TIAA’s Top Financial Strength Rating and Outlook Affirmed by All Leading Independent Ratings Agencies

Reflects TIAA’s Commitment to Clients’ Lifetime Financial Security

New York, August 5, 2010

TIAA-CREF announced today that all four leading independent ratings agencies have affirmed TIAA’s highest financial strength ratings and outlook. TIAA is one of only three U.S. life insurance companies to hold the highest financial strength ratings.

The announcement follows today’s action by Standard & Poor’s (S&P) to revise its outlook for TIAA to stable from negative, while maintaining the company’s AAA insurance financial strength rating. Last month, Moody’s Investors Service affirmed TIAA’s “Aaa” rating with a stable outlook, following similar actions by Fitch and A.M. Best.

“TIAA’s financial strength underscores our commitment to our clients’ lifetime financial security,” said Roger W. Ferguson, Jr., chief executive of TIAA-CREF. “Our strength makes possible the guaranteed income for life that, together with sufficient savings, appropriate diversification, and objective advice can enable investors to achieve their long-term goals.”

TIAA now holds the highest rating for insurance financial strength with a stable outlook from all four major rating agencies:

• S&P: Financial strength is AAA with a stable outlook (as of 8/10)
• Moody’s: Financial strength is Aaa with a stable outlook (as of 7/10)
• Fitch: Financial strength is AAA with a stable outlook (as of 4/10)
• A.M. Best: Financial strength is A++ with a stable outlook (as of 12/09)

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $410 billion in combined assets under management (as of 6/30/10) and provides retirement services to the nonprofit and government fields.

Contact:
Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org
704 988-6811
Cell: 917 715-9083