SEI UK Equity Fund Quarter 4, 2008

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1 Benchmark FTSE Actuaries All Share Index Base Currency GBP Currencies Available USD, EUR, GBP Fund Complex SEI Global Master Fund PLC SEI UK Equity Fund Quarter 4, 2008 SEI MANAGER OF MANAGERS PHILOSOPHY SEI employs a sophisticated investment process that allocates client portfolios across a wide variety of asset classes, investment styles and approaches in an effort to reduce risk and deliver more consistent long-term returns. Through a rigorous manager selection and monitoring process, SEI undertakes the burden of researching, hiring and combining managers that are able to exploit different sources of excess returns. Managers are then continuously monitored to ensure they are meeting these investment objectives. Sector Allocation* (%) Investment Objective The investment objective of The SEI UK Equity Fund is long-term growth of capital and income through investment in a broadly diversified portfolio of UK equity securities. Fund Details Energy Financials Industrials Health Care Consumer Staples 7.73 Telecommunications 7.09 Consumer Discretionary 7.00 Materials 6.48 Information Technology 3.03 Utilities 3.01 The Fund will invest in equity and equity related securities (including warrants and convertible securities provided that not more than 5% of the Fund s net assets will be invested in warrants and no more than 25% of the Fund s net assets will be invested in convertible securities) listed on Recognised Markets in the UK. At all times the Fund s investment in equity and equity related securities will represent at least 65% of the Fund s net assets. The Fund will be highly diversified and therefore will not be concentrating on any specific industry sectors but will pursue a policy of active stock selection. The Portfolio Manager may also invest up to 20% of its net assets in securities of non-uk issuers. The Fund may also use derivative instruments such as futures, forwards, options, swaps, contracts for differences, credit derivatives, caps, floors and currency forward contracts to pursue its investment policies. Top Ten Holdings* (%) BP 9.35 Vodafone Group 6.52 GlaxoSmithKline 6.12 HSBC 5.72 Royal Dutch Shell (CL B) 5.00 AstraZeneca 4.01 Royal Dutch Shell (CL A) 3.95 FTSE British American Tobacco 3.00 BHP Billiton 2.11 Total *As at 31st December Committed investments can and will change over time as opportunities present themselves.

2 AllianceBernstein LP (AllianceBernstein) Asset Class: Value Equity Alpha Source: Value Investment Approach: Fundamental AllianceBernstein s value investing philosophy is based on the belief that in-depth analysis of company fundamentals (such as earnings statements and balance sheets and interviews with management) and a strong valuation discipline lead to superior returns. When a company's sales or earnings become depressed, AllianceBernstein believes investors frequently extrapolate this weakness into the future and price the securities accordingly. The manager focuses its extensive fundamental research capabilities on distinguishing companies that are undergoing temporary stress from those that deserve their depressed valuations. In this way, AllianceBernstein looks to exploit opportunities through in-depth analysis and an information advantage. In the first step of AllianceBernstein's investment process, the manager employs a quantitative (computer-driven) model to narrow the investment universe and highlight companies that have the most attractive valuations and prospects. This process is based on the outlook for such factors as earnings growth, cashflow generation and return on investment. Catalysts for change in valuations are also sought, such as revisions in earnings estimates, improving trends in the company's working capital, or buying of shares by directors. Stocks are then ranked according to expected returns and detailed, long-term earnings forecasts are generated. AllianceBernstein s analysts then conduct extensive interviews with company managements, suppliers and competitors around the world, in order to understand the key drivers of a company s earnings and cashflow and its competitive position within its global industry. Finally, a central decision-making team selects a concentrated portfolio of best ideas and determines the optimal weight of each stock in the portfolio, based on the analysts conviction, risk models and the team s own judgment. AllianceBernstein, based in New York, provides global investment management services in growth and value equities, fixed income and blended strategies. AllianceBernstein was formed in 2000 from the acquisition by Alliance Capital Management (founded 1971) of Sanford C. Bernstein (founded 1967), joining the complementary skills of Alliance in growth investing and Bernstein in value investing. The manager was acquired by AXA Financial Inc. in 2000.

3 AXA Framlington Investment Management Ltd (Framlington) Alpha Source: Forward Insight Investment Approach: Fundamental Framlington aims to identify fast-growing smaller companies in the UK market that are available at attractive prices. Through research of fundamentals, such as in-depth company and sector analysis, Framlington narrows the list of potential candidates by identifying companies whose future earnings growth it expects to be superior to their peers. Particular attention is paid to the quality of a company s management, its financial health, the industry in which it operates and its competitive position. The research approach at Framlington relies on regular contact with companies managements as well as suppliers and competitors. The manager aims to invest in companies that have pricing power and are capable of delivering earnings or sales growth over a complete economic cycle. London-based Framlington, founded in 1972, is a specialist UK equity house distinguished by its boutique culture and active approach to investing through bottomup security selection. Framlington was purchased by AXA Investment Managers in August 2005, making it part of the AXA Group of companies. However, Framlington has maintained autonomy over its investment process. Invesco Quantitative Strategies International (Invesco Quantitative) Alpha Source: Behavioural Investment Approach: Quantitative Invesco Quantitative has accumulated an insight on the trade-offs between factor analysis and actual investing; between optimising expected risk and return and controlling potential risk and the differences between back-tests (based on simulated performance) and live performance. These insights are expected by SEI to be particularly helpful in limiting investment losses in periods of high volatility. Invesco Quantitative also takes data quality seriously. Strong IT infrastructure and a dedicated team of analysts checking against model forecasts combine with a number of pre-trading checks to ensure that portfolios are not constructed based on data errors.

4 Invesco Quantitative s model is focused on identifying fewer characteristics than many of its quantitative peers. Unlike much of the competition, the manager does not diversify their definitions (e.g. different measures of value), but focuses on better measurement of those factors which it believes have the greatest potential for generating alpha. Although its allocation to value as an alpha source is sizable, it notably excludes bookvalue-to-price ratios and dividend yields major components of value definitions in risk systems and index classifications. As such, it should tend to find value in different places compared with other managers looking to exploit this source of alpha. The manager evaluates its metrics on a sector-neutral basis, which helps them to avoid traps of loading on financials when they look misleadingly cheap. Tight risk controls around style and market sensitivity (beta) ensure that stock picking is not dominated by market and sector trends. As a result we expect the manager to benefit from the value alpha source, but without being pro-cyclical in their sector positioning. In addition it will also be able to provide exposure to other alpha sources in the UK equity market such as positive price momentum and earnings revisions and balance-sheet strength. At its inception in 1981, Invesco Quantitative was among the first in the World to employ a quantitative (computer driven) investment approach. The European team, based in Frankfurt, was formed in 1999 and is a part of the broader global quantitative group, which itself is a unit of Invesco Asset Management. The Frankfurt-based team manages and develops models on non-us equities only. The research agenda is coordinated globally, but prioritised locally. Investec Asset Management (Investec) Alpha Source: Momentum Investment Approach: Systematic Investec employs what it calls its 4Factor process, aimed at finding high quality, attractively valued companies with improving operating performance that are receiving increasing investor attention. The manager begins with a disciplined, computer driven screening process to filter all the available stocks in the investment universe. The four factors the screening model measures are: strategy, or proven management ability to reward their shareholders; valuation, which looks for cheaper-than-average companies based on Investec s system for measuring cashflow from investments; dynamics, or whether there are improving expectations for profitability based on analysts forecasts and technicals, or measures such as upward momentum of a company s share price. Stocks with the highest scores from this screening process are then reviewed by sector analysts, who drill down to better understand the four factors and thus determine the best ideas for investment. Analysts can agree or disagree with the scores, but are not permitted to add new criteria to the investment process. Investec Asset Management, established in 1991, is a fully owned and independently managed subsidiary of UK-listed bank Investec Group. The manager serves an international client base in the Americas, Europe, Asia, the Middle East and Africa.

5 Los Angeles Capital Management (LACM) Alpha Source: Behavioural Investment Approach: Quantitative According to LACM s proprietary Investor Preference Theory, investors preferences for specific risk characteristics evolve with changing economic and market conditions. Rather than being random, LACM believes that these preferences follow certain patterns as investors views change throughout market cycles. The firm believes that a process which adapts to changing market conditions and preferences should provide more consistent returns. LACM therefore seeks to identify the risk factors and/or exposures driving equity returns and adapt its factor weights to suit the evolving market. LACM s quantitative model is based on economic rationale and factors that show what characteristics are driving investment trends, including valuation measures and momentum-oriented factors such as earnings and price momentum, as well as a number of industry factors. The manager also assesses earnings quality, pension risk, amount of leverage employed and management quality. Once screened, stocks in the appropriate universe are ranked according to expected excess returns (alpha), with separate models used for large-cap and small/mid-cap stocks, which LACM believes have different factor behaviours and payoffs. An investment committee is responsible for approving all changes to the model. Portfolio construction at LACM aims to maximise returns adjusted for risk. The firm's risk management practices also incorporate limits to active positions in individual stocks and sectors relative to the benchmark, with predicted tracking errors (a measure of risk vs the benchmark) closely monitored and managed. Los Angeles-based LACM was founded in 2002 when Wilshire Asset Management was purchased from parent Wilshire Associates by the unit s senior management team. Mirabaud Asset Management (Mirabaud) Alpha Source: Forward Insight Investment Approach: Fundamental Mirabaud has a quality and growth focus that is not particularly common among UK managers that SEI has researched and analysed. The manager follows a disciplined and consistent framework to buy better quality companies with future sales and earnings potential that, after making an adjustment for quality, have what the manager considers to be a fair value that is in excess of their current share price. Both realised future growth and general recognition of this true value is expected to drive excess returns for Mirabaud.

6 Mirabaud focuses on identifying quality companies with no flaws in their balance sheets, which have significant barriers to entry to protect earnings and sales growth, and unique products, niche brands or franchises. In addition to looking for companies with good potential for growing earnings and shareholder value, measures of financial quality and operating quality are also considered as well as a strong valuation discipline. In SEI s view, Mirabaud s investment decisions are disciplined and focused, employing a thorough and structured process for modelling each company they invest in based on the key variables they believe will lead to superior returns. The manager s ability to combine a broad economic view with their company analysis and experienced judgement is also a key differentiator. SEI believes Mirabaud s good understanding of the economic environment has consistently helped the timing and sizing of its investment decisions and stock ideas. Private Swiss bank Mirabaud, founded in 1896, opened its London Office in As well as its investment management business, it has sizeable private banking and stock broking interests. Mirabaud has a relatively small amount of assets under management compared to the average UK fund manager, which gives it more flexibility to take meaningful positions across the spectrum of company sizes. Having been closed to new investors, Mirabaud reopened in The manager has two UK equity offerings, a broader Core mandate and more concentrated High Alpha mandate that SEI has invested in. Standard Life Investments Ltd (SLI) Alpha Source: Forward Insight Investment Approach: Macro Thematic SLI s investment process is research-intensive and focuses on early identification of key market drivers and factors that are likely to cause shifts in the investment environment. A proprietary quantitative (computer driven) matrix and macroeconomic research complement individual-stock level analysis. SLI s internal macroeconomic opinions and stock analysis are used to help the manager identify drivers of investment performance that the market may be ignoring. SLI aims to process information more efficiently than its competitors and believes the ability to develop a broad-based and balanced investment thesis for each stock is a key advantage in generating superior returns. SLI invests across all market capitalisations and styles. Established in 1999, Edinburgh-based SLI is a wholly owned subsidiary of Standard Life, operating as an independent firm within the larger group. SLI is an experienced specialist investor in UK equities.

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

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