The Service & Fee Disclosure Package for Plan Fiduciaries should be used as a companion to

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1 730 Third Avenue 5th Floor New York, NY Dear Plan Sponsor: This Service & Fee Disclosure Package for Keogh Plan Fiduciaries is designed to help you better understand your obligations as a plan fiduciary and assess the reasonableness of the fees and expenses charged to your plan. We have summarized the most relevant cost components, provided an explanation of the services provided for those costs, and included supporting details to explain how costs were derived. A disclosure of the fees and expenses incurred by your plan for services provided by TIAA- CREF An Investment Fee & Expense Disclosure Report for the investments offered within your plan The information in this package will enable you to: Comply with the reasonable arrangement requirement of the ERISA 408(b)(2) statutory prohibited transaction exemption. Prepare for the required participant fee disclosure, in compliance with the ERISA 404a-5 regulation (DOL Regulation a-5), by understanding and assessing your plan costs in order to anticipate and respond to any questions participants may have. Action required: You must review this information as part of your fiduciary review process in order to comply with the DOL final regulation under the reasonable arrangement requirement of the ERISA 408(b)(2) statutory prohibited transaction exemption. The Service & Fee Disclosure Package for Plan Fiduciaries should be used as a companion to other documents and reports you have received from TIAA-CREF. In compliance with the 404(a) participant disclosure regulation, information about your plan investments, including fees and expenses, can be viewed at tiaa-cref.org. Place your cursor on the Research & Performance tab at the top of the page and select Retirement Annuities, IRA & Mutual Funds from the list. Enter your plan number in the field provided and click View. For more information you can speak with a representative at , Monday through Friday, 8 a.m. to 8 p.m. (ET). Sincerely, Judith A. Florczyk Sr. Director, Product Management

2 Service & Fee Disclosure Package for Plan Fiduciaries Explanation of Services Provided The quality and types of services being offered is an important consideration in evaluating the value of services being provided. TIAA-CREF is a bundled service provider, meaning that many of the services needed to support retirement plans, such as investment management, recordkeeping, administration and participant communications, are provided through a single service provider, namely TIAA-CREF. We offer a complete range of support materials to help with both plan administration and employee Counseling. SERVICES PROVIDED EMPLOYEE SERVICES FIDUCIARY AND COMPLIANCE SERVICES PLAN ADMINISTRATION SERVICES Enrollment Communications Regulatory Communications Individual Advice & Counseling Quarterly Reporting & Statements Telephone and Web Support Online Planning Tools Proactive Regulatory Updates Plan Document Services Enrollment Packages Recordkeeping Tax Reporting Support Summary of Disclosures Related to Your Products and Services TIAA-CREF is providing fee disclosures for the following products, services or fee types. Plan Services Disclosure Keogh Plan Services Transactional Fund Earnings Breakage TIAA Earning on Idle Cash Float Investment Disclosure TIAA Traditional TIAA Real Estate CREF Variable Annuity Accounts

3 Plan Services Expense Disclosure Overview "TIAA-CREF" is commonly used to describe the entity providing your plan s bundled services. Technically, TIAA and CREF are separate and distinct service providers. TIAA is the recordkeeper for your plan, and as such, is considered a covered service provider under ERISA regulation 408(b)(2) and is required to provide you with certain information. TIAA receives compensation that is deducted from plan investments as a portion of the Annual Operating Expense Ratios to pay for the cost of recordkeeping and administrative services for your plan. This "Plan Services Expense" is paid to TIAA for the full range of services it provides to your plan. To obtain the portion of the Plan Services Expense that represents the estimated cost to the plan for "Recordkeeping Services," you may multiply the total Plan Service Expense dollar amount by.4. Please refer to your Annual Reporting Package s Investment Fee & Disclosure Report to locate this amount. The methodology used to identify the portion of Plan Services Expense attributable to Recordkeeping Services is based on a cost analysis conducted by TIAA and represents the average expense for all clients of TIAA for the Recordkeeping Services. Recordkeeping Services, as identified by the DOL, include: services related to plan administration and monitoring of plan, participant and beneficiary transactions (e.g., enrollment, payroll deductions, contributions, offering designated investment alternatives and other covered plan investments, loans, withdrawals and distributions), and the maintenance of plan and participant and beneficiary accounts, records and statements Investment Expense Disclosure Keogh Plan Services TIAA-CREF Keoghs are tax-deferred retirement plans for self-employed individuals and their employees. TIAA-CREF offers two types of Keogh plans profit sharing plans and money purchase plans and provides recordkeeping services for all of these plans. As a recordkeeper, TIAA is considered a covered service provider for purposes of ERISA 408(b)(2). Contributions are remitted to TIAA-CREF, and are applied as premiums to Keogh Group Retirement Annuities issued by TIAA and CREF. The TIAA Real Estate Account (REA) is a variable annuity offered under TIAA annuity contracts that invests primarily in real estate or real estate-related investments. TIAA is the investment manager for REA, is accordingly an ERISA fiduciary for managing the account, and is a covered service provider and a fiduciary for the purposes of 408(b)(2). Real Estate Research Corporation (RERC) is a covered service provider and fiduciary contracting with TIAA to provide independent fiduciary services for the benefit of the REA. REA pays these fees indirectly to the RERC through TIAA. The fees are included in the investment management fee that TIAA receives.

4 Transactional Fund Earnings Breakage Transactional Fund Earnings represents the gains and/or losses absorbed by TIAA from ensuring that transactions are processed using prices in accordance with TIAA s Good Order Processing procedures. These procedures are designed to ensure that complete and accurate information is received prior to executing any transactions initiated by plan sponsors, participants, or beneficiaries and that all transactions are processed in a timely manner. When a review of a transaction in accordance with our Good Order Processing procedures determines that an earlier effective date is warranted, TIAA will transact using the shares or unit values that would have been in effect on the appropriate Good Order trading date. The gains created from these adjustments to transaction values are a form of indirect compensation. TIAA will absorb any losses and realize any gains that may arise in order to adjust participant accounts to the correct investment price for processing. Investment Disclosure Overview The Investment Fee & Expense Disclosure Report included within this package provides a listing of your plan s investments and the expenses associated with those investments including: Annual Operating Net Expense Ratio: Each investment offered by your plan incurs an Annual Net Operating Expense for management fees, sub-transfer agency fees, shareholder servicing fees, 12b-1 fees, etc., which is stated as a percentage of the investment assets and is reflected in the value of the plan s investments. The Annual Operating Net Expense Ratio represents the total annual operating expense of the fund that is deducted from the fund s price and represents expenses for the period. Ongoing fees, such as wrap fees and mortality and expense fees are a portion of the Annual Operating Net Expense Ratio. Details on these ongoing fees are provided within the footnotes of the Investment Fee & Expense Disclosure Report. Plan Services Expense: The Plan Services Expense is the portion of the Annual Operating Net Expense Ratio paid to TIAA that is used to offset the cost of recordkeeping, employee services and other plan sponsor services necessary for administering your plan. The remainder of the Annual Operating Net Expense Ratio is retained by the fund advisor(s), or other entities, for providing services to the plan investments. Other Expenses: Transaction fees, such as redemption fees, are also disclosed in the report footnotes. TIAA Traditional Annuity The TIAA Traditional Annuity is a guaranteed annuity made available under TIAA annuity contracts issued under the terms of the employer's plan(s). The TIAA Traditional Annuity is not an investment for purposes of federal securities laws; it is a guaranteed insurance contract. Therefore, unlike a variable annuity or mutual fund, the TIAA Traditional Annuity does not include an identifiable expense ratio. Each premium allocated to the TIAA Traditional Annuity buys a definite amount of lifetime income for participants based on the rate schedule in effect at the time the premium is paid.

5 In addition, the TIAA Traditional Annuity provides a guarantee of principal, a guaranteed minimum rate of interest and the potential for additional amounts of interest when declared by TIAA's Board of Trustees. Additional amounts, when declared, remain in effect for the "declaration year" that begins each March 1 for accumulating annuities and January 1 for lifetime payout annuities. Additional amounts are not guaranteed for future years. Expenses disclosed for TIAA Traditional will be set annually when the renewal dividend rate is determined. TIAA receives a Plan Services Expense fee to pay for the cost of recordkeeping and administrative services performed by TIAA for your plan(s). A surrender fee of 2.5% will be deducted from any lump-sum distribution a participant takes from the TIAA Traditional Annuity within 120 days of termination of employment under the Group Retirement Annuity (GRA) or Retirement Choice (RC) contract. In addition, institutional withdrawals from the RC or Retirement Choice Plus (RCP) contracts are allowed over an 84-month (7 years) period with a 1.5% surrender charge with 30-day advance notice from the institution. To review your plan's estimated TIAA Traditional Annuity expenses, please refer to your Investment Fee & Expense Disclosure Report included at the end of this package. TIAA Real Estate Account The TIAA Real Estate Account (REA) is a variable annuity offered under TIAA annuity contracts. It invests primarily in real estate or real estate-related investments. TIAA is the investment manager for REA and is, accordingly, an ERISA fiduciary for managing the account and a covered service provider for purposes of 408(b)(2). Real Estate Research Corporation (RERC) is a covered service provider for purposes of 408(b)(2) and a fiduciary contracting with TIAA to provide independent fiduciary services for the benefit of the REA. REA pays fees to RERC. The investment management fee charge includes the costs associated with retaining the independent fiduciary. Please refer to your Investment Fee & Expense Disclosure Report included at the end of this package for a review of investment fund expenses. In addition, you can review the proposed and granted Prohibited Transaction Exemption (PTE) as published in the Federal Register. CREF Variable Annuity Accounts The CREF Accounts are variable annuity investments offered to plans under CREF variable annuity contracts. TIAA-CREF Investment Management, LLC is the investment manager for the CREF Accounts and provides investment management services at cost TIAA-CREF Investment Management, LLC is an affiliate of TIAA. In addition, CREF pays TIAA-CREF Individual & Institutional Services, LLC, an affiliate of TIAA, on an at cost basis, for the cost of distributing the CREF certificates. TIAA also provides recordkeeping and administration for your plan under an Administrative Services Agreement between CREF and TIAA on an at cost basis.all expenses described herein are deducted from the daily price of each CREF Account as a portion of the Annual Operating Expense Ratio of such Account. To review your plan s estimated investment fund expenses, please refer to your Investment Fee & Expense Disclosure Report included at the end of this package. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. Annuity contracts and certificates are issued by TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.

6 Investment Fee & Expense Disclosure Activity for the Reporting Period: 07/01/2014 to 06/30/2015 FUND NAME TICKER ASSET CLASS NET EXPENSE RATIO 1 (%) PLAN SERVICES EXPENSE 1 (%) CREF Stock Account (R1) CSTK# Equities $15, $14, % $ % $34.22 CREF Global Equities Account (R1) CGLB# Equities $5, $4, % $22.76 $11.75 CREF Equity Index Account (R1) CEQX# Equities $3, $2, % $11.22 $6.88 CREF Growth Account (R1) CGRW# Equities $1, $ % $3.95 $2.28 CREF Bond Market Account (R1) CBND# Fixed Income $1, $1, % $7.80 $4.16 CREF Inflation-Linked Bond Account (R1) CILB# Fixed Income $1, $1, % $4.60 $2.73 CREF Money Market Account (R1) CMMA# Money Market $18, $17, % $97.34 $26.55 CREF Social Choice Account (R1) CSCL# Multi-Asset $0.00 $ % $0.00 $0.00 TIAA Traditional Keogh 2 TIAA# Guaranteed $3, $2, % $ % $6.79 TIAA Traditional Keogh MDO 2 TIAA# Guaranteed $5, $5, % $ % $12.04 TIAA Real Estate Account TREA# Real Estate $ 4, % $ % $10.09 ESTIMATED TOTAL / AVERAGE 0.662% 0.380% 1 2 Net expense ratio percentages are from the most recent prospectuses available to TIAA prior to the end of the reporting period. The plan services expense is a component of and not in addition to the net expense ratio percentage and estimated dollar amounts. Net expense ratio and plan services expense dollars are calculated using the average assets for the reporting period. The TIAA Traditional Annuity is not an investment for purposes of federal securities laws; it is a guaranteed insurance contract. Therefore, unlike a variable annuity or mutual fund, the TIAA Traditional Annuity does not include an identifiable expense ratio. Each premium allocated to the TIAA Traditional Annuity buys a definite amount of lifetime income for participants based on the rate schedule in effect at the time the premium is paid. In addition, the TIAA Traditional Annuity provides a guarantee of principal, a guaranteed minimum rate of interest and the potential for additional amounts of interest when declared by TIAA's Board of Trustees. Additional amounts, when declared, remain in effect for the "declaration year" that begins each March 1 for accumulating annuities and January 1 for lifetime payout annuities. Additional amounts are not guaranteed for future years. The recent expense provision in the formula for determining TIAA Traditional Annuity returns has averaged about 55 basis points (.550%) inclusive of administrative and investment expenses. This expense provision is not guaranteed, is subject to change, and is not publicly disclosed. Private & Confidential 06/30/2015 Page 1 of 1

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