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TIAA-CREF Advisor Services: TIAA-CREF Financial Services for the Greater Good

TIAA-CREF U.S. Real Estate Fund I, L.P. Launches

We are pleased to announce the launch of TIAA-CREF U.S. Real Estate Fund I, L.P. Join us for one of our upcoming webcasts featuring Suman Gera, Portfolio Manager for the fund. You may register for the webcast on line by clicking the links on the right or for further information on the fund, please contact our Advisor Sales team at 1 888 842-0318, option 3.

Below are excerpts from the press release announcing the launch of this new product.

TIAA-CREF Asset Management, which provides institutional investors and Registered Investment Advisors with differentiated investment solutions and is one of the largest managers of U.S. institutional tax-exempt real estate assets, today announced the launch of TIAA-CREF U.S. Real Estate Fund I, L.P. The Fund is a closed-end fund organized as a Delaware limited partnership and is designed to invest in a diversified portfolio of primarily high-quality core real estate assets in the office, retail, industrial and multifamily sectors.

This is the first time that TIAA-CREF, a leader in direct real estate investment, brings its sixty years of experience in this asset class to a broader universe of individual investors. The offering of the Fund's limited partnership interests has been registered with the SEC and state securities administrators.

"We are pleased to work with financial advisors to bring suitable investors with a long-term investment horizon the opportunity to invest through TIAA-CREF in the direct ownership of real estate properties—an opportunity that was formerly only available to institutions and eligible TIAA-CREF participants," said Shawn Paulk, head of TIAA-CREF Asset Management's Advisor Services group.

The Fund will be subject to risks generally associated with the ownership of real estate-related assets and is highly illiquid.

IMPORTANT INFORMATION
The issuer has filed a registration statement (including a prospectus) with the SEC for this offering. Before your clients invest, you should read the prospectus (PDF) in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

Securities sold by Teachers Personal Investors Services, Inc., member FINRA.

Join the webcast for TIAA-CREF U.S. Real Estate Fund I, L.P.

Register now for Monday, April 7 at noon or April 14 at 4 p.m. (ET)



CONTACT
1 888 842-0318, option 3
weekdays 8 a.m. - 7 p.m. (ET) or email Advisor Sales

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

© 2008 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

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