CREF Holds Annual Meeting

NEW YORK, July 16 -- TIAA-CREF issued the following news release:

TIAA-CREF, a leading financial services provider, today held the CREF[1] annual meeting at its Charlotte, N.C., campus. TIAA-CREF provides retirement plans, IRAs, mutual funds, brokerage services, life insurance, college savings plans, trust services and outsourced endowment management services to the non-profit market.

"Helping our clients achieve financial well-being throughout all stages of their lives has been at the forefront of who we are and how we do business for more than 95 years," said Roger W. Ferguson Jr., president and chief executive officer of TIAA-CREF. "This past year, we've continued to strengthen TIAA-CREF's financial position while also enhancing our products and services to meet the changing needs and demands of our clients."

Ferguson cited the following key indicators of the organization's strong financial position:

* Assets under management - TIAA-CREF's assets under management ended 2012 with $502 billion. Assets under management have continued to grow in 2013, standing at approximately $523 billion as of June 30.

* Capital reserves - TIAA-CREF's capital reserves also remained at record levels in 2012. By year's end, TIAA's total adjusted capital was more than $33 billion. This measure of the company's financial strength is critically important because it underscores its ability to fulfill the promises made to provide clients with lifetime income.

* Ratings - TIAA continues to receive the highest possible ratings from all four leading insurance company rating agencies - S&P, Moody's, Fitch and AM Best.[2]

Ferguson reaffirmed TIAA-CREF's commitment to putting its clients first and outlined the progress the organization is making to expand and enhance its products and services, including:

* Continuing to strengthen its retirement business - With a market share of approximately 80 percent in the higher education space[3], TIAA-CREF is also bringing its depth of experience to new clients in the K-12, healthcare and government markets in places ranging from Boston and Arkansas to California, North Dakota and Rhode Island. For instance, the company is providing public K-12 educators with retirement plan investments with lower fees and financial education and advice, which can translate into significant savings and additional accumulations for teachers over the course of their careers.

* Meeting the evolving needs of clients - The company is making a significant investment in its Individual Advisory Services business, growing the numbers of advisors and local offices so that it can reach more clients and help them achieve their personal financial goals.

* Diversifying revenue streams - The company has further diversified its revenue streams. For example, the TIAA-CREF Life Insurance Company has grown its premiums by 85 percent year over year, providing a competitive life insurance offering to help families build financial well-being.

* Expanding advice and education services - Over the last year, TIAA-CREF has expanded the resources available to clients, including an updated online resource center, new online retirement planning tools, and an enhanced, more interactive financial education program. These updates will help TIAA-CREF drive increased client engagement and better outcomes. Already, two-thirds of clients who participate in a TIAA-CREF retirement plan advice session take positive action - choosing to save more, revisit their allocation or rebalance their portfolio.

* Offering new investment options - To further broaden clients' investment choices, TIAA-CREF launched two new mutual fund offerings - the TIAA-CREF Social Choice Bond Fund and the TIAA-CREF International Opportunities Fund.

* Promoting college planning and savings - TIAA-CREF is working with the Council of Graduates Schools and leading universities to develop financial education programs for students. Fifteen grants were awarded to universities for their participation in the program, and an additional 19 schools have signed on as program affiliates. Earlier this year TIAA-CREF launched the AARP College Savings Solutions program from TIAA-CREF, which is designed to provide comprehensive education and information on college savings plans to AARP members.

In meeting-related actions, CREF participants:

* Elected trustees Forrest Berkley, Nancy A. Eckl, Michael A. Forrester, Howell E. Jackson, Nancy L. Jacob, Thomas J. Kenny, Bridget A. Macaskill, James M. Poterba, Maceo K. Sloan and Laura T. Starks to additional one-year terms; and

* Ratified the trustees' selection of PricewaterhouseCoopers LLP as CREF's independent auditors for the fiscal year ending December 31, 2013, with approximately 94 percent voting in favor of ratification. (Voting results are preliminary but are expected to be within 1 percent of final tallies.)

In addition, TIAA policyholders expressed support for the organization's executive compensation policies through an advisory vote on the compensation of TIAA's named executive officers. Preliminary results of the TIAA advisory vote on executive compensation show that approximately 79 percent of TIAA policyholders who voted approved of the quality of TIAA's executive compensation plan and disclosure, including its connection to performance, achievement of TIAA's business objectives and creation of long-term value for policyholders.

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[1] CREF is a SEC-registered investment company and the companion organization to TIAA, a New York-based life insurance company.

[2] For its stability, claims-paying ability and overall financial strength, TIAA currently holds the following ratings: A.M. Best (A++ as of 5/13), Fitch (AAA as of 06/13), Moody's Investors Service (Aaa as of 06/13) and Standard & Poor's (AA+ as of 06/13).

[3] Source: LIMRA, Not-for-Profit Market Survey, first-quarter 2013 results. Based on a survey of 28 companies; TIAA-CREF assets under management by market segment estimated; segment breakdown based on 20 companies.

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