C lient Investment Review

1. Client Investment Review INSERT CLIENT NAME DATE 4th Quarter 2013

2. Agenda ›Setting Goals • Follow-up From Last Meeting • Financial Planning Check Up and Reconfirm Goals • Global Market Review and Economic Outlook • Your Portfolio Review • Financial Planning Tips & Upcoming Tax Climate • Next Steps

3. Our Plan ›My Commitment as Your Financial Advisor • Better understanding your needs and goals. • Helping you avoid emotion-driven mistakes. • Helping you better understand the markets. • Providing options and explaining the trade-offs of each. • Being available to consult with you in all markets. • Providing access to your investments 24/7 through personal contact and technology. • Continuous monitoring and quarterly rebalancing of your accounts. • Keeping you up-to-date on your concerns and adjusting your investment strategies to help you meet your goals. • My goal is to help you manage risk and achieve consistent returns that will keep you on path to your goals.

4. Follow Up from Previous Meeting Reconnecting on Your Goals

5. Financial Check Up ›A Holistic View • How are you and your family doing? How is your health? • How is your cash flow? • Do you have any anticipated changes to your investment plan, estate plan or insurance coverage? • Have there been any changes to your lifestyle or circumstances? • What are your plans for the next three to six months? • What are your top concerns for this year? What keeps you up at night?

6. Your Goals ›Ongoing Monitor and Review  Identify your goals and resources   Monitor investment strategies & progress to goals on an on-going basis Identify the appropriate investment strategies to meet your goals   Implement the Goals-Based investment solution Evaluate and confirm the proposed investment solution designed to meet your goals .

7. Diversification ›Asset Class Returns • Individual asset classes go in and out of favor over time. Harnessing proper diversification can enhance returns and help to cushion against volatility. • This graphic illustrates why investors diversify and the potential damages of market timing. • As you can see, no single asset class remained at the top for two consecutive years, and in fact often trailed the market in succeeding years. See appendix for index definitions. Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. Source: lbbotson Associates. This material has been obtained from sources generally considered reliable. No guarantee can be made as to its accuracy. Not intended to represent the performance of any particular investment. Indices are unmanaged and one cannot invest directly in an index.

8. Economic Review Economic & Market Insights

9. Global market review Source: SEI,. Returns in US dollars. Large Cap = Russell 1000, Small Cap = Russell 2000, Real Estate = Wilshire RESI (Float Adjusted) Index, Developed International Equity Markets = MSCI EAFE, Emerging Markets Equity = MSCI EME, World Equities = MSCI World Index, Global Bonds = Barclay’s Capital Aggregate Global Bond Index, US Investment Grade Bonds = Barclay’s Capital US Aggregate, High Yield = Merrill Lynch US HY Constrained Index, Emerging Markets Debt = JP Morgan EMBIGD, Treasury = Barclay’s Capital US Treasury Bond Index, Inflation Linked = Barclays Capital 1-10 Yrs TIPS Index, Cash = BoA ML USD LIBOR 3M. Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance is no guarantee of future results. • Global economic activity continues to progress at a moderate pace, with data supporting an optimistic outlook for developed market growth. • Global central bank policies remained accommodative through the close of the year. • Investors fled from fixed income to equities as 2013 progressed, leading to double-digit gains in most world equity markets for the year. • Developed equities outpaced emerging markets, with small- cap stocks outpacing large-cap stocks; U.S. equities led. • Emerging-markets equity struggled for the full year, but rebounded in the second half of 2013. • Fixed-income market were volatile, with global yields increasing on evolving central bank policies. • For the first time since 2005, global bonds posted negative yearly returns; U.S. bonds saw their first negative year since 1999. • High-yield bonds were notably strong, while emerging market debt struggled.

10. Fixed-income market review Q3 high of 3.00% • Beginning in May, Fed taper concerns weighed on bonds, with yields rising in a dramatic (choppy) fashion. • The Fed ultimately gave guidance of a $10 billion monthly reduction beginning in January 2014; however, the exact taper timeline is unknown and will be economic data dependent. • Interest rate policy is anticipated to remain unchanged for the foreseeable future, barring unforseen events. • Aggressive global monetary actions should remain the over-arching theme of 2014 for most countries. • Such a policy prescription should ease upward pressure on bond yields that might otherwise occur as economies improve. • SEI anticipates muted returns in 2014 as interest rates rise. Income will be the largest contributor to returns. • The bond market challenges in 2013 aided the relative attractiveness of some sectors. • In general, our investment-grade offerings favor select corporate exposure, agency mortgage-backed securities and high-yield, where applicable. Source (Top Chart): FactSet, SEI; (Bottom Chart): Barclays Live. Yields are stated as yield to maturity; the indices used for each sector are U.S. Bond Market (Barclays U.S. Aggregate Index), U.S. Treasurys (Barclays U.S. Treasury Index), corporate bonds (Barclays U.S. Corporate Investment Grade , agency MBS (Barclays MBS Index), high yield (Barclays U.S. High Yield Index ) and emerging market debt (Barclays EM USD Aggregate Index).

11. Equity market review P/E 16x P/E 15x • 2013 was an even stronger year for developed-world stock markets than most anticipated; there was not one serious price correction. • S&P 500 Index returned 32.39% in 2013. • Price-to-earnings ratios are elevated, but have not risen to levels that are unreasonable, especially given the backdrop of low inflation and bond yields. • Further market expansion is possible as investor flows into equities turned positive only last year; but a robust market will most likely hinge on continued growth in corporate earnings. • Sector leadership shifted in May with potential Fed tapering and higher interest rates: • Early 2013 was led by defensive sectors as investors eased into equities via “more safe” exposures despite high valuations. • Leadership shifted on increased confidence in economic growth, supported by Fed taper comments; investors favored areas offering higher growth. • SEI’s equity offerings were generally positioned with a pro-cyclical bias • Our managers benefited primarily from stock selection expertise, focusing on quality business with the ability to gain market share. Source (both charts): FactSet, SEI; P/E is trailing 12-month price-to-earnings ratio Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results..

12. The Outlook: 2014 • The bad news • Although Congressional debates over fiscal policy have temporarily subsided, debt ceiling issues still need to be resolved. • Despite improving business and consumer sentiment, European economies remain stressed and mired in a slow-growth/ recessionary funk. • Corporate profit margins are at levels that are historically high and potentially unsustainable. • The strong equity rally has made valuations more susceptible to disappointing earnings and forward guidance. • The long-lived secular bull market in bonds appears to have drawn to a close. • Any escalation of geopolitical conflict could add to investor uncertainty. The good news • Developed-market equities have shown impressive resilience in the face of impediments such as the Federal Reserve’s evolving taper policies, geopolitical concerns, and government policy uncertainty. • The U.S. economy continues on a slow but steady expansionary path. • Markets seemed to respond well to the Fed’s announced taper plans and its stated intent to keep short-term interest rates low. • Inflation remains fairly subdued despite the extraordinary expansion of the monetary base. • After struggling earlier in the year, emerging market economies appear to be showing early signs of recovery. • China growth concerns have eased.

13. SEI’s Asset Allocation Outlook • SEI believes that the global economic recovery will continue, with potential to gain momentum on increased consumer demand and a lessening fiscal drag. • We expect interest rates to gradually trend higher, creating a muted total return environment for investment-grade bonds. • Corporate credit fundamentals remain strong, but event risk is rising; financials continue to offer value. • We remain constructive on high-yield bonds given low default rates, and on non-agency mortgage-backed securities in light of improving housing markets and credit availability. • Equities appear attractive relative to bonds. Further market expansion in equities is possible as investor money flows into equities. Corporate earnings growth, however, will be a key factor in determining market strength. • An environment of rising rates and accelerating growth would likely favor growth, quality, and momentum. • Emerging markets has most of the cheap pockets across global equities today.

14. Manager Changes

15. Manager changes – Fourth Quarter 2013

16. Your Portfolio Review Statement & Strategy Review

17. Statement ›Your Current Snapshot

18. Strategy Appendix Private Client Strategy Snapshots & Multi-Style Charts

19. SEI Representative Strategy Review • Strength in global equity markets, particularly U.S. large- and small-cap stocks, was evident in the 4th quarter strategy returns, as strategies with greater equity exposure generated higher returns. • Year-to-date performance patterns were similar, reflecting strong gains in equity markets (especially U.S. small- and large-cap stocks), contrasted with a volatile fixed-income environment. The Short Term strategy return was marginally negative; all other strategies were in positive territory, particularly those with predominantly equity-based exposure. Performance shown is for selected Private Client strategies, net of fees. Performance assumes investment at the beginning of the period indicated and reflects all recommended reallocations and changes among the funds, including changes in investment managers and funds included in the model. Information on allocations among funds, reallocations and model changes is available upon request. Model performance shown is not meant to represent any individual client account. Model performance shown is net of fees charged by SEI, but does not reflect any fee your advisor may charge. Sources: SEI, DataMart Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance is no guarantee of future results.

20. SEI Representative Strategy ReviewStability-Focused Strategies Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance is no guarantee of future results. Source: SEI, BlackRock Solutions Durations shown as of 12/31/13. Weighted average results derived from the fixed income fund components of Strategy; U.S. Bonds reflects Barclays U.S. Aggregate Bond Index • Stability-focused strategies are designed to reduce portfolio volatility and drawdown risk, while still seeking long-term appreciation. • The fixed-income focus is on reducing interest-rate risk and enhancing yield. • The equity focus is on capital appreciation with below-market volatility. • Both managed volatility equity portfolios lagged their benchmarks for the quarter, but continued to show solid longer-term returns. * Values were set to zero as of December 31, 2010.

21. Stability-Focused Strategy ›PC Short Term Strategy Strategy Themes • The strategy delivered a marginally positive quarterly return, reflecting stabilization of shorter duration U.S. fixed-income securities and the continuation of near-zero cash yields. • Quarterly performance was aided by slight gains in the Multi-Asset Capital Stability and Short Duration Government funds, while Real Return declined slightly. • Year-to-date returns remained marginally negative, driven primarily by declines in Real Return and Multi-Asset Capital Stability. Both funds were negatively affected by the mid-year volatility in global fixed-income markets, and continued weakness in Treasury Inflation-Protected Securities (TIPS). Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI .Asset allocation as of 12/31/2013 and subject to change.

22. Stability-Focused Strategy ›PC Short Term Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

23. Stability-Focused Strategy ›PC Defensive Strategy Manager changes during the quarter: - Cohen & Steers added to Multi-Asset Inflation Managed Fund Highlight: U.S. Fixed Income Three of SEI’s stability-focused strategies employ the U.S. Fixed Income fund. The fund’s slight 4th quarter and YTD declines have had a negative impact on strategy performance, though its longer-term absolute and relative returns have been favorable. The fund is positioned in anticipation of a gradual trending toward higher interest rates. SEI believes that spread sectors generally offer the best opportunities within the fixed income universe, particularly high-yield bonds and bank loans. Strategy Themes • During the quarter, the portfolio benefited most from its equity and high yield exposure. In particular, U.S. and Global Managed Volatility, High Yield, and Multi-Asset Income were the strongest performers. Inflation-sensitive exposure (Real Return and Multi-Asset Inflation) had a slight negative impact. • Year to date, the strategy’s diversified approach also proved advantageous, as its equity (U.S. and Global Managed Volatility), high yield, and diversified income (Multi-Asset Income) components served to offset weakness within fixed income (particularly Treasury Inflation-Protected Securities, or TIPS) and commodities. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

24. Stability-Focused Strategy ›PC Defensive Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

25. Stability-Focused Strategy ›PC Conservative Strategy Manager changes during the quarter: - Cohen & Steers added to Multi-Asset Inflation Managed Fund Highlight: U.S. Fixed Income Three of SEI’s stability-focused strategies employ the U.S. Fixed Income fund. The fund’s slight 4th quarter and YTD declines have had a negative impact on strategy performance, though its longer-term absolute and relative returns have been favorable. The fund is positioned in anticipation of a gradual trending toward higher interest rates. SEI believes that spread sectors generally offer the best opportunities within the fixed income universe, particularly high-yield bonds and bank loans. Strategy Themes • During the quarter, the portfolio benefited most from its equity, high yield, and alternatives exposure. In particular, U.S. and Global Managed Volatility, High Yield, Multi-Strategy Alternative, and Multi-Asset Income were the strongest performers. Inflation-sensitive exposure (Real Return and Multi-Asset Inflation) had a slight negative impact. • Year to date, the strategy’s diversified approach also proved advantageous, as its equity (U.S. and Global Managed Volatility), high yield, diversified income (Multi-Asset Income), and alternatives components served to offset weakness within fixed income (particularly Treasury Inflation-Protected Securities, or TIPS) and commodities. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

26. Stability-Focused Strategy ›PC Conservative Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

27. Stability-Focused Strategy ›PC Moderate Strategy Manager changes during the quarter: - Cohen & Steers added to Multi-Asset Inflation Managed - Neuberger Berman added to Emerging Markets Debt - Ashmore Inv Mgmt removed from Emerging Markets Debt Fund Highlight: U.S. Fixed Income Three of SEI’s stability-focused strategies employ the U.S. Fixed Income fund. The fund’s slight 4th quarter and YTD declines have had a negative impact on strategy performance, though its longer-term absolute and relative returns have been favorable. The fund is positioned in anticipation of a gradual trending toward higher interest rates. SEI believes that spread sectors generally offer the best opportunities within the fixed income universe, particularly high-yield bonds and bank loans. Strategy Themes • During the quarter, the portfolio benefited from its equity, high yield, and alternatives exposure. In particular, Large Cap, U.S. and Global Managed Volatility, High Yield, and Multi-Strategy Alternative were the strongest performers. Emerging Markets Debt and inflation-sensitive exposure (Real Return and Multi-Asset Inflation) had a negative impact. • Year to date, the strategy’s diversified approach also proved somewhat advantageous, as its equity (Large Cap, U.S. and Global Managed Volatility) and high yield components served to offset weakness within fixed income (especially emerging markets debt and Treasury Inflation-Protected Securities, or TIPS) and commodities. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

28. Stability-Focused Strategy ›PC Moderate Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

29. Multi-Asset Income Fund • The Multi-Asset Income Fund is currently held in two of the Stability-focused Private Client strategies, and will be incorporated into additional strategies in the near future. • The fund utilizes a non-benchmark-constrained, “go-anywhere” tactical approach, investing in a broad range of income-producing securities. In addition to managing credit and liquidity risk, the fund also seeks to actively manage interest-rate risk. • In a challenging environment for fixed-income investing, the fund has achieved positive returns for the 4th quarter, calendar 2013, and since inception (April 9, 2012) of 2.4%, 6.2%, and 9.4% (annualized), respectively. • The fund’s performance has held up particularly well on days in which interest rates have risen most and fixed-income markets have been stressed. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. As of 12/31/2013 and subject to change. High-Yield Bonds = Barclays US High Yield Corporate Index, Bank Loans = Barclays US High Yield Loans, ABS = Barclays US Aggregate Securitized – ABS, Inv. Grade Corp. = BofA Merrill Lynch U.S. Corporates - Master Issuer Constrained, RMBS = Barclays US Aggregate Securitized - MBS - FNMA (30 Y), 20+ YR Treasury = Barclays 20+ YR Treasury Index

30. Growth-Focused Strategy ›PC Core Market Strategy 1% Manager changes during the quarter: - Cohen & Steers added to Multi-Asset Inflation Managed - Neuberger Berman added to Emerging Markets Debt - Ashmore Inv Mgmt removed from Emerging Markets Debt - del Rey Global Investors removed from International Equity Fund Highlights: Large Cap and Small Cap SEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. All four strategies have benefited from each fund’s strong 4th quarter and year-to-date performance. During the quarter, both funds benefited from stock selection, particularly within Financials and Health Care. Large Cap continues to position away from deep cyclical and defensive sectors in favor of IT and health care; while Small Cap remains mildly pro-cyclical with a quality tilt. Strategy Themes • The strategy’s fourth-quarter return was driven by strong gains in Large Cap, Small Cap, and International Equity; along with more modest positive returns in High Yield, Multi-Strategy Alternative, and Emerging Markets Equity. Emerging Markets Debt was the only fund to experience a decline of more than 1% during the quarter. • Year-to-date strategy performance benefited from strong returns in Small Cap, Large Cap, and International Equity; but was constrained by weakness in Emerging Markets Debt, Multi-Asset Inflation, and U.S. Fixed Income. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

31. Growth-Focused Strategy ›PC Core Market Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

32. Growth-Focused Strategy ›PC Market Growth Strategy 1% Manager changes during the quarter: - Cohen & Steers added to Multi-Asset Inflation Managed - Neuberger Berman added to Emerging Markets Debt - Ashmore Inv Mgmt removed from Emerging Markets Debt - del Rey Global Investors removed from International Equity Fund Highlights: Large Cap and Small Cap SEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. All four strategies have benefited from each fund’s strong 4th quarter and year-to-date performance. During the quarter, both funds benefited from stock selection, particularly within Financials and Health Care. Large Cap continues to position away from deep cyclical and defensive sectors in favor of IT and health care; while Small Cap remains mildly pro-cyclical with a quality tilt. Strategy Themes • The strategy’s fourth-quarter return was driven by strong gains in Large Cap, Small Cap, and International Equity; along with more modest positive returns in High Yield, Multi-Strategy Alternative, and Emerging Markets Equity. Emerging Markets Debt was the only fund to experience a decline of more than 1% during the quarter. • Year-to-date strategy performance benefited from strong returns in Small Cap, Large Cap, and International Equity; but was constrained by weakness in Emerging Markets Debt and Equity, Multi-Asset Inflation, and U.S. Fixed Income. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

33. Growth-Focused Strategy ›PC Market Growth Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

34. Growth-Focused Strategy ›PC Aggressive Strategy 1% • Manager changes during the quarter: • - Neuberger Berman added to Emerging Markets Debt • - Ashmore Inv Mgmt removed from Emerging Markets Debt • del Rey Global Investors removed from International Equity • Fund Highlights: Large Cap and Small Cap • SEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. All four strategies have benefited from each fund’s strong 4th quarter and year-to-date performance. • During the quarter, both funds benefited from stock selection, particularly within Financials and Health Care. Large Cap continues to position away from deep cyclical and defensive sectors in favor of IT and health care; while Small Cap remains mildly pro-cyclical with a quality tilt. Strategy Themes • The strategy’s strong fourth-quarter return was driven by outsized gains in Large Cap and Small Cap, along with a more modest positive return in International Equity – these 3 funds collectively represented roughly 60% of the portfolio. Emerging Markets Debt was the only fund to experience a decline during the quarter. • Year-to-date strategy performance benefited from strong returns in Small Cap, Large Cap, and International Equity; but was constrained by weakness in Emerging Markets Debt and Equity, and Multi-Asset Accumulation. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

35. Growth-Focused Strategy ›PC Aggressive Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

36. Growth-Focused Strategy ›PC Equity Strategy 1% Manager changes during the quarter: - del Rey Global Investors removed from International Equity Fund Highlights: Large Cap and Small Cap SEI’s growth-focused strategies employ both the Large Cap and Small Cap funds. All four strategies have benefited from each fund’s strong 4th quarter and year-to-date performance. During the quarter, both funds benefited from stock selection, particularly within Financials and Health Care. Large Cap continues to position away from deep cyclical and defensive sectors in favor of IT and health care; while Small Cap remains mildly pro-cyclical with a quality tilt. Strategy Themes • The strategy’s strong fourth-quarter return was driven by an outsized gain in Large Cap, along with more muted positive returns in Small Cap and International Equity – these 3 funds collectively represented over 90% of the portfolio. • Year-to-date strategy performance benefited from strong returns in Small Cap and Large Cap, and a more muted but still solid gain in International Equity. Emerging Markets Equity experienced only a marginal year-to-date increase. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

37. Growth-Focused Strategy ›PC Equity Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

38. Multi-Asset Accumulation Fund • The Multi-Asset Accumulation Fund is held in four of the non tax-managed Private Client strategies, with the goal of decreasing the reliance on equity beta as the primary driver of portfolio risk and return. • The fund seeks long-term growth across a variety of economic and market conditions by offering very diversified global market exposures that are balanced on the basis of volatility levels rather than capital weightings. • The fund returned 1.5% in the 4th quarter; year to date, it has gained 1.2%. • For both the 4th quarter and the full year, developed market equity exposure contributed positively to the fund’s performance, while global fixed-income and commodity exposure had a negative impact.  The fund continues to hold an overweight allocation (versus its 40% target) to Global Equities, on a risk-weighted basis. *60% MSCI World Equity Index (Hedged) / 40% Barclays Global Aggregate Bond Index (Hedged) Source: SEI, Factset, BlackRock. Past performance is no guarantee of future results. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

39. Stability-Focused Strategy › PC Tax-Managed Short Term Strategy Fund Highlight: Short Duration Municipal All four of SEI’s tax-managed stability-focused strategies employ the Short Duration Municipal fund. The fund achieved slightly positive 4th quarter and year-to-date returns; consistent with its focus on capital preservation, the fund has never experienced a calendar year decline since its November 2003 inception. The fund holds roughly 72% of its portfolio in revenue bonds, as managers continue to see greater relative value there than in the general obligation and pre-refunded sectors.  Currently, the fund’s duration is about 18% shorter than that of its benchmark. Strategy Themes • The strategy delivered a marginally positive quarterly return, reflecting stabilization of shorter duration U.S. fixed-income securities and the continuation of near-zero cash yields. Each component fund rose slightly during the quarter, with Intermediate-Term Municipal and Short Duration Municipal showing similar gains. • Year-to-date returns remained barely negative, driven by the decline in Intermediate-Term Municipal. The fund was negatively impacted by the mid-year volatility in global fixed-income markets, as well as uncertainties about the potential future tax treatment of municipal securities and concerns about the creditworthiness of certain headline cities and regions. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

40. Stability-Focused ›PC Tax-Managed Short Term Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

41. Stability-Focused Strategy ›PC Tax-Managed Defensive Strategy Fund Highlight: Short Duration Municipal All four of SEI’s tax-managed stability-focused strategies employ the Short Duration Municipal fund. The fund achieved slightly positive 4th quarter and year-to-date returns; consistent with its focus on capital preservation, the fund has never experienced a calendar year decline since its November 2003 inception. The fund holds roughly 72% of its portfolio in revenue bonds, as managers continue to see greater relative value there than in the general obligation and pre-refunded sectors.  Currently, the fund’s duration is about 18% shorter than that of its benchmark. Strategy Themes • During the quarter, the portfolio benefited most from its equity exposure. In particular, Tax-Managed Managed Volatility was the strongest performer, while Intermediate-Term Municipal and Short Duration Municipal lagged. • Year to date, the strategy’s diversified approach also proved somewhat advantageous, as its equity component (Tax-Managed Managed Volatility) served to offset weakness in Tax-Advantaged Income (high-yield municipal securities and preferred stocks) and Intermediate-Term Municipal. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

42. Stability-Focused ›PC Tax-Managed Defensive Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

43. Stability-Focused Strategy ›PC Tax-Managed Conservative Strategy Fund Highlight: Short Duration Municipal All four of SEI’s tax-managed stability-focused strategies employ the Short Duration Municipal fund. The fund achieved slightly positive 4th quarter and year-to-date returns; consistent with its focus on capital preservation, the fund has never experienced a calendar year decline since its November 2003 inception. The fund holds roughly 72% of its portfolio in revenue bonds, as managers continue to see greater relative value there than in the general obligation and pre-refunded sectors.  Currently, the fund’s duration is about 18% shorter than that of its benchmark. Strategy Themes • During the quarter, the portfolio benefited most from its equity exposure. In particular, Tax-Managed Large Cap and Tax-Managed Managed Volatility were the strongest performers, while Intermediate-Term Municipal and Short Duration Municipal lagged. • Year to date, the strategy’s diversified approach also proved somewhat advantageous, as its equity components (Tax-Managed Large Cap and Tax-Managed Managed Volatility) served to offset weakness in Tax-Advantaged Income (high-yield municipal securities and preferred stocks) and Intermediate-Term Municipal. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

44. Stability-Focused Strategy ›PC Tax-Managed Conservative Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

45. Stability-Focused Strategy ›PC Tax-Managed Moderate Strategy Manager changes during the quarter: - del Rey Global Investors removed from International Equity Fund Highlight: Short Duration Municipal All four of SEI’s tax-managed stability-focused strategies employ the Short Duration Municipal fund. The fund achieved slightly positive 4th quarter and year-to-date returns; consistent with its focus on capital preservation, the fund has never experienced a calendar year decline since its November 2003 inception. The fund holds roughly 72% of its portfolio in revenue bonds, as managers continue to see greater relative value there than in the general obligation and pre-refunded sectors. Currently, the fund’s duration is about 18% shorter than that of its benchmark. Strategy Themes • During the quarter, the portfolio benefited from both its U.S. and non-U.S. equity exposure. In particular, Tax-Managed Large Cap, Tax-Managed Managed Volatility, and International Equity were the strongest performers; while Intermediate-Term Municipal and Short Duration Municipal lagged. • Year to date, the strategy’s diversified approach also proved somewhat advantageous, as its U.S. and international equity components served to offset weakness in Tax-Advantaged Income (high-yield municipal securities and preferred stocks) and Intermediate-Term Municipal. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

46. Stability-Focused Strategy ›PC Tax-Managed Moderate Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

47. Growth-Focused Strategy ›PC Tax-Managed Core Market Strategy • Manager changes during the quarter: • Neuberger Berman added to Emerging Markets Debt • Ashmore Inv Mgmt removed from Emerging Markets Debt • del Rey Global Investors removed from International Equity • Fund Highlights: Tax-Managed Large Cap and Small/Mid Cap • SEI’s tax-managed growth-focused strategies use both the Large Cap and Small/Mid Cap funds. All four strategies have benefited from each fund’s strong 4th quarter and year-to-date returns. • During the quarter, both funds benefited from stock selection, particularly within Financials and Health Care. Large Cap continues to position away from deep cyclical and defensive sectors in favor of IT and health care; while Small/Mid Cap remains mildly pro-cyclical with a quality tilt. Strategy Themes • The strategy’s fourth-quarter return was driven by strong gains in Tax-Managed Large Cap, Tax-Managed Small/Mid Cap, and International Equity – these 3 funds collectively represented nearly 45% of the portfolio. Emerging Markets Debt was the only fund to experience a decline during the quarter. • Year-to-date strategy performance benefited from strong returns in Small/Mid Cap, Large Cap, and International Equity; but was constrained by weakness in Emerging Markets Debt, Tax-Advantaged Income, and Intermediate Term Municipal. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

48. Growth-Focused Strategy ›PC Tax-Managed Core Market Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.

49. Growth-Focused Strategy ›PC Tax-Managed Market Growth Strategy • Manager changes during the quarter: • Neuberger Berman added to Emerging Markets Debt • Ashmore Inv Mgmt removed from Emerging Markets Debt • del Rey Global Investors removed from International Equity • Fund Highlights: Tax-Managed Large Cap and Small/Mid Cap • SEI’s tax-managed growth-focused strategies use both the Large Cap and Small/Mid Cap funds. All four strategies have benefited from each fund’s strong 4th quarter and year-to-date returns. • During the quarter, both funds benefited from stock selection, particularly within Financials and Health Care. Large Cap continues to position away from deep cyclical and defensive sectors in favor of IT and health care; while Small/Mid Cap remains mildly pro-cyclical with a quality tilt. Strategy Themes • The strategy’s fourth-quarter return was driven by strong gains in Tax-Managed Large Cap, Tax-Managed Small/Mid Cap, and International Equity – these 3 funds collectively represented nearly 65% of the portfolio. Emerging Markets Debt was the only fund to experience a decline during the quarter. • Year-to-date strategy performance benefited from strong returns in Small/Mid Cap, Large Cap, and International Equity; but was constrained by weakness in Emerging Markets Debt, Tax-Advantaged Income, and Intermediate Term Municipal. Sources: SEI, FactSet. Returns are net of fees, selected Private Client Strategies. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less that their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1.800.DIAL.SEI. Asset allocation as of 12/31/2013 and subject to change.

50. Growth-Focused Strategy ›PC Tax-Managed Market Growth Strategy Asset allocation as of 12/31/2013 and subject to change. Securities as of 11/30/13 and subject to change.