TIAA-CREF Asset Management. TIAA-CREF Global Real Estate Strategies. A solid foundation of forward thinking.

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1 TIAA-CREF Asset Management TIAA-CREF Global Real Estate Strategies A solid foundation of forward thinking.

2 Over decades of real estate investing, we have developed a robust investment platform and an extensive network of relationships.

3 Groundbreaking global commercial real estate experience Over the past 60 years, TIAA-CREF has built a reputation as an innovative real estate investor. As a pioneer in the concept of combining retail shopping with entertainment centers, a developer of office parks in major commercial areas and an early entrant in the multifamily construction sector, our talented team has identified and provided financial backing for real estate opportunities that have changed the landscape of America. We continually develop our forward-thinking approach to real estate investing by leveraging our previous experience and applying it to new areas. TIAA-CREF was among the first institutional investors in commercial real estate in Europe, and today our properties include high-profile locations on both sides of the Atlantic. A powerful real estate investment platform Six decades of experience in the real estate market have helped us develop a robust, finely tuned investment platform and an extensive network of strong relationships with professionals across every facet of the real estate industry. As the largest real estate manager of U.S. tax-exempt assets in the world 1 with a portfolio of $18 billion, 2 TIAA-CREF brings scale and reach to a comprehensive infrastructure that serves as the foundation for every investment choice we make for clients. Real Estate Asset Management & Dispositions Portfolio Management Legal, Insurance & Real Estate Tax Counsel Our expert team focuses its extensive experience and considerable resources on creating new ways to meet our clients needs. Appraisals, Engineering & Environmental Real Estate Portfolios Credit & Risk Management Proprietary Research Mortgage REIT & CMBS Real Estate Private Equity Property Acquisition 1 Pensions & Investments, October 3, Rankings based on institutional tax-exempt assets under management as reported by each responding asset manager. 2 As of December 31, 2011.

4 Focusing on returns from high-quality properties By investing in, maintaining and updating top-tier properties, we secure potentially high occupancy rates for current income, and enhance property values for tomorrow. Innovative thinking to meet investors needs Each client has unique needs and challenges. And we put the full force of our extensive experience and in-depth knowledge into finding the best solutions to address those challenges. With long-tenured professionals, scale and experience, we can structure direct real estate products, customized to meet specific client needs. For example, the TIAA Real Estate Account was developed over 15 years ago specifically for the retirement market. It was designed as a way to provide access to directly owned real estate with guaranteed liquidity to suit the needs of individual investors. Its uniqueness in the market still holds true today. A forward-looking focus on long-term, sustainable value At TIAA-CREF, we re committed to enhancing the value and competitiveness of our global real estate assets. These ongoing efforts include seeking portfolio-wide opportunities to reduce energy consumption, targeting high return on investment in sustainability measures. Our Global Real Estate first embarked on an energy benchmarking initiative in From mandating LEED* certification for all new development projects to pursuing ENERGY STAR certification for all eligible properties, our continuing efforts in sustainability help these properties stand out in the market. The outcomes of these efforts have been significant. We ve reduced annual energy costs by millions of dollars, achieved an average ENERGY STAR rating of 80 across the entire portfolio and helped avoid large quantities of greenhouse gas emissions. Additionally, TIAA-CREF has committed to a goal of reducing energy consumption in 40 million square feet by 20% by 2020 as part of the President s Better Buildings Challenge. Our efforts have been recognized by the U.S. Environmental Protection Agency (EPA), the U.S. Department of Energy (DOE) and Ceres, a national coalition of investors, environmental groups and other public interest organizations. Sustainability awards and recognitions: U.S. Environmental Protection Agency s ENERGY STAR Sustained Excellence Award, 2010 & 2011 ENERGY STAR Partner of the Year Award, 2008 & 2009 ENERGY STAR Leaders Top Performer Award, 2011 * LEED (Leadership in Energy and Environmental Design) certification provides independent, third-party verification that a building, home or community was designed and built using strategies aimed at achieving high performance in key areas of human and environmental health: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.

5 Consistent results are built on a reliably solid process Our commitment to long-term discipline and deep market knowledge are the foundation for the success of our top-down/bottom-up real estate investment process. Top-Down Analysis Proprietary research process Disciplined portfolio construction methodology Focused risk management Real Estate Portfolio Local market expertise and presence Active relationships with sellers, partners, property managers and brokers Rigorous underwriting process Bottom-Up Expertise Top-Down Analysis Bottom-Up Expertise Our approach begins with a comprehensive model that analyzes 275 market and propertytype combinations. We ve built up deep, local market knowledge through long-standing relationships with local developers, property management firms and real estate brokers. We put the list of the most promising combinations through a proprietary forecasting tool to identify long-term opportunities. We also utilize in-house appraisal, engineering, environmental, insurance and accounting servicing teams to gain detailed knowledge about the attributes of a property. Portfolio managers partner with our analysts to review the results, then balance the analysis against the NCREIF Property Index, a common benchmark of real estate market performance, to help identify specific recommendations. The insights provide a real-world perspective that our portfolio managers rely on as they make their investment decisions.

6 From high-profile properties to strategically selected securities and debt, TIAA-CREF has amassed a well-established portfolio and reputation in real estate. Investments that span the real estate spectrum TIAA-CREF has a long history in all four types of real estate investments: private debt, private equity, public equity and public debt. This experience provides insights that we apply across an entire range of direct global real estate portfolio strategies: Core, Value-Added and Opportunistic. Our deep experience and vast network of relationships allow us to provide clients with a wide variety of real estate offerings focused on adding value to their portfolios. Recognized leaders in real estate investing The TIAA-CREF Global Real Estate consists of over 110 investment professionals who have a strong understanding of the real estate industry. They are responsible for every aspect of real estate investing, including: acquisitions, capital markets sales and financing, and portfolio and asset management. The group is led by Thomas Garbutt and an experienced management team that averages 25 years of investment experience. Margaret Brandwein, Portfolio Manager, TIAA Real Estate Account Chris McGibbon, Managing Director, Portfolio Manager

7 Our more than 110 investment professionals have a deep understanding of the real estate industry and are responsible for every aspect of our real estate investments. Laura McGrath, Managing Director, International (Excluding U.S. Equity) Portfolio Manager Trevor Michael, Managing Director, General Account Real Estate (U.S. Equity) Portfolio Manager Gerry Casimir, Managing Director, Head of Global Real Estate Asset Management Sanjeev Handa, Managing Director, Head of Global Real Estate (Fixed Income) The experienced choice for real estate investments For a portfolio management team with an established track record of investing in real estate, consider TIAA-CREF. To learn more about our global real estate investments, visit tiaa-cref.org or call Martha Peyton, Ph.D., Managing Director, Head of Global Real Estate Strategy and Research Mark Wood, Managing Director, Head of Europe

8 Portfolios are subject to certain risks such as market and investment style risk. Please consider all risks carefully before investing. Real estate has specific risks, including fluctuations in property value, higher expenses or lower income than expected and environmental problems and liability. TIAA-CREF Asset Management provides investment advice and portfolio management services to the TIAA-CREF group of companies through the following entities: Teachers Advisors, Inc., TIAA-CREF Investment Management, LLC, and Teachers Insurance and Annuity Association (TIAA ). Teachers Advisors, Inc., is a registered investment advisor and wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA). TIAA-CREF is the name commonly used to refer to the companion organization for TIAA and CREF. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY C2158 A13271 (2/12)