TIAA-CREF WEALTH MANAGEMENT A HIGHLY PERSONALIZED, SOPHISTICATED SERVICE DESIGNED TO MATCH ONE OBJECTIVE: YOURS

TIAA-CREF WEALTH MANAGEMENT A HIGHLY PERSONALIZED, SOPHISTICATED SERVICE DESIGNED TO MATCH ONE OBJECTIVE: YOURS

TIAA-CREF: FINANCIAL SERVICES FOR THE GREATER GOOD. OUR HISTORY We are TIAA-CREF. A full-service fiacial services compay that has dedicated itself to helpig those i the academic, medical, cultural ad research fields for more tha 90 years. Our clear ad log-held commitmet to servig the fiacial best iterests of those who serve the beefit ad elightemet of others has ever ad will ever chage. OUR GUIDING PRINCIPLES With our strog oprofit heritage, we have log subscribed to a differet set of guidig priciples: priciples directly iflueced by the people we serve. As a result, we take a differet view o performace. It all begis with a commitmet to pursue cosistet, log-term performace ad solid returs. But we thik true performace is about more tha returs aloe. True performace is about providig our kowledge ad expertise to help our cliets seek to maximize their ivestable assets. It s about strivig to keep our fees low to esure more of our cliets moey is workig hard for them. It s about offerig persoalized, objective advice by ocommissioed Advisors* to help esure our cliets best iterests are always beig served. Ad it s about offerig retiremet icome solutios that guaratee our cliets wo t outlive their icome. (Guaratees are based o the claims-payig ability of TIAA ad apply oly to the TIAA Traditioal Auity product.) OUR MISSION The missio we embarked o i 1918 still rigs true today. TIAA-CREF is dedicated to servig the retiremet eeds of those who serve the greater good. We are there whe our cliets begi their careers helpig others. Ad we will be there to guide them to ad through their retiremets. * Our Advisors receive o commissios. TIAA-CREF compesates the Advisors through a salary-plus-icetive program based o cliet service excellece ad fiacial results. Advisors will oly recommed products that help achieve our cliets goals.

TIAA-CREF WEALTH MANAGEMENT: A NEW LEVEL OF PARTNERSHIP, A MORE PERSONALIZED LEVEL OF SERVICE Maagig your assets brigs both opportuities ad challeges, especially give today s ecoomy ad fiacial markets. Perhaps you have a opportuity to provide for your beeficiaries i a way that you could oly hope for earlier i your career. Or perhaps you re i a positio to doate a portio of your estate to charity, ad would like to cosider the possibilities. Or you may simply wish to explore alterative strategies for maagig your icome i retiremet. You may also wat to cosolidate your assets with more persoalized ivestmet maagemet alteratives. No matter what your eeds or how complex your fiacial situatio, TIAA-CREF is ready to help you achieve your goals. We offer you a outstadig level of persoal service, comprehesive, objective advice ad customized solutios draw from a broad rage of TIAA-CREF ad o-tiaa-cref products ad services. TIAA-CREF s Wealth Maagemet Group is desiged to help cliets optimize lifetime savigs ad ivestmets as they aim to achieve future goals i retiremet or pla for ad trasitio ito retiremet. We formed the group i direct respose to our cliets requests for more persoalized service, greater advice capability ad a broader rage of products. Your Wealth Maagemet Advisor ad team of specialists work together, ad i partership with you, to brig you all the services, resources ad products TIAA-CREF has to offer. With so much ecoomic ucertaity these days, how do I ivest to support ot oly my retiremet goals, but all of my other fiacial goals? How do I create a retiremet icome pla that meets my icome eeds ad miimizes taxes? Is my estate ad legacy plaig o track? 1

YOUR WEALTH MANAGEMENT TEAM A New Persoal Relatioship Built o More Tha 90 Years of Trusted Service I the fiacial services world, there is o orgaizatio quite like TIAA-CREF, a group of compaies with a legacy of excellece ad itegrity. We owe our reputatio to you, our cliets, ad the ucommo degree of trust you place i us. Your Wealth Maagemet Team persoifies that relatioship, embodyig the ethics ad values of TIAA-CREF, ad focusig the resources ad expertise of our firm directly o you, as your eeds dictate. The members of your team come to kow you over time, uderstadig your requiremets, aswerig your questios, helpig you pla with objective, idepedet advice, ad brigig you sophisticated solutios that are customized for you. Haress the Power of Teamwork at TIAA-CREF You have more tha oe fiacial goal. At TIAA-CREF Wealth Maagemet, we believe you deserve more tha oe fiacial specialist. Your Wealth Maagemet Advisor is a specially traied professioal who is dedicated to puttig the full capabilities of TIAA-CREF at your service. From the begiig, to esure you receive the highest level of attetio ad service, your Advisor parters with a Advisory team to work together with you ad develop a comprehesive uderstadig of your curret ad future fiacial plaig eeds. With our team approach, you ca be cofidet we provide cotiuity, are accessible ad equally as importat accoutable, because each team member is resposible for providig you with highly persoalized fiacial solutios to meet your eeds. Each team is built with specialists o fiacial ad estate plaig, taxatio, isurace, trust services ad other fiacial capabilities as eeded to meet the level of complexity you may require. 2

A Team of Specialists to Meet Your Needs Dedicated Persoal Service i Perso, or Over the Phoe You may meet with your team i perso, or you may work with your team over the phoe. Either way, you re assured of gettig a ucommo degree of persoal service from highly qualified professioals committed to helpig you pursue your goals over the log term. Ad, if you have a relatioship with a fiacial advisor outside of TIAA-CREF, we ll work collaboratively with that advisor to build ad maage your fiacial pla. Plaig for Your Fiacial Future Your Wealth Maagemet Team ca help you with a variety of challeges, icludig: Ivestmets Isurace Retiremet accumulatio ad distributio plaig Estate Plaig Strategies: Giftig to childre or heirs Charitable givig Titlig of assets Distributio pla at death to spouse Executor ad successor trustee issues 3

PERSONAL TRUST AND PRIVATE ASSET MANAGEMENT A ivestmet approach tailored to your specific goals ad situatio is a key elemet of a relatioship with TIAA-CREF Wealth Maagemet. Those cliets who desire such a ivestmet approach, icludig high-quality idividual asset maagemet ad fiduciary services, may use the services available from TIAA-CREF Trust Compay, FSB.* Private Asset Maagemet Truly Customized Portfolio Maagemet Whe you work with TIAA-CREF Private Asset Maagemet, we tailor a portfolio to address your uique circumstaces ad help you achieve your goals. We ll help you cotiue to build your strategy ad, if you d like, cosolidate appropriate ivestmets that you curretly have with other providers.** Private Asset Maagemet will work with your Wealth Maagemet Team to assig you a dedicated Portfolio Maager, who ll coduct a thorough fiacial aalysis for you. It will iclude your fiacial ad life goals, icome tax bracket, curret ivestmets ad fiacial profile, comfort level with risk ad prior ivestmet experiece, time horizo for meetig ivestmet ad fiacial goals, ad desired level of ivolvemet i maagig your fiaces. From this discussio, we create a Ivestmet Policy Statemet that captures these goals ad establishes clear ivestmet guidelies for all your activities. Historically Solid Performace with Competitive Fees Our fiduciary ad ivestmet maagemet services are reasoably priced ad our disciplied, log-term approach has historically resulted i relatively cosistet performace. (Past performace is o guaratee of future returs. Accout values will fluctuate with market coditios.) * Services provided by TIAA-CREF Trust Compay, FSB, require certai accout miimums. Please discuss with your Advisor whether these services are appropriate for you. ** Trasfers may be subject to differeces i features, costs ad surreder charges. Nodirect trasfers may be subject to taxatio ad pealties. Cosult with your tax advisor regardig your particular situatio. 4

FIDUCIARY SERVICES: MANAGING AND PRESERVING ASSETS To help you pass alog assets to family members or other heirs, TIAA-CREF Trust Compay offers tax, trust, ivestmet ad other services to idividuals, families ad oprofit orgaizatios. Services to Idividuals ad Families TIAA-CREF Trust Compay has expertise i admiisterig a rage of trusts, icludig: Revocable Livig Trusts Irrevocable Trusts Testametary Trusts Family, Bypass ad Credit Shelter Trusts Charitable Trusts Family Foudatios Services to Noprofit Orgaizatios TIAA-CREF Trust Compay has expertise i maagig ad admiisterig ivestmets for oprofits, such as: Plaed Givig Programs Edowmets We ca serve as curret trustee, co-trustee, or successor trustee. TIAA-CREF also has sigificat capabilities i isurace plaig, a itegral part of ay comprehesive estate pla. 5

TIAA-CREF S RELATIONSHIP WITH YOU TO AND THROUGH RETIREMENT For more tha 90 years TIAA-CREF has bee dedicated to providig a expadig rage of products ad services, whether it s for savig for a particular goal, tryig to figure out the best way to receive icome, or eve attemptig to do both at the same time. The TIAA-CREF Differece Millios of Americas have relied o TIAA-CREF for lifetime fiacial idepedece. Sice 1918, TIAA-CREF participats have received a total of $252 billio i auity paymets ad other beefits.* Retiremet I additio to employer retiremet plas, to help supplemet your retiremet savigs, we offer a wide rage of retiremet products, from Keoghs ad SEP IRAs for small busiesses to differet types of IRAs ad fixed ad variable rate idividual auities for ay cliet. Persoalized Fiacial Plaig Solutios We are t just focused o retiremet, but also offer a array of products ad services to meet may of your fiacial eeds, icludig: maaged accouts for persoalized portfolio maagemet ad brokerage services for your ivestmet eeds educatio savigs products, like 529 plas life isurace, both term ad permaet coverage TIAA - Teachers Isurace ad Auity Associatio Reflectig TIAA's relative stability ad overall fiacial stregth, TIAA is oe of oly a few U.S. isurace compaies to receive the highest possible ratigs from all four of the major ratigs agecies.** (Ratigs apply to TIAA as a isurace compay ad do ot apply to variable auities, mutual fuds or ay other products or services ot guarateed or fully backed by TIAA or TIAA-CREF Life isurace compaies.) Ratigs are based o a idepedet aalysis of TIAA s balace sheet, capital positio, cotigecy reserves ad asset valuatio reserve, asset quality, liquidity ad other key idicators of fiacial stregth ad stability. Our soud fiacial footig ad experiece are t the oly reasos so may people cout o TIAA-CREF. Our commitmet to help meet your fiacial eeds o the best terms practicable is supported by effective risk maagemet, strog corporate goverace ad a ivestmet philosophy that seeks to deliver cosistet log-term growth. To lear more, call us at 866 220-6583 or visit www.tiaa-cref.org/wealthmaagemet. * As of 12/31/08. Other beefits from TIAA ad CREF iclude: Additioal amouts paid o TIAA Traditioal auity cotracts above the guarateed rate, surreder beefits ad other withdrawals, death beefits, health isurace ad disability isurace beefits, ad all other policy proceeds paid. Lifetime icome is subject to the claims-payig ability of TIAA. ** These ratigs (A.M. Best: A++ as of 9/08; Fitch Ratigs: AAA as of 6/09; Moody s: Aaa as of 10/09; S&P: AAA as of 6/09) are for TIAA as a isurace compay ad do ot apply to variable auities, mutual fuds or ay other product or service ot fully backed by the claims-payig ability of TIAA or TIAA-CREF Life. 6

WE SEE YOUR TOTAL FINANCIAL PICTURE IN A WAY OTHER COMPANIES CAN T Because TIAA-CREF maages may employer-sposored retiremet plas, your Wealth Maagemet Team ca draw upo a kowledge base that ecompasses every facet of our istitutioal retiremet ad beefits plas. This is a advatage that other fiacial services firms ca t offer. Ad it eables your Wealth Maagemet Team to create a better pla for your idividual eeds icludig, for example, objective advice that takes your healthcare expeses ito accout whether you re preparig for retiremet or seekig to maage your icome i retiremet. Fiacial Advice Objective Recommedatios Customized for You The members of your Wealth Maagemet Team receive o sales commissios. TIAA-CREF compesates the advisors through a salary-plus-icetive program based o cliet service excellece ad fiacial results. Advisors will oly recommed products that help achieve our cliets' goals. I this way, your team is free to focus exclusively o fidig solutios that are emietly suitable ad perfectly customized to best meet your eeds. Depedable, Objective Advice Each ad Every Time At the ceter of the relatioship betwee you ad your Wealth Maagemet Team is the advice ad guidace you ll receive to help you live the fiacial life you wat, ad we wat to make sure that our advice is the very best it ca be. To that ed, we ve created two distict groups to esure quality ad cosistecy of advice: First, the Advice & Plaig Services Ivestmet Committee provides ivestmet oversight ad review, approvig overarchig advice methodology ad givig guidace to advisors as they work with cliets. Secod, all fiacial plas delivered by Wealth Maagemet Teams are reviewed ad idividually approved by the Cetralized Advice Group, composed of credetialed ad experieced fiacial plaig professioals. This is to esure that the advice plaig our cliets receive is cosistet with the highest quality stadards. Furthermore, if additioal expertise eeds to be brought to bear for a particular issue, this group ca help your team idetify specific resources from the specialists who back them up. 7

Comprehesive Advice Across Ivestmets, Goals ad Expeses We uderstad that may cliets have assets spread across multiple ivestmet ad fiacial compaies. Your TIAA-CREF Wealth Maagemet Team ca provide clear, objective advice for all your ivestmets both at TIAA-CREF ad other firms ad put them i the cotext of your overall fiacial picture. Your Wealth Maagemet Team ca also be useful i helpig you balace icome eeds versus expeses, or i helpig you idetify the appropriate time ad amout to withdraw from your various assets. Oe of the most sigificat emergig issues is the cost of healthcare i retiremet ad your Advisor ca help you quatify your eed ad pla for it. Objectivity Is Our Bechmark TIAA-CREF has chose to parter with a idepedet idustry-leadig ivestmet authority kow for its comprehesive, idepedet advice methodology. This arragemet eables us to provide objective advice o all the fuds o our platform, icludig TIAA-CREF ad o-tiaa-cref ivestmet optios. Your Advisor leverages this advice to help you make soud asset allocatio ad securities selectios based solely o your particular situatio ad goals. May compaies offer a advice service, but o compay delivers advice quite like TIAA-CREF: Objective Persoalized delivery Excellet value 8

OBJECTIVE INVESTMENT ADVICE Forbes Recogizes TIAA-CREF s Advice Capability TIAA-CREF cliets geerally have access to the most extesive persoalized workplace advice i the idustry, accordig to the Forbes 2009 Retiremet Guide ad the Forbes 2008 Ivestmet Guide.* *This claim should ot be see as a edorsemet by Forbes. 9

STEP BY STEP, WE WORK WITH YOU TO BUILD YOUR PERSONALIZED FINANCIAL PLAN What You Ca Expect Your Wealth Maagemet Team has a log-term commitmet to you ad to your fiacial well-beig, makig sure to focus o your curret eeds as well as aticipatig your future eeds. Each relatioship is differet, sice everybody has uique eeds ad goals, but i geeral, there ll be a itroductory phase durig which your Advisor gets to kow you, your family ad your goals ad eeds. There may be some iitial work aroud asset allocatio ad articulatig more pressig eeds. Oce these eeds have bee addressed, your Advisor will stay i cotact with you to esure you stay o track to meet your goals. If you wish, you may also schedule a formal review either aually or as eeds dictate durig which ay sigificat chages i your life, alog with your ivestmet performace, will be compared to your goals. Ay adjustmets will be made alog the way. The ultimate goal of TIAA-CREF Wealth Maagemet is to esure that all your plaig ad decisio-makig eeds are beig met, whe they arise. 10

A SYSTEMATIC APPROACH TO SERVING YOUR LONG-TERM NEEDS Implemet Strategy Ogoig Review Retiremet Review Report Iformatio Gatherig First Meetig Iformatio Gatherig Ivestmet, retiremet ad other fiacial statemets Beeficiary desigatio Estimated livig expeses Curret liabilities First Meetig Fiacial Needs Aalysis Goal ad guidelie settig Idetify all ivestable ad o-ivestable assets Retiremet Review Report Am I o track to meet my retiremet goals? How should I be allocatig my retiremet assets? What is the best way for me to take my retiremet icome? Implemet Strategy Persoalized Actio Pla approved by you Objective product recommedatios Ogoig Review Cliet checkup Review of curret situatio Are origial goals still appropriate? 11

THE RETIREMENT REVIEW To get the process started, we lear more about your fiacial ad retiremet situatio by carefully discussig your curret situatio, as well as your goals ad objectives for the future. I most cases, your Advisor will prepare a Retiremet Review report, based o your discussios. This report will aswer several key questios pertaiig to your retiremet icome eeds, curret ad future asset allocatios, ad icome strategies that may be most beeficial to you i retiremet. The Retiremet Review is oly the begiig. Your Wealth Maagemet Team will cotiue to work proactively with you to build your pla, address your most complex fiacial challeges, ad help you pursue your log-term goals. The vast majority of our cliets who ve experieced this service rate it superior to ay other i the idustry. Your Persoalized Retiremet Review Based o discussios with your Advisor, your Retiremet Review is a comprehesive plaig report that covers a wide rage of topics. Asset Allocatio Your Retiremet Review compares your curret asset allocatio to your proposed allocatio, based o discussios with your Advisor. Plaig for Differet Scearios With the Retiremet Review, your Advisor ca show you differet retiremet sceario summaries. Retiremet Needs vs. Icome Your Retiremet Review also shows i detail how your projected icome i retiremet will cover your expeses. You ca work with your Advisor to pla for ay shortfalls or surpluses. 12

WE LOOK FORWARD TO WORKING WITH YOU NOW AND IN THE FUTURE. We value the trust you ve placed i us as you ve built up sigificat assets for retiremet, ad we look forward to workig with you o a more persoal level through your Wealth Maagemet Team. We ecourage you to speak with them to discuss the ways i which they ca help you. If you have other questios, please call us at 866 220-6583 or visit www.tiaa-cref.org/wealthmaagemet. Thak you.

Cosider the ivestmet objectives, risks, charges ad expeses carefully before ivestig. Please call 877 518-9161 or go to tiaa-cref.org for a prospectus that cotais this ad other iformatio. Please read the prospectus carefully before ivestig. TIAA (Teachers Isurace ad Auity Associatio), 730 Third Ave., New York, NY 10017 issues auities. Ivestmet products are ot FDIC isured, may lose value, ad are ot guarateed. Ivestmet products are ot deposits or other obligatios of TIAA-CREF Trust Compay, FSB; are ot guarateed by TIAA-CREF Trust Compay, FSB; ad are subject to ivestmet risks, icludig possible loss of pricipal ivested. Advice ad Plaig Services, a divisio of TIAA-CREF Idividual & Istitutioal Services, LLC, a Registered Ivestmet Advisor. TIAA-CREF Idividual & Istitutioal Services, LLC, ad Teachers Persoal Ivestors Services, Ic., distribute securities products. TIAA-CREF Trust Compay, FSB provides ivestmet maagemet ad trust services. Auity cotracts ad certificates are issued by Teachers Isurace ad Auity Associatio (TIAA) ad College Retiremet Equities Fud (CREF), New York, NY. 2009 Teachers Isurace ad Auity Associatio-College Retiremet Equities Fud (TIAA-CREF), New York, NY 10017 C46146 A11269 (12/09)