PRIVATE ASSET MANAGEMENT AND TRUST SERVICES

PRIVATE ASSET MANAGEMENT AND TRUST SERVICES USINg A PROFESSIONAL TEAM TO MANAgE AND HELP PROTECT YOUR FINANCES

TIAA-CREF: FInAnCIAl sERvICEs FoR ThE gREATER good.

oUR hIsToRYWe are TIAA-CREF. A $400 billion full-service financial services company that has dedicated itself to helping those in the academic, medical, cultural and research fields for 90 years. Our clear and long-held commitment to serving the financial best interests of those who serve the benefit and enlightenment of others has never and will never change.

oUR gUIdIng PRInCIPlEsWith our strong non-profit heritage, we have long subscribed to a different set of guiding principles: principles directly influenced by the people we serve.

As a result, we take a different view on performance. It all begins with a commitment to seek consistent, long-term performance and solid returns. But we think true performance is about more than returns alone. True performance is about providing our knowledge and expertise to help our participants maximize their investable assets. It’s about striving to keep our fees low to ensure more of our participants’ money is working hard for them. It’s about offering personalized, objective advice by non-commissioned consultants* to help ensure our participants’ best interests are always being served. And it’s about offering retirement income solutions that guarantee our participants won’t outlive their income.**

oUR MIssIonThe mission we embarked on in 1918 still rings true today. TIAA-CREF is dedicated to serving the retirement needs of those who serve the greater good. We are there when our participants begin their careers helping others. And we will be there to guide them to and through their retirements.

*Our Advisors receive no commissions. They are compensated through a salary plus incentive program that focuses on client service excellence. **Guarantees are based on the claims paying ability of the issuer.

PRIVATE ASSET MANAGEMENT AND TRUST SERVICES 1

Changing tax laws, unpredictable markets and seemingly endless investment options can impact your wealth, and your goals for the future.

TIAA-CREF Trust Company can help you navigate these issues with ease, whether you decide to establish a trust, or simply select a customized portfolio through our Private Asset Management team. Consider these scenarios:

Are you looking for customized management of your assets? Are you comfortable J

turning over portfolio decisions to a team of investment professionals?

Do you want to find the most effective way to plan your estate, give to charitable J

organizations, reduce tax liability, manage family expectations or delegate fiduciary responsibility to a trusted partner?

Would you like to simplify the management of your financial affairs in areas like bill J

payment, income collection, tax preparation and cash flow analysis?

Our comprehensive range of services provides custom investment solutions for individuals and families in these and other circumstances.

Choosing to work with tiAA-CrEF trUst CoMPAnYTIAA-CREF Trust Company can help you manage your current finances and create strategies to help you achieve your future goals. Unlike many other financial services companies, we offer access to trusts and private asset management, including a dedicated Portfolio Manager, at significantly lower investment levels.

In addition, members of your portfolio management and service team coordinate with other professionals in your advisory network to ensure that we take a comprehensive, holistic approach to your financial planning. These advisors could include accountants, tax professionals, attorneys and insurance experts, as well as your TIAA-CREF Advisor or Consultant if you are currently working with one.

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tiAA- CrEF PrivAtE AssEt MAnAgEMEnt TRULY CUSTOMIZED PORTFOLIO MANAGEMENT

When you work with TIAA-CREF Private Asset Management, we tailor a portfolio to address your unique circumstances and help you achieve your goals. We’ll help you continue to build your portfolio and, if you’d like, consolidate appropriate investments that you currently have with other providers.

Your dedicated Portfolio Manager and his or her support team will begin the process by understanding your financial situation thoroughly. Several of the many variables that we analyze include:

financial and life goals J

income tax bracket J

current investments and financial profile J

comfort level with risk and prior investment experience J

time horizon for meeting investment and financial goals J

desired level of involvement in managing your finances J

From this discussion, we create an Investment Policy Statement that captures these goals and establishes clear investment guidelines for all your activities with us.

AssEt AlloCAtion: thE ProvEn FoUndAtion For invEstingOur investment philosophy focuses on strategic, long-term asset allocation with exposure to most asset classes and industry sectors. We look to grow and preserve the assets you’ve already accumulated, and seek to reduce risk by diversifying your portfolio.

In selecting the different kinds of investments to include in your portfolio, your Portfolio Manager will seek to choose the right mix of investments for you. Your mix may include individual stocks, bonds, mutual funds and exchange-traded funds (ETFs) from other world-class providers. Your portfolio may also include both domestic and international investments, exposure to equities of companies of various sizes, investments utilizing value and growth styles, and a range of taxable and tax-exempt bonds. Our highly customizable approach seeks diversification and addresses tax issues over the long term.

We use a mix of quantitative and qualitative processes to help your investments achieve the goals you’ve established. The team follows an extensive due diligence process to evaluate and monitor any outside money managers, as well as any investments we select for your portfolio. The team conducts its analysis using the latest investment tools and independent research, and rebalances your portfolio when needed to help make sure you stay on track.


A CollAborAtivE And ongoing PlAnning ProCEss Your portfolio management and service teams use a disciplined approach to determine your unique investment objectives, build your customized portfolio and continuously monitor and communicate results to you over time.

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stEP

1UndErstAnd YoUr nEEdsReview current portfolio; identify assets and liabilities

stEP

2EstAblish invEstMEnt objECtivEs Conduct financial needs analysis; establish goals and objectives

stEP

3dEtErMinE YoUr AssEt AlloCAtion Decide percentage of portfolio to invest in equities, fixed income, cash and, in some cases, real estate, with consideration of tax situation, risk tolerance, income needs and personal preferences

stEP

4sElECt And bUY sPECiFiC invEstMEnts Create customized portfolios of individual securities, mutual funds and other pooled investments

stEP

5AnAlYzE And CoMMUniCAtE rEsUlts Review current situation; refine goals; monitor and communicate results

stEP

6rEbAlAnCE PortFolio Adjust strategy and asset selections as required

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bUilding YoUr PortFolioThe chart below provides details on steps 3 and 4 of the planning process, in which the team constructs your individual portfolio. Your Portfolio Manager works with you to understand your tax situation, risk tolerance, income needs and personal preferences. The team then builds your custom portfolio, first determining the appropriate asset allocation, then selecting and buying specific investments.

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stEP

3

stEP

4

step

1

stEP

2

stEP

5

stEP

6

UndErstAnd YoUr nEEdsReview current portfolio; identify assets and liabilities

EstAblish invEstMEnt objECtivEs Conduct financial needs analysis; establish goals and objectives

AnAlYzE And CoMMUniCAtE rEsUlts Review current situation; refine goals; monitor and communicate results

rEbAlAnCE PortFolio Adjust strategy and asset selections as required

TIAA-CREF managed equity portfolio

Select actively-managed equity mutual funds

(U.S. and International)

Equity index mutual funds


Equity exchange - traded funds


Taxable money market funds

Tax-exempt money market funds

TIAA-CREF managed fixed-income portfolio

Custom laddered portfolio of individual bonds

Select actively-managed bond mutual funds


Bond index mutual funds (U.S. and International)

Bond exchange - traded funds


Equities CashFixed income real Estate*

sElECt And bUY sPECiFiC invEstMEnts Create customized portfolios of individual securities, mutual funds and other pooled investments

Select actively-managed real estate mutual funds

Real estate index mutual funds

Real estate exchange-traded funds

*Optional component for specialized portfolios

dEtErMinE YoUr AssEt AlloCAtion Decide percentage of portfolio to invest in equities, fixed income, cash and, in some cases, real estate, with consideration of tax situation, risk tolerance, income needs and personal preferences

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how PrivAtE AssEt MAnAgEMEnt MAnAgEs EQUitY invEstMEntsEquities are a critical part of most individuals’ portfolios. At TIAA-CREF Trust Company, your Portfolio Manager works closely with you to determine the right amount to allocate to stocks, stock funds or other investment vehicles based on your objectives and your comfort with risk. We use both individual investments and pooled investments to construct a portfolio based on what your asset allocation requires, with the goal of outperforming the S&P 500 and other market indices as appropriate.

When suitable for your goals, your Portfolio Manager may invest in individual securities based on our proprietary model for selecting the best large U.S. companies. We look at all the major sectors of the market, from consumer goods to financial services to health care and everything in between.

Within each sector of the S&P 500, we undertake a thorough quantitative and qualitative analysis of each company’s stock based on the following criteria:

the company’s intrinsic value J

any recent changes in shares outstanding, capital spending and profitability J

changes in earnings and stock price J

returns on capital in excess of capital costs J

This analysis results in a “best-in-class” selection of companies in each sector, from which we can build your custom portfolio. We look to keep your portfolio diversified across all sectors to match the S&P 500 Index, with variations kept within a narrowly-defined range. Generally, we choose companies whose market capitalization exceeds $3 billion and, as always, we build your portfolio with careful consideration of your tax situation, risk tolerance and investment objectives.

As your personal circumstances or the markets change, we work closely with you to make appropriate modifications to your strategy. The personal attention paid by your Portfolio Manager also helps you avoid “over-diversification,” which can water down returns over time by duplicating holdings and overexposing you to a particular company or sector. For example, some affluent consumers invest in many different mutual funds at once, which means that their assets are likely to be invested in the same companies over and over. Our customized, disciplined approach reduces the likelihood of this duplication occurring.

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how PrivAtE AssEt MAnAgEMEnt MAnAgEs FixEd-inCoME invEstMEntsFixed-income investments have historically experienced fewer ups and downs than equities, and are generally part of a well-diversified portfolio. Your Portfolio Manager determines the appropriate amount of your portfolio to allocate to fixed-income securities. The Private Asset Management Fixed Income Team then begins to build this portion of your portfolio, and may select from a wide array of fixed-income securities including individual bonds, U.S. and international actively-managed funds, index or index-like mutual funds and exchange -traded funds.

In some circumstances, the Fixed Income Team may include a separate portfolio of actively- managed fixed-income investments to generate potentially higher returns, help reduce risk, balance your overall mix of investments and achieve your goals. When constructing this specialized fixed-income portfolio, we analyze the macroeconomic environment, including government fiscal and monetary policy, and other political and economic factors, such as inflation, interest rates, yield-curve shape and market volatility, both in the U.S. and abroad. From there, we conduct a thorough analysis of each security using a clearly-defined process governed by a singular focus on risk management. This process includes:

choosing an appropriate mix of investments across bond qualities, security types J

and duration

utilizing all industry sectors from the S&P 500 when investing in corporate bonds J

considering various pricing structures, as well as variables such as coupons, maturity J

and embedded call options

continuously monitoring your portfolio holdings and making strategic adjustments as J

necessary to maximize income generation and potential returns

Throughout the process, we consider your tax situation, and may include tax-exempt bonds if they will help achieve your after-tax goals.

Investment Grade Fixed IncomeHigh Yield Fixed IncomeDomestic Large Cap Core EquityDomestic Small Cap EquityDomestic Micro Cap EquityInternational Large Cap EquityInternational Small Cap EquityEmerging Markets EquityReal Estate

19%7%

36%11%

6%7%3%3%8%

Investment Grade Fixed IncomeHigh Yield Fixed IncomeDomestic Large Cap Core EquityDomestic Small Cap EquityDomestic Micro Cap EquityInternational Large Cap EquityInternational Small Cap EquityEmerging Markets EquityReal Estate

28%10%30%9%5%6%3%2%7%

Investment Grade Fixed IncomeHigh Yield Fixed IncomeDomestic Large Cap Core EquityDomestic Small Cap EquityDomestic Micro Cap EquityInternational Large Cap EquityInternational Small Cap EquityEmerging Markets Equity Real Estate

60%0%

22%6%0% 4%3%0% 5%

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A CUstoM PortFolio For EvErY tYPE oF individUAl

the profiles above were created to show how tiAA-CrEF trust Company works with each client to create a portfolio tailored to his or her financial situation. these examples are fictional and for illustrative purposes only. Your Private Asset Management team will work with you to develop your personalized portfolio.

Portfolio solution: $3.5 million

Profile: Entrepreneur who built medical devices company around his invention; married with three teenage children

Current annual income: $300,000

sources of wealth: current $10 million stake in business J

equity taken out of business in prior years J

two large brokerage accounts, several IRAs J

owns primary home J

Financial goals: grow assets J

tax-efficient investing J

fund children’s college education J

possibly sell remaining interest in business J

to his partners

investment experience:focused on his business until recently J

comfortable with taking risk J

risk profile: Aggressive

MArtin, 46new to tiAA-CrEF

Martin’s TIAA-CREF team has developed an aggressive growth solution. This portfolio seeks growth through individual stocks for the large-cap core allocation, supplemented with broadly diversified mutual funds and exchange -traded funds for the small-cap, international and real estate components. Fixed-income exposure is obtained through a managed individual bond portfolio along with inflation-protected and high-yield bond funds. Since he is already receiving substantial income, Martin should not need to tap into this portfolio, which may be subject to significant fluctuation.

Equity Domestic Large Cap Core 36%Domestic Small Cap 11%Domestic Micro Cap 6%International Large Cap 7%International Small Cap 3%Emerging Markets 3%Fixed IncomeInvestment Grade 19%High Yield 7%Real Estate

66%

26%

8%

Profile: Full professor at a major university; has two grown children with her husband, an artist


sources of wealth: disciplined savings program through J

university’s 403(b) program

outside consulting income J

significant mutual fund advisory account J

with a regional bank

husband has an IRA and a brokerage J

account

Financial goals: grow assets to protect against inflation J

generate adequate retirement income J

customized investment management J

investment experience:tends to be conservative J

most experience is with mutual funds J

through retirement plans

risk profile: Conservative

lYdiA, 59Current tiAA-CrEF participant


Lydia and her TIAA-CREF team have agreed to an income and growth solution. The TIAA-CREF team constructed a customized portfolio of mutual funds, exchange-traded funds and individual securities. It includes a substantial allocation to investment- grade, fixed-income vehicles to suit Lydia’s conservative nature. The high-quality, fully diversified fixed-income portfolio is designed to provide more stable income-oriented investments for retirement income. The growth-oriented equity investments will continue to grow her principal as a hedge against inflation.

Equity Domestic Large Cap Core 22%Domestic Small Cap 6%Domestic Micro Cap 0%International Large Cap 4%International Small Cap 3%Emerging Markets 0% Fixed IncomeInvestment Grade 60%High Yield 0%Real Estate

35%

60%

5%

Profile: Physician who stopped working five years ago; married with grown children


sources of wealth: 403(b) from hospital J

SEP-IRAs from private practice J

various investment and brokerage accounts J

owns primary home and a vacation home J

Financial goals: simplify finances by consolidating assets J

and having a single point of contact

establish trustee relationship where J

investment professional can manage his family’s affairs if needed

investment experience:used to be more aggressive, taking a J

moderate approach as he grows older

researches broker’s recommendations J

prior to approval of purchase or sale

has dabbled in online trading J

risk profile: Moderate

dAvid, 70retired tiAA-CrEF participant

David has opted to establish a trust along with an Investment Advisory account. With this account, the TIAA-CREF team obtains his approval before placing trades. His growth and income solution includes a large-cap core portfolio of individual stocks due to his interest and experience level. The objective behind this strategy is to grow the assets for his estate to ultimately benefit his children, with generation of some current income as a secondary goal.


EquityDomestic Large Cap Core 30%Domestic Small Cap 9%Domestic Micro Cap 5%International Large Cap 6%International Small Cap 3%Emerging Markets 2%Fixed IncomeInvestment Grade 28%High Yield 10%Real Estate

55%

38%

7%

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tiAA-CrEF trUst sErviCEsA SMART CHOICE TO HELP REDUCE TAxES AND PROTECT YOUR INTERESTS

Many people assume trusts are only for the ultra-wealthy, but that is a misconception. So how do you know if a trust is right for you and your loved ones? Simply defined, a trust is a legal relationship where a person transfers legal oversight and responsibility for financial assets and other physical properties to another individual or institution.

The decision to establish a trust represents a big step in your financial life. To help you make an informed decision, we’ve put together the following list of common circumstances in which people consider establishing a trust:

You and /or a family member have accumulated significant assets and do not have the J

time or desire to manage them on your own.

You have (or anticipate having) complex estate planning requirements, or simply J

want to minimize estate taxes and probate costs that are often incurred when transferring assets through a will.

You are concerned that your will may be challenged in court. J

You want to provide for professional management of your assets in the event of J

your incapacity or death.

You want to establish a professionally administered program for charitable giving J

or other philanthropic activities.

You want to provide for children from a previous marriage or children with special needs. J

You want to influence how your beneficiary uses his or her inheritance. J

From a legal standpoint, there are a number of options from which to choose when you decide to establish a trust. Acting on your behalf, TIAA-CREF Trust Company can assume various capacities, including:

sole (or current) trustee J

co-trustee, working alongside another individual or institution J

successor trustee, after another individual or institution transfers ownership and J

management of your assets and property to us

TIAA-CREF Trust Company provides expertise in establishing and managing a range of trust types, each of which we’ve summarized in the table to the right.


living trust may reduce estate taxes J

may shorten estate settlement time frame J

enhanced privacy (not public record like probate documents) J

revocable or irrevocable J

testamentary trust

holds assets for the benefit of a spouse, child or others J

revocable until death J

amendments made simply by changing the will J

assets subject to estate taxes J

irrevocable life insurance trust

tax-free benefits go to surviving spouse and/or beneficiaries J

provides liquidity for estate taxes or other needs J

must be irrevocable to receive tax benefits (grantor must J

relinquish control)

Charitable remainder trust

may reduce capital gains and estate taxes J

grantor transfers assets to a trust to benefit chosen charity J

grantor receives a current charitable deduction for the computed value J

of the gift, if made during lifetime trust pays out income to designated beneficiary (grantor or others), J

either for life or a period of years upon the death of the last income beneficiary, or at the end of the J

term, charity receives trust property

Charitable lead trust

may reduce capital gains and estate taxes J

grantor transfers assets to a trust to benefit chosen charity J

grantor receives a current charitable deduction for the computed value J

of the gift, if made during lifetime trust pays out income to a designated charity for a specific time period J

at the end of the trust term, specified beneficiaries receive the J

remaining trust property

which trust is right for you?

trUst tErMs YoU shoUld know

grantorThe person who establishes the trust, and who owns the assets or other property that will become part of the trust.

beneficiaryThe person or entity who will receive assets or property according to the terms of the trust.

trusteeThe person or institution to whom the grantor has transferred legal oversight and responsibility for the assets and property. The trustee can make decisions on behalf of the grantor regarding management and administration.

Assets/PropertyThe elements used to fund a trust: securities, bonds, mutual funds, cash, other investment portfolio holdings, insurance policies, real estate, artwork and other high-value physical objects.

termsThe specific rules and regulations established by the grantor (in consulta-tion with the trustee) that govern the management, administration and distribution of the assets/property of the trust.

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how wE work with YoUCOLLABORATING FOR YOUR FINANCIAL SUCCESS

Our commitment to outstanding client service drives everything we do. From the beginning, we establish a team of senior professionals who will manage all aspects of your financial relationship with us. In addition, members of the core team often work in close consultation with other TIAA-CREF wealth management professionals and select outside advisors.

Through in-person consultations, telephone conferences and electronic communications, we ensure that you have regular access to your team for questions and expert advice. We also offer a full complement of Web-based tools that allow you to monitor your portfolio and its holdings.

Throughout your ongoing relationship, your Portfolio Manager continually focuses on maximizing your portfolio’s returns based on your needs, risk tolerance and investment objectives.

Working together with the Portfolio Manager, Account Administrative Specialists oversee and coordinate the following types of activities:

trust administration J

consolidated asset reporting J

client consultations J

cash management and bill payment J

coordination with other advisors and external professionals J

sEAMlEss PArtnErshiP with YoUr trUstEd AdvisorsWhether you have an existing TIAA-CREF relationship or not, your team will collaborate with any number of other advisory professionals who provide counsel and strategic advice on your financial affairs, including experts in the following areas: tax and accounting services, insurance coverage, estate planning, retirement strategies, charitable gifts and legal services.

Our dedicated teams provide ongoing advice and integrated planning to ensure that we develop a comprehensive, holistic understanding of your current and future financial needs, and continue to address each unique aspect of your financial life.

PRIVATE ASSET MANAGEMENT AND TRUST SERVICES 11 PRIVATE ASSET MANAGEMENT AND TRUST SERVICES 11

siMPliFY YoUr liFE with An ArrAY oF hElPFUl sErviCEsWhether or not you’ve chosen to establish a trust, you can take advantage of a number of TIAA-CREF Trust Company’s services to reduce complexity in your financial life.* We are able to manage a number of financial activities and responsibilities on your behalf, including:

paying bills J

managing cash flow J

collecting dividends, interest and other income J

keeping records J

protecting physical and financial assets J

If you choose to establish a trust with us, we can also assume responsibility for preparing your annual trust tax return and all associated documentation, paying beneficiaries, overseeing your real estate interests, distributing principal and income payments, and administering funding for complex trusts. For those with significant assets and more complex needs, we offer stock option and gift planning analysis, education planning and other specialty services.

*Additional fees may apply


tiAA-CrEF: FinAnCiAl sErviCEs For thE grEAtEr good.

oUr historYWe are TIAA-CREF. A $400 billion full-service financial services company that has dedicated itself to helping those in the academic, medical, cultural and research fields for 90 years. Our clear and long-held commitment to serving the financial best interests of those who serve the benefit and enlightenment of others has never and will never change.

oUr gUiding PrinCiPlEsWith our strong non-profit heritage, we have long subscribed to a different set of guiding principles: principles directly influenced by the people we serve.

As a result, we take a different view on performance. It all begins with a commitment to seek consistent, long-term performance and solid returns. But we think true performance is about more than returns alone. True performance is about providing our knowledge and expertise to help our participants maximize their investable assets. It’s about striving to keep our fees low to ensure more of our participants’ money is working hard for them. It’s about offering personalized, objective advice by non-commissioned consultants* to help ensure our participants’ best interests are always being served. And it’s about offering retirement income solutions that guarantee our participants won’t outlive their income.**

oUr MissionThe mission we embarked on in 1918 still rings true today. TIAA-CREF is dedicated to serving the retirement needs of those who serve the greater good. We are there when our participants begin their careers helping others. And we will be there to guide them to and through their retirements.

*Our Advisors receive no commissions. They are compensated through a salary plus incentive program that focuses on client service excellence. **Guarantees are based on the claims paying ability of the issuer.

Why TIAA- CREF?

As one of the nation’s largest financial organizations, we’ve served those in the academic, medical, cultural and research fields since 1918. TIAA-CREF Trust Company manages or administers over $6 billion in assets and is an important component of the overall organization. Our goal is to help you make the most of the wealth you’ve accumulated. When you work with TIAA-CREF Trust Company, you’ll enjoy these benefits:

OUTSTANDING CLIENT SERVICE. J We provide you with an experienced team of senior investment and administrative professionals. You receive a level of personalized service and access that many firms either don’t offer, or reserve only for a handful of top clients.

PEACE OF mIND. J TIAA-CREF has had a reputation for operating with the highest level of integrity for 90 years. Our corporate governance standards go beyond what is required of us, and our financial stability provides a sound foundation for your future.

COmPREhENSIVE INVESTmENT CAPAbILITIES. J We offer an array of investment options to meet your needs. Our team of experts has the knowledge, experience and talent to help you achieve your objectives.

STRONG hISTORICAL RETURNS WITh COmPETITIVE FEES. J Our services are reasonably priced, and we offer a disciplined long-term investment approach that makes sense for investors who seek relative stability and value. Of course, past performance is no guarantee of future returns.

CONVENIENCE. J You can simplify your financial life by working with just one team: your team of TIAA-CREF professionals.

There may be tax consequences associated with a transfer of assets. Nondirect transfers may be subject to taxation, surrender charges and penalties. Consult with your tax advisor regarding your particular situation.

We encourage you to contact your TIAA-CREF Advisor, Consultant or Trust Company representative to discuss this information and review next steps. If you currently do not have a dedicated TIAA-CREF contact, please call 888 842-9001 and we will put you in touch with someone who can help.

Investment products are not FDIC insured, may lose value, and are not guaranteed. Investment products are not deposits or other obligations of TIAA-CREF Trust Company, FSB; are not guaranteed by TIAA-CREF Trust Company, FSB; and are subject to investment risks, including possible loss of principal invested.

The tax information contained in this booklet is not intended to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties. It was written to support the promotion of TIAA-CREF Trust Company, FSB. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

© 2008 TIAA-CREF Trust Company, FSB, One Metropolitan Square, 211 North Broadway, St. Louis, MO 63102

C41507 A36844 (8/08)

PRIVATE ASSET MANAGEMENT AND TRUST SERVICES

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