Investment Performance Review Second Quarter 2001 July 11, 2001 SEI Advisor Network

Market and SEI Performance Overview for 2nd Qtr Recent Enhancements to SEI’s Implementation Strategy Presentation of Advisor Tool Kit Questions & Answers Today’s Agenda For Intermediary Use Only. Not For Public Distribution

Market and Performance Overview First Quarter 2001 For Intermediary Use Only. Not For Public Distribution

Mixed Signals From the US Economy Some Indicators are Recessionary......While Others are Far From Trouble For Intermediary Use Only. Not For Public Distribution

It’s tempting at times like these to expect the worst, BUT  The economic news remains mixed, which suggests areas of weakness and strength  Tax cuts and Fed rate cuts do work with a lag on consumer and business spending  Stock prices have rebounded, boosting consumer confidence Reasons to Believe For Intermediary Use Only. Not For Public Distribution

 Disciplined Investing Yields Results  2 nd Quarter Offered Further Confirmation that SEI’s Investment Process Works  Tracking Errors Have Reverted to the Norm Talking Points For Intermediary Use Only. Not For Public Distribution

The Rocky Road to Recovery Year-to-Date Returns as of 6/30/01 for the Dow, the Nasdaq and the Wilshire 5000 Note: All indexes set to 100 on January 2, 2001 For Intermediary Use Only. Not For Public Distribution

2 nd Quarter Fund Performance Return Small Cap Growth Alpha* Q2 Net Returns (%) International Equity Emerging Market Equity Emerging Market Debt % % % % % For Intermediary Use Only. Not For Public Distribution * Return Relative to Benchmark Tax-Managed Large Cap Core Fixed Income High Yield Large Cap Value Large Cap Growth Small Cap Value International Fixed Income % % % % % % % % % % % % % % % %

SEI Portfolio Performance: Rolling Returns 2001 Q21 Year3 Year5 Year Active Tax-Managed (ATM) 60 Active Tax-Managed (ATM) 100 Index Blended Benchmark TAX-MANAGED Institutional Growth & Income (60 / 40) Index Blended Benchmark Institutional Equity (100) Index Blended Benchmark INSTITUTIONAL DOMESTIC 2 Year Domestic Equity (100) Index Blended Benchmark Global Equity (100) Index Blended Benchmark GLOBAL Note: Index Blended Benchmarks are gross returns, while SEI specific portfolios are net returns. Outperformance in BOLD. For Intermediary Use Only. Not For Public Distribution

SEI Portfolio Performance: Annual Returns 2001 YTD Note: Index Blended Benchmarks are gross returns, while SEI specific portfolios are net returns. Outperformance in BOLD. Active Tax-Managed (ATM) 60 Active Tax-Managed (ATM) 100 Index Blended Benchmark TAX-MANAGED Institutional Growth & Income (60 / 40) Index Blended Benchmark Institutional Equity (100) Index Blended Benchmark INSTITUTIONAL Domestic Equity (100) Index Blended Benchmark Global Equity (100) Index Blended Benchmark DOMESTIC GLOBAL For Intermediary Use Only. Not For Public Distribution

Analysis of Large Cap Growth Performance Year-to-Date 2001 as of 6/30/01 Attribution (%) SEI managers correctly judged industry performance. For example, overexposure to energy and underexposure to technology boosted first-half performance. Stock holdings within the technology sector were at the root of the first quarter’s underperformance. In the tumultuous markets at the start of the year, investors sought shelter in some well-known technology names that our investment managers did not hold because the companies did not satisfy the managers’ investment criteria. Notable deviations from the benchmark were IBM, Microsoft, Nokia and Solectron. Stock Selection Attribution, by Sector (%) For Intermediary Use Only. Not For Public Distribution

Analysis of Small Cap Growth Performance Year-to-Date 2001 as of 6/30/01 Fund performance remains extraordinarily strong. Quarter-to-quarter fluctuations occasionally happen because our managers select stocks based on their long-term funda- mentals, not short-term technical factors. An example of this occurred this year. The Fund fell short of the benchmark in the first quarter due largely to underperformance in three sectors. The Fund handily outperformed the benchmark in the second quarter thanks to gains in those same three sectors. Q1 Stock Selection by Sector (%) Q2 Stock Selection by Sector (%) For Intermediary Use Only. Not For Public Distribution

US Tax-Managed Large Cap Fund Fund Performance Alliance Core Growth Provident Hyper Growth Recent Enhancements Paying Off Changes were made to our tax-managed structure in an effort to maintain the tax sensitively of the Tax-Managed Large Cap Fund while delivering the opportunity for greater returns. These changes are supporting positive results for the Fund: Posted a +7% absolute return for the quarter Outperformed its benchmark during the second quarter Core-Tax Manager Parametric has capitalized on loss harvesting opportunities to enhance after-tax performance Parametric Core Tax-Managed Equinox Relative Value Sanford Bernstein Deep Value Peregrine Long-term Growth ** Pre-tax returns for SEI Tax-Managed Large Cap Fund # Returns from Fund inception in March 1998 For Intermediary Use Only. Not For Public Distribution

US Large Cap Value Fund Building on Positive Performance Fund gained over 5% during the second quarter Led the benchmark once again in Q2 The Fund has now led its benchmark in four consecutive quarters to generate near 5% outperformance over the last year  Each of our specialist value managers outperformed during the quarter LSV:+ 7% return in Q2 Bernstein:+ 7% return in Q2 Iridian:+ 5% return in Q2  The recent addition of Deutsche as the new core manager in the Fund has already paid off: Manager posted a 5% return during the quarter to exceed the benchmark. Deutsche Value LSV Contrarian Value Sanford Bernstein Deep Value Iridian Relative Value Fund Performance

Emerging Market Equity Fund Fund Performance Schroder Global Core Nicholas Applegate Global Growth SGY Asia Morgan Stanley Latin America Schroder EMEA The Boston Company Global Value Emerging Equity Fund Rallied in Q2 Emerging markets continue to outperform US and International markets this year, and SEI’s Fund is outperforming its benchmark by a sizeable margin. Stock selection in China, India, Korea and South Africa helped drive performance Recent structural enhancements to Fund paying off Dedication to value stocks through Boston Company has been beneficial, as value continues to outperform growth in these regions Exposure to EMEA regions such as Israel, Russia and South Africa has also boosted returns For Intermediary Use Only. Not For Public Distribution

Review of Recent Portfolio Enhancements For Intermediary Use Only. Not For Public Distribution

High Yield Bond Fund Credit Suisse Core Nomura Concentrator Nicholas Applegate Core Nomura Concentrator Shenkman Fundamental Value Old StructureNew Structure The Fund has posted consistent long-term positive returns that are ahead of its benchmark SEI is adding Shenkman to target the Fundamental Value segment of the High Yield market. This should improve the risk and reward profiles for the Fund. Process and research capacity concerns necessitated the replacement of Credit Suisse Nicholas Applegate will take the reins as the Fund’s new Core manager For Intermediary Use Only. Not For Public Distribution

 Disciplined Investing Yields Results  2 nd Quarter Offered Further Confirmation that SEI’s Investment Process Works  Tracking Errors Have Reverted to the Norm Talking Points For Intermediary Use Only. Not For Public Distribution