamasa, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Nihei, Yoshimasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.1 Appoint Statutory Auditor Hata, Jin 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 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.

Mitsubishi Heavy Industries, Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7011

Primary ISIN: JP3900000005 Primary SEDOL: 6597067

Page 130 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsubishi Heavy Industries, Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Maekawa, Atsushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kujirai, Yoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Mizutani, Hisakazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Nojima, Tatsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Funato, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Kodama, Toshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Kimura, Kazuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Kojima, Yorihiko 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. Furthermore, the board should recruit at least three independent directors 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.

Mitsubishi Motors Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 7211

Primary ISIN: JP3899800001 Primary SEDOL: 6598446

Page 131 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsubishi Motors Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Harunari, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Nakao, Ryuugo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Uesugi, Gayuu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Aoto, Shuuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Hattori, Toshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Izumisawa, Seiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Sasaki, Mikio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Tabata, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Ando, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Miyanaga, Shunichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 132 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsubishi Motors Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.14 Elect Director Niinami, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.1 Appoint Statutory Auditor Nagayasu, 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.

5 Approve Retirement Bonuses and Special Mgmt For Against Payments in Connection with Abolition of Retirement Bonus System 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 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.

Mitsubishi Tanabe Pharma Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 4508

Primary ISIN: JP3469000008 Primary SEDOL: 6870984

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Mitsuka, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Nakamura, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kobayashi, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Ishizaki, Yoshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 133 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsubishi Tanabe Pharma Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Kosakai, Kenkichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Hattori, Shigehiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Yanagisawa, Kenichi 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 Financial Group

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8306

Primary ISIN: JP3902900004 Primary SEDOL: 6335171

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Wakabayashi, Tatsuo Mgmt For Against

Voter Rationale: While we recognise the steps taken to improve board independence, the board should recruit at least three independent directors 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. F&C has written to the company President in May 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

2.4 Elect Director Tanaka, Masaaki Mgmt For Against

2.5 Elect Director Yuuki, Taihei Mgmt For Against

2.6 Elect Director Kagawa, Akihiko Mgmt For Against

2.7 Elect Director Kuroda, Tadashi Mgmt For Against

2.8 Elect Director Nagaoka, Takashi Mgmt For Against

2.9 Elect Director Okamoto, Junichi Mgmt For Against

2.10 Elect Director Noguchi, Hiroyuki Mgmt For Against

2.12 Elect Director Araki, Ryuuji Mgmt For Against

Voter Rationale: .

2.13 Elect Director Okamoto, Kunie Mgmt For Against

2.14 Elect Director Kawamoto, Yuuko Mgmt For Against

Page 134 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsubishi UFJ Financial Group

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Sato, 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.

Mitsui & Co.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 8031

Primary ISIN: JP3893600001 Primary SEDOL: 6597302

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

10 Amend Articles to Delete Provision that SH Against For Authorizes Share Buybacks at Board's Discretion

Voter Rationale: A vote FOR this proposal is recommended because this change is proposed in connection with the proposed share repurchase authority, effective during the year following this meeting, which merits shareholder support.

13 Authorize Share Repurchase of up to 120 Million SH Against For Shares in the Coming Year Voter Rationale: A vote FOR this proposal is recommended because the proposed authorization would not bind Mitsui & Co. to actually repurchase any shares, and therefore, there are no viable reasons why the request would be disadvantageous to shareholders.

Mitsui Chemicals Inc.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 4183

Primary ISIN: JP3888300005 Primary SEDOL: 6597368

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Omura, Yasuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Koshibe, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 135 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsui Chemicals Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.4 Elect Director Kubo, Masaharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Isayama, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Ayukawa, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Ueki, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Koga, 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.

Mitsui Engineering & Shipbuilding Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7003

Primary ISIN: JP3891600003 Primary SEDOL: 6597380

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Okada, Masafumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Yamamoto, Takaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Komine, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 136 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsui Engineering & Shipbuilding Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Minoda, Shinsuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Fukuda, Norihisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Hiraiwa, Takahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Doi, Nobuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Nishihata, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Tsubokawa, Takehiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Nakamura, Kiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Kishimoto, Yasuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Nippo, Shinsuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.15 Elect Director Tokuhisa, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 137 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsui High-tec Inc.

Meeting Date: 04/17/2014 Country: Japan Meeting Type: Annual Ticker: 6966

Primary ISIN: JP3892400007 Primary SEDOL: 6597432

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Maruoka, Yoshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Tsujimoto, Keiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kobayashi, Katsuichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kuriyama, Masanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Ishimatsu, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Shirakawa, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Sakaue, Takanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Suzuki, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 138 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mitsui Sugar Co. Ltd

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 2109

Primary ISIN: JP3890400009 Primary SEDOL: 6597562

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tako, Yuutaro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Nomura, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Mikayama, Hideyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Shoji, Hidehiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Maeda, Kaoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Hattori, Haruyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Hayashi, 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 Iijima, 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.

Miura Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6005

Primary ISIN: JP3880800002 Primary SEDOL: 6597777

Page 139 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Miura Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Takahashi, Yuuji 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 board should eventually include at least three outside and independent directors 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 Seriguchi, Yoshihisa 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 board should eventually include at least three outside and independent directors 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 Noguchi, Akihiko 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Hosokawa, Kimiaki 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Ochi, Yasuo 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Fukushima, Hiroshi 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Tange, Seigo 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Nishihara, Masakatsu 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 board should eventually include at least three outside and independent directors 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.

Page 140 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Miura Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Miyauchi, Daisuke 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 board should eventually include at least three outside and independent directors 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.

2.10 Elect Director Morimatsu, Takashi 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 board should eventually include at least three outside and independent directors 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.

2.11 Elect Director Kojima, Yoshihiro 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 board should eventually include at least three outside and independent directors 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.

Mizuho Financial Group Inc.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 8411

Primary ISIN: JP3885780001 Primary SEDOL: 6591014

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1 Approve Allocation of Income, with a Final Mgmt For Against Dividend of JPY 3.5 Voter Rationale: The alternative proposal on dividends in Item 5 by Yamanaka and his allies merits support.

5 Approve Alternate Income Allocation, with a SH Against For Final Dividend of JPY 5 Voter Rationale: The JPY 5 alternative dividend does not appear so excessive that it would harm the company's long-term financial health.

7 Amend Articles to Require Company to Urge SH Against For Subsidiaries Owning Shares in Allied Firms to Vote Shares Appropriately Voter Rationale: Constructive, well-considered voting serves the interests of both the shareholder and the portfolio company. We believe this is appropriate considering the new Japan Stewardship Code which urges Japanese institutional investors to play an active shareholder role.

Page 141 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Mochida Pharmaceutical Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4534

Primary ISIN: JP3922800002 Primary SEDOL: 6598004

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Aoki, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Isomura, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kono, Yoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sagisaka, Keiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Sakata, Chuu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Hirata, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Nakamura, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Sakaki, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Ogawa, 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 142 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Murata Manufacturing Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6981

Primary ISIN: JP3914400001 Primary SEDOL: 6610403

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Fujita, Yoshitaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Nabtesco Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 6268

Primary ISIN: JP3651210001 Primary SEDOL: 6687571

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Mishiro, Yosuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Sakamoto, Tsutomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Aoi, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Osada, Nobutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Nakamura, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 143 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nabtesco Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Sakai, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Yoshikawa, Toshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Fujiwara, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 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.

NAFCO CO. LTD.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 2790

Primary ISIN: JP3651160008 Primary SEDOL: 6712815

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Fukumoto, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Kimura, Moriyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Suematsu, Yasuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Page 144 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nakayo Telecommunications

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 6715

Primary ISIN: JP3646800007 Primary SEDOL: 6620877

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Hagane, Yasufumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Mayuzumi, Yoshikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Kiyoku, Haruyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Ishikawa, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Kita, Toshiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Namura Shipbuilding Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7014

Primary ISIN: JP3651400008 Primary SEDOL: 6621063

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Elect Director Yoshioka, Shuuzo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 145 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Namura Shipbuilding Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Elect Director Kayakiri, Fumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

5.1 Appoint Statutory Auditor Iwakiri, 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.

5.2 Appoint Statutory Auditor Yamashita, Kimiou 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 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.

NATORI CO LTD

Meeting Date: 06/27/2014 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, Yuuichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Dejima, Nobuomi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Kobayashi, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yamagata, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 146 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

NATORI CO LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.6 Elect Director Kitami, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Nakao, Masao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

NGK Spark Plug Co. Ltd.

Meeting Date: 06/27/2014 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: The board should recruit at least three independent directors 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.

1.3 Elect Director Shibagaki, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Kawajiri, Shogo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Nakagawa, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Koiso, Hideyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Okawa, Teppei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 147 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

NGK Spark Plug Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.9 Elect Director Yasui, Kanemaru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Nichicon Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6996

Primary ISIN: JP3661800007 Primary SEDOL: 6638546

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Alternate Statutory Auditor Uematsu, Mgmt For Against Katsuhiko Voter Rationale: The Kansayaku 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: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 4541

Primary ISIN: JP3687200000 Primary SEDOL: 6639903

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kongoji, Toshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Urayama, Shuuko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Akane, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 148 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nichi-Iko Pharmaceutical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Kawakami, Taizan Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Yoshikawa, Takahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Inasaka, Noboru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Takagi, Shigeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

5 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.

6 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.

Nichireki Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5011

Primary ISIN: JP3665600007 Primary SEDOL: 6638687

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Yamauchi, Yukio 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 board should eventually include at least three outside and independent directors 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 Kudo, Shunji 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 board should eventually include at least three outside and independent directors 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.

Page 149 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nichireki Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Takahashi, Yasumori 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Kawaguchi, Yuuji 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Obata, Manabu 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Hanyuu, 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 board should eventually include at least three outside and independent directors 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.

Nihon Eslead

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8877

Primary ISIN: JP3688350002 Primary SEDOL: 6175849

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Otsuki, Sadami Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Osawa, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Inoue, Yuuzo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 150 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nihon Eslead

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.5 Elect Director Arai, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Yamada, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Oba, Takeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Komatsu, Hirokuni Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Yamoto, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Maeda, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Handa, Tomoyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Nippo Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 1881

Primary ISIN: JP3750200002 Primary SEDOL: 6640789

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Mizushima, Kazunori Mgmt For Against

Page 151 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippo Corp.

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. The board should eventually include at least three outside and independent directors 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. F&C wrote to the company in April 2014 urging board reform.

3.2 Elect Director Yamagata, Yukio Mgmt For Against

3.3 Elect Director Uesaka, Mitsuo Mgmt For Against

3.4 Elect Director Yokoyama, Shigeru Mgmt For Against

3.5 Elect Director Ishikawa, Koichi Mgmt For Against

3.6 Elect Director Terabun, Junichi Mgmt For Against

3.7 Elect Director Iwata, Hiromi Mgmt For Against

3.8 Elect Director Takahashi, Akitsugu Mgmt For Against

3.9 Elect Director Kimura, Yasushi Mgmt For Against

4 Appoint Statutory Auditor Seki, 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.

Nippon Express Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9062

Primary ISIN: JP3729400006 Primary SEDOL: 6642127

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Appoint Statutory Auditor Wada, 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.

5 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.

Nippon Konpo Unyu Soko Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9072

Primary ISIN: JP3709600005 Primary SEDOL: 6642202

Page 152 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Konpo Unyu Soko Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kuroiwa, Keita Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Nagaoka, Toshimi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Kurisu, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Sano, Yasuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Kawaguchi, Toshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Matsuda, Yasunori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Nippon Meat Packers Inc.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 2282

Primary ISIN: JP3743000006 Primary SEDOL: 6640767

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Okoso, Hiroji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 153 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Meat Packers Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Uchida, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Suezawa, Juichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Hata, Yoshihide Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Kawamura, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Shinohara, Takahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 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.

Nippon Pillar Packing

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 6490

Primary ISIN: JP3747800005 Primary SEDOL: 6641135

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Oiwa, Teruo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Katsumi, Ryoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 154 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Pillar Packing

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Iwanami, Yoshinobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Osaki, shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Shukunami, Katsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Nakagawa, Takeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 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.

Nippon Rietec Co Ltd

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1938

Primary ISIN: JP3510600004 Primary SEDOL: 6191373

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Numazaki, Ryohei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Teramura, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Egusa, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 155 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Rietec Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Saito, Susumu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Alternate Statutory Auditor Ikeda, Mgmt For Against Akihiko Voter Rationale: The Kansayaku 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.

Nippon Road Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1884

Primary ISIN: JP3740200005 Primary SEDOL: 6642462

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Hisamatsu, Hiromi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Hidaka, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yamato, Hideaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Suzuki, Tatsushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Hatakeyama, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 156 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Road Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Appoint Statutory Auditor Kurihara, 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.

Nippon Seisen Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5659

Primary ISIN: JP3721800005 Primary SEDOL: 6642547

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Akita, Yasuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Ukita, Masahide 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 Asai, Hiromi 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.

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.

Nippon Sharyo Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7102

Primary ISIN: JP3713600009 Primary SEDOL: 6642503

Page 157 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Sharyo Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Nagata, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ishizu, Kazumasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Ishikawa, Masayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Morimura, Tsutomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Umemura, Masao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Tsuge, Mikio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Ito, Tatsuro 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 & Sumikin Bussan

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9810

Primary ISIN: JP3681000000 Primary SEDOL: 6646884

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Miyasaka, Ichiro Mgmt For Against

Page 158 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Steel & Sumikin Bussan

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. The board should eventually include at least three outside and independent directors 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 Okada, Mitsunori 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 board should eventually include at least three outside and independent directors 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 Hiwatari, Kenji 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Eguchi, Tsuneaki 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Tamagawa, Akio 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Shimotori, Etsuo 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Kurita, Keiji 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Takeda, Masaharu 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 board should eventually include at least three outside and independent directors 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.

2.9 Elect Director Uemura, Akio 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 board should eventually include at least three outside and independent directors 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.

Page 159 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Steel & Sumikin Bussan

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.10 Elect Director Kazusa, Satoshi 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 board should eventually include at least three outside and independent directors 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.

2.11 Elect Director Nomura, Yuichi 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 board should eventually include at least three outside and independent directors 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.

Nippon Steel & Sumitomo Metal Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 5401

Primary ISIN: JP3381000003 Primary SEDOL: 6642569

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Muneoka, Shoji Mgmt For Against

Voter Rationale: We welcome the company's decision to appoint external directors to the board for the first time in its history. This is an issue that we have communicated to the company over the years and we value the company implementing our recommendations on corporate governance reform. As a next step, the board should recruit at least three independent directors 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. By 2017, we urge Japanese companies to establish one-third independence on the board. Despite these positives, we vote against the nominee as he should be held responsible for the company's continued failure to put its poison pill renewal to a vote.

3.3 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.

Nippon Telegraph & Telephone Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9432

Primary ISIN: JP3735400008 Primary SEDOL: 6641373

Page 160 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Telegraph & Telephone Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Shinohara, Hiromichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Sawada, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kobayashi, Mitsuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Shimada, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Tsujigami, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Okuno, Tsunehisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Kuriyama, Hiroki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Shirai, Katsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Sakakibara, Sadayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 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.

Page 161 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nippon Yusen K.K.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 9101

Primary ISIN: JP3753000003 Primary SEDOL: 6643960

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Naito, Tadaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Tazawa, Naoya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Mizushima, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Nagasawa, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Chikaraishi, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Maruyama, Hidetoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Samitsu, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Oshika, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Ogasawara, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 162 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nishikawa Rubber

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5161

Primary ISIN: JP3657550004 Primary SEDOL: 6646862

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 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.

Nishi-Nippon City Bank Ltd.

Meeting Date: 06/27/2014 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: The board should recruit at least three independent directors 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.

2.4 Elect Director Kawamoto, Soichi Mgmt For Against

2.5 Elect Director Urayama, Shigeru Mgmt For Against

2.6 Elect Director Takata, Kiyota Mgmt For Against

2.7 Elect Director Ishida, Yasuyuki Mgmt For Against

2.8 Elect Director Irie, Hiroyuki Mgmt For Against

2.9 Elect Director Kitazaki, Michiharu Mgmt For Against

2.10 Elect Director Hirota, Shinya Mgmt For Against

2.11 Elect Director Murakami, Hideyuki Mgmt For Against

2.12 Elect Director Sadano, Toshihiko Mgmt For Against

2.13 Elect Director Uriu, Michiaki Mgmt For Against

Page 163 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nissan Motor Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7201

Primary ISIN: JP3672400003 Primary SEDOL: 6642860

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Sakamoto, Hideyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Matsumoto, Fumiaki Mgmt For Against

2.3 Elect Director Bernard Rey Mgmt For Against

3.1 Appoint Statutory Auditor Imazu, Hidetoshi 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 Nagai, Motoo 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.

Nissan Tokyo Sales Holdings Co., Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 8291

Primary ISIN: JP3587800008 Primary SEDOL: 6895749

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tanaka, Toshiharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Togawa, Takahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Hayasaka, Masakatsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 164 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nissan Tokyo Sales Holdings Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Nishimura, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Terada, Shigeto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Fukuoka, 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.

Nisshin Fudosan Co. Ltd.

Meeting Date: 06/25/2014 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 Kamiyama, Kazuo 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 board should eventually include at least three outside and independent directors 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 Sato, Tetsuo 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 board should eventually include at least three outside and independent directors 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 Tsutsumi, Yukiyoshi 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Onuki, Yasukazu 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 board should eventually include at least three outside and independent directors 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.

Page 165 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nisshin Fudosan Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Sekine, Toshiyuki 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Kuroiwa, Hideki 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Morioka, Homare 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Sato, Toshiya 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 board should eventually include at least three outside and independent directors 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.

3 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.

NISSHIN OILLIO GROUP LTD

Meeting Date: 06/25/2014 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: The board should recruit at least three independent directors 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 Ishigami, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 166 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

NISSHIN OILLIO GROUP LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Fujii, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Ogami, Hidetoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yoshida, Nobuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Kuno, Takahisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Otara, Takeshi 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: 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.

6 Approve Retirement Bonuses and Special Mgmt For Against Payments in Connection with Abolition of Retirement Bonus System 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.

Nitto Denko Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 6988

Primary ISIN: JP3684000007 Primary SEDOL: 6641801

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Sakuma, Yoichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 167 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nitto Denko Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Omote, Toshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Takeuchi, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Nitto Kogyo Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6651

Primary ISIN: JP3682400001 Primary SEDOL: 6643283

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Matsushita, Takayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Ito, Kunihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Kurono, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Ochiai, Motoo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Nakajima, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 168 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nittoc Construction Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1929

Primary ISIN: JP3684800000 Primary SEDOL: 6643175

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Okumiya, Yasunobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Sakoda, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Anda, Sumiteru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Nagai, Norihisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yamada, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Aso, Iwao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

NOJIMA CO., LTD.

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 7419

Primary ISIN: JP3761600000 Primary SEDOL: 6616876

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Hoshina, Mitsuo Mgmt For Against

Page 169 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

NOJIMA CO., LTD.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

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

3 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. Furthermore, this plan could lead to excessive dilution.

Nomura Real Estate Holdings, Inc.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 3231

Primary ISIN: JP3762900003 Primary SEDOL: B1CWJM5

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kutsukake, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Miyajima, Seiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Seki, Toshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kimura, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Shinohara, Satoko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Orihara, 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.

Page 170 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Nomura Research Institute Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 4307

Primary ISIN: JP3762800005 Primary SEDOL: 6390921

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Maruyama, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Muroi, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Sawada, Mitsuru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Itano, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Ishibashi, Keiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.1 Appoint Statutory Auditor Aoki, 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.

North Pacific Bank Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8524

Primary ISIN: JP3843400007 Primary SEDOL: B7VKZP7

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Shibata, Ryu Mgmt For Against

Page 171 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

North Pacific Bank Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Sekikawa, Mineki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Nakamura, Eisaku Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Arai, Satoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Fujii, Fumiyo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Toyooka, Takaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Omi, Hidehiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Higashihara, Sachio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Nagano, minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Yasuda, Mitsuharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Soga, 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 172 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

NSK Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 6471

Primary ISIN: JP3720800006 Primary SEDOL: 6641544

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 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.

NTT Data Corp.

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 9613

Primary ISIN: JP3165700000 Primary SEDOL: 6125639

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Homma, Yo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Okamoto, Yukio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

NTT DoCoMo Inc.

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 9437

Primary ISIN: JP3165650007 Primary SEDOL: 6129277

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kato, Kaoru Mgmt For Against

Page 173 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

NTT DoCoMo Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: Top management is responsible for the board composition at this controlled company which does not include at least two independent outsiders.

2.2 Elect Director Yoshizawa, Kazuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. By 2017, we urge Japanese companies to establish one-third independence on the board. F&C communicated this in a letter to the company in May 2014.

2.3 Elect Director Sakai, Yoshikiyo Mgmt For Against

2.4 Elect Director Terasaki, Akira Mgmt For Against

2.5 Elect Director Onoe, Seizo Mgmt For Against

2.6 Elect Director Sato, Hirotaka Mgmt For Against

2.7 Elect Director Takagi, Kazuhiro Mgmt For Against

2.8 Elect Director Asami, Hiroyasu Mgmt For Against

2.9 Elect Director Suto, Shoji Mgmt For Against

2.10 Elect Director Omatsuzawa, Kiyohiro Mgmt For Against

2.11 Elect Director Nakayama, Toshiki Mgmt For Against

2.12 Elect Director Kii, Hajime Mgmt For Against

2.13 Elect Director Tani, Makoto Mgmt For Against

2.15 Elect Director Nakamura, Takashi Mgmt For Against

3.1 Appoint Statutory Auditor Kobayashi, 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 Okihara, Toshimune Mgmt For Against

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

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 1896

Primary ISIN: JP3190400006 Primary SEDOL: 6656441

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Hasegawa, Hitoshi Mgmt For Against

Page 174 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Obayashi Road Corp.

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. The board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Aonuma, Haruo 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Ito, Hisashige 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Hamada, Michihiro 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Tsubochi, Takuo 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Yamauchi, Yorimichi 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 board should eventually include at least three outside and independent directors 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.

4 Appoint Statutory Auditor Hashimoto, 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.

Ohashi Technica

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7628

Primary ISIN: JP3173100003 Primary SEDOL: 6207957

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Shibasaki, Mamoru Mgmt For Against

Page 175 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Ohashi Technica

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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 Kobayashi, Shoichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Toyoda, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Oita Bank Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 8392

Primary ISIN: JP3175200009 Primary SEDOL: 6657541

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Miura, Yoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.2 Elect Director Suzuki, Takayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Watanabe, Tomohiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Kuwano, Izumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 176 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Omron Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 6645

Primary ISIN: JP3197800000 Primary SEDOL: 6659428

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Suzuki, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Sakumiya, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Nitto, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Onoken Co., Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7414

Primary ISIN: JP3196700003 Primary SEDOL: 6659194

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Ono, Ken 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 board should eventually include at least three outside and independent directors 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.

1.2 Elect Director Ono, Takeshi Mgmt For Against

1.3 Elect Director Ono, Tetsuji Mgmt For Against

1.4 Elect Director Matsuo, Shunro Mgmt For Against

1.5 Elect Director Ono, Akira Mgmt For Against

1.6 Elect Director Ono, Shinsuke Mgmt For Against

1.7 Elect Director Okubo, Takayasu Mgmt For Against

Page 177 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Onoken Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.8 Elect Director Takamure, Atsushi Mgmt For Against

1.9 Elect Director Abe, Toshiyuki Mgmt For Against

2 Approve Adjustment to Aggregate Mgmt For Against Compensation Ceiling for 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.

Onward Holdings Co Ltd

Meeting Date: 05/22/2014 Country: Japan Meeting Type: Annual Ticker: 8016

Primary ISIN: JP3203500008 Primary SEDOL: 6483821

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yoshizawa, Masaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Baba, Akinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Yamada, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Yasumoto, Michinobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 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.

4 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.

Page 178 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Organo Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6368

Primary ISIN: JP3201600008 Primary SEDOL: 6470522

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Urai, Norihisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Okuzono, Shuuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Watanabe, Daisuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Toyoda, Masahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Hori, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Furuuchi, Chikara Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Nagai, Motoo 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 Kogure, Mgmt For Against Shigeru Voter Rationale: The Kansayaku 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 Iwabuchi, Mgmt For Against Setsuo Voter Rationale: The Kansayaku 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 179 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Otsuka Holdings Co Ltd

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4578

Primary ISIN: JP3188220002 Primary SEDOL: B5LTM93

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Otsuka, Ichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. F&C has written to the company President in May 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

2.4 Elect Director Makise, Atsumasa Mgmt For Against

2.5 Elect Director Matsuo, Yoshiro Mgmt For Against

2.6 Elect Director Tobe, Sadanobu Mgmt For Against

2.7 Elect Director Watanabe, Tatsuro Mgmt For Against

2.8 Elect Director Hirotomi, Yasuyuki Mgmt For Against

2.10 Elect Director Konose, Tadaaki Mgmt For Against

3.1 Appoint Statutory Auditor Imai, Takaharu 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 Nakai, Akihito 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 Sugawara, 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.

Paltac Corp

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 8283

Primary ISIN: JP3782200004 Primary SEDOL: B61BG94

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Orime, Koji Mgmt For Against

Page 180 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Paltac Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Morinaga, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Ninomiya, Kunio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Miyai, Yoshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Yasuda, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Toyota, Kazunori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Tashiro, Masahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Kasutani, Seiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Noma, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Panasonic Corp

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 6752

Primary ISIN: JP3866800000 Primary SEDOL: 6572707

Page 181 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Panasonic Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Matsushita, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. F&C has written to the company President in May 2014 urging a reform of board independence and a move to a third-independence by 2017 annual shareholders meeting.

1.4 Elect Director Yamada, Yoshihiko Mgmt For Against

1.5 Elect Director Takami, Kazunori Mgmt For Against

1.6 Elect Director Kawai, Hideaki Mgmt For Against

1.7 Elect Director Miyabe, Yoshiyuki Mgmt For Against

1.8 Elect Director Yoshioka, Tamio Mgmt For Against

1.9 Elect Director Toyama, Takashi Mgmt For Against

1.10 Elect Director Yoshida, Mamoru Mgmt For Against

1.11 Elect Director Nomura, Tsuyoshi Mgmt For Against

1.12 Elect Director Uno, Ikuo Mgmt For Against

Voter Rationale: There is a concern about the nominee's attendance at board meetings.

1.13 Elect Director Oku, Masayuki Mgmt For Against

1.14 Elect Director Ota, Hiroko Mgmt For Against

1.15 Elect Director Ito, Yoshio Mgmt For Against

1.16 Elect Director Ishii, Jun Mgmt For Against

1.17 Elect Director Sato, Mototsugu Mgmt For Against

2.1 Appoint Statutory Auditor Sato, Yoshio Mgmt For Against

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

3 Approve Deep Discount Stock Option Plan Mgmt For Against

Panasonic Information Systems Co., Ltd

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 4283

Primary ISIN: JP3867800009 Primary SEDOL: 6368768

Page 182 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Panasonic Information Systems Co., Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Okajima, Maki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Hisano, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Kurono, Hisashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yoshikawa, Tatsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Onishi, Hajime Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Maeda, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Nakagawa, Takahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Furuta, Hidenori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Iwahashi, 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.

Page 183 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Plenus Co. Ltd.

Meeting Date: 05/28/2014 Country: Japan Meeting Type: Annual Ticker: 9945

Primary ISIN: JP3833700002 Primary SEDOL: 6692702

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Motokawa, Yoshifumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Shioi, Takaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Suzuki, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Okusu, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Tabuchi, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Tachibana, Hidenobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Fuyama, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Kaneko, Shiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 184 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Prima Meat Packers Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 2281

Primary ISIN: JP3833200003 Primary SEDOL: 6703400

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Omori, Masao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Maeda, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Yano, Masahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Tsuji, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Uchiyama, Takahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Relo Holdings Inc.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8876

Primary ISIN: JP3755200007 Primary SEDOL: 6173906

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Sasada, Masanori 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 board should eventually include at least three outside and independent directors 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.

Page 185 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Relo Holdings Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Nakamura, Kenichi 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 board should eventually include at least three outside and independent directors 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.

1.3 Elect Director Kadota, Yasushi 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 board should eventually include at least three outside and independent directors 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.

1.4 Elect Director Iwao, Eiji 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 board should eventually include at least three outside and independent directors 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.

1.5 Elect Director Koshinaga, Kenji 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 board should eventually include at least three outside and independent directors 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.

1.6 Elect Director Shimizu, Yasuji 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 board should eventually include at least three outside and independent directors 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.

1.7 Elect Director Koyama, Katsuhiko 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 board should eventually include at least three outside and independent directors 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.

Ricoh Co. Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 7752

Primary ISIN: JP3973400009 Primary SEDOL: 6738220

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Inaba, Nobuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 186 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Ricoh Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Matsuura, Yozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Yamashita, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Sato, Kunihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Umeda, Mochio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Rinnai Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5947

Primary ISIN: JP3977400005 Primary SEDOL: 6740582

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4 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.

Rohto Pharmaceutical Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 4527

Primary ISIN: JP3982400008 Primary SEDOL: 6747367

Page 187 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Rohto Pharmaceutical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Yoshida, Akiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Lekh Raj Juneja Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Nishikawa, Mitsuru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Kimura, Masanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kambara, Yoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Kunisaki, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Masumoto, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Saito, Masaya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Yamada, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.12 Elect Director Kanai, Toshihiro 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 188 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Round One Corp.

Meeting Date: 06/28/2014 Country: Japan Meeting Type: Annual Ticker: 4680

Primary ISIN: JP3966800009 Primary SEDOL: 6248365

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Elect Director Kawaguchi, Hidetsugu 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 board should eventually include at least three outside and independent directors 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.

5 Approve Adjustment to Aggregate Mgmt For Against Compensation Ceiling for Directors Voter Rationale: Financial and stock performance does not imply that the company has conducted business in the shareholders' interest.

Ryohin Keikaku Co. Ltd.

Meeting Date: 05/21/2014 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 Suzuki, Kei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Ito, Toshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Sakai Moving Service Co., Ltd.

Meeting Date: 06/21/2014 Country: Japan Meeting Type: Annual Ticker: 9039

Primary ISIN: JP3314200001 Primary SEDOL: 6768432

Page 189 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sakai Moving Service Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Tajima, Kenichiro 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 board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Tajima, Tetsuyasu 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Nakano, Akiyo 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Tajima, Michitoshi 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Yamano, Mikio 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Igura, Yoshifumi 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 board should eventually include at least three outside and independent directors 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.

3.7 Elect Director Namba, Tetsuji 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 board should eventually include at least three outside and independent directors 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.

3.8 Elect Director Masuda, Tsuneo 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 board should eventually include at least three outside and independent directors 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.

Page 190 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sakai Moving Service Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.9 Elect Director Manabe, Teruhiro 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 board should eventually include at least three outside and independent directors 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.

3.10 Elect Director Iizuka, Kenichi 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 board should eventually include at least three outside and independent directors 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.

San-Ai Oil Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8097

Primary ISIN: JP3323600001 Primary SEDOL: 6772808

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Yamashita, Tomonobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Mizutani, Tomohiko 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.

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.

Sanki Engineering Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 1961

Primary ISIN: JP3325600009 Primary SEDOL: 6774826

Page 191 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sanki Engineering Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hasegawa, Tsutomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Usui, Tetsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Shimma, Mamoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kumura, Nobuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Fujii, Hidemi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Yamamoto, Yukiteru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Nishio, Hiroki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Komura, 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.

Sankyo Co. Ltd. (6417)

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6417

Primary ISIN: JP3326410002 Primary SEDOL: 6775432

Page 192 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sankyo Co. Ltd. (6417)

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Busujima, Hideyuki 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 board should eventually include at least three outside and independent directors 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 Tsutsui, Kimihisa 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 board should eventually include at least three outside and independent directors 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 Ishihara, Akihiko 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Tomiyama, Ichiro 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 board should eventually include at least three outside and independent directors 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.

3 Approve Special Payments for Directors in Mgmt For Against Connection with Abolition of Retirement Bonus System Voter Rationale: A vote AGAINST this proposal is warranted because the bonus amounts are not disclosed.

4 Approve Special Payments for Statutory Mgmt For Against Auditors in Connection with Abolition of Retirement Bonus System Voter Rationale: A vote AGAINST this proposal is warranted because the bonus amounts are not disclosed and the payment of bonuses to outsiders is a highly inappropriate practice.

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.

Sanrio Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 8136

Primary ISIN: JP3343200006 Primary SEDOL: 6776349

Page 193 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sanrio Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Emori, Susumu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Fukushima, Kazuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Hatoyama, Rehito Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Nakaya, Takahide Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Miyauchi, Saburo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Sakiyama, Yuuko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Furuhashi, Yoshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Nomura, Kosho Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Shimomura, Yoichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Kishimura, Jiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 194 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sanrio Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.12 Elect Director Kitamura, Norio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.15 Elect Director Satomi, Haruki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 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.

Sasebo Heavy Industries Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 7007

Primary ISIN: JP3319200006 Primary SEDOL: 6777405

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Nishimura, Michiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Mori, Mitsushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Matsuse, Shigeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Iijima, Atsushi 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. Furthermore, the board should recruit at least three independent directors 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.

2.7 Elect Director Iwata, Shuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 195 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

SCSK Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9719

Primary ISIN: JP3400400002 Primary SEDOL: 6858474

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Kamata, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Kurimoto, Shigeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Suzuki, Masahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Suzuki, Hisakazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Furunuma, Masanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Kumazaki, Tatsuyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Tanihara, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Toriyama, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Ichino, Takahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 196 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

SCSK Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.12 Elect Director Fukunaga, Tetsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.13 Elect Director Yamazaki, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.14 Elect Director Endo, Masatoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.15 Elect Director Naito, Tatsujiro 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. Furthermore, the board should recruit at least three independent directors 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.

1.16 Elect Director Mashimo, Naoaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Secom Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 9735

Primary ISIN: JP3421800008 Primary SEDOL: 6791591

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Iida, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Nakayama, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Anzai, Kazuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 197 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Secom Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Nakayama, Junzo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Furukawa, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Yoshida, Yasuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Fuse, Tatsuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Sega Sammy Holdings Inc.

Meeting Date: 06/18/2014 Country: Japan Meeting Type: Annual Ticker: 6460

Primary ISIN: JP3419050004 Primary SEDOL: B02RK08

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tsurumi, Naoya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Sugano, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Satomi, Haruki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Aoki, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 198 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sega Sammy Holdings Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Okamura, Hideki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Oguchi, Hisao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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 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.

Seibu Electric Industrial

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 1937

Primary ISIN: JP3417000001 Primary SEDOL: 6792679

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Tachiwada, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Wakasugi, Kazunori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Motoda, Teruyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Sugawa, Masashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 199 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Seibu Electric Industrial

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.6 Elect Director Masuda, Tsuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Sugita, Kazuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Kato, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Honda, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Watanabe, Kozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Saruwatari, Tokuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Matsumoto, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Seikitokyu Kogyo Co. Inc.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1898

Primary ISIN: JP3414600001 Primary SEDOL: 6793359

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Approve 5 into 1 Reverse Stock Split Mgmt For Against

Voter Rationale: A vote AGAINST this proposal is warranted because the change cannot be regarded as routine, as the authorized capital and trading unit will not be reduced in proportion to the reverse stock split in the next item.

Page 200 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Seikitokyu Kogyo Co. Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 Amend Articles To Remove Provisions on Class Mgmt For Against A Preferred Shares to Reflect Cancellation - Carry out Effective Increase in Authorized Capital - Reduce Share Trading Unit

Voter Rationale: A vote AGAINST this proposal is warranted because the proposed effective increase in authorized capital is excessive.

4.2 Elect Director Saito, Kazuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.3 Elect Director Furukawa, Tsukasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.4 Elect Director Sasaki, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.5 Elect Director Hiramoto, Kimio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.6 Elect Director Iizuka, Tsuneo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.7 Elect Director Hamana, Setsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

5 Appoint Statutory Auditor Suzuki, 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.

Seiko Epson Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 6724

Primary ISIN: JP3414750004 Primary SEDOL: 6616508

Page 201 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Seiko Epson Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hama, Noriyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Inoue, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Fukushima, Yoneharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kubota, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Okumura, Motonori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Watanabe, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Kawana, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Kubota, 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 Hirano, 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.

5 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.

Page 202 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Seino Holdings Co Ltd

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 9076

Primary ISIN: JP3415400005 Primary SEDOL: 6793423

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Taguchi, Takao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Otsuka, Shizutoshi Mgmt For Against

2.5 Elect Director Maruta, Hidemi Mgmt For Against

2.6 Elect Director Furuhashi, Harumi Mgmt For Against

3 Amend Articles To Create Class 1 Preferred Mgmt For Against Shares Voter Rationale: The performance of non-voting preferred shares has been unfavorable at the first Japanese company to issue such shares.* Seino Holdings fails to present a convincing rationale to issue the preferred shares.

4 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.

Sekisui Chemical Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 4204

Primary ISIN: JP3419400001 Primary SEDOL: 6793821

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Koge, Teiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Takami, Kozo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 203 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sekisui Chemical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Kubo, Hajime Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Uenoyama, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Sekiguchi, Shunichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Kato, Keita Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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: 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.

Sekisui House Ltd.

Meeting Date: 04/23/2014 Country: Japan Meeting Type: Annual Ticker: 1928

Primary ISIN: JP3420600003 Primary SEDOL: 6793906

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Wada, Sumio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Inagaki, Shiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 204 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sekisui House Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Hirabayashi, Fumiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Iku, Tetsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Uchida, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Suguro, Fumiyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Nishida, Kumpei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Yoshida, Kengo 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.

Seven & i Holdings Co Ltd

Meeting Date: 05/22/2014 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.

Page 205 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Shidax Corp. (4837)

Meeting Date: 06/27/2014 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

Voter Rationale: The board should recruit at least three independent directors 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 Kawamoto, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Wakasa, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Shirata, Toyohiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Shimadzu Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7701

Primary ISIN: JP3357200009 Primary SEDOL: 6804369

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kowaki, Ichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 206 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Shimadzu Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Suzuki, Satoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Ueda, Teruhisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Fujino, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Miura, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 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.

Shimamura Co. Ltd.

Meeting Date: 05/16/2014 Country: Japan Meeting Type: Annual Ticker: 8227

Primary ISIN: JP3358200008 Primary SEDOL: 6804035

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Elect Director Seki, Shintaro 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 board should eventually include at least three outside and independent directors 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.

Shinagawa Refractories Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5351

Primary ISIN: JP3353200003 Primary SEDOL: 6804466

Page 207 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Shinagawa Refractories Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Aikawa, Mitsugu 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 board should eventually include at least three outside and independent directors 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 Ota, Takaaki 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 board should eventually include at least three outside and independent directors 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.

3 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.

4 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.

Shindengen Electric Mfg. Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6844

Primary ISIN: JP3377800002 Primary SEDOL: 6804541

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ogasawara, Masanori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Arahata, Yoshimitsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Suzuki, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 208 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Shindengen Electric Mfg. Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Negishi, Yasumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Horiguchi, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Sasaki, Nobuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Yamada, Ichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 Appoint Statutory Auditor Yokose, Yoshihide 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 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.

Shinko Shoji Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 8141

Primary ISIN: JP3374200008 Primary SEDOL: 6804972

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Kitai, Akio 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 board should eventually include at least three outside and independent directors 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.

1.2 Elect Director Ogawa, Tatsuya 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 board should eventually include at least three outside and independent directors 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.

Page 209 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Shinko Shoji Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Maeno, Toshihiro 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 board should eventually include at least three outside and independent directors 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.

1.4 Elect Director Sasaki, Takamichi 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 board should eventually include at least three outside and independent directors 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.

1.5 Elect Director Masaki, Teru 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 board should eventually include at least three outside and independent directors 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.

1.6 Elect Director Inaba, Junichi 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 board should eventually include at least three outside and independent directors 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.

1.7 Elect Director Yuge, Fumitaka 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 board should eventually include at least three outside and independent directors 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.

1.8 Elect Director Hosono, Katsuhiro 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 board should eventually include at least three outside and independent directors 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.

ShinMaywa Industries Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 7224

Primary ISIN: JP3384600007 Primary SEDOL: 6804488

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kato, Mikiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 210 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

ShinMaywa Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Endo, Keisuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ishimaru, Kanji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sano, Hiroichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Kanaida, Shoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Yamamoto, Nobutane Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Mizuta, Masao 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.

Shinsho Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 8075

Primary ISIN: JP3374000002 Primary SEDOL: 6804983

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Sasakawa, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Matsumoto, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 211 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Shinsho Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Kobayashi, Kiyofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Okamoto, Toshikazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Watanabe, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Hirono, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Alternate Statutory Auditor Umeda, Mgmt For Against Hiroshi Voter Rationale: The Kansayaku 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: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 3360

Primary ISIN: JP3274150006 Primary SEDOL: B05MTR0

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Ohashi, Futoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Okimoto, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kobayashi, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 212 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Ship Healthcare Holdings Inc

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.6 Elect Director Masuda, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Yamamoto, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Yokoyama, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Hosokawa, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Wada, Yoshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Ouchi, Yoichiro 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.

Shiseido Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 4911

Primary ISIN: JP3351600006 Primary SEDOL: 6805265

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Carsten Fischer Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Iwai, Tsunehiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 213 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Shiseido Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Okazawa, Yu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sakai, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Iwata, Shoichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Showa Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7274

Primary ISIN: JP3360300002 Primary SEDOL: 6805629

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Hojo, Yoichi 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 board should eventually include at least three outside and independent directors 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 Kadoya, Akira 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 board should eventually include at least three outside and independent directors 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 Hirata, Hajime 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 board should eventually include at least three outside and independent directors 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.

Page 214 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Showa Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Nagao, Takeshi 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Sugiyama, Nobuyuki 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Ono, Kenichi 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Sobue, Masaharu 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Matsumura, Tetsuya 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 board should eventually include at least three outside and independent directors 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.

Showa Sangyo Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 2004

Primary ISIN: JP3366400004 Primary SEDOL: 6805607

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Okada, Shigeru 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 board should eventually include at least three outside and independent directors 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.

Page 215 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Showa Sangyo Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Sakuma, Jun 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Niitsuma, Kazuhiko 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Nakamura, Keisuke 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Hinokuma, Keiichi 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Tsuchiya, Nobuhito 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 board should eventually include at least three outside and independent directors 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.

3.7 Elect Director Tamai, Akira 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 board should eventually include at least three outside and independent directors 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.

4.1 Appoint Statutory Auditor Kasai, 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.

4.2 Appoint Statutory Auditor Ishiguro, Tatsuro 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 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.

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.

Page 216 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

SKY Perfect JSAT Holdings Inc

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 9412

Primary ISIN: JP3396350005 Primary SEDOL: B1TK234

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Nito, Masao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Tanaka, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Koyama, koki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Iijima, Kazunobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Hirata, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 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.

Soda Nikka Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 8158

Primary ISIN: JP3431400005 Primary SEDOL: 6818810

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Shimada, Kenichiro Mgmt For Against

Page 217 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Soda Nikka Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Kawanabe, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Mori, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Hayashi, Tetsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Miyamoto, Takahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Sojitz Corporation

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 2768

Primary ISIN: JP3663900003 Primary SEDOL: 6594143

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Hara, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Dantani, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Mogi, Yoshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 218 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sony Corporation

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 6758

Primary ISIN: JP3435000009 Primary SEDOL: 6821506

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 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.

SRA HOLDINGS INC

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 3817

Primary ISIN: JP3161450006 Primary SEDOL: B1D3PK7

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Yamazaki, Yoshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Nishikawa, Yasunori Mgmt For Against

1.5 Elect Director Okuma, Katsumi Mgmt For Against

Sumitomo Bakelite Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4203

Primary ISIN: JP3409400003 Primary SEDOL: 6858504

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yahata, Tamotsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 219 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Bakelite Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Nakae, Kiyohiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Terasawa, Tsuneo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Muto, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yamawaki, Noboru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Fujiwara, Kazuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Sumitomo Chemical Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 4005

Primary ISIN: JP3401400001 Primary SEDOL: 6858560

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Takao, Yoshimasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Deguchi, Toshihisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Okamoto, Yoshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 220 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Chemical Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.6 Elect Director Nishimoto, Rei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Ono, Tomohisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Nozaki, Kunio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Yokoyama, 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.

Sumitomo Corp.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 8053

Primary ISIN: JP3404600003 Primary SEDOL: 6858946

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Sasaki, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kawahara, Takuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Togashi, Kazuhisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Abe, Yasuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 221 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Hidaka, Naoki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Inohara, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Kanegae, Michihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Fujita, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Sumitomo Densetsu Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 1949

Primary ISIN: JP3407800006 Primary SEDOL: 6858689

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Suganuma, Yoshimichi 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 board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Isobe, Masato 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Shioyama, Yukio 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 board should eventually include at least three outside and independent directors 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.

Page 222 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Densetsu Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Kojima, Wataru 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Sakazaki, Masao 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Abe, Masanori 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 board should eventually include at least three outside and independent directors 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.

3.7 Elect Director Noguchi, Toru 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 board should eventually include at least three outside and independent directors 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.

4.2 Appoint Statutory Auditor Inoue, Masakiyo 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 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.

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.

Sumitomo Electric Industries Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 5802

Primary ISIN: JP3407400005 Primary SEDOL: 6858708

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Takenaka, Hiroyuki Mgmt For Against

Page 223 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Electric Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should eventually include at least three outside and independent directors 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. F&C has written to the company President in May 2014 urging a reform of board independence and to move to a third-independence by 2017 annual shareholders meeting.

3.3 Elect Director Uchioke, Fumikiyo Mgmt For Against

3.4 Elect Director Nishida, Mitsuo Mgmt For Against

3.5 Elect Director Tanaka, Shigeru Mgmt For Against

3.6 Elect Director Nakajima, Makoto Mgmt For Against

3.7 Elect Director Yano, Atsushi Mgmt For Against

3.8 Elect Director Kawai, Fumiyoshi Mgmt For Against

3.9 Elect Director Ushijima, Nozomi Mgmt For Against

3.10 Elect Director Hiramatsu, Kazuo Mgmt For Against

3.11 Elect Director Saito, Shigeo Mgmt For Against

3.12 Elect Director Ito, Junji Mgmt For Against

3.13 Elect Director Tani, Makoto Mgmt For Against

3.14 Elect Director Kasui, Yoshitomo Mgmt For Against

4.1 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.

4.2 Appoint Statutory Auditor Hayashi, Kan 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 Forestry Co. Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 1911

Primary ISIN: JP3409800004 Primary SEDOL: 6858861

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Kamiyama, 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.

Page 224 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Forestry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.2 Appoint Statutory Auditor Teramoto, 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.

Sumitomo Mitsui Financial Group, Inc.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8316

Primary ISIN: JP3890350006 Primary SEDOL: 6563024

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kurumatani, Nobuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. We have written to the company on this issue in May 2014. By 2017, we urge Japanese companies to establish one-third independence on the board.

2.3 Elect Director Inoue, Atsuhiko Mgmt For Against

2.4 Elect Director Ota, Jun Mgmt For Against

3 Appoint Statutory Auditor Nakao, 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.

Sumitomo Mitsui Trust Holdings, Inc.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8309

Primary ISIN: JP3892100003 Primary SEDOL: 6431897

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Otsuka, Akio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 225 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Mitsui Trust Holdings, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Iwasaki, Nobuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Okubo, Tetsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Hashimoto, Masaru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Okuno, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Mukohara, Kiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Sugita, Teruhiko 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.

Sumitomo Osaka Cement Co. Ltd.

Meeting Date: 06/27/2014 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: The board should recruit at least three independent directors 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.

Page 226 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Osaka Cement Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Fujisue, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Mukai, Katsuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Suga, Yuushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yoshitomi, Isao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 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.

Sumitomo Real Estate Sales Co.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 8870

Primary ISIN: JP3409200007 Primary SEDOL: 6119449

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Appoint Statutory Auditor Iwamoto, Masayuki 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 Jobo, 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.

2.4 Appoint Statutory Auditor Suzuki, Masami 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 227 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sumitomo Real Estate Sales Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3 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.

Suzuken Co Ltd

Meeting Date: 06/26/2014 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 Ito, Takahito Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Suzuki, Nobuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yamashita, Harutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Miyata, Hiromi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Yoza, Keiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Ueda, Keisuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 228 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Suzuki Motor Corp.

Meeting Date: 06/27/2014 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 Tamura, Minoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Honda, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Suzuki, Toshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Harayama, Yasuhito Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Aizawa, Naoki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Mochizuki, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Sysmex Corp

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 6869

Primary ISIN: JP3351100007 Primary SEDOL: 6883807

Page 229 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Sysmex Corp

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Asano, Kaoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Tachibana, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

T & K Toka Co., Ltd.

Meeting Date: 06/20/2014 Country: Japan Meeting Type: Annual Ticker: 4636

Primary ISIN: JP3538570007 Primary SEDOL: 6038469

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Kurimoto, Ryuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

T&D HOLDINGS INC.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 8795

Primary ISIN: JP3539220008 Primary SEDOL: 6744294

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Usui, Sonosuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 230 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

T&D HOLDINGS INC.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Matsumoto, Tamiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Seike, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tachibana Eletech Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8159

Primary ISIN: JP3466600008 Primary SEDOL: 6869777

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Shimada, Norio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Shimoyoshi, Hideyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Sumitani, Masashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Nishimura, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Tsujikawa, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 231 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Taiheiyo Cement Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5233

Primary ISIN: JP3449020001 Primary SEDOL: 6660204

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

6 Appoint External Audit Firm Mgmt For Against

Voter Rationale: The company is proposing to switch to a different audit firm immediately after being forced to file a restatement due to a disagreement with the previous audit firm, and has provided no explanation of the process by which the change is being made.

Taiko Pharmaceutical Co., Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 4574

Primary ISIN: JP3442200006 Primary SEDOL: B55K3G6

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Shibata, Hitoshi 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 board should eventually include at least three outside and independent directors 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 Shibata, Takashi 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 board should eventually include at least three outside and independent directors 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 Yoshikawa, Tomosada 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Kato, Atsunori 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 board should eventually include at least three outside and independent directors 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.

Page 232 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Taiko Pharmaceutical Co., Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Inagaki, Hideo 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Moroi, Masami 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 board should eventually include at least three outside and independent directors 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.

Taiyo Yuden Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6976

Primary ISIN: JP3452000007 Primary SEDOL: 6870564

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tosaka, Shoichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Nakano, Katsushige Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Tsutsumi, Seiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Takahashi, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Masuyama, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 233 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Takaoka Toko Co., Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6617

Primary ISIN: JP3591600006 Primary SEDOL: B8P15C0

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Inoue, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Odagiri, Shiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kuriyama, Futoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Dofutsu, Yoshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Harada, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Yamaguchi, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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

Takiron Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 4215

Primary ISIN: JP3462200001 Primary SEDOL: 6870887

Page 234 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Takiron Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Minamitani, Yosuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Kanao, Masayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Murata, Mitsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Umeda, Tomomi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Iwasaki, Hideharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Torimoto, Masatoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Iwamoto, Mune Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Alternate Statutory Auditor Otomura, Mgmt For Against Takatoshi Voter Rationale: The Kansayaku 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: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6013

Primary ISIN: JP3462600002 Primary SEDOL: 6870768

Page 235 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Takuma Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Shibakawa, Shigehiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Numata, Kengo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Ayukawa, Daisuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Goto, Masashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Nakagawa, Masafumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Izumi, Masahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Satake, Hiromichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4.1 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.

TBK Co. Ltd.

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 7277

Primary ISIN: JP3588200000 Primary SEDOL: 6894100

Page 236 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

TBK Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Katayama, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Nimiya, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yamada, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Takahashi, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Matsumoto, Mitsunori 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 Tago, 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.

TDK Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6762

Primary ISIN: JP3538800008 Primary SEDOL: 6869302

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Kobayashi, Atsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 237 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

TDK Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Uemura, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Yoneyama, Junji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Yanase, Yukio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tenma Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7958

Primary ISIN: JP3547800007 Primary SEDOL: 6884231

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Kaneda, Yasuichi 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 board should eventually include at least three outside and independent directors 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 Fujisaku, Yuji 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 board should eventually include at least three outside and independent directors 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 Hori, Takayoshi 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Fujino, Kaneto 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 board should eventually include at least three outside and independent directors 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.

Page 238 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tenma Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Inoue, Jun 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 board should eventually include at least three outside and independent directors 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.

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.

Terumo Corp.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 4543

Primary ISIN: JP3546800008 Primary SEDOL: 6885074

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

5 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.

THK Co. Ltd.

Meeting Date: 06/21/2014 Country: Japan Meeting Type: Annual Ticker: 6481

Primary ISIN: JP3539250005 Primary SEDOL: 6869131

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Teramachi, Toshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Imano, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 239 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

THK Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Okubo, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sakai, Junichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Teramachi, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Toa Corp. (#1885)

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1885

Primary ISIN: JP3556000002 Primary SEDOL: 6894508

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Akiyama, Masaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Hyakutake, Tsuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Kanezaki, Michio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Suetomi, Ryo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Ikeda, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 240 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toa Corp. (#1885)

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.8 Elect Director Okamura, Masahiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Toa Road Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1882

Primary ISIN: JP3558000000 Primary SEDOL: 6894586

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Yoshihara, Kenichi 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 board should eventually include at least three outside and independent directors 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 Maruo, Kazuhiro 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 board should eventually include at least three outside and independent directors 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 Kawauchi, Tadashi 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Morishita, Kyoichi 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Nakamura, Hiroshi 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Shinya, Akira 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 board should eventually include at least three outside and independent directors 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.

Page 241 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tobu Railway Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9001

Primary ISIN: JP3597800006 Primary SEDOL: 6895169

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Tsunoda, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Takeda, Zengo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Makino, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Hirata, Kazuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Inomori, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Suzuki, Michiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Miwa, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Okatsu, Noritaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Ojiro, Akihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 242 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tobu Railway Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.11 Elect Director Iwase, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Koshimura, Toshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Sakamaki, Nobuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Okuma, Yasuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Toei Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9605

Primary ISIN: JP3560000006 Primary SEDOL: 6895181

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Kodama, Kunihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Suzuki, Takeyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Tanaka, Seiichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Yasuda, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 243 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toei Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.7 Elect Director Shiina, Yasuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Hotta, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Muramatsu, Hidenobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Yoda, Naoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Tezuka, Osamu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Shirakura, Shinichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Hayakawa, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.14 Elect Director Shinohara, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.15 Elect Director Nomoto, Hirofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Page 244 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toenec Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 1946

Primary ISIN: JP3552230009 Primary SEDOL: 6895620

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Ito, Yasutaka 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 board should eventually include at least three outside and independent directors 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 Okumura, Yoshiyuki 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 board should eventually include at least three outside and independent directors 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 Kume, Yuji 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Sumida, Terutomo 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Takagi, Isao 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Mitsuishi, Takuji 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Yasui, Yoshitaka 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Yamauchi, Tadashi 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 board should eventually include at least three outside and independent directors 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.

Page 245 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toenec Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Watanabe, Yutaka 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 board should eventually include at least three outside and independent directors 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.

Toho Holdings Co Ltd

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8129

Primary ISIN: JP3602600003 Primary SEDOL: 6895556

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Kono, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Homma, Toshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Matsutani, Takeo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Morikubo, Mitsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Ogino, Mamoru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kato, Katsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Matsutani, Takaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 246 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toho Holdings Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Appoint Statutory Auditor Takeda, 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.

Tokai Rika Co. Ltd.

Meeting Date: 06/12/2014 Country: Japan Meeting Type: Annual Ticker: 6995

Primary ISIN: JP3566600007 Primary SEDOL: 6894025

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Miura, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Obayashi, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Ishida, Shoji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Hamamoto, Tadanao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Kawaguchi, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Wakiya, Tadashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Nakamura, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 247 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokai Rika Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.9 Elect Director Tanino, Masaharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Buma, Koji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Mori, Mikihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.12 Elect Director Sato, Koki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Tanaka, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Noguchi, Kazuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.15 Elect Director Yamamoto, Toshimasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.16 Elect Director Shirasaki, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Goto, Masakazu 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.

Page 248 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokai Tokyo Financial Holdings Inc

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8616

Primary ISIN: JP3577600004 Primary SEDOL: 6894876

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Maemura, Yoshimi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Iizumi, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Suzuki, Ikuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Setta, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Kinoshita, Eiichiro 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.

Tokio Marine Holdings, Inc.

Meeting Date: 06/23/2014 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

Page 249 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokio Marine Holdings, Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Fujita, Hirokazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Ito, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Sasaki, Mikio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Fujii, Kunihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Hirose, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tokushu Tokai Paper Co Ltd

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 3708

Primary ISIN: JP3624900001 Primary SEDOL: B1TK212

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Miyake, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Kurebayashi, Masami Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 250 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokushu Tokai Paper Co Ltd

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Sekine, Tsuneo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Oshima, Kazuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Ochiai, Kazuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Matsuda, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Watanabe, Katsuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Mori, Toyohisa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tokyo Energy & Systems Inc.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1945

Primary ISIN: JP3585400009 Primary SEDOL: 6896043

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Fukazawa, Yoshinori Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Suzuki, Yasuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 251 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokyo Energy & Systems Inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Shinohara, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Ishii, Mototsugu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Kobayashi, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Aoki, Keiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Tomari, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Saruwatari, Noboru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 Appoint Statutory Auditor Takamasu, 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.

Tokyo Gas Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9531

Primary ISIN: JP3573000001 Primary SEDOL: 6895448

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Muraki, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 252 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokyo Gas Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Hataba, Matsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kunigo, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yoshino, Kazuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Mikami, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Kobayashi, Hiroaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Sato, Yukio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Tomizawa, Ryuuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Nakagaki, Yoshihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tokyo Ohka Kogyo Co. Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 4186

Primary ISIN: JP3571800006 Primary SEDOL: 6894898

Page 253 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokyo Ohka Kogyo Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Iwasaki, Kobun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Komano, Hiroji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Sato, Harutoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Iwasa, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Mizuki, Kunio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tokyo Tekko Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5445

Primary ISIN: JP3584600005 Primary SEDOL: 6895062

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Ota, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Ami, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 254 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokyo Tekko Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.5 Elect Director Tsurumi, Takeharu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Sakurai, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Matsumoto, Konomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Ishikawara, Tsuyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Shibata, Takao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Ohashi, Shigenobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tokyu Fudosan Holdings Corporation

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 3289

Primary ISIN: JP3569200003 Primary SEDOL: BDC6LT2

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Nakajima, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Okamoto, Ushio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 255 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tokyu Fudosan Holdings Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.5 Elect Director Saegusa, Toshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Okuma, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Nomoto, Hirofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Iki, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Sakaki, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Nakajima, Kazuto 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 Imamura, 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.

Tomoku Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 3946

Primary ISIN: JP3554000004 Primary SEDOL: 6896311

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Okada, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 256 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tomoku Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.3 Elect Director Uchino, Mitsugu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Nakahashi, Mitsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Hirose, Shoji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Kurihara, Yoshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Arai, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Murai, Hidetoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Ariga, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Miyasaka, Tomozumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Okamoto, Yoshio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Topcon Corp.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7732

Primary ISIN: JP3630400004 Primary SEDOL: 6894241

Page 257 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Topcon Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Ogawa, Takayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Sawaguchi, Shigeyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Iwasaki, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Fukuma, Yasufumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Iwasaki, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Sudo, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tosoh Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4042

Primary ISIN: JP3595200001 Primary SEDOL: 6900289

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

4.1 Appoint Statutory Auditor Teramoto, 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.

Page 258 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tosoh Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

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

Toto Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 5332

Primary ISIN: JP3596200000 Primary SEDOL: 6897466

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Saruwatari, Tatsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Furube, Kiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yamada, Shunji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Kiyota, Noriaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Ebisumoto, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Morimura, Nozomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 259 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toto Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.9 Elect Director Abe, Soichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Narukiyo, Yuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.1 Appoint Statutory Auditor Miyazaki, 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.

2.2 Appoint Statutory Auditor Oniki, Motohiro 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.

Toyo Construction Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1890

Primary ISIN: JP3609800002 Primary SEDOL: 6900063

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Maeda, Masataka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Oe, Hidetsugu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Hamabe, Shuuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Moriyama, Etsuro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 260 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toyo Construction Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.7 Elect Director Miyawaki, Kiyofumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Hirata, Hiromi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Kawase, Nobuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Gunjishima, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Kawasaki, Toshitsugu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.1 Appoint Statutory Auditor Akasaki, Kanehito 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 Makise, Mitsunori 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.

Toyo Kohan Co. Ltd.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 5453

Primary ISIN: JP3610200002 Primary SEDOL: 6900160

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yoshitake, Junichiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 261 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toyo Kohan Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Miyaji, Masafumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Yamagata, Fujio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Toyota Motor Corp.

Meeting Date: 06/17/2014 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 Ozawa, Satoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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. We urge the company to establish one-third independence by the 2017 AGM - as international investors led by F&C have encouraged the company to do in a letter in May 2014.

2.4 Elect Director Kodaira, Nobuyori Mgmt For Against

2.5 Elect Director Kato, Mitsuhisa Mgmt For Against

2.6 Elect Director Maekawa, Masamoto Mgmt For Against

2.7 Elect Director Ihara, Yasumori Mgmt For Against

2.8 Elect Director Sudo, Seiichi Mgmt For Against

2.9 Elect Director Saga, Koei Mgmt For Against

2.10 Elect Director Fukuichi, Tokuo Mgmt For Against

2.11 Elect Director Terashi, Shigeki Mgmt For Against

2.12 Elect Director Ishii, Yoshimasa Mgmt For Against

2.13 Elect Director Uno, Ikuo 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 Mark T. Hogan Mgmt For Against

Page 262 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Toyota Motor Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Appoint Statutory Auditor Nakatsugawa, 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.

3.2 Appoint Statutory Auditor Kitayama, Teisuke 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. transcosmos inc.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 9715

Primary ISIN: JP3635700002 Primary SEDOL: 6900955

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Okuda, Koki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.4 Elect Director Iwami, Koichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Mukai, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Moriyama, Masakatsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Nagakura, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Muta, Masaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 263 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014 transcosmos inc.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.9 Elect Director Kono, Masatoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Honda, Hitoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Shiraishi, Kiyoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Natsuno, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Takinami, Jutaro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.14 Elect Director Yoshida, Nozomu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.15 Elect Director Uda, Eiji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Tsubakimoto Chain Co.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6371

Primary ISIN: JP3535400000 Primary SEDOL: 6906704

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Fujiwara, Toru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 264 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Tsubakimoto Chain Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Suzuki, Tadasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Yamamoto, Tetsuya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Haruna, Hideaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Matsuura, Tetsufumi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Ohara, Yasushi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.8 Elect Director Yajima, Hidetoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Ube Industries Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4208

Primary ISIN: JP3158800007 Primary SEDOL: 6910705

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Yamamoto, Yuzuru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Izumihara, Masato Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 265 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Ube Industries Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.4 Elect Director Kubota, Takanobu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Motoda, Michitaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Kusama, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Unicharm Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8113

Primary ISIN: JP3951600000 Primary SEDOL: 6911485

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Takahara, Keiichiro Mgmt For Against

Voter Rationale: F&C votes against all directors at the company as this board consists only of insiders. 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 board should eventually include at least three outside and independent directors 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. F&C has written to the company President in April 2014 urging a reform of board independence and move to a third-independence by 2017 annual shareholders meeting.

2.2 Elect Director Takahara, Takahisa Mgmt For Against

2.3 Elect Director Futagami, Gumpei Mgmt For Against

2.4 Elect Director Ishikawa, Eiji Mgmt For Against

2.5 Elect Director Mori, Shinji Mgmt For Against

2.6 Elect Director Nakano, Kennosuke Mgmt For Against

2.7 Elect Director Ando, Yoshiro Mgmt For Against

2.8 Elect Director Takai, Masakatsu Mgmt For Against

2.9 Elect Director Miyabayashi, Yoshihiro Mgmt For Against

2.10 Elect Director Sakaguchi, Katsuhiko Mgmt For Against

Page 266 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Unicharm Corp.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.11 Elect Director Moriyama, Shigeo Mgmt For Against

V Technology Co., Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7717

Primary ISIN: JP3829900004 Primary SEDOL: 6301989

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Sugimoto, Shigeto 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 board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Kajiyama, Koichi 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Wada, Tadashi 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 board should eventually include at least three outside and independent directors 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.

3.4 Elect Director Katsuhara, Takashi 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 board should eventually include at least three outside and independent directors 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.

VITAL KSK HOLDINGS CO LTD

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 3151

Primary ISIN: JP3778280002 Primary SEDOL: B60DQY6

Page 267 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

VITAL KSK HOLDINGS CO LTD

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Murai, Taisuke Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Chihara, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Hattori, Tamotsu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Ichijo, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Ichijo, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Kobayashi, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Okuni, Junji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Tsugoshi, Masaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Manabe, Masaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.12 Elect Director Yoshimura, Yasuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 268 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

WACOM CO LTD

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 6727

Primary ISIN: JP3993400005 Primary SEDOL: 6603920

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Komiyama, Shigeki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Hasegawa, Wataru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Yamamoto, Sadao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 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.

Watabe Wedding Corporation

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4696

Primary ISIN: JP3993850001 Primary SEDOL: 6096092

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Kaji, Akihiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Suzuki, Katsuaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 269 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Wood One Co., Ltd.

Meeting Date: 06/26/2014 Country: Japan Meeting Type: Annual Ticker: 7898

Primary ISIN: JP3390600009 Primary SEDOL: 6479875

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2 Amend Articles to Authorize Internet Disclosure Mgmt For Against of Shareholder Meeting Materials - Amend Provisions on Takeover Defense Voter Rationale: The company's takeover defense does not warrant shareholder support.

3.1 Elect Director Takeda, Hitoshi 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 board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Takahashi, Yuuji Mgmt For Against

3.3 Elect Director Kawado, Hiroyuki Mgmt For Against

3.4 Elect Director Sako, Katsunori Mgmt For Against

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.

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.

7 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.

8 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.

Xebio Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 8281

Primary ISIN: JP3428800001 Primary SEDOL: 6984948

Page 270 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Xebio Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Kitazawa, Takeshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Yashiro, Masatake Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Yamada, Junji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

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.

Yachiyo Industry Co. Ltd.

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 7298

Primary ISIN: JP3933000006 Primary SEDOL: 6984711

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.1 Elect Director Itai, Kazuyoshi 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 board should eventually include at least three outside and independent directors 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.

3.2 Elect Director Namiki, Akira 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 board should eventually include at least three outside and independent directors 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.

3.3 Elect Director Motoori, Tsugio 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 board should eventually include at least three outside and independent directors 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.

Page 271 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yachiyo Industry Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Ota, Yasushi 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 board should eventually include at least three outside and independent directors 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.

3.5 Elect Director Asabuki, Kazuhiro 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 board should eventually include at least three outside and independent directors 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.

3.6 Elect Director Sasamoto, Hiroshi 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 board should eventually include at least three outside and independent directors 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.

Yahagi Construction Co. Ltd.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 1870

Primary ISIN: JP3933200002 Primary SEDOL: 6985037

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.2 Elect Director Osawa, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.3 Elect Director Haneda, Tatsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Muto, Masayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Furumoto, Yuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 272 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yahagi Construction Co. Ltd.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.6 Elect Director Sawada, Mitsuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Takayanagi, Mitsuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.8 Elect Director Nawa, Shuuji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.9 Elect Director Yamashita, Takashi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.10 Elect Director Oda, Yutaka Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.11 Elect Director Kono, Hideo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.12 Elect Director Ishihara, Shinji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Appoint Statutory Auditor Takeo, 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.

3 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.

Yahoo Japan Corporation

Meeting Date: 06/19/2014 Country: Japan Meeting Type: Annual Ticker: 4689

Primary ISIN: JP3933800009 Primary SEDOL: 6084848

Page 273 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yahoo Japan Corporation

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Kawabe, Kentaro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Oya, Toshiki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Miyauchi, Ken Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.6 Elect Director Imai, Yasuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.7 Elect Director Kenneth Goldman Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Yamada Denki Co.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 9831

Primary ISIN: JP3939000000 Primary SEDOL: 6985026

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.2 Elect Director Ichimiya, Tadao Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.3 Elect Director Iizuka, Hiroyasu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 274 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yamada Denki Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.4 Elect Director Okamoto, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.5 Elect Director Karasawa, Ginji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.6 Elect Director Kurihara, Masaaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.7 Elect Director Kuwano, Mitsumasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.8 Elect Director Higuchi, Haruhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.9 Elect Director Kobayashi, Tatsuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.10 Elect Director Samata, Shinichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.11 Elect Director Fukui, Akira Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.12 Elect Director Yamada, Shigeaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.13 Elect Director Yamada, Masaru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3.14 Elect Director Koyano, Kenichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 275 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yamada Denki Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

3.15 Elect Director Orita, Shoji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

4 Appoint Statutory Auditor Igarashi, 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.

Yamato Holdings Co Ltd

Meeting Date: 06/24/2014 Country: Japan Meeting Type: Annual Ticker: 9064

Primary ISIN: JP3940000007 Primary SEDOL: 6985565

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.3 Elect Director Kanda, Haruo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.4 Elect Director Minaki, Kenji Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

1.5 Elect Director Yamauchi, Masaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Yamazen Corp.

Meeting Date: 06/25/2014 Country: Japan Meeting Type: Annual Ticker: 8051

Primary ISIN: JP3936800006 Primary SEDOL: 6985587

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

1.1 Elect Director Yoshii, Toru Mgmt For Against

Page 276 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yamazen Corp.

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. The board should eventually include at least three outside and independent directors 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.

1.2 Elect Director Nakata, Meguru 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 board should eventually include at least three outside and independent directors 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.

1.3 Elect Director Yamamoto, Masami 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 board should eventually include at least three outside and independent directors 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.

1.4 Elect Director Terasaka, Mitsuo 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 board should eventually include at least three outside and independent directors 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.

1.5 Elect Director Kakegawa, Takashi 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 board should eventually include at least three outside and independent directors 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.

1.6 Elect Director Fukuda, Hiroshi 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 board should eventually include at least three outside and independent directors 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.

1.7 Elect Director Sekiya, Nobuo 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 board should eventually include at least three outside and independent directors 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.

1.8 Elect Director Aso, Taichi 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 board should eventually include at least three outside and independent directors 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.

1.9 Elect Director Nagao, Yuuji 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 board should eventually include at least three outside and independent directors 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.

Page 277 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yellow Hat Ltd.

Meeting Date: 06/25/2014 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: The board should recruit at least three independent directors 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 Nagasawa, Ryuuichi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kimura, Yoshimi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Sato, Kazuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Yutaka Giken Co.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 7229

Primary ISIN: JP3948900000 Primary SEDOL: 6079952

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.1 Elect Director Okamoto, Minoru 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 board should eventually include at least three outside and independent directors 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 Yoshino, Toshihiko 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 board should eventually include at least three outside and independent directors 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.

Page 278 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yutaka Giken Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Tsurumi, Kiyoshi 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 board should eventually include at least three outside and independent directors 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.

2.4 Elect Director Sasaki, Jiro 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 board should eventually include at least three outside and independent directors 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.

2.5 Elect Director Ichiyanagi, Tadashi 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 board should eventually include at least three outside and independent directors 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.

2.6 Elect Director Kurokawa, Katsuhiro 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 board should eventually include at least three outside and independent directors 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.

2.7 Elect Director Toyama, Keiji 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 board should eventually include at least three outside and independent directors 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.

2.8 Elect Director Okamoto, Katsumi 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 board should eventually include at least three outside and independent directors 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.

2.9 Elect Director Miyamoto, Toshitaka 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 board should eventually include at least three outside and independent directors 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.

2.10 Elect Director Shiraishi, Naoki 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 board should eventually include at least three outside and independent directors 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.

2.11 Elect Director Shibayama, Hayato 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 board should eventually include at least three outside and independent directors 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.

Page 279 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Yutaka Giken Co.

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.12 Elect Director Kitajima, Akira 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 board should eventually include at least three outside and independent directors 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.

2.13 Elect Director Tanemo, Akihisa 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 board should eventually include at least three outside and independent directors 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.

Zenrin Co. Ltd.

Meeting Date: 06/17/2014 Country: Japan Meeting Type: Annual Ticker: 9474

Primary ISIN: JP3430400006 Primary SEDOL: 6991120

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Amita, Junya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Kashiwagi, Jun Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Osako, Masuo Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Shimizu, Tatsuhiko Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 Appoint Statutory Auditor Inaba, 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 280 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Zeon Corp.

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4205

Primary ISIN: JP3725400000 Primary SEDOL: 6644015

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.3 Elect Director Fushimi, Yoshimasa Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.4 Elect Director Oshima, Masayoshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Minami, Tadayuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Takegami, Hiroshi Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Mitsuhira, Yoshiyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Hirakawa, Hiroyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Ito, Kei Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

3 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.

Page 281 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Zeria Pharmaceutical

Meeting Date: 06/27/2014 Country: Japan Meeting Type: Annual Ticker: 4559

Primary ISIN: JP3428850006 Primary SEDOL: 6137731

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.2 Elect Director Endo, Hirokazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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 Furuhata, Shigeya Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.5 Elect Director Kan, Mikio Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.6 Elect Director Moriyama, Shigeru Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.7 Elect Director Ono, Akira 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. Furthermore, the board should recruit at least three independent directors 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.

2.8 Elect Director Kishimoto, Makoto Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.9 Elect Director Hayashi, Yasuhiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.10 Elect Director Hiraga, Yoshihiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.11 Elect Director Ishii, Katsuyuki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 282 of 283

The SEI Japan Equity Fund Votes Against Management Report

Votes Against Management Report Date range covered: 04/01/2014 to 06/30/2014

Zeria Pharmaceutical

Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction

2.12 Elect Director Kato, Hiroki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.13 Elect Director Yokote, Hidekazu Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.14 Elect Director Fukahori, Masahiro Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

2.15 Elect Director Kawagoe, Toshiaki Mgmt For Against

Voter Rationale: The board should recruit at least three independent directors 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.

Page 283 of 283

Time & Life Building 1 Bruton Street 4th Floor London W1J 6TL United Kingdom +44 (0)20 7518 8950

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. F&C Group Companies may from time to time deal in investments that may be mentioned herein on behalf of their clients. Issued and approved in the UK by F&C Management Limited Exchange House Primrose Street London EC2A 2NY United Kingdom. Authorised and regulated in the UK by the Financial Services Authority (FSA).® F&C, F&C Monogram, FANDC, FandC and fandc are all registered trade marks of F&C Management Limited