SEI Quarterly Investment Review: End of Q3 2009

1. SEI Quarterly Investment Review: End of Q3 2009

2. Contents • Third Quarter Market Environment • Impact on Equity • Impact on Fixed Income • Investor Behavior • SEI’s Actions • Manager Changes • Performance Update: Peer Analysis • Outlook • Fund Specific Commentary • Appendix 1 – Equity • Appendix 2 – Fixed Income

3. Global Equity MarketsStrong rally enabled equity markets to recover half of the losses of the crisis Rebased to start calculation at 0.0% on June 29, 2007. in USD, Source: Factset, as of September 30, 2009; Rebased to start calculation at 0.0% on June 29, 2007.

4. Global Equity MarketsMarket Rebound Dominated by Low Quality and High Beta MSCI World Index Factor Returns in Q3 2009 (%) (difference between top quintile and bottom quintile) • Rally continued to favour high beta stocks, cheap stocks, companies with levered balance sheets and smaller-cap stocks • Long- and medium-term momentum stocks were heavily punished in USD, Source: Factset, as of September 30, 2009

5. Global Fixed Income MarketsStrong risk appetite continued in Q3 Barclays Capital Global Aggregate Index Option Adjusted spreads (bps) as of September 30, 2009 • Investors have returned to the bond markets in earnest: • Lower quality and riskier bonds outperformed higher quality bonds. • Global corporate yield spreads back to pre-Lehman levels of September 2008. • Global Financials yield spreads narrowed by almost 400 bps since their highest level earlier this year. • Source: Barclays Capital, Merrill Lynch, JP Morgan, in USD • from December 31, 2008 to September 30, 2009 • JP Morgan EMBI Index • Merrill Lynch Master II Constrained Index Source: Barclays Capital, rebased 29/12/08=100

6. SEI Fixed Income FundsStrong performance since the beginning of the year Source: SEI, in Local Currency, Fully gross of fees Past performance is not a guarantee of future performance. Standardised performance is presented in the appendix.

7. Investor BehaviourUK investors moved back into equities and fixed income funds Source: Investment Management Association, as of August 31, 2009 • UK investors returned to the fixed income and equity markets. • Net cash flows in money-market funds were flat year to date.

8. SEI’s Actions:Making targeted changes to manager line-up in the SGMF Funds in 2009 Manager Changes – 2009 10 manager additions 9 manager terminations Global Developed US Large Companies US Small Companies UK Equity Japan Equity Markets Equity Neuberger Berman JP Morgan Janus PanAgora Wellington value (T) Alliance Bernstein (T) Montag & Caldwell (T) Martingale (T) Alliance Bernstein (T) Mazama (T) Alliance Bernstein Global Fixed Income High Yield UK Core Strategy Fixed Income Fixed Interest Wellington GRV Brigade PIMCO Guggenheim (T) Insight (T) Record (T) Normura Acadian UK Long Duration Fixed Interest PIMCO (T) Insight (T) = Terminated Managers

9. Performance UpdateKey themes impacting SEI Funds and Strategies in Q3 2009

10. SEI Fixed Income FundsPerformance Relative to Peers 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Source: SEI, Lipper Hindsight, in local currency, Net of Management Fees Past Performance is Not a Guarantee of Future Performance. Standardised performance is presented in the Appendix.

11. SEI Equity FundsPerformance Relative to Peers 1st Quartile le 2nd Quartile 3rd Quartile 4th Quartile Equity Equity Equity Equity Source: SEI, Lipper Hindsight, in local currency, Net of Management Fees Past Performance is Not a Guarantee of Future Performance. Standardised performance is presented in the Appendix.

12. SEI’s Outlook Strong near term economic growth to be replaced by sluggish growth in 2010 Strong near-term bounce from very depressed levels Growth then likely to be subpar given continued need for consumer deleveraging Small possibility of double dip Equity and credit markets still attractive Low quality, high beta rally to subside Momentum strategies should gain traction High quality attractively valued

13. Appendix 1: Equity Funds

14. SEI Alpha Source Definitions Value is a term commonly used to describe a general investment approach. However, our use of it here relates mainly to the risk premium paid to managers who successfully identify and invest in out-of-favour securities whose intrinsic value is eventually recognised and are re-rated upward by the broader market. Managers who aim to unlock this “value premium” often look for areas of the market and/or sectors and securities that fall to the cheaper end of the valuation spectrum. Value Managers trying to exploit the alpha source that we term Forward Insight aim to add value by anticipating future market, sector and/or security characteristics that they believe will have a direct impact on future prices. Examples include the anticipation of future earnings, cashflows, sales, yield curve shifts and credit rating changes. Managers within this category generally look to build and maintain an information advantage in order to identify areas of opportunity ahead of the broader market. Forward Insight Behavioural finance, a growing segment of research in investment management, aims to identify common and repeated traits among investors that impact their investment decisions, such as over-confidence, loss-aversion and anchoring, among other behavioural biases. The resulting actions or inertia of investors can contribute to the mispricing of securities, which behavioural managers aim to exploit. Behavioural Momentum managers aim to add value by exploiting the “momentum premium”, or excess return paid to investors who identify companies with earnings growth and earnings revisions that are likely to attain or remain on a strong upward trajectory. This trend, if identified early, can often lead to significant security price gains that follow the underlying momentum. Momentum Statistical managers aim to generate excess returns by exploiting inefficiencies or movements in the pricing of securities by analysing key statistical characteristics such as volatility, correlations and return distributions. An example of this would be a manager who aims to capitalise on the random movement of stock or bond prices within the market, using mathematical models to gain greater insight and understanding of the volatility itself. Statistical

15. SEI Global Developed Markets Equity Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix. ***Declaration manages a Portable Alpha Mandate. Please see the Appendix for further information.

16. SEI US Large Companies Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

17. SEI US Small Companies Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

18. SEI UK Equity Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

19. SEI European (Ex-UK) Equity Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

20. SEI Japan Equity Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

21. SEI Pacific Basin (Ex-Japan) Equity Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

22. SEI Emerging Markets Equity Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

23. Appendix 2: Fixed Income Funds

24. *UBS added to the Fund on 2 December 2008. nd **Wellington GRV was added to the fund on the 4th March 2009. ***Record terminated on the 4th of March 2009 Source: SEI. Benchmark: Barclays Capital Global Aggregate Index, gross of fees. SEI Global Fixed Income Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

25. *UBS added to the Fund on 2 December 2008. nd **Wellington GRV was added to the fund on the 4th March 2009. ***Record terminated on the 4th of March 2009 Source: SEI. Benchmark: Barclays Capital Global Aggregate Index, gross of fees. SEI Global Opportunistic Fixed Income Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

26. SEI UK Core Fixed Interest Past performance is not a guarantee of future performance. Standardised performance is presented in the Appendix.

27. IMPORTANT INFORMATION This document and its contents are directed only at persons who have been classified by SEI Investments (Europe) Limited as Professional Clients or Eligible Counterparties, for the purposes of the FSA New Conduct of Business Sourcebook ("relevant persons"). This communication must not be relied upon relied upon by anyone who is not a relevant person. This information is issued by SEI Investments (Europe) Limited, 4th Floor, Time & Life Building 1 Bruton Street , London W1J 6TL which is authorised and regulated by the Financial Services Authority. No offer of any security is made hereby. Recipients of this information who intend to apply for shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus. This material represents an assessment of 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. This information should not be relied upon by the reader as research or investment advice regarding the funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. If the investment is withdrawn in the early years, it may not return the full amount invested. In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Products of companies in which technology funds invest may be subject to severe competition and rapid obsolescence. Whilst considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. Past performance is not a guarantee of future performance. Investment in the range of SEI’s Funds is intended as a long-term investment. SEI Investments (Europe) Ltd; SEI Investments Global, Ltd; and SEI Investments Management Corporation are all wholly owned subsidiaries of SEI Investments Co.