Ninth "official" TIAA-CREF (TC) Coalition Update --mainly for TC participants with an interest in social responsibility by TC

We will be reporting next time on plans for the next TIAA-CRF annual meeting—moved up to June 15, as you know. As usual, we will have some things going on there. And folks involved with our effort will have shareholder resolutions on the ballot. We also will be sending a letter to TIAA-CREF in the not too distant future discussing some of our basic concerns on issues of social responsibility. We hope that that might lead to certain considerations by them at committee meetings surrounding the annual meeting. We will see. Besides that, here is our report sent out to various constituencies—and now to you and we hope not a repeat—about what happened at our April 19 meeting with TIAA-CREF officers. Neil We met on April 19 with TIAA-CREF (TC) officials to discuss the possibility of a new socially responsible fund. We hoped that it would incorporate such progressive investment practices as (a) community development (e.g., low income housing), (b) social venture capital (direct investment—not stock—in a start-up company with a new environmental product), and (c) shareholder activism (e.g., TC casting its own proxy/shareholder votes in favor of a company avoiding sweatshop imports). Before saying what happened at the meeting, we want to thank all who contacted TC prior to the meeting to voice support for a new fund. They let us know that they received over a hundred emails on the issue --and that doesn’t even count all the calls that were made! Several media were interested in the outcome of our meeting, and below are the talking points we used for that. They give detail on both the meeting and our plans for the future. But the bottom line is that, after consulting with our coordinating committee, we are pulling back from demanding a new fund (at least for now). Instead, we will return to pushing for modification of the socially responsible Social Choice Account that adds the progressive investment practices described above. We do so for two reasons. First, TC argued strongly at the meeting against creating a new socially responsible fund. (We had been misinformed earlier by a TC rep who had told someone in our campaign that they were ready to start a new socially responsible fund of some sort.) Second, TC seems quite open to instead implementing in some other, current accounts the progressive investment practices described above (or to at least thoroughly investigate this possibility). This includes possibly engaging in shareholder activism in the Social Choice Account. We see this as a victory of sorts, even if not all we pushed for. Of course, we have not yet seen results. We will be trying to continue dialogue—and monitoring their sincerity! We will see how things progress and then likely call upon you again, as always, to further our combined efforts. We have made these gains so far because of our supporters' willingness to voice their concerns to TC. Three additional issues: 1. For those so inclined, we are posting below a message sent to us about another TC practice. If you contact TC about that, please don’t mention names of Neil Wollman or Abby Fuller in your message (for reasons we won’t go into here). 2. Someone suggested that we would generate more ideas, volunteers, etc. for our various TC efforts if we established a listserv where folks can share ideas (rather than our regular “one-way-communication” updates). We have no idea whether this is going over the top in expected participation.. Opinions are most appreciated—-especially from “TC_Coalition@yahoogroups” folks and the Social Choice for Social Change coordinating committee. 3. We may be involved in a campaign activity at Dartmouth College in several weeks. If you or someone you know will be there then and perhaps might get involved, let us know. If you contact us, that is not a commitment to take part. Thanks, Neil and Abby Neil Wollman and Abby Fuller, Co-Chairs Social Choice for Social Change: Campaign for a New TIAA-CREF MC Box 135 Manchester College North Manchester, IN 46962 aafuller@manchester.edu nwollman@bentley.edu

MEDIA TALKING POINTS: 1. We feel our meeting with TC went well. 2. We appreciate their openness to possibilities. 3. Regarding some of the things we proposed for a new socially responsible fund (community development investment, social venture capital investment, and shareholder advocacy for any money invested using social responsibility criteria), TC said they are willing to investigate incorporating these components into one of their current funds rather than starting a new fund. They have already done begun to do so. This is an important step toward accomplishing at least some of our goals. 5. Though we think they will conclude this is feasible if they explore it, we understand some of their hesitancy due to the logistics and expense of starting a new fund. 6. Though we need to consult with our advisory board, our initial leanings are toward endorsing the modification of their present socially responsible fund rather than starting a new one. Their concerns expressed would not seem to apply to modifying their current Social Choice Account. 7. We would like to see such a modification of their current socially responsible fund because the components we seek belong there, even if they are also included in other funds. They are components that currently are a part of other socially responsible funds. And, some participants (like ourselves) who have all their money in the Social Choice Account do not want to move our money to unscreened funds, even if new positive components are added to them. 8. One thing we picked up from our meeting is that TC has a strong interest in meeting the desires of participants. And a desire for the type things we propose has already emerged from participants in the Social Choice Account: - $17 million of money already invested in TC was pledged toward a new fund incorporating the components we what; - a survey TC conducted itself of Social Choice Account participants found that a high percentage desired investment in companies really outstanding on social issues, with two-thirds of participants even willing to give up some level of financial return if it resulted in desirable social change—and the components we suggest indeed promote such desirable social change. 9. With this information and their interest in meeting customer desires, we hope they will either survey participants again or just put out a proposal to all Social Choice Account participants about this possible change (and we hope we can be a part of shaping what is presented to shareholders). 10. At this point, after the good meeting, we are hoping for further communication or meetings on specifics, and hearing about their investigations over the next two months leading up to the next annual TC shareholder meeting in mid-June. 11. Our campaign is involved with a larger coalition concerned with the social responsibility of TC’s general investment practices. And as part of that coalition, we certainly will acknowledge in our coalition materials about TC’s openness on our particular campaign.

REQUEST FOR YOUR BRIEF CALL TO TC ON A PARTICULAR SOCIAL CONCERN MATTER If you invest retirement funds with TIAA-CREF, please contact them now to encourage fund managers to vote "yes" on the shareholder resolution concerning Freeport McMoRan Copper & Gold, Inc.(FCX). The resolution was put forward by the New York City Teachers' Retirement System (NYCTRS) and NYC Employees' Retirement System (NYCERS). TIAA-CREF is a major institutional investor in FCX. New Orleans-based FCX is the majority owner of the Freeport copper and gold mine in Papua, the world's largest facility of its kind. The resolution, which comes before FCX shareholders at the company's May 7, 2004, annual general meeting in Wilmington, Delaware, calls on Freeport management to end its financial payments to the Indonesian military (TNI) until the armed forces cooperate with an ongoing U.S.Federal Bureau of Investigation (FBI) of - and the Indonesian government criminally prosecutes those responsible for - a deadly August 2002 ambush on Freeport's mining road. U.S. government > officials and Indonesian police investigators have cited TNI involvement in the attack, in which gunmen ambushed the entire teaching staff of Freeport's international school in Papua(Indonesia), killing the principal and two schoolteachers (including 2 American citizens) and injuring seven other American schoolteachers and a six-year-old girl. The U.S. Embassy has termed the incident "terrorist attack" on American citizens. Call 1-800-TIA-CREF (or 212-490-9000) and ask to speak to someone about voicing your opinion on one of TC’S shareholder votes