TIAA Discontinues Commercial Paper Program

New York, February 16, 2010

Teachers Insurance and Annuity Association of America (TIAA) has ended its commercial paper program, which had no outstanding obligations. The company also will close a five-year, $1 billion revolving credit facility with a group of banks that had been in place to support the program.

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TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $414 billion in combined assets under management (12/31/09) and the leading provider of retirement services in the academic, research, medical and cultural fields.

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