2016 Q4 2016

Quarterly Report

4th Quarter, 2016 Contents

Section I: Asset & Account Growth

Section II: Call-Center / Web Data

Section III: Investment Performance

Section IV: Customer Service Performance

Section V: Demographic Information

Section VI: Marketing Activity

Section VII: Creative Samples

Section VIII: Public Relations & Social Media

Section IX: Miscellaneous Data

2 Asset & Account Growth

4th Quarter 2016 Highlights and Summary

. The 4th quarter 2016 ended with Program assets of $733.3 million, a 1.8% increase from last quarter’s assets of $720.3 million and an 8.2% increase from last year’s 4th quarter results of $677.7 million.

. At the end of the quarter, total Program accounts were 48,295, up by 1.6% from 3rd quarter 2016 (47,557) and by 3.5% from last year’s 4th quarter results (46,645).

TIAA PUBLIC 4 Highlights and Summary

Program Highlights - Period Ended December 31st, 2016

Assets Accounts* Average Balance YTD Contributions YTD Redemptions YTD Net Flows

$733,310,202 48,295 $15,184 $76,699,027 ($63,180,018) $13,519,009

Program Highlights - 4th Quarter, 2016 Quarterly Quarterly Quarterly Accounts Opened Accounts Closed Net New Accounts Contributions Redemptions Net Flows 1,194 456 738 $22,696,674 ($12,700,989) $9,995,685

Program Asset and Account Growth

$ 750,000 48,295

47,557 47,473 48,000 47,072 $ 700,000 46,645 46,109 46,000

$ 650,000 $733,310 $720,315 $710,765 $688,484 $677,694 44,000 $ 600,000 $651,943

$ 550,000 42,000 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Assets Accounts

*Accounts are defined as Unique-Owner-Beneficiary Relationships TIAA PUBLIC 5 Account & Net Flow Performance Summary

. During the 4th quarter of 2016, the Program added a total of 1,194 new accounts, a 23.7% increase from last year’s 4th quarter results of 965. With 456 accounts closing, there were 738 net new accounts for 4th quarter 2016. . Contributions for the 4th quarter were $22.7 million versus $21.5 million for the same time period last year, an increase of 5.5%. . Redemptions for the 4th quarter were $12.7 million versus $12.4 million for the same time period last year, an increase of 2.6%. . Net Contributions (after redemptions) for the 4th quarter were $10.0 million versus $9.1 million for the same time period last year, up by 9.3%. . For the year, qualified withdrawals and outbound rollovers made up 90.4% and 5.0% of total withdrawals respectively. This compares favorably to the same period last year as qualified withdrawals and outbound rollovers made up 89.5% and 5.7% of total withdrawals respectively. . Average Program account size at the end of December 2016 was $15,184 up 4.5% from the same period 2015 ($14,529). . The 4th quarter closed with 291 employers offering payroll deduction; with 857 employees enrolled and $775,291 thousand in payroll deduction contributions.

TIAA PUBLIC 6 Accounts & Net Flow Data

4th Qtr 4th Qtr Q4 '16 v. Full Year 2016 v. Date Full Year 2015 October November December 2015 2016 Q4 '15 2016 2015 Program Contributions (000's) $ 21,521 $ 80,033 $5,904 $5,170 $11,623 $22,697 5.5% $76,699 -4.2%

Program Redemptions (000's) $ (12,375) $ (58,362) $ (3,240) $ (2,952) $ (6,508) $ (12,701) 2.6% $ (63,180) 8.3%

Program Net Flows (000's) $ 9,146 $ 21,672 $ 2,664 $ 2,218 $5,114 $ 9,996 9.3% $ 13,519 -37.6%

Gross New Account Growth 965 3,922 305 296 593 1,194 23.7% 4,030 2.8% Closed Accounts 429 2,106 154 111 191 456 6.3% 2,380 13.0% Net New Account Growth 536 1,816 151 185 402 738 37.7% 1,650 -9.1%

4th Qtr Q4 '16 v. Q4 '16 v. Date Through: October November December 2015 Q3 '16 Q4 '15

Total Program Assets (000's)* $677,694 $712,703 $719,602 $733,310 1.8% 8.2% Total Program Accounts* 46,645 47,708 47,893 48,295 1.6% 3.5% Average Account Size $14,529 $14,939 $15,025 $15,184 0.2% 4.5%

*Total assets and total accounts are totals at that point in time, while other metrics such as net flow data and new accounts represent the total for that particular time period.

2016 v 2015 Plan Contributions (000's) Program Quarterly Contributions First Year Contributions - Lower Bar Re-Contributions - Upper Bar & New Accounts

1,194 1,250 For the quarter, first year $ 25,000 1,120 $ 25,000 contributions are up 26% and for the year down 5%, over last year 965 1,000 $ 20,000 908 $ 20,000 808

750 $ 15,000 $ 15,000 $20,485 $17,553 $17,439 $ 22,697 $ 21,521 $18,215 $ 10,000 $ 20,726 500 $14,942 $14,962 $ 10,000 $ 18,153 $12,233 $11,829 $ 15,124

$ 5,000 250 $ 5,000

$5,144 $4,202 $3,557 $4,082 $2,511 $3,190 $3,094 $3,294 0 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2015 Q1 2016 Q2 2015 Q2 2016 Q3 2015 Q3 2016 Q4 2015 Q4 2016 Contributions New Accounts

TIAA PUBLIC 7 Net Flow & Account Data

Full Year Date Q4 2015 Oct-16 Nov-16 Dec-16 Q4 2016 Full Year 2016 +/- % change 2015

Program Contributions (000's) $21,521 $80,033 $ 5,904 $ 5,170 $ 11,623 $22,697 $76,699 -4.2%

Re-Contributions $ 17,439 $ 65,098 $ 4,587 $ 4,055 $ 8,910 $ 17,553 $62,560 -3.9%

First Year Contributions $ 4,082 $ 14,935 $ 1,316 $ 1,115 $ 2,713 $ 5,144 $14,140 -5.3%

% of Contributions are Rollovers - In 2.6% 4.1% 5.5% 3.2% 7.7% 6.1% 5.5% 1.4%

Program Redemptions (000's) $ (12,375) $ (58,362) $ (3,240) $ (2,952) $ (6,508) $ (12,701) $ (63,180) 8.3%

Qualified Redemption 90.7% 89.5% 82.0% 78.1% 95.8% 88.2% 90.4% 0.9%

Non-Qualified Redemption 4.8% 4.5% 8.5% 6.3% 3.2% 5.3% 4.5% 0.1%

Outbound Rollovers 4.1% 5.7% 9.5% 15.6% 0.9% 6.5% 5.0% -0.7%

Scholarship (and other) 0.4% 0.3% 0.0% 0.0% 0.0% 0.0% 0.03% -0.2%

Program Net Flows (000's) $ 9,146 $ 21,672 $ 2,664 $ 2,218 $ 5,114 $ 9,996 $ 13,519 -37.6%

Full Year 2016 v. Full Year 2015 2015 2016 Contribution Breakdown: 4th Quarter by Dollar Amount Check Contribution Averages in $(000's) with # of Contributing Accounts 2016 ACP $4,000 1.8% Payroll ReContribution Rate: ACH-Special 2015 at 52.2% 34.5% 2016 at 51.2% E-Gift

$3,000 34.8%

$4,038 $3,737 $2,000 $2,781 3,699 3,784 $2,621 $2,952 $2,773 Accounts Accounts 23,408 Accounts 23,873 27,107 27,657 Accounts Accounts 3.4% $1,000 Accounts

In a quarter with total contributions up 5%: ACP Contributions were up 5% ACH Special Contributions were up 6%. $- E-Gift Contributions were up 90% Average Contribution Average First Year Average Re-Contribution Contribution 25.5%

TIAA PUBLIC 8 Investment Portfolio Data Summary

. For the quarter, the Aggressive Age Based Portfolios experienced the greatest increase in accounts with 587. This was followed by the Moderate Age Based Portfolios increasing by 258 and the Equity Index Option with an increase of 185.

. The Aged Based Portfolios consist of 58.0% of all Plan accounts and 61.0% of total Plan assets.

TIAA PUBLIC 9 Accounts by Portfolio

Investment Option Totals 12/31/2015 9/30/2016 12/31/2016 Q/Q Change Y/Y Change

MODERATE AGED BASED PORTFOLIOS 23,253 23,338 23,596 258 1.1% 343 1.5%

AGGRESSIVE AGE BASED PORTFOLIOS 7,486 8,623 9,210 587 6.8% 1,724 23.0%

CONSERVATIVE AGE BASED PORTFOLIOS 1,795 2,251 2,434 183 8.1% 639 35.6%

EQUITY INDEX OPTION 2,263 2,571 2,756 185 7.2% 493 21.8%

BALANCED OPTION 3,978 4,017 4,088 71 1.8% 110 2.8%

DIVERSIFIED EQUITY OPTION 2,843 2,907 2,995 88 3.0% 152 5.3%

FIXED INCOME OPTION 1,328 1,355 1,395 40 3.0% 67 5.0%

100% EQUITY OPTION 7,317 7,104 7,128 24 0.3% -189 -2.6%

GUARANTEED OPTION 6,932 7,070 7,126 56 0.79% 194 2.8%

TOTAL 57,195 59,236 60,728

% IN AGE BASED PORTFOLIOS 56.9% 57.8% 58.0%

% IN STATIC PORTFOLIOS 43.1% 42.2% 42.0%

OKLAHOMA SEED 1,362 1,360 1,360

TIAA PUBLIC 10 Assets by Portfolio

Assets by Portfolio 12/31/2015 9/30/2016 12/31/2016 Q/Q Change Y/Y Change

MODERATE AGED BASED PORTFOLIOS $ 340,761,511 $ 356,858,594 $ 359,045,303 $ 2,186,709 0.6% $ 18,283,792 5.4%

AGGRESSIVE AGE BASED PORTFOLIOS 55,962,477 67,393,496 71,340,198 $ 3,946,701 5.9% $ 15,377,720 27.5%

CONSERVATIVE AGE BASED PORTFOLIOS 13,364,755 16,142,417 16,984,835 $ 842,418 5.2% $ 3,620,080 27.1%

EQUITY INDEX OPTION 21,314,575 26,336,981 29,343,360 $ 3,006,379 11.4% $ 8,028,785 37.7%

BALANCED OPTION 33,111,818 35,459,632 35,761,122 $ 301,489 0.9% $ 2,649,304 8.0%

DIVERSIFIED EQUITY OPTION 26,903,918 28,402,310 28,820,587 $ 418,277 1.5% $ 1,916,669 7.1%

FIXED INCOME OPTION 10,847,908 11,311,417 11,386,255 $ 74,838 0.7% $ 538,348 5.0%

100% EQUITY OPTION 109,520,309 111,330,954 112,657,427 $ 1,326,473 1.2% $ 3,137,118 2.9%

GUARANTEED OPTION 65,906,899 67,078,959 67,971,114 $ 892,155 1.3% $ 2,064,215 3.1%

TOTAL $ 677,694,170 $ 720,314,762 $ 733,310,202

% IN AGE BASED PORTFOLIOS 60.5% 61.1% 61.0%

% IN STATIC PORTFOLIOS 39.5% 38.9% 39.0%

OKLAHOMA SEED $ 1,948,758.96 $ 2,069,245.26 $ 2,059,550.00 $ (9,695) -0.5% $ 110,791 5.7%

TIAA PUBLIC 11 Net Rebalance Amount by Portfolio

Investment Portfolio Rebalance Amounts Q4 '15 Q3 '15 Q4 '16

MODERATE AGED BASED PORTFOLIOS $ (1,124,299) $ (570,481) $ (873,416)

AGGRESSIVE AGE BASED PORTFOLIOS (105,004) (88,499) 192,284

CONSERVATIVE AGE BASED PORTFOLIOS (313,789) 523,206 17,516

EQUITY INDEX OPTION 433,530 94,610 987,088

BALANCED OPTION (588,382) 3,155 (359,807)

DIVERSIFIED EQUITY OPTION (151,374) (26,247) (64,950)

FIXED INCOME OPTION 83,258 106,070 312,642

100% EQUITY OPTION (630,427) (1,500,585) (1,090,154)

GUARANTEED OPTION 2,396,486 1,458,772 878,797

TIAA PUBLIC 12 Call-Center / Web Data

4th Quarter, 2016 Online and Website Activity Summary

. Call volume for the 4th quarter of 2016 was 7.7% lower than the same period last year. For the year we finished 6.8% higher than the total call volume of 2015.

. The service level for the 4th quarter of 2016 was 92.2%, which was above target and 11.1% higher than the same period last year. The service level for the year of 2016 finished at 88.1%, which was 3.0% higher than that of 2015 and above our target of 85.0%. The abandonment rate for the 4th quarter and year was 0.3% and 0.7% respectively; very close to the same period last year and well under our 2% target.

. We continuously monitor call volumes to ensure adequate resources are allocated, which allows us to continue providing OCSP customers with a superior sales and service experience.

TIAA PUBLIC 14 Call-Center Data: January – December 2016

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Full Year Live Calls Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals Totals Totals Totals 2016

- Sales Calls 170 141 189 500 187 139 115 441 132 140 121 393 105 133 203 441 1,775

% Incr/Decr Over Prev Year -12.8% -17.5% -25.0% -19.1% -35.1% 5.3% -21.2% -22.1% -25.4% -16.2% -0.8% -15.7% -12.5% 12.7% -19.4% -10.0% -17.1%

- Service Calls 1,683 1,328 1,234 4,245 1,274 837 830 2,941 1,379 1,493 1,076 3,948 860 694 1,150 2,704 13,838

% Incr/Decr Over Prev Year 22.9% 32.1% 18.1% 24.2% 6.5% 10.3% 11.7% 9.0% 14.3% 16.8% 11.9% 14.6% -7.3% 7.4% -14.5% -7.4% 10.9%

Total Live Calls 1,853 1,469 1,423 4,745 1,461 976 945 3,382 1,511 1,633 1,197 4,341 965 827 1,353 3,145 15,613

% Incr/Decr Over Prev Year 18.5% 24.9% 9.7% 17.5% -1.5% 9.5% 6.3% 3.6% 9.3% 13.0% 10.4% 11.0% -7.9% 8.2% -15.3% -7.7% 6.8%

Calls Abandoned 51 7 9 67 10 11 1 22 6 5 7 18 2 4 4 10 117

Abandonment Rate 2.8% 0.5% 0.6% 1.4% 0.7% 1.1% 0.1% 0.7% 0.4% 0.3% 0.6% 0.4% 0.2% 0.5% 0.3% 0.3% 0.7%

Incr/Decr Over Prev Year 2.1% 0.2% 0.4% 1.0% 0.3% 0.7% -0.6% 0.2% 0.2% -0.2% -0.8% -0.2% -0.7% 0.5% -1.8% -0.9% 0.1%

Service Level 76.8% 86.7% 90.0% 83.8% 88.6% 87.0% 91.2% 88.9% 89.1% 90.4% 88.0% 89.3% 92.8% 92.1% 91.8% 92.2% 88.1%

Service Level (prev year) 84.1% 93.6% 92.5% 89.6% 87.1% 90.8% 88.1% 88.4% 88.9% 77.0% 74.4% 80.5% 89.1% 89.8% 73.9% 82.1% 85.1% ` 1st Qtr 2nd Qtr 3rd Qtr 4th YTD Automated Calls Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals Totals Totals Totals 2016

- Automated Calls 75 57 52 184 46 23 44 113 42 70 39 151 34 34 43 111 559

% Incr/Decr Over Prev Year 5.6% -8.1% 4.0% 0.5% -8.0% -61.0% 29.4% -21.0% -19.2% -1.4% 8.3% -5.0% -35.8% 54.5% -39.4% -24.0% -11.4%

Call Volume/Service Level Summary Call Type as a % of Total Call Volume Top Cities By Call Volume Q4 2016 v. Q4 2015 100% 113 100% 184 151 111 90% City # of Calls 5,000 92.2% 88.9% 89.3% 80% Oklahoma City 1,189 1,456 90% 83.8% 4,000 70% Tulsa 842 861

80% 60% Norman 76 101 2,941 2,704 3,000 4,245 3,948 50% Edmond 73 102 Calls #

4,341 70% # Calls 40% 2,000 4,745 Stillwater 64 56 Service Level Service 3,382 3,145 30% Bartlesville 32 42 60% 1,000 20% Houston, TX 32 22 10% 441 441 Dallas, TX 29 21 50% 500 393 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 0% 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Enid 26 30 Call Volume Service Level Sales calls Service Calls Automated calls Broken Arrow 21 24

TIAA PUBLIC 15 Online and Website Activity Summary

. Online enrollment for 4th quarter 2016 was 75.9%, an increase of 1.1% over same period 2015.

. Online Contributions, Online Rebalances, and Online Withdrawals continue to increase over 2015 online activity; making up 78.5% of all contributions, 81.7% of all rebalances, and 86.0% of all withdrawals.

. By the end of 4th quarter 2016, the percentage of Owners who have signed up for eDelivery reached 49.6%. Owners consenting to eDelivery increased by 1.4% over last quarter and by 11.0% for the same time period last year.

. Website visitors in the 4th quarter of 2016 was 41,435.

TIAA PUBLIC 16 Online and Website Activity

Online Transaction $'s in ($000's) with % change. 2015 Q4 v 2016 Q4 Total Traffic Source (Q4) $15,000 +7% 0.7%

$12,500 11.2% 23.0% $10,000 +28% 2015 $7,500 $14,022 2016 $13,106 Organic $5,000 +109% $8,495 Direct $6,638 65.1% Referral $2,500 $4,387 $2,096 Social $0 Networks Online Contributions ($) Online Rebalancing ($) Online Withdrawals ($) Overall avg. site duration 00:04:97

E-Delivery at 49.6% Up 1.4% from last Qtr Traffic Type (Q4) Up 11.0% from last year 49.6% 70,000 48.2% 50.0% 46.3% 44.2% 60,000 45.0%

50,000 38.6% 40.0% 40,000 43% 35.0% 66,683 30,000

45,825 30.0% 20,000 41,435 57% 34,069 36,869 25.0% 10,000 New Visitor

0 20.0% 4th QTR '15 1st QTR '16 2nd QTR '16 3rd QTR '16 4th QTR '16 Returning Visitor Unique Web Visits eDelivery Rate

TIAA PUBLIC 17 Online and Website Activity

Top Public Web Pages The Buzz - 4th Quarter 2016

Type Visits % of Total Type Visits % of Total

Planning & Saving for College 3,155 7.6% Video Views 171 21.5%

Frequently Asked Questions 2,768 6.7% General News 161 20.3%

Plan Details & Information 2,604 6.3% Contest and Promotions 72 9.1%

Researching Investments 1,956 4.7% News and Press Releases 68 8.6%

Managing Your Account 1,821 4.4% Events And Webinars 23 2.9%

Open An Account 1,341 3.2% Tulsa Baby wins $5,529 toward OCSP account 21 2.6%

Two fans win big with OCSP 10 Reasons to Save 1,319 3.2% 20 2.5% VIP Fan Experience Sweepstakes Gifting Estate And Legacy Planning: Treasurer Miller congratulates first OCSP 1,109 2.7% 18 2.3% Asking For And Giving Gift Contribution Summer Savings Adventure Sweepstakes Winner Treasurer Miller suggests an Forms And Resources 1,054 2.5% 15 1.9% alternative to the mall this Christmas Entry deadline quickly approaching for Age-Based Investment Options 1,049 2.5% 12 1.5% Summer Savings Adventure Sweepstakes

TIAA PUBLIC 18 Investment Performance

4th Quarter, 2016 Investment Performance Market Overview – Q4 2016

Key themes . The election of Donald Trump as the next U.S. president Asset Class 3 Month 1 Year 3 Year 5 Year dominated headlines and took many by surprise, but at the same time, brought renewed optimism for economic growth, job U.S. Equities 4.21 12.74 8.43 14.67 creation, corporate tax reform, and the prospect of favorable U.S. Growth Stocks 1.01 7.08 8.55 14.50 trade deals. U.S. Value Stocks 6.68 17.34 8.59 14.80 . First-half U.S. GDP growth of about 1% gave way to a pace U.S. Mid-Cap Stocks closer to 2.5% in the second half. The most recent acceleration is 3.21 13.80 7.92 14.72 little more than a return to the average trend for this recovery, but U.S. Small-Cap Stocks 8.83 21.31 6.74 14.46 it’s also a reminder that conditions remain stable for the U.S. Int’l Developed Markets economy. -0.71 1.00 -1.60 6.53 Emerging Markets Equities -4.16 11.19 -2.55 1.28 Real Estate Stocks . Domestic stocks had another good quarter, with eight of eleven -3.28 8.63 12.66 11.98 sectors advancing. The rally was particularly noticeable in U.S. Investment Grade Bonds -2.98 2.65 3.03 2.23 Financials, which was buoyed by the prospects of a favorable U.S. Treasuries -7.84 6.67 7.16 4.07 interest rate environment, and the U.S. dollar-centric small-cap space. Inflation-Linked Bonds -1.47 4.01 1.45 0.70 Fixed Income High Yield Bonds 1.26 14.76 4.89 7.04 . The U.S. election results sent bond yields higher. By the end of Commodities 2.66 11.77 -11.26 -8.95 the quarter, yields across the curve were at their highest levels in Cash 0.09 0.35 0.16 0.14 over a year, also propelled by a 0.25% hike in the Fed Funds Annualized Tuition Inflation Ending as of 2016-2017 Academic Year* (%) target rate. Bond prices fell and produced a challenging quarter for most fixed rate debt. Educational Institution 1 Year 3 Year 5 Year National Average Public 4-Year In-state 2.44 2.79 3.12 Past performance is not indicative of future results. You can not invest directly in an index. U.S. Equities – Russell 3000 Index; U.S. Growth Stocks – Russell 1000 Growth Index; U.S. Value Stocks – Russell 1000 National Average Private Nonprofit 4-Year 3.56 3.58 3.73 Value Index; U.S. Mid Cap Stocks – Russell Midcap Index; U.S. Small-Cap Stocks – Russell 2000 Index; International Developed Markets – MSCI EAFE Index; Emerging Markets – MSCI Emerging Markets Index; Consumer Price Index, December 2016 1.89 1.09 1.34 Real Estate Stocks – FTSE NAREIT All Equity REITS Index; U.S. Investment Grade Bonds – Bloomberg Barclays U.S. Aggregate Bond Index; U.S. Treasuries – Bloomberg Barclays U.S. Government/Credit Long *Data are for the entire academic year and are average total charges for full-time attendance. Tuition and fees Index; Inflation-Linked Bonds – Bloomberg Barclays TIPS 1-10 Years Index; High Yield Bonds – BofA Merrill were enrollment weighted. SOURCES: CollegeBoard, Trends in College Pricing 2016 and U.S. Department of Lynch BB/B Cash Pay Index; Commodities - Bloomberg Commodity Index; Cash - Bloomberg Barclays U.S. Labor: Bureau of Labor Statistics 3 month Treasury Bellweathers Index C34631 © 2016 TIAA-CREF Tuition Financing Inc. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC. TIAA PUBLIC 20 Investment Performance

Oklahoma College Savings Plan Assets by Investment Option as of 12/31/2016 Total Assets: $733 Million

Guaranteed Aggressive Managed Global Equity Index Allocation

Balanced

Diversified Equity

U.S. Equity Index

Conservative Managed

Allocation

Fixed Income

Moderate Managed

Allocation

% of Assets ($MM) % of Assets ($MM) Moderate Managed Allocation 49% $359 Diversified Equity 4% $29 Global Equity Index 15% $113 U.S. Equity Index 4% $29 Guaranteed 9% $68 Conservative Managed Allocation 2% $17 Aggressive Managed Allocation 10% $71 Fixed Income 2% $11 Balanced 5% $36 TIAA PUBLIC 4% 21 Conservative, Moderate and Aggressive Managed Allocation Options vs. Composite Benchmarks Q4 2016 Returns (%)

2.0 1.97 1.66

1.5 1.24 1.24 1.04 1.03 1.0 0.87 0.87 0.69 0.69 0.61 0.50 0.5 0.32 0.27 0.32 0.20 0.32 0.13 0.0 -0.05 -0.15-0.05 -0.05 -0.28 -0.24 -0.14 -0.5 -0.34 -0.43 -0.34 -0.38 -0.34 -0.46 -0.42 -0.51 -0.48 -0.64 -0.75 -1.0 Agg. 0-3 Agg. 4-7 Agg. Con. 0-3 Con. 4-7 Mod. 0-3 Mod. 4-7 Mod. Agg. 18+ Agg. 8-11 Con. 18+ Con. 8-11 Mod. 18+ Mod. 8-11 Mod. Agg. 12-14 Agg. 15-17 Agg. Con. 12-14 Con. 15-17 Mod. 12-14 Mod. 15-17

Conservative Moderate Aggressive Benchmarks

• Private monthly payroll growth averaged a solid 163,000 for the quarter. At 4.7%, the unemployment rate sits near a nine-year low. • Average hourly wages jumped 0.4% in December and 2.9% in 2016—the fastest annual increase in seven years. • Even as mortgage rates began to climb in the fourth quarter, the housing sector continued to be a source of strength overall: Both new and existing home sales jumped in November, and home prices rose on both a month-to-month and year-over-year basis in October. • In December—one year after its previous rate hike—the Federal Reserve raised its target federal funds rate by 25 basis points (0.25%), to a range of 0.50%-0.75%. The Fed’s decision reflects confidence that the U.S. economy is on solid enough footing to take this second step toward normalizing interest rates. With employment improving and signs of wage growth beginning to emerge, the Fed’s twin goals of full employment and stable inflation are close to being achieved. • Younger age bands in the three risk tracks produced positive absolute returns in the fourth quarter while older bands produced negative absolute returns. Age bands modestly trailed their blended benchmarks after fees. • Providing a boost to absolute returns was the Equity Index Fund, which returned 4.18% for the quarter. Relative returns were helped by the High Yield Fund, which outperformed its benchmark by 133 basis points in Q4. This fund maintains a Morningstar rating of 5 out of 5 stars.

TIAA PUBLIC 22 Conservative and Moderate Managed Allocation Options vs. Composite Benchmarks* Period Ending 12/31/2016

Average Annual Total Return

Investment Portfolios 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date

Conservative Managed Allocation Option C510 Conservative Managed Allocation Option 0-3 0.50% 7.35% 7.35% 4.29% 8.56% - 7.88% 10/01/10 BB510 Blended Benchmark Returns 0.69% 7.85% 7.85% 4.75% 8.38% - 7.90% Difference -0.19% -0.50% -0.50% -0.46% 0.18% - -0.02% C511 Conservative Managed Allocation Option 4-7 0.13% 6.68% 6.68% 3.96% 7.02% - 6.71% 10/01/10 BB511 Blended Benchmark Returns 0.32% 7.29% 7.29% 4.46% 7.40% - 7.14% Difference -0.19% -0.61% -0.61% -0.50% -0.38% - -0.43% C512 Conservative Managed Allocation Option 8-11 -0.28% 6.17% 6.17% 3.68% 6.02% - 5.70% 10/11/10 BB512 Blended Benchmark Returns -0.05% 6.71% 6.71% 4.16% 6.41% - 6.14% Difference -0.23% -0.54% -0.54% -0.48% -0.39% - -0.44% C513 Conservative Managed Allocation Option 12-14 -0.46% 5.01% 5.01% 2.96% 4.45% - 4.29% 10/11/10 BB513 Blended Benchmark Returns -0.34% 5.27% 5.27% 3.34% 4.70% - 4.62% Difference -0.12% -0.26% -0.26% -0.38% -0.25% - -0.33% C514 Conservative Managed Allocation Option 15-17 -0.51% 3.33% 3.33% 2.00% 2.64% - 2.69% 10/04/10 BB514 Blended Benchmark Returns -0.43% 3.40% 3.40% 2.20% 2.79% - 2.94% Difference -0.08% -0.07% -0.07% -0.20% -0.15% - -0.25% C515 Conservative Managed Allocation Option 18 & Over -0.75% 1.83% 1.83% 1.03% 0.80% - 0.88% 10/11/10 BB515 Blended Benchmark Returns -0.64% 1.72% 1.72% 1.18% 0.96% - 1.13% Difference -0.11% 0.11% 0.11% -0.15% -0.16% - -0.25% Moderate Managed Allocation Option C356 Moderate Managed Allocation Option 0-3 1.04% 8.12% 8.12% 4.75% 9.62% 4.85% 6.06% 01/16/04 BB616 Blended Benchmark Returns 1.24% 8.68% 8.68% 5.17% 9.85% 5.18% 6.62% Difference -0.20% -0.56% -0.56% -0.42% -0.23% -0.33% -0.56% C355 Moderate Managed Allocation Option 4-7 0.61% 7.57% 7.57% 4.49% 8.60% 4.64% 5.78% 01/16/04 BB615 Blended Benchmark Returns 0.87% 8.13% 8.13% 4.90% 8.87% 5.18% 6.40% Difference -0.26% -0.56% -0.56% -0.41% -0.27% -0.54% -0.62% C354 Moderate Managed Allocation Option 8-11 0.27% 6.88% 6.88% 4.03% 7.08% 4.53% 5.40% 01/16/04 BB614 Blended Benchmark Returns 0.32% 7.29% 7.29% 4.46% 7.40% 5.12% 6.05% Difference -0.05% -0.41% -0.41% -0.43% -0.32% -0.59% -0.65% C353 Moderate Managed Allocation Option 12-14 -0.15% 6.32% 6.32% 3.75% 6.12% 4.44% 5.15% 01/16/04 BB613 Blended Benchmark Returns -0.05% 6.71% 6.71% 4.16% 6.41% 5.05% 5.80% Difference -0.10% -0.39% -0.39% -0.41% -0.29% -0.61% -0.65% C352 Moderate Managed Allocation Option 15-17 -0.48% 4.86% 4.86% 2.93% 4.42% 3.71% 4.27% 01/16/04 BB696 Blended Benchmark Returns -0.34% 5.27% 5.27% 3.34% 4.70% 4.34% 4.92% Difference -0.14% -0.41% -0.41% -0.41% -0.28% -0.63% -0.65% C351 Moderate Managed Allocation Option 18 & Over -0.42% 3.52% 3.52% 2.18% 3.23% 2.87% 3.35% 01/16/04 BB697 Blended Benchmark Returns -0.24% 3.67% 3.67% 2.35% 3.29% 3.20% 3.71% Difference -0.18% -0.15% -0.15% -0.17% -0.06% -0.33% -0.36% * Returns are net of current weighted average Underlying Fund Fees and Program Management Fees (35 bp). TIAA PUBLIC 23 Aggressive Managed Allocation Option vs. Composite Benchmarks* Period Ending 12/31/2016

Average Annual Total Return

Investment Portfolios 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date

Aggressive Managed Allocation Option C516 Aggressive Managed Allocation Option 0-3 1.66% 9.10% 9.10% 5.30% 12.28% - 10.77% 10/01/10 BB516 Blended Benchmark Returns 1.97% 9.76% 9.76% 5.69% 11.80% - 10.45% Difference -0.31% -0.66% -0.66% -0.39% 0.48% - 0.32% C517 Aggressive Managed Allocation Option 4-7 1.03% 8.14% 8.14% 4.72% 9.47% - 8.58% 10/01/10 BB517 Blended Benchmark Returns 1.24% 8.68% 8.68% 5.17% 9.85% - 9.01% Difference -0.21% -0.54% -0.54% -0.45% -0.38% - -0.43% C518 Aggressive Managed Allocation Option 8-11 0.69% 7.61% 7.61% 4.44% 8.50% - 7.95% 10/04/10 BB518 Blended Benchmark Returns 0.87% 8.13% 8.13% 4.90% 8.87% - 8.36% Difference -0.18% -0.52% -0.52% -0.46% -0.37% - -0.41% C519 Aggressive Managed Allocation Option 12-14 0.20% 6.82% 6.82% 4.00% 7.05% - 6.75% 10/04/10 BB519 Blended Benchmark Returns 0.32% 7.29% 7.29% 4.46% 7.40% - 7.20% Difference -0.12% -0.47% -0.47% -0.46% -0.35% - -0.45% C520 Aggressive Managed Allocation Option 15-17 -0.14% 6.29% 6.29% 3.69% 6.02% - 5.98% 10/04/10 BB520 Blended Benchmark Returns -0.05% 6.71% 6.71% 4.16% 6.41% - 6.42% Difference -0.09% -0.42% -0.42% -0.47% -0.39% - -0.44% C521 Aggressive Managed Allocation Option 18 & Over -0.38% 5.02% 5.02% 3.00% 4.44% - 4.26% 10/15/10 BB521 Blended Benchmark Returns -0.34% 5.27% 5.27% 3.34% 4.70% - 4.61% Difference -0.04% -0.25% -0.25% -0.34% -0.26% - -0.35% * Returns are net of current weighted average Underlying Fund Fees and Program Management Fees (35 bp).

TIAA PUBLIC 24 Conservative, Moderate and Aggressive Managed Allocation Options vs. Composite Benchmarks Asset Allocation, Fees and Performance Q4 2016

TIEIX TCIEX teqlx TIREX TBIIX TIILX tihyx TISIX TCIXX

Annual Emerging Q4 International Real Estate Inflation- Q4 Option Over/Under Asset Equity Index Markets Bond Index High Yield Short-Term Money Benchmark Equity Index Securities Linked Bond Age of Beneficiary Returns Benchmark Based Fund Equity Index Fund Fund Bond Fund Market Fund Returns Fund Fund Fund Fees (bp)* Fund

Underlying Fund Expenses (bp) 5 6 23 51 12 27 36 27 14 Conservative Managed Allocation Option

BB510 0-3 0.50% 0.69% -0.19% 48 40.95% 14.63% 4.87% 4.55% 18.20% 5.60% 4.20% 7.00% 0.00%

BB511 4-7 0.13% 0.32% -0.19% 50 34.65% 12.38% 4.12% 3.85% 23.40% 7.20% 5.40% 9.00% 0.00%

BB512 8-11 -0.28% -0.05% -0.23% 51 28.35% 10.13% 3.37% 3.15% 28.60% 8.80% 6.60% 11.00% 0.00%

BB513 12-14 -0.46% -0.34% -0.12% 53 18.90% 6.75% 2.25% 2.10% 26.00% 8.00% 6.00% 30.00% 0.00%

BB514 15-17 -0.51% -0.43% -0.08% 56 9.45% 3.38% 1.12% 1.05% 17.55% 5.40% 4.05% 48.00% 10.00%

BB515 18 and over -0.75% -0.64% -0.11% 58 0.00% 0.00% 0.00% 0.00% 13.00% 4.00% 3.00% 60.00% 20.00%

Moderate Managed Allocation Option

BB616 0-3 1.04% 1.24% -0.20% 47 50.40% 18.00% 6.00% 5.60% 10.40% 3.20% 2.40% 4.00% 0.00%

BB615 4-7 0.61% 0.87% -0.26% 48 44.10% 15.75% 5.25% 4.90% 15.60% 4.80% 3.60% 6.00% 0.00%

BB614 8-11 0.27% 0.32% -0.05% 50 34.65% 12.38% 4.12% 3.85% 23.40% 7.20% 5.40% 9.00% 0.00%

BB613 12-14 -0.15% -0.05% -0.10% 51 28.35% 10.13% 3.37% 3.15% 28.60% 8.80% 6.60% 11.00% 0.00%

BB696 15-17 -0.48% -0.34% -0.14% 53 18.90% 6.75% 2.25% 2.10% 26.00% 8.00% 6.00% 30.00% 0.00%

BB697 18 and over -0.42% -0.24% -0.18% 55 12.60% 4.50% 1.50% 1.40% 14.56% 4.48% 3.36% 47.60% 10.00%

Aggressive Managed Allocation Option

BB516 0-3 1.66% 1.97% -0.31% 45 63.00% 22.50% 7.50% 7.00% 0.00% 0.00% 0.00% 0.00% 0.00%

BB517 4-7 1.03% 1.24% -0.21% 47 50.40% 18.00% 6.00% 5.60% 10.40% 3.20% 2.40% 4.00% 0.00%

BB518 8-11 0.69% 0.87% -0.18% 48 44.10% 15.75% 5.25% 4.90% 15.60% 4.80% 3.60% 6.00% 0.00%

BB519 12-14 0.20% 0.32% -0.12% 50 34.65% 12.38% 4.12% 3.85% 23.40% 7.20% 5.40% 9.00% 0.00%

BB520 15-17 -0.14% -0.05% -0.09% 51 28.35% 10.13% 3.37% 3.15% 28.60% 8.80% 6.60% 11.00% 0.00%

BB521 18 and over -0.38% -0.34% -0.04% 53 18.90% 6.75% 2.25% 2.10% 26.00% 8.00% 6.00% 30.00% 0.00%

Fund's Performance vs Benchmark (3) (76) (93) (52) (25) (17) 133 8 5

* Asset Based Fees include current weighted average Underlying Fund Fees, Program Management Fees (35 bp). TIAA PUBLIC 25 Static Options vs. Composite Benchmarks Q4 2016 Returns (%)

Oklahoma College Savings Plan 5.0 Static Options vs. Composite Benchmarks 4.21 4.08 4.0 Q4 2016 Returns (%) 3.0

1.97 1.95 2.0 1.69

1.0 0.50 0.34 0.39 0.08 0.0

-0.40 -1.0

-2.0

-2.36 -2.26 -3.0 Global Equity Idx Diversified Equity Balanced Fixed Income U.S. Equity Index Guaranteed

Static Options Benchmarks

• After moving sideways for the first six weeks of the quarter, the S&P 500 Index enjoyed a post-election run fueled by optimism over Donald Trump’s perceived pro-growth agenda. The index notched several all-time highs en route to a 3.82% fourth quarter gain. For the year as a whole, the S&P 500® returned nearly 12%—its eighth consecutive annual gain. • Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index, a proxy for the broad investment-grade bond market, lost 3%—its worst quarter in 35 years—amid a sharp pickup in interest rates. • Nearly all static options produced positive absolute returns in Q4. • The highest performance for the quarter on an absolute basis came from the U.S. Equity Index Option, returning 4.08%. • The Diversified Equity Option had a challenging quarter on a relative basis. Both the International Equity Fund and Large Cap Growth Fund underperformed their respective benchmarks by more than 300 basis points. While the Small Cap Equity Fund outperformed by 151 basis points, it only partially offset the negative relative returns and the option trailed by 145 basis points in Q4. • The Guaranteed Option produced absolute returns of 0.39% in Q4 and beat its benchmark by 31 basis points. This option continues to be attractive for conservative investors who value capital preservation and stability.

TIAA PUBLIC 26 Static Options vs. Composite Benchmarks* Period Ending 12/31/2016

Average Annual Total Return

Investment Options 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date C357 Global Equity Index Option 1.69% 9.07% 9.07% 5.31% 11.46% 4.56% 4.67% 04/27/01 BB612 Blended Benchmark Returns 1.97% 9.76% 9.76% 5.69% 11.80% 5.10% 5.48% Difference -0.28% -0.69% -0.69% -0.38% -0.34% -0.54% -0.81%

C358 Diversified Equity Option 0.50% 6.67% 6.67% 4.20% 11.78% 4.47% 5.74% 07/19/06 BB611 Blended Benchmark Returns 1.95% 9.85% 9.85% 5.78% 11.81% 5.11% 6.30% Difference -1.45% -3.18% -3.18% -1.58% -0.03% -0.64% -0.56%

C360 Balanced Option -0.40% 5.73% 5.73% 3.72% 7.86% 4.73% 5.51% 07/16/06 BB610 Blended Benchmark Returns 0.34% 7.92% 7.92% 4.86% 8.01% 5.22% 5.98% Difference -0.74% -2.19% -2.19% -1.14% -0.15% -0.49% -0.47%

C359 Fixed Income Option -2.36% 3.77% 3.77% 2.55% 1.89% 3.82% 3.88% 07/28/06 BB609 Blended Benchmark Returns -2.26% 4.09% 4.09% 3.03% 2.42% 4.62% 4.72% Difference -0.10% -0.32% -0.32% -0.48% -0.53% -0.80% -0.84%

C522 U.S. Equity Index Option 4.08% 12.38% 12.38% 8.03% 14.20% - 13.20% 10/01/10 BB522 Blended Benchmark Returns 4.21% 12.74% 12.74% 8.43% 14.67% - 13.65% Difference -0.13% -0.36% -0.36% -0.40% -0.47% - -0.45%

C465 Guaranteed Option** 0.39% 1.40% 1.40% 1.21% 1.32% 2.12% 2.71% 05/01/01 CG3MTCitigroup 3 Month T-Bill 0.08% 0.27% 0.27% 0.11% 0.09% 0.73% 1.35% Difference 0.31% 1.13% 1.13% 1.10% 1.23% 1.39% 1.36%

* Returns are net of current weighted average Underlying Fund Fees and Program Management Fees (35 bp). ** The crediting rate of 1.45% for the underlying Funding Agreement is guaranteed through 3/31/17.

TIAA PUBLIC 27 Static Options vs. Composite Benchmarks Asset Allocation, Fees & Performance – Q4 2016

tigrx tilgx trlix trpwx timvx tisex tirex tiiex temlx

Annual Q4 Growth & Mid-Cap Real Estate Emerging Q4 Option Over/Under Asset Large-Cap Large-Cap Mid-Cap Small-Cap International Benchmark Income Growth Securities Markets Investment Options Returns Benchmark Based Growth Fund Value Fund Value Fund Equity Fund Equity Fund Returns Fund Fund Fund Equity Fund Fees (bp)*

Underlying Fund Expenses (bp) 43 44 42 47 42 42 51 49 94 BB611Diversified Equity Option 0.50% 1.95% -1.45% 84 37.80% 7.56% 7.56% 2.52% 2.52% 5.04% 7.00% 22.50% 7.50%

Fund's performance vs Benchmk (111) (352) 9 (162) 25 151 (52) (333) (151) dimeq dxidx dxeme direa TIEIX TCIEX teqlx tirex Annual Emerging Q4 International Real Estate Q4 Option Over/Under Asset Equity Index Markets Benchmark Equity Index Securities Investment Options Returns Benchmark Based Fund Equity Index Returns Fund Fund Fees (bp)* Fund

Underlying Fund Expenses (bp) 5 6 23 51 BB612Global Equity Index Optio 1.69% 1.97% -0.28% 45 63.00% 22.50% 7.50% 7.00% ####

Fund's performance vs Benchmk (3) (76) (93) (52) dimgi dimcg dimcv disce direa dimie dieme dibdi diilb dihy2 tigrx trpwx timvx tisex tirex tiiex temlx TBIIX TIILX tihyx Annual Q4 Growth & Real Estate Emerging Inflation- Q4 Option Over/Under Asset Mid-Cap Mid-Cap Small-Cap International Bond Index High-Yield Benchmark Income Securities Markets Linked Investment Options Returns Benchmark Based Growth Fund Value Fund Equity Fund Equity Fund Fund Fund Returns Fund Fund Equity Fund Bond Fund Fees (bp)*

Underlying Fund Expenses (bp) 43 47 42 42 51 49 94 12 27 36 BB610Balanced Option -0.40% 0.34% -0.74% 72 30.24% 2.27% 2.27% 3.02% 4.20% 13.50% 4.50% 26.00% 8.00% 6.00%

Fund's performance vs Benchmk (111) (162) 25 151 (52) (333) (151) (25) (17) 133 dimbd diilb dihy2 #REF! dibdi diilb dihy2 dimeq TBIIX TIILX tihyx TIEIX Annual TIAA-CREF Q4 Inflation- Q4 Option Over/Under Asset Bond Index High-Yield Equity Index Life Co. Benchmark Linked Bond Investment Options Returns Benchmark Based Fund Fund Fund Funding Returns Fund Fees (bp)* Agreement

Underlying Fund Expenses (bp) 12 27 36 5 0 BB609Fixed Income Option -2.36% -2.26% -0.10% 52 70.00% 20.00% 10.00% BB522U.S. Equity Index Option 4.08% 4.21% -0.13% 40 100.00% CG3MGuaranteed Option 0.39% 0.08% 0.31% - 100.00%

Fund's performance vs Benchmk (25) (17) 133 (3) 31

* Asset Based Fees include current weighted average Underlying Fund Fees and Program Management Fees (35 bp).

TIAA PUBLIC 28 Underlying Funds vs. Benchmarks Period Ending 12/31/2016

Average Annual Total Return

3 Month YTD 1 Year 3 Year 5 Year 10 Year Life Fund Incept. Date

TIAA-CREF Funds ibdi T-C Bond Index Fund -3.23% 2.38% 2.38% 2.90% 2.07% - 3.38% 9/14/2009 Bibdi Bloomberg Barclays U.S. Aggregate Bond Inde -2.98% 2.65% 2.65% 3.03% 2.23% - 3.59% dibdi Difference -0.25% -0.27% -0.27% -0.13% -0.16% -0.21% IMEQ T-C Equity Index Fund 4.18% 12.76% 12.76% 8.42% 14.62% 7.06% 5.24% 07/01/1999 BIMEQ Russell 3000 Index 4.21% 12.74% 12.74% 8.43% 14.66% 7.07% 5.32% dIMEQ Difference -0.03% 0.02% 0.02% -0.01% -0.04% -0.01% -0.08% xeme T-C Emerging Markets Equity Index Fund* -5.09% 11.06% 11.06% -2.90% 1.00% - 0.08% 08/31/2010 Bxeme MSCI Emerging Markets Index -4.16% 11.19% 11.19% -2.55% 1.28% - 0.57% dxeme Difference -0.93% -0.13% -0.13% -0.35% -0.28% -0.49% ieme T-C Emerging Markets Fund** -5.67% 5.96% 5.96% -5.20% 0.45% - -0.67% 08/31/2010 Bieme MSCI Emerging Markets Index -4.16% 11.19% 11.19% -2.55% 1.28% - 0.57% dieme Difference -1.51% -5.23% -5.23% -2.65% -0.83% -1.24% imgi T-C Growth and Income Fund 2.71% 8.60% 8.60% 7.73% 14.35% 8.39% 5.46% 07/01/1999 Bimgi S&P 500 Index 3.82% 11.96% 11.96% 8.87% 14.65% 6.94% 4.78% dimgi Difference -1.11% -3.36% -3.36% -1.14% -0.30% 1.45% 0.68% IHY2 T-C High Yield Bond Fund 2.59% 16.45% 16.45% 4.74% 6.88% 7.21% 7.31% 03/31/2006 BIHY2 Merrill Lynch BB/B Cash Pay Index 1.26% 14.76% 14.76% 4.89% 7.04% 6.95% 7.11% dIHY2 Difference 1.33% 1.69% 1.69% -0.15% -0.16% 0.26% 0.20% IILB T-C Inflation-Linked Bond Fund -1.64% 3.65% 3.65% 1.79% 0.50% 3.98% 4.21% 10/01/2002 BIILB Bloomberg Barclays 1-10 Year U.S. TIPS Inde -1.47% 4.01% 4.01% 1.45% 0.70% 3.75% 3.93% dIILB Difference -0.17% -0.36% -0.36% 0.34% -0.20% 0.23% 0.28% XIDX T-C International Equity Index Fund* -1.47% 1.22% 1.22% -1.63% 6.69% 0.85% 7.32% 10/01/2002 BXIDX MSCI EAFE Index -0.71% 1.00% 1.00% -1.60% 6.53% 0.75% 7.32% dXIDX Difference -0.76% 0.22% 0.22% -0.03% 0.16% 0.10% 0.00% imie T-C International Equity Fund* -4.04% 0.41% 0.41% -2.99% 8.25% 0.78% 4.20% 07/01/1999 Bimie MSCI EAFE Index -0.71% 1.00% 1.00% -1.60% 6.53% 0.75% 3.36% dimie Difference -3.33% -0.59% -0.59% -1.39% 1.72% 0.03% 0.84% xlcg T-C Large-Cap Growth Index Fund 1.00% 7.05% 7.05% 8.50% 14.43% 8.25% 9.38% 10/01/2002 Bxlcg Russell 1000 Growth Index 1.01% 7.08% 7.08% 8.55% 14.49% 8.33% 9.48% dxlcg Difference -0.01% -0.03% -0.03% -0.05% -0.06% -0.08% -0.10% ilcg T-C Large-Cap Growth Fund -2.51% -0.85% -0.85% 6.39% 14.50% 8.16% 7.78% 3/31/2006 Bilcg Russell 1000 Growth Index 1.01% 7.08% 7.08% 8.55% 14.49% 8.33% 8.29% dilcg Difference -3.52% -7.93% -7.93% -2.16% 0.01% -0.17% -0.51% ILCV T-C Large-Cap Value Fund 6.77% 18.60% 18.60% 7.25% 14.69% 5.70% 9.80% 10/01/2002 BILCV Russell 1000 Value Index 6.68% 17.34% 17.34% 8.58% 14.79% 5.72% 9.50% dILCV Difference 0.09% 1.26% 1.26% -1.33% -0.10% -0.02% 0.30% Imcv T-C Mid-Cap Value Fund 5.77% 17.40% 17.40% 7.83% 14.14% 7.14% 12.12% 10/01/2002 BImcv Russell Mid-Cap Value Index 5.52% 20.00% 20.00% 9.45% 15.70% 7.58% 11.98% dImcv Difference 0.25% -2.60% -2.60% -1.62% -1.56% -0.44% 0.14% Imcg T-C Mid-Cap Growth Fund -1.16% 1.95% 1.95% 2.96% 11.98% 7.11% 10.77% 10/01/2002 BImcg Russell Mid-Cap Growth Index 0.46% 7.33% 7.33% 6.22% 13.50% 7.83% 11.37% dImcg Difference -1.62% -5.38% -5.38% -3.26% -1.52% -0.72% -0.60% IMMM T-C Money Market Fund 0.08% 0.29% 0.29% 0.11% 0.07% 0.90% 1.96% 07/01/1999 BIMMM iMoneyNet All Government Index 0.03% 0.08% 0.08% 0.03% 0.02% 0.63% 1.58% dIMMM Difference 0.05% 0.21% 0.21% 0.08% 0.05% 0.27% 0.38% IREA T-C Real Estate Securities Fund -3.80% 4.38% 4.38% 11.84% 11.21% 4.28% 10.61% 10/01/2002 BIREA FTSE NAREIT Equity Index -3.28% 8.63% 8.63% 12.66% 11.97% 5.07% 11.14% dIREA Difference -0.52% -4.25% -4.25% -0.82% -0.76% -0.79% -0.53% isb2 T-C Short Term Bond Fund -0.31% 2.07% 2.07% 1.34% 1.62% 2.89% 3.05% 03/31/2006 Bisb2 Bloomberg Barclays Gov't/Credit 1-3 Year Inde -0.39% 1.28% 1.28% 0.90% 0.92% 2.44% 2.63% disb2 Difference 0.08% 0.79% 0.79% 0.44% 0.70% 0.45% 0.42% isce T-C Small-Cap Equity Fund 10.34% 19.97% 19.97% 8.70% 15.45% 7.25% 11.28% 10/01/2002 Bisce Russell 2000 Index 8.83% 21.31% 21.31% 6.74% 14.45% 7.07% 11.06% disce Difference 1.51% -1.34% -1.34% 1.96% 1.00% 0.18% 0.22% * For funds holding securities traded on foreign exchanges that close before the U.S. market, fair value pricing creates tracking error relative to a benchmark index that uses foreign closing prices.

TIAA PUBLIC 29 Customer Service Performance

4th Quarter, 2016 Customer Service Performance Summary

. Overall transaction volume for the 4th Quarter 2016 for all TFI plans increased 3.9% compared to 3rd Quarter 2016 volume. Both Redeem and Rebalance activity (including change in beneficiary requests) decreased for the period, with redeems decreasing 33% and Rebalance transactions decreasing 14%. Purchase transaction increased 20%, NASU volume increased by 36% and maintenance related requests increased 7% compared to their 3rd Quarter volumes. Please note, the experience in each TFI managed plan could be different than these overall results. . Overall processing accuracy for all TFI Programs for 4th Quarter 2016 was 99.0%, up 0.61% from 3rd Quarter 2016, based on BFDS’ review of external accuracy using its QAT process. . eDelivery acceptance by Account Owners continues to grow period over period, with 55.6% of all Account Owners in TFI managed Plans receiving eDelivery as of 4th Quarter 2016 – up 1.4% over 3rd Quarter 2016. The highest increase for the period of any TFI Plan was 1.8%, while the lowest increase in eDelivery among TFI plans was 1.1%. The increase in eDelivery for OCSP was 1.4%. Account Owners may select eDelivery of statements only, disclosure materials only, or both. These results represent an Account Owner’s election of any eDelivery option. . All statements, confirmations and checks were mailed on time.

TIAA PUBLIC 31 Customer Service Performance Summary

Correspondence Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD Financial Correspondence Financial Correspondence Received 77 80 74 231 75 115 50 240 59 61 91 211 50 40 101 191 873 Timeliness 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 99% 100% 100% 100% 100% 100% 100%

Non-Financial Correspondence Non-Financial Correspondence Received 73 26 20 119 48 22 11 81 54 7 4 65 12 11 20 43 308 Timeliness 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Check Processing Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD Purchases - Checks Received 1,291 938 1,083 3,312 1,144 987 820 2,951 869 908 778 2,555 993 890 778 2,661 11,479 Accuracy 99% 99% 99% 99% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Timeliness 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Account Set Up (1) Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD New Accounts - Enrollment Forms Received 84 47 164 295 72 37 41 150 26 37 23 86 43 63 136 242 773 Accuracy 100% 100% 100% 100% 100% 100% 100% 100% 100% 94% 96% 96% 92% 100% 100% 99% 99% Timeliness 100% 100% 100% 100% 100% 97% 100% 99% 100% 100% 100% 100% 100% 100% 99% 99% 100%

Account Redemption (1) Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD Redemptions - Requests Received 398 238 150 786 130 168 149 447 204 350 326 880 163 95 146 404 2,517 Accuracy 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 98% 99% 100% 100% 100% 100% 100% Timeliness 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Confirmations/Statements (2) Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD Daily Confirmations 5,586 5,278 5,924 16,788 4,121 4,632 5,340 14,093 3,766 7,316 5,645 16,727 3,694 4,837 6,817 15,348 62,956 Accuracy 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Timeliness 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Customer Relationships Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD Service Concerns - Adjustments 17 14 10 41 9 9 8 26 5 6 10 21 7 3 8 18 106 Timeliness (3) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Mail Processing Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD Total Mailed 59 100 46 205 43 67 239 349 137 226 428 791 558 357 59 974 2,319 Mailed within 5 Days 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Systems Availability and Timeliness (4) Jan Feb Mar 1st Qtr Apr May Jun 2nd Qtr Jul Aug Sep 3rd Qtr Oct Nov Dec 4th Qtr YTD System Performance Timeliness (Peak) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Minutes Systems were Unavailable 0 0 0 0 0 0 0 0 0 0 67 67 0 0 0 0 67 System Performance Timeliness (Non-Peak) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Minutes Systems were Unavailable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(1) Account set-up and account redemptions include transaction requests received by mail only. (2) Daily Confirmations are mailed within 5 days; quarterly statements are mailed within 10 days of approval. (3) % Adjusted within 7 days (4) This data is compiled for total system downtime and is not available by state component.

TIAA PUBLIC 32 Demographic Information

4th Quarter, 2016 Statistics and Demographic Summary

. At the end of 4th quarter 2016, the Plan had 48,295 accounts with 27,075 account owners and 47,325 beneficiaries and $733.3 million, in total Plan assets.

. Account owners in their forties comprised the largest group of college savers within the Plan (31%) and accounted for 34% of total Plan assets.

. Account owners age fifty and above, many of whom are grandparents, made up 45% of total Plan account owners and accounted for 56% of Plan assets.

. 40% of Plan beneficiaries were between the ages of 8 and 15 years old. Beneficiaries ages 12-19 accounted for 53% of Plan assets with a higher amount of average assets per beneficiary.

TIAA PUBLIC 34 Statistics and Demographic

Selected Plan Statistics Account Owners by Gender*

% of Account % of Total Plan Average Assets Owners Assets per Owner

# of Accounts 48,295 Male 59% 68% $31,055

Total Plan Assets ( $000's) 1 $733,310 Female 41% 32% $21,325

*This is from pool of account owners that responded to this question (98.9%) # of Account Owners 27,075 # of Beneficiaries 47,325 Account Owners by State of Residency Average Assets % of Account % of Total Plan Average Assets/Account $15,184 per Account Owners Assets Owner Average Assets/Account Owner $27,084 Average Assets/Beneficiary $15,495 Oklahoma 87.2% 86.3% $26,784 Out-of-State 12.8% 13.7% $29,133 Average Beneficiaries per Account Owner 1.75 Average Accounts per Beneficiary 1.02 Top Other States by Assets Texas 3.6% 4.5% $34,057 Average Investment Options/Account 1.26 Florida 0.5% 0.7% $42,669 California 0.6% 0.7% $96,716

1 Total Plan Assets exclude the OK SEED

TIAA PUBLIC 35 Statistics and Demographic – Owners

# of Account Owners by Age Group Account Owners by Age Group*

9,000 Average 8,089 % of Account % of Total Plan 8,000 Assets per Owners Assets 7,000 Owner 6,014 5,688 6,000 5,376 Age 20-29 3% 1% $7,925 5,000 4,000 Age 30-39 21% 9% $12,017 3,000

Age 40-49 31% 34% $29,857 2,000 779 Age 50-59 23% 28% $32,510 1,000 0 Age 60 + 22% 28% $35,312 Age 20-29 Age 30-39 Age 40-49 Age 50-59 Age 60 +

Average Account Owner Assets by Age Group Account owners in their forties comprised the largest group

of college savers within the Plan, making up 31% of Plan $40,000 $35,312 account owners and accounting for 34% of Plan assets. $35,000 $32,510 $29,857 $30,000

$25,000 Account owners age fifty and above, many of whom are $20,000 grandparents, made up 45% of total Plan account owners and accounted for 56% of Plan assets due to a higher $15,000 $12,017 amount of average assets per account owner. $10,000 $7,925 $5,000

$0 Age 20-29 Age 30-39 Age 40-49 Age 50-59 Age 60 + * Does not include Account Owners who are under age 20 or whose age is unk nown.

TIAA PUBLIC 36 Statistics and Demographic – Beneficiaries

Beneficiaries by Age Group* # of Beneficiaries by Age Group

Average 12,000 % of % of Total Plan Assets per 9,634 Beneficiaries Assets 9,524 Beneficiary 10,000 8,026 7,966 Age 0 - 3 11% 4% $5,106 8,000 7,012

6,000 5,150 Age 4 - 7 15% 10% $10,698 4,000

Age 8 - 11 20% 19% $14,219 2,000

0 Age 12 - 15 20% 27% $20,975 Age 0 - 3 Age 4 - 7 Age 8 - 11 Age 12 - 15 Age 16 - 19 Age 20 +

Age 16 - 19 17% 26% $24,081

Age 20 + 17% 14% $12,974 Average Beneficiary Assets by Age Group

$30,000

$25,000 $24,081 $20,975 $20,000 40% of beneficiaries were between the ages of 8 and 15. $14,219 $15,000 $12,974 However, beneficiaries of age 12 through 19 accounted $10,698 for 53% of plan assets due to a higher amount of average $10,000 $5,106 assets per beneficiary. $5,000

$0 Age 0 - 3 Age 4 - 7 Age 8 - 11 Age 12 - 15 Age 16 - 19 Age 20 + * Does not include Beneficiaries whose age is unk nown

TIAA PUBLIC 37 Market Penetration Rate by County of Account Owner Residency

Mkt Penetration Median # Households % of Households Rate - Total Assets % of Total Plan # of Account % of Accout Assets per County # Households Household w/Persons Under w/Persons Under Households Population ($000's) Assets Owners Owners Account Owner Income 18 Yrs 18 Yrs w/Persons Under 18 Yrs

Adair $712 0.1% 26 0.1% $27,372 8,156 $29,811 3,132 38.4% 0.83% 22,683 Alfalfa $182 0.0% 17 0.1% $10,708 2,022 $42,500 528 26.1% 3.22% 5,642 Atoka $36 0.0% 8 0.0% $4,504 5,391 $31,179 1,736 32.2% 0.46% 14,182 Beaver $308 0.0% 18 0.1% $17,099 2,192 $49,743 737 33.6% 2.44% 5,636 Beckham $1,677 0.2% 77 0.3% $21,783 8,163 $43,642 2,824 34.6% 2.73% 22,119 Blaine $566 0.1% 37 0.1% $15,305 3,959 $41,421 1,251 31.6% 2.96% 11,943 Bryan $2,723 0.4% 91 0.3% $29,928 16,838 $37,230 5,422 32.2% 1.68% 42,416 Caddo $1,248 0.2% 64 0.2% $19,502 10,645 $36,413 3,736 35.1% 1.71% 29,600 Canadian $15,744 2.1% 1,037 3.8% $15,182 42,434 $60,489 16,719 39.4% 6.20% 115,541 Carter $5,708 0.8% 209 0.8% $27,312 18,635 $38,385 6,429 34.5% 3.25% 47,557 Cherokee $2,115 0.3% 134 0.5% $15,783 17,836 $32,322 5,832 32.7% 2.30% 46,987 Choctaw $337 0.0% 18 0.1% $18,748 6,270 $27,549 1,969 31.4% 0.91% 15,205 Cimarron $125 0.0% 4 0.0% $31,353 1,047 $34,096 298 28.5% 1.34% 2,475 Cleveland $62,195 8.5% 2,586 9.6% $24,051 98,306 $52,688 32,343 32.9% 8.00% 255,755 Coal $6 0.0% 2 0.0% $3,072 2,350 $31,764 766 32.6% 0.26% 5,925 Comanche $7,293 1.0% 251 0.9% $29,055 44,982 $44,012 16,418 36.5% 1.53% 124,098 Cotton $320 0.0% 15 0.1% $21,337 2,483 $44,144 822 33.1% 1.83% 6,193 Craig $441 0.1% 41 0.2% $10,755 5,691 $39,836 1,815 31.9% 2.26% 15,029 Creek $6,407 0.9% 308 1.1% $20,801 26,539 $42,314 9,103 34.3% 3.38% 69,967 Custer $1,419 0.2% 95 0.4% $14,941 10,698 $42,108 3,284 30.7% 2.89% 27,469 Delaware $1,877 0.3% 86 0.3% $21,822 17,093 $34,383 4,854 28.4% 1.77% 41,487 Dewey $220 0.0% 17 0.1% $12,962 1,944 $39,940 593 30.5% 2.87% 4,810 Ellis $173 0.0% 9 0.0% $19,201 1,782 $43,032 520 29.2% 1.73% 4,151 Garfield $6,312 0.9% 230 0.8% $27,445 24,175 $40,636 7,760 32.1% 2.96% 60,580 Garvin $1,076 0.1% 68 0.3% $15,826 11,069 $37,785 3,575 32.3% 1.90% 27,576 Grady $3,699 0.5% 189 0.7% $19,569 19,892 $45,260 7,022 35.3% 2.69% 52,431 Grant $565 0.1% 19 0.1% $29,738 1,910 $42,043 533 27.9% 3.57% 4,527 Greer $177 0.0% 8 0.0% $22,153 2,181 $35,096 654 30.0% 1.22% 6,239 Harmon $97 0.0% 4 0.0% $24,361 1,112 $31,679 373 33.5% 1.07% 2,922 Harper $54 0.0% 8 0.0% $6,745 1,527 $39,946 473 31.0% 1.69% 3,685 Haskell $723 0.1% 32 0.1% $22,601 5,044 $37,474 1,710 33.9% 1.87% 12,769 Hughes $419 0.1% 20 0.1% $20,958 5,050 $32,677 1,591 31.5% 1.26% 14,003 TIAA PUBLIC 38 Market Penetration Rate by County of Account Owner Residency

Jackson $616 0.1% 38 0.1% $16,213 10,247 $41,437 3,607 35.2% 1.05% 26,446 Jefferson $247 0.0% 11 0.0% $22,455 2,634 $32,750 809 30.7% 1.36% 6,472 Johnston $548 0.1% 30 0.1% $18,274 4,312 $34,556 1,432 33.2% 2.10% 10,957 Kay $4,318 0.6% 163 0.6% $26,490 18,577 $39,505 5,889 31.7% 2.77% 46,562 Kingfisher $2,383 0.3% 93 0.3% $25,624 5,731 $49,104 2,075 36.2% 4.48% 15,034 Kiowa $62 0.0% 11 0.0% $5,649 3,978 $32,565 1,177 29.6% 0.93% 9,446 Latimer $465 0.1% 21 0.1% $22,124 4,208 $42,639 1,422 33.8% 1.48% 11,154 Le Flore $1,660 0.2% 62 0.2% $26,774 18,878 $36,335 6,475 34.3% 0.96% 50,384 Lincoln $1,919 0.3% 102 0.4% $18,810 13,243 $42,282 4,476 33.8% 2.28% 34,273 Logan $1,927 0.3% 135 0.5% $14,275 15,290 $48,683 5,367 35.1% 2.52% 41,848 Love $293 0.0% 20 0.1% $14,628 3,713 $41,629 1,196 32.2% 1.67% 9,423 Major $336 0.0% 34 0.1% $9,875 3,109 $46,748 911 29.3% 3.73% 7,527 Marshall $1,285 0.2% 24 0.1% $53,544 6,338 $40,419 1,901 30.0% 1.26% 15,840 Mayes $1,478 0.2% 109 0.4% $13,563 16,008 $41,228 5,427 33.9% 2.01% 41,259 McClain $4,273 0.6% 253 0.9% $16,889 12,891 $53,708 4,821 37.4% 5.25% 34,506 McCurtain $802 0.1% 43 0.2% $18,653 12,958 $31,082 4,535 35.0% 0.95% 33,151 McIntosh $639 0.1% 29 0.1% $22,030 8,460 $30,620 2,276 26.9% 1.27% 20,252 Murray $571 0.1% 33 0.1% $17,309 5,350 $40,870 1,723 32.2% 1.92% 13,488 Muskogee $4,479 0.6% 181 0.7% $24,746 27,054 $37,002 9,036 33.4% 2.00% 70,990 Noble $1,685 0.2% 65 0.2% $25,916 4,614 $39,515 1,476 32.0% 4.40% 11,561 Nowata $517 0.1% 26 0.1% $19,876 4,224 $37,500 1,339 31.7% 1.94% 10,536 Okfuskee $120 0.0% 15 0.1% $8,013 4,354 $33,286 1,411 32.4% 1.06% 12,191 Oklahoma $181,940 24.8% 5,960 22.0% $30,527 287,598 $42,916 93,757 32.6% 6.36% 718,633 Okmulgee $1,144 0.2% 91 0.3% $12,566 15,362 $37,820 5,116 33.3% 1.78% 40,069 Osage $1,502 0.2% 103 0.4% $14,585 18,205 $41,125 5,935 32.6% 1.74% 47,472 Ottawa $1,459 0.2% 82 0.3% $17,789 12,345 $35,483 4,086 33.1% 2.01% 31,848 Pawnee $889 0.1% 51 0.2% $17,426 6,486 $40,059 2,076 32.0% 2.46% 16,577 Payne $17,957 2.4% 712 2.6% $25,221 30,177 $34,752 7,876 26.1% 9.04% 77,350 Pittsburg $1,704 0.2% 78 0.3% $21,843 18,012 $39,245 5,602 31.1% 1.39% 45,837 Pontotoc $2,600 0.4% 142 0.5% $18,313 14,654 $37,484 4,645 31.7% 3.06% 37,492 Pottawatomie $5,905 0.8% 263 1.0% $22,453 25,911 $40,085 8,939 34.5% 2.94% 69,442 Pushmataha $157 0.0% 9 0.0% $17,416 4,809 $26,742 1,404 29.2% 0.64% 11,572 TIAA PUBLIC 39 Penetration Rate by County

Roger Mills $278 0.0% 11 0.0% $25,251 1,470 $48,917 467 31.8% 2.35% 3,647 Rogers $4,232 0.6% 245 0.9% $17,274 31,884 $57,443 11,861 37.2% 2.07% 86,905 Seminole $791 0.1% 38 0.1% $20,817 9,750 $32,985 3,257 33.4% 1.17% 25,482 Sequoyah $708 0.1% 38 0.1% $18,626 16,208 $36,357 5,721 35.3% 0.66% 42,391 Stephens $22,804 3.1% 875 3.2% $26,061 18,127 $43,524 5,728 31.6% 15.28% 45,048 Texas $941 0.1% 30 0.1% $31,381 7,212 $44,623 2,885 40.0% 1.04% 20,640 Tillman $758 0.1% 18 0.1% $42,089 3,216 $29,832 1,013 31.5% 1.78% 7,992 Tulsa $206,442 28.2% 6,676 24.7% $30,923 241,737 $45,613 80,498 33.3% 8.29% 603,403 Wagoner $8,113 1.1% 411 1.5% $19,740 26,878 $55,487 10,106 37.6% 4.07% 73,085 Washington $12,965 1.8% 434 1.6% $29,873 21,036 $44,823 6,332 30.1% 6.85% 50,976 Washita $363 0.0% 23 0.1% $15,785 4,599 $43,039 1,522 33.1% 1.51% 11,629 Woods $2,152 0.3% 38 0.1% $56,624 3,533 $48,076 912 25.8% 4.17% 8,878 Woodward $1,188 0.2% 63 0.2% $18,863 7,654 $49,672 2,579 33.7% 2.44% 20,081

In-State Total $632,569 86.3% 23,617 87.2% $26,784 1,460,450 $45,339 485,922 33.3% 4.86% Out of State Total $100,741 13.7% 3,458 12.8% $29,133 112,775,546 $51,999 37,783,137 33.5% 0.01%

Plan Total* $733,310 100.0% 27,075 100.0% $27,084 114,235,996 $51,914 38,269,059 33.5% 0.07%

* The Plan total assets and number of account owners shown may differ from official Plan totals due to the inclusion of the OK SEED and the unavailability of address information for a small percentage of account owners. The Plan total market penetration rate is based on market penetration of all U.S. households. Source of # of households and median household income data: 2013 U.S. Census Bureau.

TIAA PUBLIC 40 Penetration Rate by County

TIAA PUBLIC 41 Marketing Activity

4th Quarter, 2016 4Q Key Metrics

Key Metrics 4Q2015 4Q2016 % Change

Contributions (in $000’s) $21,521 $22,697 5.5%

Redemptions (in $000’s) ($12,375) ($12,701) +2.6%

Net Flows (in $000’s) $9,146 $9,996 9.3%

Gross New Accounts 965 1,194 23.7%

Total Accounts 46,645 48,295 +3.5%

Assets (in $000’s) $677,694 $733,310 +8.2%

Average Account Balance $14,529 $15,184 4.5%

TIAA PUBLIC 43 Direct Marketing Executive Summary

2016 marketing has been effective at generating new accounts . From a calendar view, the 817 new accounts generated in 2016 was a 65% increase over 2015 aided by the strong pick-up in both DM (126 new in Q4) and EM (178 new in Q4) new accounts. . First contributions were 58% higher in 2016 than 2015 with an average contribution amount of $2,221.

. The February 2016 campaign generated 84 new accounts with an average first contribution amount of $665. The May campaign finished with 135 new accounts and an average first contribution amount of $608.

. 22% lift in conversion rate for prospects that were exposed to a Direct Match Display ad compared to those not exposed.

. The Inquirer Program continues to be a very strong mechanism in generating new accounts – 207 new accounts (59 in Q4), $249K in first contributions ($91K in Q4), and 16 ACP enrollments (2 in Q4) in 2016.

. Account Owner response had been down in 2016 until the September campaign. There have been 4,119 responses to date compared to 2,262 in 2015 with 3,545 responses coming from the September EM campaign.

Calendar New Accounts and First Contribution $ through Q4 1,000 $1,814,724 $2,000,000 817 800 $1,147,335 $1,500,000 600 496 $1,000,000 400 200 $500,000 0 $0 2015 2016 New Accounts First Contribution $ TIAA PUBLIC 44 2016 Calendar Level Prospect Results

Continuing to see strong new account generation in 2016 . Overall new accounts are up 65% and first contributions are up 58% in 2016 compared to 2015. . DM new accounts are up 61% in 2016 compared to 2015. First contribution dollars are also up 57% in 2016. Q4 was a strong quarter for DM new accounts generating 178 in 2016 compared to 73 in Q4 2015. These new accounts brought in $363K in first contribution dollars. . EM new accounts are up 69% in 2016 compared to 2015 with first contribution dollars being up 60% in 2016. 126 new EM accounts in Q4 2016 with $180K in first contribution dollars.

Calendar New Accounts and First Contribution $ throughYTD through Q4 Q3 $665,131 300500 441 $1,400,000$700,000 $587,311 $1,210,603 263 250 $1,200,000$600,000 250400 376 $1,000,000$500,000 200 201 300 $424,456 274 $769,440 $800,000$400,000 150 222134 $604,121 200 $600,000$300,000 100 $237,286 $400,000$200,000 100 $377,895 50 $200,000$100,000 0 $0$0 20152015 20162016 20152015 20162016 DMDM EMEM New Accounts First Contribution $

Calendar level results are based upon account open date and are not tied to a campaign. All Merkle marketing efforts are accounted for in this view. Results are for full year 2015 and 2016 only.

TIAA PUBLIC 45 Campaign Level Prospect Results – Direct Mail

2016 DM campaigns are continuing to generate new accounts . The increased Decile 1 targeting strategy has been successful in 2016 in generating new accounts as campaigns are on track to outpace 2015 campaign new account generation. . The November campaign is off to a very strong start, driving 77 new accounts in 1 month; already surpassing November 2015. . Average first contribution dollars has remained consistent YoY; 2016 $652 / 2015 $658. Active in Market Campaigns

Pieces Inbound Website Inquiry New Conversion First Prospects BRC* Delivered Calls Visits Rate Accounts Rate Contributions YTD 2016 47,126 13 0 37 0.11% 77 0.16% $66,120

2016 November Prospect DM* 47,126 13 0 37 0.11% 77 0.16% $66,120

Mature Campaigns Pieces Inbound Website Inquiry New Conversion First Prospects BRC* Delivered Calls Visits Rate Accounts Rate Contributions YTD 2015 82,522 87 120 77 0.34% 269 0.33% $158,614 YTD 2016 77,750 85 38 65 0.24% 164 0.21% $109,182

2015 March Prospect DM 31,987 66 72 51 0.59% 72 0.23% $54,503 2015 May Prospect DM 22,508 10 25 26 0.27% 167 0.74% $91,525 2015 November Prospect DM 28,027 11 23 0 0.12% 30 0.11% $12,586 2016 February Prospect DM 39,408 68 38 13 0.30% 60 0.15% $38,500 2016 May Prospect DM 38,342 17 0 52 0.18% 104 0.27% $70,682

Campaign view only considers prospects that were communicated to in the specific campaign and tracks activity for 6 months from mail date. November 2016 campaign is 16% complete. BRCs were turned off in 2016 starting with the May campaign

TIAA PUBLIC 46 Campaign Level Prospect Results – Email

2016 EM Campaigns off to a good start in generating new accounts . Overall conversion rate to date for 2016 ahead of 2015; .07% to .06% in 2015. . The February 2016 and May 2016 EM campaigns generated 55 new accounts while in market and $29K in first contribution dollars. . July 2016 EM has started off strong generating 22 new accounts in the first 5 months, already surpassing the July 2015 total. This campaign will mature next month. . In the first 3-months, the September 2016 campaign has driven 29 new accounts and is on pace to surpass September 2015 total. This campaign will mature in 3 months. . The November 2016 campaign has brought in 17 new accounts in 1 full month in market, already surpassing the November 2015 total. This campaign will mature in the next 5 months. . Total EM volume in 2016 was 51% lower than in 2015 which is the result of the 2016 strategic decision to eliminate the lower performing January New Year’s Resolution email campaign and only deploy emails to Decile 1. With significantly fewer emails deployed in 2016 and campaigns still in market, we are on pace to surpass the 2015 new account total.

Please see detailed data on next slide

TIAA PUBLIC 47 Campaign Level Prospect Results – Email

Active In Market Campaigns. Pieces Open Click Inbound Website Inquiry New Conversion First Prospects Opens Clicks Delivered Rate Rate Calls Visits Rate Accounts Rate Contributions YTD 2016 95,125 1,111 1.17% 56 0.06% 7 110 0.12% 68 0.07% $28,396

2016 July Prospect EM* 27,024 374 1.38% 19 0.07% 4 23 0.10% 22 0.08% $12,671 2016 September Prospect EM* 34,358 403 1.17% 24 0.07% 1 70 0.21% 29 0.08% $10,550 2016 November Prospect EM* 33,743 334 0.99% 13 0.04% 2 17 0.06% 17 0.05% $5,175

Mature Campaigns Pieces Open Click Inbound Website Inquiry New Conversion First Prospects Opens Clicks Delivered Rate Rate Calls Visits Rate Accounts Rate Contributions YTD 2015 342,603 4,451 1.30% 249 0.07% 71 318 0.13% 180 0.06% $104,034 YTD 2016 70,326 1,144 1.63% 67 0.10% 7 26 0.05% 55 0.08% $28,682

2015 January Prospect EM 59,396 479 0.81% 40 0.07% 49 39 0.15% 39 0.07% $28,150 2015 March Prospect EM 15,386 374 2.43% 16 0.10% 2 18 0.13% 4 0.03% $5,000 2015 May Prospect EM 46,337 421 0.91% 22 0.05% 11 17 0.06% 56 0.12% $23,450 2015 July Prospect EM 53,379 654 1.23% 18 0.03% 0 23 0.04% 21 0.04% $10,675 2015 September Prospect EM 64,301 775 1.21% 38 0.06% 6 55 0.09% 47 0.07% $30,170 2015 November Prospect EM 60,609 942 1.55% 70 0.12% 3 166 0.28% 13 0.02% $6,589 2015 December Redeployment EM 43,195 806 1.87% 45 0.10% NA 2016 February Prospect EM 36,867 759 2.06% 37 0.10% 4 2 0.02% 24 0.07% $17,325 2016 May Prospect EM 33,459 385 1.15% 30 0.09% 3 24 0.00% 31 0.09% $11,357

Campaign view only considers prospects that were communicated to in the specific campaign and tracks activity for 6 months from mail date. July 2016 campaign is 83% complete / September 2016 campaign is 50% complete, and November 2016 is 16% complete

TIAA PUBLIC 48 Direct Marketing - Omni Channel Results

DM + EM is an effective tactic for driving new accounts . 2016 saw a higher distribution of DM + EM: 9% in 2015 to 13% in 2016. . Conversion rate for 2016 DM + EM has increased to .15% from .10% in 2015 showing the effectiveness of the multi-channel. . DM Only, as expected, has had the highest conversion Yo Y.

Please see detailed data on next slide

TIAA PUBLIC 49 Direct Marketing - Omni Channel Results

Active In Market Campaigns Pieces Qty Conversion Prospects New Accounts First Contributions Delivered Distribution Rate 2016 November DM Only 38,350 47% 62 0.16% $52,120 2016 November DM + EM 8,776 11% 15 0.17% $14,000 2016 November EM Only 33,743 42% 17 0.05% $5,175

Mature Campaigns Pieces Qty Conversion Prospects New Accounts First Contributions Delivered Distribution Rate DM Only Total 105,475 37% 225 0.21% $148,220 DM + EM Total 32,289 11% 41 0.13% $28,051 EM Only Total 146,321 52% 72 0.05% $40,271

2015 March DM Only 27,529 58% 63 0.23% $50,353 2015 March DM + EM 4,458 9% 9 0.20% $4,150 2015 March EM Only 15,386 32% 4 0.03% $5,000

2015 November DM Only 20,151 23% 27 0.13% $10,316 2015 November DM + EM 7,876 9% 3 0.04% $2,270 2015 November EM Only 60,609 68% 13 0.02% $6,589

2016 February DM Only 27,999 37% 45 0.16% $23,175 2016 February DM + EM 11,409 15% 15 0.13% $15,325 2016 February EM Only 36,867 48% 24 0.07% $17,325

2016 May DM Only 29,796 41% 90 0.30% $64,376 2016 May DM + EM 8,546 12% 14 0.16% $6,306 2016 May EM Only 33,459 47% 31 0.09% $11,357

Campaign view only considers prospects that were communicated to in the specific campaign and tracks activity for 6 months from mail date. May 2016 campaign is 66% complete TIAA PUBLIC 50 Direct Marketing – Direct Match Display

Direct Match Display is an effective channel for engaging prospects . Overall, the exposed segment generated a 22% lift in conversion rate compared to those not exposed to an ad in 2016. . DM Only segment had the highest lift in conversion rate of those exposed compared to not exposed at 73%, followed by the EM Only segment at 42%. . Highest overall conversion rate was the Banner Only Exposed segment at 0.30%, followed closely by the DM Only Exposed segment at 0.28%.

Display Results – Full Year 2016 Exposure Conversion Segment Lift Flag Rate Not Exposed 0.25% Banner Only Exposed 0.30% 16% Not Exposed 0.16% DM Only Exposed 0.28% 73% Not Exposed 0.13% DM + EM Exposed 0.15% 11% Not Exposed 0.16% EM Only Exposed 0.22% 42% Not Exposed 0.20% Total Exposed 0.25% 22%

TIAA PUBLIC 51 Direct Marketing - Inquirer Program Results

The Inquirer program continues to be extremely effective at generating new accounts and ACP enrollments . 6,124 Inquirer Direct Mail pieces have been delivered in 2016 and 48 new accounts were opened at a conversion rate of 0.78%. . 10,050 Inquirer Email pieces have been delivered in 2016 and 159 new accounts were opened at a conversion rate of 1.58%. . Year to Date (YTD), a total of 207 new accounts were created from the Inquirer program. . Inquirer program response and conversion rates are significantly stronger than the core program: . DM Inquirer Response / Conversion: 1.61% / 0.72% – DM Core Response / Conversion: 0.25% /0.25% . EM Inquirer Response / Conversion: 3.50% / 1.05% - EM Core Response / Conversion: 0.11% /0.06%

Program Summary July 2014 – December 2016 Inquirer Pieces Inbound Website Inquiry New Net Conversion First Contribution ACP DM Delivered Calls Visits Rate Accounts Rate Dollars Enrollments 2014 3,101 36 21 1.84% 35 1.13% $60,357 0 2015 10,191 171 39 2.06% 57 0.56% $312,806 2 2016 6,124 32 14 0.75% 48 0.78% $124,681 6 Total 19,416 239 74 1.61% 140 0.72% $497,844 8

Net First Inquirer Pieces Open Click Inbound Website Inquiry New ACP Open Clicks Conversion Contribution EM Delivered Rate Rates Calls Visits Rate Accounts Enrollments Rate Dollars 2014 8,106 2,219 27.37% 139 1.71% 27 263 3.58% 87 1.07% $86,374 11 2015 21,510 3,921 18.23% 310 1.44% 488 280 3.57% 172 0.80% $321,666 20 2016 10,050 2,079 20.69% 144 1.43% 68 262 3.28% 159 1.58% $124,176 10 Total 39,666 8,219 20.72% 593 1.49% 583 805 3.50% 418 1.05% $532,216 41

TIAA PUBLIC 52 2016 Calendar Level AO Results

Account Owner responses really picked up in Q3 and Q4 2016 . Overall AO response was up 55% in 2016, mainly driven by the strong September 2016 campaign response.

Calendar Responses through Q4 4,500 4,158 4,000 3,500 3,000 2,629 2,500 2,000 1,500 1,000 341 500 272 0 2015 2016 2015 2016 DM EM Responses

Calendar level results are based upon response date and are not tied to a campaign. All Merkle marketing efforts are accounted for in this view. Results are for full year 2015 and 2016 only. Response is based on calls and clicks .

TIAA PUBLIC 53 2016 Campaign Level AO Results – Direct Mail

2016 AO DM campaigns have continued to drive slow response . The response rate for 2016 campaigns really picked up in Q4 mainly driven by the strong start to the November campaign which includes Lifetime Value (LTV) segmentation. . Overall 2016 response rate is slightly behind 2015; 1.91% / 2.23%; however November campaign will continue to mature over the next 5-months. . Mail volume is very minimal for AO DM as primary channel is EM Active in Market Campaigns

Pieces Inbound Website Response Account Owners Delivered Calls Visits Rate YTD 2016 3,296 1 148 4.52%

2016 November AO DM* 3,296 1 148 4.52%

Mature Campaigns Pieces Inbound Website Response Account Owners Delivered Calls Visits Rate YTD 2015 11,582 248 10 2.23% YTD 2016 6,834 40 4 0.64%

2015 March AO DM 3,708 193 8 5.42% 2015 May AO DM 4,279 45 2 1.10% 2015 November AO DM 3,595 10 0 0.28% 2016 February AO DM 3,748 22 1 0.61% 2016 May AO DM 3,086 18 3 0.68%

Campaign view only considers prospects that were communicated to in the specific campaign and tracks activity for 6 months from mail date. November 2016 campaign is 16% complete.

TIAA PUBLIC 54 2016 Campaign Level AO Results – Email

AO EM has seen strong response Q4 . Open and Click Rates have been strong in 2016, 30.29% and 2.78% respectively, both well above 2015 levels. . The July 2016 eNewsletter campaign was a big response driver with a strong open rate of 36.21%. . The September 2016 eNewsletter was the driver of our strongest click rate at 7.69%. . The Response Rate for 2016 campaigns is 4.68% compared to 2.15% in 2015. . The September 2016 eNewsletter drove a 16.91% response rate. . LTV segmentation was incorporated in the November 2016 and we are already seeing a strong start in response.

Please see detailed data on next slide

TIAA PUBLIC 55 2016 Campaign Level AO Results – Email

Active In Market Campaigns

Pieces Clicks Inbound Website Response Account Owners Opens Open Rate Clicks Delivered Rate Calls Visits Rate YTD 2016 52,278 15,847 30.31% 1,839 3.52% 20 3,545 6.82%

2016 July AO EM* 17,158 6,213 36.21% 320 1.87% 0 411 2.40% 2016 September AO eNewsletter* 17,326 5,054 29.17% 1,332 7.69% 4 2,926 16.91% 2016 November AO EM* 17,794 4,580 25.74% 187 1.05% 16 208 1.26%

Mature Campaigns

Pieces Clicks Inbound Website Response Account Owners Opens Open Rate Clicks Delivered Rate Calls Visits Rate YTD 2015 109,442 30,580 27.94% 1,582 1.45% 73 1,931 2.15% YTD 2016 31,681 9,587 30.26% 496 1.57% 30 331 1.14%

2015 January AO EM 15,465 4,474 28.93% 215 1.39% 0 256 1.66% 2015 March AO EM 14,629 4,540 31.03% 167 1.14% 16 212 1.56% 2015 May AO EM 15,797 4,328 27.40% 190 1.20% 23 180 1.29% 2015 July AO eNewsletter 15,637 4,064 25.99% 270 1.73% 0 293 1.87% 2015 September AO EM 15,777 3,322 21.06% 260 1.65% 16 336 2.23% 2015 November AO EM 16,092 4,471 27.78% 171 1.06% 18 654 4.18% 2015 December Redeployment AO EM 16,045 5,381 33.54% 309 1.93% NA 2016 February AO EM 15,918 4,832 30.36% 257 1.61% 11 73 0.53% 2016 May AO EM 15,763 4,755 30.17% 239 1.52% 19 258 1.76%

TIAA PUBLIC 56 2016 Overall Banner Campaigns

26.8% increase in served ad impressions in Q4 2016 vs. Q4 2015

Conversion rate was 18% stronger in Q4 2016 compared to LY

The 34% drop in Click through Rate (CTR) drove a 10% increased Cost per New Account vs. LY, from $68 to $75

The combination of a lower CTR, increased impression, & a higher conversion rate resulted in a flat number of new accounts from Q4 2015 to Q4 2016

Period Impressions Clicks CTR New Accounts Conversion Rate Q4 2015 6,813,114 8,784 0.13% 357 4.10% Q4 2016 8,639,737 7,357 0.09% 352 4.80%

For the full year, New Accounts were down from Banner campaigns, driven by a combination of a lower CTR, and a lower conversion rate from clicks, despite having a 12% higher FY spend

Period Impressions Clicks CTR New Accounts Conversion Rate FY 2015 17,028,815 21,689 0.13% 2,173 10.02% FY 2016 24,568,855 22,187 0.09% 1,321 5.95% TIAA PUBLIC 57 Q4 Year End Campaign

Date Range: 11/01/16 – 12/31/16

Spend $26,451

Impressions 8,639,737

Clicks 7,357

CTR 0.09%

Total New Accounts 372

Conversion Rate* 5.1%

CPA $71

*Includes post-impression conversions.

TIAA PUBLIC 58 Q4 Year End Campaign

Placement: Google Conversant

Spend $22,112 $6,747

Impressions 6,390,604 2,249,133

CPM $3.08 $3.00

Clicks 6,366 991

CTR 0.10% 0.04%

Total New 325 47 Accounts Conversion 5.1% 4.5% Rate*

CPA $61 $144

*Includes post-impression conversions.

TIAA PUBLIC Display Performance Trend

Q4 Year End campaign delivered the most impressions in 2016 at 8.7mm for the quarter, and had a 2x greater conversion rate over the 2015 year end campaign.

OK Banner by Month 5,000,000 400

4,500,000 350 4,000,000 300 3,500,000 250 3,000,000

2,500,000 200

2,000,000 150 1,500,000 100 1,000,000 50 500,000

- - 2016 Jul 2016 2015 Oct 2015 Oct 2016 2016 Apr 2016 2016 Jan 2016 Jun 2016 2016 Mar 2016 2016 Feb 2016 2015 Nov 2015 Dec 2015 Nov 2016 Dec 2016 2016 Aug 2016 Sep 2016 2016 May 2016

Impressions New Accounts

TIAA PUBLIC 60 2016 OK Overall Search Campaigns

New Accounts were up 38% vs. Q415, driven by a 71% increase in conversion rate. CPA was lower (better) by 64%.

New account growth was despite 50% less spend in Q4 2016 vs. Q4 2015.

Both clicks (-19%) and CTR (-18%) were down vs. LY. However, this was offset by a -38% lower CPC vs. LY.

Period Impressions Clicks CTR New Accounts Conversion Rate Q4 15 60,277 4,320 7.17% 82 1.90% Q4 16 59,433 3,490 5.87% 113 3.20%

We drove 32% more new accounts in 2016 vs. 2015, at a 29% lower cost. Higher conversion rate of 4.1% was a core factor in 2016’s improved performance.

Period Impressions Clicks CTR New Accounts Conversion Rate FY 2015 201,051 18,742 9.32% 516 2.75% FY 2016 232,543 16,627 7.15% 682 4.10%

TIAA PUBLIC 61 Search Performance Trend

Search Ad Group restructuring in Q4 led to increased new account volume at 64% lower CPA vs 2015. Q4 remained an expensive time to acquire new accounts compared to the earlier quarters in the year, though far less expensive than LY.

OK Search Monthly Trends 120 $300

100 $250

80 $200

60 $150

40 $100

20 $50

- $- Jul-16 Oct-15 Oct-16 Apr-16 Jan-16 Jun-16 Mar-16 Feb-16 Nov-15 Dec-15 Nov-16 Dec-16 Aug-16 Sep-16 May-16

New Accounts CPA

TIAA PUBLIC 62 Q4 Search Updates – Highest Performing Ads

1 2 3

• Impressions = 1,428 • Impressions = 6,055 • Impressions = 4,216

• Clicks = 180 • Clicks = 623 • Clicks = 421

• Click Rate = 12.6% • Click Rate = 10.3% • Click Rate = 9.99%

• Ad group = Researching • Ad group = Researching • Ad Group - Researching

Source: Google AdWords

TIAA PUBLIC 63 Media – Television & Radio

Thirty and fifteen second television spots:

TIAA PUBLIC 64 Television & Public Radio

2016 Media Flow Chart 5 Week Campaign: 11/21/16 – 12/25/16

Jan Feb Mar Apr Nov Dec 28 4 11 18 25 1 8 15 22 29 7 14 21 28 4 11 18 31 7 14 21 28 5 12 19 sion: V07 11/29/16 4Q16 strategy consistent with levision & Radio 1Q16:

Oklahoma City Broadcast TV A25-49 :30's 66 66 69 69 66 66 55 94 95 105 KAUT, KFOR, KOCB, KOCO, KOKH, KSBI, KWTV

Oklahoma City Broadcast TV A25-49 :15's 26 25 27 29 29 36 38 37 36 38 . Support the entire state while KAUT, KFOR, KOCB, KOCO, KOKH, KSBI, KWTV at the same time ensuring the Oklahoma City COX Cable #7900 - 277,601 HH's A25-49 :30's 40 36 42 40 32 40 40 40 40 40 AMC, APL, CMDY, FAM, HGTV, HLN, NICK< TBS, TLC, TNT, TOON, TRAV, USA impact of the program is

Oklahoma City Dish TV #2120 - 88,902 HH's A25-49 :30's 40 40 38 36 34 46 46 46 46 46 AEN, BRVO, CMDY, DISC, ESPN, FAM, FOOD, FX, HGTV, HIST, TBS, TLC, TNT, USA, TOON sufficient enough to drive

Oklahoma City Direct TV #9836 - 81,717 HH's A25-49 :30's 41 42 40 40 33 48 48 48 48 48 AEN, AMC, BRVO, DISC, ESPN, FAM, FOOD, FX HGTV, TBS, TLC, TNT, TRAV, USA action in all advertised markets

Oklahoma City Radio A25-49 Sponsorship 22 22 22 22 22 24 24 25 24 24 (only seven counties not KGOU, KOSU

Tulsa Broadcast TV A25-49 :30's 64 59 65 57 56 52 65 included in buy). 112 114 113 KJRH, KMYT, KOKI, KOTV, KQCW, KTUL . Primary target = Adults 25-49, 36 Tulsa Broadcast TV A25-49 :15's 22 26 34 28 29 33 39 39 40 KJRH, KMYT, KOKI, KOTV, KQCW, KTUL Secondary Target = Adults 55+

Tulsa COX Cable #7929 - 175,471 HH's A25-49 :30's 42 41 41 41 40 46 46 46 46 46 . AMC, APL, CMDY, FAM, FOOD, FX, HALL, HIST, LIF, NAN, TBS, TNT, USA, ESPN, TOON Focus on Television, Cable 16 17 14 16 16 Tulsa Dish TV #2445 - 41,175 HH's A25-49 :30's 45 45 45 45 45 and Satellite with small amount AEN, BET, DISC, ESPN, FOOD, TBS, TNT, FX, HGTV, HIST, TLC, USA

Tulsa Direct TV #2416 - 62,199 HH's A25-49 :30's 18 18 17 18 18 47 47 47 47 47 for Public Radio. AMC, APL, BET, ESPN, FOOD, HGTV, HLN, TOON, NICK, FAM, FX, HGTV, TLC, TNT, USA . 3,071 paid spots

Tulsa Radio A25-49 Sponsorship 18 18 18 18 18 18 18 18 18 18 KWGS . OKC 1,296 spots (42%)

Sherman-Ada Broadcast TV A25-49 :30's 55 48 57 51 51 47 KTEN, KXII, OTEN . Tulsa 1,474 spots (48%)

Sherman-Ada Broadcast TV A25-49 :15's 31 32 35 29 27 27 . Sherman-Ada spots 131 KTEN, KXII, OTEN

Wichita Falls-Lawton Broadcast TV A25-49 :30's 49 57 55 54 54 53 (4%) KAUZ, KSWO, NAUZ (S), KFDX (F), KJTL (F) . Wichita Falls-Lawton

Wichita Falls-Lawton Broadcast TV A25-49 :15's 31 27 31 27 27 27 KAUZ, KSWO, NAUZ (S), KFDX (F), KJTL (F) spots 170 (6%)

TIAA PUBLIC 65 Welcome New Baby Card

The Welcome New Baby Card, sent monthly by the Oklahoma Department of Health on behalf of OCS P, is sent to new mothers across the state. During the fourth quarter, a total of 17,976 cards were mailed promoting OCSP and encouraged entry into the Newborn

Sweepstakes compared to 10,536 during 4Q15.

. 3,917 cards mailed 10/19/16 . 7,707 cards mailed 11/9/16 . 7,352 cards mailed 11/29/16

During 4Q16, 159 visited www.ok4saving.org/newborn. The majority of 4Q16 Newborn Sweepstakes entrants, 46%, heard about the sweepstakes from the Welcome New Baby Card. Year Quarter How did you hear? 2016 4 Direct Mail 101 2016 4 Internet 59 2016 4 Family/Friend 30 2016 4 Hospital 15 2016 4 Other 7 2016 4 Email from OCSP 3 2016 4 Television 2 Newborn Portrait 2016 4 1 Package 2016 4 Tulsa Kids 1 219

TIAA PUBLIC 66 Newborn Sweepstakes

The Newborn Sweepstakes, launched in April 2010, has been a very successful tactic to target parents and grandparents of Oklahoma newborns. During 4Q16, the sweepstakes received 219 entries of which 173 were non-OCSP account owners with 61% requesting plan information. During 2016, there were 1,038 total sweepstakes entries of which 831 were non- OCSP account owners with 63% requesting plan information.

TIAA PUBLIC 67 Newborn Sweepstakes

Non Non Non Non Total Account Account Total Account Account Year Quarter Account Year Quarter Account Entries Owners Owner Entries Owners Owner Owners Owners Opt-ins Opt-ins 2014 1 215 67 148 99 2010 * 2 178 31 147 84 2014 ** 2 327 56 271 165 2010 3 74 16 58 39 2014 3 364 73 291 185 2010 4 205 39 166 87 2014 4 331 66 265 168 457 86 371 210 1237 262 975 617 2011 1 124 21 103 59 2015 1 375 79 296 177 2011 2 74 16 58 41 2015 2 291 50 241 155 2011 3 96 19 77 55 2015 3 281 56 225 137 2011 4 88 19 69 42 2015 4 283 55 228 144 382 75 307 197 1230 240 990 613 2012 1 126 29 97 62 2016 1 311 62 249 159 2012 2 80 18 62 38 2016 2 259 43 216 131 2012 3 69 14 55 34 2016 3 249 56 193 128 2012 4 144 34 110 77 2016 4 219 46 173 106 419 95 324 211 1038 207 831 524 2013 1 185 45 140 85 2013 2 129 19 110 75 2013 3 125 26 99 62 2013 4 155 30 125 74 594 120 474 296

*Launched Newborn Sweepstakes in April 2010. **Launched Welcome New Baby Card promoting Newborn Sweepstakes in May 2014.

TIAA PUBLIC 68 Insert into Governor’s Welcome New Baby Card

Insert included in “Welcome New Baby” card sent by Department of Health on behalf of the Governor.

Primary message in the card pertains to child immunizations. OCSP insert is simply included in the Governor’s card.

TIAA PUBLIC 69 VIP Fan Experience Sweepstakes

Launched: 9/1/16

OSU sweepstakes deadline:

10/16/16

OU sweepstakes deadline: 10/30/16

Sponsorship included:

. Twenty-four :30 second radio spots during the OU football game broadcasts and twenty- four :30 second radio spots during the OSU football game broadcasts.

. Thirty :30 second TV spots during the OU football programming on Sooner Sports TV and fifteen :30 second TV spots during OSU football programming on Cowboy Sports TV.

TIAA PUBLIC 70 VIP Fan Experience Sweepstakes

Entries – 5,000 Non account owner entries – 2,741 (55% of entries) Non account owner opt ins – 1,534 (56% of non-account owner entries) Account owner entries – 2,259 (45% of entries)

OSU entries – 1,810 OSU eligible entries – 1,679 (multiple entries from the same entrant removed) OU entries – 3,190 OU eligible entries – 2,857 (multiple entries from the same entrant removed) Eligible Entries – 4,536

Goal – 6,000 entries per school 2009 Entries: 3,900 2008 Entries: 3,676 2007 Entries: 2,011

TIAA PUBLIC 71 VIP Fan Experience Sweepstakes

How did entrants hear about the VIP Sweepstakes?

Account Owners Non-Account Owners Total % of Total Entrants Family/Friend 63 134 197 3.94% Internet (primarily Facebook) 127 287 414 8.28% Newspaper 24 31 55 1.10% OCSP Email 1236 146 1382 27.64% OCSP Social Media 137 115 252 5.04% OCSP Website 35 7 42 0.84% OK State Employee Email 129 454 583 11.66% OSU Email 50 78 128 2.56% OSU Social Media 128 303 431 8.62% OSU Website 0 25 25 0.50% Other (primarily Facebook) 92 96 188 3.76% OU Email 80 285 365 7.30% OU Social Media 118 612 730 14.60% OU Website 5 81 86 1.72% Radio 28 63 91 1.82% School 1 5 6 0.12% Television 6 19 25 0.50% 2259 2741 5000 100.00%

TIAA PUBLIC 72 VIP Fan Experience Sweepstakes

How did entrants hear about the VIP Sweepstakes?

Account Owners Non-Account Owners OCSP Email 1236 OU Social Media 612 OCSP Social Media 137 OK State Employee Email 454 OK State Employee Email 129 OSU Social Media 303 OSU Social Media 128 Internet (primarily Facebook) 287 Internet (primarily Facebook) 127 OU Email 285 OU Social Media 118 OCSP Email 146 Other (primarily Facebook) 92 Family/Friend 134 OU Email 80 OCSP Social Media 115 Family/Friend 63 Other (primarily Facebook) 96 OSU Email 50 OU Website 81 OCSP Website 35 OSU Email 78 Radio 28 Radio 63 Newspaper 24 Newspaper 31 Television 6 OSU Website 25 OU Website 5 Television 19 School 1 OCSP Website 7 OSU Website 0 School 5 2259 2741

TIAA PUBLIC 73 Web Traffic

Geographic Distribution within State . Understanding geographic location can help improve targeting and Website visits has decreased 43% YoY campaign strategy . Using Adobe analytics, we are able to view the top cities that are Website Visits driving activities to the website 80,000 . Oklahoma City, Tulsa, and Edmond continue to be the top 3 cities driving traffic to the website 70,000 66,767 66,683 64,734

2016 Q1 2016 Q2 2016 Q3 2016 Q4 Variance 58,760 City 60,000 Visits Visits Visits Visits QoQ Oklahoma City (Oklahoma) 7,129 5,777 6,037 6,856 13.57% 50,000 45,825 Tulsa (Oklahoma) 6,622 4,897 4,677 5,778 23.54% Edmond (Oklahoma) 4,018 2,912 2,920 3,639 24.62% 41,435 40,000 2015 1,737 1,712 1,766 Norman (Oklahoma) 2,139 3.15% 34,069 2016 Broken Arrow (Oklahoma) 1,860 1,212 1,229 1,547 25.87%

Website Visits 30,000 Stillwater (Oklahoma) 1,039 712 738 817 10.70% 24,779 Owasso (Oklahoma) 936 371 557 277 -50.27% 20,000 Bartlesville (Oklahoma) 830 677 630 648 2.86% Yukon (Oklahoma) 768 152 196 347 77.04% 10,000 Chelsea (Mass) 717 475 NA NA NA Quincy (Mass) 437 261 1,540 1,009 -34.48% 0 Bixby (Oklahoma) NA 202 NA NA NA Q1 Q2 Q3 Q4 Brockton (Massachusetts) NA 298 NA NA NA Atlanta (Georgia) NA 181 376 NA NA South Weymouth (Mass) NA 145 NA NA NA Upon the launch of the new OCSP website in 4Q15, our analytics Dallas (Texas) NA NA NA 594 NA changed from Google to Site Catalyst, thus the website tracking Bridgewater (Mass) NA NA NA 350 NA between 2015 and 2016 is not an apples to apples comparison.

TIAA PUBLIC 74 Web Traffic: Referrals

. Understanding how a prospect arrives at the website can improve messaging and campaign strategy. . Using Adobe analytics, we are able to view the top referral websites that are driving activity to the website. . Below are the Top referring websites during the quarter. Top Referral Sources During Quarter Variance Source 2016 Q1 2016 Q2 2016 Q3 2016 Q4 QoQ Typed/Bookmarked 31,571 23,270 23,439 27,092 15.59% google.com 9,660 6,882 7,251 8,638 19.13% yahoo.com 921 600 579 499 -13.82% ok4saving.org 620 492 667 770 15.44% bing.com 416 271 229 247 7.86% serving-sys.com 178 49 NA NA NA googlesyndication.com 145 597 381 1,847 384.78% ok.gov 123 51 12 19 58.33% googleadservices.com 65 NA NA 177 NA clarkhoward.com 44 14 22 NA NA doubleclick.net 40 243 114 817 616.67% savingforcollege.com 28 48 41 21 -48.78% becollegeready.net 19 NA NA NA NA duckduckgo.com 19 NA NA NA NA okstate.edu 17 26 38 19 -50.00% facebook.com NA 95 41 258 529.27% youtube.com NA 42 NA NA NA k12.ok.us NA 17 NA 48 NA kfor.com NA NA 48 NA NA yieldmanager.com NA NA 28 NA NA govdelivery.com NA NA 75 NA NA 529stage.com NA NA NA 18 NA ebilling.com NA NA NA 17 NA TIAA PUBLIC 75 Web Traffic: Keywords

Top Keywords During Quarter

2016 2016 2016 2016 Variance Keywords Q1 Q2 Q3 Q4 QoQ Unspecified 33,415 25,524 25,579 26,786 4.72% Keyword Unavailable 10,168 7,231 7,694 8,328 8.24% oklahoma 529 111 75 67 57 -14.93% oklahoma college savings plan 81 57 53 23 -56.60% ok 529 58 42 36 18 -50.00% ok529 52 30 18 13 -27.78% oklahoma 529 college savings plan 41 8 6 12 100.00% oklahoma 529 plan 25 34 34 23 -32.35% 529 college savings plan 19 8 NA 12 NA ok4savings.org 19 28 13 NA NA www.ok4saving.org 14 6 14 11 -21.43% 529 oklahoma 8 NA 4 NA NA oklahoma college fund NA 7 NA NA NA 529 NA NA 6 3 -50.00%

TIAA PUBLIC 76 Web Traffic: Device and Referral Type

. Type of device and referral type can help drive web traffic and inquiries. Understanding how and where people are getting to the site is helpful in determining how and where to comminute to people to drive inquiries.

. Using Adobe analytics, we are able to view the types of devices and referrals used by inquirers to arrive at the website.

. Below are the top devices and referral types that drove website visits during the quarter.

Top Devices During Quarter Top Referral Types During Quarter

2016 2016 2016 2016 Variance 2016 2016 2016 2016 Variance Device Referral Type Q1 Q2 Q3 Q4 QoQ Q1 Q2 Q3 Q4 QoQ

Other 37,251 27,352 27,316 30,926 13.22% Typed/Bookmarked 30,700 22,534 22,807 26,301 15.32% Mobile Phone 4,917 4,310 4,598 7,708 67.64% Search Engines 11,061 7,840 8,158 9,562 17.21% Tablet 2,304 1,696 1,817 2,938 61.70% Other Web Sites 1,821 730 2,110 4,642 120.00% Media Player 2 6 6 2 -66.67% Inside Your Site 866 2,058 577 786 36.22% Gaming Console 2 NA NA NA NA Social Networks 28 201 83 283 240.96%

TIAA PUBLIC 77 Creative Samples

4th Quarter, 2016 Creative Samples –November Prospect DM

TIAA PUBLIC 79 Creative Samples –November Prospect EM

TIAA PUBLIC 80 Creative Samples –November Direct Match Banners

3 standard sizes: 300 x 250 (pictured), 728 x 90, 160 x 600

TIAA PUBLIC 81 Creative Samples – November Account Owner DM

TIAA PUBLIC 82 Creative Samples – November Account Owner EM

Default Jump Non- ACP Retention

TIAA PUBLIC 83 Creative Samples –Account Owner Statement Insert

TIAA PUBLIC 84 Creative Samples –Inquirer DM Touches Sent

Touch 1 Touch 2 Touch 3 Touch 4

TIAA PUBLIC 85 Creative Samples – Inquirer DM Touches Sent

Touch 5 Touch 6 Touch 7

TIAA PUBLIC 86 Creative Samples –Inquirer EM Touches Sent

Touch 1 Touch 2 Touch 3 Touch 4

TIAA PUBLIC 87 Creative Samples –Inquirer EM Touches Sent

Touch 5 Touch 6 Touch 7

TIAA PUBLIC 88 Public Relations & Social Media

4th Quarter, 2016 Overview of 4th Quarter Activities Summary of Press Releases: OSU VIP Reminder

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: OSU VIP Reminder (cont.)

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: OU VIP Reminder

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: OU VIP Reminder (cont.)

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: Newborn Sweepstakes

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: Newborn Sweepstakes (cont.)

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: VIP Sweepstakes Winners

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: VIP Sweepstakes Winners (cont.)

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: Gift Giving

TIAA PUBLIC Overview of 4th Quarter Activities Summary of Press Releases: Gift Giving (cont.)

TIAA PUBLIC Overview of 4th Quarter Activities Earned Media Summary: Print

Media Organization Date Column Inches Rate/Column Inch Total Guthrie News Leader Oct. 11, 2016 13 $9.75 $126.75 “Deadline Nears for OSU fan experience” Bartlesville Examiner-Enterprise Oct. 12, 2016 24 $13.00 $312.00 “Deadline nears for OSU VIP Fan Experience” The Oklahoman Oct. 28, 2016 3 $168.27 $504.81 “OU sweepstakes deadline nears” The Oklahoman (Photo) Nov. 26, 2016 30 $168.27 $5,048.10 “OU, OSU fans win ‘college sweepstakes Mustang Times Nov. 30, 2016 18 $6.00 $108.00 “Give the gift of a college savings plan” Seminole Producer Nov. 30, 2016 30 $5.46 $163.80 “Treasurer Miller Suggests Alternative to The Mall For Christmas” The Express-Star Dec. 1, 2016 26 $8.00 $208.00 “Alternative to the mall this Christmas season” Konowa Leader Dec. 1, 2016 21 $2.50 $52.50 “State Treasurer Suggests Alternative Holiday Gifts” Norman Transcript Dec. 4, 2016 27 $17.80 $480.60 “Helping save funds for college” TIAA PUBLIC Overview of 4th Quarter Activities Earned Media Summary: Print

Media Organization Date Column Inches Rate/Column Inch Total Sayre Record Dec. 7, 2016 24 $4.75 $114.00 “Parents, grandparents can invest in child’s future with Oklahoma 529 College Savings Plan contribution” Edmond Sun Dec. 10, 2016 12 $12.75 $153.00 “Parents, grandparents can invest in child’s future College Savings Plan” The Oklahoman Dec. 19, 2016 4 $168.27 $673.08 “Treasurer says give the gift of education”

Total $2,896.54 Total Using Industry Standard $8,689.62 *Total (w/photos) $5,048.10 *Total Using Industry Standard (w/photos) $25,240.50

TOTAL PRINT EARNED MEDIA VALUE $33,930.12

TIAA PUBLIC Print Earned Media VIP Fan Experience

Guthrie News Leader Oct. 11, 2016

TIAA PUBLIC Print Earned Media VIP Fan Experience

Bartlesville Examiner-Enterprise Oct. 12, 2016

TIAA PUBLIC Print Earned Media VIP Fan Experience

The Oklahoman Oct. 28, 2016

TIAA PUBLIC Print Earned Media VIP Fan Experience

The Oklahoman Nov. 26, 2016