Reuters Article Mischaracterizes TIAA-CREF Environmental Position, Overlooks Socially Responsible Investment Alternatives

New York, September 22, 2009

A recently published article by Reuters mischaracterizes TIAA-CREF’s environmental position and overlooks socially responsible alternatives TIAA-CREF offers.

Both the CREF Social Choice Account and CREF Social Choice Equity Fund screen out nine of ten of Newsweek’s least green companies.

Also, the top five greenest companies in Newsweek’s survey –Hewlett Packard, Dell, Johnson & Johnson, Intel and IBM – are all among top holdings in the CREF Social Choice Account (as of 7/31/09).

The CREF Social Choice Account is a comprehensively screened investment vehicle for individual investors and includes both domestic and international companies that have passed environmental, social and governance screens.

Social screens for investments in the CREF Social Choice Account and CREF Social Choice Equity mutual fund include the Global Sustainability Index compiled by KLD Research & Analytics, Inc. (KLD), an independent social investing research firm.

For more information about socially responsible investing at TIAA-CREF please see: http://www.tiaa-cref.org/about/press/about_us/releases/pdf/sri_brochure.pdf

Investing in SRI funds involves a number of risks; please see the prospectus for details:

CREF Social Choice Account:
http://www.tiaacref.org/pdf/prospectuses/cref_prospectus.pdf

Social Choice Equity Mutual Fund:
http://www.tiaacref.org/pdf/prospectuses/imf_lc_retail_prospectus.pdf

The holdings information provided above is as of the date indicated, and may not reflect the current holdings of the Account and Fund.