1. SEI Performance Update SEI INVESTMENTS

2. This material is the sole property of SEI Investments Company and its affiliates (“SEI”). The material is made available to SEI clients for their own use and that of their clients or prospects. SEI assumes no responsibility for any modifications made to this material. Any user of this material hereby agrees to indemnify and hold harmless SEI (including its officers, directors, employees and legal representatives) from and against any and all claims or losses of any kind which arise out of user’s modifications or exception of this material or from any unauthorized use or distribution. As a result, SEI recommends that any altered material be reviewed by user’s legal counsel. If you are a broker/dealer representative you must consult with the appropriate broker/dealer representative compliance personnel prior to the customization and use of this presentation. SEI Distribution Company

3. Methodology for Analysis  Performance reviewed by asset class within domestic equity  Performance reviewed for past five years  Performance analyzed from two perspectives –Absolute performance vs. benchmarks –Continuity of performance

4. Domestic Equity 5 Years Ending 12/31/00 Large Cap Value (40%) (1.64%) Large Cap Growth (40%) +1.79% Small Cap Value (10%) +0.32% Small Cap Growth (10%) +8.76% Total Weighted Portfolio Performance +0.97% Source: SEI Investments SEI Domestic Equity Funds Outperformed in 3 of 4 Asset Classes! Asset Class % of Portfolio Relative Performance

5. Which of SEI’s Domestic Equity Funds Outperformed their Index 4 Out of 5 Years? Large Cap Value (LCV)No Large Cap Growth (LCG) Yes Small Cap Value (SCV) Yes Small Cap Growth (SCG) Yes Source: SEI Investments Five Year Period (1996-2000)

6. What Percentage of All Funds were Able to Outperform the Benchmark in 4 Out of 5 Calendar Years? Large Cap Value (LCV) 3% Large Cap Growth (LCG) 7% Small Cap Value (SCV) 13% Small Cap Growth (SCG) 56% Source: SEI Investments 4 Out of 5 Calendar Years (1996-2000)

7. What Does This Mean to You?  As a portfolio, the SEI domestic equity funds beat a blended index by 0.97% –SEI’s outperformance is in line with the long-term outperformance of top-quartile funds  3 out of the 4 SEI domestic equity funds beat their indexes in four of the past five years –Only 15% of funds included in this study have been able to outperform their index in 4 of the last 5 years Source: SEI Investments

8. The Morningstar Blended Benchmarks are calculated by blending the Morningstar category returns according to the funds weightings of the various SEI portfolios. Category returns are supplied by Morningstar. The blended benchmarks’ weighting will equal that of its applicable model on a quarterly basis. For those SEI Funds which employ the ‘manager of managers’ structure, SEI Investments Management Company has ultimately responsibility for the investment performance of the Fund due to its responsibility to oversee the sub-advisers and recommend their hiring, termination and replacement. In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility. 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. This information must be preceded or accompanies by a current prospectus for each fund. Investors should read the prospectus carefully before investing. The information presented is past performance. Past performance is no guarantee of future results. The S&P 500 Index is an unmanaged index. You cannot invest in an index. The S&P 500 index returns do not reflect any management fees, transaction costs or expenses. Index performance is used for illustrative purposes only, and is not indicative of any investment. Not FDIC Insured. No Bank Guarantee. May Lose Value. Assumed rates are for illustrative purposes only. This presentation must be accompanied by SEI’s most recent Quarterly Investment Review (QIR). The SEI Funds are distributed by SEI Investments Distribution Co. SEI Distribution Company