Morningstar Advisor - Fall 2008 - 5

TIAA-CREF U.S. REAL ESTATE FUND I, L.P. UP TO $300,000,000 OF UNITS OF LIMITED PARTNERSHIP INTEREST OFFERED TO THE PUBLIC $150,000,000 OF UNITS MINIMUM/$150,000 MINIMUM INITIAL INVESTMENT PER INVESTOR TIAA-CREF U.S. Real Estate Fund I, L.P. is a closed-end fund organized as a Delaware limited partnership. The Fund intends to invest primarily in a diversiﬁed portfolio of high-quality core real estate assets consisting of operating properties, primarily in the ofﬁce, retail, industrial and multifamily sectors. The Fund is not a mutual fund or other entity registered under the Investment Company Act of 1940, as amended. Being a “closed-end” fund means a ﬁxed number of units are offered to investors during a ﬁxed offering period. Teachers Advisors, Inc. acts as Investment Advisor and Asset Manager. The distributing broker-dealer is Teachers Personal Investors Services, Inc., member FINRA, which is conducting a “best efforts” offering. The General Partner is TIAA-CREF USREF I GP LLC. Both Teachers Advisors, Inc. and Teachers Personal , Investors Services, Inc. are afﬁliates of the Fund’s General Partner. To request copies of the Fund’s written prospectus, contact TIAA-CREF Advisor Services: Holly Onachilla 8500 Andrew Carnegie Blvd., Charlotte, NC 28262 1 888 842-0318, option 3, weekdays 8 a.m. – 7 p.m. (ET) advisoraccess@tiaa-cref.org The units offered by the Fund are not obligations of either Teachers Insurance and Annuity Association of America (TIAA) or the College Retirement Equities Fund (CREF). Neither TIAA nor CREF, nor any afﬁliate thereof, offers any guarantee of the units offered by the Fund, and investors may not look to either TIAA or CREF, or any afﬁliate thereof (other than the Fund itself) for payments or distributions on the securities. Investors will bear the entire investment risk. Investors are cautioned to review the merits of this investment based on the disclosures contained in the Fund’s prospectus (as opposed to evaluating the ﬁnancial condition of either TIAA or CREF) prior to making a decision to invest in the units of limited partnership interest offered by the Fund. This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. The offering is made only by the prospectus filed or registered with the appropriate state and federal regulatory agencies, including the Securities and Exchange Commission and the state of New York. Neither the Securities and Exchange Commission, the attorney general of the state of New York nor any other state securities regulator has passed on or endorsed the merits of this offering. The opportunity to purchase units of this Fund will terminate on or before September 14, 2009, unless extended by the General Partner and Teachers Personal Investors Services, Inc. for up to an additional six-month period. An investment in the Fund’s units will have very limited liquidity and involves signiﬁcant risk. Any interested investors should carefully read the “Risk Factors” and “Conﬂicts of Interest” sections of the Fund’s prospectus for a detailed list and description of the risks facing the Fund and an investment in the Fund’s units. C42364 © 2008 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

Morningstar Advisor - Fall 2008

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