Chapman University
Tier2-3: Socially Responsible Retirement Plan

The Social Choice investment option, available through TIAA-CREF, primarily invests in companies that are screened by MSCI, Inc. (‘‘MSCI’’) to favor companies that meet or exceed specified environmental, social and governance (‘‘ESG’’) criteria. The Account does this by investing in companies included in certain MSCI ESG Indices composed of domestic and foreign equity companies that meet or exceed MSCI’s screening criteria described below. Prior to being eligible for inclusion in the MSCI ESG Indices, companies are subject to an ESG performance evaluation conducted by MSCI, consisting of numerous factors. The ESG evaluation process favors companies that are: • Strong stewards of the environment; • Committed to serving local communities where they operate and to human rights and philanthropy; • Committed to higher labor standards for their own employees and those in the supply chain; • Dedicated to producing high-quality and safe products; and • Managed in an exemplary and ethical manner. The social and environmental impact of corporate activities related to the production and sale of alcohol, tobacco, military weapons, firearms, nuclear power and gambling products and services are quantified and incorporated into a company’s overall ESG performance assessment. While not automatically excluded from the MSCI ESG Indices or the Account, most companies involved in these industries are ineligible for inclusion in the MSCI ESG Indices due to their poor overall ESG performance. Detailed information about the Social Choice option can be found here: http://www.tiaa-cref.org/public/prospectuses/cref_prospectus.pdf