1. CHARTING YOUR FINANCIAL COURSE: A GUIDE FOR WOMEN C49257

2. OUR FOCUS TODAY >EVALUATE YOUR FINANCIAL HEALTH >SET FINANCIAL GOALS >MAKE YOUR MONEY WORK FOR YOU >MANAGING BEING SINGLE AGAIN >PUT IT ALL TOGETHER – YOUR FINANCIAL PLAN 2

3. KEY FINANCIAL CHALLENGES FOR WOMEN 3

4. DID YOU KNOW?* >Women still earn only 77 cents to a full-time working man’s dollar. >Two-thirds of all working women earn less than $30,000 a year in jobs without pensions. >Over a lifetime, women will spend 27 years in the workforce, while men will spend almost 40 years. * “What People Need to Know About Retirement”, National Center for Women and Retirement Research (WISER), 2008. 4

5. SAVINGS CHALLENGES WOMEN MAY FACE 1.May need to save more money due to longevity 2.May have fewer years to save the necessary amount 3.May not be able to save as much from year to year 5

6. COMMON MYTHS ABOUT MONEY >I need to have a lot of money before I can start investing >If my spouse has a health and pension plan, then I don’t need to worry about having my own >Women and men have the same investment goals 6

7. COMMON MYTHS ABOUT MONEY (continued) >Women and men receive the same retirement benefits >Medicare will take care of my long-term care needs 7

8. EVALUATE YOUR FINANCIAL HEALTH WHERE DO YOU STAND? >Organize your financial records >Check your credit rating >Review your cash flow >Review your net worth >Consider what goals you need to save for 8

9. CASH FLOW AND NET WORTH – WHAT ARE THEY? CASH FLOW = THE PATH YOUR MONEY TAKES NET WORTH = RATIO OF WHAT YOU OWN TO WHAT YOU OWE – = INCOMEEXPENSESPOSITIVE OR NEGATIVE? – = ASSETSLIABILITIESPOSITIVE OR NEGATIVE? EVALUATE YOUR FINANCIAL HEALTH 9

10. SET FINANCIAL GOALS WHAT DO YOU WANT TO ACHIEVE? PLAN FOR YOUR… Short-term financial goals Long-term financial goals 10

11. SHORT-TERM FINANCIAL GOALS >Reduce unnecessary expenditures –Use cash flow information –Reduce debt and increase net worth >Determine savings priorities –Emergency account, auto purchase, other >Begin or increase savings for goals –Pay yourself first –Check your tax withholding –Start today SET FINANCIAL GOALS 11

12. LONG-TERM FINANCIAL GOALS >Retirement >Paying off your mortgage >Protecting your assets >Building a financial legacy SET FINANCIAL GOALS 12

13. INSURANCE – STRATEGIES TO PROTECT YOUR ASSETS >Life insurance >Property/casualty and liability insurance >Disability income insurance >Long-term care insurance SET FINANCIAL GOALS 13

14. INCOME REPLACEMENT Disability Insurance Pays a portion of your income if you become disabled Additional tool to use to try and protect your assets Group disability insurance sometimes available through your employer via long-term and/or short-term policies SET FINANCIAL GOALS 14

15. LONG-TERM CARE INSURANCE >Helps: >you afford appropriate care >protect your savings and assets >preserve your freedom of choice in choosing care SET FINANCIAL GOALS 15

16. SAVING AND INVESTING BASICS >Pay yourself first! >Continue making payments to savings when debt is eliminated >Increase contributions when you get a raise >Take advantage of your company match >Understand the concepts of compounding and tax-deferred growth MAKE YOUR MONEY WORK FOR YOU 16

17. *Based upon your salary, you may contribute up to the maximum amount under each scenario represented by the different bars. **You must be an employee of an eligible teaching institution, hospital, church, home health agency or health and welfare service agency to be eligible for these contribution limits. CONTRIBUTING MORE LOOKING FOR OPPORTUNITIES IN A DOWNTURN 17 2011 LIMITS FOR SALARY DEFERRAL RETIREMENT PLANS* 403(b) Plans Only

18. *Based upon your salary, you may contribute up to the maximum amount under each scenario represented by the different bars. **You must be an employee of an eligible teaching institution, hospital, church, home health agency or health and welfare service agency to be eligible for these contribution limits. 2011 LIMITS FOR SALARY DEFERRAL RETIREMENT PLANS* 403(b) Plans Only CONTRIBUTING MORE LOOKING FOR OPPORTUNITIES IN A DOWNTURN 18

19. TRADITIONAL AND ROTH IRAs – GREAT FOR ADDITIONAL RETIREMENT SAVINGS! MAKE YOUR MONEY WORK FOR YOU * After 2010, indexing may be in $500 increments, subject to inflation. IRA contribution limits rise for deductible and nondeductible. Traditional and Roth IRAs. Eligibility to participate in a Roth IRA is subject to income limits. YEARIRA* 50+ CATCH UP TOTAL $ YEARLY 19 2011*$5,000$1,000$6,000

20. INVESTMENT CONSIDERATIONS >Investment Risk >Volatility >Diversification and Asset Allocation >Expenses Matter MAKE YOUR MONEY WORK FOR YOU There is no account fee to own a TIAA-CREF IRA; however, brokerage transaction fees may apply. In addition, investors are subject to the underlying funds’ portfolio management fees and expenses. 20

21. 21 IMPORTANCE OF ASSET ALLOCATION AND DIVERSIFICATION DIVERSIFICATION CAN HELP REDUCE PORTFOLIO VOLATILITY* * Diversification is a technique to help reduce risk. There is no absolute guarantee that diversification will protect against a loss of income. Past performance is no guarantee of future results. Source: © Ibbotson Associates, a wholly owned subsidiary of Morningstar, Inc. Hypothetical value of $1 invested at year-end 1925. Assumes reinvestment of income and no transaction costs or taxes. Chart illustrates returns from 1/1/1926 to 12/31/2010. Benchmarks: S&P 500 Index, Ibbotson U.S. Long Term Corporate Bonds, Ibbotson U.S. Long Term Government Bonds, Ibbotson U.S. 30-Day Treasury Bills, U.S. Consumer Price Index for All Urban Consumers (CPI-U). You cannot invest directly in an index. 1926 TO 2010 Average Return 3.62% 5.48% 5.93% 9.87% Ending Wealth $21 $93 $133 $2,976 $.10 $1 $10 $100 $1,000 $10,000 192619341943195219611970197919882010 $122.99% Stocks Corporate Bonds Government Bonds Treasury Bills Inflation

22. TYPES OF RISK >Interest-Rate Risk >Inflation Risk >Market Risk >Foreign Investment Risk >Market-Timing Risk MAKE YOUR MONEY WORK FOR YOU 22

23. SIGNIFICANT DOWNTURNS ARE NOT UNCOMMON MAKE YOUR MONEY WORK FOR YOU Source: Ibbotson Associates, Inc.; Final Period Source: CREF Investments. Both Sources: Large Company Stocks – Standard & Poor’s 500 ®, which is an unmanaged group of securities and considered to be representative of the stock market in general. The data assumes reinvestment of all income and does not account for taxes or transaction costs. The average return represents a compound annual return. An investment cannot be made directly in an index. Past performance is not a guarantee of future results. Next? PERIOD 9/29-6/32 6/46-4/47 8/56-2/57 8/57-12/57 1/62-6/62 2/66-9/66 12/68-6/70 1/73-9/74 1/77-2/78 12/80-7/82 9/87-11/87 6/90-10/90 7/98-8/98 9/00-9/02 11/07 – 2/09 LENGTH 34 months 11 months 7 months 5 months 6 months 8 months 19 months 21 months 14 months 20 months 3 months 5 months 2 months 25 months 16 months DECLINE IN S&P 500 ® -83.4% -21.0% -10.2% -15.0% -22.3% -15.6% -29.3% -42.6% -14.1% -16.9% -29.5% -14.7% -15.4% -44.7% -50.9% 23

24. UNDERSTANDING EQUITY MARKET VOLATILITY Equity markets Constantly react to events and conditions Small changes in equity assumptions often equate to large changes in equity values Changes in equity assumptions often include reactions to events MAKE YOUR MONEY WORK FOR YOU 24

25. LOOK FOR THE SILVER LINING IN VOLATILE TIMES >When share prices are lower –Dollar cost averaging* –Systematic transfers* >When interest rates are declining –Refinance your mortgage –Transfer credit card balance to lower rates >Take advantage of new tax laws –Increased investment opportunities * Please be advised that systematic investing does not assure a profit, and does not protect against loss in declining markets. In addition, such a plan involves continuous investment in securities regardless of fluctuating prices, and the investor should consider his/her financial ability to continue purchases through periods of low price levels. MAKE YOUR MONEY WORK FOR YOU 25

26. UNDERSTANDING EQUITY MARKET VOLATILITY Remember… The trade-off for higher returns is higher risk in the equity markets Diversifying asset allocations can mitigate risk MAKE YOUR MONEY WORK FOR YOU Diversification is a technique to help reduce risk. There is no absolute guarantee that diversification will protect against a loss of income.. 26

27. *Diversification does not guarantee against losses Spreads risk among different asset classes Potentially reduces overall portfolio volatility Investment performance for individual asset classes will vary To diversify, allocate assets… −Across Asset Classes −Within Asset Classes Non-Equities Equities UNDERSTANDING DIVERSIFICATION MAKE YOUR MONEY WORK FOR YOU 27

28. ASSET CLASSES >Guaranteed* >Money Market >Fixed Income >Real Estate >Equities * Guaranteed by the claims-paying ability of the issuer. MAKE YOUR MONEY WORK FOR YOU 28

29. BUILDING YOUR PORTFOLIO WITH TIAA-CREF >Option A – Create your own allocation –Use our Asset Allocation Evaluator –Have an allocation prepared >Option B – Select one of our model portfolios MAKE YOUR MONEY WORK FOR YOU 29 ?

30. WE’LL HELP YOU ALLOCATE YOUR PORTFOLIO MAKE YOUR MONEY WORK FOR YOU 30 * Based on the claims-paying ability of TIAA. The specific asset allocations shown in the model portfolios were generated by Ibbotson Associates, one of the nation’s leading financial advisors. They are based on well-known optimization techniques, using historical return, volatility and correlation data from indexes like the Russell 1000 stock index. This optimization procedure is based on assumptions about historical market data, and future market conditions may vary from these assumptions. The model portfolios presented here were not created specifically for you and may not take into account your particular retirement goals or investment preferences. The ultimate allocation decision is up to you after you have considered investment information that pertains to your own personal circumstances. CONSERVATIVE

31. WE’LL HELP YOU ALLOCATE YOUR PORTFOLIO MAKE YOUR MONEY WORK FOR YOU 31 MODERATELY CONSERVATIVE * Based on the claims-paying ability of TIAA. The specific asset allocations shown in the model portfolios were generated by Ibbotson Associates, one of the nation’s leading financial advisors. They are based on well-known optimization techniques, using historical return, volatility and correlation data from indexes like the Russell 1000 stock index. This optimization procedure is based on assumptions about historical market data, and future market conditions may vary from these assumptions. The model portfolios presented here were not created specifically for you and may not take into account your particular retirement goals or investment preferences. The ultimate allocation decision is up to you after you have considered investment information that pertains to your own personal circumstances.

32. WE’LL HELP YOU ALLOCATE YOUR PORTFOLIO MAKE YOUR MONEY WORK FOR YOU 32 MODERATE * Based on the claims-paying ability of TIAA. The specific asset allocations shown in the model portfolios were generated by Ibbotson Associates, one of the nation’s leading financial advisors. They are based on well-known optimization techniques, using historical return, volatility and correlation data from indexes like the Russell 1000 stock index. This optimization procedure is based on assumptions about historical market data, and future market conditions may vary from these assumptions. The model portfolios presented here were not created specifically for you and may not take into account your particular retirement goals or investment preferences. The ultimate allocation decision is up to you after you have considered investment information that pertains to your own personal circumstances.

33. WE’LL HELP YOU ALLOCATE YOUR PORTFOLIO MAKE YOUR MONEY WORK FOR YOU MODERATELY AGGRESSIVE * Based on the claims-paying ability of TIAA. The specific asset allocations shown in the model portfolios were generated by Ibbotson Associates, one of the nation’s leading financial advisors. They are based on well-known optimization techniques, using historical return, volatility and correlation data from indexes like the Russell 1000 stock index. This optimization procedure is based on assumptions about historical market data, and future market conditions may vary from these assumptions. The model portfolios presented here were not created specifically for you and may not take into account your particular retirement goals or investment preferences. The ultimate allocation decision is up to you after you have considered investment information that pertains to your own personal circumstances.

34. WE’LL HELP YOU ALLOCATE YOUR PORTFOLIO MAKE YOUR MONEY WORK FOR YOU AGGRESSIVE * Based on the claims-paying ability of TIAA. The specific asset allocations shown in the model portfolios were generated by Ibbotson Associates, one of the nation’s leading financial advisors. They are based on well-known optimization techniques, using historical return, volatility and correlation data from indexes like the Russell 1000 stock index. This optimization procedure is based on assumptions about historical market data, and future market conditions may vary from these assumptions. The model portfolios presented here were not created specifically for you and may not take into account your particular retirement goals or investment preferences. The ultimate allocation decision is up to you after you have considered investment information that pertains to your own personal circumstances.

35. MANAGING YOUR INVESTMENTS TIAA-CREF LIFECYCLE FUNDS*: * In addition to the fees and expenses associated with the Lifecycle Funds, there is exposure to the fees and expenses associated with the underlying investment options. Please note that TIAA-CREF Lifecycle Funds are actively managed, so their asset allocations are subject to change and may vary from those shown or discussed. Approximately seven to ten years after a Lifecycle Fund’s target date, the fund may merge into the Lifecycle Retirement Income Fund or a similar fund. 2050 FUND 2045 FUND 2040 FUND 2035 FUND 2030 FUND Fixed-Income Funds Equity Funds Asset allocations become more conservative as you approach retirement. As with all mutual funds, the principal value isn’t guaranteed. Also, the target date of the Lifecycle Fund is an approximate date when investors may begin withdrawing from the fund. 2025 FUND 2020 FUND 2015 FUND 2010 FUND Retirement Income Fund

36. This chart assumes expenses are withdrawn from the account at year-end, based on year-end assets. It is presented for illustrative purposes only and does not reflect actual performance, deduction of taxes or predict future results of any TIAA-CREF account. Before committing money to an account, be sure to check its expenses. Refer to the prospectuses available at this seminar for current expenses. However, lower expenses do not mean higher returns. $10,000 INVESTED OVER 30 YEARS EARNING 6% EXPENSES 2.00%1.50%0.50% COMPARE EXPENSES MAKE YOUR MONEY WORK FOR YOU 36

37. BECOMING SINGLE AGAIN If you’ve become single as a result of being: Widowed Divorced Separated from a long-term partnership MANAGING BEING SINGLE AGAIN 37

38. IMPORTANT STEPS TO TAKE Address your emotional needs Take time for yourself to adjust Seek professional advice as needed Ask questions Assess your finances Gather important documents Create new cash flow and net worth statements Review investing and insurance needs Check your credit rating/score MANAGING BEING SINGLE AGAIN 38

39. DIVORCE AND YOUR RETIREMENT PLANS >Division of retirement accounts >Social Security benefits >Review documents –Beneficiary designations –Property title >Review your asset allocation after accounts are divided MANAGING BEING SINGLE AGAIN 39

40. YOUR FINANCIAL PLAN >Pay off high interest credit card debt >Have a financial security fund of in case of an emergency like a loss of a job >Buy or evaluate your existing insurance to protect your family and property >Have a will and a living will PUT IT ALL TOGETHER 40

41. YOUR FINANCIAL PLAN >If you have a mortgage, understand the rate and options for refinancing to save money >Maximize your saving through your employer’s retirement plan >Identify your tolerance for risk for your investments and align with your asset allocation >Understand asset diversification, market volatility and options for allocating your retirement savings including Lifecycle funds PUT IT ALL TOGETHER 41

42. YOUR FINANCIAL PLAN >Strongly consider opening or contributing to an IRA to supplement your employer sponsored savings plan >If your asset levels are considerable, consider creating an estate plan for long term security for your family >See an Individual Consultant if you need help building an financial plan PUT IT ALL TOGETHER 42

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44. Please note: Neither TIAA-CREF nor its affiliates provide legal or tax advice. Please consult with your advisors. 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. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. The tax information contained herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed herein. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. This discussion is general in nature, is intended for informational purposes only and is not intended to provide specific advice or recommendations for any individual or organization. The circumstances surrounding each situation differ. © 2011 Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017 44 TAKE THE NEXT STEP Call us at 800 842-2252 Visit us at tiaa-cref.org

45. IMPORTANT INVESTMENT INFORMATION You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or visit tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing.

46. TIAA-CREF IS HERE FOR YOU tiaa-cref.org 46 *There is no account fee to own a TIAA-CREF IRA; however, brokerage transaction fees may apply. In addition, investors are subject to the underlying funds’ portfolio management fees and expenses. The products and services referenced above are offered by various entities within the TIAA-CREF group of companies. Life Insurance College savings and other priorities Tax- advantaged saving No-fee IRAs* Brokerage Services Mutual Funds