Reo@ Voting Report SEI Japan Equity Fund Votes Against Management Report VOTING RECORDS FROM:01/04/2015 TO: 30/06/2015 SEI Japan Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015 Aderans Co., Ltd. Meeting Date: 05/28/2015 Country: Japan Meeting Type: Annual Ticker: 8170 Primary ISIN: JP3121600005 Primary SEDOL: 6007395 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2.2 Elect Director Ishiko, Shigeru Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.3 Elect Director Kanazawa, Hisatake Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.4 Elect Director Tsumura, Yoshihiro Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> Aichi Bank Ltd. Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 8527 Primary ISIN: JP3103000000 Primary SEDOL: 6196550 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2.3 Elect Director Hayakawa, Jun Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.4 Elect Director Suzuki, Toshiyuki Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.5 Elect Director Miyachi, Eiji Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> Page 1 of 305 SEI Japan Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015 Aichi Bank Ltd. Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2.6 Elect Director Ando, Haruhiko Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.7 Elect Director Ogura, Minoru Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.8 Elect Director Kobayashi, Masato Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.9 Elect Director Ito, Yukinori Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.10 Elect Director Ito, Yoshihiro Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.11 Elect Director Hayashi, Akio Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.12 Elect Director Takahashi, Tomoyuki Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.13 Elect Director Ota, Wataru Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.14 Elect Director Matsuno, Hiroyasu Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> Aichi Electric Co. Ltd. Meeting Date: 06/26/2015 Country: Japan Meeting Type: Annual Ticker: 6623 Primary ISIN: JP3104000009 Primary SEDOL: 6010081 Page 2 of 305 SEI Japan Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 04/01/2015 to 06/30/2015 Aichi Electric Co. Ltd. Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2.1 Elect Director Amano, Nozomu Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.2 Elect Director Ando, Makoto Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.3 Elect Director Ono, Teruo Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.4 Elect Director Kato, Shinobu Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.5 Elect Director Kato, Tatsuyoshi Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.7 Elect Director Nagata, Toru Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to the role played by independent directors.</p> 2.8 Elect Director Nishimi, Toshio Mgmt For Against Voter Rationale: <p>The board should recruit at least three independent directors to ensure appropriate balance of independence and objectivity. We encourage boards by 2017 to establish one-third independence. The Kansayaku plays a valuable role but it is fundamentally different to