Statement About Former Holding in Africa-Israel Investments Ltd.

http://www.tiaa- cref.org/ support/news/ articles/ gen0909_185. html

As of June 30, 2009, TIAA-CREF no longer owned shares in Africa-Israel Investments Ltd. While a small number of shares of the company were previously held in the CREF Stock Account, they were sold after they fell out of the MSCI Emerging Markets Index.

Some news reports have failed to note that the sale occurred in June, as a routine part of the indexing investing process, in which the Account manager’s holdings track the index. The CREF Stock Account invests in a broadly diversified portfolio of domestic and foreign equity securities by using a combination of three strategies: active management, enhanced indexing and pure indexing.

The MSCI Emerging Markets Index, which the CREF Stock Account tracks in part, is a free float-adjusted market capitalization index that is designed to measure equity market performance of 22 emerging markets countries (as of June 2009).

As of June 30, 2009, TIAA-CREF funds and accounts had investments in companies in Israel and around the world. For information about specific holdings, please see the semi-annual CREF Schedule of Investments, available here.

For more information on the CREF stock account, click here.

Regards,

Chad

Chad Peterson
Director of Media Relations
TIAA-CREF
cpeterson@tiaa- cref.org

704-988-6811
cell: 917-715-9083

AUTHOR

SPME

Scholars for Peace in the Middle East (SPME) is not-for-profit [501 (C) (3)], grass-roots community of scholars who have united to promote honest, fact-based, and civil discourse, especially in regard to Middle East issues. We believe that ethnic, national, and religious hatreds, including anti-Semitism and anti-Israelism, have no place in our institutions, disciplines, and communities. We employ academic means to address these issues.