Statement by TIAA-CREF on the California ScholarShare™ Selection Process

New York, April 14, 2006 -- While we would have liked for our very competitive bid to continue to manage ScholarShare™ to have been selected, our commitment to the 529 market remains strong. Our bid further lowered the already low fees available to ScholarShare™ participants, significantly increased the program's marketing budget, and added many new investment options from both TIAA-CREF and others. We are proud of the bid we submitted regardless of the outcome.

We are honored that Connecticut, Michigan, Oklahoma, Tennessee, and Kentucky all have renewed or extended their relationships with TIAA-CREF in the last eighteen months. With its emphasis on varied high-quality investment choices, low costs, and direct service, our bid for ScholarShare™ was conceived to serve the best interests of Californians saving for college and all TIAA-CREF participants.

ABOUT TIAA-CREF

TIAA-CREF is a national financial services organization with more than $370 billion in combined assets under management (12/31/05) and the leading provider of retirement services in the academic, research, medical and cultural fields. Further information can be found at .

TIAA-CREF Tuition Financing, Inc. is the program manager for ScholarShare™ and 10 other state-sponsored 529 plans distributed by Teachers Personal Investors Services, Inc.

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