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2

STATEMENT AS OF MARCH 31, 2013 OF THE TIAA-CREF LIFE INSURANCE COMPANY 

NOTES TO FINANCIAL STATEMENTS 

1. Summary of Significant Accounting Policies 

A. Accounting Principles 

The financial statements of TIAA-CREF Life Insurance Company (“TC Life” or the “Company”) have been 

presented on the basis of statutory accounting principles prescribed or permitted by the New York State 

Department of Financial Services (the “Department”). The State of New York requires insurance companies 

domiciled in the State of New York to prepare their statutory basis financial statements in accordance with the 

National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC 

SAP”), subject to any deviation prescribed or permitted by the Department (“New York SAP”). 

A reconciliation of the Company’s income and capital and surplus between NAIC SAP and practices prescribed or 

permitted by the State of New York is shown below: 

03/31/2013 12/31/2012 

Net Income Gain/(Loss), New York SAP .................... $ (1,818,633 ) $ 18,142,584 

New York SAP Prescribed Practices: 

Additional Reserves for: 

Term Conversions........................................... 264,435 349,155 

Deferred and Payout Annuities issued after 2000 ... (70 ) (301 ) 

Net Income Gain/(Loss), NAIC SAP ......................... $ (1,554,268 ) $ 18,491,438 

Capital and Surplus, New York SAP ......................... $ 411,942,004 $ 412,930,927 

New York SAP Prescribed Practices: 

Deferred Premium Asset Limitation .................... 26,017,301 27,747,460 

Additional Reserves for: 

Term Conversions........................................... 1,853,512 1,589,077 

Deferred and Payout Annuities issued after 2000 ... 1,631 1,702 

Capital and Surplus, NAIC SAP ............................... $ 439,814,448 $ 442,269,166 

2. Accounting Changes and Corrections of Errors 

No material change. 

3. Business Combinations and Goodwill 

Not applicable 

4. Discontinued Operations 

Not applicable 

5. Investments 

D. Loan-Backed Securities 

CUSIP 

(1) The near-term prepayment assumptions for loan-backed and structured securities are based on historical 

averages drawing from performance experience for a particular transaction and may vary by security type. 

The long-term assumptions are adjusted based on expected performance. 

(2) The Company had no other-than-temporary impairment (“OTTI”) on securities it lacked the ability to hold or 

had the intent to sell for the three month period ended March 31, 2013. 

(3) The following table represents loan-backed and structured securities with a recognized OTTI currently held 

at March 31, 2013, where the present value of cash flows expected to be collected is less than the 

amortized cost of the securities. 

Book/Adj. 

Carrying Value 

Amortized Cost 

Before Current 

Period OTTI 

Present 

Value of 

Projected 

Cash Flows 

Recognized 

Other-Than- 

Temporary 

Impairment 

Amortized 

Cost After 

Other-Than- 

Temporary 

Impairment 

Fair Value at 

time of OTTI 

Date of 

Financial 

Statement 

Where 

Reported 

52521RAS0 $ 1,023,943 $ 1,015,918 $ (8,025) $ 1,015,918 $ 1,066,677 12/31/2012 

52521RAS0 1,218,036 1,194,916 (23,120) 1,194,916 1,048,376 6/30/2012 

52521RAS0 1,457,118 1,341,799 (115,319) 1,341,799 1,230,650 3/31/2012 

78443CAR5 4,723,286 1,661,987 (3,061,299) 1,661,987 1,643,859 12/31/2011 

52521RAS0 1,619,808 1,564,385 (55,423) 1,564,385 1,726,363 9/30/2011 

525221EB9 3,980,520 3,884,257 (96,263) 3,884,257 3,470,812 3/31/2011 

525221EB9 4,247,625 4,113,923 (133,702) 4,113,923 3,491,099 3/31/2011 

76113GAC2 220,904 168,594 (52,310) 168,594 387,051 3/31/2011 

7

CUSIP 



Book/Adj. 

Carrying Value 

Amortized Cost 

Before Current 

Period OTTI 

Present 

Value of 

Projected 

Cash Flows 

Recognized 

Other-Than- 

Temporary 

Impairment 

Amortized 

Cost After 

Other-Than- 

Temporary 

Impairment 

Fair Value at 

time of OTTI 

Date of 

Financial 

Statement 

Where 

Reported 

525221EB9 $ 4,506,525 $ 4,491,161 $ (15,364) $ 4,491,161 $ 3,593,739 12/31/2010 

52521RAS0 1,893,411 1,794,754 (98,657) 1,794,754 1,195,473 12/31/2010 

52521RAS0 2,357,222 1,999,845 (357,377) 1,999,845 1,262,735 9/30/2010 

525221EB9 4,788,617 4,629,945 (158,672) 4,629,945 3,612,550 9/30/2010 

05948KZV4 821,818 799,825 (21,993) 799,825 738,142 6/30/2010 

126171AQ0 4,279,102 3,221,462 (1,057,640) 3,221,462 1,920,795 6/30/2010 

52521RAS0 2,469,848 2,467,918 (1,930) 2,467,918 1,318,571 6/30/2010 

05948KZV4 1,663,136 873,300 (789,836) 873,300 712,928 3/31/2010 

525221EB9 4,971,258 4,803,741 (167,517) 4,803,741 3,475,458 3/31/2010 

52521RAS0 2,782,285 2,514,992 (267,293) 2,514,992 1,353,507 3/31/2010 

76113GAC2 981,879 350,473 (631,406) 350,473 382,698 3/31/2010 

126171AQ0 4,979,133 4,294,375 (684,758) 4,294,375 1,184,275 12/31/2009 

525221EB9 4,999,219 4,976,531 (22,688) 4,976,531 2,699,322 12/31/2009 

33848JAC9 4,999,895 3,183,306 (1,816,589) 3,183,306 2,894,035 9/30/2009 

52521RAS0 3,173,729 - 

1 

(1,672,517) 1,501,212 1,501,212 6/30/2009 

05948KZV4 5,974,533 - 

1 

(4,889,875) 1,084,658 1,084,658 12/31/2008 

76113GAC2 4,756,743 - 

1 

(4,437,090) 319,653 319,653 12/31/2008 

20847TBL4 2,370,132 - 

1 

(1,780,189) 589,943 589,943 12/31/2008 

Total $ (22,416,852) 

¹ Impairment based on Fair Value 

(4) All impaired securities (fair value is less than cost or amortized cost) for which an OTTI has not been 

recognized in earnings as a realized loss (including securities with a recognized OTTI for non-interest 

related declines when a non-recognized interest related impairment remains): 

a. The aggregate amount of unrealized losses: 

b. The aggregate related fair value of securities 

with unrealized losses: 

1. Less than 12 Months $ 129,303 

2. 12 Months or Longer $ 5,716,003 

1. Less than 12 Months $ 36,241,161 

2. 12 Months or Longer $ 47,768,805 

(5) The Company’s management periodically reviews the investment portfolios and identifies investments 

which may have deteriorated in credit quality and are candidates for impairment. The Company develops 

cash flows as part of its impairment review process. Where the cash flows support the recovery of the 

principal balance, the Company concludes that the impairment is not other-than-temporary. 

E. Repurchase Agreements 

Not applicable. 

F. Real Estate 


G. Low Income Housing Tax Credits (“LIHTC”) 


6. Joint Ventures, Partnerships and Limited Liability Companies 


7. Investment Income 


8. Derivative Instruments 

At March 31, 2013, the Company held no derivative positions. 

9. Federal Income Tax 


7.1



10. Information Concerning Parent, Subsidiaries and Affiliates 

D. At March 31, 2013 and December 31, 2012, respectively, the Company reported $12,835,162 and $11,743,668 

as amounts due to parent, subsidiaries and affiliates. 

11. Debt 


12. Retirement Plans, Deferred Compensation, Post-Employment Benefits and Compensated Absences and 

Other Post Retirement Benefit Plans 


13. Capital and Surplus, Shareholders’ Dividend Restrictions and Quasi-Reorganization 


14. Contingencies 


15. Leases 


16. Information about Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with 

Concentrations of Credit Risk. 


17. Sale, Transfer and Servicing of Financial Assets and Extinguishments of Liabilities 


18. Gain or Loss to the Reporting Entity from Uninsured Plans and the Uninsured Portion of Partially Insured 

Plans 


19. Direct Premium Written/Produced by Managing General Agents/Third Party Administrators 


20. Fair Value Measurements 

Included in the Company’s financial statements are certain financial instruments carried at fair value. Other financial 

instruments are periodically measured at fair value, such as when impaired, or for certain bonds and preferred stock 

when carried at the lower of cost or fair value. 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 

between market participants at the measurement date. 

Fair values of financial instruments are based on quoted market prices when available. When market prices are not 

available, fair values are primarily provided by a third party-pricing service for identical or comparable assets, or 

through the use of valuation methodologies using observable market inputs. These fair values are generally 

estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments 

with comparable terms and credit quality. In instances where there is little or no market activity for the same or 

similar instruments, the Company estimates fair value using methods, models and assumptions that management 

believes market participants would use to determine a current transaction price. These valuation techniques involve 

management estimation and judgment for many factors including market bid/ask spreads, and such estimations 

may become significant with increasingly complex instruments or pricing models. 

The Company’s financial assets and liabilities measured and reported at fair value have been classified, for 

disclosure purposes, based on a hierarchy defined by SSAP No. 100, Fair Value Measurements. The fair value 

hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The 

hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for 

identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and 

models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input 

that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are 

both observable (Levels 1 and Level 2) and unobservable (Level 3). The levels of the fair value hierarchy are as 

follows: 

Level 1 – Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that the Company 

has the ability to access at the measurement date. 

7.2



Level 2 – Other than quoted prices within Level 1 inputs that are observable for the asset or liability, either directly 

or indirectly. 

Level 2 inputs include: 

• Quoted prices for similar assets or liabilities in active markets, 

• Quoted prices for identical or similar assets or liabilities in markets that are not active, 

• Inputs other than quoted prices that are observable for the asset or liability, 

• Inputs that are derived principally from or corroborated by observable market data by correlation or other 

means. 

Level 3 – Inputs are unobservable inputs for the asset or liability supported by little or no market activity. 

Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would 

use in pricing the asset or liability. The Company’s data used to develop unobservable inputs is adjusted if 

information is reasonably available without undue cost and effort that indicates that market participants would use 

different assumptions. 

Considerable judgment is required to interpret market data in developing the estimates of fair value for financial 

instruments for which there are no available market value quotations. The estimates presented are not necessarily 

indicative of the amounts the Company could have realized in a market exchange. The use of different market 

assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. 

(1) Financial assets and liabilities measured and reported at fair value 

The following table provides information about the Company’s financial assets and liabilities measured and 

reported at fair value at March 31, 2013: 

Assets at fair value: 

Level 1 Level 2 Level 3 Total 

Common Stock 

Industrial and Miscellaneous ................ $ 441,129 $ --- $ --- $ 441,129 

Total Common Stocks ...................... 441,129 --- --- 441,129 

Separate Accounts Asset ..........................1,044,644,572 89,547,095 --- 1,134,191,667 

Total assets at fair value ............................ $ 1,045,085,701 $ 89,547,095 $ --- $ 1,134,632,796 

Total liabilities at fair value ........................ $ --- $ --- $ --- $ --- 

For assets and liabilities held at March 31, 2013, the Company had no transfers between Level 1 and Level 2 of 

the fair value hierarchy. The Company’s policy is to recognize transfers between levels at the actual date of the 

event or change in circumstances that caused the transfer. 

Level 1 financial instruments 

Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. 

Common stocks and separate account assets in Level 1 primarily include mutual fund investments valued by 

the respective mutual fund companies and exchange traded equities. 


Separate account assets in Level 2 consist principally of corporate bonds, short term government agency notes 

and commercial paper. 


There are no securities measured and reported at fair value in Level 3 at March 31, 2013. 

Typical inputs to models used by independent pricing services include but are not limited to benchmark yields, 

reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, and 

industry and economic events. Because such instruments do not trade daily, independent pricing services 

regularly derive fair values using recent trades of securities with similar features. When recent trades are not 

available, pricing models are used to estimate the fair values of securities by discounting future cash flows at 

estimated market interest rates. 

If an independent pricing service is unable to provide the fair value for a security due to insufficient market 

information, such as for a private placement transaction, the Company will determine the fair value internally 

using a matrix pricing model. Such models estimate fair value using discounted cash flows at a market yield 

considering the appropriate treasury rate plus a spread. The spread is derived by reference to similar 

securities, and may be adjusted based on specific characteristics of the security, including inputs that are not 

readily observable in the market. The Company assesses the significance of unobservable inputs for each 

security priced internally and classifies that security in Level 3 as a result of the significance of unobservable 

inputs. 

7.3

Assets: 



(2) Reconciliation of Level 3 assets and liabilities measured and reported at fair value: 

At March 31, 2013 and December 31, 2012, there were no assets or liabilities measured and reported at fair 

value using Level 3 inputs. 

The Company’s policy is to recognize transfers into and out of Level 3 at the actual date of the event or change 

in circumstances that caused the transfer. 

(3) Characteristics of items being measured for Level 2 and Level 3: 

The aggregate fair value for all financial instruments and the level within the fair value hierarchy: 

Aggregate Fair 

Value 

Admitted 

Assets Level 1 Level 2 Level 3 

Not 

Practicable 

(Carrying 

Value) 

Bonds ................................ $ 4,061,778,146 $ 3,821,280,571 $ --- $ 4,032,851,774 $ 28,926,372 $ --- 

Common Stock ........................ 441,129 441,129 441,129 --- --- --- 

Preferred Stock ....................... 3,997,044 2,470,382 1,411,044 2,586,000 --- --- 

Separate Accounts...................2,186,880,258 2,180,093,724 1,044,644,572 1,142,235,686 --- --- 

Contract Loans ........................ 6,934,163 6,934,163 --- --- 6,934,163 

Cash, Cash Equivalent 

and Short Term 

Investments............................. 38,158,864 38,158,499 9,866,978 28,291,886 --- --- 

Total ................................ $ 6,298,189,604 $ 6,049,378,468 $ 1,056,363,723 $ 5,205,965,346 $ 35,860,535 $ --- 

Liabilities: 

Aggregate Fair 

Value 

Statement 

Value Level 1 Level 2 Level 3 

Not 

Practicable 

(Carrying 

Value) 

Deposit-type Contracts ............. $ (1,899,919,427) $ (1,899,919,427) $ --- $ --- $ (1,899,919,427) $ --- 

Separate Account .................... (2,150,077,881) (2,150,077,881) --- --- (2,150,077,881) --- 

Total ................................ $ (4,049,997,308) $ (4,049,997,308) $ --- $ --- $ (4,049,997,308) $ --- 

21. Other Items 


22. Events Subsequent 


23. Reinsurance 


24. Retrospectively Rated Contracts & Contracts Subject to Redetermination 


25. Changes in Incurred Losses and Loss Adjustment Expenses 


26. Intercompany Pooling Arrangements 


27. Structured Settlements 


28. Health Care Receivables 


29. Participating Policies 


30. Premium Deficiency Reserves 


7.4



31. Reserves for Life Contracts and Annuity Contracts 


32. Analysis of Annuity Actuarial Reserves and Deposit Type Liabilities by Withdrawal Characteristics 


33. Premiums and Annuity Considerations Deferred and Uncollected 


34. Separate Accounts 


35. Loss/Claim Adjustment Expense 


7.5

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SCHEDULE Y - INFORMATION CONCERNING ACTIVITIES OF INSURER MEMBERS OF A HOLDING COMPANY GROUP 

PART 1 - ORGANIZATIONAL CHART 

LISTING 1: 

12 

COMPANY FEIN RELATIONSHIP 

TIAA BOARD Teachers Advisors, Inc. 13-3760073 SUBSIDIARY 

OF OVERSEERS 730 HOLDINGS, LLC Teachers Personal Investors Services, Inc. 13-3752992 SUBSIDIARY 

FEIN 13-6110585 FEIN 45-2401857 TIAA-CREF International Holdings LLC 26-2719001 SUBSIDIARY 

TIAA-CREF Asset Management UK Ltd 98-0582851 SUBSIDIARY 

TIAA-CREF Luxembourg S.a.r.l. 98-1014834 SUBSIDIARY 

TIAA-CREF Investment Management, LLC 13-3586142 SUBSIDIARY 

TIAA-CREF Tuition Financing, Inc. 13-4026557 SUBSIDIARY 

TEACHERS INSURANCE COLLEGE RETIREMENT 

TIAA-CREF Asset Management Core Property Fund GP, LLC 20-1394681 SUBSIDIARY 

AND ANNUITY ASSOCIATION EQUITIES FUND 

TIAA-CREF Asset Management Core Property Fund, LP 45-4288013 SUBSIDIARY (1) 

OF AMERICA FEIN 13-6022042 

TIAA-CREF Alternatives Advisors, LLC 45-4288013 SUBSIDIARY 

FEIN 13-1624203 TIAA-CREF Alternatives Services, LLC 45-4288091 SUBSIDIARY 

NAIC CODE 69345 TIAA Global Ag Special Member LLC 45-1532009 SUBSIDIARY 

GROUP CODE 1216 Global Agriculture AIV, LLC 45-1502502 SUBSIDIARY 

N.Y. TIAA-CREF Real Property Fund GP, LLC 46-1191235 SUBSIDIARY 

TIAA-CREF Real Property Fund, LP 46-1191304 SUBSIDIARY 

TIAA-CREF Real Property Fund REIT, LLC 46-1201511 SUBSIDIARY 

Beaver Investments Holdings, LLC 45-5558395 SUBSIDIARY 

GreenWood Resources, Inc. 80-0026976 SUBSIDIARY 

GTFF GP, LLC 20-8501127 SUBSIDIARY 

TIAA-CREF LIFE INSURANCE COMPANY TIAA-CREF ASSET MANAGEMENT, INC SEE LISTING 2 GWR-GTFF Investment, LLC 20-8955976 SUBSIDIARY 

FEIN 13-3917848 FEIN 13-3905273 GreenWood Resources Capital Management, LLC 45-1875074 SUBSIDIARY 

NAIC CODE 60142 GWR International Ltd. SUBSIDIARY 

GROUP CODE 1216 GWR China Ltd. 20-3188681 SUBSIDIARY 

N.Y. GreenWood China Capital Partners Ltd. SUBSIDIARY 

GreenWood Resources China Ltd. 98-0595429 SUBSIDIARY 

GreenWood Resources Beijing Forestry Co. 98-0595436 SUBSIDIARY 

GreenWood Resources SA, Ltd. 

SUBSIDIARY 

GreenWood Resources Chile, S.A. 

SUBSIDIARY 

TIAA-CREF INSURANCE AGENCY , LLC SEE LISTING 1 GWR Europe Ltd. 98-1016332 SUBSIDIARY 

FEIN 20-2904312 GreenWood Resources Poland sp Z.o.o. 98-1016335 SUBSIDIARY 

Global AG AIV (CN) GP, LLC 45-5044435 SUBSIDIARY 

Global Agriculture AIV (CN), LP 45-5044681 SUBSIDIARY 

Westchester Group Investment Management Holding Company, Inc. 27-3416812 SUBSIDIARY 

Westchester Group Investment Management, Inc. 27-3417683 SUBSIDIARY 

Premiere Almonds, LLC 45-1742642 SUBSIDIARY 

Westchester Group of Australia Pty Ltd. 

SUBSIDIARY 

Westchester Group Asset Management, Inc. 37-1193972 SUBSIDIARY 

Westchester Group Farm Management, Inc. 37-1193973 SUBSIDIARY 

Westchester Group Real Estate, Inc. 37-1194491 SUBSIDIARY 

Terra Land Co. 37-1261935 SUBSIDIARY 

Premier Agricultural Management International, LLC 26-2747489 SUBSIDIARY 

International Agricultural Management, LLC 26-0352314 SUBSIDIARY 

(1) TIAA-CREF Asset Management Core Property Fund, LP is controlled by TIAA, and partially owned indirectly by ND Properties, Inc., which owns 9.40% and TIAA-CREF Asset Management Core Property Fund GP, LLC, which owns less than .01%. 

(2) Concourse IV Associates is ultimately controlled and owned entirely by TIAA, with 95% of ownership by Dan Properties, Inc. and 5% of ownership by JV Georgia One, Inc. 

(3) 730 Texas Timberlands II, Ltd, is ultimately controlled and owned entirely by TIAA, which directly owns 99.5%. 730 Texas Forest Holdings, Inc., which is owned 100% by TIAA, owns .5%. 

(4) 730 Texas Timberlands, Ltd, is ultimately controlled and owned entirely by TIAA, with 99.5% owned by TIAA Timberlands I, LLC and .5% owned by 730 Texas Forest Holdings, Inc. 

(5) Loma del Rio Vineyards, LLC is ultimately controlled and owned entirely by TIAA, with 45% owned by Premiere Agricultural Properties, LLC and 55% owned by Global Ag Properties USA, LLC. 

(6) Mansilla Participacoes LTDA, is ultimately controlled and owned entirely by TIAA, which directly owns 99.9%. Demeter Agricultural Properties, LLC, which is owned 100% by TIAA, owns .1%. 

(7) Topola Lasy Spolka is ultimately controlled and owned entirely by TIAA, with 99% of ownership by Renewable Timber Europe, LLC and 1% of ownership by Renewable Timber Resources, LLC. 

(8) TIAA-CPPIB Commercial Mortgage Company, L.P. is controlled by TIAA, which owns 50%. T-C SMA III, LLC, is 100% owned by TIAA, acts as the General Partner and owns 1%.




LISTING 2: 

12.1 

COMPANY FEIN RELATIONSHIP COMPANY FEIN RELATIONSHIP COMPANY FEIN RELATIONSHIP 

485 Properties, LLC 13-3987258 SUBSIDIARY Debt Holdings, LLC 27-0825038 SUBSIDIARY ND Properties, Inc. (continued) 

Bethesda ARC, LLC 01-0680881 SUBSIDIARY Demeter Agricultural Properties, LLC 26-3049305 SUBSIDIARY ND Europe S.a.r.l. SUBSIDIARY 

Bethesda HARC, LLC 06-1781823 SUBSIDIARY Mansilla Participacoes LTDA SUBSIDIARY (6) T-C Pep Holding S.a.r.l. SUBSIDIARY 

Bethesda Hotel Associates, LLC 20-4688844 SUBSIDIARY Mansilla Participacoes LTDA SUBSIDIARY (6) T-C Pep Property S.a.r.l. SUBSIDIARY 

Bethesda Finance LLC 26-0838489 SUBSIDIARY Dionysus Properties, LLC 45-2632248 SUBSIDIARY T-C Pep Asset S.a.r.l. SUBSIDIARY 

DAN Properties, Inc 13-3458576 SUBSIDIARY Silverado Premium Properties, LLC 94-3306131 SUBSIDIARY T-C Neuperlach Development S.a.r.l. SUBSIDIARY 

Concourse IV Associates 58-1820268 SUBSIDIARY (2) Silverado Winegrowers Holdings, LLC 45-3997217 SUBSIDIARY 36 Rue La Fayette SAS SUBSIDIARY 

JV Georgia One, Inc. 13-3539573 SUBSIDIARY Inception GP LLC SUBSIDIARY SAS Roosevelt SUBSIDIARY 

Concourse IV Associates 58-1820268 SUBSIDIARY (2) Infra Alpha, LLC 27-4149157 SUBSIDIARY SNC Roosevelt SUBSIDIARY 

JWL Properties, Inc. 13-3371278 SUBSIDIARY ND Properties, Inc. 11-3034756 SUBSIDIARY Villabe SAS SUBSIDIARY 

Normandale Center LLC 26-4456948 SUBSIDIARY ND Belgrave House LLC 27-4209914 SUBSIDIARY Des Brateaux SARL SUBSIDIARY 

T-Investment Properties Corp. 13-3550737 SUBSIDIARY ND 70SMA LLC 27-4266822 SUBSIDIARY Bruyeres I SAS SUBSIDIARY 

TCPC Associates, LLC 16-1735872 SUBSIDIARY ND Festival Place LLC 45-5567635 SUBSIDIARY Olympe Holding SARL SUBSIDIARY 

TIAA 485 Boca 54 LLC SUBSIDIARY T-C Duke Street LLC 26-3817783 SUBSIDIARY Olympe EURL SUBSIDIARY 

Boca 54 Land Associates LLC 20-5247836 SUBSIDIARY TIAA Canada Retail Business Trust 57-1186344 SUBSIDIARY Bruyeres II SAS SUBSIDIARY 

Boca 54 North, LLC SUBSIDIARY TIAA Stafford-Harrison LLC SUBSIDIARY Servin Holding SARL SUBSIDIARY 

TIAA 485 Clarendon, LLC 30-0284330 SUBSIDIARY TIAA-CREF Asset Management Core Property Fund, LP 20-1371171 SUBSIDIARY (1) Servin EURL SUBSIDIARY 

TIAA-CREF Global Investments LLC 26-2748598 SUBSIDIARY TIAA-CREF Asset Management Core Property Fund REIT, LLC 20-1371379 SUBSIDIARY 154 Rue De L'Universite SAS SUBSIDIARY 

TIAA Gemini Office, LLC 20-8218167 SUBSIDIARY TIAA-CREF Asset Management Core Property Fund Operating GP, LLC 20-1364650 SUBSIDIARY 154 Rue De L'Universite S.a.r.l SUBSIDIARY 

730 Texas Forest Holdings, Inc. 13-4042885 SUBSIDIARY TIAA-CREF Asset Management Core Property Fund Operating, LP 20-1371235 SUBSIDIARY Courcelles 70 SAS SUBSIDIARY 

730 Texas Timberlands II, Ltd. 51-0494351 SUBSIDIARY (3) T-C 3333 Wisconsin Avenue LLC 45-4768909 SUBSIDIARY TIAA Lux 7 S.a.r.l. SUBSIDIARY 

730 Texas Timberlands, Ltd. 13-4042888 SUBSIDIARY (4) T-C Cypress Park West LLC 29-1963113 SUBSIDIARY TIAA Lux 8 S.a.r.l. SUBSIDIARY 

730 Texas Timberlands II, Ltd. 51-0494351 SUBSIDIARY (3) T-C Ellington LLC 45-2612359 SUBSIDIARY TIAA Lux 9 S.a.r.l SUBSIDIARY 

TIAA Timberlands I, LLC 13-4040842 SUBSIDIARY T-C King Street Station LLC 26-1700245 SUBSIDIARY SAS La Defense SUBSIDIARY 

730 Texas Timberlands, Ltd. 13-4042888 SUBSIDIARY (4) T-C Newbury Common LLC 27-3760906 SUBSIDIARY SNC La Defense SUBSIDIARY 

TIAA Timberlands II, LLC 13-4085431 SUBSIDIARY T-C Potomac Promenade LLC 27-4116676 SUBSIDIARY SAS Malachite SUBSIDIARY 

Active Extension Fund I, LLC 35-2315236 SUBSIDIARY T-C Roosevelt Square LLC 26-1963207 SUBSIDIARY SNC Amarante SUBSIDIARY 

Active Extension Fund III, LLC 26-1870966 SUBSIDIARY T-C State House on Congress Apartments LLC 27-4180357 SUBSIDIARY SNC Peridot SUBSIDIARY 

Active Extension Fund V - Analyst Market Neutral, LLC 27-2845847 SUBSIDIARY T-C Stonecrest LLC 14-2005711 SUBSIDIARY SNC Lazuli SUBSIDIARY 

Almond Processors, LLC 45-2285816 SUBSIDIARY T-C Trio Apartments LLC 45-2892182 SUBSIDIARY SNC Garnet-TIAA SUBSIDIARY 

Broadleaf Timberland Investments, LLC SUBSIDIARY T- Pointe, LLC SUBSIDIARY TIAA Lux 11 S.a.r.l SUBSIDIARY 

Quercus Forestland Account, LLC SUBSIDIARY Carillon Pointe, LLC 42-1714638 SUBSIDIARY Gropius S.a.r.l SUBSIDIARY 

CCM Series, LLC SUBSIDIARY mfi Gropius KG SUBSIDIARY 

CCM Series 2, LLC SUBSIDIARY TIAA Lux 5 S.a.r.l. SUBSIDIARY 

Ceres Agricultural Properties, LLC 56-2672630 SUBSIDIARY Erlangen Arcaden GmbH & Co. KG SUBSIDIARY 

Premiere Agricultural Properties, LLC 37-1555322 SUBSIDIARY Erlangen Arcaden Verwaltungs GmbH SUBSIDIARY 

Loma del Rio Vineyards, LLC 80-0843991 SUBSIDIARY (5) 

Premiere Columbia Properties, LLC 36-4620107 SUBSIDIARY 

Premiere Farm Properties, LLC 30-0449681 SUBSIDIARY 

Demeter Agricultural Properties II, LLC 26-3484719 SUBSIDIARY 

International Agricultural Investors, LLC 26-0352203 SUBSIDIARY 

IAI Australia Pty., Ltd. 

SUBSIDIARY 

IAI USA, LLC 26-0460488 SUBSIDIARY 

International Agricultural Investors Fund II, LLC 26-2745365 SUBSIDIARY 

IAI Australia Fund II, Pty., Ltd. 

SUBSIDIARY 

IAI USA Fund II, LLC 26-2747755 SUBSIDIARY 

IAI Brazil 

SUBSIDIARY 












LISTING 2 (CONTINUED): 

12.2 

COMPANY FEIN RELATIONSHIP COMPANY FEIN RELATIONSHIP COMPANY FEIN RELATIONSHIP 

Occator Agricultural Properties, LLC 26-4750562 SUBSIDIARY T-C SMA III, LLC 27-1858182 SUBSIDIARY TIAA Park Evanston, Inc. 26-1698274 SUBSIDIARY 

Insitor Holdings, LLC 46-1768969 SUBSIDIARY TIAA-CPPIB Commercial Mortgage Company, L.P. 27-1870032 SUBSIDIARY (8) TIAA Realty, LLC 11-3519531 SUBSIDIARY 

Oleum Holding Company, Inc. 26-4248579 SUBSIDIARY TIAA-CPPIB Commercial Mortgage Company, L.P. 27-1870032 SUBSIDIARY (8) TIAA SF One, LLC 13-4154803 SUBSIDIARY 

Polar Star Canadian Oil and Gas Holding, Inc . SUBSIDIARY TIAA-CPPIB Commercial Mortgage Company REIT LLC 27-1870080 SUBSIDIARY TIAA-Stonepeak Investments I, LLC 45-3029655 SUBSIDIARY 

Adastra Management, Inc. SUBSIDIARY T-C Sports Co., Inc. 42-1573768 SUBSIDIARY TIAA-Stonepeak Investments II, LLC 45-3030923 SUBSIDIARY 

Polar Star Canadian Oil and Gas, Inc. SUBSIDIARY TIAA Super Regional Mall Member Sub, LLC 45-3164600 SUBSIDIARY TIAA SynGas, LLC 45-1286386 SUBSIDIARY 

Renewable Timber Europe, LLC 45-2792614 SUBSIDIARY TCT Holdings, Inc. 13-3986052 SUBSIDIARY TIAA The Reserve II Member, LLC 57-1139660 SUBSIDIARY 

Topola Lasy Spolka SUBSIDIARY (7) TIAA-CREF Trust Company, FSB 43-1814494 SUBSIDIARY TIAA The Reserve II, LLC 56-2305821 SUBSIDIARY 

Renewable Timber Resources, LLC 61-1640765 SUBSIDIARY Teachers Concourse, LLC 13-4181803 SUBSIDIARY TCGA Investor Fund GP, LLC 45-5139523 SUBSIDIARY 

Topola Lasy Spolka SUBSIDIARY (7) Teachers Mayflower, LLC 13-4077180 SUBSIDIARY TIAA-CREF Global Agriculture Investor Fund, LP 45-5139581 SUBSIDIARY 

Forestal y Agricola Silvoligna Chile Limitada SUBSIDIARY TIAA CMBS I, LLC 13-4173396 SUBSIDIARY TIAA-CREF LPHC, LLC 20-8384004 SUBSIDIARY 

T-C 685 Third Avenue Member, LLC 27-4123754 SUBSIDIARY TIAA Diamond Investor, LLC 36-4450150 SUBSIDIARY TCAM DOF GP, LLC 26-3561391 SUBSIDIARY 

T-C 685 Third Avenue Venture, LLC 27-3835063 SUBSIDIARY TIAA Global Ag Holdco LLC 27-5551198 SUBSIDIARY TIAA-CREF Asset Management Distressed Opportunities Fund, L.P. 26-3561447 SUBSIDIARY 

T-C 685 Third Avenue, LLC 27-3095569 SUBSIDIARY Global Agriculture AIV (US) LLC 45-5044364 SUBSIDIARY TIAA-CREF Individual & Institutional Services, LLC 55-0856733 SUBSIDIARY 

T-C GA Real Estate Holdings, LLC 45-2877772 SUBSIDIARY Global Ag Properties USA LLC 45-1531685 SUBSIDIARY TIAA-CREF Redwood, LLC 20-5591124 SUBSIDIARY 

8 Spruce Street GA Investor, LLC 46-0959792 SUBSIDIARY Loma del Rio Vineyards, LLC 80-0843991 SUBSIDIARY (5) Kaspick & Co., LLC 20-5631854 SUBSIDIARY 

14th and U Streets GA Investor, LLC 46-1110266 SUBSIDIARY Wellspring Properties, LLC 37-1654377 SUBSIDIARY Covariance Capital Management, Inc. 27-2846152 SUBSIDIARY 

T-C 1101 Pennsylvania Avenue LLC 27-2952349 SUBSIDIARY TIAA-CREF Global Agriculture LLC 27-5551341 SUBSIDIARY CCAP GP, LLC 35-2429521 SUBSIDIARY 

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T-C 475 Fifth Avenue Member, LLC 46-1828055 SUBSIDIARY Terraviva Brasil Participaco Ltda. SUBSIDIARY CCAP Fund 3, L.P. 45-4043663 SUBSIDIARY 

T-C 5-11 47th Avenue, LLC 45-5378562 SUBSIDIARY Tellus Brasil Participaco S.A. SUBSIDIARY CCAP Fund 4, L.P. 45-4043724 SUBSIDIARY 

T-C 815 Pine, LLC 45-5624526 SUBSIDIARY Terra do Sol Propriedades Agrícolas S/A SUBSIDIARY CCAP Fund 5, L.P. 45-4043829 SUBSIDIARY 

T-C 2300 Broadway, LLC 45-3479701 SUBSIDIARY Terrainvest Propriedades Agrícolas S/A SUBSIDIARY CCAP Fund 6-2013, L.P. 46-2102698 SUBSIDIARY 

T-C 919 N. Michigan Avenue Retail, LLC 46-0750331 SUBSIDIARY Nova Ibiajara Propriedades Agrícolas S/A SUBSIDIARY CCAP Fund 7, L.P. 45-4508625 SUBSIDIARY 

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T-C Scripps Ranch LLC 45-3525878 SUBSIDIARY TIAA Wind Investments, LLC 45-4486211 SUBSIDIARY 

T-C Shoppes at Monarch Lakes LLC 27-3415834 SUBSIDIARY 









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