Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio-Class I

Seeks growth of capital by mainly investing in common stocks of mid to large capitalization companies, which it defines as those with a total market capitalization within the market capitalization range of the Russell Midcap® Index. The Portfolio seeks to reduce risk by diversifying among many companies, sectors and industries.

Unit value as of 10/23/2014 : $24.27
Total return year-to-date as of 10/23/2014 : 4.54%
Expense charge 1 : 1.64%
Inception date : 02/05/2008
Investment class : U.S. Equity
Performance Comparison
  Performance Data
as of 10/23/2014
Average Annual Total Returns
as of 09/30/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio-Class I $24.27 + 1.42% 4.54% 14.26% 23.82% 15.63% -- 7.99%
Russell Midcap® Value Index 2 -- + 1.16% 8.48% 17.46% 24.72% 17.24% -- 9.70%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

The risks that this fund is subject to include stock market volatility risk, mid-cap stock risk, value investing risk, issuer-specific risk, sector risk, foreign risk, arbitrage risk, currency risk, and recent market conditions risk.

For a detailed discussion of risk, please consult the prospectus.

1.
Includes both separate account and fund level charges. The maximum total annual expense charge without the waiver is 1.84%. TIAA-CREF Life will provide at least 3 months notice before it raises these charges. Separate account charges reflect the highest possible mortality and expense risk charge although they may be lower. The unit value reflects the election of the Guaranteed Minimum Death Benefit. See the prospectus for additional information.
2.
The Russell Midcap® Value Index measures the performance of those Russell Mid-cap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Index. The Russell Midcap Value Index and Russell 1000 Index are registered trademarks of the Frank Russell Company. Our accounts are not promoted or sponsored by or affiliated with Frank Russell Company. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. Intelligent Variable Annuity is issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017