Cambiar Opportunity Fund Exceeds $100 Million in Assets; Assets Double in Six Months.

Business Editors

DENVER--(BUSINESS WIRE)--May 19, 2004

Cambiar Investors, LLC announced today that its flagship fund, Cambiar Opportunity Fund (CAMOX), has exceeded $100 million in total net assets.

The fund's assets doubled in six months due to performance and net inflows.

"This is an exciting time for us," said Brian Barish, President of Cambiar and lead manager on the fund. "We have worked very hard to deliver consistently strong performance over the past five years, and this has resulted in significant in-flows across our product line."

With an average annualized return of 11.67% over the past five years, as of March 31, 2004, the fund ranks in the top ten percent (17 of 222) of its Lipper peer group of multi-cap value funds and significantly outpaced the S&P 500's -1.2% average annualized return for the same five year period ending March 31, 2004.

The Cambiar Opportunity Fund seeks to provide capital growth and preservation by investing primarily in common stocks. The fund's objective is to deliver above-average performance in both rising and falling market periods by investing in stocks that have limited downside risk with positive upside potential.

About Cambiar Investors, LLC

Cambiar Investors, LLC is a Denver-based investment management firm managing assets for institutional and individual investors for over 30 years. Cambiar applies a disciplined relative-value philosophy to investing in today's uncertain markets with a primary goal of protecting investors' capital while capitalizing on emergent investment opportunities. For more information, please consult with a financial advisor, visit www.cambiar.com or call 866-777-8227.

Note to editors: We are required to include the following information with our news release:

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 than their original cost and current performance may be lower or higher than the performance quoted. The Cambiar Opportunity Fund returned 50.43% for the 1 year and 12.80% since inception (June 30, 1998) for the period ending 3/31/2003. For performance data current to the most recent month, please call 866-777-8227.

Mutual fund investing involves risk including loss of principal. To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund's prospectus which may be obtained by calling 866-777-8227. Read it carefully before investing.

Lipper, Inc. is a nationally recognized organization that ranks the performance of mutual funds. The fund is ranked (based on total return) as of the most recent month end as calculated by Lipper Analytical Services. Each fund is ranked within a universe of funds similar in investment objective.

Standard & Poor's 500(R) Index -- the S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted Index (stock price times number of shares outstanding), with each stock's weight in the Index proportionate to its market value. The "500" is one of the most widely used benchmarks for Large Cap U.S. equity performance.

The Cambiar Funds are distributed by SEI Investments Distribution Co. SEI Investments Distribution Co. is not affiliated with Cambiar Investors, Inc. or any other affiliate.