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TIAA-CREF Names Doug Chittenden to Head Education Savings Business

New York, May 15, 2006 -- TIAA-CREF today announced that Doug Chittenden has been named Vice President of TIAA-CREF Tuition Financing Inc. — which manages the company's education savings business. TIAA-CREF currently offers a number of financial solutions for families interested in saving for college including 12 state-based 529 savings programs and the Independent 529 Plan — the nation's only prepaid 529 plan for private colleges and universities.

"With over twenty years' experience at TIAA-CREF, Doug has a wealth of knowledge about our participants and clients, and the tools they need to achieve their savings goals, whether for retirement or for a child's college education," said Paul Van Heest, who heads up Institutional Product Management for TIAA-CREF. "Doug will use that expertise to help shape the future of our Education Savings business."

Since 2003, Mr. Chittenden has served as a Vice President for Product Development and was instrumental in the launch of several of TIAA-CREF's newest products and services, including the company's brokerage service and the Individual Wealth Management Products. Previously, he was regional manager for TIAA-CREF's Mid-Atlantic region, after serving for fourteen years as an individual consultant.

Mr. Chittenden holds a B.A. from Rutgers University. Mr. Chittenden succeeds Phil Rollock, who leaves TIAA-CREF Tuition Financing Inc. to become Vice President of Business Performance Management in the company's institutional client services business. Mr. Rollock has held several posts since joining TIAA-CREF in 1990, including special assistant to the chairman, and as senior counsel in the company's investment area. Previously he was with the law firm of White & Case. Mr. Rollock is a graduate of Princeton University and Harvard Law School.

ABOUT TIAA-CREF

TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management (3/31/06) and the leading provider of retirement services in the academic, research, medical and cultural fields. Further information can be found at www.tiaa-cref.org.

TIAA-CREF Tuition Financing, Inc. is the program manager for 12 state-sponsored 529 plans distributed by Teachers Personal Investors Services, Inc. Most recently, TIAA-CREF Tuition Financing Inc. supported efforts in Connecticut to secure a state tax deduction for residents who contribute to the Connecticut Higher Education Trust (CHET). Also, Connecticut, Tennessee Oklahoma and Kentucky all have renewed their agreements for TIAA-CREF-managed tuition plans in the past 18 months.

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