SEI Global Master Fund plc - The SEI European (Ex-U.K.) Equity Fund US$ Institutional Distributing

The objective of the Fund is to achieve long-term growth of capital and income. The Fund will primarily invest in a diversified portfolio of shares (equities) issued by European companies (predominantly excluding the U.K.). The performance and risk of the Fund are actively managed in reference to a benchmark index, the MSCI Europe ex-UK Index (the “Benchmark”). The Fund aims to outperform the Benchmark over time and does not intend to track it. The Fund will invest significantly in securities within the Benchmark but the Fund is not constrained by the Benchmark and may invest in instruments which are not included in the Benchmark. The Fund may use derivatives (an instrument that derives its value from another underlying asset) for both investment purposes and in an attempt to reduce risk, reduce costs and to generate additional income. The base currency of the Fund is Euro. If the share class currency differs from this then its value may be affected by exchange rate movements. Hedged share classes attempt to reduce this effect but may also exclude the benefits of positive exchange rate movement. Shareholders may purchase or redeem shares on demand on any dealing day. A dealing day for this Fund is any business day for banks in either Dublin or London except 1 May and 24 December. Income generated by the Fund is retained within the NAV (net asset value of the Fund) for accumulating classes and distributed from the NAV for distributing classes. The Fund is suitable for investors seeking long-term capital growth and income. For further details of the investment objectives and policies please refer to the prospectus of the Fund.