Vote Summary Report

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

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