Independence International Associates, Inc.

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Independence International Associates, Inc.
International Style Indexes

Independence International Associates, Inc. (IIA) maintains a family of international style indexes covering twenty-two equity markets. These indexes provide new insights into the value and growth segments as well as the large-cap and small-cap segments of these markets. The indexes begin in January 1975 and cover over 2,500 stocks.

IIA creates its value and growth indexes market-by-market. In each market we rank stocks by their book-to-price ratio. We then select the highest book-to-price stocks one-by-one from the top of the list until we've accumulated exactly half the cap of the market. These stocks become the constituents of the value index and the remaining stocks become the growth index.

The large-cap and small-cap indexes are computed in a similar fashion. In this case, however, stocks are ranked by their capitalization and each market is split 70/30. The large-cap index encompasses 70% of the market cap; the small-cap index covers the bottom 30%. All four indexes are cap weighted.

For the four sub-segments (Large Value, Large Growth, Small Value and Small Growth), we sort by size first and then by book-to-price ratios. In other words, we use the Large Cap and the Small Cap Indexes as the starting points for splitting on Value and Growth. This produces the following market segments:

For the aggressive sorts -- i.e., Aggressive Value and Aggressive Growth, we select the cheapest 20% of the market and the most expensive 20% of the market, respectively, (as opposed to using 50% in the regular Value and Growth sorts.) These indices also represent the top 40% of the Value index and
the bottom 40% of the Growth index, respectively.

All the indices are re-constituted semi-annually on January 1st and July 1st, using data from December 31st and June 30th, respectively.

Collectively, our indices facilitate simple monitoring of key style segments of the international markets, allows easy comparison of various indexing strategies and provide useful benchmarks for evaluating active strategies.

Independence International Associates, Inc.
a subsidiary of Independence Investment Associates, Inc.

Independence Investment Associates was incorporated September 9, 1982 as a registered investment advisor. Its predecessor organization, the Portfolio Management Department of the John Hancock Mutual Life Insurance Company, managed corporate tax-exempt assets beginning in 1948. The subsidiary was formed to focus the investment philosophy and process exclusively on a quantitative investment approach that was developed at John Hancock in the early 1970's.

Independence is a wholly-owned subsidiary of John Hancock Subsidiaries, Inc., a holding company owned by John Hancock Mutual Life Insurance Company. The firm currently manages approximately $26.8 billion in assets. We provide US domestic active quantitative management for equity, fixed income and balanced accounts and International active quantitative management for equity accounts. We currently provide services for an array of corporate, multi-employer, foundation and public funds.

Independence International Associates, Inc. was founded on November 1, 1986 as Boston International Advisors, Inc. The firm registered with the SEC in 1987 and began investing for tax-exempt clients in the international equity markets in February of that year. Boston International Advisors was acquired by Independence Investment Associates, Inc. in 1996. The international capabilities of both firms were developed in-house. Together, we have ten years of international investment experience.

Independence Investment Associates, Inc.
Independence International Associates, Inc.

53 State Street
Boston, MA 02109
(617) 228 - 8700