1. TIAA-CREF Lifecycle Funds: A Simple Choice Participant Presentation

2. 2 Life is a series of decisions… Who is picking up the kids? Where should we eat tonight?

3. 3 Everyday challenge: Savings vs. spending Save?Spend?

4. 4 Retirement savings choices are important too How do I choose my investments? …Among the many, many options available

5. 5 Solution: TIAA-CREF Lifecycle Funds Lifecycle Funds Lifecycle Funds remove the complexity of deciding which investing option is right for you and offer age-appropriate solutions to help provide retirement security and income. Diversified mutual funds where asset allocation is automatically adjusted over time. Sometimes called “target-date” funds, since you chose the fund that most closely matches your retirement (“target”) date. Draw on our decades of TIAA-CREF asset allocation experience. Managed by TIAA-CREF professionals who aim for a high total return over time while maintaining a risk-managed exposure.

6. 6 How do Lifecycle Funds work? Choose the fund with the date that is closest to when you expect to retire.

7. 7 Lifecycle Funds process Expert market knowledge Historical investment performance Future expectations insights Unmatched insight into unique retirement needs Fund Portfolio Manager selects the right investment mix for your fund.

8. 8 Lifecycle Funds key feature Continual review and refinement over time… …Investment mix Is adjusted accordingly

9. 9 Hypothetical changes as you move towards retirement Asset allocation glide path for TIAA-CREF Lifecycle Funds Higher equity allocations during retirement to help address longer lifespans Lifecycle Funds balance market and longevity risks for long-term growth potential. U.S. Equity International Equity Fixed Income Short-Term Fixed Income Inflation-Protected Assets Source: TIAA Global Asset Management

10. 10 TIAA ‑ CREF Lifecycle Funds reflect our time-tested investing principles 90 year history as an investment services provider Pre-retirement wealth accumulation and maximizing opportunity for income during retirement Broad diversification within and across asset classes Full investment within selected asset classes Low costs in relation to industry peers* Carefully managed risk appropriate to investor’s time horizon Active security selection based on research and analysis * Morningstar Direct (December 31, 2015). The expense ratio on the TIAA-CREF Lifecycle Funds, Institutional Class, and the TIAA-CREF Lifecycle index Funds, institutional class, fall into the lowest decile in terms of fees.

11. 11 Lifecycle Fund benefits to you Makes saving for retirement easier… …So you can enjoy it more. Play Volunteer

12. 12 Lifecycle Fund information, tools and resources Videos (www.youtube.com/tiaacref) Target-Date/ Lifecycle Calculator TIAA-CREF Lifecycle Information Educational Articles

13. 13 How to take the next step… If you’re not currently enrolled in your retirement savings plan... If you’re already enrolled in the plan... Enroll using the procedures established by your plan. Pick your retirement date and select the TIAA-CREF Lifecycle Fund closest to that date. Transfer your current balance to the fund. Direct your contributions into your fund. Direct your future contributions into your fund. Look for additional information or want to take a closer look at YOUR fund?

14. 14 tiaa-cref.org/asset management ©2015 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017 C27548 Please note Lifecycle Funds are subject to the equity and fixed income risk, as well as asset allocation risk. The target-date for Lifecycle Funds is the approximate date when investors plan to start withdrawing their money. The principal value of the fund(s) is not guaranteed at any time, including at the target-date. TIAA-CREF has 24 Lifecycle Funds (12 actively managed funds and 12 index funds). The Morningstar category for Lifecycle Funds is named Target Date and Morningstar groups funds within the same target date in compiling its individual fund rankings. Portfolios are subject to certain risks such as market and investment style risk. Please consider all risks carefully before investing. Target-date mutual funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. Diversification is a technique to help reduce risk. There is no guarantee that diversification will protect against a loss of income. The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Past performance does not guarantee future results. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org. for details.www.tiaa-cref.org You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161or log on to tiaa-cref.org for product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.iaa-cref.org TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.