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Value Equity Style

The investment objective of TIA's Value Equity Portfolio (VEP) is to purchase stocks of companies selling below their intrinsic business value. TIA's analysts provide fundamental research, utilizing a financial database and a proprietary evaluation process.

TIA's stock selection process has two components: a screening process to determine stocks meeting TIA's guidelines for inclusion in the VEP, and a valuation process that measures the relative attractiveness of the stocks passing through the screening process. The valuation process incorporates the net book value of the assets of the company with its future earnings stream, adjusted for the estimated long-term growth rate of company earnings.

The guiding philosophy for these guidelines is to select companies that are financially strong with better than average returns on capital. In addition, TIA believes that companies in the portfolio should pay at least a minimal level of dividends with a goal of having a dividend yield exceeding that of the market. Companies that are/or become exceptions to the guidelines must be reviewed and approved by the Investment Committee.

Typically, the VEP will consist of a well-diversified portfolio of 33 stocks. TIA maintains and monitors diversification guidelines on both a company and a sector basis.

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