SEI's commission recapture program offers institutional clients the ability to reduce expenses in their investment portfolios. SEI's commission recapture program allows you to decide how your commission dollars are best utilized. By using your portfolio's assets effectively, you can lower operating expenses and increase cash flow, which can lead to better performance.

Convenient Implementation
SEI has designed a flexible, convenient commission recapture program that meets your needs while ensuring that the investment manager's routine will not be disrupted. We work with you and your investment team, identifying fund expenses that are eligible for commission recapture and setting targets that are prudent for your portfolio.

The commission recapture program is easy to implement and maintain and can be tailored to fit your specific needs. The diagram below illustrates the seamless flow of activity between parties.

Resources to Help Manage Your Commissions
SEI can help you meet the challenges of today's tough, competitive environment and prepare you for whatever tomorrow might bring. SEI has been a forward-looking provider of brokerage services for more than 20 years. Today we are uniquely equipped to offer our clients customized, commission management solutions coupled with the power of SEI's deep resources.

Execution Services
SEI is committed to helping our clients fulfill their "best execution" obligations. Rather than limiting our clients to one or two brokers, SEI connects our trading functionality to some of Wall Street's largest firms. This accomplishes two important goals: we provide you with first class execution and clearing services, as well as the ability to generate commission credits over a broad range of asset classes. By providing a choice of executing brokers you can be assured that your trade executions are directed to the most qualified broker.

Legal and Regulatory
In today's changing environment, it is important to keep abreast of regulatory developments in the securities industry. We provide our clients with notification of major regulatory events as they occur, and we ensure that regulators are made aware of our clients' interests when significant changes are being contemplated. SEI's resources provide valuable insight into the latest legal and compliance issues.

Transition Management
Client fundings, portfolio rebalancing and asset allocation changes can create dramatic adjustments to the composition of a portfolio. This type of portfolio activity necessitates detailed project planning, innovative risk management and controlled trading strategies in order to manage costs and help preserve fund performance. SEI's portfolio implementations program was designed to provide strategic, high quality, outsourcing services that address the challenges associated with portfolio transitions. SEI's transition desk will apply sophisticated rish management techniques to reduce transaction costs, control operational risk and help to achieve best execution. At the same time, the fund may capture a portion of the commissions generated during the transition to offset fund expenses.

_________

Service and Support
SEI has a dedicated team of implementation specialists available to answer any operational or general questions. For more information please contact your SEI brokerage representative or call SEI Brokerage Services at 610-676-1885.

Extreme market conditions may effect trade execution, cost and performance.