SEI US Small Companies Fund Quarter 4, 2008

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1 Benchmark Russell 2500 (Net 30%) Base Currency USD Currencies Available USD, EUR, GBP Fund Complex SEI Global Master Fund PLC SEI US Small Companies 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 US Small Companies Fund is long-term growth of capital and income through investment in a broadly diversified portfolio of US equity securities of small companies. Fund Details Information Technology Financials Industrials Health Care Consumer Discretionary Energy 5.66 Utilities 5.05 Materials 4.70 Consumer Staples 2.50 Telecommunications 2.07 Top Ten Holdings* (%) Medarex 0.67 Red Hat 0.64 Arris Group 0.61 GSI Commerce 0.61 Pall Corp Skyworks Solutions 0.57 NASDAQ OMX Group 0.57 VistaPrint 0.54 Cubist Pharmaceuticals 0.53 CenterPoint Energy 0.53 Total 5.86 Under normal market conditions, the Fund will invest at least 65% of its net assets in US equity and equity related securities (including warrants and convertible securities provided that no 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) which are issued by small companies traded on Recognised Markets located in the United States. Notwithstanding any other criteria which the Portfolio Manager may apply in determining whether a corporation should be considered to be a small corporation, the Portfolio Manager generally considers small companies to be those with market capitalisations equal to US $3 billion or less at the time of initial purchase or stocks within the market capitalisation range of the Russell 2500 Index of stocks, or such other index as the Portfolio Manager may from time to time deem appropriate, at the time of initial purchase. The Russell 2500 Index is an unmanaged index comprised of the stock prices of 2500 smallest companies comprised within the Russell 3000 Index which currently represents approximately 16% of the total market capitalisation of the Russell 3000 Index. The Russell 3000 Index is an unmanaged index comprised of the stock prices of 3000 of the largest US companies, based on market capitalisation, which currently represents approximately 98% of the investable US equity market. The Portfolio Manager may invest any remaining assets in equity securities of larger, more established companies that the Portfolio Managers believe are appropriate in light of the Portfolio s objective. The Portfolio Manager may also invest up to 20% of the Fund s net assets in securities of non-us 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. *As at 31st December Committed investments can and will change over time as opportunities present themselves.

2 Integrity Asset Management LLC (Integrity) Alpha Source: Value Investment Approach: Opportunistic Integrity believes that while many value investors are proficient at valuing stocks they are less adept at timing when to buy or sell them. Like most small-cap value managers, Integrity focuses on stocks with statistically cheap valuations. However, the firm is differentiated by its additional focus on timing the purchase and sale of securities in order to avoid 'value traps' or buying stocks simply because they appear 'cheap'. Integrity aims to identify potential catalysts for a change in sentiment to help determine the right time to buy and sell stocks. The firm's process tends to be more opportunistic than that of many of its small-cap value peers, and leads to a higher degree of turnover in its portfolios. Nevertheless, Integrity's portfolios are managed within a tight riskcontrolled framework. Analysts responsibilities are split by sector. Ohio-based Integrity was formed in 2003 by three founding members, and remains a privately held investment management firm. LSV Asset Management LP (LSV) Alpha Source: Behavioural Investment Approach: Quantitative Following a behavioural finance approach to investing, based on the extensive research of its founding partners, LSV has identified judgmental biases and behavioural weaknesses that it believes tend to influence the decision-making process of investors and which LSV aims to exploit. Examples include the tendency to extrapolate the past too far into the future, equating a good company with a good investment regardless of price, and developing a mindset about a company that ignores statistical evidence to the contrary. LSV uses a strictly quantitative investment model, which it believes removes the influence of any judgmental biases or behavioural weaknesses, to find undervalued stocks with the potential for near-term appreciation. These out-of-favour securities are expected to produce superior returns if their future growth exceeds the market's low expectations. A proprietary computer model is used to rank a universe of stocks based on a variety of factors LSV believes to be predictive of future stock returns, such as price-to-sales, price-to-earnings and price-to-cashflow. While it is continuously being refined and enhanced, the basic process of combining value and price momentum factors has remained the same. Strict risk controls are incorporated in the portfolio construction process in order to avoid over- or under-exposure to particular sectors. Exposures in individual securities are also limited to ensure the portfolios are broadly diversified.

3 LSV Asset Management (LSV) was founded in 1994 by behavioural finance pioneers Josef Lakonishok, Andrei Shleifer and Robert Vishny, in partnership with SEI. Employees have a significant ownership stake in the Chicago-based firm. Martingale Asset Management LP (Martingale) Alpha Source: Behavioural Investment Approach: Systematic Using research into investor behaviour, Martingale subjects certain behavioural characteristics to rigorous research to discover their merits in determining stock performance and valuations. The manager uses this internal research in conjunction with multi-factor quantitative (computer driven) models, market insights and behavioural finance principles to identify investment opportunities and determine the intrinsic value of individual securities. Stock valuation judgments are systematically applied, and portfolio characteristics are strictly controlled, as Martingale believes these disciplines are paramount to investment success. Industry bets are also tightly controlled, based on academic research that suggests industry neutral portfolios using multi-factor models tend to outperform their benchmarks. Martingale is a pioneer in applying behavioural finance in managing portfolios. Based in Boston, Martingale was founded in 1987 and focuses solely on investing. The firm's corporate structure reflects the belief that links between the interests of the firm and clients are strengthened and intensified through broad equity ownership by employees. Mazama Capital Management LP (Mazama) Alpha Source: Forward Insight Mazama looks for companies whose revenues and earnings it believes will exceed consensus expectations due to recent investments in people, products, plants or services. The firm tries to identify companies developing products and services that will drive stronger growth in the future. Mazama believes that buying quality companies at attractive valuations relative to their expected return on equity and earnings growth is the key to consistent strong returns, while also limiting downside risk.

4 In it's bottom-up, fundamental investment approach, Mazama conducts detailed analysis of companies financial statements, continuously hold discussions with key employees, visits company operations to evaluate them first hand, and compares notes with vendors, suppliers and competitors. Relative value is gauged on an industry or peer-group basis. Mazama s investment process relies on gathering unique pieces of company information and assigning a value to that information, then relating it to a stock s valuation and potential for price appreciation. A proprietary model assesses company and management quality, financial trends, valuations and a stock s overall attractiveness. Employees own a substantial stake in Mazama, based in Oregon. Mazama was established in 1997 by Ron Sauer, who began managing a small-cap growth product using the current investment process in Neuberger Investment Management (Neuberger) Alpha Source: Value Neuberger specialises in investing in complex situations and believes it can add value by methodically reviewing corporate structures in a way that few other small-cap managers are capable of. Its process is differentiated by purposely seeking complex investment situations and corporate structures. A greater proportion of potential investments tend to be found in the technology, healthcare and industrials sectors, due to the nature of those industries and the firm s investment expertise. Neuberger s portfolio managers have also demonstrated strong conviction in allowing time for their investment theses to play out fully, which they view as an important attribute for success in value investing. The experienced team at Neuberger developed and follows a clearly defined investment process focused on event-driven catalysts, such as turning around a failing company, and the unwinding of complex business or financial situations. Rigorous fundamental analysis is used to identify long-term investment opportunities in stocks that are trading at a discount to what Neuberger believes to be their intrinsic value. Neuberger Investment Management took over former Lehman Brothers asset management unit Neuberger Berman, following the bankruptcy of Lehman Brothers in September The investment team responsible for managing portfolios within SEI funds were part of DJ Greene & Co, which had been an independent, privately owned firm led by the Greene family since its inception in 1938 until it was acquired by Neuberger Berman in 2008, just prior to Lehman s bankruptcy.

5 Wellington Management Company LLP (Wellington) Alpha Source: Forward Insight Wellington s investment philosophy focuses on identifying companies with underlying secular growth (growth that is not dependent on the economic cycle), which is undiscovered by the broader market. The firm looks to invest in companies that are capable of building leading positions with either niche products or in niche industries. Wellington also looks for companies that are fundamentally sound with strong managements that may be undergoing short-term price weakness and are subsequently trading at relatively attractive valuations. Wellington has a long-term investment horizon and generates the vast majority of its investment ideas internally, with little reliance on outside research. Many of the companies owned by Wellington have little coverage by analysts. Bottom-up security selection based on internal fundamental research is the most important part of Wellington s investment process. Looking for growth at a reasonable price, Wellington generally finds attractive candidates within four categories: companies demonstrating a growing stream of sales and earnings at reasonable valuations, assets at a discount to what their true value would be in the event of a liquidation, undervalued business franchises and misunderstood industry sub-sectors. Within each of these categories, companies are sought with actual or potential long-term secular growth. Once potential investments have been identified, thorough company research is undertaken, in addition to identifying catalysts for positive change. Established in 1933, Boston-based Wellington is predominantly employee owned. Wellington offers various investment approaches across a broad range of asset classes and also acts as an investment advisor on several Vanguard funds, although there is no cross-ownership or control between the two firms. Wells Capital Management (Wells) Alpha Source: Forward Insight Well s investment approach is based on the assumption that the market for smaller companies is largely inefficient and these inefficiencies can be exploited to find companies that are priced below their intrinsic value. Wells seeks to exploit these inefficiencies through in-depth research into and analysis of individual companies, otherwise known as a bottom-up approach to security selection.

6 The manager aims to invest in companies that are under-valued, not widely followed by analysts in general and therefore having an unrecognised catalyst for positive change. Wells looks to limit risk of declines in the share prices of their holdings by investing in companies that have modest valuations. This approach is also expected by the manager to provide the potential for significant outperformance of its holdings versus the benchmark index. Founded in 1996 and based in San Francisco, Wells is a subsidiary of Wells Fargo Bank, with operational independence. While Wells Fargo provides the necessary capital, resources and technological assistance to support asset growth, Wells maintains its autonomy and management control over the business.

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.