1. Practice Management Update First Quarter 2001 April 17, 2001 SEI Advisor Network

2. Market and SEI Performance Overview for 1st Qtr Recent Enhancements to SEI’s Implementation Strategy Expectations Going Forward Presentation of 2nd Qtr Advisor Tool Kit Questions & Answers Today’s Agenda

3. 1 st -Quarter Market Conditions Validate SEI’s Investment Management Approach Diversification Portfolios benefited from diversification into bonds Equity funds benefited from diversification into value stocks Strong Managers Disciplined managers, each with a targeted sub-style Long-term performance, e.g. Sanford Bernstein, LSV, Cap Guardian SEI’s Active Management of Managers Moved from Mellon to Deutsche in Large Cap Value Fund Moved from Mellon to Parametric, and Addition of Peregrine, in Tax- Managed Large Cap Fund Talking Points - I

4. Talking Points - II 1 st- Quarter Tracking Errors Were Negative and Sometimes Larger Than Expected SEI is closely monitoring the performance of all managers in this bear market. Large, negative tracking errors have happened before. In the past, negative deviations were reversed in subsequent quarters. For example, the Large Cap Growth Fund under-performed by more than two percentage points in the 3 rd quarter 1998, only to be followed by two consecutive quarters of 2% out-performance. We are confident that the 1 st quarter deviations do not signal fundamental problems with our managers or our portfolios, and do not put at risk our long-term performance.

5. Market and Performance Overview First Quarter 2001

6. Economic and Financial Review Poor market fundamentals and deteriorating economic situation during the first quarter were due to: Higher oil prices Tight monetary policy 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.

7. The US economy is on its own these next few months Benefits of lower interest rates and tax cuts are expected by Q-4 Consumers will support the economy in second and third quarters Stocks historically anticipate economic shifts by 4 to 5 months If this trend continues, the market bloodletting may soon be over Bear markets don’t last forever, they just feel like they do! Economic and Financial Prospects

8. Equity Markets Crumbled Returns Performance of the Dow, the Nasdaq and the Wilshire 5000 1999 to 2001 Q1 Note: All indexes set to 100 on January 2, 1999

9. Diversification Proves Its Value First Quarter Returns of Selected Asset Classes and Market Indices

10. SEI Portfolio Performance: Annual Returns 2001 Q1200019991997 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 -6.86 -6.45 -12.23 -11.60 -14.45 -11.16 17.26 16.41 28.11 26.12 Institutional Growth & Income (60 / 40)-7.58 Index Blended Benchmark-6.78 Institutional Equity (100)-13.63 Index Blended Benchmark-12.31 INSTITUTIONAL -4.40 -4.97 -12.43 -12.64 14.05 13.38 20.85 19.52 Domestic Equity (100)-14.53 Index Blended Benchmark-12.80 Global Equity (100)-14.39 Index Blended Benchmark-12.99 -7.48 -9.82 -9.58 -10.80 20.47 19.95 24.21 21.40 33.19 30.91 25.57 24.70 DOMESTIC GLOBAL 1998 11.88 13.34 14.11 16.32 20.51 21.52 20.37 21.24 -6.65 -4.64 17.36 15.74 28.68 25.60

11. SEI Portfolio Performance: Rolling Returns 2001 Q11 Year3 Year5 Year Active Tax-Managed (ATM) 60 Active Tax-Managed (ATM) 100 Index Blended Benchmark TAX-MANAGED -14.69 -13.07 -26.38 -24.22 1.87 2.61 -0.21 0.80 Institutional Growth & Income (60 / 40) Index Blended Benchmark Institutional Equity (100) Index Blended Benchmark INSTITUTIONAL -14.42 -13.74 -27.05 -26.02 2.26 2.47 -0.49 -0.18 7.75 7.58 8.53 8.28 -24.38 -24.69 -25.49 -25.02 0.55 0.65 0.68 0.43 12.08 11.62 10.56 9.99 DOMESTIC 2 Year -0.19 0.82 -3.75 -2.22 0.93 0.46 -3.05 -3.58 -3.76 -4.04 -3.29 -3.96 -6.86 -6.45 -12.23 -11.60 -7.58 -6.78 -13.63 -12.31 -14.53 -12.80 -14.39 -12.99 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.

12. US Large Cap Growth Fund The Biggest Decliner Last Quarter The bear market took a toll on growth stocks. SEI Large Cap Growth Fund lost 24.8%. SEI underperformed the Russell 1000 Growth Index by 3.9%, The causes: Downturn of high-quality stocks such as EMC and Cisco Rebound of some high-risk Internet and PC stocks that our managers shun for lack of strong fundamentals. Bad quarters have occurred in the past and are the norm. We underperformed during two quarters of each of the last four calendar years, and went on to beat the index each of those years. Fund Performance Only 9 of 238 growth funds beat the benchmark every year between ‘97 and ’00. SEI is in this top 4%

13. Source: Morningstar SEI Domestic Equity portfolio is a combination of 4 funds: Large Growth, Large Value, Small Growth & Small Value Morningstar Five Star Managers as of 12/31/99 Who Better than SEI? 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 -14.70%-20.46% +5.76% Foreign Stock -13.70% -16.36% +2.66%

14. Holds True for 2000, Too SEI vs. Morningstar “Five Star” Funds Year 2000 Performance SEI Five Star Alpha Intermediate-Term Municipal 8.53% 4.98% +3.55% Intermediate-Term Taxable 12.52% 8.52% +4.00% Domestic Equity Portfolio -7.48%-13.68% +6.20% Foreign Stock -17.74% -18.21% +0.47% Source: Morningstar SEI Domestic Equity portfolio is a combination of 4 funds: Large Growth, Large Value, Small Growth & Small Value Morningstar Five Star Managers as of 12/31/99

15. Review of Recent Portfolio Enhancements

16. International Equity Fund Fund Performance Changes Paying Off Fund produces superior long-term results For the three-year period ending 2000, the Fund outperformed its EAFE benchmark by 1.7%. In line with benchmark in 1 st quarter. Good stock selection within the technology sector boosted results Fund outperforms peer group with lower than average risk (1 st percentile is best on both measures) 36th percentile return 14th percentile tracking error Oeschle International Non-US Growth Capital Guardian Non-US GARP Acadian Non-US Value BlackRock Europe Martin Currie Japan Value Jardine Fleming Pacific Growth SEI has prepared an article on the International Fund for use with your clients. Download the article at www.seic.com/iag

17. Emerging Market Equity Fund Fund Performance Reconstruction Complete ProblemCorrection Difficulty accessing local Gained permission to stocks in Taiwan and India trade locally in Taiwan. limited our liquidity and Using equity-linked raised volatility warrants in India Lacking Middle East Added Schroder specialty manager Overweight in growth stocks Added Boston Co. beat the benchmark by 4% in first quarter. Market Displays Different Risk/Reward Profile Recognize that emerging market funds experience larger tracking errors because annual returns are more volatile Schroder Global Core Nicholas Applegate Global Growth SGY Asia Morgan Stanley Latin America Schroder EMEA The Boston Company Global Value The addition of Nicholas Applegate and The Boston Company reflect the increased importance of investment style in the emerging markets.

18. US Tax-Managed Large Cap Fund Fund Performance Alliance Core Growth Provident Hyper Growth Major Structural Enhancements Parametric Parametric capitalizes on “loss harvesting” opportunities created in this difficult market. Fund has harvested a net realized loss exceeding $180 million as of 3/31/01, enhancing current after-tax returns. Losses will be carried forward to support future performance Peregrine Superior long-term growth performance LSV to come online May 2001 (pending Board approval) Superior performance achieved with contrarian value stocks Parametric Core Tax-Managed Equinox Relative Value Sanford Bernstein Deep Value Peregrine Long-term Growth LSV Contrarian Value * Pre-tax returns for SEI Tax-Managed Large Cap Fund # Returns from Fund inception in March 1998 SEI has prepared an article on Parametric for use with your clients. Download the article at www.seic.com/iag

19. US Large Cap Value Fund Strong Manager Line-Up Fund posted 3.9% absolute return over last 12 months. Outperformed benchmark by 1.4% in 1 st quarter, by 3.7% over last 12 months. Specialist value managers are driving Fund’s superior returns Bernstein:+ 20% one-year return LSV:+ 17% one-year return Deutsche has replaced Mellon Deutsche Value LSV Contrarian Value Sanford Bernstein Deep Value Iridian Relative Value Fund Performance SEI will soon release a white paper providing a detailed description of the Fund and the benefits of adding Deutsche as the core value manager

20. Going Forward

21. Important to Keep In Mind… Predicting market highs and lows is very difficult. Bear markets do not last forever. Recovery can be swift. Investors who are sitting on the sidelines run the risk of missing the rebound. Over time, equities outperform all other classes.

22. SEI’s diversified portfolios will cushion further deterioration and allow early participation in rallies. Because SEI portfolios are diversified geographically and across asset classes, we expect to benefit from strong performance wherever in the world it occurs. We are confident that tracking error will revert to norm within the next two quarters. What to Expect From SEI Going Forward

23. Enhance Client’s Understanding of the Nature of Business and Market Cycles. Focus on Client’s Investment Goals and Progress Towards These Goals. Confirm That They’re Still On Track to Meet Their Objectives. Reiterate the Value of SEI’s Investment Strategy in Ultimately Reaching Their Goals. Use the Updated Advisor Tool Kit to Communicate 1 st Qtr Performance. How to Communicate Performance to Clients

24. SEI has prepared a variety of articles to help you communicate the themes we discussed to your clients You may access these articles on the SEI client website at www.seic.com/iag Current articles include discussions on the following: The recent performance of the Large Cap Growth Fund The new Core-Tax Managed manager Parametric Spotlight on the International Equity Fund Keeping the Bear Market in perspective Many more to come For More Information...