1 st Quarter Investment Review This presentation must be preceded or accompanied by prospectuses

Agenda Review of your financial objectives/risk tolerance Review of planning process Comparison of Alternatives Benefits of our investment process Where are we today? What can we expect going forward? What can we do now?

Your Portfolio was Structured to Achieve Your Long-Term Financial Goals Planning Process Custom Portfolio Manager Selection Rebalancing Reallocation Monitoring & Reporting Establishes Goals Sets Risk Limits Sets Long Term Target Sets Short Term Limits Tax Management Low Cost Vehicle Specialist Managers Maintains Objectives A Scientific Approach to Disciplined Investing Keeps You Informed and On Track

Many Investors Followed the Crowd Almost $250 Billion of net new assets poured into mutual funds prior* to the “Bear Market”. 75% of those assets went into just 35 different funds. On average: * These funds fell 44% * Star rating = 4.9 Source: Lipper cash flows from equity funds 4/1/99 through 3/31/00 Source: Morningstar performance 4/1/00 through 3/31/01. Star rating as of 3/31/00. $56

Source: Morningstar performance 4/1/00 through 3/31/01 SEI Domestic Equity portfolio is a combination of 4 funds: Large Growth, Large Value, Small Growth & Small Value. Please see the most recent Quarterly Investment Review for additional performance. The SEI Intermediate-Term National Municipal Bond Fund, SEI Core Fixed Income Fund and SEI International Equity Fund are also used for comparisons. See the most recent quarterly investment review for percentages and historical performance. SEI funds & portfolios are compared to an average of all the 3/31/00 Morningstar 5 star funds for each Morningstar category mentioned. Many Advisors Followed the Stars Municipal Bond 9.13% 8.53% +0.60% Taxable Bond 12.75% 8.14% +4.61% Domestic Stock % % % International Stock % % +7.74% Bear Market Performance (4/1/00 through 3/31/01) SEI Fund/Five StarSEI Portfolio Mutual Funds Advantage

We Followed a Process 1. Screen all managers to find ones with specialty 2. Confirm ability to consistently beat benchmarks 3. Verify that out-performance was from manager skill 4. On-site visit with manager to understand process 5. Monitor every trade, of every manager, every day 6. Terminate managers who do not meet expectations

Our Process Delivered! Very few funds outperformed SEI in both the Bull Market and the Bear Market Bull Market = 5 year period from 4/1/95 through 3/31/00 Bear Market = I year period from 4/1/00 through 3/31/01 SEI funds & portfolios are compared to all of the mutual funds in each Morningstar category mentioned. Past performance is not indicative of future results.

Where are we today? Poor market fundamentals and deteriorating economic situation during the first quarter were due to: Higher oil prices Federal Reserve tightening during 2000 Overcapacity in technology sector Shaken consumer confidence It’s surprising that the economy held up as well as it did, even as the markets did not.

The US economy could remain weak through the summer Benefits of lower interest rates and tax cuts are expected by Q-4 Consumers should support the economy in second and third quarters Stocks have historically anticipated economic shifts - on average by 4.3 months Bear markets don’t last forever, they just feel like they do! What can we expect going forward?

What can we do now? Reevaluate Your Risk Tolerance Revisit Inclusion of Non-Traditional Asset Classes Capture Current Losses Before Rebound

Appendix

Source: Morningstar SEI Domestic Equity portfolio is a combination of 4 funds: Large Growth, Large Value, Small Growth & Small Value. See the most recent Quarterly Investment Review for additional performance. See the most recent quarterly investment review for percentages and historical performance. The SEI Intermediate-Term National Municipal Bond Fund, SEI Core Fixed Income Fund and SEI International Equity Fund are also used for comparisons. SEI funds & portfolios are compared to an average of all the 12/31/99 Morningstar 5 star funds for each Morningstar category mentioned. In addition to the normal risks associated with equity investing, international investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations. SEI vs. Morningstar “Five Star” Funds 1 st Quarter 2001 Performance SEI Five Star Alpha Intermediate-Term Municipal 2.30% 2.31% -0.01% Intermediate-Term Taxable 3.14% 3.15% -0.01% Domestic Equity Portfolio %-20.46% +5.76% Foreign Stock % % +2.66%

Performance Highlights 5 Years Ending 3/31/01 70% of SEI Funds beat their benchmark Source: Morningstar category averages See the most recent quarterly investment review for percentages and historical performance.