SEI INVESTMENTS

SEI INVESTMENTS1st Quarter 2003 – Client Review

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

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

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

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

SEI INVESTMENTS

Planning Process

CustomPortfolio

ManagerSelection

RebalancingReallocation

Monitoringand Reporting

Establishes GoalsSets Risk Limits

Sets Long Term TargetSets Short Term LimitsTax Management

Low Cost VehicleSpecialist Managers

MaintainsObjectives

A Scientific Approach toDisciplined Investing

Keeps YouInformed and On Track

Remember Our Process

Keys to Sound Investing

1. Asset Allocation

2. Portfolio Structure

3. Manager Selection

4. Continuous Monitoring

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

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

SEI INVESTMENTS

Step 3. Disciplined Manager Selection Process

Past Performance is No Guarantee of Future Returns

Source: Morningstar

434

3 Years1997-1999

11

31

119

273

3 Years2000-2002

Domestic Equity

SEI INVESTMENTS

Average

Large Cap Growth

Large Cap Value

-25.3%

-8.3%

3 Year Annualized Return2000-2002

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

IndexOutperformance

+1.7%

+3.2%

+3.5%

+4.2%

Step 3. Disciplined Manager Selection Process

Buying Top-Quartile Managers is Not a Disciplined Process

SEI INVESTMENTS

Large Cap Growth

Large Cap Value

-28.3%

-9.5%

3 Year Annualized Return2000-2002

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 2002Average Top Quartile Manager for three-year period ending 12/31/99, Study Included 71 FundsLCG-Russell 1000 Growth, LCV-Russell 1000 Value, Small Cap Growth-Russell 2000 , SCV-Russell 2000 Value

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 flowsIndex = Wilshire 50003 year Annualized Return = 2000, 2001, 20025 year Annualized Return = 1998, 1999, 2000, 2001, 2002**Return above the benchmark

5 Year Annualized Return

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

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

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.