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TIAA-CREF OVERVIEW

TIAA-CREF is a Fortune 100 financial services company that is the leading retirement system for people who work in the academic, research, medical and cultural fields. With over $435 billion in combined assets under management (12/31/07), TIAA-CREF serves 3.4 million active and retired employees of more than 15,000 institutions.

Products and Services
TIAA-CREF offers a range of investment products and services to help investors achieve lifetime financial security.

• TIAA-CREF's retirement plans provide participating institutions and individuals with a range of options to help meet their retirement plan administration and savings goals as well as income and wealth protection needs. They include variable annuities, mutual funds, tax-deferred and after-tax annuities, IRAs and brokerage accounts.
• TIAA-CREF provides quality investment management. Two-thirds of the company's mutual funds and annuity accounts have exceeded their Morningstar median over the past three and five years.¹
• TIAA-CREF provides comprehensive, personalized advice through consultants who receive no sales commission as part of their total compensation². According to Forbes, "the 3.2 million employees of colleges, hospitals and other not-for-profits whose retirement plans TIAA-CREF serves have access to the most extensive personalized workplace advice."³
• TIAA-CREF Asset Management serves institutional investors and intermediaries, including registered investment advisors, investment-only defined contribution platforms and broker/dealers. Investment options cover a wide spectrum of asset classes from traditional equity and fixed-income to real estate and other specialized portfolios and are offered through multiple investment vehicles.
• TIAA-CREF is one of just three U.S. insurance companies to receive the highest ratings from all major rating agencies.⁴ Over 500,000 retirees currently receive a combined $10 billion in annual income from our company.⁵
• TIAA-CREF is a global leader in socially responsible investing and advocating for sound governing practices at companies in which it invests. The CREF Social Choice Account, a balanced variable annuity account with more than 430,000 investors and nearly $9.2 billion in assets (as of 12/31/07), is the largest, most comprehensive socially screened investment vehicle available to individual investors in the United States.

In all it does, TIAA-CREF strives to uphold its historic mission: helping to meet the financial needs of the institutions and individuals we serve on the best terms practicable.

Origins of TIAA and CREF
In 1918, Andrew Carnegie and his Carnegie Foundation established Teachers Insurance and Annuity Association (TIAA), a fully-funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and Carnegie Corporation of New York, as well as ongoing contributions from participating institutions and individuals.

After World War II, in reaction to rising inflation and lengthening life expectancies, TIAA recognized the need for its participants to invest in equities in order to diversify their retirement funds. In 1952, TIAA created the College Retirement Equities Fund ("CREF") for that purpose.

Locations
TIAA-CREF has more than 7,500 employees, and is headquartered in New York City. The organization has major operations in Charlotte, North Carolina and Denver, Colorado, as well as nearly 60 local offices nationwide.

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