1. Making the Most of Your Financial Future Union College Retirement Plan Enhancements Effective March 1, 2013

2. Union College2 Today’s agenda  Retirement Plan enhancements  Making investment decisions and how TIAA-CREF can help  Action steps  Q&A

3. Union College3 The basics of the Plan stay the same Employee or Employer Contribution Rates/Schedules No change Eligibility RequirementsNo change Vesting ScheduleNo change

4. Union College4 New investment choices: Benefits 1Access to streamlined investment choices 2Opportunities for greater diversification 3Low cost investment choices 4Choices designed to help you seek a secure retirement

5. Union College5 A tiered approach offers flexibility and choices for all investors Three approaches to investing Tier 1Tier 2Tier 3 Target-date fundsPassive optionsActively managed investment options Investment Approach: One-step approach to investing. Your investment allocation is professionally managed and is based on your anticipated retirement date. Investments are broadly diversified among stocks, bonds, short-term fixed income and inflation-protected assets. Investment Approach: It is an investment process that aims to replicate the returns of a specific market index (i.e., an equity or fixed-income index). Investment Approach: A portfolio manager makes specific investment decisions and actively manages the investment portfolio with the goal of outperforming its benchmark (or market index).

6. Picture Placeholder Union Plan enhancements

7. Union College7 Investment options Tier 1Tier 2Tier 3 Target-date fundsPassive Investment optionsActively managed investment options  TIAA-CREF Lifecycle Index 2010 Fund – Premier Class (TLTPX)  TIAA-CREF Lifecycle Index 2015 Fund – Premier Class (TLFPX)  TIAA-CREF Lifecycle Index 2020 Fund – Premier Class (TLWPX)  TIAA-CREF Lifecycle Index 2025 Fund – Premier Class (TLVPX)  TIAA-CREF Lifecycle Index 2030 Fund – Premier Class (TLHPX)  TIAA-CREF Lifecycle Index 2035 Fund – Premier Class (TLYPX)  TIAA-CREF Lifecycle Index 2040 Fund – Premier Class (TLPRX)  TIAA-CREF Lifecycle Index 2045 Fund – Premier Class (TLMPX)  TIAA-CREF Lifecycle Index 2050 Fund – Premier Class (TLLPX)  TIAA-CREF Lifecycle Index 2055 Fund – Premier Class (TTIPX)  TIAA-CREF Lifecycle Index Retirement Income Fund – Premier Class (TLIPX)  TIAA-CREF Bond Index Fund – Retirement Class (TBIRX)  TIAA-CREF Emerging Markets Equity Index Fund – Retirement Class (TEQSX)  TIAA-CREF Equity Index Fund – Retirement Class (TIQRX)  TIAA-CREF International Equity Index Fund – Retirement Class (TRIEX)  TIAA-CREF Large-Cap Value Index Fund – Retirement Class (TRCVX)  TIAA-CREF Small-Cap Blend Index Fund – Retirement Class (TRBIX)  Vanguard Mid-Cap Index Fund Signal (VMISX)  Vanguard REIT Index Fund Signal (VGRSX)  Vanguard Short-Term Bond Index Fund Signal (VBSSX)  Vanguard Long-Term Bond Index Investor (VBLTX)  CREF Stock (Variable Annuity)  CREF Social Choice Account (Variable Annuity)  CREF Growth Account (Variable Annuity)  CREF inflation Linked Bond Account (Variable Annuity)  TIAA Real Estate Account (Variable Annuity)  TIAA Traditional Annuity (Guaranteed Annuity)  CREF Money Market Account (Variable Annuity) * Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. TIAA Traditional is a guaranteed insurance contract and not an investment for Federal Securities Law purposes. * Investing involves risk of loss of principal.

8. Union College8 New investment options Fund NameTicker Symbol TIAA-CREF Bond Index Fund – Retirement ClassTBIRX TIAA-CREF Emerging Markets Equity Index Fund – Retirement ClassTEQSX TIAA-CREF Equity Index Fund – Retirement ClassTIQRX TIAA-CREF International Equity Index Fund – Retirement ClassTRIEX TIAA-CREF Large-Cap Value Index Fund – Retirement ClassTRCVX TIAA-CREF Small-Cap Blend Index Fund – Retirement ClassTRBIX TIAA-CREF Lifecycle Index 2010 Fund – Premier ClassTLTPX TIAA-CREF Lifecycle Index 2015 Fund – Premier ClassTLFPX TIAA-CREF Lifecycle Index 2020 Fund – Premier ClassTLWPX TIAA-CREF Lifecycle Index 2025 Fund – Premier ClassTLVPX TIAA-CREF Lifecycle Index 2030 Fund – Premier ClassTLHPX TIAA-CREF Lifecycle Index 2035 Fund – Premier ClassTLYPX TIAA-CREF Lifecycle Index 2040 Fund – Premier ClassTLPRX TIAA-CREF Lifecycle Index 2045 Fund – Premier ClassTLMPX TIAA-CREF Lifecycle Index 2050 Fund – Premier ClassTLLPX TIAA-CREF Lifecycle Index 2055 Fund – Premier ClassTTIPX TIAA-CREF Lifecycle Index Retirement Income Fund – Prem ClTLIPX Vanguard Mid-Cap Index Fund SignalVMISX Vanguard REIT Index Fund SignalVGRSX Vanguard Short-Term Bond Index Fund SignalVBSSX Vanguard Long-Term Bond Index InvestorVBLTX These new options include funds from well-known investment companies:

9. Union College9 Investment menu mapping Funds in the left-hand column will be removed from the Union College investment menu. Any accumulations will be transferred to the corresponding replacement fund in the right-hand column. Closing Investment OptionsTicker SymbolReplacement Investment OptionsTicker Symbol TIAA-CREF Growth & Income Fund – Retirement Class TRGIX ▸ TIAA-CREF Equity Index Fund – Retirement Class TIQRX TIAA-CREF International Equity Fund – Retirement Class TRERX ▸ TIAA-CREF International Equity Index Fund – Retirement Class TRIEX TIAA-CREF Large-Cap Value Fund – Retirement Class TRLCX ▸ TIAA-CREF Large Cap Value Index Fund – Retirement TRCVX TIAA-CREF Mid-Cap Growth Fund – Retirement Class TRGMX ▸ Vanguard Mid-Cap Index Fund SignalVMISX TIAA-CREF Mid-Cap Value Fund – Retirement Class TRVRX ▸ Vanguard Mid-Cap Index Fund SignalVMISX TIAA-CREF Real Estate Securities Fund – Retirement Class TRRSX ▸ Vanguard REIT Index Fund SignalVGRSX TIAA-CREF Small-Cap Equity Fund – Retirement Class TRSEX ▸ TIAA-CREF Small-Cap Blend Index Fund – Retirement Class TRBIX TIAA-CREF Social Choice Equity Fund – Retirement Class TRSCX ▸ CREF Social Choice AccountVariable Annuity TIAA-CREF S&P 500 Index Fund – Retirement Class TRSPX ▸ TIAA-CREF Equity Index Fund – Retirement Class TIQRX

10. Union College10 Investment menu mapping (continued) Closing Investment OptionsTicker SymbolReplacement Investment OptionsTicker Symbol TIAA-CREF Lifecycle 2050 Fund – Retirement Class TLFRX ▸ TIAA-CREF Lifecycle Index 2050 Fund – Premier Class TLLPX TIAA-CREF Lifecycle Retirement Income Fund – Retirement Class TLIRX ▸ TIAA-CREF Lifecycle Index Retirement Income Fund – Prem Cl TLIPX TIAA-CREF Lifecycle 2010 Fund – Retirement Class TCLEX ▸ TIAA-CREF Lifecycle Index 2010 Fund – Premier Class TLTPX TIAA-CREF Lifecycle 2015 Fund – Retirement Class TCLIX ▸ TIAA-CREF Lifecycle Index 2015 Fund – Premier Class TLFPX TIAA-CREF Lifecycle 2020 Fund – Retirement Class TCLTX ▸ TIAA-CREF Lifecycle Index 2020 Fund – Premier Class TLWPX TIAA-CREF Lifecycle 2025 Fund – Retirement Class TCLFX ▸ TIAA-CREF Lifecycle Index 2025 Fund – Premier Class TLVPX TIAA-CREF Lifecycle 2030 Fund – Retirement Class TCLNX ▸ TIAA-CREF Lifecycle Index 2030 Fund – Premier Class TLHPX TIAA-CREF Lifecycle 2035 Fund – Retirement Class TCLRX ▸ TIAA-CREF Lifecycle Index 2035 Fund – Premier Class TLYPX TIAA-CREF Lifecycle 2040 Fund – Retirement Class TCLOX ▸ TIAA-CREF Lifecycle Index 2040 Fund – Premier Class TLPRX TIAA-CREF Lifecycle 2045 Fund – Retirement Class TTFRX ▸ TIAA-CREF Lifecycle Index 2045 Fund – Premier Class TLMPX TIAA-CREF Lifecycle 2055 Fund – Retirement Class TTRLX ▸ TIAA-CREF Lifecycle Index 2055 Fund – Premier Class TTIPX

11. Union College11 Restricted investment options Certain investment options will be restricted from new contributions. If you’re currently contributing to the accounts in the left-hand column, your future contributions will be “mapped” (redirected) to similar investment options on the new investment menu (right-hand column). You may leave your existing accumulation where it is or transfer balances to the new investment options. Restricted Funds for Future ContributionsReplacement Fund for Future Contributions CREF Bond Market Account ▸ TIAA-CREF Bond Index Fund – Retirement Class (TBIRX) CREF Equity Index Account ▸ TIAA-CREF Equity Index Fund – Retirement Class (TIQRX) CREF Global Equities Account ▸ TIAA-CREF International Equity Index Fund – Retirement Class (TRIEX)

12. Picture Placeholder Investment decisions

13. Union College13 “Am I saving enough?” “How should I invest?” “Do I need to save more?” “Will I have enough?” “How should I take my income?” “Will it last?” Early- and Mid- career Accumulation Advice (on retirement plan assets) Established Career Preretirement Pre- And Post- Retirement Advice Investment and retirement planning Advice recommendations ▸ Asset allocation ▸ Fund selection ▸ Savings/Deferral rate ▸ Retirement age ▸ Annuitization methods * Using an advice methodology from Ibbotson Associates, Inc.

14. Union College14 Comprehensive investment advice and education from TIAA-CREF One-on-one Advice and Counseling Sessions*  Planning based on goals, risk tolerance and retirement time horizon  Personalized action plan with specific recommendations Online Web-Based Resources  Dedicated website: www.tiaa-cref.org/union  TIAA-CREF’s social media: Facebook, Twitter, myretirement.org Mail, Email and Printed Materials  Transition materials and new contracts mailed to your home  Informative enewsletters and email updates  Quarterly statements with estimated retirement projections TO retirement illustrations and personal rate of return Communications * Advice is provided on retirement plan assets using an advice methodology from Ibbotson Associates, Inc.

15. Picture Placeholder Action steps

16. Union College16 1 Review the enhanced investment menu at www.tiaa-cref.org/union. 2 Make changes to your allocation and/or portfolio if you wish. 3 If you do nothing: 1. Your original investment balances will stay in the annuity accounts as they are today. 2. Your original investment balances in closed mutual funds will be transferred to the mapped investments. 3. Your future contributions will be invested in the mapped investments. 4 Review your current allocations and beneficiary information. 5 Set up a one-on-one session to obtain advice and to ensure your current contributions are in line with your retirement goals. After March 1, 2013 Not participating yet? Start today! Contact your Benefits office representative, and enroll at www.tiaa-cref.org/union.

17. Union College17 We’re here for you Online assistance: www.tiaa-cref.org/union  Research and view investment options  Learn more about your plan  Make changes to your account Phone assistance: 800 842-2252  Monday to Friday, 8 a.m. to 10 p.m. (ET)  Saturday, 9 a.m. to 6 p.m. (ET)

18. Union College18 We’re here for you Personalized advice on campus: Call 800 732-8353, Monday to Friday 8 a.m. to 5 p.m. (ET), to schedule a confidential, one-on-one appointment at no additional cost to you. Drop-in Information Desk with a TIAA-CREF Financial Consultant: TIAA-CREF will be on campus in February for individual counseling. On campus counseling dates in March:On campus counseling dates in April: TIAA-CREF will conduct additional individual counseling sessions at Union College. Call early to get your choice of date and time. Date Time Location Wednesday, February 1310:30 a.m. – Noon, Reamer Campus Center, Room 204 3 p.m. – 5 p.m. Thursday, February 1410:30 a.m. – Noon, Reamer Campus Center, Room 204 3 p.m. – 5 p.m. Date Monday, March 18 Monday, March 25 Thursday, March 21 Date Tuesday, April 2 Thursday, April 11 Monday, April 8 Monday, April 15 Wednesday, April 10 Tuesday, April 16

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20. Union College20 tiaa-cref.org © 2013 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017 C8899 Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity and may lose value. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161, or visit www.tiaa-cref.org/union for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. 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.