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SEI – Since 1968

A leading global provider of outsourced business solutions

• As of June 30, 2007, SEI managed $212 billion in assets for investors in 12 countries, over $8.6 billion in Canada

• Publicly held corporation with 40% employee ownership

• Since 1968 we have helped institutions and individuals create and maintain wealth

• Leading provider of high-end, Fee-Based investment management offered through independent investment advisors

SEI Creates & Manages Wealth For Institutions and Private Clients

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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

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Proper Asset Allocation DiversifiesAcross Global Security Markets

Canadian Equities

International Developed

Equities

High Yield

International Fixed Income

Emerging MarketsEquity

Canadian Fixed

Income

Emerging Markets

Debt

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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 2006Annual Total Returns of Key Indices (Based on Sector)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

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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 Style?

Performance of Various Canadian Equity Investment Styles: 1994 to 2006Annual Total Returns of Key Styles

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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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Retail Vs. Institutional?

Retail Investors

• Chase return

• Buy/sell short-term

• Make decisions themselves

• Have individual positions

• Concentrate

• Act on emotion

Institutional Investors

• Consider both return and risk

• Invest long term

• Use professional managers

• Have a portfolio

• Diversify

• Use a scientific process

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Planning Process

CustomPortfolio

ManagerSelection

RebalancingReallocation

Monitoringand Reporting

Establishes GoalsSets Risk Limits

Sets Long Term TargetSets Short Term Limits

Low Cost VehicleSpecialist Managers

MaintainsObjectives

A Scientific Approach toDisciplined Investing

Keeps YouInformed and On Track

SEI Managed Process

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SEI Manager of Managers

• Customized asset management from the world’s leading money managers

• Combining multiple managers

intelligently with less risk

• Strict monitoring of each manager

Regular Mutual Funds

• Intensely marketed products

• Good managers go bad

• Star managers move

• DSC fees lock people in

• Mutual fund portfolios become unbalanced and too risky

Mutual Funds vs. SEI… Represents a Difference From Regular Mutual Funds

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SEI Portfolios vs. Separately Managed Accounts

• While most SMAs offer access to one portfolio manager, SEI’s Portfolios offer access to numerous global portfolio managers, typically only available to pension plans or institutional investors

• SEI’s programs can offer clients further diversification than in SMAs, as portfolio manager’s specialties lies within different mandates

• The chart below gives examples of some account minimums of portfolio managers within the underlying funds of the SEI Portfolios

SEI FundMandate within SEI Fund Portfolio Manager

Separate Account Minimum*

Canadian Equity Fund Large Cap GrowthSionna Investment Managers Inc. $20 million

Canadian Equity Fund Large Cap Value Jarislowsky Fraser Limited $25 million

U.S. Large Company Equity Fund Relative Value Aronson+Johnson+Oritz, L.P. $50 million (USD)

U.S. Large Company Equity Fund Emerging Growth Delaware Investment Advisors $50 million (USD)

U.S. Large Company Equity Fund Core – Volatility Capture

Enhanced Investment Technologies, LLC $25 million (USD)

EAFE Equity Fund GARPCapital Guardian Trust Company $50 million (USD)

Canadian Fixed Income Fund Duration Management Addenda Capital Inc. $50 million

* Separate Account Minimums listed are as of December 2006

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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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Define Manager Universe by Alpha Source

• 90+ experienced professionals worldwide• Proprietary database with 26,000 products• Strong relationship with academia

• Global sourcing of managers • Leverage knowledge and reputation

Analyze Markets to Identify Drivers of Excess Return

(Alpha Sources)

• Proprietary framework to assess markets• Leverages academic and manager network

• Identify the inefficiencies in the market• Measure the quality of the alpha source• Understand the sustainability of the

inefficiencies

Analysis of Decisions and Decision Making Process

• Extensive analytical technology• Database of historical investment decisions

• Understand drivers of return • Separate quality of decisions from

outcomes• Determine competitive advantage

Onsite Due Diligence• 20+ years assessing investment firms• 1,000 global meetings annually

• Assess sustainability of competitive advantages

Construct Portfolios to Diversify Alpha Risk

• 30+ current managers• Approved backup list of managers• Incentive based research team

• Analyze changes in market dynamics• Monitor firm and process changes

SEI’s Manager Research Process is Proven and Comprehensive

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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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SEI’s Investment Management Unit:Leveraging Global Coverage

Client Portfolio Management

Non-Directional Strategies

Execution and Operations

Global Fixed Income

GlobalEquity

Global Investment Strategy Fundamental Research | Quantitative Research

Global PrivateMarkets

Portfolio Strategy

92 Professionals

Average Experience 13 Years

Average SEI Tenure 7 Years

Over 49% with CFA’s & MBA’s

*As of 1/31/2007

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Our Monitoring Process is Rigorous and Dynamic

Additional Monitoring

• Ongoing dialogue with managers

• Onsite annual 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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SEI Triggers for Manager Changes

Reasons for Sell Decision

• Organization (stability, liquidity event, etc.)

• Investment Team (turnover, generational transition)

• Process (inability to exploit inefficiencies, asset growth)

• Structural Change in Market

• Better Ideas (discovered higher quality manager)

Advantages of SEI’s Sell Discipline

• Decision Speed

• Back-up Managers

• Market and Industry Analysis

SEI Manager Turnover

(1995-2006)

Organization (1)

6%

Team (2)

20%

Structural (4)

23%

Process (3)

29%

Better Ideas (5)

22%

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Canadian Equity Structure

As of August 2007

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Portfolio Structure: Style and Size

Source: BARRA, SEI

Small Cap Outperforms

Large Cap Outperforms

Large Cap Growth Outperforms

Large Cap Value Outperforms

Average = 9.84%

82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 050

5

10

15

20

25

30

35

40

45

%

Importance of Large Cap Manager Style

06

82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 050

5

10

15

20

25

%

Importance of Market Capitalization

06

Year

Year

Return Difference

Return Difference

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Canadian Equity Market Investing (1998 – 2007)

Style indices returns are courtesy of BARRA Consulting.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. 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. Mutual funds are not guaranteed, their values change frequently and past performances may be repeated.

Index performance returns do not reflect any management fees, transaction costs or expanses. One cannot invest directly in an index. Past performance does not guarantee future results.

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SEI Sample Balanced Fund5 Asset Classes

Canadian Equity International Equity Cdn. Fixed Income Global Fixed IncomeCanadian Equity

10 Underlying SEI FundsSEI U.S. Small Company Fund

SEI EAFE Equity Fund

SEI Canadian Equity Fund

EAFE Equity - 12%Emerging Markets Equity - 2%

Cdn. Fixed Income - 30%Real Return Bond - 6%

Enhanced Global Bond - 4%Cdn. Equity - 23% Cdn. Small Company Equity - 2%

Deep Value

26 StylesGlobal Value

Global GARP

Global Growth

Global BondsLarge Cap Market Driven

Relative Value

Earnings Anticipation

Earnings Momentum

Value Premium

Value Premium/Momentum

GARP

Momentum Growth

Value

Core

Growth

Jarislowsky Fraser Limited

Sionna Investment Managers Inc.

Goodman & Company Inv. Cnsl Ltd.

Highstreet Asset Management Inc.

PCJ Investment Counsel Ltd.

MFC Global Investment Mgt.

Montrusco Bolton Investments Inc.

Sanford C. Bernstein & Co., LLC

AXA Rosenburg Inv. Mgt. LLC

Capital Guardian Trust Company

McKinley Capital Management Inc.

AllianceBernstein LP

Strategic Fixed Income, LLC

Beutel, Goodman & Company Ltd.

U.S. Equity

SEI U.S. Large Company Fund

U.S. Large Company Equity - 14% U.S. Small Company Equity - 2%U.S. MidCap Synthetic - 5%

Relative Value

ContrarianValue

Core Value

Relative Value

Contrarian Value Deep Value Relative Growth

Aronson+Johnson+Ortiz, LP

LSV Asset Management

Sanford C. Bernstein & Co., LLC

Goldman Sachs Asset Mgt., L.P.

Quantitative Management Ass, LLC

Martingale Asset Management, L.P.

Montag & Caldwell, Inc.

Delaware Investment Advisors

Enhanced Investment Tech., LLC

36 Managers

30 Investment Styles

25% Canadian Equity 35% Foreign Equity 40% Fixed Income

Investment Grade/Credit

Value Focused

Duration Management

Beutel, Goodman & Company Ltd.

Connor, Clark & Lunn Inv. Mgt. Inc.

Co-operators Inv. Counselling Ltd.

J. Zechner Associates Inc.

Addenda Capital Inc.

Fiera YMG Management Inc.

AEGON Capital Management Inc.

Emerging Growth

Mu

lti-A

sse

tM

ulti

-Fun

dM

ulti

-Sty

leM

ulti

-Ma

na

ger

Please note the number of managers is based on the total managers in each asset class.

Quality Growth

Core – Customized Factors

Core – Volatility Capture

Factor Rotation

Value

Quantitative Management Ass, LLC

The Boston Co. Asset Mgt, LLC

TD Asset Management Inc.

Discipline Equity

Small Cap Value

Small Cap Growth

As of August 2007

Core Research

Factor Customization

Los Angeles Capital Management

PanAgora Asset Management, Inc.

Factor Customization

Fuller & Thaler Asset Mgt, Inc.

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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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What Should You Expect from a Professional Investment Advisor?

• Keep you from making emotional decisions that may hurt your long-term goals

• Take the time to update you on your portfolio’s progress and keep you on course with your investment objectives

• Continuously monitor your portfolio

• Provide you with a customized monthly report and quarterly and annual reporting statements

• Keep you abreast of any additional opportunities in the market

• Develop an investment plan based on your needs that utilizes an institutional investment process

The right advisor is someone who will:

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AFG Industries Ltd.

Saint-Augustin, QC

Bell Aliant Regional Communications

Saint John, NB

Blount Canada Ltd.

Guelph, ON

BOC Canada Limited

Mississauga, ON

Brewster Transport Company Limited

Banff, AB

Brink’s Canada Limited

Toronto, ON

BAX Global (Canada) Ltd.

Mississauga, ON

Canadian Tire Corporation Limited

Toronto, ON

Connell Industries Canada Company Mississauga, ON

Diamond Foundation Vancouver, BC

Falconbridge Limited

Toronto, ON

Health Services Foundation of the

South Shore

Bridgewater, NS

Hitachi Construction Truck

Manufacturing Ltd.

Guelph, ON

HSBC Financial Corporation Limited

Toronto, ON

Jewish Community Foundation of

Montreal

Montreal, QC

Lafarge Canada Inc.

Concord, ONLaurentian University of Sudbury Sudbury, ON

Laurentian University of Sudbury Sudbury, ONMercedes-Benz Canada Inc.

Toronto, ONMoore Corporation Limited

Chicago, IL (USA)

Northern Cancer Research Foundation

Sudbury, ON

Northern Development Initiative Trust

Prince George, BC

Peerless Clothing Inc.

Montreal, QC

Reitmans (Canada) Limited

Montreal, QC

Ryerson Canada, Inc.

Etobicoke, ON

Smucker Foods of Canada Co.

Markham, ON

St. Peter’s Seminary Foundation

London, ON

Representative Canadian Institutional Client List

Representative clients are selected by SEI to illustrate a sampling of SEI’s client base, but may not necessarily endorse all of the services provided by SEI. List as of June 30, 2007.

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Ahlstrom USA Windsor Locks, CTAlfa Insurance Companies

Montgomery, ALAT&T Inc.

San Antonio, TXBuilders Mutual Insurance

Raleigh, NCCalifornia Casualty Management Co.

San Mateo, CACarlisle Companies Inc.

Charlotte, NCC & D Technologies, Inc.

Blue Bell, PAClarks America, Inc.

Boston, MACleveland-Cliffs Inc

Cleveland, OHComcast Corporation

Philadelphia, PACommScope*

Hickory, NCCoorsTek, Inc.* Golden, CODeloitte & Touche LLP Morristown, VT

Ecolab, Inc.St. Paul, MN

Elkem Metals Inc. Pittsburgh, PA

ESSROC Italcementi GroupNazareth, PA

Federal Mogul CorporationSouthfield, MI

FLSmidth Inc.*Bethlehem, PA

Givaudan Corporation Cincinnati, OH

Hercules, Inc.Wilmington, DE

Independence Community Bank Brooklyn, NY

Intelsat Global Services Corp.Washington, DC

Jackson Energy AuthorityJackson, TN

JM Smucker companyOrrville, OH

Joy Global, Inc.Milwaukee, WI

Lafarge NA, Inc. Herndon, VALVMH Moet Hennessy Louis Vuitton New York, NY

Marine Corps Community Services Quantico, VANalco Holding Company

Naperville, ILNashville Electric Services*

Nashville, TNNational Services Industries, Inc.

Atlanta, GAOttaway Newspapers

Campbell Hill, NYPanasonic Corporation

Secaucus, NJPearson, Inc.

New York, NYQantas Airways Ltd.*

Los Angeles, CARyerson

Chicago, ILSAP America Inc.

Newtown Square, PAThe Clearing House

New York, NYUS Filter Corporation

Palm Desert, CAValero Energy, Inc.*

San Antonio, TX

Representative U.S. Corporate Institutional Client List

Representative clients are selected by SEI to illustrate a sampling of SEI’s client base, but may not necessarily endorse all of the services provided by SEI. List as of June 30, 2007. * Sourced through the Advisor channel

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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

• Equens, St. Psf. (Utracht)

Representative Global Institutional Client List

Representative clients are selected by SEI to illustrate a sampling of SEI’s client base, but may not necessarily endorse all of the services provided by SEI. List as of June 30, 2007.

Hong Kong

South Africa

• Old Mutual Symmetry (Cape Town)

• Grant Thornton (Johannesburg)

• Transnet (Johannesburg)

Benelux

UK

• BOC Group plc (Windlesham, Surrey)

• Diamond Trading Company (London)

• Nynas (Cheshire)

• Perenco (London)• University of Bristol (Bristol)

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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.

• For those SEI funds which employ the 'manager-of-managers' structure, SEI Investments Canada Company has ultimate responsibility for the investment performance of the fund due to its responsibility to oversee the sub-advisors and recommend their hiring, termination and replacement.

• 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.

Disclosures