CREF Holds Annual Meeting

CEO Allison Gives Company Update to Shareholders Announces Election of Trustees

The College Retirement Equities Fund (CREF), an investment company within the TIAA-CREF group of companies with $212 billion in assets under management, held its annual meeting today at the company’s New York headquarters. 

Herb Allison, TIAA-CREF Chief Executive, spoke to participants providing updates on the state of the organization and highlights of the past year.

“Over the past year we have completed most of our transition to a more modern and reliable retirement plan platform, and are now able to deliver a wider range of tools to help clients build for their retirement  including new products tailored to meet their specific needs,” said Mr. Allison.

“We have bolstered our financial strength, continue to provide competitive investment returns over the long-term and offer advantages unmatched by many large full service financial organizations, none of whom share our nonprofit heritage and commitment to serving those who work in the academic, research, medical and cultural fields,” Mr. Allison added. In meeting related actions CREF participants:

• Elected one new trustee to the CREF Board, Nancy A. Eckl.
• Re-elected current trustees: Forrest Berkley, Eugene Flood, Jr.; Howell Jackson; Nancy L. Jacob; Bridget A. Macaskill; James M. Poterba; Maceo K. Sloan; and Laura Starks.
• Ratified the Trustees’ selection of PricewaterhouseCoopers as CREF’s independent auditors for the fiscal year ending December 31, 2007 (approximately 95.6 percent for, 1.7 percent against and 2.7 percent abstaining all voting results are preliminary, but are expected to be within 1percent of final tallies)

CREF may be the only investment company registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940 to have a completely independent Board of Trustees, to hold annual shareholder elections of all trustees, and to hold an Annual Meeting.

About TIAA-CREF
TIAA-CREF is a national financial services organization with more than $414 billion in combined assets under management (3/31/07) and the leading provider of retirement services in the academic, research, medical and cultural fields. Learn more about TIAA-CREF.

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

© 2007 Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF), New York, NY

Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org, 212 916-4808 Cell: 917 715-9083