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Introducing SEI

Q209

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Potential Danger Signals in Your Portfolio

YesNo

• Lack of clear investment policy (IPS)

• Investments mismatched with objectives

• Inappropriate level of risk

• Lack of diversification

• Under performing investments or managers

• Style drift

• Overlapping investments or management styles

• Excessive expenses or trading activity

• Lack of monitoring, adjusting, rebalancing

• Unclear or untimely reporting

• Lack of communication and service

Cycle of Market Emotions

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Who is SEI?

• A leading provider of Manager of Managers investment process, US$136 billion* assets under management globally and $8 billion* in Canada

• Publicly held (Nasdaq: SEIC) global business solutions firm, with numerous offices worldwide

• Since 1968 we have helped institutions and individuals create and maintain wealth * As of June 30, 2009.

SEI Creates & Manages Wealth For Institutions and Private Clients

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SEI’s Investment Philosophy

Asset allocation is the key determinant of performance

Portfolio structure is the key determinant of performance within each asset class

Specialist managers add value in their respective areas of expertise

Continuous monitoring of each manager’s daily trading is the only effective way to control managers and maintain portfolio structure

Objective: Achieve superior long-term investment returns while managing risk

Structured Asset

Allocation

Efficient Portfolio

Construction

Continuous Portfolio

Monitoring

Manager Selection

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Proper Asset Allocation Diversifies Across Global Security Markets

CanadianEquities

International Developed

Equities

International Fixed

Income

Emerging MarketsEquity

Canadian Fixed

Income

U.S. Equities

HighYield

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The information seen is for illustrative purposes only and is not reflective of the performance of any SEI Funds. Past performance is no guarantee of future results.

Why Diversify by Asset Class?

Performance of Various Asset Classes: 1993 to 2008Annual Total Returns of Key Indices (Based on Sector)

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Why Diversify by Style?

Performance of Various Canadian Equity Investment Styles: 1999 to 2008

Annual Total Returns of Key Styles

Datasource: MSCI Barra.

This information is for illustrative purposes only and is not reflective of the performance of any SEI Funds. Performance is no guarantee of future results. Asset style data shown is past performance of the following index returns. Large Cap Growth = MSCI Canada Large Growth , Large Cap Value = MSCI Canada Large Value, Small Cap Growth = MSCI Canada Small Growth, Small Cap Value = MSCI Canada Small Value. One cannot invest directly in an index. Index returns do not reflect the impact of management fees, transactions costs or expenses. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein is for general information purposes only and is not intended to constitute legal, tax, accounting, securities or investment advice, nor an opinion regarding the appropriateness of any investment. You should not act or rely on the information contained herein without obtaining specific legal, tax, accounting and investment advice from an investment professional.

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The Importance of Asset Classes

Asset Allocation = Diversification = Lower Risk

Your Optimal Asset Allocation

• How much in stock?

• How much in bonds?

• How much cash?

• How much in Canadian securities?

• How much foreign content?

Stocks?

Bonds?

Cash?

Canadian vs. Foreign?

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Asset Allocation Risk & Reward (using the U.S. markets as an example) Annual Returns: 1926 – 2008 | Average Annual Inflation: 3.13%

*Average Loss: the average loss when there is a negative return.  **Average Gain: the average gain when there is a positive return.

Stocks – S&P 500 Index Bonds – U.S. Intermediate Term Government Bonds Cash – U.S. 30 Day Treasury Bill Inflation – Consumer Price Index Source – Ibbotson Associates

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Canadian Equity Structure

As of July 2009

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Canadian Fixed Income Fund

As of July 2009.

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Balanced 60/40 Strategy

As of May 2009

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Manager Discovery: Casting a Wide Net

• Client and portfolio objective drive manager discovery

• Seek opportunities and inefficiencies in the market place

• Reputation leads to many firms visiting SEI’s offices each year

• Focused research - no legal requirements to have opinion on many firms

• Breadth of research allows us

“first mover” advantage

• Global presence and industry experience

19,000 Managers in initial universe

45 managers remain for further analysis

3,000 Managers remain after initial fundamental screen

1,000 managers remain after

qualitative screen

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Our Monitoring Process is Rigorous and Dynamic

Additional Monitoring

• Ongoing dialogue with managers

• Onsite visits

• Risk management

Daily trade oversight

Daily

Performance attribution

Review of buys & sells

Weekly

Performance attribution

Review of buys & sells

Monthly

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Organization

Team

StructuralProcess

Better Ideas

Advantages of SEI’s Sell Discipline• Decision speed• Back-up managers• Market and industry analysis

SEI’s Sell Discipline: Leading vs. Lagging Indicators

Manager Turnover

Manager Addition Example:• March 2009: Artisan Partners LP is added to Emerging

Markets Equity Fund. Artisan seeks to identify emerging market companies that are positioned to benefit from that growth potential and possess a sustainable global competitive advantage.

Manager Termination Example:• May 2009: AllianceBernstein is terminated from U.S.

Large Company Equity and EAFE Equity Funds due to uncertainty over the firm’s leadership.

Note: Graphic is an approximation based on historic manager changes made by SEI.

Reasons for sell decision

Organization Stability, liquidity event, etc.

Investment team Turnover, generational transition

Structural Change in Market Investment process no longer effective

Process Inability to exploit inefficiencies, asset growth

Better Ideas Discovered higher quality manager

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Automatic Portfolio Rebalancing

Rebalancing ensures that your

recommended asset mix is

constantly in place.

Rebalancing reduces unintended

and unnecessary risk keeping

your portfolio on the right course.

Equities60%

Fixed Income

30%

Cash10%

Equities50%

Fixed Income45%

Cash5%

CurrentAsset

Allocation

TargetAsset

Allocation

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SEI’s Asset Management Philosophy

Successful active management is dependent on understanding drivers of return

• Identification of market inefficiencies improves probability of success

• A robust and well resourced evaluation process identifies talented managers

• Diversification of investment processes to enhance alpha

Managers and portfolios must be managed—continuously—to achieve success

• Manager’s portfolio should be tracked daily, weekly, monthly, quarterly and annually

• Comprehensive research and monitoring ensures quality managers are maintained

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• AGC Flat Glass North America LtdConcord, ON

• Bell Aliant Regional CommunicationsSaint John, NB

• Blount Canada Ltd.Guelph, ON

• Brewster Transport Company LimitedBanff, AB

• BMO Nesbitt BurnsToronto, ON

• Brink’s Canada LimitedToronto, ON

• Diamond FoundationVancouver, BC

• Diocese of LondonLondon, ON

• Falconbridge LimitedToronto, ON

• Givaudan Canada Co.Mississagua, ON

• Health Services Foundation of the South ShoreBridgewater, NS

• Hitachi Construction Truck Manufacturing Ltd.Guelph, ON

• HSBC Financial Corporation LimitedToronto, ON

• Ideal Roofing Co. Ltd.Ottawa, ON

• Jewish Community Foundation of MontrealMontreal, QC

• Lafarge Canada Inc.Concord, ON

• Laurentian University of SudburySudbury, ON

• Linde Canada LimitedMississauga, ON

• Mercedes-Benz Canada Inc.Toronto, ON

• Northern Cancer Research FoundationSudbury, ON

• Northern Development Initiative TrustPrince George, BC

• Paramount Pictures Entertainment Canada

Toronto, ON

• Peerless Clothing Inc.Montreal, QC

• Reitmans (Canada) LimitedMontreal, QC

• Ryerson Canada, Inc.Etobicoke, ON

• Sir Mortimer B. Davis Jewish General HospitalMontreal, QC

• Smucker Foods of Canada Co.

Markham, ON

• St. Peter’s Seminary FoundationLondon, ON

• Wabush Mines

Cleveland, OH

Representative Canadian Institutional Client List

Representative clients are selected by SEI to illustrate a sampling of SEI’s current client base, but may not necessarily endorse all of the services provided by SEI.  List as of June 30, 2009.

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• Covidien(Mansfield, MA)

• Deloitte, LLP(New York, NY)

• Ecolab, Inc.St. Paul, MN

• Elkem Metals Inc. (Pittsburgh, PA)

• ESSROC Italcementi Group(Nazareth, PA)

• Givaudan Corporation (Cincinnati, OH)

• Intelsat Global Services Corp.(Washington, DC)

• Jervis B. Webb Co.(Farmington Hills, MI)

• JM Smucker Company(Orrville, OH)

• Joy Global, Inc.(Milwaukee, WI)

• Lafarge NA, Inc.(Herndon, VA)

• LVMH Moet Hennessy Louis Vuitton(New York, NY)

• Marine Corps Community Services(Quantico, VA)

• Ahlstrom USA(Windsor Locks, CT)

• Alfa Insurance Companies(Montgomery, AL)

• American Commercial Lines LLC(Jeffersonville, IN)

• AT&T Inc.(San Antonio, TX)

• Brink’s Company(Richmond, VA)

• Butler Manufacturing CompanyKansas City, MO

• California Casualty Management Co.(San Mateo, CA)

• C & D Technologies, Inc.(Blue Bell, PA)

• Clarks Companies, N.A.(Boston, MA)

• Cliffs Natural Resources Inc.(Cleveland, OH)

• Comcast Corporation(Philadelphia, PA)

• CommScope(Hickory, NC)

• CoorsTek, Inc.(Golden, CO)

• Milacron Inc.(Batavia, OH)

• Mitsubishi Motors North America, Inc.Cypress, CA

• Nalco Holding Company(Naperville, IL)

• Nashville Electric Services(Nashville, TN)

• National Services Industries, Inc. (Atlanta, GA)

• Panasonic Corporation (Secaucus, NJ)

• Pearson, Inc. (New York, NY)

• Pliant Corporation(Schaumburg, IL)

• Qantas Airways Ltd.(Los Angeles, CA)

• Ryerson(Chicago, IL)

• SAP America Inc.(Newtown Square, PA)

• Teleflex(Limerick, PA)

• The Clearing House(New York, NY)

• Viacom International Inc.(New York, NY)

Representative US Corporate Institutional Client List

Representative clients are selected by SEI to illustrate a sampling of SEI’s current client base, but may not necessarily endorse all of the services provided by SEI.  List as of June 30, 2009.

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• American Club Hong Kong

• Hong Kong Jockey Club

• Hong Kong Housing Society

• Shui On Investment Company

• Hong Kong Electric Holdings

Limited

• Roche Ireland Ltd.Dublin

• MeubelAmsterdam

Representative Global Institutional Client List

Hong Kong

South Africa

• Old Mutual Symmetry

Cape Town

Continental Europe

UK• Brinks Limited

London

• DeLaval

Cardiff

• Habitat UK Ltd.

Bushey

• Hercules, Inc. (UK)

Wilmington, DE

• Higgins Group

Loughton

• Monarch Airlines

Luton

• Nynas UK Ltd.

Cheshire

• Phoenix Dunlop Oil & Marine

Grimsby

• Twyford Bathrooms Ltd.

Stoke-on-Trent

• University of Bristol

BristolRepresentative clients are selected by SEI to illustrate a sampling of SEI’s current client base, but may not necessarily endorse all of the services provided by SEI.  List as of June 30, 2009.

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• For more information about the SEI funds, please consult with your investment professional. The prospectus and other important information relating to the SEI funds can be found at www.seic.com or www.sedar.com.

• Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments . Please read the prospectus of the SEI fund before investing in them. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. Mutual funds are not guaranteed, their values change frequently and past performances may not be repeated.

• SEI Investments Canada Company, a wholly owned subsidiary of SEI Investments Company, is the Manager of the SEI Funds in Canada

• Material that discusses the SEI funds and index returns, represent an assessment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. You cannot invest in an index. Index returns do not reflect the impact of any management fees, transaction costs or expenses. The index information presented is for illustrative purposes only, and is not reflective of the performance of specific SEI Funds.

• Except as otherwise noted, the rates of return shown are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions. The rates of return shown for periods of less than one year are simple rates of return. Rates of return do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns.

• The information contained herein is for general information purposes only and is not intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment. You should not act or rely on the information contained herein without obtaining specific legal, tax, accounting and investment advice from an investment professional.

• Information from external sources is believed to be reliable but no representation is made to its accuracy.

Disclosures