Intelligent Variable Annuity

Value Portfolio - Class II

Seeks capital appreciation by investing primarily in common stocks that are believed to be undervalued—those stocks that are trading below their underlying asset value, cash generating ability, and overall earnings and earnings growth, and that also have identifiable catalysts that may be able to close the gap between the stock price and what is believed to be the true worth of the company.

Unit value as of 10/10/2008: $15.05
Total return year-to-date as of 10/10/2008: -39.41%
Expense charge*: 1.43%
Inception date: 02/05/2008
Investment class: U.S. Equity

Financial Performance
Performance Data as of 10/10/2008			Average Annual Total Returns as of 09/30/2008
Unit Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception
$15.05	-2.59%	-39.41%	--	--	--	--	-17.17%

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 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 above.

1.	The inception date for this account is February 5, 2008. Year-to-date performance is calculated from the inception date.
2.	The "Since Inception" values presented are cumulative values and not average annualized total returns.

*	Includes both separate account and fund level charges. The maximum total annual expense charge without the waiver is 1.63%. Separate account charges reflect the highest possible mortality and expense risk charge although they may be lower. See the prospectus for additional information.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Life Insurance Company (TIAA-CREF Life), New York, NY issues after-tax annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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