Introducing SEI Q209

1. Introducing SEI Q209

2. Potential Danger Signals in Your Portfolio Yes No • 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  

3. Cycle of Market Emotions

4. Who is SEI? SEI Creates & Manages Wealth For Institutions and Private Clients • A leading provider of Manager of Managers investment process, US$136 billion* assets under managementglobally 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.

5. 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 SEI’s Investment Philosophy Objective: Achieve superior long-term investment returns while managing risk Efficient Portfolio Construction Structured Asset Allocation Continuous Portfolio Monitoring Manager Selection

6. Proper Asset Allocation Diversifies Across Global Security Markets International Developed Equities High Yield International Fixed Income Canadian FixedIncome Canadian Equities Emerging Markets Equity U.S. Equities

7. Why Diversify by Asset Class? Performance of Various Asset Classes: 1993 to 2008 Annual Total Returns of Key Indices (Based on Sector) 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.

8. 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.

9. Your Optimal Asset Allocation • How much in stock? • How much in bonds? • How much cash? • How much in Canadian securities? • How much foreign content? The Importance of Asset Classes Canadian vs. Foreign? Stocks? Cash? Bonds? Asset Allocation = Diversification = Lower Risk

10. Asset Allocation Risk & Reward (using the U.S. markets as an example) Annual Returns: 1926 – 2008 | Average Annual Inflation: 3.13% 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 *Average Loss: the average loss when there is a negative return.  **Average Gain: the average gain when there is a positive return. 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. 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.The information presented is past performance and in U.S. dollars.  Past performance is no guarantee of future return.  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 unfavourable fluctuations in currency values, from difference in generally accepted accounting principles or from economic or political instability in other nations.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. This piece is provided by SEI Investments Canada Company.  This is not indicative of any specific investment.  It is an illustration of how a certain profile may have performed using the past performance of the indices listed.

11. Canadian Equity Structure As of July 2009

12. Canadian Fixed Income Fund As of July 2009.

13. Balanced 60/40 Strategy As of May 2009

14. 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 3,000 Managers remain after initial fundamental screen 1,000 managers remain after qualitative screen 45 managers remain for further analysis

15. Additional Monitoring Ongoing dialogue with managers Onsite visits Risk management Our Monitoring Process is Rigorous and Dynamic Daily Weekly Monthly • Performance attribution • Review of buys & sells Daily trade oversight Performance attribution Review of buys & sells

16. 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. • Advantages of SEI’s Sell Discipline • Decision speed • Back-up managers • Market and industry analysis Note: Graphic is an approximation based on historic manager changes made by SEI.

17. 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. Equities Cash 60% CurrentAssetAllocation 10% Fixed Income 30% Cash 5% Equities TargetAssetAllocation 50% Fixed Income 45%

18. 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

19. Representative Canadian Institutional Client List • 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 TruckManufacturing 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 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.

20. Representative US Corporate Institutional Client List • 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 Company • Kansas 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 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.

21. Representative Global Institutional Client List Hong Kong 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 & MarineGrimsby • Twyford Bathrooms Ltd. • Stoke-on-Trent • University of Bristol • Bristol • American Club Hong Kong • Hong Kong Jockey Club • Hong Kong Housing Society • Shui On Investment Company • Hong Kong Electric Holdings Limited Continental Europe • Roche Ireland Ltd. • Dublin • Meubel • Amsterdam South Africa • Old Mutual Symmetry • Cape Town 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.

22. Disclosures • 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.