Separate Account – International/Global Styles Definitions

CAI International Broad Growth Style
This is a hybrid group incorporating both the Core Growth and Growth Plus style groups. It incorporates all growth-oriented managers with both Core Growth and Core Plus Growth mandates. Portfolios have high growth z-score and low value z-score.

CAI International Broad Style-Neutral Style
This is a hybrid group incorporating both the Core and Core Plus style groups. It includes all style-neutral managers with both Core and Core Plus mandates. Portfolios have combined growth and value z-score values close to zero.

CAI International Broad Value Style
This is a hybrid group incorporating both the Core Value and Value Plus style groups. It incorporates all value-oriented managers with both Core Value and Core Plus Value mandates. Portfolios have low growth z-score and high value z-score.

CAI International Core Broad Style
This is a hybrid group incorporating the Core, Core Growth and Core Value style groups. It incorporates managers having Core, Core Growth, or Core Value mandates. Portfolios are broadly diversified and exposure to emerging markets and smaller capitalization stocks is limited.

CAI International Core Growth Style
Generally benchmarked to the MSCI EAFE Index (and/or the MSCI EAFE Growth Index), Core Growth International managers focus on developed countries and invest mainly in large capitalization companies that are expected to have above average prospects for long-term growth in earnings. Future growth prospects take precedence over valuation levels in the stock selection process. Managers invest in companies with P/E, P/B ratios, ROE and Growth-in-Earnings values generally above the broad developed market averages. The companies typically have zero dividends or dividend yields below the broader market. Group members invest in securities which exhibit greater volatility than the developed market as measured by the securities' Beta and Standard Deviation. Portfolios are broadly diversified and have high growth z-scores and low value z-scores and exposure to emerging markets and smaller capitalization stocks is limited.

CAI International Core Style
Managers whose portfolio holdings and characteristics are similar to that of the broader developed market as represented by the MSCI EAFE Index, with the objective of adding value over and above the index, typically from country, sector, or issue selection. The Core portfolio is broadly diversified and exhibits similar risk characteristics to the developed market as measured by low residual risk with Beta and R-Squared values close to 1.00 and combined growth and value z-score values close to 0. Exposure to emerging markets and smaller capitalization stocks is limited.

CAI International Core Value Style
Generally benchmarked to the MSCI EAFE Index (and/or the MSCI EAFE Value Index), Core Value International managers focus on developed countries with liquid markets. Such managers invest primarily in large capitalization companies believed to be currently undervalued in the general market. Valuation issues take precedence over near term earnings prospect in the stock selection process. Invests in companies with P/E, P/B ratios, and ROE values below the broader market. Portfolios are broadly diversified, have low growth z-score and high value z-score, and exposure to emerging markets and smaller capitalization stocks is limited.

CAI International Core Plus Broad Style
This is a hybrid group incorporating the Core Plus, Growth Plus and Value Plus style groups. It incorporates managers that typically add value from increased tactical or strategic exposure to emerging markets and smaller capitalization stocks. Portfolios may undertake concentrated bets.

CAI International Core Plus Growth Style
Generally benchmarked to the MSCI ACWI ex-US Index (and/or the MSCI ACWI ex-US Growth Index), Core Plus Growth International managers focus on adding value through increased tactical or strategic exposure to stocks in the emerging markets and smaller market capitalizations. Such managers invest primarily in companies that are expected to have above average prospects for long-term growth in earnings. Future growth prospects take precedence over valuation levels in the stock selection process and the manager may undertake concentrated bets. Invests in companies with P/E, P/B ratios, ROE values, and Growth-in-Earnings values above the broad market. The companies typically have zero dividends or dividend yields below the broader market. Invests in securities which exhibit greater volatility than the broad market as measured by the securities' Beta and Standard Deviation. Portfolios have high growth z-score and low value z-score and higher potential exposure to emerging markets and smaller capitalization stocks.

CAI International Core Plus Style
Managers whose portfolio holdings and characteristics are similar to that of the broader international market as represented by the MSCI ACWI ex-US Index, with the objective of adding value over and above the index, typically from increased tactical or strategic exposure to stocks in emerging markets and smaller capitalization. The Core Plus portfolio exhibits similar risk characteristics to the broad market as measured by low residual risk with Beta and R-Squared values close to 1.00, and combined growth and value z-score values close to 0. Portfolios may undertake concentrated bets.

CAI International Core Plus Value Style
Generally benchmarked to the MSCI ACWI ex-US Index (and/or the MSCI ACWI ex-US Value Index), Core Plus Value International managers focus on adding value through increased tactical or strategic exposure to stocks in the emerging markets and smaller market capitalizations. Such managers invest primarily in companies believed to be currently undervalued in the general market and may undertake concentrated bets. Valuation issues take precedence over near term earnings prospect in the stock selection process. Invests in companies with P/E, P/B ratios, and ROE values below the broader market. Portfolios have low growth z-score and high value z-score, and higher potential exposure to emerging markets and small capitalization stocks.

CAI Global Broad Equity Style
A broad array of active managers who employ various strategies to invest assets in a well-diversified portfolio of Global Equity securities. This group consists of all products with Global Core, Core Plus, Growth, and Value mandates, as well as products using various mixtures of these strategies.

CAI Global Broad Plus Equity Style
Generally benchmarked to the MSCI ACWI (and/or the MSCI ACWI Growth/Value Index), Global Broad Plus Equity Managers add value over and above the index, typically from increased tactical or strategic exposure to stocks in emerging markets and smaller capitalization stocks. Portfolios are broadly diversified, can have a potential Growth or Value bias, and may undertake concentrated bets.

CAI Global Broad Core Equity Style
Generally benchmarked to the MSCI World Index (and/or the MSCI World Growth/Value Index), Global Broad Core managers focus on developed countries with liquid markets. Such managers invest primarily in large capitalization companies. Portfolios are broadly diversified, can have a potential Growth or Value bias; exposure to emerging markets and smaller capitalization stocks is limited.

CAI Global Broad Style-Neutral Equity Style
Managers whose portfolio holdings and characteristics are similar to that of the broader market as represented by the MSCI World Index and/or the MSCI ACWI Index, with the objective of adding value over and above the index, typically from country, sector, issue selection, and/or increased tactical or strategic exposure to stocks in emerging markets and smaller market capitalization. Portfolios are broadly diversified and exhibit similar risk characteristics to the broad market as measured by low residual risk with Beta and R-Squared values close to 1.00 and combined growth and value z-score values close to 0. Managers can make concentrated bets.

CAI Global Broad Growth Equity Style
Generally benchmarked to the MSCI World/ACWI Index (and/or the MSCI World/ACWI Growth Index), Global Broad Growth managers invest primarily in large capitalization companies that are expected to have above average prospects for long-term growth in earnings with additional value-add through increased tactical or strategic exposure to stocks in the emerging markets and smaller market capitalization. Future growth prospects take precedence over valuation levels in the stock selection process. Invests in companies with P/E, P/B ratios, ROE, and Growth-in-Earnings values generally above the broad developed market averages. The companies typically have zero dividends or dividend yields below the broader market. Invests in securities which exhibit greater volatility than the developed market as measured by the securities' Beta and Standard Deviation. Portfolios have high growth z-score and low value z-score, can have higher potential exposure to emerging markets and smaller capitalization stocks, and can make concentrated bets.

CAI Global Broad Value Equity Style
Generally benchmarked to the MSCI World/ACWI (and/or the MSCI World/ACWI Value Index), Global Broad Value managers invest primarily in large capitalization companies believed to be currently undervalued in the general market with additional value-add through increased tactical or strategic exposure to stocks in the emerging markets and smaller market capitalization. Valuation issues take precedence over near term earnings prospect in the stock selection process. Invests in companies with P/E, P/B ratios, and ROE values below the broader market. Portfolios are broadly diversified, have low growth z-score and high value z-score, can have higher potential exposure to emerging markets and smaller capitalization stocks, and can make concentrated bets.

CAI Europe Style
Managers who invest predominantly in the well developed stock markets of Europe. These portfolios will exhibit risk/return profiles similar to the MSCI Europe Index.

CAI Japan Style
Managers who invest predominantly in the equity of companies in Japan. Regional funds may be riskier than diversified international funds as profits tend to rise and fall in concert with that region's economic conditions.

CAI Pacific Basin Style
Managers who invest predominantly in Pacific Basin equities. Countries include Japan, Hong Kong, Singapore, Malaysia, Australia, and New Zealand. These products will exhibit risk/return profiles similar to the MSCI Pacific Index.

CAI Emerging Markets Style
Managers who invest in emerging markets with portfolios that can resemble or significantly deviate from the characteristics of the broad market as represented by the MSCI Emerging Markets Index.

CAI Non-US Equity Style
Managers who employ various strategies to invest assets in a well-diversified portfolio of non-U.S. developed market equity securities. This group consists of core international products, top-down country selectors, bottom-up security selectors, and products using various mixtures of these strategies. Regional specialists, index products, and emerging market products are excluded.

CAI Global Fixed Income Style
Managers who invest in both foreign and domestic fixed income securities. These funds seek to take advantage of international currency and interest rate movements, differing bond yields, and/or international diversification.

CAI Non-US Fixed Income Style
Managers who generally invest their assets only in non-U.S. fixed income securities. These funds seek to take advantage of international currency and interest rate movements, bond yields, and/or international diversification.