X0303 4 2008-12-03 0 0000800286 SED INTERNATIONAL HOLDINGS INC SECX 0001406360 North & Webster LLC 1430 MASSACHUSETTS AVE. CAMBRIDGE MA 02138 0 0 0 1 See Footnotes 0001370894 NORTH & WEBSTER VALUE OPPORTUNITIES FUND L P 1430 MASSASCHUSETTS AVE CAMBRIDGE MA 02138 0 0 0 1 See Footnotes 0001406365 Kidston Samuel A 1430 MASSACHUSETTS AVE. CAMBRIDGE MA 02139 0 0 0 1 See Footnotes 0001439674 North & Webster Fund II, LP 1430 MASSACHUSETTS AVE CAMBRIDGE MA 02138 0 0 0 1 See Footnotes Common Stock, par value $.01 2008-12-03 4 P 0 592 1.49 A 100665 I By North & Webster Fund II, LP Common Stock, par value $.01 2008-12-05 4 P 0 26500 1.55 A 127165 I By North & Webster Fund II, LP Common Stock, par value $.01 166685 I By North & Webster Val. Opp. Fund Common Stock, par value $.01 34419 I By Managed Accounts Common Stock, par value $.01 6268 D The Reporting Persons are members of a Section 13(d) group that owns more than 10% of the Issuer's outstanding common stock. The Reporting Persons, as members of a Section 13(d) group with respect to the securities of the Issuer with Hummingbird Management, LLC, Todd Rosner, Allyn R. Earl and J.K. Hage III may also be deemed to beneficially own an additional 284,200 Shares, 219,046 Shares, 458,402 Shares and 111,200 Shares of the Issuer beneficially owned by Hummingbird Management, LLC, Todd Rosner, Allyn R. Earl and J.K. Hage III respectively. The Reporting Persons disclaim beneficial ownership of such Shares. Consists of Shares owned by North & Webster Fund II, LP (NW Fund II). North & Webster, LLC, as the General Partner of NW Fund II, may be deemed to beneficially own the Shares owned by NW Fund II. Mr. Kidston, as Managing Member of North & Webster, LLC, may be deemed to beneficially own the Shares owned by NW Fund II. Each of North & Webster, LLC, and Mr. Kidston disclaims beneficial ownership of such Shares except to the extent of its or his pecuniary interest therein. Consists of Shares held by certain managed accounts over which North & Webster, LLC, has voting and dispositive power. Mr. Kidston, as the Managing Member of North & Webster, LLC, may be deemed to beneficially own the Shares held by the managed accounts. Each of North & Webster, LLC, and Mr. Kidston disclaims beneficial ownership of such Shares except to the extent of its or his pecuniary interest therein. Consists of Shares owned by North & Webster Value Opportunities Fund, LP (NW Value Opportunities Fund). North & Webster, LLC, as the General Partner of NW Value Opportunities Fund, may be deemed to beneficially own the Shares owned by NW Value Opportunities Fund. Mr. Kidston, as Managing Member of North & Webster, LLC, may be deemed to beneficially own the Shares owned by NW Value Opportunities Fund. Each of North & Webster, LLC, and Mr. Kidston disclaims beneficial ownership of such Shares except to the extent of its or his pecuniary interest therein. Samuel A. Kidston, as Managing Member of North & Webster, LLC, may be deemed to beneficially own the Shares owned by North & Webster, LLC. Mr. Kidston disclaims beneficial ownership of such Shares except to the extent of his pecuniary interest therein. By: North & Webster LLC, By:/s/Samuel A Kidston, Managing Member 2008-12-05 By: North & Webster Value Opportunities Fund, LP, BY:North & Webster, LLC, its General Partner, By:/s/ Samuel A Kidston, Managing Member 2008-12-05 /s/ Kidston, Samuel A. 2008-12-05 By:North & Webster Fund II, By:North & Webster, LLC, its General Partner, By:/s/ Samuel A Kidston, Managing Member 2008-12-05