- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program QUARTERLY PERFORMANCE Rensselaer Polytechnic Institute Tax Deferred Program As of 06/30/2008 The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your mutual fund shares/variable annuity account accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, call 800 (800 842-2273). account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance. Mutual funds do not offer the range of income options available through annuities. There are inherent risks in investing in mutual funds and variable annuity accounts. Please be sure to read carefully the notes that appear at the end of this section for details. Equities As of 06/30/2008 Total Returns Average Annual Total Returns CREF Equity Index number: 008 05, 2 CREF Global Equities number: 006 05, 2 Symbol Inception Date 3-Month YTD Year 5 0 Since Inception Expense Charge Fee Waiver Expiration -- 04/28/94 -.8% -.27% -3.08% 7.9% 3.9% 9.27% 0.47%/0.47% -- -- 04/30/92 -.26% -.0% -9.96%.83% 3.54% 8.66% 0.56%/0.56% -- http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi ( of 8) [7/5/2008 2:06:42 PM]
- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program CREF Growth number: 007 05, 2 CREF Stock number: 002 05, 2 Mutual Growth and Income number: 0 International Equity number: 03 See notes: 34, 2 International Equity Index number: 027 Large-Cap Growth Index number: 09 Large-Cap Value number: 04 See notes: 34, 2 -- 04/28/94.7% -9.67% -2.93% 7.7% 0.9% 7.35% 0.55%/0.55% -- -- 07/3/52 -.4% -0.92% -.53% 0.03% 3.9% 0.24% 0.52%/0.52% -- TRGIX 0/0/02 -.26% -0.62% -4.40% 0.48% --.45% 0.8%/0.44% 0/3/09 TRERX 0/0/02-6.89% -8.53% -5.34% 6.34% -- 6.87% 0.84%/0.84% -- TRIEX 0/0/02-2.23% -.2% -0.64% 6.6% -- 6.8% 0.42%/0.40% 04/30/0 TRIRX 0/0/02.5% -9.37% -6.44% 6.83% -- 8.72% 0.38%/0.34% 04/30/0 TRLCX 0/0/02-5.87% -5.7% -22.90% 8.9% -- 0.9% 0.75%/0.75% -- http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi (2 of 8) [7/5/2008 2:06:42 PM]
- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program Large-Cap Value Index number: 020 See notes: 34, 2 Blend Index number: 02 Growth number: 05 Growth Index number: 022 Value number: 06 See notes: 34, 2 Value Index number: 023 TRCVX 0/0/02-5.34% -3.69% -8.94% 8.49% -- 0.33% 0.32%/0.32% -- TRMBX 0/0/02 2.63% -7.6% -.36% 2.6% -- 4.64% 0.48%/0.34% 04/30/0 TRGMX 0/0/02 4.93% -7.3% -2.35% 2.48% -- 5.79% 0.84%/0.80% 0/3/09 TRMGX 0/0/02 4.6% -6.86% -6.65%.82% -- 4.78% 0.75%/0.34% 04/30/0 TRVRX 0/0/02-0.48% -9.7% -3.6% 4.97% -- 6.74% 0.78%/0.78% -- TRVUX 0/0/02 0.07% -8.64% -7.2% 2.60% -- 4.04% 0.46%/0.34% 04/30/0 http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi (3 of 8) [7/5/2008 2:06:42 PM]
- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program Real Estate Securities number: 07 S&P 500 Index number: 08 See notes: 34, 2 Small-Cap Blend Index number: 024 Small-Cap Equity number: 028 Small-Cap Growth Index number: 025 Small-Cap Value Index number: 026 TRRSX 0/0/02-5.53% -4.82% -5.57% 2.53% -- 4.5% 0.83%/0.82% 0/3/09 TRSPX 0/0/02-2.82% -2.03% -3.37% 7.5% -- 8.99% 0.32%/0.32% -- TRBIX 0/0/02 0.62% -9.3% -6.0% 9.95% -- 2.56% 0.48%/0.34% 04/30/0 TRSEX 0/0/02.72% -7.7% -8.3% 9.56% -- 2.35% 0.8%/0.80% 0/3/09 TRCGX 0/0/02 4.58% -8.76% -0.82%.25% -- 4.24% 0.57%/0.34% 04/30/0 TRSVX 0/0/02-3.42% -9.69% -2.42% 9.79% --.9% 0.52%/0.34% 04/30/0 http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi (4 of 8) [7/5/2008 2:06:42 PM]
- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program Social Choice Equity number: 02 TRSCX 0/0/02 -.2% -9.80% -.80% 7.93% -- 0.0% 0.48%/0.47% 0/3/09 Real Estate As of 06/30/2008 Total Returns Average Annual Total Returns 5 0 Since Symbol Inception Date 3-Month YTD Expense Fee Waiver Year Inception Charge Expiration TIAA Real Estate -- -- 0.27% 0.97% 6.9%.87% 9.45% 9.29% --/-- -- number: 009 See notes: 25, 33, 34, 0, 05 Fixed Income As of 06/30/2008 Total Returns Average Annual Total Returns 5 0 Since Symbol Inception Date 3-Month YTD Expense Fee Waiver Year Inception Charge Expiration CREF Bond Market -- 03/0/90 -.2% 0.36% 5.53% 3.36% 5.37% 6.87% 0.5%/0.5% -- number: 005 05, 2 CREF Inflation- Linked Bond number: 00 05 -- 05/30/97-0.48% 4.72% 4.6% 5.49% 7.36% 6.97% 0.50%/0.50% -- Money Market As of 06/30/2008 Yields Total Returns Average Annual Total Returns Symbol Inception Date 7-Day Current Yield* 3-Month YTD Year 5 0 Since Inception Expense Charge Fee Waiver Expiration http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi (5 of 8) [7/5/2008 2:06:42 PM]
- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program CREF Money Market number: 003 See notes: 25, 30, -- 03/3/88 0.00 0.46%.34% 3.77% 3.03% 3.5% 4.68% 0.45%/0.45% -- 34, 78, 05, 2 *The current yield more closely reflects the earnings of this investment choice. Guaranteed As of 06/30/2008 Guaranteed TIAA Traditional number: 00 See notes: 26, 32, 0, 05 Year Rates of Return 5 0 Current Rate 4.5% 3.49% 5.58% 5.25% Multi-Asset As of 06/30/2008 Total Returns Average Annual Total Returns CREF Social Choice number: 004 05, 2 Mutual 200 number: 35 205 number: 36 Symbol Inception Date 3-Month YTD Year 5 0 Since Inception Expense Charge Fee Waiver Expiration -- 03/0/90 -.36% -5.9% -5.07% 6.28% 4.34% 9.2% 0.48%/0.48% -- TCLEX 0/5/04 -.80% -6.92% -3.90% -- -- 5.59% 0.85%/0.62% 0/3/09 TCLIX 0/5/04 -.89% -8.5% -5.60% -- -- 5.83% 0.87%/0.63% 0/3/09 http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi (6 of 8) [7/5/2008 2:06:42 PM]
- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program 2020 number: 37 2025 number: 38 2030 number: 39 2035 number: 40 2040 number: 4 TCLTX 0/5/04 -.97% -9.38% -7.35% -- -- 5.83% 0.88%/0.63% 0/3/09 TCLFX 0/5/04-2.6% -0.60% -8.99% -- -- 5.87% 0.92%/0.64% 0/3/09 TCLNX 0/5/04-2.25% -.70% -0.42% -- -- 5.85% 0.94%/0.64% 0/3/09 TCLRX 0/5/04-2.23% -2.0% -.00% -- -- 6.9%.00%/0.65% 0/3/09 TCLOX 0/5/04-2.9% -2.08% -.0% -- -- 6.73% 0.97%/0.65% 0/3/09 IMPORTANT INFORMATION 2 Data Provided by Morningstar, Inc. 2007 Morningstar, Inc. All Rights Reserved. The information contained herein: () is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi (7 of 8) [7/5/2008 2:06:42 PM]
- Financial Services for The Greater Good : Rensselaer Polytechnic Institute Tax Deferred Program 34 The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your mutual fund shares/annuity account accumulation units. For current performance information, including performance to the most recent month-end, or call 800 (800 842-2273). 78 An investment in the CREF Money Market is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. 30 The 7-day money market yield listed more closely reflects the current earnings of the money market annuity account than does the total return. 25 All CREF accounts estimate expenses each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. 26 The TIAA Traditional guarantees principal and a specified interest rate (based upon TIAA's claims-paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. If you have an RA contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional and transfers must be spread over a ten-year period. If you have a GRA contract, lump-sum withdrawals are available from the TIAA Traditional only within 20 days after termination of employment and are subject to a surrender charge. All other withdrawals and all transfers to the Real Estate or to CREF must be spread over a ten-year period (five years for withdrawals after termination of employment). 32 Interest credited to TIAA Traditional Annuities includes a guaranteed rate of between % and 3%, plus additional amounts that are established on a year-by-year basis. The additional amounts, when declared, remain in effect through the "declaration year," which begins each March. 33 In California, the TIAA Real Estate is available, but not through all employer-sponsored plans. Please contact us to determine if your employer's plan can accept investments into the account. 0 All displayed performance and statistical data have been compiled by. 05 Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from TIAA and CREF variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns. The net annual expense reflects a contractual reimbursement of various expenses by the fund s adviser. This reimbursement may be discontinued at any time. C4398 http://enroll.tiaa-cref.org/resources/ppc/html/2628/?microsite=rpi (8 of 8) [7/5/2008 2:06:42 PM]