ESG: Everyone Says Give Us More Data. Sarah Wilson Responsible Investment TIAA Global Asset Management

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ESG: Everyone Says Give Us More Data Sarah Wilson Responsible Investment TIAA Global Asset Management November 10, 2016

Responsible Investment at TIAA: Seeking competitive returns while making a positive impact We are one of the largest managers of Responsible Investment (RI) assets in the U.S. across multiple asset classes. 1 We have five decades of experience in RI, starting with development of shareholder proposal voting policies in the 1970 s. We actively participate in global networks that lead, educate and advocate for strong RI standards. 1 TIAA Global Asset Management is a top 10 manager among ESG mutual funds, ETF s, and variable insurance managers, as of 9/30/16 according to analysis of Morningstar Direct data from FUSE Research Network. Fuse Research Network is a source for industry guidance to firms in the asset management industry and for obtaining ongoing research and market intelligence. 2

Responsible Investment at TIAA: Our Scale $649+ Billion committed to RI principles under the UN Principles for Responsible Investment $>800 Million invested in our Social Impact Portfolio along three themes: Financial Inclusion Affordable Housing Community & Economic Development $75 Billion in sustainability initiatives within real assets $>17 Billion in ESG focused products Based on assets under management as of June 30, 2016. * As a PRI signatory, all of TIAA s assets are committed to RI principles. A requirement of being a signatory is adhering to the PRI reporting framework which has been designed to achieve three main sets of objectives: 1) Accountability of the PRI: To ensure accountability of the PRI initiative and its signatories, 2) Signatory transparency: to encourage signatory transparency on responsible investment activities. 3) Signatory assessment: to provide tools to allow signatories to measure their own performance with objective indicators 3

Three Distinct Uses for ESG Data ESG-Focused Products Our ESG-focused products typically use: Third party ESG ratings & research (e.g. MSCI) Project-level ratings & reporting (e.g. green bond disclosures) ESG Integration Integrating ESG factors into the fundamental research process typically involves: Raw ESG performance data from issuers Sources include Bloomberg, CSR reports, and meetings with issuers External Benchmarking We benchmark our RI practices against our peers and many other stakeholders do the same, using: Fund sustainability ratings Our proxy voting record Our disclosures (e.g. AODP survey) The Role of the Responsible Investment Team at TIAA Choose the best ratings & research available, and set the ESG criteria for each product Partner with analysts, define what s material and build their capacity for ESG analysis Help external groups develop best practices and ensure that we follow them ourselves 4

You should consider the investment objectives, risks, charges and expenses carefully before investing in any product. Please call 877-518-9161 or log on to TIAA.org for currently available product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing in any product. TIAA Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. Nuveen is an operating division of TIAA Global Asset Management. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Investment products may be subject to market and other risk factors. See the applicable product literature, or visit TIAA.org for details. Investment products are not FDIC insured, may lose value and are not bank guaranteed. The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Past performance does not guarantee future results. Investments in socially responsible funds are subject to Social Criteria Risk, namely the risk that because social criteria excludes securities of certain issuers for non-financial reasons, investors may forgo some market opportunities available to those that don t use these criteria. TGAM.com 2016 Teachers Insurance and Annuity Association-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017 C35019 (06/2016)