NEW YORK, NY - March 26, 2009 - U.S. Representatives Joseph Crowley (D-NY) and Melvin L. Watt (D-NC) have each issued statements applauding today's announcement by TIAA-CREF that it will intensify pressure on companies that maintain business relations with the Sudanese government, divest from those that fail to take meaningful steps to respect human rights within a reasonable time, and call upon other U.S. financial companies to follow its lead.

U.S. Representative Joseph Crowley (D-NY), who serves New York’s 7th District and is a member of the House Foreign Affairs Committee, said: "I applaud TIAA-CREF for making the decision to endorse the UN-sponsored Principles for Responsible Investment and for divesting from Sudan. As the situation in Darfur grows more desperate, investors everywhere have a moral obligation to stop their support of a criminal regime. By accepting these principles, TIAA-CREF can help lead the way for others to join them in putting pressure on the Sudanese government to respect human rights and stop the genocide in Darfur."

Representative Watt, who serves North Carolina's 12th District and is a member of the House Financial Services Committee, said: "I am hopeful that TIAA-CREF's decision to divest from companies that do business with the government of Sudan will inspire other companies to follow suit. In the wake of Sudan's recent expulsion of refugee relief organizations, it is more important than ever that nations, businesses and individuals exert whatever pressure they can upon Sudan to respect the human rights of their people."

Roger W. Ferguson, Jr., TIAA-CREF's president and CEO, said: "We very much appreciate the support from Representatives Crowley and Watt for TIAA-CREF's decision to ask companies that maintain relations with the government of Sudan to cease those relations or take steps to alleviate suffering in Darfur, and our calls upon other financial companies to do the same. Together we can add to pressure on companies to improve their stances and help bring an end to this humanitarian tragedy."

Text of TIAA-CREF's statement announcing its escalated effort to oppose genocide in Darfur (released March 26, 2009)

Today TIAA-CREF announces a new escalated phase in our continuing campaign to pressure portfolio companies that maintain business relations with the Sudanese government to cease those relations or attempt to end genocide and ease suffering in Darfur. We plan to intensify pressure on such companies and divest from those that fail to take meaningful steps to respect human rights within a reasonable time.

TIAA-CREF believes that members of society have a moral responsibility to confront genocide and crimes against humanity. Therefore we are publicly asking companies operating in Sudan to help alleviate the suffering of its people. With that in mind, TIAA-CREF will:

• Seek meetings between TIAA-CREF executives and executives of target companies to encourage them to take positive and meaningful humanitarian steps and attempt to end genocide;


• Publicly endorse the U.N.-sponsored Principles for Responsible Investment. Signatories include institutional investors with a combined $2.5 trillion in assets under management with whom we will join to urge companies operating in Sudan to confront human rights abuses; and


• Call upon other financial services companies to follow our lead and increase pressure on target companies.

We recognize that genocide and crimes against humanity, whether in Darfur or elsewhere, require a higher standard of response. While we believe that attempts to use our standing as shareholders through quiet diplomacy is the most effective way to influence corporate policies and practices, in cases where companies may substantially contribute to genocide or crimes against humanity, we may intensify engagement, raise its visibility or limit its duration if we believe that such action is necessary to cause companies to improve their stance. Even in these cases, we believe that divestment should be considered as a last resort, only after efforts to pressure companies to revisit and change their policies have failed.

TIAA-CREF's Policy Statement on Corporate Governance available here, sets a high bar for divestment. In making our decision regarding Sudan, TIAA-CREF considered a number of factors, including the gravity of our concerns in Sudan, the likelihood of successful dialogue with target companies and our conclusion that divestment would have an insignificant impact on the financial performance of our participants’ portfolios.

Today's announcement, which is consistent with our policy, continues efforts begun in 2006 to encourage 22 companies to end ties to Sudan or operate responsibly there. To date, 10 of the targeted companies have either discontinued operations in Sudan or committed to humanitarian initiatives, such as improving education, health and water supplies.

TIAA-CREF also engaged with other concerned parties, including Investors Against Genocide, a non-profit organization that asks investment firms to institute procedures to prevent holding investments in companies that substantially contribute to genocide or crimes against humanity. We appreciate the dialogue with these groups and the opportunity to address our mutual concerns.

For Questions and Answers about TIAA-CREF's policy on investment in companies with ties to Sudan, see www.tiaa-cref.org

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $363 billion in combined assets under management (as of 12/31/08) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

TIAA-CREF

TIAA-CREF

TIAA-CREF is a national financial services organization with more than $380 billion in combined assets under management (6/30/06) and the leading provider of retirement services in the academic, research, medical and cultural fields.

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