CREF Growth Account R3 - TIAA

1 Please refer to the next page for important disclosure information. CREF Retirement Annuity Accounts CREF Growth Account Class R3 Equities As of 3/31/2022 Account Net Assets $ Billion Inception Date 4/24/2015 CUSIP 194408183 Symbol QCGRIX Benchmark Index Russell 1000 Growth TR USD Estimated Annual Expenses 1 2 Investment Description The CREF Growth Account is an actively-managed variable annuity that seeks a favorable long-term rate of return, mainly through capital appreciation. It primarily invests in a diversified portfolio of common stocks that present the opportunity for exceptional Growth .

2 Under normal circumstances, the Account invests at least 80% of its assets in common stocks and other equity securities. The Account invests primarily in large, well-known, established companies, especially those that have new or innovative products, services or processes that may enhance future earnings prospects. The Account is managed using three different investment strategies - active management, quantitative and indexing. The Account may invest up to 20% of its assets in foreign securities. The Account provides participants the option to convert all or a portion of their accumulations into lifetime income.

3 Morningstar Category Large Growth Morningstar RatingTM Overall 3 Years 5 Years 10 Years 1,124 1,124 1,025 N/A The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Learn More For more information please contact: 800-842-2252 Weekdays, 8 to 10 (ET), or visit Performance Total ReturnAverage Annual Total Return 3C 3 MonthsYTD1 Year3 Years 5 Years10 YearsSince Inception CREF Growth Account Russell 1000 Growth TR USD Morningstar Large Growth Average The performance data quoted represents past performance and is no guarantee of future results.

4 Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may differ from figures shown. For performance current to the most recent month-end, call 800-842-2252. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower. 1 Total annual expense deductions, which include investment advisory, administrative, and distribution (12b-1) expenses, and mortality and expense risk charges, are estimated each year based on projected expense and asset levels.

5 Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. 2 The Account s total annual expense deduction appears in the Account 's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details. 3 The Account 's Class R1 began operations on April 29, 1994. The performance shown for Class R3 that is prior to its inception date is based on the performance of the Account 's Class R1. The performance for these periods has not been restated to reflect the lower expenses of Class R3.

6 If these lower expenses had been reflected, the performance of Class R3 for these periods would have been higher. Hypothetical Growth of $10,000 The chart illustrates the performance of a hypothetical $10,000 investment on April 24, 2015 and redeemed on March 31, 2022. CREF Growth Account $25,923 Russell 1000 Growth TR USD $29,810 The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

7 3/22$3 ,0 00$1 3, 00 0$2 3, 00 0$3 3, 00 0$4 3, 00 04/153/163/173/183/193/203/213/22 CREF Retirement Annuity Accounts CREF Growth Account Class R3 Equities As of 3/31/2022 Continued on next Portfolio Composition (As of 3/31/22) Sector 4 % of Net Assets Information Technology Discretionary Services Care Staples Investments, Other Assets & Liabilities, Net Current Asset Allocation 5 (As of 3/31/22) % of Net Assets Equity Equity Fixed Income Investments, Other Assets & Liabilities, Net Top 10 Holdings 6 (As of 3/31/22)

8 Holding % of Net Assets Microsoft Corp Inc Inc Inc Inc Corp Inc Wholesale Corp Platforms Inc Inc Holdings by Company Size (As of 3/31/22) % of Equity Investments Over $50 Billion $15 Billion - $50 Billion $2 Billion - $15 Billion $300 Million - $2 Billion $300 Million Portfolio Statistics Portfolio Benchmark Alpha (3 Yr)* (3 Yr)* Growth (1 Yr Forecast) Cap -- $-Weighted Median $ $ Cap -- $-Wtd Avg -- $ billions $ $ Ratio (1 Yr Forecast) Squared (3 Yr)* on Equity (5 Yr Average) Ratio (3 Yr)* Deviation (3 Yr Annualized)* As of 12/31/20 # Holdings 118- Please refer to Portfolio Statistics Definitions section.

9 *risk statistic About the Benchmark The index measures the performance of the large-cap Growth segment of the US equity securities. It includes the Russell 1000 index companies with higher price-to-book ratios and higher forecasted Growth values. It is market-capitalization weighted. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. Index returns do not reflect a deduction for fees or expenses. You cannot invest directly in any index.

10 Important Information 4 Sector allocation tables include exposures achieved through credit default swaps. Such exposures are reflected based on the notional value (rather than the market value) of the swaps, with exposures weighted negatively when the Fund has purchased credit protection and positively when the Fund has sold credit protection. Other reflects an offset to ( the inverse of) such notional amounts, and any sectors not specifically identified. Net Short Term Investments may differ slightly from the credit quality table due to the treatment of credit default swap positions, if any.