Introduction to SEI’s Solution

1. End Client Presentation Introduction to SEI’s Solution

2. SEI corporate profile Representative Global Clients** • *As of June 30, 2014 Currency calculated 30 June 2014, with an exchange rate of 1 USD to 0.58659 GBP • **Representative clients reflect a partial list of U.S. and non-U.S. institutional clients selected from SEI's complete client roster with assets in excess of $25 million that have provided SEI with permission to use their names in marketing materials. The inclusion of particular clients on this list does not constitute an endorsement or recommendation of SEI's products or services by such clients. List as of June 30, 2014. SEI Key Facts* Manages £146 billion in assets Administers £207 billion in client assets Processes 1.7 million end-investor accounts as of December 31 2013 Offices in the United States, Canada, United Kingdom, Ireland, the Netherlands, Hong Kong, South Africa, and Dubai SEI is a publicly traded company listed on NASDAQ with approximately 2,700 employees worldwide For Professional Client Use Only – Not for Distribution to Retail Clients

3. Investment Process | Manager selection Entire Universe of Investment Products 1,000 Manager Visits/Contacts Year 100+ Specialist Managers • For Professional Client Use Only – Not for Distribution to Retail Clients

4. SEI’s Investment Philosophy: Key Tenet Past performance is not a guarantee of future results • The chart takes the top quartile of UK Large Cap Equities managers based on 2004-2008 performance and tracks their subsequent quartile rankings over the following 5-year period (2009-2013). It also identifies where the top quartile managers over the current 5-year period (2009-2013) ranked in the previous 5-year period (2004-2008) • Top Quartile • 16% • 21% • Top Quartile • Ranking managers by their five-year returns provides little insight into future performance • SEI believes that a full assessment of qualitative as well as quantitative factors is required to identify and monitor the best managers • 9% • 22% • 19% • 12% • 9% • 17% • Based on the Morningstar universe of 2,133 UK Equity Large Cap managers • # 22% of top quartile managers from 2004 – 2008 are no longer included within the Morningstar UK Equity Large Cap Category • *55% of the top quartile managers from 2009-2013 did not have a full five year track record during the previous period • 55%* • 22%# • 5 Years • 2004 - 2008 • 5 Years • 2009 - 2013 • 5 Years • 2004 - 2008 • 5 Years • 2009 - 2013 • Source: SEI, Morningstar Direct, UK Large Cap Universe • For Professional Client Use Only – Not for Distribution to Retail Clients

5. SEI Core Fund • The objective of the Fund is to provide capital growth and income in line with global markets. The Fund invests across different asset classes to balance income and growth. • Target allocation weights are set at the discretion of SEI and are subject to change. As at 30 June 2014 • *The absolute return asset class aims to exploit active management opportunities that are not always accessible in conventional asset classes such as equity, fixed interest or cash. This could involve, for example, investing in long and short positions, to help generate profits or protect capital in both rising and falling markets. • SEI does not show individual holdings information for third party funds. • For Professional Client Use Only – Not for Distribution to Retail Clients

6. SEI’s solution: Goals-Based Portfolios | Meeting a range of investor goals STABILITY FOCUS SEI’s Stability-Focused Portfolios seek growth within a risk budgeting framework to manage the risk of loss GROWTH FOCUS SEI’s Growth-Focused Portfolios seek long-term growth in line with the broad equity and fixed-income markets. Aggressive Growth Balanced Core Moderate SEI Return Expectation Conservative Defensive Fixed Income Equity Liquidity Absolute Return Inflation Sensitive SEI Risk Expectation For illustrative purposes only For Professional Client Use Only – Not for Distribution to Retail Clients

7. Important Information This material is not directed to any persons where (by reason of that person's nationality, residence or otherwise) the publication or availability of this material is prohibited. Persons in respect of whom such prohibitions apply must not rely on this information in any respect whatsoever. Investment in the funds or products that are described herein are available only to intended recipients and this communication must not be relied upon or acted upon by anyone who is not an intended recipient.  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.  SEI Investments (Europe) Limited acts as distributor of collective investment schemes which are authorised in Ireland pursuant to the UCITS regulations and which are collectively referred to as the “SEI Funds” in these materials. These umbrella funds are incorporated in Ireland as limited liability investment companies and are managed by SEI Investments Global, Limited, an affiliate of the distributor. SEI Investments (Europe) Limited utilises the SEI Funds in its asset management programme to create asset allocation strategies for its clients. Any reference in this document to any SEI Funds should not be construed as a recommendation to buy or sell these securities or to engage in any related investment management services. Recipients of this information who intend to apply for shares in any SEI Fund are reminded that any such application must be made solely on the basis of the information contained in the Prospectus (which includes a schedule of fees and charges and maximum commission available). Commissions and incentives may be paid and if so, would be included in the overall costs. Please refer to our latest Prospectus (which includes information on the use of derivatives and the risks associated with the use of derivative instruments), Key Investor Information Document, and latest Annual or Interim Short Reports for more information on our funds. A copy of the Prospectus can be obtained by contacting your Financial Advisor, SEI Relationship Manager or by using the contact details shown below. Past performance is not a guarantee of future performance. Investments in SEI Funds are generally medium to long term investments. The value of an investment and any income from it can go down as well as up. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. Investors may not get back the original amount invested. SEI Funds may use derivative instruments which may be used for hedging purposes and/or investment purposes. 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. 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. This information is approved, issued, and distributed by SEI Investments (Europe) Limited, 4th Floor, Time & Life Building, 1 Bruton Street, London W1J 6TL which is authorised and regulated by the Financial Conduct Authority.

8. Important Information SEI’s goals based strategies are available in both the SEI Strategic Portfolio Fund range and the SEI Goals Based Model range. The SEI Strategic Portfolio Funds may invest in a combination of other SEI and Third-Party Funds as well as in additional manager pools based on asset classes. These manager pools are pools of assets from the respective Strategic Portfolio separately managed by Portfolio Managers which are monitored by SEI. One cannot directly invest in these manager pools. The SEI Goals Based Models may invest in a combination of SEI and Third-Party Funds but do not invest in additional manager pools.  The risk described below may apply to the underlying assets of the products into which SEI’s Strategic Portfolios and Goals Based Models invest:• Investment in equity securities in general are subject to market risks that may cause their prices to fluctuate over time.• Fixed income securities are subject to credit risk and may also be subject to price volatility and may be sensitive to interest rate fluctuations.• Bond or money market instruments are sensitive to inflation rate trends.• Property assets may be difficult to buy or sell and the impact may be that the cash remains un-invested or property is disposed at an unfavourable price.• Absolute return investments utilise aggressive investment techniques which may increase the volatility of returns.  If the correlation between absolute return investments and other asset classes within the fund increases, absolute return investments’ expected diversification benefits may be decreased.• 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. The SEI Strategic Portfolios and Goals Based Models are denominated in one currency but may hold assets priced in other currencies. The performance of the Funds and Models may therefore rise and fall as a result of exchange rate fluctuations.