RETIREMENT READINESS FOR YOUR EMPLOYEESTHE VALUE OF ADVICE AND PLANNING

Advice and Planning Services is a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment advisor.

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

INDUSTRY-RECOGNIZED ADVICE

TIAA-CREF has received awards for excellence in education and communications:

X The Mutual Fund Education Alliance (MFEA) recognized TIAA-CREF’s Advice & Planning program with five 2010 STAR Awards for Excellence in education and communications for shareholders, advisors and the investing public.

X The Profit Sharing/401k Council of America (PSCA) selected TIAA-CREF for two prestigious awards, including: a Gold Education Programs award for our Advice plan communications, winning top honors in this category.

X TIAA-CREF was awarded 2005 ADVICE PROVIDER OF THE YEAR by Defined Contribution & Savings Plan Alert, a publication of Institutional Investor for “Award-winning recognition for TIAA-CREF’s legacy of setting high market standards and its industry reputation for leadership.”

People saving for retirement today face a range of financial choices — and a growing array of investment and planning options. Employers, in turn, are finding it more challenging to help their employees:

X Overcome the inertia of poor retirement planning,

X Understand the true extent of their financial situation, and

X Stay on track.

To meet your needs — and those of your employees — TIAA-CREF created Advice and Planning Services. In addition to helping your employees pursue their goals for retirement, these services also help your institution address its fiduciary responsibilities.

TIAA-CREF Advice and Planning Services provides targeted advice to address employees’ retirement planning needs across life and career stages:

X Objective investment advice based on employees’ individual needs (including life stage and career stage) is the cornerstone of our Advice and Planning Services as well as a critical component of our overall institutional services and support. When TIAA-CREF is the sole record-keeper, we can provide objective investment advice on the institution’s entire investment menu – including both TIAA-CREF and non-TIAA-CREF funds.

X TIAA-CREF provides comprehensive support for employees with objective advice that makes them better prepared to transition to and live through retirement.

X We offer personalized, objective advice by consultants working with Ibbotson Associates, an independent advice partner.

X All employees, regardless of their portfolio size, have the opportunity to receive objective advice from licensed consultants who understand employees’ individual situations and do what is best for them based on their retirement goals.

X We provide one-on-one and group on-site education sessions with TIAA-CREF Individual Consultants.

X We maintain one of the largest consultant forces on-site/local and over the telephone, with online tools and calculators also available.

X Wealth Management Services for comprehensive financial planning are offered to employees whose needs require them.

WE EVALUATE ALL EMPLOYEES TO MATCH THEIR NEEDS TO OUR SUITE OF ADVICE AND PLANNING SERVICES

TIAA-CREF ADVICE AND PLANNING SERVICES: A Total Retirement Readiness Solution For Your Employees

TIAA-CREF provides a full-service, integrated program through its Advice and Planning Services suite of solutions. Our advice services are bundled to create an advice offering unique in the industry.

A Full Suite Of Advice Services

Our fully integrated full-service suite of advice services ranges from basic education and online planning tools, to wealth management services – at no added fee – as part of our plan service offer. Employees benefit because we work to help ensure they receive the most appropriate retirement planning and advice among our suite of services tailored to individual needs.

Meeting Employee Retirement Planning Needs At Every Life Stage

Our client-centric Advice and Planning Services suite is designed to meet the specific needs of each employee. And our approach to objective advice aligns completely with TIAA-CREF’s long-term investment philosophy. We selected Ibbotson Associates as our partner to provide third-party objective advice because they share our long-term, strategic investing approach.

1

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

INDUSTRY-RECOGNIZED ADVICE

TIAA-CREF has received awards for excellence in education and communications:

X The Mutual Fund Education Alliance (MFEA) recognized TIAA-CREF’s Advice & Planning program with five 2010 STAR Awards for Excellence in education and communications for shareholders, advisors and the investing public.

X The Profit Sharing/401k Council of America (PSCA) selected TIAA-CREF for two prestigious awards, including: a Gold Education Programs award for our Advice plan communications, winning top honors in this category.

X TIAA-CREF was awarded 2005 ADVICE PROVIDER OF THE YEAR by Defined Contribution & Savings Plan Alert, a publication of Institutional Investor for “Award-winning recognition for TIAA-CREF’s legacy of setting high market standards and its industry reputation for leadership.”

People saving for retirement today face a range of financial choices — and a growing array of investment and planning options. Employers, in turn, are finding it more challenging to help their employees:

X Overcome the inertia of poor retirement planning,

X Understand the true extent of their financial situation, and

X Stay on track.

To meet your needs — and those of your employees — TIAA-CREF created Advice and Planning Services. In addition to helping your employees pursue their goals for retirement, these services also help your institution address its fiduciary responsibilities.

TIAA-CREF Advice and Planning Services provides targeted advice to address employees’ retirement planning needs across life and career stages:

X Objective investment advice based on employees’ individual needs (including life stage and career stage) is the cornerstone of our Advice and Planning Services as well as a critical component of our overall institutional services and support. When TIAA-CREF is the sole record-keeper, we can provide objective investment advice on the institution’s entire investment menu – including both TIAA-CREF and non-TIAA-CREF funds.

X TIAA-CREF provides comprehensive support for employees with objective advice that makes them better prepared to transition to and live through retirement.

X We offer personalized, objective advice by consultants working with Ibbotson Associates, an independent advice partner.

X All employees, regardless of their portfolio size, have the opportunity to receive objective advice from licensed consultants who understand employees’ individual situations and do what is best for them based on their retirement goals.

X We provide one-on-one and group on-site education sessions with TIAA-CREF Individual Consultants.

X We maintain one of the largest consultant forces on-site/local and over the telephone, with online tools and calculators also available.

X Wealth Management Services for comprehensive financial planning are offered to employees whose needs require them.

WE EVALUATE ALL EMPLOYEES TO MATCH THEIR NEEDS TO OUR SUITE OF ADVICE AND PLANNING SERVICES

TIAA-CREF ADVICE AND PLANNING SERVICES: A Total Retirement Readiness Solution For Your Employees

TIAA-CREF provides a full-service, integrated program through its Advice and Planning Services suite of solutions. Our advice services are bundled to create an advice offering unique in the industry.

A Full Suite Of Advice Services

Our fully integrated full-service suite of advice services ranges from basic education and online planning tools, to wealth management services – at no added fee – as part of our plan service offer. Employees benefit because we work to help ensure they receive the most appropriate retirement planning and advice among our suite of services tailored to individual needs.

Meeting Employee Retirement Planning Needs At Every Life Stage

Our client-centric Advice and Planning Services suite is designed to meet the specific needs of each employee. And our approach to objective advice aligns completely with TIAA-CREF’s long-term investment philosophy. We selected Ibbotson Associates as our partner to provide third-party objective advice because they share our long-term, strategic investing approach.

1

TIAA-CREF’S ADVICE OFFERING: HIGHLY EFFECTIVE RESULTS

Your employees will be better prepared for retirement with TIAA-CREF Advice and Planning Services. Don’t ask us – we asked them!

We regularly survey employees at TIAA-CREF participating institutions to ensure advice and planning benefits and results. Based on survey results as of September 2010:

X TIAA-CREF advice motivates employees to greater levels of retirement readiness. The majority of employees who meet with us choose to save more, revisit their portfolio, or both.

X Over three-quarters of those interviewed say our consultants equal or exceed industry standards. 77% rate our consultants better or much better than others.*

X Virtually all those surveyed agree or strongly agree that their TIAA-CREF consultant puts their interests first. 98% combined of those interviewed who had a one-on-one meeting with an individual consultant strongly agree or agree.

*Ratings cited are not indicative of an advisor’s future performance.TIAA-CREF Participant Research, 2010.

ADDITIONAL RECOGNITION OF TIAA-CREF’S SERVICES FOR YOUR EMPLOYEES

TIAA-CREF received 13 Best-in-Class Awards for participant and plan sponsor services, according to PlanSponsor magazine’s 14th annual Defined Contribution Survey. Best-in-class awards reflect a ranking in the top quartile of survey results for a category. TIAA-CREF was cited in categories including:

X retirement services

X educational programs

X communications materials and

X enrollment assistance for participants, and plan-sponsor services such as Form 5500 accuracy, responsiveness and regulatory updates.

Overall, more than 88% of clients responding to the survey said they would recommend TIAA-CREF.

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

All employees can receive personalized, objective advice from licensed consultants. We maintain an on-site presence for one-on-one and group education sessions, and our combined field consulting group comprises one of the largest consultant forces on-site/local and over the telephone. For employees whose needs require them, we also offer Wealth Management Services that provide comprehensive financial planning, including estate and tax planning at no fee. In addition, we can offer trust services and private asset management to meet discretionary management needs.

Objective

X We partner with Ibbotson Associates, an independent asset allocation provider, to ensure the objectivity of our advice offering.

X The service provides objective recommendations on all funds offered in your institution’s retirement plans.

X Our consultants will only recommend products that help achieve your employees’ goals.

Personalized

X The service offers employees specific savings strategies, asset allocation and fund-level investment recommendations, as well as a determination of whether or not they are on track to reach their retirement savings goals.

X It can take into consideration assets from multiple retirement plans, and provide recommendations on employees’ annuity accounts and mutual funds.

X In addition to current investment choices, the analysis incorporates other key variables, including the amount of the employee’s current savings, his/her contribution rates, and his/her expected retirement date.

Personal Delivery

X Employees speak with knowledgeable consultants who can explain the recommendations in detail — over the phone, or in person.

X One-on-one advice sessions provide personal action steps and recommendations.

Excellent Value

X There are no plan-level setup costs, and

X No additional charge to employees for advice service.

FROM SIMPLE TO COMPLEX – TIAA-CREF HAS ADVICE AND PLANNING SOLUTIONS FOR EVERY EMPLOYEE

PLAN-SPECIFIC EDUCATION & INFORMATION

X Our advice is rooted in our fundamental understanding of your plan.

X As a result, we can advise your employees on how to fully maximize their benefit plan options as we look comprehensively at their entire financial situation and retirement needs.

X Our consultants provide advice to your employees that will help them take optimal advantage of all plan benefits.

32

TIAA-CREF’S ADVICE OFFERING: HIGHLY EFFECTIVE RESULTS

Your employees will be better prepared for retirement with TIAA-CREF Advice and Planning Services. Don’t ask us – we asked them!

We regularly survey employees at TIAA-CREF participating institutions to ensure advice and planning benefits and results. Based on survey results as of September 2010:

X TIAA-CREF advice motivates employees to greater levels of retirement readiness. The majority of employees who meet with us choose to save more, revisit their portfolio, or both.

X Over three-quarters of those interviewed say our consultants equal or exceed industry standards. 77% rate our consultants better or much better than others.*

X Virtually all those surveyed agree or strongly agree that their TIAA-CREF consultant puts their interests first. 98% combined of those interviewed who had a one-on-one meeting with an individual consultant strongly agree or agree.

*Ratings cited are not indicative of an advisor’s future performance.TIAA-CREF Participant Research, 2010.

ADDITIONAL RECOGNITION OF TIAA-CREF’S SERVICES FOR YOUR EMPLOYEES

TIAA-CREF received 13 Best-in-Class Awards for participant and plan sponsor services, according to PlanSponsor magazine’s 14th annual Defined Contribution Survey. Best-in-class awards reflect a ranking in the top quartile of survey results for a category. TIAA-CREF was cited in categories including:

X retirement services

X educational programs

X communications materials and

X enrollment assistance for participants, and plan-sponsor services such as Form 5500 accuracy, responsiveness and regulatory updates.

Overall, more than 88% of clients responding to the survey said they would recommend TIAA-CREF.

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

All employees can receive personalized, objective advice from licensed consultants. We maintain an on-site presence for one-on-one and group education sessions, and our combined field consulting group comprises one of the largest consultant forces on-site/local and over the telephone. For employees whose needs require them, we also offer Wealth Management Services that provide comprehensive financial planning, including estate and tax planning at no fee. In addition, we can offer trust services and private asset management to meet discretionary management needs.

Objective

X We partner with Ibbotson Associates, an independent asset allocation provider, to ensure the objectivity of our advice offering.

X The service provides objective recommendations on all funds offered in your institution’s retirement plans.

X Our consultants will only recommend products that help achieve your employees’ goals.

Personalized

X The service offers employees specific savings strategies, asset allocation and fund-level investment recommendations, as well as a determination of whether or not they are on track to reach their retirement savings goals.

X It can take into consideration assets from multiple retirement plans, and provide recommendations on employees’ annuity accounts and mutual funds.

X In addition to current investment choices, the analysis incorporates other key variables, including the amount of the employee’s current savings, his/her contribution rates, and his/her expected retirement date.

Personal Delivery

X Employees speak with knowledgeable consultants who can explain the recommendations in detail — over the phone, or in person.

X One-on-one advice sessions provide personal action steps and recommendations.

Excellent Value

X There are no plan-level setup costs, and

X No additional charge to employees for advice service.

FROM SIMPLE TO COMPLEX – TIAA-CREF HAS ADVICE AND PLANNING SOLUTIONS FOR EVERY EMPLOYEE

PLAN-SPECIFIC EDUCATION & INFORMATION

X Our advice is rooted in our fundamental understanding of your plan.

X As a result, we can advise your employees on how to fully maximize their benefit plan options as we look comprehensively at their entire financial situation and retirement needs.

X Our consultants provide advice to your employees that will help them take optimal advantage of all plan benefits.

32

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

TIAA-CREF has chosen to work with Ibbotson Associates, a world-class independent asset allocation provider known for its comprehensive, independent advice methodology. This arrangement enables us to provide objective advice on all the funds that we recordkeep on our Open Plan Solutions platform, including TIAA-CREF and non-TIAA-CREF investment options.

We have worked closely with Ibbotson to promote understanding of all of our products, while at the same time depending on Ibbotson’s well-recognized integrity to ensure complete independence. Ibbotson’s methodology distinguishes between the unique attributes of the underlying investments within traditional annuities and real estate accounts versus the types of individual securities found in the majority of mutual funds. We feel that an understanding of this distinction is critical for employees who are planning for retirement and ultimately making decisions about retirement income.

Ibbotson Associates evaluates all of the funds in a plan’s lineup. Ibbotson creates model asset allocations and recommends diversified portfolios of specific funds based on both the plan’s fund lineup and the investor’s particular retirement investment situation. Your employees receive objective, personalized fund-level and savings advice.

SUPPORTING YOU AS PLAN FIDUCIARY

TIAA-CREF’s relationship with an asset allocation provider, Ibbotson Associates, helps to ensure quality and objectivity of the advice and helps you demonstrate prudence in the selection and monitoring of the program.

IBBOTSON ASSOCIATES: OUR INDEPENDENT ADVICE PARTNER

We understand that some of your highly compensated or tenured employees may have more substantial assets — and therefore, more complex financial needs. For these employees, TIAA-CREF offers an enhanced level of advice delivered through our Wealth Management Group, a team of financial services professionals who work in partnership with your TIAA-CREF Managing Consultant, and with you.

TIAA-CREF can draw upon a unique knowledge base that encompasses every facet of institutional retirement and benefits plans. It’s a significant advantage, and it enables us to provide services that are personalized to meet the individual needs of each of your employees.

A Wealth Management Advisor and a Client Relationship Specialist form the core of the advisory team, and are responsible for focusing on the full resources and capabilities of TIAA-CREF on behalf of your more affluent employees. The team also includes highly credentialed professionals in financial and estate planning, taxation*, insurance, trust services and other financial capabilities as needed to meet the level of complexity your employees may require.

The Retirement Review

This distinctive, advice-based service offering begins with the Retirement Review, a detailed discussion of your employees’ current financial status as well as their goals and objectives for the future. Based on these discussions, key members of the Wealth Management Group will create a personalized Retirement Review report for each employee. This report will answer several key questions pertaining to retirement income needs, current and future asset allocations, and income strategies that may be most beneficial in retirement.

The Retirement Review is only the beginning. The advisory team will continue to work proactively with your affluent employees to build a plan, address the most complex financial challenges, and help pursue long-term goals — always relying on our objective, third-party advice service as the foundation of the relationship.

Maintaining An Objective Approach

The members of the advisory team, like all TIAA-CREF consultants, focus on using objective advice to find solutions that are eminently suitable and perfectly customized to meet the needs of your employees.

WEALTH MANAGEMENT SERVICES FOR EMPLOYEES WITH MORE COMPLEX PLANNING NEEDS

* Neither TIAA-CREF nor its affiliates provide tax or legal advice. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

DELIVERING ADVICE ACROSS LIFE AND CAREER STAGES: THREE SIMPLE STEPS

Our multi-channel, needs-based approach to Advice and Planning is tailored to employee life and career stages. Each life and career stage confronts the employee with new and different financial and retirement planning needs that our Advice and Planning Services seek to help address.

Being a trusted provider of lifetime solutions for employees requires us to provide several clear planning paths with action steps and answers to their needs-based questions.

GETTING STARTEDBUILDING WEALTH

CHALLENGE & GUIDE MEALREADY INVESTING FOR RETIREMENT

KNOW & PROTECT MEPRERETIREE OR RETIREE

Marriage House Children Career Empty NestParental

CareRetirement Lost Spouse

Wealth Transfer

EXPLORING LEARNING

STRATEGIZING DIVERSIFYING

BUILDING

EXPLORING ADAPTING

4 5

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

TIAA-CREF has chosen to work with Ibbotson Associates, a world-class independent asset allocation provider known for its comprehensive, independent advice methodology. This arrangement enables us to provide objective advice on all the funds that we recordkeep on our Open Plan Solutions platform, including TIAA-CREF and non-TIAA-CREF investment options.

We have worked closely with Ibbotson to promote understanding of all of our products, while at the same time depending on Ibbotson’s well-recognized integrity to ensure complete independence. Ibbotson’s methodology distinguishes between the unique attributes of the underlying investments within traditional annuities and real estate accounts versus the types of individual securities found in the majority of mutual funds. We feel that an understanding of this distinction is critical for employees who are planning for retirement and ultimately making decisions about retirement income.

Ibbotson Associates evaluates all of the funds in a plan’s lineup. Ibbotson creates model asset allocations and recommends diversified portfolios of specific funds based on both the plan’s fund lineup and the investor’s particular retirement investment situation. Your employees receive objective, personalized fund-level and savings advice.

SUPPORTING YOU AS PLAN FIDUCIARY

TIAA-CREF’s relationship with an asset allocation provider, Ibbotson Associates, helps to ensure quality and objectivity of the advice and helps you demonstrate prudence in the selection and monitoring of the program.

IBBOTSON ASSOCIATES: OUR INDEPENDENT ADVICE PARTNER

We understand that some of your highly compensated or tenured employees may have more substantial assets — and therefore, more complex financial needs. For these employees, TIAA-CREF offers an enhanced level of advice delivered through our Wealth Management Group, a team of financial services professionals who work in partnership with your TIAA-CREF Managing Consultant, and with you.

TIAA-CREF can draw upon a unique knowledge base that encompasses every facet of institutional retirement and benefits plans. It’s a significant advantage, and it enables us to provide services that are personalized to meet the individual needs of each of your employees.

A Wealth Management Advisor and a Client Relationship Specialist form the core of the advisory team, and are responsible for focusing on the full resources and capabilities of TIAA-CREF on behalf of your more affluent employees. The team also includes highly credentialed professionals in financial and estate planning, taxation*, insurance, trust services and other financial capabilities as needed to meet the level of complexity your employees may require.

The Retirement Review

This distinctive, advice-based service offering begins with the Retirement Review, a detailed discussion of your employees’ current financial status as well as their goals and objectives for the future. Based on these discussions, key members of the Wealth Management Group will create a personalized Retirement Review report for each employee. This report will answer several key questions pertaining to retirement income needs, current and future asset allocations, and income strategies that may be most beneficial in retirement.

The Retirement Review is only the beginning. The advisory team will continue to work proactively with your affluent employees to build a plan, address the most complex financial challenges, and help pursue long-term goals — always relying on our objective, third-party advice service as the foundation of the relationship.

Maintaining An Objective Approach

The members of the advisory team, like all TIAA-CREF consultants, focus on using objective advice to find solutions that are eminently suitable and perfectly customized to meet the needs of your employees.

WEALTH MANAGEMENT SERVICES FOR EMPLOYEES WITH MORE COMPLEX PLANNING NEEDS

* Neither TIAA-CREF nor its affiliates provide tax or legal advice. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

DELIVERING ADVICE ACROSS LIFE AND CAREER STAGES: THREE SIMPLE STEPS

Our multi-channel, needs-based approach to Advice and Planning is tailored to employee life and career stages. Each life and career stage confronts the employee with new and different financial and retirement planning needs that our Advice and Planning Services seek to help address.

Being a trusted provider of lifetime solutions for employees requires us to provide several clear planning paths with action steps and answers to their needs-based questions.

GETTING STARTEDBUILDING WEALTH

CHALLENGE & GUIDE MEALREADY INVESTING FOR RETIREMENT

KNOW & PROTECT MEPRERETIREE OR RETIREE

Marriage House Children Career Empty NestParental

CareRetirement Lost Spouse

Wealth Transfer

EXPLORING LEARNING

STRATEGIZING DIVERSIFYING

BUILDING

EXPLORING ADAPTING

4 5

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

No matter how complex your employees’ situations may be, TIAA-CREF is ready to provide outstanding personal service, comprehensive, objective advice and customized solutions drawn from a broad range of products and services to help your employees achieve their retirement goals.

And, for the employee who doesn’t want to be that involved and prefers to keep it really simple, we also offer a “one-decision” option: Lifecycle funds.

If an employee lacks the time or experience to research all of the plan’s account options, or doesn’t want to be actively involved, Lifecycle Funds offer an alternate strategy.

How They Work

Lifecycle Funds provide a ready-made diversified portfolio using TIAA-CREF mutual funds as underlying investments — including stocks, bonds and real estate investment trusts (REITs). With portfolios that are automatically adjusted, based on the employee’s projected date of retirement, Lifecycle Funds are available for target retirement years in five-year increments. Approximately seven to ten years after a Lifecycle Fund’s target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund.

Each fund establishes asset allocations generally considered appropriate for investors at different stages of their retirement planning, with the objective of achieving the highest possible returns while minimizing potential risks. (This objective may not always be met.) Then, the funds adjust periodically to maintain an appropriate asset allocation for the remaining time horizon.* Of course, Lifecycle Funds share the risks and expenses associated

with their underlying investments (in addition to those incurred at the fund level). As with all mutual funds, the principal value isn’t guaranteed. Also, please note that the target date of the Lifecycle Fund is an approximate date when investors may plan to begin withdrawing from the fund. Employees should read the prospectus before investing for a complete discussion of those risks.

The Main Benefits

With a Lifecycle Fund, your employees can enjoy broad portfolio diversification and ongoing professional management — without the need to make complicated investment, portfolio reallocation and rebalancing decisions as their time horizons change. (Diversification and asset allocation cannot reduce the risk of fluctuating prices and uncertain returns. Investment return and principal value will fluctuate with changes in market conditions such that shares may be worth more or less than original cost when redeemed.)

PERSONAL TRUST AND PRIVATE ASSET MANAGEMENT

You may have employees who desire an even higher level of service — an investment approach that includes high-quality individual asset management and fiduciary services. The TIAA-CREF Trust Company, FSB, was established to serve the needs of clients who have $500,000 or more of investable assets in any one account, and who need:

X customized portfolios for their IRA rollovers or other investments,

X have charitable inclinations,

X require a trust to satisfy estate planning and philanthropic needs, or

X who are simply preparing for retirement.

TIAA-CREF Trust Company also has expertise in managing investment and planning vehicles for nonprofits such as Planned Giving programs and Endowment Services. Your Managing Consultant can provide you with more information on these services.

LIFECYCLE FUNDS

* Approximately seven to ten years after a Lifecycle Fund’s target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund.

76

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC.

No matter how complex your employees’ situations may be, TIAA-CREF is ready to provide outstanding personal service, comprehensive, objective advice and customized solutions drawn from a broad range of products and services to help your employees achieve their retirement goals.

And, for the employee who doesn’t want to be that involved and prefers to keep it really simple, we also offer a “one-decision” option: Lifecycle funds.

If an employee lacks the time or experience to research all of the plan’s account options, or doesn’t want to be actively involved, Lifecycle Funds offer an alternate strategy.

How They Work

Lifecycle Funds provide a ready-made diversified portfolio using TIAA-CREF mutual funds as underlying investments — including stocks, bonds and real estate investment trusts (REITs). With portfolios that are automatically adjusted, based on the employee’s projected date of retirement, Lifecycle Funds are available for target retirement years in five-year increments. Approximately seven to ten years after a Lifecycle Fund’s target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund.

Each fund establishes asset allocations generally considered appropriate for investors at different stages of their retirement planning, with the objective of achieving the highest possible returns while minimizing potential risks. (This objective may not always be met.) Then, the funds adjust periodically to maintain an appropriate asset allocation for the remaining time horizon.* Of course, Lifecycle Funds share the risks and expenses associated

with their underlying investments (in addition to those incurred at the fund level). As with all mutual funds, the principal value isn’t guaranteed. Also, please note that the target date of the Lifecycle Fund is an approximate date when investors may plan to begin withdrawing from the fund. Employees should read the prospectus before investing for a complete discussion of those risks.

The Main Benefits

With a Lifecycle Fund, your employees can enjoy broad portfolio diversification and ongoing professional management — without the need to make complicated investment, portfolio reallocation and rebalancing decisions as their time horizons change. (Diversification and asset allocation cannot reduce the risk of fluctuating prices and uncertain returns. Investment return and principal value will fluctuate with changes in market conditions such that shares may be worth more or less than original cost when redeemed.)

PERSONAL TRUST AND PRIVATE ASSET MANAGEMENT

You may have employees who desire an even higher level of service — an investment approach that includes high-quality individual asset management and fiduciary services. The TIAA-CREF Trust Company, FSB, was established to serve the needs of clients who have $500,000 or more of investable assets in any one account, and who need:

X customized portfolios for their IRA rollovers or other investments,

X have charitable inclinations,

X require a trust to satisfy estate planning and philanthropic needs, or

X who are simply preparing for retirement.

TIAA-CREF Trust Company also has expertise in managing investment and planning vehicles for nonprofits such as Planned Giving programs and Endowment Services. Your Managing Consultant can provide you with more information on these services.

LIFECYCLE FUNDS

* Approximately seven to ten years after a Lifecycle Fund’s target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund.

76

CONTACT YOUR MANAGING CONSULTANT TODAY

To learn more about how TIAA-CREF’s Advice and Planning Services — and our other products and services — can help to benefit your institution and enrich your employees’ experience, please contact your TIAA-CREF Managing Consultant.

You may also wish to schedule a meeting to discuss in greater detail what specific investment options, enhanced administration and advice services are available, as well as what is required to make advice available to your employees.

Administrator Telephone Center 888 842-7782, FAX: 800 842-5916

Call 8 a.m. to 8 p.m. (ET) weekdays for day-to-day questions. An automated menu will route you directly to a consultant with specific expertise on key topics.

Administrator Website www.tiaa-cref.org/administrators

Through our site you are able to perform daily tasks more efficiently, stay on top of critical activities and get help when you have questions.

ADDRESSING EACH EMPLOYEE’S OWN RETIREMENT PLANNING NEEDS AND LIFE STAGE

GUIDANCE AND EDUCATION for All Employees

X Education

X Asset Allocation

X Contribution Level

X Distribution Options

X Lifecycle Funds

PERSONALIZED ADVICE for All Employees

X Retirement Planning Advice

X Plan-Level Asset Allocation and Fund Selection

X Savings Rate Analysis

X Annuitization Analysis

X Lifecycle Funds

CUSTOMIZED PLANNING for Employees with More Complex Planning Needs

X Holistic Financial Plans

X Annual Review

FINANCIAL AND RETIREMENT INCOME SOLUTIONS

Retirement Annuities

(Traditional, Variable)

Supplemental Retirement Annuities

Mutual Funds

(includes Lifecycle)

IRAs (Traditional,

Roth)

College Savings Plans

(includes 529s)

Life Insurance

(Term, Permanent)

After-Tax Annuities

Brokerage Services/ Managed Accounts

Private Asset

Management

Trust Services

INCREASING COMPLEXITY OF FINANCIAL NEEDS

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC8 9

CONTACT YOUR MANAGING CONSULTANT TODAY

To learn more about how TIAA-CREF’s Advice and Planning Services — and our other products and services — can help to benefit your institution and enrich your employees’ experience, please contact your TIAA-CREF Managing Consultant.

You may also wish to schedule a meeting to discuss in greater detail what specific investment options, enhanced administration and advice services are available, as well as what is required to make advice available to your employees.

Administrator Telephone Center 888 842-7782, FAX: 800 842-5916

Call 8 a.m. to 8 p.m. (ET) weekdays for day-to-day questions. An automated menu will route you directly to a consultant with specific expertise on key topics.

Administrator Website www.tiaa-cref.org/administrators

Through our site you are able to perform daily tasks more efficiently, stay on top of critical activities and get help when you have questions.

ADDRESSING EACH EMPLOYEE’S OWN RETIREMENT PLANNING NEEDS AND LIFE STAGE

GUIDANCE AND EDUCATION for All Employees

X Education

X Asset Allocation

X Contribution Level

X Distribution Options

X Lifecycle Funds

PERSONALIZED ADVICE for All Employees

X Retirement Planning Advice

X Plan-Level Asset Allocation and Fund Selection

X Savings Rate Analysis

X Annuitization Analysis

X Lifecycle Funds

CUSTOMIZED PLANNING for Employees with More Complex Planning Needs

X Holistic Financial Plans

X Annual Review

FINANCIAL AND RETIREMENT INCOME SOLUTIONS

Retirement Annuities

(Traditional, Variable)

Supplemental Retirement Annuities

Mutual Funds

(includes Lifecycle)

IRAs (Traditional,

Roth)

College Savings Plans

(includes 529s)

Life Insurance

(Term, Permanent)

After-Tax Annuities

Brokerage Services/ Managed Accounts

Private Asset

Management

Trust Services

INCREASING COMPLEXITY OF FINANCIAL NEEDS

FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC8 9

Consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or visit tiaa-cref.org for a prospectus that contains this and other information. Read the prospectus carefully before investing.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Insurance products are issued by TIAA-CREF Life Insurance Co., New York, NY.

TIAA-CREF Trust Company, FSB provides trust services. Advisory services are provided by Advice and Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment advisor.

Investment products are not FDIC insured, are not bank deposits or bank guaranteed, and may lose value.

© 2011 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) New York, NY 10017

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