1. SEI INVESTMENTS 1 st Quarter 2003 – Client Review

2. SEI INVESTMENTS 2002 Was a Different Type of Bear Market 2000 and 2001 markets driven by a correction from overbought equities 2002 markets were infested with fear and driven by emotion over –Accounting fraud –Corporate malaise –Terrorism –War with Iraq There was a lack of faith in future earnings and growth –Investors concerned only with current earnings & dividends –Many good companies were unjustly punished

3. SEI INVESTMENTS Putting Emotions Aside in 2003 Many issues that devastated markets in 2002 are seemingly resolved –Corporate governance –Profitability/Earnings –Immediate threat of terrorism Signs of early stages of a bull market –Increased government spending –Lowered Fed interest rates –Continued consumer resilience 2003 will depend on the strength of the economy

4. SEI INVESTMENTS The Economy in 2003 Positives Global economy anticipated to continue improving U.S. likely to post strongest growth in 2003 Fed should keep rates low until recovery picks up steam Accelerated government spending Investment markets are ripe for a solid advance despite expected volatility Source: SEI Investments

5. SEI INVESTMENTS Risks to the Outlook Many Risks Remain War with Iraq Deflation Growth prospects for developed nations remain poor for 2003 No quick-fix in sight for the work-out in tech and telecomm Any one of these factors could derail growth

6. SEI INVESTMENTS Planning Process Custom Portfolio Manager Selection Rebalancing Reallocation Monitoring and 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 Remember Our Process

7. Keys to Sound Investing 1.Asset Allocation 2.Portfolio Structure 3.Manager Selection 4.Continuous Monitoring

8. SEI INVESTMENTS Step 1. Long-Term Asset Allocation Avoid “Buying High” and “Selling Low” Largest month of cash inflows into mutual funds - March of 2000 Asset class that investors favored – growth/technology Largest month of cash redemptions out of mutual funds - July of 2002 Asset class that investors shunned – growth/technology Source: Morningstar, SEI Investments

9. SEI INVESTMENTS Step 2: Diversified Portfolio Structure Asset Class Returns 2002 Return 1999 Return US Equity Market -20.84% 23.55% International Equity -15.94% 26.96% Emerging Market Equity -6.17% 70.31% US Fixed Income 10.27% -0.83% High Yield Bonds 3.06% 2.26% International Fixed Income 22.38% -8.83% Emerging Market Debt 14.24% 25.97% Asset Class Returns: US Market-Wilshire 5000, International Equity-MSCI EAFE, Emerging Market Equity-MSCI Emerging Markets Free, US Fixed Income-Lehman US Aggregate, High Yield Bonds-CSFB High Yield Developed Countries, International Fixed Income-Salomon WGBI Non-U.S. Unhedged, Emerging Market Debt-JP Morgan Emerging Markets Bond Plus Broad Diversification Helped During Extreme Times

10. SEI INVESTMENTS Step 3. Disciplined Manager Selection Process Past Performance is No Guarantee of Future Returns Source: Morningstar 434 3 Years 1997-1999 11 31 119 273 3 Years 2000-2002 Domestic Equity

11. SEI INVESTMENTS Average Large Cap Growth Large Cap Value -25.3% -8.3% 3 Year Annualized Return 2000-2002 Small Cap Growth Small Cap Value -24.6% +3.5% Index -23.6% -5.1% -21.1% +7.7% Source: Morningstar Average Top Quartile Manager for three-year period ending 12/31/99, Study Included 71 Funds LCG-Russell 1000 Growth, LCV-Russell 1000 Value, Small Cap Growth-Russell 2000, SCV-Russell 2000 Value Index Outperformance +1.7% +3.2% +3.5% +4.2% Step 3. Disciplined Manager Selection Process Buying Top-Quartile Managers is Not a Disciplined Process

12. SEI INVESTMENTS Large Cap Growth Large Cap Value -28.3% -9.5% 3 Year Annualized Return 2000-2002 Small Cap Growth Small Cap Value -27.4% +6.3% Index -23.6% -5.1% -21.1% +7.7% Index Outperformance +4.7% +4.4% +6.3% +1.4% Step 3. Disciplined Manager Selection Process Using Fund Rating Systems is Not a Disciplined Process Morningstar Category Rating* Source: Morningstar, SEI *Category rating of 5, period ending 12/31/99, (80 funds included) Morningstar revamped the categories and rating systems in the 2qtr of 2002 Average Top Quartile Manager for three-year period ending 12/31/99, Study Included 71 Funds LCG-Russell 1000 Growth, LCV-Russell 1000 Value, Small Cap Growth-Russell 2000, SCV-Russell 2000 Value

13. SEI INVESTMENTS Top 10 Cash Flows in 1999 -22.5% 3 Year Annualized Return Top 10 Cash Flows in 1997 -5.5% Index -14.4% -0.9% Index Outperformance +8.1% +4.6% Step 3. Disciplined Manager Selection Process Buying Popular Funds is Not a Disciplined Process Average* Source: Financial Research Corporation *Average return of t10 Domestic Equity Funds with largest positive cash flows Index = Wilshire 5000 3 year Annualized Return = 2000, 2001, 2002 5 year Annualized Return = 1998, 1999, 2000, 2001, 2002 **Return above the benchmark 5 Year Annualized Return

14. SEI INVESTMENTS Step 4. Continuous Portfolio Monitoring Many Portfolio Enhancements in 2002: Large Cap Growth: –Fired Alliance –Hired Montag & Caldwell, Goldman Sachs Small Cap Growth: –Fired Wall Street, Nicholas Applegate –Hired Wellington, Lee Munder, McKinley Small Cap Value: –Hired Martingale

15. SEI INVESTMENTS Step 4. Continuous Portfolio Monitoring Many Portfolio Enhancements in 2002: Tax Managed Large Cap: –Hired Montag & Caldwell Tax Managed Small Cap: –Hired Mazama

16. SEI INVESTMENTS Disclosures For those SEI Funds which employ the ‘manager of managers’ structure, SEI Investments Management Corporation has ultimate responsibility for the investment performance of the Fund due to its responsibility to oversee the sub-advisers and recommend their hiring, termination and replacement. There are risks involved with investing with mutual funds including loss of principal. The information presented is past performance. Investment return and principal value of a mutual fund investment will fluctuate so that an investor’s shares on redemption may be worth more or less than the original cost. In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility. International investments 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. For more information, including a prospectus with charges and expenses, contact the distributor: SEI Investments Distribution Co., Oaks, PA 19456. 1-800-DIAL-SEI. Please read the prospectus carefully before investing. This material represents an assessment of the SEI Funds and the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. The indices illustrated herein are unmanaged indices. You cannot invest in an index. Index returns do not reflect the impact of any management fees, transaction costs or expenses. The index information seen here is for illustrative purposes only, and are not reflective of the performance of specific SEI funds. Past performance is no guarantee of future results. The Morningstar Category Rating is a quantitative measure of risk adjusted returns. The Category Rating shows how well a funds has balanced risk and return relative to other funds in the Domestic Equity category. The category rating does not reflect any front-end or deferre3d loads. Other expenses, such as 12b-1 Fees, are included. Five is the best rating and one is the worst. ©2001 by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., May not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from the use of the information. Past performance is no guarantee of future performance. Morningstar, Inc. has not granted consent for it to be considered or deemed an “expert” under the Securities Act of 1933.