Institutional Class Mutual Funds: Distributions

1. 2008 Mutual Fund Distribution Notice: Above are the final distribution amounts for the TIAA-CREF Funds — Institutional Class. For year-end distributions, shareholders of record at the close of business of the NYSE on December 11, 2008 were eligible to receive distributions for these funds. Ex, Payable and Reinvestment dates for these funds was December 12, 2008. The High-Yield, Bond Plus, Bond, Short-Term Bond and Tax-Exempt Bond funds will distribute income to shareholders of record December 30, 2008, and ex, payable and Reinvestment dates for these funds will be December 31, 2008.The money market fund will have a Record date of December 30, 2008, and Ex, Payable and Reinvestment date of December 31, 2008.
   
   Shareholders of record at the close of business of the NYSE on December 18, 2008 were eligible to receive distributions for these fund of funds: Managed Allocation, Lifecycle 2010, Lifecycle 2015, Lifecycle 2020, Lifecycle 2025, Lifecycle 2030, Lifecycle 2035, Lifecycle 2040, Lifecycle 2045, Lifecycle 2050, Lifecycle Retirement Income. Ex, Payable and Reinvestment dates for these fund of funds was December 19, 2008.
2. Distributions from long-term capital gain are generally subject to tax at a rate of 15%. Distributions from short-term capital gains are taxed at higher ordinary income rates.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.